Netherlands · Delayed Price · Currency is EUR Exor N.V. Earnings Call Transcripts
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.