Maranello (Italy), February 27, 2025 – Ferrari N.V. (NYSE/EXM: RACE) ("Ferrari" or the "Company") announces that, following the accelerated bookbuild offering made by Exor N.V. ("Exor") on February 26, 2025, the Company has participated in the offering by agreeing to repurchase 666,666 common shares for a total consideration of Euro 300 million, at the same price per share determined by the offering (the "Transaction"). The Transaction is being financed by Ferrari's cash on hand.  The Transaction represents ...

Core Points - Ferrari N.V. has announced a share repurchase of 666,666 common shares for a total of Euro 300 million, financed by its cash reserves [1][2][3] - This transaction is the seventh tranche of a multi-year share buyback program totaling approximately Euro 2.0 billion, which was initially announced during the 2022 Capital Markets Day [2] - The buyback program is authorized to purchase up to 10% of the Company's common shares within an eighteen-month period following the April 17, 2024 Annual General Meeting of Shareholders [2] - The transaction is expected to settle on March 3, 2025, and the Company will continue to execute the buyback program in line with its Industrial Free Cash Flow generation [3] Additional Information - A registration statement related to the offering of Ferrari's common shares by Exor has been filed with the U.S. Securities and Exchange Commission on February 26, 2025 [4]

Ferrari, following the accelerated bookbuild offering announced by Exor on February 26, 2025, intends to repurchase up to 10% of Exor's total offering up to a maximum of Euro 300 millionThis share repurchase is to be considered as a part of Ferrari's multi-year Euro 2.0 billion share buyback program as announced during our 2022 CMD. It will constitute the seventh tranche and it will be financed by Ferrari's cash on handOn February 20, 2025, Ferrari completed the sixth tranche announced on December 5, 2024 ...

Core Viewpoint - Ferrari N.V. intends to repurchase up to 10% of Exor's total offering for a maximum of Euro 300 million following Exor's accelerated bookbuild offering, marking the seventh tranche of its multi-year Euro 2.0 billion share buyback program [1][9]. Group 1: Share Buyback Program - The current transaction is part of a multi-year share buyback program of approximately Euro 2.0 billion announced during the 2022 Capital Markets Day [2][9]. - This repurchase will be financed by Ferrari's cash on hand and will not impact its strategic plan or financing capabilities [3][9]. - The sixth tranche of the program, announced on December 5, 2024, has been completed, with a total consideration of Euro 150 million [4][5]. Group 2: Transaction Details - As of February 25, 2025, Ferrari held 15,119,211 common shares in treasury, representing 5.88% of the total issued share capital [5][6]. - From the start of the buyback program until February 25, 2025, Ferrari has purchased a total of 4,296,447 common shares for a total consideration of Euro 1,322,735,977.17 [6]. - The details of the repurchase transactions under the sixth tranche will be disclosed as required by applicable regulations [3]. Group 3: Regulatory Information - A registration statement on Form F-3 relating to the offering of Ferrari's common shares by Exor has been filed with the U.S. Securities and Exchange Commission [7]. - The prospectus for the offering can be accessed for free through the SEC's website [7].

Financial Reporting - Ferrari N.V. filed its report under Form 20-F for the month of February 2025[2] - The report was signed by Chief Financial Officer Antonio Picca Piccon, indicating official financial disclosures[6] Performance Updates - The press release issued on February 21, 2025, contains key financial updates and performance metrics[3]

Core Points - Ferrari N.V. has published its 2024 Annual Report and filed its annual report on Form 20-F with the SEC, including financial statements for the fiscal year ended December 31, 2024 [1] - The 2024 Sustainability Statement is included in the Annual Report, prepared for the first time in accordance with the European Sustainability Reporting Standard (ESRS) on a voluntary basis [1] Company Information - The 2024 Annual Report and Form 20-F are available on Ferrari's corporate website under the Investors section, where they can be viewed and downloaded [2] - Shareholders can request a hard copy of the audited financial statements free of charge [2] - The reports include information regarding The Netherlands as the Home Member State [2]

Shipments and Sales - Shipments increased from 7,255 in 2014 to 13,752 in 2024, reflecting a controlled growth strategy while maintaining brand exclusivity [460]. - In 2024, approximately 81% of new cars were sold to clients who already own at least one Ferrari, reinforcing the brand's luxury image [460]. - Shipments in the Americas accounted for 29.1% of total shipments in 2024, with the United States representing 25.1% [463]. - Total shipments in 2024 were 13,752, an increase of 89 cars or 0.7% compared to 13,663 in 2023 [508]. - In 2024, hybrid model shipments surpassed those of internal combustion engine models for the first time, highlighting a shift towards electrification [466]. Financial Performance - Net revenues increased from €5,970 million in 2023 to €6,677 million in 2024, representing an annual growth of 11.8% [501]. - Net revenues for 2024 were €6,677 million, an increase of €707 million or 11.8% compared to €5,970 million for 2023 [506]. - Net revenues from cars and spare parts for 2024 were €5,728 million, an increase of €609 million or 11.9% compared to €5,119 million for 2023 [507]. - Sponsorship, commercial, and brand revenues rose from €572 million in 2023 to €670 million in 2024, marking a growth of 17.1% [502]. - Operating profit (EBIT) grew from €1,617 million in 2023 to €1,888 million in 2024, representing an EBIT margin increase from 27.1% to 28.3% [501]. - Net profit for 2024 was €1,526 million, up from €1,257 million in 2023, reflecting a net profit margin of 22.9% [501]. - EBITDA for 2024 reached €2,555 million, up from €2,279 million in 2023, reflecting a year-over-year increase of 12.1% [593]. Research and Development - Total research and development incurred increased to €1,039 million in 2024, up from €934 million in 2022 [472]. - Research and development costs increased to €894 million in 2024, accounting for 13.4% of net revenues [501]. - Capitalized development costs rose from €416 million in 2022 to €476 million in 2024, indicating a focus on innovation and product development [471]. - The proportion of capitalized development costs compared to total research and development incurred increased from 44.5% in 2022 to 45.8% in 2024 [471]. - The company plans to introduce 15 new models from 2023 to 2026, including its first full electric Ferrari expected in Q4 2025 [460]. Costs and Expenses - Cost of sales as a percentage of net revenues decreased from 50.2% in 2023 to 49.9% in 2024 [501]. - Selling, general and administrative costs for 2024 were €561 million, an increase of €98 million or 21.3% compared to €463 million for 2023 [525]. - Cost of sales for 2024 was €3,330 million, an increase of €334 million or 11.1% compared to €2,996 million for 2023, with a percentage of net revenues at 49.9% [521]. Cash Flow and Investments - Cash flows from operating activities for 2024 were €1,927 million, an increase of €210 million compared to €1,717 million in 2023, driven by an increase in net profit excluding non-cash items [558]. - Cash and cash equivalents at the end of 2024 increased by €620 million to €1,742 million, compared to €1,122 million at the end of 2023 [558]. - Capital expenditures for 2024 totaled €1,064 million, up from €911 million in 2023 and €824 million in 2022, with €507 million allocated to intangible assets and €557 million to property, plant, and equipment [573][580]. - Cash flows used in investing activities increased by €120 million in 2024 compared to 2023, reflecting higher investments in property, plant, and equipment [558]. - Free Cash Flow for the year ended December 31, 2024, was €938 million, compared to €848 million in 2023, representing an increase of 10.6% [622]. Shareholder Information - Exor is the largest shareholder with a 24.84% ownership interest, translating to approximately 36.69% voting power due to the loyalty voting mechanism [628]. - The Shareholders' Agreement between Exor and Piero Ferrari includes provisions for consultation prior to General Meetings of shareholders [634]. - Ferrari N.V. is a public limited liability company incorporated under the laws of the Netherlands and is listed on both NYSE and Euronext Milan [646]. - The Board of Directors consists of 11 members, including 2 executive Directors and 9 non-executive Directors, with a majority qualifying as independent under both NYSE and Dutch Corporate Governance Code [656]. Governance and Compliance - The Company has adopted the updated Dutch Corporate Governance Code, which will be applicable retroactively from the financial year 2023 [647]. - The Board of Directors is responsible for the overall strategy of the Company, with the Chief Executive Officer managing day-to-day operations [651]. - The current Board of Directors was appointed on April 17, 2024, and its term will expire on April 16, 2025 [650]. - The share of independent members of the non-executive Board members is 100% according to NYSE rules and 88.89% according to the Dutch Corporate Governance Code [656].

Core Points - The Company announced a proposed dividend distribution of Euro 2.986 per common share, representing an increase of approximately 22% compared to the previous year, totaling around Euro 534 million [1][2] Group 1 - The Board of Directors intends to recommend the dividend distribution to shareholders [1] - The proposed dividend distribution is subject to approval at the Annual General Meeting of Shareholders scheduled for April 16, 2025 [2] - If approved, the ex-date is expected to be April 22, 2025 on EXM and April 23, 2025 on NYSE, with the record date on April 23, 2025 for both exchanges and the payment date set for May 6, 2025 [2]

Group 1 - The stock has increased nearly 18% in the two weeks following its release, indicating strong market performance [1] - The investment strategy focuses on companies with excellent qualitative attributes, aiming to buy at attractive prices based on fundamentals and hold long-term [1] - The portfolio management approach is concentrated, aimed at avoiding underperformers while maximizing exposure to high-potential winners [1] Group 2 - The analyst has a beneficial long position in the shares of RACE, indicating confidence in the company's future performance [2] - The article reflects the analyst's personal opinions and is not influenced by external compensation, ensuring an independent perspective [2]

Core Insights - The article emphasizes the importance of long-term growth and dividend growth investing, particularly focusing on profitability as a key driver of gains rather than low valuation [1]. Group 1: Investment Philosophy - The company prioritizes margins, free cash flow stability and growth, and returns on invested capital in its investment strategy [1]. - The approach involves researching stocks within areas of competence and continuously seeking high-quality companies for investment [1]. Group 2: Market Focus - The company monitors both the US and European stock markets to identify undervalued stocks and high-quality dividend-growing companies [1].