Slide 1: Half-Year 2026 Results
HALF-YEAR 2026 RESULTS 23 SEPTEMBER 2026
Slide 2: Forward-looking statements
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 o
Slide 3: Main Highlights
MAIN HIGHLIGHTS • 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 Simplifying the portfolio • Completed the divestments in GEDI, Lifenet and NUO at attractive returns • Reached an agreem
Slide 4: Key Figures
KEY FIGURES GAV COMPOSITION AT 30 JUNE 2026 in € billion1 30 JUN 2026 31 DEC 2025 Cash & Cash Equivalents Total Assets or GAV 35.8 37.1 Others Gross Debt and Other Liabilities (3.8) (3.9) 6% 6% Equity or NAV 32.0 33.2 34% 12% NAV per Share in € 157.9 164.4 Loan-to-Value Ratio (%)2 4.7% 6.9% Unlisted
Slide 5: Drivers of Change in GAV
DRIVERS OF CHANGE IN GAV 1 2 3 3 4 Listed Unlisted Cash & Cash in € million Companies Lingotto Others GAV Companies Companies Equivalents 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 (
Slide 6: Performance of Listed Companies
1 PERFORMANCE OF LISTED COMPANIES 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) J
Slide 7: Performance of Unlisted Companies
2 PERFORMANCE OF UNLISTED COMPANIES 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 Lif
Slide 8: Performance of Lingotto and Others
3 PERFORMANCE OF LINGOTTO AND OTHERS 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
Slide 9: Change in Cash and Cash Equivalents
4 CHANGE IN CASH AND CASH EQUIVALENTS 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 9
Slide 10: Gross Debt
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) Borrowings Maturity Profile In millions and in the original currency of issuance ¥10,000 €200 €650 €600 €500
Slide 11: Today, We Launch a €500mn On-Market Share Buyback Program
TODAY, WE LAUNCH A €500MN ON-MARKET SHARE BUYBACK PROGRAM Exor announces a €500mn share buyback • We are committed to NAV per share growth and shareholders value creation "Our shares meanwhile continue to trade at a substantial discount to NAV and, in addition, don’t reflect our assessment of the in
Slide 12: Q&A Session
HALF-YEAR 2026 RESULTS Q&A SESSION 12
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