Exor N : Half-Year 2023 Financial Report

2023 First Half-Year Report

Board Report

• Board of Directors, Committees and Independent Auditors
  3 2023 Highlights
  7 Profile

14 Exor performance measures

1. Review of the Consolidated Results of the Exor Group - Shortened

1. Review of the Consolidated Results of the Exor Group

1. Subsequent events and 2023 outlook

56 Exor Group - Half-Year Condensed Consolidated Financial Statements at 30 June 2023

98 Responsibility statement

Independent Auditor's Report

Exor N.V.

Corporate Seat: Amsterdam, the Netherlands

Principal Office: Gustav Mahlerplein 25 - 1082 MS Amsterdam, The Netherlands

Share Capital: €7,328,612

Amsterdam Dutch Commercial Register under number 64236277

BOARD REPORT 1

Board of Directors

Chairman	Nitin Nohria
Chief Executive Officer	John Elkann
Non-independentNon-executive Directors	Tiberto Ruy Brandolini D'Adda
	Ginevra Elkann
	Alessandro Nasi
Independent
Non-executive Directors	Melissa Bethell
	Marc Bolland
	Laurence Debroux
	Sandra Dembeck
	Axel Dumas
Compensation and Nominating Committee
Marc Bolland (Chair), Axel Dumas and Nitin Nohria
Audit Committee

Laurence Debroux (Chair), Marc Bolland, Sandra Dembeck and Nitin Nohria

ESG Committee

Nitin Nohria (Chair), Melissa Bethell and Laurence Debroux

Independent Auditors

Deloitte Accountants B.V.

Expiry of term of office

The Board's appointment will expire concurrently with the shareholders' meeting that will approve the 2025 annual financial statements, hence in 2026

2

BOARD REPORT

2023 HIGHLIGHTS

BOARD REPORT

3

KEY FIGURES

	€ million	30/6/2023	31/12/2022
	Gross Asset Value	38,426	32,487
	Gross Debt	(4,228)	(4,234)
	Net Asset Value	34,189	28,233
	Net Asset Value per share - €	150.21	122.34
	Market capitalization	19,113	16,460
	Share Price - €	81.68	68.30
	Discount to Net Asset Value (%)	(45.6)%	(44.2)%
	Net Financial Position of Exor Holdings System	(133)	795
	Loan-to-Value ratio (%)	0.4 %	n.a.
	€ million	Six months ended 30 June
		2023	2022
	Net profit from continuing operations	3,487	2,170
	Net profit	3,487	1,117
	of which attributable to owners of the parent	2,157	265
	Dividends received	815	794
	Dividends paid	(99)	(100)
	Dividends per share paid - €	0.44	0.43
		Six months ended 30 June
	Earnings per share (€)(a)	2023	2022
	Profit (loss) attributable to owners of the parent - basic	9.535	1.147
	Profit (loss) attributable to owners of the parent - diluted	9.372	1.143
	Earnings per share (€) from continuing operations
	Profit (loss) attributable to owners of the parent - basic	9.535	5.722
	Profit (loss) attributable to owners of the parent - diluted	9.372	5.718

1. Additional details on the calculation of basic and diluted earnings per share are provided in Note 10 to the Half-Year Condensed Consolidated Financial Statements.

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BOARD REPORT