Exor N.V.

Exor said NAV per share started 2025 at EUR 178 and ended at EUR 164.4. The biggest negative contributors were Ferrari, Stellantis and CNH, which together reduced NAV per share by EUR 25. Buybacks added EUR 4.7 per share, and the company said it repurchased EUR 1 billion at over a 50% discount. Guido de Boer said free cash flow over dividend remained at almost 6x, loan-to-value was 6.9%, the company refinanced EUR 600 million in 2025 into a 2035 maturity, has a EUR 1.1 billion credit facility, and held EUR 1.4 billion of cash as of December 2025. Management said close to EUR 3 billion of additional resources will be added as announced transactions close, and the realized divestments were at about 1.4x cost.

John Elkann framed 2025 as a difficult year that left Exor more focused and resilient heading into an uncertain 2026. He said the company wants to simplify the portfolio, concentrate on larger holdings, and keep a fortress balance sheet so it can be ready to deploy capital when the right opportunity appears. He repeatedly stressed patience and prudence over speed, especially given macro uncertainty, tariffs, conflicts and AI-related disruption.

Guido de Boer focused on balance-sheet strength and NAV movement. He said NAV per share ended at EUR 164.4, with EUR 25 per share of negative impact from Ferrari, Stellantis and CNH, partly offset by Lingotto’s 40% gain and buybacks. He highlighted a very healthy cash and funding position: loan-to-value at 6.9%, EUR 1.4 billion cash, a EUR 1.1 billion credit facility, EUR 600 million refinanced into 2035, and no immediate pressure on repayments, with a $170 million private placement due that can be covered from cash.

Analysts pressed on whether Exor will do another buyback, when new investments may come, and why the discount to NAV remains so wide. John Elkann said Exor has not committed to any single use of capital, and all options remain open, but the company is being deliberately patient and disciplined in a volatile environment. On sectors and deployment, he said technology, luxury and healthcare remain attractive, but Exor is open to other sectors and could invest in existing holdings, Lingotto strategies, new opportunities, or buy back shares. On Stellantis, he declined to give further detail ahead of the upcoming Capital Markets Day, saying the company is on the right track after its hybrid issuance strengthened an already strong balance sheet.