Exor, 4.1 billion in cash for new investments

Exor, the Agnelli-Elkann family holding company that controls, among others, Stellantis, Ferrari and Juventus, ended the first half of the year with a net asset value (Nav, a measure used to determine the value of holding companies) of €36.355bn (4,9% lower than the €38.21 billion at the end of 2024) with a Nav per share of €180.42, up 0.9%, a better performance than the -4% of the Msci World Index, supported by the €1 billion share buyback plan.

Despite significant market volatility, the holding companies performed in line with the Msci World index, with different results across holdings. In particular, Lingotto achieved a strong return of 11% over the period, mainly driven by public investments.

As stated in a note, Exor is well positioned to take advantage of significant investment opportunities with €4.1 billion in inflows from the monetisation of assets, including the placement of Ferrari shares, and dividend income. At 30 June, Gav (gross asset value) amounted to €39.999bn, down 5.8%. This decrease was mainly due to a 1.6 billion drop in the value of "companies", the holding company's most significant companies, and 1.1 billion in distributions to shareholders, partially offset by a 0.3 billion increase in the value of Lingotto. Exor received 0.6 billion in dividends and repaid 0.5 billion in loans.