Ferrari Accelerates Its Share Buyback Program with Significant Purchases
Maranello (Italy), September 16, 2024’ Ferrari N.V. (NYSE/EXM: RACE) (Ferrari or the Company), a leading name in the global luxury automotive sector, has released its periodic report regarding the ongoing buyback initiative under its expansive share repurchase strategy.
As part of the Euro 250 million share buyback program that was announced on June 28, 2024, Ferrari has made notable progress in its robust and strategic acquisition of common shares. This program marks the fifth tranche of an ambitious multi-year share buyback plan valued at approximately Euro 2 billion. This extensive buyback initiative, which is slated to be fully executed by 2026, aligns with the forward-looking financial strategies disclosed during the 2022 Capital Markets Day.
The acquisitions, which transpires both on the Euronext Milan (EXM) and the New York Stock Exchange (NYSE), are reported in aggregate form on a daily basis, highlighting Ferrari’s transparent and disciplined approach to enhance shareholder value. This series of purchases epitomizes Ferrari’s strong confidence in its business prospects and commitment to delivering sustained returns to its stakeholders.
The Fifth Tranche of this comprehensive program exemplifies Ferrari’s fortitude in reinforcing its market position and underscores its meticulous stewardship of capital resources. The buyback program not only serves to optimize Ferrari’s capital structure but also resonates with its enduring legacy of excellence and innovation in the automotive world.
As Ferrari marches towards the culmination of the Euro 2 billion buyback plan by 2026, it remains steadfast in building on its heritage, leveraging its unmatched brand value, and driving forward with unparalleled financial and operational precision.By integrating a disciplined buyback strategy with operational excellence, Ferrari continues to chart a course that assures shareholders of its undeterred focus on value creation and long-term sustainable growth.
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