Slides
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. MARANELLO, FEBRUARY 10, 2026 FY 2025 RESULTS
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FORWARD LOOKING STATEMENT This document, and in particular the section entitled “2026 Guidance”, contain forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “continue”, “on track”, “successful”, “grow”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, “guidance” and similar expressions. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Group’s ability to preserve and enhance the value of the Ferrari brand; the Group’s ability to attract and retain qualified personnel; the success of the Group’s racing activities; the Group’s ability to keep up with advances in high performance car technology, to meet the challenges and costs of integrating electric technology more broadly into its car portfolio over time and to make appealing designs for its new models; increases in costs, also as a results of increasingly stringent fuel economy, emissions and safety standards, disruptions of supply or shortages of components and raw materials; the Group’s ability to successfully carry out its low volume and controlled growth strategy, while increasing its presence in growth market countries; changes in general economic conditions (including changes in the markets in which the Group operates) and changes in demand for luxury goods, including high performance luxury cars, which is volatile; macro events, pandemics and conflicts, including the ongoing conflicts in Ukraine and the Middle East region, and the related issues potentially impacting sourcing and transportation; trading policies and tariffs; competition in the luxury performance automobile industry; changes in client preferences and automotive trends; the Group’s ability to preserve the value of its cars over time and its relationship with the automobile collector and enthusiast community; disruptions at the Group’s manufacturing facilities in Maranello and Modena; climate change and other environmental impacts, as well as an increased focus of regulators and stakeholders on environmental matters; the Group’s ability to maintain the functional and efficient operation of its information technology systems and to defend against the risk of cyberattacks; the ability of its current management team to operate and manage effectively, and the reliance upon a number of key members of executive management and employees; the performance of the Group’s dealer network on which the Group depends for sales and services; product warranties, product recalls and liability claims; the sponsorship and commercial revenues and expenses of the Group’s racing activities, as well as the popularity of motor sports more broadly; the performance of the Group’s lifestyle activities; the Group’s ability to protect its intellectual property rights and to avoid infringing on the intellectual property rights of others; changes in tax or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which the Group operates; the Group’s continued compliance with customs regulations of various jurisdictions; labor relations and collective bargaining agreements; the Group’s ability to ensure that its employees, agents and representatives comply with applicable law and regulations; exchange rate fluctuations, interest rate changes, credit risk and other market risks; the Group’s ability to service and refinance its debt;; the Group’s ability to provide or arrange for adequate access to financing for its clients and dealers, and associated risks; the adequacy of its insurance coverage to protect the Group against potential losses; potential conflicts of interest due to director and officer overlaps with the Group’s largest shareholders; and other factors discussed elsewhere in this document. The Group expressly disclaims and does not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this document or in connection with any use by any third party of such forward-looking statements. Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB. February 10, 2026 2
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Note: (1) Refer to notes to the presentation in the Appendix STRONG PERFORMANCE IN 2025 SETS THE FOUNDATION FOR CONTINUED GROWTH IN 2026 Revenues at ~€7.1B, EBIT(1) at ~€2.1B with +12% growth YoY and industrial free cash flow(1) generation above €1.5B Further enrichment of product line-up with 6 new models, among which the initial steps of reveal of the Ferrari Luce Strong order book extending towards the end of 2027, with Amalfi and 849 Testarossa family supporting the order intake 2025 World Champions in WEC Solid progress in Lifestyle, with successful activations in key events and record museums’ visitors February 10, 2026 3
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296 SPECIALE A 849 TESTAROSSA 296 SPECIALE 6 MODELS LAUNCHED IN 2025 SHAPING THE FUTURE 849 TESTAROSSA SPIDER FERRARI AMALFI FERRARI LUCE 4
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February 10, 2026 OUR PRIORITIES FOR 2026 5 RACING Further build on brand appeal and engagement Be competitive with new F1 regulations Hypersail technical launch SPORTS CARS 4 new model launches Complete unveiling of Ferrari Luce LIFESTYLE London and New York City openings
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6February 10, 2026Note: (1) Refer to notes to the presentation in the Appendix FY 2025 HIGHLIGHTS €7.1B REVENUES +7% REVENUE GROWTH €2.77B EBITDA(1) 38.8% EBITDA(1) MARGIN >€1.5B IFCF(1) GENERATION >55% CASH CONVERSION
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FY 2025 – SHIPMENTS(2)(3) AND MODEL CHANGE-OVER Note: (2) (3) Refer to notes to the presentation in the Appendix SHIPMENTS BREAKDOWN February 10, 2026 7 2025 2026 MODELS PHASED-IN AND RAMP UP 12CILINDRI 12CILINDRI SPIDER F80 AMALFI 296 SPECIALE 296 SPECIALE A 849 TESTAROSSA 849 TESTAROSSA SPIDER F80 FERRARI LUCE MODELS IN GLOBAL DISTRIBUTION ROMA SPIDER 296 GTB 296 GTS PUROSANGUE SF90 XX STRADALE SF90 XX SPIDER PUROSANGUE 12CILINDRI 12CILINDRI SPIDER MODELS PHASED-OUT SF90 SPIDER 812 COMPETIZIONE A DAYTONA SP3 ROMA SPIDER 296 GTB 296 GTS SF90 XX STRADALE SF90 XX SPIDER BY REGION EMEA 46% (+142 units) MAINLAND CHINA, HONG KONG AND TAIWAN 7% (-221 units) REST OF APAC 18% (+33 units) AMERICAS 29% (-66 units) 13,640 UNITS RANGE 92% ICONA & SUPERCAR 1% SPECIAL SERIES 7% BY PILLAR
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5,728 5,719 6,046 6,005 670 669 825 820 279 279 327 321 (10) (52) 327 156 48 6,677 6,667 7,198 7,146 FY 2024 FX hedges FY 2024 FY 2024 w/o FX hedges Cars and spare parts Sponsorship, commercial and brand Other FY 2025 at constant currency 2024 Change in FX 2024 vs 2025 & FX hedges FY 2025 FY 2025 Cars and spare parts Sponsorship, commercial and brand Other NET REVENUES BRIDGE FY 2024 – 2025 Note: (4) (5) (6) (7) Refer to notes to the presentation in the Appendix +5.7% +23.4% +17.2% (4) (5) (6) (7) Net revenues reported +7.0% Net revenues at constant currency(7) +8.0% • Richer sports cars product and country mix, as well as personalizations, partially offset by lower deliveries of Daytona SP3 • New sponsorships, lifestyle activities and higher commercial revenues linked to the better prior year Formula 1 ranking • Higher revenues from other sports-related activities and financial services • Negative currency net impact, mainly USD and JPY (€M) February 10, 2026 8
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EBIT BRIDGE FY 2024 – 2025 Note: (7) Refer to notes to the presentation in the Appendix • Flat volumes with positive spare parts contribution • Enriched product mix, sustained by SF90 XX and 12Cilindri families, with increased personalizations, positive country mix driven by Americas and higher sales of 499P Modificata, partially offset by lower deliveries of Daytona SP3 • Lower industrial costs and D&A, net of higher racing and sports car innovation expenses • SG&A reflecting higher expenses for racing, brand and organizational development • Other positive contribution from racing and lifestyle activities (€M) February 10, 2026 9 1,878 2,135 (10) (89) (25) 1,888 6 215 15 110 2,110 EBIT FY 2024 FX hedges FY 2024 EBIT FY 2024 w/o FX hedges Volume Mix / Price Ind. Costs / R&D SG&A Other EBIT FY 2025 at constant currency 2024 Change in FX 2024 vs 2025 & FX hedges FY 2025 EBIT FY 2025 EBITDA 2,555 38.3% EBITDA 2,545 38.2% Margin 28.3% Margin 28.2% Margin 29.5% (7) EBITDA 2,797 38.9% EBITDA 2,772 38.8% EBIT reported +11.8% EBIT at constant currency(7) +13.7% Margin 29.7%
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2,729 1,538 143 (391) (943) EBITDA (Industrial Activities only) FY 2025 Change in working capital, provisions & other Net cash interest & Taxes Capex Industrial FCF FY 2025 INDUSTRIAL FCF AND NET INDUSTRIAL (DEBT)/CASH(1) BRIDGES DEC 31, 2024 – DEC 31, 2025 Note: (1) (8) (9) Refer to notes to the presentation in the Appendix +243 +9 +46 +511+213 (8) (€M) February 10, 2026 10 (180) (32) (537) (785) 1,538 December 31, 2024 Net Industrial Debt Industrial FCF Dividends Share repurchases Currency, Other & IFRS 16 December 31, 2025 Net Industrial Debt (68) +511 (92) (204) • F80 advances supporting change in working capital & other • Cash taxes reflecting the benefits of Patent Box regimes • Capex spending mainly on product development, and infrastructure focused on new paint shop construction • Shareholders’ reward: • Dividend distribution of €537M • Share repurchases of €785M, completing the €2B multi-year program one year in advance Change vs FY ‘24 +14 (9)
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2026 GUIDANCE Note: (10) Refer to notes to the presentation in the Appendix February 10, 2026 11 (€B, unless otherwise stated) 2025 ACTUAL 2026 GUIDANCE NET REVENUES 7.15 ~7.50 ADJ. EBITDA (margin %) 2.77 38.8% ≥2.93 ≥39.0% ADJ. OPERATING PROFIT (EBIT) (margin %) 2.11 29.5% ≥2.22 ≥29.5% ADJ. DILUTED EPS (€) 8.96(10) ≥9.45(10) INDUSTRIAL FCF 1.54 ≥1.50 Based on the following assumptions: • Significant model change-over to shape the year, with positive product mix and personalizations • Higher racing revenues mainly from sponsorships • Lifestyle activities supporting top line contribution, while continuing to invest for further development and to expand the network • Higher brand investments, as well as racing and digital transformation expenses • Increasing D&A in line with start of production of new models • Expected negative currency impact, net of hedges • Robust Industrial free cash flow generation driven by strong profitability
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Q&A 12
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APPENDIX 13
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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. Includes net revenues generated from shipments of our cars, any personalization generated on these cars, as well as sales of spare parts 5. 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 6. Primarily relates to financial services activities, management of the Mugello racetrack and other sports-related activities, as well as net revenues generated from the rental of engines to other Formula 1 racing teams and, for the three and twelve months ended December 31, 2024 only, from the sale of engines to Maserati 7. The constant currency presentation eliminates the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges 8. Excluding right-of-use assets recognized during the period in accordance with IFRS 16 – Leases 9. Including dividend distribution to non-controlling interest (NCI) 10. Calculated using the weighted average diluted number of common shares as of December 31, 2025 (178,321 thousand) 11. Models not included in the total shipments’ figure provided 12. For the three and twelve months ended December 31, 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) 13. Capitalized as intangible assets 14. Free cash flow from industrial activities for the three and twelve months ended December 31, 2025 includes €3M mainly related to withholding taxes, which are expected to be paid in the following quarters. 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) February 10, 2026 14
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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. February 10, 2026 15
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8.46 8.96 FY '24 FY '25 1,888 2,110 FY '24 FY '25 +5.9%+11.8% FY 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) 29.5% -0.8% +7.0% +8.5% +49.8% 2,555 2,772 FY '24 FY '25 1,027 1,538 FY '24 FY '25 13,752 13,640 FY '24 FY '25 6,677 7,146 FY '24 FY '25 28.3% February 10, 2026 16 38.8% 38.3%
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2025 GROUP SHIPMENTS BREAKDOWN(2)(3) Note: (2) (3) Refer to notes to the presentation in the Appendix AmericasEMEA Mainland China, Hong Kong and Taiwan Rest of APAC February 10, 2026 17 6,204 6,346 4,003 3,937 1,162 941 2,383 2,416 13,752 13,640 FY 2024 FY 2025 BY REGION BY POWERTRAIN HYBRID 42% INTERNAL COMBUSTION ENGINE (ICE) 58%
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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 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 Ferrari Luce RANGE MODELS INTRODUCED February 10, 2026 18
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STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION Note: (11) 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(11) FXX-K FXX-K EVO 488 GT Modificata 296 Challenge 499P Modificata FUORISERIE(11) F60 America J50 SPECIAL SERIES AND LIMITED EDITION MODELS INTRODUCED February 10, 2026 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 February 10, 2026 20 Q4 ‘25 Q4 ‘24 €M, unless otherwise stated FY ‘25 FY ‘24 1,802 1,736 Net revenues 7,146 6,677 867 865 Cost of sales 3,453 3,330 173 159 Selling, general and administrative costs 642 561 239 246 Research and development costs 919 894 14 - Other expenses/(income), net 34 12 4 2 Results from investments 12 8 513 468 Operating profit (EBIT) 2,110 1,888 12 (4) Financial expenses/(income), net 46 (1) 501 472 Profit before taxes 2,064 1,889 120 86 Income tax expenses 464 363 24.0% 18.4% Effective tax rate 22.5% 19.2% 381 386 Net profit 1,600 1,526 2.14 2.14 Basic EPS (€) 8.97 8.47 2.14 2.14 Diluted EPS (€) 8.96 8.46 700 643 EBITDA 2,772 2,555 689 634 of which EBITDA (Industrial Activities only) 2,729 2,516
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RECONCILIATIONS OF NON-GAAP MEASURES: TOTAL NET REVENUES, EBITDAAND OPERATING PROFIT (EBIT) AT CONSTANT CURRENCY Certain totals in the tables included in this document may not add due to rounding February 10, 2026 21 Q4 ‘25 Q4 ‘25 at constant currency €M, unless otherwise stated FY ‘25 FY ‘25 at constant currency 1,483 1,518 Cars and spare parts 6,005 6,046 213 215 Sponsorship, commercial and brand 820 825 106 109 Other 321 327 1,802 1,842 Total net revenues 7,146 7,198 Q4 ‘25 Q4 ‘25 at constant currency €M, unless otherwise stated FY ‘25 FY ‘25 at constant currency 700 726 EBITDA 2,772 2,797 513 539 Operating profit (EBIT) 2,110 2,135
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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 February 10, 2026 22 Q4 ‘25 Q4 ‘24 €M, unless otherwise stated FY ‘25 FY ‘24 381 386 Net profit 1,600 1,526 120 86 Income tax expenses 464 363 12 (4) Financial expenses/(income), net 46 (1) 187 175 Amortization and depreciation 662 667 700 643 EBITDA 2,772 2,555 - - Adjustments - - 700 643 Adjusted EBITDA 2,772 2,555
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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 February 10, 2026 23 Q4 ‘25 Q4 ‘24 €M, unless otherwise stated FY ‘25 FY ‘24 513 468 Operating profit (EBIT) 2,110 1,888 - - Adjustments - - 513 468 Adjusted Operating profit (EBIT) 2,110 1,888
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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 February 10, 2026 24 Q4 ‘25 Q4 ‘24 €M, unless otherwise stated FY ‘25 FY ‘24 381 386 Net profit 1,600 1,526 - - Adjustments - - 381 386 Adjusted Net profit 1,600 1,526
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RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED BASIC AND DILUTED EPS Note: (12) Refer to notes to the presentation in the Appendix Certain totals in the tables included in this document may not add due to rounding February 10, 2026 25 Q4 ‘25 Q4 ‘24 €M, unless otherwise stated FY ‘25 FY ‘24 380 385 Net profit attributable to owners of the Company 1,597 1,522 177,488 179,190 Weighted average number of common shares (thousand) 178,125 179,743 2.14 2.14 Basic EPS (€) 8.97 8.47 - - Adjustments - - 2.14 2.14 Adjusted Basic EPS (€) 8.97 8.47 177,684 179,439 Weighted average number of common shares for diluted earnings per common share (thousand)(12) 178,321 179,992 2.14 2.14 Diluted EPS (€) 8.96 8.46 - - Adjustments - - 2.14 2.14 Adjusted Diluted EPS (€) 8.96 8.46
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CAPEX AND R&D Note: (8) (13) Refer to notes to the presentation in the Appendix Certain totals in the tables included in this document may not add due to rounding February 10, 2026 26 Q4 ‘25 Q4 ‘24 €M, unless otherwise stated FY ‘25 FY ‘24 250 277 Capital expenditures(8) 943 989 95 124 of which capitalized development costs(13) (A) 421 476 149 162 Research and development costs expensed (B) 593 563 244 286 Total research and development (A+B) 1,014 1,039 90 84 Amortization of capitalized development costs (C) 326 331 239 246 Research and development costs as recognized in the consolidated income statement (B+C) 919 894
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RECONCILIATIONS OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW FROM INDUSTRIAL ACTIVITIES 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 February 10, 2026 27 Q4 ‘25 Q4 ‘24 €M, unless otherwise stated FY ‘25 FY ‘24 519 494 Cash flow from operating activities 2,352 1,927 (250) (277) Investments in property, plant and equipment and intangible assets (943) (989) 269 217 Free Cash Flow 1,409 938 (52) (4) Free Cash Flow from Financial Services Activities (129) (89) 321 221 Free Cash Flow from Industrial Activities(14) 1,538 1,027
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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 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 Debt (2,884) (2,870) (3,158) (3,334) (3,352) (2,477) (2,812) of which: Lease liabilities as per IFRS 16 (162) (169) (168) (178) (126) (73) (57) Cash and Cash Equivalents 1,467 1,418 1,518 1,915 1,742 1,122 1,389 Net (Debt)/Cash (A) (1,417) (1,452) (1,640) (1,419) (1,610) (1,355) (1,423) Net (Debt)/Cash of Financial Services Activities (1,385) (1,336) (1,302) (1,370) (1,430) (1,256) (1,216) Net Industrial (Debt) / Cash (B) (32) (116) (338) (49) (180) (99) (207) EBITDA / EBITDA LTM (C) 2,772 2,715 2,683 2,643 2,555 2,279 1,773 EBITDA / EBITDA (Industrial Activities only) LTM (D) 2,729 2,674 2,644 2,604 2,516 2,243 1,732 Financial Leverage on Net Industrial Debt (B/D) ~0.0x ~0.0x 0.1x ~0.0x 0.1x ~0.0x 0.1x Financial Leverage on Net Debt (A/C) 0.5x 0.5x 0.6x 0.5x 0.6x 0.6x 0.8x February 10, 2026 28
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150 500 150 150 668 371 174 59 15 201 75 150 869 446 324 209 515 150 150 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 (1,417) (32) (1,385) December 31, 2025 Net Debt December 31, 2025 Net Debt of Financial Services Activities December 31, 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 Dec. 31 2025 2024 2023 2022 Debt (2,884) (3,352) (2,477) (2,812) Cash and Cash Equivalents (A) 1,467 1,742 1,122 1,389 Net (Debt)/Cash (1,417) (1,610) (1,355) (1,423) Net (Debt)/Cash of Financial Services Activities (1,385) (1,430) (1,256) (1,216) Net Industrial (Debt)/Cash (32) (180) (99) (207) Undrawn Committed Credit Lines (B) 550 550 600 669 Total Available Liquidity (A+B) 2,017 2,292 1,722 2,058 At Dec. 31 2025 2024 2023 2022 Euro 1,328 1,536 894 1,181 US Dollar 75 108 97 70 Chinese Yuan 24 63 81 96 British Pound 10 8 20 9 Japanese Yen 8 3 5 6 Other Currencies 22 24 25 27 Total (€ equivalent) 1,467 1,742 1,122 1,389 February 10, 2026 29
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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 ~0.0x 2018 2019 2020 2021 2022 2023 2024 2025 1.0x 0.9x 1.2x 0.8x 0.8x 0.6x 0.6x 0.5x 2018 2019 2020 2021 2022 2023 2024 2025 Net Debt / EBITDA Net Industrial Debt / EBITDA (Industrial Activities only) Total available liquidity at €2,017M as of December 31, 2025 (€2,292M as of December 31, 2024), including undrawn committed credit lines of €550M February 10, 2026 30