Exor N.V.

Exor N.V. announced a share buyback program of up to €500 million alongside its half-year report for 2026, with the buyback to be executed on the market until its next financial results in March 2027. The company said NAV per share declined 3.9% in the first half of 2026, compared with an 11.8% increase in the MSCI World Index. Portfolio simplification continued: Iveco Group completed the sale of its defence business to Leonardo, Tata Motors launched its tender offer for Iveco Group with closing expected in November 2026, and Exor completed divestments in GEDI, Lifenet and NUO and agreed to sell its stake in Welltec. The Welltec deal will return a MOIC of approximately 2.4x and bring Exor's deployable cash to around €4 billion. CEO John Elkann said the reshaping of the portfolio has continued and that the shares trade at a substantial discount to NAV that does not reflect the company's assessment of the intrinsic value of its portfolio.

Koninklijke Philips has updated its long-term agreement with Exor, allowing Exor to raise its shareholding to 22% while existing governance arrangements remain unchanged. Philips shares last closed at €23.19, down 3.74% over the past month, though the three-year total shareholder return stands at 31.21%. A widely followed valuation narrative pegs fair value at €23.40, implying the stock is undervalued, while the consensus price target is €27.59. Risks include prolonged tariffs, complex China procurement, and extended hospital order cycles.

Exor N.V. has appointed Benoît Ribadeau-Dumas as Deputy Chief Executive Officer, effective 1 July 2026. Ribadeau-Dumas will continue to report to Chief Executive Officer John Elkann, who will also become Chair of Exor’s London-based investment management company, Lingotto, from the same date. Chief Operating Officer Suzanne Heywood will step down from her executive responsibilities in January 2027 to pursue opportunities outside of Exor, but will remain involved in the governance of Exor’s investee companies, including as Chair of CNH and Iveco Group and as a board member of The Economist Group and Christian Louboutin. Elkann noted that Lingotto’s assets under management have surpassed $10 billion.