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

Rhea-AI Summary

Ferrari N.V. (NYSE/EXM: RACE) has provided an update on its Euro 350 million share buyback program, which is part of a broader Euro 2 billion buyback initiative expected to conclude by 2026. As of June 7, 2024, Ferrari purchased 651,353 common shares on the Euronext Milan (EXM) for Euro 230.66 million and 248,654 common shares on the New York Stock Exchange (NYSE) for USD 99.39 million (Euro 91.45 million). The total consideration for these shares is around Euro 321.88 million. Ferrari now holds 14,093,584 common shares in treasury, equivalent to 5.48% of its total issued share capital. Since the start of the multi-year program in July 2022, Ferrari has bought 3,269,480 shares for approximately Euro 894.86 million.

Positive

• Ferrari purchased 899,407 shares for Euro 321.88 million within a short time frame, showcasing strong execution of its buyback program.
• As of June 7, 2024, Ferrari now holds 5.48% of its total issued share capital, indicating a substantial repurchase and potential shareholder value increase.
• The ongoing buyback program reflects Ferrari's confidence in the company's financial stability and future growth prospects.
• Ferrari's multi-year buyback program aims to repurchase shares worth approximately Euro 2 billion by 2026, signifying a long-term commitment to enhancing shareholder value.

Negative

• The buyback program has led to a significant cash outflow, with Euro 321.88 million spent in this recent tranche alone.
• Ferrari's total consideration for the buyback since the program’s start is nearing Euro 894.86 million, which might limit available funds for other investments or operations.
• High average purchase prices, such as Euro 376.44 and USD 408.18, could be seen as overvaluing the shares, potentially leading to less effective capital allocation.

Maranello (Italy), June 10, 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)		(€)	(€)		($)	($)	(€)*		(€)*	(€)*
03/06/2024	3,911	376.4459	1,472,279.91	9,797	408.1835	3,998,973.75	3,688,409.66	13,708	376.4728	5,160,689.57
04/06/2024	3,912	377.1899	1,475,566.89	-	-	-	-	3,912	377.1899	1,475,566.89
05/06/2024	3,863	384.5524	1,485,525.92	-	-	-	-	3,863	384.5524	1,485,525.92
06/06/2024	3,821	388.4911	1,484,424.49	-	-	-	-	3,821	388.4911	1,484,424.49
07/06/2024	3,886	383.2859	1,489,449.01	-	-	-	-	3,886	383.2859	1,489,449.01
	19,393	381.9546	7,407,246.22	9,797	408.1835	3,998,973.75	3,688,409.66	29,190	380.1184	11,095,655.88
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 7, 2024, the total invested consideration has been:

• Euro 230,664,142.05 for No. 651,353 common shares purchased on the EXM
• USD 99,385,692.80 (Euro 91,452,327.83*) for No. 248,654 common shares purchased on the NYSE.

As of June 7, 2024, the Company held in treasury No. 14,093,584 common shares equal to 5.48% 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 7, 2024, the Company has purchased a total of 3,269,480 own common shares on EXM and NYSE, including transactions for Sell to Cover, for a total consideration of Euro 894,860,996.00.

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 10 June 2024 ENG

FAQ

What is Ferrari's share buyback program?

Ferrari's share buyback program is a multi-year plan to repurchase up to Euro 2 billion worth of shares by 2026, aimed at enhancing shareholder value.

How many shares has Ferrari repurchased under the current buyback program?

As of June 7, 2024, Ferrari has repurchased 899,407 common shares under the current tranche of its buyback program.

What is the total amount Ferrari has spent on its buyback program so far?

Ferrari has spent approximately Euro 894.86 million on repurchasing shares since the start of its multi-year buyback program in July 2022.

How much of Ferrari's total issued share capital is held in treasury?

Ferrari holds 14,093,584 common shares in treasury, which is equal to 5.48% of its total issued share capital.

What is Ferrari's stock symbol?

Ferrari's stock symbol is RACE, and it is traded on the Euronext Milan (EXM) and the New York Stock Exchange (NYSE).