Exor (EXO) H1 2025 earnings summary

Executive summary

• NAV per share grew 1% in H1 2025, outperforming the MSCI World Index by 5 percentage points, supported by a €1 billion share buyback executed at a 50% discount to NAV.

• €4.1 billion in cash inflows were generated from asset monetization, including a €3 billion Ferrari share placement, while maintaining 20% economic rights and delivering an 11x return since IPO.

• Lingotto delivered an 11% return, mainly from public investments, outperforming the MSCI World Index by 19.2%.

• Strategic deals included supporting Tata Motors’ acquisition of Iveco Group and the sale of Iveco Defence Business, expected to yield €1.5 billion in 2026.

• Portfolio companies performed in line with the MSCI World Index despite market volatility, with varied performance across holdings.

Financial highlights

• NAV per share increased by 0.9% to €180.42, supported by the share buyback.

• Gross Asset Value (GAV) at €40 billion, down 5.8% from December 2024.

• Net Asset Value (NAV) at €36.4 billion, down 4.9% year-over-year.

• LTV ratio improved to 5.5%, well below the 15% target.

• Cash and cash equivalents rose to €1.53 billion, mainly from asset monetization and dividends.

• Basic and diluted EPS for H1 2025 at €-3.00, compared to €68.14 and €66.99 in H1 2024.

• Loss for the period was €624 million, compared to a profit of €14.7 billion in H1 2024.

Outlook and guidance

• Well-positioned to seize new investment opportunities with strong liquidity and undrawn credit lines of €1.1 billion.

• Continued support for leadership teams and focus on long-term value creation across portfolio companies.

• Anticipates further value realization from strategic deals and upcoming launches, such as Ferrari’s first fully electric model.

• Forward-looking statements highlight exposure to economic, market, and regulatory risks.