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Exor (EXO) investor relations material

Exor H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary23 Sep, 2026

Executive summary

  • Portfolio simplification advanced with major divestments in GEDI, Lifenet, NUO, and Welltec (MOIC of 2.4x expected), and the sale of Iveco's defense business; Tata Motors' tender offer for Iveco is pending closure in November 2026.

  • Deployable cash position strengthened to approximately €4 billion, up from €1.4 billion at the start of the year, driven by divestment proceeds and dividend inflows.

  • Announced a €500 million on-market share buyback program to be executed over six months (until March 2027), reflecting confidence in portfolio value and addressing the substantial NAV discount.

  • NAV per share declined 3.9% to €157.9 in H1 2026, underperforming the MSCI World Index, which rose 11.8%.

  • Balance sheet and loan-to-value ratio improved, supporting flexibility for future investments.

Financial highlights

  • NAV per share declined to €157.9 at 30 June 2026 from €164.4 at 31 December 2025, a decrease of 3.9% for the half-year.

  • Gross Asset Value (GAV) decreased to €35.8 billion; Net Asset Value (NAV) at €32.0 billion.

  • Cash and cash equivalents increased to €2,179 million from €1,408 million, with deployable cash around €4 billion post-disposals.

  • Dividend income for H1 2026 was €907 million, up from €700 million in H1 2025.

  • Gross debt reduced by €17 million to €3,691 million; LTV ratio improved to 4.7%.

Outlook and guidance

  • Management remains disciplined and patient in capital deployment, seeking large investments in sectors with structural tailwinds, but open to opportunities beyond healthcare, luxury, and tech.

  • Buyback program signals confidence in intrinsic value and ongoing focus on NAV per share growth.

  • Strong cash position enables flexibility for future investments and opportunistic capital deployment.

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Frequently asked questions

Exor N.V. is a diversified holding company with investments in global businesses across sectors including automotive, media, reinsurance, healthcare, and technology. The company manages long-term holdings with active oversight and strategic involvement. Its portfolio includes both listed and private companies. The company is headquartered in Amsterdam, Netherlands, and its shares are listed on the BIT.