La safe of family Agnelli-Elkann is worth almost 10 billion of euros. This figure emerges from the 2025 financial statements of Giovanni Agnelli BV, the Dutch holding company that holds the controlling stake in Exor and represents the center of family governance. According to analyses reported by Corriere della Sera, the main impetus for recent growth would have come from stock buyback program (buyback) initiated by Exor in 2025, which had a significant impact on the valuation of the stake held by the holding company.
Growing assets and almost zero debt
Giovanni Agnelli BV is the holding company that encompasses the various branches of the Agnelli family, descendants of Senator Giovanni. The numbers reveal a significantly strengthened financial structure: the holding company now appears more solid, with net assets up to approximately €1,2 billion, compared to €757 million in 2024. At the same time, debt has been almost completely reduced: long-term debt is now marginal, while short-term debt has been substantially eliminated. This result indicates more prudent management and a more solid financial position compared to previous years.
The Exor buyback that changed the balance of power
According to the reconstruction of Corriere della Sera, the main driver of this improvement was precisely the buyback from a billion of euros promoted by ExorGiovanni Agnelli BV would have joined the operation by selling shares for approximately 570 million euros, realizing a capital gain of approximately 490 million. These transactions would have been added further disposals of securities for 40 million, with a capital gain of another 34 million.
The holding also continues to benefit from the dividends from Exor. In 2025, it would have received approximately €60 million, while this year's approved distribution amounts to €55 million, received on May 27, the same day the financial statements were filed in Amsterdam. Giovanni Agnelli BV controls approximately 54,9% of Exor's capital, but more importantly, it holds approximately 84% of the voting rights, thus maintaining effective control of the holding company that owns stakes in Classic Ferrari for sale, Stellantis, Cnh Industrial, Philips, Juventus and other companies.
Why Giovanni Agnelli BV is worth nearly 10 billion
The most interesting indication of the value of the safe, however, comes from a transaction carried out after the balance sheet close. In the first months of 2026, the holding company has in fact repurchased 10.800 treasury shares, equal to 0,3% of the capital, for a total value of €29,4 million. The transaction represents a valuation of approximately €2.725 per share. Applying the same value to the entire share capital, Giovanni Agnelli BV would be valued at approximately €9,83 billion.
However, there remains an element of curiosity: it has not been made known which branch of the family has sold le actions repurchased by the holding company or whether the sale occurred through one or more transactions. The valuation of 9,83 billion appears to be in line with a previous internal transaction between John Elkann and Andrea Agnelli, which attributed a value to the safe of close to 10 billion euros, while it is higher than the 8,2 billion indicated by some estimates published in recent months.
Exor loses share on the stock market, but the holding company strengthens
The capital strengthening of Giovanni Agnelli BV comes at a less favorable time for Exor on markets financial. Over the last twelve months, the stock has lost approximately 21%, falling to around 66 euros per share, compared to approximately 90 euros recorded at the time of the buyback. capitalization The market value currently stands at less than €14 billion, a four-year low. Despite this backdrop, the family holding company boasts a more robust structure: debt is essentially zero, and treasury shares now represent more than 10% of its capital.
How much is John Elkann's share worth?
The valuation of Giovanni Agnelli BV is reflected throughout the family's control chain, passing through the holding company December, which holds 41% of the safe and is the linchpin of the ownership structure. December itself is also at the center of the inheritance dispute started by Margherita Agnelli, in a story that is intertwined with the ongoing civil procedures and with the criminal front opened in Turin, where John Elkann has been asked to be sent to trial for alleged fraud against the State, with first court hearing fixed the 21nd JuneA series of dossiers that keeps the focus on the family's control structure high, even though the current statutory arrangements make governance substantially shielded.
In terms of equity, Dicembre is worth approximately 4 billion euros: John Elkann holds 60%, while the remaining 40% is split between Lapo and Ginevra Elkann, with 20% each. Based on the implicit valuation of the safe, the share attributable to John would then be worth around 2,4 billion of euros, representing the main financial asset of the president of Exor, Stellantis and Ferrari. Furthermore, if the dividends distributed by Exor were to be transferred entirely along the holding chain, John Elkann could receive them this year about 13,5 million euro.
