Operator

Ladies and gentlemen, good afternoon. Welcome, and thank you for joining the Exor Investor and Analyst Call. Please note that the presentation is available to download on Exor website www.exor.com under the Investors and Media, Events & Presentations section.

Any forward-looking statements Exor management makes are covered by the safe harbor statement included in the presentation material. Please note that this conference is being recorded. [Operator Instructions].

At this time, I would like to turn the conference over to your host, CEO, John Elkann. Please go ahead.

John Elkann
CEO & Director

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 Exor 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 health care. We want to speak to you about Lingotto who has reached a very important milestone in ’25, reaching EUR 10 billion of assets under management driven by performance, which is exactly in line with our intentions of building an investment