Exor, the holding company of the Elkann-Agnelli family, have published their half-year results to 30 June 2026. Net asset value (NAV) per share dropped by 3.9% in the first half of the year, against the MSCI World global index's +11.8%. The holding company's portfolio also includes Juventus and Ferrari assets.The value of the stake in Juventus fell from €789 million on 31 December 2025 to €557 million on 30 June 2026, a decrease of 29%. The value of the stake in Ferrari, meanwhile, rose from €12,037 million to €12,250 million, an increase of 3%.
Getty Images-232 million
Gazzetta.it, which reports these figures, notes that for listed holdings such as Juve and Ferrari, Exor no longer records in its income statement the share of profits or losses generated by the investee companies through the equity method. The holding is instead valued at market value. Consequently, the change in value recorded by Exor in the half-year reflects the stock market performance of the holdings, not the financial result achieved by Juventus or Ferrari during the period. In the Old Lady's case, the change in the value of the holding was -€232 million, while for Ferrari it was positive at €213 million.
Elkann speaks
John Elkann, Exor CEO, said: "The transformation of our portfolio continued. We are satisfied with the disposals made this year and the returns they generated, just as we are satisfied to have found suitable owners for these companies, capable of supporting them in the next phase of growth," reports Gazzetta.it.
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