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

Rhea-AI Summary

Ferrari N.V. (NYSE/EXM: RACE) announced the latest update on its Euro 350 million share buyback program, which is part of a larger Euro 2 billion buyback initiative expected to be completed by 2026. Between June 17-21, 2024, the company purchased 19,220 common shares on the Euronext Milan (EXM) for a total consideration of Euro 7,425,223.20, with an average price of Euro 386.328 per share. So far, the fourth tranche has involved purchasing 689,862 shares on EXM for Euro 245,513,426.31 and 269,191 shares on NYSE for USD 107,883,427.15. As of June 21, 2024, Ferrari holds 14,152,630 treasury shares, representing 5.51% of the total issued share capital. Since the initiation of the buyback program in July 2022, Ferrari has acquired 3,328,526 shares, amounting to Euro 917,611,462.41 in total.

Positive

• Ferrari's buyback program reflects strong confidence in the company's future, potentially increasing shareholder value.
• The company has already invested Euro 917,611,462.41 in buybacks, showing significant progress towards the Euro 2 billion target.
• Holding 14,152,630 treasury shares could enhance earnings per share and improve return on equity.

Negative

• The average price per share purchased has been high (Euro 386.328), which might limit the overall impact of the buyback on shareholder value.
• The buyback program requires substantial financial resources, which might affect Ferrari's liquidity or capex for other strategic initiatives.

Maranello (Italy), June 24, 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) as follows:

Trading Date (dd/mm/yyyy)	Stock Exchange	Number of common shares purchased	Average price per share excluding fees (€)	Consideration excluding fees (€)
17/06/2024	EXM	3,802	384.4968	1,461,856.83
18/06/2024	EXM	3,844	385.6917	1,482,598.89
19/06/2024	EXM	3,884	384.5760	1,493,693.18
20/06/2024	EXM	3,835	389.1920	1,492,551.32
21/06/2024	EXM	3,855	387.6843	1,494,522.98
Total	-	19,220	386.3280	7,425,223.20

(*) 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 21, 2024, the total invested consideration has been:

• Euro 245,513,426.31 for No. 689,862 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 21, 2024, the Company held in treasury No. 14,152,630 common shares equal to 5.51% 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 21, 2024, the Company has purchased a total of 3,328,526 own common shares on EXM and NYSE, including transactions for Sell to Cover, for a total consideration of Euro 917,611,462.41.

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 24 June 2024 ENG

FAQ

What is the latest update on Ferrari's share buyback program?

As of June 21, 2024, Ferrari has purchased 19,220 common shares on the Euronext Milan for Euro 7,425,223.20 at an average price of Euro 386.328 per share.

How much has Ferrari invested in its share buyback program so far?

Ferrari has invested a total of Euro 917,611,462.41 in its multi-year buyback program since its initiation in July 2022.

What percentage of Ferrari's total issued share capital is held in treasury?

As of June 21, 2024, Ferrari holds 5.51% of its total issued share capital in treasury shares.

How many shares has Ferrari purchased as part of the fourth tranche of its buyback program?

Ferrari has purchased 689,862 shares on EXM and 269,191 shares on NYSE as part of the fourth tranche of its buyback program.

What is the total value of shares Ferrari has bought back since July 2022?

Since July 2022, Ferrari has bought back shares worth a total of Euro 917,611,462.41.