Ferrari Nv · MIL:RACE
Ferrari Nv — Q3 2025 Earnings Presentation
28 slides from Ferrari Nv's earnings presentation, Nov 4, 2025
Slide 1: Q3 2025 Results
Q3 2025 RESULTS MARANELLO, NOVEMBER 4, 2025
Slide 2: Forward Looking Statement
FORWARD LOOKING STATEMENT This document, and in particular the section entitled “2025 Guidance revised upward during the 2025 Capital Markets Day”, contain forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “antici
Slide 3: Continued Execution: Strong Q3 2025 Results
CONTINUED EXECUTION: STRONG Q3 2025 RESULTS Q3 2025 revenues at ~€1.8B, adjusted EBIT(1) at ~€500M with 28.4% margin and robust industrial free cash flow generation of €365M 2025 guidance revised upward in October on the back of the solid business performance Capital Markets Day 2025 outlined the pl
Slide 4: Q3 2025 Highlights
Q3 2025 HIGHLIGHTS SHIPMENTS(2) NET REVENUES (UNITS) (€M) Q3 '25 3,401 Q3 '25 1,766 +0.5% +7.4% Q3 '24 3,383 Q3 '24 1,644 EBIT(1) DILUTED EARNINGS PER SHARE (€M and margin %) (€) Q3 '25 503 28.4% Q3 '25 2.14 +7.6% +2.9% Q3 '24 467 28.4% Q3 '24 2.08 EBITDA(1) INDUSTRIAL FREE CASH FLOW(1) (€M and marg
Slide 5: Q3 2025 – Shipments
Q3 2025 – SHIPMENTS SHIPMENTS BY REGION(3) SHIPMENTS BREAKDOWN (Q3 2025 VS Q3 2024) Quarterly shipments substantially flat and (Q3 2025) reflected our deliberate geographic EMEA +23 UNITS allocations. INTERNAL (43% vs 42% PY) COMBUSTION ENGINE (ICE) 57% AMERICAS(4) • Deliveries were driven by the 29
Slide 6: Net Revenues Bridge Q3 2024 – 2025
NET REVENUES BRIDGE Q3 2024 – 2025 (€M) Net revenues reported +7.4% Net revenues at constant currency(9) +9.3% +7.6% +22.0% +13.0% 38 9 1,791 1,766 107 1,644 1,637 79 (25) 76 70 (7) 70 210 211 174 172 1,502 1,479 1,400 1,395 Q3 2024 FX hedges Q3 2024 Q3 2024 w/o FX Cars and spare parts(6) Sponsorshi
Slide 7: EBIT Bridge Q3 2024 – 2025
EBIT BRIDGE Q3 2024 – 2025 (€M) EBIT reported +7.6% EBIT at constant currency(9) +11.9% 32 515 503 25 12 467 460 9 (12) (23) (7) Margin Margin 28.7% 28.4% Margin Margin 28.4% 28.1% EBIT Q3 2024 FX hedges EBIT Q3 2024 w/o Volume Mix / Price Ind. Costs / R&D SG&A Other EBIT Q3 2025 at Change in FX 202
Slide 8: Industrial FCF and Net Industrial (Debt)/Cash Bridges
INDUSTRIAL FCF AND NET INDUSTRIAL (DEBT)/CASH(1) BRIDGES JUN 30, 2025 – SEPT 30, 2025 (€M) 658 (55) (8) (338) 365 365 (230) (116) (11) EBITDA Change in Net cash interest Capex(10) Industrial FCF Q3 (Industrial working capital, & Taxes 2025 (132) Activities only) provisions & Q3 2025 other June 30, 2
Slide 9: 2025 Guidance Revised Upward During the 2025 Capital Markets Day
2025 GUIDANCE REVISED UPWARD DURING THE 2025 CAPITAL MARKETS DAY (€B, unless otherwise stated) 2024 PREVIOUS 2025 ACTUAL 2025 GUIDANCE GUIDANCE REVISED UPWARD Based on the following revised assumptions: • Stronger product mix and personalizations NET REVENUES 6.7 >7.0 ≥7.1 • Lower industrial costs i
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. The constant currency presentation eliminates the effects of changes in foreign the reported ones, since there were no adjustments impacting EBITDA, EBITDA currency (transaction and tran
Slide 13: 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 30 California T 488 GTB 488 Spider GTC4LUSSO 812 Superfast GTC4LUSSO T Portofino F8 Tributo SF90 Stradale 812 GTS F
Slide 14: 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 15: Group Shipments by Region
GROUP SHIPMENTS BY REGION(2)(3) 10,427 10,488 3,383 3,401 1,873 1,849 606 659 759 876 281 248 3,048 3,060 1,070 1,045 4,654 4,796 1,426 1,449 Q3 2024 Q3 2025 9M 2024 9M 2025 EMEA Americas(4) Mainland China, Hong Kong and Taiwan(5) Rest of APAC Note: (2) (3) (4) (5) Refer to notes to the presentation
Slide 16: Debt and Liquidity Position
DEBT AND LIQUIDITY POSITION NET INDUSTRIAL (DEBT) / CASH NET INDUSTRIAL (DEBT) / CASH (€M) (€M) At Sept. At Jun. At Mar. At Dec. 31 30 30 31 (116) 2025 2025 2025 2024 2023 2022 Debt (2,870) (3,158) (3,334) (3,352) (2,477) (2,812) (1,452) (1,336) Cash and Cash Equivalents (A) 1,418 1,518 1,915 1,742
Slide 17: Financial Leverage Historical Trend
FINANCIAL LEVERAGE(15) HISTORICAL TREND Total available liquidity at €1,968M as of September 30, 2025 (€2,068M as of June 30, 2025), 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 0.5x 0
Slide 18: Capex and R&D
CAPEX AND R&D Q3 ‘25 Q3 ‘24 €M, unless otherwise stated 9M ‘25 9M ‘24 230 249 Capital expenditures(10) 693 712 106 119 of which capitalized development costs(16) (A) 326 352 Research and development 138 128 444 401 costs expensed (B) 244 247 Total research and development (A+B) 770 753 Amortization
Slide 19: 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 20: Key Performance Metrics and Reconciliations of Non-GAAP Measures
KEY PERFORMANCE METRICS AND RECONCILIATIONS OF NON-GAAP MEASURES Q3 ‘25 Q3 ‘24 €M, unless otherwise stated 9M ‘25 9M ‘24 1,766 1,644 Net revenues 5,344 4,941 882 827 Cost of sales 2,586 2,465 160 135 Selling, general and administrative costs 469 402 222 212 Research and development costs 680 648 2 6
Slide 21: Reconciliations of Non-GAAP Measures: Total Net Revenues at Constant Currency
RECONCILIATIONS OF NON-GAAP MEASURES: TOTAL NET REVENUES AT CONSTANT CURRENCY Q3 ‘25 at constant 9M ‘25 at constant Q3 ‘25 €M, unless otherwise stated 9M ‘25 currency currency 1,479 1,502 Cars and spare parts 4,522 4,528 211 210 Sponsorship, commercial and brand 607 610 76 79 Other 215 218 1,766 1,7
Slide 22: Reconciliations of Non-GAAP Measures: EBITDA and Operating Profit
RECONCILIATIONS OF NON-GAAP MEASURES: EBITDA AND OPERATING PROFIT (EBIT) AT CONSTANT CURRENCY Q3 ‘25 at constant 9M ‘25 at constant Q3 ‘25 €M, unless otherwise stated 9M ‘25 currency currency 670 682 EBITDA 2,072 2,071 503 515 Operating profit (EBIT) 1,597 1,596 Certain totals in the tables included
Slide 23: Reconciliations of Non-GAAP Measures: EBITDA and Adjusted EBITDA
RECONCILIATIONS OF NON-GAAP MEASURES: EBITDA AND ADJUSTED EBITDA Q3 ‘25 Q3 ‘24 €M, unless otherwise stated 9M ‘25 9M ‘24 382 375 Net profit 1,219 1,140 108 91 Income tax expenses 344 277 13 1 Financial expenses/(income), net 34 3 167 171 Amortization and depreciation 475 492 670 638 EBITDA 2,072 1,9
Slide 24: Reconciliations of Non-GAAP Measures: Adjusted Operating Profit
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED OPERATING PROFIT (EBIT) Q3 ‘25 Q3 ‘24 €M, unless otherwise stated 9M ‘25 9M ‘24 503 467 Operating profit (EBIT) 1,597 1,420 - - Adjustments - - 503 467 Adjusted Operating profit (EBIT) 1,597 1,420 Certain totals in the tables included in this document m
Slide 25: Reconciliations of Non-GAAP Measures: Adjusted Net Profit
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED NET PROFIT Q3 ‘25 Q3 ‘24 €M, unless otherwise stated 9M ‘25 9M ‘24 382 375 Net profit 1,219 1,140 - - Adjustments - - 382 375 Adjusted Net profit 1,219 1,140 Certain totals in the tables included in this document may not add due to rounding November 4,
Slide 26: Reconciliations of Non-GAAP Measures: Adjusted Basic and Diluted EPS
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED BASIC AND DILUTED EPS Q3 ‘25 Q3 ‘24 €M, unless otherwise stated 9M ‘25 9M ‘24 381 374 Net profit attributable to owners of the Company 1,217 1,137 Weighted average number 178,148 179,586 178,340 179,928 of common shares (thousand) 2.14 2.08 Basic EPS (€
Slide 27: Reconciliations of Non-GAAP Measures: Free Cash Flow
RECONCILIATIONS OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW FROM INDUSTRIAL ACTIVITIES Q3 ‘25 Q3 ‘24 €M, unless otherwise stated 9M ‘25 9M ‘24 557 587 Cash flow from operating activities 1,833 1,433 Investments in property, plant and equipment (230) (249) (693) (712) and intangible asset
Slide 28: Reconciliations of Non-GAAP Measures: Net Industrial Debt/Cash
RECONCILIATIONS OF NON-GAAP MEASURES: NET INDUSTRIAL (DEBT) / CASH September June 30, March 31, December December December December €M, unless otherwise stated 30, 2025 2025 2025 31, 2024 31, 2023 31, 2022 31, 2021 Debt (2,870) (3,158) (3,334) (3,352) (2,477) (2,812) (2,630) of which: Lease liabilit
Ferrari N.V. Common Shares — Q3 2025 Earnings Presentation on 6ix