Full Year 2025 Exor NV Earnings Call Transcript
Key Points
- EXOR NV (EXXRF) achieved a significant milestone with Lingotto reaching EUR10 billion in assets under management, driven by performance rather than asset gathering.
- The company executed a large buyback of EUR1 billion in 2025, contributing to a strong balance sheet and allowing EXOR NV (EXXRF) to buy back close to 15% of its shares.
- Philips delivered strong performance with solid margin expansion and a peak in order intake, paving the way for new momentum.
- Lingotto's investment strategies have performed well, with the intersection fund leading the way, contributing to a 40% increase in returns.
- EXOR NV (EXXRF) maintains a strong financial position with a loan-to-value ratio of 6.9% and a EUR1.4 billion cash position, ensuring liquidity in uncertain times.
- Stellantis faced both external and internal difficulties in 2025, requiring a reset under new leadership to address challenges.
- CNH experienced a challenging year due to a downturn in the agricultural market, exacerbated by geopolitical events and tariff changes.
- The company's NAV per share declined from EUR178 to EUR164.4, impacted by negative contributions from Ferrari, Stellantis, and CNH.
- EXOR NV (EXXRF) faces a high discount to net asset value, with shares trading at a significant discount, raising concerns among analysts.
- The company is cautious about deploying capital in 2026 due to uncertainties in the market, impacting potential investments and buyback decisions.
Ladies and gentlemen, good afternoon. Welcome, and thank you for joining the Exor Investor Analyst Call. Please note that the presentation is available to download on Exor website www.exor.com under the Investors and Media, Events & Presentations section. Any forward-looking statements Exor management makes are covered by the safe harbor statement included in the presentation material. Please note that this conference is being recorded.
(Operator Instructions). At this time, I would like to turn the conference over to your host, CEO, John Elkann. Please go ahead.
Good morning, good afternoon and good evening to all of you. Thank you for being here today with us. 2025 was a difficult year in many different ways for Exor and for our companies. But it also has been a year that has helped us be more focused and be more resilient, which enables us as a company to be better prepared for another difficult year,
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