UNICREDIT, SOCIETA' PER AZIONI ANNUAL

Business / Consolidation

Section 3 - Consolidation scope and methods The consolidation criteria and principles used to prepare the Consolidated financial statements as at 31 December 2024 are described below. Consolidated accounts For the preparation of the Consolidated financial statements as at 31 December 2024 the following sources have been used: • the parent company UniCredit S.p.A. accounts as at 31 December 2024; • the accounts as at 31 December 2024, of the other fully consolidated subsidiaries duly reclassified and adjusted to take account of consolidation needs and, where necessary, to align them to the Group accounting principles; • the sub-consolidated Accounts as at 31 December 2024 of Nuova Compagnia di Partecipazioni Group, including Nuova Compagnia di Partecipazioni S.p.A. (formerly Compagnia Italpetroli S.p.A.) and its direct and indirect subsidiaries. Amounts in foreign currencies are converted at closing exchange rates in the Balance sheet, whereas the average exchange rate for the year is used for the Income statement. The accounts and explanatory notes of the main fully consolidated subsidiaries prepared under IAS/IFRS are audited by leading audit companies. Subsidiaries Entities, including structured entities, over which the Group has direct or indirect control, are considered subsidiaries. Control over an entity entails: • the existence of power over the relevant activities; • the exposure to the variability of returns; • the ability to use the power exercised in order to influence the returns to which the Group is exposed. In order to verify the existence of control, the Group considers the following factors: • the purpose and design of the investee, in order to identify which are the entity's objectives, the activities that determine its returns and how these activities are governed; • the power, in order to understand whether the Group has contractual rights that attribute the ability to govern the relevant activities; to this end only substantial rights that provide practical ability to govern are considered; • the exposure held in relation to the investee, in order to assess whether the Group has relations with the investee, the returns of which are subject to changes depending on the investee's performance; • the existence of potential (principal - agent) relationships. If the relevant activities are governed through voting rights, the existence of contr