Ferrari N.V.: Periodic Report on the Buyback Program

Rhea-AI Summary

Ferrari has detailed its recent progress in the Euro 350 million share buyback program, part of a larger Euro 2 billion initiative planned through 2026. Between May 20-24, 2024, Ferrari acquired 19,239 common shares on the Euronext Milan (EXM) for approximately Euro 7.4 million and 41,996 shares on the New York Stock Exchange (NYSE) for around USD 17.5 million. The company has invested a total of Euro 215.87 million on EXM and USD 87.39 million (Euro 80.41 million) on NYSE shares for 612,474 and 219,327 shares respectively since the announcement of this tranche. Currently, Ferrari holds 14,025,378 shares in treasury, constituting 5.46% of its total issued share capital. Since the program's inception, Ferrari has repurchased 3,201,274 shares for Euro 869.02 million.

Positive

• Ferrari's buyback program reflects strong financial health and shareholder value focus.
• Between May 20-24, 2024, Ferrari successfully acquired 61,235 shares on EXM and NYSE.
• Total investment in the fourth tranche since its announcement amounts to Euro 296.28 million.
• The company currently holds 14,025,378 shares in treasury, representing 5.46% of total issued capital.
• Euro 869.02 million invested in share repurchases since July 1, 2022.

Negative

• Substantial capital expenditure on buybacks may limit funds available for other investments.
• Heavy reliance on share buybacks to drive stock value could signal potential internal growth issues.
• Fluctuations in share prices during the buyback period could impact overall financial performance.

Maranello (Italy), May 27, 2024 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) informs that the Company has purchased, under the Euro 350 million share buyback program announced on November 7, 2023, as the fourth 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 “Fourth 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)		(€)	(€)		($)	($)	(€)*		(€)*	(€)*
20/05/2024	3,821	386.7093	1,477,616.24	13,177	417.3523	5,499,451.26	5,063,485.18	16,998	384.8159	6,541,101.42
21/05/2024	3,862	382.6486	1,477,788.89	9,576	417.6574	3,999,487.26	3,681,413.16	13,438	383.9263	5,159,202.05
22/05/2024	3,845	384.5089	1,478,436.72	9,598	416.7052	3,999,536.51	3,693,016.17	13,443	384.6949	5,171,452.89
23/05/2024	3,856	385.1308	1,485,064.36	9,645	414.6672	3,999,465.14	3,684,784.54	13,501	382.9234	5,169,848.90
24/05/2024	3,855	384.7702	1,483,289.12	-	-	-	-	3,855	384.7702	1,483,289.12
	19,239	384.7495	7,402,195.33	41,996	416.6573	17,497,940.17	16,122,699.05	61,235	384.1740	23,524,894.38
Total

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

Since the announcement of such Fourth Tranche till May 24, 2024, the total invested consideration has been:

• Euro 215,870,595.69 for No. 612,474 common shares purchased on the EXM
• USD 87,388,522.66 (Euro 80,406,581.66*) for No. 219,327 common shares purchased on the NYSE.

As of May 24, 2024, the Company held in treasury No. 14,025,378 common shares equal to 5.46% 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 May 24, 2024, the Company has purchased a total of 3,201,274 own common shares on EXM and NYSE, including transactions for Sell to Cover, for a total consideration of Euro 869,021,703.48.

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 27 May 2024 ENG

FAQ

What is the recent update on Ferrari's share buyback program in May 2024?

Between May 20-24, 2024, Ferrari repurchased 19,239 shares on the Euronext Milan and 41,996 shares on the NYSE, totaling 61,235 shares.

How much has Ferrari invested in its share buyback program recently?

Since the announcement of the fourth tranche, Ferrari has invested Euro 215.87 million on EXM shares and USD 87.39 million (Euro 80.41 million) on NYSE shares.

How many shares does Ferrari currently hold in treasury as of May 24, 2024?

Ferrari holds 14,025,378 shares in treasury, which equals 5.46% of the total issued share capital.

What is the total investment in Ferrari's multi-year share buyback program since its inception?

Since July 1, 2022, Ferrari has invested Euro 869.02 million in repurchasing 3,201,274 shares.

What is the average price Ferrari paid per share during the recent buyback period?

During May 20-24, 2024, the average price per share was around Euro 384.75 on the Euronext Milan and USD 416.65 on the NYSE.