Orano - Annual Activity Report 2025 73 RISK CONTROL AND VIGILANCE PLAN 3 Risk factors The obsolescence or failure of these industrial facilities would have a significant negative impact on the group’s operating activities as well as on its financial position and reputation. Risk management measures Industrial facilities are covered by maintenance programs designed to monitor and anticipate the aging of equipment. For the la Hague and Melox plants, a Life extension and resilience program intended to extend their lifespan beyond 2040 has been launched and will specifically integrate this risk. Regarding regulatory commitments, the group’s “regulated nuclear facilities” undergo periodic inspections every ten years. The French nuclear safety and radiation protection authority (ASNR) also conducts regular inspections to ensure the reliability of the facilities and the ability of the Orano group, as a nuclear operator, to operate them in compliance with safety and security standards. In addition, many nuclear operators, including Orano for the la Hague site, come together within WANO (World Association of Nuclear Operators) to share their experience and know-how with their peers. This collaboration enables Orano to deploy, throughout the group, an approach to operational excellence based on maintaining the highest level of safety, thus contributing to the achievement of long-lasting, high-performance. The way in which the group maintains and renews its facilities operates them efficiently by deploying operational excellence on a daily basis, while seeking to reduce their footprint, is described in Chapter 4 of the 2025 Annual Activity Report. 3.3.2.2 Risks related to the group’s projects and the Aval du Futur program Management of the group’s projects Description of the risk The group develops project management activities as part of the development, renewal or extension of its own industrial or mining facilities, as part of its activities on behalf of third parties, or as part of decommissioning projects, back end of the cycle projects and projects regarding the evolution of the treatment-recycling model. For example, Orano is securing production at its MOX manufacturing plant (Melox) by developing redundancies on its industrial machinery, deploying measures to increase the density of storage pools at its la Hague reprocessing plant, developing additional mining production capacity at its South Tortkuduk site in Kazakhstan and McClean site in Canada, and decided in 2023 to increase its enrichment capacity at the Tricastin site by expanding the Georges Besse II plant, construction of which began in October 2024. As part of the diversification of its activities, Orano is also developing so-called “growth relay” projects in new sectors of activity such as nuclear medicine or battery recycling. Nevertheless, certain factors could pose a significant risk to the execution of these projects and call into question the group’s competitiveness and customer growth, in particular due to: ● the group’s inability to take advantage of diversification and innovation opportunities (isotope enrichment, nuclear medicine, battery recycling, etc.); ● the mismatch between the prioritization of new projects and their execution; ● the potential failure of cost base reduction programs, the absence or loss of customers, loss of market share, etc.; and ● the deterioration of the social climate at certain group sites. In addition to exogenous factors (geopolitical, regulatory, or related to third parties), which may impact the completion costs of projects, the group may be faced with technical problems inherent to the complexity of the projects handled or related to the equipment supplied, the financial strength of suppliers/ subcontractors or the loss of key skills. Moreover, these projects require considerable investment, and the search for the necessary financing could, given the current economic and political context, delay progress on new and ongoing projects. Insufficient expertise in the management of these projects or Orano’s inability to meet these strategic challenges would have a significant negative impact on the group’s activities, results, the value of its assets, its financial position and its reputation. Risk management measures In order to systematically identify, assess and implement action plans aimed at controlling these risks, where applicable, the group has deployed a risk management methodology related to major projects, in line with the best international standards, integrated into the project management methodology. Faced with strategic challenges such as the recent renewal of its industrial facilities in the front end of the cycle, improving the sustainability of facilities in the back end of the cycle or the management of decommissioning projects specific to the group or on behalf of third parties, Orano is rolling out an excellence plan focusing, in particular, on supplier quality, project governance, skills management including recruitment, and the principle of “doing it right the first time”. The group’s governance has strengthened its management of industrial CapEx projects through the creation, at the end of 2023, of the Project Industrialization Department. In 2024, this department has defined and implemented an approach to better challenge the passage of important milestones of major projects. In addition, the completion of major projects is monitored by the audit and ethics committee (AEC). Chapter 4 of the 2025 Annual Activity Report describes how the group innovates, designs and manages its major projects while taking into account their environment in a committed and responsible manner. Risks related to the Aval du Futur, the sustainability and evolution of the treatment-recycling model Description of the risk The Aval du Futur program is in line with the decisions of the Nuclear Policy Council (NPC) of February 26, 2024, which confirmed the national treatment-recycling strategy for nuclear
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