EXOR N.V.

Latest Results (18.12.2025):

EXOR N.V. — Q4 2024 / Full‑year 2024: EXOR reported NAV of €38.2bn (NAV per share €178.78, +9% vs 1 Jan 2024) and GAV of €42.46bn. The company generated strong cash inflows (dividends and asset disposals ~€1.5bn), finished a €1bn buyback in 2024, and launched a new €1bn Tender Offer buyback starting 27 March 2025 (up to 10% premium). EXOR proposed an ordinary dividend of €0.49/share (~€100m) and closed the year with net financial debt of €3.94bn (LTV 9.6%). Reported profit of €14.7bn for the period includes a large one‑off accounting impact following the move to investment entity reporting.

NAV / GAV and share metrics

For EXOR N.V. (Q4/Full‑year 2024) Net Asset Value reached €38.212bn and NAV per share rose to €178.78 (+9.0%). Gross Asset Value totaled €42.460bn. Shares outstanding declined ~1.0% YoY (treasury adjustments), and market cap at 31 Dec 2024 was ~€19.6bn.

Profit and accounting change

EXOR N.V. (Q4/Full‑year 2024) reported profit of €14.671bn. This figure is materially affected by the prospective adoption of the IFRS investment‑entity status: a one‑off positive impact (difference to fair value) and OCI reversals resulted in a large non‑recurring uplift (total one‑off items noted in the report: ~€11.8bn net), so underlying operating earnings should be viewed separately from this accounting effect.

Capital allocation — buybacks & dividend

EXOR N.V. (Q4/Full‑year 2024) completed the final €250m tranche of a prior €1bn buyback in 2024 and launched a new €1bn Tender Offer starting 27 Mar 2025 (reverse Dutch auction, price range from -3% discount to +10% premium versus Reference VWAP, cap €98.73). The Board proposed an ordinary dividend of €0.49 per share (~€100m), subject to AGM approval.

Cash flow and distributions

EXOR N.V. (Q4/Full‑year 2024) received strong cash inflows — dividends and asset disposals reported at about €1.5bn — with dividend inflow from investees ~€1.014bn. Free cash flow was €903m and Net Free Cash Flow €804m; Free Cash Flow covered dividends ~9.1x. Management costs remained low (~€28m, 11 bps of GAV).

Balance sheet and liquidity

EXOR N.V. (Q4/Full‑year 2024) ended the year with net financial debt of €3.942bn and a Loan‑to‑Value ratio of 9.6% (down from 10.1% at 1 Jan 2024). Cash, cash equivalents and listed securities (liquidity) were €575m and available liquidity including undrawn committed credit lines was €1.05bn.

Portfolio moves and 2025 subsequent event

EXOR N.V. (Q4/Full‑year 2024) increased positions in Philips (to 17.5% in 2024, 18.7% in 2025) and made new/expanded investments in Clarivate, Institut Mérieux, TagEnergy and others. Subsequently (March 2025) EXOR sold ~7m Ferrari shares for ~€3bn to reduce concentration and to help fund future acquisitions and a new share buyback.

Key risks / items to watch

EXOR N.V. (Q4/Full‑year 2024) key items for investors: the large accounting one‑off from the change to investment‑entity reporting (affects comparability), any take‑up and pricing outcome of the €1bn Tender Offer, the use of proceeds from the March 2025 Ferrari sale, and market performance of major holdings (Ferrari, Stellantis, Philips, CNH) which drive NAV volatility.