Orano - Annual Activity Report 2025 71 RISK CONTROL AND VIGILANCE PLAN 3 Risk factors 3.3.1 Geopolitical background 3.3.1.1 Geopolitical risks and international sanctions Description of the risk The group is exposed to geopolitical and political risks, weak public governance and insufficient respect for the rule of law in some of its countries of activity and, in particular, in the context of its mining activities abroad (the Mining Business Unit represents 29% of Orano’s revenue in 2025). Geopolitical risk may, among other things, lead to actions of foreign influence or interference to the detriment of French or Orano’s interests or to the benefit of its competitors, which could result in a loss of market share for the group. Political pressure in particular could lead some of our competitors, closely linked to foreign powers, to take decisions influenced by considerations other than economics and to benefit from financing on advantageous and non-market terms. Acts of terrorism, whether domestic or imported, can also generate socio-political unrest and compromise the physical safety of the group’s employees and facilities. In addition, restrictive measures taken by third countries may be extraterritorial and impact or jeopardize Orano’s activities (embargoes, sanctions on third parties, revocation of licenses, imposition of customs duties or import quotas, prohibition on repatriating funds or equipment, increased administrative and legal procedures, etc.). The impacts can be reputational, legal or financial. These risks may also lead to expropriation/nationalization or the capture of Orano’s technology and intellectual property. Weak public governance and the rule of law expose the group and its employees to the risk of corruption, inadequate protection of their rights and unfair treatment by the judiciary. In addition, economic sanctions regimes, associated with export controls, may target the countries in which Orano operates and impose restrictions on the import, export and re-export of certain goods and services. They are also increasingly used as a tool of power by both China and the United States, each of these countries seeking to deny the other access to the critical products necessary for its economic or military development. Risk management measures Orano constantly monitors political and geopolitical risks. All transfers of materials, equipment, information and/or technology are governed by commercial contracts and intergovernmental agreements. Orano, in conjunction with its authorities, ensures, through its internal procedures and governance committees, compliance with the treaties, agreements, international rules, export regimes and sanctions regimes applicable to it, as well as the protection of its technology and intellectual property with regard to the risks of capture. Orano regularly informs its employees of the risks incurred, sets up ad hoc committees to better assess and anticipate these risks and take decisions accordingly. Orano ensures continuous, long-term order intake for conversion and enrichment in order to secure its workload and selling price over time, as well as amortize its investments. As part of the implementation of the nuclear actions of the European Commission’s roadmap to reduce dependence on Russian fossil fuel imports (“RePower EU”), Orano is calling for a change in the organization of the front end market within the EU, by promoting the introduction of quotas on imports of Russian enriched uranium, which would, by quantifying Russian import volumes, providing greater visibility for industrial capacity investments and ensuring, through their long-term implementation, the sustainability of an autonomous Western alternative supply, while customs tariffs could be more exposed to scrutiny. Orano ensures that it maintains an ongoing dialogue with all the major nuclear countries, in collaboration with the French diplomatic network, and that it develops the geographic diversification of its mining supplies and customers. Sanctions against Russia: as sanctions are increasing, they require the group to pay increased attention to the risk of being subject to international sanctions that could have particularly negative financial, legal and reputational impacts. The Orano group has no presence in the Russian Federation and/ or Belarus, and has no local facilities or employees. Since February 2023, Orano has had a dedicated unit to ensure ongoing compliance with sanctions imposed by national and international authorities against Russia. A specific control process for prior approval of the group’s transactions that remain authorized was immediately activated. In 2024, the group officially published a communication on its website confirming its strict policy of compliance with the export control regimes and international sanctions that apply to it. The group also confirmed that the only transactions carried out with Russia are those essential to preserving non-Russian energy security. 3.3.1.2 Risks related to the energy policies of France, other States and the European Union Description of the risk The development outlook for the group’s activities is sensitive to the French energy policy. In 2025, 61% of its revenue was generated in France. In addition, the group, whose share capital is 90.33% owned by the French State, aims to implement the French energy policy. The proposed PPE 3 (Multi-Year Energy Program) covering the periods from 2025 to 2035 has been submitted for consultation and proposes ambitious measures for nuclear energy planning, particularly with regard to fuel cycle activities. PPE 3 thus confirms France’s strategy for the treatment and recovery of spent nuclear fuel, backed up by regulations, and provides for work to continue on renewing the industrial facilities needed to implement this strategy, with a view to taking a decision by the end of 2026, while ensuring that existing infrastructures are adequate to meet needs between now and 2035 and beyond.
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