Orano - Annual Activity Report 2025 404 6 FINANCIAL STATEMENTS Company financial statements – financial year ended December 31, 2025 5.3 Gross value of financial investments (in thousands of euros) Notes 2024 Increase Decrease 2025 Equity interests 5.3.1 7,391,770 153,930 – 7,545,700 Loans to associates 5.3.2 2,863,132 184,941 360,143 2,687,931 Portfolio investments (T.I.A.P) – – – – Other long-term securities 400 100 – 500 Loans – – – – Other financial investments: ● Dismantling receivables – – – – ● Dismantling assets – Third-party share – – – – ● Miscellaneous financial investments 5.3.3 14,110 – – 14,110 TOTAL FINANCIAL INVESTMENTS 10,269,412 338,971 360,143 10,248,240 5.3.1 Equity interests This item amounts to 7,545,700 thousand euros. It consists mainly of the following equity investments: ● Orano Mining: 2,356,194 thousand euros; ● Orano Recyclage: 1,798,236 thousand euros; ● Orano Chimie-Enrichissement: 1,471,390 thousand euros; ● Orano Nuclear Packages and Services: 744,000 thousand euros; ● Orano USA LLC: 358,391 thousand euros; ● Orano Démantèlement: 200,302 thousand euros; ● Orano Med Theranostics: 194,530 thousand euros; ● Orano Support: 122,069 thousand euros; and ● Orano DS: 104,265 thousand euros. The increase in equity investments mainly corresponds to the acquisition of Orano DS shares for 104,265 thousand euros and Compagnie Nucléaire de Service for 49,559 thousand euros from Orano Démantèlement in December 2025. 5.3.2 Loans to associates This item, amounting to 2,687,931 thousand euros, concerns medium-term loans granted to group companies, including accrued interest (see Note 5.6.1 Loans to associates). The main companies concerned at December 31, 2025 were: ● Orano Chimie-Enrichissement: 1,266,295 thousand euros; ● Société Enrichissement Tricastin: 480,047 thousand euros; ● Orano Canada Inc.: 461,334 thousand euros; (810,667 KCAD) ● Orano Mining: 300,800 thousand euros; ● URAMIN Centrafrique: 113,371 thousand euros; ● Orano Med Manufacturing: 55,008 thousand euros; ● SI-nerGIE: 10,069 thousand euros. The increases for the financial year mainly concern loans granted during the 2025 financial year to: ● Orano Chimie-Enrichissement: 177,295 thousand euros; ● Orano Canada Inc.: 5,715 thousand euros; ● ETC: 1,006 thousand euros; and ● Orano Mining: 800 thousand euros. The decreases over the period concern exchange rate changes and the repayments made during the 2025 financial year for the following companies: ● Société Enrichissement Tricastin: 210,067 thousand euros; ● Orano Canada Inc.: 118,675 thousand euros; and ● Orano Temis: 20,006 thousand euros. 5.3.3 Miscellaneous financial investments The item “Miscellaneous financial investments” includes Orano SA’s stake in: ● Elini mutual insurance company: 8,790 thousand euros; ● BlueRe mutual insurance company: 320 thousand euros; and ● Miris mutual insurance company: 5,000 thousand euros.
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