Ferrari N.V. (RACE)

Business

Source: 2025 Annual Report and Form 20-F, accession 0001648416-26-000024.

Ferrari designs, engineers and builds luxury sports cars in Maranello, Italy, and sells them through 181 independent authorized dealers operating 195 points of sale in more than 60 markets. In 2025 the cars themselves, with their personalization options and spare parts, produced $6.79 billion of the company's $8.07 billion of net revenues (84%). The rest came from sponsorship, commercial and brand activities, $926.09 million (11.5%). This line covers Formula 1 sponsorships, Ferrari's share of Formula 1 commercial revenues, lifestyle collections, licensing and royalties. Another $362.70 million (4.5%) was "other" revenue: US client financing, the Mugello racetrack, and renting engines to other Formula 1 teams.

Controlled volume. The central fact of the business model is that Ferrari deliberately ships fewer cars than it could sell. It manages its waiting lists to preserve exclusivity and pricing power. Shipments rose from 7,255 cars in 2014, the year before the IPO, to 13,663 in 2023, then held at 13,752 in 2024 and 13,640 in 2025. Demand comes overwhelmingly from existing clients: about 84% of new cars in 2025 went to people who already owned a Ferrari, and about 56% to owners of several. Growth comes from mix and price, not volume. That means richer models, higher-priced limited series, and personalization, which applies to every car Ferrari builds and earns extra revenue and margin on each option selected.

Product line. Ferrari's portfolio is organized in tiers ("pillars"):

• Range models, the core volume line. At the time of the annual report there were nine: V8 and V12 combustion cars (Roma Spider, Amalfi, Purosangue, 12Cilindri, 12Cilindri Spider) and V6/V8 plug-in hybrids (296 GTB/GTS, 849 Testarossa and 849 Testarossa Spider). The Ferrari Luce, the company's first fully electric car, will join this line. Its technical reveal was in October 2025, and its interior and name were unveiled in February 2026.
• Special Series, performance derivatives of Range cars, limited in time or volume: SF90 XX Stradale/Spider and 296 Speciale/Speciale A.
• Icona and Supercars, strictly limited, much higher-priced cars. The Daytona SP3 Icona completed its run in the third quarter of 2025. The F80 Supercar began deliveries in the fourth quarter of 2025. These cars earn materially higher margins than Range models, so results swing with their delivery timing.
• One-Offs and track cars: a handful of bespoke cars a year, plus track-only racing derivatives.

In 2025, combustion models made up 58% of shipments and hybrids 42%. At its October 2025 Capital Markets Day the company said it plans an average of four new models a year from 2026 to 2030. It intends to keep offering combustion, hybrid and electric powertrains side by side.

Geography. 2025 shipments were 46.5% EMEA, 28.9% Americas (the US alone 24.9%), 6.9% Mainland China, Hong Kong and Taiwan, and 17.7% rest of Asia-Pacific. The China region's share has fallen from 10.9% in 2023; Ferrari attributes its geographic mix to a deliberate allocation strategy. The US accounted for 28% of 2025 revenue from cars and spare parts.

Manufacturing and supply. All cars and engines are assembled in Maranello, and aluminum bodies are built at a nearby plant in Modena. Unlike most low-volume makers, Ferrari runs its own foundry and machining. Its e-Building, opened in 2024, makes high-voltage battery packs, e-axles and inverters in-house, while battery cells are bought from partners. A new paint shop is under construction. Ferrari buys from about 500 suppliers, and its ten largest account for about 23% of procurement costs. Most key components are nonetheless single-sourced.

Distribution and financing. Ferrari does not own dealerships. The largest dealer accounted for about 3% of 2025 shipments and the 15 largest for about 25%. In the US, the wholly owned Ferrari Financial Services Inc. lends to retail clients; its portfolio was $1.90 billion at December 31, 2025, funded largely through securitizations. In Europe, financing is provided through Ferrari Financial Services GmbH, in which Ferrari holds 49.9% alongside CA Auto Bank.

Racing. Scuderia Ferrari is the only team to have raced in every Formula 1 season since 1950. It has 16 Constructors' and 15 Drivers' titles, though the most recent were in 2008 and 2007. Racing serves as Ferrari's main marketing channel, since the company does not advertise conventionally, and as a source of road-car technology. In 2025 the team finished fourth in the Constructors' Championship, with Charles Leclerc fifth and Lewis Hamilton sixth among drivers. In endurance racing the 499P won the 24 Hours of Le Mans for a third straight year and took both World Endurance Championship titles (manufacturers' and drivers'). A new commercial agreement between Formula 1 and the teams covers 2026 to 2030. Formula 1 spending is capped by FIA financial regulations, which limit how much Ferrari can spend on its racing car chassis and, from the 2026 season, on power units.

Lifestyle. The brand business has three pillars: personal luxury goods (apparel and accessories), collectibles, and experiences. Experiences include the Maranello and Modena museums (more than 890,000 visitors in 2025) and theme parks in Abu Dhabi and Spain. Ferrari has ended about half of its licensing agreements and closed stores it judged off-brand. At the end of 2025 it ran 16 directly operated stores and 2 franchised stores.

Ownership. Ferrari N.V. is a Dutch holding company with a loyalty voting structure. Exor N.V. held about 21.33% of the outstanding common shares and 32.32% of the voting power as of February 4, 2026. Trust Piero Ferrari held about 10.67% of the shares, and Vice Chairman Piero Ferrari, who exercises those votes, held about 16.17% of the voting power. The two sides have a shareholder agreement to consult on votes and board candidates. Executive Chairman John Elkann also chairs Stellantis and is chief executive of Exor. The company had 5,718 employees at December 31, 2025.

Risk factors

Source: 2025 Annual Report and Form 20-F, accession 0001648416-26-000024. The Q3 2026 interim report adds no new risk factors and refers back to this filing.

The risks below are condensed from the company's list, keeping those most specific to Ferrari:

• Brand and exclusivity. Ferrari's pricing depends on how exclusive the brand is seen to be. Shipping more cars, expanding the lifestyle business, or a misstep by licensees or on social media could all dilute it. On the other hand, holding volumes down caps growth and can weigh on how investors view its prospects.
• Few models, lumpy mix. A small number of models produces most revenue. One unsuccessful launch would hurt Ferrari more than a larger automaker. Profit also swings with the timing of high-margin limited series such as the Icona and Supercar models.
• Electrification. Integrating hybrid and electric technology, including the first fully electric Ferrari, requires heavy investment. Ferrari may not recover that cost at its target margins. Clients may also respond poorly to electric powertrains, and resale values could suffer if electric cars become obsolete faster than combustion models.
• Emissions and small-manufacturer status. Ferrari benefits from small-volume-manufacturer exemptions under EU CO2 rules and US EPA greenhouse-gas rules. It lost that status with the US National Highway Traffic Safety Administration (NHTSA) when global production passed 10,000 cars, and has bought fuel-economy (CAFE) credits for past model years. Losing the exemptions elsewhere, or tighter EU, US and California rules, could force changes to its product plans. US federal and California emissions policy has been in flux since 2025.
• US tariffs. The US took 25% of 2025 shipments and 28% of revenue from cars and spare parts. In 2025 the US tariff on EU-built cars rose from 2.5% to a combined 27.5%, then fell to 15% from August 1, 2025. Higher US import tariffs raised Ferrari's cost of sales in the second half of 2025 and were still a factor in the first nine months of 2026.
• China and growth markets. Mainland China, Hong Kong and Taiwan were 7% of 2025 net revenues. Slower growth there, Chinese government signals against ultra-high-income spending, and new luxury-car competitors could all limit growth.
• Currency. Most costs are in euros, while most revenue is earned in other currencies, mainly the US dollar, Japanese yen, Chinese yuan, pound sterling and Swiss franc. The dollar weakened from 1.0389 to 1.1750 per euro during 2025. Hedging only partly offsets such moves, and currency was a drag on both revenue and operating profit in 2025 and in the first nine months of 2026.
• Single-site production and suppliers. Every car and engine is built in Maranello and Modena, a seismically active region (a 2012 earthquake halted production for a day). Most key components are single-sourced, often without long-term contracts. Shortages, such as the recent semiconductor shortage, can delay deliveries.
• Racing performance and cost caps. Revenue from sponsorship and Ferrari's share of Formula 1 commercial income depends on the team's ranking. A long run without titles could erode the brand, and the FIA spending caps limit how much Ferrari can spend to catch up.
• Financing for clients and dealers. US client financing relies on access to the securitization market. In Europe it depends on the CA Auto Bank partnership. Higher rates or tighter credit could reduce car purchases. 54% of Ferrari's debt bore floating rates at the end of 2025.
• Cybersecurity. In a March 2023 ransomware attack, which Ferrari refused to pay, personal data of several hundred clients was leaked. Connected cars increase the exposure.
• Concentrated control and conflicts. The loyalty voting program gives Exor and Piero Ferrari outsized voting power, can deter takeovers and may reduce trading liquidity. Directors and officers shared with Exor and Stellantis create potential conflicts of interest.
• Tax regimes. The effective tax rate depends on Italian incentives, notably the Patent Box regime, which now gives a 110% super-deduction for qualifying R&D costs. The older 50% income exemption ended in 2024, which is why the tax rate rose in 2025. Changes to these incentives would raise the tax charge.

Management's discussion, full year 2025

Source: 2025 Annual Report and Form 20-F, accession 0001648416-26-000024.

In 2025 Ferrari grew profit on flat volume. It shipped 13,640 cars, 0.8% fewer than in 2024. Net revenues still reached $8.07 billion, up 11.7% in US dollar terms (7.0% in euros; 8.0% at constant currency). Operating profit (EBIT) grew faster, to $2.38 billion, up 16.7% in US dollars (11.8% in euros), and the margin widened to 29.5% from 28.3%.

• Cars and spare parts revenue was $6.79 billion, up 9.5% in US dollars (4.8% in euros). The gain came from a richer model and country mix and more personalization, which more than offset the wind-down of Daytona SP3 deliveries. Shipments were led by the 296 GTS, Purosangue, Roma Spider, the 12Cilindri family and the SF90 XX special series, and the first F80 Supercars were delivered in the fourth quarter. Currency was negative, mainly the US dollar and yen. By region, EMEA and Asia-Pacific grew, while the Americas and the China region declined slightly.
• Sponsorship, commercial and brand revenue was $926.09 million, up 27.7% in US dollars (22.4% in euros). The drivers were sponsorships, lifestyle, and higher Formula 1 commercial revenue tied to the team's better 2024 ranking.
• Cost of sales rose more slowly than revenue (3.7% in euros), falling to 48.3% of revenue from 49.9%. The increase reflected mix and higher US import tariffs in the second half. Selling, general and administrative costs rose 14.5% in euros, from racing, brand investment and organizational development.
• What drove EBIT. Positive product mix added $242.95 million, and racing and lifestyle activities $160.46 million. Against that, higher SG&A cost $91.53 million, currency including hedges $39.55 million, and higher R&D $28.25 million.
• Net profit was $1.81 billion, up 9.4% in US dollars (4.8% in euros). Diluted EPS was $10.12, up 10.6% in US dollars (5.9% in euros). Profit grew less than EBIT because the effective tax rate rose to 22.5% from 19.2% when the old Patent Box regime ended, and because net financial items swung to an expense on currency effects, including hedging costs, and lower interest income on cash.
• EBITDA was $3.13 billion (38.8% margin). There were no adjustments, so adjusted figures equal reported ones.

R&D and investment. Total R&D spending was $1.15 billion, of which 41.5% was capitalized. Capital expenditure was $1.07 billion. Operating cash flow was $2.65 billion, up on 2024 on higher profit and on advances received for the F80 and under sponsorship agreements. Free cash flow from industrial activities, Ferrari's main cash measure, was $1.73 billion, up 56.0% in US dollars (49.5% in euros).

Balance sheet and capital returns. At December 31, 2025 Ferrari had $1.72 billion of cash, $3.39 billion of total debt (much of it the securitization funding of its US financing arm) and net industrial debt of only $37.60 million. Available liquidity, including undrawn revolving credit, was $2.37 billion. In 2025 the company paid $598.57 million in dividends and spent $887.42 million on share buybacks. At the October 2025 Capital Markets Day it announced a buyback program of about $4.05 billion for 2026 to 2030. It also raised its target dividend payout to 40% of adjusted net profit from 35%.

Current quarter, three and nine months ended September 30, 2026

Sources: Interim Report for the three and nine months ended September 30, 2026, furnished on Form 6-K, accession 0001628280-26-069195; third-quarter results release furnished on Form 6-K, accession 0001648416-26-000141. All figures are unaudited.

The quarter in one line: fewer cars, richer cars. Ferrari shipped 3,368 cars in Q3 2026, against 3,401 a year earlier, while it changed over much of its line-up. Revenue, margins and earnings nonetheless all rose, because F80 Supercar deliveries and personalization raised the value of each car.

• Revenue was $2.18 billion, up 5.7% in US dollars (7.4% in euros; 9.9% at constant currency). Cars and spare parts brought in $1.82 billion, up 5.6% in US dollars (7.2% in euros), on the richer mix led by the F80 and more personalization. Sponsorship, commercial and brand revenue was $253.36 million, up 2.8% in US dollars (4.4% in euros). Higher sponsorship and lifestyle income was partly offset by lower Formula 1 commercial revenue, which reflects the team's 2025 ranking. Other revenue rose to $103.62 million (up 18.1% in euros), mainly from renting engines to other Formula 1 teams. Currency was again negative, mainly the US dollar and yen.
• Models. Deliveries rose for the Amalfi, 296 Speciale, 12Cilindri Spider and Purosangue. The 849 Testarossa and 296 Speciale Aperta continued to ramp up, and the 849 Testarossa Spider began shipping. The Roma Spider, 296 GTS and SF90 XX family were being phased out, and the 296 GTB ended production in the first half. Combustion models made up 67.5% of the quarter's shipments and hybrids 32.5%.
• Regions. Revenue from cars and spare parts rose by $100.1 million in the Americas, and also grew in EMEA and the rest of Asia-Pacific. It fell by $78.24 million in Mainland China, Hong Kong and Taiwan, where shipments dropped to 143 from 248 (Mainland China alone to 60 from 153).
• Operating profit (EBIT) was $648.01 million, up 10.4% in US dollars (12.1% in euros; 23% at constant currency). The margin widened to 29.7% from 28.4%. Product mix added $136.92 million, racing $23.01 million and spare parts $9.20 million. Against that, currency including hedges cost $51.78 million, higher R&D $33.37 million (mostly amortization as new models entered production), and higher marketing-driven SG&A $14.96 million. EBITDA was $866.38 million, a 39.7% margin.
• Net profit was $495.28 million, up 11.0% in US dollars (12.8% in euros); $494.64 million of it was attributable to shareholders, also up 11.0%. Diluted EPS was $2.81, up 12.3% in US dollars (14% in euros). Net financial expenses fell on a positive currency effect, and the effective tax rate was 23.0% against 22.0%. There were no adjustments, so adjusted figures equal reported ones.
• Cash. Free cash flow from industrial activities was $652.38 million, up 41.0% in US dollars (43% in euros). The prior-year figure was restated to include $37.39 million, mainly withholding taxes paid in that quarter. Strong profit and a positive working-capital swing drove the increase. Ferrari moved to a net industrial cash position of $248.67 million at September 30, 2026, from net industrial debt of $149.56 million at June 30, even after $199.05 million of share buybacks in the quarter.

Nine months. Revenue for the first nine months was $6.60 billion, up 10.3% in US dollars (6.3% in euros; 8.8% at constant currency), on 10,170 shipments against 10,488. EBIT was $1.99 billion (30.2% margin against 29.9%), net profit $1.52 billion, and diluted EPS $8.58, up 12.4% in US dollars (8% in euros). Product mix added $373.84 million to EBIT, net of higher US import tariffs, and currency cost $131.19 million. Shipments to the Americas fell to 2,867 from 3,060 and to the China region to 583 from 759. Early in the year Ferrari reallocated cars between regions in response to the escalation of hostilities in the Middle East. Industrial free cash flow was $1.74 billion, up 27.9% in US dollars (23% in euros).

Balance sheet and capital allocation. At September 30, 2026 Ferrari held $1.96 billion of cash and had $3.54 billion of total debt. Available liquidity, including $624.53 million of undrawn revolving credit, was $2.59 billion. The US financing arm's loan book grew to $2.13 billion, and its securitization programs had $1,655 million outstanding against a $1,675 million funding limit. In the nine months Ferrari drew $348.30 million of new bank borrowings and spent $829.78 million on capital expenditure, including the new paint shop it aims to open in 2027. It paid $736.80 million of the dividend approved at the April 15, 2026 annual meeting, which the company translated as $4.25919 per share for NYSE holders. It also spent $705.57 million on buybacks. On July 16, 2026 Ferrari cancelled the 16,644,606 common shares it held in treasury at the end of 2025. Common shares outstanding were 175.4 million at September 30, against 177.3 million at year-end. In June 2026 it bought a further 9% of Ferrari Korea Co., Ltd., in which it had acquired a 51% controlling interest in October 2025. The interim report does not state the price.

Outlook. Ferrari raised its 2026 guidance for the second time. The upgrade rests on stronger-than-expected personalization, smaller currency headwinds after hedging, and an assumed second place in the Formula 1 Constructors' Championship. It is based on the company's current visibility of the effects of the Middle East crisis. Ferrari also reaffirmed that the year would be shaped by a large model change-over and positive mix, higher racing and lifestyle revenue, more spending on brand, racing and digital, and higher depreciation as new models enter production. Chief executive Benedetto Vigna said the order book now extends into 2028, with two more launches due before year-end. The guidance below is converted at the average rate for the first nine months of 2026:

• Net revenues of about $8.88 billion (previously about $8.82 billion), against $8.07 billion in 2025.
• Adjusted EBITDA of at least $3.48 billion, a margin of at least 39.2% (previously at least $3.45 billion and 39.0%).
• Adjusted EBIT of at least $2.65 billion, a margin of at least 29.8% (previously at least $2.62 billion and 29.5%).
• Adjusted diluted EPS of at least $11.44 (previously at least $11.24).
• Industrial free cash flow of up to $1.92 billion (previously at least $1.80 billion).

Subsequent events

Sources: Interim Report Note 30 "Subsequent events" and Note 23 "Debt", accession 0001628280-26-069195; Q3 2026 results release, accession 0001648416-26-000141; buyback report furnished on Form 6-K, accession 0001648416-26-000138.

The interim financial statements were authorized for issue on November 3, 2026. Two events after the quarter end are material:

• Share repurchases. Between October 1 and October 30, 2026 Ferrari bought 176,262 common shares for $68.87 million under the third tranche of its multi-year buyback program. At October 30 it held 2,038,689 shares in treasury, 1.15% of issued common shares.
• US securitization renewal. In October 2026 Ferrari renewed the US retail securitization program that funds its client financing. Before renewal it had a $1,100 million funding limit and was due to mature in December 2026. The renewed program has a $1,200 million funding limit and matures in October 2028.

These filings disclose no acquisitions or divestitures after September 30, 2026.

Filings that contain financial statements

• Form 6-K filed November 3, 2026, accession 0001628280-26-069195: Ferrari N.V. Interim Report at and for the three and nine months ended September 30, 2026 (Exhibit 99.1). It holds the interim consolidated income statement, statement of financial position and statement of cash flows, with notes and management's discussion.
• Form 6-K filed November 3, 2026, accession 0001648416-26-000141: third-quarter 2026 results press release (Exhibit 99.1). It furnishes summary results tables, an income statement summary, non-GAAP reconciliations, free cash flow and net industrial debt/cash tables, but not full financial statements.
• Form 6-K filed July 30, 2026, accession 0001648416-26-000107: Interim Report at and for the three and six months ended June 30, 2026, with full interim financial statements. The companion 6-K filed the same day, accession 0001648416-26-000106, carries the second-quarter results press release.

Third-quarter 2026 results and guidance (November 3, 2026)

Accession 0001648416-26-000141 (results release) and 0001628280-26-069195 (interim report).

• Net revenues were $2.18 billion (EUR 1,896 million), up 7% (10% at constant currency). Cars and spare parts were $1.82 billion, and sponsorship, commercial and brand revenues were $253.36 million. Ferrari attributed the growth to a richer sports car mix and higher personalizations.
• Operating profit (EBIT) was $648.01 million, up 12% (23% at constant currency), a 29.7% margin against 28.4% a year earlier. EBITDA was $866.38 million, a 39.7% margin. Net profit was $495.28 million, and diluted earnings per share were $2.81 (EUR 2.44) against $2.50 (EUR 2.14) a year earlier. The company reported no adjustments to any of these measures in either period. The effective tax rate was 23.0%, which Ferrari said reflects the estimated benefit of the new Patent Box regime.
• Shipments were 3,368 cars against 3,401 a year earlier. Mainland China, Hong Kong and Taiwan shipments fell to 143 from 248, while EMEA and Rest of APAC grew.
• Industrial free cash flow was $652.38 million, up 43% on a re-presented prior-year figure. Net industrial cash at September 30, 2026 was $248.67 million, against net industrial debt at June 30, 2026. Total debt was $3.54 billion at quarter end.
• Nine months: net revenues $6.60 billion (up 6%), operating profit $1.99 billion (up 7%), net profit $1.52 billion (up 7%), diluted EPS $8.58, industrial free cash flow $1.74 billion (up 23%). Shipments for the nine months were 10,170 against 10,488.
• Guidance was raised for the second time this year. The company cited stronger personalizations than initially expected, lower currency headwinds net of hedges and a second-place Formula 1 constructors' ranking assumption. Updated 2026 targets, with prior targets in parentheses (converted at the average rate for the first nine months of 2026):
  • Net revenues of about $8.88 billion ($8.82 billion).
  • Adjusted EBITDA of at least $3.48 billion ($3.45 billion), at least a 39.2% margin (39.0%).
  • Adjusted EBIT of at least $2.65 billion ($2.62 billion), at least a 29.8% margin (29.5%).
  • Adjusted diluted EPS of at least $11.44 ($11.24).
  • Industrial free cash flow of up to $1.92 billion (at least $1.80 billion).
  • Ferrari said the guidance reflects current visibility on the effects of the Middle East crisis.
• Management said the order book now reaches into 2028 and that two more launches are planned this year.

Second-quarter 2026 results (July 30, 2026)

Accessions 0001648416-26-000106 and 0001648416-26-000107.

• Net revenues for the quarter ended June 30, 2026 were $2.25 billion (EUR 1,938 million), up 8%. EBIT was $703.72 million (EUR 605 million), a 31.2% margin, and net profit was $538.55 million. Ferrari raised its 2026 guidance at that time, citing continued strength in personalizations. Management said the order book entirely covered 2027.

Capital returns: share repurchases

• Ferrari is executing a multi-year buyback program of approximately $4.05 billion (EUR 3.5 billion) running to 2030, announced at its October 2025 Capital Markets Day. Purchases began January 5, 2026.
• The second tranche of $292.43 million (EUR 250 million), announced April 10, 2026, was completed with purchases through August 28, 2026. It was filed September 1, 2026, accession 0001648416-26-000111. The tranche bought 655,884 shares on Euronext Milan and 159,855 on the NYSE.
• Third tranche, announced in the same September 1, 2026 filing: up to $287.62 million (EUR 250 million), to run from September 2, 2026 to no later than December 16, 2026. Up to $230.10 million (EUR 200 million) is executed on Euronext Milan under a non-discretionary agreement with a bank, and up to $57.52 million (EUR 50 million) on the NYSE under a separate mandate. The tranche implements the authority from the April 15, 2026 shareholders' meeting to repurchase up to 10% of common shares, which expires October 14, 2027.
• Weekly purchase reports followed through the quarter. The report filed November 2, 2026 (accession 0001648416-26-000138) shows that, as of October 30, 2026, Ferrari had bought 447,885 shares for the third tranche (370,061 on Euronext Milan and 77,824 on the NYSE). Cumulative purchases since January 5, 2026 were 2,149,069 shares for a total of $776.46 million (EUR 668.7 million). Treasury shares were 2,038,689, or 1.15% of issued common shares.
• Share repurchases during the third quarter were $199.05 million (EUR 173 million), and the company bought a further 176,262 shares for $68.87 million (EUR 61.5 million) between October 1 and October 30, 2026 (accession 0001648416-26-000141).
• Interim report (accession 0001628280-26-069195): a dividend of $4.25919 (EUR 3.615) per common share was approved in April 2026, against $3.39210 (EUR 2.986) a year earlier. Dividends paid in the nine months were $739.56 million (EUR 637 million).

Commercial and other announcements

• September 17, 2026 (accession 0001648416-26-000118): Ferrari S.p.A. signed a partnership agreement with Rakuten Group, Inc., effective January 1, 2027. No financial terms were disclosed.
• October 16, 2026 (accession 0001648416-26-000132): Ferrari announced that it would release third-quarter results on November 3, 2026.

Acquisitions

• The interim report (accession 0001628280-26-069195) records that in June 2026 Ferrari acquired a further 9 percent interest in Ferrari Korea Co., Ltd, following its October 2025 purchase of a 51 percent controlling interest; the price is not disclosed.

Financing

• The interim report (accession 0001628280-26-069195) records EUR 300 million (about $348.30 million) in proceeds from new bank borrowings in the nine months ended September 30, 2026.
• In October 2026 Ferrari renewed its US retail securitization program, which had a $1,100 million funding limit and a December 2026 maturity. The renewed program has a $1,200 million funding limit and matures in October 2028 (Debt note, securitization table footnote 3, same interim report).

Not reflected in these filings

Apart from the Ferrari Korea purchase above, the 6-K filings reviewed carry no acquisitions or disposals, management or board changes, or legal and regulatory outcomes for the period. The remaining 6-Ks in the period are routine buyback reports.

About this file

RACE annual income statement, balance sheet and cash flow

Taken from the SEC filings, converted to US dollars and normalized to actual dollars.

• Accounting basis. IFRS consolidated financial statements (audited, Form 20-F)
• Conversion: average source, FY2025. FY2025 Form 20-F, note on consolidation of foreign entities (principal exchange rates used to translate other currencies into euro): U.S. Dollar 1.1300 per euro, 2025 average (0.884956 euro per US dollar)
• Conversion: average source, FY2024. FY2025 Form 20-F, note on consolidation of foreign entities (principal exchange rates used to translate other currencies into euro): U.S. Dollar 1.0824 per euro, 2024 average (0.923873 euro per US dollar)
• Conversion: average source, FY2023. FY2025 Form 20-F, note on consolidation of foreign entities (principal exchange rates used to translate other currencies into euro): U.S. Dollar 1.0814 per euro, 2023 average (0.924727 euro per US dollar)
• Conversion: closing source, FY2025. FY2025 Form 20-F, note on consolidation of foreign entities (principal exchange rates used to translate other currencies into euro): U.S. Dollar 1.1750 per euro at December 31, 2025 (0.851064 euro per US dollar)
• Conversion: closing source, FY2024. FY2025 Form 20-F, note on consolidation of foreign entities (principal exchange rates used to translate other currencies into euro): U.S. Dollar 1.0389 per euro at December 31, 2024 (0.962557 euro per US dollar)

RACE quarterly income statement, balance sheet and cash flow

Taken from the SEC filings, converted to US dollars and normalized to actual dollars.

• Accounting basis. IFRS interim condensed consolidated financial statements (unaudited, furnished on Form 6-K)
• Conversion: average source, Q3 2026. FRED DEXUSEU, average of 64 daily rates 2026-07-01 to 2026-09-30
• Conversion: average source, Q3 2025. FRED DEXUSEU, average of 64 daily rates 2025-07-01 to 2025-09-30
• Conversion: closing source, Q3 2026. Q3 2026 interim report, Note 5 Other information (principal exchange rates used to translate other currencies into euro): U.S. Dollar 1.1355 per euro at September 30, 2026 (0.880669 euro per US dollar)

RACE year-to-date income statement and cash flow

Taken from the SEC filings, converted to US dollars and normalized to actual dollars.

• Accounting basis. IFRS interim condensed consolidated financial statements (unaudited, furnished on Form 6-K)
• Conversion: average source, Nine months ended September 30, 2026. Q3 2026 interim report, Note 5 Other information (principal exchange rates used to translate other currencies into euro): U.S. Dollar 1.1610 per euro, average for the nine months ended September 30, 2026 (0.861326 euro per US dollar)
• Conversion: average source, Nine months ended September 30, 2025. Q3 2026 interim report, Note 5 Other information (principal exchange rates used to translate other currencies into euro): U.S. Dollar 1.1188 per euro, average for the nine months ended September 30, 2025 (0.893815 euro per US dollar)

RACE trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Derivation. FY2025 (Form 20-F, accession 0001648416-26-000024) plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025 (Q3 2026 interim report, accession 0001628280-26-069195), computed in euros and then converted at the average rate for the twelve months
• Conversion: average source. FRED DEXUSEU, average of 250 daily rates 2025-10-01 to 2026-09-30

Adjustments

Notes

• Annual figures (FY2025, FY2024, FY2023) come from the audited IFRS consolidated financial statements in the FY2025 Form 20-F (accession 0001648416-26-000024). The FY2023 balance sheet is not included because that 20-F presents the statement of financial position only at December 31, 2025 and 2024.
• Q3 2026, Q3 2025 and the nine-month figures come from the unaudited interim condensed consolidated financial statements in Ferrari's Q3 2026 interim report, furnished on Form 6-K (accession 0001628280-26-069195). That report compares the September 30, 2026 balance sheet with December 31, 2025, so there is no September 30, 2025 balance sheet in this record.
• Ferrari's interim statement of cash flows covers the nine months only. The three-month operating cash flow, capital expenditures, free cash flow and free cash flow from industrial activities shown for Q3 2026 and Q3 2025 are taken from the free cash flow reconciliation in the Q3 2026 results press release furnished the same day on Form 6-K (accession 0001648416-26-000141), which prints them rounded to the nearest euro million.
• Capital expenditures follow Ferrari's own definition: investments in property, plant and equipment plus investments in intangible assets (mainly capitalized development costs), excluding right-of-use assets under IFRS 16. For the full years and the nine-month periods, capex is the sum of those two cash flow statement lines and free cash flow is operating cash flow less that capex; the results tie to Ferrari's own free cash flow tables (EUR 1,406 million for 2025, EUR 938 million for 2024, EUR 848 million for 2023, EUR 1,322 million for the first nine months of 2026 and EUR 1,137 million for the first nine months of 2025). Cash outflows are shown as negative numbers.
• EBITDA, free cash flow from industrial activities, net (debt)/cash and net industrial (debt)/cash are Ferrari's non-GAAP measures, printed in euro millions. EBITDA is net profit before income tax expense, net financial expenses and amortization and depreciation; Ferrari reported no adjustments, so adjusted EBITDA, adjusted EBIT, adjusted net profit and adjusted EPS equal the reported figures in every period here. Free cash flow from industrial activities excludes the operating cash flow of Ferrari Financial Services Inc., the US client-financing subsidiary. Net industrial (debt)/cash excludes that subsidiary's debt (mainly securitizations) and cash; a positive value is net cash and a negative value is net debt: net industrial cash of EUR 219 million at September 30, 2026, against net industrial debt of EUR 32 million at December 31, 2025 and EUR 180 million at December 31, 2024.
• The Q3 2026 results release states that free cash flow from industrial activities for the three and nine months ended September 30, 2025 has been re-presented to include EUR 32 million mainly related to withholding taxes, which were paid in the third quarter, and that starting from the three and six months ended June 30, 2026 the measure excludes withholding taxes. The Q3 2025 (EUR 396 million) and nine-month 2025 (EUR 1,214 million) figures here are the re-presented ones; the FY2025, FY2024 and FY2023 figures are as printed in the FY2025 Form 20-F.
• Total debt is the 'Debt' line of the statement of financial position. It includes the asset-backed securitization financing of the US financial services business (EUR 1,458 million at September 30, 2026) and lease liabilities. The statement of financial position prints no total-liabilities subtotal, so liabilities are listed line by line and no total is shown.
• financial_expenses_income_net is shown as Ferrari prints it: a positive value is a net financial expense; the negative FY2024 value is net financial income.
• Net income is total net profit; diluted EPS is struck on net profit attributable to owners of the parent, shown separately. Share counts are weighted averages, from the earnings per share tables.
• The trailing twelve months to September 30, 2026 are derived as FY2025 plus the first nine months of 2026 less the first nine months of 2025, computed in euros before conversion. Per-share figures and free cash flow from industrial activities are not derived for that period.
• Shipments exclude strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars, and other special sales, as the filings state.

Uncertainties

• The Q3 2026 and Q3 2025 cash flow figures (operating cash flow, capex, free cash flow, free cash flow from industrial activities) are rounded euro-million amounts from the results press release rather than from a statement of cash flows; no three-month statement of cash flows is published.
• Free cash flow from industrial activities for 2026 and the re-presented 2025 interim periods may not be on exactly the same basis as the FY2025, FY2024 and FY2023 figures printed in the Form 20-F, because of the change in how withholding taxes are treated described in the Q3 2026 results release.
• The quarterly and trailing twelve-month US dollar figures use average market rates rather than a rate Ferrari states, so they are not on precisely the same conversion basis as the full-year and nine-month figures.

Company details

Fiscal period

Source filings