The sharp decline in Stellantis shares weighed on Exor’s portfolio value during the first half of 2026, but John Elkann continues to support Antonio Filosa as he works to reverse years of difficulties. In the letter accompanying Exor’s half-year report, the holding company’s CEO acknowledges how much the automotive investment affected results and describes the first signs under the new management as encouraging.
Stellantis weighs on Exor, but Elkann remains confident in Filosa’s turnaround
At the end of June, Exor’s Net Asset Value per share stood at €157.90, or about $180, down 3.9%, while the MSCI World index gained 11.8% over the same period. NAV measures the value of a holding company’s assets after subtracting debt and other liabilities. Performance at Exor’s portfolio companies therefore feeds directly into this figure, and Stellantis’ decline had a significant impact.
Among Exor’s four largest holdings, Stellantis was the only company whose share price ended the first six months below its level at the start of the year. Ferrari, Philips and CNH all contributed positively, although their gains only partially offset the decline.
Elkann links Stellantis’ recovery prospects to the execution of FaSTLAne 2030, the five-year plan Filosa presented during Investor Day. The program calls for around €60 billion, or roughly $68.5 billion, in investment as the group works to rebuild profitability and return industrial free cash flow to positive territory. Stellantis has already started cutting costs, but encouraging early progress does not mean the company has achieved the targets it set for the end of the decade.
Ferrari presents a very different picture for Exor. Strong results allowed the Maranello company to raise its 2026 outlook. In his letter, Elkann points to the Luce and 12Cilindri Manuale as examples of the different directions Ferrari is pursuing, combining new technologies with products that remain closely connected to the brand’s traditions.
Exor has also reinforced its long-term commitment to Ferrari by extending its shareholder agreement with the Ferrari family earlier this year, providing greater continuity to the ownership structure. The holding company also updated its agreement with Philips while retaining the option to increase its stake in the Dutch group.
Exor is meanwhile buying back its own shares, which Elkann says continue to trade at a substantial discount to the value of the underlying portfolio. The company announced a share buyback program of up to €500 million, or about $570 million, to be completed on the market before the publication of its next financial results in March 2027.
