Exor Nv Stock Earnings Reports

Key points for investors: Exor reported NAV per share growth of +0.9% in H1 2025, outperforming the MSCI World by ~5% (partly driven by a EUR 1.0bn share buyback). Gross asset value declined from EUR 42.5bn to ~EUR 40.0bn largely due to capital distributions (EUR 1.1bn) and the buyback; underlying value change was ~EUR 1.4bn. The group monetized ~EUR 3.0bn of its Ferrari stake in the period, leaving strong liquidity and firepower; cash stood at EUR 1.5bn and gross debt fell to EUR 3.5bn, yielding a low loan-to-value (~5.5% of GAV). Exor invested ~EUR 1.0bn (notably into Philips, Juventus and bioMérieux) and remains opportunistic across sectors, with explicit focus/knowledge in healthcare, technology and luxury but no sector-exclusive mandate. Lingotto (Exor’s in-house funds) delivered an ~11% uplift and now represents a meaningful portion of GAV (~8%); Via Transportation IPO will move that holding to listed in future reporting. Management reiterated a disciplined capital allocation framework: they weigh buybacks, portfolio increases/reductions and new investments each review cycle; buybacks remain an option but will be balanced against acquisition opportunities. Target transaction size guidance: meaningful deals around ~5% of GAV. Exor does not hedge FX exposures as a long-term investor, and does not plan to allocate cash to crypto/Bitcoin, preferring traditional cash holdings for liquidity. Management emphasized long-term conviction in holdings (Ferrari remains a core holding at ~39% of GAV) and the intent to continue focusing on sustained outperformance to reduce the holding discount over time.