CONTINUOUS EARNINGS GROWTH AND EVEN MORE CONFIDENCE IN THE FULL YEAR GUIDANCE

• Net revenues of Euro 1,644 million, up 6.5% versus prior year, with total shipments of 3,383 units
• Adjusted EBIT⁽¹⁾ of Euro 467 million, up 10.3% versus prior year, with adjusted EBIT⁽¹⁾ margin of 28.4%
• Adjusted net profit⁽¹⁾ of Euro 375 million and adjusted diluted EPS⁽¹⁾ at Euro 2.08
• Adjusted EBITDA⁽¹⁾ of Euro 638 million, up 7.1% versus prior year, with adjusted EBITDA⁽¹⁾ margin of 38.8%
• Industrial free cash flow⁽¹⁾ generation of Euro 364 million

Shipments⁽³⁾⁽⁴⁾

The Ferrari Purosangue, the Roma Spider and the 296 GTS drove deliveries in the quarter. Shipments of the SF90 XX Stradale increased and first few deliveries of the SF90 XX Spider commenced. The 812 Competizione A decreased, approaching the end of lifecycle, while the 812 Competizione and Roma phased out. The allocations of the Daytona SP3 increased versus prior year, in line with plans.

The product portfolio in the quarter included eight internal combustion engine (ICE) models and five hybrid engine models, which represented 45% and 55% of total shipments, respectively.

Total net revenues

Revenues from Cars and spare parts⁽⁷⁾ were Euro 1,400 million (up 5.2% or 5.8% at constant currency⁽¹⁾), thanks to a richer product and country mix as well as increased personalizations.

Sponsorship, commercial and brand⁽⁸⁾ revenues reached Euro 174 million, up 20.4% or 20.9% at constant currency⁽¹⁾ mainly attributable to new sponsorships.

Currency - including translation and transaction impacts as well as foreign currency hedges - had a slightly negative net impact of Euro 8 million, mostly related to the US Dollar and Japanese Yen.

Adjusted EBITDA⁽¹⁾ and Adjusted EBIT⁽¹⁾

Q3 2024 Adjusted EBIT⁽¹⁾ was Euro 467 million, increased 10.3% versus the prior year and with an Adjusted EBIT⁽¹⁾ margin of 28.4%.

Volume was slightly negative (Euro 10 million), in line with the shipments decrease versus the prior year.

The Mix / price variance performance was positive (Euro 60 million), mainly reflecting the enrichment of the product mix, sustained by the Daytona SP3 and few sales of the 499P Modificata, increased personalizations and the positive country mix driven by Americas.

Industrial costs / research and development expenses decreased (Euro 11 million), primarily due to lower depreciation and amortization, in line with certain models phase out.

SG&A grew (Euro 23 million) mainly reflecting the continuous initiatives for software, digital infrastructure and organizational development, as well as brand investments.

Other changes were positive (Euro 14 million), mainly driven by the combined effect of new sponsorships and lower costs due to the revised Formula 1 in-season ranking assumptions.

Net financial charges for the quarter, were approximately Euro 1 million compared to net financial income of Euro 3 million of the prior year which also included the gain on bond cash tender realized in Q3 2023.

The tax rate⁽¹⁰⁾ in the quarter was 19.5%, mainly reflecting the estimate of the benefit attributable to the Patent Box and tax incentives for eligible research and development costs and investments.

As a result, the Adjusted Net profit⁽¹⁾ for the quarter was Euro 375 million, up 13.0% versus the prior year, and the Adjusted diluted earnings per share⁽¹⁾ for the quarter reached Euro 2.08, compared to Euro 1.82 in Q3 2023.

Industrial free cash flow⁽¹⁾ for the quarter was strong at Euro 364 million, driven by the increased Adjusted EBITDA⁽¹⁾ and a positive change in working capital, provisions and other for Euro 12 million, partially offset by capital expenditures⁽¹¹⁾ of Euro 249 million and net cash interests and taxes for Euro 27 million.

Net Industrial Debt⁽¹⁾ as of September 30, 2024 was Euro 246 million, compared to a Euro 441 million as of June 30, 2024, also reflecting the share repurchases of Euro 147 million. As of September 30, 2024, total available liquidity was Euro 2,079 million (Euro 1,882 million as of June 30, 2024), including undrawn committed credit lines of Euro 550 million.

Even more confidence in the 2024 guidance, based on the following assumptions for the year:

• Positive product and country mix, along with stronger personalizations
• Racing activities, including new sponsorships, impacted by lower Formula 1 ranking in 2023 despite higher number of races in the 2024 calendar
• Lifestyle activities expected to increase top line contribution while investing to accelerate development
• Cost inflation to persist
• Continuous brand investments and higher racing expenses
• Robust Industrial free cash flow generation, partially offset by increased capital expenditures and higher tax payment

• On September 2, 2024 Ferrari announced that, effective January 1, 2025, UniCredit S.p.A. will partner with Ferrari to be at its side in its Formula 1 racing activities under a multi-year agreement.

• On October 1, 2024 Ferrari announced to have switched off the trigeneration plant at its Maranello factory in order to continue replacing a significant proportion of methane gas consumption with renewable energy sources, consistent with Ferrari's decarbonization plan announced at the Capital Markets Day in 2022.
• On October 17, 2024 Ferrari unveiled the F80 and wrote a new chapter in the history of legendary supercars bearing the Prancing Horse badge. The F80 will be produced in a limited run of just 799 examples and joins the pantheon of icons such as the GTO, F40 and LaFerrari by showcasing the best that the Maranello-based marque has achieved in terms of technology and performance.
• On October 23, 2024 Ferrari announced the multi-year renewal of its partnership with Shell, effective from 1 January 2026, covering Scuderia Ferrari HP, Ferrari Hypercar and the Ferrari Challenge Series.

• Under the fifth tranche of the new multi-year common share repurchase program announced on September 30, 2022, from October 1, 2024 to November 1, 2024 the Company purchased 157,278 common shares for a total consideration of Euro 66.4 million. At November 1, 2024 the Company held in treasury an aggregate of 14,678,349 common shares equal to 5.71% of the total issued share capital including the common shares and the special voting shares, net of shares assigned under the Company's equity incentive plan.

Ferrari is among the world's leading luxury brands focused on the design, engineering, production and sale of the world's most recognizable luxury performance sports cars. Ferrari brand symbolizes exclusivity, innovation, state-of-the-art sporting performance and Italian design. Its history and the image enjoyed by its cars are closely associated with its Formula 1 racing team, Scuderia Ferrari, the most successful team in Formula 1 history. From the inaugural year of Formula 1 World Championship in 1950 through the present, Scuderia Ferrari has won 248 Grand Prix races, 16 Constructors' World titles and 15 Drivers' World titles. Ferrari designs, engineers and produces its cars in Maranello, Italy, and sells them in over 60 markets worldwide.

Forward Looking Statements

This document, and in particular the section entitled "2024 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”, "successful”, "grow”, "design”, "target”, "objective”, "goal”, "forecast”, "projection”, "outlook”, "prospects”, "plan”, "guidance” and similar expressions. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group's current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Group's ability to preserve and enhance the value of the Ferrari brand; the Group's ability to attract and retain qualified personnel; the success of the Group's racing activities; the Group's ability to keep up with advances in high performance car technology, to meet the challenges and costs of integrating advanced technologies, including hybrid and electric, more broadly into its car portfolio over time and to make appealing designs for its new models; the impact of increasingly stringent fuel economy, emissions and safety standards, including the cost of compliance, and any required changes to its products, as well as possible future bans of combustion engine cars in cities and the potential advent of self-driving technology; increases in costs, disruptions of supply or shortages of components and raw materials; the Group's ability to successfully carry out its low volume and controlled growth strategy, while increasing its presence in growth market countries; changes in general economic conditions (including changes in some of the markets in which the Group operates) and changes in demand for luxury goods, including high performance luxury cars, which is highly volatile; macro events, pandemics and conflicts, including the ongoing conflicts in Ukraine and in the Middle East and the related issues potentially impacting sourcing and transportation; competition in the luxury performance automobile industry; changes in client preferences and automotive trends; the Group's ability to preserve its relationship with the automobile collector and enthusiast community; disruptions at the Group's 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; the Group's ability to maintain the functional and efficient operation of its information technology systems and to defend from the risk of cyberattacks, including on its in-vehicle technology; the ability of its 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 the Group's dealer network on which the Group depends for sales and services; product warranties, product recalls, and liability claims; the sponsorship and commercial revenues and expenses of the Group's racing activities, as well as the popularity of motor sports more broadly; the performance of the Group's lifestyle activities; the Group's ability to protect its intellectual property rights and to avoid infringing on the intellectual property rights of others; the Group's continued compliance with customs regulations of various jurisdictions; labor relations and collective bargaining agreements; the Group's ability to ensure that its employees, agents and representatives comply with applicable law and regulations; changes in tax, tariff or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which the Group operates; the Group's ability to service and refinance its debt; exchange rate fluctuations, interest rate changes, credit risk and other market risks; the Group's ability to provide or arrange for adequate access to financing for its clients and dealers, and associated risks; the adequacy of its insurance coverage to protect the Group against potential losses; potential conflicts of interest due to director and officer overlaps with the Group's largest shareholders; and other factors discussed elsewhere in this document.

The Group expressly disclaims and does 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. Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Company's financial results, is included in the Company's reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB.

For further information:

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www.ferrari.com

Capex and R&D

Operations are monitored through the use of various non-GAAP financial measures that may not be comparable to other similarly titled measures of other companies.

Accordingly, investors and analysts should exercise appropriate caution in comparing these supplemental financial measures to similarly titled financial measures reported by other companies.

We believe that these supplemental financial measures provide comparable measures of financial performance which then facilitate management's ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions.

Certain totals in the tables included in this document may not add due to rounding.

Key performance metrics and reconciliations of NON-GAAP financial measures