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

Rhea-AI Summary

Ferrari N.V. (NYSE/EXM: RACE) announced updates on its Euro 350 million share buyback program, part of a larger Euro 2 billion buyback initiative expected to conclude by 2026. Between May 13 and May 17, 2024, Ferrari purchased 56,176 shares: 19,346 on Euronext Milan (EXM) and 36,830 on the New York Stock Exchange (NYSE), for a total consideration of Euro 21,669,590.11. Since the start of the Fourth Tranche, Ferrari has bought 593,235 shares on EXM for Euro 208,468,400.36 and 177,331 shares on NYSE for USD 69,890,582.49 (approximately Euro 64,283,882.61). As of May 17, 2024, Ferrari holds 13,964,143 treasury shares, equating to 5.43% of its total issued share capital.

Positive

• Ferrari's ongoing buyback program aims to repurchase up to Euro 2 billion in shares by 2026, indicating strong capital allocation strategies.
• From May 13-17, 2024, Ferrari repurchased 56,176 shares, showing active engagement in share buyback.
• Total consideration for the recent buyback (May 13-17, 2024) amounted to Euro 21,669,590.11, suggesting significant investment in its own shares.
• As of May 17, 2024, Ferrari holds 13,964,143 treasury shares, representing 5.43% of its total issued share capital, bolstering share value.

Negative

• Ferrari's buyback program from May 13-17, 2024, indicates substantial expenditure, which could impact liquidity.
• The total consideration for shares repurchased since July 1, 2022, is Euro 845,496,809.10, reflecting a significant cash outflow.
• Repurchasing shares could signal a lack of profitable reinvestment opportunities within the company.

Maranello (Italy), May 20, 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)		(€)	(€)		($)	($)	(€)*		(€)*	(€)*
13/05/2024	3,921	376.3233	1,475,563.66	-	-	-	-	3,921	376.3233	1,475,563.66
14/05/2024	3,920	377.6059	1,480,215.13	-	-	-	-	3,920	377.6059	1,480,215.13
15/05/2024	3,868	379.2867	1,467,080.96	13,140	418.5555	5,499,819.27	5,077,381.16	17,008	384.7873	6,544,462.12
16/05/2024	3,815	387.0821	1,476,718.21	11,875	421.0393	4,999,841.69	4,601,363.60	15,690	387.3857	6,078,081.81
17/05/2024	3,822	387.4013	1,480,647.77	11,815	423.1702	4,999,755.91	4,610,619.62	15,637	389.5419	6,091,267.39
	19,346	381.4859	7,380,225.73	36,830	420.8367	15,499,416.87	14,289,364.38	56,176	385.7446	21,669,590.11
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 17, 2024, the total invested consideration has been:

• Euro 208,468,400.36 for No. 593,235 common shares purchased on the EXM
• USD 69,890,582.49 (Euro 64,283,882.61*) for No. 177,331 common shares purchased on the NYSE.

As of May 17, 2024, the Company held in treasury No. 13,964,143 common shares equal to 5.43% 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 17, 2024, the Company has purchased a total of 3,140,039 own common shares on EXM and NYSE, including transactions for Sell to Cover, for a total consideration of Euro 845,496,809.10.

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 20 May 2024 ENG

FAQ

What is the total value of Ferrari's buyback program?

Ferrari's buyback program aims to repurchase up to Euro 2 billion in shares by 2026.

How many shares did Ferrari repurchase between May 13 and May 17, 2024?

Ferrari repurchased 56,176 shares between May 13 and May 17, 2024.

What was the total consideration for Ferrari's recent share buyback?

The total consideration for the recent share buyback (May 13-17, 2024) was Euro 21,669,590.11.

How many treasury shares does Ferrari hold as of May 17, 2024?

As of May 17, 2024, Ferrari holds 13,964,143 treasury shares, representing 5.43% of its total issued share capital.

What is the purpose of Ferrari's share buyback program?

Ferrari's share buyback program aims to repurchase up to Euro 2 billion in shares by 2026 to enhance shareholder value.