(Il testo seguente è tratto integralmente dalla nota stampa inviata all’Agenzia Opinione) –
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DEAR SHAREHOLDERS,
Difficult periods have a way of clarifying what truly matters. They force painful choices, expose weaknesses, and test whether governance and leadership function as they should. For Exor, 2025 was such a year. My grandfather Gianni Agnelli once told me: “Difficulties are not meant to stop us, but to test whether we have the resilience to endure the pain and the courage to continue.” The past twelve months demanded that kind of resolve. Externally, volatility in global markets, tariffs and regulatory uncertainty created a complex operating environment for many of our companies. Internally, some of them also had to confront challenges of their own making, rooted in prior operational and strategic choices.
In many respects, 2025 was shaped by the actions to address issues that had emerged during 2024. It was a year spent working through those challenges deliberately and responsibly. Diagnosing problems, taking ownership where needed, and beginning the work of correcting course. Share prices across parts of our portfolio reflected these combined pressures, and Exor’s trading discount widened over the year.
We emerged tested but more determined, more disciplined, and more resilient.
*
John Elkann
Chief Executive Officer – Exor
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