**The big picture:** Exor N.V. significantly simplified its portfolio in H1 2026 through major divestments, accumulating EUR 4 billion in deployable cash and announcing a EUR 500 million share buyback. **Why it matters:** This strategic shift by a major holding company reflects a broader trend of corporate restructuring and capital optimization in turbulent economic times, impacting investment flows and market stability. **Between the lines:** - Exor completed sales of Iveco's defense business, GEDI, Lifenet, and NUO, with Welltec sale pending. - Cash reserves increased from EUR 1.4 billion to EUR 4 billion due to divestment proceeds and dividends. - NAV declined by EUR 1.2 billion, primarily due to Stellantis's share price performance, while Ferrari and CNH performed well. **Staffing & HR impact:** While not directly impacting staffing operations, such large-scale divestments can lead to workforce adjustments within divested entities and strategic reallocations of talent within the parent company. The focus on capital deployment suggests a lean operational approach, potentially influencing future hiring and investment in human capital. **The bottom line:** Exor's strengthened balance sheet positions it for opportunistic investments, signaling a cautious yet prepared stance in an unpredictable market.