FERRARI N.V.: COMPLETION OF THE FIRST TRANCHE AND ANNOUNCEMENT OF THE SECOND TRANCHE OF THE MULTI-YEAR SHARE REPURCHASE PROGRAM

Rhea-AI Summary

Ferrari (NYSE: RACE) has completed the First Tranche of its multi-year buyback and will start a Second Tranche of up to €250 million from April 13, 2026 through August 28, 2026.

The Company bought 850,054 shares since January 5, 2026 for €249,999,221.05; treasury holdings stand at 17,494,660 shares (9.02% of issued common shares). The Second Tranche splits into a €200m non-discretionary EXM program and a €50m NYSE mandate, funded from available cash. Repurchase authority expires October 15, 2026.

Positive

• First Tranche completed with €199,999,486.77 on EXM and €49,999,734.27 equivalent on NYSE
• Total purchases since Jan 5, 2026 of €249,999,221.05 for 850,054 shares
• Treasury holdings of 17,494,660 shares equal to 9.02% of issued common shares
• Second Tranche funding committed up to €250m, increasing buyback flexibility through EXM and NYSE mandates

Negative

• Near-authority limit: treasury holdings at 9.02% approach the 10% repurchase authorization cap
• Cash outflow of up to €250m reduces available cash that could be used for other priorities
• Time-limited authority as the repurchase mandate expires on October 15, 2026, constraining execution timeline

News Market Reaction – RACE

-0.09%

-0.09% Session close to close

In the Apr 10 session, RACE declined 0.09%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details completion of Ferrari’s first €250M buyback tranche and the start of a sec...

Analysis

This announcement details completion of Ferrari’s first €250M buyback tranche and the start of a second tranche of up to €250M within a broader ~€3.5B program. Treasury holdings reached 17,494,660 shares, or 9.02% of issued common shares. Historically, similar buyback updates have driven relatively modest average moves of about 1.07%. Investors may watch execution pace, treasury share levels, and further capital allocation disclosures in upcoming filings and corporate updates.

Key Figures

First tranche size: €250 million Multi-year buyback: €3.5 billion First tranche EXM purchases: €199,999,486.77 +5 more

8 metrics

First tranche size €250 million Initial tranche of multi-year buyback program

Multi-year buyback €3.5 billion Total targeted by 2030 per Capital Markets Day

First tranche EXM purchases €199,999,486.77 Total consideration for 680,168 EXM shares

First tranche NYSE purchases USD 57,884,510.41 Total for 169,886 NYSE shares (translated €49,999,734.27)

Treasury shares 17,494,660 shares As of Apr 9, 2026; 9.02% of issued common shares

Total program purchases €249,999,221.05 850,054 shares bought since Jan 5, 2026

Second tranche size Up to €250 million Next leg of multi-year buyback program

EXM component Up to €200 million Non-discretionary buyback agreement on Euronext Milan

Previous Buybacks Reports

5 past events · Latest: Apr 07 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 07	Buyback update	Positive	-1.1%	Reported 788,793 shares repurchased for €232M under first buyback tranche.
Mar 30	Buyback update	Positive	+3.1%	Detailed progress to €217.2M spent and 737,600 shares repurchased since Jan 5.
Mar 23	Buyback update	Positive	+4.6%	Disclosed 629,741 shares bought for €187.1M and rising treasury stake.
Mar 16	Buyback update	Positive	-0.2%	Reported 515,474 shares repurchased for €154.6M under the first tranche.
Mar 09	Buyback update	Positive	-1.0%	Outlined 415,638 shares bought for €125.1M and treasury at 8.80%.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Buyback updates have produced mixed reactions, with both positive and negative moves around similar announcements, suggesting no consistent directional pattern.

Recent Company History

Over the past month, Ferrari has issued regular updates on its €250M first tranche of a multi‑year ~€3.5B buyback program. From early March through early April 2026, treasury holdings rose from about 8.80% to nearly 8.99% of issued common shares, with total repurchased shares steadily increasing. Price reactions to these buyback reports have alternated between modest gains and declines, indicating that the market has treated them as incremental rather than transformational catalysts.

Key Terms

share buyback program, treasury shares, special voting shares, equity incentive plan, +3 more

7 terms

share buyback program financial

"under the Euro 250 million share buyback program announced on December 16, 2025"

A share buyback program is when a company uses its cash to repurchase its own outstanding shares from the market, reducing the number of shares available to investors. That matters because it can raise the value of remaining shares and signal management's confidence in the business—similar to a bakery buying back unsold loafs to make each remaining loaf represent a larger share of its oven’s output—though buybacks can also affect cash available for other uses.

treasury shares financial

"the Company held in treasury No. 17,494,660 common shares, net of shares assigned"

Treasury shares are a company’s own stock that it has repurchased and keeps on its books instead of canceling or leaving in the hands of outside investors. Think of them like coupons a business puts back in a drawer: they don’t vote or receive dividends while held, but they can be reissued later for employee pay or fundraising. For investors this matters because buybacks change the number of shares that count toward earnings and ownership, can boost per‑share metrics, and use corporate cash that might otherwise go to growth or dividends.

special voting shares financial

"Including the special voting shares, the Company held in treasury 9.40%"

Shares that carry extra or different voting power than ordinary shares, allowing their holders to control corporate decisions disproportionate to their economic stake. For investors this matters because these shares can concentrate control in the hands of a few — like owning the steering wheel while others own most of the car — which can affect board choices, strategic direction, minority shareholder influence and the value or liquidity of ordinary shares.

equity incentive plan financial

"net of shares assigned under the Company’s equity incentive plan, corresponding to 9.02%"

An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.

non-discretionary buyback agreement financial

"Ferrari has entered into a non-discretionary buyback agreement for up to Euro 200 million"

A non-discretionary buyback agreement is a legally binding promise by a company to repurchase a set amount of its own shares under predefined terms, rather than an optional or ad hoc decision. Think of it like a standing order to buy back stock that will reduce the number of shares outstanding, which can boost per-share metrics and signal support for the share price, but also commits cash and affects the company’s balance sheet and flexibility.

Market Abuse Regulation 596/2014 regulatory

"in accordance with the provisions of the Market Abuse Regulation 596/2014"

Regulation 596/2014, known as the Market Abuse Regulation, is the European rulebook that bans insider trading and market manipulation and requires timely public disclosure of crucial company information. It matters to investors because it helps keep prices fair and trustworthy—like rules that stop players from cheating in a game—by forcing companies and insiders to be transparent and making unlawful trading easier to detect and punish.

repurchase authority financial

"The repurchase authority will expire on October 15, 2026, unless extended or renewed"

Repurchase authority is formal permission for a company to buy back its own shares (or sometimes other assets) using available cash or credit. For investors it matters because buybacks reduce the number of shares on the market—similar to a retailer pulling items off the shelf—which can raise profit per share, support the stock price, change ownership percentages, and signal management’s view of the company’s value and cash priorities.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Maranello (Italy), April 10 2026 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) informs that the Company has purchased, under the Euro 250 million share buyback program announced on December 16, 2025, as the first tranche of the multi-year share buyback program of approximately Euro 3.5 billion expected to be executed by 2030 in line with the disclosure made during the 2025 Capital Markets Day (the “First Tranche”), the additional common shares - reported in aggregate form, on a daily basis - on the Euronext Milan (EXM) and on the New York Stock Exchange (NYSE) as follows:

	EXM			NYSE				Total
Trading	Number of common shares purchased	Average price per share	Consideration excluding fees	Number of common shares purchased	Average price per share	Consideration excluding fees	Consideration excluding fees	Number of common shares purchased	Average price per share	Consideration excluding fees
Date		excluding fees			excluding fees				excluding fees
(d/m/y)		(€)	(€)		($)	($)	(€)*		(€)*	(€)*
07/04/2026	43,175	289.1433	12,483,761.98	-	-	-	-	43,175	289.1433	12,483,761.98
08/04/2026	-	-	-	18,086	353.1771	6,387,561.03	5,456,655.59	18,086	301.7060	5,456,655.59
	43,175	289.1433	12,483,761.98	18,086	353.1771	6,387,561.03	5,456,655.59	61,261	292.8522	17,940,417.57
Total

(*) translated at the European Central Bank EUR/USD exchange reference rate as of the date of each purchase
        
With the purchases described above the Company has completed the First Tranche.

The total consideration for such First Tranche was:

• Euro 199,999,486.77 for No. 680,168 common shares purchased on the EXM
• USD 57,884,510.41 (Euro 49,999,734.27 *) for No. 169,886 common shares purchased on the NYSE.

As of April 9, 2026 the Company held in treasury No. 17,494,660 common shares, net of shares assigned under the Company’s equity incentive plan, corresponding to 9.02% of the total issued common shares. Including the special voting shares, the Company held in treasury 9.40% of the total issued share capital.

Since January 5, 2026, start date of the multi-year share buyback program of approximately Euro 3.5 billion announced during the 2025 Capital Markets Day, until April 9, 2026, the Company has purchased a total of 850,054 own common shares on EXM and NYSE for a total consideration of Euro 249,999,221.05.

The Company intends to continue its multi-year share buyback program with a second tranche of up to Euro 250 million (the “Second Tranche”) due to start on April 13, 2026 and expected to end no later than August 28, 2026.

The Second Tranche will be funded through the Company’s available cash, and common shares repurchased under the Second Tranche may be used to meet the obligations arising from the Company’s equity incentive plan.

The Second Tranche has two components.

Firstly, Ferrari has entered into a non-discretionary buyback agreement for up to Euro 200 million to be executed on the EXM market through a primary financial institution (the “Bank”). The Bank will make its trading decisions concerning the timing of the purchases of Ferrari’s common shares independently of and uninfluenced by Ferrari and it will act in compliance with applicable rules and regulations as well as in accordance with the provisions of the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (the “Regulations”). Under this agreement purchases may continue during any closed periods of Ferrari in accordance with the Regulations.

Secondly, Ferrari has entered into an additional mandate with a primary financial institution for up to Euro 50 million to be executed on the NYSE. Pursuant to such mandate Ferrari would provide the financial institution with purchase instructions from time to time in compliance with applicable rules, regulations and legal requirements. The actual timing, number and value of common shares repurchased on the NYSE will depend on a number of factors, including market and general business conditions.

The Second Tranche implements the resolution adopted by the Shareholders’ Meeting (held on April 16, 2025) and duly communicated to the market, which authorized the purchase of up to 10% of the Company’s common shares during the eighteen-month period following such Shareholders’ Meeting. The repurchase authority will expire on October 15, 2026, unless extended or renewed before such date.

Details of the repurchase transactions carried out under the Second Tranche will be disclosed to the market as required by applicable regulation.

A comprehensive overview of the transactions carried out under the buyback program, as well as the details of the above transactions, are available on Ferrari’s corporate website under the Buyback Programs section (https://www.ferrari.com/en-EN/corporate/buyback-programs).

About Ferrari
Ferrari is one of the world’s leading luxury brands, encompassing racing, sports cars and lifestyle. In
each of these three souls, the Prancing Horse is a symbol of exclusivity, innovation and cutting-edge performance. The brand’s heritage and global recognition are closely associated with its Formula 1 racing team, Scuderia Ferrari, the most successful in the sport’s history. Since the inaugural World Championship in 1950, Scuderia Ferrari has claimed 16 Constructors’ and 15 Drivers’ world titles.
From its home in Maranello, Italy, Ferrari designs, engineers, and produces some of the world’s most iconic and recognisable luxury sports cars, sold in over 60 markets worldwide. In lifestyle, Ferrari designs and creates a selection of personal luxury goods, collectibles and experiences that embody the brand’s elevated style and passion.

Forward Looking Statements
This document contains forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “continue”, “on track”, “successful”, “grow”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, “guidance” and similar expressions. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Ferrari Group’s (hereinafter, the “Group”) current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including those described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Group” of the Company’s annual and quarterly reports filed with the U.S. Securities and Exchange Commission, which are available on Ferrari’s website (https://www.ferrari.com/en-EN/corporate). Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB.

For further information:
Media Relations
Email: media@ferrari.com

Attachment

• FNV BB PR 10 April 2026 ENG

FAQ

When does Ferrari (RACE) start the Second Tranche of its buyback and how long will it run?

The Second Tranche starts on April 13, 2026 and is expected to end by August 28, 2026. According to the company, purchases may occur until that end date and the overall repurchase authority expires on October 15, 2026.

How much is Ferrari (RACE) allocating to the Second Tranche of the share repurchase program?

Ferrari allocated up to €250 million for the Second Tranche, split between EXM and NYSE. According to the company, the program includes a €200m non-discretionary EXM agreement and a €50m NYSE mandate funded from available cash.

How many shares and what percentage of issued shares does Ferrari (RACE) hold in treasury after the First Tranche?

Ferrari holds 17,494,660 common shares in treasury, representing 9.02% of issued common shares. According to the company, including special voting shares this equals 9.40% of total issued share capital.

What execution methods will Ferrari (RACE) use for the €250m Second Tranche buyback?

Ferrari will use a non-discretionary €200m EXM agreement with a bank and a €50m NYSE mandate. According to the company, the bank will trade independently and NYSE purchases follow company instructions within regulations.

How much has Ferrari (RACE) spent on share repurchases since January 5, 2026?

Since January 5, 2026, Ferrari has purchased shares totaling €249,999,221.05. According to the company, that amount covers 850,054 common shares bought on EXM and NYSE up to April 9, 2026.