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MARANELLO, NOVEMBER 4, 2025 Q3 2025 RESULTS
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FORWARD LOOKING STATEMENT This document, and in particular the section entitled “2025 Guidance revised upward during the 2025 Capital Markets Day”, 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 and the potential advent of self-driving technology; increases in costs, 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 from 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 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. November 4, 2025 2
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November 4, 2025 CONTINUED EXECUTION: STRONG Q3 2025 RESULTS Q3 2025 revenues at ~€1.8B, adjusted EBIT(1) at ~€500M with 28.4% margin and robust industrial free cash flow generation of €365M 2025 guidance revised upward in October on the back of the solid business performance Capital Markets Day 2025 outlined the plans and ambitions for 2030 and beyond First step of the reveal of the Ferrari Elettrica, with the presentation of its technological heart 849 Testarossa family unveiled, the latest hybrid plug-in sports cars, designed to exceed limits Order book well into 2027, with Amalfi and 849 Testarossa family supporting the order intake Note: (1) Refer to notes to the presentation in the Appendix 3
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2.08 2.14 Q3 '24 Q3 '25 467 503 Q3 '24 Q3 '25 +2.9%+7.6% Q3 2025 HIGHLIGHTS Note: (1) (2) Refer to notes to the presentation in the Appendix SHIPMENTS(2) NET REVENUES (UNITS) (€M) EBIT(1) DILUTED EARNINGS PER SHARE (€M and margin %) (€) EBITDA(1) INDUSTRIAL FREE CASH FLOW(1) (€M and margin %) (€M) 28.4% +0.5% +7.4% +5.0% +0.3% 638 670 Q3 '24 Q3 '25 364 365 Q3 '24 Q3 '25 3,383 3,401 Q3 '24 Q3 '25 1,644 1,766 Q3 '24 Q3 '25 28.4% November 4, 2025 4 37.9% 38.8%
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Q3 2025 – SHIPMENTS Note: (3) Refer to notes to the presentation in the Appendix (4) Of which -23 units vs Q3 2024 in the United States of America (5) Of which -37 units vs Q3 2024 in Mainland China SHIPMENTS BY REGION(3) SHIPMENTS BREAKDOWN (Q3 2025 VS Q3 2024) (Q3 2025)Quarterly shipments substantially flat and reflected our deliberate geographic allocations. • Deliveries were driven by the 296 GTS, the Purosangue, the 12Cilindri family, which continued its ramp up phase, and the Roma Spider • SF90 XX family increased deliveries • 296 GTB approaching the end of its lifecycle • SF90 Spider and Daytona SP3 phased out • Significant models change-over in the next quarters: SF90 and 296 families and Roma gradually replaced by their successor models November 4, 2025 5 EMEA +23 UNITS (43% vs 42% PY) MAINLAND CHINA, HONG KONG AND TAIWAN(5) -33 UNITS (7% vs 8% PY) REST OF APAC +53 UNITS (19% vs 18% PY) AMERICAS(4) -25 UNITS (31% vs 32% PY) HYBRID 43% INTERNAL COMBUSTION ENGINE (ICE) 57% RANGE 92% SPECIAL SERIES 7% ICONA 1%
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1,400 1,395 1,502 1,479 174 172 210 211 70 70 79 76 (7) (25) 107 38 9 1,644 1,637 1,791 1,766 Q3 2024 FX hedges Q3 2024 Q3 2024 w/o FX hedges Cars and spare parts Sponsorship, commercial and brand Other Q3 2025 at constant currency 2024 Change in FX 2024 vs 2025 & FX hedges Q3 2025 Q3 2025 Cars and spare parts Sponsorship, commercial and brand Other NET REVENUES BRIDGE Q3 2024 – 2025 Note: (6) (7) (8) (9) Refer to notes to the presentation in the Appendix +7.6% +22.0% +13.0% (6) (7) (8) (9) Net revenues reported +7.4% Net revenues at constant currency(9) +9.3% • Cars and spare parts: richer product mix and personalizations, despite lower deliveries of Daytona SP3 • Sponsorship, commercial and brand: mainly thanks to sponsorships and lifestyle, and higher commercial revenues linked to the better prior year Formula 1 ranking • Currency: negative net impact, mainly USD (€M) November 4, 2025 6
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EBIT BRIDGE Q3 2024 – 2025 Note: (9) Refer to notes to the presentation in the Appendix • Mix / price: enriched product mix, sustained by SF90 XX and 12Cilindri families, and higher personalizations, despite Daytona SP3 phase out and higher US import tariffs • Industrial costs / R&D: lower industrial costs and depreciation and amortization, partially offset by higher development costs for racing • SG&A: mainly reflecting racing expenses and brand investments • Other: positive mainly thanks to racing and lifestyle activities (€M) November 4, 2025 7 460 515 (7) (23) (12) 467 9 25 12 32 503 EBIT Q3 2024 FX hedges Q3 2024 EBIT Q3 2024 w/o FX hedges Volume Mix / Price Ind. Costs / R&D SG&A Other EBIT Q3 2025 at constant currency 2024 Change in FX 2024 vs 2025 & FX hedges Q3 2025 EBIT Q3 2025 EBITDA 638 38.8% EBITDA 631 38.5% Margin 28.4% Margin 28.1% Margin 28.4% (9) EBITDA 682 38.1% EBITDA 670 37.9% EBIT reported +7.6% EBIT at constant currency(9) +11.9% Margin 28.7%
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658 365 (55) (8) (230) EBITDA (Industrial Activities only) Q3 2025 Change in working capital, provisions & other Net cash interest & Taxes Capex Industrial FCF Q3 2025 INDUSTRIAL FCF AND NET INDUSTRIAL (DEBT)/CASH(1) BRIDGES JUN 30, 2025 – SEPT 30, 2025 Note: (1) (10) Refer to notes to the presentation in the Appendix (67) +19 +19 +1+30 (10) (€M) November 4, 2025 8 (338) (116) (132) (11) 365 June 30, 2025 Net Industrial Debt Industrial FCF Share repurchases Currency, Other & IFRS 16 September 30, 2025 Net Industrial Debt +1 +15 +11 • Change in working capital & other: negative mainly due to the reversal of advances collected in previous quarters • Capex spending focused on product and infrastructure development • Share repurchases of €132M in the quarter, approaching the completion of the €2B multi-year program one year in advance compared to the target announced during the 2022 Capital Markets Day Change vs Q3 ‘24
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2025 GUIDANCE REVISED UPWARD DURING THE 2025 CAPITAL MARKETS DAY Note: (11) (12) Refer to notes to the presentation in the Appendix November 4, 2025 9 (€B, unless otherwise stated) 2024 ACTUAL PREVIOUS 2025 GUIDANCE 2025 GUIDANCE REVISED UPWARD NET REVENUES 6.7 >7.0 ≥7.1 ADJ. EBITDA (margin %) 2.56 38.3% ≥2.68 ≥38.3% ≥2.72 ≥38.3% ADJ. OPERATING PROFIT (EBIT) (margin %) 1.89 28.3% ≥2.03 ≥29.0% ≥2.06 ≥29.0% ADJ. DILUTED EPS (€) 8.46(11) ≥8.60(11) ≥8.80(12) INDUSTRIAL FCF 1.03 ≥1.20 ≥1.30 Based on the following revised assumptions: • Stronger product mix and personalizations • Lower industrial costs in H2 compared to our initial expectations, despite higher US tariffs and greater FX headwind • Higher industrial free cash flow generation driven by profitability and stronger collection of advances in the year
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Q&A 10
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APPENDIX 11
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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. Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars, and other special sales 3. 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 4. Of which -23 units vs Q3 2024 in the United States of America 5. Of which -37 units vs Q3 2024 in Mainland China 6. Includes net revenues generated from shipments of our cars, any personalization generated on these cars, as well as sales of spare parts 7. 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 8. 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 9. The constant currency presentation eliminates the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges 10. Excluding right-of-use assets recognized during the period in accordance with IFRS 16 – Leases 11. Calculated using the weighted average diluted number of common shares as of December 31, 2024 (179,992 thousand) 12. Calculated using the weighted average diluted number of common shares as of June 30, 2025 (178,648 thousand) 13. Models not included in the total shipments’ figure provided 14. Not including lease liabilities and other debt 15. Financial leverage is calculated as the ratio between Net (Debt)/Cash or Net Industrial (Debt)/Cash and EBITDA or EBITDA (Industrial Activities only) 16. Capitalized as intangible assets 17. For the three and nine months ended September 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) 18. Free cash flow from industrial activities for the three and nine months ended September 30, 2025 includes €3M 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 nine months ended September 30, 2024 includes €2M mainly related to withholding taxes, which were paid in the following quarters. November 4, 2025 12
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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 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 849 Testarossa 849 Testarossa Spider RANGE MODELS INTRODUCED November 4, 2025 13
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STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION Note: (13) 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(13) FXX-K FXX-K EVO 488 GT Modificata 296 Challenge 499P Modificata FUORISERIE(13) F60 America J50 SPECIAL SERIES AND LIMITED EDITION MODELS INTRODUCED November 4, 2025 14
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GROUP SHIPMENTS BY REGION(2)(3) Note: (2) (3) (4) (5) Refer to notes to the presentation in the Appendix Americas(4)EMEA Mainland China, Hong Kong and Taiwan(5) Rest of APAC November 4, 2025 15 1,426 1,449 1,070 1,045 281 248 606 659 3,383 3,401 Q3 2024 Q3 2025 4,654 4,796 3,048 3,060 876 759 1,849 1,873 10,427 10,488 9M 2024 9M 2025
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150 500 150 150222 497 334 121 59 15 8 201 75 150 230 698 409 271 209 515 150 150 2025 2026 2027 2028 2029 2030 2031 2032 Bond / Notes (USPP) US Securitizations Bank debt & other DEBT AND LIQUIDITY POSITION Note: (14) Refer to notes to the presentation in the Appendix Certain totals in the tables included in this document may not add due to rounding (1,452) (116) (1,336) September 30, 2025 Net Debt September 30, 2025 Net Debt of Financial Services Activities September 30, 2025 Net Industrial Debt NET INDUSTRIAL (DEBT) / CASHNET INDUSTRIAL (DEBT) / CASH (€M) (€M) CASH AND MARKETABLE SECURITIESGROSS DEBT MATURITY PROFILE(14) (€M and Cash Maturities) (€M) At Sept. 30 At Jun. 30 At Mar. 31 At Dec. 31 2025 2025 2025 2024 2023 2022 Debt (2,870) (3,158) (3,334) (3,352) (2,477) (2,812) Cash and Cash Equivalents (A) 1,418 1,518 1,915 1,742 1,122 1,389 Net (Debt)/Cash (1,452) (1,640) (1,419) (1,610) (1,355) (1,423) Net (Debt)/Cash of Financial Services Activities (1,336) (1,302) (1,370) (1,430) (1,256) (1,216) Net Industrial (Debt)/Cash (116) (338) (49) (180) (99) (207) Undrawn Committed Credit Lines (B) 550 550 550 550 600 669 Total Available Liquidity (A+B) 1,968 2,068 2,465 2,292 1,722 2,058 At Sept. 30 At Jun. 30 At Mar. 31 At Dec. 31 2025 2025 2025 2024 2023 2022 Euro 1,231 1,322 1,720 1,536 894 1,181 US Dollar 119 118 100 108 97 70 Chinese Yuan 22 34 41 63 81 96 British Pound 15 9 20 8 20 9 Japanese Yen 10 11 3 3 5 6 Other Currencies 21 24 31 24 25 27 Total (€ equivalent) 1,418 1,518 1,915 1,742 1,122 1,389 November 4, 2025 16
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FINANCIAL LEVERAGE(15) HISTORICAL TREND Note: (15) Refer to notes to the presentation in the Appendix 0.3x 0.3x 0.5x 0.2x 0.1x ~0.0x 0.1x ~0.0x 2018 2019 2020 2021 2022 2023 2024LTM 2025 1.0x 0.9x 1.2x 0.8x 0.8x 0.6x 0.6x 0.5x 2018 2019 2020 2021 2022 2023 2024LTM 2025 Net Debt / EBITDA Net Industrial Debt / EBITDA (Industrial Activities only) Total available liquidity at €1,968M as of September 30, 2025 (€2,068M as of June 30, 2025), including undrawn committed credit lines of €550M November 4, 2025 17
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CAPEX AND R&D Note: (10) (16) Refer to notes to the presentation in the Appendix Certain totals in the tables included in this document may not add due to rounding November 4, 2025 18 Q3 ‘25 Q3 ‘24 €M, unless otherwise stated 9M ‘25 9M ‘24 230 249 Capital expenditures(10) 693 712 106 119 of which capitalized development costs(16) (A) 326 352 138 128 Research and development costs expensed (B) 444 401 244 247 Total research and development (A+B) 770 753 84 84 Amortization of capitalized development costs (C) 236 247 222 212 Research and development costs as recognized in the consolidated income statement (B+C) 680 648
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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. 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. November 4, 2025 19
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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 November 4, 2025 20 Q3 ‘25 Q3 ‘24 €M, unless otherwise stated 9M ‘25 9M ‘24 1,766 1,644 Net revenues 5,344 4,941 882 827 Cost of sales 2,586 2,465 160 135 Selling, general and administrative costs 469 402 222 212 Research and development costs 680 648 2 6 Other expenses/(income), net 20 12 3 3 Results from investments 8 6 503 467 Operating profit (EBIT) 1,597 1,420 13 1 Financial expenses/(income), net 34 3 490 466 Profit before taxes 1,563 1,417 108 91 Income tax expenses 344 277 22.0% 19.5% Effective tax rate 22.0% 19.5% 382 375 Net profit 1,219 1,140 2.14 2.08 Basic EPS (€) 6.83 6.32 2.14 2.08 Diluted EPS (€) 6.82 6.31 670 638 EBITDA 2,072 1,912 658 628 of which EBITDA (Industrial Activities only) 2,040 1,882
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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 November 4, 2025 21 Q3 ‘25 Q3 ‘25 at constant currency €M, unless otherwise stated 9M ‘25 9M ‘25 at constant currency 1,479 1,502 Cars and spare parts 4,522 4,528 211 210 Sponsorship, commercial and brand 607 610 76 79 Other 215 218 1,766 1,791 Total Net Revenues 5,344 5,356
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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 November 4, 2025 22 Q3 ‘25 Q3 ‘25 at constant currency €M, unless otherwise stated 9M ‘25 9M ‘25 at constant currency 670 682 EBITDA 2,072 2,071 503 515 Operating profit (EBIT) 1,597 1,596
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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 November 4, 2025 23 Q3 ‘25 Q3 ‘24 €M, unless otherwise stated 9M ‘25 9M ‘24 382 375 Net profit 1,219 1,140 108 91 Income tax expenses 344 277 13 1 Financial expenses/(income), net 34 3 167 171 Amortization and depreciation 475 492 670 638 EBITDA 2,072 1,912 - - Adjustments - - 670 638 Adjusted EBITDA 2,072 1,912
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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 November 4, 2025 24 Q3 ‘25 Q3 ‘24 €M, unless otherwise stated 9M ‘25 9M ‘24 503 467 Operating profit (EBIT) 1,597 1,420 - - Adjustments - - 503 467 Adjusted Operating profit (EBIT) 1,597 1,420
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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 November 4, 2025 25 Q3 ‘25 Q3 ‘24 €M, unless otherwise stated 9M ‘25 9M ‘24 382 375 Net profit 1,219 1,140 - - Adjustments - - 382 375 Adjusted Net profit 1,219 1,140
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RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED BASIC AND DILUTED EPS Note: (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 November 4, 2025 26 Q3 ‘25 Q3 ‘24 €M, unless otherwise stated 9M ‘25 9M ‘24 381 374 Net profit attributable to owners of the Company 1,217 1,137 178,148 179,586 Weighted average number of common shares (thousand) 178,340 179,928 2.14 2.08 Basic EPS (€) 6.83 6.32 - - Adjustments - - 2.14 2.08 Adjusted Basic EPS (€) 6.83 6.32 178,348 179,840 Weighted average number of common shares for diluted earnings per common share (thousand)(17) 178,540 180,182 2.14 2.08 Diluted EPS (€) 6.82 6.31 - - Adjustments - - 2.14 2.08 Adjusted Diluted EPS (€) 6.82 6.31
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RECONCILIATIONS OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW FROM INDUSTRIAL ACTIVITIES 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 November 4, 2025 27 Q3 ‘25 Q3 ‘24 €M, unless otherwise stated 9M ‘25 9M ‘24 557 587 Cash flow from operating activities 1,833 1,433 (230) (249) Investments in property, plant and equipment and intangible assets (693) (712) 327 338 Free Cash Flow 1,140 721 (38) (26) Free Cash Flow from Financial Services Activities (77) (85) 365 364 Free Cash Flow from Industrial Activities(18) 1,217 806
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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 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 Debt (2,870) (3,158) (3,334) (3,352) (2,477) (2,812) (2,630) of which: Lease liabilities as per IFRS 16 (169) (168) (178) (126) (73) (57) (56) Cash and Cash Equivalents 1,418 1,518 1,915 1,742 1,122 1,389 1,344 Net (Debt)/Cash (A) (1,452) (1,640) (1,419) (1,610) (1,355) (1,423) (1,286) Net (Debt)/Cash of Financial Services Activities (1,336) (1,302) (1,370) (1,430) (1,256) (1,216) (989) Net Industrial (Debt) / Cash (B) (116) (338) (49) (180) (99) (207) (297) EBITDA / EBITDA LTM (C) 2,715 2,683 2,643 2,555 2,279 1,773 1,531 EBITDA / EBITDA (Industrial Activitiesonly) LTM (D) 2,674 2,644 2,604 2,516 2,243 1,732 1,493 Financial Leverage on Net Industrial Debt (B/D) ~0.0x 0.1x ~0.0x 0.1x ~0.0x 0.1x 0.2x Financial Leverage on Net Debt (A/C) 0.5x 0.6x 0.5x 0.6x 0.6x 0.8x 0.8x November 4, 2025 28