Exor (EXO) H1 2026 earnings summary

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.