Commentary & Deal Flow

Reoffer: 7yr: MS+140bp / 99.465 / 4.842%
Benchmark: 7yr: DBR 2.6 15-Aug-33 @ 95.91 / B+156.4bp / HR 98%

Tranche 1 (7yr): Final Books > €2.25bn

Launched: 7yr: €500m @ MS+140bp - Books €2.1bn+ [Pre Rec]
IPTs: 7yr: MS+170a

• Issuer: Orano (Ticker: ORANOF / Country: FR)
• Issuer LEI: 969500161UMNDC85C891
• Issuer Rating: BBB (Stable) by S&P
• Exp. Rating of the Notes: BBB by S&P
• Form of Notes: Senior Unsecured, Regulation S (CAT 2), Bearer Dematerialized Notes
• Settlement Date: 27-Oct-26 (T+5)
• Maturity Date: 27-Oct-33 (7-year)
• Issue Size: EUR 500m
• Reoffer: MS+140bps / 99.465 / 4.842%
• Benchmark: DBR 2.6 15-Aug-33 (95.91 / 3.278%) +156.4bps | HR: 98%
• Coupon: 4.75% Fixed, Annual, ACT/ACT (ICMA)
• Use of Proceeds: General Corporate Purposes
• Documentation: EMTN base prospectus dated 21-May-26, supplemented on 29-Sep-26 / French Law / €100k + 100k / Euronext Paris / Euroclear France / MWC (B+25bps) / 3m Par Call / Clean-Up Call (80%)
• Joint Active Bookrunners: Bank of China, BNP Paribas (B&D), CIC CIB, Crédit Agricole CIB, Natixis, J.P. Morgan, Santander, Société Générale
• ISIN: FR001401BTU3
• Selling Restrictions: As per the Base Prospectus dated 21-May-26
• Investor presentation: https://cdn.orano.group/orano/docs/default-source/orano-doc/finance/publications-financieres-et-reglementees/2026/r%C3%A9sultats-semestriels-2026/orano_credit-update-october-26.pdf?sfvrsn=f4b71670_6&_gl=1*12lhf7a*_gcl_au*MTE4ODkzNjU1OC4xNzg5MzkxMjEz
• Target Market: Manufacturer target market is eligible counterparties and professional investors (all distribution channels). No EEA PRIIPs key information document (KID), no disclosure document under the DISC or CCI product summary has been prepared as not available to retail in EEA or the UK.
• Advertisement: The Issuer’s Base Prospectus and the First Supplement are available on the website of the AMF (http://www.amf-france.org) and on the website of the Issuer (https://www.orano.group/en/finance/debt). The Final Terms, when available, will be also published on the website of the AMF (www.amf-france.org) and on the website of the Issuer (https://www.orano.group/en/finance/debt)
• Timing: Priced. TOE: 15.38 UKT | FTT : 16.00 UKT