Orano - Annual Activity Report 2025 47 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR 2 Research and Development activities 2.4 Research and Development activities The group’s main Research and Development programs during the 2025 financial year focused on: ● the continued improvement of mining techniques (in particular the SABRE extreme depth project); ● the optimization of the operation of conversion plants as well as studies for the laboratory enrichment of stable isotopes; ● for reprocessing-recycling, the long-term sustainability of current reprocessing facilities and preparation for the Aval du Futur (in particular studies on the new solvent and other innovative processes such as voloxidation) as well as maintaining and improving the performance of current plants working with other industrial partners, Orano is conducting studies on a molten salt reactor to recycle plutonium and minor actinides, as well as reflections on the manufacture and processing of MOX RNR fuels; ● the development of new shipping casks for nuclear materials and waste; ● the development of methods and tools to support decommissioning operations; ● the recycling of critical materials contained in lithium batteries for electric cars and permanent magnets, as well as the manufacture of cathode materials; ● the development of radionuclides for alpha-therapy and auger therapy medical applications. Key figures Research and Development expenses are capitalized on the statement of financial position if they meet the capitalization criteria established by IAS 38 and are recognized as Research and Development expenses if they do not. In the statement of income, Research and Development expenses appear under gross margin and represent non-capitalizable expenses incurred exclusively by the group. Expenses relating to programs funded wholly or partially by customers, together with projects carried out in partnerships where Orano has commercial rights of use of the results, are recognized in the cost of sales. The total of the amounts for Research and Development incurred as expenses net of the research tax credit and grants constitutes the research and development effort. (in millions of euros) Financial year ended December 31, 2025 Financial year ended December 31, 2024 TOTAL 212 172 Number of first patent applications filed 26 20 At December 31, 2025, Research and Development expenses amounted to 212 million euros, i.e. 4.1% of the period’s revenue, up from 2024 (2.92% of revenue). The group filed 26 first patent applications in 2025 and 20 in 2024.
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