Ferrari N.V.: Completion of the Third Tranche of the Multi-Year Share Repurchase Program

Rhea-AI Summary

Ferrari completes the third tranche of its share buyback program, purchasing a total of 17,957 common shares for a consideration of €795,441,112.23. The company now holds 5.16% of the total issued share capital in treasury.

Positive

• Ferrari's completion of the share buyback program may positively impact the stock price as it demonstrates confidence in the company's future.
• The purchase of common shares reduces the total number of outstanding shares, potentially increasing the value of existing shares.
• The significant consideration of €795,441,112.23 spent on the share buyback program indicates a commitment to returning value to shareholders.

Negative

• None.

Maranello (Italy), October 23, 2023 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) informs that the Company has purchased, under the Euro 200 million share buyback program announced on June 27, 2023, as the third 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 “Third Tranche”), the additional common shares - reported in aggregate form, on a daily basis on the New York Stock Exchange (NYSE) as follows:

Trading Date (dd/mm/yyyy)	Stock Exchange	Number of common shares purchased	Average price per share excluding fees ($)	Consideration excluding fees ($)	Consideration excluding fees (€)
18/10/2023	NYSE	8,222	304.0275	2,499,714.11	2,366,033.23
19/10/2023	NYSE	9,735	302.1467	2,941,398.12	2,785,942.53
Total	-	17,957	303.0079	5,441,112.23	5,151,975.76

(*) 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 Third Tranche of the Program.

The total consideration for such Third Tranche of the Program was:

• Euro 129,999,723.00 for No. 457,570         common shares purchased on the EXM
• USD 75,906,916.58 (Euro 69,999,782.62*) for No. 245,066 common shares purchased on the NYSE.

As of October 20, 2023, the Company held in treasury No. 13,258,742 common shares equal to 5.16% 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.
Since the start of the multi-year share buyback program of approximately Euro 2 billion announced during the 2022 Capital Markets Day, on July 1, 2022, until October 20, 2023, the Company has purchased a total of 2,334,284 own common shares on EXM and NYSE, including transactions for Sell to Cover, for a total consideration of Euro 559,196,761.15.

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).

For further information:
Media Relations
tel.: +39 0536 949337
Email: media@ferrari.com

Attachment

• FNV BB PR 23 October 2023 ENG

FAQ

What is Ferrari's share buyback program?

Ferrari's share buyback program involves the company purchasing its own common shares from the market, reducing the total number of outstanding shares.

How many common shares did Ferrari purchase in the third tranche?

Ferrari purchased a total of 17,957 common shares in the third tranche of its share buyback program.

What is the total consideration for the third tranche?

The total consideration for the third tranche of Ferrari's share buyback program was €795,441,112.23.

How many common shares does Ferrari hold in treasury?

As of October 20, 2023, Ferrari holds 13,258,742 common shares in treasury, which is equivalent to 5.16% of the total issued share capital.

What is the purpose of a share buyback program?

A share buyback program is often used by companies to return value to shareholders and boost the value of existing shares.