Core Insights - Ferrari's newest model, the Amalfi, is attracting a younger demographic, with the first two sales in China going to clients under 40 years old, and approximately 40% of potential buyers being new to the brand [1][3] - The debut of the Amalfi is performing better than the previous model, the Purosangue, indicating strong demand and positive market reception [2] - The influx of younger buyers is expected to drive Ferrari's next phase of high-margin growth, enhancing the brand's exclusivity and order book visibility extending through 2027 [3][4] Demand and Customer Profile - The Amalfi's early success with under-40 clients signifies a shift in Ferrari's customer profile, particularly in the Chinese market [3] - CEO Benedetto Vigna emphasized that attracting new customers was a key objective for the Amalfi, which appears to be successfully achieved [3] Business Strategy - Ferrari maintains its focus on innovation rather than volume, asserting that pricing power is driven by innovation rather than production scale [5] - The company's approach to innovation, from design to personalization, helps sustain high margins even as it broadens its customer base [5] Investor Implications - The introduction of the Amalfi and the engagement of younger customers are seen as pivotal for Ferrari's growth, suggesting that the luxury brand's competitive edge is not only maintained but is expanding [6]

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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 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]