Orano - Annual Activity Report 2024 27 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR 2 Highlights of the financial year ● In terms of performance, Orano’s Dismantling and Services activity has broken down the group’s performance plan into a five-year plan specific to its service activities in the Cap28 project, which is widely shared and available to its employees. As such, it is focusing its actions on strengthening its key activities and locations, reinforcing skills, developing new services, the continued embedding of the Operational Excellence culture and the deployment of digital solutions. Engineering ● At the beginning of September 2024, Orano Projets began commissioning the first version of the Orano group’s PLM digital transformation program by implementing it on two pilot projects at the Orano plants in la Hague and Tricastin. ● To continue its recruitment drive and double its workforce by 2030 and support the group’s projects, Orano Projets is investing in the long term in its real estate structures to welcome its teams by opening a new location in Bordeaux (Gironde, France), commissioning a new building in Cherbourgen-Cotentin (Les Fourches) and launching an extension of its offices in Pierrelatte, Drôme. ● In order to anticipate and prepare for the ramp-up of its engineering activities, in particular to meet the needs of the Back End of the Future program, Orano Projets signed the first four engineering partnerships with CAP Engineering, ECIA-EQUANS, EGIS and EKIUM-SNEF on October 8, 2024. These five-year contracts aim to provide visibility on the future workload, as part of an extended enterprise approach. These initial partnerships demonstrate the growing importance of Orano and its chosen partners enabling the group to complete its projects. In the long term, Orano aims to have around ten such partnerships. ● The Orano Projets teams met the construction start-up deadlines for two major projects for the Orano group: the project to extend capacity at the Georges Besse II uranium enrichment plant at the Tricastin site and the project for the future ATEF (Advanced Thorium Extraction Facility) of Orano Med located in Bessinessur-Gartempe in Haute-Vienne. For these two projects, Orano Projets is in charge of project management. ● In 2024, Orano Projets won several contracts in the defense sector with CEA-DAM, but also with DGA and Naval Group, capitalizing in particular on its expertise in the designconstruction-operation of laboratories (in collaboration with its specialized subsidiary CERIS) and the modeling of complex chemical processes. ● In the United Kingdom, the Orano Projets subsidiary is implementing a contract with NNL (National Nuclear Laboratory) for the commissioning of a new MOX test line at Sellafield for several tens of millions of pounds sterling. ● In the context of new nuclear energy, Orano Projets carries out studies on behalf of start-ups in the fission ecosystem. ● Orano Projets pilots the action plan on behalf of the group that will enable it to fulfill its social and environmental commitments in terms of eco-design, namely to conduct an eco-design approach on 100% of major projects over 20 million euros. This approach was fully implemented as part of the ATEF project. 2.1.2.4 Other activities Nuclear Medicine In 2024, Orano Med achieved significant milestones in its development: ● on the one hand, concerning the lead-212 production process (212Pb) and the development of its integrated industrial platform, which is unique in the world: ● the construction of the first commercial facility for the manufacture and distribution of medicines based on 212Pb continued in Indianapolis, in the United States. It should produce the fi rst doses for clinical trials in 2025, ● the laying of the foundation stone of a similar facility was celebrated in Valenciennes, France, in February 2024, to enable the manufacture and distribution of medicines in Europe, ● the construction of the ATEF plant (Advanced Thorium Extraction Facility), designed to ensure the centralized production of Thorium-228 and supply drug production sites around the world with Thorium-232 inventories, was launched in the autumn of 2024; and ● on the other hand, in the development of cancer treatments: ● the development of AlphaMedix, a treatment for neuroendocrine tumors (NETs), is continuing in four hospitals in the United States. The last patient in the Phase 2 clinical trial received its last dose in October 2024, with very promising interim results presented at several scientifi c oncology conferences, ● Orano Med obtained from the FDA the “Breakthrough Therapy” designation for AlphaMedix, targeting gastro-entero-pancreatic neuroendocrine tumors (NET-GEP) in February 2024. The “Breakthrough Therapy” designation is based on the results of Phase 1 and Phase 2 clinical trials that evaluated the safety and effi cacy of AlphaMedix™. In the Phase 1 and 2 clinical trials, the treatment was well tolerated, with a tumor response rate (ORR according to RECIST 1.1 - Response Evaluation Criteria in Solid Tumors) of 60% for patients with NET-GEP who had never been treated with vectorized internal radiotherapy with Lutathera™, based on a beta particle emitter, Lutetium-177, ● on September 12, 2024, Orano Med announced that it had granted the marketing rights for the AlphaMedix to Sanofi which will provide its expertise and resources in this area. Under this agreement, Sanofi will be responsible for the global marketing of AlphaMedix and Orano Med for its production through its global industrial platform currently under development, ● subsequently, on October 17, 2024, Orano Med and Sanofi signed an investment agreement, marking an essential partnership to accelerate the development of next-generation vectorized internal radiotherapies. Sanofi will acquire a stake of approximatively 16% in the company dedicated to Orano Med’s biotechnology activities for an investment of 300 million euros following the satisfaction of conditions precedent. This equity interest values Orano Med’s biotechnology activities at 1.9 billion euros, i.e. the highest value achieved by a French biotech. The global drug production platform developed by Orano Med remains wholly owned by the Orano group. These activities are entirely consistent with the know-how and
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