Ferrari (NYSE: RACE) posts Q1 2026 results and reiterates 2026 outlook

Rhea-AI Filing Summary

Ferrari N.V. reported solid preliminary Q1 2026 results and confirmed its full-year 2026 guidance. Net revenues reached Euro 1,848 million, up 3% year-on-year (6% at constant currency), supported by richer sports car mix, higher personalizations and strong Americas demand.

Operating profit (EBIT) was Euro 548 million with a 29.7% margin, while net profit was Euro 413 million and diluted EPS Euro 2.33. EBITDA rose to Euro 722 million with a 39.1% margin, and industrial free cash flow was very strong at Euro 653 million, helped by profitability and favorable working capital.

The company ended March 31, 2026 with Net Industrial Cash of Euro 388 million, swinging from Net Industrial Debt at year-end 2025, despite Euro 226 million of share repurchases. Ferrari reaffirmed 2026 targets, including net revenues of about Euro 7.50 billion, adjusted EBITDA of at least Euro 2.93 billion (margin ≥39.0%) and industrial free cash flow of at least Euro 1.50 billion.

Insights

Equity analyst

Ferrari delivers steady Q1 growth, strong cash flow and reiterates 2026 guidance.

Ferrari posted Q1 2026 revenue of Euro 1.848 billion, up 3%, with margins broadly stable despite deliberately lower shipments to manage model change-overs. Mix, personalizations and racing and lifestyle revenues helped offset currency headwinds and higher depreciation and marketing costs.

Profitability remained robust: EBIT of Euro 548 million and EBITDA of Euro 722 million translated into margins of 29.7% and 39.1%. Industrial free cash flow of Euro 653 million supported a move to Euro 388 million Net Industrial Cash even after Euro 226 million of buybacks.

The company confirmed its 2026 guidance, targeting net revenues of about Euro 7.50 billion, adjusted EBITDA of at least Euro 2.93 billion and industrial free cash flow of at least Euro 1.50 billion. Actual delivery will depend on successful execution of the significant model change-over, racing and lifestyle plans, and management of geopolitical and currency risks cited in the outlook.

Key Figures

Q1 2026 Net revenues: Euro 1,848 million Q1 2026 Operating profit (EBIT): Euro 548 million Q1 2026 Net profit: Euro 413 million +5 more

8 metrics

Q1 2026 Net revenues Euro 1,848 million For the three months ended March 31, 2026

Q1 2026 Operating profit (EBIT) Euro 548 million EBIT margin 29.7% in Q1 2026

Q1 2026 Net profit Euro 413 million Diluted EPS Euro 2.33 in Q1 2026

Q1 2026 EBITDA Euro 722 million EBITDA margin 39.1% in Q1 2026

Q1 2026 Industrial free cash flow Euro 653 million Free Cash Flow from Industrial Activities in Q1 2026

Net Industrial (Debt)/Cash Euro 388 million cash Position as of March 31, 2026

2026 Net revenues guidance Approximately Euro 7.50 billion Full-year 2026 guidance table

2026 Industrial FCF guidance At least Euro 1.50 billion Full-year 2026 guidance table

Key Terms

EBITDA, Industrial free cash flow, Net Industrial (Debt)/Cash, Patent Box, +1 more

5 terms

EBITDA financial

"EBITDA(1) of Euro 722 million, with EBITDA margin of 39.1%"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

Industrial free cash flow financial

"Industrial free cash flow(1) of Euro 653 million, up 5% versus the prior year"

Cash a company’s industrial operations generate after paying for the routine upkeep of factories, equipment and the short-term needs of the business. Investors watch this measure because it shows how much real, spendable cash is available from core manufacturing activities for paying down debt, returning money to shareholders, or investing in growth—like the water left in a tank after refilling pipes and fixing leaks.

Net Industrial (Debt)/Cash financial

"As of March 31, 2026 the Company was in a Net Industrial Cash(1) position of Euro 388 million"

Patent Box financial

"the effective tax rate benefits from the new Patent Box regime regulated by Law Decree No. 146"

A patent box is a special tax rule that lets companies pay a lower tax rate on profits earned from patents or other qualifying intellectual property. For investors, it can boost a company’s after-tax earnings and cash flow from patented products, much like a store offering a permanent discount on a high-margin item, and can influence where firms invest in research and how they report profits.

non-GAAP financial measures financial

"Operations are monitored through the use of various non-GAAP financial measures"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________

FORM 6-K

_______________________________

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File No. 001-37596

_______________________________

FERRARI N.V.

(Translation of Registrant’s Name Into English)

_______________________________

Via Abetone Inferiore n.4

I-41053 Maranello (MO)

Italy

Tel. No.: +39 0536 949111

(Address of Principal Executive Offices)

_______________________________

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F x Form 40-F o

The following exhibit is furnished herewith:

Exhibit 99.1 Press release issued by Ferrari N.V. dated May 5, 2026.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 5, 2026			FERRARI N.V.
			By:			/s/ Antonio Picca Piccon
						Name:			Antonio Picca Piccon
						Title:			Chief Financial Officer

Index of Exhibits

Exhibit

Number Description of Exhibit

99.1        Press release issued by Ferrari N.V. dated May 5, 2026.

EXHIBIT 99.1

ANOTHER QUARTER OF STRONG MIX

2026 GUIDANCE CONFIRMED

•Net revenues of Euro 1,848 million, up 3% versus prior year (up 6% at constant currency(1))

•Operating profit (EBIT)(1) of Euro 548 million, with Operating profit (EBIT) margin of 29.7%, up 1% versus prior year (up 8% at constant currency)

•Net profit of Euro 413 million and diluted EPS at Euro 2.33

•EBITDA(1) of Euro 722 million, with EBITDA margin of 39.1%, up 4% versus prior year (up 9% at constant currency)

•Industrial free cash flow(1) of Euro 653 million, up 5% versus the prior year

“Our enriched mix and continued demand for personalizations contributed to the strong earnings we are presenting today. With these results and an order book further extending towards the end of 2027, we confirm our 2026 guidance”, said Benedetto Vigna, CEO of Ferrari. “With only twenty days to the world premiere of the Ferrari Luce, the sense of anticipation has never been so high. The Ferrari Luce brings together so much extraordinary technologies and the passion of so many people. It is the evidence of how tradition and innovation can come together to create something unique”.

(In Euro million,			For the three months ended
unless otherwise stated)			March 31,
			2026			2025			Change
Net revenues			1,848			1,791			57			3		%
Operating profit (EBIT)			548			542			6			1		%
Operating profit (EBIT) margin			29.7		%	30.3		%	(60 bps)
Net profit			413			412			1			0		%
Basic EPS (in Euro)			2.33			2.30			0.03			1		%
Diluted EPS (in Euro)			2.33			2.30			0.03			1		%
EBITDA			722			693			29			4		%
EBITDA margin			39.1		%	38.7		%	40 bps
Free Cash Flow from Industrial Activities			653			620			33			5		%

1 The term EBIT is used as a synonym for Operating profit. Adjusted metrics equaled the reported ones, since there were no adjustments impacting EBITDA, EBITDA margin, EBIT, EBIT margin, Net profit, Basic EPS and Diluted EPS in the periods presented. Refer to specific paragraph on non-GAAP financial measures.

Ferrari N.V. Amsterdam, The Netherlands Registered Office: Via Abetone Inferiore N. 4, I – 41053 Maranello (MO) Italy Dutch trade registration number: 64060977

Maranello (Italy), May 5, 2026 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary unaudited results(2) for the first quarter ended March 31, 2026.

Business dynamics in Q1 2026

Ferrari continued to report solid growth in the first quarter of 2026, in line with the trajectory outlined in the 2026 guidance and sustained by all business dimensions, notwithstanding the ongoing geopolitical situation. This remarkable performance underscores the resilience of Ferrari’s business model.

Within Sports Cars, Ferrari continued to enhance its mix and to strengthen personalizations. During the quarter, to ease the execution of the planned model change-over, deliveries were deliberately designed to be slightly lower than the previous year at 3,436 units. Total deliveries were not impacted by the surge of hostilities in the Middle East, as Ferrari leveraged its geographical allocation flexibility, bringing forward certain deliveries to other regions. In the quarter deliveries of the 12Cilindri family, the Purosangue and the SF90 XX family increased, while the 296 family and the Roma Spider decreased in line with model lifecycles. Shipments of the F80, our Supercar, were in ramp up phase in line with plans and the first deliveries of the 296 Speciale family, the Amalfi and 849 Testarossa commenced. In Q1 2026, the product line-up was further enriched by the launch of the Amalfi Spider, which will commence distribution in 2027.

Racing revenues further increased in the quarter, mainly driven by higher sponsorships and a positive contribution from the rental of engines to other Formula 1 racing teams.

Lifestyle activities also grew in the quarter, mainly sustained by licensing. The year kicked off with a series of new initiatives, including the opening of the new flagship store in London, the fashion show, and the launch of the exhibition “The Greatest Hits” at the Ferrari Museum in Modena.

2 These results have been prepared in accordance with the IFRS Accounting Standards (“IFRS Accounting Standards”) as issued by the International Accounting Standards Board (“IASB”) as well as IFRS Accounting Standards as adopted by the European Union

2

Total net revenues

Net revenues for Q1 2026 were Euro 1,848 million, up 3% (up 6% at constant currency). Revenues from Cars and spare parts were more than Euro 1.5 billion, up 1%, thanks to a richer sports cars mix, mostly including higher personalizations and a strong country mix. Sponsorship, commercial and brand revenues reached Euro 218 million, up 14%, mainly attributable to higher sponsorships and lifestyle activities. Other revenues also grew in the quarter, mainly reflecting rental of engines to other Formula 1 racing teams. Foreign exchange impact, net of currency hedges, resulted into a negative effect mainly due to the US Dollar and the Japanese Yen.

(Euro million)			For the three months ended
			March 31,
									Change
			2026			2025			at constant
									currency
Cars and spare parts(3)			1,556			1,536			1		%	4		%
Sponsorship, commercial and brand(4)			218			191			14		%	15		%
Other(5)			74			64			17		%	23		%
Total net revenues			1,848			1,791			3		%	6		%

Operating profit (EBIT) and EBITDA

Q1 2026 Operating profit (EBIT) was Euro 548 million, up 1% versus the prior year (up 8% at constant currency) and with an Operating profit (EBIT) margin of 29.7%. The increase was mostly attributable to higher personalizations, exceptionally strong country mix driven by Americas, positive product mix - supported by F80 and Special Series, despite the absence of Daytona SP3 - and a positive contribution from racing activities. This was partially offset by higher depreciation and amortization, reflecting the start of production of new models, lower deliveries, lower sales of the 499P Modificata, as well as higher marketing expenses and US import tariffs. Q1 2026 EBITDA reached Euro 722 million, up 4% versus the prior year (up 9% at constant currency) and with an EBITDA margin of 39.1%.

(Euro million)						For the three months ended
						March 31,
												Change
			2026						2025						at constant
															currency
EBITDA			722						693			4					%	9		%
Operating profit (EBIT)			548						542			1					%	8		%

3     Includes net revenues generated from shipments of our cars, any personalization generated on these cars, as well as sales of spare parts

4 Includes net revenues earned by our racing teams (mainly in the Formula 1 World Championship and the World Endurance Championship) through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues, as well as net revenues generated through the Ferrari brand, including lifestyle collections, merchandising, licensing and royalty income

5     Primarily relates to financial services activities, management of the Mugello racetrack and other sports-related activities, as well as net revenues generated from the rental of engines to other Formula 1 racing teams

3

The reduction in net financial expenses mainly reflected a positive net foreign exchange impact. The effective tax rate(6) in the quarter was 23.0%, mainly reflecting the estimate of the benefit attributable to the new Patent Box. As a result, the Net profit in the quarter slightly increased to Euro 413 million and the diluted earnings per share reached Euro 2.33, compared to Euro 2.30 in Q1 2025.

Industrial free cash flow in the quarter was very strong at Euro 653 million, sustained by profitability, timing of cash collection and payments and a positive net effect from advances, partially offset by capital expenditures(7) of Euro 253 million.

As of March 31, 2026 the Company was in a Net Industrial Cash(1) position of Euro 388 million, compared to Net Industrial Debt of Euro 32 million as of December 31, 2025, also reflecting share repurchases of Euro 226 million.

A dividend distribution of approximately Euro 640 million was approved by the 2026 Annual General Meeting and will be paid today.

2026 guidance confirmed, based on the following unchanged set of assumptions:

•Significant model change-over to shape the year, with positive product mix and personalizations

•Higher racing revenues mainly from sponsorships

•Lifestyle activities supporting top line contribution, while continuing to invest for further development and to expand the network

•Higher brand investments, as well as racing and digital transformation expenses

•Increasing D&A in line with start of production of new models

•Negative currency impact, net of hedges

•Robust Industrial free cash flow generation driven by strong profitability

Our guidance is based on current visibility on the Middle East crisis effects, that we keep on managing actively.

(€B, unless otherwise stated)			2026 GUIDANCE			2025
NET REVENUES			~7.50			7.15
ADJ. EBITDA (margin %)			≥2.93 ≥39.0%			2.77 38.8%
ADJ. OPERATING PROFIT (EBIT) (margin %)			≥2.22 ≥29.5%			2.11 29.5%
ADJ. DILUTED EPS (€)			≥9.45(8)			8.96(8)
INDUSTRIAL FCF			≥1.50			1.54

6     In Q1 2026 the effective tax rate benefits from the new Patent Box regime regulated by Law Decree No. 146 and effective from October 22, 2021, which provides for a 110% super tax deduction for costs relating to eligible intangible assets

7 Capital expenditures excluding right-of-use assets recognized during the period in accordance with IFRS 16 - Leases

8 Calculated using the weighted average diluted number of common shares as of December 31, 2025 (178,321 thousand)

4

Subsequent events:

•On April 15, 2026, the Ferrari Annual General Meeting approved, inter alia, the cancellation of all the common shares held by the Company on December 31, 2025, in its own share capital, as well as the cancellation of all the special voting shares held by the Company on April 15, 2026.

•On April 21, 2026, on the occasion of Milan Design Week, Ferrari Hypersail revealed the livery of its 100-foot flying ocean monohull: innovation, aerodynamics and design research define a new frontier in ocean sailing.

•On April 29, 2026, Ferrari presented the Handling Speciale, a new and exclusive configuration available on request for the Ferrari Purosangue, developed to further intensify its sporting character.

•Following the completion of the first tranche of the new multi-year share buyback program of approximately Euro 3.5 billion expected to be executed by 2030, as announced during the 2025 Capital Markets Day, on April 10, 2026, Ferrari announced the second tranche for an amount of up to Euro 250 million, which started on April 13, 2026, and is expected to be completed no later than August 28, 2026. From April 1, 2026, to May 1, 2026, the Company purchased 262,664 common shares for a total consideration of Euro 78.6 million. At May 1, 2026, the Company held in treasury No. 17,561,490 common shares, net of shares assigned under the Company’s equity incentive plan, corresponding to 9.06% of the then total issued common shares. Including the special voting shares, the Company held in treasury 9.42% of the then total issued share capital. For the avoidance of doubt, the cancellation of treasury shares has not yet been effectuated as of today and therefore has not been taken into account for such calculations.

5

About Ferrari

Ferrari is one of the world’s leading luxury brands, encompassing racing, sports cars and lifestyle. In each of these three souls, the Prancing Horse is a symbol of exclusivity, innovation and cutting-edge performance. The brand’s heritage and global recognition are closely associated with its Formula 1 racing team, Scuderia Ferrari, the most successful in the sport’s history. Since the inaugural World Championship in 1950, Scuderia Ferrari has claimed 16 Constructors’ and 15 Drivers’ world titles. From its home in Maranello, Italy, Ferrari designs, engineers, and produces some of the world’s most iconic and recognisable luxury sports cars, sold in over 60 markets worldwide. In lifestyle, Ferrari designs and creates a selection of personal luxury goods, collectibles and experiences that embody the brand’s elevated style and passion.

Forward Looking Statements

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 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: our ability to preserve and enhance the value of the Ferrari brand; our ability to attract and retain qualified personnel; the success of our racing activities; our ability to keep up with advances in high performance car technology, to meet the challenges and costs of integrating electric technology more broadly into our car portfolio over time and to make appealing designs for our new models; increases in costs, including as a result of increasingly stringent fuel economy, emissions and safety standards, disruptions of supply or shortages of components and raw materials; our ability to successfully carry out our controlled volume and growth strategy, while increasing our presence in growth market countries; changes in general economic conditions (including changes in the markets in which we operate) and changes in demand for luxury goods, including high performance luxury cars, which is volatile; macro events, pandemics and conflicts, including the ongoing conflicts in Ukraine and the Middle East region, and the related issues potentially impacting sourcing and transportation; trading policies and tariffs; competition in the luxury performance automobile industry; changes in client preferences and automotive trends; our ability to preserve the value of our cars over time and our relationship with the automobile collector and enthusiast community; disruptions at our 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; our ability to maintain the functional and efficient operation of our information technology systems and to defend against the risk of cyberattacks; the ability of our current management team to operate and manage effectively, and the reliance upon a number of key

6

members of executive management and employees; the performance of our dealer network on which we depend for sales and services; product warranties, product recalls and liability claims; the sponsorship and commercial revenues and expenses of our racing activities, as well as the popularity of motor sports more broadly; the performance of our lifestyle activities; our ability to protect our intellectual property rights and to avoid infringing the intellectual property rights of others; changes in tax or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which we operate; our continued compliance with customs regulations of various jurisdictions; labor relations and collective bargaining agreements; our ability to ensure that our employees, agents and representatives comply with applicable law and regulations; exchange rate fluctuations, interest rate changes, credit risk and other market risks; our ability to service and refinance our debt; our ability to provide or arrange for adequate access to financing for our clients and dealers, and associated risks; the adequacy of our insurance coverage to protect us against potential losses; potential conflicts of interest due to director and officer overlaps with our 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:

Media Relations

tel.: +39 0536 241053

Email: media@ferrari.com

Investor Relations

tel.: +39 0536 241395

Email: ir@ferrari.com

www.ferrari.com

7

Earnings call

On May 5, 2026, at 3:00 p.m. CEST, management will hold a conference call to present the Q1 2026 results to financial analysts and institutional investors. Please note that registering in advance is required to access the conference call details. The call can be followed live and a recording will subsequently be available on the Group’s website https://www.ferrari.com/en-EN/corporate/investors. The supporting document will be made available on the website prior to the call.

Appendix and non-GAAP financial measures

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.

Shipments(9)(10)

Shipments			For the three months ended
(units)			March 31,
			2026			2025			Change (units)
EMEA			1,458			1,701			(243)
Americas			1,030			1,022			8
Mainland China, Hong Kong and Taiwan			255			237			18
Rest of APAC			693			633			60
Total Shipments			3,436			3,593			(157)

9    Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars, and other special sales

10 EMEA includes: Italy, UK, Germany, Switzerland, France, Middle East (includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait), Africa and European markets not separately identified; Americas includes: United States of America, Canada, Mexico, the Caribbean and Central and South America; Rest of APAC mainly includes: Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia

8

Key performance metrics and reconciliations of NON-GAAP financial measures

(Euro million)			For the three months ended
			March 31,
			2026			2025
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 investments			3			3
Operating profit (EBIT)			548			542
Financial expenses/(income), net			11			14
Profit before taxes			537			528
Income tax expenses			124			116
Effective tax rate			23.0		%	22.0		%
Net profit			413			412
Basic EPS (€)			2.33			2.30
Diluted EPS (€)			2.33			2.30
EBITDA			722			693
of which EBITDA (Industrial activities only)			708			683

Total net revenues, EBITDA and Operating profit (EBIT) at constant currency eliminate the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges.

(Euro million)			For the three months ended
			March 31,
						2026
			2026			at constant
						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

(Euro million)			For the three months ended
			March 31,
						2026
			2026			at constant
						currency
EBITDA			722			763
Operating profit (EBIT)			548			589

9

EBITDA is defined as net profit before income tax expense, financial expenses/(income), net and amortization and depreciation. Adjusted EBITDA is defined as EBITDA as adjusted for certain income and costs, which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.

(Euro million)			For the three months ended
			March 31,
			2026			2025			Change
Net profit			413			412			1
Income tax expense			124			116			8
Financial expenses/(income), net			11			14			(3)
Amortization and depreciation			174			151			23
EBITDA			722			693			29
Adjustments			-			-			-
Adjusted EBITDA			722			693			29

Adjusted Operating profit or Adjusted Earnings Before Interest and Taxes or Adjusted EBIT represents Operating profit (EBIT) as adjusted for certain income and costs which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.

(Euro million)			For the three months ended
			March 31,
			2026			2025			Change
Operating profit (EBIT)			548			542			6
Adjustments			-			-			-
Adjusted Operating profit (EBIT)			548			542			6

Adjusted Net profit represents net profit as adjusted for certain income and costs (net of tax effect) which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.

(Euro million)			For the three months ended
			March 31,
			2026			2025			Change
Net profit			413			412			1
Adjustments			-			-			-
Adjusted net profit			413			412			1

10

Basic and diluted EPS(11) are determined as per the table here below. Adjusted EPS represents EPS as adjusted for certain income and costs (net of tax effect) which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.

(Euro million, unless otherwise stated)			For the three months ended
			March 31,
			2026			2025			Change
Net profit attributable to the owners of the Company			413			412			1
Weighted average number of common shares (thousand)			176,982			178,651
Basic EPS (in Euro)			2.33			2.30			0.03
Adjustments			-			-			-
Adjusted basic EPS (in Euro)			2.33			2.30			0.03
Weighted average number of common shares for diluted earnings per common share (thousand)			177,320			178,890
Diluted EPS (in Euro)			2.33			2.30			0.03
Adjustments			-			-			-
Adjusted diluted EPS (in Euro)			2.33			2.30			0.03

Capex and R&D

(Euro million)			For the three months ended
			March 31,
			2026			2025
Capital expenditures(7)			253			224
of which capitalized development costs(12) (A)			112			110
Research and development costs expensed (B)			155			160
Total research and development (A+B)			267			270
Amortization of capitalized development costs (C)			90			73
Research and development costs as recognized in the consolidated income statement (B+C)			245			233

11    The weighted average number of common shares for diluted earnings per share was increased to take into consideration the theoretical effect of the potential common shares that would be issued for outstanding share-based awards granted by the Group (assuming 100 percent of the target awards vested)

12     Capitalized as intangible assets

11

Free Cash Flow and Free Cash Flow from Industrial Activities are two of management’s primary key performance indicators to measure the Group’s performance. Free Cash Flow is defined as consolidated cash flows from operating activities less investments in property, plant and equipment (excluding right-of-use assets recognized during the period in accordance with IFRS 16 — Leases), and intangible assets. Free Cash Flow from Industrial Activities is defined as Free Cash Flow adjusted to exclude the operating cash flow from our financial services activities (Free Cash Flow from Financial Services Activities). Free Cash Flow from Financial Services Activities is defined as cash flows from operating activities of our financial services activities less investments in property, plant and equipment (excluding right-of-use assets recognized during the period in accordance with IFRS 16 — Leases), intangible assets of our financial services activities.

(Euro million)			For the three months ended
			March 31,
			2026			2025
Cash flow from operating activities			863			847
Investments in property, plant and equipment and intangible assets			(253)			(224)
Free Cash Flow			610			623
Free Cash Flow from Financial Services Activities			(43)			3
Free Cash Flow from Industrial Activities			653			620

Net Industrial (Debt)/Cash, defined as total Debt less Cash and Cash Equivalents (Net (Debt)/Cash), further adjusted to exclude the debt and cash and cash equivalents related to our financial services activities (Net (Debt)/Cash of Financial Services Activities). Net Debt of Financial Services Activities is defined as debt of our financial services activities less cash and cash equivalents of our financial services activities. The Net Debt of Financial Services Activities primarily relates to our asset-backed financing (securitizations) of the receivables generated by our financial services activities in the United States.

(Euro million)			Mar. 31, 2026			Dec. 31, 2025
Debt			(2,929)			(2,884)
of which leased liabilities as per IFRS 16			(161)			(162)
Cash and Cash Equivalents			1,857			1,467
Net (Debt)/Cash			(1,072)			(1,417)
Net (Debt)/Cash of Financial Services Activities			(1,460)			(1,385)
Net Industrial (Debt)/Cash			388			(32)

12

FAQ

How did Ferrari (RACE) perform financially in Q1 2026?

Ferrari delivered modest growth in Q1 2026, with net revenues of Euro 1,848 million, up 3% year-on-year. Operating profit reached Euro 548 million, net profit was Euro 413 million, and diluted EPS came in at Euro 2.33, reflecting strong mix and personalizations.

What were Ferrari (RACE) margins and cash flow in Q1 2026?

Ferrari sustained high profitability in Q1 2026, with an EBIT margin of 29.7% and an EBITDA margin of 39.1%. Industrial free cash flow was very strong at Euro 653 million, supported by earnings quality, working capital timing and advances, partly offset by Euro 253 million in capital expenditures.

Did Ferrari (RACE) confirm its 2026 financial guidance?

Ferrari confirmed its 2026 guidance, targeting net revenues of about Euro 7.50 billion. The company also aims for adjusted EBITDA of at least Euro 2.93 billion with a margin of at least 39.0%, adjusted EBIT of at least Euro 2.22 billion, and industrial free cash flow of at least Euro 1.50 billion.

How many cars did Ferrari (RACE) ship in Q1 2026 and where?

Ferrari shipped 3,436 units in Q1 2026, slightly below the prior year by 157 units as part of a planned model change-over. Shipments were 1,458 in EMEA, 1,030 in the Americas, 255 in Mainland China, Hong Kong and Taiwan, and 693 in the rest of APAC.

What is Ferrari’s (RACE) balance sheet position after Q1 2026?

At March 31, 2026 Ferrari reported Net Industrial Cash of Euro 388 million, improving from Net Industrial Debt of Euro 32 million at December 31, 2025. This shift reflects strong industrial free cash flow and continued share repurchases totaling Euro 226 million over the period.

How are Ferrari’s (RACE) racing and lifestyle businesses performing?

Ferrari’s racing and lifestyle revenues increased in Q1 2026. Sponsorship, commercial and brand revenues rose to Euro 218 million, up 14%, driven by higher sponsorships and lifestyle activities such as licensing, new retail initiatives and exhibitions, plus engine rental to other Formula 1 teams contributing to "Other" revenues.

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