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Letters & Theses

John Elkann · Exor

Letter to Shareholders 2025

John Elkann's 2025 letter to Exor shareholders, on a difficult year

Covers FY2025Published 23 Mar 2026Shareholder letter · Investment

Read the letter(PDF, 26.8 MB) (opens in a new tab)Full document on exor.com (opens in a new tab)

Letter begins on page 2 of 18. A large file (26.8 MB): on mobile data, it may take a while to open.

Also on exor.com (opens in a new tab)

What to notice

  1. 1

    On Stellantis, Elkann names internal causes: cost-cutting that hurt delivery and quality, and moving to electric vehicles faster than customers wanted.

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Why read it

A controlling shareholder's account of a hard year: where the family's largest company went wrong, what changed, and how a long-term owner decides to sell.

About this letter

John Elkann, chief executive of Exor, the holding company of the Agnelli family, published this letter on 23 March 2026. Exor's net asset value per share fell by 8.1% in 2025 while its benchmark, the MSCI World index, rose by 5.4%, and the letter opens by calling it a year that tested governance and leadership.

Most of the letter goes company by company. Stellantis, where Elkann was also chairman and for half the year acting chief executive, reported a net loss of €22.3 billion after charges of about €25 billion, and he describes what he believes went wrong. Ferrari, Philips, CNH, Iveco and Juventus follow, then the unlisted companies, the sale of the newspaper group GEDI, and Lingotto, Exor's investment management arm. The letter reads as an owner's account of decisions taken as the controlling shareholder, rather than as a summary of results.

Companies

  • Exor
  • Stellantis
  • Ferrari
  • Philips
  • CNH
  • Iveco Group

Themes

  • capital allocation
  • mistakes
  • governance
  • long term ownership
  • leadership
Read the letter(PDF, 26.8 MB) (opens in a new tab)Full document on exor.com (opens in a new tab)

A large file (26.8 MB): on mobile data, it may take a while to open.

L3VLUP does not host this document. It belongs to Exor; the notes above are L3VLUP’s reading of it.

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