Orano - Annual Activity Report 2025 54 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 Operating cash flow EBITDA Orano’s EBITDA amounted to 1,382 million euros in 2025, down compared to 2024 when it stood at 2,067 million euros. This -685 million euros change is due to a comparable base for 2024 plus the one-off contribution from contracts signed with Japanese electric utilities, which masks higher EBITDA generation in the Mining, Front End and Back End segments. Change in operating working capital requirement (WCR) The change in operating WCR is +610 million euros in 2025 compared to -149 million euros in 2024, i.e. a contribution of +759 million euros. This increase is mainly due to the Back End segment, taking into account a comparable base for 2024 reduced by netting out the change in the WCR of pre-financing previously received from Japanese electric utilities under the aforementioned contracts. Added to this is a more favorable cash inflow profile in the Mining segment in 2025. Net Investments Net investments amounted to 1,269 million euros in 2025 compared to 980 million euros in 2024. Most of this +289 million euro increase came from the Georges Besse II plant enrichment capacity extension project, and, to a lesser extent, the increase in Capex in Mining and nuclear medicine Operating cash flow As a result of the items described above, operating cash flow stood at 723 million euros at the end of 2025, compared with 937 million euros at the end of 2024. Net cash flow from company operations (in millions of euros) 2025 2024 Change 2025/2024 Operating cash flow 723 937 -214 Cash flow from end-of-lifecycle operations (49) (182) +133 Income tax (137) (102) -35 Cost of financial operations (218) (179) -39 Other items 157 (120) 277 Non-operating cash flow 247 583 -336 NET CASH FLOW FROM COMPANY OPERATIONS 476 354 +122 Net cash flow from company operations stood at 476 million euros at December 31, 2025 (vs. 354 million euros the previous year). Consolidated statement of cash flows The group’s condensed consolidated statement of cash flows is presented below: (in millions of euros) 2025 2024 Change 2025/2024 Cash flow from operations before interest and taxes 964 1,715 -751 Interest expense and taxes paid (235) (183) -52 Cash flow from operations after interest and taxes 728 1,532 -803 Change in working capital requirement 604 (137) +742 Cash flow from operating activities 1,333 1,395 -62 Cash used in investing activities (1,004) (1,388) +385 Cash used in financing activities (77) (1) -76 Effect of exchange rate changes (43) 16 -59 TOTAL INCREASE (DECREASE) IN CASH 209 22 +187 Net cash at the beginning of the period 1,252 1,230 +22 NET CASH AT THE END OF THE PERIOD 1,461 1,252 +209
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