Earnings call transcript: Exor H1 2026 NAV falls as cash pile and buyback grow

Exor reported a challenging first half of 2026, with its net asset value (NAV) declining by 1.2 billion euros. This drop was due to struggles across both listed and unlisted holdings. While gains were seen in Ferrari and CNH, weaker performance in Stellantis, Juventus, Clarivate, and Forvia negatively impacted results. The investment company also announced a 500 million euro share buyback, driven by a large discount between the share price and NAV.

Exor's deployable cash rose to approximately 4 billion euros, providing more flexibility for future investments. Despite the decline in NAV, the company strengthened its balance sheet and increased its cash position. Exor is simplifying its portfolio and expects further capital from asset sales. The company's shares were up 0.98% at $72.2 following the announcement.