FERRARI N.V.: COMPLETION OF THE FIFTH TRANCHE AND ANNOUNCEMENT OF THE SIXTH TRANCHE OF THE MULTI-YEAR SHARE REPURCHASE PROGRAM

 

Maranello (Italy), December 5, 2024 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) informs that the Company has purchased, under the Euro 250 million share buyback program announced on June 28, 2024, as the fifth 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 “Fifth Tranche”), the additional common shares - reported in aggregate form, on a daily basis - on the New York Stock Exchange (NYSE) as follows:

 

(*) translated at the European Central Bank EUR/USD exchange reference rate as of the date of each purchase

 

With the purchases described above the Company has completed the Fifth Tranche.

The total consideration for such Fifth Tranche of the Program was:

• Euro 199,999,033.02 for No. 484,498 common shares purchased on the EXM.

• USD 54,951,659.71 (Euro 49,993,350.32*) for No. 119,584 common shares purchased on the NYSE.

As of December 4, 2024, the Company held in treasury No. 14,768,408 common shares equal to 5.75% 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 December 4, 2024, the Company has purchased a total of 3,945,644 own common shares on EXM and NYSE, including transactions for Sell to Cover, for a total consideration of Euro 1,172,736,456.04.

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).

The Company intends to continue its multi-year share buyback program with a sixth tranche of up to Euro 150 million (“Sixth Tranche”) to start on December 6, 2024 and to end no later than February 20, 2025 with two components:

• Firstly, Ferrari has entered into a non-discretionary buyback agreement for an amount up to Euro 130 million to be executed on the EXM market through a primary financial institution (the “Bank”). The Bank will make its trading decisions concerning the timing of the purchases of Ferrari’s common shares independently of and uninfluenced by Ferrari and it will act in compliance with applicable rules and regulations, including the provisions of the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (the “Regulations”). Under this agreement, once executed, purchases may continue during any closed periods of Ferrari in accordance with the Regulations. 

• Secondly, Ferrari has entered into an additional mandate with a primary financial institution for up to Euro 20 million to be executed on the NYSE. Pursuant to such mandate Ferrari would provide the financial institution with purchase instructions from time to time in compliance with applicable rules, regulations and legal requirements. The actual timing, number and value of common shares repurchased on the NYSE will depend on a number of factors, including market and general business conditions.

The Sixth Tranche implements the resolution adopted by the Shareholders’ Meeting (held on April 17, 2024) and duly communicated to the market, which authorized the purchase of up to 10% of the Company’s common shares during the eighteen-month period following such Shareholders’ Meeting. The repurchase authority will expire on October 16, 2025 or until such authority is extended or renewed before such date.

Details of the repurchase transactions carried out under the Sixth Tranche shall be disclosed to the market as required by applicable regulation.