Maranello (Italy), June 28, 2024 - Ferrari N.V. (NYSE/EXM: RACE) announced the completion of the highly anticipated fourth tranche of its multi-year share repurchase program. The program, which aims to repurchase approximately Euro 2 billion worth of shares by 2026, was first disclosed during the 2022 Capital Markets Day.
Under the Euro 350 million share buyback program initially announced on November 7, 2023, Ferrari has steadily repurchased common shares through the Euronext Milan (EXM) and the New York Stock Exchange (NYSE). The Company has diligently reported the aggregate form of additional common shares acquired on a daily basis.
This latest announcement follows two previous periodic reports, the most recent of which was released on June 10, 2024. These reports highlighted Ferrari’s continued commitment to executing the share buyback program outlined during the 2022 Capital Markets Day.
Ferrari’s strategic decision to repurchase shares demonstrates the Company’s confidence in its long-term growth prospects and underscores its commitment to creating value for its shareholders. By actively repurchasing common shares, Ferrari aims to enhance shareholder returns, leveraging its strong financial position and strategic outlook.
The successful completion of the fourth tranche marks a significant milestone in Ferrari’s ambitious share buyback program. This accomplishment further solidifies the Company’s commitment to optimizing its capital structure and unlocking value for its stakeholders.
Looking ahead, Ferrari has also unveiled plans for the fifth tranche of the multi-year share repurchase program. While specific details have not been disclosed yet, the Company’s commitment to executing the program by 2026 remains steadfast, in line with its transparent disclosure made during the 2022 Capital Markets Day.
With its iconic brand and unparalleled reputation, Ferrari continues to thrive as a global luxury automotive leader. The ongoing share repurchase program reflects Ferrari’s unwavering dedication to maximizing value for its shareholders and further solidifies its position as a strong and attractive investment opportunity.
In summary, Ferrari’s completion of the fourth tranche of its share repurchase program marks a significant achievement in the Company’s strategic plans. The continued execution of the program, along with the announcement of the fifth tranche, signals Ferrari’s commitment to enhancing shareholder value and underscores its position as a market leader in the luxury automotive industry.
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