Annual Activity Report 2024
Summary 2 1 5 6 7 3 4 4.6 Report on the certifi cation of sustainability information and verifi cation of the disclosure requirements under Article 8 of Regulation (EU) 2020/852 for Orano SA, for the year ended December 31, 2024 263 CORPORATE GOVERNANCE AND GENERAL INFORMATION 269 5.1 Administration and management of the Company 270 5.2 Compensation of corporate offi cers 295 5.3 Corporate Governance Reference Code 304 5.4 Additional information 305 5.5 Share capital and shareholding 309 FINANCIAL STATEMENTS 313 6.1 Consolidated fi nancial statements - fi nancial year ended December 31, 2024 314 6.2 Statutory Auditors’ report on the consolidated fi nancial statements for the fi nancial year ended December 31, 2024 383 6.3 Company fi nancial statements - fi nancial year ended December 31, 2024 391 6.4 Statutory Auditors’ report on the company fi nancial statements for the fi nancial year ended December 31, 2024 416 MISCELLANEOUS INFORMATION 421 7.1 Statutory Auditors 422 7.2 Injunctions or fi nes for anti-competitive practices 422 7.3 Information on employee representative bodies 422 7.4 Information on payment terms 423 7.5 Information on loans granted to other companies pursuant to Articles L. 511-6 and R. 511-2-1-1-II of the French Monetary and Financial Code 423 7.6 Five-year fi nancial summary 424 7.7 Table of subsidiaries and associates 424 7.8 List of French companies indirectly controlled by Orano at December 31, 2024 425 7.9 Financial glossary 427 PRESENTATION OF THE ORANO GROUP 5 1.1 Overview of Orano 6 1.2 Contribute to key global issues 8 1.3 Our activities 10 1.4 An operational risk management 12 1.5 A responsible and fully committed governance 13 1.6 Our value creation model 14 1.7 Sharing with our stakeholders 16 1.8 A committed roadmap for 2030 18 1.9 Financial and non-fi nancial performance 20 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR 23 2.1 Highlights of the fi nancial year 24 2.2 Simplifi ed group organization chart – subsidiaries, equity interests and branch offi ces 29 2.3 The group’s businesses 31 2.4 Research and Development activities 46 2.5 Financial situation of the Company and the group during the past fi nancial year 47 2.6 Foreseeable developments and future prospects 57 2.7 Signifi cant post-closing events 59 RISKS, CONTROL AND DUTY OF VIGILANCE PLAN 61 3.1 Internal control system 62 3.2 Methodology: risk mapping and risk management 65 3.3 Risk factors 68 3.4 Duty of vigilance plan 82 SUSTAINABILITY STATEMENT 109 4.1 Societal and environmental challenges at the heart of the strategy 110 4.2 Environmental information 142 4.3 Social and societal information 194 4.4 Governance information 237 4.5 Summary of indicators and cross-reference tables 251 EDITORIALS 2
Orano - Annual Activity Report 2024 1 Annual Activity Report 2024 THIS 2024 ANNUAL ACTIVITY REPORT OF ORANO INCLUDES: ● the management report of the Company’s Board of Directors including the management report of Orano, containing: ● the group duty of vigilance plan and the report on its implementation (Article L. 225-102-1 of the French Commercial Code), ● the sustainibility statement required by the transposition of the Sustainibility Directive into French Law by legal order n° 2023-1142 of December 6, 2023 (Articles R. 232-8-4 and R. 233-16-3 of the French Commercial Code) ● the report on corporate governance of the Board of Directors (Article L. 225-37 of the French Commercial Code); and ● the principles and criteria for determining, distributing, and allocating the fixed, variable, and exceptional components of the total compensation and benefits of any kind, attributable to the Company’s corporate officers. The purpose of this report is to present the situation of Orano and its subsidiaries during the fi nancial year running from January 1 to December 31, 2024. The terms “group” or “Orano” refer to the group of companies formed by Orano and its subsidiaries and interests, both direct and indirect. A French law public limited company entitled to issue fi nancial securities admitted for trading on a regulated market, the Company is subject to the obligation to draw up a management report including the information stipulated by the French Commercial Code, as well as the specifi c information required of a company issuing debt instruments listed for trading on a regulated market. This free translation into English of the “Rapport Annuel d’Activité – 2024” written in French is provided solely for the convenience of English speaking users. In the event of any inconsistency or difference of interpretation, the French version shall prevail.
Orano - Annual Activity Report 2024 2 EDITORIALS Claude Imauven Chairman of the Board of Directors Numerous governments, individually or in multilateral bodies, have reaffirmed the role of nuclear energy in their energy mix. Japan, Russia, the United States, India and many European countries have confirmed continued or relaunched nuclear projects. These announcements are even more significant for China, which is making massive investments in this sector, with dozens of reactors under construction. This environment translates into a renewed responsibility for Orano: to ensure a robust and sustainable fuel cycle, from uranium extraction to used fuel processing, while innovating to meet the growing energy needs of its customers. “In a positive environment for nuclear energy, Orano bears major responsibilities” The global geopolitical context, marked by strong tensions, generates major risks and opportunities for Orano, which the group’s strategy endeavors to control. Thus, through the renewal of mining capability and the development of enrichment capacities, the group’s historical core business represents a very significant share of investments. In addition, the program to develop new used fuel treatment-recycling capabilities mobilizes both the group’s expertise and know-how, and the French nuclear industry. This program aims to ensure that used fuel is sustainably managed while reducing dependence on new materials. It thus helps to strengthen the autonomy of customers and countries committed to closing the fuel cycle. 2024 was also marked by unprecedented advances in the field of nuclear medicine, the first significant diversification for Orano since its creation. Thanks to its capacity for long-term innovation, the group and its partners are emerging as a French leader in vectorized internal radiotherapies. The capital increase carried out in October illustrates the commitment of the French State, the reference shareholder, to support the implementation of Orano’s strategic plan and to promote its development. Lastly, in 2024, Orano renewed its Commitment roadmap, explaining the actions the group is taking and its objectives to improve its social and societal impact and address new issues such as adaptation to climate change. As the group enters a new phase of development, the Board of Directors will continue to work closely with Executive Management in 2025, while remaining vigilant and responsive to consolidate its successes.
Orano - Annual Activity Report 2024 3 Nicolas MAES Chief Executive Offi cer of Orano Orano reached a significant turning point in 2024. The group completed major industrial projects, illustrating the positive momentum of the nuclear sector. Our role as a global player in the nuclear fuel cycle was strengthened. Our financial results testify to the group’s resilience in an unstable geopolitical context that has led notably to the loss of control of mining activities in Niger. In 2024, we invested to support our long-term development. Six industrial facilities were built, extended or commissioned. They meet the future needs of our customers and tangibly shape our diversification strategy. With the extension of the Georges Besse II plant in Tricastin, we are increasing our enriched uranium production capacity by 30%, securing the supply of our electricity customers from 2028. This plant will provide low-carbon electricity to nearly 120 million households, thus strengthening our contribution to the fight against global warming. In our mining activities, the South Tortkuduk site in Kazakhstan has been put into production, representing an important step in the development of this mine. At the crossroads of our performance and innovation approach, we inaugurated the TN Eagle Factory in Cherbourg, a manufacturing plant for used nuclear fuel transport and storage new generation packaging. Lastly, in the field of nuclear medicine, we laid the cornerstone for two plants for the production of precursors and anti-cancer drugs, respectively the ATEF in Bessines-sur-Gartempe (Haute Vienne) and the ATLab in Onnaing (Nord), which represents an historic breakthrough. In the United States, our Indianapolis ATLab will soon be commissioned. In order to strengthen our competitiveness and preserve our development capabilities, we rolled out our Opteam26 performance program, involving all of our production activities, projects and services. Finally, as the nuclear sector is resolutely looking to the future, we initiated the first work dedicated to the modernization and renewal of used fuel processing and recycling facilities. Called “Back End of the Future”, this major program aims to ensure the sustainability of the current plants beyond 2040 on the Orano sites of la Hague and Melox, as well as to build their successor plants that will serve our customers and community until the end of the century and beyond. Performance, Development, Back End of the Future, these three strategic areas of Orano structure our business. As a responsible industrial company, maintaining our high standards in terms of safety, security and control of our facilities remains our priority and is part of the 2030 objectives of our new Commitment roadmap. Driven by this strong momentum, the Orano teams, joined by more than 2,000 new employees in 2024, are looking to the future with confidence. “Orano in 2024: a commitment to the future” “Large-scale industrial projects in line with our purpose”
Orano - Annual Activity Report 2024 4 of tomorrow to the world Committed
Orano - Annual Activity Report 2024 5 PRESENTATION OF THE ORANO GROUP CHAPTER 1 1.1 Overview of Orano 6 1.2 Contribute to key global issues 8 1.3 Our activities 10 1.4 An operational risk management 12 1.5 A responsible and fully committed governance 13 1.6 Our value creation model 14 1.7 Sharing with our stakeholders 16 1.8 A committed roadmap for 2030 18 1.9 Financial and non-financial performance 20
1.1 Overview of Orano Orano - Annual Activity Report 2024 6 1 PRESENTATION OF THE ORANO GROUP Overview of Orano OUR PURPOSE Develop know-how in the transformation and control of nuclear materials for the climate, for a healthy and resource-efficient world, now and tomorrow. Structured around the purpose, the group’s values, the most important of which are safety and security , guide our actions and our behaviors at all levels and in all our activities. BASE Our common Why we do WHAT WE DO OUR VALUES 1 A COMPANY WHICH IS CHANGING and that values the human and technological skills of its employees to meet the challenges of the world of tomorrow. 2 INDUSTRIAL EXPERTISE THAT IS UNIQUE WORLDWIDE in the transformation and recovery of nuclear materials, without any compromise on safety and security. 3 A THREE-FOLD COMMITMENT TO SOCIETY to the climate, to the reuse of resources and to health.
Orano - Annual Activity Report 2024 7 1 5.9 Top 3 17,5 00 6 billion euros in revenue worldwide in its key activities employees industrial platforms in France 35.9 billion euros in backlog (i.e., more than 7 years of revenue) 2024 KEY FIGURES 26% Mining 52% Back End 22% Front End BY REGION BY ACTIVITY BREAKDOWN OF 2024 REVENUE ESG INDICATORS 31% Women on Management Committees - 40% Reduction in scopes 1 and 2 market-based greenhouse gas emissions since 2019 - 42% Reduction in water consumption since 2019 AMERICAS 12% AFRICA AND MIDDLE EAST 1% FRANCE 49% EUROPE Outside France 7% ASIA 31%
Orano - Annual Activity Report 2024 8 1 PRESENTATION OF THE ORANO GROUP Contribute to key global issues Through its action, Orano wishes to contribute to the three major societal challenges of the fight against global warming, the preservation of natural resources, and health. This contribution is part of a context of increasing global electricity needs, exacerbated by the objective of carbon neutrality by 2050 set by the European Union. 1.2 Contribute to key global issues HEALTH In a world faced with the climate emergency, the transition to low-carbon activities is essential. Thanks to its actions to limit its own emissions and to its expertise encompassing the entire fuel cycle, Orano is positioning itself as a key player in this transition, offering a competitive and accessible energy with a very low carbon footprint. The responsible management of raw material is a crucial challenge. With industrially tried-and-tested technologies, Orano processes and recycles the used nuclear fuel owned by electricity generation companies, helping to reduce the volume of waste and save materials. It is also using its expertise to extend recycling to other strategic materials, including those used in batteries. CLIMATE PRESERVATION OF RESOURCES helping to reduce very low carbon materials. THREE SOCIETAL CHALLENGES Through its actions, our group contributes to the United Nations Sustainable Development Goals Industrialization and environmentally-friendly innovation Reliable energy at an affordable cost For safety, security, health and contribution to medical research Skills development in the territories Climate and carbon neutrality Preservation of natural resources and waste reduction Orano is exploring new fields of activity for the benefit of society. One of these is nuclear medicine: making the most of the unique properties of nuclear materials, the group is developing innovative solutions such as the production of isotopes for use in anticancer treatments and medical research.
Orano - Annual Activity Report 2024 9 1 PRESENTATION OF THE ORANO GROUP Contribute to key global issues BENEFITS OF Nuclear energy NUCLEAR, the energy for all the issues The world is changing and, with it, a reshuffling of the cards for the energy sector. LOW CARBON Nuclear energy is one of the world’s least CO2 emitting forms of power with emissions comparable to wind power, 4 times lower than solar, 40 times lower than gas and 70 times lower than coal. AVAILABLE AND ADAPTABLE Through its robust production system, nuclear energy delivers large quantities of continuous electricity while adapting to demand. RECYCLABLE In France, 1 in 10 light bulbs is powered by electricity generated from recycled nuclear fuel. In the long term, with multi-recycling, this would be 3 out of 10 light bulbs. CONCENTRATED ENERGY Because uranium has a much higher energy density than hydrocarbons (100g of uranium produces as much energy as one metric ton of oil), it can be stored more easily. LOW LAND FOOTPRINT A nuclear facility occupies less acreage than other highly diffuse energy sources, thus reducing artificial land use. INNOVATIVE With its unique expertise and technologies, the nuclear sector offers valuable resources for the future in many areas unrelated to energy and will help to create a more sustainable world. CRITICAL IN THE ELECTRIC MIX In all the energy transition scenarios studied by the IPCC and IEA, the development of renewable energies can only be envisaged alongside nuclear energy to meet growing demand for lowcarbon electricity and avoid reliance on fossil fuels. GLOBAL WARMING The imperative to contain global warming continues to be a constant priority. It is more important than ever to decarbonize energy production by moving away from fossil fuels. ACCESSIBILITY Electricity is a public good that must be accessible to as many people as possible at a competitive cost. ENERGY INDEPENDENCE Geopolitical crises, together with soaring energy prices, have impacted the energy independence of countries, encouraging them to gain control over their energy security. ELECTRIFICATION OF SOCIETY Global studies predict a doubling of electricity demand by 2050. To achieve carbon neutrality in 2050, low-carbon power generation would have to increase six-fold.” International Energy Agency (IEA)
Orano - Annual Activity Report 2024 10 Orano and its 17,500 employees use their expertise, their permanent quest for innovation, their mastery of cutting-edge technologies and their unwavering dedication to safety and security, to serve their customers in France and abroad. Right across the nuclear fuel cycle, Orano provides its unique expertise in the design, approval and manufacturing of casks, as well as the conducting of transport operations, whether over land, by sea or by rail, coupled with the very highest level of risk management. 1 PRESENTATION OF THE ORANO GROUP Our activities 1.3 Our activities Our mining activities cover the exploration, production and commercialization of uranium worldwide, as well as the remediation of former mining sites. Orano is one of the world’s leading producers of uranium. On the strength of its unique integrated industrial platform and some of the most modern facilities in the world, with the Philippe Coste conversion plant and the Georges Besse II enrichment plant, Orano is recognized across the entire market for its technical skills and its processes at the cutting edge of innovation. Thanks to the performance of its la Hague and Melox plants, the only ones of their kind to operate on an industrial scale, Orano is able to position itself as a key international player in the processing and recycling of used fuels. With 50 years of experience, Orano is a leading supplier of operations support services for nuclear sites (on-site logistics, specialized maintenance, radiological safety), radioactive waste management, and the dismantling of equipment and facilities at the end of their lifetime. Engineering activities are focused on engineering consulting, project owner or prime contractor assistance, design and execution engineering, and startup and operations support for plants. They serve both the group’s own activities, as well as external customers, in France and abroad. Orano Med, a subsidiary of the Orano group, is a clinical-stage biotechnology company that is developing a new generation of targeted therapies against cancer, known as targeted alpha-therapy and using the unique properties of lead-212 (212Pb). Orano Med has 212Pb production facilities, laboratories and R&D centers in France and the United States. MINING CONVERSION AND ENRICHMENT OF URANIUM RECYCLING OF USED NUCLEAR FUEL NUCLEAR PACKAGES AND SERVICES DISMANTLING AND SERVICES ENGINEERING NUCLEAR MEDICINE
Orano - Annual Activity Report 2024 11 1 PRESENTATION OF THE ORANO GROUP Our activities Storage of recyclable materials Depleted uranium, reprocessed uranium, etc. Nuclear power plants Electricity production Third-party players MOX FUEL Cigéo project Medium-level long-lived / high-level waste 1st stage of conversion Orano Malvési 2nd stage of conversion Enrichment Orano Tricastin Fuel manufacturing Third-party players Reprocessing of used fuel Orano la Hague Recycling – MOX fuel production Orano Melox PLUTONIUM URANYL NITRATE USED FUEL Extraction/Processing Natural uranium concentrate Orano Mining Nuclear Packages and Services Engineering Dismantling and Services Nuclear Medicine
Orano - Annual Activity Report 2024 12 An operational risk management PRESENTATION OF THE ORANO GROUP 1 Low High High Risks of corruption and influence peddling Source: Orano PROBABILITY OF OCCURRENCE IMPACT Nuclear safety and environmental protection Geopolitical risks Financial risks Cybersecurity Group commitments in terms of employee health and safety Risks related to the group's transformation and human resources Risks related to the group's projects and the Back End of the Future program Uranium reserves and resources Sustainability of industrial facilities, workload plans, cost control Tax issues Risks related to end-of-lifecycle operations Transportation safety and security Impact of climate change on our facilities and activities 1.4 An operational risk management Orano has implemented a risk management system in line with the recommendations of the Autorité des marchés financiers (French financial markets authority - AMF), the professional standards of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and regulatory changes in sustainability, duty of vigilance and prevention of corruption. The establishment of a strong risk culture within the group enables the identification, anticipation, and management of these risks and associated opportunities. In an unstable geopolitical context, the group demonstrates the resilience of its activities, while remaining vigilant. MAPPING OF THE MAIN RISKS In a constantly changing environment, the diversity of Orano’s activities exposes the group to risks of various kinds and different origins.
Orano - Annual Activity Report 2024 13 1 From left to right: Hélène DERRIEN People and Communications; Guillaume DUREAU Projects, Innovation, R&D and Nuclear medicine, Magnets and Batteries; Patrick CHAMPALAUNE Executive Advisor to the Chief Executive Officer; Nicolas MAES Chief Executive Officer; François LURIN Chemistry-Enrichment BU; David CLAVERIE Finance; Corinne SPILIOS Recycling BU; Jean-Christophe PATOUT Dismantling and Services BU; Jacques PEYTHIEU Customers and Strategy; Nicolas FERRAND Back End of the Future program; Frédéric de AGOSTINI Nuclear Packages and Services BU; Pascal AUBRET Performance; Laurence GAZAGNES Health, Safety and Environment; and Project Industrialization; Xavier SAINT MARTIN TILLET Mining BU. 1.5 A responsible and fully committed governance PRESENTATION OF THE ORANO GROUP A responsible and fully committed governance COMPOSITION OF THE BOARD OF DIRECTORS (as of February 18, 2025) COMPOSITION OF THE EXECUTIVE COMMITTEE Independent Directors (4) Directors representing employees (2) Nicolas MAES Chief Executive Officer Romain VALENTY David LECAVELIER Cyrille VINCENT Aurore Neuschwander Directors proposed by the State (5) 13 members 9 meetings 91% attendance Director representing the State Patrick PELATA Marie-Hélène SARTORIUS Claude IMAUVEN Chairman of the Board Anne-Sophie LE LAY François JACQ Cécile SELLIER Philippe BRAIDY Anne-Marie DESCÔTES Audit and Ethics Committee Strategy, Investments and Sustainability Committee Compensation and Nominating Committee End-of-Lifecycle Obligations Monitoring Committee i
Orano - Annual Activity Report 2024 14 Our value creation model 1 PRESENTATION OF THE ORANO GROUP 1.6 Our value creation model HUMAN AND INTELLECTUAL CAPITAL ● 17,500 active employees worldwide including 23 % women ● 7 training schools: la Hague Vocational Training School, Management School, Mining College, MOX Campus, Tricastin Vocational Training School, Trihom and D&S Vocational Training School ● 75% employees trained in compliance and ethics at the end of 2024 ● €172 M spent on R&D globally ● 882 recognized multidisciplinary experts and specialists INDUSTRIAL AND ENVIRONMENTAL CAPITAL ● A regional presence on 4 continents ● 3 main industrial platforms unique in France (la Hague, Tricastin, Melox) ● 78% of our global facilities are ISO 14001 certified, 87% ISO 9001 and 96% OHSAS 18001 or 45001 ● > €980 M in net operating investments in 2024 ● SHIFT, 1 digital transformation plan to support the safety and performance of activities ● A partnership approach with our suppliers structured in a Responsible Purchasing policy SOCIETAL CAPITAL ● Responsible player from design to redevelopment ● Dialogue and local involvement with stakeholders ● 2 meetings per year of the Stakeholders’ Panel ● Support for skills development in the territories ECONOMIC CAPITAL AND SHAREHOLDERS ● 90.33% of share capital held by the French State guaranteeing stable governance ● 9.66% of the capital held by two Japanese shareholders and industrial partners ● Structured governance with 4 specialized committees comprising experts recognized in their fields ASSETS AND RESOURCES OUR PURPOSE VALUES Our purpose defi nes the reason why we do what we do Develop know-how in the transformation and control of nuclear materials for the climate, for a healthy and resource-effi cient world, now and tomorrow. Our values provide a common base Committed to THE WORLD OF TOMORROW COMMUNITY By being engaged and responsible locally in our environment COMPETENCIES By mobilizing proud and committed employees, who embody our purpose CLIMATE By contributing to carbon neutrality
Orano - Annual Activity Report 2024 15 1 Our value creation model PRESENTATION OF THE ORANO GROUP ACHIEVEMENTS AND RESULTS OUR CUSTOMERS, SOCIETY, AND THE CLIMATE • A major player in the low-carbon transition, making it possible to offer one of the least carbon-emitting technologies, thanks to its contribution (12g CO2/KWh according to IPCC) and the recycling of used fuel • More than 7 years of revenue in the backlog • >40 innovative technological solutions deployed on the sites ● A dedicated fund, Orano Venture Fund, to invest in startups in the circular economy and advanced industrial technologies ● -40% in scopes 1 and 2 market-based greenhouse gas emissions compared to 2019, -75% compared to 2004 (isoperimeter) ● Carbon intensity scopes 1, 2 market-based and 3 at 471 tCO2e / €M of revenue ● -42% water consumption compared to 2019 OUR EMPLOYEES ● 1,926 permanent hires ● 62% employee engagement rate, growing ● 0 employee below decent wage ● 6.5% work-study students in France ● 32.8hrs/year of training per employee in France and a training access rate of 96% in France ● 31 % women on the group’s Management Committees ● Accident frequency rate 1.1 OUR PARTNERS AND REGIONS €2,773 M External purchases €302 M Tax and duties ● Transparency and control of safety in 2024: 0 INES level 2 event 2 INES level 1 events 138 INES level 0 events ● 90 % of non-group purchases by French entities from suppliers located in France OUR SHAREHOLDERS €5,874 M Revenue ● Responsible management of activities: > €8.5 bn in earmarked assets to cover all of our obligations for future dismantling of our nuclear sites ● €354 M net cash flow COMMITMENTS STRATEGIC ACTION PLAN Our strategic action plan expresses our goals Successfully implement our development opportunities in our core business and in our diversifi cation activities 2 Improve our performance through the Opteam26 program 1 Build the Back End of the Future by extending the lifetime of our existing plants and preparing the industrial assets of tomorrow 3 The 5Cs provide our operational framework internally and state our commitments to our stakeholders externally Safety and security Customer satisfaction Team spirit and cohesion Ethics, transparency and dialogue Continuous improvement Respect and people development COMPETITIVENESS By operating efficiently CUSTOMER GROWTH By innovating to preserve resources and protect health
Orano - Annual Activity Report 2024 16 1.7 Sharing with our stakeholders STAKEHOLDERS ASSOCIATED WITH THE GROUP'S REFLECTION ON COMMITMENT MATERIAL ISSUES In 2024, Orano updated its materiality analysis in accordance with the principles of double materiality provided for by the CSRD Directive. The group chose to involve its stakeholders in the preparation of this analysis, as in the previous edition in 2020. It consulted 150 stakeholders around its various sites in order to find out how the activities of Orano or its value chain were likely to impact them. These discussions fed into the discussions on the material issues for the group, as well as its ambitions for updating its Commitment roadmap. Sharing with our stakeholders 1 PRESENTATION OF THE ORANO GROUP IMPACT MATERIALITY IMPACT AND FINANCIAL MATERIALITY • Safety and security of our activities and products (health and safety of local residents) [S3] • Climate change mitigation [E1] • Freshwater [E3] • Radioactive waste [E5] • Skills and career development [S1] • Continuity and final cost for the end user [S4] • Management of relationships with suppliers [G1] • Land-use change [E4] • Climate change adaptation [E1] • Liabilities management and site dismantling [E2] • Circularity in products and services [E5] • Social dialogue [S1] • Stakeholder dialogue and engagement [S3] • Business ethics and conduct, prevention of fraud, corruption, and influence peddling [G1] • Political influence and lobbying activities [G1] • Occupational health, safety, and radioprotection [S1] • Working conditions and employee well-being [S1] • Diversity and inclusion [S1] • Working conditions for suppliers and subcontractors [S2] • Economic development of territories [S3] • Transparency and information for the end-user [S4] FINANCIAL MATERIALITY
Orano - Annual Activity Report 2024 17 1 Source: Orano - 29.7 / 100 18th / 125 Top 22% AA - 66 / 100 81 / 100 (1) This ESG Assessment was originally conducted by V.E, which is now part of Moody’s ESG Solutions. CCC - AAA (1) 0 - 100 100 - 0 (0 = low risk) Most recent rating 2023/2024 Trend . previous year Industry positioning A STAKEHOLDERS’ PANEL TO ENHANCE AND ENRICH ACTIONS PERFORMANCE RECOGNIZED BY NON-FINANCIAL RATING AGENCIES Initiated in 2021, the Orano group Stakeholders’ Panel is an advisory and voluntary committee whose objective is to provide the Company’s management with an external eye on strategic orientations and societal and environmental commitments. Member of the ICMM and signatory of the charter Member of WANO Signatory of the MEDEF French Business Climate Pledge ORANO PLAYS AN ACTIVE PART The group is a member of professional associations in its field and a signatory of collective undertakings. The Stakeholders’ Panel complements other stakeholder dialogue initiatives carried out globally or developed locally in the countries where we operate. individuals with multidisciplinary skills 10 Sharing with our stakeholders PRESENTATION OF THE ORANO GROUP Climate Innovation and digital transformation Circular economy Responsible finance Energy and nuclear Employment law
Orano - Annual Activity Report 2024 18 A committed roadmap for 2030 PRESENTATION OF THE ORANO GROUP 1 REMINDER OF PREVIOUS COMMITMENTS AT THE END OF 2025 Aim for the highest standards in terms of nuclear safety, environment, health, and occupational safety 0 INES level 2 events Accident frequency rate (Orano employees) less than 1 # INES2 0 0 Frequency rate 1.8 1.1 Make information and dialogue more accessible to our stakeholders and more explicit regarding sensitive perceptions 80% of our stakeholders satisfied with the “transparency” and “dialogue” topics Satisfaction rate 60% 80% OUR VALUES COMMUNITIES CLIMATE COMPETENCIES CUSTOMER GROWTH COMPETITIVENESS Improve the efficiency of the extended enterprise by 25% 10% improvement in the use of raw materials (water, energy, etc.) vs. 2019 Efficiency rate 100 101.4 Reduction in energy consumption n/a -12% Reduction in water footprint n/a -42% Reduce our production of non-recycled waste by 25% 65% conventional waste recovery rate Conventional waste recovery rate 51% 90% in France and 65 % overall 3 radioactive waste recovery channels opened # of radioactive waste recovery channel openings planned n/a 4 n/a: not applicable. Strengthen local roots, particularly in the area of skills development and employment 80% of local residents have a positive view of Orano’s activity in their area Positive outlook 58% In 2025 Build a second life for sites 100% of site planning includes management of long-term liabilities Planning rate n/a 80% Eco-design all our major projects 50% of major projects are eco-designed Planning rate n/a 0% Reduce the “equivalent” carbon footprint of our business in line with the Paris Agreement -25% in tCO2e for scopes 1 and 2 market-based vs. 2019 Reduction in scopes 1 and 2 market-based vs. 2019 n/a -40% Innovate to reduce the footprint of our customers and increase the acceptability of nuclear power and nuclear materials Laboratory validation of a solution for decommissioning hulls Progress of final waste reduction projects TRL 1 TRL 2 Offer professional and personal development in an appealing work environment 75% engagement rates for employees Engagement rate 52% 62% Be a benchmark employer, inclusive and promoting diversity 35% women in the Management Committees Percentage of Management Committee members who are women 25% 31 % 1,000 group managers involved in mentoring/tutoring Percentage of managers involved in mentoring/tutoring n/a 637 Develop our innovation ecosystem Revenue from innovative business models, products, and services # of new businesses launched n/a 5 Broaden our recycling offer Group revenue close to 4.5 billion euros Revenue 3.8 billion euros 5.9 billion euros Develop anti-cancer treatments using nuclear medicine Become a player in the medical, industrial and research isotope markets OBJECTIVES MARKERS IN 2025 MARKERS 2019 2024 PROGRESS 1.8 A committed roadmap for 2030
Orano - Annual Activity Report 2024 19 1 A committed roadmap for 2030 At the end of 2024, Orano completed its first Commitment roadmap launched in 2019. In 2024, the group renewed its ESG objectives for 2030 through a new Commitment roadmap, based on the Corporate Project and its three strategic priorities. It is also based on the expectations expressed by the 150 stakeholders interviewed in 2024. PRESENTATION OF THE ORANO GROUP A ROADMAP RENEWED IN 2024 BEARING OUR COMMITMENTS TO 2030 Seek to achieve a frequency rate of consistently less than 1 (including external contractors) Assure the safety of our activities by ensuring there are no level 2 INES event Complete 2 emblematic remediation operations (deconstruction of the GB1 cooling towers at Orano Tricastin and end of the cleanup of the Parc aux Ajoncs (PAA) at Orano la Hague) Deploy 100% of actions of the Nature strategy Co-construct our new facilities in partnership with local and regional authorities By being engaged and responsible locally in our environment Implement a climate adaptation plan for 100% of Orano’s industrial activities Maintain -25% on scope 1 and 2 market-based GHG emissions in 2030 vs. 2019 Bring the 80 most emitting suppliers on board in the reduction of their emissions 35% women on Management Committees (worldwide) Employee Engagement rate of 70% Maintain an average of 35 hours of training per employee per year (worldwide) 100% of employees covered by a common base in terms of social benefits Commercialize at least one anti-cancer drug Launch the execution of Back End of the Future undertakings Achieve in terms of energy performance the equivalent of 10% of our consumption for 2019 (190 GWh) Deploy 100% of the actions set out in our Responsible Purchasing policy Adopt an ecodesign approach on 100% of our large projects costing more than €20 M By contributing to carbon neutrality By mobilizing proud and committed employees, who embody our purpose By innovating to preserve resources and protect health By operating efficiently WITH AN AMBITION Progress towards zero accidents in all our activities Achieve gender parity and equality Aim for carbon neutrality Manage our liabilities in a responsible way Make progress on the closure of the fuel cycle Be an established player in climate, health and the preservation of resources
SAFETY SECURITY Orano - Annual Activity Report 2024 20 Financial and non-financial performance 1.9 Financial and non-financial performance 1 PRESENTATION OF THE ORANO GROUP Revenue (in €Bn) 2019 2022 2023 2024 3.8 4.2 4.8 5.9 // INES EVENTS 2019 2022 2023 2024 Level 1 Level 2 Level 0 7 0 0 132 2 120 6 2 122 138 0 0 // 2019 2022 2023 2024 29.9 26.1 30.8 35.9 // 2019 2022 2023 2024 23.8 25.8 25.7 35.2 EBITDA RATE (EBITDA/REVENUE) (in %) // FREQUENCY RATE OF WORKPLACE ACCIDENTS WITH LOST TIME (ORANO EMPLOYEES) 2022 2019 2023 2024 0.9 1.8 1.2 1.1 // 22% 26% 52% Mining Front End Back End Other (0%) by activity 49% 7% 12% 1% 31% Europe (excluding France) France Asia Americas Africa and Middle East by region NET CASH FLOW 2019 2022 2023 2024 219 128 247 354 €M // NET DEBT 2019 2022 2023 2024 2.2 1.7 1.5 0.78 €Bn // 2024 REVENUE BACKLOG (in €Bn) CUSTOMER GROWTH COMPETITIVENESS
COMMUNITIES COMPETENCIES CLIMATE Orano - Annual Activity Report 2024 21 1 Financial and non-financial performance PRESENTATION OF THE ORANO GROUP SHARE OF NON-GROUP PURCHASES IN FRANCE BY FRENCH ENTITIES 2019 2022 2023 2024 90 88 89 89.7 % // SHARE OF NON-GROUP PURCHASES BY FOREIGN ENTITIES IN THE HOST COUNTRY 2019 2022 2023 2024 73 75 88 93 % // 355,614 479,280 289,559 338,664 231,021 248,259 166,880 162,877 Scope 2 market-based Scope 1 188,734 175,687 116,766 172,793 SCOPES 1 AND 2 MARKET-BASED GHG EMISSIONS 2019 2022 2023 2024 tCO2e // WORDWIDE PERMANENT EMPLOYEE HIRING 2019 2022 2023 2024 1,264 1,440 1,748 1,926 FTE // WOMEN IN WORLDWIDE WORKFORCE 2019 2022 2023 2024 21.7 22.2 22.6 23 % // ENERGY INTENSITY 2019 2022 2023 2024 509 432 374 345 MWh / €M of revenue // WATER INTENSITY 2019 2022 2023 2024 3,029 1,874 1,472 1,348 M3 / €M of revenue // SCOPES 1, 2 MARKET-BASED AND 3 GHG EMISSIONS INTENSITY 2019 2022 2023 2024 512 464 437 471 tCO2e / €M of revenue //
Orano - Annual Activity Report 2024 22
Orano - Annual Activity Report 2024 23 CHAPTER SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR 2 2.1 Highlights of the financial year 24 2.1.1 Capital increase of Orano SA subscribed by the French State 24 2.1.2 Business highlights 24 2.2 Simplified group organization chart – subsidiaries, equity interests and branch offices 29 2.2.1 Simplified group organization chart at December 31, 2024 29 2.2.2 Acquisitions of equity interests and takeovers during the past financial year 30 2.2.3 Branch offices and representation offices 30 2.3 The group’s businesses 31 2.3.1 Mining 31 2.3.2 Front End 38 2.3.3 Back End 39 2.3.4 Other activities of Orano 44 2.4 Research and Development activities 46 2.5 Financial situation of the Company and the group during the past financial year 47 2.5.1 Summary of key figures and segment information 47 2.5.2 Consolidated financial statements for the past financial year 49 2.5.3 Separate financial statements for the past financial year 56 2.5.4 Dividends 56 2.5.5 Non-tax deductible expenses 56 2.6 Foreseeable developments and future prospects 57 2.6.1 Future prospects 57 2.6.2 Orano’s financial outlook 59 2.7 Significant post-closing events 59 2.7.1 Significant events between the reporting date and the preparation date of the management report 59 2.7.2 Significant events between the preparation date of the report and the date of the General Meeting 59
Orano - Annual Activity Report 2024 24 2 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR Highlights of the financial year 2.1 Highlights of the financial year 2.1.2 Business highlights 2.1.2.1 Mining SITUATION IN NIGER Since the coup in Niger in July 2023, Orano has been subject to increasing interference by the State of Niger in the governance of its Nigerien Subsidiaries (the “Nigerien Subsidiaries” meaning Somaïr, Imouraren and Cominak). For example, the authorities in Niger have: ● hindered the export of its production by Somaïr; ● withdrawn, on June 19, 2024, the operating permit held by Imouraren, despite the resumption of activities on the Imouraren site, in accordance with the requests they had made; ● took control of the Somaïr and Cominak subsidiaries through repeated interference in the governance of these companies; ● violated the provisions of the Global Partnership Agreement signed in May 2023 between the State of Niger and Orano Mining. This interference, which is part of a sovereigntist agenda aimed at regaining control of the country’s mining activities, has led the group to confirm the loss of Orano’s operational control over its Nigerien subsidiaries as of December 2024. After several attempts at amicable resolution that remained unanswered, Orano Mining has initiated four arbitration proceedings before the competent international tribunals in order to obtain remedy for its loss (for more information on the proceedings initiated, see Section 3.3.5.2). Other business highlights ● The spot indicator of the natural uranium market reached price levels equivalent to those of 2007 and 2008, exceeding 100 USD/lb U3O8 in the first quarter of 2024. From the second quarter onwards, the spot indicator fell back below 90 USD/ lb U3O8 and fluctuated between 70 and 90 USD/lb U3O8 during most of the rest of the year when a slowdown in the level of activity was seen on the spot market. As a result, the spot price rose from 91 USD/lb U3O8 at the end of 2023 to less than 73 USD/lb U3O8 at the end of 2024 (average of the UxC and TradeTech indicators). The long-term indicator increased steadily for most of the year, exceeding the spot indicator for the first time since 2022 to reach 80.5 USD/lb U3O8 at the end of 2024 (compared to 68 USD/lb U3O8 at the end of 2023). ● At the beginning of 2024, Orano’s Board of Directors approved the project to extend the Cigar Lake mine operated by Cameco to extend the mine’s life until 2036. ● Orano’s partner Cameco also continues to assess the work and investments required to consider a decision to increase production at McArthur River/Key Lake up to its annual authorized capacity of 25 million pounds of uranium oxide (base 100%) or at an intermediate level between its planned annual production and its authorized annual capacity of 25 million pounds of uranium oxide (nearly 9,600 tU). ● The joint venture between Orano Canada and Denison Mines Corp, McClean Lake Joint-Venture, announced in early 2024 the resumption of uranium extraction operations on the McClean license using for the first time on an industrial scale the innovative mining extraction method SABRE (Surface Access Borehole Resource Extraction). The start of production is scheduled for 2025. ● In May 2024, Orano transferred the Cluff Lake site to the Institutional Control Program (ICP) of the province of Saskatchewan as well as the funds necessary for its monitoring and maintenance. Completely declassified, redeveloped and planted (replanting of local plant species), the site has been open to the public since 2013. Today, it is considered a model for the redevelopment of a modern uranium mine. ● In Kazakhstan, the start of production of the South Tortkuduk mining site operated by Katco is progressing on schedule with the first metric ton produced in June 2024. Katco teams continue to work for the site to reach its full production capacity of 4,000 metric tons of uranium by 2026. 2.1.1 Capital increase of Orano SA subscribed by the French State The Board of Directors of Orano SA, on October 24, 2024, duly noted the completion of a capital increase with preemptive subscription rights for a total amount of 299,999,952 euros, through the creation and issue of 9,146,340 new ordinary shares with a par value of 0.50 euros each and an issue premium of 32.30 euros per share. This transaction, decided by the General Meeting of October 9, 2024, was fully subscribed and paid up in cash by the French State. Following its completion, Orano SA is 90.33% owned by the French State and JNFL and MHI each have a 4.83% stake.
Orano - Annual Activity Report 2024 25 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR 2 Highlights of the financial year ● In December 2024, Orano Mining, AREVA and the French National Financial Prosecutor’s Office (PNF) agreed to end investigations with AREVA concerning activities in Mongolia prior to 2015. The Public Interest Judicial Agreement (CJIP) signed by Orano Mining concludes the proceedings initiated by the PNF. It confirms the strengthening of the implementation of the group’s compliance plan, acknowledges Orano’s collaboration with the legal authorities and ends investigations concerning the activities of the former AREVA group, without acknowledging any liability. 2.1.2.2 Front End ● In 2024, the continued growth of price indicators reflects the tension in the enrichment and conversion markets since the beginning of the Russia-Ukraine conflict. The SWU Spot benchmark price rose from 157 USD/SWU at the end of 2023 to 192.5 USD/SWU at the end of 2024, while the conversion spot price went from 46 USD/kg U at the end of 2023 to 96.5 USD/kg U at the end of 2024 (average of the UxC and TradeTech indicators). According to the same sources, the long-term SWU price increased from 151 USD/SWU at the end of 2023 to 166 USD/SWU at the end of 2024, and the longterm conversion price increased from 34.3 USD/kg U at the end of 2023 to 49.8 USD/kg U at the end of 2024. ● In the global geopolitical context and the consequences of the Russian-Ukrainian conflict, many Western utilities wish to reduce their dependence on Russian supply, particularly in terms of enrichment services. As part of the REPowerEU program, Europe has indicated that it wishes to reduce the share of Russian supplies. The United States, which already had uranium import quotas, introduced legislation in May 2024 on the end of Russian imports of enriched uranium from 2028. These events are coupled with a renewed interest in nuclear energy at the global level, implying in particular an increase in forecasts of global needs for enrichment services. In order to offer its customers an alternative to Russian uranium and enable them to meet their long-term commercial commitments, from 2028, Orano will increase its uranium enrichment capacity by increasing the production capacity of its Georges Besse II plant on the Tricastin site by more than 30%. This project includes the construction of four additional modules identical to the fourteen existing modules. They will be equipped with the same ultra centrifuge technology, which is recognized, proven and has a reduced environmental footprint. With modular commissioning, the extension’s full production capacity is scheduled for 2030. After approval by its Board of Directors and the completion of regulatory steps, including the organization of a consultation in 2023 and 2024 under the aegis of the National Commission for Public Debate (CNDP) and a public inquiry in the spring of 2024, Orano has launched its project to increase production at the Georges Besse II plant. The total amount of the investment is nearly 1.7 billion euros. The building permit was issued by the Prefect of the Drôme in June 2024, the preparatory work for the site including the erection of the cranes carried out during the summer of 2024, and the civil engineering work began in September 2024. A groundbreaking ceremony was organized at the Orano Tricastin site on October 10, 2024, in the presence of international customers and numerous elected officials and economic players in the region. ● In parallel with the decision to end Russian imports of enriched uranium, the US Department of Energy (DOE) issued two calls for proposals in November 2023 and then in January 2024 to secure a domestic supply of HALEU-type uranium. This fuel, enriched to a uranium-235 content of 20%, is intended to supply certain advanced reactor technologies. A third call for proposals was issued in May 2024 to support the development of new enrichment capacity in the United States, in particular through commitments to purchase LEU materials by the DOE. The total maximum amount allocated to these calls for proposals is 3.4 billion dollars. With the necessary technologies and know-how, Orano responded to the three calls for proposals of the DOE and offered its enrichment expertise for grades of up to 5% and 19.75%, and in uranium chemistry for transformation of HALEU-type fuel into an appropriate solid chemical form (oxide or metal). The DOE notified Orano and the other winning companies of their selection in October 2024 for the HALEU calls for proposals and in December 2024 for the LEU calls for proposals. Each will benefit from at least one contract worth 2 million dollars over a maximum period of ten years. ● In addition to the project to extend the Georges Besse II plant and in line with the requests of the US Department of Energy (DOE), Orano plans to increase its capacity with a new ultracentrifuge enrichment facility in the United States. This project will contribute to the long-term relationship between Orano and its American customers to safely and reliably secure their supplies to provide low-carbon energy. In September 2024, Orano and the State of Tennessee announced that they were entering into exclusive discussions for the location of this plant at the Oak Ridge site belonging to the DOE. This announcement is a first step in the selection of a host site but does not constitute an investment decision to date. The teams are now preparing the next stages of the project: obtaining financial support from the US government, securing customer commitments, submissions and then awarding a license to the U.S. Nuclear Regulatory Commission (NRC), and approval of the project by the Board of Directors of Orano. ● In 2024, production at the Georges Besse II enrichment plant continued uninterrupted with a yield of over 99%. In addition, Orano has continued the necessary steps to be able to produce uranium enriched to more than 5% (LEU+) in the coming years in order to meet the changes in potential demand for power reactors in the United States. Orano will thus be ready to produce uranium enriched up to 6% by 2025. The production of higher grades (between 6 and 8%) requires a longer regulatory procedure (around three years in France from the decision), so potential customers will need to clarify their requirements. ● The ramp-up of the Philippe Coste conversion plant continued in 2024. The project phase has been completed and production is gradually increasing. 10,625 metric tons of UF6 were produced in 2024 compared to 10,060 metric tons in 2023. ● Commercial qualification of the production of the new uranium dioxide powder production facility (UO2) at the Malvési site (Aude) was reached in October 2024. This workshop will allow - as soon as the MOX fuel using this UO2 will be qualified - to supply the Melox plant (Gard), which is one of the possible recoveries of the depleted uranium from enrichment operations. All types of recoveries envisaged by
Orano - Annual Activity Report 2024 26 2 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR Highlights of the financial year Orano are described in the MAT.1 report of the 2022-2026 PNGMDR. ● Orano’s Stable Isotopes business grew in 2024, with the first deliveries to customers of the Laboratoire d’Isotopes Stables (LIS) “Jean Fourniols”. The first customers, in the quantum computing and medical fields, received the first production of stable isotopes in the spring of 2024. The creation of this new stable isotope production laboratory meets three main objectives: ● meet the demands of strategic high-tech markets in medical imaging and radiotherapy, industry and research, in particular by contributing to the creation of a national industrial production chain for the quantum industry; ● offer a French alternative to the two current global suppliers (Dutch and Russian) and strengthen French and European sovereignty; and ● help develop the value of nuclear industry technologies outside power generation, by creating expertise in France in isotope separation and the chemistry of non-nuclear elements, enabling capitalization on French expertise in uranium enrichment and chemistry, and perpetuating it in the short, medium and long term. 2.1.2.3 Back End Recycling ● Orano signed with EDF, in October 2024, the ATR contract (Treatment and Recycling Agreement) for the period 2024-2026 and, in December 2024, the contracts “Densification of the la Hague pools”, to increase the used fuel storage capacities of the pools, and the “GoMOX” contract intended to provide the Melox plant with redundant machines to increase the plant’s capacity. ● Following the example of the METALL+ contract signed with the German electricity companies in 2021, in November 2024, Orano signed with several Japanese electricity companies and the Nuclear Reprocessing and Decommissioning Facilitation Organization of Japan (NuRO) the latest contract representing the balance after successive agreements. These contracts, for a total amount of more than one billion euros, concern the return of the rest of the Japanese nuclear waste stored at the la Hague plant. These contracts represent the balance of all commitments made between 1981 and 1999 for waste from Japanese utilities. They provide for the return of the equivalent in metallic mass and radioactivity of the waste contained in the used fuel elements from Japanese reactors. These agreements entered into force on November 27, 2024 after authorization received from the DGEC. ● In June 2024, after the UP3 plant in mid-2023, Orano worked to connect the new evaporators at the UP2 plant, thus marking the end of the project to renovate the Fission Products Concentration capacities of the la Hague plants. ● At the end of November 2024, Orano signed two MOX fuel assembly production contracts with the Japanese industrial company MHI (Mitsubishi Heavy Industries Ltd). These assemblies are intended to supply the Japanese utilities Kyushu Electric and Shikoku Electric. Nuclear Packages and Services ● Orano operates on the European, Asian and American markets via contracts worth several hundred million euros for the shipping, dismantling of packages and dry storage of used fuel. ● The development of the TN Eagle continues with, in particular: ● The inauguration in October 2024 of the TN Eagle Factory (TEF), a new TN Eagle packaging manufacturing 4.0 plant, ● New TN Eagle packaging manufacturing orders in Europe and Asia, ● Work to obtain approvals from the Swiss, Belgian and Japanese safety authorities. ● As part of the consortium agreement signed in 2023 between Orano and Urenco, the 30B-X cylinder was successfully tested at the Orano and Urenco facilities, thus making it possible to consider mass production. This new cylinder is designed for future transport of LEU+ (Low Enriched Uranium)/HALEU (HighAssay Low Enriched Uranium) fuel. ● Orano is actively involved in the development of logistics solutions for new generations of nuclear reactors and in particular small modular nuclear reactors - SMR type - or small so-called advanced reactors - AMR type. Dismantling and Services (DS) ● In a context of relaunch of the nuclear industry and ambitions for new nuclear activities in France, the Orano DS teams are already mobilized to meet these challenges. Orano DS reinforced its leading position in the Global Site Assistance Service (PGAC) for its customer EDF with a presence in 90% of the French nuclear fleet. Orano is also continuing its development strategy for maintenance activities. From a commercial standpoint, Orano DS won several major contracts, including the operation of the Intermediate Polyvalent Storage Facility (EIP) and the South Zone Installation (IZOS) on the CEA site in Marcoule, in the south-east of France. For the French nuclear fleet, the entity won several contracts relating to the work prior to the dismantling of the Fessenheim plant. These contracts and others with French nuclear operators have made it possible to renew and strengthen the backlog and to confirm the progression of its services in support of production at Orano’s industrial sites as well as those in support of EDF and of the CEA. ● Internationally, the Orano Decommissioning Services LLC teams successfully completed a global project: the dismantling and transportation of the pressurized water reactor at the Crystal River 3 nuclear power plant in Florida in the United States. Thanks to the involvement and cross-functional knowhow of the local teams of Orano and its partners, all stages of this flagship dismantling project were completed in less than four years. This is a record time for this type of project, which began in June 2020 thanks to the implementation of a patented segmentation process that has drastically limited the amount of waste and transport required for their disposal. Orano has been involved in a quarter of all dismantling projects carried out worldwide to date. The dismantling of four other reactor cores in Germany is continuing in accordance with the commitments made.
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