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.
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