olivLaw · European equity research
EXOR N.V. EXO.AS
Netherlands · Euronext Amsterdam · ISIN NL0012059018 · Vertical: Listed companies from Netherlands
EXOR N.V. is an investment holding company with stakes in Ferrari, Stellantis, Philips, CNH and Iveco Group, as well as the Lingotto investment platform. At the end of 2025 the listed holdings were valued at 26,116 million euro, and Lingotto managed over 10 billion dollars, which shows how much of the portfolio depends on capital market conditions and the execution of its investee companies.
At the close of 04 Nov 2026, EXOR N.V. (EXO.AS) stock was 74.50 EUR (+1.71% on the day), with market capitalisation 15.3 bn EUR, dividend yield 0.66%, beta 0.83, 52-week range 63.35–76.75 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 71.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 66.21 – 73.32
- above the upper band · %B 1.17 · band width 10.2%
- SMA 50 / 200
- 70.60 / 69.10
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.74 / 0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.6% | −1.5% | +11.1 pp | — |
| 3 months | +5.0% | −5.3% | +10.3 pp | — |
| 6 months | +9.9% | +4.7% | +5.2 pp | — |
| Year to date | +2.8% | +6.0% | −3.2 pp | — |
| 1 year | −0.1% | +8.2% | −8.3 pp | +0.5% |
| 3 years | −12.4% | +47.2% | −59.6 pp | +6.8% |
| 5 years | unavailable | +41.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 44.7 bn | 0 | unavailable |
| Revenue YoY | unavailable | −100.0% | unavailable |
| Net income | 4.2 bn | 14.7 bn | -3.8 bn |
| Net income YoY | unavailable | +249.8% | −125.9% |
| Diluted EPS | 18.38 | 67.00 | -18.48 |
| Diluted EPS YoY | unavailable | +264.5% | −127.6% |
| net % | 9.4% | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.4 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 33.2 bn EUR
- Total assets
- 37.1 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -10.6%
- ROA
- -9.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 44.7 bn | 0 | — | esef· 15 Apr 2025verified |
| Cost of revenue | 33.4 bn | 0 | — | esef· 15 Apr 2025verified |
| Gross profit | 11.3 bn ≈ | 0 ≈ | — | esef· 15 Apr 2025derived |
| Research & development | 2.5 bn | 0 | — | esef· 15 Apr 2025verified |
| Interest expense | 1.1 bn | 148.0 m | 184.0 m | esef· 07 Apr 2026verified |
| Pre-tax income | 7.9 bn | 14.8 bn | -3.7 bn | esef· 07 Apr 2026verified |
| Income tax | 1.1 bn | 91.0 m | 98.0 m | esef· 07 Apr 2026verified |
| Net income | 4.2 bn | 14.7 bn | -3.8 bn | esef· 07 Apr 2026verified |
| Diluted EPS | 18.38 | 67.00 | -18.48 | esef· 07 Apr 2026verified |
| Dividend per share | 3.20 | 0.46 | 0.49 | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 215.0 m | 169.0 m | 1.4 bn | esef· 07 Apr 2026verified |
| Inventories | 8.8 bn | 0 | — | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 7.1 bn | 18.0 m | — | esef· 15 Apr 2025verified |
| Total assets | 94.8 bn | 42.5 bn | 37.1 bn | esef· 07 Apr 2026verified |
| Total liabilities | 61.6 bn | 4.2 bn | 3.9 bn | esef· 07 Apr 2026verified |
| Equity | 33.1 bn | 38.2 bn | 33.2 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 224.0 m | 214.9 m | 205.2 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 4.0 bn | 47.0 m | 2.9 bn | esef· 07 Apr 2026verified |
| Investing cash flow | -8.7 bn | -58.0 m | 24.0 m | esef· 07 Apr 2026verified |
| Financing cash flow | 2.1 bn | -56.0 m | -1.6 bn | esef· 07 Apr 2026verified |
| Dividends paid | 716.0 m | 99.0 m | 93.0 m | esef· 07 Apr 2026verified |
| Share repurchases | 996.0 m | 249.0 m | 1.0 bn | esef· 07 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 6.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 15.3 bn EUR
Key indicators
Coverage and freshness
Score by group
6% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.66 – 9.09 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)6.66 – 9.09 (Mid 7.69)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 6.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 7.1% | 100 (on a fixed band) | 100% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EXOR N.V. (EXO.AS). Latest full fiscal year: 2024; data up to 2025-12-31.
Figures computed from the financial statements: revenue 0 EUR in 2024; YoY growth -100.0%; ROE -10.6%.
The estimated value range is 6.66–9.09 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 7.69 EUR, the price of 74.50 EUR leaves a potential of -89.7% (value / price − 1) and a margin of safety of -868.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 6.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 7.1%
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 519.6 bn | 50.9 | 44.2% | 31.3% | +15.6% | +48% / +115% |
| ASM.ASASM International N.V. | 33.5 bn | 46.5 | 18.7% | 22.8% | +8.2% | +44% / +45% |
| DSFIR.ASDSM-Firmenich AG | 32.0 bn | 114.3 | 1.2% | 2.2% | +20.4% | +52% / +24% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 30.9 bn | 13.7 | 15.3% | 2.5% | +3.4% | −4% / +29% |
| ADYEN.ASAdyen N.V. | 26.9 bn | 25.4 | 22.3% | 40.1% | +18.9% | −36% / −20% |
| HAL.ASHAL Trust | 15.6 bn | 9.8 | 10.5% | 12.8% | +1.2% | +23% / +49% |
| EXO.ASExor N.V. | 15.3 bn | — | -10.6% | — | −100.0% | +3% / −17% |
| BESI.ASBE Semiconductor Industries N.V. | 12.1 bn | 91.6 | 28.7% | 22.3% | −2.7% | +17% / +18% |
| AKZA.ASAkzo Nobel N.V. | 10.8 bn | 17.1 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.6 bn | 25.8 | 7.2% | 5.7% | −5.3% | +51% / +15% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.3 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.4 bn | 42.5 | 9.1% | 1.3% | +2.9% | +49% / +408% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.7 | 10.2% | 6.5% | +1.7% | +27% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +56% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 973.4 m | — | -1.5% | -1.1% | −18.8% | −1% / −49% |
| ACOMO.ASAcomo N.V. | 687.4 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 667.9 m | — | -28.2% | -21.7% | +66.1% | +61% / +25% |
| FFARM.ASForFarmers N.V. | 515.9 m | 10.3 | 14.5% | 1.6% | +14.8% | +31% / +140% |
| BRNL.ASBrunel International N.V. | 386.2 m | 126.5 | 1.0% | 0.3% | −10.8% | −5% / −29% |
| ALFEN.ASAlfen N.V. | 229.8 m | — | -0.1% | -0.0% | −10.7% | +0% / −77% |
| ENVI.ASEnvipco Holding N.V. | 227.9 m | — | -12.7% | -11.9% | −20.8% | −24% / +49% |
| CMCOM.ASCM.com N.V. | 188.7 m | — | -22.2% | -1.5% | −5.4% | +21% / −31% |
1- and 3-year price returns: for EXO.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
EXOR N.V. is an investment holding company with stakes in Ferrari, Stellantis, Philips, CNH and Iveco Group, as well as the Lingotto investment platform. At the end of 2025 the listed holdings were valued at 26,116 million euro, and Lingotto managed over 10 billion dollars, which shows how much of the portfolio depends on capital market conditions and the execution of its investee companies 1.
SWOT
Strengths
- The company has a diversified investment structure, with holdings across sectors and direct board representation at its investee companies 1.
- The Lingotto platform brings its own asset management capability, with strategies that delivered positive results in 2025 1.
- Risk management and internal control are organised on several levels and were considered effective in 2025 1.
Weaknesses
- Results depend heavily on stock market performance, and the decline in listed holdings significantly weighed on net asset value in 2025 1.
- A large part of the value comes from a few major holdings, which makes the portfolio sensitive to the results of those companies 1.
- The valuation of unlisted companies relies on assumptions and independent assessments, which can limit comparability of results 1.
Opportunities
- If the automotive sector completes its reorganisation, automotive holdings could recover in value 1.
- Rising demand for precision agriculture and digital health could support the value of the CNH and Philips holdings 1.
- Expanding the Lingotto strategies could bring asset management income from third parties 1.
Risks
- Stock market volatilityhigh
Sharp changes in capital markets can alter the value of listed holdings and of net asset value 1.
- Execution of investee business plansmedium
If portfolio companies fail to meet their business plans, returns for Exor could be lower than expected 1.
- Macroeconomic and geopolitical environmentmedium
Policy changes, geopolitical tensions and supply chain disruption can affect several holdings at once 1.
- Loss of key talentmedium
The company has a small workforce, and losing key people could affect investment and monitoring processes 1.
- Asset monitoringlow
Insufficient monitoring of holdings could lead to inaccurate reporting and weak decisions if book values do not reflect real value 1.
Investment thesis
What would need to be true (bull case)
- A portfolio of quality companies, combined with board representation, could support long-term value creation 1.
- Lingotto delivered strong results in 2025 and could become a more important income source if its strategies keep performing 1.
- An automotive recovery and rising demand in medical technology and precision agriculture could support the value of the holdings 1.
What would break the thesis
- The fall in listed holding values in 2025 shows how quickly results can be hit by capital markets 1.
- Dependence on a few large holdings could make the portfolio vulnerable if they run into difficulties 1.
- The commercial vehicle and automotive markets remain competitive, and their recovery could be slow 1.
What to watch
- Value of listed holdings and total return2026
- Stellantis results and progress of its business reset2026
- Performance of Lingotto strategies and development of assets under management2026
- Next annual report and any changes in the value of unlisted holdingsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
EXOR N.V. operates as a holding company that invests its own capital in businesses where it can exert influence through board representation. The company describes a disciplined investment approach based on its own diligence and a personal commitment to each holding 1. The portfolio is split between listed companies, unlisted companies and the Lingotto platform, which runs its own investment strategies 1.
The fair value of listed holdings at 31 December 2025 was 26,116 million euro, down from the prior year due to disposals and value changes, and listed companies returned -14.7% in 2025 1. Unlisted companies were valued at 3,056 million euro, while Lingotto was valued at 4,215 million euro, reflecting a larger allocation to strategies managed directly 1.
Portfolio risk is managed through a five-level risk appetite framework approved by the Audit Committee, and internal control operates on three lines of defence 1. The company states that no major deficiencies in internal risk management and control systems were observed in 2025 1.
Segments
Listed companies
The listed portfolio includes Ferrari, Stellantis, Philips, CNH, Iveco Group, Juventus, Via Transportation and Clarivate. Their fair value at 31 December 2025 was 26,116 million euro, and they generated 676 million euro of dividends in 2025 1. Ferrari was the largest contributor to the value decline after the share placement in 2025 1.
Unlisted companies
The unlisted portfolio includes Institut Merieux, Christian Louboutin, Welltec, The Economist Group and smaller holdings, with a fair value of 3,056 million euro at 31 December 2025 1. Institut Merieux, dominated by bioMerieux, rose in value by 7% in 2025, and bioMerieux reported organic sales growth of 6.2% in fiscal 2025 1.
Market context
The company operates mainly as an investor in capital markets and in sectors including automotive, health technology, agriculture, sport, publishing and technology. Listed companies returned -14.7% in 2025, while Lingotto strategies returned 40%, showing how sensitive results are to market conditions 1. The company notes that the automotive sector is going through a turbulent phase marked by electrification and intense competition 1.
Unlisted company valuations depend on independent methods, including comparisons with listed peers, which can make their value less volatile but also more dependent on assumptions 1. If capital markets weaken, the value of the listed holdings could fall further 1.
Trends
- Automotive resetmixed
Stellantis is undergoing a business reset with a focus on execution and product quality, which could support the value of the holding if results improve 1.
- Technology in agriculturetailwind
CNH is moving from traditional machinery manufacturing toward precision agriculture solutions, which could support long-term demand although the market remains cyclical 1.
- Commercial vehicle marketheadwind
Iveco Group operates in a challenging commercial vehicle market, which could limit near-term growth if demand stays weak 1.
- Digital healthtailwind
Philips focuses on medical technology, where demand for clinical efficiency and IT solutions could support long-term growth 1.
Competitive position
As an investment holding company, EXOR competes with other investment companies and funds that pursue the same assets and opportunities, and its edge lies in direct board representation at its investee companies 1. The portfolio companies operate in their own competitive markets, from automobiles and agricultural machinery to medical technology and information services 1.
Ferrari, Stellantis and Iveco Group compete with vehicle makers adapting to electrification, while Philips and bioMerieux compete with healthcare companies investing in diagnostics and technology 1.
- StellantisSTLA
Car maker with 14 iconic brands, undergoing a business reset 1.
- CNH IndustrialCNH
Maker of agricultural and construction equipment, focused on precision agriculture 1.
- Philips
Health technology company focused on medical technology and clinical IT 1.
- ClarivateCLVT
Provider of data and analytics solutions for academia and industry, held in the listed portfolio 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / EXOR N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.