OPULION
EXO Euronext AmsterdamListed in EUREUROfficial websiteWebsitePrice on Yahoo FinanceYahoo

Value and financial structure

Reporting date

35.8 Bn € in gross assets10.3 % funded by borrowingthe share price 67.00 € against 157.90 € of net asset value per share (published discount 57.6 %)

Its largest holdings, as a share of gross assets as of Jun 30, 2026

  1. Ferrari34.2 %
  2. Philips12.4 %
  3. CNH10.1 %
All 80 named holdings, one by one

What you own

Reporting date|Out of total assets of35 768 M €

By type

Listed or unlisted, and in what form.

Gross assets

35.8 Bn €

at Jun 30, 2026

Pick a part to see what it holds.

Inside: or . Outside: the type of asset.

What the company owes

10.3 %debt-financedat Jun 30, 2026

Not debt-financed32 077 M €
Borrowed3 691 M €

Net debt: 1 580 M €

Published loan to value, on net debt: 4.7 % as at Jun 30, 2026.

How this figure is calculated

It divides net debt, after cash, by the value of the assets, rather than gross borrowings by gross assets: that is why it differs from the share above.

These borrowings are the investment company's own — the ones its published bridge to net asset value deducts. They cover the same perimeter as the gross assets the chart divides, so the share above really does measure how much of those assets is debt-financed.

Source: Exor h1 2026 interim report · Sep 22, 2026

By theme

What the companies held do, in fifteen themes.

Sorted by theme

76 %

of gross assets

Pick a theme to see its companies.

As a share of gross assets, on the lines whose weight the company publishes. Themes defined by Opulion, the same on every page, not by the company.

Company by company

Names as published, as of Jun 30, 2026 unless another date is shown.

80 named holdings: 14 with a weight, 64 listed. 13 are also held by another company followed on Opulion.

With their weight14

  • luxury sports cars

    listedalso held byScottish Mortgage
    19.5 %of capital
    34.2 %
  • medical technology and consumer health

    listed
    18.9 %of capital
    12.4 %
  • agricultural and construction machinery

    listed
    26.9 %of capital
    10.1 %
  • Stellantis

    global multi-brand automaker

    listed
    15.5 %of capital
    6.3 %
  • trucks, buses and commercial vehicles

    listed
    27.1 %of capital
    2.9 %
  • family holding company in diagnostics (bioMérieux)

    unlisted
    10.0 %of capital
    1.9 %
  • football club

    listed
    65.4 %of capital
    1.6 %
  • Christian Louboutin

    luxury footwear and leather goods

    unlisted
    24.1 %of capital
    1.5 %
  • oil well intervention robots and tools

    unlisted
    47.6 %of capital
    1.3 %
  • business and political press

    unlisted
    34.7 %of capital
    1.1 %
  • Tag Holding

    renewables and energy storage (TagEnergy)

    unlisted
    44.9 %of capital
    0.7 %
  • on-demand public transit software and services

    listed
    17.3 %of capital
    0.6 %

10

  • audiovisual production and online sports betting

    listed
  • in vitro diagnostics

    listedalso held bySofina
  • global automotive supplier

    listed
  • Investlinx ETFs
    fund · listed
  • clinical neuroscience biotech

    listed
  • venture capital firm spun out of Exor

    fund · unlisted

5

  • Lingotto Horizon
    fund
  • Lingotto Innovation
  • Lingotto Intersection
  • Lingotto Mosaic
    fund
  • Lingotto, other

38

  • Alibaba Group Hldg Ltd

    e-commerce and cloud in China

  • e-commerce and cloud (AWS)

    also held byScottish Mortgage
  • API Group Corp

    fire safety and building services

  • Aurora Innovation Inc

    autonomous truck technology

  • online used car sales

  • internet infrastructure and security

    also held byScottish Mortgage

1

  • on-demand public transit and software

    listedas at Dec 31, 2025

12

Open the full holdings detail →

What is it worth on the market?

Reporting date

The share price against net asset value per share.

Values shown in euro, EUR

157.90 €

the company's calculation

Share price

67.00 €

price used by the company at this date

57.6 %

the company's own figure, not recomputed; the direction is the price against the same-date net asset value

Performance over time

Long term

Figures published by the company, over 5, 10 or 15 years, rebased to 100 at the start. Each point keeps its date and source; a missing year stays visible.

  • MSCI ACWI world index, for market contextexact series190 published points out of 190
  • Net asset value per share, excluding dividendsexact series47 published points out of 47
Method and limits

Series not shown

  • Shareholder return, dividends reinvestedfewer than two published years
  • Net asset value, total returndistributions incomplete over the period
  • Investable benchmarkinvestable benchmark not yet legally available
View as a table

The same content as the figure, reachable by keyboard and without hovering.

View as a table
Year-endSeriesIndex, base 100Published levelSource
Cases covered
  • Share splits and reverse splitsnot yet covered
  • Special dividendshandled
  • Distributions in sharesnot yet covered
  • Subscription rightsnot yet covered
  • Share buybacks and cancellationshandled
  • Spin-offsnot yet covered
  • Change of listing currencyexcluded
  • Change of share classnot yet covered
  • Change in the share count used as denominatorhandled
  • Withholding tax, fees, gross versus netexcluded

Series source: Exor, net asset value published at each reporting date since 01/03/2009

Latest reporting date: Dec 31, 2025.

The share price

Market

The share price, to read against the published net asset value above.

What it has returned

Reporting date

Against the same world benchmark for all.

Published performance,

World index in euro, EUR, per year

Company figures as of Dec 31, 2025 · world index as of Dec 31, 2025

1 year

  • −17.7 %
  • +8.2 %checked against 3 ETFs

Average return .

Method and sources

Each panel carries its own scale: lengths compare within a panel, never from one panel to the next.

A return is never converted from one currency to another: that would take the exchange rate move over the whole period, not the rate on one reporting date. The company's series are served in the issuer's currency only.

Every company covered is compared with the same benchmark, never with the index their own manager picked: a manager who picks his index also picks the bar he had to clear. This benchmark is not the MSCI ACWI itself, which belongs to MSCI and may not be redistributed. It is the median, recomputed by Opulion, of the net asset values published by three ETFs from three different managers tracking that index: iShares (IE00B6R52259), State Street SPDR (IE00B44Z5B48) and Amundi (LU1829220133). A single fund is never served on its own. Convention: last net asset value on a date at or before the reporting date, within a seven calendar day window; geometric annualisation over the nominal horizon; conversion at the European Central Bank reference rate of the day of the net asset value actually retained, a cross rate being an Opulion computation that is declared as such. The recomputation reproduces the performance each manager publishes for its own fund, to the second decimal, fifteen times out of twenty, and never departs from it by more than 0.04 point. Funds used: BlackRock, State Street and Amundi.

Converted at the reference rate of Jun 30, 2026, published by the European Central Bank.

The news feed

Up to date as of

Our latest articles on this company

The whole journal

Upcoming publications

  • Jan 1, 2027 to Jan 31, 2027Press releasePress release "Exor publishes its 2027 corporate calendar"date estimated from the usual schedule

Getting to know Exor

Each answer links to its source.

  1. Who decides?

    The Agnelli family, through Giovanni Agnelli B.V., a company owned by the descendants of Fiat's founder. It holds 54.9 % of Exor's capital but 84.0 % of the voting rights. The gap comes from special multiple-vote shares granted to long-standing shareholders.

    Source of card 1: exor.com, opens in a new tab
  2. What does it own?

    Mostly stakes in listed companies. Ferrari, its largest holding, is worth 12 250 M € on its own, out of gross assets of 35 768 M €, gross assets being everything it owns, before debt. Then come Stellantis, Philips and CNH, followed by Lingotto, its asset manager.

    Source of card 2: exor.com, opens in a new tab
  3. How does it choose its investments?

    By three tests it publishes: invest only in what it understands, back leaders who share its culture, decide "based on value not only price". Once it is a shareholder, its directors act on the board as "critical friends".

    Source of card 3: exor.com, opens in a new tab
  4. How does it make money?

    When its holdings rise in value, its net asset value per share, what each share is worth after debt, goes up. Its stated goal: to beat the MSCI World global index over the long term. Running the company costs 7.8 bps of gross assets a year.

    Source of card 4: exor.com, opens in a new tab
  5. How are shareholders paid?

    Mainly through share buybacks: the company buys back its shares, so its assets are shared among fewer shares. It spent 1 000 M € on them in the last financial year, alongside a dividend of 0.49 € per share. It calls them a "crucial part" of how it allocates capital.

    Source of card 5: exor.com, opens in a new tab
  6. What sets it apart

    It set up its own asset manager, Lingotto, and moved its investing outside the main holdings into it. Lingotto also manages money for institutional investors, 10 400 M $ in total: Exor is both its owner and a client.

    Source of card 6: exor.com, opens in a new tab
1 of 6

Who runs it, and since when?

Management and what it costs

7.8 bps

How long they have been there

Tenure on the board and in management

  • Nitin Nohria· Chair of the Board of Directorsdate not published
  • John Elkann· Director, Chief Executive Officer (CEO)2016
  • Benedetto Della Chiesa· Non-executive directordate not published
  • Sandra Dembeck· Non-executive directordate not published
  • Axel Dumas· Non-executive directordate not published
  • Ginevra Elkann· Non-executive directordate not published
  • Karl Guha· Non-executive directordate not published
  • Alessandro Nasi· Non-executive directordate not published
  • Png Chin Yee· Non-executive directordate not published
  • Benoît Ribadeau-Dumas· Deputy Chief Executive Officer2026
  • Guido de Boer· Chief Financial Officer (CFO)date not published
  • Suzanne Heywood· Chief Operating Officer (COO)date not published
2016201920222026

Company facts

Value and financial structure

13 921M €Market capitalisation, at Jun 30, 2026, calculated by Opulion
33 241M €Equity attributable to owners of the parent, at Dec 31, 2025 (not the reporting date of this page)
1 580M €at Jun 30, 2026, calculated by Opulion
157.90 €at Jun 30, 2026
Assets under management
10 400M $Lingotto Investment Management, at Dec 31, 2025 (not the reporting date of this page), calculated by Opulion
Founded in
1899
Registered office
Amsterdam, NL

Tested against the figures

  • 0.7 %Dec 31, 2025 (not the reporting date of this page)
  • 1 000 M €Dec 31, 2025 (not the reporting date of this page)
  • Weight of the top ten holdings73.3 %Jun 30, 2026

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