Exor, the Elkann-Agnelli family's holding company, has released its half-yearly report for the period ending 30th June 2026, revealing a mixed picture across its portfolio, with its two Italian sporting assets moving in opposite directions.

The net asset value per share for Exor slipped by 3.9% over the first half of the year, a stark contrast to the global MSCI World index, which climbed 11.8% over the same period. Within the portfolio, the value of the Juventus stake dropped sharply, falling from €789 million at the end of December 2025 to €557 million by 30th June 2026 — a decline of 29%. Ferrari, on the other hand, moved in the opposite direction, with its stake rising from €12.037 billion to €12.25 billion, a 3% increase.

Exor explained that these figures should not be read as reflections of the clubs' or companies' underlying business performance. For listed holdings like Juventus and Ferrari, the group no longer applies the equity method to record shares of profit or loss in its income statement. Instead, both stakes are valued at fair market value, meaning the changes recorded are driven by stock market movements rather than the economic results Juventus or Ferrari achieved on the pitch or track during the half. In cash terms, the shift amounted to a loss of €232 million on the Juventus holding and a gain of €213 million on the Ferrari one.

Across Exor's wider listed holdings, total value fell by €1.742 billion during the six months. Stellantis was identified as the biggest drag on performance, while Ferrari, CNH and Philips all contributed positively. The decline was cushioned somewhat by dividends, with listed companies paying out €750 million in total, including an extraordinary €427 million dividend from Iveco tied to the sale of its defence division to Leonardo.

Commenting on the results, Exor CEO John Elkann said the group's portfolio transformation had continued, expressing satisfaction with the year's disposals and the returns they generated, as well as with finding "suitable owners" able to support those businesses through their next stage of growth. Elkann also noted that Exor shares continue to trade at a significant discount to net asset value and do not, in his view, reflect the true intrinsic worth of the portfolio. Citing buybacks as a core part of the company's capital allocation strategy, he confirmed Exor would launch a new share repurchase programme worth up to €500 million.

Source: La Gazzetta dello Sport

Read our previous article: Ferrari Cuts the BoP Leash: 296 GT Modificata Packs 730 HP for Track Days Only