Exor: 87% of the first buyback tranche spent in 18 sessions, with no second tranche announced

In 18 sessions, from 23 September to 16 October 2026, Exor bought back 1,564,066 of its own shares for €109.2m, or 87% of a first tranche of up to €125m. These shares represent 0.75% of the ordinary shares, and treasury shares reach 3.18% as at 19 October. At last week's pace, the balance of the tranche amounts to fewer than three sessions, and the rest of the €500m programme, up to €375m, would require a second tranche.

Why it matters for Exor shareholders: at 30 June 2026, Exor reported NAV of €157.9 per share. Since 23 September, the holding company has been buying back its shares at an average of €69.85 (Opulion calculation: the exact total of the four reports, rounded here to €109.2m, divided by 1,564,066 shares), 55.8% below that last published NAV. With NAV unchanged from 30 June, these purchases would add about €0.68 to each remaining share, or 0.43% of NAV per share (Opulion calculation: 1,564,066 shares multiplied by the €88.05 gap between NAV per share and the average price, divided by the 201,177,310 shares outstanding as at 19 October, that is 207,779,752 ordinary shares less 6,602,442 treasury shares). The €109.2m equals 5.0% of the €2,179m of cash reported at 30 June, as a sense of scale. Each session of buybacks at this discount passes value to the remaining shares, and the tranche that allows it is nearly used up. The mechanism is explained in our article on Pantheon International's buybacks.

On 22 September, with its half-year accounts, Exor announced a programme of up to €500m, to be executed on the market until its annual results in March 2027. The next day, the holding company launched a first tranche of up to €125m under a discretionary mandate with a financial institution, which alone decides when to buy, within parameters set in advance. The launch release expected the tranche to be completed by the end of November, or earlier if the maximum amount was reached, and the programme aims to reduce the share capital. Our analysis of 23 September measured this capacity: cash that rose from €1,408m to €2,179m in the first half.

The four weekly reports trace a steady series: 13% of the tranche after three sessions, 37% at 2 October, 61% at 9 October, then 87% at 16 October, including 26% in the last week alone (Opulion calculation). The amount per session rose from €5.6m between 23 and 25 September to €6.6m between 12 and 16 October, while the weekly average price fell from €71.75 to €69.38 (Opulion calculation). Opulion hypothesis: at last week's pace, the remaining €15.8m (€125m less €109.2m, or 2.4 sessions at €6.6m) would be spent around 21 October, more than a month before the announced deadline. The figures reconcile: the 6,602,442 treasury shares as at 19 October, minus the 1,564,066 bought back, give the 5,038,376 held before the first purchase, the figure in the half-year report at 22 September.

For Exor shareholders, three facts will settle the matter: the weekly report expected on Monday 26 October, which will show whether the first tranche is closed, payment under Tata's offer for Iveco, then the announcement, or not, of a second tranche, on a date Exor will set. If the Iveco offer succeeds, Exor will receive €1,057m on 30 October, unless the acceptance period is extended (Opulion calculation: 73,385,580 Iveco shares multiplied by €14.40). The fourth fact will take longer: how much of the €500m is actually bought back by March 2027, and at what discount.