Orano - Annual Activity Report 2025 416 6 FINANCIAL STATEMENTS Company financial statements – financial year ended December 31, 2025 Commodity risk Orano SA had no exposure to commodity risk at December 31, 2025. Counterparty risk Orano SA is exposed to the credit risk of counterparties linked to its use of derivatives to cover its risks. Orano SA uses different types of derivatives to manage its exposure to foreign exchange and interest rate risks. Orano SA primarily uses forward currency purchases and sales, and interest rate derivatives (such as swaps, futures and options) to cover these types of risk. These transactions expose Orano SA to counterparty risk when the contracts are concluded over the counter. To minimize this risk, Orano SA’s Financial Operations and Treasury Management Department deals with diversified, leading counterparties selected on the basis of their ratings by Standard & Poor’s and Moody’s, with a minimum rating of Investment Grade. A legal framework agreement is always signed with these counterparties. The limits allowed for each counterparty are determined based on its rating and the type and maturity of the instruments traded. Assuming the rating of the counterparty is not downgraded, the limits are reviewed at least once a year and approved by the Chief Financial Officer. The limits are verified in a specific report produced by the internal control teams of the Treasury Management Department. During periods of significant financial instability that may involve an increased risk of bank default, which may be underestimated by ratings agencies, Orano SA monitors advanced indicators such as the value of the credit default swaps (CDS) of eligible counterparties to determine whether the limits should be adjusted. When conditions warrant (rising counterparty risk, longer or shorter term transactions, etc.), market transactions are managed by monthly margin calls that reduce Orano SA’s counterparty exposure to a predetermined threshold: the Credit Support Annex for trades documented under an ISDA master agreement, or the Collateral Annex for trades documented under a French Banking Federation (FBF) master agreement. Market value of financial instruments The market value of financial instruments pertaining to currency and rates is calculated based on market data at the reporting date, using discounted future cash flows, or on prices provided by financial institutions. The use of different market assumptions could have a significant impact on the estimated market values. Liquidity risk The Financial Operations and Treasury Management Department is in charge of liquidity risk management and provides appropriate long-term and short-term financing. Cash management optimization is based on a centralized system to provide liquidity and manage cash surpluses. Management is provided by the Financial Operations and Treasury Management Department, chiefly through cash-pooling agreements and intragroup loans, subject to local regulations. Cash surpluses are managed to optimize financial returns while ensuring that the financial instruments used are liquid. The next significant maturity for the repayment of financial liabilities is April 23, 2026. It relates to the redemption of a bond for a nominal amount of 750 million euros. At December 31, 2025, Orano SA had a gross cash position of 1,927 million euros to meet its commitments and ensure the continuity of its operations over the longer term. Additionally, the group has a syndicated credit facility of 880 million euros with a pool of 10 international banks. The group also has an undrawn credit facility with the European Investment Bank in the amount of 400 million euros, maturing in February 2035. 7.2 Related parties The Company did not enter into any significant related-party transactions outside of normal market conditions, in accordance with the criteria set out below. A transaction is deemed significant if its omission or inaccuracy is likely to have an influence on economic decisions made by third parties who rely on the financial statements. Whether a transaction is significant or not depends on the nature and/or the amount of the transaction. Conditions may be considered “normal” when they are customarily applied by the Company in its dealings with third parties, such that the beneficiary of the transaction does not receive more favorable treatment than other third parties dealing with the Company, taking into account the practices of other companies in the same sector. At December 31, 2025, the following financial instruments were used to hedge interest rate exposure: Interest rate instruments (in millions of euros) TOTAL Notional amounts by maturity date at December 31, 2025 Market value <1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years >5 years INTEREST RATE TRANSACTIONS EUR variable payer / EUR fixed receiver 100 100 – – – – – (1) CAD variable payer / EUR variable receiver 311 93 93 124 – – – 38 GRAND TOTAL 411 193 93 124 – – – 37
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