Ferrari N.V. (“Ferrari” or the “Company”) announces that, following the accelerated bookbuild offering (“ABO”) of Ferrari shares made today by Exor N.V. (“Exor”), it intends to participate in the offering by repurchasing up to 10% of Exor’s total offering for up to a maximum of Euro 300 million. The transaction will be executed by participating in the ABO announced by Exor at the same price per share determined in the offering.
This transaction represents the seventh tranche of the multi-year share buyback program of approximately Euro 2.0 billion announced during our 2022 Capital Markets Day (the “Program”) and it falls within the limitations of the share buyback mandate approved at the April 17, 2024 Annual General Meeting of Shareholders, 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.
Details of the repurchase transactions carried out under the seventh tranche will be disclosed to the market as required by applicable regulation.
The repurchase will be financed by Ferrari’s cash on hand and it will not affect Ferrari’s ability to execute its strategic plan and its financing capabilities.
In addition, Ferrari informs that the Company has purchased, under the Euro 150 million sixth tranche of the Program announced on December 5, 2024 (the “Sixth Tranche”), the following common shares – reported in aggregate form, on a daily basis – on the Euronext Milan (EXM and on the New York Stock Exchange (NYSE):
| EXM | NYSE | Total | ||||||||
| Trading Date (d/m/y) | Number of common shares purchased | Average price per share excluding fees (€) | Consideration excluding fees (€) | Number of common shares purchased | Average price per share excluding fees ($) | Consideration excluding fees ($) | Consideration excluding fees (€)* | Number of common shares purchased | Average price per share excluding fees (€)* | Consideration excluding fees (€)* |
| 17/02/2025 | 1,946 | 486.3676 | 946,471.40 | – | – | – | – | 1,946 | 486.3676 | 946,471.40 |
| 18/02/2025 | 15,576 | 487.9137 | 7,599,743.50 | 6,954 | 503.1803 | 3,499,115.81 | 3,349,397.73 | 22,530 | 485.9805 | 10,949,141.23 |
| 19/02/2025 | 9,185 | 482.5296 | 4,432,034.60 | 8,898 | 500.9449 | 4,457,407.72 | 4,272,002.80 | 18,083 | 481.3381 | 8,704,037.40 |
| 20/02/2025 | 9,181 | 481.0669 | 4,416,675.40 | – | – | – | – | 9,181 | 481.0669 | 4,416,675.40 |
| Total | 35,888 | 484.7003 | 17,394,924.90 | 15,852 | 501.9255 | 7,956,523.53 | 7,621,400.53 | 51,740 | 483.5007 | 25,016,325.43 |
(*) 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 Sixth Tranche of the Program. The total consideration for such Sixth Tranche of the Program was:
- Euro 129,999,862.70 for No. 305,959 common shares purchased on the EXM
- USD 20,925,681.06 (Euro 19,999,658.42*) for No. 44,844 common shares purchased on the NYSE.
As of February 25, 2025, the Company held in treasury 15,119,211 common shares equal to 5.88% 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.
From the start of the Program until February 25, 2025, the Company has purchased a total of 4,296,447 own common shares on EXM and NYSE, including transactions for Sell to Cover, for a total consideration of Euro 1,322,735,977.17.
A comprehensive overview of the transactions carried out under the 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).
SOURCE: Ferrari
