Ferrari N.V. (“Ferrari” or the “Company”) announces that, following the accelerated bookbuild offering made by Exor N.V. (“Exor”) on February 26, 2025, the Company has participated in the offering by agreeing to repurchase 666,666 common shares for a total consideration of approx. Euro 300 million, at the same price per share determined by the offering (the “Transaction”). The Transaction is being financed by Ferrari’s cash on hand.
The 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.
The Transaction is expected to settle on March 3, 2025.
Following the Transaction, the Company will continue to execute the Program consistently with the progress of its Industrial Free Cash Flow generation.
A comprehensive overview of the transactions carried out under the buyback program is available on Ferrari’s corporate website under the Buyback Programs section (https://www.ferrari.com/enEN/corporate/buyback-programs).
SOURCE: Ferrari
