Orano - Annual Activity Report 2025 52 2 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR Financial situation of the Company and the group during the past financial year Net financial income (expense) Net financial income (expense) amounted to an expense of +173 million euros at December 31, 2025, compared with -307 million euros at December 31, 2024. The increase in net financial income (expense) is mainly due to an increase in the yield on earmarked assets to cover end-of-lifecycle obligations, plus a favorable effect from changes in discount rates on end-of-lifecycle liabilities and obligations in 2025. (in millions of euros) 2025 2024 Cost of net financial debt [(expense)/income] (49) (95) Other financial income and expense 222 (212) Of which share related to end-of-lifecycle operations 413 11 Of which share not related to end-of-lifecycle operations (192) (224) NET FINANCIAL INCOME (EXPENSE) 173 (307) Adjusted net financial income amounted to an expense of -256 million euros in 2025, compared with -336 million euros in 2024. This favorable change is mainly due to a decrease in the cost of financial debt and a favorable effect from changes in discount rates on long-term liabilities. Income tax The tax expense in the financial year was -147 million euros at December 31, 2025, compared with -54 million euros at December 31, 2024. The net adjusted tax expense amounted to -147 million euros at the end of December 2025, compared with -62 million euros in 2024. Net income attributable to non-controlling interests Net income attributable to non-controlling interests at December 31, 2025 was +145 million euros, compared with +78 million euros at December 31, 2024. It consists mainly of the contribution of minority shareholders in mining and enrichment activities. Net income attributable to owners of the parent Net income attributable to owners of the parent was +404 million euros in 2025, compared with +633 million euros for 2024. This decrease of -229 million euros is mainly due to the one-off and exceptional contribution of contracts signed in November 2024 with Japanese electric utilities for the return of their nuclear waste. The following table reconciles reported net income attributable to owners of the parent with adjusted net income attributable to owners of the parent, accounting for the financial impacts of endof-lifecycle obligations: RECONCILIATION OF REPORTED NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT TO ADJUSTED NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT (in millions of euros) 2025 2024 Change 2025/2024 REPORTED NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT 404 633 -229 Unwinding expenses on end-of-lifecycle liabilities 405 401 +4 Impact of changes in discount and inflation rates on end-of-lifecycle obligations (181) 109 -290 Return on earmarked assets (653) (538) -115 Tax impact of adjustments - (8) +8 ADJUSTED NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT * (25) 597 -622 * The definition of adjusted net income attributable to owners of the parent can be found in Section 7.9 Financial glossary. Adjusted net income attributable to owners of the parent amounted to -25 million euros at December 31, 2025, compared with +597 million euros in 2024.
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