UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2024
Commission File No. 001-37596
FERRARI N.V.
(Translation of Registrant’s Name Into English)
Via Abetone Inferiore n.4
I-41053 Maranello (MO)
Italy
Tel. No.: +39 0536 949111
(Address of Principal Executive Offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F þ Form 40-F ¨






The following exhibit is furnished herewith:
Exhibit 99.1Ferrari N.V. Interim Report at and for the three and nine months ended September 30, 2024.






SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: November 5, 2024FERRARI N.V.
By: /s/ Antonio Picca Piccon
Name: Antonio Picca Piccon
Title: Chief Financial Officer



INDEX OF EXHIBITS
Exhibit NumberDescription of Exhibit
99.1Ferrari N.V. Interim Report at and for the three and nine months ended September 30, 2024.




Exhibit 99.1
Ferrari N.V.

Interim Report
At and for the three and nine months ended September 30, 2024
____________________________________________________________________________________________________









BOARD OF DIRECTORS

Executive Chairman
John Elkann

Chief Executive Officer
Benedetto Vigna

Vice Chairman
Piero Ferrari

Directors
Delphine Arnault
Francesca Bellettini
Eddy Cue
Sergio Duca
John Galantic
Maria Patrizia Grieco
Adam Keswick
Mike Volpi




INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche S.p.A.

CERTAIN DEFINED TERMS

    In this report (the “Interim Report”), unless otherwise specified, the terms “we”, “our”, “us”, the “Group”, the “Company” and “Ferrari” refer to Ferrari N.V., individually or together with its subsidiaries, as the context may require.

1



INTRODUCTION

    The Interim Condensed Consolidated Financial Statements at and for the three and nine months ended September 30, 2024 (the “Interim Condensed Consolidated Financial Statements”) included in this Interim Report have been prepared in compliance with IAS 34 — Interim Financial Reporting (IAS 34). The accounting principles applied are consistent with those used for the preparation of the consolidated financial statements of Ferrari N.V. for the year ended December 31, 2023 (the “Annual Consolidated Financial Statements”), except as otherwise stated in “New standards and amendments effective from January 1, 2024” in the notes to the Interim Condensed Consolidated Financial Statements.

    The Group’s financial information in this Interim Report is presented in Euro except that, in some instances, information is presented in U.S. Dollars. All references in this report to “Euro” and “€” refer to the currency introduced at the start of the third stage of the European Economic and Monetary Union pursuant to the Treaty on the Functioning of the European Union, as amended, and all references to “U.S. Dollars” and “$” refer to the currency of the United States of America (the “United States”).

    Certain totals in the tables included in this Interim Report may not add due to rounding.

    The financial data in “Results of Operations” is presented in millions of Euro, while the percentages presented are calculated using the underlying figures in thousands of Euro.

    This Interim Report is unaudited.




































2




FORWARD-LOOKING STATEMENTS
    Statements contained in this Interim Report, particularly those regarding our possible or assumed future performance, competitive strengths, costs, dividends, reserves and growth as well as industry growth and other trends and projections, are “forward-looking statements” that contain risks and uncertainties. In some cases, words 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 are used to identify forward-looking statements. These forward-looking statements reflect the respective current views of Ferrari with respect to future events and involve significant risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, without limitation:

•our ability to preserve and enhance the value of the Ferrari brand;
•our ability to attract and retain qualified personnel;
•the success of our racing activities;
•our ability to keep up with advances in high performance car technology, to meet the challenges and costs of integrating advanced technologies, including hybrid and electric, more broadly into our car portfolio over time and to make appealing designs for our new models;
•the impact of increasingly stringent fuel economy, emissions and safety standards, including the cost of compliance, and any required changes to our products, as well as possible future bans of combustion engine cars in cities and the potential advent of self-driving technology;
•increases in costs, disruptions of supply or shortages of components and raw materials;
•our ability to successfully carry out our low volume and controlled growth strategy, while increasing our presence in growth market countries;
•changes in general economic conditions (including changes in some of the markets in which we operate) and changes in demand for luxury goods, including high performance luxury cars, which is highly volatile;
•macro events, pandemics and conflicts, including the ongoing conflicts in Ukraine and in the Middle East, and the related issues potentially impacting sourcing and transportation;
•competition in the luxury performance automobile industry;
•changes in client preferences and automotive trends;
•our ability to preserve our relationship with the automobile collector and enthusiast community;
•disruptions at our 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;
•our ability to maintain the functional and efficient operation of our information technology systems and to defend from the risk of cyberattacks, including on our in-vehicle technology;
•the ability of our 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 our dealer network on which we depend for sales and services;
•product warranties, product recalls and liability claims;
•the sponsorship and commercial revenues and expenses of our racing activities, as well as the popularity of motor sports more broadly;
•the performance of our lifestyle activities;
•our ability to protect our intellectual property rights and to avoid infringing on the intellectual property rights of others;
•our continued compliance with customs regulations of various jurisdictions;
3



•labor relations and collective bargaining agreements;
•our ability to ensure that our employees, agents and representatives comply with applicable law and regulations;
•changes in tax, tariff or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which we operate;
•our ability to service and refinance our debt;
•exchange rate fluctuations, interest rate changes, credit risk and other market risks;
•our ability to provide or arrange for adequate access to financing for our clients and dealers, and associated risks;
•the adequacy of our insurance coverage to protect us against potential losses;
•potential conflicts of interest due to director and officer overlaps with our largest shareholders; and
•other factors discussed elsewhere in this document.

We expressly disclaim and do 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. Actual results could differ materially from those anticipated in such forward-looking statements. We do not undertake an obligation to update or revise publicly any forward-looking statements.

    
4



MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Highlights
Consolidated Income Statement Data
For the three months ended 
September 30,		For the nine months ended 
September 30,
2024202320242023
(€ million, except per share data)
Net revenues 1,644 1,544 4,941 4,447 
Operating profit (EBIT)467 423 1,420 1,245 
Profit before taxes 466 426 1,417 1,235 
Net profit375 332 1,140 963 
Net profit attributable to:
      Owners of the parent 374 330 1,137 959 
      Non-controlling interests 1 2 3 4 
Basic earnings per common share (in Euro) (1)
2.08 1.82 6.32 5.28 
Diluted earnings per common share (in Euro) (1)
2.08 1.82 6.31 5.28 
Dividend approved per common share (in Euro) (2) (3)
2.443 1.810 2.443 1.810 
Dividend approved per common share (in USD) (2) (3) (4)
2.59886 1.98756 2.59886 1.98756 
_____________________________
(1)See Note 13 “Earnings per Share” to the Interim Condensed Consolidated Financial Statements for the calculation of basic and diluted earnings per common share for the three and nine months ended September 30, 2024 and 2023.
(2)Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders on April 17, 2024, a dividend distribution of €2.443 per outstanding common share was approved, corresponding to a total distribution of approximately €440 million. This distribution was made from the retained earnings reserve. In May 2024 the Company paid €414 million of the distribution to owners of the parent and the remaining balance, which relates to withholding taxes, was paid in the third quarter of 2024.
(3)Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders on April 14, 2023, a dividend distribution of €1.810 per outstanding common share was approved, corresponding to a total distribution of €329 million. This distribution was made from the retained earnings reserve. In May 2023 the Company paid €307 million of the distribution to owners of the parent and the remaining balance, which relates to withholding taxes, was paid in the third quarter of 2023.
(4)The dividends approved for common shares that are traded on the New York Stock Exchange were translated into U.S. Dollars based on the exchange rates in effect on the respective approval dates of April 17, 2024 and April 14, 2023.

Consolidated Statement of Financial Position Data
At September 30, 2024At December 31, 2023
(€ million)
Cash and cash equivalents1,529 1,122 
Receivables from financing activities1,531 1,451 
Total assets8,989 8,051 
Debt3,096 2,477 
Total equity attributable to:3,345 3,071 
Owners of the parent3,337 3,061 
Non-controlling interests8 10 
Share capital3 3 
Common shares issued and outstanding (in thousands of shares)179,401 180,418 


5



Other Statistical Information
Shipments (1)
For the three months ended September 30,For the nine months ended 
September 30,
2024%2023%2024%2023%
(Number of cars and % of total cars)
EMEA
Germany296 8.7 %312 9.0 %1,110 10.6 %1,092 10.5 %
UK226 6.7 %229 6.6 %720 6.9 %731 7.0 %
Italy195 5.8 %170 4.9 %615 5.9 %575 5.5 %
France143 4.2 %140 4.1 %410 3.9 %391 3.8 %
Switzerland113 3.3 %105 3.0 %368 3.5 %365 3.5 %
Middle East (2)
116 3.4 %87 2.5 %342 3.3 %311 3.0 %
Other EMEA (3)
337 10.1 %355 10.3 %1,089 10.5 %1,105 10.6 %
Total EMEA1,426 42.2 %1,398 40.4 %4,654 44.6 %4,570 43.9 %
Americas (4)
1,070 31.6 %1,096 31.7 %3,048 29.2 %2,927 28.1 %
of which United States of America941 27.8 %935 27.0 %2,613 25.1 %2,497 24.0 %
Mainland China, Hong Kong and Taiwan281 8.3 %395 11.4 %876 8.4 %1,130 10.8 %
of which Mainland China190 5.6 %342 9.9 %633 6.1 %929 8.9 %
Rest of APAC (5)
606 17.9 %570 16.5 %1,849 17.8 %1,791 17.2 %
Total3,383 100.0 %3,459 100.0 %10,427 100.0 %10,418 100.0 %
_____________________________
(1)    Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars.
(2)     Middle East mainly includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait.
(3)     Other EMEA includes Africa and European markets not separately identified.
(4)    Americas includes the United States of America, Canada, Mexico, the Caribbean and Central and South America.
(5)    Rest of APAC mainly includes Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia.


Average number of employees for the period
For the three months ended September 30,For the nine months ended September 30,
2024202320242023
Average number of employees for the period5,392 4,951 5,290 4,953 


Highlights of the three months ended September 30, 2024

Highlights during the three months ended September 30, 2024 included the following:

•On September 2, 2024 Ferrari announced that, effective January 1, 2025, UniCredit S.p.A. will partner with Ferrari to be at its side in its Formula 1 racing activities under a multi-year agreement.


6



Results of Operations
Three months ended September 30, 2024 compared to three months ended September 30, 2023
    The following is a discussion of the results of operations for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The presentation includes line items as a percentage of net revenues for the respective periods presented to facilitate period-to-period comparisons.

For the three months ended September 30,Increase/(Decrease)
2024Percentage of net revenues2023Percentage of net revenues2024 vs. 2023
(€ million, except percentages)
Net revenues
1,644 100.0 %1,544 100.0 %100 6.5 %
Cost of sales
827 50.3 %779 50.4 %48 6.2 %
Selling, general and administrative costs
135 8.2 %119 7.7 %16 13.7 %
Research and development costs
212 12.9 %221 14.3 %(9)(3.8 %)
Other expenses, net
6 0.3 %4 0.3 %2 43.1 %
Result from investments
3 0.1 %2 0.1 %1 77.8 %
Operating profit (EBIT)
467 28.4 %423 27.4 %44 10.3 %
Financial income
31 1.9 %26 1.6 %5 20.3 %
Financial expenses
32 2.0 %23 1.5 %9 34.8 %
Financial expenses/(income), net
1 0.1 %(3)(0.1 %)4 
n.m.(1)
Profit before taxes
466 28.3 %426 27.5 %40 9.5 %
Income tax expense
91 5.5 %94 6.0 %(3)(2.9 %)
Net profit
375 22.8 %332 21.5 %43 13.0 %
_____________________________
(1)Throughout this document “n.m.” means not meaningful.

Net revenues
For the three months ended September 30,Increase/(Decrease)
2024Percentage of net revenues2023Percentage of net revenues2024 vs. 2023
(€ million, except percentages)
Cars and spare parts (1)
1,40085.2 %1,33086.2 %70 5.2 %
Sponsorship, commercial and brand (2)
17410.6 %1459.4 %29 20.4 %
Other (3)
704.2 %694.4 %1 1.7 %
Total net revenues1,644100.0 %1,544100.0 %100 6.5 %
_____________________________
(1)Includes net revenues generated from shipments of our cars, any personalization generated on these cars, as well as sales of spare parts.
(2)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 fashion collections, merchandising, licensing and royalty income.
(3)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 from the sale of engines to Maserati. Starting from 2024, residual net revenues generated from the sale of engines are presented within other net revenues as a result of the expiration of the supply contract with Maserati in December 2023. As a result, net revenues generated from engines of €28 million for the three months ended September 30, 2023 that were previously presented as “Engines” net revenues have been presented within “Other” net revenues to conform to the current presentation.

    Net revenues for the three months ended September 30, 2024 were €1,644 million, an increase of €100 million or 6.5 percent (an increase of 7.0 percent on a constant currency basis), compared to €1,544 million for the three months ended September 30, 2023.
    The change in net revenues was attributable to the combination of (i) a €70 million increase in cars and spare parts, (ii) a €29 million increase in sponsorship, commercial and brand and (iii) a €1 million increase in other net revenues.
7



Cars and spare parts
    Net revenues generated from cars and spare parts were €1,400 million for the three months ended September 30, 2024, an increase of €70 million or 5.2 percent, compared to €1,330 million for the three months ended September 30, 2023.
The increase in net revenues from cars and spare parts was primarily attributable to a richer product and country mix, as well as a higher contribution from personalizations. Foreign currency exchange impact, including hedging transactions, was negative, mainly driven by the depreciation of the U.S. Dollar and the Japanese Yen compared to the Euro.
Total shipments decreased by 76 cars, from 3,459 cars in the third quarter of 2023 to 3,383 cars in the third quarter of 2024. The product portfolio in the quarter included eight internal combustion engine (ICE) models and five hybrid engine models, which represented 45 percent and 55 percent of total shipments, respectively. Shipments during the quarter were driven by the Purosangue, the Roma Spider, and the 296 GTS, as well as by the increase of the SF90 XX Stradale and our first shipments of the SF90 XX Spider. The 812 Competizione A decreased and it was approaching the end of its lifecycle while the 812 Competizione and the Roma were phased out. Shipments of the Daytona SP3 increased year over year in line with our delivery plans.
The €70 million increase in net revenues from cars and spare parts was composed of: (i) a €55 million increase in Americas, (ii) a €38 million increase in EMEA, and (iii) a €9 million increase in APAC, partially offset by (iv) a €32 million decrease in Mainland China, Hong Kong and Taiwan. The mix of net revenues by geography primarily reflects deliberate product and volume allocation in different markets.
Sponsorship, commercial and brand
    Net revenues generated from sponsorship, commercial agreements and brand management activities were €174 million for the three months ended September 30, 2024, an increase of €29 million or 20.4 percent, compared to €145 million for the three months ended September 30, 2023, primarily attributable to new sponsorships.
Cost of sales
For the three months ended September 30,Increase/(Decrease)
2024Percentage of net revenues2023Percentage of net revenues2024 vs. 2023
(€ million, except percentages)
Cost of sales827 50.3 %779 50.4 %48 6.2 %

    Cost of sales for the three months ended September 30, 2024 was €827 million, an increase of €48 million or 6.2 percent, compared to €779 million for the three months ended September 30, 2023. As a percentage of net revenues, cost of sales was 50.3 percent for the three months ended September 30, 2024 compared to 50.4 percent for the three months ended September 30, 2023.
The increase in cost of sales was primarily attributable to a change in product mix, only partially offset by lower car volumes and the end of the supply of engines to Maserati.

Selling, general and administrative costs
For the three months ended September 30,Increase/(Decrease)
2024Percentage of net revenues2023Percentage of net revenues2024 vs. 2023
(€ million, except percentages)
Selling, general and administrative costs135 8.2 %119 7.7 %16 13.7 %

    Selling, general and administrative costs for the three months ended September 30, 2024 were €135 million, an increase of €16 million or 13.7 percent, compared to €119 million for the three months ended September 30, 2023. As a
8



percentage of net revenues, selling, general and administrative costs were 8.2 percent for the three months ended September 30, 2024 compared to 7.7 percent for the three months ended September 30, 2023.
The increase of €16 million in selling, general and administrative costs mainly reflects continuing initiatives for software, digital infrastructure and organizational development, as well as for marketing and brand.
Research and development costs
For the three months ended September 30,Increase/(Decrease)
2024Percentage of net revenues2023Percentage of net revenues2024 vs. 2023
(€ million, except percentages)
Research and development costs expensed during the period128 7.8 %129 8.3 %(1)(0.2 %)
Amortization of capitalized development costs84 5.1 %92 6.0 %(8)(8.8 %)
Research and development costs212 12.9 %221 14.3 %(9)(3.8 %)

    Research and development costs for the three months ended September 30, 2024 were €212 million, a decrease of €9 million or 3.8 percent, compared to €221 million for the three months ended September 30, 2023. As a percentage of net revenues, research and development costs were 12.9 percent for the three months ended September 30, 2024 compared to 14.3 percent for the three months ended September 30, 2023.
The decrease of €9 million was driven by a decrease in amortization of capitalized development costs of €8 million, mainly driven by the phase-out of certain models.
Operating profit (EBIT)
For the three months ended September 30,Increase/(Decrease)
2024Percentage of net revenues2023Percentage of net revenues2024 vs. 2023
(€ million, except percentages)
Operating profit (EBIT)467 28.4 %423 27.4 %44 10.3 %

    Operating profit (EBIT) for the three months ended September 30, 2024 was €467 million, an increase of €44 million or 10.3 percent, compared to €423 million for the three months ended September 30, 2023. EBIT margin for the three months ended September 30, 2024 was 28.4 percent compared to 27.4 percent for the three months ended September 30, 2023.
The increase in operating profit (EBIT) was primarily attributable to the combined effects of (i) negative volume impact of €10 million, (ii) €60 million of positive product mix, sustained by the Daytona SP3 and the 499P Modificata, as well as higher contribution from personalizations and positive country mix driven by the Americas, (iii) positive contribution of €9 million from research and development costs, (iv) negative contribution of €16 million from selling, general and administrative costs, (v) positive contribution of €9 million driven by new sponsorships and lower costs due to the Formula 1 in season ranking and (vi) negative foreign currency exchange impact of €8 million (including foreign currency hedging instruments), mainly driven by the depreciation of the U.S. Dollar and the Japanese Yen compared to the Euro.

9



Financial expenses/(income), net
For the three months ended September 30,Increase/(Decrease)
202420232024 vs. 2023
(€ million, except percentages)
Financial income31 26 5 20.3 %
Financial expenses32 23 9 34.8 %
Financial expenses/(income), net1 (3)4 n.m.

    Financial expenses, net were €1 million for the three months ended September 30, 2024 compared to financial income, net of €3 million for the three months ended September 30, 2023, which benefited from a gain realized on the partial cash tender executed during the third quarter of 2023 on a bond due in 2025.
Income tax expense
For the three months ended September 30,Increase/(Decrease)
202420232024 vs. 2023
(€ million, except percentages)
Income tax expense91 94 (3)(2.9 %)

Income tax expense for the three months ended September 30, 2024 was €91 million, a decrease of €3 million, or 2.9 percent, compared to €94 million for the three months ended September 30, 2023.
The decrease in income tax expense was primarily attributable to the decrease of the effective tax rate from 22.0 percent for the three months ended September 30, 2023 to 19.5 percent for the three months ended September 30, 2024.

Income taxes and the effective tax rate for both the three months ended September 30, 2024 and 2023 benefited from the coexistence of two successive Patent Box tax regimes (with a greater effect of the new regime in the current year compared to the previous year), which provide tax benefits for companies using intangible assets.1
1 The Patent Box regime firstly introduced by the Italian Law No. 190/2014 was implemented by the Group from 2020 to 2024, recognizing the tax benefit over three annual installments. The new Patent Box regime regulated by Law Decree No. 146, effective from October 22, 2021, provides for a 110% super tax deduction for costs relating to eligible intangible assets and allows for a transitional period where both regimes coexist.
10



Nine months ended September 30, 2024 compared to nine months ended September 30, 2023
    The following is a discussion of the results of operations for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The presentation includes line items as a percentage of net revenues for the respective periods presented to facilitate period-to-period comparisons.
For the nine months ended September 30,Increase/(Decrease)
2024Percentage of net revenues2023Percentage of net revenues2024 vs 2023
(€ million, except percentages)
Net revenues
4,941 100.0 %4,447 100.0 %494 11.1 %
Cost of sales
2,465 49.9 %2,216 49.8 %249 11.2 %
Selling, general and administrative costs
402 8.1 %346 7.8 %56 16.1 %
Research and development costs
648 13.1 %629 14.1 %19 3.0 %
Other expenses, net
12 0.2 %15 0.4 %(3)(20.3 %)
Result from investments
6 — %4 0.1 %2 32.1 %
Operating profit (EBIT)
1,420 28.7 %1,245 28.0 %175 14.0 %
Financial income
98 2.0 %105 2.4 %(7)(6.7 %)
Financial expenses
101 2.0 %115 2.6 %(14)(12.4 %)
Financial expenses, net
3 — %10 0.2 %(7)(69.8 %)
Profit before taxes
1,417 28.7 %1,235 27.8 %182 14.7 %
Income tax expense
277 5.6 %272 6.1 %5 1.7 %
Net profit
1,140 23.1 %963 21.7 %177 18.4 %

Net revenues
For the nine months ended September 30,Increase/(Decrease)
2024Percentage of net revenues2023Percentage of net revenues2024 vs 2023
(€ million, except percentages)
Cars and spare parts (1)
4,25686.1 %3,83086.1 %426 11.1 %
Sponsorship, commercial and brand (2)
4879.9 %4229.5 %65 15.4 %
Other (3)
1984.0 %1954.4 %3 1.7 %
Total net revenues4,941100.0 %4,447100.0 %494 11.1 %
_____________________________
(1)Includes net revenues generated from shipments of our cars, any personalization generated on these cars, as well as sales of spare parts.
(2)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 fashion collections, merchandising, licensing and royalty income.
(3)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 from the sale of engines to Maserati. Starting from 2024, residual net revenues generated from the sale of engines are presented within other net revenues as a result of the expiration of the supply contract with Maserati in December 2023. As a result, net revenues generated from engines of €88 million for the nine months ended September 30, 2023 that were previously presented as “Engines” net revenues have been presented within “Other” net revenues to conform to the current presentation.

    Net revenues for the nine months ended September 30, 2024 were €4,941 million, an increase of €494 million or 11.1 percent (an increase of 12.8 percent on a constant currency basis), compared to €4,447 million for the nine months ended September 30, 2023.
    The increase in net revenues was attributable to (i) a €426 million increase in cars and spare parts, (ii) a €65 million increase in sponsorship, commercial and brand and (iii) a €3 million increase in other net revenues.
11



Cars and spare parts
    Net revenues generated from cars and spare parts were €4,256 million for the nine months ended September 30, 2024, an increase of €426 million or 11.1 percent, compared to €3,830 million for the nine months ended September 30, 2023.
    The increase in net revenues from cars and spare parts was primarily attributable to a richer product and country mix, as well as a higher contribution from personalizations. Foreign currency exchange impact, including hedging transactions, was negative, mainly driven by the depreciation of the U.S. Dollar, the Japanese Yen and the Chinese Yuan compared to the Euro.
Total shipments of 10,427 cars for nine months ended September 30, 2024, were substantially in line with 10,418 cars for nine months ended September 30, 2023. The product portfolio for nine months ended September 30, 2024 included nine internal combustion engine (ICE) models and six hybrid engine models, which each represented 50 percent of shipments. Shipments were driven by the Purosangue, the Roma Spider and the 296 GTS, as well as our first shipments of the SF90 XX family, while the 812 Competizione A was approaching the end of its lifecycle and the Portofino M, the SF90 Stradale, the 812 GTS, the 812 Competizione and the Roma were phased out. Shipments of the Daytona SP3 increased in line with our delivery plans.
    
The €426 million increase in net revenues from cars and spare parts was composed of: (i) a €234 million increase in Americas, (ii) a €179 million increase in EMEA, and (iii) a €46 million increase in APAC, partially offset by (iv) a €33 million decrease in Mainland China, Hong Kong and Taiwan. The mix of net revenues by geography primarily reflects deliberate product and volume allocation in different markets.
Sponsorship, commercial and brand
    Net revenues generated from sponsorship, commercial agreements and brand management activities were €487 million for the nine months ended September 30, 2024, an increase of €65 million or 15.4 percent, compared to €422 million for the nine months ended September 30, 2023, primarily attributable to new sponsorships and lifestyle activities.
Cost of sales
For the nine months ended September 30,Increase/(Decrease)
2024Percentage of net revenues2023Percentage of net revenues2024 vs 2023
(€ million, except percentages)
Cost of sales2,465 49.9 %2,216 49.8 %249 11.2 %

    Cost of sales for the nine months ended September 30, 2024 was €2,465 million, an increase of €249 million or 11.2 percent, compared to €2,216 million for the nine months ended September 30, 2023. As a percentage of net revenues, cost of sales was 49.9 percent for the nine months ended September 30, 2024 compared to 49.8 percent for the nine months ended September 30, 2023.
The increase in cost of sales was primarily attributable to a change in product mix, only partially offset by lower car volumes and the end of the supply of engines to Maserati.
Selling, general and administrative costs
For the nine months ended September 30,Increase/(Decrease)
2024Percentage of net revenues2023Percentage of net revenues2024 vs 2023
(€ million, except percentages)
Selling, general and administrative costs402 8.1 %346 7.8 %56 16.1 %
    Selling, general and administrative costs for the nine months ended September 30, 2024 were €402 million, an increase of €56 million or 16.1 percent, compared to €346 million for the nine months ended September 30, 2023. As a
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percentage of net revenues, selling, general and administrative costs were 8.1 percent for the nine months ended September 30, 2024 compared to 7.8 percent for the nine months ended September 30, 2023.
The increase of €56 million in selling, general and administrative costs mainly reflects continuing initiatives for software, digital infrastructure and organizational development, as well as for marketing and brand.
Research and development costs
For the nine months ended September 30,Increase/(Decrease)
2024Percentage of net revenues2023Percentage of net revenues2024 vs 2023
(€ million, except percentages)
Research and development costs expensed during the period401 8.1 %381 8.5 %20 5.2 %
Amortization of capitalized development costs247 5.0 %248 5.6 %(1)(0.3 %)
Research and development costs648 13.1 %629 14.1 %19 3.0 %

    Research and development costs for the nine months ended September 30, 2024 were €648 million, an increase of €19 million or 3.0 percent, compared to €629 million for the nine months ended September 30, 2023. As a percentage of net revenues, research and development costs were 13.1 percent for the nine months ended September 30, 2024 compared to 14.1 percent for the nine months ended September 30, 2023.
The increase of €19 million was primarily driven by an increase in research and development costs expensed of €20 million, in line with our strategy to innovate and broaden our product portfolio.
For the nine months ended September 30,Increase/(Decrease)
2024Percentage of net revenues2023Percentage of net revenues2024 vs 2023
(€ million, except percentages)
Operating profit (EBIT)1,42028.7%1,24528.0%17514.0%
    Operating profit (EBIT) for the nine months ended September 30, 2024 was €1,420 million, an increase of €175 million or 14.0 percent, compared to €1,245 million for the nine months ended September 30, 2023. Operating profit (EBIT) margin for the nine months ended September 30, 2024 was 28.7 percent compared to 28.0 percent for the nine months ended September 30, 2023.
    The increase in operating profit (EBIT) was primarily attributable to the combined effects of (i) negative volume impact of €8 million, (ii) €305 million of positive product mix, sustained by the Daytona SP3 and the 499P Modificata, as well as higher contribution from personalizations and positive country mix driven by the Americas, (iii) negative contribution of €19 million from research and development costs, (iv) negative contribution of €56 million from selling, general and administrative costs, (v) positive contribution of €19 million driven by new sponsorships and the partial release of previously recognized car environmental provisions in the United States and (vi) negative foreign currency exchange impact of €66 million (including foreign currency hedging instruments), mainly driven by the depreciation of the U.S. Dollar, the Japanese Yen and the Chinese Yuan compared to the Euro.

Financial expenses, net
For the nine months ended September 30,Increase/(Decrease)
202420232024 vs 2023
(€ million, except percentages)
Financial income98 105 (7)(6.7 %)
Financial expenses101 115 (14)(12.4 %)
Financial expense, net3 10 (7)(69.8 %)
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    Financial expenses, net for the nine months ended September 30, 2024 were €3 million, a decrease of €7 million, or 69.8 percent compared to €10 million for the nine months ended September 30, 2023, driven by higher interest income on cash and cash equivalents held by the Group and positive net foreign exchange impact, partially offset by the effects of a gain recognized in the prior year on the partial cash tender executed during the third quarter of 2023 on a bond due in 2025.
Income tax expense
For the nine months ended September 30,Increase/(Decrease)
202420232024 vs. 2023
(€ million, except percentages)
Income tax expense277 272 5 1.7 %

    Income tax expense for the nine months ended September 30, 2024 was €277 million, an increase of €5 million, or 1.7 percent, compared to €272 million for the nine months ended September 30, 2023.
The increase in income tax expense was primarily attributable to an increase in profit before taxes, partially offset by the decrease of the effective tax rate from 22.0 percent for the nine months ended September 30, 2023 to 19.5 percent for the nine months ended September 30, 2024.
Income taxes and effective tax rate for both the nine months ended September 30, 2024 and 2023 benefited from the coexistence of two successive Patent Box tax regimes (with a greater effect of the new regime in the current year compared to the previous year), which provide tax benefits for companies using intangible assets.1


1 The Patent Box regime firstly introduced by the Italian Law No. 190/2014 was implemented by the Group from 2020 to 2024, recognizing the tax benefit over three annual installments. The new Patent Box regime regulated by Law Decree No. 146, effective from October 22, 2021, provides for a 110% super tax deduction for costs relating to eligible intangible assets and allows for a transitional period where both regimes coexist.
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Liquidity and Capital Resources

Liquidity Overview

We require liquidity in order to fund our operations, meet our obligations, make capital investments and reward our shareholders. Short-term liquidity is required, among others, to purchase raw materials, parts, components and utilities, mainly for car production, as well as to fund personnel expenses and other operating costs. In addition to our general working capital and operational needs, we require cash for capital investments to support continuous product portfolio renewal and expansion, as well as for research and development activities aimed at continually innovating and improving our cars, including the enrichment of our product portfolio with hybrid and electric technology. We also make investments to enhance manufacturing efficiency, improve capacity, implement sustainability initiatives, ensure environmental and regulatory compliance and carry out maintenance activities, among others. We fund our capital expenditure primarily with cash generated from our operating activities. We also use liquidity to reward our shareholders through dividends and share repurchases. At our Capital Markets Day held on June 16, 2022, we announced a new multi-year share repurchase program of approximately €2 billion that is expected to be executed by 2026, as well as an increase in our expected dividend payout ratio from 30 percent to 35 percent of Adjusted Net Profit starting in 2022.
    We centrally manage our operating cash management, liquidity and cash flow requirements with the objective of ensuring effective and efficient management of our funds. We believe that our cash generation together with our available liquidity, including committed credit lines granted from primary financial institutions, will be sufficient to meet our liquidity requirements. See the “Net (Debt)/Cash and Net Industrial (Debt)/Cash” section below for additional details relating to our liquidity.
Cyclical Nature of Our Cash Flows
Our working capital is subject to month to month fluctuations due to, among other things, production and sales volumes, our financial services activities, the timing of capital expenditures and, to a lesser extent, tax payments. In particular, our inventory levels generally increase in the periods leading up to the launch of new models, during the phase out of existing models when we build up spare parts, and at the end of the second quarter when our inventory levels are generally higher to support the summer plant shutdown.
We generally receive payment for cars between 30 and 40 days after the car is shipped (or earlier when sales financing arrangements are utilized by us or by our dealers), while we generally pay most suppliers between 60 and 90 days after we receive the raw materials, components or other goods and services. Additionally, we also receive advance payments from our customers, mainly for our Icona, limited edition and Special Series models, as well as certain range models in selected markets. We maintain sufficient inventory of raw materials and components to ensure continuity of our production lines, however delivery of most raw materials and components takes place monthly or more frequently in order to minimize inventories. The manufacture of one of our cars typically takes between 30 and 45 days, depending on the level of automation of the relevant production line, and the car is generally shipped to our dealers three to six days following the completion of production, although in certain regions we may warehouse cars for longer periods of time to ensure prompt deliveries. As a result of the above, including the advances received from customers for certain car models, we tend to receive payment for cars shipped before or around the time we are required to make payments for the raw materials, components or other materials used in the manufacturing of our cars.
Our investments for capital expenditure and research and development are, among other factors, influenced by the timing and number of new models launches. Our development costs, as well as our other investments in capital expenditure, generally peak in periods when we develop a significant number of new models to renew or expand our product portfolio. Our investments in research and development are also influenced by the timing of research costs for our Formula 1 activities, for which expenditure in a normal season is generally higher in the first and last quarters of the year, and also depends on the evolution of the applicable Formula 1 technical regulations, as well as the number and cadence of races during the course of the racing season. We are currently undergoing a period of structurally higher capital spending as we broaden our car architectures, prioritize innovation and advanced technologies, and add hybrid and electric powertrains to our product portfolio. We also continue to make significant capital investments in operating assets and infrastructure projects that are important for our continued growth and development, including for the ongoing construction of a new paint shop, as well as for our new e-building, which was inaugurated in June 2024 and is expected to start production in early 2025. The e-building is based on the concept of technological neutrality and flexibility, and will be used to produce and develop models with internal combustion, hybrid and full electric powertrains, as well as strategic electrical components.
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The payment of income taxes also affects our cash flows. We pay the first tax advance payment in the second and/or third quarter of the year, together with the remaining tax balance due for the previous year, and the remaining part of the advance payment in the third and/or fourth quarters. Our income tax expense and tax payments for the nine months ended September 30, 2024 and 2023 benefited from applying the Patent Box tax regime in Italy.
Cash Flows
    The following table summarizes the cash flows from/(used in) operating, investing and financing activities for the nine months ended September 30, 2024 and 2023. For additional details of our cash flows, see our interim consolidated statement of cash flows within our Interim Condensed Consolidated Financial Statements included elsewhere in this Interim Report.
 For the nine months ended September 30,
 20242023
 (€ million)
Cash and cash equivalents at beginning of the period1,122 1,389 
Cash flows from operating activities1,431 1,189 
Cash flows used in investing activities(711)(551)
Cash flows used in financing activities(313)(1,010)
Translation exchange differences— (5)
Total change in cash and cash equivalents407 (377)
Cash and cash equivalents at end of the period1,529 1,012 

For the nine months ended September 30, 2024 cash and cash equivalents held by the Group increased by €407 million compared to a decrease of €377 million for the nine months ended September 30, 2023, primarily attributable to the combined effects of:
(i)a decrease in cash flows used in financing activities of €697 million, driven by (i) a decrease in repayments of debt of €556 million, (ii) an increase in proceeds from debt of €308 million, partially offset by (iii) an increase in dividends paid to owners of €111 million and (iv) an increase in share repurchases of €56 million; and
(ii)an increase in cash flows from operating activities of €242 million, primarily driven by (i) an increase in net profit excluding non-cash items of €191 million, (ii) a decrease in cash absorbed from inventories, trade receivables and trade payables of €191 million, (iii) lower net finance costs paid of €28 million, partially offset by (iv) a decrease from other operating assets and liabilities of €105 million and (v) higher income tax paid of €69 million;
partially offset by:
(iii)an increase in cash flows used in investing activities of €160 million, driven by higher investments in property, plant and equipment and intangible assets, reflecting our initiatives for product and infrastructure development.
Operating Activities
Nine Months Ended September 30, 2024
    Our cash flows from operating activities for the nine months ended September 30, 2024 were €1,431 million, primarily the result of:
(i)net profit of €1,140 million, adjusted for €492 million for depreciation and amortization expense, €277 million of income tax expense, €3 million of financial expenses, net, and net other non-cash expenses of €123 million (including provisions accrued);
partially offset by:
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(ii)€210 million of cash absorbed from inventories, trade receivables and trade payables, primarily attributable to inventories for €111 million driven by production planning and an enriched product mix, trade receivables for €33 million mainly driven by product mix, as well as sponsorship agreements, and lower trade payables for €66 million;
(iii)€106 million related to cash absorbed by receivables from financing activities driven by an increase in the financial services portfolio due to volume growth;
(iv)€52 million of cash absorbed from the change in other operating assets and liabilities;
(v)€15 million of net finance costs paid; and
(vi)€221 million of income taxes paid.
Nine Months Ended September 30, 2023
Our cash flows from operating activities for the nine months ended September 30, 2023 were €1,189 million, primarily the result of:
(i)profit before taxes of €1,235 million adjusted for €476 million for depreciation and amortization expense, €10 million of net finance costs and net other non-cash expenses of €100 million (primarily including provisions accrued for €46 million and €17 million of share-based compensation expense); and
(ii)€53 million of cash generated from the change in other operating assets and liabilities, primarily driven by advances received for our cars.
These cash inflows were partially offset by:
(iii)€402 million of cash absorbed from the net change in inventories, trade receivables and trade payables, primarily attributable to inventories for €250 million driven by yearly production planning and an enriched product mix, trade receivables for €71 million driven by higher car volumes and racing sponsorship agreements, and a decrease in trade payables for €81 million;
(iv)€89 million related to cash absorbed by receivables from financing activities;
(v)€43 million of net finance costs paid; and
(vi)€151 million of income taxes paid.
Investing Activities
Nine Months Ended September 30, 2024
    For the nine months ended September 30, 2024 our net cash used in investing activities was €711 million, primarily attributable to capital expenditures of (i) €370 million for intangible assets, mainly related to externally acquired and internally generated development costs, and (ii) €342 million for property, plant and equipment. For a detailed analysis of investments in intangible assets and property, plant and equipment see “Capital Expenditures” below.
    Nine Months Ended September 30, 2023
For the nine months ended September 30, 2023 our net cash used in investing activities was €551 million, primarily the result of capital expenditures of (i) €342 million for intangible assets, mainly related to externally acquired and internally generated development costs and (ii) €212 million for property, plant and equipment. For a detailed analysis of additions to intangible assets and property, plant and equipment, see “Capital Expenditures”.
Financing Activities
Nine Months Ended September 30, 2024
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For the nine months ended September 30, 2024, net cash used in financing activities was €313 million, primarily the result of:
(i)€443 million of dividends paid (of which €5 million was to non-controlling interests);
(ii)€431 million to repurchase common shares under the Company’s share repurchase program (including the Sell-to-Cover practice under the Group’s equity incentive plans);
(iii)€96 million for repayments of borrowings from banks and other financial institutions;
(iv)€51 million for repayments of lease liabilities and other debt; and
(v)€15 million for repayments related to our revolving securitization programs in the United States;
partially offset by:
(vi)€496 million in proceeds from the issuance of a new bond with a principal amount of €500 million due in 2030;
(vii)€120 million in proceeds related to our revolving securitization programs in the United States;
(viii)€75 million in proceeds from bank borrowings; and
(ix)€32 million in proceeds from other debt.
Nine Months Ended September 30, 2023
For the nine months ended September 30, 2023 net cash used in financing activities was €1,010 million, primarily the result of:
(i)€385 million for the full repayment upon maturity of a bond previously issued in 2016 and €191 million for the partial repayment of a bond due in 2025 following a tender offer by the Group;
(ii)€374 million to repurchase common shares under the Company’s share repurchase program (including the Sell to Cover practice under the equity incentive plans);
(iii)€332 million of dividends paid (of which €5 million was to non-controlling interests); and
(iv)€18 million for repayments of lease liabilities and other debt.
These cash outflows were partially offset by:
(v)€198 million in net proceeds from borrowings from banks and other financial institutions; and
(vi)€92 million of proceeds net of repayments related to our revolving securitization programs in the United States.

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Capital Expenditures
Capital expenditures are defined as additions to property, plant and equipment (including right-of-use assets recognized in accordance with IFRS 16 — Leases) and intangible assets. Capital expenditures for the nine months ended September 30, 2024 were €787 million and €592 million for the nine months ended September 30, 2023.
    The following table sets forth a breakdown of capital expenditures by category for each of the nine months ended September 30, 2024 and 2023:
For the nine months ended September 30,
20242023
(€ million)
Intangible assets
Externally acquired and internally generated development costs352 323 
Patents, concessions and licenses15 10 
Other intangible assets3 9 
Total intangible assets370 342 
Property, plant and equipment
Land and industrial buildings52 21 
Plant, machinery and equipment60 69 
Other assets49 28 
Advances and assets under construction256 132 
Total property, plant and equipment417 250 
Total capital expenditures787 592 

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Intangible assets    
Our total capital expenditures in intangible assets were €370 million for the nine months ended September 30, 2024 (€342 million for the nine months ended September 30, 2023).
The most significant investments in intangible assets relate to externally acquired and internally generated development costs. In particular, we make such investments to support the development of our current and future product offering. The capitalized development costs primarily include materials and personnel costs relating to the engineering, design and development activities focused on content enhancement of existing cars and new models, including to broaden and innovate our product portfolio and our ongoing investments in advanced technologies (including hybrid and electric), as well as the development of key components used in our cars, which are necessary to provide continuing performance upgrades to our customers and which we expect to continue to develop primarily in-house.
For the nine months ended September 30, 2024 we invested €352 million in externally acquired and internally generated development costs, of which €217 million related to the development of models to be launched in future years and €135 million primarily related to the development of our current product portfolio and components.
For the nine months ended September 30, 2023 we invested €323 million in externally acquired and internally generated development costs, of which €234 million related to the development of models to be launched in future years and €89 million primarily related to the development of our current product portfolio and components.
Property, plant and equipment
Our total capital expenditures in property, plant and equipment for the nine months ended September 30, 2024 and 2023, were €417 million and €250 million, respectively, of which €75 million and €39 million related to right-of-use, respectively.
For the nine months ended September 30, 2024 and 2023, we made significant investments in infrastructure in line with our growth plans and our focus on the renewal and broadening of our product portfolio and supporting future model launches. In particular, we made investments:
•for our new e-building, which was inaugurated in June 2024 and is expected to start production in early 2025;
•in car and engine production lines (including for models to be launched in future years), as well as in our personalization programs, and
•the new paint shop.
At September 30, 2024, the Group had contractual commitments for the purchase of property, plant and equipment amounting to €306 million (€115 million at December 31, 2023). The increase in contractual commitments reflects the aforementioned period of structurally higher capital spending as we make investments in infrastructure projects, including the new paint shop, as well as broaden our car architectures, prioritize innovation and advanced technologies, and enrich our product portfolio with hybrid and electric powertrains.
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Non-GAAP Financial Measures
    We monitor and evaluate our operating and financial performance and financial position using several non-GAAP financial measures including several adjusted measures which present how the underlying business has performed prior to the impact of adjusting items, which may obscure the underlying performance and impair comparability of results between periods. We believe that these non-GAAP financial measures provide useful and relevant information to management and investors regarding our performance and improve the ability to assess our financial performance and financial position. They also provide us with comparable measures that facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions. Management also uses these measures for budgeting and business plans, performance monitoring, management remuneration and external reporting purposes.
In particular, we present the following non-GAAP financial measures, which are further described below: EBITDA, Adjusted EBITDA, Adjusted Operating Profit (Adjusted EBIT), Adjusted Net Profit, Adjusted Basic Earnings per Common Share, Adjusted Diluted Earnings per Common Share, Net (Debt)/Cash, Net Industrial (Debt)/Cash, Free Cash Flow and Free Cash Flow from Industrial Activities, as well as a number of financial metrics measured on a constant currency basis.
While similar measures are widely used in the industry in which we operate, the non-GAAP financial measures we use may not be comparable to other similarly titled measures used by other companies nor are they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with IFRS.
EBITDA and Adjusted EBITDA
    EBITDA is defined as net profit before income tax expense, financial expenses, 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.
    The following table sets forth the calculation of EBITDA and Adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023, and provides a reconciliation of these non-GAAP measures to net profit. There were no adjustments impacting EBITDA, therefore Adjusted EBITDA was equal to EBITDA for the periods presented.
For the three months ended September 30,For the nine months ended September 30,
2024202320242023
(€ million)
Net profit375 332 1,140 963 
Income tax expense91 94 277 272 
Financial expenses/(income), net1 (3)3 10 
Operating profit (EBIT)467 423 1,420 1,245 
Amortization and depreciation171 172 492 476 
EBITDA638 595 1,912 1,721 
Adjustments— — — — 
Adjusted EBITDA638 595 1,912 1,721 

Adjusted Operating Profit (Adjusted EBIT)
    Adjusted Operating Profit (Adjusted EBIT) represents operating profit (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.
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    The following table presents operating profit (EBIT) and Adjusted Operating Profit (Adjusted EBIT) for the three and nine months ended September 30, 2024 and 2023. There were no adjustments impacting operating profit (EBIT), therefore Adjusted Operating Profit (Adjusted EBIT) was equal to operating profit (EBIT) for the periods presented.
For the three months ended September 30,For the nine months ended September 30,
2024202320242023
(€ million)
Operating profit (EBIT)467 423 1,420 1,245 
Adjustments— — — — 
Adjusted Operating Profit (Adjusted EBIT)467 423 1,420 1,245 

Adjusted Net Profit
    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.
    The following table presents net profit and Adjusted Net Profit for the three and nine months ended September 30, 2024 and 2023. There were no adjustments impacting net profit, therefore Adjusted Net Profit was equal to net profit for the periods presented.
For the three months ended September 30,For the nine months ended September 30,
2024202320242023
(€ million)
Net profit375 332 1,140 963 
Adjustments— — — — 
Adjusted Net Profit375 332 1,140 963 

Adjusted Basic Earnings per Common Share and Adjusted Diluted Earnings per Common Share
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.
    The following table presents Adjusted Basic Earnings per Common Share and Adjusted Diluted Earnings per Common Share for the three and nine months ended September 30, 2024 and 2023. There were no adjustments impacting Basic Earnings per Common Share and Diluted Earnings per Common Share, therefore Adjusted Basic Earnings per Common Share and Adjusted Diluted Earnings per Common Share were equal to basic earnings per common share and diluted earnings per common share for the periods presented.
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For the three months ended September 30,For the nine months ended September 30,
2024202320242023
Net profit attributable to owners of the Company€ million374 330 1,137 959 
Weighted average number of common shares for basic earnings per sharethousand179,586 181,046 179,928 181,432 
Basic earnings per common share€2.08 1.82 6.32 5.28 
Adjustments€— — — — 
Adjusted Basic Earnings per Common Share€2.08 1.82 6.32 5.28 
Weighted average number of common shares (1) for diluted earnings per share
thousand179,840 181,315 180,182 181,701 
Diluted earnings per common share€2.08 1.82 6.31 5.28 
Adjustments€— — — — 
Adjusted Diluted Earnings per Common Share€2.08 1.82 6.31 5.28 
_____________________________
(1)    For the three and nine months ended September 30, 2024 and 2023, 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).

See Note 13 “Earnings per Share” to the Interim Condensed Consolidated Financial Statements, included elsewhere in this document, for the calculation of the basic and diluted earnings per common share.

Net (Debt)/Cash and Net Industrial (Debt)/Cash
Due to different sources of cash flows used for the repayment of debt between industrial activities and financial services activities, and the different business structure and leverage implications, Net Industrial (Debt)/Cash, together with Net (Debt)/Cash, are the primary measures used by us to analyze our capital structure and financial leverage.
•Net (Debt)/Cash is defined as debt less cash and cash equivalents and is composed of Net Industrial (Debt)/Cash and Net (Debt)/Cash of Financial Services Activities, which are both defined below.

•Net Industrial (Debt)/Cash is defined as debt of our industrial activities less cash and cash equivalents of our industrial activities. Net Industrial (Debt)/Cash represents our Net (Debt)/Cash less our Net (Debt)/Cash of Financial Services Activities (as defined below). Industrial activities include all of the Group’s activities except for those relating to financial services activities, which are further described below.

•Net (Debt)/Cash of Financial Services Activities is defined as debt of our financial services activities less cash and cash equivalents of our financial services activities. The Group’s financial services activities relate to its fully owned subsidiary Ferrari Financial Services Inc., whose primary business is to offer retail client financing for the sale of Ferrari cars in the United States and to manage the related financial receivables portfolio. The Net (Debt)/Cash 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.

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The following table sets presents our Net (Debt)/Cash, Net (Debt)/Cash of Financial Services Activities and Net Industrial (Debt)/Cash at September 30, 2024 and December 31, 2023.
At September 30, 2024At December 31, 2023
GroupFinancial Services Activities Industrial ActivitiesGroupFinancial Services ActivitiesIndustrial Activities
(€ million)
Bonds and notes(1,405)— (1,405)(904)— (904)
Asset-backed financing (Securitizations)(1,252)(1,252)— (1,166)(1,166)— 
Borrowings from banks and other financial institutions(268)(59)(209)(291)(73)(218)
Lease liabilities(131)— (131)(73)— (73)
Other debt(40)(31)(9)(43)(42)(1)
Total debt with third parties(3,096)(1,342)(1,754)(2,477)(1,281)(1,196)
Intercompany (1)
— (20)20 — (9)9 
Total debt, net of intercompany(3,096)(1,362)(1,734)(2,477)(1,290)(1,187)
Cash and cash equivalents1,529 41 1,488 1,122 34 1,088 
Net (Debt)/Cash(1,567)(1,321)(246)(1,355)(1,256)(99)
_____________________________
(1)Represents intercompany (debt)/receivables between industrial activities and financial services activities.

For additional information relating to our debt, see Note 23 “Debt” to the Interim Consolidated Financial Statements included elsewhere in this document.
The Net (Debt)/Cash 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. The latter amounted to €1,531 million at September 30, 2024 and €1,451 million at December 31, 2023. For further details relating to our receivables from financing activities and our asset-backed financing (securitizations), see Note 18 “Current Receivables and Other Current Assets” and Note 23 “Debt” to the Interim Consolidated Financial Statements included elsewhere in this document.

Cash and cash equivalents

    Cash and cash equivalents amounted to €1,529 million at September 30, 2024 compared to €1,122 million at December 31, 2023.

At September 30, 2024, 88 percent of our cash and cash equivalents were denominated in Euro (80 percent at December 31, 2023). Our cash and cash equivalents denominated in currencies other than the Euro are available mostly to Ferrari S.p.A. and certain subsidiaries which operate in areas other than Europe. Cash held in such countries may be subject to transfer restrictions depending on the jurisdictions in which these subsidiaries operate. In particular, cash held in China (including cash held in foreign currencies), which amounted to €45 million at September 30, 2024 (€81 million at December 31, 2023), is subject to certain repatriation restrictions and may only be repatriated as a repayment of payables or debt, or as dividends or capital distributions. We do not currently believe that such transfer restrictions have an adverse impact on our ability to meet our liquidity requirements.
24



    The following table sets forth an analysis of the currencies in which our cash and cash equivalents were denominated at the dates presented.
At September 30, 2024At December 31, 2023
(€ million)
Euro1,346 895 
U.S. Dollar88 97 
Chinese Yuan46 81 
Pound Sterling13 20 
Other currencies36 29 
Total1,529 1,122 

    Cash collected from the settlement of receivables under securitization programs is subject to certain restrictions regarding its use and is primarily applied to repay principal and interest of the related funding. Such cash amounted to €39 million at September 30, 2024 (€32 million at December 31, 2023).

    Total available liquidity
    
    Total available liquidity (defined as cash and cash equivalents plus undrawn committed credit lines) at September 30, 2024 was €2,079 million (€1,722 million at December 31, 2023).

    The following table summarizes our total available liquidity:
At September 30, 2024At December 31, 2023
(€ million)
Cash and cash equivalents1,529 1,122 
Undrawn committed credit lines550 600 
Total available liquidity2,079 1,722 
The undrawn committed credit lines at September 30, 2024 and December 31, 2023 relate to revolving credit facilities. For further details relating to our debt, see Note 23 “Debt” in the Interim Condensed Consolidated Financial Statements included elsewhere in this document.
Free Cash Flow and Free Cash Flow from Industrial Activities

Free Cash Flow and Free Cash Flow from Industrial Activities are two of our primary key performance indicators to measure the Group’s performance and cash flow generation. These measures are not representative of residual cash flows available for discretionary purposes.

•Free Cash Flow is defined as consolidated 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 and joint ventures. Free Cash Flow is composed of Free Cash Flow from Industrial Activities and Free Cash Flow from Financial Services Activities, which are both defined below.

•Free Cash Flow from Industrial Activities is defined as cash flows from operating activities of our industrial 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 and joint ventures of our industrial activities. Free Cash Flow from Industrial Activities represents our Free Cash Flow less our Free Cash Flow from Financial Services Activities (as defined below). Industrial activities include all of the Group’s activities except for those relating to financial services activities, which are further described below.

•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 and joint ventures of our financial services activities. The Group’s financial services activities relate only to its fully owned subsidiary Ferrari Financial Services Inc., whose primary business is to offer retail client financing for the sale of Ferrari cars in the
25



United States and to manage the related financial receivables portfolio. Its cash flows from operating activities are mainly driven by the change in its financial receivables portfolio (receivables from financing activities), as well as its operating result during the period.
    
    The following table presents our Free Cash Flow, Free Cash Flow from Financial Services Activities and Free Cash Flow from Industrial Activities for the nine months ended September 30, 2024 and 2023.
For the nine months ended September 30,
20242023
GroupFinancial
Services Activities		Industrial
Activities		GroupFinancial Services ActivitiesIndustrial Activities
(€ million)
Cash flows from/(used in) (1) operating activities
1,431 (85)1,516 1,189 (71)1,260 
Investments in property, plant and equipment and intangible assets(712)— (712)(553)— (553)
Free Cash Flow719 (85)804 636 (71)707 
___________________________
(1)For the nine months ended September 30, 2024 and 2023, cash flows used in operating activities of financial services activities mainly reflects the outflows derived from the increase in the financial receivables portfolio (receivables from financing activities in the interim condensed consolidated statement of financial position) of €106.4 million and €88.6 million, respectively.
Free Cash Flow for the nine months ended September 30, 2024 was €719 million, an increase of €83 million compared to €636 million for the nine months ended September 30, 2023. For an explanation of the drivers in Free Cash Flow see “Cash Flows” above.
Free Cash Flow from Industrial Activities for the nine months ended September 30, 2024 was €804 million compared to €707 million for the nine months ended September 30, 2023. The increase in Free Cash Flow from Industrial Activities of €97 million was primarily attributable to (i) an increase in net profit excluding non-cash items of €191 million and (ii) a decrease in cash absorbed from inventories, trade receivables and trade payables of €191 million, partially offset by (iii) an increase in investments in property, plant and equipment and intangible assets of €159 million, reflecting our initiatives for product and infrastructure development and (iv) a decrease from other operating assets and liabilities of €105 million.
Constant Currency Information
    The “Results of Operations” discussion above includes information about our net revenues on a constant currency basis, which excludes the effects of foreign currency translation from our subsidiaries with functional currencies other than Euro, as well as the effects of foreign currency transaction impact and foreign currency hedging. We use this information to assess how the underlying revenues changed independent of fluctuations in foreign currency exchange rates and hedging. We calculate constant currency by (i) applying the prior-period average foreign currency exchange rates to translate current period revenues of foreign subsidiaries expressed in local functional currency other than Euro, (ii) applying the prior-period average foreign currency exchange rates to current period revenues originated in a currency other than the functional currency of the applicable entity, and (iii) eliminating the variances of any foreign currency hedging (see Note 5 “Other Information” to the Interim Condensed Consolidated Financial Statements, included in this Interim Report, for information on the foreign currency exchange rates applied). Although we do not believe that these measures are a substitute for GAAP measures, we do believe that revenues excluding the impact of currency fluctuations and the impacts of hedging provide additional useful information to investors regarding the operating performance on a local currency basis.

Risk Factors

We face a variety of risks and uncertainties in our business. For a description of these risks and uncertainties please see “Risk Factors” in the Group’s Annual Report and Form 20-F for the year ended December 31, 2023 filed with the AFM and the SEC on February 22, 2024. All such risks factors should be read in conjunction with this Interim Report. Additional risks and uncertainties that we are unaware of, or that we currently believe to be immaterial, may also become important factors that affect us.
26



Outlook


Even more confidence in the 2024 guidance, based on the following assumptions for the year:
•Positive product and country mix, along with stronger personalizations
•Racing activities, including new sponsorships, impacted by lower Formula 1 ranking in 2023 despite higher number of races in the 2024 calendar
•Lifestyle activities expected to increase top line contribution while investing to accelerate development
•Cost inflation to persist
•Continuous brand investments and higher racing expenses
•Robust Industrial free cash flow generation, partially offset by increased capital expenditures and higher tax payment

(€B, unless otherwise stated)2023A2024 GUIDANCE
NET REVENUES6.0>6.55
ADJ. OPERATING PROFIT (ADJ. EBIT) (margin %)1.62
27.1%		≥1.82
≥27.5%
ADJ. DILUTED EPS (€)
6.90 (1)
≥7.90 (1)
ADJ. EBITDA (margin %)2.28
38.2%		≥2.50
≥38%
INDUSTRIAL FCF0.93Up to 0.95
____________________________
(1)Calculated using the weighted average diluted number of common shares at December 31, 2023 (181,511 thousand).
27



FERRARI N.V.
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AT AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024
(UNAUDITED)



CONTENTS
Page
Interim Consolidated Income Statement
       Interim Consolidated Statement of Comprehensive Income
Interim Consolidated Statement of Financial Position
Interim Consolidated Statement of Cash Flows
Interim Consolidated Statement of Changes in Equity
Notes to the Interim Condensed Consolidated Financial Statements











































FERRARI N.V.
INTERIM CONSOLIDATED INCOME STATEMENT
for the three and nine months ended September 30, 2024 and 2023
(Unaudited)

For the three months ended
September 30,		For the nine months ended 
September 30,
Note2024202320242023
(€ thousand)
Net revenues
61,644,439 1,544,032 4,941,127 4,446,746 
Cost of sales
7827,074 778,749 2,465,268 2,216,097 
Selling, general and administrative costs
8134,929 118,632 401,786 346,068 
Research and development costs
9212,490 220,909 647,991 628,875 
Other expenses, net
105,525 3,861 11,908 14,937 
Result from investments
2,196 1,235 5,643 4,273 
Operating profit (EBIT)
466,617 423,116 1,419,817 1,245,042 
Financial income
1130,615 25,456 97,902 104,940 
Financial expenses
1131,502 23,372 101,062 115,413 
Financial expenses/(income), net
11887 (2,084)3,160 10,473 
Profit before taxes
465,730 425,200 1,416,657 1,234,569 
Income tax expense
1290,817 93,544 276,248 271,605 
Net profit
374,913 331,656 1,140,409 962,964 
Net profit attributable to:
Owners of the parent
374,173 329,821 1,137,661 958,542 
Non-controlling interests
740 1,835 2,748 4,422 
Basic earnings per common share (in €)
132.08 1.82 6.32 5.28 
Diluted earnings per common share (in €)
132.08 1.82 6.31 5.28 












The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements.
F-1



FERRARI N.V.
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the three and nine months ended September 30, 2024 and 2023
(Unaudited)

For the three months ended September 30,For the nine months ended September 30,
Note2024202320242023
(€ thousand)
Net profit
374,913 331,656 1,140,409 962,964 
Gains/(Losses) on cash flow hedging instruments
2016,931 (48,714)(9,190)(43,525)
Exchange differences on translating foreign operations
20(8,056)4,699 (2,057)872 
Related tax impact
20(5,057)13,411 1,986 11,727 
Total other comprehensive (loss)/income, net of tax (all of which may be reclassified to the consolidated income statement in subsequent periods)
3,818 (30,604)(9,261)(30,926)
Total comprehensive income
378,731 301,052 1,131,148 932,038 
Total comprehensive income attributable to:
Owners of the parent
378,055 299,056 1,128,381 927,898 
Non-controlling interests
676 1,996 2,767 4,140 

















The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements.
F-2



FERRARI N.V.
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at September 30, 2024 and at December 31, 2023
(Unaudited)

NoteAt September 30,
2024		At December 31,
2023
(€ thousand)
Assets
Goodwill785,182 785,182 
Intangible assets141,508,356 1,419,699 
Property, plant and equipment151,767,437 1,575,200 
Investments and other financial assets1675,312 67,671 
Deferred tax assets234,435 217,553 
Total non-current assets4,370,722 4,065,305 
Inventories171,031,451 948,514 
Trade receivables18291,908 261,380 
Receivables from financing activities181,531,018 1,451,158 
Tax receivables1816,319 11,616 
Other current assets18166,490 130,228 
Current financial assets1952,580 61,130 
Cash and cash equivalents291,528,690 1,121,981 
Total current assets4,618,456 3,986,007 
Total assets8,989,178 8,051,312 
Equity and liabilities
Equity attributable to owners of the parent3,336,951 3,060,888 
Non-controlling interests7,713 9,734 
Total equity203,344,664 3,070,622 
Employee benefits101,275 123,045 
Provisions22200,275 187,276 
Deferred tax liabilities128,760 136,846 
Debt233,095,780 2,477,186 
Other liabilities241,096,066 1,022,967 
Other financial liabilities1910,654 13,539 
Trade payables25859,235 930,560 
Tax payables152,469 89,271 
Total equity and liabilities8,989,178 8,051,312 







The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements.
F-3



FERRARI N.V.
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
for the nine months ended September 30, 2024 and 2023
(Unaudited)
For the nine months ended September 30,
Note20242023
(€ thousand)
Cash and cash equivalents at beginning of the period 291,121,981 1,388,901 
Cash flows from operating activities:
Net profit1,140,409 962,964 
Income tax expense12276,248 271,605 
Amortization and depreciation 14, 15492,413 476,248 
Provision accruals2258,364 46,066 
Result from investments16(5,643)(4,273)
Financial income11(97,902)(104,940)
Finance expense11101,062 115,413 
Other non-cash expenses, net2971,376 57,751 
Change in inventories17(110,980)(249,992)
Change in trade receivables18(33,730)(70,364)
Change in trade payables25(65,736)(81,396)
Change in receivables from financing activities26(106,412)(88,567)
Change in other operating assets and liabilities(51,990)53,294 
Finance income received36,344 22,366 
Finance costs paid(51,173)(65,397)
Income tax paid(221,013)(151,670)
Total cash flows from operating activities1,431,637 1,189,108 
Cash flows used in investing activities:
Investments in property, plant and equipment15(341,662)(211,575)
Investments in intangible assets14(370,411)(341,609)
Proceeds from the sale of property, plant and equipment and intangible assets14, 15206 2,383 
Proceeds from the sale of securities463 — 
Total cash flows used in investing activities(711,404)(550,801)
Cash flows used in financing activities:
Proceeds from bonds and notes23496,145 — 
Repayments of bonds and notes23— (575,702)
Proceeds from securitizations23119,724 141,105 
Repayments of securitizations23(15,094)(49,567)
Proceeds from borrowings from banks and other financial institutions2375,000 250,000 
Repayments of borrowings from banks and other financial institutions23(96,372)(51,666)
Proceeds from other debt2332,333 24,113 
Repayments of other debt23(35,825)(29,048)
Repayments of lease liabilities23(15,361)(12,923)
Dividends paid to owners of the parent(438,117)(327,415)
Dividends paid to non-controlling interests(4,788)(4,890)
Share repurchases20(430,562)(374,399)
Total cash flows used in financing activities(312,917)(1,010,392)
Translation exchange differences (607)(4,372)
Total change in cash and cash equivalents 406,709 (376,457)
Cash and cash equivalents at end of the period 291,528,690 1,012,444 

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements.
F-4



FERRARI N.V.
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the nine months ended September 30, 2024 and 2023
(Unaudited)
Share capitalRetained earnings and other reservesCash flow hedge reserveCurrency translation differencesRemeasurement of defined benefit plansEquity attributable to owners of the parent Non-controlling interestsTotal
(€ thousand)
At December 31, 20222,573 2,499,771 46,233 52,618 (8,338)2,592,857 9,630 2,602,487 
Net profit— 958,542 — — — 958,542 4,422 962,964 
Other comprehensive (loss)/income— — (31,798)1,154 — (30,644)(282)(30,926)
Dividends— (328,631)— — — (328,631)(4,890)(333,521)
Share repurchases— (374,399)— — — (374,399)— (374,399)
Share-based compensation— 16,791 — — — 16,791 — 16,791 
At September 30, 20232,573 2,772,074 14,435 53,772 (8,338)2,834,516 8,880 2,843,396 

Share capitalRetained earnings and other reservesCash flow hedge reserveCurrency translation differencesRemeasurement of defined benefit plansEquity attributable to owners of the parent Non-controlling interestsTotal
(€ thousand)
At December 31, 20232,573 2,993,422 26,352 46,710 (8,169)3,060,888 9,734 3,070,622 
Net profit— 1,137,661 — — — 1,137,661 2,748 1,140,409 
Other comprehensive (loss)/income— — (7,204)(2,076)— (9,280)19 (9,261)
Dividends— (439,918)— — — (439,918)(4,788)(444,706)
Share repurchases— (430,562)— — — (430,562)— (430,562)
Share-based compensation— 18,162 — — — 18,162 — 18,162 
At September 30, 20242,573 3,278,765 19,148 44,634 (8,169)3,336,951 7,713 3,344,664 
.







The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements.
F-5




NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. BACKGROUND AND BASIS OF PRESENTATION
    
Background

    Ferrari is among the world’s leading luxury brands. The activities of Ferrari N.V. (herein referred to as “Ferrari” or the “Company” and together with its subsidiaries the “Group”) and its subsidiaries are focused on the design, engineering, production and sale of luxury performance sports cars. The cars are designed, engineered and produced in Maranello and Modena, Italy and sold in more than 60 markets worldwide through a network of 180 authorized dealers operating 200 points of sale. The Ferrari brand is licensed to a selected number of producers and retailers of luxury and lifestyle goods, with Ferrari branded merchandise also sold through a network of 14 Ferrari-owned directly operated stores and 2 franchised stores, as well as on Ferrari’s website. To facilitate the sale of new and pre-owned cars, the Group provides various forms of financing to clients and dealers, including directly or through cooperation or other agreements with financial institutions. Ferrari also participates in the Formula 1 World Championship through its team Scuderia Ferrari and the World Endurance Championship through its Ferrari Endurance Teams. Ferrari’s racing activities are a core element of Ferrari marketing and promotional activities, as well as an important source of innovation to support the technological advancement of Ferrari’s product portfolio.
2. AUTHORIZATION OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND COMPLIANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS
    
    These Interim Condensed Consolidated Financial Statements of Ferrari N.V. were authorized for issuance on November 5, 2024, and have been prepared in compliance with IAS 34 — Interim Financial Reporting. The Interim Condensed Consolidated Financial Statements should be read in conjunction with the Group’s consolidated financial statements at and for the year ended December 31, 2023 (the “Consolidated Financial Statements”), which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and IFRS as endorsed by the European Union. There is no effect on these Interim Condensed Consolidated Financial Statements resulting from differences between IFRS as issued by the IASB and IFRS as endorsed by the European Union. The designation IFRS also includes International Accounting Standards (“IAS”) as well as the interpretations of the International Financial Reporting Interpretations Committee (“IFRIC” and “SIC”). The accounting policies adopted are consistent with those used at December 31, 2023, except as described in the section “New standards and amendments effective from January 1, 2024”.
3. BASIS OF PREPARATION FOR INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    
    The preparation of the Interim Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities as well as disclosures of contingent liabilities. If in the future such estimates and assumptions, which are based on management’s best judgment at the date of these Interim Condensed Consolidated Financial Statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change. Reference should be made to the section “Use of estimates and judgments” in the Note 2 “Material accounting policies” of the Consolidated Financial Statements for a detailed description of the more significant valuation procedures used by the Group.
    Moreover, in accordance with IAS 34, certain valuation procedures, in particular those of a more complex nature regarding matters such as impairment of non-current assets, are only carried out in full during the preparation of the annual consolidated financial statements, when all the related information necessary is available, other than in the event that there are indications of impairment, in which case an immediate assessment is required. Similarly, the actuarial valuations that are required for the determination of employee benefit provisions are also usually carried out during the preparation of the annual consolidated financial statements, except in the event of significant market fluctuations, or significant plan amendments, curtailments, or settlements.
F-6



New standards and amendments effective from January 1, 2024
The following new standards and amendments effective from January 1, 2024 were adopted by the Group.

In January 2020 the IASB issued amendments to IAS 1 — Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current to clarify how to classify debt and other liabilities as current or non-current, and in particular how to classify liabilities with an uncertain settlement date and liabilities that may be settled by converting to equity. There was no effect from the adoption of these amendments.

In September 2022 the IASB issued amendments to IFRS 16 — Leases: Liability in a Sale and Leaseback to improve the requirements for sale and leaseback transactions, which specify the measurement of the liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. There was no effect from the adoption of these amendments.

In October 2022 the IASB issued amendments to IAS 1 — Presentation of Financial Statements: Non-current Liabilities with Covenants, that clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. There was no effect from the adoption of these amendments.

In May 2023, the IASB issued amendments to IAS 7 — Statement of Cash Flows and IFRS 7 — Financial Instruments: Disclosures: Supplier Finance Arrangements, that introduce new disclosure requirements to enhance the transparency and usefulness of the information provided by entities about supplier finance arrangements and are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. There was no effect from the adoption of these amendments.

New standards, amendments and interpretations not yet effective

The standards, amendments and interpretations issued by the International Accounting Standards Board (“IASB”) that will have mandatory application in 2025 or subsequent years are listed below:

In August 2023, the IASB issued amendments to IAS 21 — The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, to clarify how an entity has to apply a consistent approach to assessing whether a currency is exchangeable into another currency and, when it is not, to determine the exchange rate to use and the disclosures to provide. The amendments are effective on or after January 1, 2025. The Group does not expect any material impact from the adoption of these amendments.

In April 2024, the IASB issued IFRS 18 — Presentation and Disclosure in Financial Statements, which introduces new concepts relating to: (i) the structure of the statement of profit or loss, (ii) required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (management-defined performance measures), and (iii) enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. The standard is effective on or after January 1, 2027. The Group is evaluating the potential impact from the adoption of this standard.

In May 2024, the IASB issued IFRS 19 — Subsidiaries without Public Accountability: Disclosures, which permits eligible subsidiaries to use IFRS accounting standards with reduced disclosures better suited to the needs of the users of their financial statements, as well as to keep only one set of accounting records to meet the needs of both their parent company and the users of their financial statements. The standard is effective on or after January 1, 2027 and earlier application is permitted. The Group is evaluating the potential impact from the adoption of this standard.

In May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments which amended IFRS 9 — Financial Instruments and IFRS 7 — Financial Instruments: Disclosures, with the aim of addressing diversity in practice by making the requirements more understandable and consistent. The amendments: (a) clarify the date of recognition and derecognition of certain financial assets and liabilities, with a new exception for certain financial liabilities settled through an electronic cash transfer system to be derecognized before the settlement date if certain criteria are met; (b) clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; (c) add new disclosures for certain instruments with contractual terms that can change cash flows (such as certain instruments with features linked to the achievement of environment, social and governance (ESG) targets); and (d)
F-7



update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). The amendments are effective on or after January 1, 2026 and earlier application is permitted. The Group is evaluating the potential impact from the adoption of these amendments.

In June 2024, the IASB issued Annual Improvements to IFRS Accounting Standards — Volume 11 which contains amendments to five standards as result of the IASB’s annual improvements project. The IASB uses the annual improvements process to make necessary, but non-urgent, amendments to IFRSs that will not be included as part of another major project. The amended standards are: IFRS 1 — First-time Adoption of International Financial Reporting Standards, IFRS 7 —Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7; IFRS 9 — Financial Instruments; IFRS 10 — Consolidated Financial Statements; and IAS 7 — Statement of Cash Flows. The amendments are effective on or after January 1, 2026 and earlier application is permitted. The Group is evaluating the potential impact from the adoption of these amendments.

Scope of consolidation
There were no changes in the scope of consolidation for the periods presented in these Interim Condensed Consolidated Financial Statements.
4. FINANCIAL RISK FACTORS
    
The Group is exposed to various operational financial risks, including financial market risk (relating mainly to foreign currency exchange rates and, to a lesser extent, interest rates and commodity prices), credit risk and liquidity risk. The Interim Condensed Consolidated Financial Statements do not include all of the information and disclosures on financial risk management required in the annual consolidated financial statements. For a detailed description of the financial risk factors and financial risk management of the Group, reference should be made to Note 30 “Qualitative and Quantitative Information on Financial Risks” of the Consolidated Financial Statements at and for the year ended December 31, 2023.
5. OTHER INFORMATION
    The principal foreign currency exchange rates used to translate other currencies into Euro were as follows:
Average for the nine months ended September 30,September 30,Average for the nine months ended September 30,At September 30,At December 31,
20242023
U.S. Dollar1.0871 1.1196 1.0831 1.0594 1.1050 
Pound Sterling0.8514 0.8354 0.8709 0.8646 0.8691 
Swiss Franc0.9581 0.9439 0.9777 0.9669 0.9260 
Japanese Yen164.2864 159.8200 149.4778 158.1000 156.3300 
Chinese Yuan7.8248 7.8511 7.6174 7.7352 7.8509 
Australian Dollar1.6415 1.6166 1.6202 1.6339 1.6263 
Canadian Dollar1.4787 1.5133 1.4578 1.4227 1.4642 
Singapore Dollar1.4539 1.4342 1.4519 1.4443 1.4591 
Hong Kong Dollar8.4925 8.6933 8.4852 8.2959 8.6314 


F-8



6. NET REVENUES
    Net revenues are as follows:
For the three months ended September 30,For the nine months ended September 30,
2024202320242023
(€ thousand)
Revenues from:
Cars and spare parts
1,400,317 1,330,652 4,256,158 3,830,110 
Sponsorship, commercial and brand
174,338 144,776 486,973 422,002 
Other (*)
69,784 68,604 197,996 194,634 
Total net revenues
1,644,439 1,544,032 4,941,127 4,446,746 
(*) Starting from 2024, residual net revenues generated from the sale of engines are presented within other net revenues as a result of the expiration of the supply contract with Maserati in December 2023. As a result, net revenues generated from engines of €27,583 thousand for the three months ended September 30, 2023 and of €87,910 thousand for the nine months ended September 30, 2023 that were previously presented as “Engines” net revenues have been presented within “Other” net revenues to conform to the current presentation.
Other net revenues primarily relate to financial services activities, management of the Mugello racetrack and other sports-related activities, as well as net revenues generated from the sale of engines to other Formula 1 racing teams and from the sale of engines to Maserati, whose contract expired in December 2023. Interest and other financial income from financial services activities included within net revenues for the three months ended September 30, 2024 and 2023 amounted to €33,365 thousand and €25,796 thousand, respectively, and for the nine months ended September 30, 2024 and 2023 amounted to €94,794 thousand and €72,038 thousand, respectively.
7. COST OF SALES
    Cost of sales for the three months ended September 30, 2024 and 2023 amounted to €827,074 thousand and €778,749 thousand, respectively, and for the nine months ended September 30, 2024 and 2023 amounted to €2,465,268 thousand and €2,216,097 thousand, respectively, consisting mainly of the cost of materials, components and labor related to the manufacturing and distribution of cars and spare parts. Cost of sales also includes depreciation and amortization, insurance, transportation costs and warranty and product-related costs, as well as costs related to engines rented to other Formula 1 racing teams and costs related to engines sold to Maserati.
Interest and other financial expenses from financial services activities included within cost of sales for the three months ended September 30, 2024 and 2023 amounted to €22,651 thousand and €15,929 thousand, respectively, and for the nine months ended September 30, 2024 and 2023 amounted to €62,731 thousand and €43,540 thousand, respectively.
8. SELLING, GENERAL AND ADMINISTRATIVE COSTS

Selling, general and administrative costs are as follows:

For the three months ended September 30,For the nine months ended September 30,
2024202320242023
(€ thousand)
Selling costs68,234 62,641 211,382 182,606 
General and administrative costs66,695 55,991 190,404 163,462 
Total selling, general and administrative costs134,929 118,632 401,786 346,068 
    
Selling costs consist mainly of costs for sales personnel, marketing and events, and retail stores. Costs for marketing
and events primarily relate to corporate events, trade shows and media and client events for the launch of new models, lifestyle events (including the use of digital solutions), as well as indirect marketing costs incurred mainly through the Formula 1 racing team, Scuderia Ferrari.

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General and administrative costs consist mainly of administration and other general expenses, that are not directly attributable to manufacturing, sales or research and development activities, including for personnel and the continuous development of the Group’s digital infrastructure.
9. RESEARCH AND DEVELOPMENT COSTS
    Research and development costs are as follows:
For the three months ended September 30,For the nine months ended September 30,
2024202320242023
(€ thousand)
Research and development costs expensed during the period128,343 128,593 400,494 380,701 
Amortization of capitalized development costs84,147 92,316 247,497 248,174 
Total research and development costs212,490 220,909 647,991 628,875 
    Research and development costs expensed during the period primarily relate to research and development activities for Formula 1 racing as well as development activities to support the innovation of our product portfolio and components, in particular, in relation to electric and other new technologies. Amortization of capitalized development costs have increased in recent years as a result of our strategy to update and broaden our product range and significantly increase our efforts relating to innovation and advanced technologies, including hybrid and electric.
10. OTHER EXPENSES AND OTHER INCOME
    Other expenses and other income are as follows:
For the three months ended September 30,For the nine months ended September 30,
2024202320242023
(€ thousand)
Other expenses8,361 6,955 25,318 21,605 
Other income2,836 3,094 13,410 6,668 
Total other (income)/expenses, net5,525 3,861 11,908 14,937 

Other expenses mainly related to indirect taxes, provisions, and other miscellaneous expenses and other income mainly related to rental income, gains on the disposal of property, plant and equipment and other miscellaneous income.
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11. FINANCIAL EXPENSES AND FINANCIAL INCOME
Financial expenses and financial income are as follows:
For the three months ended September 30,For the nine months ended September 30,
2024202320242023
(€ thousand)
Foreign exchange gains17,247 11,118 59,198 73,767 
Interest income8,516 12,288 24,011 20,834 
Other financial income4,852 2,050 14,693 10,339 
Financial income30,615 25,456 97,902 104,940 
Foreign exchange losses 18,601 13,051 67,717 88,216 
Interest expenses12,738 10,174 32,837 26,743 
Other financial expenses163 147 508 454 
Financial expenses31,502 23,372 101,062 115,413 
Financial expenses/(income), net887 (2,084)3,160 10,473 
Financial expenses primarily relate to foreign exchange losses, including the net costs of hedging, and interest expenses on debt.
Financial income primarily relates to foreign exchange gains and interest income on cash and cash equivalents.

Interest and other financial income, and interest expenses and other financial charges, from financial services activities are recognized within net revenues and cost of sales, respectively.
12. INCOME TAX EXPENSE
    Income tax expense is as follows:
For the three months ended September 30,For the nine months ended September 30,
2024202320242023
(€ thousand)
Current tax expense79,358 85,183 303,948 289,225 
Deferred tax benefit11,460 3,111 (25,183)(21,528)
Taxes relating to prior periods(1)5,250 (2,517)3,908 
Total income tax expense90,817 93,544 276,248 271,605 
Income tax expense amounted to €90,817 thousand and €93,544 thousand for the three months ended September 30, 2024 and 2023, respectively, and €276,248 thousand and €271,605 thousand for the nine months ended September 30, 2024 and 2023, respectively. Income taxes for the three and nine months ended September 30, 2024 and 2023 benefited from the application of the Patent Box tax regime. The change in deferred tax benefit for the three and the nine months ended September 30, 2024 and 2023 was primarily attributable to temporary differences related to intercompany profit on inventory.
The effective tax rate was 19.5 percent for the nine months ended September 30, 2024 compared to 22.0 percent for the nine months ended September 30, 2023.
Imposta Regionale sulle Attività Produttive (“IRAP”) (current and deferred) for the nine months ended September 30, 2024 and 2023 amounted to €36,629 thousand and €39,623 thousand, respectively. IRAP is only applicable to Italian entities and is calculated on a measure of income defined by the Italian Civil Code as the difference between operating revenues and costs, before financial income and expense, and in particular before the cost of fixed-term employees, credit losses and any interest included in lease payments. IRAP is calculated using financial information prepared under Italian
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accounting standards. IRAP is applied on the tax base at 3.9 percent for each of nine months ended September 30, 2024 and 2023, respectively.
The Group’s Italian entities participate in a group Italian tax consolidation under Ferrari N.V.
13. EARNINGS PER SHARE
    Basic earnings per share    
    Basic earnings per share is calculated by dividing the profit attributable to equity holders of Ferrari by the weighted average number of common shares issued and outstanding during the period.

The following table provides the amounts used in the calculation of basic earnings per share for the periods presented:
For the three months ended September 30,For the nine months ended 
September 30,
2024202320242023
Profit attributable to owners of the Company€ thousand374,173 329,821 1,137,661 958.542 
Weighted average number of common shares for basic earnings per sharethousand179,586 181,046 179,928 181,432 
Basic earnings per share€2.08 1.82 6.32 5.28 
    
    Diluted earnings per share
    For the three and nine months ended September 30, 2024 and 2023, the weighted average number of shares for diluted earnings per share was increased to take into consideration the dilutive effects of the potential common shares relating to the Group’s equity incentive plans (assuming 100 percent of the target awards vested). See Note 21 “Share-Based Compensation” for additional details on the equity incentive plans.

The following table provides the amounts used in the calculation of diluted earnings per share for the three and nine months ended September 30, 2024 and 2023:
For the three months ended September 30,For the nine months ended 
 September 30,
2024202320242023
Profit attributable to owners of the Company€ thousand374,173 329,821 1,137,661 958.542 
Weighted average number of common shares for diluted earnings per sharethousand179,840 181,315 180,182 181,701 
Diluted earnings per share€2.08 1.82 6.31 5.28 

The following table provides a reconciliation from the weighted average number of common shares for basic earnings per share to the weighted average number of common shares for diluted earnings per share:
For the three months ended September 30,For the nine months ended 
 September 30,
Number of shares2024202320242023
Weighted average number of common shares for basic earnings per share179,586 181,046 179,928 181,432 
Adjustments for calculation of diluted earnings per share:
Share-based compensation254 269 254 269 
Weighted average number of common shares for diluted earnings per share179,840 181,315 180,182 181,701 


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14. INTANGIBLE ASSETS
The following table summarizes the changes in the carrying amount of intangible assets for the nine months ended September 30, 2024:
Balance at December 31, 2023AdditionsDivestituresAmortizationTranslation differences and otherBalance at September 30, 2024
(€ thousand)
Intangible assets1,419,699 370,411 (10,654)(271,581)481 1,508,356 
    Additions of €370,411 thousand primarily related to externally acquired and internally generated development costs to support the development of the Group’s existing and future models.
15. PROPERTY, PLANT AND EQUIPMENT
The following table summarizes the changes in the carrying amount of property, plant and equipment for the nine months ended September 30, 2024:
Balance at December 31,
2023		AdditionsDivestituresDepreciationTranslation differences and otherBalance at September 30,
2024
(€ thousand)
Property, plant and equipment1,575,200 416,305 (1,568)(220,832)(1,668)1,767,437 
At September 30, 2024 property, plant and equipment included €121,784 thousand of right-of-use assets (€68,255 thousand at December 31, 2023). The following table summarizes the changes in the carrying amount of right-of-use assets for the nine months ended September 30, 2024:

Balance at December 31,
2023		AdditionsDivestituresDepreciationTranslation differences and otherBalance at September 30,
2024
(€ thousand)
Right-of-use assets68,255 74,643 (1,233)(20,266)385 121,784 

Additions of €74,643 thousand primarily related to new Ferrari stores. For the nine months ended September 30, 2024 depreciation of right-of-use assets amounted to €20,266 thousand and interest expense on lease liabilities amounted to €2,563 thousand (€14,367 thousand and €1,309 thousand respectively for the nine months ended September 30, 2023).
At September 30, 2024 the Group had contractual commitments for the purchase of property, plant and equipment amounting to €306,398 thousand (€115,330 thousand at December 31, 2023). The increase in contractual commitments reflects the aforementioned period of structurally higher capital spending as we make investments in infrastructure projects, including the new paint shop, as well as broaden our car architectures, prioritize innovation and advanced technologies, and enrich our product portfolio with hybrid and electric powertrains.
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16. INVESTMENTS AND OTHER FINANCIAL ASSETS

The composition of investments and other financial assets is as follows:
At September 30, 2024At December 31, 2023
(€ thousand)
Investments accounted for using the equity method60,843 55,200 
Other securities and financial assets14,469 12,471 
Total investments and other financial assets75,312 67,671 

Investments accounted for using the equity method
Investments accounted for using the equity method mainly relate to the Group’s investment in Ferrari Financial Services GmbH (“FFS GmbH”), a partnership with CA Auto Bank S.p.A. (Crédit Agricole group) that offers retail client financing in certain markets in EMEA (primarily the UK, Germany and Switzerland). Investments accounted for using the equity method also relate to the Group’s investment in FS China Limited, a joint venture formed in China in 2021 to manage certain lifestyle activities in the local market, which is at the early stage of its activities.
Changes in the carrying amount of the investment during the period were as follows:
(€ thousand)
Balance at December 31, 202355,200 
Proportionate share of net profit for the period from January 1, 2024 to September 30, 20245,643 
Other changes— 
Balance at September 30, 202460,843 
Other securities and financial assets
    Other securities and financial assets primarily include Series C Formula One Group Common Stock of Liberty Media Corporation, the group responsible for the promotion of the Formula 1 World Championship, which are measured at fair value and amounted to €12,899 thousand at September 30, 2024 (€10,519 thousand at December 31, 2023) (the “Liberty Media Shares”).
17. INVENTORIES
Inventories are as follows:
At September 30, 2024At December 31, 2023
(€ thousand)
Raw materials216,401 203,247 
Semi-finished goods246,503 229,791 
Finished goods568,547 515,476 
Total inventories1,031,451 948,514 
The amount of inventory write-downs recognized as an expense within cost of sales was €30,787 thousand and €20,108 thousand for the nine months ended September 30, 2024 and 2023, respectively.

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18. CURRENT RECEIVABLES AND OTHER CURRENT ASSETS

Current receivables and other current assets are as follows:
At September 30, 2024At December 31, 2023
(€ thousand)
Receivables from financing activities1,531,018 1,451,158 
Trade receivables291,908 261,380 
Current tax receivables16,319 11,616 
Other current assets166,490 130,228 
Total2,005,735 1,854,382 
    Receivables from financing activities

    Receivables from financing activities are as follows:
At September 30, 2024At December 31, 2023
(€ thousand)
Client financing1,531,018 1,451,158 
Total1,531,018 1,451,158 
    
Receivables from financing activities relate to the financial services portfolio in the United States and are generally secured on the title of cars or other guarantees.
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
Current financial assets are as follows:
At September 30, 2024At December 31, 2023
(€ thousand)
Financial derivatives44,232 55,562 
Other financial assets8,348 5,568 
Current financial assets52,580 61,130 
    
The following table provides the analysis of derivative assets and liabilities at September 30, 2024 and December 31, 2023.
At September 30, 2024At December 31, 2023
Positive fair valueNegative fair valuePositive fair valueNegative fair value
(€ thousand)
Cash flow hedge:
Foreign currency derivatives37,716 (9,195)34,542 (10,170)
Commodities— — — (174)
Interest rate caps5,230 — 17,407 — 
Total cash flow hedges42,946 (9,195)51,949 (10,344)
Other foreign currency derivatives1,286 (1,459)3,613 (3,195)
Total44,232 (10,654)55,562 (13,539)
    
Foreign exchange derivatives that do not meet the requirements to be recognized as cash flow hedges are presented as other foreign currency derivatives. Interest rate caps relate to derivative instruments required as part of certain securitization agreements.
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At September 30, 2024 and December 31, 2023, substantially all foreign currency derivatives had a maturity of twelve months or less.
20. EQUITY
    Share capital
    At September 30, 2024 and December 31, 2023, the fully paid up share capital of the Company was €2,573 thousand, consisting of 193,923,499 common shares and 63,349,112 special voting shares, all with a nominal value of €0.01. At September 30, 2024, the Company had 14,522,411 common shares and 16,239 special voting shares held in treasury, while at December 31, 2023 the Company had 13,505,409 common shares and 16,240 special voting shares held in treasury. Shares in treasury include shares repurchased under the Group’s share repurchase program, which are recorded based on the transaction trade date. The increase in common shares held in treasury primarily reflects the repurchase of shares by the Company through its share repurchase program, partially offset by shares assigned under the Group’s equity incentive plans. At September 30, 2024 and December 31, 2023, the Company held in treasury 5.65 percent and 5.26 percent of the total issued share capital of the Company, respectively (1).
______________________________________
(1)The percentage of shares held in treasury compared to total issued share capital remains substantially the same if calculated considering only common shares held in treasury or if calculated considering common shares and special voting shares held in treasury.

The following table summarizes the changes in the number of outstanding common shares and outstanding special voting shares of the Company for the nine months ended September 30, 2024:
Common Shares
Special Voting Shares
Total
Balance at December 31, 2023180,418,090 63,332,872 243,750,962 
Shares repurchased under share repurchase program (1)
(1,082,167)— (1,082,167)
Shares assigned under equity incentive plans (2)
41,790 — 41,790 
Other changes (3)
23,375 1 23,376 
Balance at September 30, 2024179,401,088 63,332,873 242,733,961 
_______________________________________
(1)Includes shares repurchased under the share repurchase program between January 1, 2024 and September 30, 2024 based on the transaction trade date, for a total consideration of €430,562 thousand, (including transaction costs), including the shares purchased under Sell to Cover (as described below).
(2)On March 15, 2024, 76,979 common shares, which were previously held in treasury, were assigned to participants of the equity incentive plans as a result of the vesting of certain performance share unit and retention restricted share unit awards. On March 15, 2024, the Company purchased 35,189 common shares, for a total consideration of €13,548 thousand, from a group of those employees who were assigned shares in order to cover the individual’s taxable income as is standard practice (“Sell to Cover”) in a cross transaction.
(3)In relation to common shares, refers to share awards vested under the broad-based employee share ownership plan.

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Other comprehensive income/(loss)
    The following table presents other comprehensive income/(loss):
For the three months ended September 30,For the nine months ended September 30,
2024202320242023
(€ thousand)
Gains/(Losses) on cash flow hedging instruments arising during the period16,904 (33,631)2,008 (3,620)
Reclassification of cash flow hedge reserves to the consolidated income statement27 (15,083)(11,198)(39,905)
Gains/(Losses) on cash flow hedging instruments16,931 (48,714)(9,190)(43,525)
Exchange differences on translating foreign operations arising during the period (8,056)4,699 (2,057)872 
Total other comprehensive income/(loss) (all of which may be reclassified to the consolidated income statement in subsequent periods)8,875 (44,015)(11,247)(42,653)
Related tax impact(5,057)13,411 1,986 11,727 
Total other comprehensive income/(loss), net of tax 3,818 (30,604)(9,261)(30,926)
Gains and losses on cash flow hedging instruments relate to changes in the fair value of derivative financial instruments used for cash flow hedging purposes.
The tax effects relating to other comprehensive income/(loss) are as follows:
For the nine months ended September 30,
20242023
Pre-tax
balance		Tax impactNet
balance		Pre-tax
balance		Tax impactNet
balance
(€ thousand)
(Losses)/Gains on cash flow hedging instruments(9,190)1,986 (7,204)(43,525)11,727 (31,798)
Exchange (losses)/gains on translating foreign operations(2,057)— (2,057)872 — 872 
Total other comprehensive income/(loss)(11,247)1,986 (9,261)(42,653)11,727 (30,926)
21. SHARE-BASED COMPENSATION

Equity incentive plans
The Group has several equity incentive plans under which a combination of performance share units (“PSUs”) and retention restricted share units (“RSUs”), which each represent the right to receive one Ferrari common share, have been awarded to the Executive Chairman, the Chief Executive Officer (“CEO”), other members of the Ferrari Leadership Team (“FLT”) and other employees of the Group. See Note 21 “Share-Based Compensation” to the Consolidated Financial Statements for further details relating to the Group’s equity incentive plans.

Equity Incentive Plan 2021-2023

In the first quarter of 2024, 41,338 2021-2023 PSU awards vested (representing 122 percent of the target PSU awards) as a result of the achievement of the related performance conditions and 29,550 2021-2023 RSU awards vested upon achievement of the related service conditions As a result, 70,888 common shares, which were previously held in treasury, were assigned to participants of the plan in the first quarter of 2024. There are no further awards outstanding for the Equity Incentive Plan 2021-2023.
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Equity Incentive Plan 2022-2024

The 2022-2024 PSU awards and 2022-2024 RSU awards under the Equity Incentive Plan 2022-2024 vest in 2025 based on the level of achievement of the related performance targets or service conditions.

Equity Incentive Plan 2023-2025

The PSU 2023-2025 awards and 2023-2025 RSU awards under the Equity Incentive Plan 2023-2025 vest in 2026 based on the level of achievement of the related performance targets or service conditions.

Equity Incentive Plan 2024-2026

Under a new Equity Incentive Plan 2024-2026 approved in 2024, the Company awarded approximately 40,885 2024-2026 PSUs to the Executive Chairman, CEO, members of the FLT and other employees of the Group, and approximately 15,401 2024-2026 RSUs to members of the FLT and other employees of the Group. The 2024-2026 PSUs and 2024-2026 RSUs cover the three-year performance and service periods from 2024 to 2026.

2024-2026 PSU awards

The vesting of the awards is based on the achievement of defined key performance indicators as follows:

(i)TSR Target - 40 percent of the 2024-2026 PSUs vest based on the Company’s TSR performance over the relevant performance period compared to an industry-specific peer group as summarized below:
Ferrari TSR Ranking% of Target Awards that Vest
1175%
2150%
3125%
4100%
575%
650%
>60%

The defined peer group (including the Company) for the TSR Target is presented below:

FerrariAston MartinBurberryEstee Lauder
HermesKeringLVMHMercedes Benz Group AG
MonclerPradaRichemont
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(ii)EBITDA Target - 40 percent of the 2024-2026 PSUs vest based on the achievement of an EBITDA target determined by comparing Adjusted EBITDA to the Adjusted EBITDA targets derived from the Group’s business plan, as summarized below:
Actual Adjusted EBITDA Compared to Business Plan% of Awards that Vest
+15%175%
+10%150%
+5%125%
Business Plan Target100%
-5%75%
<-5%0%
(iii)ESG Target - 20 percent of the 2024-2026 PSUs vest based on the achievement of defined objectives relating to environmental and social factors. In particular, 50 percent of the ESG Target is based on the reduction of CO2 carbon emissions and 50 percent is based on the maintenance of the equal salary certification.
Each target is settled independently of the other targets. The awards vest in 2027 and the total number of shares assigned upon vesting depends on the level of achievement of the targets.

2024-2026 RSU awards
The awards vest in 2027, subject to the recipient’s continued employment with the Company at the time of vesting.
Supplemental information relating to the Equity Incentive Plan 2024-2026 is summarized below.
Fair value and key assumptions
The fair value of the PSUs and RSUs that were awarded under the Equity Incentive Plan 2024-2026, which is determined based on actuarial calculations that apply certain assumptions and take into consideration the specific characteristics of the awards granted, is summarized in the following table:
Equity Incentive Plan 2024-2026
PSUs€386.05
RSUs€383.40
The fair value of the 2024-2026 PSU awards was measured at the grant date using a Monte Carlo Simulation model. The fair value of the 2024-2026 RSU awards was measured using the share price at the grant date adjusted for the present value of future distributions which the recipients will not receive during the vesting period.
The key assumptions utilized to calculate the grant-date fair values of the PSUs that were awarded under the Equity Incentive Plan 2024-2026 are summarized below:
Equity Incentive Plan 2024-2026
Grant date share price€390.50
Expected volatility26.34%
Dividend yield0.61%
Risk-free rate3.00%
The expected volatility was based on the observed volatility of the defined peer group. The risk-free rate was based on the iBoxx sovereign Eurozone yield.

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Broad-based employee share ownership plan
In November 2023 the Company announced that it would launch a broad-based employee share ownership plan under which each employee will be given the option to become a shareholder of the Company, receiving a one-off grant of shares worth up to a maximum of approximately €2 thousand. If the employee holds the shares for at least 36 months, the Company will grant them an additional tranche of shares, from a minimum of one share and up to 15 percent of the value of the first allocation. For the year ended December 31, 2023, the Company recognized €10,222 thousand as share-based compensation expense and an increase to other reserves within equity in relation to the shares awarded under the broad-based employee share ownership plan. In April 2024, 23,375 share awards vested, following which 1,445 share awards remain outstanding and will vest in 2024.

Other share-based compensation

During 2022, the Company awarded 15,271 share awards, which each represent the right to receive one Ferrari common share, to certain employees, of which 6,643 share awards vested immediately at the grant date. In 2023 6,838 share awards vested and 1,309 share awards were forfeited. The fair value of the awards was equal to €203 per award, measured using the share price at the grant date adjusted for the present value of future distributions which the recipients will not receive during the vesting period.

The Company also provides share-based payments for services received as part of commercial agreements with certain suppliers.

Outstanding share awards
The following table presents the changes to the outstanding share awards under the Group’s share-based payment arrangements:
Outstanding PSU AwardsOutstanding RSU AwardsOther AwardsTotal Outstanding Awards
Balance at December 31, 2023154,379 73,245 63,699 291,323 
Granted (1)
40,885 15,401 — 56,286 
Vested (2)
(33,924)(29,550)(23,375)(86,849)
Forfeited and other— — (6,717)(6,717)
Balance at September 30, 2024161,340 59,096 33,607 254,043 
_____________________________________
(1)     Granted under the Equity Incentive Plan 2024-2026.
(2)     Vested under the Equity Incentive Plan 2021-2023 and under the Broad-based employee share ownership plan.

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Share-based compensation expense

The following table presents the share-based compensation expense recognized for the nine months ended September 2024 and 2023, as well as the unrecognized share-based compensation at September 30, 2024 and 2023.
For the nine months ended September, 30
20242023
(€ thousand)
Equity incentive plans and other share-based awards14,490 13,311 
Commercial agreements with suppliers3,350 3,480 
Broad-based employee share ownership plan 322 — 
Total share-based compensation expense18,162 16,791 
At September 30,
20242023
(€ thousand)
Unrecognized share-based compensation expense25,606 10,080 
22. PROVISIONS
    Provisions are as follows:
At September 30, 2024At December 31, 2023
(€ thousand)
Warranty and recall campaigns provision151,436 130,498 
Legal proceedings and disputes11,641 7,480 
Environmental and other risks37,198 49,298 
Total provisions200,275 187,276 
The provision for environmental and other risks primarily relates to environmental risks, including those relating to emissions regulations, as well as to disputes and matters which are not subject to legal proceedings, including disputes with suppliers, distributors, employees and other parties.
Movements in provisions are as follows:
Balance at December 31, 2023Additional provisionsUtilizationsReleasesTranslation differences and other movementsBalance at September 30, 2024
(€ thousand)
Warranty and recall campaigns provision130,498 66,503 (42,788)(2,696)(81)151,436 
Legal proceedings and disputes7,480 4,885 (241)(362)(121)11,641 
Environmental and other risks49,298 10,786 (2,222)(20,805)141 37,198 
Total provisions187,276 82,174 (45,251)(23,863)(61)200,275 
    
Releases of the provision for environmental and other risks primarily related to Ferrari being recognized in 2024 as a small volume manufacturer (SVM) in the United States for certain model years, as well as more favorable market conditions for car emissions credits.
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23. DEBT

The following table provides a breakdown of debt by nature and split between current and non-current:
At September 30, 2024At December 31, 2023
CurrentNon-currentTotalCurrentNon-currentBalance at Total
(€ thousand)
Bonds and notes454,896 950,000 1,404,896 — 903,673 903,673 
Asset-backed financing (Securitizations)590,038 662,424 1,252,462 514,597 651,876 1,166,473 
Borrowings from banks and other financial institutions138,388 129,167 267,555 166,763 124,167 290,930 
Lease liabilities25,791 105,692 131,483 16,450 56,597 73,047 
Other debt39,384 — 39,384 43,063 — 43,063 
Total debt1,248,497 1,847,283 3,095,780 740,873 1,736,313 2,477,186 
The following tables present the change in debt, indicating separately financing cash flows and other movements:
Financing cash flowsOther movements
Balance at December 31, 2023 Proceeds from borrowings Repayments of borrowings
Interest accrued/(paid) and other (*)
Translation differencesBalance at September 30, 2024
(€ thousand)
Bonds and notes903,673 496,145 — 5,078 — 1,404,896 
Asset-backed financing (Securitizations)1,166,473 119,724 (15,094)(156)(18,485)1,252,462 
Borrowings from banks and other financial institutions290,930 75,000 (96,372)(1,438)(565)267,555 
Lease liabilities73,047 — (15,361)73,410 387 131,483 
Other debt43,063 32,333 (35,825)— (187)39,384 
Total debt2,477,186 723,202 (162,652)76,894 (18,850)3,095,780 
_____________________________________
(*)    Other movements in lease liabilities primarily relate to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
Contractual undiscounted cash flows
Contractual cash flows at September 30, 2024
Less than 1 yearBetween 1 and 2 yearsBetween 2 and 5 yearsOver 5 yearsTotal contractual cash flows
As reported at September 30, 2024 (*)
(€ thousand)
Bonds and notes478,449 46,150 195,870 818,190 1,538,659 1,404,896 
Asset-backed financing (Securitizations)625,084 596,873 89,670 — 1,311,627 1,252,462 
Borrowings from banks and other financial institutions144,915 135,131 — — 280,046 267,555 
Lease liabilities28,857 26,910 50,490 39,337 145,594 131,483 
Other debt39,384 — — — 39,384 39,384 
Total debt1,316,689 805,064 336,030 857,527 3,315,310 3,095,780 
__________________________________
(*) As reported in the interim condensed consolidated statement of financial position
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Contractual cash flows at December 31, 2023
Less than 1 yearBetween 1 and 2 yearsBetween 2 and 5 years Over 5 yearsTotal contractual cash flowsAs reported at December 31, 2023
(€ thousand)
Bonds and notes11,714 458,619 14,850 460,106 945,289 903,673 
Asset-backed financing (Securitizations)542,960 390,256 277,783 — 1,210,999 1,166,473 
Borrowings from banks and other financial institutions172,441 83,047 46,813 — 302,301 290,930 
Lease liabilities17,934 12,571 28,131 22,316 80,952 73,047 
Other debt43,063 — — — 43,063 43,063 
Total debt788,112 944,493 367,577 482,422 2,582,604 2,477,186 


Bonds and notes
2025 Bond
On May 27, 2020 the Company issued 1.5 percent coupon notes due May 2025 (“2025 Bond”), having a principal of €650 million. The notes were issued at a discount for an issue price of 98.898 percent, resulting in net proceeds of €640,073 thousand, after related expenses, and a yield to maturity of 1.732 percent. The bond was admitted to trading on the regulated market of Euronext Dublin. Following a cash tender offer, in July 2023, the Group accepted for purchase valid tenders of the 2025 Bond for an aggregate nominal amount of €199,037 thousand and at a purchase price of €191,097 thousand, resulting in gains of €7,940 thousand, which were recognized within financial income. The repurchases were settled in July 2023. The amount outstanding of the 2025 Bond at September 30, 2024 was €452,375 thousand, including accrued interest of €2,354 thousand (€453,027 thousand, including accrued interest of €4,097 thousand at December 31, 2023).
2030 Bond
On May 21, 2024, the Company issued 3.625 percent senior notes due May 2030 (“2030 Bond”) having a principal of €500 million. The notes were issued at a discount for an issue price of 99.677 percent, resulting in net proceeds of €496,145 thousand, after related expenses, and a yield to maturity of 3.686 percent. The bond was admitted to trading on the regulated market of Euronext Dublin. The proceeds from the 2030 Bond are intended to be used for general corporate purposes. The amount outstanding of the 2030 Bond at September 30, 2024 was €502,962 thousand, including accrued interest of €6,604 thousand.
2029 and 2031 Notes
On July 31, 2019, the Company issued 1.12 percent senior notes due August 2029 (“2029 Notes”) and 1.27 percent senior notes due August 2031 (“2031 Notes”) through a private placement to certain US institutional investors, each having a principal of €150 million. The net proceeds from the issuances amounted to €298,316 thousand, and the yields to maturity, on an annual basis, equal the nominal coupon rates of the notes. The 2029 Notes and the 2031 Notes are primarily used for general corporate purposes, including the funding of capital expenditures.
The amount outstanding of the 2029 Notes at September 30, 2024 was €149,861 thousand, including accrued interest of €280 thousand (€150,218 thousand, including accrued interest of €700 thousand at December 31, 2023). The amount outstanding of the 2031 Notes at September 30, 2024 was €149,822 thousand, including accrued interest of €318 thousand (€150,246 thousand including accrued interest of €794 thousand at December 31, 2023).
2032 Notes
On July 29, 2021, the Company issued 0.91 percent senior notes due January 2032 (“2032 Notes”) through a private placement to certain US institutional investors having a principal of €150 million. The net proceeds from the issuance amounted to €149,495 thousand and the yield to maturity on an annual basis equals the nominal coupon rates of the notes.
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The 2032 Notes are used for general corporate purposes. The amount outstanding of the 2032 Notes at September 30, 2024 was €149,876 thousand, including accrued interest of €235 thousand (€150,182 thousand, including accrued interest of €587 thousand at December 31, 2023).

The aforementioned bonds and notes impose covenants on Ferrari including: (i) negative pledge clauses which require that, in case any security interest upon assets of Ferrari is granted in connection with other notes or debt securities with the consent of Ferrari are, or are intended to be, listed, such security should be equally and ratably extended to the outstanding notes, subject to certain permitted exceptions; (ii) pari passu clauses, under which the notes rank and will rank pari passu with all other present and future unsubordinated and unsecured obligations of Ferrari; (iii) events of default for failure to pay principal or interest or comply with other obligations under the notes with specified cure periods or in the event of a payment default or acceleration of indebtedness or in the case of certain bankruptcy events; and (iv) other clauses that are customarily applicable to debt securities of issuers with a similar credit standing. A breach of these covenants may require the early repayment of the notes. At September 30, 2024 and December 31, 2023, Ferrari was in compliance with the covenants of the bonds and notes.
Asset-backed financing (Securitizations)
As a means of diversifying its sources of funds, the Group sells certain of its receivables originated by its financial services activities in the United States through asset-backed financing or securitization programs (the terms asset-backed financing and securitization programs are used synonymously throughout this document), without transferring the risks typically associated with the related receivables. As a result, the receivables sold through securitization programs are still consolidated until collection from the customer. The securitization agreements for both programs require the maintenance of an interest rate cap.

The following table presents information relating to the revolving securitization programs:
Program
Funding Limit (2)
Amount Outstanding at September 30, 2024Amount Outstanding at December 31, 2023Maturity Date
($ million)
Retail (1)
975 977 977 December 2024
Leasing and retail (1)
475 425 312 November 2025
Total asset-backed financing (Securitizations)1,450 1,402 1,289 
_____________________________________
(1)    At September 30, 2024 the notes relating to the retail securitization program bore interest at a rate per annum equal to the aggregate of a synthetic base rate substantially replicating the LIBOR plus a margin of 70 basis points and the notes relating to the leasing securitization program bore interest at a rate per annum equal to the aggregate of adjusted SOFR plus a margin of 70 basis points.
(2)    Excluding accrued interest.

F-24



Borrowings from banks and other financial institutions
The following table presents information relating to borrowings from banks and other financial institutions:

Borrowing EntityCurrencyAmount Outstanding at September 30, 2024Amount Outstanding at December 31, 2023Maturity Date
(€ thousand)
Ferrari N.V. (1)
EUR83,203 130,224 January 2026
Ferrari N.V. (1)
EUR75,600 — January 2027
Ferrari N.V. (1)
EUR50,023 75,040 March 2026
Ferrari Financial Services, Inc. (2)
USD58,700 73,153 April 2025
Ferrari S.p.A. (3)
EUR29 12,513 
Total borrowings from banks and other financial institutions267,555 290,930 
_____________________________________
(1)Variable-rate term loans bearing an average interest rate of 4.261 percent as of September 30, 2024.
(2)Financial liabilities of FFS Inc. to support financial services activities bearing interest rate at SOFR plus 83 basis points.
(3)At December 31, 2023 relates to an amortized term loan repaid in June 2024. At September 30, 2024 relates to banking fees and interest.

Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 — Leases. At September 30, 2024 lease liabilities amounted to €131,483 thousand (€73,047 thousand at December 31, 2023).
Other debt
Other debt mainly relates to US-based financial service activities with specific reference to expected cash out for new funding requests as per contractual commitment.
Committed credit lines
At September 30, 2024 the Group also had total committed credit lines available and undrawn amounting to €550 million and with maturities ranging from 2025 to 2026 (€600 million at December 31, 2023).
24. OTHER LIABILITIES
    An analysis of other liabilities is as follows:
At September 30, 2024At December 31, 2023
(€ thousand)
Advances and security deposits474,202 516,096 
Deferred revenue409,012 295,683 
Accrued expenses89,253 100,305 
Payables to personnel57,134 44,880 
Social security payables26,060 25,857 
Other40,405 40,146 
Total other liabilities1,096,066 1,022,967 
    Deferred revenue primarily includes amounts received under maintenance and power warranty programs of €287,562 thousand at September 30, 2024 and €262,644 thousand at December 31, 2023, which are deferred and recognized as net revenues over the length of the related program. Deferred revenue also includes amounts collected under various other agreements, which are dependent upon the future performance of a service or other act of the Group, and which are generally
F-25



recognized in net revenues within the following year. The increase in deferred revenue primarily relates to advances received for Formula 1 sponsorship agreements.
Advances and security deposits include advances received from customers for the purchase of Ferrari cars, mainly for Icona, limited edition and Special Series models as well as certain range models in selected markets. The advances are recognized in net revenues when the cars are shipped.
25. TRADE PAYABLES
Trade payables of €859,235 thousand at September 30, 2024 (€930,560 thousand at December 31, 2023) are entirely due within one year. The carrying amount of trade payables is considered to be equivalent to their fair value.
26. FAIR VALUE MEASUREMENT
IFRS 13 — Fair Value Measurement establishes a three level hierarchy for the inputs to the valuation techniques used to measure fair value by giving the highest priority to quoted prices (unadjusted) in active markets for identical assets and liabilities (level 1 inputs) and the lowest priority to unobservable inputs (level 3 inputs). In some cases, the inputs used to measure the fair value of an asset or a liability might be categorized within different levels of the fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy at the lowest level input that is significant to the entire measurement.
    Levels used in the hierarchy are as follows:

    Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities that the Group can access at the measurement date.

    Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the assets or liabilities, either directly or indirectly.

    Level 3 inputs are unobservable inputs for the assets and liabilities.

    Assets and liabilities that are measured at fair value on a recurring basis

    The following table shows the fair value hierarchy for financial assets and liabilities that are measured at fair value on a recurring basis at September 30, 2024 and at December 31, 2023:
At September 30, 2024
NoteLevel 1 Level 2 Level 3 Total 
(€ thousand)
Investments and other financial assets1613,980 — — 13,980 
Current financial assets19— 44,232 — 44,232 
Total assets13,980 44,232 — 58,212 
Other financial liabilities19— 10,654 — 10,654 
Total liabilities— 10,654 — 10,654 
At December 31, 2023
NoteLevel 1 Level 2 Level 3 Total 
(€ thousand)
Investments and other financial assets1611,982 — — 11,982 
Current financial assets19— 55,562 — 55,562 
Total assets11,982 55,562 — 67,544 
Other financial liabilities19— 13,539 — 13,539 
Total liabilities— 13,539 — 13,539 
F-26



    There were no transfers between fair value hierarchy levels for the periods presented.
    The fair value of current financial assets and other financial liabilities relates to derivative financial instruments and is measured by taking into consideration market parameters at the balance sheet date, using widely accepted valuation techniques. In particular, the fair value of foreign currency derivatives (forward contracts, currency swaps and options) and interest rate caps is determined by taking the prevailing foreign currency exchange rates and interest rates, as applicable, at the reporting date.
    The par value of cash and cash equivalents usually approximates fair value due to the short maturity of these instruments, which consist primarily of current bank accounts.

     Assets and liabilities not measured at fair value on a recurring basis
    For financial instruments represented by short-term receivables and payables, for which the present value of future cash flows does not differ significantly from carrying value, the Group assumes that carrying value is a reasonable approximation of the fair value. In particular, the carrying amount of current receivables and other current assets and of trade payables and other liabilities approximates their fair value.
    The following table presents the carrying amount and the fair value for the most relevant categories of financial assets and financial liabilities not measured at fair value on a recurring basis:
At September 30, 2024At December 31, 2023
Note Carrying amountFair
value 		Carrying
amount 		Fair
value 
(€ thousand)
Receivables from financing activities181,531,018 1,531,018 1,451,158 1,451,158 
Debt233,095,780 3,099,716 2,477,186 2,462,716 
27. RELATED PARTY TRANSACTIONS
Pursuant to IAS 24 — Related Party Disclosures (“IAS 24”), the related parties of Ferrari include Exor N.V., and together with its subsidiaries the Exor Group, as well as all entities and individuals capable of exercising control, joint control or significant influence over the Group and its subsidiaries. Related parties also include companies over which the Exor Group is capable of exercising control, joint control or significant influence, including Stellantis N.V., and together with its subsidiaries the Stellantis Group, and CNH Industrial N.V. and its subsidiaries, as well as joint ventures and associates of Ferrari. In addition, members of the Ferrari Board of Directors and executives with strategic responsibilities and their families are also considered related parties.
The Group carries out transactions with related parties on commercial terms that are normal in the respective markets, considering the characteristics of the goods or services involved. Transactions carried out by the Group with these related parties are primarily of a commercial nature and, in particular, these transactions relate to:
Transactions with Stellantis Group companies
•transactions with Stellantis Group companies, mainly relating to technical cooperation agreements with the aim to enhance the quality and competitiveness of the parties’ respective products while reducing costs and investments, as well as for certain services received from Stellantis Group companies, mainly of an administrative nature;
•the sale of engines to Maserati S.p.A. (“Maserati”) and the purchase of engine components for the use in the production of Maserati engines from FCA US LLC. The contract with Maserati expired in December 2023 and residual sales are expected to occur throughout 2024.

F-27



Transactions with Stellantis Group companies for the periods presented include transactions with FCA Bank S.p.A. until April 1, 2023. Following the sale by the Stellantis Group of its 50 percent ownership interest in FCA Bank to Crédit Agricole Consumer Finance S.A., FCA Bank (which was renamed CA Auto Bank S.p.A.) is now fully owned by Crédit Agricole Consumer Finance S.A. and is no longer a related party of Ferrari.
Transactions with Exor Group companies (excluding Stellantis Group companies)
•the Group incurs rental costs from Iveco S.p.A., a company belonging to Iveco Group, related to the rental of trucks used by the Formula 1 racing team;
•the Group earns sponsorship revenue from Iveco S.p.A.
Transactions with other related parties
•the purchase of components for Formula 1 racing cars from COXA S.p.A.;
•consultancy services provided by HPE S.r.l.;
•sponsorship agreement relating to Formula 1 activities with Ferretti S.p.A.;
•sale of cars to certain members of the Board of Directors of Ferrari N.V. and Exor.
In accordance with IAS 24, transactions with related parties also include compensation to Directors and managers with strategic responsibilities.
The amounts of transactions with related parties recognized in the Interim Consolidated Income Statement are as follows:
For the nine months ended September 30,
20242023
Net
revenues 
Costs (1)
Financial expenses, netNet
revenues 
Costs (1)
Financial expenses, net
(€ thousand)
Stellantis Group companies
Maserati3,648 1,529 — 29,888 1,839 — 
FCA US LLC— 4 — — 6,633 — 
Other Stellantis Group companies8,215 1,785 — 7,631 4,583 1,032 
Total Stellantis Group companies11,863 3,318 — 37,519 13,055 1,032 
Exor Group companies (excluding the Stellantis Group)250 1,354 16 57 1,085 2 
Other related parties3,615 10,378 11 786 10,524 — 
Total transactions with related parties15,728 15,050 27 38,362 24,664 1,034 
Total for the Ferrari Group4,941,127 2,878,962 3,160 4,446,746 2,577,102 10,473 
______________________________
(1)    Costs include cost of sales, selling, general and administrative costs and other (income)/expenses, net.

F-28



Non-financial assets and liabilities originating from related party transactions are as follows:
At September 30, 2024At December 31, 2023
Trade
receivables		Trade
payables		Other
current
assets 		Other
liabilities 		Trade
receivables		Trade
payables		Other
current
assets		Other
liabilities
(€ thousand)
Stellantis Group companies
Maserati1,198 3,582 19 23 19,681 3,696 — — 
FCA US LLC26 — — — 11 771 — — 
Other Stellantis Group companies675 990 84 646 588 1,858 6 704 
Total Stellantis Group companies1,899 4,572 103 669 20,280 6,325 6 704 
Exor Group companies (excluding the Stellantis Group)459 329 1,124 1,159 — 392 214 218 
Other related parties1,382 1,882 446 460 118 2,726 — 51 
Total transactions with related parties3,740 6,783 1,673 2,288 20,398 9,443 220 973 
Total for the Ferrari Group291,908 859,235 166,490 1,096,066 261,380 930,560 130,228 1,022,967 
At September 30, 2024 and at December 31, 2023 there were no financial assets or financial liabilities with related parties.
28. ENTITY-WIDE DISCLOSURES
    The following table presents an analysis of net revenues by geographic location of the Group’s customers for the three and nine months ended September 30, 2024 and 2023, including the effects of foreign currency hedge transactions. Revenues by geography presented for material individual countries are not necessarily correlated to shipments of cars as certain countries include revenues from sponsorship and commercial activities mainly relating to Ferrari’s participation in the Formula 1 World Championship.
For the three months ended September 30,For the nine months ended September 30,
2024202320242023
(€ thousand)
Italy127,202 125,997 354,417 336,293 
Rest of EMEA620,543 580,007 1,944,339 1,778,310 
of which UK156,933 149,252 482,471 459,367 
of which Germany126,201 110,407 410,050 357,477 
Americas (1)
569,840 490,144 1,615,247 1,322,968 
of which United States of America511,291 426,529 1,410,168 1,147,912 
Mainland China, Hong Kong and Taiwan126,044 157,925 406,230 436,549 
of which Mainland China91,145 134,592 299,047 367,351 
Rest of APAC (2)
200,810 189,959 620,894 572,626 
Total net revenues1,644,439 1,544,032 4,941,127 4,446,746 
______________________________
(1)    Americas includes the United States of America, Canada, Mexico, the Caribbean and of Central and South America.
(2)    Rest of APAC mainly includes Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia.
F-29



Revenues in the Netherlands, the Company’s country of domicile, amounted to €63,045 thousand and €51,789 thousand for the nine months ended September 30, 2024 and 2023, respectively, and €22,624 thousand and €19,964 thousand for the three months ended September 30, 2024 and 2023, respectively.
The Group had an average number of employees of 5,290 and 4,953 for the nine months ended September 30, 2024 and 2023, respectively and 5,392 and 4,951 for the three months ended September 30, 2024 and 2023, respectively.
Depreciation amounted to €220,832 thousand and €210,818 thousand for the nine months ended September 30, 2024 and 2023, respectively and €148,286 thousand and €73,954 thousand for the three months ended September 30, 2024 and 2023, respectively.

Amortization amounted to €271,581 thousand and €265,430 thousand for the nine months ended September 30, 2024 and 2023, respectively and €185,783 thousand and €98,654 thousand for the three months ended September 30, 2024 and 2023, respectively.
29. CASH AND CASH EQUIVALENTS AND NOTES TO THE INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
Cash and cash equivalents
The following table presents cash and cash equivalents:
At September 30, 2024At December 31, 2023
(€ thousand)
Cash and bank balances1,528,690 1,121,981 
Cash and cash equivalents1,528,690 1,121,981 

At September 30, 2024, cash and cash equivalents included (i) €200,000 thousand relating to time deposits held with recognized international financial institutions maturing in tranches between November 2024 and December 2024, and (ii) money market funds of €352,577 thousand. At December 31, 2023, cash and cash equivalents included (i) €50,000 thousand relating to a time deposit held with a recognized international financial institution that matured in February 2024 and (ii) investments in money market funds of €50,069 thousand. At both September 30, 2024 and December 31, 2023, the remaining cash and bank balances were held in bank current accounts.
The following table presents information relating to the short term credit rating of the Group’s cash and cash equivalents (based on the lowest public rating assigned to the counterparty or the instrument in which the Group’s cash is employed):
At September 30, 2024At December 31, 2023
(€ thousand)
P-1 / A-1 / Aaa-mf / AAAm (1)
24 %6 %
P-2 / A-269 %92 %
P-3 / A-3 / Not rated7 %2 %
_______________________________
(1)Aaa-mf (Moody’s) /AAAm (S&P Global Ratings) refer to money market funds. P-ratings (Moody’s) and A-ratings (S&P Global Ratings) refer to the short-term rating of the financial institutions with whom the Group deposits cash in current accounts or other short-term instruments.

At September 30, 2024, 88% of the Group’s cash and cash equivalents were denominated in Euro (80% December 31, 2023). Cash and cash equivalents denominated in currencies other than the Euro are available mostly to Ferrari S.p.A. and certain subsidiaries which operate in areas other than Europe.
F-30



The following table sets forth an analysis of the currencies in which the Group’s cash and cash equivalents were denominated at September 30, 2024 and December 31, 2023.

At September 30, 2024At December 31, 2023
(€ thousand)
Euro1,346,488 894,509 
U.S. Dollar88,053 96,663 
Chinese Yuan45,877 80,716 
Pound Sterling12,615 19,706 
Other currencies35,657 30,387 
Total1,528,690 1,121,981 

Cash held in certain countries may be subject to transfer restrictions. In particular, cash held in China (including cash held in currencies other than the Chinese Yuan), which amounted to €44,669 thousand at September 30, 2024 (€81,337 thousand at December 31, 2023), is subject to certain repatriation restrictions and may only be repatriated as a repayment of payables or debt, or as dividends or capital distributions. The Group does not believe that such transfer restrictions have an adverse impact on its ability to meet our liquidity requirements.
Cash collected from the settlement of receivables under securitization programs is subject to certain restrictions regarding its use and is primarily applied to repay principal and interest of the related funding. Such cash amounted to €39,033 thousand at September 30, 2024 (€31,820 thousand at December 31, 2023).
For information relating to the credit risk with respect to cash and cash equivalents, see Note 30 “Qualitative and Quantitative Information on Financial Risks” to the 2023 Annual Consolidated Financial Statements.
Notes to the consolidated statement of cash flows
Starting from the year ended December 31, 2023, the Company also disaggregates proceeds and repayments of debt (securitizations, banks and other financial institutions, other debt) in the consolidated statement of cash flows, as already reported in the related debt note disclosures. This information was previously presented on a net basis in the consolidated statement of cash flows and on a gross basis in the related debt note disclosures.
Other non-cash expenses, net primarily includes equity-settled share-based compensation, allowances for doubtful accounts of trade receivables and provisions for slow moving and obsolete inventories.
For information relating to the financing cash flows relating to debt, see Note 23 “Debt”.
F-31



30. SUBSEQUENT EVENTS
The Group has evaluated subsequent events through November 5, 2024, which is the date the Interim Condensed Consolidated Financial Statements were authorized for issuance, and identified the following matters:

•On October 1, 2024 Ferrari announced to have switched off the trigeneration plant at its Maranello factory in order to continue replacing a significant proportion of methane gas consumption with renewable energy sources, consistent with Ferrari’s decarbonization plan announced at the Capital Markets Day in 2022.

•On October 17, 2024 Ferrari unveiled the F80 and wrote a new chapter in the history of legendary supercars bearing the Prancing Horse badge. The F80 will be produced in a limited run of just 799 examples and joins the pantheon of icons such as the GTO, F40 and LaFerrari by showcasing the best that the Maranello-based marque has achieved in terms of technology and performance.

•On October 23, 2024 Ferrari announced the multi-year renewal of its partnership with Shell, effective from January 1, 2026, covering Scuderia Ferrari HP, Ferrari Hypercar and the Ferrari Challenge Series.

•Under the common share repurchase program, from October 1, 2024 to November 1, 2024 the Company purchased an additional 157,278 common shares for total consideration of €66.4 million. At November 1, 2024 the Company held in treasury an aggregate of 14,678,349 common shares.
F-32

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