Who Owns Ferrari Company?

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Who Owns Ferrari?

Understanding a company's ownership is key to grasping its strategy and accountability. Ferrari's ownership journey, marked by its 2016 spin-off from FCA and NYSE listing, significantly altered its shareholder landscape.

Ferrari S.p.A., the renowned Italian luxury sports car maker, has a history rooted in Enzo Ferrari's vision from 1939. Today, it operates as a publicly traded entity, with shares available on both the New York Stock Exchange and Euronext Milan.

Despite being a public company, a substantial portion of its ownership and voting control remains consolidated. This structure reflects its unique heritage and the lasting influence of its founder. In 2024, Ferrari delivered 13,752 vehicles, generating €6.68 billion in net revenues, primarily from vehicle sales and parts.

The evolution of Ferrari's ownership is a fascinating narrative, from its inception under Enzo Ferrari, through its extensive ties with Fiat, to its current structure. This includes significant holdings by institutional investors, the Ferrari family, and the broader public shareholder base. Examining key stakeholders and voting power dynamics reveals ongoing trends shaping this iconic brand. For a deeper dive into the competitive forces influencing the company, consider a Ferrari Porter's Five Forces Analysis.

The journey of Ferrari ownership began with its founder, Enzo Ferrari, who established Scuderia Ferrari in 1929. Initially a racing team, it was later acquired by Alfa Romeo before Enzo re-established it as Auto Avio Costruzioni, the precursor to the modern Ferrari S.p.A., in 1939.

Enzo Ferrari's Vision

Enzo Ferrari's unwavering commitment to racing and performance defined the company's early ethos. His personal drive shaped the brand's identity from its inception.

Early Funding and Backers

The initial establishment of Scuderia Ferrari was supported by a bank loan and contributions from individuals and companies like Pirelli. These early investors helped fuel Enzo's racing ambitions.

Transition to Auto Avio Costruzioni

Following a period with Alfa Romeo, Enzo Ferrari established a new venture under a different name due to contractual obligations. This marked a crucial step towards creating the independent automotive brand.

The Birth of Ferrari S.p.A.

In 1947, Enzo Ferrari officially founded Ferrari S.p.A., a pivotal moment that allowed cars to bear his name. The company also relocated its operations to Maranello, a move that remains significant today.

Public Offering and Ownership Structure

Ferrari transitioned into a public company in 1960, known as SEFAC S.p.A. While detailed early ownership splits are scarce, Enzo Ferrari maintained substantial control over the company's direction.

Legacy of Enzo Ferrari

Enzo Ferrari's personal vision and leadership were instrumental in shaping the brand's identity. His influence permeated every aspect of the company, from its engineering to its racing heritage.

Ferrari's early history is deeply intertwined with the vision and determination of its founder, Enzo Ferrari. He initially established Scuderia Ferrari in 1929, not as a car manufacturer, but as a racing team preparing Alfa Romeo vehicles for gentlemen drivers. This venture was made possible through a million-lira loan and support from individuals like Mario Tadini and the Caniato brothers, who were textile industrialists, along with the tire company Pirelli. Enzo's role as a test driver for Alfa Romeo provided him with invaluable experience, but he eventually sought to create his own automotive legacy.

Key Milestones in Early Ferrari Ownership

The evolution of Ferrari's ownership structure reflects its growth from a racing team to a global automotive icon. Understanding these early stages is crucial to grasping the company's current standing.

• Scuderia Ferrari was founded in 1929 by Enzo Ferrari.
• Alfa Romeo acquired a significant stake, 80%, in Scuderia Ferrari in 1937.
• Enzo Ferrari established Auto Avio Costruzioni in 1939, the direct predecessor to Ferrari S.p.A.
• Ferrari S.p.A. was officially founded in 1947, allowing cars to bear the Ferrari name.
• The company became a public entity, SEFAC S.p.A., in 1960, though Enzo Ferrari retained considerable influence.
• The Marketing Strategy of Ferrari has always been closely tied to its racing heritage and exclusivity.

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Ferrari's ownership journey has seen significant shifts, from its deep ties with Fiat to its current status as an independent entity. A pivotal moment was Fiat's initial 50% acquisition in 1969, which evolved into a controlling 90% stake by 1988.

The transition to an independent company was finalized in 2016, following a spin-off from Fiat Chrysler Automobiles (FCA). This strategic move, which included an initial public offering (IPO) valuing the company at approximately $10 billion, allowed Ferrari to chart its own course.

Key Stakeholders in Ferrari

Ferrari's current ownership is a mix of institutional investors, the founding family's descendants, and the public. This diverse shareholder base influences the company's strategic direction.

• Exor N.V., controlled by the Agnelli family, is the largest shareholder, holding 24.65% of equity and 36.48% of voting rights as of March 3, 2025.
• Piero Ferrari, son of Enzo Ferrari, maintains a significant stake of 10.48% equity and 15.51% voting rights as of February 2025.
• Public shareholders, including major institutional investors like BlackRock and Vanguard, collectively own approximately 58.8% of Ferrari's equity as of February 2025.
• The spin-off in 2016 marked Ferrari's emergence as a publicly traded, independent entity.

The ownership evolution, particularly the spin-off, has empowered Ferrari to pursue its independent strategies. This structure ensures that while the company is publicly traded, key stakeholders like Exor N.V. and Piero Ferrari continue to provide a strong link to its heritage and strategic vision. Understanding who owns Ferrari is crucial for grasping its corporate governance and future trajectory. For a deeper dive into how the company generates its income, explore the Revenue Streams & Business Model of Ferrari.

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Ferrari N.V.'s Board of Directors is instrumental in guiding the company's strategic direction and ensuring its long-term value creation. The board comprises 12 members, a mix of executive and non-executive directors, all committed to upholding transparency and integrity in corporate governance.

Ferrari's voting power is significantly influenced by a loyalty voting program, which grants enhanced voting rights to shareholders who maintain their holdings over time. This structure ensures that key stakeholders, particularly Exor N.V. and Piero Ferrari, retain substantial control, thereby safeguarding the company's strategic stability. As of March 3, 2025, Exor N.V. held 37,768,613 special voting shares, translating to 36.48% of the voting rights despite holding 24.65% of the equity. Piero Ferrari's stake of 10.48% equity corresponds to 15.51% of the voting power through 18,892,160 special voting shares. This arrangement is designed to prevent hostile takeovers and maintain a consistent vision for the brand's direction, reflecting a unique aspect of Ferrari ownership.

Understanding Ferrari's Shareholder Structure

Ferrari's corporate structure is designed to balance public ownership with concentrated control, ensuring strategic continuity.

• Exor N.V. is a significant shareholder with substantial voting power.
• Piero Ferrari also holds considerable voting rights due to special shares.
• The loyalty voting program benefits long-term investors.
• This structure aims to protect against hostile takeovers.
• Understanding these dynamics is key to grasping Target Market of Ferrari.

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In recent years, Ferrari has actively managed its ownership structure and capital allocation. A significant development is its ongoing share buyback program, initiated in July 2022 with a €2 billion allocation expected to conclude by 2026. As of January 31, 2025, the company held 15,040,444 treasury shares, representing 5.85% of its total issued share capital.

Exor N.V. made a notable adjustment in March 2025 by selling approximately seven million common shares, valued at around €3 billion. This move, which reduced their stake by about 4% of the outstanding capital, was aimed at portfolio rebalancing and funding new acquisitions. Despite this sale, Exor remains Ferrari's largest shareholder, retaining approximately 30% of the voting rights, indicating a strategic portfolio management rather than a change in control.

Share Buyback Program Impact

Ferrari's multi-year share buyback program, valued at €2 billion, is designed to reduce outstanding shares. This strategy can potentially boost earnings per share and enhance shareholder value.

Exor's Strategic Portfolio Shift

Exor's sale of Ferrari shares in March 2025 was a strategic portfolio rebalancing. They continue to be the largest shareholder, holding about 30% of voting rights.

Ownership Trends and Financial Strength

Ferrari's ownership reflects broader market trends with significant institutional and public ownership, alongside founder Piero Ferrari's substantial stake. The company's robust financial performance, with 2024 net revenues of €6.7 billion and EBITDA of €2.6 billion, supports its capital allocation strategies.

Future Outlook and Production Capacity

Ferrari's production is fully booked through 2026, ensuring revenue visibility. There are no current indications of privatization or major leadership changes that would alter the existing ownership structure.

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