Financials Ferrari N.V.

Equities

RACE

NL0011585146

Auto & Truck Manufacturers

Market Closed - Borsa Italiana Other stock markets 09:15:00 11/07/2025 pm IST			5-day change	1st Jan Change
421.60 ^EUR	-0.73%		+3.13%	+2.23%

11/07	DIARY - Italy to Aug. 31	RE
09/07	Servicenow Teams Up with Ferrari Hypercar to Boost Real-Time Race Operations	CI

Projected Income Statement: Ferrari N.V.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	3,460	4,271	5,095	5,970	6,677	7,163	7,865	8,429
Change	-	23.44%	19.29%	17.17%	11.84%	7.27%	9.8%	7.18%
EBITDA ¹	1,143	1,531	1,773	2,279	2,555	2,748	3,064	3,345
Change	-	33.95%	15.81%	28.54%	12.11%	7.56%	11.48%	9.2%
EBIT ¹	716	1,075	1,227	1,617	1,888	2,086	2,336	2,556
Change	-	50.14%	14.14%	31.78%	16.76%	10.48%	11.99%	9.41%
Interest Paid ¹	-49	-33	-49	-15	1.205	-13.67	-8	-5.5
Earnings before Tax (EBT) ¹	667	1,042	1,178	1,602	1,889	2,073	2,329	2,573
Change	-	56.22%	13.03%	36.02%	17.92%	9.76%	12.35%	10.47%
Net income ¹	608	833	939	1,257	1,526	1,621	1,813	1,974
Change	-	37.01%	12.73%	33.87%	21.4%	6.23%	11.84%	8.9%
Announcement Date	02/02/21	02/02/22	02/02/23	01/02/24	04/02/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	571	888	1,069	1,011	1,035	1,053	1,172	1,186	1,291	1,250	1,368	1,429	1,474	1,544	1,523	1,585	1,712	1,644	1,736	1,791	1,826	1,728	1,808	1,933	2,011	1,976	2,047
Change	-	55.52%	20.38%	-5.43%	2.37%	1.74%	11.3%	1.19%	8.85%	-3.18%	9.44%	4.46%	3.15%	4.75%	-1.36%	4.07%	8.01%	-3.97%	5.6%	3.17%	1.93%	-5.34%	4.63%	6.92%	4.01%	-1.72%	3.59%
EBITDA ¹	124	330	372	376	386	371	398	423	446	435	469	537	589	595	558	605	669	638	643	693	704.5	668.5	684.8	-	-	-	-
Change	-	166.13%	12.73%	1.08%	2.66%	-3.89%	7.28%	6.28%	5.44%	-2.47%	7.82%	14.5%	9.68%	1.02%	-6.22%	8.42%	10.58%	-4.63%	0.78%	7.78%	1.65%	-5.11%	2.44%	-	-	-	-
EBIT ¹	23	222	251	266	274	270	265	307	323	299	298	385	437	423	372	442	511	467	468	542	546.7	503.5	505	589.8	590.8	588.8	589.8
Change	-	865.22%	13.06%	5.98%	3.01%	-1.46%	-1.85%	15.85%	5.21%	-7.43%	-0.33%	29.19%	13.51%	-3.2%	-12.06%	18.82%	15.61%	-8.61%	0.21%	15.81%	0.86%	-7.89%	0.3%	16.79%	0.17%	-0.34%	0.17%
Charge d'intérêts ¹	-11	-14	-11	-9.227	-10	-10.5	-4	-8.005	-9.427	-14	-17	-4	-9	3	-5	-33.89	-0.467	-1	4.365	-13.99	-9	-1	-	-	-	-	-
Earnings before Tax (EBT) ¹	11.78	208	240	257	264	260	261	299.2	313.2	285	280.8	380.7	428	426	367	440	511	466	472	528	551.4	503.8	498.1	581.7	582.7	580.7	581.7
Change	-	1,664.96%	15.38%	7.08%	2.72%	-1.52%	0.38%	14.65%	4.67%	-9.01%	-1.47%	35.55%	12.44%	-0.47%	-13.85%	19.89%	16.14%	-8.81%	1.29%	11.86%	4.43%	-8.63%	-1.13%	16.78%	0.17%	-0.34%	0.17%
Net income ¹	9	171	262	206	206	207	214	239	251	226	221	297	334	332	294	352	412	374	386	412	428.3	392	392.3	452	453	451	452
Change	-	1,800%	53.22%	-21.37%	0%	0.49%	3.38%	11.68%	5.02%	-9.96%	-2.21%	34.39%	12.46%	-0.6%	-11.45%	19.73%	17.05%	-9.22%	3.21%	6.74%	3.96%	-8.49%	0.09%	15.22%	0.22%	-0.44%	0.22%
Announcement Date	03/08/20	03/11/20	02/02/21	04/05/21	02/08/21	02/11/21	02/02/22	04/05/22	02/08/22	02/11/22	02/02/23	04/05/23	02/08/23	02/11/23	01/02/24	07/05/24	01/08/24	05/11/24	04/02/25	06/05/25	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	1,957	2,046	2,225	2,477	2,618	2,903	3,067	3,297	3,380	3,648	3,545
Change	-	4.55%	8.75%	11.33%	5.69%	10.89%	5.65%	7.5%	2.52%	7.94%	-2.84%
EBITDA ¹	702	762	769	869	904	1,126	1,153	1,274	1,281	1,408	1,334
Change	-	8.55%	0.92%	13%	4.03%	24.56%	2.4%	10.49%	0.55%	9.88%	-5.22%
EBIT ¹	473	540	535	630	597	822	795	953	935	1,097	995
Change	-	14.16%	-0.93%	17.76%	-5.24%	37.69%	-3.28%	19.87%	-1.89%	17.33%	-9.3%
Charge d'intérêts ¹	-25	-19	-14	-17.43	-31	-13	-2	-2.273	3.478	-13	-
Earnings before Tax (EBT) ¹	448	521	521	612.5	565.3	809	793	951	938	1,080	966
Change	-	16.29%	0%	17.55%	-7.7%	43.11%	-1.98%	19.92%	-1.37%	15.14%	-10.56%
Net income ¹	433	-	421	490	449	631	626	763	763	842	753
Change	-	-	-	16.39%	-8.37%	40.53%	-0.79%	21.88%	0%	10.35%	-10.57%
Announcement Date	02/02/21	02/08/21	02/02/22	02/08/22	02/02/23	02/08/23	01/02/24	01/08/24	04/02/25	-	-

¹EUR in Million

Estimates

Forecast Balance Sheet: Ferrari N.V.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	1,363	1,286	1,423	1,355	1,610	1,423	925	684
Change	-	-5.65%	10.65%	-4.78%	18.82%	-11.61%	-35%	-26.05%
Announcement Date	02/02/21	02/02/22	02/02/23	01/02/24	04/02/25	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Ferrari N.V.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	709	737	806	869	989	924.1	982.9	1,059
Change	-	3.95%	9.36%	7.82%	13.81%	-6.56%	6.36%	7.76%
Free Cash Flow (FCF) ¹	172	546	597	848	938	1,355	1,427	1,683
Change	-	217.44%	9.34%	42.04%	10.61%	44.49%	5.28%	17.93%
Announcement Date	02/02/21	02/02/22	02/02/23	01/02/24	04/02/25	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Ferrari N.V.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	33.03%	35.85%	34.8%	38.17%	38.27%	38.37%	38.95%	39.69%
EBIT Margin (%)	20.69%	25.17%	24.08%	27.09%	28.28%	29.12%	29.7%	30.32%
EBT Margin (%)	19.28%	24.4%	23.12%	26.83%	28.29%	28.95%	29.62%	30.53%
Net margin (%)	17.57%	19.5%	18.43%	21.06%	22.85%	22.63%	23.05%	23.42%
FCF margin (%)	4.97%	12.78%	11.72%	14.2%	14.05%	18.92%	18.14%	19.96%
FCF / Net Income (%)	28.29%	65.55%	63.58%	67.46%	61.47%	83.61%	78.71%	85.24%
Profitability
ROA	9.12%	12.69%	12.75%	15.83%	17.34%	16.35%	16.9%	16.37%
ROE	32.7%	41.74%	38.87%	44.29%	46.15%	41.27%	38.58%	35.45%
Financial Health
Leverage (Debt/EBITDA)	1.19x	0.84x	0.8x	0.59x	0.63x	0.52x	0.3x	0.2x
Debt / Free cash flow	7.92x	2.36x	2.38x	1.6x	1.72x	1.05x	0.65x	0.41x
Capital Intensity
CAPEX / Current Assets (%)	20.49%	17.26%	15.82%	14.56%	14.81%	12.9%	12.5%	12.57%
CAPEX / EBITDA (%)	62.03%	48.14%	45.46%	38.13%	38.71%	33.63%	32.08%	31.66%
CAPEX / FCF (%)	412.21%	134.98%	135.01%	102.48%	105.44%	68.19%	68.88%	62.94%
Items per share
Cash flow per share ¹	4.526	6.946	7.664	9.46	10.71	13.44	14.21	15.66
Change	-	53.46%	10.34%	23.43%	13.18%	25.58%	5.71%	10.21%
Dividend per Share ¹	0.867	1.362	-	2.443	2.986	3.038	3.371	3.786
Change	-	57.09%	-	-	22.23%	1.74%	10.97%	12.31%
Book Value Per Share ¹	9.66	12	-	16.86	19.63	23.66	29.59	35.44
Change	-	24.21%	-	-	16.43%	20.49%	25.1%	19.75%
EPS ¹	3.28	4.5	5.09	6.9	8.46	8.961	10.11	11.16
Change	-	37.2%	13.11%	35.56%	22.61%	5.92%	12.78%	10.42%
Nbr of stocks (in thousands)	1,84,748	1,83,843	1,81,953	1,80,418	1,79,044	1,78,203	1,78,203	1,78,203
Announcement Date	02/02/21	02/02/22	02/02/23	01/02/24	04/02/25	-	-	-