ORANO·Uranium mining, conversion and enrichment; used-fuel recycling and nuclear servicesPrivate

Orano SA

ConvictionContext

Long-cycle B2B contracts with nuclear utilities across the full fuel cycle (front end: mining/conversion/enrichment; back end: recycling, packaging, dismantling), sold under multi-year contracts producing a backlog of ~7 years of revenue; plus emerging nuclear-medicine unit (Orano Med)

Revenue

EUR 5,138M FY2025~$5.7B), vs EUR 5,874M FY2024

Rev growth

-12.5% LFL FY2025 vs FY2024 - decline mainly due to the one-off 2024 contribution of Japanese utilities back-end contractsrestated for that one-off and the Niger deconsolidation, underlying revenue grew in line with company expectations (FY2025

Gross margin

not disclosedOrano reports EBITDA and operating income, not gross margin

Op margin

10.0% FY2025operating income EUR 516M / EUR 5,138M), vs 18.5% FY2024; EBITDA margin 26.9% FY2025 vs 35.2% FY2024

Capex intensity

~24.7% of revenue FY2025net capex EUR 1,269M vs EUR 980M in 2024, +29.5%, driven by the Georges Besse II enrichment capacity extension) - rising through the 'Aval du Futur' and US IKE programs

Valuation

Not applicable - unlisted. 90.33% French State4.83% JNFL, 4.83% MHI, CEA 1 share (Dec 31, 2024). No public equity valuation. Two real-money anchors: the Oct 2024 EUR 300M capital increase, fully subscribed by the French State at a disclosed EUR 32.80/share issue price, implies ~EUR 9bn equity; JNFL+MHI paid EUR 500M total for 5% each in Feb 2018 (~EUR 5bn equity then; stakes since diluted to 4.83%).

Valuation trail

$9B1.8× since 2017

3 marks · 2017–Oct 2024

private — no public price

Priced round

Values are EUR billions (EUR-USD ~1.10 per the dossier's sourceNote; multiply by ~1.10 for USD). Orano is state-owned, not venture-backed: these are the only disclosed real-money equity events since the 2017 creation from New AREVA. The 2018 point is the only third-party (arm's-length-adjacent) price; the 2017 and 2024 points are French-State subscriptions. The trajectory (EUR ~5bn 2018 -> EUR ~9bn implied 2024) is consistent with the dossier's illustrative base-case equity range of EUR 7.5-9.5bn.

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Full financial intelligence for Orano SA

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07 (FY2025 results published 2026-02-20; DOE award 2026-01-05; IKE NRC license application accepted for review 2026-05)· sign in (free) for the analyst summary; Pro unlocks full intelligence