EXXRF Stock Recent News

Exor trades at an 88% NAV discount, which, we believe, is unjustified given its diversified holdings and substantial Ferrari stake. While Stellantis faces challenges, Exor's exposure to more resilient assets, along with a now de-risked position in Philips, underpins a constructive view. With a robust balance sheet, an ongoing buyback, and a solid track record, we remain buyers of EXXRF.

Exor's FY24 performance was uninspiring, with Stellantis dragging down the very strong contribution from Ferrari. Recent actions—reducing Ferrari concentration, executing a large buyback, and increasing Philips exposure—strengthen my investment case for Exor. Exor's current share price implies a discount to adjusted NAV of slightly greater than 50%, well above the historic discount level of ~30%.

Amsterdam, 22 May 2025 EXOR SHAREHOLDERS APPROVE ALL RESOLUTIONS AT AGM Exor N.V. (“Exor” or the “Company”) shareholders approved all resolutions proposed by the Board of Directors at the Annual General Meeting (the “AGM”) held today in Amsterdam.

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Amsterdam, 10 April 2025 ING CHAIRMAN KARL GUHA NOMINATED TO JOIN EXOR BOARD Exor nominates ING Chairman Karl Guha as a non-executive member of its Board of Directors, subject to approval at the Company's next Annual General Meeting on 22 May 2025. Karl is an international banker with over three decades of experience across the United States, Europe, Australia and Asia.

We maintain a buy rating on Exor N.V. stock due to Stellantis valuation upside, Ferrari's defensive luxury appeal, and its non-auto diversification strategy. Exor's valuation discount is higher than Porsche Automobil Holding SE (50% vs 35%), reinforcing our positive stance. With an ongoing buyback, a higher DPS, and a safe balance sheet, Exor is a clear buy.

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Amsterdam, 26 March 2025 EXOR DELIVERS 9% NAV PER SHARE GROWTH IN 2024 LAUNCH OF A €1 BILLION SHARE BUYBACK PROGRAM WITH TENDER OFFER AT UP TO 10% PREMIUM NAV reached €38.2 billion at 31 December 2024, with NAV per share increasing by 9% Strong cash flow generation with dividends received from companies and asset disposals amounting to €1.5 billion in 2024. Active and disciplined capital allocation with increased exposure to Healthcare Ordinary dividend to be distributed of approximately €100 million, subject to AGM approval Launch of a new €1 billion share buyback program in the form of a Tender Offer starting 27 March 2025 at a premium of up to 10% The company will hold its annual investor and analyst call on 27 March 2025 at 15hCET € million, unless otherwise indicated 31 December 2024 1 January 2024 Total Assets / Gross Asset Value (GAV)(a) 42,460 39,739 Equity / Net Asset Value (NAV)(a) 38,212 35,423 NAV per share - €(a) 178.78 164.02 Market Capitalization 19,568 21,

Exor announced the sale of a 4% stake in Ferrari to institutional investors, valued at €3 billion. This strategic move aims to diversify Exor's portfolio. Exor also plans a €1 billion buyback program to enhance shareholder returns and finance a significant new acquisition. NAV discount is at a record-level. Our buy is then confirmed.