Amsterdam, 26 March 2025
EXOR DELIVERS 9% NAV PER SHARE GROWTH IN 2024
LAUNCH OF A €1 BILLION SHARE BUYBACK PROGRAM
WITH TENDER OFFER AT UP TO 10% PREMIUM
- NAV reached €38.2 billion at 31 December 2024, with NAV per share increasing by 9%
- Strong cash flow generation with dividends received from companies and asset disposals amounting to €1.5 billion in 2024. Active and disciplined capital allocation with increased exposure to Healthcare
- Ordinary dividend to be distributed of approximately €100 million, subject to AGM approval
- Launch of a new €1 billion share buyback program in the form of a Tender Offer starting 27 March 2025 at a premium of up to 10%
| € million, unless otherwise indicated | 31 December 2024 | 1 January 2024 |
| Total Assets / Gross Asset Value (GAV)(a) | 42,460 | 39,739 |
| Equity / Net Asset Value (NAV)(a) | 38,212 | 35,423 |
| NAV per share - €(a) | 178.78 | 164.02 |
| Market Capitalization | 19,568 | 21,176 |
| Share Price - € | 88.55 | 90.50 |
| Net Financial Position(a) | (3,942) | (3,968) |
| Loan-to-Value ratio (LTV) (%)(a) | 9.6% | 10.1% |
| Years ended 31 December | ||
| € million, unless otherwise indicated | 2024 | 2023 |
| NAV per share growth (%) | 9.0% | 32.7% |
| Total Shareholder Return (%)(b) | (1.7)% | 33.2% |
| MSCI World Return Index (%)(b) | 24.8% | 17.6% |
(b) Metrics defined under section "Definitions and Alternative Performance Measures”.
KEY EVENTS IN 2024 AND SUBSEQUENT EVENTS
Increased investment in Philips
In May 2024 Exor increased its investment in Philips by €622 million reaching a shareholding of 17.5%. Benoît Ribadeau-Dumas was appointed to Philips' supervisory board as an Exor representative. In 2025 Exor further increased its stake to 18.7%.
Completion of €1 billion share buyback program
In 2024 Exor completed the last €250 million of the €1 billion share buyback program announced in September 2023.
Refinancing of long-term debt via a new bond issue
In February 2024 Exor issued bonds for a nominal amount of €650 million with a fixed annual coupon of 3.75% maturing in February 2033, mainly to refinance maturing debt. The notes are listed on the Luxembourg Stock Exchange, admitted for trading on the Euro MTF Market, with an A- credit rating assigned by Standard & Poor's.
Investment in Clarivate
In March 2024 Exor announced that it had become a long-term investor in Clarivate with a 10.1% shareholding in the company. Following the investment, the annual general meeting of Clarivate' shareholders appointed Suzanne Heywood, Exor's COO, to its board of directors.
Increased investment in TagEnergy
During the first half of 2024 Exor increased its investment in TagEnergy through a capital increase of €72 million in TagHolding.
Investment in Institut Mérieux
In July 2024 Exor paid in the remaining €555 million to reach a shareholding of 10% in Institut Mérieux in accordance with the agreement signed in July 2022.
Evolution of early-stage venture activities
In October 2024 Exor announced that Noam Ohana, who has led early-stage investments at Exor, decided to launch his own fund. Alongside his new venture, Noam Ohana will continue to manage Exor Ventures' €640 million portfolio for the benefit of Exor as an independent fund manager.
Accelerated bookbuild offering for 4% of Ferrari's outstanding shares
In March 2025, Exor completed the sale of approximately 7 million of the common shares it held in Ferrari by way of an accelerated bookbuild offering to institutional investors for a total proceeds of €3 billion.
The aim of the transaction was to reduce concentration within Exor's portfolio and allow for a sizeable new acquisition, when such an opportunity presents itself, as Exor continues to pursue its purpose of building great companies. In addition, Exor announced the intention to use a portion of the proceeds to launch a new share buyback program for €1 billion.
Exor remains fully committed as a long-term shareholder of Ferrari and remains its single largest shareholder with approximately 20% of the economic rights and 30% of the voting rights in Ferrari's share capital.
Launch of Tender Offer to execute a new €1 billion share buyback program
Today Exor announces the launch of a reverse Dutch auction Tender Offer on 27 March 2025 to repurchase Ordinary Shares for an aggregate consideration of up to (and including) €1 billion to Qualifying Shareholders1.
The Tender Offer will allow Exor to acquire shares in a short time frame and undertake an effective and efficient share buyback. For any remainder amount not taken up in the Tender Offer, Exor is planning to execute an on-market share buyback program from time to time on Euronext Amsterdam.
Qualifying Shareholders will be able to either select the price at which they wish to tender their Ordinary Shares in a price range from a 3% discount to a 10% premium over the Reference VWAP determined during the Determination Period, or submit a Strike Price Tender. The price to be paid by Exor will be subject to a price cap of €98.73 and within the limits of the authorization granted by Exor's AGM held on 28 May 2024.
Exor's controlling shareholder Giovanni Agnelli B.V. has provided an irrevocable undertaking to participate for an aggregate amount of €570 million, with the objective to reduce its net debt position.
Exor plans to start the cancellation process of the purchased shares after the settlement of the Tender Offer. As of the date of this release, Exor holds 7,226,558 shares in treasury.
More details on the Tender Offer transaction, including definitions of capitalised terms used in this section, will be available in the launch press release and offer memorandum to be published later today on Exor's website at: www.exor.com/pages/investors-media/shareholders-corner/share-buyback.
Dividend proposal to the Annual General Meeting of Shareholders
Exor's Board of Directors has put forward a proposal to present the 2024 Annual Report for adoption to the Annual General Meeting of Shareholders as well as to approve the payment of a €0.49 dividend per share in respect of each issued and outstanding share as of the record date, for a total of approximately €100 million. In 2024, Exor paid a €0.46 dividend per share for a total amount of approximately €100 million.
The proposed dividend will become payable on 28 May 2025 (ex-dividend date 26 May 2025) and will be paid to the shareholders of record as of 27 May 2025 (record date).
Dividend and distribution of reserves expected to be received in 2025
The dividends and distributions of reserves already received or proposed by the Board of Directors of some investee companies are as follows:
| Number of shares(a) | Dividends | |||
| Investee company | Per share (€) | Total (€ million) | ||
| Stellantis | 449,410,092 | 0.68 | 306 | |
| CNH(b) | 366,927,900 | 0.23 | 84 | |
| Philips(c) | 172,779,520 | 0.85 | 147 | |
| Ferrari | 37,768,613 | 2.99 | 113 | |
| Iveco Group | 73,385,580 | 0.33 | 24 | |
| Exor's share of dividends | 674 | |||
(b) Dividend proposed by CNH of $0.25 per share is equivalent to approximately €0.23 per share translated at the ECB exchange rate on 24 March 2025.
(c) Dividend to be paid in shares or cash at the option of the shareholder. Of the total dividend distribution to shareholders, a maximum of 50% will be available for payment in cash, as reported by the company in its annual report.
(d)
PERFORMANCE OF EXOR
Equity or Net Asset Value
| € million, unless otherwise indicated | 31 December 2024 | 1 January 2024 | Change | ||
| Amount | % | ||||
| Companies | 37,162 | 34,225 | 2,937 | 8.6% | |
| Listed | 33,763 | 31,210 | 2,553 | 8.2% | |
| Unlisted | 3,399 | 3,015 | 384 | 12.7% | |
| Investments | 3,532 | 2,778 | 754 | 27.1% | |
| Lingotto Funds | 2,730 | 2,099 | 631 | 30.1% | |
| Ventures | 802 | 679 | 123 | 18.1% | |
| Others | 1,766 | 2,736 | (970) | (35.5) % | |
| Reinsurance Vehicles | 679 | 802 | (123) | (15.3) % | |
| Other Assets | 512 | 474 | 38 | 8.0% | |
| Liquidity | 575 | 1,460 | (885) | (60.6) % | |
| Total Assets or Gross Asset Value (GAV) | 42,460 | 39,739 | 2,721 | 6.8% | |
| Gross Debt | (4,144) | (4,286) | 142 | (3.3%) | |
| Bonds and Bank Debt | (4,088) | (3,682) | (406) | 11.0% | |
| Financial Liabilities | (56) | (604) | 548 | (90.7%) | |
| Other Liabilities | (104) | (30) | (74) | 247.8% | |
| Equity or Net Asset Value(a) (NAV) [A] | 38,212 | 35,423 | 2,789 | 7.9% | |
| Shares Outstanding(b) [B] | 213,742,459 | 215,963,704 | (2,221,245) | (1.0) % | |
| NAV per Share - € [A / B] | 178.78 | 164.02 | 14.75 | 9.0% | |
(b) Issued shares less treasury shares, amount expressed in units.
Drivers of change in Total Assets or GAV
At 31 December 2024, GAV amounted to €42,460 million, an increase of €2,721 million over the period.
The value of Companies increased by €2,937 million mainly driven by the positive market performance of Listed Companies (€1,485 million), investments made in Listed Companies (€636 million), investments made in Unlisted Companies (€207 million) as well as positive fair value adjustments of Unlisted Companies (€177 million) and the reclassification of Clarivate from Others into Listed Companies (€432 million).
The value of Investments increased by €754 million mainly driven by the positive fair value adjustment of Lingotto Funds (€570 million) and Ventures (€81 million) as well as investments made in Lingotto Funds (€61 million) and Ventures (€42 million).
The value of Others decreased by €970 million mainly driven by the reclassification of Clarivate from Others into Listed Companies (€432 million), asset disposals (€439 million) and the negative fair value adjustment of Listed securities net of positive adjustments in reinsurance vehicles and other assets (€168 million), partially offset by cash inflows and positive translation effects.
| € million | GAV | Listed companies | Unlisted companies | Companies | Lingotto Funds | Ventures | Investments | Others |
| 1 January 2024 | 39,739 | 31,210 | 3,015 | 34,225 | 2,099 | 679 | 2,778 | 2,736 |
| Investment (Disposal) | 519 | 636 | 207 | 843 | 61 | 42 | 103 | (427) |
| Change in Value(a) | 2,147 | 1,485 | 177 | 1,662 | 570 | 81 | 651 | (166) |
| Other Changes | - | 432 | - | 432 | - | - | - | (432) |
| Translation Effect | 55 | - | - | - | - | - | - | 55 |
| 31 December 2024 | 42,460 | 33,763 | 3,399 | 37,162 | 2,730 | 802 | 3,532 | 1,766 |
Companies
| Listed Companies | |||||
| € million | 1 January 2024 | Other Changes | Investment (Disposal) | Change in Value | 31 December 2024 |
| Ferrari | 13,562 | - | - | 4,763 | 18,325 |
| Stellantis | 9,505 | - | - | (3,847) | 5,658 |
| Philips(a) | 2,937 | - | 622 | 456 | 4,015 |
| CNH | 4,066 | - | - | (64) | 4,002 |
| Juventus | 542 | - | 14 | 193 | 749 |
| Iveco | 598 | - | - | 87 | 685 |
| Clarivate(b) (c) | - | 432 | - | (103) | 329 |
| Listed Companies | 31,210 | 432 | 636 | 1,485 | 33,763 |
(b) In May 2024, Exor became a long-term investor in Clarivate with a board seat. As a result, Exor accounted for Clarivate at FVTPL from that date. From a management presentation point of view, Exor reclassified Clarivate from 'Others' to 'Companies'.
(c) The change in value over the year includes €13 million of positive exchange differences on translation.
| Unlisted Companies | ||||
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