EXOR N.V.

Latest Results (31.01.2026):

EXOR N.V. — Full‑Year 2024 results: EXOR N.V. reported NAV per share growth of 9.0% in 2024, with NAV reaching €38.2 billion (NAV per share €178.78) and Gross Asset Value (GAV) of €42.46 billion at 31 December 2024. The company posted profit for the period of €14,671 million (including a one‑off accounting impact from the investment‑entity change), generated strong cash inflows (dividends and disposals ≈ €1.5 billion), ended the year with net debt of €3.942 billion (LTV 9.6%), and proposed a €0.49 ordinary dividend (~€100 million) while launching a new €1 billion share buyback Tender Offer starting 27 March 2025.

NAV, GAV and share performance

NAV rose to €38,212m (+7.9% vs 1 Jan 2024) and NAV per share to €178.78 (+9.0% year). GAV was €42,460m. Total Shareholder Return was -1.7% for 2024 while the MSCI World returned +24.8%.

Profit and one‑off accounting impact

Reported profit for the year was €14,671m. This includes a one‑off positive impact (~€11.8bn) from adopting investment‑entity accounting (mainly a €12,150m fair‑value uplift offset by €374m OCI reversal); underlying change in fair value on investment activities (excluding the one‑off) was €2,110m.

Cash generation and dividends

Cash inflows from dividends and asset disposals were about €1.5bn in 2024. Dividend income recorded was €1,135m. The Board proposes an ordinary dividend of €0.49 per share (~€100m), subject to AGM approval (ex‑dividend 26 May 2025, payment 28 May 2025).

Share buyback program

EXOR launched a new €1bn reverse Dutch auction Tender Offer starting 27 March 2025 (price range: -3% discount to +10% premium versus reference VWAP; cap €98.73). Giovanni Agnelli B.V. committed to tender €570m. Any remainder may be repurchased on‑market and purchased shares are planned to be cancelled.

Portfolio moves and investments

Key moves in 2024 include increased stakes in Philips (investment of €622m; stake 17.5% in 2024 and 18.7% in 2025), becoming a long‑term investor in Clarivate (10.1%), investment in Institut Mérieux (10%), and increased exposure to TagEnergy. In March 2025 EXOR sold ~7m Ferrari shares for ~€3bn to reduce concentration and enable future acquisitions and buybacks; EXOR remains Ferrari’s largest shareholder.

Balance sheet, debt and liquidity

Net Financial Position was a net debt of €3,942m at 31 Dec 2024 (gross debt €4,144m; largely bonds €3,641m; average bond maturity ~5.8 years). LTV was 9.6%. Available liquidity (cash, listed securities and undrawn committed lines) was ≈ €1,050m.

Cash flow metrics and management costs

Free Cash Flow was €903m and Net Free Cash Flow €804m in 2024. Management costs were €28m (≈11 bps of GAV). Free Cash Flow covered dividends paid ~9.1x.