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

Rhea-AI Summary

Ferrari N.V. (NYSE/EXM: RACE) announced the continuation of its Euro 350 million share buyback program, a part of its multi-year Euro 2 billion buyback plan set to be completed by 2026. As part of the fourth tranche of the buyback, from June 10 to June 14, 2024, Ferrari acquired 39,826 common shares on EXM at an average price of €384.88 per share and 20,537 shares on NYSE at $413.77 per share. The total consideration for these purchases was approximately Euro 7.9 million. Since the start of the program, Ferrari has spent Euro 910.19 million to repurchase 3,309,306 shares. As of June 14, 2024, Ferrari holds 14,133,410 treasury shares, accounting for 5.50% of total issued share capital.

Positive

• Ferrari continues its multi-year Euro 2 billion buyback program, showing strong financial health.
• Purchased 39,826 shares on EXM at an average price of €384.88 and 20,537 shares on NYSE at $413.77, indicating strong stock performance.
• Total buyback consideration of Euro 7.9 million during June 10-14, 2024, supporting stock price stability.
• Since program inception, spent Euro 910.19 million on repurchasing shares, reducing share dilution.

Negative

• High expenditure on buybacks (Euro 910.19 million) may limit funds available for other strategic investments.

Maranello (Italy), June 17, 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)		(€)	(€)		($)	($)	(€)*		(€)*	(€)*
10/06/2024	3,842	382.8325	1,470,842.47	7,251	413.6161	2,999,130.34	2,788,332.41	11,093	383.9516	4,259,174.88
11/06/2024	3,872	383.6345	1,485,432.78	7,295	411.1127	2,999,067.15	2,795,029.96	11,167	383.3136	4,280,462.74
12/06/2024	3,802	389.5092	1,480,913.98	-	-	-	-	3,802	389.5092	1,480,913.98
13/06/2024	3,855	387.8665	1,495,225.36	5,991	417.2153	2,499,536.86	2,317,819.79	9,846	387.2684	3,813,045.15
14/06/2024	3,918	380.7163	1,491,646.46	-	-	-	-	3,918	380.7163	1,491,646.46
	19,289	384.8857	7,424,061.05	20,537	413.7768	8,497,734.35	7,901,182.16	39,826	384.8050	15,325,243.21
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 June 14, 2024, the total invested consideration has been:

• Euro 238,088,203.10 for No. 670,642 common shares purchased on the EXM
• USD 107,883,427.15 (Euro 99,353,509.99*) for No. 269,191 common shares purchased on the NYSE.

As of June 14, 2024, the Company held in treasury No. 14,133,410 common shares equal to 5.50% 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 June 14, 2024, the Company has purchased a total of 3,309,306 own common shares on EXM and NYSE, including transactions for Sell to Cover, for a total consideration of Euro 910,186,239.21.

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 17 June 2024 ENG

FAQ

What is Ferrari's stock symbol?

Ferrari's stock symbol is RACE.

When did Ferrari announce its share buyback program?

Ferrari announced its Euro 350 million share buyback program as part of a multi-year plan on November 7, 2023.

How many shares did Ferrari buy back between June 10 and June 14, 2024?

Ferrari bought back 39,826 shares on EXM and 20,537 shares on NYSE between June 10 and June 14, 2024.

What was the average price per share for Ferrari's buyback on EXM?

The average price per share for Ferrari's buyback on EXM was €384.88.

What was the total consideration for Ferrari's share buyback during June 10-14, 2024?

The total consideration for Ferrari's share buyback during June 10-14, 2024, was approximately Euro 7.9 million.

How many shares has Ferrari repurchased since the beginning of the buyback program?

Since the beginning of the buyback program, Ferrari has repurchased a total of 3,309,306 shares.

What percentage of total issued share capital does Ferrari hold in treasury as of June 14, 2024?

As of June 14, 2024, Ferrari holds 5.50% of the total issued share capital in treasury.