EXOR N.V.

Latest Results (30.08.2026):

EXOR N.V. — Q4 / full-year 2025: The company reported year‑end 2025 results with a gross asset value (GAV) of €37.1 billion and a net asset value (NAV) of €33.2 billion. NAV per share fell 8.1% in 2025 versus a 5.4% rise in the MSCI World Index. Performance reflected challenges at Exor’s largest companies, partly offset by strong returns from Lingotto, positive contributions from Iveco and unlisted assets, and a company share buyback. Exor ended 2025 with an LTV of 6.9%, significant inflows and planned monetisations, a proposed dividend of €0.49 per share, and increased deployable cash to pursue large new investments.

Key valuation metrics

GAV at end‑2025: €37.1 billion; NAV: €33.2 billion. NAV per share declined 8.1% in 2025 compared with MSCI World +5.4%.

Performance drivers

Weakness at Exor’s largest holdings was the primary drag, partially offset by Lingotto’s strong public-investment returns, a positive contribution from Iveco, and performance from unlisted companies. The share buyback also helped returns.

Lingotto and investment platform

Lingotto reached over $10 billion assets under management in 2025 and delivered strong returns to Exor, mainly via its public investments.

Monetisations and portfolio simplification

Exor signed agreements to divest stakes in Iveco Group, GEDI, Lifenet and NUO. These four transactions are expected to generate ~€2 billion of proceeds in 2026 with a combined multiple >1.4x on invested capital, supporting portfolio simplification and focus on larger companies.

Liquidity and deployment capacity

Inflows of €4.2 billion in 2025, plus expected monetisation proceeds, increase Exor’s available cash to over €3.5 billion, positioning the company to pursue a major new investment opportunity.

Balance sheet and leverage

Leverage is low: LTV at 6.9% (well below the 15% target). Exor has extended debt maturities to improve financial flexibility.

Capital return to shareholders

The board proposed a dividend of €0.49 per share (approximately €100 million) subject to AGM approval; record/ex/dividend dates set for May 2026.