Exor (EXO) H1 2024 earnings summary

Executive summary

• Net asset value (NAV) rose to €38.3 billion at 30 June 2024, up from €35.4 billion at 1 January 2024, with NAV per share increasing to €178.46 (+8.8%), mainly driven by Ferrari, Philips, and Lingotto Funds.

• Net debt decreased to €3.7 billion from €4.0 billion, improving the loan-to-value (LTV) ratio to 8.9%.

• Transitioned to investment entity reporting under IFRS 10 from 1 January 2024, resulting in a one-off gain of €11.8–€12.15 billion in the income statement and deconsolidation of subsidiaries.

• Dividend income for H1 2024 was €1.1 billion, up from €825 million in H1 2023.

• Free cash flow reached €953 million, 9.6 times the dividend paid.

Financial highlights

• Gross asset value (GAV) increased to €43.1 billion at 30 June 2024 from €39.7 billion at 1 January 2024.

• Profit for the period was €14.7 billion, including the one-off gain from IFRS 10 adoption.

• Management costs were €10 million, or 4.6 basis points of GAV annualized, below the 10 bps target.

• Dividend per share paid was €0.44.

• Total shareholder return was 8.4% in H1 2024.

Outlook and guidance

• Share buyback program resumed, with €125 million repurchased in H1 2024 and a second tranche of up to €125 million launched in August 2024.

• Available liquidity stood at €1.9 billion, including €450 million in undrawn committed credit lines.

• Expects increased profit volatility due to fair value measurement under IFRS 10.