A new agreement between Ferrari and Exor is reshaping the existing arrangements between the Agnelli family and the heirs of Enzo Ferrari regarding the sale of shares.
On the surface, everything appears unchanged. Beneath that calm exterior, however, important movements are taking place. Ferrari, a symbol of Italian industry and a global icon capable of combining sporting excellence with strong financial performance, is updating its governance structure at a delicate moment marked by market volatility and rising expectations. These pressures are felt not only on the industrial and financial fronts, but also on the sporting side, as the Scuderia is called upon to rediscover consistency and competitiveness at the highest level of Formula 1.
While Ferrari’s F1 team works to return to the front of the grid, the balance of power among the company’s key shareholders is also being redefined in Maranello.
What changes with the new pact
As reported in detail by Il Sole 24 Ore, the new shareholders’ agreement at Ferrari represents a significant turning point in the internal relationships within the ownership structure of the Prancing Horse. The pact, which secures a combined 32% of the share capital and 48% of the voting rights, clearly redraws the relationship between Exor and Piero Ferrari, introducing a marked asymmetry in favour of the founder’s son.
The most significant element concerns the broad freedom of action granted to Piero Ferrari. The three-year agreement allows him to reduce his stake, including the portion held through the family Trust, down to 5% without causing the pact to lapse. More importantly, it gives him the right to terminate the agreement unilaterally at any time, with 30 days’ notice and “at his exclusive discretion”. This option is not available to Exor, whose only route to early withdrawal is triggered specifically by Piero Ferrari’s stake falling below that threshold.
This new framework represents a clear break from the 2015 agreement, which was established ahead of Ferrari’s stock market listing with the aim of ensuring long-term stability. That stability accompanied the group’s growth all the way to a peak market capitalisation of around €75 billion, before Exor decided to place 4% of the share capital on the market and the share price subsequently adjusted.
The outcome is an agreement that is shorter in duration but far more detailed in substance. It also involves the Ferrari Trust and takes into account regulatory risks linked to a potential joint takeover bid. This is not merely a pact designed to lock in control, but one that formally acknowledges a new balance of power within the Ferrari universe, at a time when the Scuderia continues to represent its most visible and symbolic expression on the global stage.
The revised agreement between Exor and Piero Ferrari signifies a strategic pivot in Maranello’s leadership, prioritizing the founder’s lineage during a period of intense technical and sporting transition. By granting Piero Ferrari the unilateral right to dissolve the pact, the Agnelli family is acknowledging the unique cultural and symbolic value he brings to the brand, particularly as the 2026 regulatory reset looms. This corporate “armor” provides the stability necessary for Ferrari to navigate market fluctuations while ensuring that the core identity of the Scuderia remains protected by those who understand its history most intimately.
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