FERRARI N.V.: COMPLETION OF THE MULTI-YEAR SHARE BUYBACK PROGRAM ANNOUNCED IN 2022 AND ANNOUNCEMENT OF THE FIRST TRANCHE OF THE NEW MULTI-YEAR SHARE BUYBACK PROGRAM

Rhea-AI Summary

Ferrari (NYSE: RACE) completed its multi-year share buyback program announced in 2022 one year ahead of schedule, repurchasing 5,981,331 common shares for a total consideration of €2,002,569,269.82 from July 1, 2022 to December 15, 2025.

The Company also announced a new multi-year buyback program of approximately €3.5 billion to be executed by 2030 and the first tranche of up to €250 million (starting 5 Jan 2026, ending no later than 15 May 2026), funded from available cash with a €200m EXM non-discretionary agreement and a €50m NYSE mandate.

Positive

• Completed buyback of €2.0026 billion one year early
• Total shares repurchased: 5,981,331 since July 1, 2022
• Announced new multi-year program of €3.5 billion to 2030
• First tranche €250 million funded from available cash

Negative

• Repurchase authority expires on 15 Oct 2026, limiting below‑market execution window
• First tranche uses available cash, which may affect near‑term liquidity

News Market Reaction – RACE

+0.49%

1 alert

+0.49% News Effect

On the day this news was published, RACE gained 0.49%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Latest NYSE buybacks: 15,399 shares for $5,663,729.91 Eighth Tranche EXM: €279,999,967.33 for 750,046 shares Eighth Tranche NYSE: $93,077,360.20 (≈€79,999,605.13) for 220,265 shares +5 more

8 metrics

Latest NYSE buybacks 15,399 shares for $5,663,729.91 Eighth Tranche purchases on 9–12 Dec 2025

Eighth Tranche EXM €279,999,967.33 for 750,046 shares Completed Eighth Tranche on EXM

Eighth Tranche NYSE $93,077,360.20 (≈€79,999,605.13) for 220,265 shares Completed Eighth Tranche on NYSE

Completed buybacks 5,981,331 shares for €2,002,569,269.82 Total program from 1 Jul 2022 to 15 Dec 2025

Prior program size ≈€2 billion Multi-year buyback expected by 2026, now completed early

New buyback program ≈€3.5 billion New multi-year program expected to 2030

First Tranche size Up to €250 million New program first tranche from 5 Jan to 15 May 2026

Treasury shares 16,644,606 (8.58% of common; 9.07% incl. special voting) Holdings after Eighth Tranche completion

Market Reality Check

Price: $340.00 Vol: Volume 682,321 is close t...

normal vol

$340.00 Last Close

Volume Volume 682,321 is close to the 674,483 20-day average (relative volume 1.01x). normal

Technical Shares at $368.6 are trading below the 200-day MA of $451.35 and 28.99% under the 52-week high.

Peers on Argus

RACE is up 0.4% alongside mixed peers: GM +1.65%, STLA +0.25%, while F -1.09%, H...

RACE is up 0.4% alongside mixed peers: GM +1.65%, STLA +0.25%, while F -1.09%, HMC -0.16%, LI -1.42%. This points to a stock-specific reaction to the buyback news rather than a broad auto sector move.

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 recent NYSE buybacks and cumulative Eighth Tranche progress.
Dec 03	Credit facility	Positive	+1.9%	Announced new €350M revolving credit facility replacing prior line.
Dec 03	Partnership renewal	Positive	+1.9%	Renewed long-standing multi-year partnership with Philip Morris International.
Dec 01	Buyback update	Positive	-1.3%	Detailed Eighth Tranche purchases and cumulative €1.99B buybacks.
Nov 24	Buyback update	Positive	-2.0%	Reported progress of €360M tranche within ~€2B buyback plan.

Pattern Detected

Recent buyback updates have often coincided with small negative price reactions, while credit facility and partnership news saw positive moves, suggesting routine buyback reports have not consistently supported the share price in the short term.

Recent Company History

Over the last few weeks, Ferrari has repeatedly updated investors on its multi-year buyback program, investing amounts like €279,999,967.33 and reaching total repurchases of 5,965,932–5,981,331 shares for roughly €2.0 billion. These updates often saw modest negative moves despite the shareholder-friendly nature. Alongside this, Ferrari secured a new €350 million revolving credit facility and renewed a multi-decade partnership with Philip Morris International, both followed by positive price reactions around +1.88%. Today’s announcement completes the ~€2 billion plan and introduces a larger new program.

Market Pulse Summary

This announcement completes Ferrari’s multi-year buyback of about €2 billion, totaling 5,981,331 rep...

Analysis

This announcement completes Ferrari’s multi-year buyback of about €2 billion, totaling 5,981,331 repurchased shares for €2,002,569,269.82, and launches a new ~€3.5 billion program running to 2030. The initial €250 million tranche, split between EXM and NYSE, will be funded from available cash and may serve equity incentive obligations. With 16,644,606 treasury shares (8.58% of common), investors may track future buyback pacing, regulatory disclosures under the cited EU regulations, and how these actions interact with broader balance sheet flexibility.

Key Terms

share buyback program, equity incentive plan, non-discretionary buyback agreement, Market Abuse Regulation 596/2014, +1 more

5 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.

equity incentive plan financial

"may be used to meet the obligations arising from the Company’s equity incentive plan"

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.

treasury shares financial

"The Company currently holds No. 16,644,606 common shares in treasury"

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.

AI-generated analysis. Not financial advice.

Maranello (Italy), December 16 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 (€)
09/12/2025	NYSE	5,304	376.9718	1,999,458.43	1,718,190.62
10/12/2025	NYSE	6,925	360.9709	2,499,723.48	2,148,636.31
12/12/2025	NYSE	3,170	367.3653	1,164,548.00	992,709.91
Total	-	15,399	367.7986	5,663,729.91	4,859,536.85

(*) 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 Eighth Tranche.

The total consideration for such Eighth Tranche was:

• Euro 279,999,967.33 for No. 750,046 common shares purchased on the EXM

• USD 93,077,360.20 (Euro 79,999,605.13 *) for No. 220,265 common shares purchased on the NYSE.

The Company has completed a year ahead of the stated target its multi-year share buyback program of approximately Euro 2 billion announced during the 2022 Capital Markets Day.
From July 1, 2022 until December 15, 2025, the Company has purchased a total of 5,981,331 own common shares on EXM and NYSE, including transactions for Sell to Cover, for a total consideration of Euro 2,002,569,269.82.

As previewed during its 2025 Capital Markets Day, Ferrari also announces that it intends to commence its new multi-year share buyback program of approximately Euro 3.5 billion, expected to be executed by 2030.  The first tranche of that program, for up to Euro 250 million (the “First Tranche”), is expected to start on January 5, 2026 and to end no later than May 15, 2026.

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

The First 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 First 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 First Tranche will be disclosed to the market as required by applicable regulation.

The Company currently holds No. 16,644,606 common shares in treasury, 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 holds in treasury 9.07% of the total issued share capital.

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).

Attachment

• FNV BB PR 16 December 2025 ENG

FAQ

What did Ferrari (RACE) announce about completing its 2022 buyback program on December 16, 2025?

Ferrari reported completion of its multi‑year buyback announced in 2022, having repurchased 5,981,331 shares for €2,002,569,269.82 through December 15, 2025.

What is the size and timeline of Ferrari's new buyback program (RACE)?

Ferrari intends a new multi‑year buyback of approximately €3.5 billion to be executed by 2030.

When does the first tranche of Ferrari's new buyback (RACE) start and how much is it?

The First Tranche is up to €250 million, expected to start on 5 Jan 2026 and end no later than 15 May 2026.

How will Ferrari fund the RACE first tranche repurchases and where will they trade?

The First Tranche will be funded from the company's available cash and executed via a €200m EXM non‑discretionary agreement and a €50m NYSE mandate.

How many treasury shares does Ferrari (RACE) hold after the buybacks and what percent of issued shares is that?

Ferrari holds 16,644,606 treasury shares, equal to 8.58% of issued common shares (9.07% including special voting shares).

Will Ferrari disclose details of repurchases under the First Tranche (RACE)?

Yes; details of repurchase transactions carried out under the First Tranche will be disclosed as required by applicable regulation.