Exor (EXO) H2 2023 earnings summary

Executive summary

• NAV reached €35.5bn (€162.36/share) at 31 Dec 2023, up from €28.2bn (€122.34/share) a year earlier.

• NAV/share rose 32.7% in FY 2023, outperforming the MSCI World Index at 17.6%.

• Net debt was €3.9bn at year-end, versus net cash of €0.8bn at 31 Dec 2022.

Financial highlights

• FY 2023 NAV/share growth was 32.7%; share price performance was 32.5%.

• GAV increased from €32.5bn to €39.8bn; Companies rose from €24.3bn to €34.2bn, Investments from €1.8bn to €2.8bn, and Others fell from €6.4bn to €2.8bn.

• Listed-company appreciation added €7.1bn to GAV; investments added €3.0bn, while private-company fair value adjustments reduced value by €0.1bn.

Outlook and guidance

• Targets include NAV/share outperformance of the MSCI World Index, FCF/dividend above 1.0x, cash holding cost below 10bps of GAV, and LTV below 20%.

• February 2024 refinancing included a new 9-year bond to repay bank debt and refinance the bond maturing in October 2024.

• An ordinary dividend of ~€99m (€0.46/share) and a €250m share buyback were planned.