Exor (EXO) H1 2025 earnings summary

Executive summary

• NAV per share grew 1% in H1 2025, outperforming the MSCI World Index by 5 percentage points, aided by a €1 billion share buyback executed at a 50% discount to NAV.

• €4.1 billion in cash inflows were generated from asset monetization and dividends, including a €3 billion Ferrari share placement, increasing investment capacity and reducing portfolio concentration.

• Lingotto delivered an 11% return, mainly from public investments, outperforming the market despite volatility.

• Portfolio performance was mixed across companies, with some notable rebounds and varied results among holdings.

• 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.

Financial highlights

• Gross Asset Value (GAV) decreased by €2.5 billion to €40 billion, mainly due to value changes and capital distributions.

• NAV per share increased by 0.9% to €180.42, supported by the share buyback.

• Loan-to-value (LTV) ratio improved to 5.5%, well below the 15% target and down from 9.6% at year-end 2024.

• Cash and cash equivalents rose to €1.53 billion, with gross debt reduced to €3.5 billion after €547 million in repayments.

• Loss for the period was €624 million, compared to a profit of €14.7 billion in H1 2024, with basic and diluted EPS at €-3.00.

Outlook and guidance

• Well-positioned to seize new investment opportunities with strong liquidity and undrawn credit lines of €1.1 billion.

• Focus remains on outperforming the MSCI World Index and delivering absolute returns, with continued support for leadership teams and long-term value creation.

• 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.

• Buybacks, new investments, and portfolio reviews will continue as part of capital allocation.