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MARANELLO, JULY 31, 2025 Q2 2025 RESULTS
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SAFE HARBOR STATEMENT This document, and in particular the section entitled “Stronger confidence in the 2025 Guidance”, contain forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “continue”, “on track”, “successful”, “grow”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, “guidance” and similar expressions. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Group’s ability to preserve and enhance the value of the Ferrari brand; the Group’s ability to attract and retain qualified personnel; the success of the Group’s racing activities; the Group’s ability to keep up with advances in high performance car technology, to meet the challenges and costs of integrating advanced technologies, including electric, more broadly into its car portfolio over time and to make appealing designs for its new models; the impact of increasingly stringent fuel economy, emissions and safety standards, including the cost of compliance, and any required changes to its products, as well as possible future bans of combustion engine cars in cities and the potential advent of self-driving technology; 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; increases in costs, disruptions of supply or shortages of components and raw materials, as well as trading policies and tariffs; the Group’s ability to successfully carry out its low volume and controlled growth strategy, while increasing its presence in growth market countries; 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 from the risk of cyberattacks, including on its in-vehicle technology; the ability of its current management team to operate and manage effectively and the reliance upon a number of key members of executive management and employees; the performance of the Group’s dealer network on which the Group depends for sales and services; product warranties, product recalls and liability claims; the sponsorship and commercial revenues and expenses of the Group’s racing activities, as well as the popularity of motor sports more broadly; the performance of the Group’s lifestyle activities; the Group’s ability to protect its intellectual property rights and to avoid infringing on the intellectual property rights of others; the Group’s continued compliance with customs regulations of various jurisdictions; labor relations and collective bargaining agreements; the Group’s ability to ensure that its employees, agents and representatives comply with applicable law and regulations; changes in tax or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which the Group operates; the Group’s ability to service and refinance its debt; exchange rate fluctuations, interest rate changes, credit risk and other market risks; the Group’s ability to provide or arrange for adequate access to financing for its clients and dealers, and associated risks; the adequacy of its insurance coverage to protect the Group against potential losses; potential conflicts of interest due to director and officer overlaps with the Group’s largest shareholders; and other factors discussed elsewhere in this document. The Group expressly disclaims and does not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this document or in connection with any use by any third party of such forward-looking statements. Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB. July 31, 2025 2
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KEEP ON DELIVERING ROBUST RESULTS IN Q2 2025. STRONGER CONFIDENCE IN FULL YEAR GUIDANCE 3 Q2 2025 revenues at ~€1.8B, EBITDA(1) at €709M, net profit at €425M and Industrial FCF at €232M, with no significant impact from incremental import tariffs in the US(2) Strong order book: • overwhelming demand for the 296 Speciale family, approaching completion of lifecycle • initial stage of order collection for the Ferrari Amalfi, unveiled with an unprecedented event on the Amalfi Coast • almost all other range models substantially sold out E-building production ramp up proceeding at pace, as well as the construction of the new paint shop Victory of the 24 Hours of Le Mans for the third year in a row, good progress in Formula 1 and Hypersail project revealed as a new racing adventure Note: (1) (2) Refer to notes to the presentation in the Appendix
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2.29 2.38 Q2 '24 Q2 '25 511 552 Q2 '24 Q2 '25 +3.9%+8.1% Q2 2025 HIGHLIGHTS Note: (1) (3) Refer to notes to the presentation in the Appendix SHIPMENTS(3) NET REVENUES (UNITS) (€M) EBIT(1) DILUTED EARNINGS PER SHARE (€M and margin %) (€) EBITDA(1) INDUSTRIAL FREE CASH FLOW(1) (€M and margin %) (€M) 30.9% +0.3% +4.4% +5.9% +90.7% 669 709 Q2 '24 Q2 '25 121 232 Q2 '24 Q2 '25 3,484 3,494 Q2 '24 Q2 '25 1,712 1,787 Q2 '24 Q2 '25 29.9% July 31, 2025 5 39.7% 39.1%
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Q2 2025 – SHIPMENTS Note: (4) Refer to notes to the presentation in the Appendix (5) Of which 849 units in Q2 2025 (+27 units vs Q2 2024) in the United States of America (6) Of which 176 units in Q2 2025 (-24 units vs Q2 2024) in Mainland China SHIPMENTS BY REGION(4) SHIPMENTS BREAKDOWN (Q2 2025 VS Q2 2024) (Q2 2025)Quarterly shipments substantially flat and reflected our deliberate geographic allocations. • Deliveries were driven by the 296 GTS, the Purosangue, the Roma Spider and the 12Cilindri family, which continued its ramp up phase • The SF90 XX family increased deliveries • Lower deliveries of the 296 GTB and the SF90 Spider approached the end of lifecycle • Daytona SP3 deliveries lower than prior year and sequentially decreasing versus Q1 2025, in line with plans to conclude deliveries in Q3 2025 July 31, 2025 6 EMEA -9 UNITS (47% vs 48% PY) MAINLAND CHINA, HONG KONG AND TAIWAN(6) -4 UNITS (8% vs 8% PY) REST OF APAC +11 UNITS (17% vs 16% PY) AMERICAS(5) +12 UNITS (28% vs 28% PY) HYBRID 45% INTERNAL COMBUSTION ENGINE (ICE) 55% RANGE 93%SPECIAL SERIES 5% ICONA 2%
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1,474 1,470 1,508 1,507 168 168 210 205 70 70 76 75 (4) 38 42 6 (7)1,712 1,708 1,794 1,787 Q2 2024 FX hedges Q2 2024 Q2 2024 w/o FX hedges Cars and spare parts Sponsorship, commercial and brand Other Q2 2025 at constant currency 2024 Change in FX 2024 vs 2025 & FX hedges Q2 2025 Q2 2025 Cars and spare parts Sponsorship, commercial and brand Other NET REVENUES BRIDGE Q2 2024 – 2025 Note: (7) (8) (9) (10) Refer to notes to the presentation in the Appendix +2.6% +24.5% +9.1% (7) (8) (9) (10) Net revenues reported +4.4% Net revenues at constant currency(10) +5.1% • Cars and spare parts: increase thanks to richer product and country mix, as well as personalizations • Sponsorship, commercial and brand: increase mainly attributable to sponsorships and lifestyle activities, as well as higher commercial revenues linked to the better prior year Formula 1 ranking • Currency: negative net impact, mainly USD (€M) July 31, 2025 7
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507 554 (4) (17) (23) (2)511 4 47 36 552 EBIT Q2 2024 FX hedges Q2 2024 EBIT Q2 2024 w/o FX hedges Volume Mix / Price Ind. Costs / R&D SG&A Other EBIT Q2 2025 at constant currency 2024 Change in FX 2024 vs 2025 & FX hedges Q2 2025 EBIT Q2 2025 EBIT BRIDGE Q2 2024 – 2025 Note: (10) Refer to notes to the presentation in the Appendix EBITDA 669 39.1% EBITDA 665 39.3% • Mix / price: enriched product mix, sustained by SF90 XX and 12Cilindri families, higher personalizations and positive country mix driven by Americas, partially offset by lower Daytona SP3 deliveries • Industrial costs / R&D: higher racing and sports cars R&D costs expensed, with substantially flat depreciation and amortization • SG&A: mainly reflecting racing expenses and brand investments • Other: positive mainly thanks to racing and lifestyle activities, lower costs due to revised Formula 1 in-season ranking assumptions, partially offset by the comparison with the prior year’s release of car environmental provisions Margin 29.9% Margin 29.9% Margin 30.9% Margin 30.9% (10) EBITDA 711 39.6% EBITDA 709 39.7% (€M) July 31, 2025 8
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699 232 (44) (184) (239) EBITDA (Industrial Activities only) Q2 2025 Change in working capital, provisions & other Net cash interest & Taxes Capex Industrial FCF Q2 2025 INDUSTRIAL FCF AND NET INDUSTRIAL (DEBT)/CASH(1) BRIDGES MAR 31, 2025 – JUN 30, 2025 Note: (1) (11) (12) Refer to notes to the presentation in the Appendix +44 (2) • Change in working capital & other: negative mainly due to inventory increase driven by production planning • Capex spending focused on product and infrastructure development • Dividend distribution of approximately €536M +29 +111+40 Change vs Q2 ‘24 (11) (€M) July 31, 2025 9 (49) (338) (536) 15 232 March 31, 2025 Net Industrial Debt Industrial FCF Dividends Currency, Other & IFRS 16 June 30, 2025 Net Industrial Debt (96)+111 +27 (12)
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STRONGER CONFIDENCE IN THE 2025 GUIDANCE Note: (13) Refer to notes to the presentation in the Appendix July 31, 2025 10 (€B, unless otherwise stated) 2024 ACTUAL 2025 GUIDANCE GROWTH VS PY NET REVENUES 6.7 >7.0 ≥5% ADJ. EBITDA (margin %) 2.56 38.3% ≥2.68 ≥38.3% ≥5% ADJ. OPERATING PROFIT (EBIT) (margin %) 1.89 28.3% ≥2.03 ≥29.0% ≥7% ADJ. DILUTED EPS (€) 8.46(13) ≥8.60(13) ≥2% INDUSTRIAL FCF 1.03 ≥1.20 ≥17% Based on the following assumptions for the year and current custom duties framework: • Positive product and country mix, along with strong personalizations • Improved contribution from racing activities, reflecting higher sponsorships as well as commercial revenues linked to the better Formula 1 ranking achieved in 2024 • Lifestyle activities to expand its revenues growth rate, while investing to accelerate development and enlarge the network • Continuous brand investments, higher racing and digital transformation expenses • Increased costs implied by the ongoing supply chain challenges • Higher effective tax rate in connection to the change of the Patent Box regime • Robust Industrial free cash flow generation driven by strong profitability, partially offset by capital expenditures more contained versus prior year The 50 bps risk on percentage margins – outlined on March 27, 2025 following the introduction of higher import tariffs applicable to cars, spare parts and other goods originating in the EU imported in the US – has been removed as a consequence of the recent agreement on lower levels reached between the US and the EU, as well as of lower industrial costs expected in the second part of the year compared to initial expectations.
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Q&A 11
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APPENDIX 12
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NOTES TO THE PRESENTATION 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. Reconciliations to non-GAAP financial measures are provided in the Appendix. 2. During the three months ended June 30, 2025 there were no significant impacts for the Group from the increase of import tariffs applicable to cars, spare parts and other goods originating in the European Union that are imported into the United States, which became effective starting on April 3, 2025, as the majority of the goods sold by the Group in the United States during the period were imported prior to the tariffs taking effect. 3. Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars 4. Shipments geographic breakdown 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 5. Of which 849 units in Q2 2025 (+27 units vs Q2 2024) in the United States of America 6. Of which 176 units in Q2 2025 (-24 units vs Q2 2024) in Mainland China 7. Includes net revenues generated from shipments of our cars, any personalization generated on these cars, as well as sales of spare parts 8. 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 fashion collections, merchandising, licensing and royalty income 9. 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 months ended March 31, 2024 only, from the sale of engines to Maserati 10. The constant currency presentation eliminates the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges 11. Excluding right-of-use assets recognized during the period in accordance with IFRS 16 – Leases 12. In May 2025 the Company paid €502M out of the total dividend distribution to owners of the parent and the remaining balance, which mainly relates to withholding taxes, is expected to be paid in the following quarters 13. Calculated using the weighted average diluted number of common shares as of December 31, 2024 (179,992 thousand) 14. Models not included in the total shipments’ figure provided 15. Not including lease liabilities and other debt 16. Financial leverage is calculated as the ratio between Net (Debt)/Cash or Net Industrial (Debt)/Cash and EBITDA or EBITDA (Industrial Activities only) 17. Capitalized as intangible assets 18. For the three and six months ended June 30, 2025 and 2024, the weighted average number of common shares for diluted earnings per common 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) 19. Free cash flow from industrial activities for the three and six months ended June 30, 2025 includes €34M mainly related to withholding taxes, which are expected to be paid in the following quarters. Free cash flow from industrial activities for the three and six months ended June 30, 2024 includes €26M mainly related to withholding taxes, which were paid in the following quarters. July 31, 2025 13
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STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION Model / year of delivery 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 RANGE MODELS FF F12Berlinetta California 30 California T 488 GTB 488 Spider GTC4LUSSO 812 Superfast GTC4LUSSO T Portofino F8 Tributo SF90 Stradale 812 GTS F8 Spider Roma SF90 Spider Portofino M 296 GTB 296 GTS Purosangue Roma Spider 12Cilindri 12Cilindri Spider Amalfi RANGE MODELS INTRODUCED July 31, 2025 14
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STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION Note: (14) Refer to notes to the presentation in the Appendix Model / year of delivery 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 SPECIAL SERIES 458 Speciale A F12tdf 488 Pista 488 Pista Spider 812 Competizione 812 Competizione A SF90 XX Stradale SF90 XX Spider 296 Speciale 296 Speciale A ICONA Ferrari Monza SP1 & SP2 Ferrari Daytona SP3 SUPERCAR LaFerrari LaFerrari Aperta F80 TRACK CAR(14) FXX-K FXX-K EVO 488 GT Modificata 296 Challenge 499P Modificata FUORISERIE(14) F60 America J50 SPECIAL SERIES AND LIMITED EDITION MODELS INTRODUCED July 31, 2025 15
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GROUP SHIPMENTS BY REGION(3)(4) Note: (3) (4) (5) (6) Refer to notes to the presentation in the Appendix Americas(5)EMEA Mainland China, Hong Kong and Taiwan(6) Rest of APAC July 31, 2025 16 1,655 1,646 981 993 278 274 570 581 3,484 3,494 Q2 2024 Q2 2025 3,228 3,347 1,978 2,015 595 511 1,243 1,214 7,044 7,087 H1 2024 H1 2025
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150 362 440 317 70 44 339 201 75 150 701 641 392 220 194 500 150 150 2025 2026 2027 2028 2029 2030 2031 2032 Bond / Notes (USPP) US Securitizations Bank debt & other DEBT AND LIQUIDITY POSITION Note: (15) Refer to notes to the presentation in the Appendix Certain totals in the tables included in this document may not add due to rounding (1,640) (338) (1,302) June 30, 2025 Net Debt June 30, 2025 Net Debt of Financial Services Activities June 30, 2025 Net Industrial Debt NET INDUSTRIAL (DEBT) / CASHNET INDUSTRIAL (DEBT) / CASH (€M) (€M) CASH AND MARKETABLE SECURITIESGROSS DEBT MATURITY PROFILE(15) (€M and Cash Maturities) (€M) At Jun. 30 At Mar. 31 At Dec. 31 2025 2025 2024 2023 2022 Debt (3,158) (3,334) (3,352) (2,477) (2,812) Cash and Cash Equivalents (A) 1,518 1,915 1,742 1,122 1,389 Net (Debt)/Cash (1,640) (1,419) (1,610) (1,355) (1,423) Net (Debt)/Cash of Financial Services Activities (1,302) (1,370) (1,430) (1,256) (1,216) Net Industrial (Debt)/Cash (338) (49) (180) (99) (207) Undrawn Committed Credit Lines (B) 550 550 550 600 669 Total Available Liquidity (A+B) 2,068 2,465 2,292 1,722 2,058 At Jun. 30 At Mar. 31 At Dec. 31 2025 2025 2024 2023 2022 Euro 1,322 1,720 1,536 894 1,181 US Dollar 118 100 108 97 70 Chinese Yuan 34 41 63 81 96 Japanese Yen 11 3 3 5 6 Other Currencies 33 51 32 45 36 Total (€ equivalent) 1,518 1,915 1,742 1,122 1,389 July 31, 2025 17
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FINANCIAL LEVERAGE(16) HISTORICAL TREND Note: (16) Refer to notes to the presentation in the Appendix 0.3x 0.3x 0.5x 0.2x 0.1x ~0.0x 0.1x 0.1x 2018 2019 2020 2021 2022 2023 2024LTM 2025 1.0x 0.9x 1.2x 0.8x 0.8x 0.6x 0.6x 0.6x 2018 2019 2020 2021 2022 2023 2024LTM 2025 Net Debt / EBITDA Net Industrial Debt / EBITDA (Industrial Activities only) Total available liquidity at €2,068M as of June 30, 2025 (€2,465M as of March 31, 2025), including undrawn committed credit lines of €550M July 31, 2025 18
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CAPEX AND R&D Note: (11) (17) Refer to notes to the presentation in the Appendix Certain totals in the tables included in this document may not add due to rounding July 31, 2025 19 Q2 ’25 Q2 ’24 €M, unless otherwise stated H1 ’25 H1 ‘24 239 268 Capital expenditures(11) 463 463 110 124 of which capitalized development costs(17) (A) 220 233 146 127 Research and development costs expensed (B) 306 273 256 251 Total research and development (A+B) 526 506 79 78 Amortization of capitalized development costs (C) 152 163 225 205 Research and development costs as recognized in the consolidated income statement (B+C) 458 436
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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 our 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. Reconciliations are only provided to the most directly comparable IFRS financial statement line item for Adjusted EBITDA, Adjusted EBIT and Adjusted Diluted EPS for historical periods, as the income or expense excluded from these non-GAAP financial measures in accordance with our policy are, by definition, not predictable and uncertain. NON-GAAP FINANCIAL MEASURES • Total Net Revenues, EBITDA, adj. EBITDA, EBIT and adj. EBIT at constant currency eliminate the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges. • 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. • Adjusted Earnings Before Interest and Taxes or “Adjusted EBIT” represents 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. • Adjusted Net Profit represents net profit as adjusted for certain income and costs (net of tax effects) which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities. • Adjusted Basic Earnings per Common Share and Adjusted Diluted Earnings per Common Share represent earnings per share, as adjusted for certain income and costs (net of tax effects) which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities. • Net Industrial (Debt) / Cash is defined as total debt less cash and cash equivalents (Net Debt), further adjusted to exclude the debt and cash and cash equivalents related to our financial services activities (Net Debt 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. • Free Cash Flow is defined as 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), intangible assets and joint ventures. 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 and joint ventures of our financial services activities. July 31, 2025 20
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KEY PERFORMANCE METRICS AND RECONCILIATIONS OF NON-GAAP MEASURES Certain totals in the tables included in this document may not add due to rounding July 31, 2025 21 Q2 ‘25 Q2 ‘24 €M, unless otherwise stated H1 ‘25 H1 ‘24 1,787 1,712 Net revenues 3,578 3,297 846 856 Cost of sales 1,704 1,638 160 143 Selling, general and administrative costs 309 267 225 205 Research and development costs 458 436 6 (1) Other expenses/(income), net 18 6 2 2 Results from investments 5 3 552 511 Operating profit (EBIT) 1,094 953 7 - Financial expenses/(income), net 21 2 545 511 Profit before taxes 1,073 951 120 98 Income tax expenses 236 186 22.0% 19.1% Effective tax rate 22.0% 19.5% 425 413 Net profit 837 765 2.38 2.29 Basic EPS (€) 4.68 4.24 2.38 2.29 Diluted EPS (€) 4.68 4.23 709 669 EBITDA 1,402 1,274 699 659 of which EBITDA (Industrial Activities only) 1,382 1,254
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RECONCILIATIONS OF NON-GAAP MEASURES: TOTAL NET REVENUES AT CONSTANT CURRENCY Certain totals in the tables included in this document may not add due to rounding July 31, 2025 22 Q2 ‘25 Q2 ‘25 at costant currency €M, unless otherwise stated H1 ‘25 H1 ‘25 at constant currency 1,507 1,508 Cars and spare parts 3,043 3,026 205 210 Sponsorship, commercial and brand 396 400 75 76 Other 139 139 1,787 1,794 Total Net Revenues 3,578 3,565
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RECONCILIATIONS OF NON-GAAP MEASURES: EBITDA AND OPERATING PROFIT (EBIT) AT CONSTANT CURRENCY Certain totals in the tables included in this document may not add due to rounding July 31, 2025 23 Q2 ‘25 Q2 ‘25 at constant currency €M, unless otherwise stated H1 ’25 H1 ‘25 at constant currency 709 711 EBITDA 1,402 1,389 552 554 Operating profit (EBIT) 1,094 1,081
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RECONCILIATIONS OF NON-GAAP MEASURES: EBITDA AND ADJUSTED EBITDA Certain totals in the tables included in this document may not add due to rounding July 31, 2025 24 Q2 ‘25 Q2 ‘24 €M, unless otherwise stated H1 ‘25 H1 ‘24 425 413 Net profit 837 765 120 98 Income tax expenses 236 186 7 - Financial expenses/(income), net 21 2 157 158 Amortization and depreciation 308 321 709 669 EBITDA 1,402 1,274 - - Adjustments - - 709 669 Adjusted EBITDA 1,402 1,274
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RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED OPERATING PROFIT (EBIT) Certain totals in the tables included in this document may not add due to rounding July 31, 2025 25 Q2 ‘25 Q2 ‘24 €M, unless otherwise stated H1 ’25 H1 ‘24 552 511 Operating profit (EBIT) 1,094 953 - - Adjustments - - 552 511 Adjusted Operating profit (EBIT) 1,094 953
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RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED NET PROFIT Certain totals in the tables included in this document may not add due to rounding July 31, 2025 26 Q2 ‘25 Q2 ‘24 €M, unless otherwise stated H1 ‘25 H1 ‘24 425 413 Net profit 837 765 - - Adjustments - - 425 413 Adjusted Net profit 837 765
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RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED BASIC AND DILUTED EPS Note: (18) Refer to notes to the presentation in the Appendix Certain totals in the tables included in this document may not add due to rounding July 31, 2025 27 Q2 ‘25 Q2 ’24 €M, unless otherwise stated H1 ‘25 H1 ‘24 424 412 Net profit attributable to owners of the Company 836 763 178,216 179,952 Weighted average number of common shares (thousand) 178,437 180,101 2.38 2.29 Basic EPS (€) 4.68 4.24 - - Adjustments - - 2.38 2.29 Adjusted Basic EPS (€) 4.68 4.24 178,427 180,206 Weighted average number of common shares for diluted earnings per common share (thousand)(18) 178,648 180,355 2.38 2.29 Diluted EPS (€) 4.68 4.23 - - Adjustments - - 2.38 2.29 Adjusted Diluted EPS (€) 4.68 4.23
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RECONCILIATIONS OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW FROM INDUSTRIAL ACTIVITIES Note: (19) Refer to notes to the presentation in the Appendix Certain totals in the tables included in this document may not add due to rounding July 31, 2025 28 Q2 ‘25 Q2 ‘24 €M, unless otherwise stated H1 ‘25 H1 ’24 429 341 Cash flow from operating activities 1,276 846 (239) (268) Investments in property, plant and equipment and intangible assets (463) (463) 190 73 Free Cash Flow 813 383 (42) (48) Free Cash Flow from Financial Services Activities (39) (59) 232 121 Free Cash Flow from Industrial Activities(19) 852 442
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Certain totals in the tables included in this document may not add due to rounding RECONCILIATIONS OF NON-GAAP MEASURES: NET INDUSTRIAL (DEBT) / CASH €M, unless otherwise stated June 30, 2025 March 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 Debt (3,158) (3,334) (3,352) (2,477) (2,812) (2,630) (2,725) of which: Lease liabilities as per IFRS 16 (168) (178) (126) (73) (57) (56) (62) Cash and Cash Equivalents 1,518 1,915 1,742 1,122 1,389 1,344 1,362 Net (Debt)/Cash (A) (1,640) (1,419) (1,610) (1,355) (1,423) (1,286) (1,363) Net (Debt)/Cash of Financial Services Activities (1,302) (1,370) (1,430) (1,256) (1,216) (989) (820) Net Industrial (Debt) / Cash (B) (338) (49) (180) (99) (207) (297) (543) EBITDA / EBITDA LTM (C) 2,683 2,643 2,555 2,279 1,773 1,531 1,143 EBITDA / EBITDA (Industrial Activitiesonly) LTM (D) 2,644 2,604 2,516 2,243 1,732 1,493 1,116 Financial Leverage on Net Industrial Debt (B/D) 0.1x ~0.0x 0.1x ~0.0x 0.1x 0.2x 0.5x Financial Leverage on Net Debt (A/C) 0.6x 0.5x 0.6x 0.6x 0.8x 0.8x 1.2x July 31, 2025 29