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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Senate hearings for key DoD nominees highlighted commitments to transparency, audit readiness, and technological modernization. Senators pressed for legal clarity on recent military actions and emphasized the need for congressional oversight and rapid innovation to counter global threats.
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.