Exor: NAV per share down 4 per cent in the first half of the year

The first half of 2026 was marked by geopolitical tensions and uncertainty on global markets, which also had an impact on Exor’s portfolio. The Agnelli-Elkann family’s holding company, which controls Stellantis, Ferrari and Juventus, closed the first half of the year with a net asset value (NAV) of €32 billion, equivalent to €157.9 per share, down 3.9 per cent compared with the end of 2025 and against an 11.8 per cent rise recorded by the MSCI World Index (the company’s benchmark) over the same period. The holding company reported a gross asset value of 35.76 billion, down 3.7 per cent, due to a fall in the value of its subsidiaries. Owing to the share’s undervaluation, it was decided to launch a share buyback programme of up to €500 million.

Meanwhile, on the divestment front, Exor has reached an agreement to sell its stake in Welltec, which will yield a return of 2.4 times the capital invested and will bring the company’s cash position to 4 billion, to be used for new investments.

Of the four largest companies in the portfolio, Stellantis was the only one to see its share price fall in the first six months of the year, which had a significant impact on Exor’s NAV. Looking to the future of the automotive group, the text highlights how, at its Investor Day, Stellantis unveiled FaSTLAne 2030, the five-year strategy under the leadership of Antonio Filosa, backed by €60 billion in investment. The strategy, writes Elkann, ‘is based on disciplined growth’: the stated objective is a significantly higher operating margin by the end of the decade, a return to positive free cash flow from operations, and a major cost-cutting programme. In this regard, Elkann emphasises that “the initial results are encouraging”.

Ferrari, described by Exor’s CEO as ‘our largest company’, has followed a different trajectory. The Maranello-based car manufacturer has once again posted solid results and has revised its forecasts for the current full year upwards. Furthermore, in the first half of 2026, it unveiled the Ferrari Luce and the Ferrari 12Cilindri Manuale, two models which, according to Elkann, demonstrate the company’s ability to combine tradition and innovation. ‘Our belief in Ferrari remains stronger than ever,’ the statement reads. Earlier this year, the shareholders’ agreement with the Ferrari family was also extended, with the aim of reaffirming ‘our shared commitment to the company and to the stability of its ownership structure’.

Exor has since updated the agreement governing its relationship with Philips, enabling the holding company to increase its stake in the firm. “We support Philips’ long-term strategy,” says Elkann, identifying value creation, innovation-driven growth and the ability to execute as the key elements of that strategy.