STARTEEPO Invest (“STARTEEPO”), an alternative investment fund focused on public equity opportunities, today announced that it has increased its beneficial ownership position in Xerox Holdings Corporation (“Xerox” or the “Company”) to more than 6% of the Company’s outstanding common stock, as disclosed in an amended Schedule 13D filing with the U.S. Securities and Exchange Commission.
Following the transaction, STARTEEPO beneficially owns approximately 8.0 million Xerox common shares and holds options on an additional 140,000 shares. Based on publicly available ownership disclosures, STARTEEPO is now Xerox’s third-largest shareholder.
“We continue to view Xerox as a high-conviction investment and one of the largest positions in our portfolio,” said Frantisek Bostl, Chairman of the Board of STARTEEPO Invest. “Our conviction has increased as we continue to analyze the Company’s publicly available disclosures, strategic initiatives, and transformation efforts.”
Increasing Conviction Ahead of Q2 2026 Results
Based on our ongoing analysis of publicly available information and recent Company disclosures, STARTEEPO remains encouraged by Xerox’s operational and financial trajectory ahead of its upcoming Q2 2026 earnings release. In our view, the market may continue to underestimate the potential impact of ongoing restructuring initiatives, Lexmark integration efforts, and management’s focus on improving profitability and strengthening the Company’s balance sheet.
Accelerating Balance Sheet Transformation
STARTEEPO also believes that the recently announced warrant structure may provide Xerox with a unique opportunity to further accelerate deleveraging over time. As the Company’s share price appreciates, warrant exercises could potentially result in the issuance of new equity capital and a corresponding reduction in outstanding debt obligations. In our view, the market has not yet fully appreciated the potential long-term implications of this mechanism and its ability to improve Xerox’s capital structure.
Long-Term Opportunity in Enterprise Workflow Infrastructure
Beyond balance sheet transformation, STARTEEPO continues to develop increasing conviction regarding Xerox’s longer-term positioning within enterprise workflow automation and AI-enabled document infrastructure. As Xerox CEO Louie Pastor recently noted at the Lytham Partners Spring 2026 Conference, the Company is investing in AI-powered document workflows, intelligent document processing, content management, omnichannel communications, and IoT-enabled solutions through a dedicated business unit.
While our primary investment thesis remains centered on operational improvement, margin expansion, deleveraging, and disciplined execution, we believe the market may be overlooking a potentially significant long-term opportunity embedded within Xerox’s evolving enterprise workflow platform.
Constructive Long-Term Shareholder
STARTEEPO intends to remain a constructive long-term shareholder and may continue engaging with management, the Board of Directors, shareholders, creditors, and other market participants regarding the Company’s strategy, capital structure, operations, and opportunities to enhance long-term shareholder value.
Additional information are available at www.starteepo.com/xerox.
About STARTEEPO Invest
STARTEEPO Invest is an alternative investment fund based in Prague, Czech Republic, focused on identifying high-conviction opportunities in public equity markets. The firm applies a fundamental, long-term investment approach, with a focus on disciplined analysis and constructive engagement.
This communication expresses solely the opinion of STARTEEPO and its affiliates and not any other party. This communication is for informational purposes only and does not constitute investment advice, a recommendation, or offer to buy or sell any securities. STARTEEPO’s opinions stated herein are based on publicly available information and its own analyses. STARTEEPO may, at any time and without notice, buy, sell, reduce, increase, or otherwise change its investment position, including for reasons that may be inconsistent with the views expressed in this communication. Investing in securities involves significant risks, including the potential loss of the principal amount invested. Past performance is not a reliable indicator of future results. Every investor should conduct their own independent research and due diligence or consult with a licensed financial, legal, or tax advisor before making any investment decision.
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