Starteepo urges Xerox to address financial unit strategy at Q3 call

STARTEEPO SICAV a.s., a Prague-based investment fund that claims to be Xerox Holdings Corporation's (NASDAQ: XRX) third-largest shareholder, sent a letter to Xerox's board of directors ahead of the company's third-quarter earnings call scheduled for October 29, 2026.

STARTEEPO says it beneficially owns 7.34% of Xerox through stocks and options. In the letter, the firm renewed calls for Xerox to increase transparency around its Xerox Financial Services (XFS) business unit, pursue a formal strategic review of XFS with independent financial advisors, and continue deleveraging its balance sheet ahead of debt maturities in 2028.

The firm estimates, based on what it describes as precedent transactions, that the XFS business could be worth roughly $7.69 per share — more than double what it characterizes as the current share price for the entire company. STARTEEPO also estimates that successful deleveraging could lead Xerox to be worth up to $3.3 billion in equity value, or approximately $18 per share, to potential acquirers. These figures represent STARTEEPO's own estimates and are not Xerox guidance.

The letter specifically requests that Xerox use its upcoming earnings call to provide detail on XFS receivables, funding, spread, credit performance, and return on equity, as well as an update on the strategic direction of the business.

STARTEEPO Chairman František Bostl is also scheduled to speak at the Skytop Conference on Shareholder Engagement & Communication in London on October 29, 2026, in a session titled "Rebuilding American Icons: European Activists Accelerating Change at U.S. Companies."

The letter references a prior open letter sent to Xerox's board in September 2026. According to the press release, STARTEEPO has engaged with Xerox management, including at the PRINTING United Expo in Las Vegas.

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