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 at year-end.

• Major portfolio rotation over the past five years, with €19 billion in divestments and reinvestments, including a €3 billion Ferrari share sale and increased stakes in Philips and Institut Mérieux.

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

• Strong cash flow generation, with €1.5 billion from dividends and asset disposals.

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

Financial highlights

• NAV per share rose from €164.0 to €178.8 in 2024, with Ferrari contributing +36% TSR, while Stellantis saw -36% TSR.

• Total shareholder return for 2024 was 8%, with free cash flow 9.1 times the dividend paid and management costs at 6.6–11 bps of GAV.

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

• Profit for the period was €14.7 billion, including a one-off gain of €12.2 billion from adopting investment entity status under IFRS 10.

• Dividend income totaled €1.1 billion, with major contributions from Stellantis, CNH, Philips, and Ferrari.

Outlook and guidance

• Focus on improving company performance and disciplined capital allocation, with new investments targeted at 5% of GAV.

• Ordinary dividend of €0.49 per share (~€100 million total) proposed for 2024, payable in May 2025.

• Proceeds from Ferrari share sale to support new acquisitions and share buybacks.

• Ongoing buyback program, with a new €1 billion tender offer announced at up to 10% premium.