Exor (EYX) Q2 2026 Earnings Report
DE:EYX Q2 2026 EPS Results
- Actual EPS
- -EUR 5.54
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- -EUR 3.00
DE:EYX Q2 2026 Revenue Results
- Actual Revenue
- EUR 956.00M
- Expected Revenue
- ―
- Beat/Miss
- ―
- YoY Revenue Growth
- +28.49%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 09/22/2026
- Time
- TBA
- Conference Call
- Tuesday, September 22, 2026
Exor's next earnings date is estimated for March 31, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
The call was predominantly positive. Exor highlighted rapid portfolio simplification, substantial liquidity of approximately EUR 4 billion, a EUR 500 million buyback, a strengthened debt profile, successful divestments and positive performance from several holdings and investment platforms. These positives outweighed the EUR 1.2 billion NAV decline, the 50% to 60% decline in Stellantis, weakness at Clarivate and Intersection, and the widening NAV discount.
Exor said it expects approximately EUR 4 billion of deployable cash, of which EUR 0.5 billion will be used for an on-market buyback to be executed in the next 6 months, leaving EUR 3.5 billion, with EUR 1.4 billion of current cash, EUR 2.7 billion of expected cash inflows from disposals, around EUR 300 million of net free cash flow and EUR 300 million of commitments. It expects the Welltec sale to close in the first half 2027, has no redemptions in 2026 nor in 2027, and said the first redemption will follow in 2028 with a maturity profile spread out for the coming next 12 years. For the next investment, Exor is primarily looking at large listed companies where it can acquire a shareholding of 15% to 20% for an investment of at least EUR 2 billion, approximately 5% of gross asset, but is very open to other sectors; it is not in a rush to deploy and will not give any timing, although “sooner rather than later” is the objective.
- Portfolio Simplification ProgressExor progressed rapidly with its portfolio simplification. The sale of Iveco's defense business to Leonardo was completed, Tata formally launched its tender offer for Iveco with closing expected in 2 months, and Exor completed the divestments of GEDI, Lifenet and NUO.
- Welltec Sale Expected to Deliver 2.4x MOICExor signed an agreement to sell its stake in Welltec after owning the company through a business cycle. The sale price is expected to be substantially in line with the fair value carried on Exor's balance sheet and represents a 2.4x MOIC. Closing is expected in the first half of 2027.
- Approximately EUR 4 Billion of Deployable CashExor expects to have approximately EUR 4 billion of deployable cash, compared with EUR 1.4 billion at the start of the year. Divestment proceeds and other proceeds contributed around EUR 2.7 billion, while dividends, net cash inflows and capital calls for Lingotto contributed to the ending position.
- Strong Liquidity After Planned BuybackExor approved a EUR 500 million on-market share buyback to be executed over the next 6 months. After the buyback, Exor expects to retain approximately EUR 3.5 billion of cash firepower, before further dividend inflows.
- Buyback Supported by 56% NAV DiscountExor stated that its shares were trading at a substantial discount to NAV, reaching 56%, and that the buyback represents an attractive capital allocation because Exor can invest in its portfolio through its own shares at approximately half the cost.
- Improved Balance Sheet and Debt ProfileExor's loan-to-value strengthened as its cash position increased. Debt was EUR 3.7 billion, broadly in line with the prior year, with no redemptions in 2026 or 2027 and the first redemption scheduled for 2028. Exor described its maturity profile as well spread over the coming 12 years.
- Positive Performance at Ferrari and CNHFerrari's portfolio weighting increased from 32% to 34%, while CNH delivered a very strong performance and increased from 8% to 10% of the portfolio. Ferrari was described as an amazing company in which Exor remains very happy to own a substantial position.
- Strong Results at Several Listed HoldingsExor said that three of its four largest listed companies performed well during the period, with a notable contribution from CNH. Iveco also distributed a EUR 427 million special dividend following the Leonardo defense-business divestment.
- Positive Developments in Lingotto HorizonLingotto Horizon was a positive surprise after one portfolio investment completed a unicorn financing round. Because Exor was an early investor, the transaction generated a significant valuation uplift. Horizon was described as fully invested and entering its monetization period.
- Strong Long-Term Lingotto Hedge Fund PerformanceAlthough Lingotto's Intersection fund declined by approximately EUR 370 million during the period, management highlighted that the hedge fund strategy had delivered an IRR of approximately 24% since inception in 2018 and described its long-term performance as stellar.
- Continued Investment in AIExor's venture capital arm invested in early AI companies, including businesses developing AI applications and AI infrastructure. Management said these investments appeared to be unicorn investments and were driving a strong upward revision in the valuation of Ora Global.
- Ongoing Disposal of Other AssetsExor reduced its unlisted-company holdings by around EUR 900 million through disposals and continued to dispose of other assets. Remaining proceeds included EUR 55 million from reinsurance vehicles linked to the PartnerRe disposal and EUR 38 million of distributions from Ora Global, formerly Exor Ventures.
- Efficient Capital and Interest ManagementExor repaid one private placement because its borrowing carried a higher interest rate than the return on its cash position. The repayment was intended to manage investment interest returns efficiently.
- Renewed Philips Partnership and Increased Ownership FlexibilityPhilips renewed its partnership with Exor and increased Exor's permitted ownership limit from 20% to 22%. Management described this as a vote of trust and evidence that Philips values Exor's ownership and governance contribution, while noting that no increase in the stake had been decided or was imminent.
- Disciplined Approach to Future InvestmentsExor is primarily seeking large listed companies where it could acquire a 15% to 20% shareholding for an investment of at least EUR 2 billion. Management emphasized structural tailwinds, companies with a right to win, diversification, active ownership and patience, stating that it is not in a rush to deploy capital.
- Diversification Beyond Healthcare, Luxury and TechnologyExor remains interested in healthcare, luxury and technology but said it is not limited to those sectors. It is actively considering other sectors with structural tailwinds and opportunities that are less correlated with the current portfolio.
DE:EYX Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 31, 2027 | 2026 (Q4) | ―- | -15.67 | ― | ― |
| Sep 22, 2026 | 2026 (Q2) | ―-5.54 | -3 | -84.67% (-2.54) | |
| Mar 23, 2026 | 2025 (Q4) | ―-15.67 | ― | ― | |
| Sep 17, 2025 | 2025 (Q2) | ―-3.00 | 66.99 | -104.48% (-69.99) | |
| Mar 26, 2025 | 2024 (Q4) | ―-0.11 | 9.33 | -101.20% (-9.44) | |
| Sep 24, 2024 | 2024 (Q2) | ―66.99 | 9.37 | 614.79% (+57.62) | |
| Apr 11, 2024 | 2023 (Q4) | ―9.33 | 17.23 | -45.85% (-7.90) | |
| Sep 13, 2023 | 2023 (Q2) | ―9.37 | 1.15 | 717.09% (+8.22) | |
| Apr 17, 2023 | 2022 (Q4) | ―17.23 | 3.79 | 354.11% (+13.44) | |
| Sep 07, 2022 | 2022 (Q2) | ―- | ― | ― |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
