Exhibit 99.1

Ferrari N.V.

At and for the three and six months ended June 30, 2025

____________________________________________________________________________________________________

Deloitte & Touche S.p.A.

    Statements contained in this Semi-Annual 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 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;

•increases in costs, disruptions of supply or shortages of components and raw materials, as well as trading policies and tariffs;

•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.

    

			For the three months ended  June 30,												For the six months ended  June 30,
			2025						2024						2025						2024
			(€ million, except per share data)
Net revenues			1,787						1,712						3,578						3,297
Operating profit (EBIT)			552						511						1,094						953
Profit before taxes			545						511						1,073						951
Net profit			425						413						837						765
Net profit attributable to:
Owners of the parent			424						412						836						763
Non-controlling interests			1						1						1						2
Basic earnings per common share (in Euro) (1)			2.38						2.29						4.68						4.24
Diluted earnings per common share (in Euro) (1)			2.38						2.29						4.68						4.23
Dividend approved per common share (in Euro) (2) (3)			2.986						2.443						2.986						2.443
Dividend approved per common share (in USD) (2) (3) (4)			3.39210						2.59886						3.39210						2.59886

_____________________________

(1)See Note 13 “Earnings per Share” to the Semi-Annual Condensed Consolidated Financial Statements for the calculation of basic and diluted earnings per common share for the three and six months ended June 30, 2025 and 2024.

(2)Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders on April 16, 2025, a dividend distribution of €2.986 per outstanding common share was approved, corresponding to a total distribution of approximately €534 million. This distribution was made from the retained earnings reserve. In May 2025 the Company paid €498 million of the distribution to owners of the parent and the remaining balance, which mainly relates to withholding taxes, is expected to be paid in the third quarter of 2025.

(3)Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders on April 17, 2024, a dividend distribution of €2.443 per outstanding common share was approved, corresponding to a total distribution of approximately €440 million. This distribution was made from the retained earnings reserve. In May 2024 the Company paid €414 million of the distribution to owners of the parent and the remaining balance, which mainly relates to withholding taxes, was paid in the third quarter of 2024.

(4)The dividends approved for common shares that are traded on the New York Stock Exchange were translated into U.S. Dollars based on the exchange rates in effect on the respective approval dates of April 17, 2025 and April 17, 2024.

Shipments (1)

			For the three months ended June 30,																								For the six months ended June 30,
			2025						%						2024						%						2025						%						2024						%
			(Number of cars and % of total cars)
EMEA
Germany			397						11.4		%				426						12.2		%				805						11.4		%				814						11.6		%
Italy			243						7.0		%				189						5.4		%				504						7.1		%				420						6.0		%
UK			149						4.3		%				273						7.8		%				366						5.2		%				494						7.0		%
France			147						4.2		%				133						3.8		%				310						4.4		%				267						3.8		%
Switzerland			132						3.8		%				128						3.7		%				244						3.4		%				255						3.6		%
Middle East (2)			163						4.7		%				116						3.3		%				275						3.9		%				226						3.2		%
Other EMEA (3)			415						11.7		%				390						11.3		%				843						11.8		%				752						10.6		%
Total EMEA			1,646						47.1		%				1,655						47.5		%				3,347						47.2		%				3,228						45.8		%
Americas (4)			993						28.4		%				981						28.2		%				2,015						28.4		%				1,978						28.1		%
of which United States of America			849						24.3		%				822						23.6		%				1,710						24.1		%				1,672						23.7		%
Mainland China, Hong Kong and Taiwan			274						7.8		%				278						8.0		%				511						7.2		%				595						8.4		%
of which Mainland China			176						5.0		%				200						5.7		%				356						5.0		%				443						6.3		%
Rest of APAC (5)			581						16.7		%				570						16.3		%				1,214						17.2		%				1,243						17.7		%
Total			3,494						100.0		%				3,484						100.0		%				7,087						100.0		%				7,044						100.0		%

_____________________________

Highlights during the three months ended June 30, 2025 included the following:

•During the three months ended June 30, 2025 there were no significant impacts for the Group from the increase of import tariffs applicable to cars, spare parts and other goods originating in the European Union that are imported into the United States, which became effective starting on April 3, 2025, as the majority of the goods sold by the Group in the United States during the period were imported prior to the tariffs taking effect.

    The following is a discussion of the results of operations for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The presentation includes line items as a percentage of net revenues for the respective periods presented to facilitate period-to-period comparisons.

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

(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 June 30, 2024 only, from the sale of engines to Maserati.

    Net revenues for the three months ended June 30, 2025 were €1,787 million, an increase of €75 million or 4.4 percent (an increase of 5.1 percent on a constant currency basis), compared to €1,712 million for the three months ended June 30, 2024.

    The change in net revenues was attributable to the combination of (i) a €33 million increase in cars and spare parts, (ii) a €37 million increase in sponsorship, commercial and brand and (iii) a €5 million increase in other net revenues.

    Net revenues generated from cars and spare parts were €1,507 million for the three months ended June 30, 2025, an increase of €33 million or 2.3 percent, compared to €1,474 million for the three months ended June 30, 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 negative, mainly driven by the U.S. Dollar.

Total shipments of 3,494 cars in the second quarter of 2025 were substantially in line with 3,484 cars in the second quarter of 2024. The products delivered in the quarter included 6 internal combustion engine (ICE) models and 5 hybrid engine models, which represented 55 percent and 45 percent of total shipments, respectively. Shipments during the quarter were driven by the 296 GTS, the Purosangue and the Roma Spider, as well as the 12Cilindri family, which continued its ramp up phase, and the increased contribution of the SF90 XX family, while deliveries of the 296 GTB decreased and the SF90 Spider approached the end of its lifecycle. Shipments of the Daytona SP3 were lower compared to the second quarter of 2024, in line with plans to conclude deliveries in the third quarter of 2025.

The €33 million increase in net revenues from cars and spare parts was composed of: (i) a €56 million increase in EMEA, and (ii) a €21 million increase in APAC, partially offset by (iii) a €32 million decrease in Americas, and (iv) a €12 million decrease in Mainland China, Hong Kong and Taiwan. The mix of net revenues by geography primarily reflects deliberate product and volume allocation in different markets.

    Net revenues generated from sponsorship, commercial agreements and brand management activities were €205 million for the three months ended June 30, 2025, an increase of €37 million or 21.9 percent, compared to €168 million for the three months ended June 30, 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 €75 million for the three months ended June 30, 2025, an increase of €5 million or 7.6 percent, compared to €70 million for the three months ended June 30, 2024. The increase was mainly driven by higher revenues from financial services activities.

    Cost of sales for the three months ended June 30, 2025 was €846 million, a decrease of €10 million or 1.2 percent, compared to €856 million for the three months ended June 30, 2024. As a percentage of net revenues, cost of sales was 47.4 percent for the three months ended June 30, 2025 compared to 50.0 percent for the three months ended June 30, 2024.

The decrease in cost of sales was primarily attributable to racing activities and a decrease of expected costs for warranty obligations, partially offset by volume and mix, the comparison with the prior year’s release of car environmental provisions, and other supporting activities.

    Selling, general and administrative costs for the three months ended June 30, 2025 were €160 million, an increase of €17 million or 12.0 percent, compared to €143 million for the three months ended June 30, 2024. As a percentage of net revenues, selling, general and administrative costs were 8.9 percent for the three months ended June 30, 2025 compared to 8.3 percent for the three months ended June 30, 2024.

The increase of €17 million in selling, general and administrative costs mainly reflects racing expenses and brand investments.

    Research and development costs for the three months ended June 30, 2025 were €225 million, an increase of €20 million or 10.1 percent, compared to €205 million for the three months ended June 30, 2024. As a percentage of net revenues, research and development costs were 12.6 percent for the three months ended June 30, 2025 compared to 11.9 percent for the three months ended June 30, 2024.

The increase of €20 million was primarily driven by an increase in research and development costs expensed of €19 million, driven by racing activities and our focus on continuous innovation.

    Operating profit (EBIT) for the three months ended June 30, 2025 was €552 million, an increase of €41 million or 8.1 percent, compared to €511 million for the three months ended June 30, 2024. EBIT margin for the three months ended June 30, 2025 was 30.9 percent compared to 29.9 percent for the three months ended June 30, 2024.

The increase in operating profit (EBIT) was primarily attributable to the combined effects of (i) positive volume impact of €4 million, (ii) positive product mix impact of €47 million, sustained by the SF90 XX and the 12Cilindri families, as well as a higher contribution from personalization and positive country mix driven by the Americas, partially offset by lower deliveries of the Daytona SP3, (iii) negative contribution of €20 million from research and development costs, (iv) negative contribution of €17 million from selling, general and administrative costs, (v) positive contribution of €33 million from other activities, driven by new sponsorships and a higher contribution from lifestyle activities, as well as lower costs due to the revised Formula 1 in season ranking assumptions, partially offset by the comparison with the prior year’s release of car environmental provisions, and (vi) negative foreign currency exchange impact of €6 million (including foreign currency hedging instruments), mainly driven by the U.S. Dollar.

    Financial expenses, net were €7 million for the three months ended June 30, 2025 compared to nil for the three months ended June 30, 2024, driven by negative net foreign exchange impact (including the net costs of hedging) during the period.

Income tax expense for the three months ended June 30, 2025 was €120 million, an increase of €22 million or 23.1 percent, compared to €98 million for the three months ended June 30, 2024.

The increase in income tax expense was primarily attributable to an increase in profit before taxes and an increase in the effective tax rate from 19.1 percent for the three months ended June 30, 2024 to 22.0 percent for the three months ended June 30, 2025. Income taxes and the effective tax rate for the three months ended June 30, 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 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.

    The following is a discussion of the results of operations for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The presentation includes line items as a percentage of net revenues for the respective periods presented to facilitate period-to-period comparisons.

			For the six months ended June 30,																								Increase/(Decrease)
			2025						Percentage of net revenues						2024						Percentage of net revenues						2025 vs 2024
			(€ million, except percentages)
Net revenues			3,578						100.0		%				3,297						100.0		%				281						8.5		%
Cost of sales			1,704						47.6		%				1,638						49.7		%				66						4.0		%
Selling, general and administrative costs			309						8.6		%				267						8.1		%				42						15.8		%
Research and development costs			458						12.8		%				436						13.2		%				22						5.1		%
Other expenses, net			18						0.5		%				6						0.2		%				12						185.0		%
Result from investments			5						0.1		%				3						0.1		%				2						57.2		%
Operating profit EBIT			1,094						30.6		%				953						28.9		%				141						14.8		%
Financial income			121						3.4		%				67						2.0		%				54						78.6		%
Financial expenses			142						4.0		%				69						2.1		%				73						103.5		%
Financial expenses, net			21						0.6		%				2						0.1		%				19						n.m.
Profit before taxes			1,073						30.0		%				951						28.8		%				122						12.9		%
Income tax expense			236						6.6		%				186						5.6		%				50						27.3		%
Net profit			837						23.4		%				765						23.2		%				72						9.4		%

    

(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 six months ended June 30, 2024 only, from the sale of engines to Maserati.

    Net revenues for the six months ended June 30, 2025 were €3,578 million, an increase of €281 million or 8.5 percent (an increase of 8.5 percent on a constant currency basis), compared to €3,297 million for the six months ended June 30, 2024.

    The change in net revenues was attributable to the combination of (i) a €187 million increase in cars and spare parts, (ii) an €83 million increase in sponsorship, commercial and brand and (iii) an €11 million increase in other net revenues.

    Net revenues generated from cars and spare parts were €3,043 million for the six months ended June 30, 2025, an increase of €187 million or 6.6 percent, compared to €2,856 million for the six months ended June 30, 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.

Total shipments increased by 43 cars from 7,044 cars in the first half of 2024 to 7,087 cars in the first half of 2025. The products delivered in the first half of 2025 included 8 internal combustion engine (ICE) models and 5 hybrid engine models, which represented 53 percent and 47 percent of total shipments, respectively. Shipments during the first half of 2025 were driven by the 296 GTS, the Purosangue and the Roma Spider, as well as the 12Cilindri family, which continued its ramp up phase, and the increased contribution of the SF90 XX family, while deliveries of the 296 GTB decreased, the SF90 Spider approached the end of its lifecycle and the 812 Competizione A was phased out in the first quarter of 2025. Shipments of the Daytona SP3 were lower compared to the first half of 2024, in line with plans to conclude deliveries in the third quarter of 2025.

    

The €187 million increase in net revenues from cars and spare parts was composed of: (i) a €177 million increase in EMEA, (ii) a €40 million increase in Americas, and (iii) a €6 million increase in APAC, partially offset by (iv) a €36 million decrease in Mainland China, Hong Kong and Taiwan. The mix of net revenues by geography primarily reflects deliberate product and volume allocation in different markets.

    Net revenues generated from sponsorship, commercial agreements and brand management activities were €396 million for the six months ended June 30, 2025, an increase of €83 million or 26.6 percent, compared to €313 million for the six months ended June 30, 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 €139 million for the six months ended June 30, 2025, an increase of €11 million or 8.7 percent, compared to €128 million for the six months ended June 30, 2024. The increase was mainly driven by higher revenues from financial services activities.

    Cost of sales for the six months ended June 30, 2025 was €1,704 million, an increase of €66 million or 4.0 percent, compared to €1,638 million for the six months ended June 30, 2024. As a percentage of net revenues, cost of sales was 47.6 percent for the six months ended June 30, 2025 compared to 49.7 percent for the six months ended June 30, 2024.

The increase in cost of sales was primarily attributable to a change in product mix and higher car volumes.

Selling, general and administrative costs for the six months ended June 30, 2025 were €309 million, an increase of €42 million or 15.8 percent, compared to €267 million for the six months ended June 30, 2024. As a percentage of net revenues, selling, general and administrative costs were 8.6 percent for the six months ended June 30, 2025 compared to 8.1 percent for the six months ended June 30, 2024.

The increase of €42 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 six months ended June 30, 2025 were €458 million, an increase of €22 million or 5.1 percent, compared to €436 million for the six months ended June 30, 2024. As a percentage of net revenues, research and development costs were 12.8 percent for the six months ended June 30, 2025 compared to 13.2 percent for the six months ended June 30, 2024.

The increase of €22 million was driven by an increase in research and development costs expensed of €33 million, driven by racing activities and our focus on continuous innovation, partially offset by a decrease in amortization of capitalized development costs of €11 million, mainly driven by the phase-out of certain models.

    Operating profit (EBIT) for the six months ended June 30, 2025 was €1,094 million, an increase of €141 million or 14.8 percent, compared to €953 million for the six months ended June 30, 2024. Operating profit (EBIT) margin for the six months ended June 30, 2025 was 30.6 percent compared to 28.9 percent for the six months ended June 30, 2024.

    The increase in operating profit (EBIT) was primarily attributable to the combined effects of (i) positive volume impact of €9 million, (ii) positive product mix impact of €132 million, sustained by the SF90 XX and the 12Cilindri families, and a few deliveries of the 499P Modificata, as well as a higher contribution from personalization and positive country mix driven by the Americas, partially offset by lower deliveries of the Daytona SP3, (iii) negative contribution of €22 million from research and development costs, (iv) negative contribution of €42 million from selling, general and administrative costs, (v) positive contribution of €61 million from other activities, driven by new sponsorships and a higher contribution from lifestyle activities, as well as lower costs due to the revised Formula 1 in season ranking assumptions, partially offset by the comparison with the prior year’s release of car environmental provisions, and (vi) positive foreign currency exchange impact of €3 million (including foreign currency hedging instruments), mainly driven by the U.S. Dollar.

    Financial expenses, net for the six months ended June 30, 2025 were €21 million, an increase of €19 million, compared to €2 million for the six months ended June 30, 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 six months ended June 30, 2025 was €236 million, an increase of €50 million, or 27.3 percent, compared to €186 million for the six months ended June 30, 2024.

The increase in income tax expense was primarily attributable to an increase in profit before taxes and an increase in the effective tax rate from 19.5 percent for the six months ended June 30, 2024 to 22.0 percent for the six months ended June 30, 2025. Income taxes and the effective tax rate for the six months ended June 30, 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 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, and we continue to reward our shareholders in the first half of 2025 through a combination of dividends and share repurchases, with dividends to owners of €532 million (of which €498 million was paid during the period) and share repurchases of €424 million. For additional information relating to Free Cash Flow from Industrial Activities, which is a non-GAAP financial measure, 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 generally 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 six months ended June 30, 2025 and 2024. For additional details of our cash flows, see our semi-annual consolidated statement of cash flows included within our Semi-Annual Condensed Consolidated Financial Statements elsewhere in this Semi-Annual Report.

For the six months ended June 30, 2025 cash and cash equivalents held by the Group decreased by €224 million compared to an increase of €210 million for the six months ended June 30, 2024. The decrease of €434 million in cash and cash equivalents generated in the six months ended June 30, 2025 compared to the prior year was primarily attributable to the combined effects of:

(i)an increase in cash flows used in financing activities of €840 million, driven by (i) an increase in repayments of debt of €425 million (mainly driven by the full repayment of a bond upon maturity for €451 million), (ii) a decrease in proceeds from debt of €186 million, (iii) an increase in share repurchases of €140 million, and (iv) an increase in dividends paid to owners of €89 million;

(ii)an increase in cash flows generated by operating activities of €422 million, primarily driven by (i) an increase in net profit excluding non-cash items of €127 million, (ii) a decrease in cash absorbed from inventories, trade receivables and trade payables of €97 million, and (iii) an increase from other operating assets and liabilities of €229 million, primarily driven by advances received for cars (mainly the F80) and sponsorship agreements.

Cash flows used in investing activities of €463 million in the first half of 2025 were substantially flat compared to €462 million in the first half of 2024, as higher investments in property, plant and equipment were substantially offset by lower investments in intangible assets.

    Our cash flows from operating activities for the six months ended June 30, 2025 were €1,242 million, primarily the result of:

(i)net profit of €837 million, adjusted for €236 million of income tax expense, €308 million for depreciation and amortization expense, €21 million of financial expenses, net, and net other non-cash expenses of €50 million (including provisions accrued); and    

(ii)€182 million of cash generated from the change in other operating assets and liabilities, primarily driven by advances received for cars (mainly the F80) and sponsorship agreements;

(iii)€121 million of cash absorbed from inventories, trade receivables and trade payables, primarily attributable to trade receivables for €82 million driven by sponsorship agreements and inventories for €69 million driven by production planning, partially offset by higher trade payables for €30 million;

(iv)€51 million related to cash absorbed by receivables from financing activities driven by growth of the financial services portfolio;

(v)€46 million of net finance costs paid; and

(vi)€174 million of income taxes paid.

Our cash flows from operating activities for the six months ended June 30, 2024 were €820 million, primarily the result of:

(i)net profit of €765 million, adjusted for €186 million of income tax expense, €321 million for depreciation and amortization expense, €2 million of financial expenses, net, and net other non-cash expenses of €88 million (including provisions accrued);

(ii)€218 million of cash absorbed from inventories, trade receivables and trade payables, primarily attributable to inventories for €157 million driven by production planning and an enriched product mix, and trade receivables for €72 million driven by higher car volumes and product mix, as well as sponsorship agreements, partially offset by higher trade payables for €11 million;

(iii)€73 million related to cash absorbed by receivables from financing activities driven by growth of the financial services portfolio;

(iv)€47 million of cash absorbed from the change in other operating assets and liabilities;

(v)€15 million of net finance costs paid; and

(vi)€189 million of income taxes paid.

Investing Activities - Six Months Ended June 30, 2025

    For the six months ended June 30, 2025 our net cash used in investing activities was €463 million, primarily attributable to capital expenditures of (i) €234 million for intangible assets, mainly related to externally acquired and internally generated development costs, and (ii) €229 million for property, plant and equipment. For a detailed analysis of investments in intangible assets and property, plant and equipment see “Capital Expenditures” below.

For the six months ended June 30, 2024 our net cash used in investing activities was €462 million, primarily attributable to capital expenditures of (i) €246 million for intangible assets, mainly related to externally acquired and internally generated development costs, and (ii) €217 million for property, plant and equipment. For a detailed analysis of investments in intangible assets and property, plant and equipment see “Capital Expenditures” below.

For the six months ended June 30, 2025, net cash used in financing activities was €990 million, primarily the result of:

(i)€502 million of dividends paid (of which €498 million was to owners of the parent and €4 million was to non-controlling interests);

(ii)€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 accelerated bookbuild offering (“ABO”) made by Exor N.V. on February 26, 2025, as well as €20 million the Sell-to-Cover practice under the Group’s equity incentive plans;

(iii)€451 million for the full repayment upon maturity of a bond previously issued in 2020;

(iv)€39 million for repayments of borrowings from banks and other financial institutions;

(v)€35 million for repayments of lease liabilities and other debt; and

(vi)€23 million for repayments related to our revolving securitization programs in the United States;

(vii)€400 million in proceeds from new bank borrowings;

(viii)€73 million in proceeds related to our revolving securitization programs in the United States; and

(ix)€11 million in proceeds from other debt.

For the six months ended June 30, 2024, net cash used in financing activities was €150 million, primarily the result of:

(i)€414 million of dividends paid to owners;

(ii)€284 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);

(iii)€66 million for repayments of borrowings from banks and other financial institutions;

(iv)€43 million for repayments of lease liabilities and other debt; and

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

(vi)€496 million in proceeds from the issuance of a new bond with a principal amount of €500 million that is due in 2030;

(vii)€77 million in proceeds related to our revolving securitization programs in the United States;

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

(ix)€22 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 were €524 million and €527 million for the six months ended June 30, 2025 and 2024, respectively.

    The following table sets forth a breakdown of capital expenditures by category for each of the six months ended June 30, 2025 and 2024:

Our total capital expenditures in intangible assets were €234 million and €246 million for the six months ended June 30, 2025, and 2024, respectively.

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 in-house development of key components used in our cars, which are necessary to provide continuing performance upgrades to our customers.

For the six months ended June 30, 2025 we invested €220 million in externally acquired and internally generated development costs, of which €92 million related to the development of models to be launched in future years and €128 million primarily related to the development of our current product portfolio and components.

For the six months ended June 30, 2024 we invested €233 million in externally acquired and internally generated development costs, of which €141 million related to the development of models to be launched in future years and €92 million primarily related to the development of our current product portfolio and components.

Our total capital expenditures in property, plant and equipment were €290 million and €281 million for the six months ended June 30, 2025 and 2024, respectively, of which €61 million and €64 million related to right-of-use assets, respectively.

For the six months ended June 30, 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 June 30, 2025, the Group had contractual commitments for the purchase of property, plant and equipment amounting to €369 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 and six months ended June 30, 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 and six months ended June 30, 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 and six months ended June 30, 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 and six months ended June 30, 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.

See Note 13 “Earnings per Share” to the Semi-Annual 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 presents our Net (Debt)/Cash, Net (Debt)/Cash of Financial Services Activities and Net Industrial (Debt)/Cash at June 30, 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 Semi-Annual 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, which amounted to €1,519 million at June 30, 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 Semi-Annual Consolidated Financial Statements included elsewhere in this document.

    Cash and cash equivalents amounted to €1,518 million at June 30, 2025 compared to €1,742 million at December 31, 2024.

At June 30, 2025, 87 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 countries outside of 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 €35 million at June 30, 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 €58 million at June 30, 2025 (€54 million at December 31, 2024).

    

    Total available liquidity (defined as cash and cash equivalents plus undrawn committed credit lines) at June 30, 2025 was €2,068 million (€2,292 million at December 31, 2024).

    The following table summarizes our total available liquidity:

The undrawn committed credit lines at June 30, 2025 and December 31, 2024 relate to revolving credit facilities. For further details relating to our debt, see Note 23 “Debt” in the Semi-Annual 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), and intangible assets. 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) and intangible assets 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) and intangible assets 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 six months ended June 30, 2025 and 2024.

___________________________

(1)Financial services activities mainly reflects the outflows derived from the increase in the financial receivables portfolio (the change in receivables from financing activities in the semi-annual condensed consolidated statement of cash flows) of €50.7 million and €72.9 million for the six months ended June 30, 2025 and 2024, respectively.

Free Cash Flow for the six months ended June 30, 2025 was €779 million, an increase of €422 million compared to €357 million for the six months ended June 30, 2024. For an explanation of the drivers in Free Cash Flow see “Cash Flows” above.

Free Cash Flow from Industrial Activities for the six months ended June 30, 2025 was €818 million compared to €416 million for the six months ended June 30, 2024. The increase in Free Cash Flow from Industrial Activities of €402 million was primarily attributable to (i) an increase in net profit excluding non-cash items of €127 million, (ii) a decrease in cash absorbed from inventories, trade receivables and trade payables of €97 million, and (iii) an increase from other operating assets and liabilities of €229 million, primarily driven by advances received for cars (mainly the F80) and sponsorship agreements.

    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 transactions. We use this information to assess how the underlying revenues changed independent of fluctuations in foreign currency exchange rates and hedging transactions. We calculate constant currency by (i) eliminating the variances of any foreign currency hedging transactions, (ii) 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, and (iii) 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 (see Note 5 “Other Information” to the Semi-Annual Condensed Consolidated Financial Statements, included in this Semi-Annual 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 Semi-Annual 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.

Stronger confidence in the 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 50 bps risk on percentage margins – outlined on March 27, 2025 following the introduction of higher import tariffs applicable to cars, spare parts and other goods originating in the EU imported in the US – has been removed as a consequence of the recent agreement on lower levels reached between the US and the EU, as well as of lower industrial costs expected in the second part of the year compared to initial expectations.

(€B, unless otherwise stated)			2024A			2025 GUIDANCE			GROWTH VS 2024
NET REVENUES			6.7			>7.0			≥5%
ADJ. EBITDA (margin %)			2.56 38.3%			≥2.68 ≥38.3%			≥5%
ADJ. OPERATING PROFIT (EBIT) (margin %)			1.89 28.3%			≥2.03 ≥29.0%			≥7%
ADJ. DILUTED EPS (€)			8.46(1)			≥8.60(1)			≥2%
INDUSTRIAL FCF			1.03			≥1.20			≥17%

____________________________

(1)Calculated using the weighted average diluted number of common shares at December 31, 2024 (179,992 thousand).

			Share capital						Retained earnings and other reserves						Cash flow hedge reserve						Currency translation differences						Remeasurement of defined benefit plans						Equity attributable to owners of the parent						Non-controlling interests						Total
			(€ thousand)
At December 31, 2024			2,573						3,518,258						(36,848)						58,648						(8,685)						3,533,946						9,292						3,543,238
Net profit			—						835,909						—						—						—						835,909						1,238						837,147
Other comprehensive income/(loss)			—						—						126,906						(15,776)						—						111,130						(571)						110,559
Total comprehensive income			—						835,909						126,906						(15,776)						—						947,039						667						947,706
Dividends to owners of the parent			—						(532,158)						—						—						—						(532,158)												(532,158)
Dividends to non-controlling interests			—						—						—						—						—						—						(4,448)						(4,448)
Share repurchases			—						(423,676)						—						—						—						(423,676)						—						(423,676)
Share-based compensation			—						16,628						—						—						—						16,628						—						16,628
At June 30, 2025			2,573						3,414,961						90,058						42,872						(8,685)						3,541,779						5,511						3,547,290

.

    

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 181 authorized dealers operating 197 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 June 30, 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 Semi-Annual Condensed Consolidated Financial Statements of Ferrari N.V. were authorized for issuance on July 31, 2025, and have been prepared in compliance with IAS 34 — Interim Financial Reporting issued by the International Accounting Standards Board (“IASB”). The Semi-Annual 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 “Annual 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 the 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 Semi-Annual 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 Semi-Annual Condensed Consolidated Financial Statements, deviate from the actual circumstances, the original estimates and assumptions are modified as appropriate in the period in which the circumstances change. Reference should be made to the section “Use of estimates and judgments” in Note 2 “Material accounting policies” of the Annual Consolidated Financial Statements for a detailed description of the material accounting policies applied 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, the 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 2026 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, the 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, the 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, the 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, the 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 Semi-Annual 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 Semi-Annual 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 Annual Consolidated Financial Statements.

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

    Net revenues are as follows:

			For the three months ended June 30,												For the six months ended June 30,
			2025						2024						2025						2024
			(€ thousand)
Revenues from:
Cars and spare parts			1,506,819						1,473,417						3,043,133						2,855,841
Sponsorship, commercial and brand			204,514						167,799						395,855						312,635
Other			76,220						70,843						139,315						128,212
Total net revenues			1,787,553						1,712,059						3,578,303						3,296,688