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Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Ferrari deploys **€50M** in buybacks at **€431** per share, disciplined capital return matching eighteen-month order backlog.
186,000 shares
in the most recent reporting window at an average…
€431.18
per share
1.1 million shares
from circulation since board authorization in February
€50 million
in capital against a
Ferrari N.V. filed periodic disclosure on its ongoing share repurchase program, confirming the retirement of 186,000 shares in the most recent reporting window at an average price of €431.18 per share. The Italian luxury automaker has now removed 1.1 million shares from circulation since board authorization in February, deploying €50 million in capital against a €2 billion multi-year envelope.
The buyback proceeds without drama. Ferrari repurchased shares on twelve trading days during the period, with daily volumes ranging from 9,800 to 21,400 shares. Execution occurred entirely on Euronext Milan through a single intermediary, Goldman Sachs International, under the safe harbor provisions of EU Market Abuse Regulation. The company maintains its cadence of weekly disclosure, filing transaction logs every Monday for the prior week's activity. Average daily buyback now sits near €2.3 million, consistent with the pace set in Q1.
This matters because Ferrari operates capital allocation with the same discipline it applies to production slots. The house builds thirteen thousand vehicles annually by choice, not constraint. Order books stretch eighteen months forward, and the company holds firm on pricing power even as discretionary spending softens elsewhere in luxury. Share buybacks function as the release valve for cash generation that outpaces both capex requirements and M&A appetite. Ferrari closed 2024 with €1.8 billion in net industrial cash and generated €1.1 billion in free cash flow over the trailing four quarters. The buyback absorbs excess liquidity without altering the production discipline that underpins margin structure.
The timing runs parallel to Ferrari's model transition cycle. The house introduced the 12Cilindri and the 296 GTS spider variant in recent months, both slotting into the core grand tourer and mid-engine segments. The Purosangue SUV, now in its second year, continues to command premiums north of €400,000 before personalization. Waiting lists for allocation remain closed on most models. Ferrari does not chase volume; it rations supply. The buyback reinforces this posture by shrinking the equity base as earnings compound.
Allocators should watch for the Q2 earnings call in early August, where management typically updates full-year guidance and comments on order momentum by geography. China remains the variable—luxury auto demand there softened in Q1, though Ferrari's exposure skews toward Europe and the Americas. The board will likely extend or refresh the buyback authorization before year-end if cash generation holds pace. Any shift in the €2 billion envelope size or execution tempo would signal either M&A appetite or a change in leverage policy.
Ferrari has retired 4.1 percent of shares outstanding since 2018. The float shrinks methodically, and the family maintains control through Exor N.V., which holds 36 percent economic interest and majority voting rights. The buyback does not shift governance, but it does tighten the correlation between operating performance and per-share value. The next tranche report arrives in seven days.
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For the principal
Ferrari's buyback reflects excess cash from pricing power, not operational stress—production discipline intact, family control stable through Exor.
For the operator
Track Q2 guidance in August for China demand color and full-year buyback envelope refresh—current pace implies €200M annual deployment.
For the house
Maintain overweight Ferrari exposure in STEEL-tier luxury discretionary—buyback tempo confirms margin durability, model cycle supports 12-18 month hold horizon.
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