Orano - Annual Activity Report 2025 55 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 2.5.2.4 Balance sheet items CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (in millions of euros) December 31, 2025 December 31, 2024 Net goodwill 1,227 1,348 Property, plant and equipment and intangible assets 10,972 10,661 End-of-lifecycle assets 8,785 8,453 Operating working capital requirement – assets 3,135 2,881 Cash 1,487 1,273 Deferred tax assets 171 207 Other assets 1,055 982 TOTAL ASSETS 26,832 25,805 Equity and non-controlling interests 3,526 2,736 Employee benefits 549 528 Provisions for end-of-lifecycle operations 8,915 9,059 Other current and non-current provisions 2,734 2,712 Operating working capital requirement – liabilities 7,922 7,352 Financial liabilities 2,610 2,722 Other liabilities 576 695 TOTAL LIABILITIES 26,832 25,805 Non-current assets Net goodwill Net goodwill rose from 1,348 million euros at December 31, 2024 to 1,227 million euros at December 31, 2025, i.e. a -120 million euro decrease. Net property, plant and equipment and intangible assets Net property, plant and equipment and intangible assets increased from 10,661 million euros at December 31, 2024 to 10,972 million euros at December 31, 2025. Operating working capital requirement The group’s operating working capital requirement (operating WCR) was negative (i.e. a surplus of funds) at -4,787 million euros at December 31, 2025, compared with -4,471 million euros at December 31, 2024. Cash and borrowings At December 31, 2025, Orano held 1.5 billion euros in cash, plus 0.6 billion euros of cash management current financial assets. This cash position of 2.1 billion euros is strengthened by a syndicated credit facility, confirmed and undrawn, for 880 million euros maturing at the end of May 2029. The group also holds a 400 million euro long-term credit line with the European Investment Bank, unused at the end of 2025, to finance the capacity expansion project at the Georges Besse II uranium enrichment plant. The group’s net financial debt totaled 0.44 billion euros at December 31, 2025, compared with 0.78 billion euros at December 31, 2024. RECONCILIATION TABLE BETWEEN CASH FROM THE STATEMENT OF CASH FLOWS AND NET CASH (DEBT) IN THE STATEMENT OF FINANCIAL POSITION (in millions of euros) 2025 2024 Change 2025/2024 Net cash per statement of cash flows 1,461 1,252 +209 Short-term bank facilities and current accounts in credit 26 21 +5 Net cash from operations held for sale - - - Financial instruments, margin calls and collateral, cash management financial assets 680 674 +6 Financial liabilities (2,610) (2,722) +112 NET CASH (NET DEBT) (443) (775) +332
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