Ferrari N.V., the Italian luxury sports car manufacturer, has provided an update on its share buyback program. The company has purchased additional common shares as part of the Euro 350 million share buyback program, known as the Fourth Tranche. This program is part of a larger multi-year share buyback initiative totaling approximately Euro 2 billion, set to be completed by 2026.
The recent purchases were made on the Euronext Milan (EXM) and New York Stock Exchange (NYSE). The breakdown of the shares purchased and the corresponding prices are detailed in the report. The total invested consideration for the shares bought on EXM and NYSE since the announcement of the Fourth Tranche until June 14, 2024, has been Euro 238,088,203.10 and USD 107,883,427.15 (Euro 99,353,509.99) respectively.
As of June 14, 2024, Ferrari N.V. held a total of 14,133,410 common shares in treasury, which represents 5.50% of the total issued share capital, excluding shares allocated under the equity incentive plan. Since the inception of the multi-year share buyback program in July 2022, the company has purchased a total of 3,309,306 own common shares on the EXM and NYSE, amounting to Euro 910,186,239.21.
Investors and stakeholders can access a detailed overview of the buyback transactions on Ferrari’s corporate website under the Buyback Programs section. For further information or media inquiries, individuals can reach out to the company’s Media Relations team at the provided contact details.
Ferrari N.V.’s commitment to the share buyback program underscores its efforts to enhance shareholder value and optimize its capital structure. The company’s proactive approach to capital allocation and financial management is aimed at driving long-term growth and maximizing returns for its investors. With a strong brand presence and a loyal customer base, Ferrari N.V. continues to position itself as a leading player in the luxury automotive industry.