Exor launches share buyback up to €500M amid discount to net asset value
Exor announced on September 22, 2026 a share buyback program that could reach €500M, executable on the market until the publication of its next results in March 2027.
The investment company of the Agnelli family justifies this decision by the persistent discount of its share price relative to its revalued net asset value (NAV), while the latter declined by 3.9% in the first half of 2026.
A NAV discount that justifies the share buyback
Exor indicated that its NAV per share declined by 3.9% in the first half of 2026, while the MSCI World index advanced by 11.8% over the same period.
According to Chief Executive Officer John Elkann, the group's shares continue to trade at a substantial discount to NAV, a level that also does not reflect the company's assessment of the intrinsic value of its portfolio.
The share buyback program, with a maximum amount of €500M, is presented as an element of the capital allocation strategy. It will be executed on the market until the next financial results, expected in March 2027.
Completed divestitures and deployable cash expected at approximately 4 billion euros after Welltec
The first half of 2026 was marked by the continued simplification of the portfolio. Exor completed its divestitures in GEDI, Lifenet and NUO.
The company also concluded an agreement to divest its stake in Welltec. According to Exor, this transaction will generate a multiple on invested capital (MOIC) of approximately 2.4 times and will bring the group's deployable cash to approximately €4bn.
These movements confirm the direction expressed by John Elkann, who stated that the portfolio reshaping has continued and expressed satisfaction with the completed divestitures and the returns they have generated.
Iveco Group at the heart of two separate transactions
The group's scope is also evolving around Iveco Group. The latter completed the sale of its defense business to Leonardo.
Furthermore, Tata Motors has launched its public tender offer for Iveco Group, with closing expected in November 2026.
These operations are part of the same refocusing logic. Exor's portfolio remains primarily composed of companies in which it is the leading shareholder, notably Ferrari, Philips, CNH and Stellantis.
