FERRARI N.V.: PERIODIC REPORT ON THE BUYBACK PROGRAM

Rhea-AI Summary

Ferrari N.V. informs about the Fourth Tranche of its Euro 2 billion share buyback program, reporting the purchase of common shares on the Euronext Milan and NYSE. Since July 2022, the company has acquired over 3 million own common shares for approximately Euro 823 million. As of May 10, 2024, Ferrari holds 5.41% of the total issued share capital.

Positive

• Continued execution of the multi-year share buyback program signals confidence in the company's financial strength and future prospects.

• Acquisition of own shares can enhance shareholder value and signal undervaluation of the company's stock.

• Transparent disclosure of buyback program details demonstrates commitment to shareholder communication and corporate governance best practices.

Negative

• Potential concerns may arise around allocation of capital for buybacks instead of investments in growth opportunities or research and development.

• Accumulating shares in treasury may lead to dilution for existing shareholders if not utilized effectively or retired in the future.

Maranello (Italy), May 13 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   (€)
06/05/2024	EXM	3,819	397.8222	1,519,282.98
07/05/2024	EXM	5,572	388.4118	2,164,230.55
08/05/2024	EXM	5,338	374.3431	1,998,243.47
09/05/2024	EXM	3,927	376.1138	1,476,998.89
10/05/2024	EXM	3,965	374.0042	1,482,926.65
Total	-	22,621	382.0204	8,641,682.54

(*) 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 10, 2024, the total invested consideration has been:

• Euro 201,088,174.64 for No. 573,889 common shares purchased on the EXM
• USD 54,391,165.62 (Euro 49,994,518.23*) for No. 140,501 common shares purchased on the NYSE.

As of May 10, 2024, the Company held in treasury No. 13,907,967 common shares equal to 5.41% 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 10, 2024, the Company has purchased a total of 3,083,863 own common shares on EXM and NYSE, including transactions for Sell to Cover, for a total consideration of Euro 823,827,218.99.

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).

Attachment

• FNV BB PR 13 May 2024 ENG

FAQ

What is the total amount invested in the Fourth Tranche of Ferrari's share buyback program?

As of May 10, 2024, the total invested consideration for the Fourth Tranche has been Euro 201,088,174.64.

How many own common shares has Ferrari purchased since the start of the buyback program in July 2022?

Since July 2022, Ferrari has acquired a total of 3,083,863 own common shares on the Euronext Milan and NYSE.

Where can more details about Ferrari's buyback programs be found?

Comprehensive information about the buyback programs, including transaction details, are available on Ferrari's corporate website under the Buyback Programs section.