Amsterdam, 17 September 2025 EXOR NAV PER SHARE OUTPERFORMS MSCI WORLD INDEX In the first half of 2025, Exor’s net asset value (NAV) per share outperformed the MSCI World Index by 5 percentage points, supported by €1 billion share buybackDespite significant market volatility, Companies performed in line with the MSCI World Index with varied performance across holdingsLingotto delivered strong returns of 11% over the period, mainly driven by its public investmentsExor is well-positioned to seize significant ...

Group 1: Company Buyback Announcements - Dropbox announced a $1.5 billion share buyback program, representing 18% of its market capitalization, and has reduced its outstanding share count by approximately 35% since April 2021 [4][2] - Nutanix increased its buyback authorization by $350 million, bringing its total buyback capacity to $461 million, which is 2.2% of its market capitalization [8][6] - Salesforce raised its buyback authorization by $20 billion, totaling $50 billion, with a current buyback capacity of approximately $25.7 billion, equating to 11.1% of its market capitalization [14][12] Group 2: Company Performance and Market Position - Dropbox's stock has increased by around 28% over the past 52 weeks, despite facing significant competition in the cloud storage market [3][2] - Nutanix's shares have gained over 31% in the past year, benefiting from competitive advantages against VMware [6][7] - Salesforce has added 6,000 paying customers to its AI offering, Agentforce, in just three quarters, highlighting its growth in the enterprise software sector [13][12] Group 3: Financial Metrics and Implications - The buyback programs of these companies are expected to positively impact key metrics like earnings per share (EPS), which often correlates with rising share prices [1] - Salesforce has reduced its outstanding share count by approximately 4.7% since November 2022, with an average quarterly buyback spending of around $2 billion [15][14] - Nutanix's share count has increased by less than 1% in 2025, indicating a slowdown in dilution, which may allow for future reductions in share count as free cash flow improves [9][8]

NBPE Announces August Monthly NAV Estimate St Peter Port, Guernsey 15 September 2025 NB Private Equity Partners (NBPE), the $1.3bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 31 August 2025 monthly NAV estimate. NAV Highlights (31 August 2025) NAV per share was $27.79 (£20.57), a total return of 0.9% in the month100% of valuation information as of Q2 2025 or August quoted holdingsPrivate company valuations were up 2.3% during Q2 2025 and 1.9% year- ...

TON Strategy Company (TONX) has repurchased over 250,000 shares of its common stock at $8.32 per share, well below its stated treasury asset value (TAV) of $12.18, the company said. The move is part of its recently launched $250 million buyback program and follows its pivot to position toncoin (TON) as the company’s primary treasury asset. The company also announced that it has begun staking its TON holdings to earn rewards by helping secure the blockchain networks, effectively using idle treasury asse ...

Core Viewpoint - Infosys Ltd's ₹18,000-crore share repurchase plan is seen as a strategy to boost investor confidence amid a challenging market, while raising concerns about the company's commitment to investing in future technologies like AI [1][10]. Group 1: Share Buyback and Financial Performance - Infosys has returned ₹1,51,987 crore ($17 billion) to shareholders through dividends and share buybacks since April 2017, while spending ₹8,925.62 crore ($1.01 billion) on R&D and approximately ₹11,500 crore ($1.3 billion) on 20 acquisitions [4]. - The company's share price has decreased by 25% since January 2023, indicating a potential undervaluation that the buyback aims to address [7]. - Infosys's operating margin has declined from 24.7% in March 2017 to 21.1% in March 2023, reflecting pressures on profitability [11]. Group 2: Investment in Technology and Market Position - The company has made modest investments in AI and disruptive technologies, raising questions about its long-term competitiveness compared to global rivals like Accenture and IBM, which have disclosed significant GenAI-related deals [10][15]. - Since the launch of ChatGPT on November 30, 2022, Infosys's share price has fallen by 7.91%, highlighting the impact of generative AI on market dynamics [12]. - Analysts predict that AI may lead to a 20% revenue deflation in IT services from 2025 to 2030, with growth in the IT services market limited to a CAGR of 1.5%-3% over 2024-2029 due to various factors [13][14]. Group 3: Acquisitions and Strategic Focus - Infosys's acquisitions include firms in cybersecurity, data analytics, and digital services, but only nine out of twenty acquisitions were focused on high-tech areas [5][6]. - The company has acquired several firms in the digital space, including Australian and American companies, as part of its strategy to enhance its service offerings [6]. - Despite the buyback signaling a commitment to shareholder value, it also indicates a lack of immediate high-return investment opportunities through R&D or M&A [9].

Group 1 - SharpLink Gaming Inc. has initiated a $1.5 billion share buyback program, repurchasing approximately 939,000 shares at an average price of $15.98, totaling $15 million [1] - The company's stock gained 3.6% in pre-market trading following the buyback announcement, although it remains approximately 60% below its July highs [3] - SharpLink holds $3.6 billion in ETH, making it the second-largest corporate Ethereum holder, with nearly all of its holdings staked to generate revenue [5][6] Group 2 - The company views its stock as undervalued relative to its net asset value (NAV) and has not utilized its At-the-Market equity facility while trading below NAV to avoid dilution [2][6] - Management is focusing on disciplined capital allocation through share buybacks when shares trade at attractive valuations, using cash on hand and proceeds from staking operations [7] - The broader market dynamics have led to stock prices of Ethereum treasury firms falling below NAV due to reduced investor appetite for digital asset exposure [8]

Core Points - Wolters Kluwer has repurchased 158,600 ordinary shares for €17.0 million at an average price of €106.94 during the period from August 28 to September 3, 2025 [1] - The share buyback program, announced on February 26, 2025, aims to repurchase shares up to €1 billion throughout 2025 [2] - Cumulatively, 4,855,691 shares have been repurchased in 2025, totaling €710.5 million at an average price of €146.31 [2] - A third party has been engaged to execute €175 million of buybacks from July 31 to November 3, 2025, in compliance with relevant laws [2] Company Overview - Wolters Kluwer is a global leader in professional information solutions, software, and services, serving various sectors including healthcare, tax, accounting, and legal [4] - The company reported annual revenues of €5.9 billion in 2024 and operates in over 40 countries with approximately 21,900 employees [5] - Wolters Kluwer shares are listed on Euronext Amsterdam and included in major indices such as AEX and Euro Stoxx 50 [6]

Core Viewpoint - Wolters Kluwer has repurchased 158,600 ordinary shares for €17.0 million, part of a larger share buyback program aimed at repurchasing up to €1 billion in 2025 [1][2]. Share Buyback Program - The share buyback program was announced on February 26, 2025, with a total of €1 billion planned for the year [2]. - As of the report date, a cumulative total of 4,855,691 shares have been repurchased, amounting to €710.5 million, with an average share price of €146.31 [2]. - A third party has been engaged to execute €175 million of buybacks from July 31, 2025, to November 3, 2025, in compliance with relevant laws [2]. Treasury Shares and Capital Reduction - Shares repurchased are held as treasury shares and will be used for capital reduction through share cancellation [3]. Company Overview - Wolters Kluwer reported annual revenues of €5.9 billion for 2024 and operates in over 40 countries, employing approximately 21,900 people [4]. - The company is headquartered in Alphen aan den Rijn, the Netherlands, and serves customers in over 180 countries [4]. Stock Information - Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and included in major indices such as AEX, Euro Stoxx 50, and Euronext 100 [5].

Core Viewpoint - PrimeEnergy Resources Corporation (PNRG) has shown resilience in a challenging oil market, outperforming its peers and focusing on expanding its natural gas production while managing share buybacks to reward investors [1][2][16]. Company Performance - PNRG stock has increased by 14.9% over the past year, contrasting with a 13.9% decline in the industry [1]. - The company has faced declining crude prices, impacting earnings and margins, yet it has maintained solid cash flow and is actively repurchasing shares [2][9]. - For the first half of 2025, PNRG reported revenues of $92 million, down from $107.8 million the previous year, with net income decreasing to $12.4 million from $31.1 million [8]. Production and Investment Strategy - PNRG is focusing on its core assets in the Permian Basin, emphasizing horizontal drilling to enhance production while minimizing environmental impact [3]. - The company plans to invest $129 million in 43 horizontal wells in 2025, an increase from $113 million in 2024 and $96 million in 2023 [4]. - Between 2023 and 2025, PNRG projects a total investment of $338 million in horizontal development, primarily in West Texas [5]. Market Environment - The U.S. Energy Information Administration forecasts Brent crude prices to average $58 per barrel in Q4 2025, potentially dropping to $50 in early 2026 due to oversupply [10]. - In contrast, natural gas prices are expected to rise, with Henry Hub spot prices projected to reach $4.30 per MMBtu in 2026, supported by increased LNG exports [10]. - PNRG's growth in natural gas and NGL production is helping to balance revenues against the volatility of oil prices [11]. Valuation Metrics - PNRG is currently trading at a trailing 12-month EV/EBITDA ratio of 1.89X, significantly lower than the industry average of 11.19X and its peers, indicating potential undervaluation [12].

Financial Data and Key Metrics Changes - The company reported a 9.5% EPS growth at the midpoint, driven by margin expansion despite macroeconomic challenges impacting revenue [8][10] - Total return to shareholders for the year is approximately $2.2 billion, with $1 billion through share buybacks and $1.2 billion through dividends [10] Business Line Data and Key Metrics Changes - The new BD grew about 4% in Q3, with expectations for mid-single digit growth for the full year [11][12] - BD Interventional saw double-digit growth in UCC and strong mid-single digit growth across other businesses [30] - Aleris is gaining market share and is expected to continue contributing positively to growth [45][46] Market Data and Key Metrics Changes - The company anticipates a decline in China operations by high single digits this year, stabilizing thereafter as 90% of the portfolio will have gone through value-based procurement (VBP) by the end of next year [42][43] - The Biosciences segment is expected to see sequential growth improvements as it transitions to Waters [37] Company Strategy and Development Direction - The primary focus for the next twelve months includes completing the separation from the Life Science business, executing a commercial strategy, and continuing margin expansion through BD Excellence [6][8] - The company is committed to utilizing at least half of the $4 billion cash from the separation for share buybacks [9][10] - The innovation pipeline is robust, with new products expected to drive growth in biologic drug delivery and AI solutions [12][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges, emphasizing the importance of productivity improvements for customers facing tighter funding environments [73][75] - The company is taking a prudent approach to guidance for FY 2026, recognizing the dynamic macro environment while maintaining a mid-single digit growth outlook [58][60] Other Important Information - The company has completed a $1 billion share buyback for the year, contributing to a total capital return of $2.2 billion to shareholders [10] - The new AI-enabled Pyxis Pro system is expected to enhance medication management and improve operational efficiencies [47][50] Q&A Session Summary Question: What is the growth algorithm for the new BD? - The new BD is expected to grow mid-single digits, supported by a strong innovation pipeline and market positioning [11][12] Question: How does the company define similar margin profiles post-separation? - Management indicated that the operating margin post-separation would be similar, within 50 to 100 basis points [23][24] Question: What are the drivers for the acceleration in Q4 guidance? - The acceleration is driven by strong performance in BD Interventional and the organic growth of APM, which is expected to contribute over a point to growth [29][32] Question: How is the company addressing macroeconomic challenges? - The company is focusing on productivity improvements and forming partnerships with customers to navigate tighter funding environments [73][75] Question: What is the expected impact of pricing on growth? - Pricing is currently flattish but is expected to return as a tailwind as the company maintains pricing discipline globally [66]