Amsterdam, the Netherlands, August,11, 2026
Royal Philips and Exor N.V. have agreed to update their long-term relationship agreement, reinforcing Exor’s continued commitment to the global health technology company. Under the updated agreement, Exor will have greater flexibility to increase its ownership of Philips to up to 22% of the company’s issued ordinary share capital and voting rights, compared with the previous 20% limit. The agreement also maintains existing governance arrangements, including Exor’s right to nominate one member of the Philips Supervisory Board. The development highlights Exor’s continued strategic support for Philips as the company advances its 2026–2028 plan, focused on innovation, profitable growth and long-term value creation.
Exor Increases Flexibility to Raise Philips Stake
The updated relationship agreement provides Exor with increased flexibility to expand its shareholding in Philips, allowing the investment company to hold as much as 22% of the company’s issued ordinary shares and voting rights. This represents a two-percentage-point increase from the previous 20% ownership cap. The agreement also provides the possibility for Exor to increase its stake beyond 22%, although any further increase would require approval from the Philips Supervisory Board. The revised arrangement therefore gives Exor additional flexibility while retaining governance oversight within Philips. The ownership framework reflects Exor’s position as a significant long-term shareholder and its continued interest in Philips’ strategic development.
The governance provisions under the agreement remain unchanged. Exor will continue to have the right to nominate one member of the Philips Supervisory Board, maintaining its established representation in the company’s governance structure. This arrangement allows Exor to remain engaged with Philips’ strategic direction while preserving the existing governance framework. The continuation of these provisions demonstrates that the updated agreement is primarily focused on shareholding flexibility and long-term shareholder commitment, rather than a change in Philips’ overall governance structure.
Philips Strategy Gains Long-Term Shareholder Support
Advertisement
Philips Chairman of the Supervisory Board Feike Sijbesma said Exor’s long-term commitment demonstrates confidence in Philips and its strategy. He also highlighted Exor’s constructive engagement and the continued contribution of its representative to the Supervisory Board. The comments underscore the importance Philips places on maintaining a stable relationship with a major shareholder as the company works toward its strategic objectives.
Philips CEO Roy Jakobs said the updated agreement reflects Exor’s support for Philips and its Board of Management as the company executes its 2026–2028 plan. The plan emphasizes profitable growth and value creation, with Philips continuing to focus on its position as a global health technology company. The revised shareholder agreement provides a framework for Exor to maintain and potentially increase its investment while Philips continues implementing its longer-term business strategy.
Exor Reaffirms Commitment to Philips
John Elkann, CEO of Exor, said the investment company supports Philips’ long-term strategy, including its focus on innovation, value creation and disciplined execution. He described the updated agreement as reflecting Exor’s continued commitment to Philips as its largest shareholder. The announcement therefore signals continued alignment between Philips and Exor around the company’s strategic direction and future growth ambitions. The agreement is significant for Philips because it provides clarity around the relationship with one of its most important shareholders while allowing Exor additional flexibility regarding its ownership position.
For the broader health technology and MedTech sector, the development illustrates how strategic shareholders can maintain long-term involvement in major healthcare technology companies through structured ownership and governance arrangements. The updated agreement does not represent an acquisition of Philips by Exor, but rather an enhancement of the existing long-term shareholder relationship. With Philips pursuing its 2026–2028 strategy, Exor’s continued support could remain an important element of the company’s long-term shareholder landscape.
Source: Royal Philips, Exor press release
