News
CNH · Exor · Net Loss · Stellantis
Exor, the Agnelli family's holding company, reported a net loss of €3.79 billion ($4.40 billion) for 2025, a sharp reversal from the previous year's €14.67 billion profit, primarily due to significant underperformance from its major listed holdings, Stellantis and CNH.
Stellantis recorded a record €22.3 billion loss and a steep valuation decline, driven by approximately €25 billion in restructuring charges. Exor expresses confidence that Stellantis will recover and deliver improved performance over time.
CNH faced weakened demand for agricultural equipment, impacting revenues, with the company not expecting a market recovery before 2027. Exor's dividend income from portfolio companies declined to €781 million from €1.135 billion.
The company's net asset value (NAV) fell 13% to €33.24 billion, and NAV per share dropped 8.1% to €164.4. Exor announced it expects to generate about €2 billion ($2.32 billion) in proceeds during 2026 from planned disposals, including stakes in GEDI, Lifenet, and Nuo, with expected returns exceeding 1.4 times the capital invested.
Performance among its unlisted businesses was uneven, though private assets overall made a positive contribution to the portfolio.
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