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1. BACKGROUND AND BASIS OF PREPARATION
Background
Ferrari is among the world\u2019s leading luxury brands. The activities of Ferrari N.V. (herein referred to as \u201cFerrari\u201d or
the \u201cCompany\u201d and together with its subsidiaries the \u201cGroup\u201d) 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
approximately 60 markets worldwide through a network of 181 authorized dealers operating 195 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 16 Ferrari-owned directly operated stores and 2 franchised stores (as of
December\u00a031, 2025), as well as on Ferrari\u2019s website. To facilitate the sale of new and pre-owned cars, the Group provides
various forms of financing to clients, as well as to dealers in certain territories, directly or through cooperation or other
agreements with financial institutions. Ferrari also participates in the Formula 1 World Championship through its Scuderia
Ferrari team and the World Endurance Championship through its Ferrari endurance teams. Ferrari\u2019s 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\u2019s product portfolio.
Basis of preparation
Authorization of consolidated financial statements and compliance with International Financial Reporting Standards
These consolidated financial statements of Ferrari N.V. were authorized for issuance by the Board of Directors on
February 19, 2026.
The consolidated financial statements have been prepared in accordance with the IFRS\u00ae\u00a0Accounting Standards
(\u201cIFRS Accounting Standards\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d) and IFRS Accounting
Standards as adopted by the European Union (references to IFRS Accounting Standards refer to both IFRS Accounting
Standards as issued by the IASB and IFRS Accounting Standards as adopted by the European Union, unless specified
otherwise). There is no effect on these consolidated financial statements resulting from differences between IFRS Accounting
Standards as issued by IASB and IFRS Accounting Standards as adopted by the European Union. The designation IFRS
Accounting Standards also includes International Accounting Standards (\u201cIAS \u00ae Standards\u201d) as well as the interpretations of
the International Financial Reporting Interpretations Committee (\u201cIFRIC\u00ae Interpretations\u2019\u201d and \u201cSIC\u00ae Interpretations\u201d).
The consolidated financial statements are prepared on a going concern basis and applying the historical cost method,
modified as required by IFRS Accounting Standards for the measurement of certain financial instruments, which are
generally measured at fair value.
The consolidated financial statements are presented in Euro, which is the functional currency of the Company, and
unless otherwise stated amounts are presented in thousands of Euro.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
1. BACKGROUND AND BASIS OF PREPARATION
Background
Ferrari is among the world\u2019s leading luxury brands. The activities of Ferrari N.V. (herein referred to as \u201cFerrari\u201d or
the \u201cCompany\u201d and together with its subsidiaries the \u201cGroup\u201d) 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
approximately 60 markets worldwide through a network of 181 authorized dealers operating 195 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 16 Ferrari-owned directly operated stores and 2 franchised stores (as of
December\u00a031, 2025), as well as on Ferrari\u2019s website. To facilitate the sale of new and pre-owned cars, the Group provides
various forms of financing to clients, as well as to dealers in certain territories, directly or through cooperation or other
agreements with financial institutions. Ferrari also participates in the Formula 1 World Championship through its Scuderia
Ferrari team and the World Endurance Championship through its Ferrari endurance teams. Ferrari\u2019s 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\u2019s product portfolio.
Basis of preparation
Authorization of consolidated financial statements and compliance with International Financial Reporting Standards
These consolidated financial statements of Ferrari N.V. were authorized for issuance by the Board of Directors on
February 19, 2026.
The consolidated financial statements have been prepared in accordance with the IFRS\u00ae\u00a0Accounting Standards
(\u201cIFRS Accounting Standards\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d) and IFRS Accounting
Standards as adopted by the European Union (references to IFRS Accounting Standards refer to both IFRS Accounting
Standards as issued by the IASB and IFRS Accounting Standards as adopted by the European Union, unless specified
otherwise). There is no effect on these consolidated financial statements resulting from differences between IFRS Accounting
Standards as issued by IASB and IFRS Accounting Standards as adopted by the European Union. The designation IFRS
Accounting Standards also includes International Accounting Standards (\u201cIAS \u00ae Standards\u201d) as well as the interpretations of
the International Financial Reporting Interpretations Committee (\u201cIFRIC\u00ae Interpretations\u2019\u201d and \u201cSIC\u00ae Interpretations\u201d).
The consolidated financial statements are prepared on a going concern basis and applying the historical cost method,
modified as required by IFRS Accounting Standards for the measurement of certain financial instruments, which are
generally measured at fair value.
The consolidated financial statements are presented in Euro, which is the functional currency of the Company, and
unless otherwise stated amounts are presented in thousands of Euro.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "Ferrari N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "Ferrari N.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "Ferrari N.V.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
Basis of preparation
Authorization of consolidated financial statements and compliance with International Financial Reporting Standards
These consolidated financial statements of Ferrari N.V. were authorized for issuance by the Board of Directors on
February 19, 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
The consolidated financial statements have been prepared in accordance with the IFRS\u00ae\u00a0Accounting Standards
(\u201cIFRS Accounting Standards\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d) and IFRS Accounting
Standards as adopted by the European Union (references to IFRS Accounting Standards refer to both IFRS Accounting
Standards as issued by the IASB and IFRS Accounting Standards as adopted by the European Union, unless specified
otherwise). There is no effect on these consolidated financial statements resulting from differences between IFRS Accounting
Standards as issued by IASB and IFRS Accounting Standards as adopted by the European Union. The designation IFRS
Accounting Standards also includes International Accounting Standards (\u201cIAS \u00ae Standards\u201d) as well as the interpretations of
the International Financial Reporting Interpretations Committee (\u201cIFRIC\u00ae Interpretations\u2019\u201d and \u201cSIC\u00ae Interpretations\u201d).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
2. MATERIAL ACCOUNTING POLICIES
Format of the financial statements
The consolidated financial statements include the consolidated income statement, consolidated statement of
comprehensive income, consolidated statement of financial position, consolidated statement of cash flows, consolidated
statement of changes in equity and the accompanying notes (referred to collectively as the \u201cConsolidated Financial
Statements\u201d).
For presentation of the consolidated income statement, the Group uses a classification based on the function of
expenses, as it is more representative of the format used for internal reporting and management purposes and is consistent
with international practice. In the consolidated income statement, the Group presents a subtotal for its operating profit before
interest and taxes which is referred to as operating profit (EBIT). Operating profit (EBIT) distinguishes between the profit
before taxes arising from operating items and those arising from financing activities. Operating profit (EBIT) is one of the
primary measures used by the Board of Directors (the Group\u2019s \u201cChief Operating Decision Maker\u201d as defined in IFRS 8 \u2014
Operating Segments) to assess performance and allocate resources.
For presentation of the consolidated statement of financial position, a mixed format has been selected to present
current and non-current assets and liabilities, as permitted by IAS 1 paragraph 60. More specifically, the Consolidated
Financial Statements include both industrial and financial services activities. Receivables from financing activities are
included in current assets as the investments will be realized in their normal operating cycle. The funding for financial
services activities is primarily obtained through securitization programs and funding from certain of the Group\u2019s operating
companies. This financial service structure within the Group does not allow the separation of financial liabilities funding the
financial services operations (whose assets are reported within current assets) and those funding the industrial operations.
Presentation of financial liabilities as current or non-current based on their date of maturity would not facilitate a meaningful
comparison with financial assets, which are categorized on the basis of their normal operating cycle. Disclosure as to the due
date of the various components of debt is provided in Note 24.
The consolidated statement of cash flows is presented using the indirect method with cash flows classified within
operating, investing or financing activities.
New amendments effective from January\u00a01, 2025
The following new amendments effective from January 1, 2025 were adopted by the Group for the preparation of
these Consolidated Financial Statements.
In August 2023, the IASB issued amendments to IAS 21 \u2014 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 were effective for the Group from January 1, 2025 and there was no impact from their adoption.
In December 2024, the IASB issued Amendments for nature-dependent electricity contracts which amended IFRS 9
\u2014 Financial Instruments and IFRS 7 \u2014 Financial Instruments: Disclosures to help companies better report the financial
effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs), in the light
of the increased use of these contracts. The amendments are effective on or after January 1, 2026 and the Group early adopted
the amendments starting from the third quarter of 2025 in relation to a power purchase agreement the Group entered into
during the period.
New standards and amendments not yet effective
The standards and amendments issued by the IASB that will have mandatory application in 2026 or subsequent
years are listed below.
In April 2024, the IASB issued IFRS 18 \u2014 Presentation and Disclosure in Financial Statements, primarily in
response to investors\u2019 concerns about comparability and transparency of entities\u2019 performance reporting. IFRS 18 replaces
IAS 1 \u2014 Presentation of Financial Statements, carrying forward many of the requirements in IAS 1 unchanged and
complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 \u2014 Accounting
Policies, Changes in Accounting Estimates and Errors and IFRS 7 \u2014 Financial Instruments: Disclosures. Furthermore, the
IASB has made minor amendments to IAS 7 \u2014 Statement of Cash Flows and IAS 33 \u2014 Earnings Per Share.
IFRS 18 introduces new requirements to:
\u2022 present specified categories and defined subtotals in the statement of profit or loss;
\u2022 provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements,
and
\u2022 improve aggregation and disaggregation.
IFRS 18 is effective from January 1, 2027. The Group is evaluating the potential impact from the adoption of this
standard and performing a detailed assessment to determine the appropriate classification of items to ensure that the operating
profit subtotal will comply with the requirements of IFRS 18.
The Group currently reports various non-GAAP financial measures (also referred to as alternative performance
measures) to its investors that may meet the definition of a management-defined performance measure under IFRS 18,
including EBITDA, Adjusted EBITDA, Adjusted Operating Profit (Adjusted EBIT), Adjusted Net Profit, Adjusted Basic
Earnings per Common Share and Adjusted Diluted Earnings per Common Share. Management-defined performance
measures under IFRS 18 require specific disclosures within a note to the financial statements. The Group is performing an
assessment of other measures that are currently being reported outside the financial information to determine whether or not
they meet the definition of a management-defined performance measure.
In May 2024, the IASB issued IFRS 19 \u2014 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. In August 2025, the IASB issued amendments to IFRS 19 that will provide reduced
disclosure requirements for new and amended IFRS Accounting Standards issued between February 2021 and May 2024 that
were not considered when IFRS 19 was first issued. The standard and amendments are effective on or after January 1, 2027
and earlier application is permitted. The Group does not expect any 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 \u2014 Financial Instruments and IFRS 7 \u2014 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)
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 July 2024, the IASB issued Annual Improvements to IFRS Accounting Standards \u2014 Volume 11 which contains
amendments to five standards as result of IASB\u2019s annual improvements project. IASB uses the annual improvements process
to make necessary, but non-urgent, amendments to IFRS Accounting Standards that will not be included as part of another
major project. The amended standards are: IFRS 1 \u2014 First-time Adoption of International Financial Reporting Standards,
IFRS 7 \u2014Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7; IFRS 9 \u2014 Financial
Instruments; IFRS 10 \u2014 Consolidated Financial Statements, and IAS 7 \u2014 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.
In November 2025, the IASB issued Amendments for translation to a hyperinflationary presentation currency which
amended IAS 21 \u2014 The Effects of Changes in Foreign Exchange Rates, to clarify how companies should translate financial
statements from a non-hyperinflationary currency into a hyperinflationary one. The amendments are effective on or after
January 1, 2027 and earlier application is permitted. The Group does not expect any impact from the adoption of these
amendments.
In November 2025, the IASB issued illustrative examples on reporting uncertainties in financial statements
(Amendments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36 and IAS 37 \u2014 Disclosures about
Uncertainties in the Financial Statements). These illustrative examples demonstrate how companies can apply IFRS
Accounting Standards when reporting the effects of uncertainties in their financial statements. As accompanying materials to
IFRS Accounting Standards, these illustrative examples do not have an effective date. However, companies are expected to
implement any changes in their reporting on a timely basis. There were no impacts to the Group\u2019s financial statements as a
result of these illustrative examples.
Basis of consolidation
Subsidiaries
Subsidiaries are entities over which the Group has control. Control is achieved when the Group has power over the
investee, when it is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to
use its power over the investee to affect the amount of the investor\u2019s returns. Subsidiaries are consolidated on a line by line
basis from the date on which the Group achieves control. The Group reassesses whether or not it controls an investee if facts
and circumstances indicate that there are changes to one or more of the three elements of control listed above.
The Group recognizes any non-controlling interests (\u201cNCI\u201d) in the acquiree on an acquisition-by-acquisition basis,
either at fair value or at the non-controlling interest\u2019s share of the recognized amounts of the acquiree\u2019s identifiable net assets.
Net profit or loss and each component of other comprehensive income/(loss) are attributed to the owners of the parent and to
the non-controlling interests. Total comprehensive income/(loss) of subsidiaries is attributed to owners of the parent and to
the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
All intra-group balances and transactions and any unrealized gains and losses arising from intra-group transactions
are eliminated in preparing the Consolidated Financial Statements.
Subsidiaries are deconsolidated from the date when control ceases. When the Group ceases to have control over a
subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at their carrying amounts,
derecognizes the carrying amount of non-controlling interests in the former subsidiary and recognizes the fair value of any
consideration received from the transaction. Any retained interest in the former subsidiary is then remeasured to its fair value.
Interests in associates
An associate is an entity over which the Group has significant influence. Significant influence is the power to
participate in the financial and operating policy decisions of the investee but without having control or joint control over
those policies. Associates are accounted for using the equity method of accounting from the date significant influence is
obtained.
Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize the
Group\u2019s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Group\u2019s share of the investee\u2019s
profit/(loss) is recognized in the consolidated income statement. Distributions received from an investee reduce the carrying
amount of the investment. Post-acquisition movements in other comprehensive income/(loss) are recognized in other
comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment.
Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s
interest in the associate. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of
the asset transferred.
When the Group\u2019s share of the losses of an associate exceeds the Group\u2019s interest in that associate, the Group
discontinues recognizing its share of further losses. Additional losses are provided for, and a liability is recognized, only to
the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.
The Group discontinues the use of the equity method from the date the investment ceases to be an associate or when
it is classified as available-for-sale.
Interests in joint operations
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to
the assets and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of
the parties sharing control.
When the Group undertakes its activities under joint operations, it recognizes in relation to its interest in the joint
operation: (i)\u00a0its assets, including its share of any assets held jointly, (ii)\u00a0its liabilities, including its share of any liabilities
incurred jointly, (iii)\u00a0its revenue from the sale of its share of the output arising from the joint operation, (iv)\u00a0its share of the
revenue from the sale of the output by the joint operation, and (v)\u00a0its expenses, including its share of any expenses incurred
jointly.
Foreign currency transactions
The functional currency of the Group\u2019s entities is the currency of their primary economic environment. In individual
companies, transactions in foreign currencies are recorded at the exchange rate prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign
currency exchange rate prevailing at that date. Exchange differences arising on the settlement of monetary items or on
reporting monetary items at rates different from those at which they were initially recorded during the period or in previous
financial statements are recognized in the consolidated income statement.
Consolidation of foreign entities
All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are
translated using the closing rates at the date of the consolidated statement of financial position. Income and expenses are
translated into Euro at the average foreign currency exchange rate for the period. Translation differences resulting from the
application of this method are classified as currency translation differences within other comprehensive income/(loss) until
the disposal of the investment. Average foreign currency exchange rates for the period are used to translate the cash flows of
foreign subsidiaries in preparing the consolidated statement of cash flows.
Goodwill, assets acquired and liabilities assumed arising from the acquisition of entities with a functional currency
other than the Euro are recognized in the Consolidated Financial Statements in the functional currency and translated at the
foreign currency exchange rate at the acquisition date. These balances are translated at subsequent balance sheet dates at the
relevant foreign currency exchange rate.
The principal foreign currency exchange rates used to translate other currencies into Euro are presented below.
2025
2024
2023
Average
At\u00a0December\u00a031,
Average
At\u00a0December\u00a031,
Average
At\u00a0December\u00a031,
U.S. Dollar
1.1300
1.1750
1.0824
1.0389
1.0814
1.1050
Pound Sterling
0.8568
0.8726
0.8466
0.8292
0.8699
0.8691
Swiss Franc
0.9370
0.9314
0.9526
0.9412
0.9717
0.9260
Japanese Yen
169.0435
184.0900
163.8519
163.0600
151.8540
156.3300
Chinese Yuan
8.1185
8.2262
7.7875
7.5833
7.6568
7.8509
Australian Dollar
1.7518
1.7581
1.6397
1.6772
1.6283
1.6263
Singapore Dollar
1.4756
1.5105
1.4458
1.4164
1.4521
1.4591
Canadian Dollar
1.5787
1.6088
1.4821
1.4948
1.4595
1.4642
Hong Kong Dollar
8.8104
9.1464
8.4454
8.0686
8.4663
8.6314
Intangible assets
Goodwill
Goodwill is not amortized, but is tested for impairment annually or more frequently if events or changes in
circumstances indicate that it might be impaired. After initial recognition, goodwill is measured at cost less any accumulated
impairment losses.
Development costs
Development costs for car project production and related components, engines and systems are recognized as an
asset if, and only if, the required conditions under IAS 38 \u2014 Intangible Assets are met, including, among others: (i) that
development costs can be measured reliably, (ii) that the technical feasibility of the product, volumes and pricing support the
view that the development expenditure will generate future economic benefits, and (iii) the Group has the intention to
complete the development and the ability to use the intangible asset. Capitalized development costs include all direct and
indirect costs that may be directly attributed to the development process. All other research and development costs are
expensed as incurred, net of any government grants received.
Capitalized development costs are amortized on a straight-line basis from the start of production over the estimated
lifecycle of the model or the useful life of the related components or other assets (generally between four and eight years).
Increasing an asset\u2019s expected lifecycle or its residual value would result in a reduced amortization charge in the consolidated
income statement.
The Group incurs significant research and development costs also for its Formula 1 racing activities. These costs are
considered fundamental to the development of the road and track car models and prototypes. Technological developments
and changes in the regulations of the Formula 1 World Championship generally require the Group to design, develop and
construct a new racing car to be used for one year only. The costs incurred for the design, development and construction of a
new racing car are generally expensed as incurred unless the technology will be used for more than one year and the costs
meet the capitalization criteria in IAS 38.
Patents, concessions and licenses
Separately acquired patents, concessions and licenses are initially recognized at cost. Patents, concessions and
licenses acquired in a business combination are initially recognized at fair value. Patents, concessions and licenses are
amortized on a straight-line basis over their useful economic lives, which is generally between three and five years.
Other intangible assets
Other intangible assets mainly relate to the registration of trademarks and have been recognized in accordance with
IAS 38 \u2014 Intangible Assets, where it is probable that the use of the asset will generate future economic benefits for the Group
and where the cost of the asset can be measured reliably. Other intangible assets are measured at cost less any impairment
losses and amortized on a straight-line basis over their estimated life, which is generally between three and five years.
Property, plant and equipment
Cost
Property, plant and equipment is initially recognized at cost which comprises the purchase price, any costs directly
attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner intended by
management, capitalized borrowing costs and any initial estimate of the costs of dismantling and removing the item and
restoring the site on which it is located. Self-constructed assets are initially recognized at production cost. Subsequent
expenditures and the cost of replacing parts of an asset are capitalized only if they increase the future economic benefits
embodied in that asset. All other expenditures are expensed as incurred. When such replacement costs are capitalized, the
carrying amount of the parts that are replaced is recognized as a loss in the period of replacement in the consolidated income
statement.
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets presented below.
Depreciation rates
Industrial buildings
3% - 20%
Plant, machinery and equipment
5% - 22%
Other assets
12% - 25%
Land is not depreciated.
If the asset being depreciated consists of separately identifiable components whose useful lives differ from that of
the other parts making up the asset, depreciation is charged separately for each of its component parts through application of
the \u201ccomponent approach\u201d.
Leases
The Group recognizes a right-of-use asset and a corresponding lease liability at the date at which the leased asset is
available for use. Each lease payment is allocated between the principal liability and finance costs. Finance costs are charged
to the consolidated income statement over the lease period using the effective interest rate method. The right-of-use asset is
depreciated on a straight-line basis over the lease term.
Right-of-use assets are measured at cost comprising the following: (i) the amount of the initial measurement of lease
liability; (ii) any lease payments made at or before the commencement date less any lease incentives received; (iii) any initial
direct costs and, if applicable, (iv) restoration costs. Payments associated with short-term leases and leases of low-value
assets are recognized as an expense in the consolidated income statement on a straight-line basis.
Lease liabilities are measured at the net present value of the following: (i) fixed lease payments, (ii) variable lease
payments that are based on an index or a rate and, if applicable, (iii) amounts expected to be payable by the lessee under
residual value guarantees, and (iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that
option. Lease liabilities do not include any non-lease components that may be included in the related contracts.
Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the
Group\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to
obtain an asset of similar value in a similar economic environment with similar terms and conditions.
Some lease contracts contain variable payment terms that are linked to sales generated from Ferrari stores. Variable
lease payments that depend on sales are recognized in the consolidated income statement in the period in which the condition
that triggers those payments occurs.
Extension and termination options are included in a number of leases related to Ferrari stores, warehouses and
machinery and equipment of the Group. In determining the lease term, management considers all facts and circumstances that
create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or
periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not
terminated).
Borrowing costs
General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying
assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are added to the
cost of those assets, until such time as the assets are substantially ready for their intended use.
All other borrowing costs are expensed in financial expenses if related to the Group\u2019s industrial activities or cost of
sales if related to the Group\u2019s financial services activities in the consolidated income statement, as incurred.
Impairment of assets
The Group continuously monitors its operations to assess whether there is any indication that its intangible assets
(including capitalized development costs) and its property, plant and equipment may be impaired. Goodwill is tested for
impairment annually or more frequently, if there is an indication that an asset may be impaired.
If indications of impairment are present, the carrying amount of the asset is reduced to its recoverable amount, which
is the higher of fair value less costs of disposal and its value in use. The recoverable amount is determined for the individual
asset, unless the asset does not generate cash inflows that are largely independent of the cash inflows from other assets or
groups of assets, in which case the asset is tested as part of the cash-generating unit (\u201cCGU\u201d) to which the asset belongs. A
CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows
from other assets or groups of assets. In assessing the value in use of an asset or CGU, the estimated future cash flows are
discounted to their present value using a discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset or CGU. An impairment loss is recognized if the recoverable amount is lower than the carrying
amount.
Where an impairment loss for assets other than goodwill subsequently no longer exists or has decreased, the carrying
amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but not in excess of the carrying
amount that would have been recorded had no impairment loss been recognized. The reversal of an impairment loss is
recognized in the consolidated income statement immediately.
Financial instruments
Presentation
Current financial assets include trade receivables, receivables from financing activities, derivative financial
instruments, other current financial assets and cash and cash equivalents.
Investments and other financial assets include investments accounted for using the equity method as well as other
securities and non-current financial assets.
Financial liabilities include debt (primarily bonds, notes, asset-backed financing (securitizations) and borrowings
from banks), trade payables and other financial liabilities (mainly derivative financial instruments).
Measurement
Financial assets, other than investments accounted for using the equity method, and financial liabilities are measured
in accordance with IFRS 9 - Financial Instruments.
Except for investments accounted for using the equity method, the Group initially measures financial assets at fair
value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs.
Equity instruments held by the Group are recognized at fair value through profit or loss. When market prices are not
directly available, the fair value is measured using appropriate valuation techniques (e.g. discounted cash flow analysis based
on market information available at the balance sheet date).
Trade receivables and receivables from financing activities are originated in the ordinary course of business and held
within a business model with the objective to hold the receivables in order to collect contractual cash flows that meet the
\u201csolely payments of principal and interest\u201d criterion under IFRS 9, therefore they are measured at amortized cost using the
effective interest rate method. Receivables with maturities greater than one year are discounted to present value.
Assessments are made regularly as to whether there is any objective evidence that a financial asset or group of
financial assets may be impaired. If any such evidence exists, an impairment loss is recognized within selling, general and
administrative costs for trade receivables and within cost of sales for receivables from financing activities. Under IFRS 9, a
forward-looking expected credit loss model must be applied when assessing impairment. In making impairment assessments
for trade receivables and for receivables from financing activities that are within the scope of IFRS 16, the Group applies the
simplified approach to estimate the lifetime expected credit losses and considers its historical credit loss experience, adjusted
for forward-looking factors specific to the nature of the Group\u2019s receivables and economic environment. For all other
receivables from financing activities, the Group applies the general approach, which requires the application of a three-stage
model to assess whether there has been a significant increase in credit risk on the financial instrument since initial
recognition.
Stage
Description
Time period for
measurement of
expected credit losses
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month
Stage 2
A financial instrument with a significant increase in credit risk since initial
recognition
Lifetime
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime
The Group considers a default to occur and a significant increase in credit risk to occur when the counterparty fails
to make contractual payments within a certain number of days of when they fall due. For example, for receivables from
financing activities this typically occurs when the counterparty fails to make contractual payments within 60 days of when the
related receivables fall due, while for trade receivables this is assessed on a case by case basis.
Receivables are written off when the counterparty fails to make contractual payments and there is no reasonable
expectation of recovery, and in any circumstance no later than 360 days. When trade receivables or receivables from
financing activities have been written off, the Company may continue to engage in enforcement actions to attempt to recover
the receivables. Receivables from financing activities are generally secured on the title of cars or other guarantees.
Financial liabilities, with the exception of derivative financial instruments, are measured at amortized cost using the
effective interest rate method.
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes only in order to reduce financial risks and
in particular, foreign currency risks. Derivative financial instruments qualify for hedge accounting only when at the inception
of the hedge there is formal designation and documentation of the hedging relationship, the hedge is expected to be highly
effective, its effectiveness can be reliably measured and it is highly effective throughout the financial reporting periods for
which it is designated.
All derivative financial instruments are measured at fair value.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
Cash flow hedges \u2014 Where a derivative financial instrument is designated as a hedge of the exposure to variability
in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and could affect the
consolidated income statement, the effective portion of any gain or loss on the derivative financial instrument is recognized
directly in other comprehensive income/(loss). The cumulative gain or loss is reclassified from other comprehensive income/
(loss) to the consolidated income statement at the same time as the economic effect arising from the hedged item affects the
consolidated income statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the consolidated income statement immediately within net financial income/expenses. When a hedging
instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss
realized to the point of termination remains in other comprehensive income/(loss) and is recognized in the consolidated
income statement at the same time as the underlying transaction. If the hedged transaction is no longer probable, the
cumulative unrealized gain or loss held in other comprehensive income/(loss) is recognized in the consolidated income
statement immediately.
The Group does not use fair value hedges or hedges of a net investment.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately within financial expenses.
Transfers of financial assets
The Group sells certain of its receivables from financing activities under securitization programs. Securitization
transactions involve the sale of financial receivables to a special purpose vehicle, which in turn finances the purchase of such
financial receivables by issuing asset-backed securities in the form of notes whose repayment of principal and interest
depends on the cash flows generated by the related financial receivables. The receivables sold as part of securitization
programs are consolidated until collection from the customer as they do not meet the requirements for derecognition in
accordance with IFRS 9.
The Group may also sell certain of its trade receivables through factoring transactions without recourse. The Group
derecognizes the trade receivables when, and only when, the contractual rights and risks to the cash flows arising from the
related trade receivables are no longer held or the Group has transferred the financial assets.
In the case of a transfer of receivables, if the Group transfers substantially all the risks and rewards of ownership of
the receivables, it derecognizes the receivables and separately recognizes as assets or liabilities any rights and obligations
created or retained in the transfer. On derecognition of the receivables, the difference between their carrying amount and the
consideration received or receivable for the transfer of the receivables is recognized within cost of sales for receivables from
financing activities and within financial income or financial expenses for trade receivables.
Trade receivables
Trade receivables are amounts due from clients for goods sold or services provided in the ordinary course of
business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the
effective interest rate method, less any provision for allowances.
Inventories
Inventories of raw materials, semi-finished products and finished goods are stated at the lower of cost and net
realizable value, cost being determined on a first-in first-out (FIFO) basis. The measurement of inventories includes the direct
costs of materials, labor and indirect costs (variable and fixed). Purchase costs include ancillary costs. Prototypes are
recognized at their estimated realizable value, if lower than production cost. Provision is made for obsolete and slow-moving
raw materials, finished goods, spare parts and other supplies based on their expected future use and realizable value. Net
realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the
estimated costs for sale and distribution.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid
investments with original maturities of three months or less.
Employee benefits
Defined contribution plans
Costs arising from defined contribution plans are expensed as incurred.
Defined benefit plans
The Group\u2019s net obligations are determined separately for each plan by estimating the present value of future
benefits that employees have earned in the current and prior periods, and deducting the fair value of any plan assets. The
present value of the defined benefit obligation is measured using actuarial techniques and actuarial assumptions that are
unbiased and mutually compatible and attributes benefits to periods in which the obligation to provide post-employment
benefits arise by using the Projected Unit Credit Method.
The components of the defined benefit cost are recognized as follows:
\u2022 the service costs are recognized in the consolidated income statement by function and presented in the relevant line
items (cost of sales, selling, general and administrative costs, research and development costs, etc.);
\u2022 the net interest on the defined benefit liability is recognized in the consolidated income statement as net financial
income /(expenses), and is determined by multiplying the net liability/(asset) by the discount rate used to discount
obligations taking into account the effect of contributions and benefit payments made during the year, and
\u2022 the remeasurement components of the net obligations, which comprise actuarial gains and losses and any change in
the effect of the asset ceiling are recognized immediately in other comprehensive income/(loss). These
remeasurement components are not reclassified in the consolidated income statement in a subsequent period.
Other long-term employee benefits
The Group\u2019s obligations represent the present value of future benefits that employees have earned in return for their
service during the current and prior periods. Remeasurement components on other long-term employee benefits are
recognized in the consolidated income statement in the period in which they arise.
Share-based compensation
The Group has implemented equity incentive plans that provide for the granting of share-based compensation to the
Chairman, the Chief Executive Officer, all other members of the Ferrari Leadership Team and other key employees of the
Group. The Group also provides share-based compensation as part of commercial agreements with certain suppliers. The
share-based compensation arrangements are accounted for in accordance with IFRS 2 \u2014 Share-based Payment, which
requires the Company to recognize share-based compensation expense based on fair value of awards granted. Compensation
expense for the equity-settled awards containing market performance conditions is measured at the grant date fair value of the
award using a Monte Carlo simulation model, which requires the input of subjective assumptions, including the expected
volatility of the Company\u2019s common stock, the dividend yield, interest rates and a correlation coefficient between the
common stock and the relevant market index. The fair value of the awards which are conditional only on a recipient\u2019s
continued service to the Company is measured using the share price at the grant date adjusted for the present value of future
distributions which employees will not receive during the vesting period.
Share-based compensation expense relating to the equity incentive plans is recognized over the service period within
selling, general and administrative costs or cost of sales in the consolidated income statement depending on the function of
the employee, with an offsetting increase to equity. Share-based compensation expense relating to commercial agreements
with certain suppliers is recognized over the period in which the supplier\u2019s services are received and classified within the
consolidated income statement depending on the function of the supplier\u2019s services, with an offsetting increase to equity.
Provisions
Provisions are recognized when the Group has a present obligation, legal or constructive, as a result of a past event,
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate of the amount of the obligation can be made.
Warranty and recall campaigns provision
All cars are sold with warranty coverage. The warranty coverage generally applies to defects that may become
apparent within a certain period from the purchase of the car.
The warranty provision is recognized at the time of the sale of the car, based on the present value of management\u2019s
estimate of the expected cost to fulfill the obligations over the contractual warranty period. Estimates are principally based on
the Group\u2019s historical claims or costs experience and the cost of parts and services to be incurred in the activities. The costs
related to these provisions are recognized within cost of sales at the time when they are probable and reasonably estimable.
See \u201c\u2014Use of estimates and judgments\u201d below for further details relating to recall campaigns.
Deferred income
Deferred income relates to amounts received by the Group under various agreements, which are reliant on the future
performance of a service or other act of the Group. Deferred income is recognized as net revenues when the Group has
fulfilled its obligations under the terms of the various agreements.
Range models (models belonging to the Ferrari product portfolio, excluding Special Series, Icona, limited edition
supercars and one-off models) are sold with a scheduled maintenance program to ensure that the cars are maintained to the
highest standards to meet the Group\u2019s strict requirements for performance and safety. Amounts attributable to the
maintenance program are not recognized as income immediately, but are deferred over the maintenance program term. The
amount of the deferred income related to this program is based on the estimated fair value of the service to be provided.
Advances
Advances relate to amounts received from or billed to customers in advance of having delivered the related cars or
provided the related services. The advances are recognized in net revenues when the cars are shipped or the services
provided.
Revenue recognition
Revenue is recognized when control over a product or service is transferred to a customer. Revenue is measured at
the transaction price which is based on the amount of consideration that the Group expects to receive in exchange for
transferring the promised goods or services to the customer and excludes any sales incentives as well as taxes collected from
customers that are remitted to government authorities. The transaction price will include estimates of variable consideration
to the extent it is probable that a significant reversal of revenue recognized will not occur. The Group enters into contracts
that may include both products and services, which are generally capable of being distinct and accounted for as separate
performance obligations.
The Group generates revenue from the sale of cars, spare parts and engines as well as from sponsorship, commercial
and brand activities. The Group accounts for a contract with a customer when there is a legally enforceable contract between
the Group and the customer, the rights of the parties are identified, the contract has commercial substance, and collectability
of the contract consideration is probable. Payments from customers are typically due within 30 to 40 days of invoicing.
The Group does not recognize any assets associated with the incremental costs of obtaining a contract with a
customer that are expected to be recovered. The majority of revenue is recognized at a point-in-time or over a period of one
year or less, and the Group applies the practical expedient to recognize the incremental costs of obtaining a contract as an
expense when incurred if the amortization period of the asset that would otherwise be recognized is one year or less.
Cars, spare parts and engines
The sales of cars, spare parts and engines have multiple performance obligations that include products, services, or a
combination of products and services as contracts may include maintenance programs and extended warranties that are
separately priced or not separately priced. Contracts may also include variable consideration for discounts such as sales
incentives and performance based bonuses and product returns. The Group offers incentives to its third-party dealers, which
are designed to promote the sale of cars and parts, as well as a variety of other performance indicators, which may be
qualitative or quantitative, such as quality service, customer satisfaction and preservation of the Ferrari brand, among others.
The cost of incentives is estimated at the inception of a contract at the expected amount that will ultimately be paid and is
recognized as a reduction to revenue generally at the time of the sale or when the dealer is expected to achieve the required
performance if in relation to other performance indicators different from sales. Revenues recognized are limited to the
amount of consideration the Group expects to receive. The Group allocates the transaction price to the performance
obligations based on the stand alone selling prices (SSP) for each obligation. When the SSP does not exist, the Group
estimates the SSP based on the adjusted market approach.
Revenues for the sale of cars, spare parts and engines are recognized at a point in time when control of the cars,
spare parts or engines is transferred to the customer based on shipping terms, which generally corresponds to the date when
the cars, spare parts and engines are released to the carrier responsible for transportation to dealers or Maserati (the contract
for the supply of engines to Maserati expired in December 2023). Revenues relating to the maintenance program are
recognized over time based on the input method of measuring progress towards complete satisfaction of the related
performance obligation, calculated as a proportion of overall revenues expected during the maintenance period equal to the
ratio of costs incurred in the reporting period compared to the overall costs to be incurred during the maintenance period.
Revenues relating to the extended warranties are recognized on a straight-line basis over the extended warranty period.
Revenues from the supply of engines and related services to other Formula 1 racing teams are recognized over time on a time
and materials basis when the services are provided.
Management has exercised judgment in determining performance obligations, variable consideration, allocation of
transaction price and the timing of revenue recognition.
Sponsorship, commercial and brand activities
Revenues from sponsorship agreements in connection with our participation in racing competitions are generally
recognized ratably over the contract term as the customer benefits from the service throughout the service period. Revenues
from sponsorship agreements that contain variable consideration based on the performance of the Group\u2019s racing teams are
estimated and recognized over the relevant period to the extent that it is highly probable that a significant reversal in the
amount of the cumulative revenue recognized will not occur, which is typically when it is considered highly probable that the
related conditions associated with the variable consideration will be achieved.
Revenues from commercial activities primarily relate to the revenues from participating in the Formula 1 World
Championship. The revenues attributable to each racing team are governed by a specific agreement and depend upon, among
other factors, the prior year ranking of each of the racing teams. Revenues of the commercial activities are recognized ratably
over the contract term.
Revenues from brand licensing agreements where the customer has a right to access the Group\u2019s brands or the
contract includes minimum guaranteed payments are recognized on a straight-line basis over the contract term. Licensing
revenues in excess of the minimum guaranteed payments are recognized when the related conditions are satisfied. Revenues
from sales-based licensing agreements are recognized when the sales occur.
Management has exercised judgment in determining variable consideration.
Other revenues
Interest income generated by our financial service activities from the provision of client and dealer financing is
reported within revenues using the effective interest rate method and not within net financial income/expenses.
Cost of sales
Cost of sales comprises expenses incurred in the manufacturing and distribution of cars and parts (including the
engines rented to other Formula 1 racing teams), of which, cost of materials, components and labor costs are the most
significant portion. The remaining costs principally include depreciation, amortization, insurance and transportation costs.
Cost of sales also includes warranty and product-related costs, which are estimated and recorded at the time of sale of the car.
Costs that are directly attributable to financial services activities, including interest expenses related to financing and
provisions for risks and write-downs of assets, are also reported in cost of sales.
Other expenses and other income
Other expenses consist of miscellaneous costs which cannot be allocated to specific functional areas, such as indirect
taxes, accruals for provisions not attributable to cost of sales or selling, general and administrative costs, and other
miscellaneous expenses, including marketing expenses incurred on behalf of our third-party dealers.
Other income consists of miscellaneous income that is not directly attributable to the sale of goods or services,\u00a0such
as\u00a0gains on the disposal of property plant and equipment, the release of certain provisions originally recognized as other
expenses, rental income and other miscellaneous income.
Taxes
Income taxes include all taxes based upon the taxable profits of the Group. Current and deferred taxes are
recognized as income or expense and are included in the consolidated income statement for the period, except tax arising
from (i)\u00a0a transaction or event which is recognized, in the same or a different period, either in other comprehensive income/
(loss) or directly in equity, or (ii)\u00a0a business combination.
Deferred taxes are accounted using the balance sheet method. Deferred tax liabilities are recognized for all taxable
temporary differences between the carrying amounts of assets or liabilities and their tax base, except to the extent that the
deferred tax liabilities arise from the initial recognition of goodwill or the initial recognition of an asset or liability in a
transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor
taxable profit. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences can be utilized, unless the deferred tax
assets arise from the initial recognition of an asset or liability in a transaction that is not a business combination and at the
time of the transaction, affects neither accounting profit nor taxable profit.
Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective jurisdictions in
which the Group operates that are expected to apply to the period when the asset is realized or liability is settled. Any
remeasurements to deferred tax assets and liabilities as a result of changes in substantially enacted tax rates are recognized in
the consolidated income statement.
The recoverability of deferred tax assets is dependent on the Group\u2019s ability to generate sufficient future taxable
income in the period in which it is assumed that the deductible temporary differences reverse and tax losses carried forward
can be utilized. In making this assessment, the Group considers future taxable income arising on the most recent budgets and
plans, prepared by using the same criteria described for testing the impairment of assets and goodwill, moreover, it estimates
the impact of the reversal of taxable temporary differences on earnings and it also considers the period over which these
assets could be recovered. The carrying amount of deferred tax assets is reduced to the extent that it is not probable that
sufficient taxable profit will be available to allow the benefit of part or all of the deferred tax assets to be utilized. The
carrying amount of deferred tax assets is reviewed at each reporting date.
The Group recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed profits,
except when it is able to control the timing of the reversal of the temporary difference and it is probable that this temporary
difference will not reverse in the foreseeable future. The Group recognizes deferred tax assets associated with the deductible
temporary differences on investments in subsidiaries only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.
Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from
deductible temporary differences, are recognized to the extent that it is probable that future profits will be available against
which they can be utilized.
Current income taxes and deferred taxes are offset when they relate to the same taxation authority and there is a
legally enforceable right of offset.
Imposta Regionale sulle Attivit\u00e0 Produttive (\u201cIRAP\u201d) is recognized within income tax expense. IRAP 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 applied on the tax base at 3.9 percent for the years ended December 31, 2025, 2024 and
2023.
Tax uncertainties are accounted for in accordance with IFRIC 23.
Other taxes not based on income, such as property taxes and capital taxes, are included in other expenses, net.
Dividends
Dividends payable by the Group are reported as a change in equity in the period in which they are approved by
shareholders or the Board of Directors as applicable under local rules and regulations.
Rounding of amounts
All amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest
thousand Euro unless otherwise stated.
Segment reporting
The Group has determined that it has one operating and one reportable segment based on the information reviewed
by the Board of Directors (the Group\u2019s \u201cChief Operating Decision Maker\u201d as defined in IFRS 8 \u2014 Operating Segments) in
making decisions regarding the allocation of resources and to assess performance.
For additional disclosures required by IFRS 8, see Note 31 \u201cEntity-Wide Disclosures\u201d.
Use of estimates and judgments
The Consolidated Financial Statements are prepared in accordance with IFRS Accounting Standards, which require
the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of
contingent assets and liabilities and the amounts of income and expenses recognized. The estimates and associated
assumptions are based on elements that are known when the financial statements are prepared, on historical experience and
on any other factors that are considered to be relevant.
Estimates and underlying assumptions are reviewed periodically and continuously by the Group. If the items subject
to estimates do not perform as assumed, then the actual results could differ from the estimates, which would require
adjustments. The effects of any changes in estimates are recognized in the consolidated income statement in the period in
which the changes are made, or prospectively in future periods.
Based on information available to management at the end of the reporting period, there were no major sources of
estimation uncertainty that could have a significant risk of resulting in a material adjustment to the carrying amount of assets
and liabilities within the next financial year. Additionally, no critical judgments have been made in applying the accounting
policies.
The main accounting policies affected by estimates and judgments are disclosed below.
Maintenance programs and extended warranties
The Group\u2019s new cars are sold with a scheduled maintenance program to ensure that the cars are maintained to the
highest standards to meet the Group\u2019s strict requirements for performance and safety. Amounts attributable to the
maintenance programs are not recognized as income immediately, but are recognized over the maintenance program term
based on the input method of measuring progress towards complete satisfaction of the related performance obligation,
calculated as a proportion of overall revenues expected during the maintenance period equal to the ratio of costs incurred in
the reporting period compared to the overall costs to be incurred during the maintenance period. The amount of the deferred
income related to this program is based on the estimated fair value of the service to be provided. The Group also offers
various extended warranty programs to customers that provide additional coverage beyond the warranty period required by
applicable law or included with all new car sales. Revenues relating to the extended warranties are recognized on a straight-
line basis over the extended warranty period. Management utilizes estimates or judgments in determining performance
obligations, variable consideration, allocation of the transaction price and the timing of revenue recognition in relation to its
maintenance programs and extended warranties.
Recall campaigns
The Group periodically initiates voluntary service actions to address various client satisfaction, safety and emissions
issues related to cars sold. Included in the reserve is the estimated cost of these services and recall actions. Considering the
nature of the recall campaigns, in certain circumstances management may utilizes estimates or judgments in determining the
related provisions. The estimated future costs of these actions are based primarily on historical experience and the cost of
parts and services to be incurred in the specified activities, and are recognized at the time when they are probable and
reasonably estimable. Estimates of the future costs of these actions are inevitably imprecise due to several uncertainties,
including the number of cars affected by a service or recall action. It is reasonably possible that the ultimate cost of these
service and recall actions may require the Group to make expenditures in excess of (or less than) established reserves over an
extended period of time and the estimates are periodically reviewed during the year. Due to the uncertainty and potential
volatility of these estimated factors, changes in the assumptions used could affect the results of operations.
Goodwill
The Group\u2019s goodwill amounted to \u20ac785,182 thousand at December\u00a031, 2025 and December\u00a031, 2024. As required
by IFRS Accounting Standards, an annual impairment test must be performed for goodwill, which requires management to
estimate expected future cash flows and the recoverable amount of the cash-generating unit (CGU), which is represented by
the entire Ferrari Group. Based on the impairment tests performed by management, the recoverable amount of goodwill was
significantly higher than its carrying amount for the years ended December 31, 2025, 2024 and 2023. Furthermore, the
exclusivity of the Group\u2019s business, its historical profitability and its future earnings prospects indicate that the carrying
amount of the goodwill will continue to be recoverable even in the event of difficult economic and market conditions,
including those that may be caused by regulatory developments or climate-related matters. For additional information relating
to the goodwill test performed, see Note 13 \u201cGoodwill\u201d.
Non-current assets with definite useful lives
The Group\u2019s non-current assets (excluding goodwill) primarily include intangible assets, which primarily relate to
development costs, and property, plant and equipment. At December 31, 2025 and December\u00a031, 2024, the Group\u2019s
intangible assets amounted to \u20ac1,638,457 thousand and \u20ac1,545,664 thousand, respectively (of which \u20ac1,595,783 thousand
and \u20ac1,502,889 thousand related to development costs), and the Group\u2019s property, plant and equipment amounted to
\u20ac2,057,891 thousand and \u20ac1,828,784 thousand, respectively. The Group makes significant investments for the development
of its existing and future product portfolio, and capitalized development costs recognized for the years ended December\u00a031,
2025 and 2024 amounted to \u20ac421,265 thousand and \u20ac476,467 thousand respectively. These costs were capitalized in
accordance with the criteria in IAS 38 - Intangible Assets, including, among others: (i) the costs can be measured reliably, (ii)
the technical feasibility of the product, estimated volumes and expected pricing all support the view that the development
expenditure will generate future economic benefits, based primarily on information specific to business initiatives underlying
the Group\u2019s business plans, and (iii) the Company has the intention to complete the development and the ability to use the
related intangible assets. Management utilizes estimates or judgments in distinguishing between research phases and
development phases, including as a result of regulatory developments. For the years ended December\u00a031, 2025, 2024 and
2023, no impairment indicators were identified and the Group did not recognize any impairment charges for non-current
assets with definite useful lives.
Provisions
The Group sells its cars around the world and is subject to a variety of laws and regulations relating to the
environment, and in particular, to the emissions of its cars. The group\u2019s cars, together with the engines that power them, must
comply with extensive regional, national and local laws and regulations, and industry self-regulations (including those that
regulate vehicle safety). The Group is currently benefiting from certain regulatory exemptions because it qualifies as a small
vehicle manufacturer or similar designation in certain jurisdictions where it sells cars. These exemptions provide a range of
benefits, from less stringent emissions caps and compliance date extensions, to exemptions from zero emission vehicle
production requirements, which may require management to utilize estimates or judgments. The Group recognized provisions
for environmental risks based on management\u2019s best estimates of the future cash outflows that will be required to settle the
Group\u2019s related obligations. For additional information, see Note 23 \u201cProvisions\u201d.
Climate-related matters
Global climate change is resulting, and is expected to continue to result, in natural disasters and extreme weather
occurring more frequently or with greater intensity, including droughts, wildfires, storms, rising sea-levels, flooding, heat
waves and cold waves. Such extreme events are driving changes in market dynamics, stakeholder expectations, local, national
and international climate change policies and regulations.
The global automotive industry in particular is currently experiencing significant developments due to an increased
focus on climate change and evolving regulatory requirements and technological changes relating to fuel efficiency,
electrification and greenhouse gas emissions, among others, which are also impacting the luxury performance sports car
market in which the Group operates.
As these regulatory developments and technological changes continue to evolve, the Group\u2019s strategies, operations
and business plans may change and the recoverability of the Group\u2019s assets could be impacted, including the recoverability of
goodwill, capitalized development costs and property, plant and equipment as well as the accounting of the provisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
The consolidated statement of cash flows is presented using the indirect method with cash flows classified within
operating, investing or financing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
New amendments effective from January\u00a01, 2025
The following new amendments effective from January 1, 2025 were adopted by the Group for the preparation of
these Consolidated Financial Statements.
In August 2023, the IASB issued amendments to IAS 21 \u2014 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 were effective for the Group from January 1, 2025 and there was no impact from their adoption.
In December 2024, the IASB issued Amendments for nature-dependent electricity contracts which amended IFRS 9
\u2014 Financial Instruments and IFRS 7 \u2014 Financial Instruments: Disclosures to help companies better report the financial
effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs), in the light
of the increased use of these contracts. The amendments are effective on or after January 1, 2026 and the Group early adopted
the amendments starting from the third quarter of 2025 in relation to a power purchase agreement the Group entered into
during the period.
New standards and amendments not yet effective
The standards and amendments issued by the IASB that will have mandatory application in 2026 or subsequent
years are listed below.
In April 2024, the IASB issued IFRS 18 \u2014 Presentation and Disclosure in Financial Statements, primarily in
response to investors\u2019 concerns about comparability and transparency of entities\u2019 performance reporting. IFRS 18 replaces
IAS 1 \u2014 Presentation of Financial Statements, carrying forward many of the requirements in IAS 1 unchanged and
complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 \u2014 Accounting
Policies, Changes in Accounting Estimates and Errors and IFRS 7 \u2014 Financial Instruments: Disclosures. Furthermore, the
IASB has made minor amendments to IAS 7 \u2014 Statement of Cash Flows and IAS 33 \u2014 Earnings Per Share.
IFRS 18 introduces new requirements to:
\u2022 present specified categories and defined subtotals in the statement of profit or loss;
\u2022 provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements,
and
\u2022 improve aggregation and disaggregation.
IFRS 18 is effective from January 1, 2027. The Group is evaluating the potential impact from the adoption of this
standard and performing a detailed assessment to determine the appropriate classification of items to ensure that the operating
profit subtotal will comply with the requirements of IFRS 18.
The Group currently reports various non-GAAP financial measures (also referred to as alternative performance
measures) to its investors that may meet the definition of a management-defined performance measure under IFRS 18,
including EBITDA, Adjusted EBITDA, Adjusted Operating Profit (Adjusted EBIT), Adjusted Net Profit, Adjusted Basic
Earnings per Common Share and Adjusted Diluted Earnings per Common Share. Management-defined performance
measures under IFRS 18 require specific disclosures within a note to the financial statements. The Group is performing an
assessment of other measures that are currently being reported outside the financial information to determine whether or not
they meet the definition of a management-defined performance measure.
In May 2024, the IASB issued IFRS 19 \u2014 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. In August 2025, the IASB issued amendments to IFRS 19 that will provide reduced
disclosure requirements for new and amended IFRS Accounting Standards issued between February 2021 and May 2024 that
were not considered when IFRS 19 was first issued. The standard and amendments are effective on or after January 1, 2027
and earlier application is permitted. The Group does not expect any 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 \u2014 Financial Instruments and IFRS 7 \u2014 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)
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 July 2024, the IASB issued Annual Improvements to IFRS Accounting Standards \u2014 Volume 11 which contains
amendments to five standards as result of IASB\u2019s annual improvements project. IASB uses the annual improvements process
to make necessary, but non-urgent, amendments to IFRS Accounting Standards that will not be included as part of another
major project. The amended standards are: IFRS 1 \u2014 First-time Adoption of International Financial Reporting Standards,
IFRS 7 \u2014Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7; IFRS 9 \u2014 Financial
Instruments; IFRS 10 \u2014 Consolidated Financial Statements, and IAS 7 \u2014 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.
In November 2025, the IASB issued Amendments for translation to a hyperinflationary presentation currency which
amended IAS 21 \u2014 The Effects of Changes in Foreign Exchange Rates, to clarify how companies should translate financial
statements from a non-hyperinflationary currency into a hyperinflationary one. The amendments are effective on or after
January 1, 2027 and earlier application is permitted. The Group does not expect any impact from the adoption of these
amendments.
In November 2025, the IASB issued illustrative examples on reporting uncertainties in financial statements
(Amendments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36 and IAS 37 \u2014 Disclosures about
Uncertainties in the Financial Statements). These illustrative examples demonstrate how companies can apply IFRS
Accounting Standards when reporting the effects of uncertainties in their financial statements. As accompanying materials to
IFRS Accounting Standards, these illustrative examples do not have an effective date. However, companies are expected to
implement any changes in their reporting on a timely basis. There were no impacts to the Group\u2019s financial statements as a
result of these illustrative examples.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
New amendments effective from January\u00a01, 2025
The following new amendments effective from January 1, 2025 were adopted by the Group for the preparation of
these Consolidated Financial Statements.
In August 2023, the IASB issued amendments to IAS 21 \u2014 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 were effective for the Group from January 1, 2025 and there was no impact from their adoption.
In December 2024, the IASB issued Amendments for nature-dependent electricity contracts which amended IFRS 9
\u2014 Financial Instruments and IFRS 7 \u2014 Financial Instruments: Disclosures to help companies better report the financial
effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs), in the light
of the increased use of these contracts. The amendments are effective on or after January 1, 2026 and the Group early adopted
the amendments starting from the third quarter of 2025 in relation to a power purchase agreement the Group entered into
during the period.
New standards and amendments not yet effective
The standards and amendments issued by the IASB that will have mandatory application in 2026 or subsequent
years are listed below.
In April 2024, the IASB issued IFRS 18 \u2014 Presentation and Disclosure in Financial Statements, primarily in
response to investors\u2019 concerns about comparability and transparency of entities\u2019 performance reporting. IFRS 18 replaces
IAS 1 \u2014 Presentation of Financial Statements, carrying forward many of the requirements in IAS 1 unchanged and
complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 \u2014 Accounting
Policies, Changes in Accounting Estimates and Errors and IFRS 7 \u2014 Financial Instruments: Disclosures. Furthermore, the
IASB has made minor amendments to IAS 7 \u2014 Statement of Cash Flows and IAS 33 \u2014 Earnings Per Share.
IFRS 18 introduces new requirements to:
\u2022 present specified categories and defined subtotals in the statement of profit or loss;
\u2022 provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements,
and
\u2022 improve aggregation and disaggregation.
IFRS 18 is effective from January 1, 2027. The Group is evaluating the potential impact from the adoption of this
standard and performing a detailed assessment to determine the appropriate classification of items to ensure that the operating
profit subtotal will comply with the requirements of IFRS 18.
The Group currently reports various non-GAAP financial measures (also referred to as alternative performance
measures) to its investors that may meet the definition of a management-defined performance measure under IFRS 18,
including EBITDA, Adjusted EBITDA, Adjusted Operating Profit (Adjusted EBIT), Adjusted Net Profit, Adjusted Basic
Earnings per Common Share and Adjusted Diluted Earnings per Common Share. Management-defined performance
measures under IFRS 18 require specific disclosures within a note to the financial statements. The Group is performing an
assessment of other measures that are currently being reported outside the financial information to determine whether or not
they meet the definition of a management-defined performance measure.
In May 2024, the IASB issued IFRS 19 \u2014 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. In August 2025, the IASB issued amendments to IFRS 19 that will provide reduced
disclosure requirements for new and amended IFRS Accounting Standards issued between February 2021 and May 2024 that
were not considered when IFRS 19 was first issued. The standard and amendments are effective on or after January 1, 2027
and earlier application is permitted. The Group does not expect any 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 \u2014 Financial Instruments and IFRS 7 \u2014 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)
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 July 2024, the IASB issued Annual Improvements to IFRS Accounting Standards \u2014 Volume 11 which contains
amendments to five standards as result of IASB\u2019s annual improvements project. IASB uses the annual improvements process
to make necessary, but non-urgent, amendments to IFRS Accounting Standards that will not be included as part of another
major project. The amended standards are: IFRS 1 \u2014 First-time Adoption of International Financial Reporting Standards,
IFRS 7 \u2014Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7; IFRS 9 \u2014 Financial
Instruments; IFRS 10 \u2014 Consolidated Financial Statements, and IAS 7 \u2014 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.
In November 2025, the IASB issued Amendments for translation to a hyperinflationary presentation currency which
amended IAS 21 \u2014 The Effects of Changes in Foreign Exchange Rates, to clarify how companies should translate financial
statements from a non-hyperinflationary currency into a hyperinflationary one. The amendments are effective on or after
January 1, 2027 and earlier application is permitted. The Group does not expect any impact from the adoption of these
amendments.
In November 2025, the IASB issued illustrative examples on reporting uncertainties in financial statements
(Amendments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36 and IAS 37 \u2014 Disclosures about
Uncertainties in the Financial Statements). These illustrative examples demonstrate how companies can apply IFRS
Accounting Standards when reporting the effects of uncertainties in their financial statements. As accompanying materials to
IFRS Accounting Standards, these illustrative examples do not have an effective date. However, companies are expected to
implement any changes in their reporting on a timely basis. There were no impacts to the Group\u2019s financial statements as a
result of these illustrative examples.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
Basis of consolidation
Subsidiaries
Subsidiaries are entities over which the Group has control. Control is achieved when the Group has power over the
investee, when it is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to
use its power over the investee to affect the amount of the investor\u2019s returns. Subsidiaries are consolidated on a line by line
basis from the date on which the Group achieves control. The Group reassesses whether or not it controls an investee if facts
and circumstances indicate that there are changes to one or more of the three elements of control listed above.
The Group recognizes any non-controlling interests (\u201cNCI\u201d) in the acquiree on an acquisition-by-acquisition basis,
either at fair value or at the non-controlling interest\u2019s share of the recognized amounts of the acquiree\u2019s identifiable net assets.
Net profit or loss and each component of other comprehensive income/(loss) are attributed to the owners of the parent and to
the non-controlling interests. Total comprehensive income/(loss) of subsidiaries is attributed to owners of the parent and to
the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
All intra-group balances and transactions and any unrealized gains and losses arising from intra-group transactions
are eliminated in preparing the Consolidated Financial Statements.
Subsidiaries are deconsolidated from the date when control ceases. When the Group ceases to have control over a
subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at their carrying amounts,
derecognizes the carrying amount of non-controlling interests in the former subsidiary and recognizes the fair value of any
consideration received from the transaction. Any retained interest in the former subsidiary is then remeasured to its fair value.
Interests in associates
An associate is an entity over which the Group has significant influence. Significant influence is the power to
participate in the financial and operating policy decisions of the investee but without having control or joint control over
those policies. Associates are accounted for using the equity method of accounting from the date significant influence is
obtained.
Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize the
Group\u2019s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Group\u2019s share of the investee\u2019s
profit/(loss) is recognized in the consolidated income statement. Distributions received from an investee reduce the carrying
amount of the investment. Post-acquisition movements in other comprehensive income/(loss) are recognized in other
comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment.
Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s
interest in the associate. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of
the asset transferred.
When the Group\u2019s share of the losses of an associate exceeds the Group\u2019s interest in that associate, the Group
discontinues recognizing its share of further losses. Additional losses are provided for, and a liability is recognized, only to
the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.
The Group discontinues the use of the equity method from the date the investment ceases to be an associate or when
it is classified as available-for-sale.
Interests in joint operations
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to
the assets and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of
the parties sharing control.
When the Group undertakes its activities under joint operations, it recognizes in relation to its interest in the joint
operation: (i)\u00a0its assets, including its share of any assets held jointly, (ii)\u00a0its liabilities, including its share of any liabilities
incurred jointly, (iii)\u00a0its revenue from the sale of its share of the output arising from the joint operation, (iv)\u00a0its share of the
revenue from the sale of the output by the joint operation, and (v)\u00a0its expenses, including its share of any expenses incurred
jointly.
Foreign currency transactions
The functional currency of the Group\u2019s entities is the currency of their primary economic environment. In individual
companies, transactions in foreign currencies are recorded at the exchange rate prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign
currency exchange rate prevailing at that date. Exchange differences arising on the settlement of monetary items or on
reporting monetary items at rates different from those at which they were initially recorded during the period or in previous
financial statements are recognized in the consolidated income statement.
Consolidation of foreign entities
All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are
translated using the closing rates at the date of the consolidated statement of financial position. Income and expenses are
translated into Euro at the average foreign currency exchange rate for the period. Translation differences resulting from the
application of this method are classified as currency translation differences within other comprehensive income/(loss) until
the disposal of the investment. Average foreign currency exchange rates for the period are used to translate the cash flows of
foreign subsidiaries in preparing the consolidated statement of cash flows.
Goodwill, assets acquired and liabilities assumed arising from the acquisition of entities with a functional currency
other than the Euro are recognized in the Consolidated Financial Statements in the functional currency and translated at the
foreign currency exchange rate at the acquisition date. These balances are translated at subsequent balance sheet dates at the
relevant foreign currency exchange rate.
The principal foreign currency exchange rates used to translate other currencies into Euro are presented below.
2025
2024
2023
Average
At\u00a0December\u00a031,
Average
At\u00a0December\u00a031,
Average
At\u00a0December\u00a031,
U.S. Dollar
1.1300
1.1750
1.0824
1.0389
1.0814
1.1050
Pound Sterling
0.8568
0.8726
0.8466
0.8292
0.8699
0.8691
Swiss Franc
0.9370
0.9314
0.9526
0.9412
0.9717
0.9260
Japanese Yen
169.0435
184.0900
163.8519
163.0600
151.8540
156.3300
Chinese Yuan
8.1185
8.2262
7.7875
7.5833
7.6568
7.8509
Australian Dollar
1.7518
1.7581
1.6397
1.6772
1.6283
1.6263
Singapore Dollar
1.4756
1.5105
1.4458
1.4164
1.4521
1.4591
Canadian Dollar
1.5787
1.6088
1.4821
1.4948
1.4595
1.4642
Hong Kong Dollar
8.8104
9.1464
8.4454
8.0686
8.4663
8.6314
3. SCOPE OF CONSOLIDATION
Ferrari N.V. is the parent company of the Group and it holds, directly and indirectly, interests in the Group\u2019s main
operating companies. The Group\u2019s scope of consolidation at December 31, 2025 and 2024 is presented below.
At December 31, 2025
At December 31, 2024
Name
Country
Nature of
business
Shares held
by the
Group
Shares held
by NCI
Shares held
by the
Group
Shares held
by NCI
Directly held interests
Ferrari S.p.A.
Italy
Engineering,
manufacturing
and sales
100%
\u2014%
100%
\u2014%
New Business 33 S.p.A. (1)
Italy
Engineering,
manufacturing
and sales
\u2014%
\u2014%
100%
\u2014%
Indirectly held through Ferrari S.p.A.
Ferrari North America Inc.
USA
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari Japan KK
Japan
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari Australasia Pty Limited
Australia
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari International Cars Trading (Shanghai) Co. L.t.d.
China
Importer and
distributor
80%
20%
80%
20%
Ferrari (HK) Limited
Hong Kong
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari Korea Co., Ltd. (2)
South
Korea
Importer and
distributor
51%
49%
\u2014%
\u2014%
Ferrari Far East Pte Limited
Singapore
Service company
100%
\u2014%
100%
\u2014%
Ferrari Management Consulting (Shanghai) Co. L.t.d.
China
Service company
100%
\u2014%
100%
\u2014%
Ferrari South West Europe S.a.r.l.
France
Service company
100%
\u2014%
100%
\u2014%
Ferrari Central Europe GmbH
Germany
Service company
100%
\u2014%
100%
\u2014%
G.S.A. S.A. in liquidation
Switzerland
Service company
100%
\u2014%
100%
\u2014%
Mugello Circuit S.p.A.
Italy
Racetrack
management
100%
\u2014%
100%
\u2014%
Ferrari Financial Services, Inc.
USA
Financial
services
100%
\u2014%
100%
\u2014%
Indirectly held through other Group entities
Ferrari Auto Securitization Transaction LLC (3)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Auto Securitization Transaction - Lease, LLC (3)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Auto Securitization Transaction - Select, LLC (3)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Financial Services Titling Trust (3)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Lifestyle North America, Inc. (4)(5)
USA
Retail
100%
\u2014%
100%
\u2014%
_____________________________
(1)With effectiveness as of January 1, 2025, New Business 33 S.p.A. was merged by incorporation into Ferrari S.p.A.
(2)On October 2, 2025, the Group acquired a 51% percent controlling interest in Ferrari Korea Co., Ltd. from the former importer of Ferrari cars into
the South Korean market. Following the transaction, the Group began directly importing its cars into South Korea.
(3)Shareholding held by Ferrari Financial Services Inc. within the context of securitization transactions for receivables generated by the Group\u2019s
financial services activities in the United States.
(4)Shareholding held by Ferrari North America Inc.
(5)Effective as of January 12, 2024, the company changed its name from 410 Park Display, Inc to Ferrari Lifestyle North America, Inc.
Non-controlling interests
The Group\u2019s non-controlling interests relate to (i) a 20 percent interest in Ferrari International Cars Trading
(Shanghai) Co. L.t.d., for which the Group holds an 80 percent interest, and (ii) a 49 percent interest in Ferrari Korea Co.,
Ltd., for which the Group acquired a 51 percent interest in October 2025.
The equity and net profit attributable to non-controlling interests are presented below and are not considered to be
significant to the Group.
At December 31,
2025
2024
(\u20ac thousand)
Equity attributable to non-controlling interests
7,849
9,292
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Net profit attributable to non-controlling interests
2,597
4,036
5,409
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
Subsidiaries
Subsidiaries are entities over which the Group has control. Control is achieved when the Group has power over the
investee, when it is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to
use its power over the investee to affect the amount of the investor\u2019s returns. Subsidiaries are consolidated on a line by line
basis from the date on which the Group achieves control. The Group reassesses whether or not it controls an investee if facts
and circumstances indicate that there are changes to one or more of the three elements of control listed above.
The Group recognizes any non-controlling interests (\u201cNCI\u201d) in the acquiree on an acquisition-by-acquisition basis,
either at fair value or at the non-controlling interest\u2019s share of the recognized amounts of the acquiree\u2019s identifiable net assets.
Net profit or loss and each component of other comprehensive income/(loss) are attributed to the owners of the parent and to
the non-controlling interests. Total comprehensive income/(loss) of subsidiaries is attributed to owners of the parent and to
the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
All intra-group balances and transactions and any unrealized gains and losses arising from intra-group transactions
are eliminated in preparing the Consolidated Financial Statements.
Subsidiaries are deconsolidated from the date when control ceases. When the Group ceases to have control over a
subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at their carrying amounts,
derecognizes the carrying amount of non-controlling interests in the former subsidiary and recognizes the fair value of any
consideration received from the transaction. Any retained interest in the former subsidiary is then remeasured to its fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
Interests in associates
An associate is an entity over which the Group has significant influence. Significant influence is the power to
participate in the financial and operating policy decisions of the investee but without having control or joint control over
those policies. Associates are accounted for using the equity method of accounting from the date significant influence is
obtained.
Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize the
Group\u2019s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Group\u2019s share of the investee\u2019s
profit/(loss) is recognized in the consolidated income statement. Distributions received from an investee reduce the carrying
amount of the investment. Post-acquisition movements in other comprehensive income/(loss) are recognized in other
comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment.
Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s
interest in the associate. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of
the asset transferred.
When the Group\u2019s share of the losses of an associate exceeds the Group\u2019s interest in that associate, the Group
discontinues recognizing its share of further losses. Additional losses are provided for, and a liability is recognized, only to
the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.
The Group discontinues the use of the equity method from the date the investment ceases to be an associate or when
it is classified as available-for-sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "
Interests in associates
An associate is an entity over which the Group has significant influence. Significant influence is the power to
participate in the financial and operating policy decisions of the investee but without having control or joint control over
those policies. Associates are accounted for using the equity method of accounting from the date significant influence is
obtained.
Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize the
Group\u2019s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Group\u2019s share of the investee\u2019s
profit/(loss) is recognized in the consolidated income statement. Distributions received from an investee reduce the carrying
amount of the investment. Post-acquisition movements in other comprehensive income/(loss) are recognized in other
comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment.
Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s
interest in the associate. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of
the asset transferred.
When the Group\u2019s share of the losses of an associate exceeds the Group\u2019s interest in that associate, the Group
discontinues recognizing its share of further losses. Additional losses are provided for, and a liability is recognized, only to
the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.
The Group discontinues the use of the equity method from the date the investment ceases to be an associate or when
it is classified as available-for-sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
Interests in associates
An associate is an entity over which the Group has significant influence. Significant influence is the power to
participate in the financial and operating policy decisions of the investee but without having control or joint control over
those policies. Associates are accounted for using the equity method of accounting from the date significant influence is
obtained.
Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize the
Group\u2019s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Group\u2019s share of the investee\u2019s
profit/(loss) is recognized in the consolidated income statement. Distributions received from an investee reduce the carrying
amount of the investment. Post-acquisition movements in other comprehensive income/(loss) are recognized in other
comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment.
Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s
interest in the associate. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of
the asset transferred.
When the Group\u2019s share of the losses of an associate exceeds the Group\u2019s interest in that associate, the Group
discontinues recognizing its share of further losses. Additional losses are provided for, and a liability is recognized, only to
the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.
The Group discontinues the use of the equity method from the date the investment ceases to be an associate or when
it is classified as available-for-sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
Interests in joint operations
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to
the assets and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of
the parties sharing control.
When the Group undertakes its activities under joint operations, it recognizes in relation to its interest in the joint
operation: (i)\u00a0its assets, including its share of any assets held jointly, (ii)\u00a0its liabilities, including its share of any liabilities
incurred jointly, (iii)\u00a0its revenue from the sale of its share of the output arising from the joint operation, (iv)\u00a0its share of the
revenue from the sale of the output by the joint operation, and (v)\u00a0its expenses, including its share of any expenses incurred
jointly.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
Foreign currency transactions
The functional currency of the Group\u2019s entities is the currency of their primary economic environment. In individual
companies, transactions in foreign currencies are recorded at the exchange rate prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign
currency exchange rate prevailing at that date. Exchange differences arising on the settlement of monetary items or on
reporting monetary items at rates different from those at which they were initially recorded during the period or in previous
financial statements are recognized in the consolidated income statement.
Consolidation of foreign entities
All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are
translated using the closing rates at the date of the consolidated statement of financial position. Income and expenses are
translated into Euro at the average foreign currency exchange rate for the period. Translation differences resulting from the
application of this method are classified as currency translation differences within other comprehensive income/(loss) until
the disposal of the investment. Average foreign currency exchange rates for the period are used to translate the cash flows of
foreign subsidiaries in preparing the consolidated statement of cash flows.
Goodwill, assets acquired and liabilities assumed arising from the acquisition of entities with a functional currency
other than the Euro are recognized in the Consolidated Financial Statements in the functional currency and translated at the
foreign currency exchange rate at the acquisition date. These balances are translated at subsequent balance sheet dates at the
relevant foreign currency exchange rate.
The principal foreign currency exchange rates used to translate other currencies into Euro are presented below.
2025
2024
2023
Average
At\u00a0December\u00a031,
Average
At\u00a0December\u00a031,
Average
At\u00a0December\u00a031,
U.S. Dollar
1.1300
1.1750
1.0824
1.0389
1.0814
1.1050
Pound Sterling
0.8568
0.8726
0.8466
0.8292
0.8699
0.8691
Swiss Franc
0.9370
0.9314
0.9526
0.9412
0.9717
0.9260
Japanese Yen
169.0435
184.0900
163.8519
163.0600
151.8540
156.3300
Chinese Yuan
8.1185
8.2262
7.7875
7.5833
7.6568
7.8509
Australian Dollar
1.7518
1.7581
1.6397
1.6772
1.6283
1.6263
Singapore Dollar
1.4756
1.5105
1.4458
1.4164
1.4521
1.4591
Canadian Dollar
1.5787
1.6088
1.4821
1.4948
1.4595
1.4642
Hong Kong Dollar
8.8104
9.1464
8.4454
8.0686
8.4663
8.6314
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
Foreign currency transactions
The functional currency of the Group\u2019s entities is the currency of their primary economic environment. In individual
companies, transactions in foreign currencies are recorded at the exchange rate prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign
currency exchange rate prevailing at that date. Exchange differences arising on the settlement of monetary items or on
reporting monetary items at rates different from those at which they were initially recorded during the period or in previous
financial statements are recognized in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "
Intangible assets
Goodwill
Goodwill is not amortized, but is tested for impairment annually or more frequently if events or changes in
circumstances indicate that it might be impaired. After initial recognition, goodwill is measured at cost less any accumulated
impairment losses.
Development costs
Development costs for car project production and related components, engines and systems are recognized as an
asset if, and only if, the required conditions under IAS 38 \u2014 Intangible Assets are met, including, among others: (i) that
development costs can be measured reliably, (ii) that the technical feasibility of the product, volumes and pricing support the
view that the development expenditure will generate future economic benefits, and (iii) the Group has the intention to
complete the development and the ability to use the intangible asset. Capitalized development costs include all direct and
indirect costs that may be directly attributed to the development process. All other research and development costs are
expensed as incurred, net of any government grants received.
Capitalized development costs are amortized on a straight-line basis from the start of production over the estimated
lifecycle of the model or the useful life of the related components or other assets (generally between four and eight years).
Increasing an asset\u2019s expected lifecycle or its residual value would result in a reduced amortization charge in the consolidated
income statement.
The Group incurs significant research and development costs also for its Formula 1 racing activities. These costs are
considered fundamental to the development of the road and track car models and prototypes. Technological developments
and changes in the regulations of the Formula 1 World Championship generally require the Group to design, develop and
construct a new racing car to be used for one year only. The costs incurred for the design, development and construction of a
new racing car are generally expensed as incurred unless the technology will be used for more than one year and the costs
meet the capitalization criteria in IAS 38.
Patents, concessions and licenses
Separately acquired patents, concessions and licenses are initially recognized at cost. Patents, concessions and
licenses acquired in a business combination are initially recognized at fair value. Patents, concessions and licenses are
amortized on a straight-line basis over their useful economic lives, which is generally between three and five years.
Other intangible assets
Other intangible assets mainly relate to the registration of trademarks and have been recognized in accordance with
IAS 38 \u2014 Intangible Assets, where it is probable that the use of the asset will generate future economic benefits for the Group
and where the cost of the asset can be measured reliably. Other intangible assets are measured at cost less any impairment
losses and amortized on a straight-line basis over their estimated life, which is generally between three and five years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "
Goodwill
Goodwill is not amortized, but is tested for impairment annually or more frequently if events or changes in
circumstances indicate that it might be impaired. After initial recognition, goodwill is measured at cost less any accumulated
impairment losses.
In accordance with IAS 36, goodwill is not amortized and is tested for impairment annually, or more frequently if
facts or circumstances indicate that the asset may be impaired. Impairment testing is performed by comparing the carrying
amount and the recoverable amount of the cash-generating unit (CGU), which is represented by the entire Ferrari Group. The
recoverable amount of the CGU is the higher of its fair value less costs of disposal and its value in use.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "
Development costs
Development costs for car project production and related components, engines and systems are recognized as an
asset if, and only if, the required conditions under IAS 38 \u2014 Intangible Assets are met, including, among others: (i) that
development costs can be measured reliably, (ii) that the technical feasibility of the product, volumes and pricing support the
view that the development expenditure will generate future economic benefits, and (iii) the Group has the intention to
complete the development and the ability to use the intangible asset. Capitalized development costs include all direct and
indirect costs that may be directly attributed to the development process. All other research and development costs are
expensed as incurred, net of any government grants received.
Capitalized development costs are amortized on a straight-line basis from the start of production over the estimated
lifecycle of the model or the useful life of the related components or other assets (generally between four and eight years).
Increasing an asset\u2019s expected lifecycle or its residual value would result in a reduced amortization charge in the consolidated
income statement.
The Group incurs significant research and development costs also for its Formula 1 racing activities. These costs are
considered fundamental to the development of the road and track car models and prototypes. Technological developments
and changes in the regulations of the Formula 1 World Championship generally require the Group to design, develop and
construct a new racing car to be used for one year only. The costs incurred for the design, development and construction of a
new racing car are generally expensed as incurred unless the technology will be used for more than one year and the costs
meet the capitalization criteria in IAS 38.
Patents, concessions and licenses
Separately acquired patents, concessions and licenses are initially recognized at cost. Patents, concessions and
licenses acquired in a business combination are initially recognized at fair value. Patents, concessions and licenses are
amortized on a straight-line basis over their useful economic lives, which is generally between three and five years.
Other intangible assets
Other intangible assets mainly relate to the registration of trademarks and have been recognized in accordance with
IAS 38 \u2014 Intangible Assets, where it is probable that the use of the asset will generate future economic benefits for the Group
and where the cost of the asset can be measured reliably. Other intangible assets are measured at cost less any impairment
losses and amortized on a straight-line basis over their estimated life, which is generally between three and five years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "
Development costs
Development costs for car project production and related components, engines and systems are recognized as an
asset if, and only if, the required conditions under IAS 38 \u2014 Intangible Assets are met, including, among others: (i) that
development costs can be measured reliably, (ii) that the technical feasibility of the product, volumes and pricing support the
view that the development expenditure will generate future economic benefits, and (iii) the Group has the intention to
complete the development and the ability to use the intangible asset. Capitalized development costs include all direct and
indirect costs that may be directly attributed to the development process. All other research and development costs are
expensed as incurred, net of any government grants received.
Capitalized development costs are amortized on a straight-line basis from the start of production over the estimated
lifecycle of the model or the useful life of the related components or other assets (generally between four and eight years).
Increasing an asset\u2019s expected lifecycle or its residual value would result in a reduced amortization charge in the consolidated
income statement.
The Group incurs significant research and development costs also for its Formula 1 racing activities. These costs are
considered fundamental to the development of the road and track car models and prototypes. Technological developments
and changes in the regulations of the Formula 1 World Championship generally require the Group to design, develop and
construct a new racing car to be used for one year only. The costs incurred for the design, development and construction of a
new racing car are generally expensed as incurred unless the technology will be used for more than one year and the costs
meet the capitalization criteria in IAS 38.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "
Property, plant and equipment
Cost
Property, plant and equipment is initially recognized at cost which comprises the purchase price, any costs directly
attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner intended by
management, capitalized borrowing costs and any initial estimate of the costs of dismantling and removing the item and
restoring the site on which it is located. Self-constructed assets are initially recognized at production cost. Subsequent
expenditures and the cost of replacing parts of an asset are capitalized only if they increase the future economic benefits
embodied in that asset. All other expenditures are expensed as incurred. When such replacement costs are capitalized, the
carrying amount of the parts that are replaced is recognized as a loss in the period of replacement in the consolidated income
statement.
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets presented below.
Depreciation rates
Industrial buildings
3% - 20%
Plant, machinery and equipment
5% - 22%
Other assets
12% - 25%
Land is not depreciated.
If the asset being depreciated consists of separately identifiable components whose useful lives differ from that of
the other parts making up the asset, depreciation is charged separately for each of its component parts through application of
the \u201ccomponent approach\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "
Property, plant and equipment
Cost
Property, plant and equipment is initially recognized at cost which comprises the purchase price, any costs directly
attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner intended by
management, capitalized borrowing costs and any initial estimate of the costs of dismantling and removing the item and
restoring the site on which it is located. Self-constructed assets are initially recognized at production cost. Subsequent
expenditures and the cost of replacing parts of an asset are capitalized only if they increase the future economic benefits
embodied in that asset. All other expenditures are expensed as incurred. When such replacement costs are capitalized, the
carrying amount of the parts that are replaced is recognized as a loss in the period of replacement in the consolidated income
statement.
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets presented below.
Depreciation rates
Industrial buildings
3% - 20%
Plant, machinery and equipment
5% - 22%
Other assets
12% - 25%
Land is not depreciated.
If the asset being depreciated consists of separately identifiable components whose useful lives differ from that of
the other parts making up the asset, depreciation is charged separately for each of its component parts through application of
the \u201ccomponent approach\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets presented below.
Depreciation rates
Industrial buildings
3% - 20%
Plant, machinery and equipment
5% - 22%
Other assets
12% - 25%
Land is not depreciated.
If the asset being depreciated consists of separately identifiable components whose useful lives differ from that of
the other parts making up the asset, depreciation is charged separately for each of its component parts through application of
the \u201ccomponent approach\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "
Leases
The Group recognizes a right-of-use asset and a corresponding lease liability at the date at which the leased asset is
available for use. Each lease payment is allocated between the principal liability and finance costs. Finance costs are charged
to the consolidated income statement over the lease period using the effective interest rate method. The right-of-use asset is
depreciated on a straight-line basis over the lease term.
Right-of-use assets are measured at cost comprising the following: (i) the amount of the initial measurement of lease
liability; (ii) any lease payments made at or before the commencement date less any lease incentives received; (iii) any initial
direct costs and, if applicable, (iv) restoration costs. Payments associated with short-term leases and leases of low-value
assets are recognized as an expense in the consolidated income statement on a straight-line basis.
Lease liabilities are measured at the net present value of the following: (i) fixed lease payments, (ii) variable lease
payments that are based on an index or a rate and, if applicable, (iii) amounts expected to be payable by the lessee under
residual value guarantees, and (iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that
option. Lease liabilities do not include any non-lease components that may be included in the related contracts.
Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the
Group\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to
obtain an asset of similar value in a similar economic environment with similar terms and conditions.
Some lease contracts contain variable payment terms that are linked to sales generated from Ferrari stores. Variable
lease payments that depend on sales are recognized in the consolidated income statement in the period in which the condition
that triggers those payments occurs.
Extension and termination options are included in a number of leases related to Ferrari stores, warehouses and
machinery and equipment of the Group. In determining the lease term, management considers all facts and circumstances that
create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or
periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not
terminated).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "
Leases
The Group recognizes a right-of-use asset and a corresponding lease liability at the date at which the leased asset is
available for use. Each lease payment is allocated between the principal liability and finance costs. Finance costs are charged
to the consolidated income statement over the lease period using the effective interest rate method. The right-of-use asset is
depreciated on a straight-line basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "
Leases
The Group recognizes a right-of-use asset and a corresponding lease liability at the date at which the leased asset is
available for use. Each lease payment is allocated between the principal liability and finance costs. Finance costs are charged
to the consolidated income statement over the lease period using the effective interest rate method. The right-of-use asset is
depreciated on a straight-line basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "
Borrowing costs
General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying
assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are added to the
cost of those assets, until such time as the assets are substantially ready for their intended use.
All other borrowing costs are expensed in financial expenses if related to the Group\u2019s industrial activities or cost of
sales if related to the Group\u2019s financial services activities in the consolidated income statement, as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "value": "
Impairment of assets
The Group continuously monitors its operations to assess whether there is any indication that its intangible assets
(including capitalized development costs) and its property, plant and equipment may be impaired. Goodwill is tested for
impairment annually or more frequently, if there is an indication that an asset may be impaired.
If indications of impairment are present, the carrying amount of the asset is reduced to its recoverable amount, which
is the higher of fair value less costs of disposal and its value in use. The recoverable amount is determined for the individual
asset, unless the asset does not generate cash inflows that are largely independent of the cash inflows from other assets or
groups of assets, in which case the asset is tested as part of the cash-generating unit (\u201cCGU\u201d) to which the asset belongs. A
CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows
from other assets or groups of assets. In assessing the value in use of an asset or CGU, the estimated future cash flows are
discounted to their present value using a discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset or CGU. An impairment loss is recognized if the recoverable amount is lower than the carrying
amount.
Where an impairment loss for assets other than goodwill subsequently no longer exists or has decreased, the carrying
amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but not in excess of the carrying
amount that would have been recorded had no impairment loss been recognized. The reversal of an impairment loss is
recognized in the consolidated income statement immediately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "
Impairment of assets
The Group continuously monitors its operations to assess whether there is any indication that its intangible assets
(including capitalized development costs) and its property, plant and equipment may be impaired. Goodwill is tested for
impairment annually or more frequently, if there is an indication that an asset may be impaired.
If indications of impairment are present, the carrying amount of the asset is reduced to its recoverable amount, which
is the higher of fair value less costs of disposal and its value in use. The recoverable amount is determined for the individual
asset, unless the asset does not generate cash inflows that are largely independent of the cash inflows from other assets or
groups of assets, in which case the asset is tested as part of the cash-generating unit (\u201cCGU\u201d) to which the asset belongs. A
CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows
from other assets or groups of assets. In assessing the value in use of an asset or CGU, the estimated future cash flows are
discounted to their present value using a discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset or CGU. An impairment loss is recognized if the recoverable amount is lower than the carrying
amount.
Where an impairment loss for assets other than goodwill subsequently no longer exists or has decreased, the carrying
amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but not in excess of the carrying
amount that would have been recorded had no impairment loss been recognized. The reversal of an impairment loss is
recognized in the consolidated income statement immediately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "value": "
Financial instruments
Presentation
Current financial assets include trade receivables, receivables from financing activities, derivative financial
instruments, other current financial assets and cash and cash equivalents.
Investments and other financial assets include investments accounted for using the equity method as well as other
securities and non-current financial assets.
Financial liabilities include debt (primarily bonds, notes, asset-backed financing (securitizations) and borrowings
from banks), trade payables and other financial liabilities (mainly derivative financial instruments).
Measurement
Financial assets, other than investments accounted for using the equity method, and financial liabilities are measured
in accordance with IFRS 9 - Financial Instruments.
Except for investments accounted for using the equity method, the Group initially measures financial assets at fair
value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs.
Equity instruments held by the Group are recognized at fair value through profit or loss. When market prices are not
directly available, the fair value is measured using appropriate valuation techniques (e.g. discounted cash flow analysis based
on market information available at the balance sheet date).
Trade receivables and receivables from financing activities are originated in the ordinary course of business and held
within a business model with the objective to hold the receivables in order to collect contractual cash flows that meet the
\u201csolely payments of principal and interest\u201d criterion under IFRS 9, therefore they are measured at amortized cost using the
effective interest rate method. Receivables with maturities greater than one year are discounted to present value.
Assessments are made regularly as to whether there is any objective evidence that a financial asset or group of
financial assets may be impaired. If any such evidence exists, an impairment loss is recognized within selling, general and
administrative costs for trade receivables and within cost of sales for receivables from financing activities. Under IFRS 9, a
forward-looking expected credit loss model must be applied when assessing impairment. In making impairment assessments
for trade receivables and for receivables from financing activities that are within the scope of IFRS 16, the Group applies the
simplified approach to estimate the lifetime expected credit losses and considers its historical credit loss experience, adjusted
for forward-looking factors specific to the nature of the Group\u2019s receivables and economic environment. For all other
receivables from financing activities, the Group applies the general approach, which requires the application of a three-stage
model to assess whether there has been a significant increase in credit risk on the financial instrument since initial
recognition.
Stage
Description
Time period for
measurement of
expected credit losses
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month
Stage 2
A financial instrument with a significant increase in credit risk since initial
recognition
Lifetime
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime
The Group considers a default to occur and a significant increase in credit risk to occur when the counterparty fails
to make contractual payments within a certain number of days of when they fall due. For example, for receivables from
financing activities this typically occurs when the counterparty fails to make contractual payments within 60 days of when the
related receivables fall due, while for trade receivables this is assessed on a case by case basis.
Receivables are written off when the counterparty fails to make contractual payments and there is no reasonable
expectation of recovery, and in any circumstance no later than 360 days. When trade receivables or receivables from
financing activities have been written off, the Company may continue to engage in enforcement actions to attempt to recover
the receivables. Receivables from financing activities are generally secured on the title of cars or other guarantees.
Financial liabilities, with the exception of derivative financial instruments, are measured at amortized cost using the
effective interest rate method.
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes only in order to reduce financial risks and
in particular, foreign currency risks. Derivative financial instruments qualify for hedge accounting only when at the inception
of the hedge there is formal designation and documentation of the hedging relationship, the hedge is expected to be highly
effective, its effectiveness can be reliably measured and it is highly effective throughout the financial reporting periods for
which it is designated.
All derivative financial instruments are measured at fair value.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
Cash flow hedges \u2014 Where a derivative financial instrument is designated as a hedge of the exposure to variability
in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and could affect the
consolidated income statement, the effective portion of any gain or loss on the derivative financial instrument is recognized
directly in other comprehensive income/(loss). The cumulative gain or loss is reclassified from other comprehensive income/
(loss) to the consolidated income statement at the same time as the economic effect arising from the hedged item affects the
consolidated income statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the consolidated income statement immediately within net financial income/expenses. When a hedging
instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss
realized to the point of termination remains in other comprehensive income/(loss) and is recognized in the consolidated
income statement at the same time as the underlying transaction. If the hedged transaction is no longer probable, the
cumulative unrealized gain or loss held in other comprehensive income/(loss) is recognized in the consolidated income
statement immediately.
The Group does not use fair value hedges or hedges of a net investment.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately within financial expenses.
Transfers of financial assets
The Group sells certain of its receivables from financing activities under securitization programs. Securitization
transactions involve the sale of financial receivables to a special purpose vehicle, which in turn finances the purchase of such
financial receivables by issuing asset-backed securities in the form of notes whose repayment of principal and interest
depends on the cash flows generated by the related financial receivables. The receivables sold as part of securitization
programs are consolidated until collection from the customer as they do not meet the requirements for derecognition in
accordance with IFRS 9.
The Group may also sell certain of its trade receivables through factoring transactions without recourse. The Group
derecognizes the trade receivables when, and only when, the contractual rights and risks to the cash flows arising from the
related trade receivables are no longer held or the Group has transferred the financial assets.
In the case of a transfer of receivables, if the Group transfers substantially all the risks and rewards of ownership of
the receivables, it derecognizes the receivables and separately recognizes as assets or liabilities any rights and obligations
created or retained in the transfer. On derecognition of the receivables, the difference between their carrying amount and the
consideration received or receivable for the transfer of the receivables is recognized within cost of sales for receivables from
financing activities and within financial income or financial expenses for trade receivables.
Trade receivables
Trade receivables are amounts due from clients for goods sold or services provided in the ordinary course of
business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the
effective interest rate method, less any provision for allowances.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid
investments with original maturities of three months or less.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "
Financial instruments
Presentation
Current financial assets include trade receivables, receivables from financing activities, derivative financial
instruments, other current financial assets and cash and cash equivalents.
Investments and other financial assets include investments accounted for using the equity method as well as other
securities and non-current financial assets.
Financial liabilities include debt (primarily bonds, notes, asset-backed financing (securitizations) and borrowings
from banks), trade payables and other financial liabilities (mainly derivative financial instruments).
Measurement
Financial assets, other than investments accounted for using the equity method, and financial liabilities are measured
in accordance with IFRS 9 - Financial Instruments.
Except for investments accounted for using the equity method, the Group initially measures financial assets at fair
value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs.
Equity instruments held by the Group are recognized at fair value through profit or loss. When market prices are not
directly available, the fair value is measured using appropriate valuation techniques (e.g. discounted cash flow analysis based
on market information available at the balance sheet date).
Trade receivables and receivables from financing activities are originated in the ordinary course of business and held
within a business model with the objective to hold the receivables in order to collect contractual cash flows that meet the
\u201csolely payments of principal and interest\u201d criterion under IFRS 9, therefore they are measured at amortized cost using the
effective interest rate method. Receivables with maturities greater than one year are discounted to present value.
Assessments are made regularly as to whether there is any objective evidence that a financial asset or group of
financial assets may be impaired. If any such evidence exists, an impairment loss is recognized within selling, general and
administrative costs for trade receivables and within cost of sales for receivables from financing activities. Under IFRS 9, a
forward-looking expected credit loss model must be applied when assessing impairment. In making impairment assessments
for trade receivables and for receivables from financing activities that are within the scope of IFRS 16, the Group applies the
simplified approach to estimate the lifetime expected credit losses and considers its historical credit loss experience, adjusted
for forward-looking factors specific to the nature of the Group\u2019s receivables and economic environment. For all other
receivables from financing activities, the Group applies the general approach, which requires the application of a three-stage
model to assess whether there has been a significant increase in credit risk on the financial instrument since initial
recognition.
Stage
Description
Time period for
measurement of
expected credit losses
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month
Stage 2
A financial instrument with a significant increase in credit risk since initial
recognition
Lifetime
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime
The Group considers a default to occur and a significant increase in credit risk to occur when the counterparty fails
to make contractual payments within a certain number of days of when they fall due. For example, for receivables from
financing activities this typically occurs when the counterparty fails to make contractual payments within 60 days of when the
related receivables fall due, while for trade receivables this is assessed on a case by case basis.
Receivables are written off when the counterparty fails to make contractual payments and there is no reasonable
expectation of recovery, and in any circumstance no later than 360 days. When trade receivables or receivables from
financing activities have been written off, the Company may continue to engage in enforcement actions to attempt to recover
the receivables. Receivables from financing activities are generally secured on the title of cars or other guarantees.
Financial liabilities, with the exception of derivative financial instruments, are measured at amortized cost using the
effective interest rate method.
Transfers of financial assets
The Group sells certain of its receivables from financing activities under securitization programs. Securitization
transactions involve the sale of financial receivables to a special purpose vehicle, which in turn finances the purchase of such
financial receivables by issuing asset-backed securities in the form of notes whose repayment of principal and interest
depends on the cash flows generated by the related financial receivables. The receivables sold as part of securitization
programs are consolidated until collection from the customer as they do not meet the requirements for derecognition in
accordance with IFRS 9.
The Group may also sell certain of its trade receivables through factoring transactions without recourse. The Group
derecognizes the trade receivables when, and only when, the contractual rights and risks to the cash flows arising from the
related trade receivables are no longer held or the Group has transferred the financial assets.
In the case of a transfer of receivables, if the Group transfers substantially all the risks and rewards of ownership of
the receivables, it derecognizes the receivables and separately recognizes as assets or liabilities any rights and obligations
created or retained in the transfer. On derecognition of the receivables, the difference between their carrying amount and the
consideration received or receivable for the transfer of the receivables is recognized within cost of sales for receivables from
financing activities and within financial income or financial expenses for trade receivables.
Trade receivables
Trade receivables are amounts due from clients for goods sold or services provided in the ordinary course of
business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the
effective interest rate method, less any provision for allowances.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid
investments with original maturities of three months or less.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "
Financial instruments
Presentation
Current financial assets include trade receivables, receivables from financing activities, derivative financial
instruments, other current financial assets and cash and cash equivalents.
Investments and other financial assets include investments accounted for using the equity method as well as other
securities and non-current financial assets.
Financial liabilities include debt (primarily bonds, notes, asset-backed financing (securitizations) and borrowings
from banks), trade payables and other financial liabilities (mainly derivative financial instruments).
Measurement
Financial assets, other than investments accounted for using the equity method, and financial liabilities are measured
in accordance with IFRS 9 - Financial Instruments.
Except for investments accounted for using the equity method, the Group initially measures financial assets at fair
value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs.
Equity instruments held by the Group are recognized at fair value through profit or loss. When market prices are not
directly available, the fair value is measured using appropriate valuation techniques (e.g. discounted cash flow analysis based
on market information available at the balance sheet date).
Trade receivables and receivables from financing activities are originated in the ordinary course of business and held
within a business model with the objective to hold the receivables in order to collect contractual cash flows that meet the
\u201csolely payments of principal and interest\u201d criterion under IFRS 9, therefore they are measured at amortized cost using the
effective interest rate method. Receivables with maturities greater than one year are discounted to present value.
Assessments are made regularly as to whether there is any objective evidence that a financial asset or group of
financial assets may be impaired. If any such evidence exists, an impairment loss is recognized within selling, general and
administrative costs for trade receivables and within cost of sales for receivables from financing activities. Under IFRS 9, a
forward-looking expected credit loss model must be applied when assessing impairment. In making impairment assessments
for trade receivables and for receivables from financing activities that are within the scope of IFRS 16, the Group applies the
simplified approach to estimate the lifetime expected credit losses and considers its historical credit loss experience, adjusted
for forward-looking factors specific to the nature of the Group\u2019s receivables and economic environment. For all other
receivables from financing activities, the Group applies the general approach, which requires the application of a three-stage
model to assess whether there has been a significant increase in credit risk on the financial instrument since initial
recognition.
Stage
Description
Time period for
measurement of
expected credit losses
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month
Stage 2
A financial instrument with a significant increase in credit risk since initial
recognition
Lifetime
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime
The Group considers a default to occur and a significant increase in credit risk to occur when the counterparty fails
to make contractual payments within a certain number of days of when they fall due. For example, for receivables from
financing activities this typically occurs when the counterparty fails to make contractual payments within 60 days of when the
related receivables fall due, while for trade receivables this is assessed on a case by case basis.
Receivables are written off when the counterparty fails to make contractual payments and there is no reasonable
expectation of recovery, and in any circumstance no later than 360 days. When trade receivables or receivables from
financing activities have been written off, the Company may continue to engage in enforcement actions to attempt to recover
the receivables. Receivables from financing activities are generally secured on the title of cars or other guarantees.
Financial liabilities, with the exception of derivative financial instruments, are measured at amortized cost using the
effective interest rate method.
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes only in order to reduce financial risks and
in particular, foreign currency risks. Derivative financial instruments qualify for hedge accounting only when at the inception
of the hedge there is formal designation and documentation of the hedging relationship, the hedge is expected to be highly
effective, its effectiveness can be reliably measured and it is highly effective throughout the financial reporting periods for
which it is designated.
All derivative financial instruments are measured at fair value.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
Cash flow hedges \u2014 Where a derivative financial instrument is designated as a hedge of the exposure to variability
in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and could affect the
consolidated income statement, the effective portion of any gain or loss on the derivative financial instrument is recognized
directly in other comprehensive income/(loss). The cumulative gain or loss is reclassified from other comprehensive income/
(loss) to the consolidated income statement at the same time as the economic effect arising from the hedged item affects the
consolidated income statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the consolidated income statement immediately within net financial income/expenses. When a hedging
instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss
realized to the point of termination remains in other comprehensive income/(loss) and is recognized in the consolidated
income statement at the same time as the underlying transaction. If the hedged transaction is no longer probable, the
cumulative unrealized gain or loss held in other comprehensive income/(loss) is recognized in the consolidated income
statement immediately.
The Group does not use fair value hedges or hedges of a net investment.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately within financial expenses.
Transfers of financial assets
The Group sells certain of its receivables from financing activities under securitization programs. Securitization
transactions involve the sale of financial receivables to a special purpose vehicle, which in turn finances the purchase of such
financial receivables by issuing asset-backed securities in the form of notes whose repayment of principal and interest
depends on the cash flows generated by the related financial receivables. The receivables sold as part of securitization
programs are consolidated until collection from the customer as they do not meet the requirements for derecognition in
accordance with IFRS 9.
The Group may also sell certain of its trade receivables through factoring transactions without recourse. The Group
derecognizes the trade receivables when, and only when, the contractual rights and risks to the cash flows arising from the
related trade receivables are no longer held or the Group has transferred the financial assets.
In the case of a transfer of receivables, if the Group transfers substantially all the risks and rewards of ownership of
the receivables, it derecognizes the receivables and separately recognizes as assets or liabilities any rights and obligations
created or retained in the transfer. On derecognition of the receivables, the difference between their carrying amount and the
consideration received or receivable for the transfer of the receivables is recognized within cost of sales for receivables from
financing activities and within financial income or financial expenses for trade receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "value": "
Financial instruments
Presentation
Financial liabilities include debt (primarily bonds, notes, asset-backed financing (securitizations) and borrowings
from banks), trade payables and other financial liabilities (mainly derivative financial instruments).
Measurement
Financial assets, other than investments accounted for using the equity method, and financial liabilities are measured
in accordance with IFRS 9 - Financial Instruments.
Except for investments accounted for using the equity method, the Group initially measures financial assets at fair
value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs.
Equity instruments held by the Group are recognized at fair value through profit or loss. When market prices are not
directly available, the fair value is measured using appropriate valuation techniques (e.g. discounted cash flow analysis based
on market information available at the balance sheet date).
Trade receivables and receivables from financing activities are originated in the ordinary course of business and held
within a business model with the objective to hold the receivables in order to collect contractual cash flows that meet the
\u201csolely payments of principal and interest\u201d criterion under IFRS 9, therefore they are measured at amortized cost using the
effective interest rate method. Receivables with maturities greater than one year are discounted to present value.
Assessments are made regularly as to whether there is any objective evidence that a financial asset or group of
financial assets may be impaired. If any such evidence exists, an impairment loss is recognized within selling, general and
administrative costs for trade receivables and within cost of sales for receivables from financing activities. Under IFRS 9, a
forward-looking expected credit loss model must be applied when assessing impairment. In making impairment assessments
for trade receivables and for receivables from financing activities that are within the scope of IFRS 16, the Group applies the
simplified approach to estimate the lifetime expected credit losses and considers its historical credit loss experience, adjusted
for forward-looking factors specific to the nature of the Group\u2019s receivables and economic environment. For all other
receivables from financing activities, the Group applies the general approach, which requires the application of a three-stage
model to assess whether there has been a significant increase in credit risk on the financial instrument since initial
recognition.
Stage
Description
Time period for
measurement of
expected credit losses
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month
Stage 2
A financial instrument with a significant increase in credit risk since initial
recognition
Lifetime
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime
The Group considers a default to occur and a significant increase in credit risk to occur when the counterparty fails
to make contractual payments within a certain number of days of when they fall due. For example, for receivables from
financing activities this typically occurs when the counterparty fails to make contractual payments within 60 days of when the
related receivables fall due, while for trade receivables this is assessed on a case by case basis.
Receivables are written off when the counterparty fails to make contractual payments and there is no reasonable
expectation of recovery, and in any circumstance no later than 360 days. When trade receivables or receivables from
financing activities have been written off, the Company may continue to engage in enforcement actions to attempt to recover
the receivables. Receivables from financing activities are generally secured on the title of cars or other guarantees.
Financial liabilities, with the exception of derivative financial instruments, are measured at amortized cost using the
effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "value": "
Financial liabilities include debt (primarily bonds, notes, asset-backed financing (securitizations) and borrowings
from banks), trade payables and other financial liabilities (mainly derivative financial instruments).
Measurement
Financial assets, other than investments accounted for using the equity method, and financial liabilities are measured
in accordance with IFRS 9 - Financial Instruments.
Except for investments accounted for using the equity method, the Group initially measures financial assets at fair
value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs.
Equity instruments held by the Group are recognized at fair value through profit or loss. When market prices are not
directly available, the fair value is measured using appropriate valuation techniques (e.g. discounted cash flow analysis based
on market information available at the balance sheet date).
Trade receivables and receivables from financing activities are originated in the ordinary course of business and held
within a business model with the objective to hold the receivables in order to collect contractual cash flows that meet the
\u201csolely payments of principal and interest\u201d criterion under IFRS 9, therefore they are measured at amortized cost using the
effective interest rate method. Receivables with maturities greater than one year are discounted to present value.
Assessments are made regularly as to whether there is any objective evidence that a financial asset or group of
financial assets may be impaired. If any such evidence exists, an impairment loss is recognized within selling, general and
administrative costs for trade receivables and within cost of sales for receivables from financing activities. Under IFRS 9, a
forward-looking expected credit loss model must be applied when assessing impairment. In making impairment assessments
for trade receivables and for receivables from financing activities that are within the scope of IFRS 16, the Group applies the
simplified approach to estimate the lifetime expected credit losses and considers its historical credit loss experience, adjusted
for forward-looking factors specific to the nature of the Group\u2019s receivables and economic environment. For all other
receivables from financing activities, the Group applies the general approach, which requires the application of a three-stage
model to assess whether there has been a significant increase in credit risk on the financial instrument since initial
recognition.
Stage
Description
Time period for
measurement of
expected credit losses
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month
Stage 2
A financial instrument with a significant increase in credit risk since initial
recognition
Lifetime
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime
The Group considers a default to occur and a significant increase in credit risk to occur when the counterparty fails
to make contractual payments within a certain number of days of when they fall due. For example, for receivables from
financing activities this typically occurs when the counterparty fails to make contractual payments within 60 days of when the
related receivables fall due, while for trade receivables this is assessed on a case by case basis.
Receivables are written off when the counterparty fails to make contractual payments and there is no reasonable
expectation of recovery, and in any circumstance no later than 360 days. When trade receivables or receivables from
financing activities have been written off, the Company may continue to engage in enforcement actions to attempt to recover
the receivables. Receivables from financing activities are generally secured on the title of cars or other guarantees.
Financial liabilities, with the exception of derivative financial instruments, are measured at amortized cost using the
effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-518": { "value": "
Financial liabilities include debt (primarily bonds, notes, asset-backed financing (securitizations) and borrowings
from banks), trade payables and other financial liabilities (mainly derivative financial instruments).
Measurement
Financial assets, other than investments accounted for using the equity method, and financial liabilities are measured
in accordance with IFRS 9 - Financial Instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-520": { "value": "
Measurement
Financial assets, other than investments accounted for using the equity method, and financial liabilities are measured
in accordance with IFRS 9 - Financial Instruments.
Except for investments accounted for using the equity method, the Group initially measures financial assets at fair
value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs.
Equity instruments held by the Group are recognized at fair value through profit or loss. When market prices are not
directly available, the fair value is measured using appropriate valuation techniques (e.g. discounted cash flow analysis based
on market information available at the balance sheet date).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-519": { "value": "
Measurement
Financial assets, other than investments accounted for using the equity method, and financial liabilities are measured
in accordance with IFRS 9 - Financial Instruments.
Except for investments accounted for using the equity method, the Group initially measures financial assets at fair
value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs.
Equity instruments held by the Group are recognized at fair value through profit or loss. When market prices are not
directly available, the fair value is measured using appropriate valuation techniques (e.g. discounted cash flow analysis based
on market information available at the balance sheet date).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-523": { "value": "
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes only in order to reduce financial risks and
in particular, foreign currency risks. Derivative financial instruments qualify for hedge accounting only when at the inception
of the hedge there is formal designation and documentation of the hedging relationship, the hedge is expected to be highly
effective, its effectiveness can be reliably measured and it is highly effective throughout the financial reporting periods for
which it is designated.
All derivative financial instruments are measured at fair value.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
Cash flow hedges \u2014 Where a derivative financial instrument is designated as a hedge of the exposure to variability
in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and could affect the
consolidated income statement, the effective portion of any gain or loss on the derivative financial instrument is recognized
directly in other comprehensive income/(loss). The cumulative gain or loss is reclassified from other comprehensive income/
(loss) to the consolidated income statement at the same time as the economic effect arising from the hedged item affects the
consolidated income statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the consolidated income statement immediately within net financial income/expenses. When a hedging
instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss
realized to the point of termination remains in other comprehensive income/(loss) and is recognized in the consolidated
income statement at the same time as the underlying transaction. If the hedged transaction is no longer probable, the
cumulative unrealized gain or loss held in other comprehensive income/(loss) is recognized in the consolidated income
statement immediately.
The Group does not use fair value hedges or hedges of a net investment.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately within financial expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-522": { "value": "
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes only in order to reduce financial risks and
in particular, foreign currency risks. Derivative financial instruments qualify for hedge accounting only when at the inception
of the hedge there is formal designation and documentation of the hedging relationship, the hedge is expected to be highly
effective, its effectiveness can be reliably measured and it is highly effective throughout the financial reporting periods for
which it is designated.
All derivative financial instruments are measured at fair value.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
Cash flow hedges \u2014 Where a derivative financial instrument is designated as a hedge of the exposure to variability
in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and could affect the
consolidated income statement, the effective portion of any gain or loss on the derivative financial instrument is recognized
directly in other comprehensive income/(loss). The cumulative gain or loss is reclassified from other comprehensive income/
(loss) to the consolidated income statement at the same time as the economic effect arising from the hedged item affects the
consolidated income statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the consolidated income statement immediately within net financial income/expenses. When a hedging
instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss
realized to the point of termination remains in other comprehensive income/(loss) and is recognized in the consolidated
income statement at the same time as the underlying transaction. If the hedged transaction is no longer probable, the
cumulative unrealized gain or loss held in other comprehensive income/(loss) is recognized in the consolidated income
statement immediately.
The Group does not use fair value hedges or hedges of a net investment.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately within financial expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-521": { "value": "
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes only in order to reduce financial risks and
in particular, foreign currency risks. Derivative financial instruments qualify for hedge accounting only when at the inception
of the hedge there is formal designation and documentation of the hedging relationship, the hedge is expected to be highly
effective, its effectiveness can be reliably measured and it is highly effective throughout the financial reporting periods for
which it is designated.
All derivative financial instruments are measured at fair value.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
Cash flow hedges \u2014 Where a derivative financial instrument is designated as a hedge of the exposure to variability
in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and could affect the
consolidated income statement, the effective portion of any gain or loss on the derivative financial instrument is recognized
directly in other comprehensive income/(loss). The cumulative gain or loss is reclassified from other comprehensive income/
(loss) to the consolidated income statement at the same time as the economic effect arising from the hedged item affects the
consolidated income statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognized in the consolidated income statement immediately within net financial income/expenses. When a hedging
instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss
realized to the point of termination remains in other comprehensive income/(loss) and is recognized in the consolidated
income statement at the same time as the underlying transaction. If the hedged transaction is no longer probable, the
cumulative unrealized gain or loss held in other comprehensive income/(loss) is recognized in the consolidated income
statement immediately.
The Group does not use fair value hedges or hedges of a net investment.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately within financial expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-524": { "value": "
Transfers of financial assets
The Group sells certain of its receivables from financing activities under securitization programs. Securitization
transactions involve the sale of financial receivables to a special purpose vehicle, which in turn finances the purchase of such
financial receivables by issuing asset-backed securities in the form of notes whose repayment of principal and interest
depends on the cash flows generated by the related financial receivables. The receivables sold as part of securitization
programs are consolidated until collection from the customer as they do not meet the requirements for derecognition in
accordance with IFRS 9.
The Group may also sell certain of its trade receivables through factoring transactions without recourse. The Group
derecognizes the trade receivables when, and only when, the contractual rights and risks to the cash flows arising from the
related trade receivables are no longer held or the Group has transferred the financial assets.
In the case of a transfer of receivables, if the Group transfers substantially all the risks and rewards of ownership of
the receivables, it derecognizes the receivables and separately recognizes as assets or liabilities any rights and obligations
created or retained in the transfer. On derecognition of the receivables, the difference between their carrying amount and the
consideration received or receivable for the transfer of the receivables is recognized within cost of sales for receivables from
financing activities and within financial income or financial expenses for trade receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-525": { "value": "
Trade receivables
Trade receivables are amounts due from clients for goods sold or services provided in the ordinary course of
business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the
effective interest rate method, less any provision for allowances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-526": { "value": "
Inventories
Inventories of raw materials, semi-finished products and finished goods are stated at the lower of cost and net
realizable value, cost being determined on a first-in first-out (FIFO) basis. The measurement of inventories includes the direct
costs of materials, labor and indirect costs (variable and fixed). Purchase costs include ancillary costs. Prototypes are
recognized at their estimated realizable value, if lower than production cost. Provision is made for obsolete and slow-moving
raw materials, finished goods, spare parts and other supplies based on their expected future use and realizable value. Net
realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the
estimated costs for sale and distribution.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-528": { "value": "
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid
investments with original maturities of three months or less.
Cash held in some countries may be subject to transfer restrictions. In particular, cash held in China (including in
currencies other than the Chinese Yuan), which amounted to \u20ac24,726 thousand at December 31, 2025 ( \u20ac63,379 thousand at
December 31, 2024), 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 any adverse
impacts on its ability to meet its liquidity requirements.
Cash collected from the settlement of receivables under securitization programs is subject to certain restrictions
regarding its use and is principally applied to repay principal and interest of the related asset-backed financing. This cash
amounted to \u20ac54,434 thousand at December\u00a031, 2025 (\u20ac53,644 thousand at December\u00a031, 2024).
Information relating to the short-term credit rating of the Group\u2019s cash and cash equivalents is presented below.
At December 31,
2025
2024
P-1 / A-1 / Aaa-mf / AAAm (1)
49%
36%
P-2 / A-2
50%
59%
P-3 / A-3 / Not rated
1%
5%
_____________________________
(1) Aaa-mf (Moody\u2019s) /AAAm (S&P Global Ratings) refer to money market funds. P-ratings (Moody\u2019s) 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-530": { "value": "
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid
investments with original maturities of three months or less.
32. CASH AND CASH EQUIVALENTS AND NOTES TO THE CONSOLIDATED STATEMENT OF CASH
FLOWS
Cash and cash equivalents
A breakdown of cash and cash equivalents is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Cash and bank balances
1,467,711
1,742,214
Cash and cash equivalents
1,467,711
1,742,214
At December\u00a031, 2025, cash and cash equivalents included \u20ac370,000\u00a0thousand relating to time deposits held with
recognized international financial institutions, which originated in the last quarter of 2025 and mature in the first quarter of
2026, and an investment in money market funds of \u20ac359,869\u00a0thousand with an AAAm rating. At December\u00a031, 2024, cash
and cash equivalents included \u20ac450,000\u00a0thousand relating to time deposits held with a recognized international financial
institution, which originated in November and December 2024 and matured in February and March 2025. At both December
31, 2025 and 2024, the remaining cash and bank balances were held in bank current accounts.
At December 31, 2025, 90 percent of our cash and cash equivalents were denominated in Euro (at December 31,
2024, 88 percent). The Group\u2019s 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 the Eurozone.
A breakdown of cash and cash equivalents by currency is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Euro
1,327,092
1,535,630
U.S. Dollar
75,125
107,871
Chinese Yuan
24,013
62,525
Pound Sterling
10,256
8,483
Other currencies
31,225
27,705
Total
1,467,711
1,742,214
Cash held in some countries may be subject to transfer restrictions. In particular, cash held in China (including in
currencies other than the Chinese Yuan), which amounted to \u20ac24,726 thousand at December 31, 2025 ( \u20ac63,379 thousand at
December 31, 2024), 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 any adverse
impacts on its ability to meet its liquidity requirements.
Cash collected from the settlement of receivables under securitization programs is subject to certain restrictions
regarding its use and is principally applied to repay principal and interest of the related asset-backed financing. This cash
amounted to \u20ac54,434 thousand at December\u00a031, 2025 (\u20ac53,644 thousand at December\u00a031, 2024).
Information relating to the short-term credit rating of the Group\u2019s cash and cash equivalents is presented below.
At December 31,
2025
2024
P-1 / A-1 / Aaa-mf / AAAm (1)
49%
36%
P-2 / A-2
50%
59%
P-3 / A-3 / Not rated
1%
5%
_____________________________
(1) Aaa-mf (Moody\u2019s) /AAAm (S&P Global Ratings) refer to money market funds. P-ratings (Moody\u2019s) 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 December 31, 2025, the Group\u2019s available liquidity, represented by cash and cash equivalents and undrawn
committed credit lines, was \u20ac2,017,711 thousand ( \u20ac2,292,214 thousand at December 31, 2024).
A breakdown of the Group\u2019s available liquidity is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Cash and cash equivalents
1,467,711
1,742,214
Undrawn committed credit lines
550,000
550,000
Available liquidity
2,017,711
2,292,214
The undrawn committed credit lines at December 31, 2025 and 2024 relate to revolving credit facilities. For
additional information, see Note 24 \u201cDebt\u2014Committed credit lines\u201d.
Notes to the consolidated statement of cash flows
Other non-cash expenses, net primarily include equity-settled share-based compensation, allowances for doubtful
accounts of trade receivables and provisions for slow moving and obsolete inventories.
For information relating to financing cash flows relating to debt, see Note 24 \u201cDebt\u2014Contractual undiscounted
cash flows\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "value": "
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid
investments with original maturities of three months or less.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid
investments with original maturities of three months or less.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-532": { "value": "
Employee benefits
Defined contribution plans
Costs arising from defined contribution plans are expensed as incurred.
Defined benefit plans
The Group\u2019s net obligations are determined separately for each plan by estimating the present value of future
benefits that employees have earned in the current and prior periods, and deducting the fair value of any plan assets. The
present value of the defined benefit obligation is measured using actuarial techniques and actuarial assumptions that are
unbiased and mutually compatible and attributes benefits to periods in which the obligation to provide post-employment
benefits arise by using the Projected Unit Credit Method.
The components of the defined benefit cost are recognized as follows:
\u2022 the service costs are recognized in the consolidated income statement by function and presented in the relevant line
items (cost of sales, selling, general and administrative costs, research and development costs, etc.);
\u2022 the net interest on the defined benefit liability is recognized in the consolidated income statement as net financial
income /(expenses), and is determined by multiplying the net liability/(asset) by the discount rate used to discount
obligations taking into account the effect of contributions and benefit payments made during the year, and
\u2022 the remeasurement components of the net obligations, which comprise actuarial gains and losses and any change in
the effect of the asset ceiling are recognized immediately in other comprehensive income/(loss). These
remeasurement components are not reclassified in the consolidated income statement in a subsequent period.
Other long-term employee benefits
The Group\u2019s obligations represent the present value of future benefits that employees have earned in return for their
service during the current and prior periods. Remeasurement components on other long-term employee benefits are
recognized in the consolidated income statement in the period in which they arise.
Share-based compensation
The Group has implemented equity incentive plans that provide for the granting of share-based compensation to the
Chairman, the Chief Executive Officer, all other members of the Ferrari Leadership Team and other key employees of the
Group. The Group also provides share-based compensation as part of commercial agreements with certain suppliers. The
share-based compensation arrangements are accounted for in accordance with IFRS 2 \u2014 Share-based Payment, which
requires the Company to recognize share-based compensation expense based on fair value of awards granted. Compensation
expense for the equity-settled awards containing market performance conditions is measured at the grant date fair value of the
award using a Monte Carlo simulation model, which requires the input of subjective assumptions, including the expected
volatility of the Company\u2019s common stock, the dividend yield, interest rates and a correlation coefficient between the
common stock and the relevant market index. The fair value of the awards which are conditional only on a recipient\u2019s
continued service to the Company is measured using the share price at the grant date adjusted for the present value of future
distributions which employees will not receive during the vesting period.
Share-based compensation expense relating to the equity incentive plans is recognized over the service period within
selling, general and administrative costs or cost of sales in the consolidated income statement depending on the function of
the employee, with an offsetting increase to equity. Share-based compensation expense relating to commercial agreements
with certain suppliers is recognized over the period in which the supplier\u2019s services are received and classified within the
consolidated income statement depending on the function of the supplier\u2019s services, with an offsetting increase to equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-531": { "value": "
Employee benefits
Defined contribution plans
Costs arising from defined contribution plans are expensed as incurred.
Defined benefit plans
The Group\u2019s net obligations are determined separately for each plan by estimating the present value of future
benefits that employees have earned in the current and prior periods, and deducting the fair value of any plan assets. The
present value of the defined benefit obligation is measured using actuarial techniques and actuarial assumptions that are
unbiased and mutually compatible and attributes benefits to periods in which the obligation to provide post-employment
benefits arise by using the Projected Unit Credit Method.
The components of the defined benefit cost are recognized as follows:
\u2022 the service costs are recognized in the consolidated income statement by function and presented in the relevant line
items (cost of sales, selling, general and administrative costs, research and development costs, etc.);
\u2022 the net interest on the defined benefit liability is recognized in the consolidated income statement as net financial
income /(expenses), and is determined by multiplying the net liability/(asset) by the discount rate used to discount
obligations taking into account the effect of contributions and benefit payments made during the year, and
\u2022 the remeasurement components of the net obligations, which comprise actuarial gains and losses and any change in
the effect of the asset ceiling are recognized immediately in other comprehensive income/(loss). These
remeasurement components are not reclassified in the consolidated income statement in a subsequent period.
Other long-term employee benefits
The Group\u2019s obligations represent the present value of future benefits that employees have earned in return for their
service during the current and prior periods. Remeasurement components on other long-term employee benefits are
recognized in the consolidated income statement in the period in which they arise.
Provisions
Provisions are recognized when the Group has a present obligation, legal or constructive, as a result of a past event,
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate of the amount of the obligation can be made.
Warranty and recall campaigns provision
All cars are sold with warranty coverage. The warranty coverage generally applies to defects that may become
apparent within a certain period from the purchase of the car.
The warranty provision is recognized at the time of the sale of the car, based on the present value of management\u2019s
estimate of the expected cost to fulfill the obligations over the contractual warranty period. Estimates are principally based on
the Group\u2019s historical claims or costs experience and the cost of parts and services to be incurred in the activities. The costs
related to these provisions are recognized within cost of sales at the time when they are probable and reasonably estimable.
See \u201c\u2014Use of estimates and judgments\u201d below for further details relating to recall campaigns.
Recall campaigns
The Group periodically initiates voluntary service actions to address various client satisfaction, safety and emissions
issues related to cars sold. Included in the reserve is the estimated cost of these services and recall actions. Considering the
nature of the recall campaigns, in certain circumstances management may utilizes estimates or judgments in determining the
related provisions. The estimated future costs of these actions are based primarily on historical experience and the cost of
parts and services to be incurred in the specified activities, and are recognized at the time when they are probable and
reasonably estimable. Estimates of the future costs of these actions are inevitably imprecise due to several uncertainties,
including the number of cars affected by a service or recall action. It is reasonably possible that the ultimate cost of these
service and recall actions may require the Group to make expenditures in excess of (or less than) established reserves over an
extended period of time and the estimates are periodically reviewed during the year. Due to the uncertainty and potential
volatility of these estimated factors, changes in the assumptions used could affect the results of operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-533": { "value": "
Share-based compensation
The Group has implemented equity incentive plans that provide for the granting of share-based compensation to the
Chairman, the Chief Executive Officer, all other members of the Ferrari Leadership Team and other key employees of the
Group. The Group also provides share-based compensation as part of commercial agreements with certain suppliers. The
share-based compensation arrangements are accounted for in accordance with IFRS 2 \u2014 Share-based Payment, which
requires the Company to recognize share-based compensation expense based on fair value of awards granted. Compensation
expense for the equity-settled awards containing market performance conditions is measured at the grant date fair value of the
award using a Monte Carlo simulation model, which requires the input of subjective assumptions, including the expected
volatility of the Company\u2019s common stock, the dividend yield, interest rates and a correlation coefficient between the
common stock and the relevant market index. The fair value of the awards which are conditional only on a recipient\u2019s
continued service to the Company is measured using the share price at the grant date adjusted for the present value of future
distributions which employees will not receive during the vesting period.
Share-based compensation expense relating to the equity incentive plans is recognized over the service period within
selling, general and administrative costs or cost of sales in the consolidated income statement depending on the function of
the employee, with an offsetting increase to equity. Share-based compensation expense relating to commercial agreements
with certain suppliers is recognized over the period in which the supplier\u2019s services are received and classified within the
consolidated income statement depending on the function of the supplier\u2019s services, with an offsetting increase to equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-534": { "value": "
Deferred income
Deferred income relates to amounts received by the Group under various agreements, which are reliant on the future
performance of a service or other act of the Group. Deferred income is recognized as net revenues when the Group has
fulfilled its obligations under the terms of the various agreements.
Range models (models belonging to the Ferrari product portfolio, excluding Special Series, Icona, limited edition
supercars and one-off models) are sold with a scheduled maintenance program to ensure that the cars are maintained to the
highest standards to meet the Group\u2019s strict requirements for performance and safety. Amounts attributable to the
maintenance program are not recognized as income immediately, but are deferred over the maintenance program term. The
amount of the deferred income related to this program is based on the estimated fair value of the service to be provided.
Advances
Advances relate to amounts received from or billed to customers in advance of having delivered the related cars or
provided the related services. The advances are recognized in net revenues when the cars are shipped or the services
provided.
Revenue recognition
Revenue is recognized when control over a product or service is transferred to a customer. Revenue is measured at
the transaction price which is based on the amount of consideration that the Group expects to receive in exchange for
transferring the promised goods or services to the customer and excludes any sales incentives as well as taxes collected from
customers that are remitted to government authorities. The transaction price will include estimates of variable consideration
to the extent it is probable that a significant reversal of revenue recognized will not occur. The Group enters into contracts
that may include both products and services, which are generally capable of being distinct and accounted for as separate
performance obligations.
The Group generates revenue from the sale of cars, spare parts and engines as well as from sponsorship, commercial
and brand activities. The Group accounts for a contract with a customer when there is a legally enforceable contract between
the Group and the customer, the rights of the parties are identified, the contract has commercial substance, and collectability
of the contract consideration is probable. Payments from customers are typically due within 30 to 40 days of invoicing.
The Group does not recognize any assets associated with the incremental costs of obtaining a contract with a
customer that are expected to be recovered. The majority of revenue is recognized at a point-in-time or over a period of one
year or less, and the Group applies the practical expedient to recognize the incremental costs of obtaining a contract as an
expense when incurred if the amortization period of the asset that would otherwise be recognized is one year or less.
Cars, spare parts and engines
The sales of cars, spare parts and engines have multiple performance obligations that include products, services, or a
combination of products and services as contracts may include maintenance programs and extended warranties that are
separately priced or not separately priced. Contracts may also include variable consideration for discounts such as sales
incentives and performance based bonuses and product returns. The Group offers incentives to its third-party dealers, which
are designed to promote the sale of cars and parts, as well as a variety of other performance indicators, which may be
qualitative or quantitative, such as quality service, customer satisfaction and preservation of the Ferrari brand, among others.
The cost of incentives is estimated at the inception of a contract at the expected amount that will ultimately be paid and is
recognized as a reduction to revenue generally at the time of the sale or when the dealer is expected to achieve the required
performance if in relation to other performance indicators different from sales. Revenues recognized are limited to the
amount of consideration the Group expects to receive. The Group allocates the transaction price to the performance
obligations based on the stand alone selling prices (SSP) for each obligation. When the SSP does not exist, the Group
estimates the SSP based on the adjusted market approach.
Revenues for the sale of cars, spare parts and engines are recognized at a point in time when control of the cars,
spare parts or engines is transferred to the customer based on shipping terms, which generally corresponds to the date when
the cars, spare parts and engines are released to the carrier responsible for transportation to dealers or Maserati (the contract
for the supply of engines to Maserati expired in December 2023). Revenues relating to the maintenance program are
recognized over time based on the input method of measuring progress towards complete satisfaction of the related
performance obligation, calculated as a proportion of overall revenues expected during the maintenance period equal to the
ratio of costs incurred in the reporting period compared to the overall costs to be incurred during the maintenance period.
Revenues relating to the extended warranties are recognized on a straight-line basis over the extended warranty period.
Revenues from the supply of engines and related services to other Formula 1 racing teams are recognized over time on a time
and materials basis when the services are provided.
Management has exercised judgment in determining performance obligations, variable consideration, allocation of
transaction price and the timing of revenue recognition.
Sponsorship, commercial and brand activities
Revenues from sponsorship agreements in connection with our participation in racing competitions are generally
recognized ratably over the contract term as the customer benefits from the service throughout the service period. Revenues
from sponsorship agreements that contain variable consideration based on the performance of the Group\u2019s racing teams are
estimated and recognized over the relevant period to the extent that it is highly probable that a significant reversal in the
amount of the cumulative revenue recognized will not occur, which is typically when it is considered highly probable that the
related conditions associated with the variable consideration will be achieved.
Revenues from commercial activities primarily relate to the revenues from participating in the Formula 1 World
Championship. The revenues attributable to each racing team are governed by a specific agreement and depend upon, among
other factors, the prior year ranking of each of the racing teams. Revenues of the commercial activities are recognized ratably
over the contract term.
Revenues from brand licensing agreements where the customer has a right to access the Group\u2019s brands or the
contract includes minimum guaranteed payments are recognized on a straight-line basis over the contract term. Licensing
revenues in excess of the minimum guaranteed payments are recognized when the related conditions are satisfied. Revenues
from sales-based licensing agreements are recognized when the sales occur.
Management has exercised judgment in determining variable consideration.
Other revenues
Interest income generated by our financial service activities from the provision of client and dealer financing is
reported within revenues using the effective interest rate method and not within net financial income/expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-535": { "value": "
Cars, spare parts and engines
The sales of cars, spare parts and engines have multiple performance obligations that include products, services, or a
combination of products and services as contracts may include maintenance programs and extended warranties that are
separately priced or not separately priced. Contracts may also include variable consideration for discounts such as sales
incentives and performance based bonuses and product returns. The Group offers incentives to its third-party dealers, which
are designed to promote the sale of cars and parts, as well as a variety of other performance indicators, which may be
qualitative or quantitative, such as quality service, customer satisfaction and preservation of the Ferrari brand, among others.
The cost of incentives is estimated at the inception of a contract at the expected amount that will ultimately be paid and is
recognized as a reduction to revenue generally at the time of the sale or when the dealer is expected to achieve the required
performance if in relation to other performance indicators different from sales. Revenues recognized are limited to the
amount of consideration the Group expects to receive. The Group allocates the transaction price to the performance
obligations based on the stand alone selling prices (SSP) for each obligation. When the SSP does not exist, the Group
estimates the SSP based on the adjusted market approach.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-536": { "value": "
Interest income generated by our financial service activities from the provision of client and dealer financing is
reported within revenues using the effective interest rate method and not within net financial income/expenses.
Costs that are directly attributable to financial services activities, including interest expenses related to financing and
provisions for risks and write-downs of assets, are also reported in cost of sales.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-537": { "value": "
Cost of sales
Cost of sales comprises expenses incurred in the manufacturing and distribution of cars and parts (including the
engines rented to other Formula 1 racing teams), of which, cost of materials, components and labor costs are the most
significant portion. The remaining costs principally include depreciation, amortization, insurance and transportation costs.
Cost of sales also includes warranty and product-related costs, which are estimated and recorded at the time of sale of the car.
Costs that are directly attributable to financial services activities, including interest expenses related to financing and
provisions for risks and write-downs of assets, are also reported in cost of sales.
Other expenses and other income
Other expenses consist of miscellaneous costs which cannot be allocated to specific functional areas, such as indirect
taxes, accruals for provisions not attributable to cost of sales or selling, general and administrative costs, and other
miscellaneous expenses, including marketing expenses incurred on behalf of our third-party dealers.
Other income consists of miscellaneous income that is not directly attributable to the sale of goods or services,\u00a0such
as\u00a0gains on the disposal of property plant and equipment, the release of certain provisions originally recognized as other
expenses, rental income and other miscellaneous income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-540": { "value": "
Taxes
Income taxes include all taxes based upon the taxable profits of the Group. Current and deferred taxes are
recognized as income or expense and are included in the consolidated income statement for the period, except tax arising
from (i)\u00a0a transaction or event which is recognized, in the same or a different period, either in other comprehensive income/
(loss) or directly in equity, or (ii)\u00a0a business combination.
Deferred taxes are accounted using the balance sheet method. Deferred tax liabilities are recognized for all taxable
temporary differences between the carrying amounts of assets or liabilities and their tax base, except to the extent that the
deferred tax liabilities arise from the initial recognition of goodwill or the initial recognition of an asset or liability in a
transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor
taxable profit. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences can be utilized, unless the deferred tax
assets arise from the initial recognition of an asset or liability in a transaction that is not a business combination and at the
time of the transaction, affects neither accounting profit nor taxable profit.
Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective jurisdictions in
which the Group operates that are expected to apply to the period when the asset is realized or liability is settled. Any
remeasurements to deferred tax assets and liabilities as a result of changes in substantially enacted tax rates are recognized in
the consolidated income statement.
The recoverability of deferred tax assets is dependent on the Group\u2019s ability to generate sufficient future taxable
income in the period in which it is assumed that the deductible temporary differences reverse and tax losses carried forward
can be utilized. In making this assessment, the Group considers future taxable income arising on the most recent budgets and
plans, prepared by using the same criteria described for testing the impairment of assets and goodwill, moreover, it estimates
the impact of the reversal of taxable temporary differences on earnings and it also considers the period over which these
assets could be recovered. The carrying amount of deferred tax assets is reduced to the extent that it is not probable that
sufficient taxable profit will be available to allow the benefit of part or all of the deferred tax assets to be utilized. The
carrying amount of deferred tax assets is reviewed at each reporting date.
The Group recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed profits,
except when it is able to control the timing of the reversal of the temporary difference and it is probable that this temporary
difference will not reverse in the foreseeable future. The Group recognizes deferred tax assets associated with the deductible
temporary differences on investments in subsidiaries only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.
Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from
deductible temporary differences, are recognized to the extent that it is probable that future profits will be available against
which they can be utilized.
Current income taxes and deferred taxes are offset when they relate to the same taxation authority and there is a
legally enforceable right of offset.
Imposta Regionale sulle Attivit\u00e0 Produttive (\u201cIRAP\u201d) is recognized within income tax expense. IRAP 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 applied on the tax base at 3.9 percent for the years ended December 31, 2025, 2024 and
2023.
Tax uncertainties are accounted for in accordance with IFRIC 23.
Other taxes not based on income, such as property taxes and capital taxes, are included in other expenses, net", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-539": { "value": "
Taxes
Other taxes not based on income, such as property taxes and capital taxes, are included in other expenses, net.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-538": { "value": "
Taxes
Deferred taxes are accounted using the balance sheet method. Deferred tax liabilities are recognized for all taxable
temporary differences between the carrying amounts of assets or liabilities and their tax base, except to the extent that the
deferred tax liabilities arise from the initial recognition of goodwill or the initial recognition of an asset or liability in a
transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor
taxable profit. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences can be utilized, unless the deferred tax
assets arise from the initial recognition of an asset or liability in a transaction that is not a business combination and at the
time of the transaction, affects neither accounting profit nor taxable profit.
Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective jurisdictions in
which the Group operates that are expected to apply to the period when the asset is realized or liability is settled. Any
remeasurements to deferred tax assets and liabilities as a result of changes in substantially enacted tax rates are recognized in
the consolidated income statement.
The recoverability of deferred tax assets is dependent on the Group\u2019s ability to generate sufficient future taxable
income in the period in which it is assumed that the deductible temporary differences reverse and tax losses carried forward
can be utilized. In making this assessment, the Group considers future taxable income arising on the most recent budgets and
plans, prepared by using the same criteria described for testing the impairment of assets and goodwill, moreover, it estimates
the impact of the reversal of taxable temporary differences on earnings and it also considers the period over which these
assets could be recovered. The carrying amount of deferred tax assets is reduced to the extent that it is not probable that
sufficient taxable profit will be available to allow the benefit of part or all of the deferred tax assets to be utilized. The
carrying amount of deferred tax assets is reviewed at each reporting date.
The Group recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed profits,
except when it is able to control the timing of the reversal of the temporary difference and it is probable that this temporary
difference will not reverse in the foreseeable future. The Group recognizes deferred tax assets associated with the deductible
temporary differences on investments in subsidiaries only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.
Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from
deductible temporary differences, are recognized to the extent that it is probable that future profits will be available against
which they can be utilized.
Current income taxes and deferred taxes are offset when they relate to the same taxation authority and there is a
legally enforceable right of offset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-541": { "value": "
Dividends
Dividends payable by the Group are reported as a change in equity in the period in which they are approved by
shareholders or the Board of Directors as applicable under local rules and regulations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-542": { "value": "
Segment reporting
The Group has determined that it has one operating and one reportable segment based on the information reviewed
by the Board of Directors (the Group\u2019s \u201cChief Operating Decision Maker\u201d as defined in IFRS 8 \u2014 Operating Segments) in
making decisions regarding the allocation of resources and to assess performance.
For additional disclosures required by IFRS 8, see Note 31 \u201cEntity-Wide Disclosures\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-545": { "value": "
Use of estimates and judgments
The Consolidated Financial Statements are prepared in accordance with IFRS Accounting Standards, which require
the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of
contingent assets and liabilities and the amounts of income and expenses recognized. The estimates and associated
assumptions are based on elements that are known when the financial statements are prepared, on historical experience and
on any other factors that are considered to be relevant.
Estimates and underlying assumptions are reviewed periodically and continuously by the Group. If the items subject
to estimates do not perform as assumed, then the actual results could differ from the estimates, which would require
adjustments. The effects of any changes in estimates are recognized in the consolidated income statement in the period in
which the changes are made, or prospectively in future periods.
Based on information available to management at the end of the reporting period, there were no major sources of
estimation uncertainty that could have a significant risk of resulting in a material adjustment to the carrying amount of assets
and liabilities within the next financial year. Additionally, no critical judgments have been made in applying the accounting
policies.
The main accounting policies affected by estimates and judgments are disclosed below.
Maintenance programs and extended warranties
The Group\u2019s new cars are sold with a scheduled maintenance program to ensure that the cars are maintained to the
highest standards to meet the Group\u2019s strict requirements for performance and safety. Amounts attributable to the
maintenance programs are not recognized as income immediately, but are recognized over the maintenance program term
based on the input method of measuring progress towards complete satisfaction of the related performance obligation,
calculated as a proportion of overall revenues expected during the maintenance period equal to the ratio of costs incurred in
the reporting period compared to the overall costs to be incurred during the maintenance period. The amount of the deferred
income related to this program is based on the estimated fair value of the service to be provided. The Group also offers
various extended warranty programs to customers that provide additional coverage beyond the warranty period required by
applicable law or included with all new car sales. Revenues relating to the extended warranties are recognized on a straight-
line basis over the extended warranty period. Management utilizes estimates or judgments in determining performance
obligations, variable consideration, allocation of the transaction price and the timing of revenue recognition in relation to its
maintenance programs and extended warranties.
Recall campaigns
The Group periodically initiates voluntary service actions to address various client satisfaction, safety and emissions
issues related to cars sold. Included in the reserve is the estimated cost of these services and recall actions. Considering the
nature of the recall campaigns, in certain circumstances management may utilizes estimates or judgments in determining the
related provisions. The estimated future costs of these actions are based primarily on historical experience and the cost of
parts and services to be incurred in the specified activities, and are recognized at the time when they are probable and
reasonably estimable. Estimates of the future costs of these actions are inevitably imprecise due to several uncertainties,
including the number of cars affected by a service or recall action. It is reasonably possible that the ultimate cost of these
service and recall actions may require the Group to make expenditures in excess of (or less than) established reserves over an
extended period of time and the estimates are periodically reviewed during the year. Due to the uncertainty and potential
volatility of these estimated factors, changes in the assumptions used could affect the results of operations.
Goodwill
The Group\u2019s goodwill amounted to \u20ac785,182 thousand at December\u00a031, 2025 and December\u00a031, 2024. As required
by IFRS Accounting Standards, an annual impairment test must be performed for goodwill, which requires management to
estimate expected future cash flows and the recoverable amount of the cash-generating unit (CGU), which is represented by
the entire Ferrari Group. Based on the impairment tests performed by management, the recoverable amount of goodwill was
significantly higher than its carrying amount for the years ended December 31, 2025, 2024 and 2023. Furthermore, the
exclusivity of the Group\u2019s business, its historical profitability and its future earnings prospects indicate that the carrying
amount of the goodwill will continue to be recoverable even in the event of difficult economic and market conditions,
including those that may be caused by regulatory developments or climate-related matters. For additional information relating
to the goodwill test performed, see Note 13 \u201cGoodwill\u201d.
Non-current assets with definite useful lives
The Group\u2019s non-current assets (excluding goodwill) primarily include intangible assets, which primarily relate to
development costs, and property, plant and equipment. At December 31, 2025 and December\u00a031, 2024, the Group\u2019s
intangible assets amounted to \u20ac1,638,457 thousand and \u20ac1,545,664 thousand, respectively (of which \u20ac1,595,783 thousand
and \u20ac1,502,889 thousand related to development costs), and the Group\u2019s property, plant and equipment amounted to
\u20ac2,057,891 thousand and \u20ac1,828,784 thousand, respectively. The Group makes significant investments for the development
of its existing and future product portfolio, and capitalized development costs recognized for the years ended December\u00a031,
2025 and 2024 amounted to \u20ac421,265 thousand and \u20ac476,467 thousand respectively. These costs were capitalized in
accordance with the criteria in IAS 38 - Intangible Assets, including, among others: (i) the costs can be measured reliably, (ii)
the technical feasibility of the product, estimated volumes and expected pricing all support the view that the development
expenditure will generate future economic benefits, based primarily on information specific to business initiatives underlying
the Group\u2019s business plans, and (iii) the Company has the intention to complete the development and the ability to use the
related intangible assets. Management utilizes estimates or judgments in distinguishing between research phases and
development phases, including as a result of regulatory developments. For the years ended December\u00a031, 2025, 2024 and
2023, no impairment indicators were identified and the Group did not recognize any impairment charges for non-current
assets with definite useful lives.
Provisions
The Group sells its cars around the world and is subject to a variety of laws and regulations relating to the
environment, and in particular, to the emissions of its cars. The group\u2019s cars, together with the engines that power them, must
comply with extensive regional, national and local laws and regulations, and industry self-regulations (including those that
regulate vehicle safety). The Group is currently benefiting from certain regulatory exemptions because it qualifies as a small
vehicle manufacturer or similar designation in certain jurisdictions where it sells cars. These exemptions provide a range of
benefits, from less stringent emissions caps and compliance date extensions, to exemptions from zero emission vehicle
production requirements, which may require management to utilize estimates or judgments. The Group recognized provisions
for environmental risks based on management\u2019s best estimates of the future cash outflows that will be required to settle the
Group\u2019s related obligations. For additional information, see Note 23 \u201cProvisions\u201d.
Climate-related matters
Global climate change is resulting, and is expected to continue to result, in natural disasters and extreme weather
occurring more frequently or with greater intensity, including droughts, wildfires, storms, rising sea-levels, flooding, heat
waves and cold waves. Such extreme events are driving changes in market dynamics, stakeholder expectations, local, national
and international climate change policies and regulations.
The global automotive industry in particular is currently experiencing significant developments due to an increased
focus on climate change and evolving regulatory requirements and technological changes relating to fuel efficiency,
electrification and greenhouse gas emissions, among others, which are also impacting the luxury performance sports car
market in which the Group operates.
As these regulatory developments and technological changes continue to evolve, the Group\u2019s strategies, operations
and business plans may change and the recoverability of the Group\u2019s assets could be impacted, including the recoverability of
goodwill, capitalized development costs and property, plant and equipment as well as the accounting of the provisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-544": { "value": "
Use of estimates and judgments
The Consolidated Financial Statements are prepared in accordance with IFRS Accounting Standards, which require
the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of
contingent assets and liabilities and the amounts of income and expenses recognized. The estimates and associated
assumptions are based on elements that are known when the financial statements are prepared, on historical experience and
on any other factors that are considered to be relevant.
Estimates and underlying assumptions are reviewed periodically and continuously by the Group. If the items subject
to estimates do not perform as assumed, then the actual results could differ from the estimates, which would require
adjustments. The effects of any changes in estimates are recognized in the consolidated income statement in the period in
which the changes are made, or prospectively in future periods.
Based on information available to management at the end of the reporting period, there were no major sources of
estimation uncertainty that could have a significant risk of resulting in a material adjustment to the carrying amount of assets
and liabilities within the next financial year. Additionally, no critical judgments have been made in applying the accounting
policies.
The main accounting policies affected by estimates and judgments are disclosed below.
Maintenance programs and extended warranties
The Group\u2019s new cars are sold with a scheduled maintenance program to ensure that the cars are maintained to the
highest standards to meet the Group\u2019s strict requirements for performance and safety. Amounts attributable to the
maintenance programs are not recognized as income immediately, but are recognized over the maintenance program term
based on the input method of measuring progress towards complete satisfaction of the related performance obligation,
calculated as a proportion of overall revenues expected during the maintenance period equal to the ratio of costs incurred in
the reporting period compared to the overall costs to be incurred during the maintenance period. The amount of the deferred
income related to this program is based on the estimated fair value of the service to be provided. The Group also offers
various extended warranty programs to customers that provide additional coverage beyond the warranty period required by
applicable law or included with all new car sales. Revenues relating to the extended warranties are recognized on a straight-
line basis over the extended warranty period. Management utilizes estimates or judgments in determining performance
obligations, variable consideration, allocation of the transaction price and the timing of revenue recognition in relation to its
maintenance programs and extended warranties.
Recall campaigns
The Group periodically initiates voluntary service actions to address various client satisfaction, safety and emissions
issues related to cars sold. Included in the reserve is the estimated cost of these services and recall actions. Considering the
nature of the recall campaigns, in certain circumstances management may utilizes estimates or judgments in determining the
related provisions. The estimated future costs of these actions are based primarily on historical experience and the cost of
parts and services to be incurred in the specified activities, and are recognized at the time when they are probable and
reasonably estimable. Estimates of the future costs of these actions are inevitably imprecise due to several uncertainties,
including the number of cars affected by a service or recall action. It is reasonably possible that the ultimate cost of these
service and recall actions may require the Group to make expenditures in excess of (or less than) established reserves over an
extended period of time and the estimates are periodically reviewed during the year. Due to the uncertainty and potential
volatility of these estimated factors, changes in the assumptions used could affect the results of operations.
Goodwill
The Group\u2019s goodwill amounted to \u20ac785,182 thousand at December\u00a031, 2025 and December\u00a031, 2024. As required
by IFRS Accounting Standards, an annual impairment test must be performed for goodwill, which requires management to
estimate expected future cash flows and the recoverable amount of the cash-generating unit (CGU), which is represented by
the entire Ferrari Group. Based on the impairment tests performed by management, the recoverable amount of goodwill was
significantly higher than its carrying amount for the years ended December 31, 2025, 2024 and 2023. Furthermore, the
exclusivity of the Group\u2019s business, its historical profitability and its future earnings prospects indicate that the carrying
amount of the goodwill will continue to be recoverable even in the event of difficult economic and market conditions,
including those that may be caused by regulatory developments or climate-related matters. For additional information relating
to the goodwill test performed, see Note 13 \u201cGoodwill\u201d.
Non-current assets with definite useful lives
The Group\u2019s non-current assets (excluding goodwill) primarily include intangible assets, which primarily relate to
development costs, and property, plant and equipment. At December 31, 2025 and December\u00a031, 2024, the Group\u2019s
intangible assets amounted to \u20ac1,638,457 thousand and \u20ac1,545,664 thousand, respectively (of which \u20ac1,595,783 thousand
and \u20ac1,502,889 thousand related to development costs), and the Group\u2019s property, plant and equipment amounted to
\u20ac2,057,891 thousand and \u20ac1,828,784 thousand, respectively. The Group makes significant investments for the development
of its existing and future product portfolio, and capitalized development costs recognized for the years ended December\u00a031,
2025 and 2024 amounted to \u20ac421,265 thousand and \u20ac476,467 thousand respectively. These costs were capitalized in
accordance with the criteria in IAS 38 - Intangible Assets, including, among others: (i) the costs can be measured reliably, (ii)
the technical feasibility of the product, estimated volumes and expected pricing all support the view that the development
expenditure will generate future economic benefits, based primarily on information specific to business initiatives underlying
the Group\u2019s business plans, and (iii) the Company has the intention to complete the development and the ability to use the
related intangible assets. Management utilizes estimates or judgments in distinguishing between research phases and
development phases, including as a result of regulatory developments. For the years ended December\u00a031, 2025, 2024 and
2023, no impairment indicators were identified and the Group did not recognize any impairment charges for non-current
assets with definite useful lives.
Provisions
The Group sells its cars around the world and is subject to a variety of laws and regulations relating to the
environment, and in particular, to the emissions of its cars. The group\u2019s cars, together with the engines that power them, must
comply with extensive regional, national and local laws and regulations, and industry self-regulations (including those that
regulate vehicle safety). The Group is currently benefiting from certain regulatory exemptions because it qualifies as a small
vehicle manufacturer or similar designation in certain jurisdictions where it sells cars. These exemptions provide a range of
benefits, from less stringent emissions caps and compliance date extensions, to exemptions from zero emission vehicle
production requirements, which may require management to utilize estimates or judgments. The Group recognized provisions
for environmental risks based on management\u2019s best estimates of the future cash outflows that will be required to settle the
Group\u2019s related obligations. For additional information, see Note 23 \u201cProvisions\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-543": { "value": "Use of estimates and judgmentsThe Consolidated Financial Statements are prepared in accordance with IFRS Accounting Standards, which require the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and liabilities and the amounts of income and expenses recognized. The estimates and associated assumptions are based on elements that are known when the financial statements are prepared, on historical experience and on any other factors that are considered to be relevant. Estimates and underlying assumptions are reviewed periodically and continuously by the Group. If the items subject to estimates do not perform as assumed, then the actual results could differ from the estimates, which would require adjustments. The effects of any changes in estimates are recognized in the consolidated income statement in the period in which the changes are made, or prospectively in future periods.Based on information available to management at the end of the reporting period, there were no major sources of estimation uncertainty that could have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities within the next financial year. Additionally, no critical judgments have been made in applying the accounting policies. The main accounting policies affected by estimates and judgments are disclosed below. Maintenance programs and extended warrantiesThe Group\u2019s new cars are sold with a scheduled maintenance program to ensure that the cars are maintained to the highest standards to meet the Group\u2019s strict requirements for performance and safety. Amounts attributable to the maintenance programs are not recognized as income immediately, but are recognized over the maintenance program term based on the input method of measuring progress towards complete satisfaction of the related performance obligation, calculated as a proportion of overall revenues expected during the maintenance period equal to the ratio of costs incurred in the reporting period compared to the overall costs to be incurred during the maintenance period. The amount of the deferred income related to this program is based on the estimated fair value of the service to be provided. The Group also offers various extended warranty programs to customers that provide additional coverage beyond the warranty period required by applicable law or included with all new car sales. Revenues relating to the extended warranties are recognized on a straight-line basis over the extended warranty period. Management utilizes estimates or judgments in determining performance obligations, variable consideration, allocation of the transaction price and the timing of revenue recognition in relation to its maintenance programs and extended warranties.Recall campaignsThe Group periodically initiates voluntary service actions to address various client satisfaction, safety and emissions issues related to cars sold. Included in the reserve is the estimated cost of these services and recall actions. Considering the nature of the recall campaigns, in certain circumstances management may utilizes estimates or judgments in determining the related provisions. The estimated future costs of these actions are based primarily on historical experience and the cost of parts and services to be incurred in the specified activities, and are recognized at the time when they are probable and reasonably estimable. Estimates of the future costs of these actions are inevitably imprecise due to several uncertainties, including the number of cars affected by a service or recall action. It is reasonably possible that the ultimate cost of these service and recall actions may require the Group to make expenditures in excess of (or less than) established reserves over an extended period of time and the estimates are periodically reviewed during the year. Due to the uncertainty and potential volatility of these estimated factors, changes in the assumptions used could affect the results of operations.Goodwill The Group\u2019s goodwill amounted to \u20ac785,182 thousand at December\u00a031, 2025 and December\u00a031, 2024. As required by IFRS Accounting Standards, an annual impairment test must be performed for goodwill, which requires management to estimate expected future cash flows and the recoverable amount of the cash-generating unit (CGU), which is represented by the entire Ferrari Group. Based on the impairment tests performed by management, the recoverable amount of goodwill was significantly higher than its carrying amount for the years ended December 31, 2025, 2024 and 2023. Furthermore, the exclusivity of the Group\u2019s business, its historical profitability and its future earnings prospects indicate that the carrying amount of the goodwill will continue to be recoverable even in the event of difficult economic and market conditions, including those that may be caused by regulatory developments or climate-related matters. For additional information relating to the goodwill test performed, see Note 13 \u201cGoodwill\u201d.Non-current assets with definite useful livesThe Group\u2019s non-current assets (excluding goodwill) primarily include intangible assets, which primarily relate to development costs, and property, plant and equipment. At December 31, 2025 and December\u00a031, 2024, the Group\u2019s intangible assets amounted to \u20ac1,638,457 thousand and \u20ac1,545,664 thousand, respectively (of which \u20ac1,595,783 thousand and \u20ac1,502,889 thousand related to development costs), and the Group\u2019s property, plant and equipment amounted to \u20ac2,057,891 thousand and \u20ac1,828,784 thousand, respectively. The Group makes significant investments for the development of its existing and future product portfolio, and capitalized development costs recognized for the years ended December\u00a031, 2025 and 2024 amounted to \u20ac421,265 thousand and \u20ac476,467 thousand respectively. These costs were capitalized in accordance with the criteria in IAS 38 - Intangible Assets, including, among others: (i) the costs can be measured reliably, (ii) the technical feasibility of the product, estimated volumes and expected pricing all support the view that the development expenditure will generate future economic benefits, based primarily on information specific to business initiatives underlying the Group\u2019s business plans, and (iii) the Company has the intention to complete the development and the ability to use the related intangible assets. Management utilizes estimates or judgments in distinguishing between research phases and development phases, including as a result of regulatory developments. For the years ended December\u00a031, 2025, 2024 and 2023, no impairment indicators were identified and the Group did not recognize any impairment charges for non-current assets with definite useful lives.ProvisionsThe Group sells its cars around the world and is subject to a variety of laws and regulations relating to the environment, and in particular, to the emissions of its cars. The group\u2019s cars, together with the engines that power them, must comply with extensive regional, national and local laws and regulations, and industry self-regulations (including those that regulate vehicle safety). The Group is currently benefiting from certain regulatory exemptions because it qualifies as a small vehicle manufacturer or similar designation in certain jurisdictions where it sells cars. These exemptions provide a range of benefits, from less stringent emissions caps and compliance date extensions, to exemptions from zero emission vehicle production requirements, which may require management to utilize estimates or judgments. The Group recognized provisions for environmental risks based on management\u2019s best estimates of the future cash outflows that will be required to settle the Group\u2019s related obligations. For additional information, see Note 23 \u201cProvisions\u201d.Climate-related mattersGlobal climate change is resulting, and is expected to continue to result, in natural disasters and extreme weather occurring more frequently or with greater intensity, including droughts, wildfires, storms, rising sea-levels, flooding, heat waves and cold waves. Such extreme events are driving changes in market dynamics, stakeholder expectations, local, national and international climate change policies and regulations. The global automotive industry in particular is currently experiencing significant developments due to an increased focus on climate change and evolving regulatory requirements and technological changes relating to fuel efficiency, electrification and greenhouse gas emissions, among others, which are also impacting the luxury performance sports car market in which the Group operates. As these regulatory developments and technological changes continue to evolve, the Group\u2019s strategies, operations and business plans may change and the recoverability of the Group\u2019s assets could be impacted, including the recoverability of goodwill, capitalized development costs and property, plant and equipment as well as the accounting of the provisions.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-547": { "value": "
3. SCOPE OF CONSOLIDATION
Ferrari N.V. is the parent company of the Group and it holds, directly and indirectly, interests in the Group\u2019s main
operating companies. The Group\u2019s scope of consolidation at December 31, 2025 and 2024 is presented below.
At December 31, 2025
At December 31, 2024
Name
Country
Nature of
business
Shares held
by the
Group
Shares held
by NCI
Shares held
by the
Group
Shares held
by NCI
Directly held interests
Ferrari S.p.A.
Italy
Engineering,
manufacturing
and sales
100%
\u2014%
100%
\u2014%
New Business 33 S.p.A. (1)
Italy
Engineering,
manufacturing
and sales
\u2014%
\u2014%
100%
\u2014%
Indirectly held through Ferrari S.p.A.
Ferrari North America Inc.
USA
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari Japan KK
Japan
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari Australasia Pty Limited
Australia
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari International Cars Trading (Shanghai) Co. L.t.d.
China
Importer and
distributor
80%
20%
80%
20%
Ferrari (HK) Limited
Hong Kong
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari Korea Co., Ltd. (2)
South
Korea
Importer and
distributor
51%
49%
\u2014%
\u2014%
Ferrari Far East Pte Limited
Singapore
Service company
100%
\u2014%
100%
\u2014%
Ferrari Management Consulting (Shanghai) Co. L.t.d.
China
Service company
100%
\u2014%
100%
\u2014%
Ferrari South West Europe S.a.r.l.
France
Service company
100%
\u2014%
100%
\u2014%
Ferrari Central Europe GmbH
Germany
Service company
100%
\u2014%
100%
\u2014%
G.S.A. S.A. in liquidation
Switzerland
Service company
100%
\u2014%
100%
\u2014%
Mugello Circuit S.p.A.
Italy
Racetrack
management
100%
\u2014%
100%
\u2014%
Ferrari Financial Services, Inc.
USA
Financial
services
100%
\u2014%
100%
\u2014%
Indirectly held through other Group entities
Ferrari Auto Securitization Transaction LLC (3)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Auto Securitization Transaction - Lease, LLC (3)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Auto Securitization Transaction - Select, LLC (3)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Financial Services Titling Trust (3)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Lifestyle North America, Inc. (4)(5)
USA
Retail
100%
\u2014%
100%
\u2014%
_____________________________
(1)With effectiveness as of January 1, 2025, New Business 33 S.p.A. was merged by incorporation into Ferrari S.p.A.
(2)On October 2, 2025, the Group acquired a 51% percent controlling interest in Ferrari Korea Co., Ltd. from the former importer of Ferrari cars into
the South Korean market. Following the transaction, the Group began directly importing its cars into South Korea.
(3)Shareholding held by Ferrari Financial Services Inc. within the context of securitization transactions for receivables generated by the Group\u2019s
financial services activities in the United States.
(4)Shareholding held by Ferrari North America Inc.
(5)Effective as of January 12, 2024, the company changed its name from 410 Park Display, Inc to Ferrari Lifestyle North America, Inc.
Non-controlling interests
The Group\u2019s non-controlling interests relate to (i) a 20 percent interest in Ferrari International Cars Trading
(Shanghai) Co. L.t.d., for which the Group holds an 80 percent interest, and (ii) a 49 percent interest in Ferrari Korea Co.,
Ltd., for which the Group acquired a 51 percent interest in October 2025.
The equity and net profit attributable to non-controlling interests are presented below and are not considered to be
significant to the Group.
At December 31,
2025
2024
(\u20ac thousand)
Equity attributable to non-controlling interests
7,849
9,292
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Net profit attributable to non-controlling interests
2,597
4,036
5,409
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-546": { "value": "
3. SCOPE OF CONSOLIDATION
Ferrari N.V. is the parent company of the Group and it holds, directly and indirectly, interests in the Group\u2019s main
operating companies. The Group\u2019s scope of consolidation at December 31, 2025 and 2024 is presented below.
At December 31, 2025
At December 31, 2024
Name
Country
Nature of
business
Shares held
by the
Group
Shares held
by NCI
Shares held
by the
Group
Shares held
by NCI
Directly held interests
Ferrari S.p.A.
Italy
Engineering,
manufacturing
and sales
100%
\u2014%
100%
\u2014%
New Business 33 S.p.A. (1)
Italy
Engineering,
manufacturing
and sales
\u2014%
\u2014%
100%
\u2014%
Indirectly held through Ferrari S.p.A.
Ferrari North America Inc.
USA
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari Japan KK
Japan
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari Australasia Pty Limited
Australia
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari International Cars Trading (Shanghai) Co. L.t.d.
China
Importer and
distributor
80%
20%
80%
20%
Ferrari (HK) Limited
Hong Kong
Importer and
distributor
100%
\u2014%
100%
\u2014%
Ferrari Korea Co., Ltd. (2)
South
Korea
Importer and
distributor
51%
49%
\u2014%
\u2014%
Ferrari Far East Pte Limited
Singapore
Service company
100%
\u2014%
100%
\u2014%
Ferrari Management Consulting (Shanghai) Co. L.t.d.
China
Service company
100%
\u2014%
100%
\u2014%
Ferrari South West Europe S.a.r.l.
France
Service company
100%
\u2014%
100%
\u2014%
Ferrari Central Europe GmbH
Germany
Service company
100%
\u2014%
100%
\u2014%
G.S.A. S.A. in liquidation
Switzerland
Service company
100%
\u2014%
100%
\u2014%
Mugello Circuit S.p.A.
Italy
Racetrack
management
100%
\u2014%
100%
\u2014%
Ferrari Financial Services, Inc.
USA
Financial
services
100%
\u2014%
100%
\u2014%
Indirectly held through other Group entities
Ferrari Auto Securitization Transaction LLC (3)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Auto Securitization Transaction - Lease, LLC (3)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Auto Securitization Transaction - Select, LLC (3)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Financial Services Titling Trust (3)
USA
Financial
services
100%
\u2014%
100%
\u2014%
Ferrari Lifestyle North America, Inc. (4)(5)
USA
Retail
100%
\u2014%
100%
\u2014%
_____________________________
(1)With effectiveness as of January 1, 2025, New Business 33 S.p.A. was merged by incorporation into Ferrari S.p.A.
(2)On October 2, 2025, the Group acquired a 51% percent controlling interest in Ferrari Korea Co., Ltd. from the former importer of Ferrari cars into
the South Korean market. Following the transaction, the Group began directly importing its cars into South Korea.
(3)Shareholding held by Ferrari Financial Services Inc. within the context of securitization transactions for receivables generated by the Group\u2019s
financial services activities in the United States.
(4)Shareholding held by Ferrari North America Inc.
(5)Effective as of January 12, 2024, the company changed its name from 410 Park Display, Inc to Ferrari Lifestyle North America, Inc.
Non-controlling interests
The Group\u2019s non-controlling interests relate to (i) a 20 percent interest in Ferrari International Cars Trading
(Shanghai) Co. L.t.d., for which the Group holds an 80 percent interest, and (ii) a 49 percent interest in Ferrari Korea Co.,
Ltd., for which the Group acquired a 51 percent interest in October 2025.
The equity and net profit attributable to non-controlling interests are presented below and are not considered to be
significant to the Group.
At December 31,
2025
2024
(\u20ac thousand)
Equity attributable to non-controlling interests
7,849
9,292
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Net profit attributable to non-controlling interests
2,597
4,036
5,409
16. INVESTMENTS AND OTHER FINANCIAL ASSETS
A breakdown of investments and other financial assets is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Investments accounted for using the equity method
76,011
63,438
Other securities and financial assets
20,433
17,384
Total investments and other financial assets
96,444
80,822
Investments accounted for using the equity method
Movements in the carrying amount of investments accounted for using the equity method are presented below.
(\u20ac thousand)
Balance at December 31, 2023
55,200
Proportionate share of net profit for the year ended December 31, 2024
8,245
Proportionate share of remeasurement of defined benefit plans and other movements
(7)
Balance at December 31, 2024
63,438
Proportionate share of net profit for the year ended December 31, 2025
12,572
Proportionate share of remeasurement of defined benefit plans and other movements
1
Balance at December 31, 2025
76,011
Investments accounted for using the equity method mainly relate to the Group\u2019s investment in FFS GmbH, for
which the Group holds a 49.9 percent interest, as well as the Group\u2019s investment in FS China Limited, a joint venture formed
in China in 2021 to manage certain lifestyle activities in the local market, for which the Group holds a 49.0 percent interest.
Summarized financial information relating to FFS GmbH at and for the years ended December\u00a031, 2025 and 2024 is
presented below.
At December 31,
2025
2024
(\u20ac thousand)
Assets
Non-current assets
4,795
4,825
Receivables from financing activities
1,246,366
1,371,071
Other current assets
11,274
8,766
Cash and cash equivalents
22,989
28,571
Total assets
1,285,424
1,413,233
Equity and liabilities
Equity
150,318
125,040
Debt
991,075
1,126,177
Other liabilities
144,031
162,016
Total equity and liabilities
1,285,424
1,413,233
For the year ended December 31,
2025
2024
2023
(\u20ac thousand)
Net revenues
95,936
88,597
66,446
Cost of sales
51,840
52,415
37,198
Selling, general and administrative costs
9,590
9,966
9,314
Other expenses, net
3,239
2,826
1,574
Profit before taxes
31,267
23,390
18,360
Income tax expense
5,978
6,472
5,147
Net profit
25,289
16,918
13,213
Other securities and financial assets
Other securities and financial assets primarily include the Group\u2019s holdings of 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 \u20ac16,743 thousand at December\u00a031, 2025 (\u20ac15,816 thousand
at December 31, 2024) (the \u201cLiberty Media Shares\u201d).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-548": { "value": "
Non-controlling interests
The Group\u2019s non-controlling interests relate to (i) a 20 percent interest in Ferrari International Cars Trading
(Shanghai) Co. L.t.d., for which the Group holds an 80 percent interest, and (ii) a 49 percent interest in Ferrari Korea Co.,
Ltd., for which the Group acquired a 51 percent interest in October 2025.
The equity and net profit attributable to non-controlling interests are presented below and are not considered to be
significant to the Group.
At December 31,
2025
2024
(\u20ac thousand)
Equity attributable to non-controlling interests
7,849
9,292
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Net profit attributable to non-controlling interests
2,597
4,036
5,409
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-550": { "value": "
4. NET REVENUES
A breakdown of n et revenues is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Revenues from:
Cars and spare parts
6,005,243
5,727,688
5,119,181
Sponsorship, commercial and brand
819,551
669,776
571,759
Other (1)
320,974
279,204
279,206
Total net revenues
7,145,768
6,676,668
5,970,146
_____________________________
(1) Primarily includes net revenues from financial services activities, the 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 teams and, for the years ended December 31, 2024 and 2023 only, from the
sale of engines to Maserati.
Interest and other financial income from financial services activities included within other net revenues in 2025 ,
2024 and 2023 amounted to \u20ac141,939\u00a0thousand, \u20ac130,406\u00a0thousand and \u20ac99,661\u00a0thousand, respectively.
A breakdown of net revenues by geographic location of the Group\u2019s customers is presented below. 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 relating to Ferrari\u2019s participation in the Formula 1 World
Championship.
For the years ended December\u00a031,
2025
2024
2023
(\u20ac thousand)
Italy
527,727
462,832
442,760
Rest of EMEA
2,996,719
2,690,613
2,428,783
of which UK
617,361
652,391
625,930
of which Germany
576,371
549,093
493,930
Americas (1)
2,252,780
2,183,435
1,762,530
of which United States of America
1,981,359
1,921,459
1,535,772
Mainland China, Hong Kong and Taiwan
491,285
539,500
583,760
of which Mainland China
311,732
390,529
479,882
Rest of APAC (2)
877,257
800,288
752,313
Total net revenues
7,145,768
6,676,668
5,970,146
_____________________________
(1) Americas includes the United States of America, Canada, Mexico, the Caribbean and of Central and South Americ a.
(2) Rest of APAC mainly includes Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia.
Revenues in the Netherlands, the Company\u2019s country of domicile, for the years ended December 31, 2025, 2024 and
2023 amounted to \u20ac118,811\u00a0thousand, \u20ac85,786\u00a0thousand and \u20ac68,605\u00a0thousand, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-549": { "value": "
4. NET REVENUES
A breakdown of n et revenues is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Revenues from:
Cars and spare parts
6,005,243
5,727,688
5,119,181
Sponsorship, commercial and brand
819,551
669,776
571,759
Other (1)
320,974
279,204
279,206
Total net revenues
7,145,768
6,676,668
5,970,146
_____________________________
(1) Primarily includes net revenues from financial services activities, the 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 teams and, for the years ended December 31, 2024 and 2023 only, from the
sale of engines to Maserati.
Interest and other financial income from financial services activities included within other net revenues in 2025 ,
2024 and 2023 amounted to \u20ac141,939\u00a0thousand, \u20ac130,406\u00a0thousand and \u20ac99,661\u00a0thousand, respectively.
OTHER LIABILITIES
Deferred income primarily includes amounts received under maintenance and power warranty programs of \u20ac340,779
thousand at December\u00a031, 2025 and \u20ac300,599 thousand at December\u00a031, 2024, which are deferred and recognized as net
revenues over the length of the maintenance program. Of the total liability related to maintenance and power warranty
programs at December\u00a031, 2025, the Group expects to recognize in net revenues approximately \u20ac96 million in 2026, \u20ac77
million in 2027, \u20ac56 million in 2028 and \u20ac112 million in periods subsequent to 2028. Deferred income also includes amounts
collected under various other agreements that are dependent upon the future performance of a service or other act of the
Group, primarily for Formula 1 sponsorship agreements.
Changes in contract liabilities for advances received from customers for cars and maintenance and power warranty
programs are presented below.
At December
31, 2024
Additional
amounts
arising during
the period
Amounts
recognized
within revenue
Other changes
At December
31, 2025
(\u20ac thousand)
Advances from customers
547,345
1,617,385
(1,396,290)
205
768,645
Maintenance and power warranty programs
300,599
151,702
(111,695)
173
340,779
At December
31, 2023
Additional
amounts
arising during
the period
Amounts
recognized
within revenue
Other changes
At December
31, 2024
(\u20ac thousand)
Advances from customers
510,625
981,694
(945,687)
713
547,345
Maintenance and power warranty programs
262,644
136,420
(98,393)
(72)
300,599
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-552": { "value": "
5. COST OF SALES
Cost of sales in 2025, 2024 and 2023 amounted to \u20ac3,452,971 thousand , \u20ac3,329,483 thousand and \u20ac2,995,877
thousand, respectively, and consisted primarily 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,
warranty and product-liability related costs, as well as production costs for engines supplied to other Formula 1 racing teams.
In addition, cost of sales included costs related to engines sold to Maserati S.p.A., primarily in 2023, when the related supply
contract expired.
Interest and other financial expenses from financial services activities included within cost of sales in 2025, 2024
and 2023 amounted to \u20ac99,206 thousand, \u20ac88,308 thousand and \u20ac60,808 thousand, respectively.
6. SELLING, GENERAL AND ADMINISTRATIVE COSTS
A breakdown of selling, general and administrative costs is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Selling costs
349,392
288,538
236,443
General and administrative costs
293,098
272,606
226,137
Total selling, general and administrative costs
642,490
561,144
462,580
Selling costs consist mainly of expenses related to 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, as well as lifestyle events, including the use of digital solutions. These costs also include indirect marketing and
brand-promotion activities, including those incurred through the Formula 1 racing team, Scuderia Ferrari.
General and administrative costs consist mainly of administrative and other general expenses that are not directly
attributable to manufacturing, sales, or research and development activities. These costs include, in particular, personnel-
related expenses and costs associated with the development and maintenance of the Group\u2019s digital infrastructure.
7. RESEARCH AND DEVELOPMENT COSTS
A breakdown of research and development costs is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Research and development costs expensed during the year\u00a0
592,690
563,311
538,903
Amortization of capitalized development costs\u00a0
326,171
330,781
342,656
Total research and development costs\u00a0
918,861
894,092
881,559
Research and development costs expensed primarily relate to Formula 1 racing activities and programs to support
innovation across the Group\u2019s product portfolio and components, particularly those involving advanced technologies.
Research and development costs for the years December\u00a031, 2025, 2024 and 2023 are presented net of technology-
related government incentives.
8. OTHER EXPENSES, NET
A breakdown of other expenses, net is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Other income
21,188
21,818
10,958
Other expenses
55,490
34,261
29,856
Total other expenses, net
34,302
12,443
18,898
Other expenses primarily consist of indirect taxes, provisions, and other miscellaneous expenses, while other income
primarily consists of rental income, gains on the disposal of property, plant and equipment and releases of previously
recognized provisions, as well as other miscellaneous income.
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
A breakdown of financial expenses and financial income is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Foreign exchange gains
129,070
92,051
91,019
Interest income
20,416
31,486
25,813
Other financial income
18,659
23,563
15,487
Financial income
168,145
147,100
132,319
Foreign exchange losses
167,230
99,087
111,216
Interest expenses
41,168
40,054
29,258
Other financial expenses
5,828
6,754
6,860
Financial expenses
214,226
145,895
147,334
Financial expenses/(income), net
46,081
(1,205)
15,015
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. In
2023, financial income includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter
of 2023 on a bond that was fully repaid in 2025, upon maturity. For additional information, see Note 24 \u201cDebt\u201d.
Interest and other financial income from financial services activities, and interest expenses and other financial
charges relating to those activities, are recognized within net revenues and cost of sales, respectively.
11. OTHER INFORMATION BY NATURE
Personnel costs in 2025 , 2024 and 2023 amounted to \u20ac662,496 thousand, \u20ac626,287 thousand and \u20ac575,215
thousand, respectively. These amounts include costs that were capitalized in connection with product development activities.
In 2025 , 2024 and 2023, the average number of employees of the Group was 5,544, 5,327 and 4,960, respectively.
Depreciation of property, plant and equipment amounted to \u20ac298,734 thousand, \u20ac299,638 thousand and
\u20ac290,204\u00a0thousand for the years ended December 31, 2025, 2024 and 2023, respectively
Amortization of intangible assets amounted to \u20ac363,202 thousand, \u20ac367,139 thousand and \u20ac372,101\u00a0thousand for
the years ended December 31, 2025, 2024 and 2023 , respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-551": { "value": "
5. COST OF SALES
Cost of sales in 2025, 2024 and 2023 amounted to \u20ac3,452,971 thousand , \u20ac3,329,483 thousand and \u20ac2,995,877
thousand, respectively, and consisted primarily 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,
warranty and product-liability related costs, as well as production costs for engines supplied to other Formula 1 racing teams.
In addition, cost of sales included costs related to engines sold to Maserati S.p.A., primarily in 2023, when the related supply
contract expired.
Interest and other financial expenses from financial services activities included within cost of sales in 2025, 2024
and 2023 amounted to \u20ac99,206 thousand, \u20ac88,308 thousand and \u20ac60,808 thousand, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-553": { "value": "
6. SELLING, GENERAL AND ADMINISTRATIVE COSTS
A breakdown of selling, general and administrative costs is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Selling costs
349,392
288,538
236,443
General and administrative costs
293,098
272,606
226,137
Total selling, general and administrative costs
642,490
561,144
462,580
Selling costs consist mainly of expenses related to 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, as well as lifestyle events, including the use of digital solutions. These costs also include indirect marketing and
brand-promotion activities, including those incurred through the Formula 1 racing team, Scuderia Ferrari.
General and administrative costs consist mainly of administrative and other general expenses that are not directly
attributable to manufacturing, sales, or research and development activities. These costs include, in particular, personnel-
related expenses and costs associated with the development and maintenance of the Group\u2019s digital infrastructure.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-554": { "value": "
7. RESEARCH AND DEVELOPMENT COSTS
A breakdown of research and development costs is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Research and development costs expensed during the year\u00a0
592,690
563,311
538,903
Amortization of capitalized development costs\u00a0
326,171
330,781
342,656
Total research and development costs\u00a0
918,861
894,092
881,559
Research and development costs expensed primarily relate to Formula 1 racing activities and programs to support
innovation across the Group\u2019s product portfolio and components, particularly those involving advanced technologies.
Research and development costs for the years December\u00a031, 2025, 2024 and 2023 are presented net of technology-
related government incentives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-557": { "value": "
8. OTHER EXPENSES, NET
A breakdown of other expenses, net is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Other income
21,188
21,818
10,958
Other expenses
55,490
34,261
29,856
Total other expenses, net
34,302
12,443
18,898
Other expenses primarily consist of indirect taxes, provisions, and other miscellaneous expenses, while other income
primarily consists of rental income, gains on the disposal of property, plant and equipment and releases of previously
recognized provisions, as well as other miscellaneous income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-556": { "value": "
8. OTHER EXPENSES, NET
A breakdown of other expenses, net is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Other income
21,188
21,818
10,958
Other expenses
55,490
34,261
29,856
Total other expenses, net
34,302
12,443
18,898
Other expenses primarily consist of indirect taxes, provisions, and other miscellaneous expenses, while other income
primarily consists of rental income, gains on the disposal of property, plant and equipment and releases of previously
recognized provisions, as well as other miscellaneous income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-555": { "value": "
8. OTHER EXPENSES, NET
A breakdown of other expenses, net is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Other income
21,188
21,818
10,958
Other expenses
55,490
34,261
29,856
Total other expenses, net
34,302
12,443
18,898
Other expenses primarily consist of indirect taxes, provisions, and other miscellaneous expenses, while other income
primarily consists of rental income, gains on the disposal of property, plant and equipment and releases of previously
recognized provisions, as well as other miscellaneous income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-559": { "value": "
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
A breakdown of financial expenses and financial income is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Foreign exchange gains
129,070
92,051
91,019
Interest income
20,416
31,486
25,813
Other financial income
18,659
23,563
15,487
Financial income
168,145
147,100
132,319
Foreign exchange losses
167,230
99,087
111,216
Interest expenses
41,168
40,054
29,258
Other financial expenses
5,828
6,754
6,860
Financial expenses
214,226
145,895
147,334
Financial expenses/(income), net
46,081
(1,205)
15,015
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. In
2023, financial income includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter
of 2023 on a bond that was fully repaid in 2025, upon maturity. For additional information, see Note 24 \u201cDebt\u201d.
Interest and other financial income from financial services activities, and interest expenses and other financial
charges relating to those activities, are recognized within net revenues and cost of sales, respectively.
16. INVESTMENTS AND OTHER FINANCIAL ASSETS
A breakdown of investments and other financial assets is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Investments accounted for using the equity method
76,011
63,438
Other securities and financial assets
20,433
17,384
Total investments and other financial assets
96,444
80,822
Investments accounted for using the equity method
Movements in the carrying amount of investments accounted for using the equity method are presented below.
(\u20ac thousand)
Balance at December 31, 2023
55,200
Proportionate share of net profit for the year ended December 31, 2024
8,245
Proportionate share of remeasurement of defined benefit plans and other movements
(7)
Balance at December 31, 2024
63,438
Proportionate share of net profit for the year ended December 31, 2025
12,572
Proportionate share of remeasurement of defined benefit plans and other movements
1
Balance at December 31, 2025
76,011
Investments accounted for using the equity method mainly relate to the Group\u2019s investment in FFS GmbH, for
which the Group holds a 49.9 percent interest, as well as the Group\u2019s investment in FS China Limited, a joint venture formed
in China in 2021 to manage certain lifestyle activities in the local market, for which the Group holds a 49.0 percent interest.
Summarized financial information relating to FFS GmbH at and for the years ended December\u00a031, 2025 and 2024 is
presented below.
At December 31,
2025
2024
(\u20ac thousand)
Assets
Non-current assets
4,795
4,825
Receivables from financing activities
1,246,366
1,371,071
Other current assets
11,274
8,766
Cash and cash equivalents
22,989
28,571
Total assets
1,285,424
1,413,233
Equity and liabilities
Equity
150,318
125,040
Debt
991,075
1,126,177
Other liabilities
144,031
162,016
Total equity and liabilities
1,285,424
1,413,233
For the year ended December 31,
2025
2024
2023
(\u20ac thousand)
Net revenues
95,936
88,597
66,446
Cost of sales
51,840
52,415
37,198
Selling, general and administrative costs
9,590
9,966
9,314
Other expenses, net
3,239
2,826
1,574
Profit before taxes
31,267
23,390
18,360
Income tax expense
5,978
6,472
5,147
Net profit
25,289
16,918
13,213
Other securities and financial assets
Other securities and financial assets primarily include the Group\u2019s holdings of 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 \u20ac16,743 thousand at December\u00a031, 2025 (\u20ac15,816 thousand
at December 31, 2024) (the \u201cLiberty Media Shares\u201d).
18. CURRENT RECEIVABLES AND OTHER CURRENT ASSETS
A breakdown of current receivables and other current assets is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Trade receivables
360,339
349,176
Receivables from financing activities
1,613,396
1,661,632
Current tax receivables
31,715
15,918
Other current assets
159,223
137,763
Total
2,164,673
2,164,489
Trade receivables
A breakdown of trade receivables by nature is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Trade receivables due from:
Dealers
145,061
153,894
Sponsorship and commercial activities
108,737
81,863
Brand activities
37,346
26,189
Stellantis Group companies
1,070
3,654
Other
68,125
83,576
Total
360,339
349,176
Trade receivables due from dealers relate to receivables for the sale of cars across the dealer network and are
generally settled within 30 to 40 days from the date of invoice.
Trade receivables due from sponsorship and commercial activities mainly relate to the Group\u2019s participation in the
Formula 1 World Championship and the World Endurance Championship. Trade receivables due from brand activities relate
to amounts receivable for licensing and merchandising activities.
The Group is not exposed to significant concentrations of third party credit risk.
A breakdown of trade receivables by currency is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Trade receivables denominated in:
Euro
143,909
166,846
U.S. Dollar
170,138
152,537
Japanese Yen
16,867
6,104
Pound Sterling
6,246
12,814
Chinese Yuan
2,132
4,701
Other currencies
21,047
6,174
Total
360,339
349,176
Trade receivables are shown net of an allowance for doubtful accounts determined on the basis of insolvency risk
and historical experience, adjusted for forward-looking factors specific to the receivables and the economic environment.
Additional provisions to the allowance for doubtful accounts are recorded within selling, general and administrative costs in
the consolidated income statement.
Changes in the allowance for doubtful accounts of trade receivables are presented below.
2025
2024
(\u20ac thousand)
At January 1
33,376
25,418
Additional provisions
16,385
10,884
Utilizations
(11,527)
(2,104)
Releases
(1,996)
(828)
Other changes
\u2014
6
At December 31
36,238
33,376
Receivables from financing activities
Receivables from financing activities relate to financing provided by the Group to Ferrari clients to finance their car
acquisitions in the United States. The underlying receivables are denominated in U.S. Dollars and are generally secured on
the title of cars or other guarantees.
During 2025 the average contractual duration at inception of such contracts was approximately 69 months (68
months in 2024) and the weighted average interest rate was approximately 8.8 percent (approximately 8.3 percent in 2024).
Receivables for client financing are generally secured on the titles of the related cars or other personal guarantees.
Receivables from financing activities are shown net of an allowance for doubtful accounts and additional provisions
are recorded within cost of sales in the consolidated income statement.
Changes in the allowance for doubtful accounts of receivables from financing activities are presented below.
2025
2024
(\u20ac thousand)
At January 1
16,547
11,165
Additional provisions
13,557
10,038
Utilizations
(8,984)
(5,293)
Releases
(45)
(57)
Other changes
(2,333)
694
At December 31
18,742
16,547
Other current assets
A breakdown of other current assets is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Italian and foreign VAT credits
99,593
56,837
Prepayments
51,863
63,983
Other
7,767
16,943
Total other current assets
159,223
137,763
Other includes security deposits, amounts due from personnel and other receivables.
At December\u00a031, 2025, the Group had provided guarantees through third parties amounting to \u20ac168,930 thousand
(\u20ac225,438 thousand at December\u00a031, 2024), principally to (i) banks for a U.S. Dollar denominated credit facility of FFS Inc.,
(ii) tax authorities for VAT reimbursements according to Italian legislation, and (iii) customs authorities for duties on import
and export activities.
A breakdown of receivables and other current assets (excluding prepayments) by due date is presented below.
At December 31, 2025
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
310,058
7,962
\u2014
42,319
360,339
Receivables from financing activities (1)
250,791
1,139,104
118,920
104,581
1,613,396
Current tax receivables
27,755
3,960
\u2014
\u2014
31,715
Other current assets (excluding prepayments)
107,360
\u2014
\u2014
\u2014
107,360
Total
695,964
1,151,026
118,920
146,900
2,112,810
At December 31, 2024
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
302,025
\u2014
\u2014
47,151
349,176
Receivables from financing activities (1)
237,414
1,226,598
90,417
107,203
1,661,632
Current tax receivables
11,454
4,464
\u2014
\u2014
15,918
Other current assets (excluding prepayments)
73,389
\u2014
\u2014
391
73,780
Total
624,282
1,231,062
90,417
154,745
2,100,506
_____________________________
(1) Excluding interest generated on these receivables. If a counterparty to the receivables has failed to make at least one contractual payment by the
respective due date, the entire amount of the receivable is considered overdue.
Overdue amounts represent receivables and other current assets where payments are past their due date.
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
A breakdown of c urrent financial assets is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Financial derivatives
73,664
19,350
Other financial assets
4,421
5,656
Current financial assets
78,085
25,006
Current financial assets and other financial liabilities mainly relate to foreign exchange derivatives and interest rate
caps.
A breakdown of derivative assets and liabilities is presented below.
At December 31,
2025
2024
Positive\u00a0fair\u00a0
value \u00a0
Negative\u00a0fair\u00a0
value
Positive\u00a0fair\u00a0
value \u00a0
Negative\u00a0fair\u00a0
value \u00a0
(\u20ac thousand)
Cash flow hedge:
Currency swaps
70,942
(5,936)
11,591
(58,911)
Interest rate caps
1,487
\u2014
5,547
\u2014
Commodities
\u2014
(334)
\u2014
\u2014
Total Cash flow hedges
72,429
(6,270)
17,138
(58,911)
Other foreign currency derivatives
1,235
(335)
2,212
(2,983)
Other
\u2014
(800)
\u2014
\u2014
Current financial assets/(liabilities)
73,664
(7,405)
19,350
(61,894)
Foreign currency 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. At December\u00a031, 2025 and 2024, substantially all derivative financial instruments had a maturity
of twelve months or less.
A breakdown of outstanding derivative financial instruments by foreign currency based on their fair value and
notional amounts is presented below.
At December 31, 2025
At December 31, 2024
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
42,650
2,850,720
(43,002)
2,818,516
Japanese Yen
23,575
476,778
5,119
270,514
Swiss Franc
567
136,354
(273)
116,872
Pound Sterling
466
126,060
(2,987)
157,264
Chinese Yuan
(187)
110,695
(2,880)
188,968
Other(1)
(812)
227,501
1,479
155,401
Total amount
66,259
3,928,108
(42,544)
3,707,535
_____________________________
(1)Other mainly relates to the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
Cash flow hedges
Cash flow hedges mainly relate to foreign currency risk management and in particular, the exposure to fluctuations
in the Euro/U.S. Dollar exchange rate for sales in U.S. Dollars.
The policy of the Group for managing foreign currency risk normally requires hedging of a portion of projected
future cash flows from trading activities and orders acquired (or contracts in progress) in foreign currencies that will occur
within the following 12 months. According to such policy, the hedging strategy is periodically updated and rebalanced,
generally on a monthly basis. Derivatives relating to foreign currency risk management are treated as cash flow hedges where
the derivative qualifies for hedge accounting. The amounts recorded in the cash flow hedge reserve within other
comprehensive income will be recognized in the consolidated income statement according to the timing of the flows of the
underlying transactions. Management believes that substantially all of the hedging effects arising from these derivative
contracts and recorded in the cash flow hedge reserve will be recognized in the consolidated income statement within the
following 12 months from the reporting date.
A breakdown of gains and losses, net of the related tax effects, reclassified from other comprehensive income/(loss)
to the consolidated income statement is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Net revenues
60,389
20,827
48,393
Income tax expenses
(16,849)
(5,811)
(13,502)
Total recognized in the consolidated income statement
43,540
15,016
34,891
The ineffectiveness of cash flow hedges was not material for the years 2025, 2024 and 2023.
24. DEBT
A breakdown of debt by nature and split between current and non-current is presented below.
At December 31,
2025
2024
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac thousand)
Asset-backed financing (Securitizations)
669,185
619,205
1,288,390
649,173
693,082
1,342,255
Bonds and notes
12,368
946,907
959,275
459,056
953,917
1,412,973
Borrowings from banks and other financial
institutions
203,021
225,000
428,021
143,800
270,833
414,633
Lease liabilities
31,348
130,799
162,147
26,491
99,779
126,270
Other debt
46,387
\u2014
46,387
55,757
\u2014
55,757
Total debt
962,309
1,921,911
2,884,220
1,334,277
2,017,611
3,351,888
Movements in debt are presented below, financing cash flows and other movements presented separately.
Financing cash flows
Other movements
Balance at
December
31, 2024
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)
Translation
differences
Balance at
December
31, 2025
(\u20ac thousand)
Asset-backed financing (Securitizations)
1,342,255
142,375
(33,294)
(1,250)
(161,696)
1,288,390
Bonds and notes
1,412,973
\u2014
(450,963)
(2,735)
\u2014
959,275
Borrowings from banks and other financial
institutions
414,633
400,000
(378,332)
(1,007)
(7,273)
428,021
Lease liabilities
126,270
\u2014
(23,825)
67,431
(7,729)
162,147
Other debt
55,757
42,527
(46,161)
\u2014
(5,736)
46,387
Total debt
3,351,888
584,902
(932,575)
62,439
(182,434)
2,884,220
Financing cash flows
Other movements
Balance at
December
31, 2023
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)(2)
Translation
differences
Balance at
December
31, 2024
(\u20ac thousand)
Asset-backed financing (Securitizations)
1,166,473
340,499
(243,649)
461
78,471
1,342,255
Bonds and notes
903,673
496,145
\u2014
13,155
\u2014
1,412,973
Borrowings from banks and other financial
institutions
290,930
225,000
(104,690)
(672)
4,065
414,633
Lease liabilities
73,047
\u2014
(22,001)
73,429
1,795
126,270
Other debt
43,063
51,022
(41,297)
\u2014
2,969
55,757
Total debt
2,477,186
1,112,666
(411,637)
86,373
87,300
3,351,888
_____________________________
(1) Other changes in lease liabilities relate entirely to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
(2)Includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond fully repaid, upon maturity,
in 2025.
Contractual undiscounted cash flows
The contractual maturities (contractual undiscounted cash flows, including interest) of the Group\u2019s debt based on
relevant maturity groupings are presented below.
Contractual cash flows at December 31, 2025
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2025 (*)
(\u20ac thousand)
Asset-backed financing (Securitizations)
702,097
387,018
253,845
\u2014
1,342,960
1,288,390
Bonds and notes
23,075
23,075
705,722
302,582
1,054,454
959,275
Borrowings from banks and other financial institutions
209,710
79,819
154,320
\u2014
443,849
428,021
Lease liabilities
36,049
29,012
61,072
61,298
187,431
162,147
Other debt
46,387
\u2014
\u2014
\u2014
46,387
46,387
Total debt
1,017,318
518,924
1,174,959
363,880
3,075,081
2,884,220
Contractual cash flows at December 31, 2024
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2024 (*)
(\u20ac thousand)
Asset-backed financing (Securitizations)
685,427
435,082
282,283
\u2014
1,402,792
1,342,255
Bonds and notes
480,802
23,075
218,525
812,804
1,535,206
1,412,973
Borrowings from banks and other financial institutions
152,858
53,683
234,312
\u2014
440,853
414,633
Lease liabilities
29,182
24,390
49,052
36,912
139,536
126,270
Other debt
55,757
\u2014
\u2014
\u2014
55,757
55,757
Total debt
1,404,026
536,230
784,172
849,716
3,574,144
3,351,888
_____________________________
(*)\u00a0 As reported in the consolidated statement of financial position.
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
hedging through interest rate cap derivatives.
Details relating to the revolving securitization programs are presented below.
Program
Funding Limit (2)
Amount
Outstanding at
December 31, 2025
Amount
Outstanding at
December 31, 2024
Maturity Date
($ million)
($ million)
($ million)
Syndicated program (retail) (1)
1,050
1,038
974
December 2026
Program lease/retail (1)
525
475
420
November 2027
Total asset-backed financing (Securitizations)
1,575
1,513
1,394
_____________________________
(1) At December 31, 2025 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 79 basis points and the notes relating to the leasing/retail securitization program bore
interest at a rate per annum equal to the aggregate of SOFR plus a margin of 70 basis points.
(2) Excluding accrued interest.
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 on the related asset-backed financing. This cash
amounted to \u20ac54,434 thousand at December\u00a031, 2025 (\u20ac53,644\u00a0thousand at December 31, 2024).
Bonds and notes
2025 Bond
On May 27, 2025, the Company fully repaid the 2025 Bond for a total consideration of \u20ac457,727\u00a0thousand
(including accrued interest). The bond was previously issued on May 27, 2020 for a principal of \u20ac650\u00a0million at a coupon of
1.5 percent and due on May 2025. 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 \u20ac199,037\u00a0thousand at a purchase price of \u20ac191,097\u00a0thousand, resulting
in gains of \u20ac7,940\u00a0thousand, which were recognized within financial income. The amount outstanding at December\u00a031, 2024
was \u20ac454,449\u00a0thousand , including accrued interest of \u20ac4,059\u00a0thousand.
2030 Bond
On May 21, 2024, the Company issued 3.625 percent senior notes due May 2030 (\u201c2030 Bond\u201d) having a principal
of \u20ac500\u00a0million. The notes were issued at a discount for an issue price of 99.677 percent, resulting in net proceeds of
\u20ac496,145\u00a0thousand, 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 December\u00a031, 2025 was \u20ac508,225\u00a0thousand, including accrued interest
of \u20ac11,121\u00a0thousand (\u20ac507,678\u00a0thousand including accrued interest of \u20ac11,173\u00a0thousand at December 31, 2024).
2029 and 2031 Notes
On July 31, 2019, the Company issued 1.12 percent senior notes due August 2029 (\u201c2029 Notes\u201d) and 1.27 percent
senior notes due August 2031 (\u201c2031 Notes\u201d) through a private placement to certain U.S. institutional investors, each having
a principal of \u20ac150\u00a0million. The net proceeds from the issuances amounted to \u20ac298,316\u00a0thousand 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 December\u00a031, 2025 was \u20ac150,395\u00a0thousand, including accrued interest
of \u20ac694\u00a0thousand (\u20ac150,302\u00a0thousand, including accrued interest of \u20ac700\u00a0thousand at December 31, 2024 ). The amount
outstanding of the 2031 Notes at December\u00a031, 2025 was \u20ac150,378\u00a0thousand, including accrued interest of \u20ac787\u00a0thousand
(\u20ac150,315\u00a0thousand including accrued interest of \u20ac794\u00a0thousand at December 31, 2024).
2032 Notes
On July 29, 2021, the Company issued 0.91 percent senior notes due January 2032 (\u201c2032 Notes\u201d) through a private
placement to certain U.S. institutional investors having a principal of \u20ac150\u00a0million. The net proceeds from the issuance
amounted to \u20ac149,495\u00a0thousand and the yield to maturity on an annual basis equals the nominal coupon rates of the notes.
The 2032 Notes are used for general corporate purposes. The amount outstanding of the 2032 Notes at December\u00a031, 2025
was \u20ac150,277\u00a0thousand, including accrued interest of \u20ac576\u00a0thousand (\u20ac150,229\u00a0thousand, including accrued interest of
\u20ac576\u00a0thousand at December 31, 2024).
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 December\u00a031, 2025 and 2024, Ferrari was in compliance with the covenants of the bonds
and notes.
Borrowings from banks and other financial institutions
Information relating to borrowings from banks and other financial institutions is presented below.
Amount Outstanding
at December 31,
Borrowing Entity
Currency
2025
2024
Maturity Date
(\u20ac thousand)
Ferrari NV (1)
EUR
37,970
84,115
January 2026 (4)
Ferrari NV (1)
EUR
8,336
41,682
March 2026
Ferrari NV (1)
EUR
100,452
\u2014
April 2026
Ferrari NV (1)
EUR
75,361
75,497
January 2027
Ferrari NV (1)
EUR
150,130
150,143
December 2028
Ferrari Financial Services, Inc. (2)
USD
55,769
63,181
April 2026
Ferrari SpA (3)
EUR
3
15
Total borrowings from banks and other financial
institutions
428,021
414,633
_____________________________
(1) Term loans bearing an average interest rate of 2.6593 percent as of December 31, 2025.
(2)Financial liabilities of FFS Inc to support financial services activities bearing interest at SOFR plus 83 basis points.
(3)At December 31, 2024 relates to an amortized term loan repaid in June 2025. At December 31, 2025 relates to banking fees and interest.
(4)\u00a0 \u00a0 The amount was fully repaid in January 2026.
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 - Leases. At
December\u00a031, 2025 lease liabilities amounted to \u20ac162,147 thousand (\u20ac126,270\u00a0thousand at December 31, 2024).
Other debt
Other debt mainly relates to U.S. based financial service activities with specific reference to expected cash out for
new funding request as per contractual commitment.
Committed credit lines
At December\u00a031, 2025 , the Group had total committed credit lines available and undrawn amounting to \u20ac550 million
and with maturities ranging from 2026 to 2030 (\u20ac550 million at December 31, 2024).
26. TRADE PAYABLES
Trade payables of \u20ac841,256 thousand at December\u00a031, 2025 (\u20ac945,657 thousands at December 31, 2024) are
entirely due within one year. The carrying amount of trade payables is considered to be equivalent to their fair value.
27. FAIR VALUE MEASUREMENT
IFRS 13 \u2014 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 fair value hierarchy for financial assets and liabilities that are measured at fair value on a recurring basis is
presented below.
At December 31, 2025
Note
Level 1
Level\u00a02
Level\u00a03
Total
(\u20ac thousand)
Investments and other financial assets
16
17,937
\u2014
\u2014
17,937
Current financial assets
19
\u2014
73,664
\u2014
73,664
Total assets
17,937
73,664
\u2014
91,601
Other financial liabilities
19
\u2014
7,405
\u2014
7,405
Total liabilities
\u2014
7,405
\u2014
7,405
At December 31, 2024
Note
Level 1
Level\u00a02
Level\u00a03
Total
(\u20ac thousand)
Investments and other financial assets
16
16,897
\u2014
\u2014
16,897
Current financial assets
19
\u2014
19,350
\u2014
19,350
Total assets
16,897
19,350
\u2014
36,247
Other financial liabilities
19
\u2014
61,894
\u2014
61,894
Total liabilities
\u2014
61,894
\u2014
61,894
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 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 is presented below.
At December 31,
2025
2024
\u00a0\u00a0Note
Carrying
amount
Fair Value
Carrying
amount
Fair Value
(\u20ac thousand)
Receivables from financing activities
18
1,613,396
1,613,396
1,661,632
1,661,632
Debt
24
2,884,220
2,885,085
3,351,888
3,348,721
The Group has determined that the carrying amount of the majority of its debt approximates its fair value since
either (i) the interest payable on the debt is close to current market rates, and/or (ii) the debt is of a short-term nature. The
only exception is the Group\u2019s debt that is publicly listed for which the fair value is based on quoted market prices.
30. QUALITATIVE AND QUANTITATIVE INFORMATION ON FINANCIAL RISKS
The Group is exposed to the following financial risks connected with its operations:
\u2022 Financial market risk \u2014 Principally relating to foreign currency exchange rates as the Group operates internationally
in different currencies and, to a lesser extent, interest rates and commodity prices;
\u2022 Liquidity risk \u2014 With particular reference to the availability of funds and access to the credit markets, should the
Group require them, and to financial instruments in general;
\u2022 Credit risk \u2014 Arises from normal commercial relations with dealers, sponsors, licensees and final clients, as well as
the Group\u2019s financing activities.
These risks could significantly affect the Group\u2019s financial position, results of operations and cash flows, and for
this reason the Group identifies and monitors these risks, in order to detect potential negative effects in advance and take the
necessary action to mitigate them, primarily through the Group\u2019s operating and financing activities and if required, through
the use of derivative financial instruments.
The following section provides qualitative and quantitative disclosures on the effect that these risks may have upon
the Group. The quantitative data reported in the following section does not have any predictive value. In particular, the
sensitivity analysis on financial market risks does not reflect the complexity of the market or the reaction which may result
from any changes that are assumed to take place.
Financial market risks
Due to the nature of the Group\u2019s business, the Group is exposed to a variety of market risks, including foreign
currency exchange rate risk and to a lesser extent, interest rate risk and commodity price risk.
The Group\u2019s exposure to foreign currency exchange rate risk arises from the geographic distribution of the Group\u2019s
shipments, as the Group generally sells its models in the currencies of the various markets in which the Group operates, while
the Group\u2019s industrial activities are all based in Italy, and primarily denominated in Euro.
The Group\u2019s exposure to interest rate risk arises from the need to fund certain activities and the necessity to deploy
surplus funds. Changes in market interest rates may have the effect of either increasing or decreasing the Group\u2019s net profit/
(loss), thereby indirectly affecting the costs and returns of financing and investing transactions.
The Group has in place various risk management policies, which primarily relate to foreign exchange and
commodity price, interest rate and liquidity risks. The Group\u2019s risk management policies permit derivatives to be used for
managing such exposures at risk. Counterparties to these agreements are major financial institutions. Derivative financial
instruments can only be executed for hedging purposes.
In particular, the Group used derivative financial instruments as cash flow hedges primarily for the purpose of
limiting the negative impact of foreign currency exchange rate fluctuations on forecasted transactions denominated in foreign
currencies. Accordingly, as a result of applying risk management policies with respect to foreign currency exchange
exposure, the Group\u2019s results of operations have not been fully exposed to fluctuations in foreign currency exchange rates.
However, despite these risk management policies and hedging transactions, sudden adverse movements in foreign currency
exchange rates could have a significant effect on the Group\u2019s earnings and cash flows.
The Group also enters into interest rate caps as required by certain of its securitization agreements.
Information on the fair value of derivative financial instruments held is provided in Note 19.
Information on foreign currency exchange rate risk
The Group is exposed to risks resulting from changes in foreign currency exchange rates, which can affect its
earnings and equity. In particular:
\u2022 Where a Group company incurs costs in a currency different from that of its revenues, any change in foreign
currency exchange rates can affect the operating results of that company. In 2025, the total trade flows exposed to
foreign currency exchange rate risk amounted to the equivalent of 52 percent of the Group\u2019s net revenues (59
percent in 2024 and 60 percent in 2023).
\u2022 The main foreign currency exchange rate to which the Group is exposed is the Euro/U.S. Dollar for sales in U.S.
Dollar in the United States and other markets where the U.S. Dollar is the reference currency. In 2025, the value of
commercial activities exposed to fluctuations in the Euro/U.S. Dollar exchange rate accounted for approximately 59
percent (61 percent in 2024 and 57 percent in 2023) of the total currency risk from commercial activities. In 2025
the commercial activities exposed to the Euro/Japanese Yen exchange rate exceeded 10 percent (as in 2024, while in
2023 both the Euro/Chinese Renmimbi exchange rate and the Euro/Japanese Yen exchange rate exceeded 10
percent) of the total currency risk from commercial activities. Other significant exposures included the exchange rate
between the Euro and the following currencies: Chinese Renmimbi, Pound Sterling, Swiss Franc, Canadian Dollar
and Australian Dollar. None of these exposures, taken individually, exceeded 10 percent of the Group\u2019s total foreign
currency exchange rate exposure for commercial activities in 2025, 2024 and 2023 (apart from Chinese Renmimbi
in 2023).
\u2022 Several subsidiaries are located in countries that are outside the Eurozone, in particular the United States, Japan,
China, Australia and South Korea. As the Group\u2019s reporting currency is the Euro, the income statements of those
companies are translated into Euro using the average exchange rate for the period and, even if revenues and margins
are unchanged in local currency, changes in exchange rates can impact the amount of revenues, costs and profit as
translated into Euro.
\u2022 The amount of assets and liabilities of consolidated companies that report in a currency other than the Euro may
vary from period to period as a result of changes in exchange rates. The effects of these changes are recognized
directly in equity as a component of other comprehensive income/(loss) under gains/(losses) from currency
translation differences.
Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different
from those at which they were initially recorded during the period or in previous financial statements, are recognized in the
consolidated income statement within financial income or financial expenses or as cost of sales for charges arising from
financial services companies.
It is the Group\u2019s policy to use derivative financial instruments (primarily forward currency contracts and currency
options) to hedge up to 90 percent of the principal exposures to foreign currency transaction exchange risk, typically for a
period of up to twelve months.
The Group monitors its principal exposure to foreign currency translation exchange risk, although the Group did not
engage in any specific hedging activities in relation to translation exchange risk for the periods presented.
The impact of foreign currency exchange rate differences recorded within financial income or financial expenses for
the year ended December\u00a031, 2025, including the costs of hedging foreign currency exchange rate risk, amounted to net
losses of \u20ac38,160 thousand (net losses of \u20ac7,035 thousand and \u20ac20,197 thousand for the years ended December\u00a031, 2024 and
2023, respectively).
All of the Group\u2019s financial services activities are conducted in the functional currencies of the related financial
services companies, therefore the impact of foreign currency exchange rate differences arising from financial services
activities was zero in all periods presented.
Except as noted above, there have been no substantial changes in 2025 in the nature or structure of exposure to
foreign currency exchange rate risks or in the Group\u2019s hedging policies.
The potential decrease in fair value of derivative financial instruments held by the Group at December\u00a031, 2025 to
hedge against foreign currency exchange rate risks, which would arise in the case of a hypothetical, immediate and adverse
change of 10 percent in the exchange rates of the major foreign currencies with the Euro, would be approximately \u20ac213,867
thousand (\u20ac171,437 thousand at December\u00a031, 2024). Receivables, payables and future trade flows for which hedges have
been put in place were not included in the analysis. It is reasonable to assume that changes in foreign currency exchange rates
will produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged. The
sensitivity analysis is based on currency hedging in place at the end of the period, which can vary during the period and
assumes unchanged market conditions other than exchange rates, such as volatility and interest rates. For this reason, it is
purely indicative.
Information on interest rate risk
The Group\u2019s exposure to interest rate risk, though less significant, arises from the need to fund financial services
activities and the necessity to deploy surplus funds. Changes in market interest rates may have the effect of either increasing
or decreasing the Group\u2019s net profit/(loss), thereby indirectly affecting the costs and returns of financing and investing
transactions.
The Group\u2019s most significant floating rate financial assets at December\u00a031, 2025 were cash and cash equivalents and
certain receivables from client financing activities, while 54 percent of the Group\u2019s gross debt bears floating rates of interest
(48 percent at December\u00a031, 2024). At December\u00a031, 2025, a decrease of 25 basis points in interest rates on floating rate
financial assets and debt, with all other variables held constant, would have resulted in a decrease in profit before taxes of \u20ac73
thousand on an annual basis (a decrease of \u20ac648 thousand at December\u00a031, 2024 for a decrease of 25 basis points in interest
rates). The analysis is based on the assumption that floating rate financial assets and debt which expire during the projected
12-month period will be renewed or reinvested in similar instruments, bearing the hypothetical short-term interest rates.
Information on commodity price risk
The Group\u2019s exposure to commodity price risk, though much less significant than foreign exchange rate risk and
interest rate risk, arises from the need to use a variety of raw materials in the Group\u2019s operations, including aluminum and
precious metals such as palladium and rhodium. The Group monitors its exposure to commodity price risk and may hedge a
portion of such exposure through derivative financial instruments (primarily commodity swaps).
Liquidity risk
Liquidity risk arises if the Group is unable to obtain the funds needed to carry out its operations and meet its
obligations. The main determinant of the Group\u2019s liquidity position is the cash generated by or used in operating and
investing activities.
From an operating point of view, the Group manages liquidity risk by monitoring cash flows and keeping an
adequate level of funds readily available. The main funding operations and investments in cash and marketable securities of
the Group are centrally managed or supervised by the treasury department with the aim of ensuring effective and efficient
management of the Group\u2019s liquidity. The Group has established various policies which are managed or supervised centrally
by the treasury department with the purpose of optimizing the management of funds and reducing liquidity risk which
include:
\u2022 centralizing liquidity management through the use of cash pooling arrangements;
\u2022 maintaining a conservative level of available liquidity;
\u2022 obtaining adequate credit lines and diversifying sources of funding;
\u2022 maintaining a portfolio of high-quality liquid assets;
\u2022 monitoring future liquidity requirements on the basis of business planning.
Intercompany financing between Group entities is not restricted other than through the application of covenants
requiring that transactions with related parties be conducted at arm\u2019s length terms.
Details on the maturity profile of the Group\u2019s financial assets and liabilities and on the structure of derivative
financial instruments are provided in Notes 19 and 24. Details of the repayment of derivative financial instruments are
provided in Note 19.
To preventively and prudently manage potential liquidity or refinancing risks in the foreseeable future, the Group
has secured available undrawn committed credit lines, which amounted to \u20ac550 million at both December\u00a031, 2025 and 2024.
The Group believes that its total available liquidity (defined as cash and cash equivalents plus undrawn committed
credit lines), in addition to funds that will be generated from operating activities, will enable Ferrari to appropriately and
adequately satisfy the requirements of its operational activities, including working capital needs, and its investing activities,
as well as to fulfill its obligations to repay its debts and ensure an appropriate level of strategic and operational flexibility.
The Group therefore believes there is no significant risk of a lack of liquidity. For information relating to the Group\u2019s total
available liquidity, see Note 32 \u201cCash and Cash Equivalents and Notes to the Consolidated Statement of Cash Flows\u201d.
Credit risk
Credit risk is the risk of economic loss arising from the failure to fully collect receivables. Credit risk encompasses
the direct risk of default and the risk of a deterioration of the creditworthiness of the counterparty.
The maximum credit risk to which the Group is theoretically exposed at December\u00a031, 2025 is represented by the
carrying amounts of the financial assets presented in the consolidated statement of financial position sheet and the nominal
value of the guarantees provided.
Dealers, clients and, in general, Ferrari\u2019s business partners are subject to a specific evaluation of their
creditworthiness. Additionally, it is Group practice to obtain financial guarantees against risks associated with credit granted
for the purchase of cars and parts, as well as certain sponsorships and licensees. These guarantees are further strengthened,
where possible, by retaining title on cars subject to financing agreements.
Credit positions of material significance are evaluated on an individual basis. Where objective evidence exists that
they are uncollectible, in whole or in part, specific write-downs are recognized. The amount of the write-down is based on an
estimate of the recoverable cash flows, the timing of those cash flows, the cost of recovery and the fair value of any
guarantees received.
Receivables from financing activities relate entirely to the financial services portfolio in the United States and such
receivables are generally secured on the titles of cars or other guarantees. Receivables from financing activities amounting to
\u20ac1,613,396 thousand at December\u00a031, 2025 (\u20ac1,661,632 thousand at December\u00a031, 2024) are shown net of the allowance for
doubtful accounts amounting to \u20ac18,742 thousand (\u20ac16,547 thousand at December\u00a031, 2024). After considering the
allowance for doubtful accounts, \u20ac104,581 thousand of receivables were overdue (\u20ac107,203 thousand at December\u00a031, 2024),
where receivables are considered overdue if a counterparty has failed to make at least one contractual payment by the
respective due date. Therefore, overdue receivables represent a minor portion of receivables from financing activities.
Trade receivables amounting to \u20ac360,339 thousand at December\u00a031, 2025 (\u20ac349,176 thousand at December\u00a031,
2024) are shown net of the allowance for doubtful accounts amounting to \u20ac36,238 thousand (\u20ac33,376 thousand at
December\u00a031, 2024). After considering the allowance for doubtful accounts, \u20ac42,319 thousand of receivables were overdue
(\u20ac47,151 thousand at December\u00a031, 2024).
The Group\u2019s cash and cash equivalents are held on bank and deposit accounts with primary financial institutions and
highly rated money market funds. It is the Ferrari Group\u2019s policy to continuously monitor counterparty risk and limit
concentration of bank and deposit accounts to a maximum of 25% of the total with a single financial counterpart. With
specific reference to money market funds, the invested amounts in any specific fund must not exceed 10% of the par value of
such. The Group considers its credit risk with respect to its cash and cash equivalents to be low considering that they are held
with primary financial institutions and the maximum exposure with any one counterparty is limited.
Cash flow forecasting is performed by the Group on a recurring basis. The Group monitors a rolling forecast of its
liquidity requirements to ensure an adequate cash balance to meet operational needs and maintain adequate headroom. Cash
held by the businesses over and above balances required for working capital management is loaned to the Group\u2019s centralized
treasury department. Cash is invested in instant-access current accounts, short-term deposits and money market funds,
choosing instruments with appropriate maturities to provide adequate headroom as determined by cash forecasts. In
accordance to Group liquidity risk management policy, the Group controls counterparties\u2019 credit risk and credit limit
utilization. It adopts a conservative approach to the investment of its cash which is deposited with financial institutions with
high credit standing.
For information relating to the short-term credit rating of the Group\u2019s cash and cash equivalents, see Note 32 \u201cCash
and Cash Equivalents and Notes to the Consolidated Statement of Cash Flows \u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-566": { "value": "
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
A breakdown of financial expenses and financial income is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Foreign exchange gains
129,070
92,051
91,019
Interest income
20,416
31,486
25,813
Other financial income
18,659
23,563
15,487
Financial income
168,145
147,100
132,319
Foreign exchange losses
167,230
99,087
111,216
Interest expenses
41,168
40,054
29,258
Other financial expenses
5,828
6,754
6,860
Financial expenses
214,226
145,895
147,334
Financial expenses/(income), net
46,081
(1,205)
15,015
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. In
2023, financial income includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter
of 2023 on a bond that was fully repaid in 2025, upon maturity. For additional information, see Note 24 \u201cDebt\u201d.
Interest and other financial income from financial services activities, and interest expenses and other financial
charges relating to those activities, are recognized within net revenues and cost of sales, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-565": { "value": "
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
A breakdown of financial expenses and financial income is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Foreign exchange gains
129,070
92,051
91,019
Interest income
20,416
31,486
25,813
Other financial income
18,659
23,563
15,487
Financial income
168,145
147,100
132,319
Foreign exchange losses
167,230
99,087
111,216
Interest expenses
41,168
40,054
29,258
Other financial expenses
5,828
6,754
6,860
Financial expenses
214,226
145,895
147,334
Financial expenses/(income), net
46,081
(1,205)
15,015
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. In
2023, financial income includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter
of 2023 on a bond that was fully repaid in 2025, upon maturity. For additional information, see Note 24 \u201cDebt\u201d.
Interest and other financial income from financial services activities, and interest expenses and other financial
charges relating to those activities, are recognized within net revenues and cost of sales, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-564": { "value": "
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
A breakdown of financial expenses and financial income is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Foreign exchange gains
129,070
92,051
91,019
Interest income
20,416
31,486
25,813
Other financial income
18,659
23,563
15,487
Financial income
168,145
147,100
132,319
Foreign exchange losses
167,230
99,087
111,216
Interest expenses
41,168
40,054
29,258
Other financial expenses
5,828
6,754
6,860
Financial expenses
214,226
145,895
147,334
Financial expenses/(income), net
46,081
(1,205)
15,015
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. In
2023, financial income includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter
of 2023 on a bond that was fully repaid in 2025, upon maturity. For additional information, see Note 24 \u201cDebt\u201d.
Interest and other financial income from financial services activities, and interest expenses and other financial
charges relating to those activities, are recognized within net revenues and cost of sales, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-563": { "value": "
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
A breakdown of financial expenses and financial income is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Foreign exchange gains
129,070
92,051
91,019
Interest income
20,416
31,486
25,813
Other financial income
18,659
23,563
15,487
Financial income
168,145
147,100
132,319
Foreign exchange losses
167,230
99,087
111,216
Interest expenses
41,168
40,054
29,258
Other financial expenses
5,828
6,754
6,860
Financial expenses
214,226
145,895
147,334
Financial expenses/(income), net
46,081
(1,205)
15,015
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. In
2023, financial income includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter
of 2023 on a bond that was fully repaid in 2025, upon maturity. For additional information, see Note 24 \u201cDebt\u201d.
Interest and other financial income from financial services activities, and interest expenses and other financial
charges relating to those activities, are recognized within net revenues and cost of sales, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-562": { "value": "
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
A breakdown of financial expenses and financial income is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Foreign exchange gains
129,070
92,051
91,019
Interest income
20,416
31,486
25,813
Other financial income
18,659
23,563
15,487
Financial income
168,145
147,100
132,319
Foreign exchange losses
167,230
99,087
111,216
Interest expenses
41,168
40,054
29,258
Other financial expenses
5,828
6,754
6,860
Financial expenses
214,226
145,895
147,334
Financial expenses/(income), net
46,081
(1,205)
15,015
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. In
2023, financial income includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter
of 2023 on a bond that was fully repaid in 2025, upon maturity. For additional information, see Note 24 \u201cDebt\u201d.
Interest and other financial income from financial services activities, and interest expenses and other financial
charges relating to those activities, are recognized within net revenues and cost of sales, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-561": { "value": "
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
A breakdown of financial expenses and financial income is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Foreign exchange gains
129,070
92,051
91,019
Interest income
20,416
31,486
25,813
Other financial income
18,659
23,563
15,487
Financial income
168,145
147,100
132,319
Foreign exchange losses
167,230
99,087
111,216
Interest expenses
41,168
40,054
29,258
Other financial expenses
5,828
6,754
6,860
Financial expenses
214,226
145,895
147,334
Financial expenses/(income), net
46,081
(1,205)
15,015
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. In
2023, financial income includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter
of 2023 on a bond that was fully repaid in 2025, upon maturity. For additional information, see Note 24 \u201cDebt\u201d.
Interest and other financial income from financial services activities, and interest expenses and other financial
charges relating to those activities, are recognized within net revenues and cost of sales, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-560": { "value": "
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
A breakdown of financial expenses and financial income is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Foreign exchange gains
129,070
92,051
91,019
Interest income
20,416
31,486
25,813
Other financial income
18,659
23,563
15,487
Financial income
168,145
147,100
132,319
Foreign exchange losses
167,230
99,087
111,216
Interest expenses
41,168
40,054
29,258
Other financial expenses
5,828
6,754
6,860
Financial expenses
214,226
145,895
147,334
Financial expenses/(income), net
46,081
(1,205)
15,015
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. In
2023, financial income includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter
of 2023 on a bond that was fully repaid in 2025, upon maturity. For additional information, see Note 24 \u201cDebt\u201d.
Interest and other financial income from financial services activities, and interest expenses and other financial
charges relating to those activities, are recognized within net revenues and cost of sales, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-558": { "value": "
9. FINANCIAL EXPENSES AND FINANCIAL INCOME
A breakdown of financial expenses and financial income is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Foreign exchange gains
129,070
92,051
91,019
Interest income
20,416
31,486
25,813
Other financial income
18,659
23,563
15,487
Financial income
168,145
147,100
132,319
Foreign exchange losses
167,230
99,087
111,216
Interest expenses
41,168
40,054
29,258
Other financial expenses
5,828
6,754
6,860
Financial expenses
214,226
145,895
147,334
Financial expenses/(income), net
46,081
(1,205)
15,015
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. In
2023, financial income includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter
of 2023 on a bond that was fully repaid in 2025, upon maturity. For additional information, see Note 24 \u201cDebt\u201d.
Interest and other financial income from financial services activities, and interest expenses and other financial
charges relating to those activities, are recognized within net revenues and cost of sales, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-567": { "value": "
10. INCOME TAXES
A breakdown of income tax expense is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Current tax expense\u00a0
360,443
383,481
347,162
Deferred tax expense/(benefit)
106,556
(17,483)
(4,541)
Taxes relating to prior years
(2,880)
(2,955)
2,276
Total income tax expense
464,119
363,043
344,897
The Group\u2019s Italian entities participate in a group Italian tax consolidation under Ferrari N.V.
Income tax expense amounted to \u20ac464,119 thousand, \u20ac363,043 thousand and \u20ac344,897 thousand for the years ended
December 31, 2025, 2024 and 2023, respectively.
Income taxes for the years ended December 31, 2023 and 2024 benefited from the coexistence of two Patent Box tax
regimes. The original Patent Box regime, introduced by Italian Law No. 190/2014, was applied by the Group until 2024,
granting a tax exemption (up to 50%) on extra profits attributable to eligible intangible assets, with the benefit recognized
over three annual installments starting from 2020. In parallel, the new Patent Box regime, regulated by Law Decree No. 146
and effective from October 22, 2021, introduced a 110% super tax deduction for costs related to eligible intangible assets.
Italian tax legislation provided for a transitional period allowing both regimes to be applied until 2024, when the original
regime expired. Consequently, for the year ended December 31, 2025, income taxes reflect the benefits under the new Patent
Box regime only.
A reconciliation between actual income tax expense and the theoretical income tax expense, calculated on the basis
of the applicable corporate tax rate in effect in Italy, which was 24.0 percent for each of the years ended December 31, 2025 ,
2024 and 2023 is provided below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Profit before taxes
2,063,635
1,888,956
1,602,354
Theoretical income tax rate
24.0%
24.0%
24.0%
Theoretical income tax expense
495,272
453,349
384,565
Tax effect on:
Permanent and other differences
(104,596)
(145,802)
(95,836)
Italian Regional Income Tax (IRAP)
70,332
50,408
48,912
Effect of changes in tax rates and tax regulations
653
938
961
Differences between foreign tax rates and the theoretical Italian tax rate and
tax holidays
2,265
2,681
2,156
Taxes relating to prior years
(2,880)
(2,955)
2,276
Withholding tax on earnings
3,073
4,424
1,863
Income tax expense
464,119
363,043
344,897
Effective tax rate
22.5%
19.2%
21.5%
The effective tax rate was 22.5 percent, 19.2 percent and 21.5 percent for t he years ended December 31, 2025, 2024
and 2023, respectively. The Patent Box benefit is included within \u201cpermanent and other differences\u201d in the tax rate
reconciliation above.
Imposta Regionale sulle Attivit\u00e0 Produttive (\u201cIRAP\u201d) (current and deferred) in 2025, 2024 and 2023 amounted to
\u20ac70,332 thousand, \u20ac50,408 thousand and \u20ac48,912 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 accounting standards.
IRAP is applied on the tax base at 3.9 percent for each of the years ended December 31, 2025, 2024 and 2023.
A breakdown of deferred tax assets and deferred tax liabilities at December 31, 2025 and 2024 is provided below.
At December 31,
2025
2024
(\u20ac thousand)
Deferred tax assets:
To be recovered after 12 months
134,196
93,073
To be recovered within 12 months
91,809
143,718
226,005
236,791
Deferred tax liabilities:
To be realized after 12 months
(146,463)
(82,429)
To be realized within 12 months
(107,924)
(27,587)
(254,387)
(110,016)
Net deferred tax (liabilities)/assets
(28,382)
126,775
The movements in deferred income tax assets and liabilities during the year, without taking into consideration the
offsetting of balances within the same tax jurisdiction, are summarized below.
At December 31,
2024
Recognized\u00a0in
consolidated
income statement\u00a0
Charged
to\u00a0equity\u00a0
Translation
differences
and other
changes\u00a0
At December 31,
2025
(\u20ac thousand)
Deferred tax assets arising on:
Provisions
194,630
17,357
\u2014
(2,625)
209,362
Intercompany profit on inventory
and obsolescence
135,636
7,624
\u2014
(593)
142,667
Allowances for doubtful accounts
6,836
1,009
\u2014
15
7,860
Depreciation
17,861
271
\u2014
(60)
18,072
Trademark step-up
77,004
(1,674)
\u2014
\u2014
75,330
Patent Box regime
133,492
(89,018)
\u2014
\u2014
44,474
Other
27,864
(20,744)
(33,704)
(11,414)
(37,998)
Deferred tax assets
(prior to offsetting)
593,323
(85,175)
(33,704)
(14,677)
459,767
Offsetting of deferred tax assets
(356,532)
(233,762)
Total deferred tax assets
236,791
226,005
Deferred tax liabilities arising on:
Depreciation
(4,258)
1,294
\u2014
320
(2,644)
Capitalization of development
costs
(422,389)
(29,900)
\u2014
\u2014
(452,289)
Tax on undistributed earnings
(20,037)
8,618
\u2014
\u2014
(11,419)
Other
(19,864)
(1,393)
\u2014
(540)
(21,797)
Total deferred tax liabilities
(prior to offsetting)
(466,548)
(21,381)
\u2014
(220)
(488,149)
Offsetting of deferred tax
liabilities
356,532
233,762
Total deferred tax liabilities
(110,016)
(254,387)
Total net deferred tax assets/
(liabilities)\u00a0
126,775
(106,556)
(33,704)
(14,897)
(28,382)
At December 31,
2023
Recognized\u00a0in
consolidated
income statement
Charged
to equity\u00a0
Translation
differences
and other
changes\u00a0
At December 31,
2024
(\u20ac thousand)
Deferred tax assets arising on:
Provisions
183,035
10,703
\u2014
892
194,630
Intercompany profit on inventory
and obsolescence
119,920
15,522
\u2014
194
135,636
Allowances for doubtful accounts
5,060
1,787
\u2014
(11)
6,836
Depreciation
17,782
92
\u2014
(13)
17,861
Trademark step-up
78,678
(1,674)
\u2014
\u2014
77,004
Patent Box regime
94,268
39,224
\u2014
\u2014
133,492
Other
20,873
(10,217)
14,010
3,198
27,864
Deferred tax assets
(prior to offsetting)
519,616
55,437
14,010
4,260
593,323
Offsetting of deferred tax assets
(302,063)
(356,532)
Total deferred tax assets
217,553
236,791
Deferred tax liabilities arising on:
Depreciation
(3,458)
(645)
\u2014
(155)
(4,258)
Capitalization of development
costs
(385,257)
(37,132)
\u2014
\u2014
(422,389)
Tax on undistributed earnings
(18,859)
(1,178)
\u2014
\u2014
(20,037)
Other
(31,335)
1,001
9,768
702
(19,864)
Total deferred tax liabilities
(prior to offsetting)
(438,909)
(37,954)
9,768
547
(466,548)
Offsetting of deferred tax
liabilities
302,063
356,532
Total deferred tax liabilities
(136,846)
(110,016)
Total net deferred tax assets/
(liabilities)\u00a0
80,707
17,483
23,778
4,807
126,775
The decision to recognize deferred tax assets is made for each company in the Group by assessing whether the
conditions exist for the future recoverability of such assets by taking into account the basis of the most recent forecasts from
budgets and business plans.
Deferred taxes on the undistributed earnings of subsidiaries have not been recognized, except in cases where it is
probable the distribution will occur in the foreseeable future. At December 31, 2025, the aggregate amount of temporary
differences related to remaining distributable earnings of the Group\u2019s subsidiaries where deferred tax liabilities have not been
recognized amounted to \u20ac395,685\u00a0thousand (\u20ac286,653\u00a0thousand at December 31, 2024).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-568": { "value": "eferred tax assets and deferred tax liabilities at December 31, 2025 and 2024 is provided below.
At December 31,
2025
2024
(\u20ac thousand)
Deferred tax assets:
To be recovered after 12 months
134,196
93,073
To be recovered within 12 months
91,809
143,718
226,005
236,791
Deferred tax liabilities:
To be realized after 12 months
(146,463)
(82,429)
To be realized within 12 months
(107,924)
(27,587)
(254,387)
(110,016)
Net deferred tax (liabilities)/assets
(28,382)
126,775
The movements in deferred income tax assets and liabilities during the year, without taking into consideration the
offsetting of balances within the same tax jurisdiction, are summarized below.
At December 31,
2024
Recognized\u00a0in
consolidated
income statement\u00a0
Charged
to\u00a0equity\u00a0
Translation
differences
and other
changes\u00a0
At December 31,
2025
(\u20ac thousand)
Deferred tax assets arising on:
Provisions
194,630
17,357
\u2014
(2,625)
209,362
Intercompany profit on inventory
and obsolescence
135,636
7,624
\u2014
(593)
142,667
Allowances for doubtful accounts
6,836
1,009
\u2014
15
7,860
Depreciation
17,861
271
\u2014
(60)
18,072
Trademark step-up
77,004
(1,674)
\u2014
\u2014
75,330
Patent Box regime
133,492
(89,018)
\u2014
\u2014
44,474
Other
27,864
(20,744)
(33,704)
(11,414)
(37,998)
Deferred tax assets
(prior to offsetting)
593,323
(85,175)
(33,704)
(14,677)
459,767
Offsetting of deferred tax assets
(356,532)
(233,762)
Total deferred tax assets
236,791
226,005
Deferred tax liabilities arising on:
Depreciation
(4,258)
1,294
\u2014
320
(2,644)
Capitalization of development
costs
(422,389)
(29,900)
\u2014
\u2014
(452,289)
Tax on undistributed earnings
(20,037)
8,618
\u2014
\u2014
(11,419)
Other
(19,864)
(1,393)
\u2014
(540)
(21,797)
Total deferred tax liabilities
(prior to offsetting)
(466,548)
(21,381)
\u2014
(220)
(488,149)
Offsetting of deferred tax
liabilities
356,532
233,762
Total deferred tax liabilities
(110,016)
(254,387)
Total net deferred tax assets/
(liabilities)\u00a0
126,775
(106,556)
(33,704)
(14,897)
(28,382)
At December 31,
2023
Recognized\u00a0in
consolidated
income statement
Charged
to equity\u00a0
Translation
differences
and other
changes\u00a0
At December 31,
2024
(\u20ac thousand)
Deferred tax assets arising on:
Provisions
183,035
10,703
\u2014
892
194,630
Intercompany profit on inventory
and obsolescence
119,920
15,522
\u2014
194
135,636
Allowances for doubtful accounts
5,060
1,787
\u2014
(11)
6,836
Depreciation
17,782
92
\u2014
(13)
17,861
Trademark step-up
78,678
(1,674)
\u2014
\u2014
77,004
Patent Box regime
94,268
39,224
\u2014
\u2014
133,492
Other
20,873
(10,217)
14,010
3,198
27,864
Deferred tax assets
(prior to offsetting)
519,616
55,437
14,010
4,260
593,323
Offsetting of deferred tax assets
(302,063)
(356,532)
Total deferred tax assets
217,553
236,791
Deferred tax liabilities arising on:
Depreciation
(3,458)
(645)
\u2014
(155)
(4,258)
Capitalization of development
costs
(385,257)
(37,132)
\u2014
\u2014
(422,389)
Tax on undistributed earnings
(18,859)
(1,178)
\u2014
\u2014
(20,037)
Other
(31,335)
1,001
9,768
702
(19,864)
Total deferred tax liabilities
(prior to offsetting)
(438,909)
(37,954)
9,768
547
(466,548)
Offsetting of deferred tax
liabilities
302,063
356,532
Total deferred tax liabilities
(136,846)
(110,016)
Total net deferred tax assets/
(liabilities)\u00a0
80,707
17,483
23,778
4,807
126,775
The decision to recognize deferred tax assets is made for each company in the Group by assessing whether the
conditions exist for the future recoverability of such assets by taking into account the basis of the most recent forecasts from
budgets and business plans.
Deferred taxes on the undistributed earnings of subsidiaries have not been recognized, except in cases where it is
probable the distribution will occur in the foreseeable future. At December 31, 2025, the aggregate amount of temporary
differences related to remaining distributable earnings of the Group\u2019s subsidiaries where deferred tax liabilities have not been
recognized amounted to \u20ac395,685\u00a0thousand (\u20ac286,653\u00a0thousand at December 31, 2024).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-571": { "value": "
11. OTHER INFORMATION BY NATURE
Personnel costs in 2025 , 2024 and 2023 amounted to \u20ac662,496 thousand, \u20ac626,287 thousand and \u20ac575,215
thousand, respectively. These amounts include costs that were capitalized in connection with product development activities.
In 2025 , 2024 and 2023, the average number of employees of the Group was 5,544, 5,327 and 4,960, respectively.
Depreciation of property, plant and equipment amounted to \u20ac298,734 thousand, \u20ac299,638 thousand and
\u20ac290,204\u00a0thousand for the years ended December 31, 2025, 2024 and 2023, respectively
Amortization of intangible assets amounted to \u20ac363,202 thousand, \u20ac367,139 thousand and \u20ac372,101\u00a0thousand for
the years ended December 31, 2025, 2024 and 2023 , respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-570": { "value": "
11. OTHER INFORMATION BY NATURE
Personnel costs in 2025 , 2024 and 2023 amounted to \u20ac662,496 thousand, \u20ac626,287 thousand and \u20ac575,215
thousand, respectively. These amounts include costs that were capitalized in connection with product development activities.
In 2025 , 2024 and 2023, the average number of employees of the Group was 5,544, 5,327 and 4,960, respectively.
Depreciation of property, plant and equipment amounted to \u20ac298,734 thousand, \u20ac299,638 thousand and
\u20ac290,204\u00a0thousand for the years ended December 31, 2025, 2024 and 2023, respectively
Amortization of intangible assets amounted to \u20ac363,202 thousand, \u20ac367,139 thousand and \u20ac372,101\u00a0thousand for
the years ended December 31, 2025, 2024 and 2023 , respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-569": { "value": "
11. OTHER INFORMATION BY NATURE
Personnel costs in 2025 , 2024 and 2023 amounted to \u20ac662,496 thousand, \u20ac626,287 thousand and \u20ac575,215
thousand, respectively. These amounts include costs that were capitalized in connection with product development activities.
In 2025 , 2024 and 2023, the average number of employees of the Group was 5,544, 5,327 and 4,960, respectively.
Depreciation of property, plant and equipment amounted to \u20ac298,734 thousand, \u20ac299,638 thousand and
\u20ac290,204\u00a0thousand for the years ended December 31, 2025, 2024 and 2023, respectively
Amortization of intangible assets amounted to \u20ac363,202 thousand, \u20ac367,139 thousand and \u20ac372,101\u00a0thousand for
the years ended December 31, 2025, 2024 and 2023 , respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-572": { "value": "
12. EARNINGS PER SHARE
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to owners of the Company 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 years ended
December 31, 2025, 2024 and 2023.
For the years ended December 31,
2025
2024
2023
Profit attributable to owners of the Company
\u20ac thousand
1,596,919
1,521,877
1,252,048
Weighted average number of common shares for basic earnings
per common share
thousand\u00a0
178,125
179,743
181,220
Basic earnings per common share
\u20ac
8.97
8.47
6.91
Diluted earnings per share
For the years ended December 31, 2025, 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\u2019s
equity incentive plans (assuming 100 percent of the target awards vested). For additional information relating to the Group\u2019s
equity incentive plans, see Note 21 \u201cShare-Based Compensation\u201d.
The following table provides the amounts used in the calculation of diluted earnings per share for the years ended
December 31, 2025, 2024 and 2023.
For the years ended December 31,
2025
2024
2023
Profit attributable to owners of the Company
\u20ac thousand
1,596,919
1,521,877
1,252,048
Weighted average number of common shares for diluted earnings
per common share
thousand\u00a0
178,321
179,992
181,511
Diluted earnings per common share
\u20ac
8.96
8.46
6.90
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 years ended December 31,
Number of shares
2025
2024
2023
Weighted average number of common shares for basic earnings per share
178,125
179,743
181,220
Adjustments for calculation of diluted earnings per share:
\u00a0 Share-based compensation
196
249
291
Weighted average number of common shares for diluted earnings per share
178,321
179,992
181,511
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-573": { "value": "
12. EARNINGS PER SHARE
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to owners of the Company by the weighted
average number of common shares issued and outstanding during the period.
Diluted earnings per share
For the years ended December 31, 2025, 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\u2019s
equity incentive plans (assuming 100 percent of the target awards vested). For additional information relating to the Group\u2019s
equity incentive plans, s", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-575": { "value": "
13. GOODWILL
At December\u00a031, 2025 and 2024 goodwill amounted to \u20ac785,182 thousand.
In accordance with IAS 36, goodwill is not amortized and is tested for impairment annually, or more frequently if
facts or circumstances indicate that the asset may be impaired. Impairment testing is performed by comparing the carrying
amount and the recoverable amount of the cash-generating unit (CGU), which is represented by the entire Ferrari Group. The
recoverable amount of the CGU is the higher of its fair value less costs of disposal and its value in use.
The assumptions used in this process represent management\u2019s best estimate for the period under consideration. The
estimate of the value in use of the CGU for purposes of performing the annual impairment test was based on the following
assumptions:
\u2022 The expected future cash flows covering the period from 2026 through 2030 have been derived from the Ferrari
budgets and business plan. In particular the estimate considers expected EBITDA adjusted to reflect the expected
capital expenditure. These cash flows relate to the CGU in its condition when preparing the consolidated financial
statements and exclude the estimated cash flows that might arise from restructuring plans or other structural
changes. Expected volumes and sales mix used for estimating the future cash flows are based on assumptions that
are considered reasonable and sustainable and represent the best estimate of expected conditions regarding market
trends for the CGU over the period considered.
\u2022 The expected future cash flows include a normalized terminal period used to estimate the future results beyond the
time period explicitly considered, which were calculated by using the specific medium/long-term growth rate for the
sector equal to 2.0 percent in 2025 (2.0 percent in 2024 and 2023).
\u2022 The expected future cash flows have been estimated in Euro, and discounted using a post-tax discount rate
appropriate for that currency, determined by using a base WACC of 9.0 percent in 2025 (8.5 percent in 2024 and 9.2
percent in 2023). The WACC used reflects the current market assessment of the time value of money for the period
being considered and the risks specific to the CGU under consideration.
The recoverable amount of the CGU was significantly higher than its carrying amount. Furthermore, the exclusivity
of the business, its historical profitability and its future earnings prospects indicate that the carrying amount of the goodwill
will continue to be recoverable, even in the event of difficult economic and market conditions.
For additional information related to climate-related matters, see Note 2 \u201cMaterial Accounting Policies\u2014Use of
estimates and judgments\u2014Climate-related matters\u2014Goodwill\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-574": { "value": "
13. GOODWILL
At December\u00a031, 2025 and 2024 goodwill amounted to \u20ac785,182 thousand.
In accordance with IAS 36, goodwill is not amortized and is tested for impairment annually, or more frequently if
facts or circumstances indicate that the asset may be impaired. Impairment testing is performed by comparing the carrying
amount and the recoverable amount of the cash-generating unit (CGU), which is represented by the entire Ferrari Group. The
recoverable amount of the CGU is the higher of its fair value less costs of disposal and its value in use.
The assumptions used in this process represent management\u2019s best estimate for the period under consideration. The
estimate of the value in use of the CGU for purposes of performing the annual impairment test was based on the following
assumptions:
\u2022 The expected future cash flows covering the period from 2026 through 2030 have been derived from the Ferrari
budgets and business plan. In particular the estimate considers expected EBITDA adjusted to reflect the expected
capital expenditure. These cash flows relate to the CGU in its condition when preparing the consolidated financial
statements and exclude the estimated cash flows that might arise from restructuring plans or other structural
changes. Expected volumes and sales mix used for estimating the future cash flows are based on assumptions that
are considered reasonable and sustainable and represent the best estimate of expected conditions regarding market
trends for the CGU over the period considered.
\u2022 The expected future cash flows include a normalized terminal period used to estimate the future results beyond the
time period explicitly considered, which were calculated by using the specific medium/long-term growth rate for the
sector equal to 2.0 percent in 2025 (2.0 percent in 2024 and 2023).
\u2022 The expected future cash flows have been estimated in Euro, and discounted using a post-tax discount rate
appropriate for that currency, determined by using a base WACC of 9.0 percent in 2025 (8.5 percent in 2024 and 9.2
percent in 2023). The WACC used reflects the current market assessment of the time value of money for the period
being considered and the risks specific to the CGU under consideration.
The recoverable amount of the CGU was significantly higher than its carrying amount. Furthermore, the exclusivity
of the business, its historical profitability and its future earnings prospects indicate that the carrying amount of the goodwill
will continue to be recoverable, even in the event of difficult economic and market conditions.
For additional information related to climate-related matters, see Note 2 \u201cMaterial Accounting Policies\u2014Use of
estimates and judgments\u2014Climate-related matters\u2014Goodwill\u201d.
14. INTANGIBLE ASSETS
Movements in i ntangible assets are summarized below.
Externally
acquired
development
costs
Development
costs internally
generated
Patents,
concessions
and\u00a0licenses
Other
intangible assets
Total
(\u20ac thousand)
Gross carrying amount at
December 31, 2023
2,607,792
1,188,371
318,585
67,788
4,182,536
Additions
306,559
169,908
26,453
3,954
506,874
Divestitures
(14,632)
(945)
(1,613)
(12)
(17,202)
Reclassifications
\u2014
\u2014
10,267
(9,684)
583
Translation differences and other
movements
2,633
(2,632)
\u2014
(15,000)
(14,999)
Balance at December 31, 2024
2,902,352
1,354,702
353,692
47,046
4,657,792
Additions
248,733
172,532
32,846
3,865
457,976
Divestitures
(1,949)
(498)
(1,541)
(17)
(4,005)
Reclassifications
\u2014
\u2014
1,814
(340)
1,474
Translation differences and other
movements
\u2014
\u2014
(2)
(25)
(27)
Balance at December 31, 2025
3,149,136
1,526,736
386,809
50,529
5,113,210
Accumulated amortization at
December 31, 2023
1,760,157
666,111
282,628
53,941
2,762,837
Amortization
237,414
93,367
34,695
1,663
367,139
Divestitures
(2,881)
\u2014
\u2014
\u2014
(2,881)
Reclassification
\u2014
\u2014
31
\u2014
31
Translation differences and other
movements
\u2014
(3)
\u2014
(14,995)
(14,998)
Balance at December 31, 2024
1,994,690
759,475
317,354
40,609
3,112,128
Amortization
219,282
106,889
34,821
2,210
363,202
Divestitures
(247)
\u2014
(644)
\u2014
(891)
Reclassification
\u2014
\u2014
314
\u2014
314
Balance at December 31, 2025
2,213,725
866,364
351,845
42,819
3,474,753
Carrying amount at:
December 31, 2023
847,635
522,260
35,957
13,847
1,419,699
December 31, 2024
907,662
595,227
36,338
6,437
1,545,664
December 31, 2025
935,411
660,372
34,964
7,710
1,638,457
Additions to intangible assets were primarily attributable to externally acquired and internally generated
development costs related to both current and future models.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-576": { "value": "
14. INTANGIBLE ASSETS
Movements in i ntangible assets are summarized below.
Externally
acquired
development
costs
Development
costs internally
generated
Patents,
concessions
and\u00a0licenses
Other
intangible assets
Total
(\u20ac thousand)
Gross carrying amount at
December 31, 2023
2,607,792
1,188,371
318,585
67,788
4,182,536
Additions
306,559
169,908
26,453
3,954
506,874
Divestitures
(14,632)
(945)
(1,613)
(12)
(17,202)
Reclassifications
\u2014
\u2014
10,267
(9,684)
583
Translation differences and other
movements
2,633
(2,632)
\u2014
(15,000)
(14,999)
Balance at December 31, 2024
2,902,352
1,354,702
353,692
47,046
4,657,792
Additions
248,733
172,532
32,846
3,865
457,976
Divestitures
(1,949)
(498)
(1,541)
(17)
(4,005)
Reclassifications
\u2014
\u2014
1,814
(340)
1,474
Translation differences and other
movements
\u2014
\u2014
(2)
(25)
(27)
Balance at December 31, 2025
3,149,136
1,526,736
386,809
50,529
5,113,210
Accumulated amortization at
December 31, 2023
1,760,157
666,111
282,628
53,941
2,762,837
Amortization
237,414
93,367
34,695
1,663
367,139
Divestitures
(2,881)
\u2014
\u2014
\u2014
(2,881)
Reclassification
\u2014
\u2014
31
\u2014
31
Translation differences and other
movements
\u2014
(3)
\u2014
(14,995)
(14,998)
Balance at December 31, 2024
1,994,690
759,475
317,354
40,609
3,112,128
Amortization
219,282
106,889
34,821
2,210
363,202
Divestitures
(247)
\u2014
(644)
\u2014
(891)
Reclassification
\u2014
\u2014
314
\u2014
314
Balance at December 31, 2025
2,213,725
866,364
351,845
42,819
3,474,753
Carrying amount at:
December 31, 2023
847,635
522,260
35,957
13,847
1,419,699
December 31, 2024
907,662
595,227
36,338
6,437
1,545,664
December 31, 2025
935,411
660,372
34,964
7,710
1,638,457
Additions to intangible assets were primarily attributable to externally acquired and internally generated
development costs related to both current and future models.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-578": { "value": "
15. PROPERTY, PLANT AND EQUIPMENT
Movements in property, plant and equipment are summarized below.
Land
Industrial\u00a0
buildings
Plant,
machinery
and
equipment
Other
assets
Advances
and assets
under
construction
Total
(\u20ac thousand)
Gross carrying amount at
December 31, 2023
151,229
523,147
3,205,733
265,245
391,792
4,537,146
Additions
1,565
56,504
105,175
60,804
332,908
556,956
Divestitures
\u2014
(2,853)
(75,491)
(7,039)
(78)
(85,461)
Reclassifications
1
80,119
116,426
(6,600)
(224,842)
(34,896)
Translation differences and other movements
18
509
(1,848)
4,459
(645)
2,493
Balance at December 31, 2024
152,813
657,426
3,349,995
316,869
499,135
4,976,238
Additions
\u2014
27,029
159,208
80,565
288,114
554,916
Divestitures
\u2014
(2,595)
(72,851)
(20,028)
(1,198)
(96,672)
Reclassifications
5,353
14,452
244,518
(3,925)
(272,519)
(12,121)
Translation differences and other movements
(34)
(3,065)
(86)
(7,584)
(10,089)
(20,858)
Balance at December 31, 2025
158,132
693,247
3,680,784
365,897
503,443
5,401,503
Accumulated depreciation at
December 31, 2023
\u2014
232,068
2,547,621
182,257
\u2014
2,961,946
Depreciation
\u2014
27,042
243,424
29,172
\u2014
299,638
Divestitures
\u2014
(1,516)
(72,308)
(6,540)
\u2014
(80,364)
Reclassifications
\u2014
(8,153)
(12,355)
(12,668)
\u2014
(33,176)
Translation differences and other movements
\u2014
(56)
(4,226)
3,692
\u2014
(590)
Balance at December 31, 2024
\u2014
249,385
2,702,156
195,913
\u2014
3,147,454
Depreciation
\u2014
30,017
234,243
34,474
\u2014
298,734
Divestitures
\u2014
(1,693)
(70,264)
(17,403)
\u2014
(89,360)
Reclassifications
\u2014
(5,170)
(516)
(5,053)
\u2014
(10,739)
Translation differences and other movements
\u2014
(1,694)
1,745
(2,528)
\u2014
(2,477)
Balance at December 31, 2025
\u2014
270,845
2,867,364
205,403
\u2014
3,343,612
Carrying amount at:
December 31, 2023
151,229
291,079
658,112
82,988
391,792
1,575,200
\u00a0 of which right-of use assets under IFRS 16
\u2014
22,971
3,396
41,888
\u2014
68,255
December 31, 2024
152,813
408,041
647,839
120,956
499,135
1,828,784
\u00a0 of which right-of use assets under IFRS 16
\u2014
38,918
8,569
68,884
\u2014
116,371
December 31, 2025
158,132
422,402
813,420
160,494
503,443
2,057,891
\u00a0 of which right-of use assets under IFRS 16
\u2014
37,022
6,131
103,113
\u2014
146,266
Additions to property, plant and equipment primarily related to investments in car and engine production lines,
including those supporting models to be launched in future years, as well as investments for personalization programs, the e-
Building and the ongoing construction of the new paint shop. The e-Building was inaugurated in June 2024 and is used for
the production and development of models with internal combustion, hybrid and fully electric powertrains, as well as
strategic electrical components.
Movements in right-of-use assets are summarized below.
Industrial\u00a0
buildings
Plant,
machinery and
equipment
Other assets
Total
(\u20ac thousand)
Balance at December 31, 2023
22,971
3,396
41,888
68,255
Additions
27,474
7,529
39,676
74,679
Disposals
(1,231)
(2)
(17)
(1,250)
Depreciation
(10,445)
(2,364)
(13,977)
(26,786)
Translation differences and other movements
149
10
1,314
1,473
Balance at December 31, 2024
38,918
8,569
68,884
116,371
Additions
9,909
411
59,386
69,706
Disposals
(113)
(17)
(2,145)
(2,275)
Depreciation
(11,359)
(2,809)
(18,683)
(32,851)
Translation differences and other movements
(333)
(23)
(4,329)
(4,685)
Balance at December 31, 2025
37,022
6,131
103,113
146,266
A breakdown of lease expenses is presented below.
For the year ended December 31,
2025
2024
2023
(\u20ac thousand)
Depreciation of right-of-use assets
32,851
26,786
19,589
Interest expense on lease liabilities
5,032
3,356
1,450
Variable lease payments not included in the measurement of lease liabilities
1,245
1,781
1,213
Expenses relating to short-term leases and leases of low-value assets
4,043
3,077
2,842
Total expenses recognized
43,171
35,000
25,094
For the year ended December\u00a031, 2025 depreciation of right-of-use assets amounted to \u20ac32,851 thousand and
interest expense on lease liabilities amounted to \u20ac5,032 thousand (\u20ac26,786 thousand and \u20ac3,356 thousand, respectively, for
the year ended December 31, 2024 and \u20ac19,589 thousand and \u20ac1,450 thousand respectively, for the year ended December 31,
2023).
At December\u00a031, 2025, the Group had contractual commitments for the purchase of property, plant and equipment
amounting to \u20ac275,178 thousand (\u20ac397,473 thousand at December\u00a031, 2024 ), reflecting investments the Group is making to
expand vehicle architectures, strengthen infrastructure, including the new paint shop, and support innovation in advanced
technologies such as hybrid and electric powertrains.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-577": { "value": "
15. PROPERTY, PLANT AND EQUIPMENT
Mright-of-use assets are summarized below.
Industrial\u00a0
buildings
Plant,
machinery and
equipment
Other assets
Total
(\u20ac thousand)
Balance at December 31, 2023
22,971
3,396
41,888
68,255
Additions
27,474
7,529
39,676
74,679
Disposals
(1,231)
(2)
(17)
(1,250)
Depreciation
(10,445)
(2,364)
(13,977)
(26,786)
Translation differences and other movements
149
10
1,314
1,473
Balance at December 31, 2024
38,918
8,569
68,884
116,371
Additions
9,909
411
59,386
69,706
Disposals
(113)
(17)
(2,145)
(2,275)
Depreciation
(11,359)
(2,809)
(18,683)
(32,851)
Translation differences and other movements
(333)
(23)
(4,329)
(4,685)
Balance at December 31, 2025
37,022
6,131
103,113
146,266
A breakdown of lease expenses is presented below.
For the year ended December 31,
2025
2024
2023
(\u20ac thousand)
Depreciation of right-of-use assets
32,851
26,786
19,589
Interest expense on lease liabilities
5,032
3,356
1,450
Variable lease payments not included in the measurement of lease liabilities
1,245
1,781
1,213
Expenses relating to short-term leases and leases of low-value assets
4,043
3,077
2,842
Total expenses recognized
43,171
35,000
25,094
For the year ended December\u00a031, 2025 depreciation of right-of-use assets amounted to \u20ac32,851 thousand and
interest expense on lease liabilities amounted to \u20ac5,032 thousand (\u20ac26,786 thousand and \u20ac3,356 thousand, respectively, for
the year ended December 31, 2024 and \u20ac19,589 thousand and \u20ac1,450 thousand respectively, for the year ended December 31,
2023).
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 - Leases. At
December\u00a031, 2025 lease liabilities amounted to \u20ac162,147 thousand (\u20ac126,270\u00a0thousand at December 31, 2024).
Lease agreements
For information relating to future aggregate minimum lease payments under lease contracts, which primarily relate
to the lease of stores and industrial buildings, see Note 24 \u201cDebt\u2014Contractual undiscounted cash flows\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-580": { "value": "
16. INVESTMENTS AND OTHER FINANCIAL ASSETS
A breakdown of investments and other financial assets is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Investments accounted for using the equity method
76,011
63,438
Other securities and financial assets
20,433
17,384
Total investments and other financial assets
96,444
80,822
Investments accounted for using the equity method
Movements in the carrying amount of investments accounted for using the equity method are presented below.
(\u20ac thousand)
Balance at December 31, 2023
55,200
Proportionate share of net profit for the year ended December 31, 2024
8,245
Proportionate share of remeasurement of defined benefit plans and other movements
(7)
Balance at December 31, 2024
63,438
Proportionate share of net profit for the year ended December 31, 2025
12,572
Proportionate share of remeasurement of defined benefit plans and other movements
1
Balance at December 31, 2025
76,011
Investments accounted for using the equity method mainly relate to the Group\u2019s investment in FFS GmbH, for
which the Group holds a 49.9 percent interest, as well as the Group\u2019s investment in FS China Limited, a joint venture formed
in China in 2021 to manage certain lifestyle activities in the local market, for which the Group holds a 49.0 percent interest.
Summarized financial information relating to FFS GmbH at and for the years ended December\u00a031, 2025 and 2024 is
presented below.
At December 31,
2025
2024
(\u20ac thousand)
Assets
Non-current assets
4,795
4,825
Receivables from financing activities
1,246,366
1,371,071
Other current assets
11,274
8,766
Cash and cash equivalents
22,989
28,571
Total assets
1,285,424
1,413,233
Equity and liabilities
Equity
150,318
125,040
Debt
991,075
1,126,177
Other liabilities
144,031
162,016
Total equity and liabilities
1,285,424
1,413,233
For the year ended December 31,
2025
2024
2023
(\u20ac thousand)
Net revenues
95,936
88,597
66,446
Cost of sales
51,840
52,415
37,198
Selling, general and administrative costs
9,590
9,966
9,314
Other expenses, net
3,239
2,826
1,574
Profit before taxes
31,267
23,390
18,360
Income tax expense
5,978
6,472
5,147
Net profit
25,289
16,918
13,213
Other securities and financial assets
Other securities and financial assets primarily include the Group\u2019s holdings of 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 \u20ac16,743 thousand at December\u00a031, 2025 (\u20ac15,816 thousand
at December 31, 2024) (the \u201cLiberty Media Shares\u201d).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-579": { "value": "
16. INVESTMENTS AND OTHER FINANCIAL ASSETS
A breakdown of investments and other financial assets is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Investments accounted for using the equity method
76,011
63,438
Other securities and financial assets
20,433
17,384
Total investments and other financial assets
96,444
80,822
Investments accounted for using the equity method
Movements in the carrying amount of investments accounted for using the equity method are presented below.
(\u20ac thousand)
Balance at December 31, 2023
55,200
Proportionate share of net profit for the year ended December 31, 2024
8,245
Proportionate share of remeasurement of defined benefit plans and other movements
(7)
Balance at December 31, 2024
63,438
Proportionate share of net profit for the year ended December 31, 2025
12,572
Proportionate share of remeasurement of defined benefit plans and other movements
1
Balance at December 31, 2025
76,011
Investments accounted for using the equity method mainly relate to the Group\u2019s investment in FFS GmbH, for
which the Group holds a 49.9 percent interest, as well as the Group\u2019s investment in FS China Limited, a joint venture formed
in China in 2021 to manage certain lifestyle activities in the local market, for which the Group holds a 49.0 percent interest.
Summarized financial information relating to FFS GmbH at and for the years ended December\u00a031, 2025 and 2024 is
presented below.
At December 31,
2025
2024
(\u20ac thousand)
Assets
Non-current assets
4,795
4,825
Receivables from financing activities
1,246,366
1,371,071
Other current assets
11,274
8,766
Cash and cash equivalents
22,989
28,571
Total assets
1,285,424
1,413,233
Equity and liabilities
Equity
150,318
125,040
Debt
991,075
1,126,177
Other liabilities
144,031
162,016
Total equity and liabilities
1,285,424
1,413,233
For the year ended December 31,
2025
2024
2023
(\u20ac thousand)
Net revenues
95,936
88,597
66,446
Cost of sales
51,840
52,415
37,198
Selling, general and administrative costs
9,590
9,966
9,314
Other expenses, net
3,239
2,826
1,574
Profit before taxes
31,267
23,390
18,360
Income tax expense
5,978
6,472
5,147
Net profit
25,289
16,918
13,213
Other securities and financial assets
Other securities and financial assets primarily include the Group\u2019s holdings of 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 \u20ac16,743 thousand at December\u00a031, 2025 (\u20ac15,816 thousand
at December 31, 2024) (the \u201cLiberty Media Shares\u201d).", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-581": { "value": "
Other securities and financial assets
Other securities and financial assets primarily include the Group\u2019s holdings of 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 \u20ac16,743 thousand at December\u00a031, 2025 (\u20ac15,816 thousand
at December 31, 2024) (the \u201cLiberty Media Shares\u201d).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-582": { "value": "
17. INVENTORIES
A breakdown of inventories is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Raw materials
238,426
222,243
Semi-finished goods
258,287
239,388
Finished goods
617,191
626,563
Total inventories
1,113,904
1,088,194
The amount of inventory write-downs recognized as an expense within cost of sales during 2025 was
\u20ac37,689\u00a0thousand (\u20ac36,932\u00a0thousand in 2024 and \u20ac20,822\u00a0thousand in 2023 ).
Changes in the provision for slow moving and obsolete inventories are presented below.
2025
2024
(\u20ac thousand)
At January 1,
149,228
123,428
Additional provisions
37,689
36,932
Utilizations and other changes
(24,319)
(11,132)
At December 31,
162,598
149,228
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-585": { "value": "
18. CURRENT RECEIVABLES AND OTHER CURRENT ASSETS
A breakdown of current receivables and other current assets is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Trade receivables
360,339
349,176
Receivables from financing activities
1,613,396
1,661,632
Current tax receivables
31,715
15,918
Other current assets
159,223
137,763
Total
2,164,673
2,164,489
Trade receivables
A breakdown of trade receivables by nature is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Trade receivables due from:
Dealers
145,061
153,894
Sponsorship and commercial activities
108,737
81,863
Brand activities
37,346
26,189
Stellantis Group companies
1,070
3,654
Other
68,125
83,576
Total
360,339
349,176
Trade receivables due from dealers relate to receivables for the sale of cars across the dealer network and are
generally settled within 30 to 40 days from the date of invoice.
Trade receivables due from sponsorship and commercial activities mainly relate to the Group\u2019s participation in the
Formula 1 World Championship and the World Endurance Championship. Trade receivables due from brand activities relate
to amounts receivable for licensing and merchandising activities.
The Group is not exposed to significant concentrations of third party credit risk.
A breakdown of trade receivables by currency is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Trade receivables denominated in:
Euro
143,909
166,846
U.S. Dollar
170,138
152,537
Japanese Yen
16,867
6,104
Pound Sterling
6,246
12,814
Chinese Yuan
2,132
4,701
Other currencies
21,047
6,174
Total
360,339
349,176
Trade receivables are shown net of an allowance for doubtful accounts determined on the basis of insolvency risk
and historical experience, adjusted for forward-looking factors specific to the receivables and the economic environment.
Additional provisions to the allowance for doubtful accounts are recorded within selling, general and administrative costs in
the consolidated income statement.
Changes in the allowance for doubtful accounts of trade receivables are presented below.
2025
2024
(\u20ac thousand)
At January 1
33,376
25,418
Additional provisions
16,385
10,884
Utilizations
(11,527)
(2,104)
Releases
(1,996)
(828)
Other changes
\u2014
6
At December 31
36,238
33,376
Receivables from financing activities
Receivables from financing activities relate to financing provided by the Group to Ferrari clients to finance their car
acquisitions in the United States. The underlying receivables are denominated in U.S. Dollars and are generally secured on
the title of cars or other guarantees.
During 2025 the average contractual duration at inception of such contracts was approximately 69 months (68
months in 2024) and the weighted average interest rate was approximately 8.8 percent (approximately 8.3 percent in 2024).
Receivables for client financing are generally secured on the titles of the related cars or other personal guarantees.
Receivables from financing activities are shown net of an allowance for doubtful accounts and additional provisions
are recorded within cost of sales in the consolidated income statement.
Changes in the allowance for doubtful accounts of receivables from financing activities are presented below.
2025
2024
(\u20ac thousand)
At January 1
16,547
11,165
Additional provisions
13,557
10,038
Utilizations
(8,984)
(5,293)
Releases
(45)
(57)
Other changes
(2,333)
694
At December 31
18,742
16,547
Other current assets
A breakdown of other current assets is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Italian and foreign VAT credits
99,593
56,837
Prepayments
51,863
63,983
Other
7,767
16,943
Total other current assets
159,223
137,763
Other includes security deposits, amounts due from personnel and other receivables.
At December\u00a031, 2025, the Group had provided guarantees through third parties amounting to \u20ac168,930 thousand
(\u20ac225,438 thousand at December\u00a031, 2024), principally to (i) banks for a U.S. Dollar denominated credit facility of FFS Inc.,
(ii) tax authorities for VAT reimbursements according to Italian legislation, and (iii) customs authorities for duties on import
and export activities.
A breakdown of receivables and other current assets (excluding prepayments) by due date is presented below.
At December 31, 2025
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
310,058
7,962
\u2014
42,319
360,339
Receivables from financing activities (1)
250,791
1,139,104
118,920
104,581
1,613,396
Current tax receivables
27,755
3,960
\u2014
\u2014
31,715
Other current assets (excluding prepayments)
107,360
\u2014
\u2014
\u2014
107,360
Total
695,964
1,151,026
118,920
146,900
2,112,810
At December 31, 2024
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
302,025
\u2014
\u2014
47,151
349,176
Receivables from financing activities (1)
237,414
1,226,598
90,417
107,203
1,661,632
Current tax receivables
11,454
4,464
\u2014
\u2014
15,918
Other current assets (excluding prepayments)
73,389
\u2014
\u2014
391
73,780
Total
624,282
1,231,062
90,417
154,745
2,100,506
_____________________________
(1) Excluding interest generated on these receivables. If a counterparty to the receivables has failed to make at least one contractual payment by the
respective due date, the entire amount of the receivable is considered overdue.
Overdue amounts represent receivables and other current assets where payments are past their due date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-584": { "value": "
18. CURRENT RECEIVABLES AND OTHER CURRENT ASSETS
A breakdown of current receivables and other current assets is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Trade receivables
360,339
349,176
Receivables from financing activities
1,613,396
1,661,632
Current tax receivables
31,715
15,918
Other current assets
159,223
137,763
Total
2,164,673
2,164,489
Trade receivables
A breakdown of trade receivables by nature is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Trade receivables due from:
Dealers
145,061
153,894
Sponsorship and commercial activities
108,737
81,863
Brand activities
37,346
26,189
Stellantis Group companies
1,070
3,654
Other
68,125
83,576
Total
360,339
349,176
Trade receivables due from dealers relate to receivables for the sale of cars across the dealer network and are
generally settled within 30 to 40 days from the date of invoice.
Trade receivables due from sponsorship and commercial activities mainly relate to the Group\u2019s participation in the
Formula 1 World Championship and the World Endurance Championship. Trade receivables due from brand activities relate
to amounts receivable for licensing and merchandising activities.
The Group is not exposed to significant concentrations of third party credit risk.
A breakdown of trade receivables by currency is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Trade receivables denominated in:
Euro
143,909
166,846
U.S. Dollar
170,138
152,537
Japanese Yen
16,867
6,104
Pound Sterling
6,246
12,814
Chinese Yuan
2,132
4,701
Other currencies
21,047
6,174
Total
360,339
349,176
Trade receivables are shown net of an allowance for doubtful accounts determined on the basis of insolvency risk
and historical experience, adjusted for forward-looking factors specific to the receivables and the economic environment.
Additional provisions to the allowance for doubtful accounts are recorded within selling, general and administrative costs in
the consolidated income statement.
Changes in the allowance for doubtful accounts of trade receivables are presented below.
2025
2024
(\u20ac thousand)
At January 1
33,376
25,418
Additional provisions
16,385
10,884
Utilizations
(11,527)
(2,104)
Releases
(1,996)
(828)
Other changes
\u2014
6
At December 31
36,238
33,376
Receivables from financing activities
Receivables from financing activities relate to financing provided by the Group to Ferrari clients to finance their car
acquisitions in the United States. The underlying receivables are denominated in U.S. Dollars and are generally secured on
the title of cars or other guarantees.
During 2025 the average contractual duration at inception of such contracts was approximately 69 months (68
months in 2024) and the weighted average interest rate was approximately 8.8 percent (approximately 8.3 percent in 2024).
Receivables for client financing are generally secured on the titles of the related cars or other personal guarantees.
Receivables from financing activities are shown net of an allowance for doubtful accounts and additional provisions
are recorded within cost of sales in the consolidated income statement.
Changes in the allowance for doubtful accounts of receivables from financing activities are presented below.
2025
2024
(\u20ac thousand)
At January 1
16,547
11,165
Additional provisions
13,557
10,038
Utilizations
(8,984)
(5,293)
Releases
(45)
(57)
Other changes
(2,333)
694
At December 31
18,742
16,547
Other current assets
A breakdown of other current assets is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Italian and foreign VAT credits
99,593
56,837
Prepayments
51,863
63,983
Other
7,767
16,943
Total other current assets
159,223
137,763
Other includes security deposits, amounts due from personnel and other receivables.
At December\u00a031, 2025, the Group had provided guarantees through third parties amounting to \u20ac168,930 thousand
(\u20ac225,438 thousand at December\u00a031, 2024), principally to (i) banks for a U.S. Dollar denominated credit facility of FFS Inc.,
(ii) tax authorities for VAT reimbursements according to Italian legislation, and (iii) customs authorities for duties on import
and export activities.
A breakdown of receivables and other current assets (excluding prepayments) by due date is presented below.
At December 31, 2025
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
310,058
7,962
\u2014
42,319
360,339
Receivables from financing activities (1)
250,791
1,139,104
118,920
104,581
1,613,396
Current tax receivables
27,755
3,960
\u2014
\u2014
31,715
Other current assets (excluding prepayments)
107,360
\u2014
\u2014
\u2014
107,360
Total
695,964
1,151,026
118,920
146,900
2,112,810
At December 31, 2024
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
302,025
\u2014
\u2014
47,151
349,176
Receivables from financing activities (1)
237,414
1,226,598
90,417
107,203
1,661,632
Current tax receivables
11,454
4,464
\u2014
\u2014
15,918
Other current assets (excluding prepayments)
73,389
\u2014
\u2014
391
73,780
Total
624,282
1,231,062
90,417
154,745
2,100,506
_____________________________
(1) Excluding interest generated on these receivables. If a counterparty to the receivables has failed to make at least one contractual payment by the
respective due date, the entire amount of the receivable is considered overdue.
Overdue amounts represent receivables and other current assets where payments are past their due date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-583": { "value": "
18. CURRENT RECEIVABLES AND OTHER CURRENT ASSETS
A breakdown of current receivables and other current assets is presented below.
Trade receivables
Trade receivables are shown net of an allowance for doubtful accounts determined on the basis of insolvency risk
and historical experience, adjusted for forward-looking factors specific to the receivables and the economic environment.
Additional provisions to the allowance for doubtful accounts are recorded within selling, general and administrative costs in
the consolidated income statement.
Changes in the allowance for doubtful accounts of trade receivables are presented below.
2025
2024
(\u20ac thousand)
At January 1
33,376
25,418
Additional provisions
16,385
10,884
Utilizations
(11,527)
(2,104)
Releases
(1,996)
(828)
Other changes
\u2014
6
At December 31
36,238
33,376
Receivables from financing activities
Receivables from financing activities are shown net of an allowance for doubtful accounts and additional provisions
are recorded within cost of sales in the consolidated income statement.
Changes in the allowance for doubtful accounts of receivables from financing activities are presented below.
2025
2024
(\u20ac thousand)
At January 1
16,547
11,165
Additional provisions
13,557
10,038
Utilizations
(8,984)
(5,293)
Releases
(45)
(57)
Other changes
(2,333)
694
At December 31
18,742
16,547
Credit risk
Receivables from financing activities amounting to
\u20ac1,613,396 thousand at December\u00a031, 2025 (\u20ac1,661,632 thousand at December\u00a031, 2024) are shown net of the allowance for
doubtful accounts amounting to \u20ac18,742 thousand (\u20ac16,547 thousand at December\u00a031, 2024). After considering the
allowance for doubtful accounts, \u20ac104,581 thousand of receivables were overdue (\u20ac107,203 thousand at December\u00a031, 2024),
where receivables are considered overdue if a counterparty has failed to make at least one contractual payment by the
respective due date. Therefore, overdue receivables represent a minor portion of receivables from financing activities.
Trade receivables amounting to \u20ac360,339 thousand at December\u00a031, 2025 (\u20ac349,176 thousand at December\u00a031,
2024) are shown net of the allowance for doubtful accounts amounting to \u20ac36,238 thousand (\u20ac33,376 thousand at
December\u00a031, 2024). After considering the allowance for doubtful accounts, \u20ac42,319 thousand of receivables were overdue
(\u20ac47,151 thousand at December\u00a031, 2024).
The Group\u2019s cash and cash equivalents are held on bank and deposit accounts with primary financial institutions and
highly rated money market funds. It is the Ferrari Group\u2019s policy to continuously monitor counterparty risk and limit
concentration of bank and deposit accounts to a maximum of 25% of the total with a single financial counterpart. With
specific reference to money market funds, the invested amounts in any specific fund must not exceed 10% of the par value of
such. The Group considers its credit risk with respect to its cash and cash equivalents to be low considering that they are held
with primary financial institutions and the maximum exposure with any one counterparty is limited.
Cash flow forecasting is performed by the Group on a recurring basis. The Group monitors a rolling forecast of its
liquidity requirements to ensure an adequate cash balance to meet operational needs and maintain adequate headroom. Cash
held by the businesses over and above balances required for working capital management is loaned to the Group\u2019s centralized
treasury department. Cash is invested in instant-access current accounts, short-term deposits and money market funds,
choosing instruments with appropriate maturities to provide adequate headroom as determined by cash forecasts. In
accordance to Group liquidity risk management policy, the Group controls counterparties\u2019 credit risk and credit limit
utilization. It adopts a conservative approach to the investment of its cash which is deposited with financial institutions with
high credit standing.
For information relating to the short-term credit rating of the Group\u2019s cash and cash equivalents, see Note 32 \u201cCash
and Cash Equivalents and Notes to the Consolidated Statement of Cash Flows \u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-586": { "value": "
Receivables from financing activities
Receivables from financing activities relate to financing provided by the Group to Ferrari clients to finance their car
acquisitions in the United States. The underlying receivables are denominated in U.S. Dollars and are generally secured on
the title of cars or other guarantees.
During 2025 the average contractual duration at inception of such contracts was approximately 69 months (68
months in 2024) and the weighted average interest rate was approximately 8.8 percent (approximately 8.3 percent in 2024).
Receivables for client financing are generally secured on the titles of the related cars or other personal guarantees.
Receivables from financing activities are shown net of an allowance for doubtful accounts and additional provisions
are recorded within cost of sales in the consolidated income statement.
Changes in the allowance for doubtful accounts of receivables from financing activities are presented below.
2025
2024
(\u20ac thousand)
At January 1
16,547
11,165
Additional provisions
13,557
10,038
Utilizations
(8,984)
(5,293)
Releases
(45)
(57)
Other changes
(2,333)
694
At December 31
18,742
16,547
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-589": { "value": "
Other current assets
A breakdown of other current assets is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Italian and foreign VAT credits
99,593
56,837
Prepayments
51,863
63,983
Other
7,767
16,943
Total other current assets
159,223
137,763
Other includes security deposits, amounts due from personnel and other receivables.
At December\u00a031, 2025, the Group had provided guarantees through third parties amounting to \u20ac168,930 thousand
(\u20ac225,438 thousand at December\u00a031, 2024), principally to (i) banks for a U.S. Dollar denominated credit facility of FFS Inc.,
(ii) tax authorities for VAT reimbursements according to Italian legislation, and (iii) customs authorities for duties on import
and export activities.
A breakdown of receivables and other current assets (excluding prepayments) by due date is presented below.
At December 31, 2025
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
310,058
7,962
\u2014
42,319
360,339
Receivables from financing activities (1)
250,791
1,139,104
118,920
104,581
1,613,396
Current tax receivables
27,755
3,960
\u2014
\u2014
31,715
Other current assets (excluding prepayments)
107,360
\u2014
\u2014
\u2014
107,360
Total
695,964
1,151,026
118,920
146,900
2,112,810
At December 31, 2024
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
302,025
\u2014
\u2014
47,151
349,176
Receivables from financing activities (1)
237,414
1,226,598
90,417
107,203
1,661,632
Current tax receivables
11,454
4,464
\u2014
\u2014
15,918
Other current assets (excluding prepayments)
73,389
\u2014
\u2014
391
73,780
Total
624,282
1,231,062
90,417
154,745
2,100,506
_____________________________
(1) Excluding interest generated on these receivables. If a counterparty to the receivables has failed to make at least one contractual payment by the
respective due date, the entire amount of the receivable is considered overdue.
Overdue amounts represent receivables and other current assets where payments are past their due date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-588": { "value": "
Other current assets
A breakdown of other current assets is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Italian and foreign VAT credits
99,593
56,837
Prepayments
51,863
63,983
Other
7,767
16,943
Total other current assets
159,223
137,763
Other includes security deposits, amounts due from personnel and other receivables.
At December\u00a031, 2025, the Group had provided guarantees through third parties amounting to \u20ac168,930 thousand
(\u20ac225,438 thousand at December\u00a031, 2024), principally to (i) banks for a U.S. Dollar denominated credit facility of FFS Inc.,
(ii) tax authorities for VAT reimbursements according to Italian legislation, and (iii) customs authorities for duties on import
and export activities.
A breakdown of receivables and other current assets (excluding prepayments) by due date is presented below.
At December 31, 2025
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
310,058
7,962
\u2014
42,319
360,339
Receivables from financing activities (1)
250,791
1,139,104
118,920
104,581
1,613,396
Current tax receivables
27,755
3,960
\u2014
\u2014
31,715
Other current assets (excluding prepayments)
107,360
\u2014
\u2014
\u2014
107,360
Total
695,964
1,151,026
118,920
146,900
2,112,810
At December 31, 2024
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
302,025
\u2014
\u2014
47,151
349,176
Receivables from financing activities (1)
237,414
1,226,598
90,417
107,203
1,661,632
Current tax receivables
11,454
4,464
\u2014
\u2014
15,918
Other current assets (excluding prepayments)
73,389
\u2014
\u2014
391
73,780
Total
624,282
1,231,062
90,417
154,745
2,100,506
_____________________________
(1) Excluding interest generated on these receivables. If a counterparty to the receivables has failed to make at least one contractual payment by the
respective due date, the entire amount of the receivable is considered overdue.
Overdue amounts represent receivables and other current assets where payments are past their due date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-587": { "value": "
Other current assets
A breakdown of other current assets is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Italian and foreign VAT credits
99,593
56,837
Prepayments
51,863
63,983
Other
7,767
16,943
Total other current assets
159,223
137,763
Other includes security deposits, amounts due from personnel and other receivables.
At December\u00a031, 2025, the Group had provided guarantees through third parties amounting to \u20ac168,930 thousand
(\u20ac225,438 thousand at December\u00a031, 2024), principally to (i) banks for a U.S. Dollar denominated credit facility of FFS Inc.,
(ii) tax authorities for VAT reimbursements according to Italian legislation, and (iii) customs authorities for duties on import
and export activities.
A breakdown of receivables and other current assets (excluding prepayments) by due date is presented below.
At December 31, 2025
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
310,058
7,962
\u2014
42,319
360,339
Receivables from financing activities (1)
250,791
1,139,104
118,920
104,581
1,613,396
Current tax receivables
27,755
3,960
\u2014
\u2014
31,715
Other current assets (excluding prepayments)
107,360
\u2014
\u2014
\u2014
107,360
Total
695,964
1,151,026
118,920
146,900
2,112,810
At December 31, 2024
Due within
one year
Due between
one and five
years
Due beyond
five years
Overdue
Total
(\u20ac thousand)
Trade receivables
302,025
\u2014
\u2014
47,151
349,176
Receivables from financing activities (1)
237,414
1,226,598
90,417
107,203
1,661,632
Current tax receivables
11,454
4,464
\u2014
\u2014
15,918
Other current assets (excluding prepayments)
73,389
\u2014
\u2014
391
73,780
Total
624,282
1,231,062
90,417
154,745
2,100,506
_____________________________
(1) Excluding interest generated on these receivables. If a counterparty to the receivables has failed to make at least one contractual payment by the
respective due date, the entire amount of the receivable is considered overdue.
Overdue amounts represent receivables and other current assets where payments are past their due date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-594": { "value": "
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
A breakdown of c urrent financial assets is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Financial derivatives
73,664
19,350
Other financial assets
4,421
5,656
Current financial assets
78,085
25,006
Current financial assets and other financial liabilities mainly relate to foreign exchange derivatives and interest rate
caps.
A breakdown of derivative assets and liabilities is presented below.
At December 31,
2025
2024
Positive\u00a0fair\u00a0
value \u00a0
Negative\u00a0fair\u00a0
value
Positive\u00a0fair\u00a0
value \u00a0
Negative\u00a0fair\u00a0
value \u00a0
(\u20ac thousand)
Cash flow hedge:
Currency swaps
70,942
(5,936)
11,591
(58,911)
Interest rate caps
1,487
\u2014
5,547
\u2014
Commodities
\u2014
(334)
\u2014
\u2014
Total Cash flow hedges
72,429
(6,270)
17,138
(58,911)
Other foreign currency derivatives
1,235
(335)
2,212
(2,983)
Other
\u2014
(800)
\u2014
\u2014
Current financial assets/(liabilities)
73,664
(7,405)
19,350
(61,894)
Foreign currency 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. At December\u00a031, 2025 and 2024, substantially all derivative financial instruments had a maturity
of twelve months or less.
A breakdown of outstanding derivative financial instruments by foreign currency based on their fair value and
notional amounts is presented below.
At December 31, 2025
At December 31, 2024
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
42,650
2,850,720
(43,002)
2,818,516
Japanese Yen
23,575
476,778
5,119
270,514
Swiss Franc
567
136,354
(273)
116,872
Pound Sterling
466
126,060
(2,987)
157,264
Chinese Yuan
(187)
110,695
(2,880)
188,968
Other(1)
(812)
227,501
1,479
155,401
Total amount
66,259
3,928,108
(42,544)
3,707,535
_____________________________
(1)Other mainly relates to the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
Cash flow hedges
Cash flow hedges mainly relate to foreign currency risk management and in particular, the exposure to fluctuations
in the Euro/U.S. Dollar exchange rate for sales in U.S. Dollars.
The policy of the Group for managing foreign currency risk normally requires hedging of a portion of projected
future cash flows from trading activities and orders acquired (or contracts in progress) in foreign currencies that will occur
within the following 12 months. According to such policy, the hedging strategy is periodically updated and rebalanced,
generally on a monthly basis. Derivatives relating to foreign currency risk management are treated as cash flow hedges where
the derivative qualifies for hedge accounting. The amounts recorded in the cash flow hedge reserve within other
comprehensive income will be recognized in the consolidated income statement according to the timing of the flows of the
underlying transactions. Management believes that substantially all of the hedging effects arising from these derivative
contracts and recorded in the cash flow hedge reserve will be recognized in the consolidated income statement within the
following 12 months from the reporting date.
A breakdown of gains and losses, net of the related tax effects, reclassified from other comprehensive income/(loss)
to the consolidated income statement is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Net revenues
60,389
20,827
48,393
Income tax expenses
(16,849)
(5,811)
(13,502)
Total recognized in the consolidated income statement
43,540
15,016
34,891
The ineffectiveness of cash flow hedges was not material for the years 2025, 2024 and 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-592": { "value": "
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
A breakdown of c urrent financial assets is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Financial derivatives
73,664
19,350
Other financial assets
4,421
5,656
Current financial assets
78,085
25,006
Current financial assets and other financial liabilities mainly relate to foreign exchange derivatives and interest rate
caps.
A breakdown of derivative assets and liabilities is presented below.
At December 31,
2025
2024
Positive\u00a0fair\u00a0
value \u00a0
Negative\u00a0fair\u00a0
value
Positive\u00a0fair\u00a0
value \u00a0
Negative\u00a0fair\u00a0
value \u00a0
(\u20ac thousand)
Cash flow hedge:
Currency swaps
70,942
(5,936)
11,591
(58,911)
Interest rate caps
1,487
\u2014
5,547
\u2014
Commodities
\u2014
(334)
\u2014
\u2014
Total Cash flow hedges
72,429
(6,270)
17,138
(58,911)
Other foreign currency derivatives
1,235
(335)
2,212
(2,983)
Other
\u2014
(800)
\u2014
\u2014
Current financial assets/(liabilities)
73,664
(7,405)
19,350
(61,894)
Foreign currency 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. At December\u00a031, 2025 and 2024, substantially all derivative financial instruments had a maturity
of twelve months or less.
A breakdown of outstanding derivative financial instruments by foreign currency based on their fair value and
notional amounts is presented below.
At December 31, 2025
At December 31, 2024
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
42,650
2,850,720
(43,002)
2,818,516
Japanese Yen
23,575
476,778
5,119
270,514
Swiss Franc
567
136,354
(273)
116,872
Pound Sterling
466
126,060
(2,987)
157,264
Chinese Yuan
(187)
110,695
(2,880)
188,968
Other(1)
(812)
227,501
1,479
155,401
Total amount
66,259
3,928,108
(42,544)
3,707,535
_____________________________
(1)Other mainly relates to the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
Cash flow hedges
Cash flow hedges mainly relate to foreign currency risk management and in particular, the exposure to fluctuations
in the Euro/U.S. Dollar exchange rate for sales in U.S. Dollars.
The policy of the Group for managing foreign currency risk normally requires hedging of a portion of projected
future cash flows from trading activities and orders acquired (or contracts in progress) in foreign currencies that will occur
within the following 12 months. According to such policy, the hedging strategy is periodically updated and rebalanced,
generally on a monthly basis. Derivatives relating to foreign currency risk management are treated as cash flow hedges where
the derivative qualifies for hedge accounting. The amounts recorded in the cash flow hedge reserve within other
comprehensive income will be recognized in the consolidated income statement according to the timing of the flows of the
underlying transactions. Management believes that substantially all of the hedging effects arising from these derivative
contracts and recorded in the cash flow hedge reserve will be recognized in the consolidated income statement within the
following 12 months from the reporting date.
A breakdown of gains and losses, net of the related tax effects, reclassified from other comprehensive income/(loss)
to the consolidated income statement is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Net revenues
60,389
20,827
48,393
Income tax expenses
(16,849)
(5,811)
(13,502)
Total recognized in the consolidated income statement
43,540
15,016
34,891
The ineffectiveness of cash flow hedges was not material for the years 2025, 2024 and 2023.
30. QUALITATIVE AND QUANTITATIVE INFORMATION ON FINANCIAL RISKS
The Group is exposed to the following financial risks connected with its operations:
\u2022 Financial market risk \u2014 Principally relating to foreign currency exchange rates as the Group operates internationally
in different currencies and, to a lesser extent, interest rates and commodity prices;
\u2022 Liquidity risk \u2014 With particular reference to the availability of funds and access to the credit markets, should the
Group require them, and to financial instruments in general;
\u2022 Credit risk \u2014 Arises from normal commercial relations with dealers, sponsors, licensees and final clients, as well as
the Group\u2019s financing activities.
These risks could significantly affect the Group\u2019s financial position, results of operations and cash flows, and for
this reason the Group identifies and monitors these risks, in order to detect potential negative effects in advance and take the
necessary action to mitigate them, primarily through the Group\u2019s operating and financing activities and if required, through
the use of derivative financial instruments.
The following section provides qualitative and quantitative disclosures on the effect that these risks may have upon
the Group. The quantitative data reported in the following section does not have any predictive value. In particular, the
sensitivity analysis on financial market risks does not reflect the complexity of the market or the reaction which may result
from any changes that are assumed to take place.
Financial market risks
Due to the nature of the Group\u2019s business, the Group is exposed to a variety of market risks, including foreign
currency exchange rate risk and to a lesser extent, interest rate risk and commodity price risk.
The Group\u2019s exposure to foreign currency exchange rate risk arises from the geographic distribution of the Group\u2019s
shipments, as the Group generally sells its models in the currencies of the various markets in which the Group operates, while
the Group\u2019s industrial activities are all based in Italy, and primarily denominated in Euro.
The Group\u2019s exposure to interest rate risk arises from the need to fund certain activities and the necessity to deploy
surplus funds. Changes in market interest rates may have the effect of either increasing or decreasing the Group\u2019s net profit/
(loss), thereby indirectly affecting the costs and returns of financing and investing transactions.
The Group has in place various risk management policies, which primarily relate to foreign exchange and
commodity price, interest rate and liquidity risks. The Group\u2019s risk management policies permit derivatives to be used for
managing such exposures at risk. Counterparties to these agreements are major financial institutions. Derivative financial
instruments can only be executed for hedging purposes.
In particular, the Group used derivative financial instruments as cash flow hedges primarily for the purpose of
limiting the negative impact of foreign currency exchange rate fluctuations on forecasted transactions denominated in foreign
currencies. Accordingly, as a result of applying risk management policies with respect to foreign currency exchange
exposure, the Group\u2019s results of operations have not been fully exposed to fluctuations in foreign currency exchange rates.
However, despite these risk management policies and hedging transactions, sudden adverse movements in foreign currency
exchange rates could have a significant effect on the Group\u2019s earnings and cash flows.
The Group also enters into interest rate caps as required by certain of its securitization agreements.
Information on the fair value of derivative financial instruments held is provided in Note 19.
Information on foreign currency exchange rate risk
The Group is exposed to risks resulting from changes in foreign currency exchange rates, which can affect its
earnings and equity. In particular:
\u2022 Where a Group company incurs costs in a currency different from that of its revenues, any change in foreign
currency exchange rates can affect the operating results of that company. In 2025, the total trade flows exposed to
foreign currency exchange rate risk amounted to the equivalent of 52 percent of the Group\u2019s net revenues (59
percent in 2024 and 60 percent in 2023).
\u2022 The main foreign currency exchange rate to which the Group is exposed is the Euro/U.S. Dollar for sales in U.S.
Dollar in the United States and other markets where the U.S. Dollar is the reference currency. In 2025, the value of
commercial activities exposed to fluctuations in the Euro/U.S. Dollar exchange rate accounted for approximately 59
percent (61 percent in 2024 and 57 percent in 2023) of the total currency risk from commercial activities. In 2025
the commercial activities exposed to the Euro/Japanese Yen exchange rate exceeded 10 percent (as in 2024, while in
2023 both the Euro/Chinese Renmimbi exchange rate and the Euro/Japanese Yen exchange rate exceeded 10
percent) of the total currency risk from commercial activities. Other significant exposures included the exchange rate
between the Euro and the following currencies: Chinese Renmimbi, Pound Sterling, Swiss Franc, Canadian Dollar
and Australian Dollar. None of these exposures, taken individually, exceeded 10 percent of the Group\u2019s total foreign
currency exchange rate exposure for commercial activities in 2025, 2024 and 2023 (apart from Chinese Renmimbi
in 2023).
\u2022 Several subsidiaries are located in countries that are outside the Eurozone, in particular the United States, Japan,
China, Australia and South Korea. As the Group\u2019s reporting currency is the Euro, the income statements of those
companies are translated into Euro using the average exchange rate for the period and, even if revenues and margins
are unchanged in local currency, changes in exchange rates can impact the amount of revenues, costs and profit as
translated into Euro.
\u2022 The amount of assets and liabilities of consolidated companies that report in a currency other than the Euro may
vary from period to period as a result of changes in exchange rates. The effects of these changes are recognized
directly in equity as a component of other comprehensive income/(loss) under gains/(losses) from currency
translation differences.
Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different
from those at which they were initially recorded during the period or in previous financial statements, are recognized in the
consolidated income statement within financial income or financial expenses or as cost of sales for charges arising from
financial services companies.
It is the Group\u2019s policy to use derivative financial instruments (primarily forward currency contracts and currency
options) to hedge up to 90 percent of the principal exposures to foreign currency transaction exchange risk, typically for a
period of up to twelve months.
The Group monitors its principal exposure to foreign currency translation exchange risk, although the Group did not
engage in any specific hedging activities in relation to translation exchange risk for the periods presented.
The impact of foreign currency exchange rate differences recorded within financial income or financial expenses for
the year ended December\u00a031, 2025, including the costs of hedging foreign currency exchange rate risk, amounted to net
losses of \u20ac38,160 thousand (net losses of \u20ac7,035 thousand and \u20ac20,197 thousand for the years ended December\u00a031, 2024 and
2023, respectively).
All of the Group\u2019s financial services activities are conducted in the functional currencies of the related financial
services companies, therefore the impact of foreign currency exchange rate differences arising from financial services
activities was zero in all periods presented.
Except as noted above, there have been no substantial changes in 2025 in the nature or structure of exposure to
foreign currency exchange rate risks or in the Group\u2019s hedging policies.
The potential decrease in fair value of derivative financial instruments held by the Group at December\u00a031, 2025 to
hedge against foreign currency exchange rate risks, which would arise in the case of a hypothetical, immediate and adverse
change of 10 percent in the exchange rates of the major foreign currencies with the Euro, would be approximately \u20ac213,867
thousand (\u20ac171,437 thousand at December\u00a031, 2024). Receivables, payables and future trade flows for which hedges have
been put in place were not included in the analysis. It is reasonable to assume that changes in foreign currency exchange rates
will produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged. The
sensitivity analysis is based on currency hedging in place at the end of the period, which can vary during the period and
assumes unchanged market conditions other than exchange rates, such as volatility and interest rates. For this reason, it is
purely indicative.
Information on interest rate risk
The Group\u2019s exposure to interest rate risk, though less significant, arises from the need to fund financial services
activities and the necessity to deploy surplus funds. Changes in market interest rates may have the effect of either increasing
or decreasing the Group\u2019s net profit/(loss), thereby indirectly affecting the costs and returns of financing and investing
transactions.
The Group\u2019s most significant floating rate financial assets at December\u00a031, 2025 were cash and cash equivalents and
certain receivables from client financing activities, while 54 percent of the Group\u2019s gross debt bears floating rates of interest
(48 percent at December\u00a031, 2024). At December\u00a031, 2025, a decrease of 25 basis points in interest rates on floating rate
financial assets and debt, with all other variables held constant, would have resulted in a decrease in profit before taxes of \u20ac73
thousand on an annual basis (a decrease of \u20ac648 thousand at December\u00a031, 2024 for a decrease of 25 basis points in interest
rates). The analysis is based on the assumption that floating rate financial assets and debt which expire during the projected
12-month period will be renewed or reinvested in similar instruments, bearing the hypothetical short-term interest rates.
Information on commodity price risk
The Group\u2019s exposure to commodity price risk, though much less significant than foreign exchange rate risk and
interest rate risk, arises from the need to use a variety of raw materials in the Group\u2019s operations, including aluminum and
precious metals such as palladium and rhodium. The Group monitors its exposure to commodity price risk and may hedge a
portion of such exposure through derivative financial instruments (primarily commodity swaps).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-591": { "value": "
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
A breakdown of c urrent financial assets is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Financial derivatives
73,664
19,350
Other financial assets
4,421
5,656
Current financial assets
78,085
25,006
Current financial assets and other financial liabilities mainly relate to foreign exchange derivatives and interest rate
caps.
A breakdown of derivative assets and liabilities is presented below.
At December 31,
2025
2024
Positive\u00a0fair\u00a0
value \u00a0
Negative\u00a0fair\u00a0
value
Positive\u00a0fair\u00a0
value \u00a0
Negative\u00a0fair\u00a0
value \u00a0
(\u20ac thousand)
Cash flow hedge:
Currency swaps
70,942
(5,936)
11,591
(58,911)
Interest rate caps
1,487
\u2014
5,547
\u2014
Commodities
\u2014
(334)
\u2014
\u2014
Total Cash flow hedges
72,429
(6,270)
17,138
(58,911)
Other foreign currency derivatives
1,235
(335)
2,212
(2,983)
Other
\u2014
(800)
\u2014
\u2014
Current financial assets/(liabilities)
73,664
(7,405)
19,350
(61,894)
Foreign currency 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. At December\u00a031, 2025 and 2024, substantially all derivative financial instruments had a maturity
of twelve months or less.
A breakdown of outstanding derivative financial instruments by foreign currency based on their fair value and
notional amounts is presented below.
At December 31, 2025
At December 31, 2024
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
42,650
2,850,720
(43,002)
2,818,516
Japanese Yen
23,575
476,778
5,119
270,514
Swiss Franc
567
136,354
(273)
116,872
Pound Sterling
466
126,060
(2,987)
157,264
Chinese Yuan
(187)
110,695
(2,880)
188,968
Other(1)
(812)
227,501
1,479
155,401
Total amount
66,259
3,928,108
(42,544)
3,707,535
_____________________________
(1)Other mainly relates to the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
Cash flow hedges
Cash flow hedges mainly relate to foreign currency risk management and in particular, the exposure to fluctuations
in the Euro/U.S. Dollar exchange rate for sales in U.S. Dollars.
The policy of the Group for managing foreign currency risk normally requires hedging of a portion of projected
future cash flows from trading activities and orders acquired (or contracts in progress) in foreign currencies that will occur
within the following 12 months. According to such policy, the hedging strategy is periodically updated and rebalanced,
generally on a monthly basis. Derivatives relating to foreign currency risk management are treated as cash flow hedges where
the derivative qualifies for hedge accounting. The amounts recorded in the cash flow hedge reserve within other
comprehensive income will be recognized in the consolidated income statement according to the timing of the flows of the
underlying transactions. Management believes that substantially all of the hedging effects arising from these derivative
contracts and recorded in the cash flow hedge reserve will be recognized in the consolidated income statement within the
following 12 months from the reporting date.
A breakdown of gains and losses, net of the related tax effects, reclassified from other comprehensive income/(loss)
to the consolidated income statement is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Net revenues
60,389
20,827
48,393
Income tax expenses
(16,849)
(5,811)
(13,502)
Total recognized in the consolidated income statement
43,540
15,016
34,891
The ineffectiveness of cash flow hedges was not material for the years 2025, 2024 and 2023.
24. DEBT
A breakdown of debt by nature and split between current and non-current is presented below.
At December 31,
2025
2024
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac thousand)
Asset-backed financing (Securitizations)
669,185
619,205
1,288,390
649,173
693,082
1,342,255
Bonds and notes
12,368
946,907
959,275
459,056
953,917
1,412,973
Borrowings from banks and other financial
institutions
203,021
225,000
428,021
143,800
270,833
414,633
Lease liabilities
31,348
130,799
162,147
26,491
99,779
126,270
Other debt
46,387
\u2014
46,387
55,757
\u2014
55,757
Total debt
962,309
1,921,911
2,884,220
1,334,277
2,017,611
3,351,888
Movements in debt are presented below, financing cash flows and other movements presented separately.
Financing cash flows
Other movements
Balance at
December
31, 2024
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)
Translation
differences
Balance at
December
31, 2025
(\u20ac thousand)
Asset-backed financing (Securitizations)
1,342,255
142,375
(33,294)
(1,250)
(161,696)
1,288,390
Bonds and notes
1,412,973
\u2014
(450,963)
(2,735)
\u2014
959,275
Borrowings from banks and other financial
institutions
414,633
400,000
(378,332)
(1,007)
(7,273)
428,021
Lease liabilities
126,270
\u2014
(23,825)
67,431
(7,729)
162,147
Other debt
55,757
42,527
(46,161)
\u2014
(5,736)
46,387
Total debt
3,351,888
584,902
(932,575)
62,439
(182,434)
2,884,220
Financing cash flows
Other movements
Balance at
December
31, 2023
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)(2)
Translation
differences
Balance at
December
31, 2024
(\u20ac thousand)
Asset-backed financing (Securitizations)
1,166,473
340,499
(243,649)
461
78,471
1,342,255
Bonds and notes
903,673
496,145
\u2014
13,155
\u2014
1,412,973
Borrowings from banks and other financial
institutions
290,930
225,000
(104,690)
(672)
4,065
414,633
Lease liabilities
73,047
\u2014
(22,001)
73,429
1,795
126,270
Other debt
43,063
51,022
(41,297)
\u2014
2,969
55,757
Total debt
2,477,186
1,112,666
(411,637)
86,373
87,300
3,351,888
_____________________________
(1) Other changes in lease liabilities relate entirely to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
(2)Includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond fully repaid, upon maturity,
in 2025.
Contractual undiscounted cash flows
The contractual maturities (contractual undiscounted cash flows, including interest) of the Group\u2019s debt based on
relevant maturity groupings are presented below.
Contractual cash flows at December 31, 2025
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2025 (*)
(\u20ac thousand)
Asset-backed financing (Securitizations)
702,097
387,018
253,845
\u2014
1,342,960
1,288,390
Bonds and notes
23,075
23,075
705,722
302,582
1,054,454
959,275
Borrowings from banks and other financial institutions
209,710
79,819
154,320
\u2014
443,849
428,021
Lease liabilities
36,049
29,012
61,072
61,298
187,431
162,147
Other debt
46,387
\u2014
\u2014
\u2014
46,387
46,387
Total debt
1,017,318
518,924
1,174,959
363,880
3,075,081
2,884,220
Contractual cash flows at December 31, 2024
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2024 (*)
(\u20ac thousand)
Asset-backed financing (Securitizations)
685,427
435,082
282,283
\u2014
1,402,792
1,342,255
Bonds and notes
480,802
23,075
218,525
812,804
1,535,206
1,412,973
Borrowings from banks and other financial institutions
152,858
53,683
234,312
\u2014
440,853
414,633
Lease liabilities
29,182
24,390
49,052
36,912
139,536
126,270
Other debt
55,757
\u2014
\u2014
\u2014
55,757
55,757
Total debt
1,404,026
536,230
784,172
849,716
3,574,144
3,351,888
_____________________________
(*)\u00a0 As reported in the consolidated statement of financial position.
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
hedging through interest rate cap derivatives.
Details relating to the revolving securitization programs are presented below.
Program
Funding Limit (2)
Amount
Outstanding at
December 31, 2025
Amount
Outstanding at
December 31, 2024
Maturity Date
($ million)
($ million)
($ million)
Syndicated program (retail) (1)
1,050
1,038
974
December 2026
Program lease/retail (1)
525
475
420
November 2027
Total asset-backed financing (Securitizations)
1,575
1,513
1,394
_____________________________
(1) At December 31, 2025 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 79 basis points and the notes relating to the leasing/retail securitization program bore
interest at a rate per annum equal to the aggregate of SOFR plus a margin of 70 basis points.
(2) Excluding accrued interest.
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 on the related asset-backed financing. This cash
amounted to \u20ac54,434 thousand at December\u00a031, 2025 (\u20ac53,644\u00a0thousand at December 31, 2024).
Bonds and notes
2025 Bond
On May 27, 2025, the Company fully repaid the 2025 Bond for a total consideration of \u20ac457,727\u00a0thousand
(including accrued interest). The bond was previously issued on May 27, 2020 for a principal of \u20ac650\u00a0million at a coupon of
1.5 percent and due on May 2025. 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 \u20ac199,037\u00a0thousand at a purchase price of \u20ac191,097\u00a0thousand, resulting
in gains of \u20ac7,940\u00a0thousand, which were recognized within financial income. The amount outstanding at December\u00a031, 2024
was \u20ac454,449\u00a0thousand , including accrued interest of \u20ac4,059\u00a0thousand.
2030 Bond
On May 21, 2024, the Company issued 3.625 percent senior notes due May 2030 (\u201c2030 Bond\u201d) having a principal
of \u20ac500\u00a0million. The notes were issued at a discount for an issue price of 99.677 percent, resulting in net proceeds of
\u20ac496,145\u00a0thousand, 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 December\u00a031, 2025 was \u20ac508,225\u00a0thousand, including accrued interest
of \u20ac11,121\u00a0thousand (\u20ac507,678\u00a0thousand including accrued interest of \u20ac11,173\u00a0thousand at December 31, 2024).
2029 and 2031 Notes
On July 31, 2019, the Company issued 1.12 percent senior notes due August 2029 (\u201c2029 Notes\u201d) and 1.27 percent
senior notes due August 2031 (\u201c2031 Notes\u201d) through a private placement to certain U.S. institutional investors, each having
a principal of \u20ac150\u00a0million. The net proceeds from the issuances amounted to \u20ac298,316\u00a0thousand 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 December\u00a031, 2025 was \u20ac150,395\u00a0thousand, including accrued interest
of \u20ac694\u00a0thousand (\u20ac150,302\u00a0thousand, including accrued interest of \u20ac700\u00a0thousand at December 31, 2024 ). The amount
outstanding of the 2031 Notes at December\u00a031, 2025 was \u20ac150,378\u00a0thousand, including accrued interest of \u20ac787\u00a0thousand
(\u20ac150,315\u00a0thousand including accrued interest of \u20ac794\u00a0thousand at December 31, 2024).
2032 Notes
On July 29, 2021, the Company issued 0.91 percent senior notes due January 2032 (\u201c2032 Notes\u201d) through a private
placement to certain U.S. institutional investors having a principal of \u20ac150\u00a0million. The net proceeds from the issuance
amounted to \u20ac149,495\u00a0thousand and the yield to maturity on an annual basis equals the nominal coupon rates of the notes.
The 2032 Notes are used for general corporate purposes. The amount outstanding of the 2032 Notes at December\u00a031, 2025
was \u20ac150,277\u00a0thousand, including accrued interest of \u20ac576\u00a0thousand (\u20ac150,229\u00a0thousand, including accrued interest of
\u20ac576\u00a0thousand at December 31, 2024).
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 December\u00a031, 2025 and 2024, Ferrari was in compliance with the covenants of the bonds
and notes.
Borrowings from banks and other financial institutions
Information relating to borrowings from banks and other financial institutions is presented below.
Amount Outstanding
at December 31,
Borrowing Entity
Currency
2025
2024
Maturity Date
(\u20ac thousand)
Ferrari NV (1)
EUR
37,970
84,115
January 2026 (4)
Ferrari NV (1)
EUR
8,336
41,682
March 2026
Ferrari NV (1)
EUR
100,452
\u2014
April 2026
Ferrari NV (1)
EUR
75,361
75,497
January 2027
Ferrari NV (1)
EUR
150,130
150,143
December 2028
Ferrari Financial Services, Inc. (2)
USD
55,769
63,181
April 2026
Ferrari SpA (3)
EUR
3
15
Total borrowings from banks and other financial
institutions
428,021
414,633
_____________________________
(1) Term loans bearing an average interest rate of 2.6593 percent as of December 31, 2025.
(2)Financial liabilities of FFS Inc to support financial services activities bearing interest at SOFR plus 83 basis points.
(3)At December 31, 2024 relates to an amortized term loan repaid in June 2025. At December 31, 2025 relates to banking fees and interest.
(4)\u00a0 \u00a0 The amount was fully repaid in January 2026.
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 - Leases. At
December\u00a031, 2025 lease liabilities amounted to \u20ac162,147 thousand (\u20ac126,270\u00a0thousand at December 31, 2024).
Other debt
Other debt mainly relates to U.S. based financial service activities with specific reference to expected cash out for
new funding request as per contractual commitment.
Committed credit lines
At December\u00a031, 2025 , the Group had total committed credit lines available and undrawn amounting to \u20ac550 million
and with maturities ranging from 2026 to 2030 (\u20ac550 million at December 31, 2024).
Liquidity risk
Liquidity risk arises if the Group is unable to obtain the funds needed to carry out its operations and meet its
obligations. The main determinant of the Group\u2019s liquidity position is the cash generated by or used in operating and
investing activities.
From an operating point of view, the Group manages liquidity risk by monitoring cash flows and keeping an
adequate level of funds readily available. The main funding operations and investments in cash and marketable securities of
the Group are centrally managed or supervised by the treasury department with the aim of ensuring effective and efficient
management of the Group\u2019s liquidity. The Group has established various policies which are managed or supervised centrally
by the treasury department with the purpose of optimizing the management of funds and reducing liquidity risk which
include:
\u2022 centralizing liquidity management through the use of cash pooling arrangements;
\u2022 maintaining a conservative level of available liquidity;
\u2022 obtaining adequate credit lines and diversifying sources of funding;
\u2022 maintaining a portfolio of high-quality liquid assets;
\u2022 monitoring future liquidity requirements on the basis of business planning.
Intercompany financing between Group entities is not restricted other than through the application of covenants
requiring that transactions with related parties be conducted at arm\u2019s length terms.
Details on the maturity profile of the Group\u2019s financial assets and liabilities and on the structure of derivative
financial instruments are provided in Notes 19 and 24. Details of the repayment of derivative financial instruments are
provided in Note 19.
To preventively and prudently manage potential liquidity or refinancing risks in the foreseeable future, the Group
has secured available undrawn committed credit lines, which amounted to \u20ac550 million at both December\u00a031, 2025 and 2024.
The Group believes that its total available liquidity (defined as cash and cash equivalents plus undrawn committed
credit lines), in addition to funds that will be generated from operating activities, will enable Ferrari to appropriately and
adequately satisfy the requirements of its operational activities, including working capital needs, and its investing activities,
as well as to fulfill its obligations to repay its debts and ensure an appropriate level of strategic and operational flexibility.
The Group therefore believes there is no significant risk of a lack of liquidity. For information relating to the Group\u2019s total
available liquidity, see Note 32 \u201cCash and Cash Equivalents and Notes to the Consolidated Statement of Cash Flows\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-590": { "value": "
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
A breakdown of c urrent financial assets is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Financial derivatives
73,664
19,350
Other financial assets
4,421
5,656
Current financial assets
78,085
25,006
Current financial assets and other financial liabilities mainly relate to foreign exchange derivatives and interest rate
caps.
A breakdown of derivative assets and liabilities is presented below.
At December 31,
2025
2024
Positive\u00a0fair\u00a0
value \u00a0
Negative\u00a0fair\u00a0
value
Positive\u00a0fair\u00a0
value \u00a0
Negative\u00a0fair\u00a0
value \u00a0
(\u20ac thousand)
Cash flow hedge:
Currency swaps
70,942
(5,936)
11,591
(58,911)
Interest rate caps
1,487
\u2014
5,547
\u2014
Commodities
\u2014
(334)
\u2014
\u2014
Total Cash flow hedges
72,429
(6,270)
17,138
(58,911)
Other foreign currency derivatives
1,235
(335)
2,212
(2,983)
Other
\u2014
(800)
\u2014
\u2014
Current financial assets/(liabilities)
73,664
(7,405)
19,350
(61,894)
Foreign currency 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. At December\u00a031, 2025 and 2024, substantially all derivative financial instruments had a maturity
of twelve months or less.
A breakdown of outstanding derivative financial instruments by foreign currency based on their fair value and
notional amounts is presented below.
At December 31, 2025
At December 31, 2024
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
42,650
2,850,720
(43,002)
2,818,516
Japanese Yen
23,575
476,778
5,119
270,514
Swiss Franc
567
136,354
(273)
116,872
Pound Sterling
466
126,060
(2,987)
157,264
Chinese Yuan
(187)
110,695
(2,880)
188,968
Other(1)
(812)
227,501
1,479
155,401
Total amount
66,259
3,928,108
(42,544)
3,707,535
_____________________________
(1)Other mainly relates to the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
Cash flow hedges
Cash flow hedges mainly relate to foreign currency risk management and in particular, the exposure to fluctuations
in the Euro/U.S. Dollar exchange rate for sales in U.S. Dollars.
The policy of the Group for managing foreign currency risk normally requires hedging of a portion of projected
future cash flows from trading activities and orders acquired (or contracts in progress) in foreign currencies that will occur
within the following 12 months. According to such policy, the hedging strategy is periodically updated and rebalanced,
generally on a monthly basis. Derivatives relating to foreign currency risk management are treated as cash flow hedges where
the derivative qualifies for hedge accounting. The amounts recorded in the cash flow hedge reserve within other
comprehensive income will be recognized in the consolidated income statement according to the timing of the flows of the
underlying transactions. Management believes that substantially all of the hedging effects arising from these derivative
contracts and recorded in the cash flow hedge reserve will be recognized in the consolidated income statement within the
following 12 months from the reporting date.
A breakdown of gains and losses, net of the related tax effects, reclassified from other comprehensive income/(loss)
to the consolidated income statement is presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Net revenues
60,389
20,827
48,393
Income tax expenses
(16,849)
(5,811)
(13,502)
Total recognized in the consolidated income statement
43,540
15,016
34,891
The ineffectiveness of cash flow hedges was not material for the years 2025, 2024 and 2023.
24. DEBT
A breakdown of debt by nature and split between current and non-current is presented below.
At December 31,
2025
2024
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac thousand)
Asset-backed financing (Securitizations)
669,185
619,205
1,288,390
649,173
693,082
1,342,255
Bonds and notes
12,368
946,907
959,275
459,056
953,917
1,412,973
Borrowings from banks and other financial
institutions
203,021
225,000
428,021
143,800
270,833
414,633
Lease liabilities
31,348
130,799
162,147
26,491
99,779
126,270
Other debt
46,387
\u2014
46,387
55,757
\u2014
55,757
Total debt
962,309
1,921,911
2,884,220
1,334,277
2,017,611
3,351,888
Movements in debt are presented below, financing cash flows and other movements presented separately.
Financing cash flows
Other movements
Balance at
December
31, 2024
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)
Translation
differences
Balance at
December
31, 2025
(\u20ac thousand)
Asset-backed financing (Securitizations)
1,342,255
142,375
(33,294)
(1,250)
(161,696)
1,288,390
Bonds and notes
1,412,973
\u2014
(450,963)
(2,735)
\u2014
959,275
Borrowings from banks and other financial
institutions
414,633
400,000
(378,332)
(1,007)
(7,273)
428,021
Lease liabilities
126,270
\u2014
(23,825)
67,431
(7,729)
162,147
Other debt
55,757
42,527
(46,161)
\u2014
(5,736)
46,387
Total debt
3,351,888
584,902
(932,575)
62,439
(182,434)
2,884,220
Financing cash flows
Other movements
Balance at
December
31, 2023
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)(2)
Translation
differences
Balance at
December
31, 2024
(\u20ac thousand)
Asset-backed financing (Securitizations)
1,166,473
340,499
(243,649)
461
78,471
1,342,255
Bonds and notes
903,673
496,145
\u2014
13,155
\u2014
1,412,973
Borrowings from banks and other financial
institutions
290,930
225,000
(104,690)
(672)
4,065
414,633
Lease liabilities
73,047
\u2014
(22,001)
73,429
1,795
126,270
Other debt
43,063
51,022
(41,297)
\u2014
2,969
55,757
Total debt
2,477,186
1,112,666
(411,637)
86,373
87,300
3,351,888
_____________________________
(1) Other changes in lease liabilities relate entirely to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
(2)Includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond fully repaid, upon maturity,
in 2025.
Contractual undiscounted cash flows
The contractual maturities (contractual undiscounted cash flows, including interest) of the Group\u2019s debt based on
relevant maturity groupings are presented below.
Contractual cash flows at December 31, 2025
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2025 (*)
(\u20ac thousand)
Asset-backed financing (Securitizations)
702,097
387,018
253,845
\u2014
1,342,960
1,288,390
Bonds and notes
23,075
23,075
705,722
302,582
1,054,454
959,275
Borrowings from banks and other financial institutions
209,710
79,819
154,320
\u2014
443,849
428,021
Lease liabilities
36,049
29,012
61,072
61,298
187,431
162,147
Other debt
46,387
\u2014
\u2014
\u2014
46,387
46,387
Total debt
1,017,318
518,924
1,174,959
363,880
3,075,081
2,884,220
Contractual cash flows at December 31, 2024
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2024 (*)
(\u20ac thousand)
Asset-backed financing (Securitizations)
685,427
435,082
282,283
\u2014
1,402,792
1,342,255
Bonds and notes
480,802
23,075
218,525
812,804
1,535,206
1,412,973
Borrowings from banks and other financial institutions
152,858
53,683
234,312
\u2014
440,853
414,633
Lease liabilities
29,182
24,390
49,052
36,912
139,536
126,270
Other debt
55,757
\u2014
\u2014
\u2014
55,757
55,757
Total debt
1,404,026
536,230
784,172
849,716
3,574,144
3,351,888
_____________________________
(*)\u00a0 As reported in the consolidated statement of financial position.
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
hedging through interest rate cap derivatives.
Details relating to the revolving securitization programs are presented below.
Program
Funding Limit (2)
Amount
Outstanding at
December 31, 2025
Amount
Outstanding at
December 31, 2024
Maturity Date
($ million)
($ million)
($ million)
Syndicated program (retail) (1)
1,050
1,038
974
December 2026
Program lease/retail (1)
525
475
420
November 2027
Total asset-backed financing (Securitizations)
1,575
1,513
1,394
_____________________________
(1) At December 31, 2025 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 79 basis points and the notes relating to the leasing/retail securitization program bore
interest at a rate per annum equal to the aggregate of SOFR plus a margin of 70 basis points.
(2) Excluding accrued interest.
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 on the related asset-backed financing. This cash
amounted to \u20ac54,434 thousand at December\u00a031, 2025 (\u20ac53,644\u00a0thousand at December 31, 2024).
Bonds and notes
2025 Bond
On May 27, 2025, the Company fully repaid the 2025 Bond for a total consideration of \u20ac457,727\u00a0thousand
(including accrued interest). The bond was previously issued on May 27, 2020 for a principal of \u20ac650\u00a0million at a coupon of
1.5 percent and due on May 2025. 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 \u20ac199,037\u00a0thousand at a purchase price of \u20ac191,097\u00a0thousand, resulting
in gains of \u20ac7,940\u00a0thousand, which were recognized within financial income. The amount outstanding at December\u00a031, 2024
was \u20ac454,449\u00a0thousand , including accrued interest of \u20ac4,059\u00a0thousand.
2030 Bond
On May 21, 2024, the Company issued 3.625 percent senior notes due May 2030 (\u201c2030 Bond\u201d) having a principal
of \u20ac500\u00a0million. The notes were issued at a discount for an issue price of 99.677 percent, resulting in net proceeds of
\u20ac496,145\u00a0thousand, 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 December\u00a031, 2025 was \u20ac508,225\u00a0thousand, including accrued interest
of \u20ac11,121\u00a0thousand (\u20ac507,678\u00a0thousand including accrued interest of \u20ac11,173\u00a0thousand at December 31, 2024).
2029 and 2031 Notes
On July 31, 2019, the Company issued 1.12 percent senior notes due August 2029 (\u201c2029 Notes\u201d) and 1.27 percent
senior notes due August 2031 (\u201c2031 Notes\u201d) through a private placement to certain U.S. institutional investors, each having
a principal of \u20ac150\u00a0million. The net proceeds from the issuances amounted to \u20ac298,316\u00a0thousand 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 December\u00a031, 2025 was \u20ac150,395\u00a0thousand, including accrued interest
of \u20ac694\u00a0thousand (\u20ac150,302\u00a0thousand, including accrued interest of \u20ac700\u00a0thousand at December 31, 2024 ). The amount
outstanding of the 2031 Notes at December\u00a031, 2025 was \u20ac150,378\u00a0thousand, including accrued interest of \u20ac787\u00a0thousand
(\u20ac150,315\u00a0thousand including accrued interest of \u20ac794\u00a0thousand at December 31, 2024).
2032 Notes
On July 29, 2021, the Company issued 0.91 percent senior notes due January 2032 (\u201c2032 Notes\u201d) through a private
placement to certain U.S. institutional investors having a principal of \u20ac150\u00a0million. The net proceeds from the issuance
amounted to \u20ac149,495\u00a0thousand and the yield to maturity on an annual basis equals the nominal coupon rates of the notes.
The 2032 Notes are used for general corporate purposes. The amount outstanding of the 2032 Notes at December\u00a031, 2025
was \u20ac150,277\u00a0thousand, including accrued interest of \u20ac576\u00a0thousand (\u20ac150,229\u00a0thousand, including accrued interest of
\u20ac576\u00a0thousand at December 31, 2024).
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 December\u00a031, 2025 and 2024, Ferrari was in compliance with the covenants of the bonds
and notes.
Borrowings from banks and other financial institutions
Information relating to borrowings from banks and other financial institutions is presented below.
Amount Outstanding
at December 31,
Borrowing Entity
Currency
2025
2024
Maturity Date
(\u20ac thousand)
Ferrari NV (1)
EUR
37,970
84,115
January 2026 (4)
Ferrari NV (1)
EUR
8,336
41,682
March 2026
Ferrari NV (1)
EUR
100,452
\u2014
April 2026
Ferrari NV (1)
EUR
75,361
75,497
January 2027
Ferrari NV (1)
EUR
150,130
150,143
December 2028
Ferrari Financial Services, Inc. (2)
USD
55,769
63,181
April 2026
Ferrari SpA (3)
EUR
3
15
Total borrowings from banks and other financial
institutions
428,021
414,633
_____________________________
(1) Term loans bearing an average interest rate of 2.6593 percent as of December 31, 2025.
(2)Financial liabilities of FFS Inc to support financial services activities bearing interest at SOFR plus 83 basis points.
(3)At December 31, 2024 relates to an amortized term loan repaid in June 2025. At December 31, 2025 relates to banking fees and interest.
(4)\u00a0 \u00a0 The amount was fully repaid in January 2026.
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 - Leases. At
December\u00a031, 2025 lease liabilities amounted to \u20ac162,147 thousand (\u20ac126,270\u00a0thousand at December 31, 2024).
Other debt
Other debt mainly relates to U.S. based financial service activities with specific reference to expected cash out for
new funding request as per contractual commitment.
Committed credit lines
At December\u00a031, 2025 , the Group had total committed credit lines available and undrawn amounting to \u20ac550 million
and with maturities ranging from 2026 to 2030 (\u20ac550 million at December 31, 2024).
30. QUALITATIVE AND QUANTITATIVE INFORMATION ON FINANCIAL RISKS
The Group is exposed to the following financial risks connected with its operations:
\u2022 Financial market risk \u2014 Principally relating to foreign currency exchange rates as the Group operates internationally
in different currencies and, to a lesser extent, interest rates and commodity prices;
\u2022 Liquidity risk \u2014 With particular reference to the availability of funds and access to the credit markets, should the
Group require them, and to financial instruments in general;
\u2022 Credit risk \u2014 Arises from normal commercial relations with dealers, sponsors, licensees and final clients, as well as
the Group\u2019s financing activities.
These risks could significantly affect the Group\u2019s financial position, results of operations and cash flows, and for
this reason the Group identifies and monitors these risks, in order to detect potential negative effects in advance and take the
necessary action to mitigate them, primarily through the Group\u2019s operating and financing activities and if required, through
the use of derivative financial instruments.
The following section provides qualitative and quantitative disclosures on the effect that these risks may have upon
the Group. The quantitative data reported in the following section does not have any predictive value. In particular, the
sensitivity analysis on financial market risks does not reflect the complexity of the market or the reaction which may result
from any changes that are assumed to take place.
Financial market risks
Due to the nature of the Group\u2019s business, the Group is exposed to a variety of market risks, including foreign
currency exchange rate risk and to a lesser extent, interest rate risk and commodity price risk.
The Group\u2019s exposure to foreign currency exchange rate risk arises from the geographic distribution of the Group\u2019s
shipments, as the Group generally sells its models in the currencies of the various markets in which the Group operates, while
the Group\u2019s industrial activities are all based in Italy, and primarily denominated in Euro.
The Group\u2019s exposure to interest rate risk arises from the need to fund certain activities and the necessity to deploy
surplus funds. Changes in market interest rates may have the effect of either increasing or decreasing the Group\u2019s net profit/
(loss), thereby indirectly affecting the costs and returns of financing and investing transactions.
The Group has in place various risk management policies, which primarily relate to foreign exchange and
commodity price, interest rate and liquidity risks. The Group\u2019s risk management policies permit derivatives to be used for
managing such exposures at risk. Counterparties to these agreements are major financial institutions. Derivative financial
instruments can only be executed for hedging purposes.
In particular, the Group used derivative financial instruments as cash flow hedges primarily for the purpose of
limiting the negative impact of foreign currency exchange rate fluctuations on forecasted transactions denominated in foreign
currencies. Accordingly, as a result of applying risk management policies with respect to foreign currency exchange
exposure, the Group\u2019s results of operations have not been fully exposed to fluctuations in foreign currency exchange rates.
However, despite these risk management policies and hedging transactions, sudden adverse movements in foreign currency
exchange rates could have a significant effect on the Group\u2019s earnings and cash flows.
The Group also enters into interest rate caps as required by certain of its securitization agreements.
Information on the fair value of derivative financial instruments held is provided in Note 19.
Information on foreign currency exchange rate risk
The Group is exposed to risks resulting from changes in foreign currency exchange rates, which can affect its
earnings and equity. In particular:
\u2022 Where a Group company incurs costs in a currency different from that of its revenues, any change in foreign
currency exchange rates can affect the operating results of that company. In 2025, the total trade flows exposed to
foreign currency exchange rate risk amounted to the equivalent of 52 percent of the Group\u2019s net revenues (59
percent in 2024 and 60 percent in 2023).
\u2022 The main foreign currency exchange rate to which the Group is exposed is the Euro/U.S. Dollar for sales in U.S.
Dollar in the United States and other markets where the U.S. Dollar is the reference currency. In 2025, the value of
commercial activities exposed to fluctuations in the Euro/U.S. Dollar exchange rate accounted for approximately 59
percent (61 percent in 2024 and 57 percent in 2023) of the total currency risk from commercial activities. In 2025
the commercial activities exposed to the Euro/Japanese Yen exchange rate exceeded 10 percent (as in 2024, while in
2023 both the Euro/Chinese Renmimbi exchange rate and the Euro/Japanese Yen exchange rate exceeded 10
percent) of the total currency risk from commercial activities. Other significant exposures included the exchange rate
between the Euro and the following currencies: Chinese Renmimbi, Pound Sterling, Swiss Franc, Canadian Dollar
and Australian Dollar. None of these exposures, taken individually, exceeded 10 percent of the Group\u2019s total foreign
currency exchange rate exposure for commercial activities in 2025, 2024 and 2023 (apart from Chinese Renmimbi
in 2023).
\u2022 Several subsidiaries are located in countries that are outside the Eurozone, in particular the United States, Japan,
China, Australia and South Korea. As the Group\u2019s reporting currency is the Euro, the income statements of those
companies are translated into Euro using the average exchange rate for the period and, even if revenues and margins
are unchanged in local currency, changes in exchange rates can impact the amount of revenues, costs and profit as
translated into Euro.
\u2022 The amount of assets and liabilities of consolidated companies that report in a currency other than the Euro may
vary from period to period as a result of changes in exchange rates. The effects of these changes are recognized
directly in equity as a component of other comprehensive income/(loss) under gains/(losses) from currency
translation differences.
Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different
from those at which they were initially recorded during the period or in previous financial statements, are recognized in the
consolidated income statement within financial income or financial expenses or as cost of sales for charges arising from
financial services companies.
It is the Group\u2019s policy to use derivative financial instruments (primarily forward currency contracts and currency
options) to hedge up to 90 percent of the principal exposures to foreign currency transaction exchange risk, typically for a
period of up to twelve months.
The Group monitors its principal exposure to foreign currency translation exchange risk, although the Group did not
engage in any specific hedging activities in relation to translation exchange risk for the periods presented.
The impact of foreign currency exchange rate differences recorded within financial income or financial expenses for
the year ended December\u00a031, 2025, including the costs of hedging foreign currency exchange rate risk, amounted to net
losses of \u20ac38,160 thousand (net losses of \u20ac7,035 thousand and \u20ac20,197 thousand for the years ended December\u00a031, 2024 and
2023, respectively).
All of the Group\u2019s financial services activities are conducted in the functional currencies of the related financial
services companies, therefore the impact of foreign currency exchange rate differences arising from financial services
activities was zero in all periods presented.
Except as noted above, there have been no substantial changes in 2025 in the nature or structure of exposure to
foreign currency exchange rate risks or in the Group\u2019s hedging policies.
The potential decrease in fair value of derivative financial instruments held by the Group at December\u00a031, 2025 to
hedge against foreign currency exchange rate risks, which would arise in the case of a hypothetical, immediate and adverse
change of 10 percent in the exchange rates of the major foreign currencies with the Euro, would be approximately \u20ac213,867
thousand (\u20ac171,437 thousand at December\u00a031, 2024). Receivables, payables and future trade flows for which hedges have
been put in place were not included in the analysis. It is reasonable to assume that changes in foreign currency exchange rates
will produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged. The
sensitivity analysis is based on currency hedging in place at the end of the period, which can vary during the period and
assumes unchanged market conditions other than exchange rates, such as volatility and interest rates. For this reason, it is
purely indicative.
Information on interest rate risk
The Group\u2019s exposure to interest rate risk, though less significant, arises from the need to fund financial services
activities and the necessity to deploy surplus funds. Changes in market interest rates may have the effect of either increasing
or decreasing the Group\u2019s net profit/(loss), thereby indirectly affecting the costs and returns of financing and investing
transactions.
The Group\u2019s most significant floating rate financial assets at December\u00a031, 2025 were cash and cash equivalents and
certain receivables from client financing activities, while 54 percent of the Group\u2019s gross debt bears floating rates of interest
(48 percent at December\u00a031, 2024). At December\u00a031, 2025, a decrease of 25 basis points in interest rates on floating rate
financial assets and debt, with all other variables held constant, would have resulted in a decrease in profit before taxes of \u20ac73
thousand on an annual basis (a decrease of \u20ac648 thousand at December\u00a031, 2024 for a decrease of 25 basis points in interest
rates). The analysis is based on the assumption that floating rate financial assets and debt which expire during the projected
12-month period will be renewed or reinvested in similar instruments, bearing the hypothetical short-term interest rates.
Information on commodity price risk
The Group\u2019s exposure to commodity price risk, though much less significant than foreign exchange rate risk and
interest rate risk, arises from the need to use a variety of raw materials in the Group\u2019s operations, including aluminum and
precious metals such as palladium and rhodium. The Group monitors its exposure to commodity price risk and may hedge a
portion of such exposure through derivative financial instruments (primarily commodity swaps).
Liquidity risk
Liquidity risk arises if the Group is unable to obtain the funds needed to carry out its operations and meet its
obligations. The main determinant of the Group\u2019s liquidity position is the cash generated by or used in operating and
investing activities.
From an operating point of view, the Group manages liquidity risk by monitoring cash flows and keeping an
adequate level of funds readily available. The main funding operations and investments in cash and marketable securities of
the Group are centrally managed or supervised by the treasury department with the aim of ensuring effective and efficient
management of the Group\u2019s liquidity. The Group has established various policies which are managed or supervised centrally
by the treasury department with the purpose of optimizing the management of funds and reducing liquidity risk which
include:
\u2022 centralizing liquidity management through the use of cash pooling arrangements;
\u2022 maintaining a conservative level of available liquidity;
\u2022 obtaining adequate credit lines and diversifying sources of funding;
\u2022 maintaining a portfolio of high-quality liquid assets;
\u2022 monitoring future liquidity requirements on the basis of business planning.
Intercompany financing between Group entities is not restricted other than through the application of covenants
requiring that transactions with related parties be conducted at arm\u2019s length terms.
Details on the maturity profile of the Group\u2019s financial assets and liabilities and on the structure of derivative
financial instruments are provided in Notes 19 and 24. Details of the repayment of derivative financial instruments are
provided in Note 19.
To preventively and prudently manage potential liquidity or refinancing risks in the foreseeable future, the Group
has secured available undrawn committed credit lines, which amounted to \u20ac550 million at both December\u00a031, 2025 and 2024.
The Group believes that its total available liquidity (defined as cash and cash equivalents plus undrawn committed
credit lines), in addition to funds that will be generated from operating activities, will enable Ferrari to appropriately and
adequately satisfy the requirements of its operational activities, including working capital needs, and its investing activities,
as well as to fulfill its obligations to repay its debts and ensure an appropriate level of strategic and operational flexibility.
The Group therefore believes there is no significant risk of a lack of liquidity. For information relating to the Group\u2019s total
available liquidity, see Note 32 \u201cCash and Cash Equivalents and Notes to the Consolidated Statement of Cash Flows\u201d.
Credit risk
Credit risk is the risk of economic loss arising from the failure to fully collect receivables. Credit risk encompasses
the direct risk of default and the risk of a deterioration of the creditworthiness of the counterparty.
The maximum credit risk to which the Group is theoretically exposed at December\u00a031, 2025 is represented by the
carrying amounts of the financial assets presented in the consolidated statement of financial position sheet and the nominal
value of the guarantees provided.
Dealers, clients and, in general, Ferrari\u2019s business partners are subject to a specific evaluation of their
creditworthiness. Additionally, it is Group practice to obtain financial guarantees against risks associated with credit granted
for the purchase of cars and parts, as well as certain sponsorships and licensees. These guarantees are further strengthened,
where possible, by retaining title on cars subject to financing agreements.
Credit positions of material significance are evaluated on an individual basis. Where objective evidence exists that
they are uncollectible, in whole or in part, specific write-downs are recognized. The amount of the write-down is based on an
estimate of the recoverable cash flows, the timing of those cash flows, the cost of recovery and the fair value of any
guarantees received.
Receivables from financing activities relate entirely to the financial services portfolio in the United States and such
receivables are generally secured on the titles of cars or other guarantees. Receivables from financing activities amounting to
\u20ac1,613,396 thousand at December\u00a031, 2025 (\u20ac1,661,632 thousand at December\u00a031, 2024) are shown net of the allowance for
doubtful accounts amounting to \u20ac18,742 thousand (\u20ac16,547 thousand at December\u00a031, 2024). After considering the
allowance for doubtful accounts, \u20ac104,581 thousand of receivables were overdue (\u20ac107,203 thousand at December\u00a031, 2024),
where receivables are considered overdue if a counterparty has failed to make at least one contractual payment by the
respective due date. Therefore, overdue receivables represent a minor portion of receivables from financing activities.
Trade receivables amounting to \u20ac360,339 thousand at December\u00a031, 2025 (\u20ac349,176 thousand at December\u00a031,
2024) are shown net of the allowance for doubtful accounts amounting to \u20ac36,238 thousand (\u20ac33,376 thousand at
December\u00a031, 2024). After considering the allowance for doubtful accounts, \u20ac42,319 thousand of receivables were overdue
(\u20ac47,151 thousand at December\u00a031, 2024).
The Group\u2019s cash and cash equivalents are held on bank and deposit accounts with primary financial institutions and
highly rated money market funds. It is the Ferrari Group\u2019s policy to continuously monitor counterparty risk and limit
concentration of bank and deposit accounts to a maximum of 25% of the total with a single financial counterpart. With
specific reference to money market funds, the invested amounts in any specific fund must not exceed 10% of the par value of
such. The Group considers its credit risk with respect to its cash and cash equivalents to be low considering that they are held
with primary financial institutions and the maximum exposure with any one counterparty is limited.
Cash flow forecasting is performed by the Group on a recurring basis. The Group monitors a rolling forecast of its
liquidity requirements to ensure an adequate cash balance to meet operational needs and maintain adequate headroom. Cash
held by the businesses over and above balances required for working capital management is loaned to the Group\u2019s centralized
treasury department. Cash is invested in instant-access current accounts, short-term deposits and money market funds,
choosing instruments with appropriate maturities to provide adequate headroom as determined by cash forecasts. In
accordance to Group liquidity risk management policy, the Group controls counterparties\u2019 credit risk and credit limit
utilization. It adopts a conservative approach to the investment of its cash which is deposited with financial institutions with
high credit standing.
For information relating to the short-term credit rating of the Group\u2019s cash and cash equivalents, see Note 32 \u201cCash
and Cash Equivalents and Notes to the Consolidated Statement of Cash Flows \u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-593": { "value": "
19. CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
A breakdown of c urrent financial assets is presented below.
A breakdown of outstanding derivative financial instruments by foreign currency based on their fair value and
notional amounts is presented below.
At December 31, 2025
At December 31, 2024
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
42,650
2,850,720
(43,002)
2,818,516
Japanese Yen
23,575
476,778
5,119
270,514
Swiss Franc
567
136,354
(273)
116,872
Pound Sterling
466
126,060
(2,987)
157,264
Chinese Yuan
(187)
110,695
(2,880)
188,968
Other(1)
(812)
227,501
1,479
155,401
Total amount
66,259
3,928,108
(42,544)
3,707,535
_____________________________
(1)Other mainly relates to the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
Cash flow hedges", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-595": { "value": "CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
A breakdown of c urrent financial assets is presented below.
A breakdown of outstanding derivative financial instruments by foreign currency based on their fair value and
notional amounts is presented below.
At December 31, 2025
At December 31, 2024
Fair Value
Notional
Amount
Fair Value
Notional
Amount
(\u20ac thousand)
Currencies:
U.S. Dollar
42,650
2,850,720
(43,002)
2,818,516
Japanese Yen
23,575
476,778
5,119
270,514
Swiss Franc
567
136,354
(273)
116,872
Pound Sterling
466
126,060
(2,987)
157,264
Chinese Yuan
(187)
110,695
(2,880)
188,968
Other(1)
(812)
227,501
1,479
155,401
Total amount
66,259
3,928,108
(42,544)
3,707,535
_____________________________
(1)Other mainly relates to the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-598": { "value": "
20. EQUITY
Share capital
At December\u00a031, 2025 and 2024 the fully paid up share capital of the Company was \u20ac2,573 thousand. The following
table summarizes the number of common shares and special voting shares of the Company at December\u00a031, 2025 and
December 31, 2024, each of which has a nominal value of \u20ac0.01.
Common shares
Special voting shares
Total
Outstanding
Held in
treasury
Total
Outstanding
Held in
treasury
At December 31, 2023
193,923,499
180,418,090
13,505,409
63,349,112
63,332,872
16,240
Shares repurchased under share
repurchase program
\u2014
(1,440,264)
1,440,264
\u2014
\u2014
\u2014
Shares assigned under equity incentive
plans (2)
\u2014
41,790
(41,790)
\u2014
\u2014
\u2014
Other changes
\u2014
24,715
(24,715)
\u2014
1
(1)
At December 31, 2024
193,923,499
179,044,331
14,879,168
63,349,112
63,332,873
16,239
Shares repurchased under share
repurchase program (1)
\u2014
(1,877,020)
1,877,020
\u2014
\u2014
\u2014
Shares assigned under equity incentive
plans (2)
\u2014
111,582
(111,582)
\u2014
\u2014
\u2014
ABO (3)
\u2014
\u2014
\u2014
\u2014
(6,666,667)
6,666,667
Other changes (4)
\u2014
\u2014
\u2014
\u2014
(565)
565
At December 31, 2025
193,923,499
177,278,893
16,644,606
63,349,112
56,665,641
6,683,471
Percentage of shares held in treasury
At December
31, 2025
At December
31, 2024
Total shares (common shares and
special voting shares)
9.07%
5.79%
Common shares
6.47%
5.78%
_____________________________
(1) Includes shares repurchased under the share repurchase program between January 1, 2025 and December 31, 2025 based on the transaction trade
date, for a total consideration, including transaction costs and including the shares purchased under Sell to Cover (as described below), of
\u20ac785,329\u00a0thousand.
(2) On March 13, 2025, 113,466 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 the same day, the Company purchased 47,907
common shares, for a total consideration of \u20ac19,834\u00a0thousand , from a group of those employees who were assigned shares in order to cover the
individual\u2019s taxable income as is standard practice (Sell to Cover) in a cross transaction. Between April and September 2025, 46,023 share awards
vested under the broad-based employee share ownership plan and agreements with suppliers.
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 the same day, the Company purchased 35,189
common shares, for a total consideration of \u20ac13,548\u00a0thousand, from a group of those employees who were assigned shares in order to cover the
individual\u2019s taxable income as is standard practice (Sell to Cover) in a cross transaction
(3) Relates to the deregistration of special voting shares, under the Company\u2019s special voting shares terms and conditions, following the accelerated
bookbuild offering (\u201cABO\u201d) made by Exor N.V. on February 26, 2025.
(4) Relates to the deregistration of certain special voting shares under the Company\u2019s special voting shares terms and conditions.
The loyalty voting structure
The purpose of the loyalty voting structure is to reward ownership of the Company\u2019s common shares and to promote
stability of the Company\u2019s shareholder base by granting long-term shareholders of the Company with special voting shares.
Following the separation of Ferrari from the Stellantis Group (previously referred to as Fiat Chrysler Automobiles N.V. or
FCA prior to the merger between FCA and Peugeot S.A. completed on January 16, 2021, which resulted in the creation of
Stellantis N.V.) in 2016, Exor N.V. (\u201cExor\u201d) and Piero Ferrari participate in the Company\u2019s loyalty voting program and,
therefore, effectively hold two votes for each of the common shares they hold. Investors who purchase common shares may
elect to participate in the loyalty voting program by registering their common shares in the loyalty share register and holding
them for three years. The loyalty voting program will be affected by means of the issue of special voting shares to eligible
holders of common shares. Each special voting share entitles the holder to exercise one vote at the Company\u2019s shareholder
meetings. Only a minimal dividend accrues to the special voting shares allocated to a separate special dividend reserve, and
the special voting shares do not carry any entitlement to any other reserve of the Group. The special voting shares have only
immaterial economic entitlements and, as a result, do not impact the Company\u2019s earnings per share calculation.
Retained earnings and other reserves
Retained earnings and other reserves include:
\u2022 a share premium reserve of \u20ac5,768,544 thousand at December\u00a031, 2025 (\u20ac5,768,544 thousand at December\u00a031,
2024).
\u2022 a legal reserve of \u20ac83 thousand at December\u00a031, 2025 and \u20ac110 thousand at December\u00a031, 2024, determined in
accordance with Dutch law.
\u2022 a treasury reserve of \u20ac3,071,083 thousand at December\u00a031, 2025 and \u20ac2,285,756 thousand at December\u00a031, 2024.
\u2022 a share-based compensation reserve of \u20ac41,791 thousand at December\u00a031, 2025 and \u20ac45,793 thousand at
December\u00a031, 2024.
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 16, 2025, a dividend distribution of \u20ac2.986 per outstanding common share was approved, corresponding to a total
distribution of \u20ac532,158\u00a0thousand, which was paid in 2025. The distribution was made from the retained earnings reserve.
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 \u20ac2.443 per outstanding common share was approved, corresponding to a total
distribution of \u20ac439,918\u00a0thousand, which was paid in 2024. The distribution was made from the retained earnings reserve.
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 \u20ac1.810 per outstanding common share was approved, corresponding to a total
distribution of \u20ac328,631\u00a0thousand, which was paid in 2023. The distribution was made from the retained earnings reserve.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-597": { "value": "
20. EQUITY
Share capital
At December\u00a031, 2025 and 2024 the fully paid up share capital of the Company was \u20ac2,573 thousand. The following
table summarizes the number of common shares and special voting shares of the Company at December\u00a031, 2025 and
December 31, 2024, each of which has a nominal value of \u20ac0.01.
Common shares
Special voting shares
Total
Outstanding
Held in
treasury
Total
Outstanding
Held in
treasury
At December 31, 2023
193,923,499
180,418,090
13,505,409
63,349,112
63,332,872
16,240
Shares repurchased under share
repurchase program
\u2014
(1,440,264)
1,440,264
\u2014
\u2014
\u2014
Shares assigned under equity incentive
plans (2)
\u2014
41,790
(41,790)
\u2014
\u2014
\u2014
Other changes
\u2014
24,715
(24,715)
\u2014
1
(1)
At December 31, 2024
193,923,499
179,044,331
14,879,168
63,349,112
63,332,873
16,239
Shares repurchased under share
repurchase program (1)
\u2014
(1,877,020)
1,877,020
\u2014
\u2014
\u2014
Shares assigned under equity incentive
plans (2)
\u2014
111,582
(111,582)
\u2014
\u2014
\u2014
ABO (3)
\u2014
\u2014
\u2014
\u2014
(6,666,667)
6,666,667
Other changes (4)
\u2014
\u2014
\u2014
\u2014
(565)
565
At December 31, 2025
193,923,499
177,278,893
16,644,606
63,349,112
56,665,641
6,683,471
Percentage of shares held in treasury
At December
31, 2025
At December
31, 2024
Total shares (common shares and
special voting shares)
9.07%
5.79%
Common shares
6.47%
5.78%
_____________________________
(1) Includes shares repurchased under the share repurchase program between January 1, 2025 and December 31, 2025 based on the transaction trade
date, for a total consideration, including transaction costs and including the shares purchased under Sell to Cover (as described below), of
\u20ac785,329\u00a0thousand.
(2) On March 13, 2025, 113,466 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 the same day, the Company purchased 47,907
common shares, for a total consideration of \u20ac19,834\u00a0thousand , from a group of those employees who were assigned shares in order to cover the
individual\u2019s taxable income as is standard practice (Sell to Cover) in a cross transaction. Between April and September 2025, 46,023 share awards
vested under the broad-based employee share ownership plan and agreements with suppliers.
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 the same day, the Company purchased 35,189
common shares, for a total consideration of \u20ac13,548\u00a0thousand, from a group of those employees who were assigned shares in order to cover the
individual\u2019s taxable income as is standard practice (Sell to Cover) in a cross transaction
(3) Relates to the deregistration of special voting shares, under the Company\u2019s special voting shares terms and conditions, following the accelerated
bookbuild offering (\u201cABO\u201d) made by Exor N.V. on February 26, 2025.
(4) Relates to the deregistration of certain special voting shares under the Company\u2019s special voting shares terms and conditions.
The loyalty voting structure
The purpose of the loyalty voting structure is to reward ownership of the Company\u2019s common shares and to promote
stability of the Company\u2019s shareholder base by granting long-term shareholders of the Company with special voting shares.
Following the separation of Ferrari from the Stellantis Group (previously referred to as Fiat Chrysler Automobiles N.V. or
FCA prior to the merger between FCA and Peugeot S.A. completed on January 16, 2021, which resulted in the creation of
Stellantis N.V.) in 2016, Exor N.V. (\u201cExor\u201d) and Piero Ferrari participate in the Company\u2019s loyalty voting program and,
therefore, effectively hold two votes for each of the common shares they hold. Investors who purchase common shares may
elect to participate in the loyalty voting program by registering their common shares in the loyalty share register and holding
them for three years. The loyalty voting program will be affected by means of the issue of special voting shares to eligible
holders of common shares. Each special voting share entitles the holder to exercise one vote at the Company\u2019s shareholder
meetings. Only a minimal dividend accrues to the special voting shares allocated to a separate special dividend reserve, and
the special voting shares do not carry any entitlement to any other reserve of the Group. The special voting shares have only
immaterial economic entitlements and, as a result, do not impact the Company\u2019s earnings per share calculation.
Retained earnings and other reserves
Retained earnings and other reserves include:
\u2022 a share premium reserve of \u20ac5,768,544 thousand at December\u00a031, 2025 (\u20ac5,768,544 thousand at December\u00a031,
2024).
\u2022 a legal reserve of \u20ac83 thousand at December\u00a031, 2025 and \u20ac110 thousand at December\u00a031, 2024, determined in
accordance with Dutch law.
\u2022 a treasury reserve of \u20ac3,071,083 thousand at December\u00a031, 2025 and \u20ac2,285,756 thousand at December\u00a031, 2024.
\u2022 a share-based compensation reserve of \u20ac41,791 thousand at December\u00a031, 2025 and \u20ac45,793 thousand at
December\u00a031, 2024.
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 16, 2025, a dividend distribution of \u20ac2.986 per outstanding common share was approved, corresponding to a total
distribution of \u20ac532,158\u00a0thousand, which was paid in 2025. The distribution was made from the retained earnings reserve.
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 \u20ac2.443 per outstanding common share was approved, corresponding to a total
distribution of \u20ac439,918\u00a0thousand, which was paid in 2024. The distribution was made from the retained earnings reserve.
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 \u20ac1.810 per outstanding common share was approved, corresponding to a total
distribution of \u20ac328,631\u00a0thousand, which was paid in 2023. The distribution was made from the retained earnings reserve.
Other comprehensive income/(loss)
A breakdown of other comprehensive income/(loss) is provided below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Items that will not be reclassified to the consolidated income statement in subsequent periods:
Gains/(Losses) on remeasurement of defined benefit plans
135
(691)
221
Total items that will not be reclassified to the consolidated income statement in subsequent
periods
135
(691)
221
Items that may be reclassified to the consolidated income statement in subsequent periods:
Gains/(Losses) on cash flow hedging instruments arising during the period
180,703
(65,983)
22,109
Gains on cash flow hedging instruments reclassified to the consolidated income statement
(60,389)
(20,827)
(48,393)
Losses on cash flow hedging instruments
120,314
(86,810)
(26,284)
Exchange differences on translating foreign operations
(20,444)
12,248
(6,323)
Total items that may be reclassified to the consolidated income statement in subsequent periods
99,870
(74,562)
(32,607)
Total other comprehensive income/(loss)
100,005
(75,253)
(32,386)
Related tax impact
(33,704)
23,778
6,351
Total other comprehensive income/(loss), net of tax
66,301
(51,475)
(26,035)
_____________________________
(1) Includes a loss of \u20ac1\u00a0thousand, \u20ac7\u00a0thousand and \u20ac30\u00a0thousand for the years ended December 31, 2025, 2024 and 2023, respectively, related to the
Group\u2019s proportionate share of the remeasurement of defined benefit plans of FFS GmbH, for which the Group holds a 49.9 percent interest.
Gains and losses on the remeasurement of defined benefit plans include actuarial gains and losses arising during the
period and are offset against the related net defined benefit liabilities.
A breakdown of the tax effects relating to other comprehensive income/(loss) is presented below.
For the years ended December 31,
2025
2024
2023
Pre-tax\u00a0
balance
Related
tax
impact
Net\u00a0
balance
Pre-tax\u00a0
balance
Related
tax
impact
Net\u00a0
balance
Pre-tax\u00a0
balance
Related
tax
impact
Net\u00a0
balance
(\u20ac thousand)
Gains/(Losses) on
remeasurement of defined
benefit plans
135
(30)
105
(691)
168
(523)
221
(52)
169
Gains/(Losses) on cash flow
hedging instruments
120,314
(33,674)
86,640
(86,810)
23,610
(63,200)
(26,284)
6,403
(19,881)
Exchange (losses)/gains on
translating foreign operations
(20,444)
\u2014
(20,444)
12,248
\u2014
12,248
(6,323)
\u2014
(6,323)
Total other comprehensive
income/(loss)
100,005
(33,704)
66,301
(75,253)
23,778
(51,475)
(32,386)
6,351
(26,035)
Transactions with non-controlling interests
With the exception of dividends paid to non-controlling interests, there were no transactions with non-controlling
interests for the years ended December\u00a031, 2025, 2024 or 2023.
Policies and processes for managing capital
The Group\u2019s objectives when managing capital are to create value for shareholders as a whole, safeguard business
continuity and support the sustainable growth of the Group. As a result, the Group endeavors to maintain a satisfactory
economic return for its shareholders and guarantee economic access to external sources of funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-596": { "value": "
20. EQUITY
Share capital
At December\u00a031, 2025 and 2024 the fully paid up share capital of the Company was \u20ac2,573 thousand. The following
table summarizes the number of common shares and special voting shares of the Company at December\u00a031, 2025 and
December 31, 2024, each of which has a nominal value of \u20ac0.01.
Common shares
Special voting shares
Total
Outstanding
Held in
treasury
Total
Outstanding
Held in
treasury
At December 31, 2023
193,923,499
180,418,090
13,505,409
63,349,112
63,332,872
16,240
Shares repurchased under share
repurchase program
\u2014
(1,440,264)
1,440,264
\u2014
\u2014
\u2014
Shares assigned under equity incentive
plans (2)
\u2014
41,790
(41,790)
\u2014
\u2014
\u2014
Other changes
\u2014
24,715
(24,715)
\u2014
1
(1)
At December 31, 2024
193,923,499
179,044,331
14,879,168
63,349,112
63,332,873
16,239
Shares repurchased under share
repurchase program (1)
\u2014
(1,877,020)
1,877,020
\u2014
\u2014
\u2014
Shares assigned under equity incentive
plans (2)
\u2014
111,582
(111,582)
\u2014
\u2014
\u2014
ABO (3)
\u2014
\u2014
\u2014
\u2014
(6,666,667)
6,666,667
Other changes (4)
\u2014
\u2014
\u2014
\u2014
(565)
565
At December 31, 2025
193,923,499
177,278,893
16,644,606
63,349,112
56,665,641
6,683,471
Percentage of shares held in treasury
At December
31, 2025
At December
31, 2024
Total shares (common shares and
special voting shares)
9.07%
5.79%
Common shares
6.47%
5.78%
_____________________________
(1) Includes shares repurchased under the share repurchase program between January 1, 2025 and December 31, 2025 based on the transaction trade
date, for a total consideration, including transaction costs and including the shares purchased under Sell to Cover (as described below), of
\u20ac785,329\u00a0thousand.
(2) On March 13, 2025, 113,466 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 the same day, the Company purchased 47,907
common shares, for a total consideration of \u20ac19,834\u00a0thousand , from a group of those employees who were assigned shares in order to cover the
individual\u2019s taxable income as is standard practice (Sell to Cover) in a cross transaction. Between April and September 2025, 46,023 share awards
vested under the broad-based employee share ownership plan and agreements with suppliers.
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 the same day, the Company purchased 35,189
common shares, for a total consideration of \u20ac13,548\u00a0thousand, from a group of those employees who were assigned shares in order to cover the
individual\u2019s taxable income as is standard practice (Sell to Cover) in a cross transaction
(3) Relates to the deregistration of special voting shares, under the Company\u2019s special voting shares terms and conditions, following the accelerated
bookbuild offering (\u201cABO\u201d) made by Exor N.V. on February 26, 2025.
(4) Relates to the deregistration of certain special voting shares under the Company\u2019s special voting shares terms and conditions.
The loyalty voting structure
The purpose of the loyalty voting structure is to reward ownership of the Company\u2019s common shares and to promote
stability of the Company\u2019s shareholder base by granting long-term shareholders of the Company with special voting shares.
Following the separation of Ferrari from the Stellantis Group (previously referred to as Fiat Chrysler Automobiles N.V. or
FCA prior to the merger between FCA and Peugeot S.A. completed on January 16, 2021, which resulted in the creation of
Stellantis N.V.) in 2016, Exor N.V. (\u201cExor\u201d) and Piero Ferrari participate in the Company\u2019s loyalty voting program and,
therefore, effectively hold two votes for each of the common shares they hold. Investors who purchase common shares may
elect to participate in the loyalty voting program by registering their common shares in the loyalty share register and holding
them for three years. The loyalty voting program will be affected by means of the issue of special voting shares to eligible
holders of common shares. Each special voting share entitles the holder to exercise one vote at the Company\u2019s shareholder
meetings. Only a minimal dividend accrues to the special voting shares allocated to a separate special dividend reserve, and
the special voting shares do not carry any entitlement to any other reserve of the Group. The special voting shares have only
immaterial economic entitlements and, as a result, do not impact the Company\u2019s earnings per share calculation.
Retained earnings and other reserves
Retained earnings and other reserves include:
\u2022 a share premium reserve of \u20ac5,768,544 thousand at December\u00a031, 2025 (\u20ac5,768,544 thousand at December\u00a031,
2024).
\u2022 a legal reserve of \u20ac83 thousand at December\u00a031, 2025 and \u20ac110 thousand at December\u00a031, 2024, determined in
accordance with Dutch law.
\u2022 a treasury reserve of \u20ac3,071,083 thousand at December\u00a031, 2025 and \u20ac2,285,756 thousand at December\u00a031, 2024.
\u2022 a share-based compensation reserve of \u20ac41,791 thousand at December\u00a031, 2025 and \u20ac45,793 thousand at
December\u00a031, 2024.
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 16, 2025, a dividend distribution of \u20ac2.986 per outstanding common share was approved, corresponding to a total
distribution of \u20ac532,158\u00a0thousand, which was paid in 2025. The distribution was made from the retained earnings reserve.
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 \u20ac2.443 per outstanding common share was approved, corresponding to a total
distribution of \u20ac439,918\u00a0thousand, which was paid in 2024. The distribution was made from the retained earnings reserve.
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 \u20ac1.810 per outstanding common share was approved, corresponding to a total
distribution of \u20ac328,631\u00a0thousand, which was paid in 2023. The distribution was made from the retained earnings reserve.
Other comprehensive income/(loss)
A breakdown of other comprehensive income/(loss) is provided below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Items that will not be reclassified to the consolidated income statement in subsequent periods:
Gains/(Losses) on remeasurement of defined benefit plans
135
(691)
221
Total items that will not be reclassified to the consolidated income statement in subsequent
periods
135
(691)
221
Items that may be reclassified to the consolidated income statement in subsequent periods:
Gains/(Losses) on cash flow hedging instruments arising during the period
180,703
(65,983)
22,109
Gains on cash flow hedging instruments reclassified to the consolidated income statement
(60,389)
(20,827)
(48,393)
Losses on cash flow hedging instruments
120,314
(86,810)
(26,284)
Exchange differences on translating foreign operations
(20,444)
12,248
(6,323)
Total items that may be reclassified to the consolidated income statement in subsequent periods
99,870
(74,562)
(32,607)
Total other comprehensive income/(loss)
100,005
(75,253)
(32,386)
Related tax impact
(33,704)
23,778
6,351
Total other comprehensive income/(loss), net of tax
66,301
(51,475)
(26,035)
_____________________________
(1) Includes a loss of \u20ac1\u00a0thousand, \u20ac7\u00a0thousand and \u20ac30\u00a0thousand for the years ended December 31, 2025, 2024 and 2023, respectively, related to the
Group\u2019s proportionate share of the remeasurement of defined benefit plans of FFS GmbH, for which the Group holds a 49.9 percent interest.
Gains and losses on the remeasurement of defined benefit plans include actuarial gains and losses arising during the
period and are offset against the related net defined benefit liabilities.
A breakdown of the tax effects relating to other comprehensive income/(loss) is presented below.
For the years ended December 31,
2025
2024
2023
Pre-tax\u00a0
balance
Related
tax
impact
Net\u00a0
balance
Pre-tax\u00a0
balance
Related
tax
impact
Net\u00a0
balance
Pre-tax\u00a0
balance
Related
tax
impact
Net\u00a0
balance
(\u20ac thousand)
Gains/(Losses) on
remeasurement of defined
benefit plans
135
(30)
105
(691)
168
(523)
221
(52)
169
Gains/(Losses) on cash flow
hedging instruments
120,314
(33,674)
86,640
(86,810)
23,610
(63,200)
(26,284)
6,403
(19,881)
Exchange (losses)/gains on
translating foreign operations
(20,444)
\u2014
(20,444)
12,248
\u2014
12,248
(6,323)
\u2014
(6,323)
Total other comprehensive
income/(loss)
100,005
(33,704)
66,301
(75,253)
23,778
(51,475)
(32,386)
6,351
(26,035)
Transactions with non-controlling interests
With the exception of dividends paid to non-controlling interests, there were no transactions with non-controlling
interests for the years ended December\u00a031, 2025, 2024 or 2023.
Policies and processes for managing capital
The Group\u2019s objectives when managing capital are to create value for shareholders as a whole, safeguard business
continuity and support the sustainable growth of the Group. As a result, the Group endeavors to maintain a satisfactory
economic return for its shareholders and guarantee economic access to external sources of funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-599": { "value": "
20. EQUITY
Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders
on April 16, 2025, a dividend distribution of \u20ac2.986 per outstanding common share was approved, corresponding to a total
distribution of \u20ac532,158\u00a0thousand, which was paid in 2025. The distribution was made from the retained earnings reserve.
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 \u20ac2.443 per outstanding common share was approved, corresponding to a total
distribution of \u20ac439,918\u00a0thousand, which was paid in 2024. The distribution was made from the retained earnings reserve.
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 \u20ac1.810 per outstanding common share was approved, corresponding to a total
distribution of \u20ac328,631\u00a0thousand, which was paid in 2023. The distribution was made from the retained earnings reserve.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-600": { "value": "
Share capital
At December\u00a031, 2025 and 2024 the fully paid up share capital of the Company was \u20ac2,573 thousand. The following
table summarizes the number of common shares and special voting shares of the Company at December\u00a031, 2025 and
December 31, 2024, each of which has a nominal value of \u20ac0.01.
Common shares
Special voting shares
Total
Outstanding
Held in
treasury
Total
Outstanding
Held in
treasury
At December 31, 2023
193,923,499
180,418,090
13,505,409
63,349,112
63,332,872
16,240
Shares repurchased under share
repurchase program
\u2014
(1,440,264)
1,440,264
\u2014
\u2014
\u2014
Shares assigned under equity incentive
plans (2)
\u2014
41,790
(41,790)
\u2014
\u2014
\u2014
Other changes
\u2014
24,715
(24,715)
\u2014
1
(1)
At December 31, 2024
193,923,499
179,044,331
14,879,168
63,349,112
63,332,873
16,239
Shares repurchased under share
repurchase program (1)
\u2014
(1,877,020)
1,877,020
\u2014
\u2014
\u2014
Shares assigned under equity incentive
plans (2)
\u2014
111,582
(111,582)
\u2014
\u2014
\u2014
ABO (3)
\u2014
\u2014
\u2014
\u2014
(6,666,667)
6,666,667
Other changes (4)
\u2014
\u2014
\u2014
\u2014
(565)
565
At December 31, 2025
193,923,499
177,278,893
16,644,606
63,349,112
56,665,641
6,683,471
Percentage of shares held in treasury
At December
31, 2025
At December
31, 2024
Total shares (common shares and
special voting shares)
9.07%
5.79%
Common shares
6.47%
5.78%
_____________________________
(1) Includes shares repurchased under the share repurchase program between January 1, 2025 and December 31, 2025 based on the transaction trade
date, for a total consideration, including transaction costs and including the shares purchased under Sell to Cover (as described below), of
\u20ac785,329\u00a0thousand.
(2) On March 13, 2025, 113,466 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 the same day, the Company purchased 47,907
common shares, for a total consideration of \u20ac19,834\u00a0thousand , from a group of those employees who were assigned shares in order to cover the
individual\u2019s taxable income as is standard practice (Sell to Cover) in a cross transaction. Between April and September 2025, 46,023 share awards
vested under the broad-based employee share ownership plan and agreements with suppliers.
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 the same day, the Company purchased 35,189
common shares, for a total consideration of \u20ac13,548\u00a0thousand, from a group of those employees who were assigned shares in order to cover the
individual\u2019s taxable income as is standard practice (Sell to Cover) in a cross transaction
(3) Relates to the deregistration of special voting shares, under the Company\u2019s special voting shares terms and conditions, following the accelerated
bookbuild offering (\u201cABO\u201d) made by Exor N.V. on February 26, 2025.
(4) Relates to the deregistration of certain special voting shares under the Company\u2019s special voting shares terms and conditions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-601": { "value": "2.986", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-602": { "value": "2.443", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-603": { "value": "1.810", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-605": { "value": "
Policies and processes for managing capital
The Group\u2019s objectives when managing capital are to create value for shareholders as a whole, safeguard business
continuity and support the sustainable growth of the Group. As a result, the Group endeavors to maintain a satisfactory
economic return for its shareholders and guarantee economic access to external sources of funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-604": { "value": "
Policies and processes for managing capital
The Group\u2019s objectives when managing capital are to create value for shareholders as a whole, safeguard business
continuity and support the sustainable growth of the Group. As a result, the Group endeavors to maintain a satisfactory
economic return for its shareholders and guarantee economic access to external sources of funds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-606": { "value": "
21. SHARE-BASED COMPENSATION
Equity incentive plans
The Group has several equity incentive plans under which a combination of performance share units (\u201cPSUs\u201d) and
retention restricted share units (\u201cRSUs\u201d), which each represent the right to receive one Ferrari common share, have been
awarded to the Executive Chairman, the Chief Executive Officer (\u201cCEO\u201d), members of the Ferrari Leadership Team (\u201cFLT\u201d)
and other employees of the Group.
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.
Equity Incentive Plan 2022-2024
In the first quarter of 2025, 91,414 2022-2024 PSU awards vested (representing 149 percent of the target PSU
awards that remained outstanding at the time of vesting) as a result of the achievement of the related performance conditions
and 21,437 2022-2024 RSU awards vested upon achievement of the related service conditions. As a result, 112,851 common
shares, which were previously held in treasury, were assigned to participants of the plan in the first quarter of 2025. There are
no further awards outstanding for the Equity Incentive Plan 2022-2024.
Equity Incentive Plan 2023-2025
Under the Equity Incentive Plan 2023-2025 approved in 2023, the Company awarded approximately 58\u00a0thousand
2023-2025 PSUs to the Executive Chairman, the CEO, the remaining members of the FLT and other employees of the Group,
and approximately 22\u00a0thousand 2023-2025 RSUs to members of the FLT and other employees of the Group. These PSUs and
RSUs cover the three-year performance and service periods from 2023 to 2025.
2023-2025 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 awards vest based on the achievement of the TSR ranking of Ferrari compared to an
industry specific Peer Group of eleven companies;
(ii) EBITDA Target - 40 percent of the awards vest based on the achievement of an EBITDA target determined by
comparing Adjusted EBITDA to the Adjusted EBITDA targets derived from the Group\u2019s business plan;
(iii) ESG Target - 20 percent of the awards 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.
In March 2026, 76,397 2023-2025 PSU awards are expected to vest (representing approximately 145 percent of the
target PSU awards that remained outstanding at the time of vesting) as a result of the achievement of the related performance
conditions and an equal number of common shares held in treasury will be assigned to participants of the plan, following
which there will be no further 2023-2025 PSU awards outstanding.
2023-2025 RSU awards
In March 2026, 18,876 2023-2025 RSU awards are expected to vest as a result of the achievement of the related
service condition, which is the recipient\u2019s continued employment with the Company at the time of vesting, and an equal
number of common shares held in treasury will be assigned to participants of the plan, following which there will be no
further 2023-2025 RSU awards outstanding.
Equity Incentive Plan 2024-2026
Under a new Equity Incentive Plan 2024-2026 approved in 2024, the Company awarded approximately 41 thousand
2024-2026 PSUs to the Executive Chairman, the CEO, members of the FLT and other employees of the Group, and
approximately 15 thousand 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 described below.
(i) TSR Target - 40 percent of the awards vest based on the achievement of the TSR ranking of Ferrari compared to an
industry specific Peer Group of eleven companies;
(ii) EBITDA Target - 40 percent of the awards vest based on the achievement of an EBITDA target determined by
comparing Adjusted EBITDA to the Adjusted EBITDA targets derived from the Group\u2019s business plan;
(iii) ESG Target - 20 percent of the awards vest based on the achievement of defined objectives relating to environmental
and social factors, with 50 percent of the ESG Target based on the reduction of CO2 carbon emissions and 50
percent 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\u2019s continued employment with the Company at the time of vesting.
Equity Incentive Plan 2025-2027
Under a new Equity Incentive Plan 2025-2027 approved in 2025, the Company awarded approximately 33 thousand
2025-2027 PSUs to the Executive Chairman, the CEO, members of the FLT and other employees of the Group, and
approximately 13 thousand 2025-2027 RSUs to members of the FLT and other employees of the Group. The 2025-2027
PSUs and 2025-2027 RSUs cover the three-year performance and service periods from 2025 to 2027.
2025-2027 PSU awards
The vesting of the awards is based on the achievement of defined key performance indicators described below.
(i) TSR Target - 40 percent of the 2025-2027 PSUs vest based on the Company's TSR performance over the relevant
performance period compared to the industry specific peer group presented below.
Ferrari TSR Ranking
% of Target Awards that Vest
1
175%
2
150%
3
125%
4
100%
5
75%
6
50%
>6
0%
The defined peer group (including Ferrari) for the TSR Target is presented below.
Ferrari
Aston Martin
Brunello Cucinelli
Burberry
Hermes
Kering
LVMH
Moncler
Prada
Porsche AG
Richemont
(ii) EBITDA Target - 40 percent of the 2025-2027 PSUS vest based on the achievement of an EBITDA target
determined by comparing Adjusted EBITDA to the Adjusted EBITDA targets derived from the Group\u2019s business
plan, as summarized below.
Actual Adjusted EBITDA Compared to Business Plan
% of Awards that Vest
+15%
175%
+10%
150%
+5%
125%
Business Plan Target
100%
-5%
75%
<-5%
\u2014%
(iii) ESG Target - 20 percent of the 2025-2027 PSUs vest based on the achievement of defined objectives relating to
environmental and social factors, with 50 percent of the ESG Target based on the reduction of CO2 carbon emissions
and 50 percent based on the achievement of targets relating to female presence in sub-top positions.
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.
2025-2027 RSU awards
The awards vest in 2028, subject to the recipient\u2019s continued employment with the Company at the time of vesting.
Supplemental information relating to the Equity Incentive Plan 2025-2027 is summarized below.
Fair value and key assumptions
The fair value of the PSUs and RSUs that were awarded under the Equity Incentive Plan 2025-2027, 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 2025-2027
PSUs
\u20ac365.20
RSUs
\u20ac376.95
The fair value of the 2025-2027 PSU awards was measured at the grant date using a Monte Carlo Simulation model.
The fair value of the 2025-2027 RSU awards was measured using the share price at the grant date adjusted for the present
value of future distributions that 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 2025-2027 are summarized below.
Equity Incentive Plan 2025-2027
Grant date share price
\u20ac384.30
Expected volatility
25.43%
Dividend yield
0.64%
Risk-free rate
2.40%
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.
Broad-based employee share ownership plan
In November 2023, the Company launched a broad-based employee share ownership plan under which each
employee is given the option to become a shareholder of the Company, receiving a one-off grant of shares worth up to a
maximum of approximately \u20ac2\u00a0thousand. 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. In
2024, 24,715 share awards vested and the Company granted an additional 2,796 share awards. Starting in 2025, certain
employees were given the opportunity, under specific conditions, to receive part of their \u201cPremio di Competitivit\u00e0\u201d in
Company shares. In 2025, the Company made a grant of 2,055 share awards and 14,343 share awards vested under these
arrangements.
Other share-based compensation
In 2023, 6,838 share awards granted to certain employees in 2022 and which each represent the right to receive one
Ferrari common share, vested, while 1,309 awards and 279 awards were forfeited in 2023 and 2024, respectively. The fair
value of the awards was equal to \u20ac203 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 c hanges to the outstanding share awards under the Group\u2019s share-based payment
arrangements.
PSU Awards
RSU Awards
Other Awards
Total Outstanding
Awards
Balance at December 31, 2023
154,379
73,245
63,699
291,323
Granted
40,885
15,401
2,796
59,082
Vested
(33,924)
(29,550)
(24,715)
(88,189)
Forfeited and other
(3,961)
(2,241)
(7,102)
(13,304)
Balance at December 31, 2024
157,379
56,855
34,678
248,912
Granted
33,351
12,612
53,364
99,327
Vested
(61,558)
(21,437)
(46,225)
(129,220)
Forfeited and other
(5,959)
(3,052)
(14,589)
(23,600)
Balance at December 31, 2025
123,213
44,978
27,228
195,419
Share-based compensation expense
The share based compensation expense recognized for the years ended December\u00a031, 2025, 2024 and 2023 is
presented below.
For the years ended\u00a0 December 31,
2025
2024
2023
(\u20ac thousand)
Equity incentive plans and other share-based awards
16,748
18,280
15,154
Commercial agreements with suppliers
4,260
4,813
4,563
Broad-based employee share ownership plan
6,538
875
10,222
Total share-based compensation expense
27,546
23,968
29,939
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-608": { "value": "
22. EMPLOYEE BENEFITS
A breakdown of provisions for employee benefits is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Present value of defined benefit obligations for Italian employee severance indemnity (TFR)
12,494
13,446
Other provisions for employees
132,800
120,701
Total provisions for employee benefits
145,294
134,147
Defined contribution plans
The Group recognizes the cost for defined contribution plans over the period in which the employee renders service
and classifies this by function in cost of sales, selling, general and administrative costs and research and development costs.
The total income statement expense for defined contributions plans in the years ended December\u00a031, 2025, 2024 and 2023
was \u20ac21,918 thousand, \u20ac21,324 thousand and \u20ac18,832 thousand, respectively.
Defined benefit obligations
Italian employee severance indemnity (TFR)
Trattamento di fine rapporto or \u201cTFR\u201d relates to the amounts that employees in Italy are entitled to receive when
they leave the company and is calculated based on the period of employment and the taxable earnings of each employee.
Under certain conditions the entitlement may be partially advanced to an employee during the employee\u2019s working life.
The Italian legislation regarding this scheme was amended by Law 296 of 27\u00a0December 2006 and subsequent
decrees and regulations issued in the first part of 2007. Under these amendments, companies with at least 50 employees are
obliged to transfer the TFR to the \u201cTreasury fund\u201d managed by the Italian state-owned social security body (\u201cINPS\u201d) or to
supplementary pension funds. Prior to the amendments, accruing TFR for employees of all Italian companies could be
managed by the company itself. Consequently, the Italian companies\u2019 obligation to INPS and the contributions to
supplementary pension funds take the form, under IAS 19 revised, of \u201cDefined contribution plans\u201d whereas the amounts
recorded in the provision for employee severance pay retain the nature of \u201cDefined benefit plans\u201d. Accordingly, the provision
for employee severance indemnity in Italy consists of the residual obligation for TFR until December\u00a031, 2006. This is an
unfunded defined benefit plan as the benefits have already been almost entirely earned, with the sole exception of future
revaluations. Since 2007 the scheme has been classified as a defined contribution plan, and the Group recognizes the
associated cost, being the required contributions to the pension funds, over the period in which the employee renders service.
Changes in the defined benefit obligations relating to the TFR liability are summarized below.
Total
Amounts at December 31, 2023
13,903
Recognized in the consolidated income statement
467
Recognized in other comprehensive income/loss (*)
691
Benefits paid
(1,615)
Amounts at December 31, 2024
13,446
Recognized in the consolidated income statement
590
Recognized in other comprehensive income/loss (*)
(135)
Benefits paid
(1,407)
Amounts at December 31, 2025
12,494
____________________________
(*)\u00a0 Relates to actuarial (gains)/losses from financial assumptions.
A breakdown of amounts recognized in the consolidated income statement relating to the TFR liability is presented
below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Interest expense\u00a0
590
467
518
Total recognized in the consolidated income statement
590
467
518
The discount rates used for the measurement of the Italian TFR obligation are based on yields of high-quality (AA-
rated) fixed income securities for which the timing and amounts of payments match the timing and amounts of the projected
benefit payments. For this plan, the single weighted average discount rate that reflects the estimated timing and amount of the
scheme future benefit payments for 2025 is equal to 3.5 percent (3.4 percent in 2024 and 4.1 percent in 2023). The average
duration of the Italian TFR was approximately 6 years at December\u00a031, 2025 (6 years at December 31, 2024 and 2023).
Retirement or employee leaving rates are developed to reflect actual and projected Group experience and legal requirements
for retirement in Italy.
Current service cost is recognized by function in cost of sales, selling, general and administrative costs or research
and development costs.
The expected future benefit payments for the defined benefit obligations (Italian TFR obligation) as of
December\u00a031, 2025 are presented below.
(\u20ac thousand)
2026
1,631
2027
1,818
2028
1,646
2029
1,430
2031 - 2035
7,670
Total
14,195
The sensitivity of the defined benefit obligations to changes in the weighted principal assumptions is presented
below.
At December\u00a031,
2025
2024
Changes in
assumption of
+1% discount rate
Changes in
assumption of
-1% discount rate
Changes in
assumption of
+1% discount rate
Changes in
assumption of
-1% discount rate
(\u20ac thousand)
Impact on defined benefit obligation
(654)
724
(736)
819
The above sensitivity analysis is based on an assumed change in the discount rate while holding all other
assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When
calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method has been
applied as when calculating the defined benefit liability recognized in the statement of the financial position.
Other provisions for employees
Other provisions for employees consist of the expected future amounts payable to employees in connection with
other remuneration schemes, which are not subject to actuarial valuation, including long-term bonus plans.
At December\u00a031, 2025, other provisions for employees comprised short-term bonus benefits amounting to \u20ac128,652
thousand (\u20ac116,671 thousand at December\u00a031, 2024) and other benefits amounting to \u20ac4,148 thousand (\u20ac4,030 thousand at
December\u00a031, 2024), primarily relating to jubilee benefits granted to certain employees in recognition of time served with the
Group.
23. PROVISIONS
Movements in provisions are presented below.
At December 31,
2024
Additional
provisions
Utilization
Releases
Translation
differences
Reclassification
and other
movements
At December 31,
2025
(\u20ac thousand)
Warranty and
recall campaigns
provision
152,178
67,613
(58,753)
(22,987)
(1,255)
\u2014
136,796
Legal proceedings
and disputes
11,899
7,311
(4,951)
(796)
(387)
(155)
12,921
Environmental
and other risks
42,135
19,738
(8,277)
(16,412)
(846)
(1,574)
34,764
Total provisions
206,212
94,662
(71,981)
(40,195)
(2,488)
(1,729)
184,481
Warranty and recall campaigns
The provision for warranty and recall campaigns represents the best estimate of commitments given by the Group
for contractual, legal, or constructive obligations arising from product warranties given for a specified period of time.
Legal proceedings and disputes
The provision for legal proceedings and disputes represents management\u2019s best estimate of the expenditures
expected to be required to settle or otherwise resolve legal proceedings and disputes. This class of claims relates to
allegations by contractual counterparties that the Group has violated the terms of the arrangements, including by terminating
the applicable relationships. Judgments in these proceedings may be issued in 2026 or beyond, although any such judgments
may remain subject to ongoing judicial review. While the outcome of these proceedings is uncertain, any losses in excess of
the provisions recorded are not expected to be material to the Group\u2019s financial condition or results of operations.
Environmental and other risks
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.
The following table presents where the additional provisions to environmental and other risks recognized for the
years ended December\u00a031, 2025, 2024 and 2023 were recorded within the consolidated income statement.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Recorded in the consolidated income statement within:
Cost of sales
17,874
14,136
25,128
Selling, general and administrative costs
1,864
580
1,398
Total
19,738
14,716
26,526
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-607": { "value": "
22. EMPLOYEE BENEFITS
A breakdown of provisions for employee benefits is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Present value of defined benefit obligations for Italian employee severance indemnity (TFR)
12,494
13,446
Other provisions for employees
132,800
120,701
Total provisions for employee benefits
145,294
134,147
Defined contribution plans
The Group recognizes the cost for defined contribution plans over the period in which the employee renders service
and classifies this by function in cost of sales, selling, general and administrative costs and research and development costs.
The total income statement expense for defined contributions plans in the years ended December\u00a031, 2025, 2024 and 2023
was \u20ac21,918 thousand, \u20ac21,324 thousand and \u20ac18,832 thousand, respectively.
Defined benefit obligations
Italian employee severance indemnity (TFR)
Trattamento di fine rapporto or \u201cTFR\u201d relates to the amounts that employees in Italy are entitled to receive when
they leave the company and is calculated based on the period of employment and the taxable earnings of each employee.
Under certain conditions the entitlement may be partially advanced to an employee during the employee\u2019s working life.
The Italian legislation regarding this scheme was amended by Law 296 of 27\u00a0December 2006 and subsequent
decrees and regulations issued in the first part of 2007. Under these amendments, companies with at least 50 employees are
obliged to transfer the TFR to the \u201cTreasury fund\u201d managed by the Italian state-owned social security body (\u201cINPS\u201d) or to
supplementary pension funds. Prior to the amendments, accruing TFR for employees of all Italian companies could be
managed by the company itself. Consequently, the Italian companies\u2019 obligation to INPS and the contributions to
supplementary pension funds take the form, under IAS 19 revised, of \u201cDefined contribution plans\u201d whereas the amounts
recorded in the provision for employee severance pay retain the nature of \u201cDefined benefit plans\u201d. Accordingly, the provision
for employee severance indemnity in Italy consists of the residual obligation for TFR until December\u00a031, 2006. This is an
unfunded defined benefit plan as the benefits have already been almost entirely earned, with the sole exception of future
revaluations. Since 2007 the scheme has been classified as a defined contribution plan, and the Group recognizes the
associated cost, being the required contributions to the pension funds, over the period in which the employee renders service.
Changes in the defined benefit obligations relating to the TFR liability are summarized below.
Total
Amounts at December 31, 2023
13,903
Recognized in the consolidated income statement
467
Recognized in other comprehensive income/loss (*)
691
Benefits paid
(1,615)
Amounts at December 31, 2024
13,446
Recognized in the consolidated income statement
590
Recognized in other comprehensive income/loss (*)
(135)
Benefits paid
(1,407)
Amounts at December 31, 2025
12,494
____________________________
(*)\u00a0 Relates to actuarial (gains)/losses from financial assumptions.
A breakdown of amounts recognized in the consolidated income statement relating to the TFR liability is presented
below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Interest expense\u00a0
590
467
518
Total recognized in the consolidated income statement
590
467
518
The discount rates used for the measurement of the Italian TFR obligation are based on yields of high-quality (AA-
rated) fixed income securities for which the timing and amounts of payments match the timing and amounts of the projected
benefit payments. For this plan, the single weighted average discount rate that reflects the estimated timing and amount of the
scheme future benefit payments for 2025 is equal to 3.5 percent (3.4 percent in 2024 and 4.1 percent in 2023). The average
duration of the Italian TFR was approximately 6 years at December\u00a031, 2025 (6 years at December 31, 2024 and 2023).
Retirement or employee leaving rates are developed to reflect actual and projected Group experience and legal requirements
for retirement in Italy.
Current service cost is recognized by function in cost of sales, selling, general and administrative costs or research
and development costs.
The expected future benefit payments for the defined benefit obligations (Italian TFR obligation) as of
December\u00a031, 2025 are presented below.
(\u20ac thousand)
2026
1,631
2027
1,818
2028
1,646
2029
1,430
2031 - 2035
7,670
Total
14,195
The sensitivity of the defined benefit obligations to changes in the weighted principal assumptions is presented
below.
At December\u00a031,
2025
2024
Changes in
assumption of
+1% discount rate
Changes in
assumption of
-1% discount rate
Changes in
assumption of
+1% discount rate
Changes in
assumption of
-1% discount rate
(\u20ac thousand)
Impact on defined benefit obligation
(654)
724
(736)
819
The above sensitivity analysis is based on an assumed change in the discount rate while holding all other
assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When
calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method has been
applied as when calculating the defined benefit liability recognized in the statement of the financial position.
Other provisions for employees
Other provisions for employees consist of the expected future amounts payable to employees in connection with
other remuneration schemes, which are not subject to actuarial valuation, including long-term bonus plans.
At December\u00a031, 2025, other provisions for employees comprised short-term bonus benefits amounting to \u20ac128,652
thousand (\u20ac116,671 thousand at December\u00a031, 2024) and other benefits amounting to \u20ac4,148 thousand (\u20ac4,030 thousand at
December\u00a031, 2024), primarily relating to jubilee benefits granted to certain employees in recognition of time served with the
Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-609": { "value": "
23. PROVISIONS
Movements in provisions are presented below.
At December 31,
2024
Additional
provisions
Utilization
Releases
Translation
differences
Reclassification
and other
movements
At December 31,
2025
(\u20ac thousand)
Warranty and
recall campaigns
provision
152,178
67,613
(58,753)
(22,987)
(1,255)
\u2014
136,796
Legal proceedings
and disputes
11,899
7,311
(4,951)
(796)
(387)
(155)
12,921
Environmental
and other risks
42,135
19,738
(8,277)
(16,412)
(846)
(1,574)
34,764
Total provisions
206,212
94,662
(71,981)
(40,195)
(2,488)
(1,729)
184,481
Warranty and recall campaigns
The provision for warranty and recall campaigns represents the best estimate of commitments given by the Group
for contractual, legal, or constructive obligations arising from product warranties given for a specified period of time.
Legal proceedings and disputes
The provision for legal proceedings and disputes represents management\u2019s best estimate of the expenditures
expected to be required to settle or otherwise resolve legal proceedings and disputes. This class of claims relates to
allegations by contractual counterparties that the Group has violated the terms of the arrangements, including by terminating
the applicable relationships. Judgments in these proceedings may be issued in 2026 or beyond, although any such judgments
may remain subject to ongoing judicial review. While the outcome of these proceedings is uncertain, any losses in excess of
the provisions recorded are not expected to be material to the Group\u2019s financial condition or results of operations.
Environmental and other risks
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.
The following table presents where the additional provisions to environmental and other risks recognized for the
years ended December\u00a031, 2025, 2024 and 2023 were recorded within the consolidated income statement.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Recorded in the consolidated income statement within:
Cost of sales
17,874
14,136
25,128
Selling, general and administrative costs
1,864
580
1,398
Total
19,738
14,716
26,526
29. COMMITMENTS
Arrangements with key suppliers
From time to time, in the ordinary course of business, the Group enters into various arrangements with key third
party suppliers in order to establish strategic and technological advantages. A limited number of these arrangements contain
unconditional purchase obligations to purchase a fixed or minimum quantity of goods and/or services with fixed and
determinable price provisions.
Arrangements with sponsors
Certain of the Group\u2019s sponsorship contracts include terms whereby the Group is obligated to purchase a minimum
quantity of goods and/or services from its sponsors.
Future minimum purchase obligations under these supplier and sponsorship arrangements at December\u00a031, 2025 are
presented below.
At December 31, 2025
Due within
one\u00a0year
Due between one
and three years
Due between three
and five years
Due beyond five
years
Total
(\u20ac thousand)
Minimum purchase obligations
158,131
107,059
73,857
334
339,381
Lease agreements
For information relating to future aggregate minimum lease payments under lease contracts, which primarily relate
to the lease of stores and industrial buildings, see Note 24 \u201cDebt\u2014Contractual undiscounted cash flows\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-612": { "value": "
24. DEBT
A breakdown of debt by nature and split between current and non-current is presented below.
At December 31,
2025
2024
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac thousand)
Asset-backed financing (Securitizations)
669,185
619,205
1,288,390
649,173
693,082
1,342,255
Bonds and notes
12,368
946,907
959,275
459,056
953,917
1,412,973
Borrowings from banks and other financial
institutions
203,021
225,000
428,021
143,800
270,833
414,633
Lease liabilities
31,348
130,799
162,147
26,491
99,779
126,270
Other debt
46,387
\u2014
46,387
55,757
\u2014
55,757
Total debt
962,309
1,921,911
2,884,220
1,334,277
2,017,611
3,351,888
Movements in debt are presented below, financing cash flows and other movements presented separately.
Financing cash flows
Other movements
Balance at
December
31, 2024
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)
Translation
differences
Balance at
December
31, 2025
(\u20ac thousand)
Asset-backed financing (Securitizations)
1,342,255
142,375
(33,294)
(1,250)
(161,696)
1,288,390
Bonds and notes
1,412,973
\u2014
(450,963)
(2,735)
\u2014
959,275
Borrowings from banks and other financial
institutions
414,633
400,000
(378,332)
(1,007)
(7,273)
428,021
Lease liabilities
126,270
\u2014
(23,825)
67,431
(7,729)
162,147
Other debt
55,757
42,527
(46,161)
\u2014
(5,736)
46,387
Total debt
3,351,888
584,902
(932,575)
62,439
(182,434)
2,884,220
Financing cash flows
Other movements
Balance at
December
31, 2023
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)(2)
Translation
differences
Balance at
December
31, 2024
(\u20ac thousand)
Asset-backed financing (Securitizations)
1,166,473
340,499
(243,649)
461
78,471
1,342,255
Bonds and notes
903,673
496,145
\u2014
13,155
\u2014
1,412,973
Borrowings from banks and other financial
institutions
290,930
225,000
(104,690)
(672)
4,065
414,633
Lease liabilities
73,047
\u2014
(22,001)
73,429
1,795
126,270
Other debt
43,063
51,022
(41,297)
\u2014
2,969
55,757
Total debt
2,477,186
1,112,666
(411,637)
86,373
87,300
3,351,888
_____________________________
(1) Other changes in lease liabilities relate entirely to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
(2)Includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond fully repaid, upon maturity,
in 2025.
Contractual undiscounted cash flows
The contractual maturities (contractual undiscounted cash flows, including interest) of the Group\u2019s debt based on
relevant maturity groupings are presented below.
Contractual cash flows at December 31, 2025
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2025 (*)
(\u20ac thousand)
Asset-backed financing (Securitizations)
702,097
387,018
253,845
\u2014
1,342,960
1,288,390
Bonds and notes
23,075
23,075
705,722
302,582
1,054,454
959,275
Borrowings from banks and other financial institutions
209,710
79,819
154,320
\u2014
443,849
428,021
Lease liabilities
36,049
29,012
61,072
61,298
187,431
162,147
Other debt
46,387
\u2014
\u2014
\u2014
46,387
46,387
Total debt
1,017,318
518,924
1,174,959
363,880
3,075,081
2,884,220
Contractual cash flows at December 31, 2024
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2024 (*)
(\u20ac thousand)
Asset-backed financing (Securitizations)
685,427
435,082
282,283
\u2014
1,402,792
1,342,255
Bonds and notes
480,802
23,075
218,525
812,804
1,535,206
1,412,973
Borrowings from banks and other financial institutions
152,858
53,683
234,312
\u2014
440,853
414,633
Lease liabilities
29,182
24,390
49,052
36,912
139,536
126,270
Other debt
55,757
\u2014
\u2014
\u2014
55,757
55,757
Total debt
1,404,026
536,230
784,172
849,716
3,574,144
3,351,888
_____________________________
(*)\u00a0 As reported in the consolidated statement of financial position.
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
hedging through interest rate cap derivatives.
Details relating to the revolving securitization programs are presented below.
Program
Funding Limit (2)
Amount
Outstanding at
December 31, 2025
Amount
Outstanding at
December 31, 2024
Maturity Date
($ million)
($ million)
($ million)
Syndicated program (retail) (1)
1,050
1,038
974
December 2026
Program lease/retail (1)
525
475
420
November 2027
Total asset-backed financing (Securitizations)
1,575
1,513
1,394
_____________________________
(1) At December 31, 2025 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 79 basis points and the notes relating to the leasing/retail securitization program bore
interest at a rate per annum equal to the aggregate of SOFR plus a margin of 70 basis points.
(2) Excluding accrued interest.
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 on the related asset-backed financing. This cash
amounted to \u20ac54,434 thousand at December\u00a031, 2025 (\u20ac53,644\u00a0thousand at December 31, 2024).
Bonds and notes
2025 Bond
On May 27, 2025, the Company fully repaid the 2025 Bond for a total consideration of \u20ac457,727\u00a0thousand
(including accrued interest). The bond was previously issued on May 27, 2020 for a principal of \u20ac650\u00a0million at a coupon of
1.5 percent and due on May 2025. 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 \u20ac199,037\u00a0thousand at a purchase price of \u20ac191,097\u00a0thousand, resulting
in gains of \u20ac7,940\u00a0thousand, which were recognized within financial income. The amount outstanding at December\u00a031, 2024
was \u20ac454,449\u00a0thousand , including accrued interest of \u20ac4,059\u00a0thousand.
2030 Bond
On May 21, 2024, the Company issued 3.625 percent senior notes due May 2030 (\u201c2030 Bond\u201d) having a principal
of \u20ac500\u00a0million. The notes were issued at a discount for an issue price of 99.677 percent, resulting in net proceeds of
\u20ac496,145\u00a0thousand, 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 December\u00a031, 2025 was \u20ac508,225\u00a0thousand, including accrued interest
of \u20ac11,121\u00a0thousand (\u20ac507,678\u00a0thousand including accrued interest of \u20ac11,173\u00a0thousand at December 31, 2024).
2029 and 2031 Notes
On July 31, 2019, the Company issued 1.12 percent senior notes due August 2029 (\u201c2029 Notes\u201d) and 1.27 percent
senior notes due August 2031 (\u201c2031 Notes\u201d) through a private placement to certain U.S. institutional investors, each having
a principal of \u20ac150\u00a0million. The net proceeds from the issuances amounted to \u20ac298,316\u00a0thousand 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 December\u00a031, 2025 was \u20ac150,395\u00a0thousand, including accrued interest
of \u20ac694\u00a0thousand (\u20ac150,302\u00a0thousand, including accrued interest of \u20ac700\u00a0thousand at December 31, 2024 ). The amount
outstanding of the 2031 Notes at December\u00a031, 2025 was \u20ac150,378\u00a0thousand, including accrued interest of \u20ac787\u00a0thousand
(\u20ac150,315\u00a0thousand including accrued interest of \u20ac794\u00a0thousand at December 31, 2024).
2032 Notes
On July 29, 2021, the Company issued 0.91 percent senior notes due January 2032 (\u201c2032 Notes\u201d) through a private
placement to certain U.S. institutional investors having a principal of \u20ac150\u00a0million. The net proceeds from the issuance
amounted to \u20ac149,495\u00a0thousand and the yield to maturity on an annual basis equals the nominal coupon rates of the notes.
The 2032 Notes are used for general corporate purposes. The amount outstanding of the 2032 Notes at December\u00a031, 2025
was \u20ac150,277\u00a0thousand, including accrued interest of \u20ac576\u00a0thousand (\u20ac150,229\u00a0thousand, including accrued interest of
\u20ac576\u00a0thousand at December 31, 2024).
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 December\u00a031, 2025 and 2024, Ferrari was in compliance with the covenants of the bonds
and notes.
Borrowings from banks and other financial institutions
Information relating to borrowings from banks and other financial institutions is presented below.
Amount Outstanding
at December 31,
Borrowing Entity
Currency
2025
2024
Maturity Date
(\u20ac thousand)
Ferrari NV (1)
EUR
37,970
84,115
January 2026 (4)
Ferrari NV (1)
EUR
8,336
41,682
March 2026
Ferrari NV (1)
EUR
100,452
\u2014
April 2026
Ferrari NV (1)
EUR
75,361
75,497
January 2027
Ferrari NV (1)
EUR
150,130
150,143
December 2028
Ferrari Financial Services, Inc. (2)
USD
55,769
63,181
April 2026
Ferrari SpA (3)
EUR
3
15
Total borrowings from banks and other financial
institutions
428,021
414,633
_____________________________
(1) Term loans bearing an average interest rate of 2.6593 percent as of December 31, 2025.
(2)Financial liabilities of FFS Inc to support financial services activities bearing interest at SOFR plus 83 basis points.
(3)At December 31, 2024 relates to an amortized term loan repaid in June 2025. At December 31, 2025 relates to banking fees and interest.
(4)\u00a0 \u00a0 The amount was fully repaid in January 2026.
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 - Leases. At
December\u00a031, 2025 lease liabilities amounted to \u20ac162,147 thousand (\u20ac126,270\u00a0thousand at December 31, 2024).
Other debt
Other debt mainly relates to U.S. based financial service activities with specific reference to expected cash out for
new funding request as per contractual commitment.
Committed credit lines
At December\u00a031, 2025 , the Group had total committed credit lines available and undrawn amounting to \u20ac550 million
and with maturities ranging from 2026 to 2030 (\u20ac550 million at December 31, 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-611": { "value": "
24. DEBT
A breakdown of debt by nature and split between current and non-current is presented below.
At December 31,
2025
2024
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac thousand)
Asset-backed financing (Securitizations)
669,185
619,205
1,288,390
649,173
693,082
1,342,255
Bonds and notes
12,368
946,907
959,275
459,056
953,917
1,412,973
Borrowings from banks and other financial
institutions
203,021
225,000
428,021
143,800
270,833
414,633
Lease liabilities
31,348
130,799
162,147
26,491
99,779
126,270
Other debt
46,387
\u2014
46,387
55,757
\u2014
55,757
Total debt
962,309
1,921,911
2,884,220
1,334,277
2,017,611
3,351,888
Movements in debt are presented below, financing cash flows and other movements presented separately.
Financing cash flows
Other movements
Balance at
December
31, 2024
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)
Translation
differences
Balance at
December
31, 2025
(\u20ac thousand)
Asset-backed financing (Securitizations)
1,342,255
142,375
(33,294)
(1,250)
(161,696)
1,288,390
Bonds and notes
1,412,973
\u2014
(450,963)
(2,735)
\u2014
959,275
Borrowings from banks and other financial
institutions
414,633
400,000
(378,332)
(1,007)
(7,273)
428,021
Lease liabilities
126,270
\u2014
(23,825)
67,431
(7,729)
162,147
Other debt
55,757
42,527
(46,161)
\u2014
(5,736)
46,387
Total debt
3,351,888
584,902
(932,575)
62,439
(182,434)
2,884,220
Financing cash flows
Other movements
Balance at
December
31, 2023
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)(2)
Translation
differences
Balance at
December
31, 2024
(\u20ac thousand)
Asset-backed financing (Securitizations)
1,166,473
340,499
(243,649)
461
78,471
1,342,255
Bonds and notes
903,673
496,145
\u2014
13,155
\u2014
1,412,973
Borrowings from banks and other financial
institutions
290,930
225,000
(104,690)
(672)
4,065
414,633
Lease liabilities
73,047
\u2014
(22,001)
73,429
1,795
126,270
Other debt
43,063
51,022
(41,297)
\u2014
2,969
55,757
Total debt
2,477,186
1,112,666
(411,637)
86,373
87,300
3,351,888
_____________________________
(1) Other changes in lease liabilities relate entirely to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
(2)Includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond fully repaid, upon maturity,
in 2025.
Contractual undiscounted cash flows
The contractual maturities (contractual undiscounted cash flows, including interest) of the Group\u2019s debt based on
relevant maturity groupings are presented below.
Contractual cash flows at December 31, 2025
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2025 (*)
(\u20ac thousand)
Asset-backed financing (Securitizations)
702,097
387,018
253,845
\u2014
1,342,960
1,288,390
Bonds and notes
23,075
23,075
705,722
302,582
1,054,454
959,275
Borrowings from banks and other financial institutions
209,710
79,819
154,320
\u2014
443,849
428,021
Lease liabilities
36,049
29,012
61,072
61,298
187,431
162,147
Other debt
46,387
\u2014
\u2014
\u2014
46,387
46,387
Total debt
1,017,318
518,924
1,174,959
363,880
3,075,081
2,884,220
Contractual cash flows at December 31, 2024
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2024 (*)
(\u20ac thousand)
Asset-backed financing (Securitizations)
685,427
435,082
282,283
\u2014
1,402,792
1,342,255
Bonds and notes
480,802
23,075
218,525
812,804
1,535,206
1,412,973
Borrowings from banks and other financial institutions
152,858
53,683
234,312
\u2014
440,853
414,633
Lease liabilities
29,182
24,390
49,052
36,912
139,536
126,270
Other debt
55,757
\u2014
\u2014
\u2014
55,757
55,757
Total debt
1,404,026
536,230
784,172
849,716
3,574,144
3,351,888
_____________________________
(*)\u00a0 As reported in the consolidated statement of financial position.
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
hedging through interest rate cap derivatives.
Details relating to the revolving securitization programs are presented below.
Program
Funding Limit (2)
Amount
Outstanding at
December 31, 2025
Amount
Outstanding at
December 31, 2024
Maturity Date
($ million)
($ million)
($ million)
Syndicated program (retail) (1)
1,050
1,038
974
December 2026
Program lease/retail (1)
525
475
420
November 2027
Total asset-backed financing (Securitizations)
1,575
1,513
1,394
_____________________________
(1) At December 31, 2025 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 79 basis points and the notes relating to the leasing/retail securitization program bore
interest at a rate per annum equal to the aggregate of SOFR plus a margin of 70 basis points.
(2) Excluding accrued interest.
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 on the related asset-backed financing. This cash
amounted to \u20ac54,434 thousand at December\u00a031, 2025 (\u20ac53,644\u00a0thousand at December 31, 2024).
Bonds and notes
2025 Bond
On May 27, 2025, the Company fully repaid the 2025 Bond for a total consideration of \u20ac457,727\u00a0thousand
(including accrued interest). The bond was previously issued on May 27, 2020 for a principal of \u20ac650\u00a0million at a coupon of
1.5 percent and due on May 2025. 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 \u20ac199,037\u00a0thousand at a purchase price of \u20ac191,097\u00a0thousand, resulting
in gains of \u20ac7,940\u00a0thousand, which were recognized within financial income. The amount outstanding at December\u00a031, 2024
was \u20ac454,449\u00a0thousand , including accrued interest of \u20ac4,059\u00a0thousand.
2030 Bond
On May 21, 2024, the Company issued 3.625 percent senior notes due May 2030 (\u201c2030 Bond\u201d) having a principal
of \u20ac500\u00a0million. The notes were issued at a discount for an issue price of 99.677 percent, resulting in net proceeds of
\u20ac496,145\u00a0thousand, 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 December\u00a031, 2025 was \u20ac508,225\u00a0thousand, including accrued interest
of \u20ac11,121\u00a0thousand (\u20ac507,678\u00a0thousand including accrued interest of \u20ac11,173\u00a0thousand at December 31, 2024).
2029 and 2031 Notes
On July 31, 2019, the Company issued 1.12 percent senior notes due August 2029 (\u201c2029 Notes\u201d) and 1.27 percent
senior notes due August 2031 (\u201c2031 Notes\u201d) through a private placement to certain U.S. institutional investors, each having
a principal of \u20ac150\u00a0million. The net proceeds from the issuances amounted to \u20ac298,316\u00a0thousand 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 December\u00a031, 2025 was \u20ac150,395\u00a0thousand, including accrued interest
of \u20ac694\u00a0thousand (\u20ac150,302\u00a0thousand, including accrued interest of \u20ac700\u00a0thousand at December 31, 2024 ). The amount
outstanding of the 2031 Notes at December\u00a031, 2025 was \u20ac150,378\u00a0thousand, including accrued interest of \u20ac787\u00a0thousand
(\u20ac150,315\u00a0thousand including accrued interest of \u20ac794\u00a0thousand at December 31, 2024).
2032 Notes
On July 29, 2021, the Company issued 0.91 percent senior notes due January 2032 (\u201c2032 Notes\u201d) through a private
placement to certain U.S. institutional investors having a principal of \u20ac150\u00a0million. The net proceeds from the issuance
amounted to \u20ac149,495\u00a0thousand and the yield to maturity on an annual basis equals the nominal coupon rates of the notes.
The 2032 Notes are used for general corporate purposes. The amount outstanding of the 2032 Notes at December\u00a031, 2025
was \u20ac150,277\u00a0thousand, including accrued interest of \u20ac576\u00a0thousand (\u20ac150,229\u00a0thousand, including accrued interest of
\u20ac576\u00a0thousand at December 31, 2024).
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 December\u00a031, 2025 and 2024, Ferrari was in compliance with the covenants of the bonds
and notes.
Borrowings from banks and other financial institutions
Information relating to borrowings from banks and other financial institutions is presented below.
Amount Outstanding
at December 31,
Borrowing Entity
Currency
2025
2024
Maturity Date
(\u20ac thousand)
Ferrari NV (1)
EUR
37,970
84,115
January 2026 (4)
Ferrari NV (1)
EUR
8,336
41,682
March 2026
Ferrari NV (1)
EUR
100,452
\u2014
April 2026
Ferrari NV (1)
EUR
75,361
75,497
January 2027
Ferrari NV (1)
EUR
150,130
150,143
December 2028
Ferrari Financial Services, Inc. (2)
USD
55,769
63,181
April 2026
Ferrari SpA (3)
EUR
3
15
Total borrowings from banks and other financial
institutions
428,021
414,633
_____________________________
(1) Term loans bearing an average interest rate of 2.6593 percent as of December 31, 2025.
(2)Financial liabilities of FFS Inc to support financial services activities bearing interest at SOFR plus 83 basis points.
(3)At December 31, 2024 relates to an amortized term loan repaid in June 2025. At December 31, 2025 relates to banking fees and interest.
(4)\u00a0 \u00a0 The amount was fully repaid in January 2026.
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 - Leases. At
December\u00a031, 2025 lease liabilities amounted to \u20ac162,147 thousand (\u20ac126,270\u00a0thousand at December 31, 2024).
Other debt
Other debt mainly relates to U.S. based financial service activities with specific reference to expected cash out for
new funding request as per contractual commitment.
Committed credit lines
At December\u00a031, 2025 , the Group had total committed credit lines available and undrawn amounting to \u20ac550 million
and with maturities ranging from 2026 to 2030 (\u20ac550 million at December 31, 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-610": { "value": "
24. DEBT
A breakdown of debt by nature and split between current and non-current is presented below.
At December 31,
2025
2024
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac thousand)
Asset-backed financing (Securitizations)
669,185
619,205
1,288,390
649,173
693,082
1,342,255
Bonds and notes
12,368
946,907
959,275
459,056
953,917
1,412,973
Borrowings from banks and other financial
institutions
203,021
225,000
428,021
143,800
270,833
414,633
Lease liabilities
31,348
130,799
162,147
26,491
99,779
126,270
Other debt
46,387
\u2014
46,387
55,757
\u2014
55,757
Total debt
962,309
1,921,911
2,884,220
1,334,277
2,017,611
3,351,888
Movements in debt are presented below, financing cash flows and other movements presented separately.
Financing cash flows
Other movements
Balance at
December
31, 2024
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)
Translation
differences
Balance at
December
31, 2025
(\u20ac thousand)
Asset-backed financing (Securitizations)
1,342,255
142,375
(33,294)
(1,250)
(161,696)
1,288,390
Bonds and notes
1,412,973
\u2014
(450,963)
(2,735)
\u2014
959,275
Borrowings from banks and other financial
institutions
414,633
400,000
(378,332)
(1,007)
(7,273)
428,021
Lease liabilities
126,270
\u2014
(23,825)
67,431
(7,729)
162,147
Other debt
55,757
42,527
(46,161)
\u2014
(5,736)
46,387
Total debt
3,351,888
584,902
(932,575)
62,439
(182,434)
2,884,220
Financing cash flows
Other movements
Balance at
December
31, 2023
Proceeds
from
borrowings
Repayments
of
borrowings
Interest
accrued/
(paid) and
other (1)(2)
Translation
differences
Balance at
December
31, 2024
(\u20ac thousand)
Asset-backed financing (Securitizations)
1,166,473
340,499
(243,649)
461
78,471
1,342,255
Bonds and notes
903,673
496,145
\u2014
13,155
\u2014
1,412,973
Borrowings from banks and other financial
institutions
290,930
225,000
(104,690)
(672)
4,065
414,633
Lease liabilities
73,047
\u2014
(22,001)
73,429
1,795
126,270
Other debt
43,063
51,022
(41,297)
\u2014
2,969
55,757
Total debt
2,477,186
1,112,666
(411,637)
86,373
87,300
3,351,888
_____________________________
(1) Other changes in lease liabilities relate entirely to non-cash movements for the recognition of additional lease liabilities in accordance with IFRS 16.
(2)Includes gains of \u20ac7,940 thousand realized on the partial cash tender executed during the third quarter of 2023 on a bond fully repaid, upon maturity,
in 2025.
Contractual undiscounted cash flows
The contractual maturities (contractual undiscounted cash flows, including interest) of the Group\u2019s debt based on
relevant maturity groupings are presented below.
Contractual cash flows at December 31, 2025
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2025 (*)
(\u20ac thousand)
Asset-backed financing (Securitizations)
702,097
387,018
253,845
\u2014
1,342,960
1,288,390
Bonds and notes
23,075
23,075
705,722
302,582
1,054,454
959,275
Borrowings from banks and other financial institutions
209,710
79,819
154,320
\u2014
443,849
428,021
Lease liabilities
36,049
29,012
61,072
61,298
187,431
162,147
Other debt
46,387
\u2014
\u2014
\u2014
46,387
46,387
Total debt
1,017,318
518,924
1,174,959
363,880
3,075,081
2,884,220
Contractual cash flows at December 31, 2024
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Total
contractual
cash flows
As reported
at December
31, 2024 (*)
(\u20ac thousand)
Asset-backed financing (Securitizations)
685,427
435,082
282,283
\u2014
1,402,792
1,342,255
Bonds and notes
480,802
23,075
218,525
812,804
1,535,206
1,412,973
Borrowings from banks and other financial institutions
152,858
53,683
234,312
\u2014
440,853
414,633
Lease liabilities
29,182
24,390
49,052
36,912
139,536
126,270
Other debt
55,757
\u2014
\u2014
\u2014
55,757
55,757
Total debt
1,404,026
536,230
784,172
849,716
3,574,144
3,351,888
_____________________________
(*)\u00a0 As reported in the consolidated statement of financial position.
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
hedging through interest rate cap derivatives.
Details relating to the revolving securitization programs are presented below.
Program
Funding Limit (2)
Amount
Outstanding at
December 31, 2025
Amount
Outstanding at
December 31, 2024
Maturity Date
($ million)
($ million)
($ million)
Syndicated program (retail) (1)
1,050
1,038
974
December 2026
Program lease/retail (1)
525
475
420
November 2027
Total asset-backed financing (Securitizations)
1,575
1,513
1,394
_____________________________
(1) At December 31, 2025 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 79 basis points and the notes relating to the leasing/retail securitization program bore
interest at a rate per annum equal to the aggregate of SOFR plus a margin of 70 basis points.
(2) Excluding accrued interest.
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 on the related asset-backed financing. This cash
amounted to \u20ac54,434 thousand at December\u00a031, 2025 (\u20ac53,644\u00a0thousand at December 31, 2024).
Bonds and notes
2025 Bond
On May 27, 2025, the Company fully repaid the 2025 Bond for a total consideration of \u20ac457,727\u00a0thousand
(including accrued interest). The bond was previously issued on May 27, 2020 for a principal of \u20ac650\u00a0million at a coupon of
1.5 percent and due on May 2025. 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 \u20ac199,037\u00a0thousand at a purchase price of \u20ac191,097\u00a0thousand, resulting
in gains of \u20ac7,940\u00a0thousand, which were recognized within financial income. The amount outstanding at December\u00a031, 2024
was \u20ac454,449\u00a0thousand , including accrued interest of \u20ac4,059\u00a0thousand.
2030 Bond
On May 21, 2024, the Company issued 3.625 percent senior notes due May 2030 (\u201c2030 Bond\u201d) having a principal
of \u20ac500\u00a0million. The notes were issued at a discount for an issue price of 99.677 percent, resulting in net proceeds of
\u20ac496,145\u00a0thousand, 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 December\u00a031, 2025 was \u20ac508,225\u00a0thousand, including accrued interest
of \u20ac11,121\u00a0thousand (\u20ac507,678\u00a0thousand including accrued interest of \u20ac11,173\u00a0thousand at December 31, 2024).
2029 and 2031 Notes
On July 31, 2019, the Company issued 1.12 percent senior notes due August 2029 (\u201c2029 Notes\u201d) and 1.27 percent
senior notes due August 2031 (\u201c2031 Notes\u201d) through a private placement to certain U.S. institutional investors, each having
a principal of \u20ac150\u00a0million. The net proceeds from the issuances amounted to \u20ac298,316\u00a0thousand 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 December\u00a031, 2025 was \u20ac150,395\u00a0thousand, including accrued interest
of \u20ac694\u00a0thousand (\u20ac150,302\u00a0thousand, including accrued interest of \u20ac700\u00a0thousand at December 31, 2024 ). The amount
outstanding of the 2031 Notes at December\u00a031, 2025 was \u20ac150,378\u00a0thousand, including accrued interest of \u20ac787\u00a0thousand
(\u20ac150,315\u00a0thousand including accrued interest of \u20ac794\u00a0thousand at December 31, 2024).
2032 Notes
On July 29, 2021, the Company issued 0.91 percent senior notes due January 2032 (\u201c2032 Notes\u201d) through a private
placement to certain U.S. institutional investors having a principal of \u20ac150\u00a0million. The net proceeds from the issuance
amounted to \u20ac149,495\u00a0thousand and the yield to maturity on an annual basis equals the nominal coupon rates of the notes.
The 2032 Notes are used for general corporate purposes. The amount outstanding of the 2032 Notes at December\u00a031, 2025
was \u20ac150,277\u00a0thousand, including accrued interest of \u20ac576\u00a0thousand (\u20ac150,229\u00a0thousand, including accrued interest of
\u20ac576\u00a0thousand at December 31, 2024).
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 December\u00a031, 2025 and 2024, Ferrari was in compliance with the covenants of the bonds
and notes.
Borrowings from banks and other financial institutions
Information relating to borrowings from banks and other financial institutions is presented below.
Amount Outstanding
at December 31,
Borrowing Entity
Currency
2025
2024
Maturity Date
(\u20ac thousand)
Ferrari NV (1)
EUR
37,970
84,115
January 2026 (4)
Ferrari NV (1)
EUR
8,336
41,682
March 2026
Ferrari NV (1)
EUR
100,452
\u2014
April 2026
Ferrari NV (1)
EUR
75,361
75,497
January 2027
Ferrari NV (1)
EUR
150,130
150,143
December 2028
Ferrari Financial Services, Inc. (2)
USD
55,769
63,181
April 2026
Ferrari SpA (3)
EUR
3
15
Total borrowings from banks and other financial
institutions
428,021
414,633
_____________________________
(1) Term loans bearing an average interest rate of 2.6593 percent as of December 31, 2025.
(2)Financial liabilities of FFS Inc to support financial services activities bearing interest at SOFR plus 83 basis points.
(3)At December 31, 2024 relates to an amortized term loan repaid in June 2025. At December 31, 2025 relates to banking fees and interest.
(4)\u00a0 \u00a0 The amount was fully repaid in January 2026.
Lease liabilities
The Group recognizes lease liabilities in relation to right-of-use assets in accordance with IFRS 16 - Leases. At
December\u00a031, 2025 lease liabilities amounted to \u20ac162,147 thousand (\u20ac126,270\u00a0thousand at December 31, 2024).
Other debt
Other debt mainly relates to U.S. based financial service activities with specific reference to expected cash out for
new funding request as per contractual commitment.
Committed credit lines
At December\u00a031, 2025 , the Group had total committed credit lines available and undrawn amounting to \u20ac550 million
and with maturities ranging from 2026 to 2030 (\u20ac550 million at December 31, 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-614": { "value": "
25. OTHER LIABILITIES
A breakdown of other liabilities is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Advances and security deposits
774,535
553,771
Deferred income
424,589
335,524
Accrued expenses
78,926
100,314
Payables to personnel
46,998
43,110
Social security payables
30,759
28,532
Other
35,809
44,970
Total other liabilities
1,391,616
1,106,221
Advances and security deposits mainly include advances received from customers for the purchase of Ferrari cars,
mainly for Icona, Supercar, Special Series and other limited edition models, as well as certain Range models in selected
markets. The advances are recognized in net revenues when the cars are shipped.
Deferred income primarily includes amounts received under maintenance and power warranty programs of \u20ac340,779
thousand at December\u00a031, 2025 and \u20ac300,599 thousand at December\u00a031, 2024, which are deferred and recognized as net
revenues over the length of the maintenance program. Of the total liability related to maintenance and power warranty
programs at December\u00a031, 2025, the Group expects to recognize in net revenues approximately \u20ac96 million in 2026, \u20ac77
million in 2027, \u20ac56 million in 2028 and \u20ac112 million in periods subsequent to 2028. Deferred income also includes amounts
collected under various other agreements that are dependent upon the future performance of a service or other act of the
Group, primarily for Formula 1 sponsorship agreements.
Changes in contract liabilities for advances received from customers for cars and maintenance and power warranty
programs are presented below.
At December
31, 2024
Additional
amounts
arising during
the period
Amounts
recognized
within revenue
Other changes
At December
31, 2025
(\u20ac thousand)
Advances from customers
547,345
1,617,385
(1,396,290)
205
768,645
Maintenance and power warranty programs
300,599
151,702
(111,695)
173
340,779
At December
31, 2023
Additional
amounts
arising during
the period
Amounts
recognized
within revenue
Other changes
At December
31, 2024
(\u20ac thousand)
Advances from customers
510,625
981,694
(945,687)
713
547,345
Maintenance and power warranty programs
262,644
136,420
(98,393)
(72)
300,599
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-613": { "value": "
25. OTHER LIABILITIES
A breakdown of other liabilities is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Advances and security deposits
774,535
553,771
Deferred income
424,589
335,524
Accrued expenses
78,926
100,314
Payables to personnel
46,998
43,110
Social security payables
30,759
28,532
Other
35,809
44,970
Total other liabilities
1,391,616
1,106,221
Advances and security deposits mainly include advances received from customers for the purchase of Ferrari cars,
mainly for Icona, Supercar, Special Series and other limited edition models, as well as certain Range models in selected
markets. The advances are recognized in net revenues when the cars are shipped.
Deferred income primarily includes amounts received under maintenance and power warranty programs of \u20ac340,779
thousand at December\u00a031, 2025 and \u20ac300,599 thousand at December\u00a031, 2024, which are deferred and recognized as net
revenues over the length of the maintenance program. Of the total liability related to maintenance and power warranty
programs at December\u00a031, 2025, the Group expects to recognize in net revenues approximately \u20ac96 million in 2026, \u20ac77
million in 2027, \u20ac56 million in 2028 and \u20ac112 million in periods subsequent to 2028. Deferred income also includes amounts
collected under various other agreements that are dependent upon the future performance of a service or other act of the
Group, primarily for Formula 1 sponsorship agreements.
Changes in contract liabilities for advances received from customers for cars and maintenance and power warranty
programs are presented below.
At December
31, 2024
Additional
amounts
arising during
the period
Amounts
recognized
within revenue
Other changes
At December
31, 2025
(\u20ac thousand)
Advances from customers
547,345
1,617,385
(1,396,290)
205
768,645
Maintenance and power warranty programs
300,599
151,702
(111,695)
173
340,779
At December
31, 2023
Additional
amounts
arising during
the period
Amounts
recognized
within revenue
Other changes
At December
31, 2024
(\u20ac thousand)
Advances from customers
510,625
981,694
(945,687)
713
547,345
Maintenance and power warranty programs
262,644
136,420
(98,393)
(72)
300,599
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-615": { "value": "
25. OTHER LIABILITIES
A breakdown of other liabilities is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Advances and security deposits
774,535
553,771
Deferred income
424,589
335,524
Accrued expenses
78,926
100,314
Payables to personnel
46,998
43,110
Social security payables
30,759
28,532
Other
35,809
44,970
Total other liabilities
1,391,616
1,106,221
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-616": { "value": "
Deferred income primarily includes amounts received under maintenance and power warranty programs of \u20ac340,779
thousand at December\u00a031, 2025 and \u20ac300,599 thousand at December\u00a031, 2024, which are deferred and recognized as net
revenues over the length of the maintenance program. Of the total liability related to maintenance and power warranty
programs at December\u00a031, 2025, the Group expects to recognize in net revenues approximately \u20ac96 million in 2026, \u20ac77
million in 2027, \u20ac56 million in 2028 and \u20ac112 million in periods subsequent to 2028. Deferred income also includes amounts
collected under various other agreements that are dependent upon the future performance of a service or other act of the
Group, primarily for Formula 1 sponsorship agreements.
Changes in contract liabilities for advances received from customers for cars and maintenance and power warranty
programs are presented below.
At December
31, 2024
Additional
amounts
arising during
the period
Amounts
recognized
within revenue
Other changes
At December
31, 2025
(\u20ac thousand)
Advances from customers
547,345
1,617,385
(1,396,290)
205
768,645
Maintenance and power warranty programs
300,599
151,702
(111,695)
173
340,779
At December
31, 2023
Additional
amounts
arising during
the period
Amounts
recognized
within revenue
Other changes
At December
31, 2024
(\u20ac thousand)
Advances from customers
510,625
981,694
(945,687)
713
547,345
Maintenance and power warranty programs
262,644
136,420
(98,393)
(72)
300,599
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-617": { "value": "
26. TRADE PAYABLES
Trade payables of \u20ac841,256 thousand at December\u00a031, 2025 (\u20ac945,657 thousands at December 31, 2024) are
entirely due within one year. The carrying amount of trade payables is considered to be equivalent to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-620": { "value": "
27. FAIR VALUE MEASUREMENT
IFRS 13 \u2014 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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-619": { "value": "
27. FAIR VALUE MEASUREMENT
IFRS 13 \u2014 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 fair value hierarchy for financial assets and liabilities that are measured at fair value on a recurring basis is
presented below.
At December 31, 2025
Note
Level 1
Level\u00a02
Level\u00a03
Total
(\u20ac thousand)
Investments and other financial assets
16
17,937
\u2014
\u2014
17,937
Current financial assets
19
\u2014
73,664
\u2014
73,664
Total assets
17,937
73,664
\u2014
91,601
Other financial liabilities
19
\u2014
7,405
\u2014
7,405
Total liabilities
\u2014
7,405
\u2014
7,405
At December 31, 2024
Note
Level 1
Level\u00a02
Level\u00a03
Total
(\u20ac thousand)
Investments and other financial assets
16
16,897
\u2014
\u2014
16,897
Current financial assets
19
\u2014
19,350
\u2014
19,350
Total assets
16,897
19,350
\u2014
36,247
Other financial liabilities
19
\u2014
61,894
\u2014
61,894
Total liabilities
\u2014
61,894
\u2014
61,894
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 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 is presented below.
At December 31,
2025
2024
\u00a0\u00a0Note
Carrying
amount
Fair Value
Carrying
amount
Fair Value
(\u20ac thousand)
Receivables from financing activities
18
1,613,396
1,613,396
1,661,632
1,661,632
Debt
24
2,884,220
2,885,085
3,351,888
3,348,721
The Group has determined that the carrying amount of the majority of its debt approximates its fair value since
either (i) the interest payable on the debt is close to current market rates, and/or (ii) the debt is of a short-term nature. The
only exception is the Group\u2019s debt that is publicly listed for which the fair value is based on quoted market prices.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-618": { "value": "
27. FAIR VALUE MEASUREMENT
IFRS 13 \u2014 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 fair value hierarchy for financial assets and liabilities that are measured at fair value on a recurring basis is
presented below.
At December 31, 2025
Note
Level 1
Level\u00a02
Level\u00a03
Total
(\u20ac thousand)
Investments and other financial assets
16
17,937
\u2014
\u2014
17,937
Current financial assets
19
\u2014
73,664
\u2014
73,664
Total assets
17,937
73,664
\u2014
91,601
Other financial liabilities
19
\u2014
7,405
\u2014
7,405
Total liabilities
\u2014
7,405
\u2014
7,405
At December 31, 2024
Note
Level 1
Level\u00a02
Level\u00a03
Total
(\u20ac thousand)
Investments and other financial assets
16
16,897
\u2014
\u2014
16,897
Current financial assets
19
\u2014
19,350
\u2014
19,350
Total assets
16,897
19,350
\u2014
36,247
Other financial liabilities
19
\u2014
61,894
\u2014
61,894
Total liabilities
\u2014
61,894
\u2014
61,894
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 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 is presented below.
At December 31,
2025
2024
\u00a0\u00a0Note
Carrying
amount
Fair Value
Carrying
amount
Fair Value
(\u20ac thousand)
Receivables from financing activities
18
1,613,396
1,613,396
1,661,632
1,661,632
Debt
24
2,884,220
2,885,085
3,351,888
3,348,721
The Group has determined that the carrying amount of the majority of its debt approximates its fair value since
either (i) the interest payable on the debt is close to current market rates, and/or (ii) the debt is of a short-term nature. The
only exception is the Group\u2019s debt that is publicly listed for which the fair value is based on quoted market prices.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-622": { "value": "
28. RELATED PARTY TRANSACTIONS
Pursuant to IAS 24 \u2014 Related Party Disclosures (\u201cIAS 24\u201d), 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 Company 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
\u2022 transactions with Stellantis Group companies relating to technical cooperation agreements with the aim to enhance
the quality and competitiveness of the parties\u2019 products while reducing costs and investments, as well as for certain
services received by Stellantis Group companies, mainly of an administrative nature;
\u2022 the sale of engines to Maserati S.p.A. (\u201cMaserati\u201d) 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 occurred throughout 2024.
Transactions with Stellantis Group companies for the periods presented include transactions with FCA Bank until
April 1, 2023. Following the sale by the Stellantis Group of its 50 percent ownership interest in FCA Bank to Cr\u00e9dit Agricole
Consumer Finance S.A., FCA Bank (which was renamed CA Auto Bank) is now wholly owned by Cr\u00e9dit Agricole Consumer
Finance S.A. and is no longer a related party of Ferrari.
Transactions with Exor Group companies (excluding Stellantis Group companies)
\u2022 the Group incurs rental costs from Iveco S.p.A. (a company belonging to Iveco Group) for the rental of trucks used
by the Scuderia Ferrari racing team;
\u2022 the Group earns sponsorship revenue from Iveco S.p.A.
Transactions with other related parties
\u2022 the purchase of components for Formula 1 racing cars from COXA S.p.A.;
\u2022 consultancy services provided by HPE S.r.l.;
\u2022 sponsorship agreement relating to Formula 1 activities with Ferretti S.p.A.;
\u2022 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.
A summary of transactions with related parties recognized in the consolidated income statement is presented below.
For the years ended December 31,
2025
2024
2023
Net
revenues
Costs(1)
Financial
expenses,
net
Net
revenues
Costs(1)
Financial
expenses/
(income),
net
Net
revenues
Costs(1)
Financial
expenses,
net
(\u20ac thousand)
Stellantis Group companies
Maserati
1,123
2,184
\u2014
4,947
1,636
\u2014
50,391
2,091
\u2014
FCA US LLC
18
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6,803
\u2014
Other Stellantis Group companies
13,827
268
\u2014
12,919
1,353
\u2014
11,489
6,280
1,032
Total Stellantis Group companies
14,968
2,452
\u2014
17,866
2,989
\u2014
61,880
15,174
1,032
Exor Group companies (excluding
the Stellantis Group)
976
2,276
23
485
1,913
22
281
1,615
3
Other related parties
1,883
16,364
5
5,487
15,993
13
2,237
15,000
\u2014
Total transactions with related
parties
17,827
21,092
28
23,838
20,895
35
64,398
31,789
1,035
Total for the Group
7,145,768
4,129,763
46,081
6,676,668
3,903,070
(1,205)
5,970,146
3,477,355
15,015
_____________________________
(1)Costs include cost of sales, selling, general and administrative costs and other expenses, net.
A summary of non-financial assets and liabilities originating from related party transactions is presented below.
At December 31,
2025
2024
Trade\u00a0
receivables
Trade\u00a0
payables
Other
current
assets
Other
liabilities
Trade\u00a0
receivables
Trade\u00a0
payables
Other
current
assets
Other
liabilities
(\u20ac thousand)
Stellantis Group companies
Maserati
1,003
3,955
\u2014
23
2,838
2,700
\u2014
23
FCA US LLC
67
\u2014
\u2014
\u2014
11
\u2014
\u2014
\u2014
Other Stellantis Group companies
\u2014
739
6
1,938
805
863
10
304
Total Stellantis Group companies
1,070
4,694
6
1,961
3,654
3,563
10
327
Exor Group companies (excluding the Stellantis
Group)
\u2014
317
745
699
153
49
1,026
924
Other related parties
917
3,227
113
600
357
1,691
341
346
Total transactions with related parties
1,987
8,238
864
3,260
4,164
5,303
1,377
1,597
Total for the Group
360,339
841,256
159,223
1,391,616
349,176
945,657
137,763
1,106,221
At December\u00a031, 2025 and at December\u00a031, 2024 there were no financial assets or financial liabilities with related
parties.
Emoluments to Directors and Key Management
Compensation to the Directors of Ferrari N.V. are presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Directors of Ferrari N.V.
14,139
11,331
9,791
The aggregate compensation to Directors of Ferrari N.V. for year ended December 31, 2025 was \u20ac14,139 thousand
(\u20ac11,331 thousand in 2024 and \u20ac9,791 thousand in 2023), inclusive of the following:
\u2022 \u20ac9,911 thousand for salary and other short-term benefits, including short-term incentives (\u20ac6,936 thousand in 2024
and \u20ac6,688 thousand in 2023);
\u2022 \u20ac288 thousand for pension benefits ( \u20ac230 thousand in 2024 and 2023), and
\u2022 \u20ac3,940 thousand for share-based compensation awarded under the Company\u2019s equity incentive plans and other
share-based payments (\u20ac4,165 thousand in 2024 and \u20ac2,873 thousand in 2023). For additional information relating
to the Company\u2019s equity incentive plans, see Note 21 \u201cShare-based compensation\u201d. There was no equity-settled
compensation for Non-Executive Directors for the years ended December 31, 2025, 2024 and 2023.
The aggregate compensation for members of the FLT (excluding the CEO) in 2025 was \u20ac24,708 thousand (\u20ac29,292
thousand in 2024 and \u20ac39,131 thousand in 2023), inclusive of the following:
\u2022 \u20ac18,826 thousand for salary and other short-term benefits, including short-term incentives (\u20ac23,146 thousand in
2024 and \u20ac34,107 thousand in 2023);
\u2022 \u20ac5,140 thousand for share-based compensation awarded under the Company\u2019s equity incentive plans (\u20ac5,464
thousand in 2024 and \u20ac4,479 thousand in 2023), and
\u2022 \u20ac742 thousand for pension contributions (\u20ac682 thousand in 2024 and \u20ac545 thousand in 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-621": { "value": "
28. RELATED PARTY TRANSACTIONS
Pursuant to IAS 24 \u2014 Related Party Disclosures (\u201cIAS 24\u201d), 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 Company 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
\u2022 transactions with Stellantis Group companies relating to technical cooperation agreements with the aim to enhance
the quality and competitiveness of the parties\u2019 products while reducing costs and investments, as well as for certain
services received by Stellantis Group companies, mainly of an administrative nature;
\u2022 the sale of engines to Maserati S.p.A. (\u201cMaserati\u201d) 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 occurred throughout 2024.
Transactions with Stellantis Group companies for the periods presented include transactions with FCA Bank until
April 1, 2023. Following the sale by the Stellantis Group of its 50 percent ownership interest in FCA Bank to Cr\u00e9dit Agricole
Consumer Finance S.A., FCA Bank (which was renamed CA Auto Bank) is now wholly owned by Cr\u00e9dit Agricole Consumer
Finance S.A. and is no longer a related party of Ferrari.
Transactions with Exor Group companies (excluding Stellantis Group companies)
\u2022 the Group incurs rental costs from Iveco S.p.A. (a company belonging to Iveco Group) for the rental of trucks used
by the Scuderia Ferrari racing team;
\u2022 the Group earns sponsorship revenue from Iveco S.p.A.
Transactions with other related parties
\u2022 the purchase of components for Formula 1 racing cars from COXA S.p.A.;
\u2022 consultancy services provided by HPE S.r.l.;
\u2022 sponsorship agreement relating to Formula 1 activities with Ferretti S.p.A.;
\u2022 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-623": { "value": "
Emoluments to Directors and Key Management
Compensation to the Directors of Ferrari N.V. are presented below.
For the years ended December 31,
2025
2024
2023
(\u20ac thousand)
Directors of Ferrari N.V.
14,139
11,331
9,791
The aggregate compensation to Directors of Ferrari N.V. for year ended December 31, 2025 was \u20ac14,139 thousand
(\u20ac11,331 thousand in 2024 and \u20ac9,791 thousand in 2023), inclusive of the following:
\u2022 \u20ac9,911 thousand for salary and other short-term benefits, including short-term incentives (\u20ac6,936 thousand in 2024
and \u20ac6,688 thousand in 2023);
\u2022 \u20ac288 thousand for pension benefits ( \u20ac230 thousand in 2024 and 2023), and
\u2022 \u20ac3,940 thousand for share-based compensation awarded under the Company\u2019s equity incentive plans and other
share-based payments (\u20ac4,165 thousand in 2024 and \u20ac2,873 thousand in 2023). For additional information relating
to the Company\u2019s equity incentive plans, see Note 21 \u201cShare-based compensation\u201d. There was no equity-settled
compensation for Non-Executive Directors for the years ended December 31, 2025, 2024 and 2023.
The aggregate compensation for members of the FLT (excluding the CEO) in 2025 was \u20ac24,708 thousand (\u20ac29,292
thousand in 2024 and \u20ac39,131 thousand in 2023), inclusive of the following:
\u2022 \u20ac18,826 thousand for salary and other short-term benefits, including short-term incentives (\u20ac23,146 thousand in
2024 and \u20ac34,107 thousand in 2023);
\u2022 \u20ac5,140 thousand for share-based compensation awarded under the Company\u2019s equity incentive plans (\u20ac5,464
thousand in 2024 and \u20ac4,479 thousand in 2023), and
\u2022 \u20ac742 thousand for pension contributions (\u20ac682 thousand in 2024 and \u20ac545 thousand in 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-625": { "value": "
29. COMMITMENTS
Arrangements with key suppliers
From time to time, in the ordinary course of business, the Group enters into various arrangements with key third
party suppliers in order to establish strategic and technological advantages. A limited number of these arrangements contain
unconditional purchase obligations to purchase a fixed or minimum quantity of goods and/or services with fixed and
determinable price provisions.
Arrangements with sponsors
Certain of the Group\u2019s sponsorship contracts include terms whereby the Group is obligated to purchase a minimum
quantity of goods and/or services from its sponsors.
Future minimum purchase obligations under these supplier and sponsorship arrangements at December\u00a031, 2025 are
presented below.
At December 31, 2025
Due within
one\u00a0year
Due between one
and three years
Due between three
and five years
Due beyond five
years
Total
(\u20ac thousand)
Minimum purchase obligations
158,131
107,059
73,857
334
339,381
Lease agreements
For information relating to future aggregate minimum lease payments under lease contracts, which primarily relate
to the lease of stores and industrial buildings, see Note 24 \u201cDebt\u2014Contractual undiscounted cash flows\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-624": { "value": "
29. COMMITMENTS
Arrangements with key suppliers
From time to time, in the ordinary course of business, the Group enters into various arrangements with key third
party suppliers in order to establish strategic and technological advantages. A limited number of these arrangements contain
unconditional purchase obligations to purchase a fixed or minimum quantity of goods and/or services with fixed and
determinable price provisions.
Arrangements with sponsors
Certain of the Group\u2019s sponsorship contracts include terms whereby the Group is obligated to purchase a minimum
quantity of goods and/or services from its sponsors.
Future minimum purchase obligations under these supplier and sponsorship arrangements at December\u00a031, 2025 are
presented below.
At December 31, 2025
Due within
one\u00a0year
Due between one
and three years
Due between three
and five years
Due beyond five
years
Total
(\u20ac thousand)
Minimum purchase obligations
158,131
107,059
73,857
334
339,381
Lease agreements
For information relating to future aggregate minimum lease payments under lease contracts, which primarily relate
to the lease of stores and industrial buildings, see Note 24 \u201cDebt\u2014Contractual undiscounted cash flows\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-626": { "value": "
Information on foreign currency exchange rate risk
The Group is exposed to risks resulting from changes in foreign currency exchange rates, which can affect its
earnings and equity. In particular:
\u2022 Where a Group company incurs costs in a currency different from that of its revenues, any change in foreign
currency exchange rates can affect the operating results of that company. In 2025, the total trade flows exposed to
foreign currency exchange rate risk amounted to the equivalent of 52 percent of the Group\u2019s net revenues (59
percent in 2024 and 60 percent in 2023).
\u2022 The main foreign currency exchange rate to which the Group is exposed is the Euro/U.S. Dollar for sales in U.S.
Dollar in the United States and other markets where the U.S. Dollar is the reference currency. In 2025, the value of
commercial activities exposed to fluctuations in the Euro/U.S. Dollar exchange rate accounted for approximately 59
percent (61 percent in 2024 and 57 percent in 2023) of the total currency risk from commercial activities. In 2025
the commercial activities exposed to the Euro/Japanese Yen exchange rate exceeded 10 percent (as in 2024, while in
2023 both the Euro/Chinese Renmimbi exchange rate and the Euro/Japanese Yen exchange rate exceeded 10
percent) of the total currency risk from commercial activities. Other significant exposures included the exchange rate
between the Euro and the following currencies: Chinese Renmimbi, Pound Sterling, Swiss Franc, Canadian Dollar
and Australian Dollar. None of these exposures, taken individually, exceeded 10 percent of the Group\u2019s total foreign
currency exchange rate exposure for commercial activities in 2025, 2024 and 2023 (apart from Chinese Renmimbi
in 2023).
\u2022 Several subsidiaries are located in countries that are outside the Eurozone, in particular the United States, Japan,
China, Australia and South Korea. As the Group\u2019s reporting currency is the Euro, the income statements of those
companies are translated into Euro using the average exchange rate for the period and, even if revenues and margins
are unchanged in local currency, changes in exchange rates can impact the amount of revenues, costs and profit as
translated into Euro.
\u2022 The amount of assets and liabilities of consolidated companies that report in a currency other than the Euro may
vary from period to period as a result of changes in exchange rates. The effects of these changes are recognized
directly in equity as a component of other comprehensive income/(loss) under gains/(losses) from currency
translation differences.
Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different
from those at which they were initially recorded during the period or in previous financial statements, are recognized in the
consolidated income statement within financial income or financial expenses or as cost of sales for charges arising from
financial services companies.
It is the Group\u2019s policy to use derivative financial instruments (primarily forward currency contracts and currency
options) to hedge up to 90 percent of the principal exposures to foreign currency transaction exchange risk, typically for a
period of up to twelve months.
The Group monitors its principal exposure to foreign currency translation exchange risk, although the Group did not
engage in any specific hedging activities in relation to translation exchange risk for the periods presented.
The impact of foreign currency exchange rate differences recorded within financial income or financial expenses for
the year ended December\u00a031, 2025, including the costs of hedging foreign currency exchange rate risk, amounted to net
losses of \u20ac38,160 thousand (net losses of \u20ac7,035 thousand and \u20ac20,197 thousand for the years ended December\u00a031, 2024 and
2023, respectively).
All of the Group\u2019s financial services activities are conducted in the functional currencies of the related financial
services companies, therefore the impact of foreign currency exchange rate differences arising from financial services
activities was zero in all periods presented.
Except as noted above, there have been no substantial changes in 2025 in the nature or structure of exposure to
foreign currency exchange rate risks or in the Group\u2019s hedging policies.
The potential decrease in fair value of derivative financial instruments held by the Group at December\u00a031, 2025 to
hedge against foreign currency exchange rate risks, which would arise in the case of a hypothetical, immediate and adverse
change of 10 percent in the exchange rates of the major foreign currencies with the Euro, would be approximately \u20ac213,867
thousand (\u20ac171,437 thousand at December\u00a031, 2024). Receivables, payables and future trade flows for which hedges have
been put in place were not included in the analysis. It is reasonable to assume that changes in foreign currency exchange rates
will produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged. The
sensitivity analysis is based on currency hedging in place at the end of the period, which can vary during the period and
assumes unchanged market conditions other than exchange rates, such as volatility and interest rates. For this reason, it is
purely indicative.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-627": { "value": "
Credit risk
Credit risk is the risk of economic loss arising from the failure to fully collect receivables. Credit risk encompasses
the direct risk of default and the risk of a deterioration of the creditworthiness of the counterparty.
The maximum credit risk to which the Group is theoretically exposed at December\u00a031, 2025 is represented by the
carrying amounts of the financial assets presented in the consolidated statement of financial position sheet and the nominal
value of the guarantees provided.
Dealers, clients and, in general, Ferrari\u2019s business partners are subject to a specific evaluation of their
creditworthiness. Additionally, it is Group practice to obtain financial guarantees against risks associated with credit granted
for the purchase of cars and parts, as well as certain sponsorships and licensees. These guarantees are further strengthened,
where possible, by retaining title on cars subject to financing agreements.
Credit positions of material significance are evaluated on an individual basis. Where objective evidence exists that
they are uncollectible, in whole or in part, specific write-downs are recognized. The amount of the write-down is based on an
estimate of the recoverable cash flows, the timing of those cash flows, the cost of recovery and the fair value of any
guarantees received.
Receivables from financing activities relate entirely to the financial services portfolio in the United States and such
receivables are generally secured on the titles of cars or other guarantees. Receivables from financing activities amounting to
\u20ac1,613,396 thousand at December\u00a031, 2025 (\u20ac1,661,632 thousand at December\u00a031, 2024) are shown net of the allowance for
doubtful accounts amounting to \u20ac18,742 thousand (\u20ac16,547 thousand at December\u00a031, 2024). After considering the
allowance for doubtful accounts, \u20ac104,581 thousand of receivables were overdue (\u20ac107,203 thousand at December\u00a031, 2024),
where receivables are considered overdue if a counterparty has failed to make at least one contractual payment by the
respective due date. Therefore, overdue receivables represent a minor portion of receivables from financing activities.
Trade receivables amounting to \u20ac360,339 thousand at December\u00a031, 2025 (\u20ac349,176 thousand at December\u00a031,
2024) are shown net of the allowance for doubtful accounts amounting to \u20ac36,238 thousand (\u20ac33,376 thousand at
December\u00a031, 2024). After considering the allowance for doubtful accounts, \u20ac42,319 thousand of receivables were overdue
(\u20ac47,151 thousand at December\u00a031, 2024).
The Group\u2019s cash and cash equivalents are held on bank and deposit accounts with primary financial institutions and
highly rated money market funds. It is the Ferrari Group\u2019s policy to continuously monitor counterparty risk and limit
concentration of bank and deposit accounts to a maximum of 25% of the total with a single financial counterpart. With
specific reference to money market funds, the invested amounts in any specific fund must not exceed 10% of the par value of
such. The Group considers its credit risk with respect to its cash and cash equivalents to be low considering that they are held
with primary financial institutions and the maximum exposure with any one counterparty is limited.
Cash flow forecasting is performed by the Group on a recurring basis. The Group monitors a rolling forecast of its
liquidity requirements to ensure an adequate cash balance to meet operational needs and maintain adequate headroom. Cash
held by the businesses over and above balances required for working capital management is loaned to the Group\u2019s centralized
treasury department. Cash is invested in instant-access current accounts, short-term deposits and money market funds,
choosing instruments with appropriate maturities to provide adequate headroom as determined by cash forecasts. In
accordance to Group liquidity risk management policy, the Group controls counterparties\u2019 credit risk and credit limit
utilization. It adopts a conservative approach to the investment of its cash which is deposited with financial institutions with
high credit standing.
For information relating to the short-term credit rating of the Group\u2019s cash and cash equivalents, see Note 32 \u201cCash
and Cash Equivalents and Notes to the Consolidated Statement of Cash Flows \u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-628": { "value": "
31. ENTITY-WIDE DISCLOSURES
A breakdown of net revenues by geographic location of the Group\u2019s customers is presented below. 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 relating to Ferrari\u2019s participation in the Formula 1 World
Championship.
For the years ended December\u00a031,
2025
2024
2023
(\u20ac thousand)
Italy
527,727
462,832
442,760
Rest of EMEA
2,996,719
2,690,613
2,428,783
of which UK
617,361
652,391
625,930
of which Germany
576,371
549,093
493,930
Americas (1)
2,252,780
2,183,435
1,762,530
of which United States of America
1,981,359
1,921,459
1,535,772
Mainland China, Hong Kong and Taiwan
491,285
539,500
583,760
of which Mainland China
311,732
390,529
479,882
Rest of APAC (2)
877,257
800,288
752,313
Total net revenues
7,145,768
6,676,668
5,970,146
_____________________________
(1) Americas includes the United States of America, Canada, Mexico, the Caribbean and of Central and South Americ a.
(2) Rest of APAC mainly includes Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia.
Revenues in the Netherlands, the Company\u2019s country of domicile, for the years ended December 31, 2025, 2024 and
2023 amounted to \u20ac118,811\u00a0thousand, \u20ac85,786\u00a0thousand and \u20ac68,605\u00a0thousand, respectively.
A breakdown of non-current assets other than financial instruments and deferred tax assets by geographic location is
presented below.
At December\u00a031,
2025
2024
Property,
plant and
equipment
Goodwill
Intangible
assets
Property,
plant and
equipment
Goodwill
Intangible
assets
(\u20ac thousand)
Italy
1,956,478
785,182
1,637,986
1,765,618
785,182
1,545,420
Rest of EMEA
28,500
\u2014
\u2014
28,401
\u2014
\u2014
Americas (1)
66,615
\u2014
\u2014
27,573
\u2014
\u2014
Mainland China, Hong Kong and Taiwan
1,514
\u2014
\u2014
2,335
\u2014
\u2014
Rest of APAC (2)
4,784
\u2014
471
4,857
\u2014
244
Total
2,057,891
785,182
1,638,457
1,828,784
785,182
1,545,664
_____________________________
(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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-629": { "value": "
32. CASH AND CASH EQUIVALENTS AND NOTES TO THE CONSOLIDATED STATEMENT OF CASH
FLOWS
Cash and cash equivalents
A breakdown of cash and cash equivalents is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Cash and bank balances
1,467,711
1,742,214
Cash and cash equivalents
1,467,711
1,742,214
At December\u00a031, 2025, cash and cash equivalents included \u20ac370,000\u00a0thousand relating to time deposits held with
recognized international financial institutions, which originated in the last quarter of 2025 and mature in the first quarter of
2026, and an investment in money market funds of \u20ac359,869\u00a0thousand with an AAAm rating. At December\u00a031, 2024, cash
and cash equivalents included \u20ac450,000\u00a0thousand relating to time deposits held with a recognized international financial
institution, which originated in November and December 2024 and matured in February and March 2025. At both December
31, 2025 and 2024, the remaining cash and bank balances were held in bank current accounts.
At December 31, 2025, 90 percent of our cash and cash equivalents were denominated in Euro (at December 31,
2024, 88 percent). The Group\u2019s 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 the Eurozone.
A breakdown of cash and cash equivalents by currency is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Euro
1,327,092
1,535,630
U.S. Dollar
75,125
107,871
Chinese Yuan
24,013
62,525
Pound Sterling
10,256
8,483
Other currencies
31,225
27,705
Total
1,467,711
1,742,214
Cash held in some countries may be subject to transfer restrictions. In particular, cash held in China (including in
currencies other than the Chinese Yuan), which amounted to \u20ac24,726 thousand at December 31, 2025 ( \u20ac63,379 thousand at
December 31, 2024), 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 any adverse
impacts on its ability to meet its liquidity requirements.
Cash collected from the settlement of receivables under securitization programs is subject to certain restrictions
regarding its use and is principally applied to repay principal and interest of the related asset-backed financing. This cash
amounted to \u20ac54,434 thousand at December\u00a031, 2025 (\u20ac53,644 thousand at December\u00a031, 2024).
Information relating to the short-term credit rating of the Group\u2019s cash and cash equivalents is presented below.
At December 31,
2025
2024
P-1 / A-1 / Aaa-mf / AAAm (1)
49%
36%
P-2 / A-2
50%
59%
P-3 / A-3 / Not rated
1%
5%
_____________________________
(1) Aaa-mf (Moody\u2019s) /AAAm (S&P Global Ratings) refer to money market funds. P-ratings (Moody\u2019s) 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 December 31, 2025, the Group\u2019s available liquidity, represented by cash and cash equivalents and undrawn
committed credit lines, was \u20ac2,017,711 thousand ( \u20ac2,292,214 thousand at December 31, 2024).
A breakdown of the Group\u2019s available liquidity is presented below.
At December 31,
2025
2024
(\u20ac thousand)
Cash and cash equivalents
1,467,711
1,742,214
Undrawn committed credit lines
550,000
550,000
Available liquidity
2,017,711
2,292,214
The undrawn committed credit lines at December 31, 2025 and 2024 relate to revolving credit facilities. For
additional information, see Note 24 \u201cDebt\u2014Committed credit lines\u201d.
Notes to the consolidated statement of cash flows
Other non-cash expenses, net primarily include equity-settled share-based compensation, allowances for doubtful
accounts of trade receivables and provisions for slow moving and obsolete inventories.
For information relating to financing cash flows relating to debt, see Note 24 \u201cDebt\u2014Contractual undiscounted
cash flows\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-630": { "value": "
33. SUBSEQUENT EVENTS
The Group has evaluated subsequent events through February 19, 2026, which is the date the Consolidated Financial
Statements were authorized for issuance, and identified the following matters:
Under the common share repurchase program, from January 1, 2026 to February 13, 2026 the Company purchased
an additional 276,643 common shares for total consideration of \u20ac82.0\u00a0million. At February 13, 2026, the Company held in
treasury an aggregate of 16,921,249 common shares.
On February 19, 2026, the Board of Directors of Ferrari N.V. recommended to the Company\u2019s shareholders that the
Company declare a dividend of \u20ac3.615 per common share, totaling approximately \u20ac640\u00a0million. The proposal is subject to the
approval of the Company\u2019s shareholders at the Annual General Meeting to be held on April 15, 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-631": { "value": "There are no liens, pledges, collateral or restrictions on use over property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-632": { "value": "Additional information relating to
the Group\u2019s liquidity is provided in the \u201cLiquidity and Capital Resources\u201d section of this Annual Report. The Company
deems the going concern assumption adequate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-633": { "value": "3.615", "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-634": { "value": "640000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300RIVY5EX8RCON76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } } } }