Orano - Annual Activity Report 2024 52 2 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR Financial situation of the Company and the group during the past financial year 2.5.2.3 Cash flows Change in net debt The table below shows the breakdown of items contributing to the change in the group’s net debt for the year. It was calculated according to the French Accounting Board definition (sum of “cash and cash equivalents” less “current and non-current financial liabilities”). (in millions of euros) 2024 Net debt at the beginning of the financial year (at December 31, 2023) (1,479) Operating cash flow 937 Cash flow from end-of-lifecycle operations (182) Cash flow from financing activities (179) Income tax paid (102) Dividends paid to non-controlling interests (84) Other items 314 (NET DEBT)/NET CASH AT THE END OF THE PERIOD (AT DECEMBER 31, 2024) (775) CHANGE IN NET DEBT OVER THE FINANCIAL YEAR ENDED DECEMBER 31, 2024 +704 The group’s net financial debt totaled 0.78 billion euros at December 31, 2024, compared with 1.48 billion euros at December 31, 2023. Comparative table of operating cash flows and consolidated cash flows The group analyzes cash flows from operating activities separately from flows relating to end-of-lifecycle operations and other cash flows. RECONCILIATION OF OPERATING CASH FLOWS AND CONSOLIDATED CASH FLOWS The following table distinguishes operating cash flows from the other cash flows presented in the consolidated statement of cash flows for the financial year ended December 31, 2024. (in millions of euros) Operating End-oflifecycle operations (1) Other (2) Total EBITDA (i) 2,067 Income from the sale of non-current operating assets and other non-cash operating items (ii) 0 Cash flow from operations after interest and tax (i + ii) 2,067 (243) (292) 1,532 Change in working capital requirement (iii) ( 149) 0 12 ( 137) Net cash flow from operating activities (i + ii + iii) 1,918 (243) (280) 1,395 Cash from (used in) investing activities, net of disposals (iv) (980) 61 (469) (1,388) Net cash from (used in) financing activities (v) 0 0 (1) (1) Impact of changes in scope, rates, marketable securities (vi) 0 0 16 16 Net cash from operations sold or held for sale (vii) 0 0 0 0 CASH FLOWS (I + II + III + IV + V + VI + VII) 937 (182) (733) 22 (1) Includes expenses for end-of-lifecycle operations incurred on-site and for final waste storage, flows relating to the portfolio of financial assets earmarked for end-of-lifecycle operations, and flows resulting from the signature of agreements with third parties for the financing by such parties of a share of end-oflifecycle operations. (2) Namely, non-operating cash flows unrelated to end-of-lifecycle operations and mainly corresponding to financial cash flows, including cash flows related to exceptional external growth transactions, dividends paid, and cash flows of a tax nature.
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