Exor: Ferrari earns €49m more on 33 fewer cars, Philips sets aside €288m

On 3 November 2026, Ferrari reported quarterly profit of €431m, €49m more on 33 fewer cars shipped, and Philips €28m, against €187m, after a €288m provision. These two holdings made up 46.6% of Exor's gross assets at 30 June. Exor receives only their dividends: €137m from Ferrari and €155m from Philips in the first half.

Why it matters for Exor shareholders: at 30 June 2026, Ferrari was worth €12,250m and Philips €4,418m, or 34.2% and 12.4% of the €35,768m of gross assets of Exor (half-year report). Excluding the €427m extraordinary dividend paid by Iveco, these two companies made 61% of the dividends received in the first half (Opulion calculation: €292m out of €480m, including €139m from Lingotto Investment Management (UK), owned by Exor, and none from Stellantis). The €155m from Philips includes €77m paid in shares. The quarter shows in their accounts, but it will reach Exor only through the share price and the next dividend.

Ferrari's profit went from €382m to €431m with no extra cars shipped: each one brings in more. Mainland China, Hong Kong and Taiwan lost 105 shipments, from 248 to 143, while the other regions gained 72. Revenue from cars and spare parts per shipment rose 8% (Opulion calculation). The release attributes the rise in these revenues to a richer sports car mix and higher personalisations, without quantifying either. It is on operating profit that it says the positive product mix was mainly supported by the F80. Our September article noted that Exor's Ferrari shares make up about 21.3% of the 177.3 million shares issued since the July cancellation, while Exor's report at 30 June states 19.5%. Exor's share is therefore calculated per share: 37,768,613 Ferrari shares × €2.45 of basic earnings per share = €92.5m, against €80.8m at a constant share count with the €2.14 of Q3 2025.

At Philips, the provision splits the reading in two. Income from operations fell from €330m to €165m and profit from €187m to €28m, of which €184m and €27m for Philips shareholders. Exor's share, at a constant 18.9% stake, fell from €34.8m to €5.1m (Opulion calculation: 18.9% × 184 and × 27). Adjusted EBITA, an operating result that excludes this charge among others, rose from €531m to €569m. Free cash flow, the cash available after investment, went from €172m to €384m, and Philips attributes the rise in operating cash flow, from €327m to €544m, mainly to higher cash earnings and lower working capital outflows. The provision stays outside this flow, with payment expected in the first quarter of 2027 (Opulion reading). The share of the provision attributable to Exor would be €54m, or 1.2% of its stake at 30 June, as a yardstick and before any tax effect (Opulion calculation: 18.9% × 288, then 54 over 4,418).

For Exor shareholders, three proofs will come. Ferrari's fourth quarter will show whether its cash flow stays under this ceiling. The finalisation of the Philips agreement, ahead of a payment expected in the first quarter of 2027, will show whether the provision covers the US Department of Justice settlement, with the US State Attorneys General investigation remaining separate. The last will come in March 2027, with Exor's accounts: the value of these two holdings, and what it draws from two companies that made 61% of its first-half dividends excluding Iveco.