Ferrari N.V. completed the second tranche of its €3.5 billion share‑buyback program on January 19 2026, purchasing 84,500 shares for €26,579,584.35 across the Euronext Milan and NYSE markets. The tranche, which began on January 5 and closed on January 16, brings the company’s treasury holdings to 16,729,106 shares, representing 8.63 % of issued common shares and 9.10 % when special voting shares are included.
The €3.5 billion program, launched on January 5, is the second major capital‑allocation initiative following the completion of a €2 billion buyback that wrapped up in December 2025. The new program is scheduled to run through 2030, aligning with Ferrari’s long‑term strategic plan that targets net revenues of €6.7 billion by 2026 and €9 billion by 2030, while aiming for EBITDA margins of 38‑40 % by 2026.
The buyback underscores Ferrari’s robust financial position, which has generated strong free‑cash flow and enabled the company to raise its dividend payout ratio from 35 % to 40 % of adjusted net profit starting with the 2025 results. By reducing the share count, the program is expected to lift earnings per share and support the company’s valuation, while also providing a flexible source of capital for future investments.
Management views the program as a confidence signal that Ferrari’s shares are trading below intrinsic value and as a tool to return excess capital to shareholders. The incremental treasury holdings also give the company greater control over its capital structure, allowing it to balance dividend growth, share repurchases, and strategic acquisitions in a disciplined manner.
Ferrari will continue to execute tranches of the €3.5 billion program over the coming years, with the next tranche scheduled for the second quarter of 2026. The company’s ongoing commitment to shareholder returns, combined with its disciplined cost management and focus on high‑margin product segments, positions it to sustain growth and maintain a strong balance sheet.
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