Ferrari N.V. (NYSE/EXM: RACE) completed the first tranche of its multi-year share repurchase program, purchasing 61,261 common shares for €17.9 million on April 7-8, 2026, according to the company's statement.

The completion brings the first tranche total to €250 million, with 680,168 shares purchased on Euronext Milan for €200 million and 169,886 shares bought on the New York Stock Exchange for $57.9 million. The program began January 5, 2026.

As of April 9, 2026, Ferrari held 17,494,660 common shares in treasury, representing 9.02% of total issued common shares or 9.40% including special voting shares.

The company announced a second tranche of up to €250 million starting April 13, 2026, and ending no later than August 28, 2026. This phase includes a €200 million non-discretionary buyback agreement on Euronext Milan and a €50 million mandate for NYSE purchases.

The second tranche operates under two components. Ferrari entered a non-discretionary agreement with a financial institution for up to €200 million in EXM purchases, allowing the bank to make independent trading decisions in compliance with Market Abuse Regulation 596/2014. A separate €50 million mandate covers NYSE transactions, with Ferrari providing purchase instructions to another financial institution.

The buyback program implements authorization from the April 16, 2025 shareholders meeting, permitting purchases of up to 10% of common shares during an 18-month period. The repurchase authority expires October 15, 2026, unless extended.

The multi-year program totals approximately €3.5 billion, expected for completion by 2030. Repurchased shares may be used for the company's equity incentive plan obligations. The program will be funded through available cash.