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Business Philosophy26 Mar 2024
John Elkann: Leading Stellantis, Ferrari, and Exor to New Heights
As the Chairman of Stellantis and Ferrari and CEO of Exor, John Elkann is arguably the most influential person in the global automotive sector.
Exor (EXO) investor relations material
Exor H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary18 Sep, 2025
Executive summary
NAV per share grew 1% in H1 2025, outperforming the MSCI World Index by 5 percentage points, supported by a €1 billion share buyback executed at a 50% discount to NAV.
€4.1 billion in cash inflows were generated from asset monetization, including a €3 billion Ferrari share placement, while maintaining 20% economic rights and delivering an 11x return since IPO.
Lingotto delivered an 11% return, mainly from public investments, outperforming the MSCI World Index by 19.2%.
Strategic deals included supporting Tata Motors’ acquisition of Iveco Group and the sale of Iveco Defence Business, expected to yield €1.5 billion in 2026.
Portfolio companies performed in line with the MSCI World Index despite market volatility, with varied performance across holdings.
Financial highlights
NAV per share increased by 0.9% to €180.42, supported by the share buyback.
Gross Asset Value (GAV) at €40 billion, down 5.8% from December 2024.
Net Asset Value (NAV) at €36.4 billion, down 4.9% year-over-year.
LTV ratio improved to 5.5%, well below the 15% target.
Cash and cash equivalents rose to €1.53 billion, mainly from asset monetization and dividends.
Basic and diluted EPS for H1 2025 at €-3.00, compared to €68.14 and €66.99 in H1 2024.
Loss for the period was €624 million, compared to a profit of €14.7 billion in H1 2024.
Outlook and guidance
Well-positioned to seize new investment opportunities with strong liquidity and undrawn credit lines of €1.1 billion.
Continued support for leadership teams and focus on long-term value creation across portfolio companies.
Anticipates further value realization from strategic deals and upcoming launches, such as Ferrari’s first fully electric model.
Forward-looking statements highlight exposure to economic, market, and regulatory risks.
Impact of fair value decline on portfolio strategy?
Future portfolio rebalancing strategy?
Role of unlisted assets in NAV growth?
Prioritize new investments or further buybacks?
What is the rationale for high portfolio concentration?
Lingotto: How to sustain performance without AUM growth?
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H2 202526 Mar, 2026
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Frequently asked questions
Exor N.V. is a diversified holding company with investments in global businesses across sectors including automotive, media, reinsurance, healthcare, and technology. The company manages long-term holdings with active oversight and strategic involvement. Its portfolio includes both listed and private companies. The company is headquartered in Amsterdam, Netherlands, and its shares are listed on the BIT.
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