Ferrari Completes €200M Share Buyback Tranche, Launches Third
Event summary
- Ferrari completed its second €250M share buyback tranche, purchasing 655,884 shares on Euronext Milan and 159,855 on NYSE.
- Total consideration for the second tranche was €199.9M (Euronext) and $58M (NYSE).
- Ferrari now holds 1,590,804 shares in treasury (0.90% of issued shares).
- Third tranche of up to €250M begins September 2, 2026, split between Euronext (€200M) and NYSE (€50M).
- Total buyback program since January 2026: 1.7M shares for €510.8M.
The big picture
Ferrari's €3.5B multi-year buyback program reflects confidence in its luxury brand's resilience amid industry shifts toward electrification. The structured approach—combining discretionary and non-discretionary tranches—aligns with its controlled growth strategy. With 0.9% of shares now in treasury, the program could tighten the float and support earnings per share, but raises questions about alternative uses of capital.
What we're watching
- Execution Risk
- Whether Ferrari can sustain its aggressive buyback pace while maintaining operational flexibility.
- Market Timing
- How the €200M non-discretionary buyback on Euronext will impact share price volatility.
- Capital Allocation
- The balance between buybacks and other growth investments as Ferrari integrates electric technology.
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