Juventus have become part of a wider financial picture at Exor, where the market value of the club’s shareholding fell sharply during the first six months of 2026, even as the holding company continued reshaping its portfolio and preparing a major share buyback.
Key takeaways
- Exor valued its Juventus stake at €557 million on 30 June 2026, down from €789 million at the end of 2025.
- The €232 million reduction represents a 29% fall in the market value of Exor’s Juventus investment.
- The movement reflects Juventus’ stock-market price rather than the club’s operating profit or loss for the period.
- Ferrari’s value within the same portfolio rose by €213 million, reaching €12.25 billion.
- Exor’s net asset value per share declined by 3.9% in the first half of the year, while the MSCI World index gained 11.8%.
Juventus value follows the market
For Juventus, the figure is a reminder that the club’s place within the Elkann-Agnelli family holding is measured not only through the work done on the pitch and in the boardroom, but also through the judgement of financial markets. Exor’s valuation of its Bianconeri participation moved from €789 million on 31 December 2025 to €557 million six months later.
The holding company recorded the change as a €232 million negative movement. It should not, however, be read as Juventus’ financial result for the first half of 2026. Exor values listed investments such as Juventus and Ferrari at fair value, meaning their market price, rather than including its share of each company’s profits or losses through the equity-accounting method.
In practical terms, the decrease reflects the direction of Juventus shares on the stock exchange over the period. It does not provide a direct verdict on the club’s revenue, balance sheet or sporting management during those six months.
Ferrari, the other major Italian sporting asset in Exor’s holdings, moved in the opposite direction. Its value increased from €12.037 billion at the end of 2025 to €12.250 billion on 30 June, a 3% rise and a positive €213 million contribution.
Exor reshapes its wider portfolio
Across the group, Exor’s quoted investments lost €1.742 billion in value during the semester. Stellantis was the largest negative factor, while Ferrari, CNH and Philips made positive contributions.
Dividend income helped soften that decline. Exor received €750 million in dividends from listed companies, including €427 million from Iveco’s special dividend following the sale of its defence division to Leonardo.
John Elkann said the portfolio’s transformation had continued through the year, with the company pleased both by the disposals completed and by the returns achieved. He added that Exor believed the businesses sold had been placed with suitable new owners for their next stage of development.
Exor shares, Elkann said, continued to trade at a substantial discount to net asset value and did not represent the group’s own assessment of the portfolio’s intrinsic worth. With buybacks remaining central to its capital-allocation policy, the company plans to begin a share repurchase programme of up to €500 million.
For Juventus, the half-year statement places the club in a broader season-long corporate context: a listed football institution whose valuation can shift with the market, while its controlling shareholder continues to make long-term decisions across a portfolio far larger than football alone.
