Ferrari Nv · MIL:RACE
Ferrari Nv — FY 2025 Earnings Presentation
30 slides from Ferrari Nv's earnings presentation, Feb 10, 2026
Slide 1: FY 2025 Results
. FY 2025 RESULTS MARANELLO, FEBRUARY 10, 2026
Slide 2: Forward Looking Statement
FORWARD LOOKING STATEMENT This document, and in particular the section entitled “2026 Guidance”, contain forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “continue”, “on track”,
Slide 3: Strong Performance in 2025 Sets the Foundation for Continued Growth in 2026
STRONG PERFORMANCE IN 2025 SETS THE FOUNDATION FOR CONTINUED GROWTH IN 2026 Revenues at ~€7.1B, EBIT(1) at ~€2.1B with +12% growth YoY and industrial free cash flow(1) generation above €1.5B Further enrichment of product line-up with 6 new models, among which the initial steps of reveal of the Ferra
Slide 4: 6 Models Launched in 2025 Shaping the Future
6 MODELS LAUNCHED IN 2025 SHAPING THE FUTURE FERRARI 849 849 296 296 FERRARI AMALFI TESTAROSSA TESTAROSSA SPECIALE SPECIALE A LUCE SPIDER 4
Slide 5: Our Priorities for 2026
OUR PRIORITIES FOR 2026 RACING SPORTS CARS LIFESTYLE Further build on brand 4 new model launches London and New York City appeal and engagement openings Complete unveiling of Be competitive with new F1 Ferrari Luce regulations Hypersail technical launch February 10, 2026 5
Slide 6: FY 2025 Highlights
FY 2025 HIGHLIGHTS €7.1B REVENUES €2.77B EBITDA(1) >€1.5B IFCF(1) GENERATION +7% REVENUE GROWTH 38.8% EBITDA(1) MARGIN >55% CASH CONVERSION Note: (1) Refer to notes to the presentation in the Appendix February 10, 2026 6
Slide 7: FY 2025 Shipments and Model Change-over
FY 2025 – SHIPMENTS(2)(3) AND MODEL CHANGE-OVER SHIPMENTS BREAKDOWN 2025 2026 MODELS PHASED-IN AND 12CILINDRI AMALFI 13,640 UNITS RAMP UP 12CILINDRI SPIDER 296 SPECIALE ICONA & F80 296 SPECIALE A REST OF APAC SUPERCAR 18% 849 TESTAROSSA 1% (+33 units) 849 TESTAROSSA SPIDER SPECIAL SERIES F80 7% MAIN
Slide 8: Net Revenues Bridge FY 2024 – 2025
NET REVENUES BRIDGE FY 2024 – 2025 (€M) Net revenues reported +7.0% Net revenues at constant currency(7) +8.0% +5.7% +23.4% +17.2% 327 156 48 7,198 7,146 6,677 6,667 327 321 (52) 279 (10) 279 825 820 670 669 5,728 5,719 6,046 6,005 FY 2024 FX hedges FY 2024 FY 2024 w/o FX hedges Cars and spare parts
Slide 9: EBIT Bridge FY 2024 – 2025
EBIT BRIDGE FY 2024 – 2025 (€M) EBIT reported +11.8% EBIT at constant currency(7) +13.7% 215 15 110 2,135 2,110 1,888 1,878 6 (25) (89) (10) Margin Margin 29.7% 29.5% Margin Margin 28.3% 28.2% EBIT FY 2024 FX hedges EBIT FY 2024 w/o Volume Mix / Price Ind. Costs / R&D SG&A Other EBIT FY 2025 at Chan
Slide 10: Industrial FCF and Net Industrial (Debt)/Cash Bridges
INDUSTRIAL FCF AND NET INDUSTRIAL (DEBT)/CASH(1) BRIDGES DEC 31, 2024 – DEC 31, 2025 (€M) 143 2,729 (391) (180) 1,538 (32) 1,538 (68) (943) (785) (537) EBITDA Change in Net cash interest Capex(8) Industrial FCF (Industrial working capital, & Taxes FY 2025 Activities only) provisions & FY 2025 other
Slide 11: 2026 Guidance
2026 GUIDANCE (€B, unless otherwise stated) 2025 2026 ACTUAL GUIDANCE Based on the following assumptions: NET REVENUES 7.15 ~7.50 • Significant model change-over to shape the year, with positive product mix and personalizations ADJ. EBITDA 2.77 ≥2.93 • Higher racing revenues mainly from sponsorships
Slide 12: Q&A
Q&A 12
Slide 13: Appendix
APPENDIX 13
Slide 14: Notes to the Presentation
NOTES TO THE PRESENTATION 1. The term EBIT is used as a synonym for Operating profit. Adjusted metrics equaled 8. 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 15: 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 16: FY 2025 Highlights
FY 2025 HIGHLIGHTS SHIPMENTS(2) NET REVENUES (UNITS) (€M) FY '25 13,640 FY '25 7,146 -0.8% +7.0% FY '24 13,752 FY '24 6,677 EBIT(1) DILUTED EARNINGS PER SHARE (€M and margin %) (€) FY '25 2,110 29.5% FY '25 8.96 +11.8% +5.9% FY '24 1,888 28.3% FY '24 8.46 EBITDA(1) INDUSTRIAL FREE CASH FLOW(1) (€M a
Slide 17: 2025 Group Shipments Breakdown
2025 GROUP SHIPMENTS BREAKDOWN(2)(3) BY REGION BY POWERTRAIN 13,752 13,640 2,383 2,416 1,162 941 INTERNAL COMBUSTION ENGINE (ICE) 58% 4,003 3,937 HYBRID 42% 6,204 6,346 FY 2024 FY 2025 EMEA Americas Mainland China, Hong Kong and Taiwan Rest of APAC Note: (2) (3) Refer to notes to the presentation in
Slide 18: Strong Track-Record in New Models Introduction
STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION RANGE MODELS INTRODUCED Model / year of delivery 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 RANGE MODELS California T 488 GTB 488 Spider GTC4LUSSO 812 Superfast GTC4LUSSO T Portofino F8 Tributo SF90 Stradale 812 GTS F8 Spider Roma
Slide 19: 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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 SPECIAL SERIES 458 Speciale A F12tdf 488 Pista 488 Pista Spider 812 Competizione 812 Competizione A SF90 XX St
Slide 20: Key Performance Metrics and Reconciliations of Non-GAAP Measures
KEY PERFORMANCE METRICS AND RECONCILIATIONS OF NON-GAAP MEASURES Q4 ‘25 Q4 ‘24 €M, unless otherwise stated FY ‘25 FY ‘24 1,802 1,736 Net revenues 7,146 6,677 867 865 Cost of sales 3,453 3,330 173 159 Selling, general and administrative costs 642 561 239 246 Research and development costs 919 894 14
Slide 21: 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 Q4 ‘25 at constant FY ‘25 at constant Q4 ‘25 €M, unless otherwise stated FY ‘25 currency currency 1,483 1,518 Cars and spare parts 6,005 6,046 213 215 Sponsorship, commercial and brand 8
Slide 22: Reconciliations: EBITDA and Adjusted EBITDA
RECONCILIATIONS OF NON-GAAP MEASURES: EBITDA AND ADJUSTED EBITDA Q4 ‘25 Q4 ‘24 €M, unless otherwise stated FY ‘25 FY ‘24 381 386 Net profit 1,600 1,526 120 86 Income tax expenses 464 363 12 (4) Financial expenses/(income), net 46 (1) 187 175 Amortization and depreciation 662 667 700 643 EBITDA 2,772
Slide 23: Reconciliations: Adjusted Operating Profit (EBIT)
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED OPERATING PROFIT (EBIT) Q4 ‘25 Q4 ‘24 €M, unless otherwise stated FY ‘25 FY ‘24 513 468 Operating profit (EBIT) 2,110 1,888 - - Adjustments - - 513 468 Adjusted Operating profit (EBIT) 2,110 1,888 Certain totals in the tables included in this document m
Slide 24: Reconciliations: Adjusted Net Profit
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED NET PROFIT Q4 ‘25 Q4 ‘24 €M, unless otherwise stated FY ‘25 FY ‘24 381 386 Net profit 1,600 1,526 - - Adjustments - - 381 386 Adjusted Net profit 1,600 1,526 Certain totals in the tables included in this document may not add due to rounding February 10,
Slide 25: Reconciliations: Adjusted Basic and Diluted EPS
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED BASIC AND DILUTED EPS Q4 ‘25 Q4 ‘24 €M, unless otherwise stated FY ‘25 FY ‘24 380 385 Net profit attributable to owners of the Company 1,597 1,522 Weighted average number 177,488 179,190 178,125 179,743 of common shares (thousand) 2.14 2.14 Basic EPS (€
Slide 26: Capex and R&D
CAPEX AND R&D Q4 ‘25 Q4 ‘24 €M, unless otherwise stated FY ‘25 FY ‘24 250 277 Capital expenditures(8) 943 989 95 124 of which capitalized development costs(13) (A) 421 476 Research and development 149 162 593 563 costs expensed (B) 244 286 Total research and development (A+B) 1,014 1,039 Amortizatio
Slide 27: Reconciliations: Free Cash Flow and Free Cash Flow from Industrial Activities
RECONCILIATIONS OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW FROM INDUSTRIAL ACTIVITIES Q4 ‘25 Q4 ‘24 €M, unless otherwise stated FY ‘25 FY ‘24 519 494 Cash flow from operating activities 2,352 1,927 Investments in property, plant and equipment (250) (277) (943) (989) and intangible asset
Slide 28: Reconciliations: Net Industrial (Debt)/Cash
RECONCILIATIONS OF NON-GAAP MEASURES: NET INDUSTRIAL (DEBT) / CASH December September June 30, March 31, December December December €M, unless otherwise stated 31, 2025 30, 2025 2025 2025 31, 2024 31, 2023 31, 2022 Debt (2,884) (2,870) (3,158) (3,334) (3,352) (2,477) (2,812) of which: Lease liabilit
Slide 29: Debt and Liquidity Position
DEBT AND LIQUIDITY POSITION NET INDUSTRIAL (DEBT) / CASH NET INDUSTRIAL (DEBT) / CASH (€M) (€M) At Dec. 31 (32) 2025 2024 2023 2022 Debt (2,884) (3,352) (2,477) (2,812) (1,417) (1,385) Cash and Cash Equivalents (A) 1,467 1,742 1,122 1,389 Net (Debt)/Cash (1,417) (1,610) (1,355) (1,423) Net (Debt)/Ca
Slide 30: Financial Leverage Historical Trend
FINANCIAL LEVERAGE(16) HISTORICAL TREND Total available liquidity at €2,017M as of December 31, 2025 (€2,292M as of December 31, 2024), including undrawn committed credit lines of €550M Net Debt / EBITDA Net Industrial Debt / EBITDA (Industrial Activities only) 1.2x 1.0x 0.9x 0.8x 0.8x 0.6x 0.6x 0.5
Ferrari N.V. Common Shares — FY 2025 Earnings Presentation on 6ix