www.se.com Schneider Electric Universal Registration Document 2021 424 Chapter 6 – Parent Company Financial Statements 6.4 Statutory auditors’ report on the annual financial statements To the Annual General Meeting of Schneider Electric S.E., Opinion In compliance with the engagement entrusted to us by your Annual General Meeting, we have audited the accompanying financial statements of Schneider Electric S.E. for the year ended December 31, 2021. In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the Company as at December 31, 2021 and of the results of its operations for the year then ended in accordance with French accounting principles. The audit opinion expressed above is consistent with our report to the audit and risks committee. Basis for Opinion Audit Framework We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the Statutory Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. Independence We conducted our audit engagement in compliance with independence requirements of rules required by the French Commercial Code ( code de commerce ) and the French Code of ethics ( code de déontologie ) for statutory auditors for the period from January 1 st , 2021 to the date of our report, and specifically we did not provide any prohibited non-audit services referred to in Article 5(1) of Regulation (EU) N° 537/2014. Justification of Assessments – Key Audit Matters Due to the global crisis related to the Covid-19 pandemic, the financial statements of this period have been prepared and audited under specific conditions. Indeed, this crisis and the exceptional measures taken in the context of the state of sanitary emergency have had numerous consequences for companies, particularly on their operations and their financing, and have led to greater uncertainties on their future prospects. Those measures, such as travel restrictions and remote working, have also had an impact on the companies’ internal organisation and the performance of the audits. It is in this complex and evolving context that, in accordance with the requirements of Articles L. 823-9 and R.823-7 of the French Commercial Code ( code de commerce ) relating to the justification of our assessments, we inform you of the key audit matters relating to risks of material misstatement that, in our professional judgment, were of most significance in our audit of the financial statements of the period, as well as how we addressed those risks. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on specific items of the financial statements. Valuation of investments in subsidiaries and affiliates and advances to subsidiaries and affiliates Paragraph “Shares in subsidiaries and affiliates” of the section “Accounting principles” and note 2 “Investments” of the notes to the parent company financial statements Risk identified As at December 31, 2021, investments in subsidiaries and affiliates and the related advances amount to M€ 5,358 and M€ 3,218 respectively in the balance sheet of Schneider Electric SE, net of any impairment loss. As described in the paragraph “Shares in subsidiaries and affiliates” of the section “A ccounting principles” of the notes to the financial statements, investments are recognized at their acquisition cost and impaired, should their carrying amount exceed their estimated value in use at closing date. The estimated value in use of investments is determined primarily based on the subsidiaries’ and affiliates’ net assets as well as on their earnings outlook and the underlying economic forecasts. Regarding listed securities, the average stock price over the month before the closing is used. Due to the judgment exercised by management as part of these estimates, especially when relying on forecasts, we considered the valuation of investments in subsidiaries and affiliates, as well as the valuation of related advances, to be a key audit matter.