Ferrari (NYSE: RACE) lifts 2025 profit and cash flow, sets higher 2026 margin goals

Rhea-AI Filing Summary

Ferrari N.V. reported a strong 2025, with net revenues of Euro 7,146 million, up 7%, driven by a richer product mix, personalization and higher sponsorship, commercial and lifestyle revenues. Operating profit (EBIT) rose 12% to Euro 2,110 million, with the EBIT margin improving to 29.5%.

Net profit reached Euro 1,600 million and diluted EPS was Euro 8.96. EBITDA increased 8% to Euro 2,772 million with a 38.8% margin, while industrial free cash flow surged 50% to Euro 1,538 million. For 2026, Ferrari targets around Euro 7.50 billion in revenues, at least Euro 2.93 billion of EBITDA and an EBITDA margin of at least 39.0%, supported by a significant model change-over and continued strength in racing and lifestyle activities.

Positive

• Strong 2025 profitability and cash generation: Net revenues rose 7% to Euro 7,146 million, EBIT grew 12% to Euro 2,110 million with a 29.5% margin, and industrial free cash flow increased 50% to Euro 1,538 million.
• Improved mix and diversified revenue drivers: Sponsorship, commercial and brand revenues reached more than Euro 800 million, up 22%, while lifestyle and racing activities added meaningful growth alongside a richer sports car product mix.
• Ambitious 2026 financial guidance: The company targets around Euro 7.50 billion in revenues, Adjusted EBITDA of at least Euro 2.93 billion and an EBITDA margin of at least 39.0%, with industrial free cash flow of at least Euro 1.50 billion.
• Significant shareholder return capacity: Net Industrial Debt narrowed to Euro 32 million even after more than Euro 1.3 billion in 2025 shareholder rewards, and a new multi-year share buyback program of approximately Euro 3.5 billion is expected to run through 2030.

Negative

• None.

Insights

Equity analyst – luxury autos

Ferrari posts double-digit profit growth in 2025 and sets higher 2026 margin targets, backed by strong cash generation and product pipeline.

Ferrari grew 2025 net revenues 7% to Euro 7,146 million, while Operating profit (EBIT) rose 12% to Euro 2,110 million, lifting the EBIT margin to 29.5%. Growth came from richer car mix, personalizations, and a 22% increase in sponsorship, commercial and brand revenues.

EBITDA increased 8% to Euro 2,772 million with a 38.8% margin, and industrial free cash flow jumped 50% to Euro 1,538 million, helping reduce Net Industrial Debt to Euro 32 million. The effective tax rate benefited from Italy’s Patent Box regime, supporting net profit of Euro 1,600 million.

For 2026, guidance targets ~Euro 7.50 billion in revenues, Adjusted EBITDA of at least Euro 2.93 billion and an EBITDA margin of at least 39.0%, alongside industrial free cash flow of at least Euro 1.50 billion. A significant model change-over, higher racing sponsorships, and lifestyle expansion are expected to support these targets.

Capital allocation specialist

Robust free cash flow and low industrial debt underpin Ferrari’s sizable multi-year share buyback program.

Ferrari generated industrial free cash flow of Euro 1,538 million in 2025, up 50%, while capital expenditures were about Euro 950 million. Net Industrial Debt improved to just Euro 32 million, despite more than Euro 1.3 billion returned to shareholders via dividends and share repurchases.

The company has launched a new multi-year buyback program of approximately Euro 3.5 billion expected to be executed by 2030. The first tranche of up to Euro 250 million began on January 5, 2026 and is expected to be completed by May 15, 2026; by February 6, 2026 Ferrari had repurchased 246,350 shares for Euro 72.7 million.

As of February 6, 2026, Ferrari held 16,890,956 treasury shares, equal to 9.16% of total issued share capital including special voting shares. Sustained free cash flow generation and low industrial leverage are central to supporting this capital return strategy.

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 February 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 February 10, 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: February 10, 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 February 10, 2026.

EXHIBIT 99.1

STRONG PERFORMANCE IN 2025 SETS THE FOUNDATION FOR CONTINUED GROWTH IN 2026

•Net revenues of Euro 7,146 million, up 7% versus prior year

•Operating profit (EBIT)(1) of Euro 2,110 million, up 12% versus prior year, with Operating profit             (EBIT) margin of 29.5%

•Net profit of Euro 1,600 million and diluted EPS at Euro 8.96

•EBITDA(1) of Euro 2,772 million, up 8% versus prior year, with EBITDA margin of 38.8%

•Industrial free cash flow(1) of Euro 1,538 million, up 50% versus the prior year

•2026 guidance targeting Euro ~7.50 billion revenues and 39.0% EBITDA margin, supported by strong product mix

“In 2025, Ferrari confirmed the strength of its carefully-managed volume strategy, pursuing value” said Benedetto Vigna, CEO of Ferrari. “Our remarkable financial performance – with revenues up 7% to over Euro 7.1 billion, an EBIT margin up 120 basis points to 29.5%, and industrial free cash flow surpassing Euro 1.5 billion – was sustained by product mix, personalizations and sponsorships. Demand for Ferrari remains very solid and is managed with discipline in every market reflecting our exclusivity model: our order book extends towards the end of 2027. We remain true to our identity: forward-looking and defined by our will to progress”.

For the three months ended												(In Euro million,			For the twelve months ended
December 31,												unless otherwise stated)			December 31,
2025			2024			Change									2025			2024			Change
3,152			3,325			(173) units						Shipments (units)			13,640			13,752			(112) units
1,802			1,736			66			4		%	Net revenues			7,146			6,677			469			7		%
513			468			45			10		%	Operating profit (EBIT)			2,110			1,888			222			12		%
28.5		%	27.0		%	150 bps						Operating profit (EBIT) margin			29.5		%	28.3		%	120 bps
381			386			(5)			(1		%)	Net profit			1,600			1,526			74			5		%
2.14			2.14			-			-			Basic EPS (in Euro)			8.97			8.47			0.50			6		%
2.14			2.14			-			-			Diluted EPS (in Euro)			8.96			8.46			0.50			6		%
700			643			57			9		%	EBITDA			2,772			2,555			217			8		%
38.8		%	37.0		%	180 bps						EBITDA margin			38.8		%	38.3		%	50 bps
321			221			100			46		%	Free Cash Flow from Industrial Activities			1,538			1,027			511			50		%

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), February 10, 2026 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary unaudited results(2) for the fourth quarter and twelve months ended December 31, 2025.

Business dynamics in 2025

Ferrari continued to post strong growth, while expanding its profitability margins and continuing to invest to support its growth trajectory. Ferrari’s financial performance was sustained by all of its business dimensions.

Within Sports Cars, in line with its exclusivity model, Ferrari continued to enrich its product mix and to strengthen personalizations. In the year the 12Cilindri and the SF90 XX families increased their product mix contribution, the Daytona SP3 completed its limited series run, followed by the initial deliveries of the F80 in Q4, as planned. Deliveries, at 13,640 units in the year, were deliberately designed to be substantially flat to ease the significant model change-over, that will continue in 2026. In 2025 the product line-up was further enriched by the launch of 6 new models – 296 Speciale, 296 Speciale A, Amalfi, 849 Testarossa, 849 Testarossa Spider and the first reveal phase of the Ferrari Luce – which will shape deliveries in 2026 and beyond.

Racing revenues in 2025 further grew thanks to new sponsorships, which testify Ferrari’s appeal in the racing arena. Commercial revenues from Formula 1 also rose in the year, thanks to the improved ranking in the 2024 season versus the previous one.

Lifestyle activities posted encouraging results, mainly sustained by licenses and successful activations and experiences. 2025 was a year of progress and continued investment to elevate the offering, the distribution and client experiences.

All of the above contributed to Ferrari reaching and exceeding the financial targets set for 2025, as well as reaching the financial targets for 2026 outlined at the 2022 Capital Markets Day one year in advance. This remarkable performance underscores the resilience of Ferrari’s business model, amidst the geopolitical and macroeconomic context that characterized 2025, when the Company managed the uncertainty related to the incremental tariffs on EU cars imported into the United States, as well as relevant currency swings.

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 2025 were Euro 7,146 million, up 7% (8% at constant currency(1)). Revenues from Cars and spare parts were more than Euro 6.0 billion, up nearly 5%, thanks to a richer product and country mix, as well as personalizations. Sponsorship, commercial and brand revenues reached more than Euro 800 million, up 22%, mainly attributable to sponsorships and lifestyle activities, as well as higher commercial revenues linked to the better prior year Formula 1 ranking. Other sports-related activities and financial services activities positively contributed in the year. Foreign exchange impact, net of currency hedges, resulted into a negative effect mainly due to the US Dollar and the Japanese Yen.

For the three months ended												(Euro million)			For the twelve months ended
December 31,															December 31,
						Change															Change
2025			2024			at constant									2025			2024			at constant
						currency															currency
1,483			1,472			1		%	3		%	Cars and spare parts(3)			6,005			5,728			5		%	6		%
213			183			17		%	17		%	Sponsorship, commercial and brand(4)			820			670			22		%	23		%
106			81			29		%	33		%	Other(5)			321			279			15		%	17		%
1,802			1,736			4		%	6		%	Total net revenues			7,146			6,677			7		%	8		%

Operating profit (EBIT) and EBITDA

2025 Operating profit (EBIT) was Euro 2,110 million, up 12% versus the prior year and with an Operating profit (EBIT) margin of 29.5%. The increase was mostly attributable to the enriched product mix and a positive contribution from racing and lifestyle activities, partially offset by higher operational and marketing expenses as well as higher R&D expenses related to racing and sports cars innovation activities. 2025 EBITDA reached Euro 2,772 million, up 8% versus the prior year and with an EBITDA margin of 38.8%.

For the three months ended															(Euro million)			For the twelve months ended
December 31,																		December 31,
						Change																					Change
2025			2024			at constant															2025			2024						at constant
						currency																								currency
700			643			9		%	12		%	EBITDA									2,772			2,555			8					%	10		%
513			468			10		%	14		%	Operating profit (EBIT)									2,110			1,888			12					%	14		%

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 and, for the three and twelve months ended December 31, 2024 only, from the sale of engines to Maserati

3

The increase in net financial expenses was mainly driven by net foreign exchange impact. The 2025 effective tax rate(6) was 22.5%, mainly reflecting the estimate of the benefit attributable to the new Patent Box. As a result, the Net profit for the year was Euro 1.6 billion, up 5% versus the prior year, and the diluted earnings per share reached Euro 8.96, compared to Euro 8.46 in 2024.

Industrial free cash flow in the year was strong and surpassed Euro 1.5 billion, with capital expenditures(7) of approximately Euro 950 million.

Net Industrial Debt(1) as of December 31, 2025 further improved to Euro 32 million, also including a total shareholders’ reward through share repurchases and dividends, amounting to more than Euro 1.3 billion.

2026 guidance, based on the following 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

•Expected negative currency impact, net of hedges

•Robust Industrial free cash flow generation driven by strong profitability

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

6 In 2025 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 February 9, 2026, Ferrari unveiled the interior design and announced the name of its visionary new full-electric sports car: Ferrari Luce, the start of a new chapter in Ferrari’s history. The third and final step of the Ferrari Luce reveal, the world première, will take place in Rome on May 25, 2026.

•On December 16, 2025, Ferrari N.V. announced 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. The first tranche - for an amount of up to Euro 250 million - started from January 5, 2026 and is expected to be completed no later than May 15, 2026. Up to February 6, 2026 the Company purchased 246,350 common shares for a total consideration of Euro 72.7 million. At February 6, 2026 the Company held in treasury an aggregate of 16,890,956 common shares equal to 9.16% 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.

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

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: 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 electric technology more broadly into its car portfolio over time and to make appealing designs for its new models; increases in costs, also as a results of increasingly stringent fuel economy, emissions and safety standards, 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 the markets in which the Group operates) 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; the Group’s ability to preserve the value of its cars over time and 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 against the risk of cyberattacks; 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

6

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; changes in tax or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which the Group operates; 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; exchange rate fluctuations, interest rate changes, credit risk and other market risks; the Group’s ability to service and refinance its debt;; 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:

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 February 10, 2026, at 3:00 p.m. CET, management will hold a conference call to present the FY 2025 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)

For the three months ended									Shipments			For the twelve months ended
December 31,									(units)			December 31,
2025			2024			Change (units)						2025			2024			Change (units)
1,550			1,550			-			EMEA			6,346			6,204			142
877			955			(78)			Americas			3,937			4,003			(66)
182			286			(104)			Mainland China, Hong Kong and Taiwan			941			1,162			(221)
543			534			9			Rest of APAC			2,416			2,383			33
3,152			3,325			(173)			Total Shipments			13,640			13,752			(112)

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

For the three months ended						(Euro million)			For the twelve months ended
December 31,									December 31,
2025			2024						2025			2024
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			-			Other expenses/(income), net			34			12
4			2			Results from investments			12			8
513			468			Operating profit (EBIT)			2,110			1,888
12			(4)			Financial expenses/(income), net			46			(1)
501			472			Profit before taxes			2,064			1,889
120			86			Income tax expenses			464			363
24.0		%	18.4		%	Effective tax rate			22.5		%	19.2		%
381			386			Net profit			1,600			1,526
2.14			2.14			Basic EPS (€)			8.97			8.47
2.14			2.14			Diluted EPS (€)			8.96			8.46
700			643			EBITDA			2,772			2,555
689			634			of which EBITDA (Industrial activities only)			2,729			2,516

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.

For the three months ended						(Euro million)			For the twelve months ended
December 31,									December 31,
			2025									2025
2025			at constant						2025			at constant
			currency									currency
1,483			1,518			Cars and spare parts			6,005			6,046
213			215			Sponsorship, commercial and brand			820			825
106			109			Other			321			327
1,802			1,842			Total net revenues			7,146			7,198

For the three months ended						(Euro million)			For the twelve months ended
December 31,									December 31,
			2025									2025
2025			at constant						2025			at constant
			currency									currency
700			726			EBITDA			2,772			2,797
513			539			Operating profit (EBIT)			2,110			2,135

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.

For the three months ended									(Euro million)			For the twelve months ended
December 31,												December 31,
2025			2024			Change						2025			2024			Change
381			386			(5)			Net profit			1,600			1,526			74
120			86			34			Income tax expense			464			363			101
12			(4)			16			Financial expenses/(income), net			46			(1)			47
187			175			12			Amortization and depreciation			662			667			(5)
700			643			57			EBITDA			2,772			2,555			217
-			-			-			Adjustments			-			-			-
700			643			57			Adjusted EBITDA			2,772			2,555			217

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.

For the three months ended									(Euro million)			For the twelve months ended
December 31,												December 31,
2025			2024			Change						2025			2024			Change
513			468			45			Operating profit (EBIT)			2,110			1,888			222
-			-			-			Adjustments						-			-
513			468			45			Adjusted Operating profit (EBIT)			2,110			1,888			222

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.

For the three months ended									(Euro million)			For the twelve months ended
December 31,												December 31,
2025			2024			Change						2025			2024			Change
381			386			(5)			Net profit			1,600			1,526			74
-			-			-			Adjustments			-			-			-
381			386			(5)			Adjusted net profit			1,600			1,526			74

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.

For the three months ended									(Euro million, unless otherwise stated)			For the twelve months ended
December 31,															December 31,
2025			2024			Change						2025						2024			Change
380			385			(5)			Net profit attributable to the owners of the Company			1,597						1,522			75
177,488			179,190						Weighted average number of common shares (thousand)			178,125						179,743
2.14			2.14			-			Basic EPS (in Euro)			8.97						8.47			0.50
-			-			-			Adjustments			-						-			-
2.14			2.14			-			Adjusted basic EPS (in Euro)			8.97						8.47			0.50
177,684			179,439						Weighted average number of common shares for diluted earnings per common share (thousand)			178,321						179,992
2.14			2.14			-			Diluted EPS (in Euro)			8.96						8.46			0.50
-			-			-			Adjustments			-						-			-
2.14			2.14			-			Adjusted diluted EPS (in Euro)			8.96						8.46			0.50

Capex and R&D

For the three months ended						(Euro million)			For the twelve months ended
December 31,									December 31,
2025			2024						2025			2024
250			277			Capital expenditures(7)			943			989
95			124			of which capitalized development costs(12) (A)			421			476
149			162			Research and development costs expensed (B)			593			563
244			286			Total research and development (A+B)			1,014			1,039
90			84			Amortization of capitalized development costs (C)			326			331
239			246			Research and development costs as recognized in the consolidated income statement (B+C)			919			894

11    For the three and twelve months ended December 31, 2025, and 2024 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.

For the three months ended						(Euro million)			For the twelve months ended
December 31,									December 31,
2025			2024						2025			2024
519			494			Cash flow from operating activities			2,352			1,927
(250)			(277)			Investments in property, plant and  equipment and intangible assets			(943)			(989)
269			217			Free Cash Flow			1,409			938
(52)			(4)			Free Cash Flow from Financial Services Activities			(129)			(89)
321			221			Free Cash Flow from Industrial Activities(13)			1,538			1,027

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)			Dec. 31, 2025			Sept. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024
Debt			(2,884)			(2,870)			(3,158)			(3,334)			(3,352)
of which leased liabilities as per IFRS 16			(162)			(169)			(168)			(178)			(126)
Cash and Cash Equivalents			1,467			1,418			1,518			1,915			1,742
Net (Debt)/Cash			(1,417)			(1,452)			(1,640)			(1,419)			(1,610)
Net (Debt)/Cash of Financial Services Activities			(1,385)			(1,336)			(1,302)			(1,370)			(1,430)
Net Industrial (Debt)/Cash			(32)			(116)			(338)			(49)			(180)

13 Free cash flow from industrial activities for the three and twelve months ended December 31, 2025, includes €3M mainly related to withholding taxes, which are expected to be paid in the following quarters.

12

FAQ

How did Ferrari (RACE) perform financially in 2025?

Ferrari delivered strong 2025 results, with net revenues of Euro 7,146 million, up 7%, and Operating profit (EBIT) of Euro 2,110 million, up 12%. Net profit reached Euro 1,600 million, while EBITDA increased 8% to Euro 2,772 million, reflecting higher margins and solid demand.

What margins did Ferrari (RACE) achieve in 2025?

In 2025 Ferrari’s Operating profit (EBIT) margin improved to 29.5%, up 120 basis points, and its EBITDA margin reached 38.8%. These margin gains stemmed from a richer product mix, higher personalizations, and strong contributions from sponsorship, commercial and lifestyle activities.

What is Ferrari’s guidance for 2026 revenues and EBITDA?

For 2026 Ferrari targets net revenues of about Euro 7.50 billion and Adjusted EBITDA of at least Euro 2.93 billion. The company also aims for an EBITDA margin of at least 39.0%, supported by a significant model change-over, higher racing sponsorships, and expanding lifestyle activities.

How strong was Ferrari’s free cash flow and debt position in 2025?

Ferrari’s industrial free cash flow reached Euro 1,538 million in 2025, up 50%, after approximately Euro 950 million of capital expenditures. Net Industrial Debt improved to just Euro 32 million, reflecting robust cash generation despite substantial shareholder distributions during the year.

What share buyback program has Ferrari (RACE) announced?

Ferrari announced a new multi-year share buyback program of approximately Euro 3.5 billion, expected to be executed by 2030. The first tranche, up to Euro 250 million, began on January 5, 2026, with 246,350 shares repurchased for Euro 72.7 million by February 6, 2026.

How did Ferrari’s car shipments trend by region in 2025?

Total 2025 shipments were 13,640 units, slightly below 13,752 in 2024 by design to manage model change-over. EMEA rose to 6,346 units, Americas were 3,937 units, Mainland China, Hong Kong and Taiwan totaled 941 units, and Rest of APAC reached 2,416 units.

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