Financial Data and Key Metrics Changes - The company reported a peak equipment inventory of approximately $1.3 billion, with guidance suggesting a reduction of about $550 million by the end of January [24] - Equipment margins improved from 3% in the first half of fiscal 2026 to 7% in the third quarter, indicating a recovery trend [28][29] - The company aims to operate within a tighter inventory range of two and a half times turn, focusing on improving the mix of inventory [21] Business Line Data and Key Metrics Changes - Revenue split is approximately 75% from equipment sales and just under 25% from parts and service, with parts and service contributing about 50% of gross profit dollars [3][4] - The service side has a gross profitability margin in the low 60s%, while parts have a margin in the low 30s%, compared to single-digit margins for equipment [4] Market Data and Key Metrics Changes - The company is navigating a down cycle, with industry volumes expected to be about 50% of the long-term average from 2000 to 2025, potentially marking the lowest point in several decades [18][19] - The agricultural equipment market is under pressure, with large ag equipment expected to decline by 15%-20% in the upcoming year [18] Company Strategy and Development Direction - The company is focused on consolidating its dealership footprint to enhance service efficiency and customer care, particularly in rural areas [5][6] - Recent divestitures in Germany were part of a strategy to focus on areas with higher profitability potential and to strengthen the dual-brand dealership model [12][14] - The company is investing in digitization and automation to improve operational efficiency and is currently implementing a new ERP system [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current down cycle but expresses confidence in the company's positioning for future recovery, emphasizing strong relationships and a proactive approach to inventory management [30][38] - The leadership team is focused on adjusting strategies in response to market conditions, including pulling back on purchasing and refining inventory management practices [37][38] Other Important Information - The company is actively pursuing M&A opportunities within its core footprint, aiming to increase dealership density and improve service delivery [10][11] - Floor plan interest has been a significant constraint on EPS generation, with efforts underway to reduce this burden through improved inventory turnover [32][33] Q&A Session Summary Question: How does the company source M&A opportunities? - The company relies on relationships within the industry and proactively engages with neighboring dealers to express interest in potential acquisitions [8][9] Question: What is the company's strategy regarding inventory management? - The company has implemented a plan to reduce inventory levels and improve the mix, focusing on presales and regionalized stock inventory [21][22] Question: How does the company view the current cycle and its impact on operations? - Management believes the current cycle presents challenges but also opportunities for consolidation and efficiency improvements, positioning the company for future growth [30][38]

Group 1 - Exor N.V. and the Ferrari family have renewed their shareholders' agreement regarding Ferrari N.V., reaffirming their commitment to the company [1] - The new agreement will take effect after the current agreement expires and will last for three years until January 4, 2029, with an automatic renewal for an additional three years unless terminated by the parties [2] - The agreement includes consultation arrangements for coordinating positions on matters at Ferrari's general meetings and establishes reciprocal rights of first offer for share transfers to third parties [3] Group 2 - Exor N.V. has a long history of building successful companies, primarily through investments made by the Agnelli Family, and has a portfolio that includes major stakes in Ferrari, CNH, Stellantis, and Philips [4]

Core Viewpoint - Exor's Board of Directors has unanimously rejected Tether's unsolicited proposal to acquire its controlling stake in Juventus Football Club, reaffirming its commitment to the club and its management strategy [1][2]. Group 1: Exor's Position on Juventus - Exor has consistently stated that it has no intention of selling any shares in Juventus to any third party, including Tether [2]. - The Agnelli family, as stable shareholders for over a century, remains fully committed to Juventus and supports its new management team [2]. Group 2: About Exor - Exor N.V. has been making successful investments worldwide for over a century, driven by a culture that combines entrepreneurial spirit and financial discipline [3]. - The company's portfolio includes major holdings in companies such as Ferrari, CNH, Stellantis, and Philips, where Exor is the largest shareholder [3].

Core Insights - Illinois soybean growers are facing significant financial losses, averaging up to $64 per acre due to low crop prices and weak exports, as estimated by the University of Illinois [1][8] - The U.S. soybean industry is struggling to find alternative markets to replace China, which has historically been the largest importer of U.S. soybeans [2][15] - The trade war between the U.S. and China has led to a 39% drop in U.S. soybean exports to China by volume, resulting in a 51% decrease in value, equating to a loss of billions for farmers [8][18] Market Dynamics - Farmers are storing their crops in hopes of price recovery, as they have sold some harvests at prices below production costs [2][5] - The U.S. has seen a slight increase in exports to countries like Bangladesh and Vietnam, but these markets are not sufficient to offset the losses from the absence of Chinese demand [9][12] - The U.S. Agriculture Secretary announced a commitment from Taiwan for $10 billion in U.S. agricultural purchases over four years, but this does not represent an increase in demand [11] Industry Impact - The decline in soybean exports has negatively affected related industries, including equipment manufacturers like CNH, which reported a 20% drop in net sales in its agriculture business [19] - The financial strain on farmers is expected to have broader implications for rural America, affecting various sectors beyond agriculture [18] - The U.S. soybean industry is exploring new markets in regions like Southeast Asia and North Africa, but these efforts are still in early stages and may take time to yield results [10][14]

Core Insights - CNH, a major player in the farm equipment industry, is preparing for a significant slowdown in agriculture sales, anticipating a decline of up to 20 percent this year [1] Company Overview - The CEO of CNH, Gerrit Marx, discussed the company's outlook on Bloomberg Open Interest, highlighting the shift in farmer preferences towards used equipment instead of new [1]

Core Insights - Exor's net asset value (NAV) per share outperformed the MSCI World Index by 5 percentage points in the first half of 2025, supported by a €1 billion share buyback [6] - The company experienced significant market volatility but its portfolio companies performed in line with the MSCI World Index, with varied performance across holdings [6] - Exor is well-positioned for investment opportunities with €4.1 billion inflows from asset monetisation and dividend income, including a Ferrari share placement [6] Company Performance - Exor's gross asset value reached €40 billion, while the NAV totaled €36 billion by the end of the first half of 2025 [6] - Lingotto, a part of Exor's portfolio, delivered strong returns of 11% during the period, primarily driven by public investments [6] Strategic Actions - The company has reduced portfolio concentration through successful monetisation and backed a strategic deal for Iveco Group, aiming to create new opportunities [3] - Exor's CEO highlighted the challenges posed by tariffs and regulatory uncertainties but noted steady progress in navigating these headwinds [2]