Ferrari buys back 1.5 million shares for almost 330 million euros in less than a year

MADRID, May 29th. (EUROPA PRESS) –

The Ferrari automobile group bought back 1.525 million of its own shares between July 1, 2022 and May 26 this year, representing an investment of 329.71 million euros, according to a statement.

Specifically, the shares were purchased on the New York Stock Exchange (NYSE) and the Milan Stock Exchange (EXM) and are part of the company’s share buyback plan until 2026, in which it will invest a maximum of 2,000 million euros.

The first tranche of this share buyback program with a maximum volume of EUR 150 million took place between July 1 and November 30, 2022.

Meanwhile, the second tranche of the title buyback program, in which Ferrari will invest up to 200 million euros, started on December 2nd and will last until June 26th at the latest.

As part of these transactions, the Company held a total of 12.5 million treasury shares as of May 26, 2023, representing 4.86% of the Company’s share capital.

FIRST QUARTER RESULTS

Ferrari posted a net profit of 297 million euros for the first quarter of the year, up 24.3% from 239 million euros in the same period last year.

In addition, the company recorded sales of 1,429 million euros in the first three months of the year, 20.5% more than in the first quarter of 2022 (1,186 million euros).

Adjusted gross operating profit (Ebitda) was €537 million, up 26.95% from €423 million last year. Adjusted net operating profit (EBIT), meanwhile, was 385 million euros, up 25.4% year-on-year.

As a result, the company’s EBIT margin through March was 26.9%, up one percentage point from the first quarter of 2022, while its Ebitda margin was 37.6%, up two percentage points from the same period last year.