Exor offers €4.1 billion for new investments.

ROME – Exor, the Agnelli-Elkann family holding company, is "well positioned to capture significant investment opportunities" with €4.1 billion from asset monetization , including the offering of Ferrari shares, and dividends. At the end of the first half of the year, Exor's gross asset value amounted to €40 billion, while its net asset value was €36 billion. "We entered 2025 in a highly volatile environment, marked by tariffs and regulatory uncertainty that significantly impacted our companies. While these factors made the start of the year challenging, we made steady progress," explained John Elkann, Exor's CEO, in the half-year report . "We reduced portfolio concentration through successful monetization transactions, supported by a strategic agreement that will bring new opportunities to Iveco Group in the next chapter of its history, and we continued to support our companies' leadership teams."

In the first half of 2025, Exor's net asset value (NAV) per share outperformed the MSCI World Index by 5 percentage points, supported by a €1 billion share buyback. Despite significant market volatility, the companies performed in line with the MSCI World Index, with mixed performance across their holdings. Lingotto posted solid returns of 11% over the period, driven primarily by its listed investments.

" Our confidence in Ferrari remains absolute, and we are proud to be its reference shareholder, committed to the long term. We are ready to support the company in the next phase of its journey, which will be presented at the Capital Markets Day in October," Elkann added. "We also look forward with great anticipation to the launch of the first fully electric model, which will embody Ferrari's innovative spirit. In February, we announced the decision to reduce the concentration of our portfolio. Ferrari's exceptional performance since its stock market listing had brought its weighting to nearly half of our NAV. We successfully monetized the €3 billion stake, retaining economic rights equal to 20% and generating a return for Exor equal to eleven times its investment."

Elkann then highlighted the increase "in our stake in Philips to 19%, driven by our belief in the company's long-term potential." Meanwhile, " CNH has embarked on a new phase with the launch of its 2030 industrial plan, designed to consolidate its position among the top two operators in all major agricultural markets." In May, Stellantis announced the appointment of Antonio Filosa as its new CEO. "He has a deep knowledge of the company and the market, combined with a proven ability to achieve results in complex environments," Elkann emphasized. "I am confident that he will be able to lead Stellantis on a successful transformation journey."

In July, the strategic agreement with Tata Motors for the acquisition of Iveco Group was reached. "Tata Motors has the resources and position to grow the company and is committed to supporting its long-term strategy. Together with the sale of the Iveco Defence division to Leonardo , we expect to receive approximately €1.5 billion in cash proceeds in 2026. As we celebrate its 50th anniversary, Iveco Group looks to a very promising future," said Elkann.

September began positively with the IPO of Via , an investment in the mobility technology sector. "Since our entry in 2020, confidence in Via's business model and team has steadily grown," Elkann wrote. "We have supported the company in both good and bad times, investing even during the pandemic. It wasn't an obvious choice then, but we've invested nearly $0.5 billion and today we're proud to be its largest shareholder. It's been an extraordinary journey, and much remains to be done."