Orano - Annual Activity Report 2024 187 SUSTAINABILITY STATEMENT 4 Environmental information MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO CIRCULARITY IN PRODUCTS Type Impacts, Risks and Opportunities Localization in the value chain CIRCULARITY IN PRODUCTS AND SERVICES [E5] CURRENT OPPORTUNITY RECYCLING OF USED FUEL OWN OPERATIONS IRO The recycling activity implements processes on behalf of its customers to recycle used fuel into new fuel. Description The treatment and recycling activity makes a significant contribution to the group’s revenue. It also makes a positive contribution to saving resources. FUTURE OPPORTUNITY DEVELOPMENT OF NEW RECYCLING ACTIVITIES OWN OPERATIONS IRO Orano is developing new activities around the recycling of materials: nuclear medicine, battery recycling and radioactive waste recovery projects. Description The group’s new activities around the recycling of materials are a vector of significant revenue and cash flow growth over the next ten years. MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO RADIOACTIVE WASTE Type Impacts, Risks and Opportunities Localization in the value chain RADIOACTIVE WASTE [E5] POTENTIAL NEGATIVE IMPACT ULTIMATE RADIOACTIVE WASTE IN THE NUCLEAR INDUSTRY OWN OPERATIONS, DOWNSTREAM IRO The activities of Orano and its value chain generate long-lived high-level final waste, and involve their future warehousing, storage or burial with, for example, the CIGEO project in France. Description The nuclear industry generates long-lived radioactive waste in storage, which requires the creation of substantial long-term infrastructure. It is a burden on future generations, even if the infrastructure is financed. FUTURE RISK RISK OF NUCLEAR MATERIAL RECLASSIFICATION OWN OPERATIONS IRO The reclassification of certain nuclear materials as waste, in particular depleted uranium inventories, poses a financial risk to the group. Description The reclassification of depleted uranium inventories as waste by the competent authorities would lead to an increase in provisions for end-of-lifecycle operations and would require the creation of additional earmarked assets. This would lead to a decrease in the group’s income and a cash outflow of the same amount to replenish the dedicated fund intended to finance these end-of-lifecycle operations. The stock of depleted uranium also acts as a strategic uranium reserve for the supply of the French nuclear fleet in the event of a supply disruption. FUTURE RISK UNCERTAINTIES REGARDING RADIOACTIVE WASTE MANAGEMENT OWN OPERATIONS IRO Uncertainties regarding the characterization of historical radioactive waste and the radioactive waste management processes, as well as quality problems on radioactive waste packages, may delay the processing and storage of this waste. Description Delays in processing and shipping waste would lead to an increase in provisions for end-oflifecycle operations and their earmarked assets. This would lead to reduced results for the group and cash outflows of the same amount to replenish the dedicated fund intended to finance these end-of-lifecycle operations.
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