Orano - Annual Activity Report 2025 51 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR 2 Financial situation of the Company and the group during the past financial year 2.5.2.2 Income statement Revenue (in millions of euros) 2025 2024 Change 2025/2024 Consolidated revenue 5,138 5,874 -736 Mining 1,492 1,502 -9 Front End 1,250 1,307 -57 Back End 2,352 3,027 -675 Corporate and other operations 44 38 +6 The group’s consolidated revenue amounted to 5,138 million euros at December 31, 2025, compared with 5,874 million euros at December 31, 2024. Gross margin (in millions of euros) 2025 2024 Change 2025/2024 Gross margin 1,126 1,703 -577 Percentage of consolidated revenue 22% 29% -6 pt The group’s gross margin amounted to 1,126 million euros at December 31, 2025, compared with 1,703 million euros at December 31, 2024. Research and Development The group’s Research and Development investments in the 2025 financial year amounted to 212 million euros, i.e. 4.13% of the period’s revenue, compared with 172 million euros in 2024 (2.92% of revenue). Marketing, sales, general and administrative expenses Group marketing, sales, general and administrative expenses in the 2025 financial year amounted to 182 million euros, compared with 168 million euros in 2024. Other operating income and expenses Other operating income and expenses in the 2025 financial year represented a net expense of 215 million euros, compared with a net expense of 277 million euros in 2024. Other operating income and expenses are described in Note 5 to the consolidated financial statements in Section 6.1. Operating income The group’s operating income amounted to 516 million euros at December 31, 2025, compared with 1,085 million euros at December 31, 2024. The decrease in operating income reflects the increase in operating income for Front End (+43 million euros) and in Mining (+231 million euros) offset by a decrease of -840 million euros in Back End and -3 million euros in “Corporate and other activities”. Share in net income of joint ventures and associates The share in net income of joint ventures and associates was 7 million euros at December 31, 2025 (compared with -12 million euros at the end of 2024). (in millions of euros) 2025 2024 ETC 18 (12) SI-nerGIE - - Neomat CAM (10) - Neomat PCAM - - Nurlikum Mining LLC (JV) (2) - Other joint ventures and associates - - Accelerated Decommissioning Partners (ADP) - - TOTAL 7 (12)
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