Ferrari N.V. Reports Buyback Program Progress and Successful AGMMaranello (Italy), May 6, 2024 - Luxury carmaker Ferrari N.V. (NYSE/EXM: RACE) has recently provided an update on its ongoing share buyback program and announced the successful outcome of its Annual General Meeting of Shareholders (AGM).
Under the Euro 350 million share buyback program, which was initially announced on November 7, 2023, Ferrari has now completed the fourth tranche of its multi-year share buyback program. This fourth tranche is part of a larger Euro 2 billion buyback program that is expected to be executed by 2026 in line with the company’s previous disclosure during the 2022 Capital Markets Day.
Ferrari has been purchasing additional common shares on the Euronext Milan on a daily basis. The aggregate details of these purchases have been reported regularly, contributing to the Company’s commitment to the buyback program.
In a separate announcement, Ferrari disclosed the positive outcome of its AGM, which took place on April 17, 2024, in Amsterdam, the Netherlands. All resolutions proposed to the shareholders were passed successfully. This outcome reflects shareholders’ confidence in Ferrari’s ongoing strategy and business performance.
This news further reinforces Ferrari’s dedication to enhancing shareholder value through the buyback program, indicating the company’s belief in the long-term growth prospects and financial strength. The continued execution of the buyback program is a testament to Ferrari’s commitment to returning value to its shareholders.
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