Slides
Page 1
HALF-YEAR 2026 RESULTS 23 SEPTEMBER 2026
Page 2
2 Certain statements and information contained in this presentation that are not statements or information of historical fact constitute forward-looking statements, notwithstanding that such statements are not specifically identified. These forward-looking statements may include statements regarding our (or our investee companies’) plans, objectives, goals, strategies, future events, future revenue or performance, financing needs, plans or intentions relating to acquisitions, investments or capital expenditures, business trends or other information that is not historical information. These statements may include terminology such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, “intend”, or similar terminology. Forward- looking statements are related to future, not past, events and are not guarantees of future performance. These statements are based on current expectations, assumptions and projections about future events and, by their nature, address matters that are, to different degrees, uncertain and are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future, and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including among others: • changes in general economic, financial and market conditions and other changes in business conditions; • changes in commodity prices, the level of demand and financial performance of the major industries our portfolio companies serve; and • changes in regulations and institutional framework These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements such as those included in Exor’s Annual Report 2025, including the risks described in the section “Risk Management”. These risks and uncertainties, as well as other risks of which we are not aware or which we currently do not believe to be material, may cause our actual future results to be materially different than those expressed in our forward- looking statements. Investors and shareholders are cautioned not to place undue reliance on the forward-looking statements. Forward-looking statements speak only as of the date they are made. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. Exor undertakes no obligation to update or revise its outlook or forward-looking statements, whether as a result of new developments or otherwise. Exor expressly disclaims and does not assume any liability in connection with any inaccuracies in any of these forward-looking statements or in connection with any use by any party of such forward-looking statements. Names, organizations and company names referred to may be the trademarks of their respective owners. This presentation does not represent investment advice neither a solicitation, nor a recommendation nor an invitation, nor an offer for the purchase or sale of financial products and/or of any kind of financial services as contemplated by the laws in any country or state.
Page 3
3 MAIN HIGHLIGHTS Deploying capital with discipline • Strengthening our balance sheet with around €4bn of deployable cash1, allowing us to move decisively when new opportunities appear • Launching a new share buyback program of up to €500mn, to be executed on the market over the next 6 months Simplifying the portfolio at attractive returns • Iveco Group completed the sale of its defence business to Leonardo. Tata Motors launched its tender offer for Iveco Group, with closing expected in November 2026 • Completed the divestments in GEDI, Lifenet and NUO • Reached an agreement to sell stake in Welltec, returning a MOIC of approximately 2.4x, with closing expected in the first half of 2027 1 – Expected deployable cash following completion of Iveco and Welltec disposals.
Page 4
4 KEY FIGURES GAV COMPOSITION AT 30 JUNE 2026 in € billion1 30 JUN 2026 31 DEC 2025 Total Assets or GAV 35.8 37.1 Gross Debt and Other Liabilities (3.8) (3.9) Equity or NAV 32.0 33.2 NAV per Share in € 157.9 164.4 Loan-to-Value Ratio (%)2 4.7% 6.9% HY 2026 FY 2025 NAV per Share Growth (%) (3.9)% (8.1)% MSCI World Return Index (%) 11.8% 5.4% Total Shareholder Return (%) (6.9)% (17.7)% Unlisted companies Other Listed companies Others €36bn Cash & Cash Equivalents 1) Unless otherwise indicated. 2) Including outstanding commitments, mainly related to Lingotto, LTV Ratio is equal to 6.0% and 9.2% at 30 June 2026 and at 31 December 2025, respectively. 34% 12% 10% 6% 5% 7% 12% 6% 6%
Page 5
5 DRIVERS OF CHANGE IN GAV Notes: Numbers may not add up due to rounding. 1) Including dividend paid in shares for €77 million related to Philips. 2) Including change in value reflected in the income statement (-€1,979 million) and change in value recognised in OCI reserve (-€67 million). 3) Change in value of Listed companies is negatively impacted by the extraordinary dividend of the €427 million distributed by Iveco, which is included under Others. 4) Including dividend paid to shareholders (€93 million) net of withholding tax. in € million Listed Companies Unlisted Companies Companies Lingotto Others Cash & Cash Equivalents GAV 31 DEC 2025 26,116 3,056 29,172 4,215 2,335 1,408 37,130 Investments1 77 - 77 269 33 (302) 77 Disposals - (224) (224) (22) (244) 490 - Change in value2 (1,742)3 (274) (2,016) (13) (17) - (2,046) Shareholder distributions4 - - - - - (93) (93) Other changes - - - - 24 676 700 30 JUN 2026 24,451 2,558 27,009 4,449 2,131 2,179 35,768 1 2 3 3 4
Page 6
6 PERFORMANCE OF LISTED COMPANIES1 1) ‘Investments’ includes 3,388,714 shares (€77 million) received as dividend paid in shares. 2) ‘Change in Value’ includes €5 million of positive exchange differences on translation recorded in OCI. in € million 31 DEC 2025 Investment (Disposals) Change in Value 30 JUN 2026 Net Change Ferrari 12,037 - - 213 12,250 213 Philips1 4,242 77 - 99 4,418 176 CNH 2,880 - - 736 3,616 736 Stellantis 4,252 - - (2,016) 2,236 (2,016) Iveco Group 1,377 - - (356) 1,021 (356) Juventus 789 - - (232) 557 (232) Via Transportation2 348 - - (123) 225 (123) Clarivate 191 - - (63) 128 (63) Listed Companies 26,116 77 0 (1,742) 24,451 (1,665)
Page 7
7 PERFORMANCE OF UNLISTED COMPANIES2 1) Holding company that holds TagEnergy. in € million 31 DEC 2025 Investment (Disposals) Change in Value 30 JUN 2026 Net Change Institut Mérieux 956 - - (276) 680 (276) Christian Louboutin 575 - - (25) 550 (25) Welltec 459 - - 14 473 14 The Economist Group 402 - - 4 406 4 Tag Holding1 240 - - - 240 0 Lifenet 196 - - 13 209 13 GEDI 123 - (119) (4) - (123) Nuo 105 - (105) - - (105) Other Minor - - - - - 0 Unlisted Companies 3,056 0 (224) (274) 2,558 (498) Valuations performed by a third party at least annually
Page 8
8 PERFORMANCE OF LINGOTTO AND OTHERS3 1) Excluding equity investment in Lingotto Investments Management (UK) which is classified under “Unlisted securities”. 2) Including: Ora Global (previously Exor Ventures), Reinsurance Vehicles and Other Funds. 3) Including: bioMérieux, Investlinx ETFs, Forvia, Banijay and Neumora. in € million 31 DEC 2025 Investment (Disposals) Change in Value Other Movements 30 JUN 2026 Net Change Lingotto Intersection 3,020 - - (367) - 2,653 (367) Lingotto Horizon 717 86 (22) 297 - 1,078 361 Lingotto Innovation 345 66 - 58 - 469 124 Lingotto Mosaic 42 20 - (13) - 49 7 Other 91 97 - 12 - 200 109 Lingotto1 4,215 269 (22) (13) - 4,449 234 in € million 31 DEC 2025 Investment (Disposals) Change in Value Other Movements 30 JUN 2026 Net Change Funds Managed by 3rd Parties2 932 13 (113) 223 - 1,055 123 Listed Securities3 844 - - (237) - 607 (237) Unlisted Securities 259 14 - (3) - 270 11 Other Assets 300 6 (131) - 24 199 (101) Others 2,335 33 (244) (17) 24 2,131 (204)
Page 9
9 CHANGE IN CASH AND CASH EQUIVALENTS4 in € million Cash and cash equivalents at 31 DEC 2025 1,408 Dividends inflow 861 Disposals 490 Investments (302) Shareholder distributions (93) Net repayment of borrowings (147) Other changes (38) Cash and cash equivalents at 30 JUN 2026 2,179
Page 10
10 GROSS DEBT in € million 30 JUN 2026 31 DEC 2025 Change Notes 3,507 3,663 (156) Bank debt - - - Borrowings 3,507 3,663 (156) Other financial liabilities 184 45 139 Gross Debt 3,691 3,708 (17) €500 €500 €650 €300 €600 €200 €500 ¥10,000 €200 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Public bond Private placement Bank debt Borrowings Maturity Profile In millions and in the original currency of issuance
Page 11
11 TODAY, WE LAUNCH A €500MN ON-MARKET SHARE BUYBACK PROGRAM • We are committed to NAV per share growth and shareholders value creation • Current discount exceeds our assessment of intrinsic value • Buybacks will remain part of our capital allocation Exor announces a €500mn share buyback "Our shares meanwhile continue to trade at a substantial discount to NAV and, in addition, don’t reflect our assessment of the intrinsic value of our portfolio. As share purchases are a crucial part of our capital allocation strategy, we are announcing a buyback program of up to €500 million to be executed on the market until our next financial results in March. ” Extract of H1 2026 CEO Statement
Page 12
12 Q&A SESSION HALF-YEAR 2026 RESULTS