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

Rhea-AI Summary

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).

Positive

• Buyback program near-complete: €1,995,557,443.96 spent
• Total shares repurchased since 1/7/2022: 5,959,454
• Treasury holdings: 16,622,729 shares (8.57% common)

Negative

• Cash deployed ≈€2.0 billion since 1/7/2022 may limit other uses
• Eighth tranche required full EXM allocation: €279,999,967.33

News Market Reaction

-1.27%

1 alert

-1.27% News Effect

On the day this news was published, RACE declined 1.27%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Eighth Tranche size: €360 million Total buyback program: ≈€2 billion EXM shares purchased: 11,504 shares +5 more

8 metrics

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

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

EXM shares purchased 11,504 shares Bought on Euronext Milan on 24/11/2025

NYSE shares purchased 7,801 shares Bought on NYSE on 26/11/2025

Total consideration (period) €6,504,860.47 Combined consideration for 19,305 shares in table period

Eighth Tranche EXM spend €279,999,967.33 Since tranche announcement, EXM purchases of 750,046 shares

Eighth Tranche NYSE spend USD 84,913,961.84 Since tranche announcement, NYSE purchases of 198,388 shares

Total buybacks since 2022 €1,995,557,443.96 5,959,454 own shares bought from 1 Jul 2022 to 28 Nov 2025

Market Reality Check

Price: $333.17 Vol: Volume 785,101 is 18% abo...

normal vol

$333.17 Last Close

Volume Volume 785,101 is 18% above the 20-day average of 665,216. normal

Technical Trading below the 200-day MA at 452.86, with price at 367.96.

Peers on Argus

While RACE was down 3.01%, major auto peers like GM, F, HMC, STLA and LI all sho...

While RACE was down 3.01%, major auto peers like GM, F, HMC, STLA and LI all showed gains between 0.34% and 1.83%, pointing to a stock-specific move rather than a sector-wide shift.

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 additional NYSE buybacks and updated total tranche metrics.
Dec 03	Credit facility	Positive	+1.9%	Announced new €350M five-year unsecured committed revolving credit facility.
Dec 03	Partnership renewal	Positive	+1.9%	Renewed multi-year partnership with Philip Morris as premium and series partner.
Dec 01	Buyback update	Positive	-1.3%	Detailed Eighth Tranche progress and total treasury share position.
Nov 24	Buyback update	Positive	-2.0%	Outlined cumulative spend and shares repurchased under multi-year program.

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.

Market Pulse Summary

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.

Key Terms

share buyback program, treasury shares, equity incentive plan, special voting shares

4 terms

share buyback program financial

"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 shares financial

"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 plan financial

"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 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.

AI-generated analysis. Not financial advice.

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

Attachment

• FNV BB PR 1 Dicember 2025 ENG

FAQ

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.