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

Rhea-AI Summary

Ferrari N.V. (NYSE/EXM: RACE) announced an update on its Euro 350 million share buyback program, the fourth tranche of a multi-year program totaling approximately Euro 2 billion, expected to be completed by 2026. From May 27 to May 31, 2024, the company purchased 39,016 common shares, investing a total of Euro 14,743,636.64. Since the start of this tranche, Ferrari has bought 631,960 shares on the Euronext Milan for Euro 223,256,895.83 and 238,857 shares on the NYSE for USD 95,386,719.05 (Euro 87,763,918.17). As of May 31, 2024, Ferrari holds 14,064,394 treasury shares, representing 5.47% of its total issued share capital. Since the program's inception in July 2022, Ferrari has acquired 3,240,290 shares for Euro 883,765,340.12.

Positive

• Ferrari has invested a significant amount, Euro 223,256,895.83, in the current tranche, showing strong financial backing.
• The multi-year buyback program totaling approximately Euro 2 billion demonstrates a continued commitment to increasing shareholder value.
• The company has successfully acquired 3,240,290 shares since the program's inception, indicating effective execution of the buyback strategy.
• Holding 14,064,394 treasury shares, representing 5.47% of total issued share capital, could enhance earnings per share and provide flexibility for future corporate actions.

Negative

• The buyback program's cost, Euro 223,256,895.83 and USD 95,386,719.05, represents a significant outflow of cash which could have been used for other investments or growth opportunities.
• With only 631,960 shares purchased on Euronext Milan and 238,857 shares on NYSE during this tranche, the pace may be slower than expected for achieving the Euro 2 billion target by 2026.
• The continual buyback could reduce liquidity in the market, potentially increasing volatility in stock prices.

Maranello (Italy), June 3, 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)		(€)	(€)		($)	($)	(€)*		(€)*	(€)*
27/05/2024	3,798	385.7164	1,464,950.89	-	-	-	-	3,798	385.7164	1,464,950.89
28/05/2024	3,917	381.6314	1,494,850.19	10,918	412.0821	4,499,112.37	4,134,453.56	14,835	379.4610	5,629,303.75
29/05/2024	3,957	376.0395	1,487,988.30	8,612	406.3033	3,499,084.02	3,222,882.95	12,569	374.8008	4,710,871.25
30/05/2024	3,938	376.0163	1,480,752.19	-	-	-	-	3,938	376.0163	1,480,752.19
31/05/2024	3,876	376.0987	1,457,758.56	-	-	-	-	3,876	376.0987	1,457,758.56
	19,486	379.0568	7,386,300.13	19,530	409.5339	7,998,196.39	7,357,336.51	39,016	377.8869	14,743,636.64
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 31, 2024, the total invested consideration has been:

• Euro 223,256,895.83 for No. 631,960 common shares purchased on the EXM
• USD 95,386,719.05 (Euro 87,763,918.17*) for No. 238,857 common shares purchased on the NYSE.

As of May 31, 2024, the Company held in treasury No. 14,064,394 common shares equal to 5.47% 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 31, 2024, the Company has purchased a total of 3,240,290 own common shares on EXM and NYSE, including transactions for Sell to Cover, for a total consideration of Euro 883,765,340.12.

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

FAQ

What is the Euro 350 million share buyback program by Ferrari (RACE)?

Ferrari's Euro 350 million share buyback program is the fourth tranche of a larger, multi-year plan to repurchase shares worth approximately Euro 2 billion by 2026.

How many shares did Ferrari (RACE) buy between May 27 and May 31, 2024?

Ferrari purchased 39,016 common shares between May 27 and May 31, 2024.

What was the total consideration for the shares Ferrari (RACE) bought in the fourth tranche?

Ferrari invested Euro 223,256,895.83 for 631,960 shares on Euronext Milan and USD 95,386,719.05 (Euro 87,763,918.17) for 238,857 shares on the NYSE.

What percentage of its issued share capital does Ferrari (RACE) hold in treasury?

As of May 31, 2024, Ferrari holds 5.47% of its total issued share capital in treasury shares.

How much has Ferrari (RACE) spent on its share buyback program since its inception?

Since July 2022, Ferrari has spent Euro 883,765,340.12 on its share buyback program.