Exor N.v. · EURONEXT:EXO
Exor — Debt Investor Presentation (October 2025)
16 slides from Exor's debt investor presentation, Oct 28, 2025
Slide 1: Fixed Income Investor Presentation
FIXED INCOME INVESTOR PRESENTATION OCTOBER 2025
Slide 2: Important notice and confidentiality
THIS PRESENTATION, ITS CONTENTS AND ANY INFORMATION PROVIDED AT THIS been audited or verified by a third party. Use of different methods for preparing, calculating or PRESENTATION ARE STRICTLY CONFIDENTIAL AND ARE IN SUMMARY DRAFT FORM presenting information may lead to different results and such di
Slide 3: Historical financial information and disclaimers
Historical financial information. This Presentation contains certain “alternative performance and does not intend to register any portion of any offering in the United States or to conduct a measures” which are not set out by standard accounting principles (IAS/IFRS) adopted by the public offering o
Slide 4: Profile: Exor Builds Great Companies
PROFILE • Exor is one of Europe’s largest diversified investment companies, listed on Euronext Amsterdam and included in the AEX Index • For over a century, Exor has built great companies and made successful investments worldwide with a culture that combines entrepreneurial spirit and financial disc
Slide 5: Key Highlights H1 2025
KEY HIGHLIGHTS H1 2025 • Enhancing NAV per share growth: Outperformed the MSCI World Index by 5 percentage points, supported by €40bn €36bn €1 billion share buyback Gross Asset Value (GAV) Net Asset Value (NAV) • Remaining an active owner: Despite significant market volatility, Companies performed i
Slide 6: Portfolio Has Grown and Evolved
PORTFOLIO HAS GROWN AND EVOLVED Portfolio composition at H1 2025 Portfolio developments Cash and cash equivalents Others Companies Lingotto 4% • Enhanced liquidity and transparency: Share of portfolio 5% represented by listed assets increased to 85% 8% Unlisted 39% companies 9% • Sector diversificat
Slide 7: Our Business Model
OUR BUSINESS MODEL 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 7
Slide 8: Committed to Delivering NAV per Share Growth
COMMITTED TO DELIVERING NAV PER SHARE GROWTH Capital allocation priorities • Targeting companies that can represent at least 5% of Exor’s GAV COMPANIES • Remaining active with our companies and providing appropriate support and challenge • Continuing to build Lingotto into a great asset manager deli
Slide 9: Long-Term Track Record of Sustained Outperformance
LONG-TERM TRACK RECORD OF SUSTAINED OUTPERFORMANCE 1600 Since inception (CAGR) 1500 €1,393 1400 1300 17.5% vs. 11.4% NAV per share growth MSCI World Index 1200 1100 1000 900 800 700 600 €580 500 400 300 200 €100 100 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20
Slide 10: Maintaining Financial Discipline
MAINTAINING FINANCIAL DISCIPLINE... Our Targets HY 2025 FY 2024 Above 1.0x FCF1/ Dividend paid 6.3x 9.1x annually Below 10bps €11mn €28mn Management costs2 / GAV annually (3bps) (7bps) LTV ratio3 % Below 15% 5.5%4 9.6%4 1) Free Cash Flow (FCF) defined as Dividends inflow – Financial income (expenses
Slide 11: While Building a Strong Capital Structure
…WHILE BUILDING A STRONG CAPITAL STRUCTURE Gross Debt at 30 June 20251,2 ~€3.5bn All figures are expressed in millions and in the original currency of issuance 3 ¥10,000 €200 €650 €450 €500 €500 €500 €300 €200 $170 2025 2026 2028 2030 2031 2033 2034 2038 Public Private • Main sources of financing co
Slide 12: Recent Actions Further Strengthen Credit Profile
RECENT ACTIONS FURTHER STRENGTHEN CREDIT PROFILE Revised leverage targets Increased liquidity sources 20% 15% PREVIOUS NEW 10% Amount of 5% Committed €0.5bn €1.1bn facilities 0% Ferrari -5% share Tenors 1 - 2 years 3 - 5 years placement -10% 2018 2019 2020 2021 2022 2023 2024 2025 • Announced reduce
Slide 13: Exor Credit Highlights
EXOR CREDIT HIGHLIGHTS A- with stable outlook ✓ Improved portfolio quality and diversity driven by higher share of listed assets, increased exposure to more resilient and less cyclical industries (luxury and healthcare) and further diversification into Lingotto PORTFOLIO ✓ Creditworthiness of the po
Slide 14: Annex
ANNEX 14
Slide 15: Change in Cash and Cash Equivalents
CHANGE IN CASH AND CASH EQUIVALENTS in € million Cash and cash equivalents at 31 DEC 24 169 Dividends inflow 624 Investments (1,016) Disposals 3,516 Shareholder distributions (1,093) Repayment of borrowings (547) Other changes (121) Cash and cash equivalents at 30 JUN 2025 1,532 Strong €4.1 billion
Slide 16: Net Free Cash Flow
NET FREE CASH FLOW in € million 30 JUNE 2025 30 JUNE 2024 Dividend inflow 624 987 Financial income (expenses), net (24) (24) Management costs (11) (10) Free Cash Flow 589 953 Dividend paid (93) (99) Net Free Cash Flow 496 854 Free Cash Flow / Dividend paid 6.3 9.6 Free cash flow generation significa