Orano - Annual Activity Report 2025 56 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 2.5.2.5 Review of key figures by business segment Orano consists largely of the nuclear fuel lifecycle operations housed in the Mining, Front End (Chemistry and Enrichment) and Back End (Recycling, Nuclear Packages and Services, Dismantling and Services, Engineering) segment subsidiaries and the Corporate operations provided primarily by Orano Support. The key figures of Orano for the financial year ended December 31, 2025 are presented by business segment below. (in millions of euros) 2025 2024 Change 2025/2024 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 EBITDA 1,382 2,067 -684 Mining 519 437 +83 Front End 519 495 +23 Back End 390 1,190 -800 Corporate and other operations * (45) (55) +10 Operating income 516 1,085 -569 Mining 353 122 +231 Front End 468 425 +43 Back End (224) 616 -840 Corporate and other operations * (80) (77) -3 Operating cash flow 723 937 -214 Mining 354 224 +130 Front End 215 420 -205 Back End 311 411 -100 Corporate and other operations * (157) (118) -39 * “Corporate and other operations” includes in particular Corporate, Orano Med and the Batteries program. Orano’s equity Group equity totaled 3,526 million euros at December 31, 2025, compared with 2,736 million euros at December 31, 2024. Assets and provisions for end-of-lifecycle operations The change in the financial position from December 31, 2024 to December 31, 2025, with regard to assets and liabilities for end-oflifecycle operations, is summarized in the table below. (in millions of euros) December 31, 2025 December 31, 2024 ASSETS End-of-lifecycle assets 8,785 8,453 Of which earmarked assets 8,723 8,379 Of which decommissioning assets (third-party share) 62 74 LIABILITIES PROVISIONS FOR END-OF-LIFECYCLE OPERATIONS 8,915 9,059 Of which provisions for end-of-lifecycle operations (regulated scope *) 8,547 8,708 Of which provisions for end-of-lifecycle operations (non-regulated scope *) 368 351 * Scope of application of the French law of June 28, 2006. The change in assets and provisions for end-of-lifecycle operations is described in Note 13 to the consolidated financial statements in Section 6.1.
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