Orano - Annual Activity Report 2025 415 FINANCIAL STATEMENTS 6 Company financial statements – financial year ended December 31, 2025 NOTE 7 ADDITIONAL INFORMATION 7.1 Company exposure to market risk General objectives Orano SA uses derivatives to manage its exposure to foreign exchange and interest rate risk. These instruments are generally qualified as hedges of assets, liabilities or specific commitments. Orano SA manages all risks associated with these instruments by centralizing the commitment and implementing procedures setting out the limits and characteristics of the counterparties. Foreign exchange risk The volatility of exchange rates may impact Orano SA’s currency translation differences, equity and income. Financing risk Loans and borrowings granted by Orano SA to its subsidiaries are systematically converted into euros through currency swaps. To limit the foreign exchange risk for long-term investments generating future cash flows in foreign currencies, Orano SA uses a liability in the same currency to offset the asset whenever possible. Transaction risk The Orano SA policy approved by the executive committee seeks to systematically hedge the certain foreign exchange risks generated by its operations, and those of its subsidiaries, to minimize the impact of exchange rate fluctuations on net income. Orano SA uses derivatives (principally forward exchange contracts) to hedge its foreign exchange risk from transactions, including accounts receivable and payable and confirmed off-balance sheet commitments. These hedges are backed by underlying transactions for identical amounts and maturities and, as a general rule, are documented and eligible for hedge accounting. The Financial Operations and Treasury Management Department hedges these exposures directly with its banking counterparties. A system of strict limits, particularly concerning results, marked to market, and foreign exchange positions that may be taken by the Orano SA Trading Desk, is monitored daily by specialized teams that are also charged with the valuation of the transactions. In addition, analyses of sensitivity to changes in exchange rates are periodically performed. At December 31, 2025, the derivatives used by Orano SA to hedge foreign exchange risk were as follows: (in millions of euros) (Notional amounts by maturity date at December 31, 2025) <1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years >5 years Total Market value Forward exchange transactions and currency swaps 1,753 822 616 452 – – 3,643 76 Cross-currency swaps 93 93 124 – – – 311 38 TOTAL 1,847 915 740 452 – – 3,954 114 Interest rate risk Orano SA is exposed to interest rate fluctuations mainly on its floating-rate borrowings and on its financial investments. The Financial Operations and Treasury Management Department manages all interest rate risks. Orano SA uses several types of derivatives, depending on market conditions, to allocate its borrowings and investments between fixed rates and floating rates, with the goal being mainly to reduce its borrowing costs while optimizing the management of its cash surpluses. At December 31, 2025, interest rate swaps were the main financial instruments used to dynamically manage external debt. The amount of the commitments and the sensitivity of the positions taken by the Orano SA Trading Desk in connection with rate management are subject to limits based on the type of transaction involved.
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