Family offices · Netherlands
Agnelli Family Office? How Exor and Giovanni Agnelli Work
Exor N.V. is a holding company incorporated and headquartered in Amsterdam and listed on Euronext Amsterdam, so it is not a private family office: it has outside shareholders. It is controlled by Giovanni Agnelli B.V., whose shares are held by the descendants of Fiat founder Giovanni Agnelli and which held 54.94% of Exor's economic rights and 83.97% of its voting rights at 31 December 2025; Forbes Italia calls Exor the Agnelli family's holding company. Exor reported a net asset value of €32.0 billion (€157.9 per share) at 30 June 2026. Its largest company holdings are Ferrari, Philips, CNH and Stellantis, and it owns the investment manager Lingotto. [1, 2, 3]
At a glance
| Family | Agnelli family |
|---|---|
| Founded | 1927 (as IFI); named Exor in 2009; Exor N.V. since 2016 |
| Headquarters | Amsterdam, Netherlands |
| Run by | John Elkann, Chief Executive Officer; Nitin Nohria, Chairman |
| Size | Net asset value €32,009m (€157.9 per share) at 30 June 2026 |
| Structure | Dutch N.V. listed on Euronext Amsterdam; controlled by Giovanni Agnelli B.V. |
| Known for | Ferrari 19.5%, Philips 18.9%, CNH 26.9%, Stellantis 15.5% (economic rights, 30 June 2026); Lingotto |
How did Exor start?
Giovanni Agnelli, founder of Fiat, created the holding company IFI in 1927 to control and oversee Fiat and his other businesses, according to Exor, which dates its own story to 1899. IFI took control of IFIL, a diversified financial services company, in 1957, and in 2009 IFI merged with IFIL and was renamed Exor. In 2016 Exor incorporated in the Netherlands as Exor N.V., and Ferrari was separated from FCA with Exor as its largest shareholder (23%). Exor moved its share listing from Milan to Euronext Amsterdam in 2022 to align it with its Dutch legal structure: trading in Amsterdam was set to start on 12 August 2022 and the Euronext Milan listing ended on 27 September 2022. [4, 5]
Who runs Exor?
John Elkann is Chief Executive Officer of Exor; according to Exor's website he is also Chairman of Ferrari and of Stellantis, and he became Chair of Lingotto on 1 July 2026. Nitin Nohria has chaired Exor's Board of Directors since the 2023 annual meeting (31 May 2023); the nine-member board also includes Ginevra Elkann and Alessandro Nasi as non-executive directors. The management team includes Benoît Ribadeau-Dumas (Deputy CEO since 1 July 2026), Guido de Boer (Chief Financial Officer) and Suzanne Heywood (Chief Operating Officer, and Chair of CNH and Iveco Group), who plans to step down from her executive role at Exor in January 2027 while keeping her chair roles. [6, 7, 8, 9]
How big is Exor?
Exor reported a net asset value (NAV, its equity under IFRS) of €32,009 million, or €157.9 per share, at 30 June 2026, down from €33,241 million (€164.4 per share) at 31 December 2025. Gross asset value (total assets under IFRS) was €35,768 million at 30 June 2026 and the loan-to-value ratio was 4.7%. NAV per share fell 8.1% in 2025, which Exor attributed to challenges at its largest companies, and 3.9% in the first half of 2026, mainly because of the fall in Stellantis's share price. NAV was €38.2 billion at 31 December 2024. [1, 10, 11]
What does Exor invest in?
At 30 June 2026 Exor held 19.5% of the economic rights and 32.5% of the voting rights in Ferrari (valued at €12,250 million), 18.9% of the economic rights in Philips (€4,418 million), 26.9% of CNH with 45.6% of the votes (€3,616 million), 15.5% of Stellantis with 23.9% of the votes (€2,236 million, down from €4,252 million at the end of 2025), and economic stakes of 27.1% in Iveco Group, 65.4% in Juventus, 24.1% in Christian Louboutin, 10.0% in Institut Mérieux, 17.3% in Via Transportation and 10.5% in Clarivate, plus a stake in The Economist Group whose voting rights are limited to 20%. It also had €4,449 million invested in strategies managed by Lingotto, the independent investment management company it owns; Lingotto had over US$10 billion of assets under management, according to Exor's FY2025 results release (March 2026). Other holdings named on its website include TagEnergy and Shang Xia, and Welltec, which it has agreed to sell. [1, 10, 12]
How is Exor set up and regulated?
Exor N.V. is a Dutch public company incorporated and headquartered in Amsterdam, listed on Euronext Amsterdam under the ticker EXO. Giovanni Agnelli B.V., a Dutch private limited company whose main purpose, Exor says, is to preserve the unity and continuity of its controlling stake, held 114,163,063 ordinary shares and 114,161,912 special voting shares A at 31 December 2025; the special voting shares carry extra votes, which is why its share of votes is far above its share of economic rights. The September 2026 half-year report puts its holding at about 55.93% of outstanding ordinary shares and 84.69% of voting rights (no date given); Baillie Gifford was the only other holder of 3% or more at the end of 2025, according to Exor's ownership page. [1, 2, 5]
What changed in 2025 and 2026?
In February 2025 Exor launched the sale of about 7 million Ferrari shares, about 4% of Ferrari, and completed it in March for proceeds of €3 billion; it remained Ferrari's largest shareholder. In April 2025 it bought back 12,254,495 of its own shares for €1 billion (€81.60 each) in a tender offer, 6,985,062 of them from Giovanni Agnelli B.V. In January 2026 it agreed a new Ferrari shareholders' agreement with Piero Ferrari running until 4 January 2029. In 2026 it completed the sales of GEDI (to Antenna), NUO and Lifenet, received a €427 million extraordinary dividend from Iveco Group after Iveco sold its defence business to Leonardo, agreed with Philips on 11 August to raise its permitted stake from 20% to 22%, and agreed in September to sell Welltec, with closing expected in the first quarter of 2027. Tata Motors' tender offer for Iveco Group is expected to close in November 2026, according to Exor. On 22 September 2026 Exor announced a buyback of up to €500 million to run until its March 2027 results and said the Welltec sale would bring its deployable cash to about €4 billion; by 16 October it had bought about 1.56 million shares for about €109 million. [1, 11, 13, 14, 15, 16, 17, 18, 19]
