Exor N.v. · EURONEXT:EXO
Exor — Investor Day (November 2021)
48 slides from Exor's investor day presentation, Nov 30, 2021
Slide 1: Exor Investor Day
EXOR INVESTOR DAY 30 NOVEMBER 2021
Slide 2: Forward-looking statements
Certain statem ents and inform ation contained in this presentation These factors should not be construed as exhaustive and should be that are not statem ents or inform ation of historical fact constitute read in conjunction with the other cautionary statements included forward-looking statements, n
Slide 3: Our priorities for the next 10 years, set in 2019
OUR PRIORITIES FOR THE NEXT 10 YEARS, SET IN 2019 • Continue Building Great Companies COMPANIES • Acquire New Companies • Develop our Financial and Seeds investment capabilities INVESTMENTS • Add investment ideas/themes • NAV per share to outperform the MSCI World index • Target Gross Debt of ≤ €2bn
Slide 4: Agenda
EXOR INVESTOR AGENDA DAY ▪ COMPANIES 2021 ▪ INVESTMENTS ▪ FINANCIALS ▪ ESG ▪ WHAT’S NEXT? 30 NOVEMBER 2021 4
Slide 5: Exor's purpose and values
EXOR’S PURPOSE AND VALUES BUILDING: GREAT COMPANIES: • Foster a culture with clarity of purpose and shared values • Perform to the highest BUILD PURPOSE standards OUR • Appoint leaders who walk the talk GREAT • Seek renewal and change • Create governance that • Are distinctive in what they do ensure
Slide 6: Companies
EXOR INVESTOR COMPANIES DAY 2021 30 NOVEMBER 2021 6
Slide 7: Our purpose and values helped us guide our companies through the Covid-19 crisis
OUR PURPOSE AND VALUES HELPED US GUIDE OUR COMPANIES THROUGH THE COVID-19 CRISIS *Focus on next pages 2Y TSR1 +61.2% +44.1% +66.9% When COVID hit we • John Elkann became Acting CEO • Moved quickly to strengthen • Suzanne Heywood became Acting helped our companies • Ferrari led our companies in liqui
Slide 8: Our values also underpinned our community support during this difficult period
OUR VALUES ALSO UNDERPINNED OUR COMMUNITY SUPPORT DURING THIS DIFFICULT PERIOD Purchasing and producing ventilators Supporting hunger-relief projects and medical equipment Organizing summer camps and Supporting students and providing scolarships preventing school drop-outs Promoting and launching fu
Slide 9: CNH Industrial managed the Covid challenges, while continuing to focus on the future
CNH INDUSTRIAL MANAGED THE COVID CHALLENGES, WHILE CONTINUING TO FOCUS ON THE FUTURE MANAGING CHALLENGES… …WHILE FOCUSING ON THE FUTURE KEEPING PEOPLE SAFE TECHNOLOGY INVESTMENTS PEOPLE ✓ By May 2020 more than 2/3 of CNH ✓ Nikola Tre battery heavy Industrial’s 67 plants were again duty trucks starte
Slide 10: CNH Industrial will be ready to spin its business into two parts in early 2022
THIS MEANS THAT CNH INDUSTRIAL WILL BE READY TO SPIN ITS BUSINESS INTO TWO PARTS IN EARLY 2022 • Full-line equipment offering (undisputed • Global construction equipment business operating Scott W. Wine leader in crop harvesting and global no. 2 across compact, general construction and road CEO CNH
Slide 11: Exor has continued to acquire companies with the potential to become great
EXOR HAS ALSO CONTINUED TO ACQUIRE COMPANIES WITH THE POTENTIAL TO BECOME GREAT December 2019 March 2020 December 2020 March 2021 €188mn $350mn1 €80mn €541mn Applying our Supporting Via’s founders to Partnering with Hermès and Accelerating the entrepreneurial approach to build a digital infrastructu
Slide 12: Louboutin has a clear path towards becoming a great company
LOUBOUTIN HAS A CLEAR PATH TOWARDS BECOMING A GREAT COMPANY We identified luxury as … and invested in … scouted the market to identify the right company… a sector of interest… March 2021 PERFORMS TO THE HIGHEST STANDARDS SEEKS RENEWAL AND CHANGE • Resilience through the crisis with • Proven capacity
Slide 13: PartnerRe will continue its path to greatness with Covéa
AFTER MAKING SUBSTANTIAL PROGRESS UNDER OUR OWNERSHIP, PARTNERRE WILL CONTINUE ITS PATH TO GREATNESS WITH COVÉA MARCH 2016 HOLDING PERIOD OCTOBER 2021 • Exor acquires 90.1% of • Under Exor’s private ownership the company has: • Exor agrees to sell 100% of PartnerRe’s common PartnerRe’s common shares
Slide 14: Investments
EXOR INVESTOR INVESTMENTS DAY 2021 30 NOVEMBER 2021 14
Slide 15: We have strengthened our investment capabilities and created alliances
WE HAVE STRENGTHENED OUR INVESTMENT CAPABILITIES AND CREATED ALLIANCES • Sector agnostic focused on ‘best ideas’ across the capital structure with an Asia bias PRIVATE • Led by Nikhil Srinivasan • Launched in Q2 2021 • Focused on opportunities in the public markets EXOR PUBLIC • Led by Matteo Scolar
Slide 16: Seeds and our journey with Via Transportation
INVESTMENTS SEEDS AND OUR JOURNEY WITH VIA TRANSPORTATION 30 NOVEMBER 2021 16
Slide 17: We invest in both early and late stage opportunities
WE INVEST IN BOTH EARLY AND LATE STAGE OPPORTUNITIES EARLY STAGE LATE STAGE Seed / Series A Series C / D Typical Investment Size: $3-5mn Typical Investment Size: $10-15mn • Exceptional founders • Exceptional founders • Strong syndicate (Tier 1 lead investor) • Large addressable market • “Moonshot” t
Slide 18: Portfolio composition
PORTFOLIO COMPOSITION STAGE EXPOSURE SECTOR EXPOSURE GEOGRAPHIC EXPOSURE PORTFOLIO COMPOSITION LatAm APAC 1% Moonshots Mobility 11% 12% Other 26% 17% Early Top 6 EMEA 38% Mid-size Core Positions Late 41% Fintech Positions 46% 62% Consumer 25% U.S. 42% 15% 47% Healthcare 17% We have invested in 53 co
Slide 19: Our journey with Via Transportation
OUR JOURNEY WITH VIA TRANSPORTATION TIMELINE ALIGNMENT WITH EXOR’S PURPOSE AND VALUES We first met founders Daniel Ramot and Oren Shoval and 2016 built a close relationship Exor Seeds invested $15mn in the Series D as Via’s new ✓ We share with Via’s founders the ambition Sept 2019 of building a grea
Slide 20: Via believes in a world where everyone has access to efficient, affordable mobility
Via believes in a world where everyone has access to efficient, affordable mobility November 2021
Slide 21: Pioneering TransitTech
Pioneering TransitTech Our journey to pioneer the $1.4T TransitTech category began a decade ago Via. Proprietary & Confidential 21
Slide 22: We digitize public transit systems
The Via Platform We digitize public transit systems GoCoach | Sevenoaks, UK 74% cost per ride reduction “ Via’s technology just works. It works for the public, it works for the operators, it works for drivers.” — Austin Blackburn, GoCoach Managing Director Via. Proprietary & Confidential 22
Slide 23: Reimagine school transportation
The Via Platform Reimagine school transportation NYC Department of Education 150K students’ locations visible in real time “ Education Department officials admitted “ Via's technology will bring NYC pupil transportation to the 21st century and improve Friday that roughly 700 bus routes were the dail
Slide 24: Modernize paratransit
The Via Platform Modernize paratransit Hampton Roads Paratransit 44% decrease in trip duration “ I hope it’s the future of paratransit, honestly. I really hope that a lot of dial-a-ride services go this route. On-demand service just changes peoples’ lives. It’s hard to have an equal social opportuni
Slide 25: Plan smarter transit networks and streets
The Via Platform Plan smarter transit networks and streets Straeto | Reykjavik, Iceland 60% increase in staff productivity “ It used to take us two business days to do a route sequence change for one route; now it takes us only 10 minutes in Remix. We can react more quickly with changes now that it’
Slide 26: We build digital infrastructure to transform the way the world moves
Our Vision We build digital infrastructure to transform the way the world moves WHEELCHAIR-ACCESSIBLE SCHOOL BUS ON-DEMAND TRANSIT FIXED-ROUTE BUS TRAFFIC LIGHTS BIKES & SCOOTERS AUTONOMOUS STREET INFRASTRUCTURE DELIVERY & LOGISTICS Via. Proprietary & Confidential 26
Slide 27: Adoption is spreading rapidly across the globe
Pioneering TransitTech Adoption is spreading rapidly across the globe 500+ Services 35+ Countries Via. Proprietary & Confidential 27
Slide 28: A flexible platform to digitize every aspect of public mobility
Go-to-market A flexible platform to digitize every aspect of public mobility First/Last School Bus Safe Rides Streets Mile Routing for Students Planning Commuter Campus Employee MTA Solutions Transportation Shuttles Access-a-ride Payment Bus Route Student Unified Integration Design Tracking Transit
Slide 29: Strong track record of delivering exceptional value to partners
The TransitTech Impact Strong track record of delivering exceptional value to partners 59% 35% 400% 65% lower cost per trip increased access to jobs increase in ridership fewer late pickups 30% 80% 55% 96% savings per ride reduction in wait times increased satisfaction 5 star ratings with city’s tra
Slide 30: Impact is at the core of Via's mission
The TransitTech Impact Impact is at the core of Via’s mission Equitable Accessibility Increase in % of jobs accessible by public transit 46% Financial Access Physical Access Geographic Birmingham, AL case study: Access 90% Cost to Convenience Passenger 80% Environmental Sustainability Footprint Valu
Slide 31: Building a great company
The Future Building a great company Pursuing a multi-decade vision to build the digital infrastructure for transportation Strong alignment with Exor’s values Long term vision to build a great company Mission-driven with core ESG focus Founder led, values-based culture Via. Proprietary & Confidential
Slide 32: Thank you!
Thank you! November 2021
Slide 33: Financials
EXOR INVESTOR FINANCIALS DAY 2021 30 NOVEMBER 2021 33
Slide 34: We have consistently delivered shareholder returns
WE HAVE CONSISTENTLY DELIVERED SHAREHOLDER RETURNS… 2009 – 2021 YTD in Euro CUMULATIVE PERFORMANCE COMPOUND ANNUAL GROWTH RATE 1,470% 24% 13% 11% 404% 273% Exor TSR MSCI World Index TR EuroStoxx50 TR Exor TSR MSCI World Index TR EuroStoxx50 TR Note: Figures from 2 March 2009 (first day of Exor’s lis
Slide 35: While managing our gross debt efficiently
...WHILE MANAGING OUR GROSS DEBT EFFICIENTLY... ESTIMATED GROSS DEBT AT 2021 YE1 ~€4.5BN BREAKDOWN MATURITY PROFILE2 Bank debt 8% ¥10,000 3 Private Public €200 placements bonds €602 38% 54% €500 €550 €500 €500 €500 €300 €200 $170 2022 2024 2025 2026 2028 2030 2031 2034 2038 All figures are expressed
Slide 36: And reaching our financial targets
…AND REACHING OUR FINANCIAL TARGETS Our Targets Peer Average4 NAV per Share1 Outperform MSCI OBJECTIVE 5Y growth (%) World Index (69%) ✓ ~165% ~65% FCF2 / Dividend paid ✓ 3 Above 1.0x ~2.1x ~0.8x 5Y Avg. EXOR Cash holding cost / GAV KPIs 5Y Avg. Below 10bps ✓ ~8bps ~25bps ✓ Loan To Value ratio (%) B
Slide 37: ESG: an intrinsic component of greatness
EXOR INVESTOR ESG: AN INTRINSIC COMPONENT OF DAY GREATNESS 2021 30 NOVEMBER 2021 37
Slide 38: Our ESG beliefs have framed our thinking
OUR ESG BELIEFS HAVE FRAMED OUR THINKING 1 ESG is intrinsic to our purpose of building great companies 2 We expect our companies to put in place foundational ESG measures 3 We have then created ESG passions that are rational and relevant for Exor 4 We will measure the impact of our initiatives and h
Slide 39: ESG is intrinsic to all the elements of being a great company
ESG IS INTRINSIC TO ALL THE ELEMENTS OF BEING A GREAT COMPANY OUR PURPOSE GREAT COMPANIES PERFORM TO THE • Align with best practices HIGHEST STANDARDS and reporting ACT IN A RESPONSIBLE WAY frameworks BUILD • Identify priorities, set GREAT SEEK RENEWAL targets, measure and COMPANIES AND CHANGE repor
Slide 40: Our ESG passions are rational and relevant
OUR ESG PASSIONS ARE RATIONAL AND RELEVANT ENVIRONMENT SOCIAL GOVERNANCE Education: Reducing Emissions reduction Diversity and inclusion inequalities and promoting innovation We are committed to 21st century, We believe hiring and empowering We have a history of championing the sustainable manufactu
Slide 41: We will follow these passions within Exor and champion them with our companies
WE WILL FOLLOW THESE PASSIONS WITHIN EXOR ITSELF AND CHAMPION THEM WITH OUR PUBLIC AND PRIVATE COMPANIES WHAT WE WILL OUR OUR COMMITMENTS SDG CHAMPION WITH PASSIONS AT HOLDING LEVEL ALIGNMENT OUR COMPANIES ENVIRONMENT • Achieve carbon neutrality by 2022 and • Set reduction targets for Scope 1 and 2
Slide 42: Our board will oversee this work
OUR BOARD WILL OVERSEE THIS WORK EXOR’S ESG COMMITTEE ESG COMMITTEE PURPOSE Ajay Banga (Chair): guided Mastercard’s culture of “doing well by doing good” as CEO and President • Guide and oversee Exor’s work on ESG • Help Exor champion progress on ESG with its Laurence Debroux: oversaw, as CFO and co
Slide 43: What's next?
EXOR INVESTOR WHAT’S NEXT? DAY 2021 30 NOVEMBER 2021 43
Slide 44: The sale of PartnerRe will release 9 billion of cash to deploy
THE SALE OF PARTNERRE WILL RELEASE 9 BILLION OF CASH TO DEPLOY in € billion CASH TO CASH GENERATION 2022-24 CASH USES 2022-24 DEPLOY ~10.0 ~9.0 Net Ordinary 2021YE Cash Proceeds from Total cash Free Cash Buyback Debt reduction and equivalents sale of PartnerRe available Flow • Estimated Cash and equ
Slide 45: We will focus on three sectors
WE WILL FOCUS ON THREE SECTORS HEALTHCARE LUXURY TECHNOLOGY ✓ A non-cyclical sector with structural ✓ A highly resilient sector with ✓ Is under-represented in our tailwinds demographic tailwinds portfolio and has substantial growth potential ✓ Large sector with significant ✓ Can benefit from our lon
Slide 46: Our priorities remain unchanged
OUR PRIORITIES REMAIN UNCHANGED • Continue Building Great Companies COMPANIES • Acquire New Companies • Develop our Financial and Seeds investment capabilities INVESTMENTS • Add investment ideas/themes • NAV per share to outperform the MSCI World index • Target Gross Debt of ≤ €2bn keeping Loan-to-V
Slide 47: I love the future and I like young people
«I love the future and I like young people. My life has always been a bet on the future.» Gianni Agnelli Copyright Mimmo Chianura/AGF 30 NOVEMBER 2021 EXOR INVESTOR DAY 47
Slide 48: Q&A session
EXOR INVESTOR Q&A SESSION DAY 2021 30 NOVEMBER 2021 48