Exor simplifies and looks at a new Philips-style investment

Exor simplifies its portfolio and with available liquidity of 3.5 billion he announces 'a new significant investment, similar in size and ambition to the one in Philips'. This is how John Elkann explains the new strategy of the holding company, whose portfolio includes Stellantis, Ferrari, Cnh and Juventus. He does so in his customary letter to shareholders accompanying the 2025 accounts, which recorded a value of assets down 13% to 33 billion. The missive comes late in the evening of 23 March, immediately after the announcement of the sale of the Gedi publishing group to the Greek Antenna.

Liquidity for investments at 3.5 billion

"We are increasing our liquidity available for investment to over EUR 3.5 billion. This puts us in a solid position to pursue a significant new investment, in terms of size and ambition, similar to the one in Philips,' Elkann points out in the letter. 'We are simplifying our portfolio,' the Exor number one explains, 'refining our priorities and focusing on larger companies where we believe Exor can create the most value. We have signed agreements to divest our holdings in Iveco Group, Gedi, Lifenet and Nuo. These four transactions are expected to generate proceeds of €2 billion over the course of the year, with an overall multiple of more than 1.4x on invested capital."

The holding company, therefore, proceeds with its transformation plan. And it does so in a complex context and market that has left its mark on the holding company's numbers. "2025 was a difficult year for Exor. 2026 will be another challenging year. However, we are confident in the path ahead and ready to build. We will continue to support and encourage our companies, working alongside them as partners both supportive and critical in the pursuit of enduring success," the missive reads. "In 2025 externally, global market volatility, tariffs and regulatory uncertainty have created a complex operating environment for many of our companies. Internally, some of them have also faced critical issues arising from past operational and strategic choices. In many respects, 2025 was characterised by the actions taken to address the critical issues that emerged in 2024. It was a year dedicated to handling these challenges with awareness and responsibility. We have been tested but we are now more determined, more disciplined and more resilient'. Elkann explains that 2026 will be 'a year of focus for Exor, which has already started with positive momentum. The first quarter opened with a stronger foundation than the beginning of 2025, reflecting the work done over the past year and the clearer positioning of our companies'. On the subject of the divestments made, Elkann emphasises that, 'in each of these cases, we not only generated value, but also carefully selected buyers with the necessary skills and ambition to support the next stage of development of these companies. Our objective was not simply to accept the highest bid, but to ensure that these companies found the right long-term buyers who could accompany them in their growth and development. 'From my recent conversations with business leaders about how they are positioning themselves in the current environment, the recurring message,' Elkann tells shareholders, 'has been one of caution. The more forward-looking companies are choosing to reduce risk exposure, preserve capital, and wait for the situation to become clearer. This reinforces our position that now is the time to safeguard liquidity and be ready to act decisively when the right opportunities present themselves."

Nav drops 13% to 33 billion, loss 3.7 billion