Ferrari Nv · MIL:RACE
Ferrari Nv — Q3 2026 Earnings Presentation
28 slides from Ferrari Nv's earnings presentation, Nov 3, 2026
Slide 1: Q3 2026 Results
Q3 2026 RESULTS MARANELLO, NOVEMBER 3, 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: Strong mix and personalizations sustain Q3 growth and further 2026 guidance upgrade
STRONG MIX AND PERSONALIZATIONS SUSTAIN Q3 GROWTH AND FURTHER 2026 GUIDANCE UPGRADE Q3 2026 revenues at €1.9B, EBIT(1) surpassing €560M and growing double-digit, and industrial free cash flow(1) generation at ~€570M Further progress in each Ferrari soul: • Sports cars: healthy demand across all geog
Slide 4: Progress in each of our souls
PROGRESS IN EACH OF OUR SOULS November 3, 2026 4
Slide 5: Q3 2026 Highlights
Q3 2026 HIGHLIGHTS €1.9B REVENUES 39.7% EBITDA(1) MARGIN >21% PERSONALIZATION RATE €753MEBITDA(1) +20% EBITDA(1) GROWTH €567M IFCF(1) GENERATION AT CONSTANT FX Note: (1) Refer to notes to the presentation in the Appendix November 3, 2026 5
Slide 6: Q3 2026 – Shipments and model change-over
Q3 2026 – SHIPMENTS(2)(3) AND MODEL CHANGE-OVER SHIPMENTS BREAKDOWN MODELS PHASING-IN MODELS GLOBAL DISTRIBUTION RANGE SPECIAL SERIES RANGE SPECIAL SERIES 3,368 UNITS SUPERCAR REST OF APAC 1% 21% V6 Hybrid 296 Speciale SUPERCAR SPECIAL SERIES MAINLAND CHINA, 22% HONG KONG AND TAIWAN 4% V8 Hybrid V6
Slide 7: Net Revenues Bridge Q3 2025 – 2026
NET REVENUES BRIDGE Q3 2025 – 2026 (€M) Net revenues reported +7.4% Net revenues at constant currency(7) +9.9% +9.9% +6.8% +17.1% 1,897 143 14 13 1,896 89 (1) 90 1,766 1,727 76 (39) 76 220 220 211 206 1,588 1,586 1,479 1,445 Q3 2025 FX hedges Q3 2025 Q3 2025 w/o FX hedges Cars and spare parts(4) Spo
Slide 8: EBIT Bridge Q3 2025 – 2026
EBIT BRIDGE Q3 2025 – 2026 (€M) EBIT reported +12.1% EBIT at constant currency(7) +22.7% 119 569 563 503 (16) 464 (5) (1) (6) 8 (39) Margin Margin Margin Margin 30.0% 29.7% 28.4% 26.8% EBIT Q3 2025 FX hedges EBIT Q3 2025 w/o Volume Mix / Price Ind. Costs / R&D SG&A Other EBIT Q3 2026 at Change in FX
Slide 9: Industrial FCF and Net Industrial (Debt)/Cash Bridges
INDUSTRIAL FCF AND NET INDUSTRIAL (DEBT)/CASH(1) BRIDGES JUNE 30, 2026 – SEPT. 30, 2026 (€M) 60 738 (5) 567 567 (226) (38) 219 (173) (6) EBITDA Change in Net cash interest Capex(8) Industrial FCF (Industrial working capital, & Taxes Q3 2026 Activities only) provisions & Q3 2026 other (131) June 30,
Slide 10: Upgraded 2026 Guidance
UPGRADED 2026 GUIDANCE (€B, unless otherwise stated) 2025 PREVIOUS UPGRADED ACTUAL 2026 2026 GUIDANCE GUIDANCE Based on the updated assumptions: NET REVENUES 7.15 ~7.60 ~7.65 • Stronger personalizations than initially expected • Lower than anticipated currency headwinds, net of hedges ADJ. EBITDA 2.
Slide 11: Q&A
Q&A 11
Slide 12: Appendix
APPENDIX 12
Slide 13: Notes to the Presentation
NOTES TO THE PRESENTATION 1. The term EBIT is used as a synonym for Operating profit. Adjusted metrics equaled 9. In April 2026 the Annual General Meeting approved a dividend distribution of Euro 640 the reported ones, since there were no adjustments impacting EBITDA, EBITDA million. In the first ni
Slide 14: 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 15: Q3 2026 Highlights
Q3 2026 HIGHLIGHTS SHIPMENTS(2) NET REVENUES (UNITS) (€M) Q3 '26 3,368 Q3 '26 1,896 -1.0% +7.4% Q3 '25 3,401 Q3 '25 1,766 EBIT(1) DILUTED EARNINGS PER SHARE (€M and margin %) (€) Q3 '26 563 29.7% Q3 '26 2.44 +12.1% +14.0% Q3 '25 503 28.4% Q3 '25 2.14 EBITDA(1) INDUSTRIAL FREE CASH FLOW(1) (€M and ma
Slide 16: Group Shipments Breakdown
GROUP SHIPMENTS BREAKDOWN(2)(3) BY REGION BY POWERTRAIN INTERNAL COMBUSTION 10,488 ENGINE (ICE) 3,401 10,170 67% 3,368 1,873 1,919 659 688 759 Q3 2026 583 248 143 HYBRID 33% 3,060 2,867 1,045 1,050 INTERNAL COMBUSTION ENGINE (ICE) 69% 4,796 4,801 1,449 1,487 9M 2026 HYBRID 31% Q3 2025 Q3 2026 9M 202
Slide 17: 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 18: 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 19: Key Performance Metrics and Reconciliations of Non-GAAP Measures
KEY PERFORMANCE METRICS AND RECONCILIATIONS OF NON-GAAP MEASURES Q3 ‘26 Q3 ‘25 €M, unless otherwise stated 9M ‘26 9M ‘25 1,896 1,766 Net revenues 5,682 5,344 902 882 Cost of sales 2,711 2,586 173 160 Selling, general and administrative costs 522 469 251 222 Research and development costs 714 680 8 2
Slide 20: 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 Q3 ‘26 at constant 9M ‘26 at constant Q3 ‘26 €M, unless otherwise stated 9M ‘26 currency currency 1,586 1,588 Cars and spare parts 4,771 4,835 220 220 Sponsorship, commercial and brand 6
Slide 21: Reconciliations: EBITDA and Adjusted EBITDA
RECONCILIATIONS OF NON-GAAP MEASURES: EBITDA AND ADJUSTED EBITDA Q3 ‘26 Q3 ‘25 €M, unless otherwise stated 9M ‘26 9M ‘25 431 382 Net profit 1,307 1,219 128 108 Income tax expenses 390 344 4 13 Financial expenses/(income), net 19 34 190 167 Amortization and depreciation 514 475 753 670 EBITDA 2,230 2
Slide 22: Reconciliations: Adjusted Operating Profit (EBIT)
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED OPERATING PROFIT (EBIT) Q3 ‘26 Q3 ’25 €M, unless otherwise stated 9M ’26 9M ‘25 563 503 Operating profit (EBIT) 1,716 1,597 - - Adjustments - - 563 503 Adjusted Operating profit (EBIT) 1,716 1,597 Certain totals in the tables included in this document m
Slide 23: Reconciliations: Adjusted Net Profit
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED NET PROFIT Q3 ’26 Q3 ’25 €M, unless otherwise stated 9M ’26 9M ‘25 431 382 Net profit 1,307 1,219 - - Adjustments - - 431 382 Adjusted Net profit 1,307 1,219 Certain totals in the tables included in this document may not add due to rounding November 3,
Slide 24: Reconciliations: Adjusted Basic and Diluted EPS
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED BASIC AND DILUTED EPS Q3 ’26 Q3 ’25 €M, unless otherwise stated 9M ’26 9M ‘25 Net profit attributable to the owners 430 381 1,305 1,217 of the Company Weighted average number 175,730 178,148 176,309 178,340 of common shares (thousand) 2.45 2.14 Basic EP
Slide 25: Capex and R&D
CAPEX AND R&D Q3 ’26 Q3 ’25 €M, unless otherwise stated 9M ’26 9M ‘25 226 230 Capital expenditures(8) 715 693 118 106 of which capitalized development costs(13) (A) 352 326 Research and development 151 138 451 444 costs expensed (B) 269 244 Total research and development (A+B) 803 770 Amortization o
Slide 26: 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(14) Q3 ’26 Q3 ’25 €M, unless otherwise stated 9M ’26 9M ‘25 737 588 Cash flow from operating activities 2,037 1,830 Investments in property, plant and (226) (230) (715) (693) equipment and intangible a
Slide 27: Reconciliations: Net Industrial (Debt)/Cash
RECONCILIATIONS OF NON-GAAP MEASURES: NET INDUSTRIAL (DEBT) / CASH September June 30, March 31, December December December December December €M, unless otherwise stated 30, 2026 2026 2026 31, 2025 31, 2024 31, 2023 31, 2022 31, 2021 Debt (3,122) (3,166) (2,929) (2,884) (3,352) (2,477) (2,812) (2,630
Slide 28: 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 31 219 2026 2026 2026 2025 2024 2023 Debt (3,122) (3,166) (2,929) (2,884) (3,352) (2,477) Cash and Cash Equivalents (A) 1,729 1,486 1,857 1,467 1,742 1,122 Net (D