At and for the three months ended March 31, 2025

____________________________________________________________________________________________________

John Elkann

Benedetto Vigna

Piero Ferrari

Delphine Arnault

Francesca Bellettini

Eddy Cue

Sergio Duca

John Galantic

Tommaso Ghidini

Maria Patrizia Grieco

Adam Keswick

Mike Volpi

Deloitte & Touche S.p.A.

Statements contained in this Interim Report, particularly those regarding our possible or assumed future performance, competitive strengths, costs, dividends, reserves and growth as well as industry growth and other trends and projections, are “forward-looking statements” that contain risks and uncertainties. In some cases, words such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “continue”, “on track”, “successful”, “grow”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, “guidance” and similar expressions are used to identify forward-looking statements. These forward-looking statements reflect the respective current views of Ferrari with respect to future events and involve significant risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, without limitation:

•our ability to preserve and enhance the value of the Ferrari brand;

•our ability to attract and retain qualified personnel;

•the success of our racing activities;

•our ability to keep up with advances in high performance car technology, to meet the challenges and costs of integrating advanced technologies, including electric, more broadly into our car portfolio over time and to make appealing designs for our new models;

•the impact of increasingly stringent fuel economy, emissions and safety standards, including the cost of compliance, and any required changes to our products, as well as possible future bans of combustion engine cars in cities and the potential advent of self-driving technology;

•changes in general economic conditions (including changes in the markets in which we operate) and changes in demand for luxury goods, including high performance luxury cars, which is highly volatile;

•macro events, pandemics and conflicts, including the ongoing conflicts in Ukraine and the Middle East region, and the related issues potentially impacting sourcing and transportation, as well as trading policies and tariffs;

•increases in costs, disruptions of supply or shortages of components and raw materials;

•our ability to successfully carry out our low volume and controlled growth strategy, while increasing our presence in growth market countries;

•competition in the luxury performance automobile industry;

•changes in client preferences and automotive trends;

•our ability to preserve the value of our cars over time and our relationship with the automobile collector and enthusiast community;

•disruptions at our manufacturing facilities in Maranello and Modena;

•climate change and other environmental impacts, as well as an increased focus of regulators and stakeholders on environmental matters;

•our ability to maintain the functional and efficient operation of our information technology systems and to defend from the risk of cyberattacks, including on our in-vehicle technology;

•the ability of our current management team to operate and manage effectively and the reliance upon a number of key members of executive management and employees;

•the performance of our dealer network on which we depend for sales and services;

•product warranties, product recalls and liability claims;

•the sponsorship and commercial revenues and expenses of our racing activities, as well as the popularity of motor sports more broadly;

•the performance of our lifestyle activities;

•our ability to protect our intellectual property rights and to avoid infringing on the intellectual property rights of others;

•our continued compliance with customs regulations of various jurisdictions;

•labor relations and collective bargaining agreements;

•our ability to ensure that our employees, agents and representatives comply with applicable law and regulations;

•changes in tax or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which we operate;

•our ability to service and refinance our debt;

•exchange rate fluctuations, interest rate changes, credit risk and other market risks;

•our ability to provide or arrange for adequate access to financing for our clients and dealers, and associated risks;

•the adequacy of our insurance coverage to protect us against potential losses;

•potential conflicts of interest due to director and officer overlaps with our largest shareholders; and

•other factors discussed elsewhere in this document.

We expressly disclaim and do not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this document or in connection with any use by any third party of such forward-looking statements. Actual results could differ materially from those anticipated in such forward-looking statements. We do not undertake an obligation to update or revise publicly any forward-looking statements.

____________________________

(1)    See Note 13 “Earnings per Share” to the Interim Condensed Consolidated Financial Statements for the calculation of basic and diluted earnings per common share.

Shipments (1)

			For the three months ended March 31,
			2025						%						2024						%
			(Number of cars and % of total cars)
EMEA
Germany			408						11.4		%				388						10.9		%
Italy			261						7.3		%				231						6.5		%
UK			217						6.0		%				221						6.2		%
France			163						4.5		%				134						3.8		%
Switzerland			112						3.1		%				127						3.6		%
Middle East (2)			112						3.1		%				110						3.1		%
Other EMEA (3)			428						11.9		%				362						10.1		%
Total EMEA			1,701						47.3		%				1,573						44.2		%
Americas (4)			1,022						28.4		%				997						28.0		%
of which United States of America			861						24.0		%				850						23.9		%
Mainland China, Hong Kong and Taiwan			237						6.6		%				317						8.9		%
of which Mainland China			180						5.0		%				243						6.8		%
Rest of APAC (5)			633						17.7		%				673						18.9		%
Total			3,593						100.0		%				3,560						100.0		%

_____________________________

Highlights of the three months ended March 31, 2025

Highlights during the three months ended March 31, 2025 included the following:

•Ferrari N.V. announced the seventh tranche of the multi-year share repurchase program by participating as a purchaser following the accelerated bookbuild offering (“ABO”) made by Exor N.V. on February 26, 2025. Ferrari N.V. agreed to repurchase 666,666 common shares for a total consideration of approximately €300 million, at the same price per share determined by the offering. The transaction represented the seventh tranche of the multi-year share buyback program of approximately €2 billion announced during our 2022 Capital Markets Day.

•On March 27, 2025 Ferrari N.V. announced an update on its commercial policy, in light of the introduction of import tariffs on EU cars into the USA. While reaffirming its commitment to maximum client attention and protection and with the goal to provide certainty to them:

(i)the commercial terms will remain unchanged for orders of:

•all models imported before April 2, 2025;

•the following three families - Ferrari 296, SF90 and Roma - regardless the import date;

(ii)for the current remaining models, the new import conditions will be partially reflected on pricing, up to a maximum 10 per cent increase, in coordination with our dealer network. On such basis, Ferrari confirmed its financial targets for 2025, with a potential risk of 50 basis points reduction on profitability percentage margins (EBIT and EBITDA margins).

    The following is a discussion of the results of operations for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The presentation includes line items as a percentage of net revenues for the respective periods presented to facilitate period-to-period comparisons.

(1)Includes net revenues generated from shipments of our cars, any personalization generated on these cars, as well as sales of spare parts.

(2)Includes net revenues earned by our racing teams (mainly in the Formula 1 World Championship and in the World Endurance Championship) through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues, as well as net revenues generated through the Ferrari brand, including fashion collections, merchandising, licensing and royalty income.

(3)Primarily relates to financial services activities, management of the Mugello racetrack and other sports-related activities, as well as net revenues generated from the rental of engines to other Formula 1 racing teams and, for the three months ended March 31, 2024 only, from the sale of engines to Maserati.

    Net revenues for the three months ended March 31, 2025 were €1,791 million, an increase of €206 million, or 13.0 percent (an increase of 12.2 percent on a constant currency basis), from €1,585 million for the three months ended March 31, 2024.

    

The change in net revenues was attributable to (i) a €154 million increase in cars and spare parts, (ii) a €46 million increase in sponsorship, commercial and brand and (iii) a €6 million increase in other net revenues.

    Net revenues generated from cars and spare parts were €1,536 million for the three months ended March 31, 2025, an increase of €154 million or 11.1 percent, compared to €1,382 million for the three months ended March 31, 2024.

    

    The increase in net revenues from cars and spare parts was primarily attributable to a richer product and country mix, as well as a higher contribution from personalization. Foreign currency exchange impact, including hedging transactions, was positive, mainly driven by the U.S. Dollar.

Shipments of cars in the first quarter of 2025 were 3,593 units compared to 3,560 cars in the first quarter of 2024. The product portfolio in the quarter included 8 internal combustion engine (ICE) models and 5 hybrid engine models, which represented 51 percent and 49 percent of total shipments, respectively. Shipments during the quarter were mainly driven by the Roma Spider, the 296 GTS, the SF90 XX family and the Purosangue, the ramp up of the 12Cilindri, as well as our first shipments of the 12Cilindri Spider, while deliveries of the 296 GTB decreased, the SF90 Spider approached the end of its lifecycle and the 812 Competizione A was phased out during the quarter. Shipments of the Daytona SP3 were a few units lower compared to the first quarter of 2024, in line with our delivery plans.

The €154 million increase in net revenues from cars and spare parts was composed of (i) a €121 million increase in EMEA and (ii) a €72 million increase in Americas, partially offset by (iii) a €24 million decrease in Mainland China, Hong Kong and Taiwan and (iv) a 15 million decrease in APAC. The mix of net revenues by geography primarily reflects deliberate volume and product allocation in different markets.

    Net revenues generated from sponsorship, commercial agreements and brand management activities were €191 million for the three months ended March 31, 2025, an increase of €46 million or 32.1 percent, compared to €145 million for the three months ended March 31, 2024, primarily attributable to new sponsorships and lifestyle activities, as well as higher commercial revenues driven by a better Formula 1 ranking in 2024 compared to 2023.

Other net revenues were €64 million for the three months ended March 31, 2025, an increase of €6 million or 10.0 percent, compared to €58 million for the three months ended March 31, 2024. The increase was mainly driven by higher revenues from financial services activities, partially offset by the end of the supply of engines to Maserati.

    

    Cost of sales for the three months ended March 31, 2025 was €858 million, an increase of €76 million or 9.7 percent, compared to €782 million for the three months ended March 31, 2024. As a percentage of net revenues, cost of sales was 47.9 percent for the three months ended March 31, 2025 compared to 49.3 percent for the three months ended March 31, 2024.

    The increase of €76 million in cost of sales was primarily attributable to a change in product mix and higher costs for racing and other supporting activities.

    Selling, general and administrative costs for the three months ended March 31, 2025 were €149 million, an increase of €25 million or 20.2 percent, compared to €124 million for the three months ended March 31, 2024. As a percentage of net revenues, selling, general and administrative costs were 8.3 percent for the three months ended March 31, 2025 compared to 7.8 percent for the three months ended March 31, 2024.

    The increase of €25 million in selling, general and administrative costs mainly reflects racing expenses and brand investments, as well as the Company’s organizational development.

    Research and development costs for the three months ended March 31, 2025 were €233 million, an increase of €2 million or 0.7 percent, compared to €231 million for the three months ended March 31, 2024. As a percentage of net revenues, research and development costs were 13.0 percent for the three months ended March 31, 2025 compared to 14.6 percent for the three months ended March 31, 2024.

The increase of €2 million in research and development costs was primarily driven by an increase in research and development costs expensed of €14 million, driven by racing activities and our focus on continuous innovation, partially offset by a decrease in amortization of capitalized development costs of €12 million, mainly driven by the phase-out of certain models.

    Operating profit (EBIT) for the three months ended March 31, 2025 was €542 million, an increase of €100 million or 22.7 percent, compared to €442 million for the three months ended March 31, 2024. As a percentage of net revenues, operating profit (EBIT) increased to 30.3 percent for the three months ended March 31, 2025 compared to 27.9 percent for the three months ended March 31, 2024.

The increase in operating profit (EBIT) was primarily attributable to (i) positive volume impact of €5 million, (ii) positive product mix impact of €85 million, sustained by the SF90 XX family, the 12Cilindri and the 499P Modificata, as well as a higher contribution from personalization and positive country mix driven by the Americas, (iii) negative contribution of €2 million from research and development costs, (iv) negative contribution of €25 million from selling, general and administrative costs, (v) positive contribution of €28 million from other activities, driven by new sponsorships, partially offset by the comparison with the prior year’s release of car environmental provisions in the United States, and (vi) positive foreign currency exchange impact of €9 million (including foreign currency hedging instruments), mainly driven by the U.S. Dollar.

______________________________

(1)Throughout this document “n.m.” means not meaningful.

Financial expenses, net for the three months ended March 31, 2025 was €14 million, an increase of €12 million, compared to €2 million for the three months ended March 31, 2024, driven by (i) negative net foreign exchange impact (including the net costs of hedging) and (ii) higher interest expenses.

Income tax expense for the three months ended March 31, 2025 was €116 million, an increase of €28 million or 32.0 percent, compared to €88 million for the three months ended March 31, 2024.

The increase in income tax expense was primarily attributable to an increase in profit before taxes.

The effective tax rate was 22.0 percent and 20.0 percent for the three months ended March 31, 2025 and 2024, respectively. Income taxes and the effective tax rate for the three months ended March 31, 2024 benefited from the coexistence of two successive Patent Box tax regimes, which provide tax benefits for companies using intangible assets.1 In accordance with applicable legislation, from 2025 on the Group continues to apply the new Patent Box regime only.

1 The Patent Box regime firstly introduced by the Italian Law No. 190/2014 was implemented by the Group from 2020 to 2024, recognizing the tax benefit over three annual installments. The new Patent Box regime regulated by Law Decree No. 146, effective from October 22, 2021, provides for a 110% super tax deduction for costs relating to eligible intangible assets. The Italian tax legislation allows for a transitional period where both regimes coexist until 2024 when the original regime ended.

    We require liquidity in order to fund our operations, meet our obligations, make capital investments and reward our shareholders. Short-term liquidity is required, among others, to purchase raw materials, parts, components and utilities, mainly for the production of our cars, as well as for personnel and other operating costs. In addition to our general working capital and operational needs, we require cash for capital investments to support continuous product portfolio renewal and expansion, as well as for research and development activities aimed at continually innovating and improving our cars, including the enrichment of our product portfolio with hybrid and electric technology. We also make investments to enhance manufacturing efficiency, improve capacity, implement sustainability initiatives, ensure environmental and regulatory compliance and carry out maintenance activities, among others. We fund our capital expenditure primarily with cash generated from our operating activities. We also use liquidity to reward our shareholders through dividends and share repurchases. For example, in 2024 we distributed dividends of €440 million to owners and made common share repurchases of €581 million, together representing nearly 100 percent of our Industrial Free Cash Flow from Industrial Activities for the year of €1,027 million. For additional information relating to Free Cash Flow from Industrial Activities, which is a non-GAAP financial measures, see “—Non-GAAP Financial Measures”.

We centrally manage our operating cash management, liquidity and cash flow requirements with the objective of ensuring effective and efficient management of our funds. We believe that our cash generation together with our available liquidity, including committed credit lines granted from primary financial institutions, supported by the access to debt capital markets, will be sufficient to meet our short-term and long-term liquidity requirements. See the “Net (Debt)/Cash and Net Industrial (Debt)/Cash” section below for additional details relating to our liquidity.

Our working capital is subject to month to month fluctuations due to, among other things, production and sales volumes, our financial services activities, the timing of capital expenditures and, to a lesser extent, tax payments. In particular, our inventory levels generally increase in the periods leading up to the launch of new models, during the phase out of existing models when we build up spare parts, and at the end of the second quarter when our inventory levels are generally higher to support the summer plant shutdown. Inventory levels are also adjusted as we deem necessary for agile supply chain management requirements.

We generally receive payment for cars between 30 and 40 days after the car is shipped (or earlier when sales financing arrangements are utilized by us or by our dealers), while we generally pay most suppliers between 60 and 70 days after we receive the raw materials, components or other goods and services. Additionally, we also receive advance payments from our customers, mainly for our Icona, limited edition and Special Series models, as well as certain Range models in selected markets. We maintain sufficient inventory of raw materials and components to ensure continuity of our production lines, however delivery of most raw materials and components takes place monthly or more frequently in order to minimize inventories. The manufacture of one of our cars typically takes between 30 and 45 days, depending on the level of automation of the relevant production line, and the car is generally shipped to our dealers three to six days following the completion of production, although in certain regions we may warehouse cars for longer periods of time to ensure prompt deliveries. As a result of the above, including the advances received from customers for certain car models, we tend to receive payment for cars shipped before or around the time we are required to make payments for the raw materials, components or other materials used in the manufacturing of our cars. However, the advances we collect on cars may be subject to timing differences from period to period as a result of the number of models in our product portfolio for which we collect advances and the stage of their lifecycle at a given point in time, which ultimately impacts our working capital.

Our investments for capital expenditure and research and development are, among other factors, influenced by the timing and number of new models launches. Our development costs, as well as our other investments in capital expenditure, generally peak when we develop a significant number of new models to renew or expand our product portfolio. Our investments in research and development are also influenced by the timing of research costs for our Formula 1 activities, for which expenditure in a normal season is generally higher in the first and last quarters of the year, and also depends on the evolution of the applicable Formula 1 technical regulations, as well as the number and cadence of races during the course of the racing season. We are undergoing a period of structurally higher capital spending as we broaden our car architectures, prioritize innovation and advanced technologies, and integrate hybrid and electric powertrains into our product portfolio. We also continue to make significant capital investments in operating assets and infrastructure projects that are important for our continued growth and development, including for the ongoing construction of our new paint shop.

The payment of income taxes also affects our cash flows. We pay the first tax advance payment in the second and/or third quarter of the year, together with the remaining tax balance due for the previous year, and the remaining part of the advance payment in the third and/or fourth quarter.

    The following table summarizes the cash flows from/(used in) operating, investing and financing activities for the three months ended March 31, 2025 and 2024. For additional details of our cash flows, see our interim consolidated statement of cash flows within our Interim Condensed Consolidated Financial Statements included elsewhere in this Interim Report.

For the three months ended March 31, 2025 cash and cash equivalents held by the Group increased by €173 million compared to an increase of €244 million for the three months ended March 31, 2024. The decrease of €71 million in cash and cash equivalents generated in the current quarter compared to the prior year was primarily attributable to the combined effects of:

(i)an increase in cash flows used in financing activities of €379 million, driven by (i) an increase in share repurchases of €288 million, (ii) a decrease in proceeds from debt of €95 million, partially offset by (iii) an increase in repayments of debt of €4 million (including lease liabilities);

(ii)an increase in cash flows used in investing activities of €30 million, driven primarily by higher investments in property, plant and equipment, reflecting our initiatives for product and infrastructure development, including our new paint shop;

partially offset by

(iii)an increase in cash flows from operating activities of €342 million, primarily driven by (i) an increase from other operating assets and liabilities of €171 million, (ii) an increase in net profit excluding non-cash items of €88 million, and (iii) a decrease in cash absorbed from inventories, trade receivables and trade payables of €86 million.

Please refer to the following discussion and to the Interim Consolidated Statement of Cash Flows included elsewhere in this document for additional information related to our cash flows.

A summary of the cash flows from or used in operating, investing and financing activities for each period is provided below.

    Our cash flows from operating activities for the three months ended March 31, 2025 were €847 million, primarily the result of:

(i)net profit of €412 million, adjusted for €116 million of income tax expense, €151 million for depreciation and amortization expense, €14 million of financial expenses, net, and net other non-cash expenses of €34 million (including provisions accrued), and

(ii)€248 million of cash generated from the change in other operating assets and liabilities, primarily driven by initial advances received for cars and mainly related to the F80;

(i)€98 million of cash absorbed from inventories, trade receivables and trade payables, attributable to trade receivables for €69 million mainly driven by sponsorship agreements, trade payables for €20 million, and inventories for €9 million;

(ii)€18 million of net finance costs paid,

(iii)€6 million of cash absorbed by receivables from financing activities; and

(iv)€6 million of income taxes paid.

    Our cash flows from operating activities for the three months ended March 31, 2024 were €505 million, primarily the result of:

(i)net profit of €352 million, adjusted for €88 million of income tax expense, €163 million for depreciation and amortization expense, €2 million of financial expenses, net, and net other non-cash expenses of €38 million (including provisions accrued); and

(ii)€78 million of cash generated from the change in other operating assets and liabilities, primarily driven by Formula 1 activities;

(i)€184 million of cash absorbed from inventories, trade receivables and trade payables, attributable to trade receivables for €104 million driven by higher car volumes in the first quarter of 2024 compared to the fourth quarter of 2023, as well as enriched product mix, inventories for €52 million driven by production planning and an enriched product mix, and trade payables for €28 million;

(ii)€19 million related to cash absorbed by receivables from financing activities driven by an increase in the financial services portfolio due to volume growth;

(iii)€6 million of net finance costs paid; and

(iv)€7 million of income taxes paid.

    Investing Activities - Three Months Ended March 31, 2025

    For the three months ended March 31, 2025 our net cash used in investing activities was €224 million, primarily attributable to capital expenditures of (i) €115 million for intangible assets, mainly related to externally acquired and internally generated development costs, and (ii) €109 million for property, plant and equipment. For a detailed analysis of additions to intangible assets and property, plant and equipment see “Capital Expenditures” below.

    For the three months ended March 31, 2024 our net cash used in investing activities was €194 million, primarily attributable to capital expenditures of (i) €113 million for intangible assets, mainly related to externally acquired and internally generated development costs, and (ii) €82 million for property, plant and equipment. For a detailed analysis of additions to intangible assets and property, plant and equipment see “Capital Expenditures” below.

    

    For the three months ended March 31, 2025, net cash used in financing activities was €446 million, primarily the result of:

(i)€424 million to repurchase common shares under the Company’s share repurchase program including €300 million for the repurchase of 666,666 common shares as a purchaser following the ABO made by Exor N.V. on February 26, 2025, as well as the Sell-to-Cover practice under the Group’s equity incentive plans;

(ii)€31 million for repayments of borrowings from banks and other financial institutions;

(iii)€13 million for repayments related to our revolving securitization programs in the United States; and

(iv)€13 million for repayments of lease liabilities and other debt;

(v)€25 million in proceeds related to our revolving securitization programs in the United States; and

(vi)€10 million in proceeds from other debt.

    For the three months ended March 31, 2024 net cash used in financing activities was €67 million, primarily the result of:

(i)€136 million to repurchase common shares under the Company’s share repurchase program (including the Sell to Cover practice under the Group’s equity incentive plans);

(ii)€31 million for repayments of borrowings from banks and other financial institutions;

(iii)€17 million for repayments of lease liabilities and other debt; and

(iv)€13 million for repayments related to our revolving securitization programs in the United States;

(v)€75 million in proceeds from new bank borrowings;

(vi)€36 million in proceeds related to our revolving securitization programs in the United States; and

(vii)€19 million in proceeds from other debt.

    Capital expenditures are defined as additions to property, plant and equipment (including right-of-use assets recognized in accordance with IFRS 16 — Leases) and intangible assets. Capital expenditures for the three months ended March 31, 2025 and 2024 were €283 million and €243 million, respectively.

    The following table sets forth a breakdown of capital expenditures by category for each of the three months ended March 31, 2025 and 2024:

    Our total capital expenditures in intangible assets were €115 million for the three months ended March 31, 2025 (€113 million for the three months ended March 31, 2024).

The most significant investments in intangible assets relate to externally acquired and internally generated development costs. In particular, we make such investments to support the development of our current and future product offering. The capitalized development costs primarily include materials and personnel costs relating to the engineering, design and development activities focused on content enhancement of existing cars and new models, including to broaden and innovate our product portfolio and our ongoing investments in advanced technologies (including hybrid and electric), as well as the development of key components used in our cars, which are necessary to provide continuing performance upgrades to our customers and which we expect to continue to develop primarily in-house.

    For the three months ended March 31, 2025 we invested €110 million in externally acquired and internally generated development costs, of which €69 million related to the development of models to be launched in future years and €41 million primarily related to the development of our current product portfolio and components.

    For the three months ended March 31, 2024 we invested €109 million in externally acquired and internally generated development costs, of which €77 million related to the development of models to be launched in future years and €32 million primarily related to the development of our current product portfolio and components.

    Our total capital expenditures in property, plant and equipment for the three months ended March 31, 2025 and 2024 were €168 million and €130 million, respectively, of which €59 million and €49 million related to right-of-use assets, respectively.

    For the three months ended March 31, 2025 and 2024, we made significant investments in infrastructure in line with our growth plans and our focus on the renewal and broadening of our product portfolio and supporting future model launches. In particular, we made investments for:

•the new paint shop; and

•car and engine production lines (including for models to be launched in future years), as well as in our personalization programs.

    At March 31, 2025, the Group had contractual commitments for the purchase of property, plant and equipment amounting to €298 million (€397 million at December 31, 2024), reflecting significant investments we are making in expanding our vehicle architectures and accelerated innovation in hybrid and electric powertrains, as well as in infrastructure, including the new paint shop.

    We monitor and evaluate our operating and financial performance and financial position using several non-GAAP financial measures, including several adjusted measures which present how the underlying business has performed prior to the impact of adjusting items, which may obscure the underlying performance and impair comparability of results between periods. We believe that these non-GAAP financial measures provide useful and relevant information to management and investors regarding our performance and improve the ability to assess our financial performance and financial position. They also provide us with comparable measures that facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions. Management also uses these measures for budgeting and business plans, performance monitoring, management remuneration and external reporting purposes.

In particular, we present the following non-GAAP financial measures, which are further described below: EBITDA, Adjusted EBITDA, Adjusted Operating Profit (Adjusted EBIT), Adjusted Net Profit, Adjusted Basic Earnings per Common Share, Adjusted Diluted Earnings per Common Share, Net (Debt)/Cash, Net Industrial (Debt)/Cash, Free Cash Flow and Free Cash Flow from Industrial Activities, as well as a number of financial metrics measured on a constant currency basis.

While similar measures are widely used in the industry in which we operate, the non-GAAP financial measures we use may not be comparable to other similarly titled measures used by other companies nor are they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with IFRS Accounting Standards.

    EBITDA is defined as net profit before income tax expense, financial expenses, net, and amortization and depreciation. Adjusted EBITDA is defined as EBITDA as adjusted for certain income and costs, which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.

    The following table sets forth the calculation of EBITDA and Adjusted EBITDA for the three months ended March 31, 2025 and 2024, and provides a reconciliation of these non-GAAP measures to net profit. There were no adjustments impacting EBITDA, therefore Adjusted EBITDA was equal to EBITDA for the periods presented.

    Adjusted Operating Profit (Adjusted EBIT) represents operating profit (EBIT) as adjusted for certain income and costs which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.

    The following table presents operating profit (EBIT) and Adjusted Operating Profit (Adjusted EBIT) for the three months ended March 31, 2025 and 2024. There were no adjustments impacting operating profit (EBIT), therefore Adjusted Operating Profit (Adjusted EBIT) was equal to operating profit (EBIT) for the periods presented.

    Adjusted Net Profit represents net profit as adjusted for certain income and costs (net of tax effects) which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.

    The following table presents net profit and Adjusted Net Profit for the three months ended March 31, 2025 and 2024. There were no adjustments impacting net profit, therefore Adjusted Net Profit was equal to net profit for the periods presented.

Adjusted Basic Earnings per Common Share and Adjusted Diluted Earnings per Common Share represent earnings per share, as adjusted for certain income and costs (net of tax effects) which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.

    

    The following table presents Adjusted Basic Earnings per Common Share and Adjusted Diluted Earnings per Common Share for the three months ended March 31, 2025 and 2024. There were no adjustments impacting Basic Earnings per Common Share and Diluted Earnings per Common Share, therefore Adjusted Basic Earnings per Common Share and Adjusted Diluted Earnings per Common Share were equal to basic earnings per common share and diluted earnings per common share for the periods presented.

									For the three months ended March 31,
									2025						2024
Net profit attributable to owners of the Company			€ million						412						351
Weighted average number of common shares for basic earnings per share			thousand						178,651						180,250
Basic earnings per common share			€						2.30						1.95
Adjustments			€						—						—
Adjusted Basic Earnings per Common Share			€						2.30						1.95
Weighted average number of common shares for diluted earnings per share (1)			thousand						178,890						180,527
Diluted earnings per common share			€						2.30						1.95
Adjustments			€						—						—
Adjusted Diluted Earnings per Common Share			€						2.30						1.95

    

(1)For three months ended March 31, 2025 and 2024 the weighted average number of common shares for diluted earnings per common share was increased to take into consideration the theoretical effect of the potential common shares that would be issued for outstanding share-based awards granted by the Group (assuming 100 percent of the target awards vested).

    

See Note 13 “Earnings per Share” to the Interim Condensed Consolidated Financial Statements, included elsewhere in this document, for the calculation of the basic and diluted earnings per common share.

Due to different sources of cash flows used for the repayment of debt between industrial activities and financial services activities, and the different business structure and leverage implications, Net Industrial (Debt)/Cash, together with Net (Debt)/Cash, are the primary measures used by us to analyze our capital structure and financial leverage.

•Net (Debt)/Cash is defined as debt less cash and cash equivalents and is composed of Net Industrial (Debt)/Cash and Net (Debt)/Cash of Financial Services Activities, which are both defined below.

•Net Industrial (Debt)/Cash is defined as debt of our industrial activities less cash and cash equivalents of our industrial activities. Net Industrial (Debt)/Cash represents our Net (Debt)/Cash less our Net (Debt)/Cash of Financial Services Activities (as defined below). Industrial activities include all of the Group’s activities except for those relating to financial services activities, which are further described below.

•Net (Debt)/Cash of Financial Services Activities is defined as debt of our financial services activities less cash and cash equivalents of our financial services activities. The Group’s financial services activities relate to its fully owned subsidiary Ferrari Financial Services Inc., whose primary business is to offer retail client financing for the sale of Ferrari cars in the United States and to manage the related financial receivables portfolio. The Net (Debt)/Cash of Financial Services Activities primarily relates to our asset-backed financing (securitizations) of the receivables generated by our financial services activities in the United States.

        

The following table sets presents our Net (Debt)/Cash, Net (Debt)/Cash of Financial Services Activities and Net Industrial (Debt)/Cash at March 31, 2025 and December 31, 2024.

______________________________

(1)Represents intercompany (debt)/receivables between industrial activities and financial services activities.

For additional information relating to our debt, see Note 23 “Debt” to the Interim Consolidated Financial Statements included elsewhere in this document.

    The Net (Debt)/Cash of Financial Services Activities primarily relates to our asset-backed financing (securitizations) of the receivables generated by our financial services activities in the United States. The latter amounted to €1,601 million at March 31, 2025 and €1,662 million at December 31, 2024. For further details relating to our receivables from financing activities and our asset-backed financing (securitizations), see Note 18 “Current Receivables and Other Current Assets” and Note 23 “Debt” to the Interim Condensed Consolidated Financial Statements included elsewhere in this document.

    Cash and cash equivalents amounted to €1,915 million at March 31, 2025 compared to €1,742 million at December 31, 2024.

    At March 31, 2025, 90 percent of our cash and cash equivalents were denominated in Euro (88 percent at December 31, 2024). Our cash and cash equivalents denominated in currencies other than the Euro are available mostly to Ferrari S.p.A. and certain subsidiaries which operate in areas other than Europe. Cash held in such countries may be subject to transfer restrictions depending on the jurisdictions in which these subsidiaries operate. In particular, cash held in China (including cash held in foreign currencies), which amounted to €41 million at March 31, 2025 (€63 million at December 31, 2024), is subject to certain repatriation restrictions and may only be repatriated as a repayment of payables or debt, or as dividends or capital distributions. We do not currently believe that such transfer restrictions have an adverse impact on our ability to meet our liquidity requirements.

    

    The following table sets forth an analysis of the currencies in which our cash and cash equivalents were denominated at the dates presented.

    Cash collected from the settlement of receivables under securitization programs is subject to certain restrictions regarding its use and is primarily applied to repay principal and interest of the related funding. Such cash amounted to €54 million at March 31, 2025 (€54 million at December 31, 2024).

    

    Total available liquidity (defined as cash and cash equivalents plus undrawn committed credit lines) at March 31, 2025 was €2,465 million (€2,292 million at December 31, 2024).

    The following table summarizes our total available liquidity:

			At March 31, 2025						At December 31, 2024
			(€ million)
Cash and cash equivalents			1,915						1,742
Undrawn committed credit lines			550						550
Total available liquidity			2,465						2,292

    The undrawn committed credit lines at March 31, 2025 and December 31, 2024 relate to revolving credit facilities. For further details relating to our debt, see Note 23 “Debt” in the Interim Condensed Consolidated Financial Statements included elsewhere in this document.

    

Free Cash Flow and Free Cash Flow from Industrial Activities are two of our primary key performance indicators to measure the Group’s performance and cash flow generation. These measures are not representative of residual cash flows available for discretionary purposes.

•Free Cash Flow is defined as consolidated cash flows from operating activities less investments in property, plant and equipment (excluding right-of-use assets recognized during the period in accordance with IFRS 16 — Leases), intangible assets and joint ventures. Free Cash Flow is composed of Free Cash Flow from Industrial Activities and Free Cash Flow from Financial Services Activities, which are both defined below.

•Free Cash Flow from Industrial Activities is defined as cash flows from operating activities of our industrial activities less investments in property, plant and equipment (excluding right-of-use assets recognized during the period in accordance with IFRS 16 — Leases), intangible assets and joint ventures of our industrial activities. Free Cash Flow from Industrial Activities represents our Free Cash Flow less our Free Cash Flow from Financial Services Activities (as defined below). Industrial activities include all of the Group’s activities except for those relating to financial services activities, which are further described below.

•Free Cash Flow from Financial Services Activities is defined as cash flows from operating activities of our financial services activities less investments in property, plant and equipment (excluding right-of-use assets recognized during the period in accordance with IFRS 16 — Leases), intangible assets and joint ventures of our financial services activities. The Group’s financial services activities relate only to its fully owned subsidiary Ferrari Financial Services Inc., whose primary business is to offer retail client financing for the sale of Ferrari cars in the United States and to manage the related financial receivables portfolio. Its cash flows from operating activities are mainly driven by the change in its financial receivables portfolio (receivables from financing activities), as well as its operating result during the period.

The following table presents our Free Cash Flow, Free Cash Flow from Financial Services Activities and Free Cash Flow from Industrial Activities for the three months ended March 31, 2025 and 2024.

____________________________

(1)For the three months ended March 31, 2025 and 2024, cash flows used in operating activities of financial services activities mainly reflects the outflows derived from the increase in the financial receivables portfolio (receivables from financing activities in the interim condensed consolidated statement of financial position) of €6.4 million and €18.7 million, respectively.

    Free Cash Flow for the three months ended March 31, 2025 was €623 million compared to €310 million for the three months ended March 31, 2024. For an explanation of the drivers in Free Cash Flow see “Cash Flows” above.

    Free Cash Flow from Industrial Activities for the three months ended March 31, 2025 was €620 million compared to €321 million for the three months ended March 31, 2024. The increase in Free Cash Flow from Industrial Activities of €299 million was primarily attributable to (i) an increase from other operating assets and liabilities of €171 million, primarily driven by initial advances received for cars and mainly related to the F80, (ii) an increase in net profit excluding non-cash items of €88 million, and (iii) a decrease in cash absorbed from inventories, trade receivables and trade payables of €86 million, partially offset by (iv) an increase in cash flows used in investing activities of €30 million, driven by higher investments in property, plant and equipment, reflecting our initiatives for product and infrastructure development, including our new paint shop.

The “Results of Operations” discussion above includes information about our net revenues on a constant currency basis, which excludes the effects of foreign currency translation from our subsidiaries with functional currencies other than Euro, as well as the effects of foreign currency transaction impact and foreign currency hedging. We use this information to assess how the underlying revenues changed independent of fluctuations in foreign currency exchange rates and hedging. We calculate constant currency by (i) applying the prior-period average foreign currency exchange rates to translate current period revenues of foreign subsidiaries expressed in local functional currency other than Euro, (ii) applying the prior-period average foreign currency exchange rates to current period revenues originated in a currency other than the functional currency of the applicable entity, and (iii) eliminating the variances of any foreign currency hedging (see Note 5 “Other Information” to the Interim Condensed Consolidated Financial Statements, included in this Interim Report, for information on the foreign currency exchange rates applied). Although we do not believe that these measures are a substitute for GAAP measures, we do believe that revenues excluding the impact of currency fluctuations and the impacts of hedging provide additional useful information to investors regarding the operating performance on a local currency basis.

We face a variety of risks and uncertainties in our business. For a description of these risks and uncertainties please see “Risk Factors” in the Group’s Annual Report and Form 20-F for the year ended December 31, 2024 filed with the AFM and the SEC on February 21, 2025. All such risks factors should be read in conjunction with this Interim Report. Additional risks and uncertainties that we are unaware of, or that we currently believe to be immaterial, may also become important factors that affect us.

2025 guidance, based on the following assumptions for the year:

•Positive product and country mix, along with strong personalizations

•Improved contribution from racing activities, reflecting higher sponsorships as well as commercial revenues linked to the better Formula 1 ranking achieved in 2024

•Lifestyle activities to expand its revenues growth rate, while investing to accelerate development and enlarge the network

•Continuous brand investments, higher racing and digital transformation expenses

•Increased costs implied by the ongoing supply chain challenges

•Higher effective tax rate in connection to the change of the Patent Box regime

•Robust Industrial free cash flow generation driven by strong profitability, partially offset by capital expenditures more contained versus prior year

_____________________________

The above guidance is subject to a potential risk of 50 basis points reduction on profitability percentage margins (EBIT and EBITDA margins), in relation to the update of the commercial policy following the introduction of import tariffs on EU cars into the USA.

    

    Ferrari is among the world’s leading luxury brands. The activities of Ferrari N.V. (herein referred to as “Ferrari” or the “Company” and together with its subsidiaries the “Group”) and its subsidiaries are focused on the design, engineering, production and sale of luxury performance sports cars. The cars are designed, engineered and produced in Maranello and Modena, Italy and sold in more than 60 markets worldwide through a network of 182 authorized dealers operating 196 points of sale. The Ferrari brand is licensed to a selected number of producers and retailers of luxury and lifestyle goods, with Ferrari branded merchandise also sold through a network of 15 Ferrari-owned directly operated stores and 2 franchised stores (as of March 31, 2025), as well as on Ferrari’s website. To facilitate the sale of new and pre-owned cars, the Group provides various forms of financing to clients and dealers, including directly or through cooperation or other agreements with financial institutions. Ferrari also participates in the Formula 1 World Championship through its team Scuderia Ferrari and the World Endurance Championship through its Ferrari Endurance Teams. Ferrari’s racing activities are a core element of Ferrari marketing and promotional activities, as well as an important source of innovation to support the technological advancement of Ferrari’s product portfolio.

    

    These Interim Condensed Consolidated Financial Statements of Ferrari N.V. were authorized for issuance on May 6, 2025, and have been prepared in compliance with IAS 34 — Interim Financial Reporting issued by the International Accounting Standards Board (“IASB”). The Interim Condensed Consolidated Financial Statements should be read in conjunction with the Group’s consolidated financial statements at and for the year ended December 31, 2024 (the “Consolidated Financial Statements”), which have been prepared in accordance with IFRS® Accounting Standards (“IFRS Accounting Standards”) as issued by the IASB and IFRS Accounting Standards as adopted by the European Union. There is no effect on these consolidated financial statements resulting from differences between IFRS Accounting Standards as issued by IASB and IFRS Accounting Standards as adopted by the European Union. The designation IFRS Accounting Standards also includes International Accounting Standards (“IAS® Standards”) as well as the interpretations of the International Financial Reporting Interpretations Committee (“IFRIC® Interpretations’” and “SIC® Interpretations”).. The accounting policies adopted are consistent with those used at December 31, 2024.

    

    The preparation of the Interim Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities as well as disclosures of contingent liabilities. If in the future such estimates and assumptions, which are based on management’s best judgment at the date of these Interim Condensed Consolidated Financial Statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change. Reference should be made to the section “Use of estimates and judgments” in the Note 2 “Material accounting policies” of the Consolidated Financial Statements for a detailed description of the more significant valuation procedures used by the Group.

    Moreover, in accordance with IAS 34, certain valuation procedures, in particular those of a more complex nature regarding matters such as impairment of non-current assets, are only carried out in full during the preparation of the annual consolidated financial statements, when all the related information necessary is available, other than in the event that there are indications of impairment, in which case an immediate assessment is required. Similarly, the actuarial valuations that are required for the determination of employee benefit provisions are also usually carried out during the preparation of the annual consolidated financial statements, except in the event of significant market fluctuations or significant plan amendments, curtailments or settlements.

In August 2023, IASB issued amendments to IAS 21 — The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, to clarify how an entity has to apply a consistent approach to assessing whether a currency is exchangeable into another currency and, when it is not, to determine the exchange rate to use and the disclosures to provide. The amendments were effective for the Group from January 1, 2025 and there was no impact from their adoption.

    The standards, amendments and interpretations issued by the IASB that will have mandatory application in 2025 or subsequent years are listed below:

In April 2024, the IASB issued IFRS 18 — Presentation and Disclosure in Financial Statements, which introduces new concepts relating to: (i) the structure of the statement of profit or loss, (ii) required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (management-defined performance measures), and (iii) enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. The standard is effective on or after January 1, 2027. The Group is evaluating the potential impact from the adoption of this standard.

In May 2024, IASB issued IFRS 19 — Subsidiaries without Public Accountability: Disclosures, which permits eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures better suited to the needs of the users of their financial statements, as well as to keep only one set of accounting records to meet the needs of both their parent company and the users of their financial statements. The standard is effective on or after January 1, 2027 and earlier application is permitted. The Group does not expect any impact from the adoption of this standard.

In May 2024, IASB issued Amendments to the Classification and Measurement of Financial Instruments which amended IFRS 9 — Financial Instruments and IFRS 7 — Financial Instruments: Disclosures, with the aim of addressing diversity in practice by making the requirements more understandable and consistent. The amendments: (a) clarify the date of recognition and derecognition of certain financial assets and liabilities, with a new exception for certain financial liabilities settled through an electronic cash transfer system to be derecognized before the settlement date if certain criteria are met; (b) clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; (c) add new disclosures for certain instruments with contractual terms that can change cash flows (such as certain instruments with features linked to the achievement of environment, social and governance (ESG) targets); and (d) update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). The amendments are effective on or after January 1, 2026 and earlier application is permitted. The Group is evaluating the potential impact from the adoption of these amendments.

In July 2024, IASB issued Annual Improvements to IFRS Accounting Standards — Volume 11 which contains amendments to five standards as result of IASB’s annual improvements project. IASB uses the annual improvements process to make necessary, but non-urgent, amendments to IFRS Accounting Standards that will not be included as part of another major project. The amended standards are: IFRS 1 — First-time Adoption of International Financial Reporting Standards, IFRS 7 —Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7; IFRS 9 — Financial Instruments; IFRS 10 — Consolidated Financial Statements; and IAS 7 — Statement of Cash Flows. The amendments are effective on or after January 1, 2026 and earlier application is permitted. The Group is evaluating the potential impact from the adoption of these amendments.

In December 2024, IASB issued Amendments for nature-dependent electricity contracts which amended IFRS 9 — Financial Instruments and IFRS 7 — Financial Instruments: Disclosures to help companies better report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs), in the light of the increased use of these contracts. The amendments are effective on or after January 1, 2026 and earlier application is permitted. The Group is evaluating the potential impact from the adoption of these amendments.

    There were no changes in the scope of consolidation for the periods presented in these Interim Condensed Consolidated Financial Statements.

    

The Group is exposed to various operational financial risks, including financial market risk (relating mainly to foreign currency exchange rates and, to a lesser extent, interest rates and commodity prices), credit risk and liquidity risk. The Interim Condensed Consolidated Financial Statements do not include all of the information and disclosures on financial risk management required in the annual consolidated financial statements. For a detailed description of the financial risk factors and financial risk management of the Group, reference should be made to Note 30 “Qualitative and Quantitative Information on Financial Risks” of the Consolidated Financial Statements at and for the year ended December 31, 2024.

    The principal foreign currency exchange rates used to translate other currencies into Euro were as follows:

			2025												2024
			Average for the three months ended March 31,						At March 31,						Average for the three months ended March 31,						At March 31,						At December 31,
U.S. Dollar			1.0523						1.0815						1.0858						1.0811						1.0389
Pound Sterling			0.8357						0.8354						0.8563						0.8551						0.8292
Swiss Franc			0.9458						0.9531						0.9491						0.9766						0.9412
Japanese Yen			160.4525						161.6000						161.1500						163.4500						163.0600
Chinese Yuan			7.6551						7.8442						7.8048						7.8144						7.5833
Australian Dollar			1.6772						1.7318						1.6511						1.6607						1.6772
Canadian Dollar			1.5105						1.5533						1.4639						1.4672						1.4948
Singapore Dollar			1.4186						1.4519						1.4552						1.4587						1.4164
Hong Kong Dollar			8.1872						8.4130						8.4912						8.4594						8.0686

    Net revenues are as follows:

			For the three months ended March 31,
			2025						2024
			(€ thousand)
Revenues from:
Cars and spare parts			1,536,314						1,382,424
Sponsorship, commercial and brand			191,341						144,836
Other			63,095						57,369
Total net revenues			1,790,750						1,584,629

    Other net revenues primarily relate to financial services activities, management of the Mugello racetrack and other sports-related activities, as well as, net revenues generated from the sale of engines to other Formula 1 racing teams and, for the three months ended March 31, 2024 only, from the sale of engines to Maserati, whose contract expired in December 2023.

Interest and other financial income from financial services activities included within other net revenues for the three months ended March 31, 2025 and 2024 amounted to €34,762 thousand and €28,924 thousand, respectively.

    Cost of sales for the three months ended March 31, 2025 and 2024 amounted to €857,491 thousand and €781,633 thousand, respectively, consisting mainly of the cost of materials, components and labor related to the manufacturing and distribution of cars and spare parts. Cost of sales also includes depreciation and amortization, insurance, transportation costs and warranty and product-related costs, as well as costs related to engines rented to other Formula 1 racing teams and, for the three months ended March 31, 2024 only, costs related to engines sold to Maserati.

Interest and other financial expenses from financial services activities included within cost of sales for the three months ended March 31, 2025 and 2024 amounted to €24,072 thousand and €17,883 thousand, respectively.

Selling, general and administrative costs are as follows:

			For the three months ended March 31,
			2025						2024
			(€ thousand)
Selling costs			82,079						65,408
General and administrative costs			66,990						58,566
Total selling, general and administrative costs			149,069						123,974

    

Selling costs consist mainly of costs for sales personnel, marketing and events, and retail stores. Costs for marketing and events primarily relate to corporate events, trade shows and media and client events for the launch of new models, lifestyle events (including the use of digital solutions), as well as indirect marketing costs incurred mainly through the Formula 1 racing team, Scuderia Ferrari.

    General and administrative costs consist mainly of administration and other general expenses that are not directly attributable to manufacturing, sales or research and development activities, including for personnel and the continuous development of the Group’s digital infrastructure.

    Research and development costs are as follows:

			For the three months ended March 31,
			2025						2024
			(€ thousand)
Research and development costs expensed during the period			159,587						146,451
Amortization of capitalized development costs			73,204						84,691
Total research and development costs			232,791						231,142

    Research and development costs expensed during the period primarily relate to research and development activities for Formula 1 racing as well as development activities to support the innovation of our product portfolio and components, in particular, in relation to electric and other new technologies.

Other expenses, net are as follows:

Other expenses mainly related to indirect taxes, provisions, and other miscellaneous expenses and other income mainly related to rental income, gains on the disposal of property, plant and equipment and other miscellaneous income.

Financial expenses and financial income are as follows:

Financial expenses primarily relate to foreign exchange losses, including the net costs of hedging, and interest expenses on debt.

Financial income primarily relates to foreign exchange gains and interest income on cash and cash equivalents.

Interest and other financial income, and interest expenses and other financial charges, from financial services activities are recognized within net revenues and cost of sales, respectively.

    Income tax expense is as follows:

			For the three months ended March 31,
			2025						2024
			(€ thousand)
Current tax expense			106,317						97,678
Deferred tax benefit			9,886						(9,624)
Taxes relating to prior periods			16						—
Total income tax expense			116,219						88,054

    Income tax expense amounted to €116,219 thousand for the three months ended March 31, 2025 compared to €88,054 thousand for the three months ended March 31, 2024.

Income taxes for the three months ended March 31, 2024 benefited from the coexistence of two successive Patent Box tax regimes, which provide tax benefits for companies using intangible assets.2 In accordance with applicable legislation, from 2025 on the Group continues to apply the new Patent Box regime only.

The effective tax rate was 22.0 percent for the three months ended March 31, 2025 and 20.0 percent for the three months ended March 31, 2024.

Imposta Regionale sulle Attività Produttive (“IRAP”) (current and deferred) for the three months ended March 31, 2025 and 2024 amounted to €17,916 thousand and €12,839 thousand, respectively. IRAP is only applicable to Italian entities

2 The Patent Box regime firstly introduced by the Italian Law No. 190/2014 was implemented by the Group from 2020 to 2024, recognizing the tax benefit over three annual installments. The new Patent Box regime regulated by Law Decree No. 146, effective from October 22, 2021, provides for a 110% super tax deduction for costs relating to eligible intangible assets. The Italian tax legislation allows for a transitional period where both regimes coexist until 2024 when the original regime ended.

and is calculated on a measure of income defined by the Italian Civil Code as the difference between operating revenues and costs, before financial income and expense, and in particular before the cost of fixed-term employees, credit losses and any interest included in lease payments. IRAP is calculated using financial information prepared under Italian accounting standards. IRAP is applied on the tax base at 3.9 percent for each of the three months ended March 31, 2025 and 2024, respectively

The Group’s Italian entities participate in a group Italian tax consolidation under Ferrari N.V.

    Basic earnings per share is calculated by dividing the profit attributable to equity holders of Ferrari by the weighted average number of common shares issued and outstanding during the period.

The following table provides the amounts used in the calculation of basic earnings per share for three months ended March 31, 2025 and 2024:

    

    For the three months ended March 31, 2025 and 2024, the weighted average number of shares for diluted earnings per share was increased to take into consideration the dilutive effects of the potential common shares relating to the Group’s equity incentive plans (assuming 100 percent of the target awards vested). See Note 21 “Share-Based Compensation” for additional details on the equity incentive plans.

    

    The following table provides the amounts used in the calculation of diluted earnings per share for the three months ended March 31, 2025 and 2024:

The following table provides a reconciliation from the weighted average number of common shares for basic earnings per share to the weighted average number of common shares for diluted earnings per share.

The following table summarizes the changes in the carrying amount of intangible assets for the three months ended March 31, 2025:

    

Additions of €114,713 thousand primarily related to externally acquired and internally generated development costs to support the development of the Group’s existing and future models.

The following table summarizes the changes in the carrying amount of property, plant and equipment for the three months ended March 31, 2025:

    At March 31, 2025 property plant and equipment included €164,827 thousand of right-of-use assets (€116,371 thousand at December 31, 2024).

The following table summarizes the changes in the carrying amount of right-of-use assets for the three months ended March 31, 2025:

Additions of €58,823 thousand primarily related to a new Ferrari store in New York City. For the three months ended March 31, 2025 depreciation of right-of use assets amounted to €8,128 thousand and interest expense on lease liabilities amounted to €1,862 thousand (€6,034 thousand and €1,078 thousand respectively for the three months ended March 31, 2024).

At March 31, 2025 the Group had contractual commitments for the purchase of property, plant and equipment amounting to €297,877 thousand (€397,473 thousand at December 31, 2024), reflecting significant investments the Group is making in expanding its vehicle architectures and accelerated innovation in hybrid and electric powertrains, as well as in infrastructure, including the new paint shop,.

    

The composition of investments and other financial assets is as follows:

    Investments accounted for using the equity method mainly relate to the Group’s investment in Ferrari Financial Services GmbH (“FFS GmbH”), a partnership with CA Auto Bank S.p.A. (Crédit Agricole group) that offers retail client financing in certain markets in EMEA (primarily the UK, Germany and Switzerland). Investments accounted for using the equity method also relate to the Group’s investment in FS China Limited, a joint venture formed in China in 2021 to manage certain lifestyle activities in the local market.

Changes in the carrying amount of the investment during the period were as follows:

    Other securities and financial assets primarily include shares (Series C Formula One Group Common Stock) of Liberty Media Corporation, the group responsible for the promotion of the Formula 1 World Championship, which are measured at fair value and amounted to €15,359 thousand at March 31, 2025 (€15,816 thousand at December 31, 2024) (the “Liberty Media Shares”).

Inventories are as follows:

The amount of inventory write-downs recognized as an expense within cost of sales was €8,441 thousand and €7,104 thousand for the three months ended March 31, 2025 and 2024, respectively.

Current receivables and other current assets are as follows:

    Receivables from financing activities are as follows:

			At March 31, 2025						At December 31, 2024
			(€ thousand)
Client financing			1,600,599						1,661,632
Total			1,600,599						1,661,632

    Receivables from financing activities relate to the financial services portfolio in the United States and are generally secured on the title of cars or other guarantees.

Current financial assets are as follows:

    The following table provides a breakdown of derivative assets and liabilities at March 31, 2025 and December 31, 2024.

    

Foreign exchange derivatives that do not meet the requirements to be recognized as cash flow hedges are presented as other foreign currency derivatives. Interest rate caps relate to derivative instruments required as part of certain securitization agreements.

At March 31, 2025 and December 31, 2024, substantially all derivative financial instruments had a maturity of twelve months or less.

At March 31, 2025 and December 31, 2024 the fully paid up share capital of the Company was €2,573 thousand. The following table summarizes the number of common shares and special voting shares of the Company at March 31, 2025 and December 31, 2024, each of which has a nominal value of €0.01.

_______________________________________

(1)Includes shares repurchased under the share repurchase program between January 1, 2025 and March 31, 2025 based on the transaction trade date, for a total consideration, including transaction costs and including the shares purchased under Sell to Cover (as described below), of €423,676 thousand.

(2)On March 13, 2025, 113,466 common shares, which were previously held in treasury, were assigned to participants of the equity incentive plans as a result of the vesting of certain performance share unit and retention restricted share unit awards. On March 13, 2025, the Company purchased 47,907 common shares, for a total consideration of €19,834 thousand, from a group of those employees who were assigned shares in order to cover the individual’s taxable income as is standard practice (“Sell to Cover”) in a cross transaction.

(3)Relates to the deregistration of special voting shares, under the Company’s special voting shares terms and conditions, following the accelerated bookbuild offering (“ABO”) made by Exor N.V. on February 26, 2025.

    The following table presents other comprehensive income:

			For the three months ended March 31,
			2025						2024
			(€ thousand)
Gains/(Losses) on cash flow hedging instruments arising during the period			53,694						(7,884)
Reclassification of cash flow hedge reserves to the consolidated income statement			14,204						(7,472)
Gains/(Losses) on cash flow hedging instruments			67,898						(15,356)
Exchange differences on translating foreign operations arising during the period			(7,421)						3,989
Total other comprehensive income/(loss) (all of which may be reclassified to the consolidated income statement in subsequent periods)			60,477						(11,367)
Related tax impact			(18,963)						4,145
Total other comprehensive income/(loss), net of tax			41,514						(7,222)

    

Gains on cash flow hedging instruments relate to changes in the fair value of derivative financial instruments used for cash flow hedging purposes.

The tax effects relating to other comprehensive income are as follows: