automotive
Who Owns Ferrari? Exor's 21% Stake Carries 32% of the Votes
In brief
Who owns Ferrari?
Ferrari N.V. is a publicly traded company (NYSE: RACE; Euronext Milan: RACE). Its largest single shareholder is Exor N.V. — the Agnelli family's Dutch holding company — which held 21.33 percent of the shares and, through Ferrari's loyalty voting scheme, 32.32 percent of the votes as of 4 February 2026. Trust Piero Ferrari, established by the founder's son, held 10.67 percent of the shares and 16.17 percent of the votes. The remaining 64 percent or so trades publicly.
Despite the public float, the Agnelli family retains effective control of Ferrari through Exor's block position. John Elkann, Gianni Agnelli's grandson, chairs both Exor and Ferrari's board. The company that makes Enzo Ferrari's cars is now a Netherlands-incorporated holding structure run by Italy's most prominent industrial dynasty.
Ferrari's ownership structure
Ferrari N.V. was incorporated as a Dutch public limited company (naamloze vennootschap) on 4 September 2015. Its official seat is Amsterdam and it is registered with the Dutch Trade Register under number 64060977, but its corporate address and principal place of business are in Maranello, Italy. The shares trade under the ticker RACE on the New York Stock Exchange and, since 4 January 2016, on Euronext Milan. sec.gov
The operating company — the entity that employs engineers, builds cars in Maranello, and runs the Formula 1 team — is Ferrari S.p.A., an Italian subsidiary of Ferrari N.V. Ferrari N.V. itself is a holding company, and its annual report notes that its ability to pay dividends depends primarily on Ferrari S.p.A. generating the earnings. The shareholder table below is reproduced from Ferrari's 2025 Annual Report and Form 20-F and is stated as of 4 February 2026. sec.gov
| Shareholder | Shares / voting rights | Notes |
|---|---|---|
| Exor N.V. (Agnelli family) | 21.33% / 32.32% of votes | Agnelli family's Amsterdam-based holding company; John Elkann is Ferrari's Executive Chairman |
| Trust Piero Ferrari | 10.67% / 16.17% of votes | Jersey trust of Enzo Ferrari's son; Piero Ferrari holds the usufruct and votes the shares |
| BlackRock, Inc. | 3.80% / 3.38% of votes | Index-fund holder; the only other shareholder declared above 3% |
| Other public shareholders | 64.20% / 48.13% of votes | Institutional and retail investors on NYSE and Euronext Milan |
Ferrari N.V. share capital, per the 2025 Form 20-F (4 February 2026)
The Agnelli family and Exor N.V.
Exor N.V. is the Agnelli family's primary holding company, incorporated in Amsterdam. It is itself a listed company (Euronext Amsterdam: EXO), and the family controls it through Giovanni Agnelli B.V., a private Dutch company founded by Fiat's founder and now held by his Agnelli and Nasi descendants. Ferrari's 20-F puts Giovanni Agnelli B.V. at approximately 56.94 percent of Exor's ordinary shares and 85.27 percent of its voting rights. John Elkann is Chairman and Chief Executive of Exor and Executive Chairman of Ferrari's board. sec.gov
Exor's portfolio is broad. Alongside Ferrari, the companies it lists include Stellantis (the group formed when Fiat Chrysler merged with PSA Peugeot Citroën), CNH, Iveco Group, Philips, Institut Mérieux, Juventus Football Club, Christian Louboutin, Clarivate and The Economist. exor.com
Piero Ferrari, the founder's son born in 1945 of an extramarital relationship, controls 10.67 percent of the shares — and 16.17 percent of the votes — in the company bearing his father's name.
Fiat's role and Ferrari's 2015 spinoff
Ferrari's path to public listing goes through Fiat. Enzo Ferrari sold a 50% stake in his company to Fiat in 1969, retaining the other 50% and operational control. After Enzo's death in 1988, Fiat gradually increased its stake. Immediately before the IPO, Ferrari's own filings record that Fiat Chrysler Automobiles held approximately 90% of the shares and Piero Ferrari the remaining 10%. sec.gov
Ferrari listed on the NYSE in October 2015 — one of the most anticipated IPOs of that year — and FCA then distributed its remaining Ferrari interest to its own shareholders, a step completed on 3 January 2016. sec.gov The Agnelli family's Exor, as the controlling shareholder of FCA, received its proportional share of Ferrari stock in that distribution and has held a block ever since, though it trimmed the position in a February 2025 bookbuild of 6,666,667 shares. sec.gov
FCA priced the offering on 20 October 2015: 17,175,000 shares at $52 each, a total offering size of $893.1 million, with trading opening the next day. Against the 188,921,600 shares then in issue, that implied a value of roughly $9.8 billion for the whole company. sec.gov The business has grown a long way past that base: net revenues rose from €2,854 million in 2015 to €7,146 million in 2025, and shipments from 7,664 cars to 13,640. sec.gov
Corporate facts
Legal name: Ferrari N.V.
Incorporated: Amsterdam, Netherlands
Listed: NYSE & Euronext Milan (RACE)
Operating subsidiary: Ferrari S.p.A., Maranello, Italy
Leadership: John Elkann, Executive Chairman; Benedetto Vigna, CEO
Scale (2025, per Form 20-F)
Car shipments: 13,640
Net revenues: €7,146M
Net profit: €1,600M
Employees (average): 5,544
F1 team: Scuderia Ferrari
Frequently asked questions
Does Fiat or Stellantis own Ferrari?
Not anymore. Fiat Chrysler Automobiles (FCA) owned Ferrari until the 2015 IPO and the January 2016 spinoff, at which point Ferrari shares were distributed to FCA shareholders (including Exor). Since then, Ferrari N.V. has been independent of both Fiat and its successor Stellantis. The Agnelli family retained their stake through Exor, but through Ferrari shares, not through FCA or Stellantis.
Who is Piero Ferrari?
Piero Ferrari (born 1945) is the son of Enzo Ferrari by an extramarital relationship with Lina Lardi. He was not publicly acknowledged during his childhood but became involved in the company after his father's death in 1988. He is Vice Chairman of Ferrari. The shares themselves sit in Trust Piero Ferrari, a Jersey trust holding 10.67 percent of the company; Piero Ferrari holds the usufruct over them, including the right to vote them, which comes to 16.17 percent of the voting power. sec.gov
Can I buy Ferrari shares?
Yes. Ferrari N.V. trades on the NYSE (RACE) and Euronext Milan (RACE). Anyone with a brokerage account can purchase Ferrari shares. Buying shares gives you a proportional economic interest in Ferrari but no operational control — Exor and Trust Piero Ferrari between them command roughly 48 percent of the votes, and they vote under a standing shareholders' agreement.
The bottom line
- Ferrari N.V. (NYSE/Euronext: RACE) is publicly traded and incorporated in the Netherlands. The operating company, Ferrari S.p.A., is based in Maranello, Italy.
- Exor N.V. — the Agnelli family's holding company — held 21.33% of the shares and 32.32% of the votes as of 4 February 2026. Trust Piero Ferrari held 10.67% of the shares and 16.17% of the votes: about 32% of the capital between them, but roughly 48% of the voting power.
- John Elkann chairs both Exor and Ferrari's board; Benedetto Vigna is chief executive. Exor, Piero Ferrari and Trust Piero Ferrari vote under a shareholders' agreement most recently amended on 3 January 2026.
- Ferrari was spun off from Fiat Chrysler Automobiles in 2015–16. It is now entirely independent of Stellantis (FCA's successor).
- The 2015 IPO priced 17,175,000 shares at $52, implying roughly $9.8B for the whole company. In 2025 Ferrari reported €7,146M of net revenues and €1,600M of net profit on 13,640 cars shipped.