Slide 1: Q1 2026 Results
. Q1 2026 RESULTS MARANELLO, MAY 5, 2026
Slide 2: Forward Looking Statement
FORWARD LOOKING STATEMENT In this document, unless otherwise specified, the terms “we”, “our”, “us”, the “Group”, the “Company” and “Ferrari” refer to Ferrari N.V., individually or together with its subsidiaries, as the context may require. This document, and in particular the section entitled “2026
Slide 3: Another Quarter of Strong Mix, 2026 Guidance Confirmed
ANOTHER QUARTER OF STRONG MIX 2026 GUIDANCE CONFIRMED Q1 2026 revenues at ~€1.85B, EBITDA(1) surpassing €720M and industrial free cash flow(1) generation above €650M Leveraging business model flexibility and visibility to manage the current geopolitical instability Order book further extending towar
Slide 4: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS ~€1.85B €722M REVENUES EBITDA(1) €653 IFCF(1) GENERATION +6.0% REVENUE GROWTH AT 39.1% EBITDA(1) MARGIN >90% CASH CONVERSION(1)(2) CONSTANT FX Note: (1) (2) Refer to notes to the presentation in the Appendix May 5, 2026 4
Slide 5: Q1 2026 Shipments and Model Change-over
Q1 2026 – SHIPMENTS(3)(4) AND MODEL CHANGE-OVER SHIPMENTS BREAKDOWN MODELS IN GLOBAL DISTRIBUTION RANGE SPECIAL SERIES 3,436 UNITS SUPERCAR REST OF APAC 1% 20% SPECIAL SERIES 11% MAINLAND CHINA, HONG KONG AND V12 V8 V6 Hybrid V8 Hybrid TAIWAN Purosangue Roma Spider 296 GTS SF90 XX 7% 12Cilindri SF90
Slide 6: Net Revenues Bridge Q1 2025 – 2026
NET REVENUES BRIDGE Q1 2025 – 2026 (€M) Net revenues reported +3.2% Net revenues at constant currency(7) +6.0% +4.2% +14.8% +22.9% 14 1,904 28 66 1,848 1,791 5 1,796 78 (56) 74 64 64 220 218 191 192 1,606 1,556 1,536 1,540 Q1 2025 FX hedges Q1 2025 Q1 2025 w/o FX hedges Cars and spare parts(5) Spons
Slide 7: EBIT Bridge Q1 2025 – 2026
EBIT BRIDGE Q1 2025 – 2026 (€M) EBIT reported +1.1% EBIT at constant currency(7) +7.7% 81 21 589 5 547 548 542 (29) (14) (41) (17) Margin Margin Margin Margin 30.9% 29.7% 30.3% 30.5% EBIT Q1 2025 FX hedges EBIT Q1 2025 w/o Volume Mix / Price Ind. Costs / R&D SG&A Other EBIT Q1 2026 at Change in FX 2
Slide 8: Industrial FCF and Net Industrial (Debt)/Cash Bridges
INDUSTRIAL FCF AND NET INDUSTRIAL (DEBT)/CASH(1) BRIDGES DEC 31, 2025 – MAR 31, 2026 (€M) 200 708 (2) 653 653 (253) 388 (226) (7) EBITDA Change in Net cash interest Capex (9) Industrial FCF (Industrial Activities only) working capital, provisions & & Taxes Q1 2026 (32) Q1 2026 other December 31, Ind
Slide 9: 2026 Guidance Confirmed
2026 GUIDANCE CONFIRMED (€B, unless otherwise stated) 2025 2026 Based on the following unchanged set of assumptions: ACTUAL GUIDANCE • Significant model change-over to shape the year, with positive product mix and personalizations NET REVENUES 7.15 ~7.50 • Higher racing revenues mainly from sponsors
Slide 10: Q&A
Q&A 10
Slide 11: Appendix
APPENDIX 11
Slide 12: Notes to the Presentation
NOTES TO THE PRESENTATION 1. The term EBIT is used as a synonym for Operating profit. Adjusted metrics equaled 9. Excluding right-of-use assets recognized during the period in accordance with IFRS the reported ones, since there were no adjustments impacting EBITDA, EBITDA 16 – Leases margin, EBIT, E
Slide 13: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Operations are monitored through the use of various non-GAAP financial measures operational activities. that may not be comparable to other similarly titled measures of other companies. • Adjusted Net Profit represents net profit as adjusted for certain income and costs A
Slide 14: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS SHIPMENTS(3) NET REVENUES (UNITS) (€M) Q1 '26 3,436 Q1 '26 1,848 -4.4% +3.2% Q1 '25 3,593 Q1 '25 1,791 EBIT(1) DILUTED EARNINGS PER SHARE (€M and margin %) (€) Q1 '26 548 29.7% Q1 '26 2.33 +1.1% +1.3% Q1 '25 542 30.3% Q1 '25 2.30 EBITDA(1) INDUSTRIAL FREE CASH FLOW(1) (€M and marg
Slide 15: Q1 2026 Group Shipments Breakdown
Q1 2026 GROUP SHIPMENTS BREAKDOWN(3)(4) BY REGION BY POWERTRAIN 3,593 3,436 633 693 INTERNAL 237 COMBUSTION 255 ENGINE (ICE) 70% 1,022 1,030 HYBRID 30% 1,701 1,458 Q1 2025 Q1 2026 EMEA Americas Mainland China, Hong Kong and Taiwan Rest of APAC Note: (3) (4) Refer to notes to the presentation in the
Slide 16: Strong Track-Record in New Models Introduction
STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION RANGE MODELS INTRODUCED Model / year of delivery 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 RANGE MODELS 488 GTB 488 Spider GTC4LUSSO 812 Superfast GTC4LUSSO T Portofino F8 Tributo SF90 Stradale 812 GTS F8 Spider Roma SF90 Spider P
Slide 17: Strong Track-Record in New Models Introduction
STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION SPECIAL SERIES AND LIMITED EDITION MODELS INTRODUCED Model / year of delivery 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 SPECIAL SERIES 458 Speciale A F12tdf 488 Pista 488 Pista Spider 812 Competizione 812 Competizione A SF90 XX St
Slide 18: Key Performance Metrics and Reconciliations of Non-GAAP Measures
KEY PERFORMANCE METRICS AND RECONCILIATIONS OF NON-GAAP MEASURES €M, unless otherwise stated Q1 ‘26 Q1 ‘25 Net revenues 1,848 1,791 Cost of sales 890 858 Selling, general and administrative costs 161 149 Research and development costs 245 233 Other expenses/(income), net 7 12 Results from investment
Slide 19: Reconciliations: Net Revenues, EBITDA and EBIT at Constant Currency
RECONCILIATIONS OF NON-GAAP MEASURES: TOTAL NET REVENUES, EBITDA AND OPERATING PROFIT (EBIT) AT CONSTANT CURRENCY Q1 ’26 at constant €M, unless otherwise stated Q1 ‘26 currency Cars and spare parts 1,556 1,606 Sponsorship, commercial and brand 218 220 Other 74 78 Total net revenues 1,848 1,904 Q1 ’2
Slide 20: Reconciliations: EBITDA and Adjusted EBITDA
RECONCILIATIONS OF NON-GAAP MEASURES: EBITDA AND ADJUSTED EBITDA €M, unless otherwise stated Q1 ‘26 Q1 ‘25 Net profit 413 412 Income tax expenses 124 116 Financial expenses/(income), net 11 14 Amortization and depreciation 174 151 EBITDA 722 693 Adjustments - - Adjusted EBITDA 722 693 Certain totals
Slide 21: Reconciliations: Adjusted Operating Profit (EBIT)
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED OPERATING PROFIT (EBIT) €M, unless otherwise stated Q1 ‘26 Q1 ‘25 Operating profit (EBIT) 548 542 Adjustments - - Adjusted Operating profit (EBIT) 548 542 Certain totals in the tables included in this document may not add due to rounding May 5, 2026 21
Slide 22: Reconciliations: Adjusted Net Profit
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED NET PROFIT €M, unless otherwise stated Q1 ‘26 Q1 ‘25 Net profit 413 412 Adjustments - - Adjusted Net profit 413 412 Certain totals in the tables included in this document may not add due to rounding May 5, 2026 22
Slide 23: Reconciliations: Adjusted Basic and Diluted EPS
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED BASIC AND DILUTED EPS €M, unless otherwise stated Q1 ‘26 Q1 ‘25 Net profit attributable to owners of the Company 413 412 Weighted average number 176,982 178,651 of common shares (thousand) Basic EPS (€) 2.33 2.30 Adjustments - - Adjusted Basic EPS (€) 2
Slide 24: Capex and R&D
CAPEX AND R&D €M, unless otherwise stated Q1 ‘26 Q1 ‘25 Capital expenditures(9) 253 224 of which capitalized development costs(13) (A) 112 110 Research and development 155 160 costs expensed (B) Total research and development (A+B) 267 270 Amortization of capitalized 90 73 development costs (C) Rese
Slide 25: Reconciliations: Free Cash Flow and Industrial Free Cash Flow
RECONCILIATIONS OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW FROM INDUSTRIAL ACTIVITIES €M, unless otherwise stated Q1 ‘26 Q1 ‘25 Cash flow from operating activities 863 847 Investments in property, plant and equipment (253) (224) and intangible assets Free Cash Flow 610 623 Free Cash Flo
Slide 26: Reconciliations: Net Industrial (Debt)/Cash
RECONCILIATIONS OF NON-GAAP MEASURES: NET INDUSTRIAL (DEBT) / CASH March 31, December December December December December €M, unless otherwise stated 2026 31, 2025 31, 2024 31, 2023 31, 2022 31, 2021 Debt (2,929) (2,884) (3,352) (2,477) (2,812) (2,630) of which: Lease liabilities as per IFRS 16 (161
Slide 27: Debt and Liquidity Position
DEBT AND LIQUIDITY POSITION NET INDUSTRIAL (DEBT) / CASH NET INDUSTRIAL (DEBT) / CASH (€M) (€M) At Mar. 31 At Dec. 31 388 2026 2025 2024 2023 Debt (2,929) (2,884) (3,352) (2,477) (1,460) Cash and Cash Equivalents (A) 1,857 1,467 1,742 1,122 (1,072) Net (Debt)/Cash (1,072) (1,417) (1,610) (1,355) Net