EXOR N.V.

Latest Results (17.03.2026):

EXOR N.V. — Full-year 2024 (year ended 31 December 2024, including Q4 2024): EXOR reported NAV of €38.2 billion (NAV per share €178.78), a 9.0% increase in NAV per share vs. 1 January 2024. GAV rose to €42.46 billion. Results were supported by strong cash generation (dividends received and asset disposals of about €1.5 billion), positive fair-value adjustments and portfolio actions; net financial position was €(3,942)m with an LTV of 9.6%. The Board proposed a €0.49 ordinary dividend (~€100m subject to AGM) and launched a new €1 billion share buyback via a reverse Dutch auction tender offer starting 27 March 2025 (up to 10% premium, price cap €98.73).

NAV and performance

NAV at 31 Dec 2024: €38.212bn; NAV per share €178.78 (+9.0% since 1 Jan 2024). GAV €42.460bn (+6.8%). Total shareholder return for 2024 was (1.7)%, while MSCI World returned 24.8%.

Earnings / fair-value impact

Reported profit for the period: €14,671m. This includes a one‑off positive impact of €12,150m tied to the adoption of the investment-entity accounting approach and fair-value remeasurements; change in fair value on investment activities totaled €14,260m (of which €2,110m recurring change in value).

Cash generation and dividends

Dividends and disposals generated ~€1.5bn in 2024; dividend income recorded €1,135m. Net Free Cash Flow was €804m and Free Cash Flow covered dividends paid ~9.1x. Board proposed a €0.49 per‑share ordinary dividend (~€100m) subject to AGM approval.

Capital allocation — buybacks and disposals

New €1bn buyback launched as a reverse Dutch auction (27 Mar 2025), allowing tenders at between a 3% discount and a 10% premium to reference VWAP, capped at €98.73. Exor’s controller Giovanni Agnelli B.V. irrevocably committed €570m. In March 2025 Exor sold ~7m Ferrari shares for ~€3bn (subsequent event) to reduce concentration and fund future opportunities.

Balance sheet and liquidity

Net financial position €(3,942)m (slightly improved vs start of year); gross debt €4,144m, mainly bonds (€3,641m) with average maturity ~5.8 years. LTV 9.6%. Available liquidity €1.05bn (including €575m liquidity and €475m undrawn committed lines).

Portfolio moves and strategic investments

Increased exposure to Healthcare and active portfolio repositioning: stake in Philips increased (to 17.5% in 2024 and 18.7% in 2025); new 10.1% stake in Clarivate (March 2024); completed investments in Institut Mérieux (10%); increased TagEnergy exposure. Ferrari remains largest holding (~20% economic, ~30% voting after March 2025 sell-down).

Market cap & shares

Market capitalization at 31 Dec 2024: €19.568bn (share price €88.55, down from €90.50 at 1 Jan 2024). Shares outstanding reduced modestly (≈1.0% fewer shares vs. 1 Jan 2024) following prior-year buybacks; Exor held 7,226,558 treasury shares at date of release.