Exor Press Release - Periodic Report on the Buyback Program

Exor purchased 414,604 ordinary shares for approximately €28.98 million across four European trading venues from 28 September to 2 October 2026. Cumulative purchases under the first tranche of its buyback program reached 647,787 shares and approximately €46 million, against a tranche limit of up to €125 million. As of 5 October, Exor held 5,686,163 ordinary shares in treasury, equal to 2.74% of ordinary issued share capital.

Analysis

The buyback is a modest near-term demand signal, not evidence of a durable price floor: EXO shares declined across the reported execution window despite purchases. That weak price response may mean the program is absorbing supply rather than changing the market’s view of Exor’s holding-company discount. The key valuation question is whether repurchases below net asset value create more per-share value than retaining cash for portfolio investments; the release does not provide the NAV discount or the relevant liquidity and capital-allocation context.

With roughly €79 million of the €125 million first tranche still available, continued purchases could cushion weakness over the next several weeks, but that support is conditional on execution and is unlikely by itself to close a persistent discount. In the next 1–3 months, watch subsequent buyback disclosures alongside NAV updates and management commentary on competing uses of capital. Over 6–18 months, sustained discount narrowing would require credible per-share value creation and confidence in portfolio realization, not just repeat authorizations. A reversal in execution or evidence that cash is more valuable inside the portfolio would weaken the signal. The contrarian point: buybacks can look like a valuation endorsement, but without discount-to-NAV evidence, treating them as proof of undervaluation is premature.

Key Decisions for Investors

• Do not chase EXO solely on the buyback announcement. Treat ongoing purchases as a possible short-term demand cushion, not a standalone catalyst.
• For an existing position, monitor subsequent filings for execution pace and compare it with the share price and updated NAV discount; reassess if purchases slow or the discount widens despite continued buying.
• Consider a measured EXO long only if independent NAV work shows a meaningful discount and the buyback is not displacing higher-value investment needs. Missing inputs to verify: current NAV and discount, liquidity, and management’s capital-allocation priorities.
• Falsification watch: sustained weakness alongside buyback execution, a material slowdown or pause in purchases, or NAV disclosure that shows little per-share benefit from retiring shares.