EXOR N.V. ANNUAL

Business / Consolidation

Subsidiaries Subsidiaries are entities over which Exor has direct or indirect control. Control is achieved when Exor has power over the investee, meaning it is exposed or entitled to variable returns from its involvement with the investee, and has the ability to use its power over the investee to affect its returns. Exor considers all the facts and circumstances in determining whether it controls an entity when it owns less than the majority of the voting rights or similar rights of the entity. In accordance with IFRS 10, an investment entity shall measure the investments in subsidiaries not providing investment-related support at FVTPL in accordance with IFRS 9 — Financial Statements (“IFRS 9”). It shall also account for its investment in a subsidiary in the same way in its separate financial statements. Only subsidiaries whose purpose and business consist in providing services relating to investment activities of Exor, and that are not investment entities themselves, are fully consolidated line by line. Those subsidiaries that are consolidated are measured at cost in the separate financial statements. The financial statements of consolidated subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. The following table presents the consolidated subsidiaries at 31 December 2025 and 2024 . Company/Group Country % held SUBSIDIARIES CONSOLIDATED LINE BY LINE Exor Nederland N.V. (1) Netherlands 100 Exor S.A. Luxembourg 100 Exor Investments Limited United Kingdom 100 Exor SN LLC USA 100 Ancom USA Inc. USA 100 BRANCHES Exor N.V. France (2) France (1) The functional currency is U.S. dollar. (2) Established in early 2025. Associates Associates are entities over which Exor has significant influence, as defined in IAS 28 – Investments in Associates and Joint Ventures. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without control or joint control over those policies. I nvestments over which Exor exercises significant influence or joint control are measure at FVTPL instead using the equity method.