Orano - Annual Activity Report 2024 53 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR 2 Financial situation of the Company and the group during the past financial year Operating cash flow EBITDA Orano’s EBITDA amounted to 2,067 million euros in 2024, up compared to 2023 when it stood at 1,228 million euros. This improvement of +839 million euros is equivalent to the change in operating income with largely the same effects. Change in operating working capital requirement (WCR) The change in operating WCR was -149 million euros in 2024, -399 million euros lower than the positive contribution of 250 million euros in 2023. This decrease is mainly due to the Back End segment with the unfavorable effect of the neutralization in the change in working capital of the pre-financing received previously from Japanese electric utilities under contracts signed in November 2024 for the return of their nuclear waste. This effect masks the positive contribution in 2024 of advances received from customers to finance investments in recycling. Net Opex Net investments amounted to 980 million euros in 2024 compared to 815 million euros in 2023. Most of this 165 million euro increase came from the start of the Georges Besse II plant enrichment capacity extension project. Operating cash flow As a result of the items described above, operating cash flow stood at 937 million euros at the end of 2024, compared with 663 million euros at the end of 2023. Net cash flow from company operations (in millions of euros) 2024 2023 Change 2024/2023 Operating cash flow 937 663 +274 Cash flow from end-of-lifecycle operations (182) (98) -84 Income tax (102) (60) -42 Cost of financial operations (179) (168) -11 Other items (121) (90) -31 Non-operating cash flow (584) (416) -168 NET CASH FLOW FROM COMPANY OPERATIONS 354 247 +107 Net cash flow from company operations stood at 354 million euros at December 31, 2024 (vs. 247 million euros the previous year). Consolidated statement of cash flows The group’s condensed consolidated statement of cash flows is presented below: (in millions of euros) 2024 2023 Change 2024/2023 Cash flow from operations before interest and taxes 1,715 955 +760 Interest expense and taxes paid (182) (148) -34 Cash flow from operations after interest and taxes 1,532 807 +725 Change in working capital requirement (137) 298 -435 Cash flow from operating activities 1,395 1,104 +291 Cash used in investing activities (1,388) (681) -707 Cash used in financing activities (1) 15 -16 Effect of exchange rate changes 16 (6) +22 TOTAL INCREASE (DECREASE) IN CASH 22 432 -410 Net cash at the beginning of the period 1,230 798 +432 NET CASH AT THE END OF THE PERIOD 1,252 1,230 +22
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