Ferrari N.V.

Q2 financial performance beats expectations; guidance raised - Ferrari delivered EUR 1.94bn revenues, EUR 755m EBITDA, and EUR 275m industrial free cash flow in Q2. - Profitability supported by strong mix and personalization; personalization reached ~20%+ of car & spare parts revenues (notably for the 296 Speciale). - Full-year guidance was raised (drivers: continued personalization strength and more favorable FX environment; see also updated FX assumptions below).

Demand remains solid with visibility into 2027; key models sold out/running strongly - Management emphasized healthy demand across all geographies and an order book covering the entire 2027 (with a caveat: the 12Cilindri Manuale numbers aren’t yet fully in the disclosed order-book picture). - 296 Speciale and 12Cilindri families are described as sold out for their production runs, reinforcing demand strength. - Expectation: continued execution through model changeovers; management repeatedly said there is no supply chain issue.

Product/technology strategy: broader “technology neutrality” lineup; major launches - 2026 highlighted as a key innovation year with: Amalfi Spider, Purosangue Handling Speciale, Ferrari Luce (first electric Ferrari), and 12Cilindri Manuale. - Ferrari claims leadership differentiation: only luxury brand positioning that can offer ICE, hybrid, and electric (“Luce”)—a “powertrain neutrality + horizontal diversification” strategy. - Ferrari Luce (electric): management says early orders are in line with plans, coming from repeaters and new clients, and there is genuine buyer interest. - 12Cilindri Manuale: limited 1,499 units, fully allocated; it uses a manual-by-wire concept designed in-house (branded as emotion-driven, not nostalgia).