Where are Exor shares listed?

Exor shares are listed on the Euronext Amsterdam. Exor shares trade under the ticker symbol EXO.

Where can I find Exor's current and historical share price?

Please refer to Stock Info for information on share price data.

Does Exor have a Share Buyback Program in place?

Please refer to Share Buyback for more information.

Does Exor have a dividend policy and what is its dividend history?

Exor does not have a specific dividend policy, but still provides recurring dividends to shareholders. Exor’s dividend history and calendar can be downloaded here.

Are Exor dividends subject to withholding tax?

Exor is a Dutch resident company and, as such, the withholding tax rate applicable at the source is in line with the Government of Netherlands taxation. The overall tax burden to shareholders would depend on the applicable tax regime based on the country of residence and the nature of shareholders. We cannot provide advice on tax matters and would kindly suggest you to check with a tax advisor.

How many Exor shares are outstanding and how many classes of shares does Exor have?

Please refer to the Ownership structure section, including an overview of issued and outstanding shares.

How does Exor’s loyalty scheme work and how do I elect to participate?

Exor has adopted a loyalty voting structure designed to incentivise long-term share ownership, on the basis of which for each Exor ordinary share held consequently for a period of five years, shareholders will be entitled to five voting rights at the end of that period (giving entitlement to Special Voting Shares A), and for each Exor ordinary share held without interruption for a period of ten years, shareholders will be entitled to ten voting rights at the end of that period (giving entitlement to Special Voting Shares B).

For more information please refer to the Special Voting Shares section.

Investor communication

How can I keep up to date with Exor's news? Is there a subscription list?

Please refer to Press Release for a complete list of past and recent news.

In order to subscribe to receive email updates after the publication of press releases or documents (i.e. financial reports and presentations), please refer to Email Alert.

Please note that you can also cancel your subscription anytime by selecting the option ‘Unsubscribe’ at the bottom of the email page

Where do you announce the date of the publication of half-year and annual results?

Please refer to Corporate Calendar.

When is the next Investor event?

Exor organizes every year, alternating them, either an Investor Day or a Conference Call for Analysts and Investors. Further information can be found at Events and Presentations.

Is there a replay available for Exor investor events and conference calls?

Yes, both Exor Conference calls and Investor Days are webcasted live with replays generally available for 12 months.

Further details can be found at Events and Presentations.

Where can I find the latest Investor Presentation?

Exor presentations can be found at Events and Presentations.

Where can I find a complete list of Exor’s Letter to Shareholders?

The Letter to Shareholders from Exor’s Chairman and CEO is published annually. Please refer to Letter to Shareholders to read the latest publication and to access the Archive going back to 2009.

How do I get a printed copy of Exor financial reports?

Exor financial reports from 2016 are available for download at Financial Results.

For financial reports going back to 2016, please refer to the Exor NV Archive

For financial reports going back to 2009 until 2016, please refer to the Exor SpA Archive.

For financial reports prior to 2009, please refer to the IFI Archive and the IFIL Archive.

Please note that Exor follows a sustainable print policy and no printed copies are available for shipping via postal mail from our offices.

Who are the sell-side analysts covering the Exor stock?

Please refer to Analyst Coverage.

How do I contact Exor Investor Relations?

If you have a question which is not covered by the information in this FAQ section or elsewhere on the website, please email us at: Further IR details can be found at Contact.

Annual General Meetings

When is the next Annual General Shareholders’ Meeting? Where can I find the Agenda?

Each year, though no later than in the month of June, an annual general meeting of shareholders will be held.

Other general meetings of shareholders will be held whenever the Board of Directors deems such to be necessary, without prejudice to the provisions of Sections 2:108a, 2:110, 2:111 and 2:112 of the Dutch Civil Code.

The agenda of the general meeting will include the following subjects for discussion or voting:
a) discussion of the board report;
b) discussion and adoption of the annual accounts;
c) dividend proposal (if applicable);
d) appointment of Directors;
e) appointment of an External Auditor;
f) other subjects presented for discussion or voting by the Board of Directors and announced with due observance of the provisions of the Articles of Association, as for instance (i) release of Directors from liability; (ii) discussion of the policy on reserves and dividends; (iii) authorization of the Board of Directors to issue shares; and/or (iv) authorization of the Board of Directors to resolve to acquire own shares.

For more information please refer to the Shareholders’ Meetings section.

Who can attend Exor's Annual General Meeting? What do I need to bring to be admitted?

Please check the attendance requirements by reading the document ‘Notice of Annual General Meeting’ which can be found at Shareholders’ Meetings.

Financial and accounting information

When does Exor publish financial results? Where can I find Exor financial reports?

Exor publishes its financial results on a semi-annual basis. Exor's fiscal year is based on the calendar year. The last day of the fiscal year is December 31.

Please refer to Corporate Calendar for publication dates.

Exor financial reports for the last three years are available to download at Financial Results
For financial reports going back to 2016, please refer to the Exor NV Archive
For financial reports going back to 2009 until 2016, please refer to the Exor SpA Archive.
For financial reports previous to 2009, please refer to the IFIL Archive and the IFIL Archive.

What is Exor Net Asset Value? How do you calculate it?

Net Asset Value (NAV) corresponds to the total value of assets net of the Gross Debt and other liabilities of the Holdings System as defined below.

To determine the value of an asset:

Listed equity investments and other listed securities are valued at official market prices.

Unlisted equity investments are valued on the basis of the valuation method that better reflects their most recent fair value which can be either (i) a valuation determined annually by independent experts at the end of the year, (ii) a valuation of a recent round or arms-length transaction or (iii) a valuation at cost if the investment has been completed recently.

Investments in funds or other investment vehicles are valued at NAV or Exor's share of the value reported by the fund.

Bonds held to maturity are valued at amortized cost and bonds held for trading are valued at market value.

Treasury stock includes the shares held in treasury designated to service stock option plans (measured at the option exercise price under the plan if this is less than the market price). Treasury stock does not include the shares bought back under the share buyback program launched in November 2018 and completed in November 2020. Starting from 31 December 2021, shares held in treasury and not allocated to stock option plans are excluded from the NAV calculation.

The sum of the aforesaid values constitutes the total value of assets (Gross Asset Value or GAV). Gross Debt corresponds to the total amount of the financial debt of the Holdings System and Other liabilities include liabilities not included in the net financial position.

Items included in the calculation of Gross Asset Value and Gross Debt which are denominated in foreign currencies are converted at the official exchange rates at the corresponding reporting date.

Net Asset Value (NAV) is presented with the aim of aiding financial analysts and investors in forming their own assessments.

Please refer to Net Asset Value for more information.

How does Exor measure its performance? Where can I find Exor’s historical performance?

Exor aims at increasing its NAV per share to outperform the MSCI World Index in the long-term.

Exor’s NAV per share evolution since inception (March 2009) can be found at Net Asset Value

Which reported financial data best represents the financial position at the Exor holding level?

Shortened Consolidation data is prepared by Exor on the basis of a “shortened” method of consolidation. The subsidiaries of the Holdings System are consolidated line-by-line, while the operating subsidiaries and affiliates are consolidated using the equity method.

Exor believes that these data and information facilitate the analysis of the financial position and the results of Exor; in addition the shortened consolidation method is recognized by the financial community, by financial counterparties and by the rating agencies.

For more information, please refer to section ‘Review of the Consolidated Results of the Exor Group – shortened’ of Exor Annual and Half-year Reports.

What is the credit rating of Exor?

Exor’s corporate credit rating from S&P is currently “BBB+” for long-term debt and “A-2” for short-term debt with a stable outlook.
For more information please refer to Rating & Outstanding Bonds.

Does Exor have a target Loan-To-Value ratio?

Exor aims at keeping the Loan-to-value ratio below 20%, with the objective to preserve its investment grade rating.

What are Exor’s outstanding bonds?

For further details regarding the maturity profile and characteristics of Exor’s bond debt, please refer to Rating & Outstanding Bonds.

General Corporate & Governance

Where is Exor headquartered?

Exor is a Dutch company with its registered office and headquarters at Gustav Mahlerplein 25, 1082 MS Amsterdam.

Where can I find the composition and regulations of Exor's Board of Directors and Committees?

Exor's Board of Directors composition and CVs can be found at Board of Directors.

Information on the Audit Committee, on the Compensation and Nominating Committee, on the ESG Committee and on their members can be found at Committees.

Who are Exor largest Shareholders?

Exor is majority owned and controlled by Giovanni Agnelli B.V., the company grouping the descendants of Senator Giovanni Agnelli, the founder of FIAT, which holds approximately 52% of its share capital. For more information regarding the history of the Agnelli Family, please refer to History

Please refer to Ownership Structure for more information.

What is Exor's organizational structure?

Exor has a Corporate Team that covers all functions ranging from finance, treasury, governance, accounting and communications.

Exor has a team overseeing the portfolio of Exor companies, a Financial Investments team overseeing a portfolio of equity stocks and Seeds, overseeing venture capital investments.

Please refer to People for more information.

What are Exor investment principles?

Please refer to Overview for more details regarding Exor’s approach as an active owner and investor.

Where can I find information regarding Exor's Corporate Social Responsibility?

Please refer to Profile to learn more about Exor’s purpose and values. Please refer to ESG for more information regarding the initiatives supported by Exor.

Further information can be found on the ‘Sustainability Report’ section of the Exor Annual Reports.

What is Exor's Remuneration Policy?

Exor’s remuneration policy can be found on a dedicated section in the Annual Report.

Who are Exor's independent auditors?

Exor's independent auditor is Ernst & Young Accountants LLP.