FERRARI N.V.: PERIODIC REPORT ON THE BUYBACK PROGRAM

Rhea-AI Summary

Ferrari (NYSE: RACE) reported buyback activity under its multi-year repurchase program. On 02/12/2025 the Company purchased 6,478 common shares on the NYSE at an average price of $385.8704 for a consideration of $2,499,668.45 (≈€2,152,289.01).

Since the Eighth Tranche announcement, total consideration invested through 08/12/2025 reached €279,999,967.33 for 750,046 shares on EXM and USD 87,413,630.29 (≈€75,140,068.28) for 204,866 shares on NYSE. As of 08/12/2025 Ferrari held 16,629,207 treasury shares (8.58% of issued; 9.06% including special voting shares). Since 01/07/2022 total buybacks equal 5,965,932 shares for €1,997,709,732.97.

Positive

• Eighth tranche purchase: 6,478 shares on NYSE (02/12/2025)
• Eighth tranche consideration: $2,499,668.45 (≈€2,152,289.01)
• EXM Eighth tranche investment: €279,999,967.33 for 750,046 shares
• Buyback program total: 5,965,932 shares for €1,997,709,732.97 since 01/07/2022

Negative

• Remaining to €2.0B target: ≈€2,290,267.03 unspent under multi-year program
• Treasury common shares: 16,629,207 (8.58% of issued) as of 08/12/2025

News Market Reaction

-1.99%

1 alert

-1.99% News Effect

On the day this news was published, RACE declined 1.99%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Eighth Tranche size: €360 million Multi-year buyback: ≈€2 billion Latest NYSE purchase: 6,478 shares at $385.8704 +5 more

8 metrics

Eighth Tranche size €360 million Share buyback program announced July 31, 2025

Multi-year buyback ≈€2 billion Program expected to be executed by 2026

Latest NYSE purchase 6,478 shares at $385.8704 Bought on NYSE on 02/12/2025

Latest NYSE consideration $2,499,668.45 (≈€2,152,289.01) Buyback on 02/12/2025, excl. fees

Eighth Tranche EXM total €279,999,967.33 for 750,046 shares Since Eighth Tranche announcement to 08/12/2025

Eighth Tranche NYSE total USD 87,413,630.29 for 204,866 shares Since Eighth Tranche announcement to 08/12/2025

Treasury shares held 16,629,207 shares (8.58%; 9.06% incl. special voting) As of 08/12/2025

Total buybacks since 2022 5,965,932 shares for €1,997,709,732.97 From 01/07/2022 to 08/12/2025 on EXM and NYSE

Market Reality Check

Price: $338.45 Vol: Volume 785,101 vs 665,216...

normal vol

$338.45 Last Close

Volume Volume 785,101 vs 665,216 20-day average (relative volume 1.18x). normal

Technical Price 367.96 trades below 200-day MA at 452.86 and is 29.12% below 52-week high.

Peers on Argus

RACE was down 3.01% while key auto peers GM, F, HMC, STLA and LI showed gains be...

RACE was down 3.01% while key auto peers GM, F, HMC, STLA and LI showed gains between 0.34% and 1.83%, indicating stock-specific pressure rather than a sector-wide move.

Common Catalyst Several auto peers reported partnership or strategic news, but their price moves were more muted than RACE’s decline.

Historical Context

5 past events · Latest: Dec 09 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 09	Buyback update	Positive	-2.0%	Reported latest NYSE purchases and updated totals for Eighth Tranche.
Dec 03	Credit facility	Positive	+1.9%	Announced new €350M revolving credit facility on improved terms.
Dec 03	Partnership renewal	Positive	+1.9%	Renewed multi-year partnership with Philip Morris International from 2026.
Dec 01	Buyback update	Positive	-1.3%	Detailed November Eighth Tranche purchases and cumulative buybacks.
Nov 24	Buyback update	Positive	-2.0%	Updated Euro 360M tranche progress and total program figures.

Pattern Detected

Recent buyback program updates have frequently coincided with modest negative next-day moves, while financing and commercial partnership announcements have seen positive reactions.

Recent Company History

Over the past weeks, Ferrari has repeatedly reported progress on its multi-year ~€2 billion buyback program, with treasury holdings rising above 16.6 million shares and ownership reaching about 8.5–9% of share capital. Alongside this, Ferrari signed a new €350 million revolving credit facility on Dec 03 2025 and renewed its multi-year partnership with Philip Morris International, both followed by positive price reactions, contrasting with softer reactions to buyback updates.

Market Pulse Summary

This announcement details incremental progress in Ferrari’s multi-year share repurchase program, inc...

Analysis

This announcement details incremental progress in Ferrari’s multi-year share repurchase program, including 6,478 shares bought on the NYSE at an average of $385.8704 and cumulative buybacks of 5,965,932 shares for about €1.998 billion since July 2022. Treasury holdings reached 16,629,207 shares, or 8.58% of issued common stock. Investors may watch how continued buybacks interact with the stock’s position below its 200-day moving average and relative to 52-week levels.

Key Terms

treasury shares, special voting shares, equity incentive plan, Sell to Cover

4 terms

treasury shares financial

"As of December 8, 2025, the Company held in treasury No. 16,629,207 common shares"

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 9.06% of the total"

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 8.58%"

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.

Sell to Cover financial

"including transactions for Sell to Cover, for a total consideration of Euro 1,997,709,732.97"

Sell to cover is when a person who receives company stock through options or awards sells just enough shares immediately to pay required taxes, exercise costs, or fees, keeping the rest. Think of it like cashing part of a bonus to cover the tax bill so you can keep the remainder. For investors, it can create predictable small selling pressure and slightly change the number of shares actually held by insiders without increasing long‑term dilution.

AI-generated analysis. Not financial advice.

Maranello (Italy), December 9, 2025 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) informs that the Company has purchased, under the Euro 360 million share buyback program announced on July 31, 2025, as the eighth tranche of the multi-year share buyback program of approximately Euro 2 billion expected to be executed by 2026 in line with the disclosure made during the 2022 Capital Markets Day (the “Eighth Tranche”), the additional common shares - reported in aggregate form, on a daily basis - on the New York Stock Exchange (NYSE) as follows:

Trading Date (dd/mm/yyyy)	Stock Exchange	Number of common shares purchased	Average price per share excluding fees ($)	Consideration excluding fees ($)	Consideration excluding fees (€)
02/12/2025	NYSE	6,478	385.8704	2,499,668.45	2,152,289.01
Total	-	6,478	385.8704	2,499,668.45	2,152,289.01

(*) translated at the European Central Bank EUR/USD exchange reference rate as of the date of each purchase
        
Since the announcement of such Eighth Tranche till December 8, 2025, the total invested consideration has been:

• Euro 279,999,967.33 for No. 750,046 common shares purchased on the EXM (equal to the full amount of the Eighth Tranche to be executed on EXM as announced on July 31, 2025)
• USD 87,413,630.29 (Euro 75,140,068.28*) for No. 204,866 common shares purchased on the NYSE.

As of December 8, 2025, the Company held in treasury No. 16,629,207 common shares, net of shares assigned under the Company’s equity incentive plan, corresponding to 8.58% of the total issued common shares. Including the special voting shares, the Company held in treasury 9.06% of the total issued share capital.

Since the start of the multi-year share buyback program of approximately Euro 2 billion announced during the 2022 Capital Markets Day, on July 1, 2022, until December 8, 2025, the Company has purchased a total of 5,965,932 own common shares on EXM and NYSE, including transactions for Sell to Cover, for a total consideration of Euro 1,997,709,732.97.

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).

For further information:
Media Relations
tel.: +39 0536 949337
Email: media@ferrari.com

Attachment

• FNV BB PR 9 December 2025 ENG

FAQ

How many shares did Ferrari (RACE) buy on 02/12/2025 and at what price?

Ferrari purchased 6,478 shares on 02/12/2025 at an average price of $385.8704 per share.

What is the total consideration invested in the Eighth Tranche for Ferrari (RACE) through 08/12/2025?

Through 08/12/2025 the Eighth Tranche invested €279,999,967.33 on EXM and USD 87,413,630.29 (≈€75,140,068.28) on NYSE.

How many treasury shares does Ferrari (RACE) hold as of 08/12/2025 and what percent of issued shares is that?

As of 08/12/2025 Ferrari held 16,629,207 treasury common shares, equal to 8.58% of issued common shares (9.06% including special voting shares).

How much has Ferrari (RACE) spent on its multi-year buyback program since 01/07/2022?

Since 01/07/2022 Ferrari purchased 5,965,932 shares for a total consideration of €1,997,709,732.97.

What is the remaining amount to reach Ferrari's ~€2 billion buyback target (RACE)?

Based on the reported total of €1,997,709,732.97, approximately €2,290,267.03 remains to reach the ~€2 billion target.