Exhibit 99.1

Ferrari N.V.

At and for the three and nine months ended September 30, 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 and the potential advent of self-driving technology;

•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;

•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;

•trading policies and tariffs;

•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;

•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  September 30,												For the nine months ended  September 30,
			2025						2024						2025						2024
			(€ million, except per share data)
Net revenues			1,766						1,644						5,344						4,941
Operating profit (EBIT)			503						467						1,597						1,420
Profit before taxes			490						466						1,563						1,417
Net profit			382						375						1,219						1,140
Net profit attributable to:
Owners of the parent			381						374						1,217						1,137
Non-controlling interests			1						1						2						3
Basic earnings per common share (in Euro) (1)			2.14						2.08						6.83						6.32
Diluted earnings per common share (in Euro) (1)			2.14						2.08						6.82						6.31
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 Interim Condensed Consolidated Financial Statements for the calculation of basic and diluted earnings per common share for the three and nine months ended September 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, was 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 September 30,																								For the nine months ended  September 30,
			2025						%						2024						%						2025						%						2024						%
			(Number of cars and % of total cars)
EMEA
Germany			336						9.9		%				296						8.7		%				1,141						10.9		%				1,110						10.6		%
Italy			183						5.4		%				195						5.8		%				687						6.6		%				615						5.9		%
France			165						4.9		%				143						4.2		%				475						4.5		%				410						3.9		%
UK			99						2.9		%				226						6.7		%				465						4.4		%				720						6.9		%
Switzerland			97						2.9		%				113						3.3		%				341						3.3		%				368						3.5		%
Middle East (2)			186						5.5		%				116						3.4		%				461						4.4		%				342						3.3		%
Other EMEA (3)			383						11.1		%				337						10.1		%				1,226						11.6		%				1,089						10.5		%
Total EMEA			1,449						42.6		%				1,426						42.2		%				4,796						45.7		%				4,654						44.6		%
Americas (4)			1,045						30.7		%				1,070						31.6		%				3,060						29.2		%				3,048						29.2		%
of which United States of America			918						27.0		%				941						27.8		%				2,628						25.1		%				2,613						25.1		%
Mainland China, Hong Kong and Taiwan			248						7.3		%				281						8.3		%				759						7.2		%				876						8.4		%
of which Mainland China			153						4.5		%				190						5.6		%				509						4.9		%				633						6.1		%
Rest of APAC (5)			659						19.4		%				606						17.9		%				1,873						17.9		%				1,849						17.8		%
Total			3,401						100.0		%				3,383						100.0		%				10,488						100.0		%				10,427						100.0		%

_____________________________

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

•On July 31, 2025, Ferrari announced its intention to complete its multi-year share buyback program of approximately Euro 2 billion announced during the 2022 Capital Markets Day with an eighth tranche of up to Euro 360 million, which started on August 22, 2025 and is expected to end no later than December 18, 2025.

    The following is a discussion of the results of operations for the three months ended September 30, 2025 compared to the three months ended September 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 lifestyle 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 September 30, 2024 only, from the sale of engines to Maserati.

    Net revenues for the three months ended September 30, 2025 were €1,766 million, an increase of €122 million or 7.4 percent (an increase of 9.3 percent on a constant currency basis), compared to €1,644 million for the three months ended September 30, 2024.

    The change in net revenues was attributable to the combination of (i) a €79 million increase in cars and spare parts, (ii) a €37 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 €1,479 million for the three months ended September 30, 2025, an increase of €79 million or 5.6 percent, compared to €1,400 million for the three months ended September 30, 2024.

The increase in net revenues from cars and spare parts was primarily attributable to a richer product mix, despite lower deliveries of the Daytona SP3, as well as to a higher contribution from personalization. Foreign currency exchange impact, including hedging transactions, was negative, mainly driven by the U.S. Dollar.

Total shipments were substantially in line with the prior year, with 3,401 cars in the third quarter of 2025 and 3,383 cars in the third quarter of 2024. The portfolio of products delivered in the quarter included 6 internal combustion engine (ICE) models and 5 hybrid engine models, which represented 57 percent and 43 percent of total shipments, respectively. Shipments during the quarter were driven by the 296 GTS, the Purosangue and the 12Cilindri family, which continued its ramp up phase, as well as by the Roma Spider and the SF90 XX family, while the 296 GTB was approaching the end of its lifecycle and the SF90 Spider was phased out. Shipments of the Daytona SP3 were lower compared to the prior year, in line with plans to complete its limited series run in the quarter.

The €79 million increase in net revenues from cars and spare parts was composed of: (i) a €42 million increase in EMEA, (ii) a €36 million increase in APAC, and (iii) a €15 million increase in Mainland China, Hong Kong and Taiwan, partially offset by (iv) a €14 million decrease in Americas. The mix of net revenues by geography primarily reflects our allocation strategy to preserve the brand’s exclusivity.

    Net revenues generated from sponsorship, commercial agreements and brand management activities were €211 million for the three months ended September 30, 2025, an increase of €37 million or 21.0 percent, compared to €174 million for the three months ended September 30, 2024, primarily attributable to 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 €76 million for the three months ended September 30, 2025, an increase of €6 million or 9.2 percent, compared to €70 million for the three months ended September 30, 2024. The increase was mainly driven by higher revenues from financial services activities.

    Cost of sales for the three months ended September 30, 2025 was €882 million, an increase of €55 million or 6.7 percent, compared to €827 million for the three months ended September 30, 2024. As a percentage of net revenues, cost of sales was 49.9 percent for the three months ended September 30, 2025 compared to 50.3 percent for the three months ended September 30, 2024.

The increase in cost of sales was primarily attributable to a change in product mix and higher import tariffs in the United States.

    Selling, general and administrative costs for the three months ended September 30, 2025 were €160 million, an increase of €25 million or 18.8 percent, compared to €135 million for the three months ended September 30, 2024. As a percentage of net revenues, selling, general and administrative costs were 9.1 percent for the three months ended September 30, 2025 compared to 8.2 percent for the three months ended September 30, 2024.

The increase of €25 million in selling, general and administrative costs mainly reflects racing expenses and brand investments.

    Research and development costs for the three months ended September 30, 2025 were €222 million, a increase of €10 million or 4.6 percent, compared to €212 million for the three months ended September 30, 2024. As a percentage of net revenues, research and development costs were 12.6 percent for the three months ended September 30, 2025 compared to 12.9 percent for the three months ended September 30, 2024.

The increase of €10 million was attributable to an increase in research and development costs expenses during the period, mainly driven by racing activities.

    Operating profit (EBIT) for the three months ended September 30, 2025 was €503 million, an increase of €36 million or 7.6 percent, compared to €467 million for the three months ended September 30, 2024. EBIT margin was 28.4 percent for the three months ended September 30, 2025 and 2024.

The increase in operating profit (EBIT) was primarily attributable to the combined effects of (i) volume impact of €9 million, (ii) €25 million of positive product mix, sustained by deliveries of the SF90 XX and the 12Cilindri families and a higher contribution from personalization, partially offset by lower deliveries of the Daytona SP3 and higher import tariffs in the United States, (iii) negative contribution of €10 million from research and development costs, (iv) negative contribution of €25 million from selling, general and administrative costs, (v) positive contribution of €56 million driven by racing and lifestyle activities, as well as the release of previously recognized car environmental provisions, partially offset by one-time costs related to the supply chain, and (vi) negative foreign currency exchange impact of €19 million (including foreign currency hedging instruments), mainly driven by the U.S. Dollar.

    Financial expenses, net were €13 million for the three months ended September 30, 2025 compared to financial expenses, net of €1 million for the three months ended September 30, 2024, driven by (i) negative net foreign currency exchange impact (including the net costs of hedging) and (ii) lower interest income on cash and cash equivalents, partially offset by (iii) lower interest expenses on debt. For additional details see Note 11 “Financial Expenses and Financial Income” to the Interim Condensed Consolidated Financial Statements.

Income tax expense for the three months ended September 30, 2025 was €108 million, an increase of €17 million, or 18.5 percent, compared to €91 million for the three months ended September 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 three months ended September 30, 2024 to 22.0 percent for the three months ended September 30, 2025.

Income taxes and the effective tax rate for the three months ended September 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 was firstly introduced by the Italian Law No. 190/2014 and implemented by the Group until 2024, recognizing the tax benefit over three annual installments starting from 2020. This regime was based on a tax exemption (up to 50%) of the extra profit attributable to eligible intangible assets. 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 nine months ended September 30, 2025 compared to the nine months ended September 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)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 lifestyle 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 nine months ended September 30, 2024 only, from the sale of engines to Maserati.

    Net revenues for the nine months ended September 30, 2025 were €5,344 million, an increase of €403 million or 8.2 percent (an increase of 8.8 percent on a constant currency basis), compared to €4,941 million for the nine months ended September 30, 2024.

    The change in net revenues was attributable to the combination of (i) a €266 million increase in cars and spare parts, (ii) a €120 million increase in sponsorship, commercial and brand and (iii) a €17 million increase in other net revenues.

    Net revenues generated from cars and spare parts were €4,522 million for the nine months ended September 30, 2025, an increase of €266 million or 6.2 percent, compared to €4,256 million for the nine months ended September 30, 2024.

    The increase in net revenues from cars and spare parts was primarily attributable to a richer product and country mix, despite lower deliveries of the Daytona SP3, as well as to a higher contribution from personalization. Foreign currency exchange impact, including hedging transactions, was negative, mainly driven by the U.S. Dollar and Japanese Yen.

Total shipments increased by 61 cars, from 10,427 cars for the nine months ended September 30, 2024 to 10,488 cars for nine months ended September 30, 2025. The portfolio of products delivered in the nine months ended September 30, 2025 included 8 internal combustion engine (ICE) models and 5 hybrid engine models, which represented 54 percent and 46 percent of total shipments, respectively. Shipments during the first nine months 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 SF90 XX family, while the 296 GTB was approaching the end of its lifecycle, and the SF90 Spider and the 812 Competizione A were phased out. Shipments of the Daytona SP3 were lower compared to the prior year, in line with plans to complete its limited series run in the third quarter of 2025.

The €266 million increase in net revenues from cars and spare parts was composed of: (i) a €219 million increase in EMEA, (ii) a €42 million increase in APAC, and (iii) a €26 million increase in Americas, partially offset by (iv) a €21 million decrease in Mainland China, Hong Kong and Taiwan. The mix of net revenues by geography primarily reflects our allocation strategy to preserve the brand’s exclusivity.

    Net revenues generated from sponsorship, commercial agreements and brand management activities were €607 million for the nine months ended September 30, 2025, an increase of €120 million or 24.6 percent, compared to €487 million for the nine months ended September 30, 2024, primarily attributable to 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 €215 million for the nine months ended September 30, 2025, an increase of €17 million or 8.9 percent, compared to €198 million for the nine months ended September 30, 2024. The increase was mainly driven by higher revenues from financial services activities.

    Cost of sales for the nine months ended September 30, 2025 was €2,586 million, an increase of €121 million or 4.9 percent, compared to €2,465 million for the nine months ended September 30, 2024. As a percentage of net revenues, cost of sales was 48.4 percent for the nine months ended September 30, 2025 compared to 49.9 percent for the nine months ended September 30, 2024.

The increase in cost of sales was primarily attributable to a change in product mix and higher car volumes, as well as higher import tariffs in the United States impacting the third quarter.

    Selling, general and administrative costs for the nine months ended September 30, 2025 were €469 million, an increase of €67 million or 16.8 percent, compared to €402 million for the nine months ended September 30, 2024. As a percentage of net revenues, selling, general and administrative costs were 8.8 percent for the nine months ended September 30, 2025 compared to 8.1 percent for the nine months ended September 30, 2024.

The increase of €67 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 nine months ended September 30, 2025 were €680 million, an increase of €32 million or 4.9 percent, compared to €648 million for the nine months ended September 30, 2024. As a percentage of net revenues, research and development costs were 12.7 percent for the nine months ended September 30, 2025 compared to 13.1 percent for the nine months ended September 30, 2024.

The increase of €32 million was primarily driven by an increase in research and development costs expensed of €43 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 nine months ended September 30, 2025 was €1,597 million, an increase of €177 million or 12.5 percent, compared to €1,420 million for the nine months ended September 30, 2024. Operating profit (EBIT) margin for the nine months ended September 30, 2025 was 29.9 percent compared to 28.7 percent for the nine months ended September 30, 2024.

    The increase in operating profit (EBIT) was primarily attributable to the combined effects of (i) volume impact of €18 million, (ii) €157 million of positive product mix, 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 and higher import tariffs in the United States impacting the third quarter, (iii) negative contribution of €32 million from research and development costs, (iv) negative contribution of €67 million from selling, general and administrative costs, (v) positive contribution of €117 million from other activities, driven by a higher contribution from racing and lifestyle activities and (vi) negative foreign currency exchange impact of €16 million (including foreign currency hedging instruments), mainly driven by the U.S. Dollar.

    Financial expenses, net for the nine months ended September 30, 2025 were €34 million, an increase of €31 million, compared to financial expenses, net of €3 million for the nine months ended September 30, 2024, driven by (i) negative net foreign currency exchange impact (including the net costs of hedging) and (ii) lower interest income on cash and cash equivalents. For additional details see Note 11 “Financial Expenses and Financial Income” to the Interim Condensed Consolidated Financial Statements.

    Income tax expense for the nine months ended September 30, 2025 was €344 million, an increase of €67 million, or 24.4 percent, compared to €277 million for the nine months ended September 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 nine months ended September 30, 2024 to 22.0 percent for the nine months ended September 30, 2025.

Income taxes and the effective tax rate for the nine months ended September 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 was firstly introduced by the Italian Law No. 190/2014 and implemented by the Group until 2024, recognizing the tax benefit over three annual installments starting from 2020. This regime was based on a tax exemption (up to 50%) of the extra profit attributable to eligible intangible assets. 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 approved dividends of €440 million to owners of the parent 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 2025 through a combination of dividends and share repurchases, with dividends to owners of the parent of €532 million and share repurchases of €556 million. At our Capital Markets Day held on October 9, 2025, we announced a new multi-year share repurchase program of approximately €3.5 billion that is expected to be executed from 2026 to 2030, as well as the proposed increase in our expected dividend payout ratio from 35 percent to 40 percent of Adjusted Net Profit starting from the 2025 annual results. For additional information relating to Free Cash Flow from Industrial Activities and Adjusted Net Profit, which are 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. For additional information relating to Net (Debt)/Cash and Net Industrial (Debt)/Cash, which is a non-GAAP financial measure, see “—Non-GAAP Financial Measures”.

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 nine months ended September 30, 2025 and 2024. For additional details of our cash flows, see our interim consolidated statement of cash flows included within our Interim Condensed Consolidated Financial Statements elsewhere in this Interim Report.

For the nine months ended September 30, 2025 cash and cash equivalents held by the Group decreased by €324 million compared to an increase of €407 million for the nine months ended September 30, 2024. The negative change of €731 million in cash and cash equivalents generated in the nine months ended September 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 €1,135 million mainly driven by (i) higher repayments of debt of €734 million, (ii) a decrease in proceeds from new debt of €185 million, (iii) an increase in share repurchases of €125 million and (iv) an increase in dividends paid to owners of €92 million;

(ii)an increase in cash flows from operating activities of €399 million, primarily driven by (i) an increase in net profit excluding non-cash items of €160 million, (ii) an increase from other operating assets and liabilities of €152 million, and (iii) a decrease in cash absorbed from inventories, trade receivables and trade payables of €148 million, partially offset by (iv) higher net finance costs paid of €68 million.

(iii)a decrease in cash flows used in investing activities of €18 million, primarily driven by lower investments in intangible assets, partially offset by higher investments in property, plant and equipment.

    Our cash flows from operating activities for the nine months ended September 30, 2025 were €1,830 million, primarily the result of:

(i)net profit of €1,219 million, adjusted for €344 million of income tax expense, €475 million for depreciation and amortization expense, €34 million of financial expenses, net, and net other non-cash expenses of €85 million (including provisions accrued);

(ii)€100 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)€97 million related to cash absorbed by receivables from financing activities driven by an increase of the financial services portfolio;

(iv)€62 million of cash absorbed from inventories (€18 million), trade receivables (€5 million) and trade payables (€39 million);

(v)€83 million of net finance costs paid; and

(vi)€185 million of income taxes paid.

Our cash flows from operating activities for the nine months ended September 30, 2024 were €1,431 million, primarily the result of:

(i)net profit of €1,140 million adjusted for €492 million for depreciation and amortization expense, €277 million of income tax expense, €3 million of financial expenses, net, and net other non-cash expenses of €123 million (including provisions accrued);

(ii)€210 million of cash absorbed from inventories (€111 million) driven by production planning and an enriched product mix, trade receivables (€33 million) mainly driven by product mix, as well as sponsorship agreements, and trade payables (€66 million);

(iii)€106 million related to cash absorbed by receivables from financing activities driven by an increase in the financial services portfolio due to volume growth;

(iv)€52 million of cash absorbed from the change in other operating assets and liabilities;

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

(vi)€221 million of income taxes paid.

    Our cash flows used in investing activities for the nine months ended September 30, 2025 were €693 million, primarily attributable to capital expenditures of (i) €348 million for intangible assets, mainly related to externally acquired and internally generated development costs, and (ii) €345 million for property, plant and equipment. For a detailed analysis of investments in intangible assets and property, plant and equipment see “Capital Expenditures” below.

Our cash flows used in investing activities for the nine months ended September 30, 2024 were €711 million, primarily attributable to capital expenditures of (i) €370 million for intangible assets, mainly related to externally acquired and internally generated development costs and (ii) €342 million for property, plant and equipment. For a detailed analysis of investments in intangible assets and property, plant and equipment see “Capital Expenditures” below.

Our cash flows used in financing activities for the nine months ended September 30, 2025 were €1,448 million, primarily the result of:

(i)€556 million to repurchase common shares under the Company’s share repurchase program, including €300 million from our participation in the accelerated bookbuild offering (“ABO”) made by Exor N.V. on February 26, 2025, as well as €20 million for the Sell-to-Cover practice under the Group’s equity incentive plans;

(ii)€534 million of dividends paid (of which €530 million was to owners of the parent and €4 million was to non-controlling interests);

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

(iv)€370 million for repayments of borrowings from banks and other financial institutions;

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

(vi)€33 million for repayments related to our revolving securitization programs in the United States;

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

(viii)€100 million in proceeds related to our revolving securitization programs in the United States; and

(ix)€39 million in proceeds from other debt.

Our cash flows used in financing activities for the nine months ended September 30, 2024 were €313 million, primarily the result of:

(i)€443 million of dividends paid (of which €5 million was to non-controlling interests);

(ii)€431 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)€96 million for repayments of borrowings from banks and other financial institutions;

(iv)€51 million for repayments of lease liabilities and other debt; and

(v)€15 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 due in 2030;

(vii)€120 million in proceeds related to our revolving securitization programs in the United States;

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

(ix)€32 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 €762 million and €787 million for the nine months ended September 30, 2025 and 2024, respectively.

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

Our total capital expenditures in intangible assets were €348 million and €370 million for the nine months ended September 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 nine months ended September 30, 2025 we invested €326 million in externally acquired and internally generated development costs, of which €103 million related to the development of models to be launched in future years and €223 million primarily related to the development of our current product portfolio and components.

For the nine months ended September 30, 2024 we invested €352 million in externally acquired and internally generated development costs, of which €217 million related to the development of models to be launched in future years and €135 million primarily related to the development of our current product portfolio and components.

Our total capital expenditures in property, plant and equipment were €414 million and €417 million for the nine months ended September 30, 2025 and 2024, respectively, of which €69 million and €75 million related to right-of-use assets, respectively.

For the nine months ended September 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:

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

•the new paint shop, whose construction is currently in progress.

At September 30, 2025, the Group had contractual commitments for the purchase of property, plant and equipment amounting to €309 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 nine months ended September 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 nine months ended September 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 nine months ended September 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 nine months ended September 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 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 presents our Net (Debt)/Cash, Net (Debt)/Cash of Financial Services Activities and Net Industrial (Debt)/Cash at September 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 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, which amounted to €1,557 million at September 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 Interim Consolidated Financial Statements included elsewhere in this document.

    Cash and cash equivalents amounted to €1,418 million at September 30, 2025 compared to €1,742 million at December 31, 2024.

At September 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. For additional details see Note 29 “Cash and Cash Equivalents and Notes to the Interim Consolidated Statement of Cash Flows” to the Interim Consolidated Financial Statements included elsewhere in this document.

    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 €52 million at September 30, 2025 (€54 million at December 31, 2024).

    

    Total available liquidity (defined as cash and cash equivalents plus undrawn committed credit lines) at September 30, 2025 was €1,968 million (€2,292 million at December 31, 2024).

    The following table summarizes our total available liquidity:

The undrawn committed credit lines at September 30, 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) 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 nine months ended September 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 interim condensed consolidated statement of cash flows) of €96.9 million and €106.4 million for the nine months ended September 30, 2025 and 2024, respectively.

Free Cash Flow for the nine months ended September 30, 2025 was €1,137 million, an increase of €418 million compared to €719 million for the nine months ended September 30, 2024. For an explanation of the drivers in Free Cash Flow see “Cash Flows” above.

Free Cash Flow from Industrial Activities for the nine months ended September 30, 2025 was €1,214 million compared to €804 million for the nine months ended September 30, 2024. The increase in Free Cash Flow from Industrial Activities of €410 million was primarily attributable to (i) an increase in net profit excluding non-cash items of €160 million, (ii) a decrease in cash absorbed from inventories, trade receivables and trade payables of €148 million, and (iii) an increase from other operating assets and liabilities of €152 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 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 revised upward during the Capital Markets Day of last October 9th, based on the following updated assumptions:

•Stronger product mix and personalizations

•Lower industrial costs in H2 compared to our initial expectations, despite higher US tariffs and greater FX headwind

•Higher industrial free cash flow generation driven by profitability and stronger collection of advances in the year

(€B, unless otherwise stated)			2024			PREVIOUS 2025 GUIDANCE			2025 GUIDANCE REVISED UPWARD ON OCTOBER 9
NET REVENUES			6.7			>7.0			≥7.1
ADJ. EBITDA (margin %)			2.56 38.3%			≥2.68 ≥38.3%			≥2.72 ≥38.3%
ADJ. OPERATING PROFIT (EBIT) (margin %)			1.89 28.3%			≥2.03 ≥29.0%			≥2.06 ≥29.0%
ADJ. DILUTED EPS (€)			8.46(1)			≥8.60(1)			≥8.80(2)
INDUSTRIAL FCF			1.03			≥1.20			≥1.30

____________________________

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

(2)Calculated using the weighted average diluted number of common shares as of June 30, 2025 (178,648 thousand).

At its Capital Markets Day on October 9, 2025, Ferrari presented its 2030 Strategic Plan and the initiatives that will drive the brand’s ambitions through to the end of the decade.

Selected highlights from the 2030 Strategic Plan are summarized below.

•An average of four new car launches per year planned between 2026 and 2030

•The Ferrari elettrica will be an addition to the range product offering

•In 2030, the product line-up will be 40% internal combustion engine (ICE), 40% hybrid and 20% electric

•90,000 active clients – a 20% increase compared to 2022

•Opening of new Tailor Made centers in Tokyo and Los Angeles in 2027, to get closer to our clients

•Continuous investments in sports car development, in line with the principle of technology neutrality

•Technological innovation for internal combustion-engined, hybrid and electric cars is deeply rooted in racing

•In-house core competencies have grown, with the design, engineering and handcraft of strategic electric components in Maranello

•The Ferrari elettrica opens a new segment in driving thrills, experience on board and usability

•Ferrari will prioritize research in the performance of internal combustion, hybrid and electric engines, vehicle dynamics, experience on board as well as materials

•A wide and passionate audience, from 180,000 Ferraristi to more than 400 million tifosi

•The inclusive and exclusive dual nature of the brand is reflected in personal luxury goods, collectibles and experiences

•The strategy focuses on Ferraristi and on nurturing the passion of our tifosi with an overall elevated and tiered offering, as well as on strengthening strategic partnerships

•Opening selected points of sales in 2026: two new flagship stores in London and New York

DECARBONISATION TARGETS FOR 2030: OUR COMMITMENT TO CONTINUOUS IMPROVEMENT

•Scope 1 and 2(2) GHG emissions, already down ~30% from 2021 to 2024, will be reduced by at least 90% in absolute terms by 2030 compared to 2021

•Scope 3(3) GHG emissions, already reduced by ~10% per car between 2021 and 2024, will be cut by at least 25% in absolute terms by 2030 compared to 2024

M-TECH ALFREDO FERRARI: AN EDUCATIONAL PROJECT WITH GLOBAL AMBITIONS IN MARANELLO

•M-TECH Alfredo Ferrari will be established in Maranello to train and inspire the next generation of technicians and engineers

•The new advanced training center is the result of the collaboration between Ferrari, Fondazione Agnelli, the Municipality of Maranello, the Province of Modena and the Emilia-Romagna Region, with the support of our clients

2 Scope 2 GHG emissions are calculated using the market-based method

3 The perimeter in scope covers more than 90% of Scope 3 emissions. Capital goods, employee commuting and business travel categories are out of scope for the Scope 3 target.

•Strong product mix over the plan sustains total revenues of Euro ~9.0 billion and an EBITDA4 of at least Euro 3.6 billion in 2030

•Continuous innovation in products for the longer term, with cumulated capital expenditures of Euro ~4.7 billion over the plan and a significant portion dedicated to the next generation of sports cars

•Robust industrial free cash flow generation of Euro ~8.0 billion over the plan and improved cash conversion to more than 50%

•Shareholders remuneration of Euro ~7.0 billion, equally allocated to a new share repurchase program and dividends, with a payout increased from 35% to 40% of adjusted net profit

____________________________

(1)Based on current duties and emissions regulations.

(2)Calculated using the weighted average diluted number of common shares as of June 30, 2025 (178,648 thousand).

4 For additional information relating to EBITDA, which is a non-GAAP financial measure, see “—Non-GAAP Financial Measures”.

			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			—												1,217,233						—						—						—						1,217,233						1,630									1,218,863
Other comprehensive income/(loss)			—												—						108,174						(19,464)						—						88,710						(538)									88,172
Total comprehensive income			—												1,217,233						108,174						(19,464)						—						1,305,943						1,092									1,307,035
Dividends to owners of the parent			—												(532,158)						—						—						—						(532,158)						—									(532,158)
Dividends to non-controlling interests			—												—						—						—						—						—						(4,448)									(4,448)
Share repurchases			—												(556,049)						—						—						—						(556,049)						—									(556,049)
Share-based compensation			—												22,394						—						—						—						22,394						—									22,394
At September 30, 2025			2,573												3,669,678						71,326						39,184						(8,685)						3,774,076						5,936									3,780,012

.

    

    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 198 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 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 November 4, 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 “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 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 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.

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 the Group early adopted the amendments starting from the third quarter of 2025 in relation to a power purchase agreement the Group entered into during the period.

    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. In August 2025, the IASB issued amendments to IFRS 19 that will provide reduced disclosure requirements for new and amended IFRS Accounting Standards issued between February 2021 and May 2024 that were not considered when IFRS 19 was first issued. The standard and amendments are 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.