Exor (EXO) H2 2024 earnings summary

Executive summary

• NAV per share grew 9% in 2024, reaching €178.78, driven by Ferrari's strong performance and disciplined capital allocation, with total NAV at €38.2 billion as of 31 December 2024.

• Major portfolio rotation since 2020, with €19 billion in divestments and reinvestments, including a €3 billion Ferrari share sale and increased focus on healthcare and technology.

• Concentration in four main holdings—Ferrari, Stellantis, CNH, and Philips—comprising over 70% of GAV, with Ferrari alone at 43.2%.

• Strategic shift to focus new investments through Lingotto, winding down EXOR Ventures, and maintaining long-term, active ownership.

• Announced a new €1 billion share buyback via Tender Offer at up to 10% premium, following completion of a previous €1 billion buyback.

Financial highlights

• NAV per share rose from €164.0 to €178.8 in 2024, with Ferrari contributing +36% TSR, Philips +19%, CNH flat, and Stellantis -36%.

• Net profit for 2024 was €14.7 billion, including a one-off €12.2 billion gain from IFRS 10 investment entity status adoption.

• Lingotto investment delivered a €570 million increase in value and a 26% return on a €2 billion base; AuM at €6.2 billion.

• Free cash flow was 9.1 times the dividend paid; strong cash flow generation of €1.5 billion from dividends and disposals.

• LTV ratio improved to 9.6%, below the revised 15% target.

Outlook and guidance

• Focus on improving company performance in 2025, with continued capital deployment in core holdings and Lingotto, and new investments targeted at 5% of GAV.

• Proceeds from Ferrari share sale to be used for new acquisitions and the €1 billion buyback.

• Remains committed as long-term shareholder in Ferrari, with ~20% economic and 30% voting rights.

• Ongoing buyback program, with a new €1 billion tender offer announced.