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Exhibit 99.1 Ferrari N.V. Interim Report At and for the three and nine months ended September 30, 2025 CONTENTS | | Page | | --- | --- | | BOARD OF DIRECTORS | 1 | | INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 1 | | CERTAIN DEFINED TERMS | 1 | | INTRODUCTION | 2 | | FORWARD-LOOKING STATEMENTS | 3 | | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | | | Highlights | 5 | | Results of Operations | 8 | | Liquidity and Capital Resources | 16 | | Non-GAAP Financial Measu ...

Core Insights - Ferrari NV reported stronger-than-expected third-quarter results, which positively impacted its share price following a challenging month for the company [1] Financial Performance - The company exceeded Wall Street's earnings expectations, indicating robust financial health and operational performance [1]

Core Insights - Ferrari has released its Q3 2025 earnings report following a negative sentiment triggered by the Capital Markets Day, resulting in a 25% decline in stock price [1] Financial Performance - The earnings report indicates a significant downturn in investor sentiment, with the stock price dropping substantially [1] Investment Perspective - The focus on sustained profitability is emphasized, highlighting the importance of strong margins, stable and expanding free cash flow, and high returns on invested capital as reliable drivers of returns [1]

Core Insights - Ferrari's stock rose over 3.5%, reaching $405.8 [1] - The company reported Q3 revenue of €1.77 billion, a nearly 8% year-over-year increase, exceeding market expectations of €1.71 billion [1] - EBITDA for the quarter was €503 million, also surpassing the forecast of €471 million [1] - Total deliveries for the period were 3,401 vehicles, slightly up from 3,383 in Q2 [1] - Ferrari confirmed that it will maintain its financial guidance for 2025 [1]

Core Insights - Ferrari reported quarterly earnings of $2.5 per share, exceeding the Zacks Consensus Estimate of $2.35 per share, and showing an increase from $2.29 per share a year ago, resulting in an earnings surprise of +6.38% [1] - The company achieved revenues of $2.06 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 4.19% and up from $1.81 billion year-over-year [2] - Ferrari has consistently surpassed consensus EPS estimates over the last four quarters, achieving this four times [2] Financial Performance - The earnings surprise for the previous quarter was +5.06%, with actual earnings of $2.7 per share against an expectation of $2.57 per share [1] - The current consensus EPS estimate for the upcoming quarter is $2.60, with projected revenues of $2.11 billion, and for the current fiscal year, the estimate is $10.35 on $8.22 billion in revenues [7] Market Position - Ferrari shares have underperformed the market, losing about 7.7% since the beginning of the year, while the S&P 500 has gained 16.5% [3] - The Zacks Rank for Ferrari is currently 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Automotive - Original Equipment industry, to which Ferrari belongs, is currently in the top 37% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - Total revenues reached approximately EUR 1.8 billion, a 7.4% growth year over year with flat deliveries [13] - EBIT was over EUR 500 million, indicating strong profitability [13] - Industrial free cash flow was EUR 365 million, reflecting solid business performance [13][20] - EBITDA margin stood at 37.9% and EBIT margin at 28.4%, despite challenges from increased import tariffs [19] Business Line Data and Key Metrics Changes - Shipments were driven by models such as the 296 GTS, Purosangue, and the 12-cylinder family, while deliveries of the Daytona SP3 were lower due to its phase-out [16][17] - Personalizations accounted for approximately 20% of total revenues from cars and spare parts, particularly relevant for the SF90 XS family and Purosangue [18] Market Data and Key Metrics Changes - The U.S. market showed normalization in consumer behavior following clarity on tariffs, with business proceeding as usual [66] - The company noted a significant changeover of models, with only 15% of the lineup in ramp-up phase at the beginning of 2025, increasing to 35% by year-end [13] Company Strategy and Development Direction - The company aims for EUR 9 billion in revenues by the end of the decade, with a 40% EBITDA margin and a 30% EBIT margin [4] - A flexible approach to powertrain offerings has been adopted, recalibrating to 40% ICE, 40% hybrid, and 20% electric by 2030 [6] - The company plans to introduce an average of four new models per year between 2026 and 2030, focusing on innovation and client-centricity [5][8] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains uncertain and volatile, but the company is committed to a six-year growth plan [9] - Management expressed confidence in maintaining pricing power through continuous innovation and product differentiation [39][81] Other Important Information - The company has achieved approximately 30% reduction in Scope One and Scope Two emissions and aims for a 10x reduction by 2030 [10] - The order book extends well into 2027, indicating strong demand for new models [12] Q&A Session Summary Question: Impact of mix on Q4 performance - Management noted that the mix impact in the second half of the year has been slightly better than anticipated, mainly due to strong personalization [29] Question: Pricing power and future expectations - Management expressed confidence that pricing power will continue, driven by innovation and product richness [39] Question: Hybrid share reduction - The reduction in hybrid offerings is linked to the changeover of models and not indicative of a broader trend [46] Question: Demand for new models - Demand for the Purosangue is strong, with over 40% of potential buyers being new to the brand [54] Question: F1 budget increase - The increase in the F1 budget will flow through as a cost increase, impacting the P&L [96] Question: FX impact on order backlog - The company can adjust pricing based on currency fluctuations, with a 90-day notice period for changes [98]

Financial Data and Key Metrics Changes - Total revenues reached approximately €1.8 billion, reflecting a 7.4% year-over-year growth with flat deliveries [13] - EBIT exceeded €500 million, indicating strong profitability [13] - Industrial free cash flow was reported at €365 million, showcasing solid business performance [13][20] - EBITDA margin stood at 37.9% and EBIT margin at 28.4%, despite challenges from increased import tariffs [19] Business Line Data and Key Metrics Changes - Shipments were driven by models such as the 296 GTS, Purosangue, and the 12-cylinder family, while deliveries of the Daytona SP3 were lower due to its phase-out [16][17] - Personalizations accounted for approximately 20% of total revenues from cars and spare parts, particularly benefiting the SF90 XS family and Purosangue [18] Market Data and Key Metrics Changes - The company noted a significant changeover of models, with only 15% of the lineup in ramp-up phase at the beginning of 2025, increasing to 35% by year-end [13] - The order book extends well into 2027, indicating strong demand for new models [12] Company Strategy and Development Direction - The company aims for €9 billion in revenues by the end of the decade, with a 40% EBITDA margin and a 30% EBIT margin [4] - A flexible powertrain strategy has been recalibrated to 40% ICE, 40% hybrid, and 20% electric, reflecting market dynamics and client preferences [6][7] - The company plans to introduce an average of four new models per year between 2026 and 2030, focusing on innovation and exclusivity [5][8] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains uncertain, but the company expresses confidence in its business model and growth plans [9] - The company has achieved a 30% reduction in Scope One and Scope Two emissions and aims for a tenfold reduction by 2030 [10] Other Important Information - The company has completed its share repurchase program ahead of schedule, reflecting strong confidence in future performance [14] - The introduction of the Ferrari Elettrica is seen as a significant opportunity for innovation and market engagement [10][11] Q&A Session Summary Question: Impact of mix on Q4 performance - Management noted that the mix impact in the second half of the year has been slightly better than anticipated, primarily due to strong personalization [25][29] Question: Pricing power and future expectations - Management expressed confidence in maintaining pricing power through continuous innovation and product enrichment [37][39] Question: Hybrid vehicle share and delivery figures - The reduction in hybrid offerings is linked to model changes, and initial deliveries of the F80 are expected to be limited in Q4 [45][47] Question: Consumer behavior in the U.S. market - The business in the U.S. is proceeding normally, with tariffs now stabilized at 15%, and no unusual order cancellations have been observed [64][66] Question: Margin stability amidst investments - Management emphasized the importance of continuous innovation to maintain margin stability, despite necessary investments in new facilities and technologies [88][92]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 reached approximately €1.8 billion, reflecting a 7.4% year-over-year growth with flat deliveries [13] - EBIT exceeded €500 million, indicating strong profitability [13] - Industrial free cash flow was reported at €365 million, showcasing solid business performance [13][20] - EBITDA margin stood at 37.9% and EBIT margin at 28.4%, despite challenges from U.S. import tariffs and currency fluctuations [19] Business Line Data and Key Metrics Changes - Shipments were driven by models such as the 296 GTS, Purosangue, and the 12-cylinder family, while deliveries of the Daytona SP3 were lower due to its phase-out [16][17] - Personalizations accounted for approximately 20% of total revenues from cars and spare parts, particularly benefiting the SF90 XS family and Purosangue [18] Market Data and Key Metrics Changes - The U.S. market showed resilience despite previous concerns over consumer behavior due to tariffs, with a normalization observed as tariffs were reduced from 25% to 15% [38] - The order book extends well into 2027, indicating strong demand for new models like the Testa Rossa family and Amalfi [13][34] Company Strategy and Development Direction - The company aims for €9 billion in revenues by the end of the decade, with a 40% EBITDA margin and a 30% EBIT margin [3] - A flexible powertrain strategy has been adopted, recalibrating the 2030 breakdown to 40% ICE, 40% hybrid, and 20% electric, responding to market dynamics and client preferences [5][6] - The company plans to introduce an average of four new models per year between 2026 and 2030, focusing on innovation and exclusivity [4][12] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains uncertain and volatile, but the company expresses confidence in its business model and growth plans [9] - A commitment to decarbonization has been reaffirmed, with targets to significantly reduce emissions by 2030 [10] Other Important Information - The company has achieved a 30% reduction in Scope One and Scope Two emissions and a 10% reduction per car in Scope Three emissions from 2021 to 2024 [10] - The new facility in Maranello is designed to manufacture all three powertrains, showcasing the company's commitment to flexibility and innovation [7] Q&A Session Summary Question: Impact of mix on Q4 performance - The mix impact in the second half of the year has been slightly better than anticipated, mainly due to strong personalization [24][25] Question: Personalization penetration rates - The long-term penetration of personalization is guided to be around 19%, with new facilities aimed at enhancing client engagement [26] Question: F80 rollout strategy - The F80 will roll out over three years, consistent with the company's approach to manage production and demand effectively [30] Question: Demand for new models - Demand for both the Coupe and Spider versions of the 849 Testa Rossa is strong, with significant interest in the Amalfi as well [32][34] Question: Hybrid warranty program - The hybrid warranty program is gaining traction, with penetration rates exceeding 20%, although some dealers require retraining to better explain the benefits [34] Question: U.S. market dynamics - The business in the U.S. is proceeding normally, with no unusual order cancellations observed despite concerns over residual values [38] Question: F1 budget impact - The increase in the F1 budget will flow through as a cost increase, impacting the P&L [50]

Financial Data and Key Metrics Changes - Total revenues reached approximately €1,800,000,000, reflecting a 7.4% year-over-year growth with flat deliveries [17] - EBIT exceeded €500,000,000, indicating strong profitability [17] - Industrial free cash flow was €365,000,000, showcasing solid business performance [17][27] - The company revised its guidance upward, exceeding the original profitability target for 2026 by one year [17][27] Business Line Data and Key Metrics Changes - The product mix and personalization were key drivers of revenue and profitability growth, with shipments in line with the previous year [20] - Personalizations accounted for approximately 20% of total revenues from cars and spare parts, particularly relevant for the U-ninety XS family and the Guro Sangue [23] - The company experienced a significant changeover of models, with the SF90 family and the ROMA phased out, and new models like the August Testarossa family and the Amalfi set to launch [22] Market Data and Key Metrics Changes - The U.S. market showed normalization after tariff adjustments, with tariffs reduced from 25% to 15% [66] - The company noted that the business in the U.S. proceeds as usual, with no significant changes in consumer behavior despite concerns about residual values [66] Company Strategy and Development Direction - Ferrari aims for €9,000,000,000 in revenues by the end of the decade, with a 40% EBITDA margin and a 30% EBIT margin [4] - The company is focusing on a diversified product strategy, planning to offer an average of four new models per year across different powertrains from 2026 to 2030 [5] - The company has recalibrated its powertrain offering to 40% ICE, 40% hybrid, and 20% electric, adapting to market dynamics and client preferences [6][7] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains uncertain and volatile, but the company is committed to a six-year growth plan with focus and discipline [12] - Management expressed confidence in maintaining pricing power through continuous innovation and product differentiation [43][44] - The company has achieved a 30% reduction in Scope one and Scope two emissions and aims for a 10x reduction by 2030 [12][13] Other Important Information - The company is investing in infrastructure, including a new facility capable of manufacturing three powertrains, to support its flexible approach to product development [9] - The order book extends well into 2027, indicating strong demand for new models [16] Q&A Session Summary Question: Impact of mix on Q4 performance - Management noted that the mix impact in the second half of the year has been slightly better than anticipated, mainly due to strong personalization [38] Question: Pricing power and future expectations - Management expressed confidence that pricing power will continue, driven by innovation and product enhancements [43][44] Question: Hybrid vehicle share and delivery figures - The reduction in hybrid vehicle offerings is linked to model changes, and initial deliveries of the F80 are expected to be limited in Q4 [48][49] Question: Demand for new models - Demand for the Amalfi is strong, with a significant portion of new clients coming to the brand [56] Question: Margin stability amidst investments - Management emphasized the importance of continuous innovation to maintain long-term margin stability, despite necessary investments [88][90]