Exor N.v. · EURONEXT:EXO
Exor — Exor Nv Ord — FY2025 Earnings Presentation
23 slides from Exor's earnings presentation, Mar 24, 2026
Slide 1: Investor and Analyst Call
INVESTOR AND ANALYST CALL AMSTERDAM, 24 MARCH 2026
Slide 2: Forward-looking statements disclaimer
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: A difficult year sharpened our focus and resilience
A DIFFICULT YEAR SHARPENED OUR FOCUS AND RESILIENCE Companies Lingotto Financials • Focused on operational • Lingotto continued to deliver • Increased cash position and priorities across our attractive returns, while we reduced debt through companies, where value invested an additional €0.3bn dispos
Slide 4: Our portfolio today
OUR PORTFOLIO TODAY 77% of GAV COMPANIES €25.8bn Large companies (61%) Other companies GAV (16%) €33.6bn 12% of GAV LINGOTTO €4.2bn 6% of GAV OTHERS €2.0bn1 5% of GAV CASH AND CASH EQUIVALENTS €1.6bn Note: Figures at 31 December 2025 with listed prices updated at 23 March 2026. 1) Includes Funds Man
Slide 5: Agenda
INVESTOR AND AGENDA ANALYST CALL ▪ COMPANIES ▪ LINGOTTO ▪ FINANCIALS ▪ WHAT’S NEXT 5
Slide 6: Stellantis' year of reckoning and reset
STELLANTIS’ YEAR OF RECKONING AND RESET 2025 HIGHLIGHTS One of the world’s leading automakers and a • Difficult year marked by a significant reset in a difficult environment mobility provider • Appointment of a new management team 15.5% economic rights1 • Profound transformation with a strong focus
Slide 7: Ferrari builds on what makes it unique
FERRARI BUILDS ON WHAT MAKES IT UNIQUE 2025 HIGHLIGHTS • Exceeded the 2026 business plan’s profitability targets one year in advance Among the world’s leading luxury brands • Launched 6 new models which will shape deliveries 19.5% economic rights1 in 2026 and beyond 32.3% voting rights • 2030 strate
Slide 8: Philips executes with precision
PHILIPS EXECUTES WITH PRECISION 2025 HIGHLIGHTS A leading health technology company focused on improving people's health and well-being • Fully delivered on FY 2025 outlook with order intake, through meaningful innovation sales growth and margin expansion 19.0% economic rights1 • Improved performanc
Slide 9: CNH prepares for the cycle ahead
CNH PREPARES FOR THE CYCLE AHEAD 2025 HIGHLIGHTS A world-class equipment and services company • Navigated market headwinds with low commodity focused on agriculture and construction prices yielding persistent challenging economics for farmers, while making progress on the new plan 26.9% economic rig
Slide 10: Iveco transaction delivers attractive returns
IVECO TRANSACTION DELIVERS ATTRACTIVE RETURNS Iveco’s Value Almost Doubled TRANSACTION RATIONALE Over The Last 4 Years • We supported the execution of two deals that will give Iveco the scale and investment capacity it needs while safeguarding its position and roots €5.3bn €5.3bn • As Iveco leaves i
Slide 11: Our unlisted companies delivered mixed results
OUR UNLISTED COMPANIES DELIVERED MIXED RESULTS Examples 2025 Highlights • BioMérieux delivered solid organic growth in 2025, with sales up 6% and contributive EBIT (cEBIT) rising 16% • Mérieux NutriSciences acquired Bureau Veritas’ Food Testing business • Institut Mérieux entered the Animal Health m
Slide 12: Agenda
INVESTOR AND AGENDA ANALYST CALL ▪ COMPANIES ▪ LINGOTTO ▪ FINANCIALS ▪ WHAT’S NEXT 12
Slide 13: Lingotto: $10bn milestone reached through performance
LINGOTTO: 10 BN MILESTONE REACHED THROUGH PERFORMANCE MAIN OBJECTIVES • Deliver attractive long-term returns to its limited partners by constantly challenging AuM Established in conventional thinking at 31 December 2025 May 2023 >$10bn3 • Build long-term partnerships with selected third-party invest
Slide 14: Agenda
INVESTOR AND AGENDA ANALYST CALL ▪ COMPANIES ▪ LINGOTTO ▪ FINANCIALS ▪ WHAT’S NEXT 14
Slide 15: NAV per share impacted by challenges at our companies
NAV PER SHARE IMPACTED BY CHALLENGES AT OUR COMPANIES Breakdown of NAV per Share contributors (in Euro per share) Other Large companies1 Lingotto Others companies1 178.8 4.7 164.4 (14.9) (1.1) 5.6 (5.1) 1.8 (4.9) (0.5) NAV per Ferrari Stellantis CNH Philips Other Lingotto Buyback Other2 NAV per shar
Slide 16: Strong financial discipline despite disappointing returns
STRONG FINANCIAL DISCIPLINE DESPITE DISAPPOINTING RETURNS Our Targets 2025 2024 Outperform MSCI (8)% 9% NAV per share growth (%) World Index vs. MSCI 5% vs. MSCI 25% Total Shareholder Return (%) 8% (18)% (2)% FCF1/ Dividend paid Above 1.0x 5.9x 9.1x Management costs2 / GAV Below 10bps 7.8bps 6.1bps
Slide 17: Increased financial flexibility from longer debt maturities
INCREASED FINANCIAL FLEXIBILITY FROM LONGER DEBT MATURITIES Gross Debt at 31 December 20251,2 ~€3.7bn LOAN TO VALUE (LTV) RATIO3 BOND MATURITY PROFILE 20% 15% 4 ¥10,000 10% €200 5% €500 €600 Ferrari €500 €500 €500 0% ABO €300 $170 €200 -5% Sale of PartnerRe 2026 2028 2030 2031 2033 2034 2035 2038 -1
Slide 18: Agenda
INVESTOR AND AGENDA ANALYST CALL ▪ COMPANIES ▪ LINGOTTO ▪ FINANCIALS ▪ WHAT’S NEXT 18
Slide 19: Simplifying our portfolio at attractive returns in 2025 and 2026
SIMPLIFYING OUR PORTFOLIO AT ATTRACTIVE RETURNS IN 2025 AND 2026 Companies Others Reinsurance vehicles Listed and unlisted securities We have redeemed We have supported transactions that enable our companies non-core assets to enter their next phases under new ownership, and sold smaller positioning
Slide 20: A strong balance sheet in uncertain times
A STRONG BALANCE SHEET IN UNCERTAIN TIMES in Euro billion CASH AND CASH GENERATION IN 2026 0.2 ~3.7 2.1 1.4 Cash Proceeds from Cash available Net FCF2 in 2026 at 31 December 2025 disposals1 to deploy 1) Including 2026 proceeds from disposals: Iveco (€1.4bn), GEDI (€0.3bn), Lifenet (€0.2bn), NUO (€0.
Slide 21: 2026: Focus, simplification and prudence
2026: FOCUS, SIMPLIFICATION AND PRUDENCE ▪ Focus on our larger companies, where we believe Exor can create the greatest value ▪ Continue to simplify our portfolio ▪ Maintain a strong balance sheet in uncertain times, and deploy capital with discipline 21
Slide 22: "When the roots are deep, there is no reason to fear the wind"
“When the roots are deep, there is no reason to fear the wind” 22
Slide 23: Q&A session
INVESTOR AND Q&A SESSION ANALYST CALL 23