Exor, the investment arm of Italy’s billionaire Agnelli family, launched a €500 million share buyback program on Sept. 23, 2026, one day after announcing it. The first tranche covers purchases of up to €125 million and is expected to be completed by the end of November, or earlier if the limit is reached. The program is intended to reduce Exor’s share capital and will be carried out under a discretionary agreement with a primary financial institution within the safe-harbor provisions of the EU Market Abuse Regulation. Because the institution will lead execution within predefined parameters, purchases can take place during closed periods. The buyback is authorized by Exor’s general meeting of shareholders, which approved the mandate on May 20, 2026, and that authority remains valid through Nov. 20, 2027. Exor will publish weekly progress updates but is not obliged to complete the program and can suspend, discontinue or modify it in line with applicable law. The company held 5,038,376 ordinary shares in treasury as of Sept. 23. Exor previously reported first-half net asset value of €157.9 per share, down 3.9% year-on-year, gross asset value of €35.77 billion, down 3.7%, and a 4.7% loan-to-value ratio. Its deployable cash position was expected to reach about €4 billion, including proceeds from the sale of its interest in Iveco and the planned disposal of Welltec. The portfolio includes Stellantis, Ferrari, Philips, Juventus and The Economist.