EarningsQ2 2026 Earnings Report
MX:EXO1N Q2 2026 EPS Results
Actual EPS-$114.30
Consensus EPS―
Beat/Miss―
One Year Ago EPS-$61.90
MX:EXO1N Q2 2026 Revenue Results
Actual Revenue$19.72B
Expected Revenue―
Beat/Miss―
YoY Revenue Growth+28.49%
Earnings Announcement Details
QuarterQ2 2026
Date09/22/2026
TimeTBA
Conference CallTuesday, September 22, 2026
MX:EXO1N Upcoming Earnings
Exor's next earnings date is estimated for March 31, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:EXO1N Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
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.Company Guidance
Portfolio Simplification Progress
Exor 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 MOIC
Exor 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 Cash
Exor 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 Buyback
Exor 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 Discount
Exor 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 Profile
Exor'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 CNH
Ferrari'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 Holdings
Exor 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 Horizon
Lingotto 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 Performance
Although 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 AI
Exor'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 Assets
Exor 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 Management
Exor 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 Flexibility
Philips 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 Investments
Exor 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 Technology
Exor 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.
MX:EXO1N Earnings History
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.
Beat
Missed