Orano - Annual Activity Report 2024 58 2 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR Foreseeable developments and future prospects work environment, open to innovation and new technologies. The group’s efforts to accelerate its recruitment and integration capability also focus on strengthening its relationships with schools. Orano is also strongly committed to the training of its teams to strengthen and transmit the employee know-how to develop and retain skills within the group. To this end, Orano is developing several systems, including the central one of the vocational schools deployed near the activities of its sites. In 2024, Orano inaugurated its Recycling Vocations Campus, supported by France 2030, training up to 250 people (Orano employees or subcontractors) per year in MOX professions. This campus is in addition to other existing schools: the la Hague Vocational School, the Mining College covering all professions in the uranium cycle, the School of Chemistry in Tricastin, and the School of Dismantling and Services launched in 2023. The increase in mentoring and tutoring also contributes to this effort, and Orano adapts its training budget to the growth in the workforce to maintain it at 5% of the payroll. The availability and quality of human resources are at the heart of Orano’s strategy to sustain and secure the group’s activities over the period of its strategic plan. Customer growth Orano is working to strengthen its growth potential and has mapped out a development trajectory for the group with structuring projects both in its core businesses and in new activities. The group has a diversified portfolio of projects, based on strong market growth prospects, which it is working to consolidate on the technical, partnership and commercial levels. In the Front End, in 2024 Orano began to build the extension of the Georges Besse II enrichment plant on the Tricastin site, a project aimed at increasing its enrichment capacity by 30%, for an investment of around 1.7 billion euros and aiming to commission these new modules in 2028. In the Back End, structuring announcements confirmed the continued treatment-recycling strategy beyond 2040 in France with a sustainability/resilience program to extend the la Hague and Melox plants beyond 2040, and the launch of studies for new used fuel processing and MOX fuel fabrication plants at the la Hague site. Renewed interest in nuclear power offers the opportunity to offer treatment/recycling solutions to electricity utilities who have chosen this solution. Also in the Back End, Orano in 2024 inaugurated its first 4.0 manufacturing plant dedicated to the assembly of its new generation packaging, the TN Eagle in Cherbourg (France). The group has also been involved for several years in the development of anti-cancer treatments using nuclear materials and has intensified its efforts to develop its oncology portfolio. In parallel with the Phase 3 clinical trials of AlphaMedix™, the first radio-pharmaceutical developed in this context, several decisive milestones were achieved by Orano Med in 2024 with: ● the inauguration of an ATLab laboratory (Alpha Therapy Laboratory) in Brownsburg near Indianapolis (Indiana, United States), the first large-scale pharmaceutical establishment in the world dedicated to the production of internal vectorized radiotherapies using lead-212 (212Pb); ● the launch of the construction of an ATLab in Europe, located in Onnaing (France); ● the launch of the construction of the ATEF plant (Advanced Thorium Extraction Facility) at Bessines-sur-Gartempe (France), the world’s first industrial facility dedicated to the production of thorium-228, forerunner of lead-212, for vectorized internal radiotherapy applications; ● the 300 million euro investment by Sanofi, i.e. approximately 16% of its share capital, in the biotech activities of Orano Med to discover, design and clinically develop new vector-based internal radiotherapies using lead-212. These are major milestones that confirm Orano Med’s very promising growth potential and validate the group’s diversification strategy beyond its core nuclear business. Among the new activities, the group has been involved for several years in the development of the “batteries for electric vehicles” program. After the announcement on May 16, 2023 of the partnership between Orano and the Chinese group XTC New Energy, a new milestone was reached on December 9, 2024 with the creation of two joint ventures for the production of battery components for electric vehicles. These joint ventures, called Neomat CAM and Neomat PCAM, will be responsible for the construction of plants for the manufacture of active cathode materials and the production of active cathode precursors, respectively, deployed on the site allocated by the Grand Port Maritime de Dunkerque in the municipalities of Gravelines and Loon-Plage. This stage of the project is part of the process leading up to the public inquiry expected in spring 2025, and securing the backlog for the future installation with gigafactories located in Europe, prior to future investment decisions. In parallel and independently of the abandonment on September 25, 2024 of the memorandum of understanding signed in October 2023 with Stellantis, Orano is continuing studies on its project to recycle materials contained in electric vehicle batteries in order to recover them in new components. This project is based on an innovative process, currently being tested, developed at the Center for Innovation in Extractive Metallurgy (CIME) at the Orano site in Bessines-sur-Gartempe (Nouvelle-Aquitaine). The group is attentive to external growth opportunities, both in its historical segments and in areas of development. Orano is open to any form of partnership with start-ups to accelerate the development of promising new concepts directly or adjacent to its core businesses. Competitiveness Achieving its production and industrial performance targets is an important condition for Orano to continue to reduce its debt and strengthen its financial profile. In the Front End, Orano is continuing to ramp up the Philippe Coste plant. In the Back End, Orano completed its NCPF (Nouvelle Concentration des Produits de Fission) project on time in 2024 by successfully connecting the new evaporators in the UP2-800 plant’s dissolution
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