Ferrari (NYSE: RACE) reported purchases under its multi-year share buyback program announced at the 2022 Capital Markets Day. The Eighth Tranche, part of an approximately €2.0 billion program, included purchases on Euronext Milan and the NYSE through November 28, 2025.
Since the tranche announcement, Ferrari invested €279,999,967.33 to buy 750,046 shares on EXM and USD 84,913,961.84 (≈€72,987,779.28) to buy 198,388 shares on NYSE. Total buybacks since July 1, 2022: 5,959,454 shares for €1,995,557,443.96. Treasury shares held: 16,622,729 (8.57% of issued common shares; 9.06% including special voting shares).
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Positive
Buyback program near-complete: €1,995,557,443.96 spent
Total shares repurchased since 1/7/2022: 5,959,454
This announcement details continued execution of Ferrari’s multi-year share repurchase program, incl...
Analysis
This announcement details continued execution of Ferrari’s multi-year share repurchase program, including additional purchases on Euronext Milan and the NYSE and cumulative spending approaching €2.0 billion. It also updates treasury holdings, now representing over 8% of issued common shares and a higher percentage including special voting shares. In context of repeated tranche updates since 2022, key elements to watch include remaining authorization, future buyback pace, and how these capital allocation choices interact with other financing and strategic initiatives.
Outlined cumulative spend and shares repurchased under multi-year program.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
Recent buyback updates often coincided with negative next-day moves, while other corporate news such as credit facilities and partnerships saw positive reactions.
Recent Company History
Over recent months Ferrari issued frequent updates on its multi-year buyback program, including the Eighth Tranche tied to the ~€2 billion authorization, with total repurchases nearing €2.0 billion and treasury holdings above 8.5% of issued shares. Alongside these capital return actions, Ferrari secured a new €350 million revolving credit facility and renewed a multi-year partnership with Philip Morris International, both drawing positive price reactions. Against this backdrop, the current buyback progress report fits the ongoing capital allocation narrative.
"under the Euro 360 million share buyback program announced on July 31, 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 sharesfinancial
"the Company held in treasury No. 16,622,729 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.
equity incentive planfinancial
"net of shares assigned under the Company’s equity incentive plan, corresponding to 8.57%"
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.
special voting sharesfinancial
"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.
Maranello (Italy), December 1, 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 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)
(€)
(€)
($)
($)
(€)*
(€)*
(€)*
24/11/2025
11,504
340.2245
3,913,942.65
-
-
-
-
11,504
340.2245
3,913,942.65
26/11/2025
-
-
-
7,801
384.5027
2,999,505.56
2,590,917.82
7,801
332.1264
2,590,917.82
11,504
340.2245
3,913,942.65
7,801
384.5027
2,999,505.56
2,590,917.82
19,305
336.9521
6,504,860.47
Total
(*) 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 November 28, 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 84,913,961.84 (Euro 72,987,779.28*) for No. 198,388 common shares purchased on the NYSE.
As of November 28, 2025, the Company held in treasury No. 16,622,729 common shares, net of shares assigned under the Company’s equity incentive plan, corresponding to 8.57% 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 November 28, 2025, the Company has purchased a total of 5,959,454 own common shares on EXM and NYSE, including transactions for Sell to Cover, for a total consideration of Euro 1,995,557,443.96.
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
What did Ferrari (RACE) announce about the buyback on December 1, 2025?
Ferrari reported purchases under the Eighth Tranche of its multi-year buyback, detailing volumes, prices and consideration through November 28, 2025.
How much has Ferrari (RACE) spent on buybacks since July 1, 2022?
Ferrari has purchased 5,959,454 shares for a total consideration of €1,995,557,443.96 since July 1, 2022.
How many shares did Ferrari (RACE) buy in the Eighth Tranche on EXM and NYSE?
Eighth Tranche purchases: 750,046 shares on EXM and 198,388 shares on NYSE through November 28, 2025.
What consideration did Ferrari (RACE) pay for the Eighth Tranche purchases?
Consideration amounted to €279,999,967.33 on EXM and USD 84,913,961.84 (≈€72,987,779.28) on NYSE.
How many treasury shares does Ferrari (RACE) hold after these buybacks?
As of November 28, 2025 Ferrari held 16,622,729 common shares in treasury, equal to 8.57% of issued common shares (9.06% including special voting shares).
Where can investors find full transaction details for Ferrari (RACE) buybacks?
A comprehensive transaction overview is available on Ferrari's website under the Buyback Programs section.
