Exor (EXO) H2 2025 earnings summary

Executive summary

• 2025 was a challenging year, marked by portfolio streamlining, increased healthcare exposure, and a sharpened operational focus on resilience and value creation in core holdings.

• Major disposals and asset sales strengthened the balance sheet, increasing cash position and reducing debt.

• Executed €1 billion share buybacks at a significant discount, repurchasing nearly 15% of shares.

• Strategic focus remains on larger companies, simplification, and maintaining strong liquidity to navigate volatile markets.

Financial highlights

• NAV per share declined from €178.8 to €164.4 in 2025, mainly due to underperformance of Ferrari, Stellantis, and CNH, partially offset by strong results from Lingotto.

• 2025 NAV per share growth was -8% versus MSCI World Index at +5%; TSR for 2025 was -18%.

• Lingotto achieved a 40% return, surpassing $10 billion in assets under management.

• €1 billion was invested in buybacks at over a 50% discount, contributing €0.7 per share to NAV.

• Loan-to-value ratio improved to 6.9%, with gross debt at €3.7 billion and no significant maturities until 2028.

Outlook and guidance

• 2026 expected to remain difficult, with a focus on completing announced transactions and maintaining liquidity of nearly €4 billion.

• Continued patience and discipline in capital deployment, with readiness to invest in core sectors or conduct further buybacks if opportunities arise.

• Maintain strong balance sheet and financial flexibility in uncertain times.