FERRARI N.V. TO COMMENCE A EURO 150 MILLION FIRST TRANCHE OF ITS NEW MULTI-YEAR SHARE BUYBACK PROGRAM OF APPROXIMATELY EURO 2 BILLION

Rhea-AI Summary

Ferrari N.V. (RACE) announces a Euro 150 million share buyback program, initiating the first tranche of a planned Euro 2 billion buyback by 2026. The first tranche runs from July 1, 2022, to November 30, 2022, funded by available cash. It involves two components: a Euro 120 million non-discretionary buyback on the EXM market and an additional Euro 30 million mandate on the NYSE. This program aligns with the April 2022 shareholders' meeting resolution, allowing for the repurchase of up to 10% of common shares, set to expire on October 12, 2023.

Positive

• Euro 150 million share buyback increases shareholder value.
• Part of a larger Euro 2 billion buyback program enhances long-term investor confidence.
• Share repurchase supports equity incentive obligations.

Negative

• None.

Maranello (Italy), June 30, 2022 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) announces that it intends to commence a Euro 150 million share buyback program, as the initial tranche of the new 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 “First Tranche”). The First Tranche will start on July 1, 2022 and will end no later than November 30, 2022. The First Tranche will be funded through the Company’s available cash and common shares repurchased under the First Tranche may be used to meet the obligations arising from the Company’s equity incentive plan.

The First Tranche has two components.

Firstly, Ferrari has entered into a non-discretionary buyback agreement for an amount equivalent to Euro 120 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 as well as in accordance with the provisions of the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (the “Regulations”). Under this agreement purchases may continue during any closed periods of Ferrari in accordance with the Regulations.

Secondly, Ferrari intends to enter into an additional mandate with a primary financial institution for up to Euro 30 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 First Tranche implements the resolution adopted by the Shareholders’ Meeting (held on April 13, 2022) 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 12, 2023 or until such authority is extended or renewed before such date.
Details of the repurchase transactions carried out under the First Tranche shall be disclosed to the market as required by applicable regulation.

The Company currently holds No. 11,065,110 common shares in treasury.

The First Tranche replaces any previous common shares buyback program.

Attachment

• FNV BB PR 30 June 2022 ENG

FAQ

What is the purpose of Ferrari's Euro 150 million share buyback program?

The Euro 150 million share buyback program aims to enhance shareholder value and support equity incentive obligations.

When does the first tranche of Ferrari's share buyback program start and end?

The first tranche starts on July 1, 2022, and ends no later than November 30, 2022.

How much of Ferrari's buyback program will be executed on the EXM market?

Ferrari has entered into a Euro 120 million non-discretionary buyback agreement for execution on the EXM market.

What is the total amount planned for Ferrari's multi-year buyback program?

Ferrari plans a total of approximately Euro 2 billion for its multi-year buyback program expected to be executed by 2026.

What is the significance of the April 2022 shareholders' meeting resolution?

The resolution authorized the purchase of up to 10% of Ferrari's common shares over an 18-month period, supporting the current buyback initiative.