Exor is deepening its investment in Philips. The Agnelli family holding company led by John Elkann and the Dutch health technology group have updated the long term agreement that governs their relationship, giving Exor more room to increase its stake. Under the new terms Exor may go up to 22 percent of Royal Philips ordinary capital and voting rights, against a previous limit of 20 percent. It may also exceed that level, but only with the approval of the Philips supervisory board.
This continues a path that began in August 2023, when Exor took roughly 15 percent of Philips and became its largest shareholder. During 2025 the holding company strengthened its position further, taking the stake above 19 percent. Elkann said Exor supports the long term strategy Philips has set out, defined by innovation, value creation and disciplined execution, and that the updated agreement reflects a continuing commitment as its largest shareholder.
Governance does not change. Exor keeps the right to appoint one member of the Philips supervisory board, a seat currently held by Benoît Ribadeau-Dumas. Feike Sijbesma, chairman of the Royal Philips supervisory board, said Exor's long term commitment underlines its confidence in Philips and its strategy, and noted Ribadeau-Dumas's contribution to overseeing the company's strategic direction. Roy Jakobs, chief executive of Philips, said the updated agreement reflects Exor's support for the company and its management during the execution of the 2026 to 2028 plan, which is built on profitable growth and value creation.
Exor is the holding company that grew out of the Agnelli family's industrial history, and its portfolio is built mainly on companies where it is the largest shareholder, among them Ferrari, Philips, Cnh and Stellantis. Royal Philips, based in the Netherlands, is one of the largest international health technology groups, working in diagnostic imaging, ultrasound, image guided therapy, patient monitoring, health informatics and personal health products. In 2025 it recorded revenue of around 18 billion euros with about 63.700 employees and sales and services in more than 100 countries. Jakobs has led it since 2022.
The closer relationship follows a year in which Exor kept adding to its exposure. In its most recent letter to shareholders the holding company described 2025 as a year of solid execution for the Dutch group, despite American tariffs, weak demand in China and stronger global competition, and highlighted the 1,7 billion euros Philips put into research and development. Sales grew 2 percent that year and orders 6 percent, the best performance since 2020.
Forbes estimates John Elkann's net worth at 2,5 billion dollars as of 11 August 2026. He took a central role in the family in 2004, a year after the death of his grandfather Gianni Agnelli, and has since led several of the transactions that reshaped its assets, from Fiat's move into Chrysler in 2009 to the merger with Peugeot that created Stellantis in 2021. Through Exor the family also holds media and sport assets including The Economist and Juventus. The fortune traces back to 1899, when Elkann's great great grandfather Giovanni Agnelli was among the founders of Fiat in Turin.