FERRARI N.V.: COMPLETION OF THE FIRST TRANCHE AND ANNOUNCEMENT OF THE SECOND TRANCHE OF THE MULTI-YEAR SHARE REPURCHASE PROGRAM

Rhea-AI Summary

Ferrari has completed the first tranche of its €150 million share buyback program, purchasing a total of 6,978 common shares for €119.99 million on the Euronext Milan and 151,491 shares for USD 30 million on the NYSE. Overall, the total cost for this tranche is approximately €2 billion, with the company holding 11,835,481 shares in treasury, representing 4.60% of total issued capital. A second tranche of up to €200 million begins on December 2, 2022.

Positive

• Completed first tranche of €150 million share buyback program.
• Returned significant capital to shareholders, enhancing shareholder value.
• Plans to begin a second tranche of up to €200 million.

Negative

• None.

 Maranello (Italy),  December 1, 2022 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) informs that the Company has purchased, under the Euro 150 million share buyback program announced on June 30, 2022, as the initial tranche of the multi-year share buyback program of approximately Euro 2 billion expected to be executed by 2026 in line with the disclosure made during the 2022 Capital Markets Day (the “First Tranche”), the additional common shares - reported in aggregate form, on a daily basis - on the Euronext Milan (EXM) and on the New York Stock Exchange (NYSE) as follows:

	EXM			NYSE				Total
Trading	Number of common shares purchased	Average price per share	Consideration excluding fees	Number of common shares purchased	Average price per share	Consideration excluding fees	Consideration excluding fees	Number of common shares purchased	Average price per share	Consideration excluding fees
Date		excluding fees			excluding fees				excluding fees
(d/m/y)		(€)	(€)		($)	($)	(€)*		(€)*	(€)*
28/11/2022	2,325	209.8319	487,859.17	6,900	217.2363	1,498,930.47	1,432,601.04	9,225	208.1800	1,920,460.21
29/11/2022	2,340	208.3664	487,577.38	4,084	215.8307	881,452.58	850,330.48	6,424	208.2671	1,337,907.86
30/11/2022	2,313	210.4785	486,836.77	-	-	-	-	2,313	210.4785	486,836.77
	6,978	209.5548	1,462,273.32	10,984	216.7137	2,380,383.05	2,282,931.52	17,962	208.5071	3,745,204.84
Total

(*) translated at the European Central Bank EUR/USD exchange reference rate as of the date of each purchase

With the purchases described above the Company has completed the First Tranche of the program announced on June 30, 2022.

The total consideration for such First Tranche of the program was:

• Euro 119,999,801.43 for No. 618,880 common shares purchased on the EXM
• USD 30,047,816.61 (Euro 29,999,832.02*) for No. 151,491 common shares purchased on the NYSE.

As of November 30, 2022, the Company held in treasury No. 11,835,481 common shares equal to 4.60% of the total issued share capital including the common shares and the special voting shares, net of shares assigned under the Company’s equity incentive plan.

A comprehensive overview of the transactions carried out under the buyback program, as well as the details of the above transactions, are available on Ferrari’s corporate website under the Buyback Programs section (https://www.ferrari.com/en-EN/corporate/buyback-programs).

The Company intends to continue its already disclosed multi-year share buyback program with a second tranche of up to Euro 200 million to start on December 2, 2022 (the “Second Tranche”) and to end no later than June 26, 2023 with two components:

• Firstly, Ferrari has entered into a non-discretionary buyback agreement for an amount up to Euro 160 million to be executed on the EXM market through a primary financial institution (the “Bank”). The Bank will make its trading decisions concerning the timing of the purchases of Ferrari’s common shares independently of and uninfluenced by Ferrari and it will act in compliance with applicable rules and regulations as well as in accordance with the provisions of the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (the “Regulations”). Under this agreement purchases may continue during any closed periods of Ferrari in accordance with the Regulations.
• Secondly, Ferrari has entered into an additional mandate with a primary financial institution for up to Euro 40 million to be executed on the NYSE. Pursuant to such mandate Ferrari would provide the financial institution with purchase instructions from time to time in compliance with applicable rules, regulations and legal requirements. The actual timing, number and value of common shares repurchased on the NYSE will depend on a number of factors, including market and general business conditions.

Also the Second Tranche, like the First Tranche, implements the resolution adopted by the Shareholders’ Meeting (held on April 13, 2022) and duly communicated to the market, which authorized the purchase of up to 10% of the Company’s common shares during the eighteen-month period following such Shareholders’ Meeting. The repurchase authority will expire on October 12, 2023 or until such authority is extended or renewed before such date.

Details of the repurchase transactions carried out under the Second Tranche shall be disclosed to the market as required by applicable regulation.

Attachment

• FNV BB PR 1 December 2022 ENG

FAQ

What are the details of Ferrari's recent share buyback program under RACE?

Ferrari has completed the first tranche of a €150 million share buyback program, purchasing shares valued at about €120 million on the Euronext Milan and approximately $30 million on the NYSE.

What is the total amount Ferrari has allocated for its share buyback program?

Ferrari's multi-year share buyback program is approximately €2 billion, with the first tranche totaling €150 million.

When does the second tranche of Ferrari's share buyback program start?

The second tranche of up to €200 million is scheduled to start on December 2, 2022.

How many shares did Ferrari repurchase in the first tranche?

In the first tranche, Ferrari repurchased a total of 6,978 common shares on the EXM and 151,491 shares on the NYSE.

What percentage of total issued capital does Ferrari hold in treasury after the buyback?

As of November 30, 2022, Ferrari holds 11,835,481 common shares in treasury, which equals 4.60% of the total issued share capital.