Research Reports

Summary

Ferrari N.V. executed €11.84 million in share repurchases under its newly announced €250 million Second Tranche buyback program between April 13–17, 2026, acquiring 39,037 common shares on Euronext Milan, bringing total multi-year program purchases since January 5, 2026 to 924,482 shares for €272.6 million.

Key takeaways

Ferrari launched the €250 million 'Second Tranche' of its multi-year €3.5 billion share buyback program on April 10, 2026 — signaling continued capital return commitment aligned with 2025 Capital Markets Day guidance.

From April 13–17, 2026, Ferrari purchased 39,037 common shares on Euronext Milan for €11.84 million at an average price of €303.30 per share — representing early execution of the Second Tranche.

On April 16, 2026, Ferrari conducted a 'Sell to Cover' transaction of 35,391 shares (€304.00/share) to cover employee tax obligations arising from equity incentive grants — a routine administrative component of share-based compensation.

As of April 17, 2026, Ferrari held 17,461,497 common shares in treasury (9.00% of total issued), plus special voting shares, totaling 9.39% of total issued share capital — reflecting active treasury management.

Full analysis

This 6-K filing reports early execution of Ferrari’s newly launched €250 million Second Tranche share buyback program, announced April 10, 2026 as part of the broader €3.5 billion multi-year initiative disclosed at the 2025 Capital Markets Day. The purchases — 39,037 shares on Euronext Milan from April 13–17 — represent only ~4.7% of the Second Tranche’s authorized value and reflect disciplined, market-driven execution rather than accelerated deployment. The concurrent 'Sell to Cover' transaction (35,391 shares) was operationally necessary to satisfy tax withholding for equity awards and does not constitute discretionary capital return. With 17.46 million shares held in treasury as of April 17, 2026 — equivalent to 9.00% of common shares outstanding — Ferrari maintains one of the highest treasury share ratios among luxury auto peers, supporting EPS accretion and signaling strong balance sheet discipline. While no earnings or forward guidance is included, the buyback activity reinforces management’s confidence in sustained cash generation and long-term capital allocation priorities.