Netherlands · Delayed Price · Currency is EUR Exor N.V. Earnings Call Transcripts
Fiscal Year 2026
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Portfolio simplification and major divestments boosted cash to EUR 4 billion, enabling a EUR 500 million buyback. NAV declined by EUR 1.2 billion, mainly due to Stellantis, while Ferrari and CNH performed well. Management remains disciplined and patient in capital deployment.
Fiscal Year 2025
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2025 saw a decline in NAV per share due to underperformance in key holdings, but strong results from Lingotto and major disposals strengthened liquidity. The focus for 2026 is on portfolio simplification, maintaining a robust balance sheet, and disciplined capital deployment amid ongoing uncertainty.
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NAV per share outperformed the MSCI World Index by 5%, driven by a €1 billion buyback and strong Lingotto performance. GAV decreased due to capital distributions, while Ferrari monetization and strategic investments enhanced flexibility.
Fiscal Year 2024
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NAV per share grew 9% in 2024, led by Ferrari and Lingotto, but lagged the MSCI World Index. Portfolio rotation continued, with increased focus on healthcare and Lingotto, and a $1B buyback was announced to address a persistent 50% NAV discount.
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NAV rose to €38.3B, up 9% per share in H1 2024, with strong listed company performance and improved loan-to-value. Transition to IFRS 10 investment entity reporting resulted in a one-off €11.8B positive impact.