Exor Nv Ord

Ladies and gentlemen, good afternoon. Welcome and thank you for joining the EXA investor and analyst call. Please note that the presentation is available to download on EXA website at www.exa.com under the investors and media events and presentation section. Any forward-looking statements EXA management makes are covered by the safe harbor statement included in the presentation materials. Please note that this conference is being recorded. As a reminder, all participants are in a listen-only mode. Later, there will be a brief question and answer session. To ask a question on the phone, please press star 1 and 1 and wait for your name to be announced. To refer your question, please press star 1 and 1 again. Alternatively, you may also send your written questions on the webcast at any time by typing them in the question box and click Submit. At this time, I would like to turn the conference over to your host, CEO, John Elkann. Please go ahead.

Good morning, good afternoon, and good evening to all of you. Thank you for being here today with us. 2025 was a difficult year in many different ways for XOR and for our companies. But it also has been a year that has helped us be more focused and be more resilient, which enables us as a company to be better prepared for another difficult year, which will be 2026. Today, we want to talk to you about our companies. We have less of them and we have more in healthcare. We want to speak to you about Lingotto, who has reached a very important milestone in 25, reaching $10 billion of assets under management, driven by performance, which is exactly in line with our intentions of building an investment organization interested in performance, not in gathering assets. And finally, our financials that on the back of disposals have provided us with a strong balance sheet and also the opportunity in 25 of doing a large buyback of a billion, which if you add to the ones that we've done in prior years, taking into account our large discount, has allowed us to buy up to close to 15% of our shares. Our portfolio today reflects the latest disposal, which is JD, which we were able to conclude and the money got wired yesterday. And it reflects a XOR as we move towards 26, which would be one of less companies where we'll be able to focus particularly on our larger ones. And that's where I'd like to proceed today. And I'd like to start with Stellantis, who has been the one that has encountered both external difficulties and internal difficulties in the course of 25. It is resetting itself. And under the leadership of Antonio Filosa, it is addressing the many challenges that it's confronted with both externally, but also internally. We are getting to an important year in 26 with the capital markets day where Stellantis end of May will present its future, where it intends to be very clear about how it will improve as a company and make sure that it is and will remain one of the leaders in what is a defining industry. Ferrari, on the other hand, has already spoke about its future in 25 in the Capital Markets Day, where it is committed to growing, but growing in a way in which the uniqueness of what it does continues to be unique. And 26 is the defining term. with the launch of the Ferrari Luce, the first ever electric car, which will also happen in the end of May with the third act of the launch that started at the Capital Markets Day presenting the technologies of the Ferrari Luce, which then had beginning of this year with the interiors and finally the final car end of May in Rome. I would like now to pass on to my colleague Benoit to speak to you about Philips, which is a company in which we continue to invest in 25 and today is in terms of value, the second largest company for XOR.

Thank you, John. 2025 was the last year of the 2325 plan that we underwrote in 2023. when we invested in Philips for the first time. So it was good to see at the end of this plan the company delivering a strong performance, a solid performance, with in particular a strong margin expansion, which is the result of the ambitious reorganization and productivity plans that have been launched by the CEO Roy Jacobs. And second, we saw also in 2025, and it was long awaited, a peak in the order intake after years of moderate growth, and it is paving the way for a new momentum of the company. The stock price so far has not been following the performance, so we have decided to increase our stake last year to reach 19% economic rights. Also, we were glad to see the company announcing earlier this year the new plan, the new three-year plan for 2026-2028, after a phase where the focus was on execution and on exiting the quality crisis of the sleep and respironics business this is a renewed ambition for the company which is now targeting mid single digit sales growth and meetings profit margin of course continuing the efforts that they launched on quality and productivity enhancement but also accelerating in the delivery of new products, fueled by AI and fueled by the high level of R&D that this company has always been proud of. So we are happy shareholders of Philips and we are looking forward to seeing their next progresses. Suzanne on CNH.