The Exor shareholders’ meeting approved the 2025 financial statements of the Agnelli-Elkann family holding company and gave the green light to the distribution of a dividend of 0.49 euros per share, for a total payout of about 100 million euros. Approval was also given for the renewal of John Elkann as head of Exor and the appointment of Png Chin Yee, chief financial officer of Temasek, and Benedetto Della Chiesa as non-executive directors. Nitin Nohria, Sandra Dembeck, and Axel Dumas were also confirmed on the board until 2029.
EXOR’S DECLINE DRIVEN BY STELLANTIS
The dividend approval comes after a very difficult year for Exor. The Amsterdam-based holding closed 2025 with a consolidated loss of 3.79 billion euros, after recording profits of over 14.6 billion in 2024. The collapse of Stellantis, the most problematic holding in the portfolio, weighed heavily.
Exor controls 15.5% of Stellantis’ capital and almost 24% of voting rights. In 2025, the automotive group posted a net loss of 22.3 billion euros, after record profits in 2023. The blow was directly reflected in the accounts of the Agnelli-Elkann holding. In his letter to shareholders, John Elkann described Stellantis’ 2025 as “a year of reckoning and restart,” acknowledging issues related to cost cuts, product quality, and electric strategy.
Exor also builds its financial statements based on the value of its holdings. When the stock prices of controlled companies fall, the holding’s assets decrease as well. For this reason, Exor’s total asset value fell from 42.4 to 37.1 billion euros, while equity dropped from 38.2 to 33.2 billion. On a per-share basis, the holding’s equity decreased by 8.1%, while over the same period the MSCI World global index rose by 5.4%.
The holding nonetheless maintained a financial structure considered robust. Gross debt fell from 4.1 to 3.7 billion, while available liquidity rose from 169 million to over 1.4 billion thanks to asset disposals and monetizations. Exor also announced that in 2026 it aims to have over 3.5 billion euros in cash for new operations.
THE 100 MILLION DIVIDEND
Despite the loss, Exor decided to keep the dividend unchanged compared to previous years. The coupon approved by the meeting amounts to about 100 million euros in total and will be paid on May 27.
The largest share will go to Giovanni Agnelli Bv, the Dutch safe through which the Agnelli-Elkann-Nasi family controls Exor. The family holding owns about 54.9% of Exor’s capital and over 70% of voting rights.
This means that Giovanni Agnelli Bv will receive more than 54 million euros of the total dividend distributed by Exor. John Elkann, who is the main shareholder of the family safe with a stake exceeding 40%, will indirectly benefit from a significant part of this distribution.
HOW MUCH JOHN ELKANN RECEIVES
But it is especially on the compensation front that 2025 proved very favorable for Elkann. During the year, Exor’s CEO received about 3.15 million euros gross between fixed salary and bonuses. However, the most substantial part of the remuneration is the share component: over 247,000 Exor shares assigned under the three-year incentive plan.
At the vesting date, June 30, 2025, the net value of the shares was about 21.2 million euros. The shares must be held for at least two years before they can be sold. Considering this share component as well, Elkann’s remuneration at Exor exceeds 24 million euros.
Adding also the roles in the group’s main holdings – about 2.34 million as chairman of Stellantis and 4.42 million as chairman of Ferrari – Elkann’s total compensation in 2025 exceeds 31 million euros.
THE WEIGHT OF LARGE HOLDINGS
2025 once again highlighted how Exor’s results depend on the performance of its large holdings. Ferrari remains the portfolio’s crown jewel: Exor controls 19.5% of the economic capital and over 32% of the voting rights of the Prancing Horse.
Despite a drop in the stock price during 2025, Ferrari closed the year with revenues up 7% to 7.1 billion, very high margins, and orders already extended through the end of 2027. Over the past ten years, Elkann recalled, the company’s market value has grown more than sixfold.
Exor also strengthened its presence in Philips, rising above 19% of the capital of the Dutch healthcare technology company. The holding has also invested in the healthcare sector through bioMérieux.
The situation is more complex for Cnh Industrial, hit by the slowdown in the agricultural sector, while Iveco is set to exit the holding’s perimeter after the announced deal with Tata Motors and the sale of the defense division to Leonardo.
In 2025, Exor also started a portfolio simplification process with the sales of Gedi, Lifenet, and Nuo. According to Elkann, these operations should generate about 2 billion euros in proceeds during 2026.
BUYBACK AND NEW MOVES
The meeting also authorized Exor to repurchase up to 10% of its own shares over the next 18 months. The holding had already carried out buybacks for about 1 billion in 2025, taking advantage of the discount between the stock market capitalization and the value of the holdings.
Presenting the accounts to analysts on March 24, Elkann explained that Exor intends to focus on a smaller number of large holdings, with a more direct involvement in the governance of controlled companies.
The holding, said Exor’s top executive, now wants to “simplify the portfolio, refine priorities, and focus on the larger companies,” while maintaining strong financial discipline awaiting new investment opportunities.
