Exor N.v. · EURONEXT:EXO
Exor — Investor Presentation (March 2025)
25 slides from Exor's investor presentation, Mar 27, 2025
Slide 1: Building Great Companies: Investor and Analyst Call
BUILDING GREAT COMPANIES INVESTOR AND ANALYST CALL AMSTERDAM, 27 MARCH 2025
Slide 2: Forward-looking statements
Certain statements and information contained in this presentation that are not statements or information of historical fact constitute forward-looking statements, notwithstanding that such statements are not specifically identified. These forward-looking statements may include statements regarding o
Slide 3: Exor Builds Great Companies
EXOR BUILDS GREAT COMPANIES Long-term focus Entrepreneurial spirit Financial discipline • Committed ownership • Active owner • Focus on financial returns • We are not tied to • We act as a critical investment cycles friend providing • We use leverage with support and challenge moderation 3
Slide 4: Portfolio Has Grown and Evolved
PORTFOLIO HAS GROWN AND EVOLVED GAV IN 2020 GAV IN 2024 Capital Allocation (2020 – 2024) Other Others Others Disposals Investments companies €8.6bn 4% 4% 6% 8% 30% Companies 13% Other companies 12% €6.8bn 43% €27bn €42bn Investments 10% €2.0bn 22% 10% 25% Buyback 13% €1.5bn €19bn portfolio rotation
Slide 5: Portfolio Today
PORTFOLIO TODAY Large companies (70%) COMPANIES €34.2bn (83% of GAV) Other companies (13%) INVESTMENTS €3.5bn (8% of GAV) OTHERS €3.8bn Cash and equivalents Listed securities Reinsurance vehicles Other assets (9% of GAV) Note: Figures at 25 March 2024. 5
Slide 6: In 2024 NAV per Share Increased by 9%
IN 2024 NAV PER SHARE INCREASED BY 9% Breakdown of NAV per Share contributors (in Euro per share) 1) Companies’ contributions include both increase in fair value and dividends received. 2) Other includes contributions from: (i) listed securities, which are part of the liquidity, other assets and rei
Slide 7: Investor and Analyst Call Agenda: What's Next
INVESTOR AND AGENDA ANALYST CALL ▪ COMPANIES ▪ INVESTMENTS ▪ FINANCIALS ▪ WHAT’S NEXT 7
Slide 8: Ferrari Was Key Driver of Our Success
FERRARI WAS KEY DRIVER OF OUR SUCCESS 2024 HIGHLIGHTS • Exceeded all targets Among the world’s leading luxury brands • Launched new models including F80 and Ferrari 12Cilindri models 22.9% economic rights1 34.5% voting rights • Inaugurated the state-of-the-art e-building PRIORITIES AND FUTURE DEVELO
Slide 9: Reducing the Concentration of Ferrari Holding
REDUCING THE CONCENTRATION OF FERRARI HOLDING TRANSACTION HIGHLIGHTS OUR INVESTMENT IN FERRARI POST-ABO • €3 billion ABO1 in February 2025 representing 4% of Ferrari’s outstanding shares • This transaction generated a 11x return for Exor OUR ABSOLUTE CONVICTION IN FERRARI ~40% of NAV • We remain Fer
Slide 10: Stellantis Faced a Challenging 2024
STELLANTIS FACED A CHALLENGING 2024 2024 HIGHLIGHTS • Navigated challenging market headwinds with One of the world’s leading automakers and a intensified Chinese competition and regulatory mobility provider uncertainties • Faced operational issues including inventory 15.5% economic rights1 levels, g
Slide 11: CNH Managed the Cyclical Downturn
CNH MANAGED THE CYCLICAL DOWNTURN 2024 HIGHLIGHTS A world-class equipment and services company • Navigated market headwinds due to lower demand in agriculture and reduced capital spending in focused on agriculture and construction construction 26.9% economic rights1 • Implemented cost reduction meas
Slide 12: Philips Continued to Make Progress
PHILIPS CONTINUED TO MAKE PROGRESS 2024 HIGHLIGHTS A leading health technology company focused on improving people's health and well-being • Improved profitability through meaningful innovation • Confirmed mid-term plan, notwithstanding 17.5% economic rights1 uncertainties driven by Chinese market 1
Slide 13: Increased Investment in Philips
INCREASED INVESTMENT IN PHILIPS HIGHLIGHTS OUR CURRENT INVESTMENT IN PHILIPS • In August 2023 we acquired a 15.0% stake in Philips to provide stable and committed support for the company’s long-term value creation plans 18.4% economic rights1 • In 2024 we increased the stake to 17.5% 18.7% voting ri
Slide 14: Mixed Performances from Private Companies
MIXED PERFORMANCES FROM PRIVATE COMPANIES Examples 2024 Highlights • BioMérieux delivered impressive results (>10% organic growth and 16.9% cEBIT margin) and presented an ambitious mid-term plan • Mérieux NutriSciences acquired Bureau Veritas food testing division • Institut Mérieux simplified its p
Slide 15: Investor and Analyst Call Agenda: What's Next
INVESTOR AND AGENDA ANALYST CALL ▪ COMPANIES ▪ INVESTMENTS ▪ FINANCIALS ▪ WHAT’S NEXT 15
Slide 16: Lingotto Delivered Strong Returns
LINGOTTO DELIVERED STRONG RETURNS MAIN OBJECTIVES • Deliver attractive returns to its limited AuM Established in partners by constantly challenging at 31 December 2024 May 2023 conventional thinking €6.2bn3 • Build long-term partnerships with selected third-party investors Exor’s investment to date
Slide 17: Investor and Analyst Call Agenda: What's Next
INVESTOR AND AGENDA ANALYST CALL ▪ COMPANIES ▪ INVESTMENTS ▪ FINANCIALS ▪ WHAT’S NEXT 17
Slide 18: Focused on Financial Discipline
FOCUSED ON FINANCIAL DISCIPLINE 18
Slide 19: Revising Leverage Target from 20% to 15%
REVISING LEVERAGE TARGET FROM 20% TO 15% Gross Debt at 31 December 20241,2 ~€4.1bn LOAN TO VALUE (LTV) RATIO3 BOND MATURITY PROFILE 20% 15% 4 ¥10,000 10% €200 €500 €550 €500 €500 €500 5% €300 $170 €200 0% Sale of PartnerRe 2025 2026 2028 2030 2031 2033 2034 2038 -5% Public bond Private placement -10
Slide 20: Launching a €1 Billion Tender Buyback
LAUNCHING A €1 BILLION TENDER BUYBACK Amount • Up to €1 billion or ~5% of Exor’s ordinary shares to be sold and to be cancelled thereafter • Qualifying shareholders able to select the price within a range (from 3% discount to 10% premium on Reference VWAP) or submit a strike price tender Pricing • A
Slide 21: Investing in Exor's Assets at Half Their Value
INVESTING IN EXOR’S ASSETS AT HALF THEIR VALUE Exor’s Discount to NAV since inception 70% 60% 50% ~50% 40% Average ~ 30% 30% 20% 10% 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1) Historical average discount since Exor inception (March 2009). 21
Slide 22: Investor and Analyst Call Agenda: What's Next
INVESTOR AND AGENDA ANALYST CALL ▪ COMPANIES ▪ INVESTMENTS ▪ FINANCIALS ▪ WHAT’S NEXT 22
Slide 23: Committed to Delivering NAV/Share Growth
COMMITTED TO DELIVERING NAV/SHARE GROWTH • Focusing on what makes a difference, by targeting companies that can represent at least 5% of Exor’s GAV COMPANIES • Staying true to our purpose, remaining active with our companies and providing appropriate support and challenge • Investing behind outstand
Slide 24: One seems to learn much more during difficult times
"One seems to learn much more during difficult times, so perhaps one should not be averse to them." 24
Slide 25: Q&A Session
INVESTOR AND Q&A SESSION ANALYST CALL 25