race-2025-12-31-1-en

Letter from the Chairman and the Chief Executive Officer

Dear Shareholder,

Everything we’ve achieved together in 2025 proves once again that Ferrari is so much more than a company – it is a

living, breathing embodiment of passion, innovation, and our relentless will to progress. Our company’s unique spirit comes

directly from our founder Enzo Ferrari’s vision, and we honour his legacy every day by continuing to follow his example:

audaciously redefining the limits of possible.

2025 was an important year of both new beginnings and steadfast consistency. Our financial results confirm a solid

growth path, with profitability sustained by a strong product mix. Revenues in 2025 increased to Euro 7,146 million, with an

EBIT margin of 29.5%, and an industrial free cash flow of Euro 1,538 million.

On 9 October, at our Capital Markets Day we set out our new Strategic Plan, presenting the initiatives that will

continue to drive our brand’s success through to the end of the decade, always keeping the client at the center.

We also proudly unveiled the technological heart of the Ferrari Luce. This model marks a defining new chapter in

our history. As a global leader, we embrace the opportunity and responsibility to interpret electric technology in a way that is

unmistakably Ferrari.

We remain committed to offering our clients complete freedom of choice across powertrains. As with every Ferrari,

the ambition of this new model is unchanged: to stir powerful emotions and deliver exceptional driving thrills.

In accordance with our plans, we have further enriched our line-up. Last year we added the Ferrari Amalfi, with its

blend of elegance and power; the sensational performance of the 849 Testarossa and 849 Testarossa Spider, and we gave the

world a new benchmark in driving thrills with the 296 Speciale and 296 Speciale A.

This unique and diversified range is tailored to exceed the expectations of every Ferrarista, and it expresses our

ability to innovate while staying faithful to our identity. It also provides us with a robust competitive advantage, enabling us

to pursue a horizontal product diversification strategy while each model is produced in limited volumes to preserve Ferrari’s

exclusivity.

On 9 October, we also presented our plans for the M-TECH Alfredo Ferrari, an educational hub in Maranello that

will inspire and train the next generations of engineers, technicians and innovators to advance the automotive industry

worldwide. This new initiative will be inaugurated in 2029 – the 100th anniversary of Scuderia Ferrari – and reflects our

commitment to education, passed down to us by Enzo Ferrari. More than a school, M-TECH will be a social space and a

cultural resource, reflecting our desire to give back to Italy and to our entire community.

Also on Capital Markets Day, we reaffirmed our journey towards decarbonisation by 2030, in order to continue to be

relevant for the next generation. Our roadmap sets out a holistic approach both on our own operations and along the Ferrari

value chain. with a strong focus on circularity, especially the use of recycled aluminium in our engines and chassis.

Furthermore, we are constantly increasing the use of renewable energy sources, and collaborating with our dealer network to

sustain a steady progress in CO2 reduction. Each action reflects our ongoing commitment to continuous improvement.

In racing, the 499P Hypercar delivered a landmark 2025 FIA World Endurance Championship season. Ferrari won

both the world Manufacturers’ and Drivers’ championship titles – the first time the Prancing Horse has secured this incredible

overall victory since returning to the top class of endurance racing in 2023. The 499P also claimed a third consecutive Le

Mans victory in 2025 and the FIA World Cup for Hypercar Teams, completing an unprecedented chapter in Ferrari

endurance history. These triumphs do not come easily – they are the fruit of relentless dedication from a cohesive, united

team.

Our Formula 1 team has come through an intense season, one we would have hoped would unfold differently. As we

enter the new championship under the new regulations, we do so with discipline, unity, and determination: working as one

team and giving everything we have, true to the principles our Founder instilled in us.

Our racing spirit leads us to take on new challenges and adventures – and with Hypersail we are preparing a

revolutionary boat for an unprecedented new sporting arena, the world of sailing. In 2026, we will continue to redefine the

limits of possible on the water.

Back on land, our lifestyle initiatives reached new heights. In line with our commitment to providing our clients with

an exceptional luxury experience, we engaged a wider audience by offering new expressions of our brand—each consistent

with Ferrari’s DNA. In 2025, the Ferrari Museums in Maranello and Modena welcomed almost 900,000 visitors—a new

attendance record. At Milan Fashion Week, our catwalk collections garnered international acclaim, and we also presented our

new Collectibles line. Additionally, our Cavallino Restaurant in Maranello was awarded its first Michelin star. All these

activities embody the brand’s elevated style and passion, combining a unique blend of tradition and innovation.

We are committed to you, dear Shareholder, and to our community. Ferrari has never chosen the easy path; we

choose the meaningful one. We will keep attracting extraordinary people, and we will keep proving, year after year, that

Ferrari is unique. We carry this forward together—all of us working for Ferrari. We will continue investing, innovating, and

building — starting from our strategic plan presented at our Capital Markets Day. It is a responsibility we embrace with

pride. Enzo Ferrari believed that, in racing and in life, it’s what lies ahead that truly matters. So, we always keep four wheels

on the ground, and we are delighted and grateful to have you with us on this journey.

February 19, 2026

John Elkann, Benedetto Vigna,

Executive ChairmanChief Executive Officer

Introduction

About this report

This document, referred to hereafter as the “Annual Report and Form 20-F” or “Annual Report”, constitutes both the

statutory annual report in accordance with Dutch legal requirements (“AFM Annual Report”) and the annual report on Form

20-F (“Form 20-F”), applicable to Foreign Private Issuers, pursuant to Section 13 or 15(d) of the United States (“U.S.”)

Securities Exchange Act of 1934, of Ferrari N.V. for the year ended December 31, 2025 , except as noted below.

For the cross-references of the contents of this document to the Form 20-F requirements please refer to the “Form

20-F Cross Reference” section included elsewhere in this document.

This Annual Report is filed with the Netherlands Authority for Financial Markets (Autoriteit Financiële Markten,

the “AFM”). The following sections have been removed for our Annual Report filing with the AFM:

• Form 20-F cover page;

• Corporate Governance — Differences between Dutch Corporate Governance Practices and NYSE Listing Standards;

• Report of Independent Registered Public Accounting Firm in respect of Internal Control over Financial Reporting

for the SEC filing;

• Report of Independent Registered Public Accounting Firm in respect of the PCAOB audits of the financial

statements for the SEC filing;

• Exhibits;

• Form 20-F Cross Reference, and

• Signatures.

This Annual Report and the exhibits hereto are filed with the U.S. Securities and Exchange Commission (“SEC”)

and unless otherwise stated, all references in this document to “Form 20-F” refer to the SEC filing. The following sections

have been removed for our Form 20-F filing with the SEC:

• Letter from the Chairman and the Chief Executive Officer;

• 2026 Outlook;

• Corporate Governance — Disclosures pursuant to Decree Article 10 EU-Directive on Takeovers;

• Corporate Governance — Responsibilities in respect to the Annual Report;

• Sustainability Statement;

• Company Financial Statements;

• Other Information — Additional Information for Netherlands Corporate Governance, and

• Independent auditor’s report — Report on the audit of the financial statements included in the Annual Report in

respect of the AFM filing.

Documents on Display

The SEC maintains an internet site that contains reports, proxy and information statements, and other information

regarding issuers that file electronically with the SEC, including the Company, at http://www.sec.gov. The address of the

SEC’s website is provided solely for information purposes and is not intended to be an active link. Reports and other

information concerning the business of Ferrari may also be inspected at the offices of the New York Stock Exchange, 11

Wall Street, New York, NY 10005, United States.

We also make our periodic reports as well as other information filed with or furnished to the SEC available, free of

charge, through our website at https://www.ferrari.com/en-EN/corporate as soon as reasonably practicable after those reports

and other information are electronically filed with or furnished to the SEC. The information on our website or the website of

any other entity is not incorporated by reference in this document.

This document is a PDF copy of the Annual Report of Ferrari N.V. at and for the year ended December 31, 2025 and

is not presented in the ESEF-format as specified in the Regulatory Technical Standards on ESEF (Delegated Regulation (EU)

2019/815). The official Annual Report of Ferrari N.V. in ESEF single reporting package, as filed with the AFM, is available

on Ferrari’s website.

Certain Defined Terms and Note on Presentation

Certain Defined Terms

In this report, unless otherwise specified, the terms “we”, “our”, “us”, the “Group”, the “Company” and “Ferrari”

refer to Ferrari N.V., individually or together with its subsidiaries as the context may require. References to “Ferrari N.V.”

refer to the registrant.

In this report:

“CA Auto Bank” means CA Auto Bank S.pA., formerly FCA Bank S.p.A. (“FCA Bank”), which, following the sale

by the Stellantis Group of its 50 percent ownership interest in FCA Bank to Crédit Agricole Consumer Finance S.A. in April

2023, is a wholly owned subsidiary of Crédit Agricole Consumer Finance S.A..

“FCA” means Fiat Chrysler Automobiles N.V., subsequently reamed Stellantis N.V. (“Stellantis”), following the

merger with Peugeot S.A. in January 2021, the former Group holding the Ferrari business prior to completion of the

separation in 2016. For information relating to the separation, see “Overview—History of the Company”.

“FFS GmbH” Ferrari Financial Services GmbH, means a German entity that offers retail client financing in certain

markets in EMEA (primarily the UK, Germany and Switzerland). FFS GmbH is a Group’s partnership with CA Auto Bank.

“MTA” means Mercato Telematico Azionario, subsequently renamed Euronext Milan, where the Company

completed the listing of its common shares on January 4, 2016.

“NYSE” means the New York Stock Exchange.

Note on Presentation

This Annual Report includes the consolidated financial statements of Ferrari N.V. at December 31, 2025 and 2024,

and for the years ended December 31, 2025, 2024 and 2023 prepared in accordance with the IFRS^®Accounting Standards

(“IFRS Accounting Standards”) as issued by the International Accounting Standards Board (“IASB”), as well as IFRS

Accounting Standards as adopted by the European Union (throughout this document 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 the IASB and IFRS Accounting Standards as adopted by the

European Union. The consolidated financial statements and the notes to the consolidated financial statements are referred to

collectively as the “Consolidated Financial Statements”.

Basis of Preparation of the Consolidated Financial Statements

The Group’s financial information is presented in Euro. In some instances, information is presented in U.S. Dollars.

All references in this document to “Euro” and “€” refer to the currency introduced at the start of the third stage of European

Economic and Monetary Union pursuant to the Treaty on the Functioning of the European Union, as amended, and all

references to “U.S. Dollars” and “$” refer to the currency of the United States of America (the “United States” or the “U.S.”).

The language of this Annual Report is English. Certain legislative references and technical terms have been cited in

their original language in order that the correct technical meaning may be ascribed to them under applicable law.

The financial data in the section “Financial Overview” is presented in millions of Euro, while the percentages

presented are calculated using the underlying figures in thousands of Euro.

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

Except as otherwise disclosed within this Annual Report, no significant change has occurred since the date of the

Consolidated Financial Statements.

Forward-Looking Statements

Statements contained in this Annual Report, particularly those regarding our possible or assumed future

performance, competitive strengths, costs, dividends, reserves and growth as well as industry growth and other trends and

projections, are “forward-looking statements” that contain risks and uncertainties. In some cases, words such as “may”,

“will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “continue”, “on track”,

“successful”, “grow”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”,

“guidance” and similar expressions are used to identify forward-looking statements. These forward-looking statements reflect

the respective current views of Ferrari with respect to future events and involve significant risks and uncertainties that could

cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties

include, without limitation:

• our ability to preserve and enhance the value of the Ferrari brand;

• our ability to attract and retain qualified personnel;

• the success of our racing activities;

• our ability to keep up with advances in high performance car technology, to meet the challenges and costs of

integrating electric technology, more broadly into our car portfolio over time and to make appealing designs for our

new models;

• increases in costs, also as a result of increasingly stringent fuel economy, emissions and safety standards, disruptions

of supply or shortages of components and raw materials;

• our ability to successfully carry out our controlled volume and growth strategy, while increasing our presence in

growth market countries;

• changes in general economic conditions (including changes in the markets in which we operate) and changes in

demand for luxury goods, including high performance luxury cars, which is volatile;

• macro events, pandemics and conflicts, including the ongoing conflicts in Ukraine and the Middle East region, and

the related issues potentially impacting sourcing and transportation;

• trading policies and tariffs;

• competition in the luxury performance automobile industry;

• changes in client preferences and automotive trends;

• our ability to preserve the value of our cars over time and our relationship with the automobile collector and

enthusiast community;

• disruptions at our manufacturing facilities in Maranello and Modena;

• climate change and other environmental impacts, as well as an increased focus of regulators and stakeholders on

environmental matters;

• our ability to maintain the functional and efficient operation of our information technology systems and to defend

against the risk of cyberattacks;

• the ability of our current management team to operate and manage effectively, and the reliance upon a number of

key members of executive management and employees;

• the performance of our dealer network on which we depend for sales and services;

• product warranties, product recalls and liability claims;

• the sponsorship and commercial revenues and expenses of our racing activities, as well as the popularity of motor

sports more broadly;

• the performance of our lifestyle activities;

• our ability to protect our intellectual property rights and to avoid infringing the intellectual property rights of others;

• changes in tax or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which we

operate;

• our continued compliance with customs regulations of various jurisdictions;

• labor relations and collective bargaining agreements;

• our ability to ensure that our employees, agents and representatives comply with applicable law and regulations;

• exchange rate fluctuations, interest rate changes, credit risk and other market risks;

• our ability to service and refinance our debt;

• our ability to provide or arrange for adequate access to financing for our clients and dealers, and associated risks;

• the adequacy of our insurance coverage to protect us against potential losses;

• potential conflicts of interest due to director and officer overlaps with our largest shareholders, and

• other factors discussed elsewhere in this document.

We expressly disclaim and do not assume any liability in connection with any inaccuracies in any of the forward-

looking statements in this document or in connection with any use by any third party of such forward-looking statements.

Actual results could differ materially from those anticipated in such forward-looking statements. We do not undertake an

obligation to update or revise publicly any forward-looking statements.

Additional factors which could cause actual results and developments to differ from those expressed or implied by

the forward-looking statements are included in the section “Risk Factors” of this Annual Report. These factors may not be

exhaustive and should be read in conjunction with the other cautionary statements included in this Annual Report. You

should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

Creating Value for Our Shareholders

Ferrari is one of the world’s leading luxury brands, encompassing racing, sports cars and lifestyle. In each of these

three dimensions, the Prancing Horse is a symbol of exclusivity, innovation and cutting-edge performance.

We are fiercely protective of our brand, which is among the most iconic and recognizable in the world, and critical

to our value proposition to our stakeholders. We strive to maintain and enhance the power of our brand and the passion we

inspire in clients and in our broader community of Ferrari lovers.

We pursue sustainable growth while preserving our uniqueness and rarity over the longer term in everything we do.

In Sports Cars, we relentlessly focus on preserving product exclusivity and on nurturing our client community. We

strengthen this relationship by rewarding our loyal clients through a range of unique initiatives, such as driving events and

unparallel activities worldwide. Most importantly, we offer our most loyal and active clients preferential access to our

newest, most exclusive and highest value cars.

In Racing, we compete at the pinnacle of motorsport, always with the ambition to win, while expanding into new

racing arenas in order to continue to inspire the dream, remain accessible to a broad audience, and sustain our relevance for

generations to come.

In Lifestyle, Ferrari designs and creates a selection of personal luxury goods, collectibles and experiences that

embody the brand’s unmistakable style and passion. We continue to enrich our client experience and engage a wider audience

by offering new expression of our brand that are each consistent with Ferrari’s DNA.

Our commitment to excellence across all our products and our pursuit of innovation, state-of-the-art performance

and distinction in design, engineering and craftsmanship is inseparable from our commitment to integrity, transparency and

responsibility in conducting our business. By fully integrating environmental and social considerations with economic

objectives we are able to identify potential risks and capitalize on new opportunities, resulting in a process of continuous

improvement.

Sustainability is a core element of our governance model and executive management plays a direct and active role in

developing and achieving our sustainability objectives under the leadership of our Board of Directors. As a clear

demonstration of this commitment, in October 2025 we strengthened the integration of environmental topics into our strategic

plan, outlining our updated decarbonization strategy to 2030.

The foundation of a responsible company rests on being fully attentive to the environment, the extent of our

interconnection with it, and our understanding of both the potential effects of our activities and how those effects can be

mitigated through responsible management.

All of the above is strictly linked to our purpose of audaciously redefining the limits of possible, as well as to our

values:

• INDIVIDUAL AND TEAM: Our talented individuals are our greatest resource. However, they can only pursue the

extraordinary by working together as a team. By fostering integrity, excellence and generosity, we give each of our

people the possibility to express their own full potential - and to be part of something greater.

• TRADITION AND INNOVATION: Tradition and innovation drive each other. The ongoing quest for lasting firsts

is what fuels the Ferrari legend. Our ability to combine revolutionary technological solutions with exceptional

artisanal craftsmanship is what enables us to create icons that stay timeless in a fast-changing world.

• PASSION AND ACHIEVEMENT: Ferrari’s racing spirit lives on in emotions that transcend the road and the track,

ultimately becoming an authentic attitude towards life. Nothing excites us more than setting ambitious targets and

expectations - and then exceeding them, to push every boundary. It is how the power of passion becomes the beauty

of achievement.

To ensure tangible long-term value creation and a continuing integration of our sustainability strategy, we place

particular emphasis on:

• A governance model based on transparency and integrity, fostering best practices;

• A safe and environmentally conscious workplace including excellent working conditions and the utmost respect for

human rights;

• continuing professional development of our employees;

• Mutually beneficial relationships with our business partners and the communities in which we operate;

• Mitigation of environmental impacts from our production processes and products, addressing direct and indirect

GHG emissions, focusing on energy and materials.

Risk Factors

We face a variety of risks and uncertainties in our business. Those described below are not the only risks and

uncertainties that we face. Additional risks and uncertainties that we are unaware of, or that we currently believe to be

immaterial, may also become important factors that affect us.

Risks Related to Our Business, Strategy and Operations

We may not succeed in preserving and enhancing the value of the Ferrari brand, which we depend upon to drive demand

and revenues.

Our financial performance is influenced by the perception and recognition of the Ferrari brand, which, in turn,

depends on many factors such as the design, performance, quality and image of our cars, the success of our racing teams, the

appeal of our dealerships and stores, the success of our promotional activities including public relations and marketing, as

well as our general profile, including our brand’s image of exclusivity. The value of our brand and our ability to achieve

premium pricing for Ferrari-branded products may decline if we are unable to maintain the value and image of the Ferrari

brand, including, in particular, its aura of exclusivity. Maintaining the value of our brand will depend significantly on our

ability to continue to produce luxury performance cars of the highest quality. The market for luxury goods generally and for

luxury automobiles in particular is intensely competitive, and we may not be successful in maintaining and strengthening the

appeal of our brand. Client preferences, particularly among luxury goods, can vary over time, sometimes rapidly. We are

therefore exposed to changing perceptions of our brand image, particularly as we seek to attract new generations of clients

and, to that end, we continuously renovate and expand the range of our models. Furthermore, we expect to continue

integrating electric engine technology into our product portfolio, and the long‑term response of our clients to electric

powertrains, as well as to other new technologies, remains unknown. Any failure to preserve and enhance the value of our

brand may materially and adversely affect our ability to sell our cars, to maintain premium pricing, and to extend the value of

our brand into other activities profitably or at all.

More broadly, our lifestyle strategy will continue to increase the deployment of our brand in non-car products and

experiences, including a large variety of Ferrari-branded accessories and apparel. If this strategy is not successful, our brand

image may be diluted or tainted. We selectively license the Ferrari brand to third parties that produce and sell Ferrari-branded

luxury goods and therefore we rely on our licensing partners to preserve and enhance the value of our brand. If our licensees

or the manufacturers of these products do not maintain the standards of quality and exclusivity that we believe are consistent

with the Ferrari brand, or if such licensees or manufacturers otherwise misuse the Ferrari brand, our reputation and the

integrity and value of our brand may be damaged and our business, operating results and financial condition may be

materially and adversely affected.

In addition, given the widespread use and influence of social media, Ferrari must maintain an effective presence on

the principal established and emerging platforms. If we cannot use these channels cost‑effectively, promote our products and

services efficiently, comply with applicable law and regulations, or if our campaigns generate negative attention, our brand

and our operating results may be negatively impacted. In addition, any negative or adverse publicity about us, whether

truthful or not, could rapidly disseminate and harm the public’s perception, undermine customer confidence, as well as

negatively impact our business, results of operations, and financial condition.

If we are not able to attract and retain qualified personnel, we may not be able to maintain our competitive position or

implement our business strategy.

Our success depends, in part, on our continuing ability to attract, recruit, develop and retain qualified talent, as well

as maintaining the right balance between internal resources and qualified suppliers to ensure flexibility in our business

operations and the availability of the skills and expertise required. Failure to do so effectively would adversely affect our

business. Competition to attract talented employees is intense, and there can be a limited availability of individuals with the

requisite knowledge and relevant experience. In addition, we may not succeed in instilling our corporate culture and values in

our personnel and we may not be able to attract, assimilate, develop or retain qualified personnel in the future. Failure to do

so could adversely affect our business, including our ability to execute our global business strategy.

Our brand image depends in part on the success of our racing activities, particularly our Formula 1 team.

The prestige, identity, and appeal of the Ferrari brand depend in part on the success of our racing activities, which

are a key component of our marketing strategy and may be perceived by our clients as a demonstration of the technological

capabilities of our cars, which also support the appeal of other Ferrari-branded luxury goods. In particular, we are focused on

improving the results of our Scuderia Ferrari racing team in the Formula 1 World Championship and restoring our historical

position as the premier racing team in Formula 1, as our most recent Drivers’ Championship and Constructors’ Championship

were in 2007 and 2008, respectively. If we are unable to attract and retain the necessary talent to succeed in international

competitions or devote the capital necessary to fund successful racing activities, the value of the Ferrari brand and the appeal

of our cars and other luxury goods may suffer. Even if we are able to attract such talent and adequately fund our racing

activities, there is no assurance that this will lead to competitive success for our racing teams.

The success of our racing teams depends in particular on our ability to attract and retain top drivers, racing team

management and engineering talent. Our primary Formula 1 drivers, team managers and other key employees of Scuderia

Ferrari are critical to the success of our Scuderia Ferrari racing team and if we were to lose their services, this could have a

material adverse effect on our success and correspondingly the Ferrari brand. If we are unable to find adequate replacements

or to attract, retain and incentivize drivers and team managers, other key employees or new qualified personnel, the success

of our racing teams may suffer. In addition, the caps on spending imposed by the Formula 1 governing body may hinder our

ability to restore our racing preeminence (See “Our revenues from Formula 1 activities may decline and our related expenses

may grow”). Because the success of our racing teams forms a large part of our brand identity, a sustained period without

racing success could detract from the Ferrari brand and, as a result, from potential clients’ enthusiasm for the Ferrari brand

and their perception of our cars, which could have an adverse effect on our business, results of operations and financial

condition.

If we are unable to keep up with advances in high performance car technology, our brand and competitive position may

suffer.

Performance cars are characterized by leading-edge technology that is constantly evolving. In particular, advances in

racing technology often lead to improved technology in road cars. Although we invest heavily in research and development,

we may be unable to maintain our leading position in high performance car technology and, as a result, our competitive

position may suffer. As technologies change, we plan to upgrade or adapt our cars and introduce new models in order to

continue to provide cars with the latest technology. However, our cars may not compete effectively with our competitors’

cars if we are not able to develop, source and integrate the latest technology into our cars. For example, the market of luxury

performance cars has been increasingly moving towards the use and implementation of hybrid and electric technology, albeit

at a slower pace compared to mass market vehicles. See “The introduction of electric technology in our cars is costly and its

long-term success is uncertain”. We expect that the future generation of cars will feature a higher degree of connectivity for

purposes of infotainment, safety and regulatory compliance, and the continued integration of connectivity in our models may

require significant investments in research and development. These in-car features may need to be sourced externally and

integrated into the car technology, which may have, among other things, a negative impact on our business, results of

operations, and financial condition.

Developing or acquiring and applying new automotive technologies is costly, and may become even more costly in

the future as available technology advances and competition in the industry increases. If our research and development efforts

do not lead to improvements in car performance relative to our competitors, or if we are required to spend more to achieve

comparable results, the sales of our cars or our profitability may suffer.

If our cars do not perform as expected our ability to develop, market and sell our cars could be harmed.

Our cars may contain defects in design and manufacture that may cause them not to perform as expected or that may

require repair. There can be no assurance that we will be able to detect and fix any defects in the cars prior to their sale to

consumers. Our cars may not perform in line with our clients’ evolving expectations or in a manner that equals or exceeds the

performance characteristics of other cars currently available. For example, our newer cars may not have the durability or

longevity of current cars, and may not be as easy to repair as other cars currently on the market. Hybrid and electric models,

in particular, as well as cars with higher infotainment and connectivity features, present novel challenges and may be more

prone to malfunction in light of the new technology and functionalities they include. Any product defects or any other failure

of our performance cars to perform as expected could harm our reputation and result in adverse publicity, lost revenue,

delivery delays, product recalls, product liability claims, harm to our brand and reputation, and significant warranty and other

expenses, and could have a material adverse impact on our business, operating results and financial condition.

If our car designs do not appeal to clients, our brand and competitive position may suffer.

Design and styling are an integral component of our models and our brand. Our cars have historically been

characterized by distinctive designs combining the aerodynamics of a sports car with powerful, elegant lines. We believe our

clients purchase our cars for their appearance as well as their performance. However, we need to renew over time the style of

our cars to differentiate the new models we produce from older models, and to reflect the broader evolution of aesthetics in

our markets. Through the Ferrari Design Centre, our in-house design team, we devote great efforts to the design of our cars.

If the design and functionality of our future models fails to meet the evolving tastes and preferences of our clients and

prospective clients, or the appreciation of the wider public, our brand may suffer and our sales may be adversely affected.

The introduction of electric technology in our cars is costly and its long-term success is uncertain.

We are introducing electric technology in our cars. In October 2025, we started the three-phase launch of our first

full electric Ferrari, the Ferrari Luce, with the presentation of its key technical components and product development strategy,

which was followed by the unveiling of the interior design and the announcement of the model’s name in February 2026. In

accordance with our strategy, we believe electric technology, together with hybrid and other advanced technologies, will be

key to expanding driving emotions and continuing performance upgrades to our sports car customers, and will also help us

capture the preferences of certain affluent car purchasers, while preparing us to meet increasingly stricter emissions

requirements. In the long-term, although we believe that combustion engines will continue to be fundamental to the Ferrari

driver experience for the foreseeable future, hybrid and full electric cars may become an increasingly prevalent technology

for performance sports cars.

The integration of electric technology more broadly into our car portfolio over time may present challenges and

requires significant investments. Although we expect to continue pricing our cars appropriately to recoup the investments and

expenditures we are making to integrate electric and other advanced technologies into our cars, we cannot be certain that

these expenditures will be fully recovered or that they will be recovered with our desired margins. In addition, this

transformation of our car technology may create risks and uncertainties with respect to the impact on driver experience and

the potential obsolescence of core components which in turn may affect the residual value of our cars. Other manufacturers of

luxury sports cars may also be more successful in implementing electric technology.

Because electric technology is a core component of our strategy, and in the medium term we plan to increase the

portion of our shipments that feature vehicles with electric technology, if the introduction of electric cars proves too costly or

is unsuccessful in the market, our business and results of operations could be materially adversely affected. See also “If we

are unable to keep up with advances in high performance car technology, our brand and competitive position may suffer”.

New or changing laws, regulations or policies of governmental organizations regarding, among other things, increased

fuel economy requirements, reduced greenhouse gas or pollutant emissions, vehicle safety, or connectivity requirements

may have a significant effect on our costs of operation and/or how we do business.

We are subject throughout the world to comprehensive and constantly evolving laws, regulations and policies. We

expect the extent of the legal and regulatory requirements affecting our business and our costs of compliance to continue to

increase significantly in the future. Failure to comply with applicable laws and regulatory requirements, in addition to the

fines it may attract, may negatively impact our business, results of operations and financial condition as well as our

reputation.

In Europe and the United States, for example, significant governmental regulation is driven by environmental, fuel

economy, vehicle safety, noise emission and connectivity concerns. Evolving regulatory requirements could significantly

affect our product development plans and may limit the number and types of cars we sell and where we sell them, which may

affect our revenue and profitability. Governmental regulations may increase the costs we incur to design, develop and

produce our cars and may affect our product portfolio. Regulation may also result in a change in the character or performance

characteristics of our cars, which may render them less appealing to our clients. We anticipate that the number and extent of

these regulations, and their effect on our cost structure and product line-up, will increase significantly in the future.

In the United States, there has been increasing focus on emissions and pollution regulations in recent years. New

regulations are in the process of being developed, and many existing and potential regulatory initiatives are subject to review

by federal or state agencies or the courts. However, the recent change in the administration introduces considerable

uncertainty on future changes. In April 2024, the U.S. Environmental Protection Agency (“EPA”) released its Multi Pollutant

Emissions Standards for Model Years 2027 and Later Light Duty and Medium Light Vehicles final rule (the “MPES-27”),

introducing, among other requirements, stricter emission standards (e.g., particulate matter). While several special provisions

for SVMs have been retained from the initial 2023 proposal, the GHG alternative standards have been completely eliminated

from the adopted rules. In March 2025, EPA indicated it was reassessing aspects of the MPES-27, and in December 2025 it

indicated it was considering delaying their implementation and enforcement. In February 2026, EPA revoked its 2009

Endangerment Finding, which had served as the foundation for federal regulation of GHGs under the Clean Air Act, and

repealed existing federal GHG emission standards applicable to cars and trucks. Significant legal challenges to this action are

expected, contributing to ongoing regulatory uncertainty.

In addition, we are subject to legislation relating to the emission of other air pollutants such as, among others, the

EU “Euro 6” standards and Real Driving Emissions (RDE) standards, the “Tier 3” Motor Vehicle Emission and Fuel

Standards issued by the EPA, and the Zero Emission Vehicle regulation in California, which are subject to similar

derogations for Small Volume Manufacturers (“SVMs”). We lost our status as an SVM for the United States National

Highway Traffic Safety Administration (“NHTSA”) in 2019 because our global production exceeded 10,000 vehicles, but we

have not lost our SVM status for EU CO2 regulations or for EPA GHG regulations in the United States. In 2022, 2023, 2024,

and 2025 our global production exceeded 10,000 vehicles again and therefore we were no longer considered a SVM by the

NHTSA for the model years (“MYs”) 2022, 2023, 2024, and 2025. We purchased the corporate average fuel economy

(“CAFE”) credits needed to fulfill our MY 2022 and MY 2023 deficits. However, in July 2025, the U.S. Congress enacted

the “One Big Beautiful Bill Act,” a comprehensive budget reconciliation package that, among other measures, effectively

removed civil penalties for manufacturers violating CAFE standards to $0. As a result, we are closely monitoring ongoing

regulatory developments to determine whether further purchases of credits will be necessary. We could lose our status as an

SVM in the EU, the United States and other countries if we do not continue to meet all of the necessary eligibility criteria

under applicable regulations as they evolve, not only in relation to volumes but also in relation to the conditions of

operational independence. In order to meet these criteria we may need to modify our growth plans or other operations.

Furthermore, even if we continue to benefit from derogations as an SVM, we may have a substantial impact on our financial

results.

As the state of California has been granted special authority under the Clean Air Act to set its own vehicle emission

standards, the California Air Resources Board (“CARB”) enacted regulations under which manufacturers of vehicles for

certain model years that are in compliance with the EPA greenhouse gas emissions regulations are also deemed to be in

compliance with California’s greenhouse gas emission regulations (the so-called “deemed to comply” provision). These

regulations have evolved over time. In 2018, the CARB amended its existing regulations to clarify that the “deemed to

comply” provision would not be available for certain MYs if the EPA standards for those years were altered via an

amendment of federal regulations and, in 2019, EPA announced a decision to withdraw California’s waiver of preemption

under the Clean Air Act. In this decision, the EPA also affirmed the NHTSA’s authority to set nationally applicable

regulatory standards under the preemption provisions of the Energy Policy and Conservation Act (EPCA). On March 9, 2022,

the EPA rescinded its withdrawal of the waiver for California’s light-duty vehicle GHG and zero emission vehicle (ZEV)

standards. California and Section 177 states may again enforce those standards. Subsequently, CARB clarified that the

compliance with CARB’s GHG regulations is expected from MY 2021 for all manufacturers. Ferrari meets the requirements

to be classified as an SVM based on the relevant regulations in the state of California. Therefore, in 2023, in agreement with

CARB, Ferrari petitioned for SVM 2021-2025 alternative standards. In July 2024, we received official approval from CARB.

In June 2025, the U.S. President signed certain resolutions under the Congressional Review Act invalidating, among other

things, the EPA waivers granted to the CARB with respect to emission standards from MY 2026 onward. In response, the

CARB initiated legal proceedings to challenge such resolutions. In parallel, in June 2025, the Governor of California issued

an executive order mandating the CARB to begin developing future state emissions regulations, reaffirming California’s

commitment to advancing zero-emission technologies and further reducing greenhouse gas and pollutant emissions. Ferrari

continues to closely monitor these regulatory developments and related proceedings. These developments further contribute

to the current regulatory uncertainty in the United States, particularly regarding the future direction of emissions standards at

both the federal and state levels.

In relation to the safety legislation framework, in 2024, NHTSA published a new regulation on Automatic

Emergency Braking Systems, requiring vehicles to be equipped with systems that alert drivers of imminent collisions and

automatically apply brakes if necessary. Additionally, NHTSA published an advanced notice of proposed rulemaking as a

first regulatory step to introduce a new Federal Motor Vehicle Safety Standards (“FMVSS”) regulation providing

requirements for pedestrian protection. These regulatory updates will likely introduce US-specific requirements, compelling

manufacturers to develop tailored design solutions. The costs of compliance associated with these and similar rulemaking

may be substantial.

Other governments around the world, such as those in Canada, South Korea, China and certain Middle Eastern

countries, are also creating new policies to address these issues which could be even more stringent than the U.S. or European

requirements. As in the United States and Europe, these government policies if applied to us could significantly affect our

product development plans. Under these existing regulations, as well as new or stricter rules or policies, we could be subject

to sizable civil penalties or have to restrict or modify product offerings drastically to remain in compliance. We may have to

incur substantial capital expenditures and research and development expenditures to upgrade products and manufacturing

facilities, which would have an impact on our cost of production and results of operations.

In the future, the advent of self-driving technology may result in regulatory changes that we cannot predict but may

include limitations or bans on human driving in specific areas. In 2020 the European Commission issued its new digital

strategy policies and in 2022 its new digital strategy, which represent a priority in the European Commission’s regulatory

agenda. Through the publication of several regulations, such as the Cyber Resilience Act EU 2024/2847, the European

Commission has showed a determination to strengthen Europe’s digital sovereignty and role as a standard setter, with a clear

focus on data, technology, and infrastructure.

In June 2024, the European Union adopted the Artificial Intelligence Act (“AI Act”), setting harmonized rules for

trustworthy AI development and use across the EU. This legislation could be particularly relevant to the automotive sector,

influencing the development of self-driving technologies and advanced driver-assistance systems.

Similarly, driving bans on combustion engine vehicles could be imposed, particularly in metropolitan areas, as a

result of progress in electric and hybrid technology. Several other regulations are also emerging to take into account the non-

exhaust emissions such as brakes and tires particulate emissions and the environmental impact of the electric and hybrid

vehicles components, with a particular focus on batteries and waste batteries.

In July 2024, the European Union adopted the Ecodesign for Sustainable Products Regulation (“ESPR”) setting new

standards for product sustainability, ensuring that products sold in the EU are designed with environmental considerations.

While Ferrari already aims to design cars with durability, recyclability, and energy efficiency, this regulation will introduce

additional requirements, including the implementation of enhanced transparency measures (e.g., a digital product passport).

In the evolving regulatory landscape, we anticipate new regulations restricting or banning the use of materials

critical to our production. The EU is expanding its regulatory framework for chemicals as part of its zero-pollution goal under

the European Green Deal. This includes new rules to enhance the circularity of the automotive sector and extend

manufacturers’ responsibility for end-of-life vehicle management. Such regulatory shifts may significantly impact material

choices in our business, necessitating substantial R&D efforts. We expect these changes to lead to significantly increased

costs and potential adjustments to our supply chain. Furthermore, we are observing a general fragmentation of requirements

both globally and within markets (e.g., individual states in the United States), which could further complicate operational

efficiency.

To comply with current and future environmental rules in all markets in which we sell our cars, we may have to

incur substantial capital expenditure and research and development expenditure to upgrade products and manufacturing

facilities, which would have an impact on our cost of production and results of operations.

For a description of the regulations referred to in the paragraphs above please see “Overview of Our Business—

Regulatory Matters”.

We depend on our suppliers, many of which are single source suppliers, and if these suppliers fail to deliver necessary raw

materials, components, parts, systems, services or infrastructure of appropriate quality in a timely manner, our operations

may be disrupted.

Our business depends on a significant number of suppliers that provide the raw materials, components, parts,

systems, services and infrastructure we require to manufacture cars and parts and to operate our business, and some of these

suppliers may face financial difficulties as a result of the ongoing transformation and challenges in the global automotive

industry. We use a variety of raw materials in our business, including aluminum, and precious metals such as palladium and

rhodium. We source materials from a limited number of suppliers. We cannot guarantee that we will be able to maintain

access to these raw materials, and in some cases this access may be affected by factors outside of our control and the control

of our suppliers. In addition, prices for these raw materials fluctuate and while we seek to manage this exposure, we may not

be successful in mitigating these risks.

As with raw materials, we are also at risk of supply disruption and shortages in parts and components we purchase

for use in our cars. We source a variety of key components from third parties, including transmissions, brakes, driving-safety

systems, navigation systems, mechanical, electrical and electronic parts, plastic components as well as castings and tires,

which makes us dependent upon the suppliers of such components. In coming years, we will also require a greater number of

components for hybrid and electric engines as we continue to deploy hybrid and electric technology in our cars, and we

expect producers of these components will be called upon to increase the levels of supply as the shift to hybrid or electric

technology gathers pace in the industry. While we obtain components from multiple sources whenever possible, similar to

other small volume car manufacturers, most of the key components we use in our cars are purchased by us from single source

suppliers. We generally do not qualify alternative sources for most of the single-sourced components we use in our cars and

we do not maintain long-term agreements with a number of our suppliers. Furthermore, we have limited ability to monitor the

financial stability of our suppliers.

While we believe that we may be able to establish alternate supply relationships and can obtain or engineer

replacement components for our single-sourced components, we may be unable to do so in the short term, or at all, at prices

or costs that we believe are reasonable. Qualifying alternate suppliers or developing our own replacements for certain highly

customized components of our cars may be time consuming, costly and may force us to make costly modifications to the

designs of our cars.

Moreover, as the lifecycle of several components becomes shorter in light of the technological shift affecting the

industry, a number of the components we use in our production processes may become in the near term obsolete, which will

require us to implement new procurement strategies. Those strategies may not be successful and we may not be able to source

new components in a timely manner or at competitive prices, and our results of operations may be adversely affected.

The potential loss of any single or limited source supplier or the disruption in the supply of components from these

suppliers could lead to delays in car deliveries to our clients, which could adversely affect our relationships with our clients

and also materially and adversely affect our operating results and financial condition. The supply of raw materials, parts and

components may also be disrupted or interrupted by natural disasters, or by unexpected fluctuations in market demand and

supply, such as the global shortage of semiconductors that has in the recent past impacted the automotive industry in

particular. If any major disasters occur, such as earthquakes, fires, floods, hurricanes, wars, terrorist attacks, pandemics or

other events, our supply chain may be disrupted, which may stop or delay production and shipment of our cars. The ongoing

conflict between Russia and Ukraine, and the resulting geopolitical tensions have had a significant impact on the global

economy. The conflict continues and the timing of any resolution is highly uncertain. Many governments around the world,

including those of the United States, the European Union and Japan, have imposed sanctions on certain industry sectors and

parties in Russia as well as enhanced export controls on certain industries and products, including luxury goods, and the

exclusion of certain Russian financial institutions from the SWIFT system. Developments in the conflict and in related

sanctions and export controls, could adversely affect, directly or indirectly, our supply chain, with negative implications on

the availability and prices of raw materials, and our customers. See also “We are subject to risks related to epidemics,

pandemics or other public health crises that may materially and adversely affect our business” for a discussion of

widespread public health crises which may affect our supply chain directly or indirectly.

Changes in our supply chain have in the past resulted and may in the future result in increased costs and delays in

car production. We have also experienced cost increases from certain suppliers in order to meet our quality targets and

development timelines and because of design changes that we have made, and we may experience similar cost increases in

the future. We are negotiating with existing suppliers for cost reductions, seeking new and less expensive suppliers for certain

parts, and attempting to redesign certain parts to make them less expensive to produce. If we are unsuccessful in our efforts to

control and reduce supplier costs while maintaining a stable source of high-quality supplies, our operating results will suffer.

Additionally, cost reduction efforts may disrupt our normal production processes, thereby harming the quality or volume of

our production.

Furthermore, if our suppliers fail to provide components in a timely manner or at the level of quality necessary to

manufacture our cars, our clients may face longer waiting periods which could result in negative publicity, harm our

reputation and relationship with clients and have a material adverse effect on our business, operating results and financial

condition.

Our controlled volume strategy may limit potential profits, and if volumes increase our brand exclusivity may be eroded.

A key to the appeal of the Ferrari brand and our marketing strategy is the aura of exclusivity and the sense of luxury

which our brand conveys. A central facet to this exclusivity is the limited number of models and cars we produce and our

strategy of maintaining our car waiting lists to reach the optimal combination of exclusivity and client satisfaction. Our

controlled volume strategy is also an important factor in the prices that our clients are willing to pay for our cars. This focus

on maintaining exclusivity limits our potential sales growth and profits, including compared to manufacturers less reliant on

the exclusivity of their products, and may result in adverse perceptions of our growth prospects, which may ultimately impact

our business, results of operations and financial condition.

On the other hand, our controlled volume strategy contemplates a measured increase in shipments above current

levels as we target a larger customer base and modes of use, we increase our focus on periodically rejuvenating our customer

base and creating new Ferrari collectors, and our product portfolio evolves with a broader product range. We sold 13,640,

13,752, and 13,663 cars in 2025, 2024, and 2023, respectively, compared to 7,255 cars in 2014, the year before our initial

public offering, and sales are expected to continue to increase gradually in line with our controlled volume strategy.

In pursuit of our strategy, we may be unable to maintain the exclusivity of the Ferrari brand. If we are unable to

balance brand exclusivity with increased production, we may erode the desirability and ultimately the consumer demand or

relative pricing for our cars. If we are unable to increase car production meaningfully or introduce new car models without

eroding the image of exclusivity in our brand we may be unable to significantly increase our revenues.

The small number of car models we produce and sell may result in greater volatility in our financial results.

We depend on the sales of a small number of car models to generate our revenues. Our current product portfolio

(including cars presented in 2025, for which shipments will commence in future years) consists of nine Range models, four

Special Series models and our latest Supercar. Despite our expanded offering, a limited number of models will continue to

account for a large portion of our revenues at any given time in the foreseeable future, compared to other automakers.

Therefore, a single unsuccessful new model would harm us more than it would other automakers. There can be no assurance

that our cars will continue to be successful in the market, or that we will be able to launch new models on a timely basis, also

compared to our competitors. See also “The introduction of electric technology in our cars is costly and its long-term success

is uncertain”. It generally takes several years from the beginning of the development phase to the start of production for a

new model and the car development process is capital intensive. As a result, we would likely be unable to replace quickly the

revenue lost from one of our main car models if it does not achieve market acceptance. Furthermore, our revenues and profits

may also be affected by our Special Series and limited edition models (including the Icona limited editions and supercars)

that we launch from time to time and which are typically priced higher than our range models. There can be no assurance that

we will be successful in developing, producing and marketing additional new cars (including our Special Series and limited

edition models) to sustain sales and margin growth in the future.

Our controlled growth strategy exposes us to risks.

Our growth strategy includes a controlled expansion of our sales and operations. In particular, our strategy includes

the opportunity for us to expand operations in targeted regions and markets that we have identified as having relatively high

growth potential. Many of these markets are in countries that have different operational environments and characteristics,

including but not limited to, employment and labor, transportation, logistics, real estate, environmental regulations and local

reporting or legal requirements. We may encounter difficulties in entering and/or establishing ourselves in these markets,

including in relation to creating new successful dealership networks and encountering more significant competition from

competitors that are already present in those markets.

Consumer demand and behavior, as well as tastes and purchasing trends may differ in these markets, and as a result,

sales of our products may not be successful, or the margins on those sales may not be in line with those we currently

anticipate. Furthermore, such markets will have upfront short-term investment costs that may not be accompanied by

sufficient revenues to achieve expected operational and financial performance and therefore may be dilutive to us in the

short-term. In many of these countries, there is significant competition to attract and retain experienced and talented

employees.

Our growth depends on the continued success of our existing cars, as well as the successful introduction of new cars.

Our ability to create new cars and to sustain existing car models is affected by whether we can successfully anticipate and

respond to consumer preferences and car trends. The failure to develop successful new cars or delays in their launch that

could result in others bringing new products and leading-edge technologies to the market first, could compromise our

competitive position and hinder the growth of our business. As part of our strategy, we continue to broaden the range of our

models to capture additional customer demand for different types of vehicles and modes of utilization, including with hybrid

and electric powertrain technology. While we will seek to ensure that these changes remain fully consistent with the Ferrari

car identity, we cannot be certain that they will prove profitable and commercially successful.

Our controlled growth strategy may expose us to new business risks that we may not have the expertise, capability

or the systems to manage. This strategy will also place significant demands on us by requiring us to continuously evolve and

improve our operational, financial and internal controls. Continued expansion also increases the challenges involved in

maintaining high levels of quality, management and client satisfaction, recruiting, training and retaining sufficiently skilled

management, technical and marketing personnel. If we are unable to manage these risks or meet these demands, our growth

prospects and our business, results of operations and financial condition could be adversely affected.

Consequently, if our international expansion plans are unsuccessful, our business, results of operations and financial

condition could be materially adversely affected.

Global economic conditions and macro events, as well as trading policies and tariffs, may adversely affect us.

Our sales volumes and revenues may be affected by overall general economic conditions within the various

countries in which we operate. Deteriorating general economic conditions may affect disposable incomes and reduce

consumer wealth impacting client demand, particularly for luxury goods, which may negatively impact our profitability and

put downward pressure on our prices and volumes. Furthermore, during recessionary periods, social acceptability of luxury

purchases may decrease and higher taxes may be more likely to be imposed on certain luxury goods including our cars, which

may affect our sales. Adverse economic conditions may also affect the financial health and performance of our dealers in a

manner that will affect sales of our cars or their ability to meet their commitments to us.

The luxury performance car market is generally affected by global macroeconomic conditions and many factors

affect the level of consumer spending in the luxury performance car industry, including the state of the economy as a whole,

stock market performance, interest and exchange rates, inflation, political uncertainty, the availability of consumer credit, tax

rates, unemployment levels and other matters that influence consumer confidence. In general, although our sales have

historically been comparatively resilient in periods of economic turmoil, sales of luxury goods tend to decline during

recessionary periods when the level of disposable income tends to be lower or when consumer confidence is low. In 2025,

consumers’ worldwide spending across the global luxury industry remained broadly flat compared to 2024; while an

improving trajectory is expected to extend into 2026, the industry performance remains uncertain. Global inflation has shown

a steady decrease, from the post-COVID peak, with lower inflation in 2025 than in 2024 or 2023. If inflation returns, we

could face further increases in the costs we incur for raw materials, utilities or services, which could adversely affect our

business and results of operations if we are not able to pass on the increased costs to our customers or successfully implement

other mitigating actions. Following the post-COVID rise in inflation central banks increased interest rates in 2022 and 2023,

and later reversed course as inflation subsided. Nevertheless, a higher cost of borrowing compared to prior historical periods

may persist in the market. Such increases could impact our ability to obtain affordable financing or could make our cars less

affordable to clients, which could cause consumers to delay the purchase of our cars or to purchase less expensive cars.

We distribute our products internationally and we may be affected by downturns in general economic conditions or

uncertainties regarding future economic prospects that may impact the countries in which we sell a significant portion of our

products. In particular, the majority of our current sales are in Europe and in the United States; if we are unable to expand in

other growth markets, a downturn in mature economies such as Europe and the United States may negatively affect our

financial performance. In addition, uncertainties regarding future trade arrangements and industrial policies in various

countries or regions create additional macroeconomic risk. In the United States, any policy to discourage imports of vehicles

produced elsewhere could adversely affect our operations. Within the context of broader tariff impositions on raw materials

and finished goods, imports of automobiles from the European Union into the United States were already subject to a 2.5%

tariff. In March 2025, the U.S. administration issued a proclamation imposing an additional 25% ad valorem tariff on

imported automobiles and certain automobile parts, resulting in a combined tariff rate of 27.5%. Subsequently, from August

1, 2025, the overall tariff level applicable to imported automobiles was reduced to 15%. The administration has also

announced its intention to conduct systematic reviews of existing tariffs and other trade measures. In 2025, the United States

represented 25 percent of our shipments and 28 percent of our revenues from cars and spare parts. Trade and tariff

discussions are ongoing and the result remains uncertain. Protectionist industrial policies may negatively impact global trade

and macroeconomic conditions and increase costs for producers and consumers. It is unknown whether and to what extent

other new tariffs (or other new laws or regulations) will be adopted, or the effect that any such actions would have on us, our

business, financial condition and results of operations, as well as on our industry, or on the purchase ability of consumers

globally. In addition, although Mainland China, Hong Kong and Taiwan only represented 7 percent of our net revenues in

2025 and are expected to represent a limited proportion of our growth in the short term, slowing economic conditions in

Mainland China, Hong Kong and Taiwan may adversely affect our revenues in that region. A significant decline in the global

economy or in the specific economies of our markets, or in consumers’ confidence, could have a material adverse effect on

our business. See also “Developments in growth markets may adversely affect our business”.

Additionally, sanctions and export controls which could be introduced as a result of changes in governments,

geopolitical tensions and conflicts could adversely affect, directly or indirectly, our supply chain and customers, as well as

the global financial markets and financial services industry. See also “We depend on our suppliers, many of which are single

source suppliers, and if these suppliers fail to deliver necessary raw materials, components, parts, systems, services or

infrastructure of appropriate quality in a timely manner, our operations may be disrupted”.

We are subject to risks related to epidemics, pandemics or other public health crises that may materially and adversely

affect our business.

Public health crises such as epidemics, pandemics or similar outbreaks could adversely impact our business. For

instance, from 2020 to 2022, the global spread of COVID-19, including variants thereof, led to governments around the

world mandating increasingly restrictive measures to contain the pandemic and caused significant disruption to the global

economy, including changes in consumer spending and behavior, disruption to supply chains and financial markets, as well as

restrictions on business and individual activities. This led to a global economic slowdown and a severe recession in several of

the markets in which we operate. Our operations were also profoundly disrupted, with our production suspended at our two

plants for several weeks in 2020, and our suppliers and dealers were similarly affected. Governmental restrictions were lifted

and partly reintroduced reflecting developments in the pandemic. Future pandemics may have similar, or worse, impacts on

our operations.

Furthermore, pandemics or other widespread public health crises may lead to financial distress for our suppliers or

dealers, as a result of which they may have to permanently discontinue or substantially reduce their operations.

Any of the foregoing could limit customer demand or our capacity to meet customer demand and have a material

adverse effect on our business, results of operations and financial condition.

Pandemics or other widespread public health crises may also exacerbate other risks disclosed in this section,

including, but not limited to, our competitiveness, demand for our products, shifting consumer preferences, exchange rate

fluctuations, customers’ and dealers’ access to affordable financing, and credit market conditions affecting the availability of

capital and financial resources.

We face competition in the luxury performance car industry.

We face competition in all product categories and markets in which we operate. We compete with other international

luxury performance car manufacturers which own and operate well-known brands of high-quality cars, some of which form

part of larger automotive groups and may have greater financial resources and bargaining power with suppliers than we do,

particularly in light of our policy to maintain low volumes in order to preserve and enhance the exclusivity of our cars. In

addition, several other manufacturers have recently entered or are attempting to enter the upper end of the luxury

performance car market, including with advanced electric technology, thereby increasing competition. We believe that we

compete primarily on the basis of our brand image, the performance and design of our cars, our reputation for quality and the

driving experience for our customers. If we are unable to compete successfully, our business, results of operations and

financial condition could be adversely affected.

Our business is subject to changes in client preferences and trends in the automotive and luxury industries.

Our continued success depends in part on our ability to originate and define products and trends in the automotive

and luxury industries, as well as to anticipate and respond promptly to changing consumer demands and automotive trends in

the design, styling, technology, production, merchandising and pricing of our products. Our products must appeal to a client

base whose preferences cannot be predicted with certainty and are subject to rapid change. Evaluating and responding to

client preferences has become even more complex in recent years, due to our expansion in new geographical markets. The

introduction of hybrid and electric technology and the associated changes in customer preferences that may follow are also a

challenge we will face in future periods. See also “If we are unable to keep up with advances in high performance car

technology, our brand and competitive position may suffer” and “The introduction of electric technology in our cars is costly

and its long-term success is uncertain”. In addition, there can be no assurance that we will be able to produce, distribute and

market new products efficiently or that any product segment that we may expand or introduce will achieve sales levels

sufficient to generate profits. This risk is particularly pronounced as we expand in accordance with our strategy into adjacent

segments of the luxury industry, where we do not have a level of experience and market presence comparable to the one we

have in the sports cars business. Any of these risks could have a material adverse effect on our business, results of operations

and financial condition.

Demand for luxury goods, including luxury performance cars, is volatile, which may adversely affect our operating

results.

Volatility of demand for luxury goods, in particular luxury performance cars, may adversely affect our business,

operating results and financial condition. The market in which we sell our cars is subject to volatility in demand. Demand for

luxury automobiles depends to a large extent on general, economic, political and social conditions in a given market as well

as the introduction of new vehicles and technologies. As a luxury performance car manufacturer and low volume producer,

we compete with larger automobile manufacturers, many of which have greater financial resources in order to withstand

changes in the market and disruptions in demand. Demand for our cars may also be affected by factors directly impacting the

cost of purchasing and operating automobiles, such as the availability and cost of financing, prices of raw materials and parts

and components, fuel costs and governmental regulations, including tariffs, import regulation and other taxes, including taxes

on luxury goods, resulting in limitations to the use of high performance sports cars or luxury goods more generally. Volatility

in demand may lead to lower car unit sales, which may result in downward price pressure and adversely affect our business,

operating results and financial condition. The impact of a luxury market downturn may be particularly pronounced for the

most expensive among our car models, which generate a more than proportionate amount of our profits, therefore

exacerbating the impact on our results. In addition, these effects may have a more pronounced impact on us given our

controlled volume strategy and relatively smaller scale as compared to large global mass-market automobile manufacturers.

The demand for our cars and the value of our brand depend in part on the value of our vehicles over time and the

automobile collector and enthusiast community.

An important factor in the connection of clients to the Ferrari brand is our strong relationship with the global

community of automotive collectors and enthusiasts, particularly collectors and enthusiasts of Ferrari automobiles. This is

influenced by our close ties to the automotive collectors’ community and our support of related events such as car shows and

driving events, including those held at our headquarters in Maranello and through our dealers, as well as our Ferrari museums

and our affiliations with regional Ferrari clubs. The support of this community also depends upon the perception of our cars

as collectibles, which we also support through our Ferrari Classiche services, and the profitable resale market for our

automobiles which encourages interest over the long-term. The increase in the number of cars we produce relative to the

number of automotive collectors and purchasers in the secondary market may adversely affect the value of our cars as

collectible items and their value in the secondary market more broadly. Additionally, a higher level of personalization content

in our new vehicles, which is impacted by the personalization preferences of our customers, may also adversely affect

residual value of our cars as personalized content generally depreciates substantially with change of ownership. Furthermore,

the shift to hybrid and electric engine models may impact the residual value of our cars if secondary purchases occur at

higher discounts compared to our ICE models historically, reflecting an increase in their risk of obsolescence, which could

adversely impact the demand for our cars and our brand image.

If there is a change in collector appetite or damage to the Ferrari brand, our ties to, and the support we receive from,

this community may be diminished. Such a loss of enthusiasm for our cars from the automotive collectors’ community could

adversely impact our sales and profitability and harm the perception of the Ferrari brand.

We depend on our manufacturing facilities in Maranello and Modena.

We assemble all of the cars that we sell and manufacture, and all of the engines we use in our cars, at our production

facility in Maranello, Italy, where we also have our corporate headquarters. We manufacture all of our car chassis in a nearby

facility in Modena, Italy. Our Maranello or Modena plants could become unavailable either permanently or temporarily for a

number of reasons, including contamination, power shortage or labor unrest. Alternatively, changes in law and regulation,

including export, tax and employment laws and regulations, or economic conditions, including wage inflation, could make it

uneconomic for us to continue manufacturing our cars in Italy. In the event that we were unable to continue production at

either of these facilities or it became uneconomic for us to continue to do so, we would need to seek alternative

manufacturing arrangements which would take time and reduce our ability to produce sufficient cars to meet demand.

Moving manufacturing to other locations may also affect the perception of our brand and car quality among our clients. Such

a transfer would materially reduce our revenues and could require significant investment, which as a result could have a

material adverse effect on our business, results of operations and financial condition.

Maranello and Modena are located in the Emilia-Romagna region of Italy which has the potential for seismic

activity. For instance, in 2012 a major earthquake struck the region, causing production at our facilities to be temporarily

suspended for one day. If major disasters such as earthquakes, fires, floods, hurricanes, wars, terrorist attacks, pandemics or

other events occur, our headquarters and production facilities may be seriously damaged, or we may stop or delay production

and shipment of our cars. Such damage from disasters or unpredictable events could have a material adverse impact on our

business, results from operations and financial condition.

We are subject to risks associated with climate change and other environmental impacts, as well as an increased focus of

regulators and stakeholders on environmental matters.

Global climate change is resulting, and is expected to continue to result, in natural disasters and extreme weather,

such as drought, wildfires, storms, sea-level rise, flooding, heat waves and cold waves, occurring more frequently or with

greater intensity. Such extreme events are driving changes in market dynamics, stakeholder expectations, local, national and

international climate change policies and regulations.

We are subject to climate-related risks where we conduct our business. Physical impacts of climate change,

including natural disasters and adverse weather, could result in disruptions to us, our suppliers, vendors, customers and

logistics hubs. These risks may also exacerbate other risks disclosed in this “Risk Factors” section, including but not limited

to, our competitiveness, demand for our products, shifting consumer preferences, availability and price of raw materials, and

concentration of our production activities in Maranello and Modena.

The global automotive industry in particular is currently experiencing significant developments due to an increased

focus on climate change and evolving regulatory requirements relating to fuel efficiency, electrification and greenhouse gas

emissions, among others. These evolving requirements and technological changes have caused us, and are expected to

continue to cause us, to adapt and change certain aspects of our operations, our future plans and strategies and the allocation

of our resources. Failure to effectively manage these aspects may result in increased costs, reputational risks, limits in our

ability to manufacture or market certain of our products, or otherwise negatively impact our business, results of operations,

profitability and competitive position.

We have implemented many initiatives connected to our manufacturing and operating processes, including our

facilities, covering Scope 1 and Scope 2 emissions. Scope 3 Cradle to Gate emissions (indirect upstream GHG emissions)

consist mainly of raw materials, manufacturing equipment for road cars and inbound logistics thus the leverage to reduce

emissions are mainly managed by our supply chain. If the measures we have put in place are less successful than expected, or

if we are unable to assist our current and future business partners in reducing their carbon footprint or to identify and select

lower carbon intensive suppliers, we could be unable to meet the expectations of different stakeholders in terms of reductions

of our carbon footprint with the potential for adverse reputational impacts.

Additionally, our stakeholders, including our customers, employees, suppliers and investors, are increasingly

focused on environment, social and governance (“ESG”) matters. From time to time, in alignment with our sustainability

strategy, we establish and publicly announce goals and ambitions to improve our environmental performance and we have

been taking deliberate actions aimed at achieving carbon neutrality by 2030. There can be no assurance that our stakeholders

will agree with our sustainability strategy or will be satisfied with our actions in relation to these matters. Additionally, if we

fail (or are perceived to fail) to execute our sustainability strategy or achieve our environmental goals, if our sustainability

strategy or environmental goals do not meet the expectations and standards of our stakeholders, or if we improperly report

our progress in the execution of our sustainability strategy or the achievement of our environmental goals, our reputation

could be negatively impacted, causing our customers, employees, suppliers and investors to lose confidence in us and our

brand, which could negatively impact our business, access to capital or have an adverse effect on our revenues and

profitability.

A disruption in our information technology, including as a result of cybercrimes, could compromise confidential,

proprietary and sensitive information.

We depend on our information technology and data processing systems to operate our business, and a significant

malfunction or disruption in the operation of our systems, human error, interruption to power supply, or a security breach that

compromises the confidential and sensitive information stored in those systems, could disrupt our business and adversely

impact our ability to compete. A leak of proprietary technical information relating to our cars and our production processes,

for example, could cause significant competitive harm. Our ability to keep our business operating effectively depends on the

functional and efficient operation by us and our third party service providers of our information, data processing and

telecommunications systems, including our car design, manufacturing, inventory tracking and billing and payment systems.

We rely on these systems to enable a number of business processes and help us make a variety of day-to-day business

decisions as well as to track transactions, billings, payments and inventory. Such systems are susceptible to malfunctions and

interruptions due to equipment damage, power outages, and a range of other hardware, software and network problems.

Those systems are also susceptible to cybercrime, or threats of intentional disruption, which are increasing in terms of

sophistication and frequency, especially considering that such cyber incidents may remain undetected for long periods of

time. For example, in March 2023 we were the subject of a ransomware attack. Ferrari decided not to pay the ransom, and

rejection of the ransom request led to the leak of a significant amount of customers’ personal identifiable information and we

were provided evidence of such leak with respect to several hundred customers. We notified our customers of the potential

data exposure and the nature of the incident and we have worked with third party experts to further reinforce our systems.

Future breaches may adversely affect our operations and reputation.

Additionally, a portion of our personnel may work remotely on a part‑time basis under flexible work arrangements.

Remote work relies heavily on the use of remote networking and online conferencing services, which expose us to additional

cybersecurity risks. For any of these reasons, we may experience system malfunctions or interruptions.

Although our systems are diversified, including multiple server locations, several layers of cybersecurity

countermeasures and controls, a range of software applications for different regions and functions, and we periodically assess

and implement actions to reduce risks to our systems and disruptions to our information technology systems and business

continuity, a significant or large scale malfunction or interruption of our systems could adversely affect our ability to manage

and keep our operations running efficiently, and damage our reputation if we are unable to track transactions and deliver

products to our dealers and clients. A malfunction that results in a wider or sustained disruption to our business could have a

material adverse effect on our business, results of operations and financial condition. In addition to supporting our operations,

we use our systems to collect and store confidential and sensitive data, including information about our business, our clients

and our employees.

As our technology continues to evolve, we anticipate that we will collect and store even more data in the future, and

that our systems will increasingly use remote communication features that are sensitive to both willful and unintentional

security breaches. Much of our value is derived from our confidential business information, including car design, proprietary

technology and trade secrets, and to the extent the confidentiality of such information is compromised, we may lose our

competitive advantage and our car sales may suffer. We also collect, retain and use certain personal information, including

data we gather from clients for product development and marketing purposes, and data we obtain from employees. Therefore,

we are subject to a variety of ever-changing data protection and privacy laws on a global basis, including the EU General

Data Protection Regulation.

We expect that future generations of cars will feature an increasing degree of connectivity for purposes of

infotainment, safety and regulatory compliance, and the increased demand for a “connected car” has led to increased

digitization of car systems, the wide application of software, and the creation of new, fully digital mobility services. This

technology is capable of transmitting and storing an increasing amount of personal information belonging to our customers.

These new features may increase the cyber security risk of our cars. Any unauthorized access to in-vehicle information

technology systems may compromise the car security or the privacy of our customers’ information and expose us to claims as

well as reputational damage. In addition, third parties with which we contract could also be subject to external cyber-attacks.

Should the third party be connected to our system, the cyber attacker could potentially penetrate our information technology

systems. Although we prioritize cybersecurity on all of our cars and when processing personal data, any significant

compromise in the integrity of our data security could have a material adverse effect on our business.

Cybersecurity is the object of increasing regulatory updates and we will be required to keep our internal systems

updated to comply with the new rules that may come into force. For instance, pursuant to the UN-ECE regulations, we will be

required to maintain over time, and to periodically renew, the Cyber Security Management System (“CSMS”) to register and

sell our cars, as well as to demonstrate that we are able to deal with, and aware of, potential cyber risks, both for our cars and

for our enterprise. Failure to maintain the Cyber Security Management System Certification could result, for the countries

where the regulations are applicable, in impossibility to homologate and sell new vehicles.

Our success depends largely on the ability of our current management team to operate and manage effectively.

Our success depends on the ability of our senior executives and other members of management to effectively

manage our business as a whole and individual areas of the business. Most of our senior executives and employees, including

many highly skilled engineers, technicians and artisans, are required to work from our offices and production facilities in and

around Maranello, Italy. If we were to lose the services of any of these senior executives or key employees, this could have a

material adverse effect on our business, operating results and financial condition. We have developed incentive plans aimed

at retaining and incentivizing our senior executives and employees, as well as management succession plans that we believe

are appropriate in the circumstances, although it is difficult to predict with any certainty that we will replace these individuals

with persons of equivalent experience and capabilities. If we are unable to find adequate replacements or to attract, retain and

incentivize senior executives, other key employees or new qualified personnel, our business, results of operations and

financial condition may suffer.

We rely on our dealer network to provide sales and services.

We do not own our Ferrari dealers and virtually all of our sales are made through our network of dealerships located

throughout the world. If our dealers are unable to provide sales or service quality that our clients expect or do not otherwise

adequately project the Ferrari image and its aura of luxury and exclusivity, the Ferrari brand may be negatively affected. We

depend on the quality of our dealership network and our business, operating results and financial condition could be

adversely affected if our dealers suffer financial difficulties or otherwise are unable to perform to our expectations.

Furthermore, we may experience disagreements or disputes in the course of our relationship with our dealers or upon

termination which may lead to financial costs, disruptions and reputational harm.

Our growth strategy also depends on our ability to attract quality new dealers to sell our products in new areas. We

may face competition from other luxury performance car manufacturers in attracting quality new dealers, based on, among

other things, dealer margin, incentives and the performance of other dealers in the region. If we are unable to attract new

dealers in targeted growth areas, our prospects could be materially adversely affected.

Furthermore, the evolution of leading-edge technology (such as electric technology, connectivity, software, etc.) will

continue to require significant and continuous investments (such as new tools, skills, knowledge and training) by our

dealership network to manage our new car models, including their new features and technology. If our dealers are not able to

evolve and adapt their business operations to new technology requirements, our business, operating results and financial

conditions could be adversely affected, including our clients’ expectations to receive the highest qualified service.

We are exposed to risks in connection with product warranties as well as the provision of services.

A number of our contractual and legal requirements oblige us to provide product warranties to our clients, dealers

and national distributors. There is a risk that we will be required to extend the guarantee or warranty originally granted in

certain markets for legal reasons, or provide services as a courtesy or for reasons of reputation where we are not legally

obliged to do so, and for which we will generally not be able to recover from suppliers or insurers. There is also a risk that,

relative to the guarantees and warranties granted, the calculated product prices and the provisions for our guarantee and

warranty risks have been set or will in the future be set too low. In addition, we have recently been offering on a voluntary

basis warranties on the batteries for our hybrid cars. For additional information relating to our warranty programs, please

refer to the “Overview of Our Business—Sales and After-Sales”.

Car recalls may be costly and may harm our reputation.

We have in the past and we may from time to time in the future be required to recall our products to address

performance, compliance or safety-related issues. We may incur costs for these recalls, including replacement parts and labor

to remove and replace the defective parts. In addition, regulatory oversight of recalls, particularly in the vehicle safety, has

increased recently. Any product recalls can harm our reputation with clients, particularly if consumers call into question the

safety, reliability or performance of our cars. Any such recalls could harm our reputation and result in adverse publicity, lost

revenue, delivery delays, product liability claims and other expenses, and could have a material adverse impact on our

business, operating results and financial condition.

We may become subject to product liability claims, which could harm our financial condition and liquidity if we are not

able to successfully defend or insure against such claims.

We may become subject to product liability claims, which could harm our business, operating results and financial

condition. The automobile industry experiences significant product liability claims and we have inherent risk of exposure to

claims in the event our cars do not perform as expected or malfunction resulting in personal injury or death. A successful

product liability claim against us could require us to pay a substantial monetary award. Moreover, a product liability claim

could generate substantial negative publicity about our cars and business, adversely affecting our reputation and inhibiting or

preventing commercialization of future cars, which could have a material adverse effect on our brand, business, operating

results and financial condition. While we seek to insure against product liability risks, insurance may be insufficient to protect

against any monetary claims we may face and will not mitigate any reputational harm. Any lawsuit seeking significant

monetary damages may have a material adverse effect on our reputation, business and financial condition. We may not be

able to secure additional product liability insurance coverage on commercially acceptable terms or at reasonable costs when

needed, particularly if we face liability for our products and are forced to make a claim under such a policy.

Our revenues from Formula 1 activities may decline and our related expenses may grow.

Revenues from our Formula 1 activities depend principally on the income from our sponsorship agreements and on

our share of Formula 1 revenues from broadcasting and other sources. See “Overview of Our Business—Racing—Formula

1”. If we are unable to renew our existing sponsorship agreements or if we enter into new or renewed sponsorship

agreements with less favorable terms, our revenues could decline. In addition, our share of profits related to Formula 1

activities may decline if either our team’s performance worsens compared to other competing teams, or if the overall Formula

1 business suffers, including potentially as a result of increasing popularity of other racing events. Furthermore, in order to

compete effectively on track we have been investing significant resources in research and development and to competitively

compensate the best available drivers and other racing team members. These expenses also vary based on changes in Formula

1 regulations that require modification to our racing engines and cars. These expenses are expected to continue, and may

grow further, including as a result of any changes in Formula 1 regulations, which would negatively affect our results of

operations.

Compliance with the FIA Formula One regulations, which are periodically amended by the Formula One

Commission and then approved by the FIA World Motorsport Council, requires significant changes to our racing cars,

processes and operations. If we are unable to effectively adapt our cars to comply with changes in FIA Formula One

regulations, our performance in races may suffer. These changes may result in adverse effects on our revenues and results of

operations.

Starting from 2021, new FIA Formula One financial regulations have been introduced. These provide for a cap on

spending for all chassis costs and expenses (excluding, among others, the activities to enable the supply of the current power

units, marketing costs, drivers’ salaries and the top three personnel at each team) and a similar cap was introduced also for the

development of the power units that will be used in the 2026 season and is applicable for spending that started in 2023. For

the 2026 season, the FIA set the operational cost cap for F1 teams to approximately €199 million in relation to the

development and manufacturing of the racing car chassis and $130 million relating to the power units. The aforementioned

budget caps on spending are defined for each season based on several factors, including the number of races and inflation.

The cap on expenses affects the amount of resources that we are allowed to allocate to Formula 1 activities, with potential

adverse effects on our team’s performance if we are not able to optimize such resources. Because Formula 1 is key to our

brand marketing, the FIA spending cap may also adversely affect our ability to support our brand through renewed racing

success.

We rely on our licensing and franchising partners to preserve the value of our licenses and the failure to maintain such

partners could harm our business.

We currently have multi-year agreements with licensing partners for various Ferrari-branded products in the sports,

lifestyle and luxury retail segments. We also have multi-year agreements with franchising partners for our Ferrari stores and

theme park. In the future, we may enter into additional licensing or franchising arrangements. Many of the risks associated

with our own products, including risks relating to the image of the Ferrari brand and its aura of exclusivity, as well as to the

demand for luxury goods, also apply to our licensed products and franchised stores. In addition, there are problems that our

licensing or franchising partners may experience, including risks associated with each licensing partner’s ability to obtain

capital, manage its labor relations, maintain relationships with its suppliers, manage its credit and bankruptcy risks, and

maintain client relationships. While we maintain significant control over the products produced for us by our licensing

partners and the franchisees running our Ferrari stores and theme parks, any of the foregoing risks, or the inability of any of

our licensing or franchising partners to execute on the expected design and quality of the licensed products, Ferrari stores and

theme park, or otherwise exercise operational and financial control over its business, may result in loss of revenue and

competitive harm to our operations in the product categories where we have entered into such licensing or franchising

arrangements. While we select our licensing and franchising partners with care, any negative publicity surrounding such

partners could have a negative effect on licensed products, the Ferrari stores and theme parks or the Ferrari brand. Further,

while we believe that we could replace our existing licensing or franchising partners if required, our inability to do so for any

period of time could materially adversely affect our revenues and harm our business.

In connection with our lifestyle strategy, we continue to streamline our existing arrangements with licensing

partners. This may adversely affect our results from brand activities, particularly in the short to medium term while our

broader lifestyle strategy is carried out.

We depend on the strength of our trademarks and other intellectual property rights.

Given the importance of our brand’s recognition for our financial performance and strategy, we believe that our

trademarks and other intellectual property rights are fundamental to our success and market position. Therefore, our business

depends on our ability to protect and promote our trademarks and other intellectual property rights. Accordingly, we devote

substantial efforts to the establishment and protection of our trademarks and other intellectual property rights such as

registered designs and patents on a worldwide basis. However, we cannot exclude the possibility that our intellectual property

rights may be challenged by others, or that we may be unable to register our trademarks or otherwise adequately protect them

in some jurisdictions, especially in those foreign countries that do not respect and protect intellectual property rights to the

same extent as do the United States, Japan and European countries. If a third party were to register our trademarks, or similar

trademarks, in a country where we have not successfully registered such trademarks, it could create a barrier to our

commencing trade under those marks in that country.

We may fail to adequately protect our intellectual and industrial property rights against infringement or misappropriation

by third parties.

Our success and competitive positioning depend on, among other factors, our registered intellectual property rights,

as well as other industrial or intellectual property rights, including confidential know-how, trade secrets, database rights and

copyrights. To protect our intellectual property, we rely on intellectual property laws, agreements for the protection of trade

secrets, confidentiality and non-disclosure agreements, and other contractual means. Such measures, however, may be

inadequate and our intellectual property rights may be infringed or challenged by third parties, and our confidential know-

how or trade secrets could be misappropriated or disclosed to the public without our consent. Consultants, vendors and

current and former employees, for example, could violate their confidentiality obligations and restrictions on the use of

Ferrari’s intellectual property. Ferrari may not be able to prevent such infringements, misappropriations or disclosures, with

potential adverse effects on our brand, reputation and business. In particular, our components may be subject to product

piracy, where our components are counterfeited, which may result in reputational risk for Ferrari. The risks described above

arise particularly in our Brand activities (see “Overview of Our Business—Lifestyle”).

If we fail to adequately protect our intellectual property rights, this may adversely affect our results of operations

and financial condition, as other manufacturers may be able to manufacture similar products at lower cost, with adverse

effects on our competitive position. In addition, counterfeited products, or products illegally branded as “Ferrari”, may

damage our brand. In addition, we may incur high costs in reacting to infringements or misappropriations of our intellectual

property rights.

Third parties may claim that we infringe their intellectual property rights.

We believe that we hold all the rights required for our business operations (including intellectual property rights and

third-party licenses). However, we are exposed to potential claims from third parties alleging that we infringe their

intellectual property rights, since many competitors and suppliers also submit patent applications for their inventions and

secure patent protection or other intellectual property rights. If we are unsuccessful in defending against any such claim, we

may be required to pay damages or comply with injunctions which may disrupt our operations. We may also as a result be

forced to enter into royalty or licensing agreements on unfavorable terms or to redesign products to comply with third parties’

intellectual property rights.

We face risks associated with our international operations, including unfavorable regulatory, political, tax and labor

conditions and establishing ourselves in new markets, all of which could harm our business.

We currently have international operations and subsidiaries in various countries and jurisdictions in Europe, North

America and Asia that are subject to the legal, political, regulatory, tax and social requirements and economic conditions in

these jurisdictions. Additionally, as part of our growth strategy, we will continue to expand our sales, maintenance, and repair

services internationally. However, such expansion requires us to make significant expenditures, including the establishment

of local operating entities, hiring of local employees and establishing facilities in advance of generating any revenue.

Moreover, the global reach of our operations also exposes us to risks associated with changes in tariffs or other protective

trade measures. For more information regarding the risks to our business and operations posed by such measures, see “Global

economic conditions and macro events, as well as trading policies and tariffs, may adversely affect us” and “We are subject

to risks associated with exchange rate fluctuations, interest rate changes, credit risk and other market risks.” Consequently,

due to our global presence, we are subject to a number of risks associated with international business activities that may

increase our costs, impact our ability to sell our cars and require significant management attention. These risks include:

• conforming our cars to various international regulatory and safety requirements where our cars are sold, or

homologated;

• difficulty in establishing, staffing and managing foreign operations;

• difficulties attracting clients in new jurisdictions;

• foreign government tariffs and taxes, regulations and permit requirements, including foreign taxes that we may not

be able to offset against taxes imposed upon us in Italy;

• fluctuations in foreign currency exchange rates and interest rates, including risks related to any interest rate swap or

other hedging activities we undertake;

• our ability to enforce our contractual and intellectual property rights, especially in those foreign countries that do not

respect and protect intellectual property rights to the same extent as do the United States, Japan and European

countries, which increases the risk of unauthorized, and uncompensated, use of our technology;

• European Union and foreign government trade restrictions, customs regulations, tariffs and price or exchange

controls;

• foreign labor laws, regulations and restrictions;

• preferences of foreign nations for domestically produced cars;

• changes in diplomatic and trade relationships;

• political instability, natural disasters, pandemics or other widespread public health crises, war or events of terrorism,

and

• the strength of international economies.

If we fail to successfully address these risks, many of which we cannot control, our business, operating results and

financial condition could be materially harmed.

Developments in growth markets may adversely affect our business.

We operate in a number of growth markets, both directly and through our dealers, and our exposure to those markets

may increase as we may pursue expanded sales in those regions. We believe we have potential for further success in these

markets, in particular in Asia, recognizing the increasing personal wealth of consumers. While demand in these markets has

generally increased in recent years due to sustained economic growth and growth in personal income and wealth, we are

unable to foresee the extent to which economic growth will be sustained. For example, rising geopolitical and social tensions,

pandemics or similar public health crises, or slowdowns in the rate of growth in these markets could limit the opportunity for

us to increase unit sales and revenues in those regions in the near term.

Furthermore, in certain markets in which we or our dealers operate, required government approvals may limit our

ability to act quickly in making decisions on our operations in those markets. Other government actions may also impact the

market for luxury goods in these markets, such as tax changes or the active discouragement of luxury purchases. Consumer

spending habits in these markets may also change due to other factors that are outside of our control. For instance, in recent

years the President of the People’s Republic of China has repeatedly signaled the government’s intention to regulate the

spending patterns of individuals and families with ultra-high incomes. Resulting regulatory action or similar statements by

governmental authorities may affect the social acceptability of spending on luxury goods.

Maintaining or strengthening our position in these growth markets is a component of our global growth strategy.

However, initiatives from several global luxury automotive manufacturers have increased competitive pressures for luxury

cars in several growth markets. As these markets continue to grow, we anticipate that additional competitors, both

international and domestic, will seek to enter these markets and that existing market participants will try to aggressively

protect or increase their market share. Increased competition may result in pricing pressures, reduced margins and our

inability to gain or hold market share, which could have a material adverse effect on our results of operations and financial

condition. See also “Global economic conditions and macro events, as well as trading policies and tariffs, may adversely

affect us”.

Labor laws and collective bargaining agreements with our labor unions could impact our ability to operate efficiently.

The majority of our employees are represented by trade unions, are covered by collective bargaining agreements

and/or are protected by applicable labor relations regulations that may restrict our ability to modify operations and reduce

costs quickly in response to changes in market conditions. These regulations and the provisions in our collective bargaining

agreements may impede our ability to organize our business successfully to compete more efficiently and effectively, which

could have a material adverse effect on our results of operations and financial condition.

Improper conduct of employees, agents, or other representatives could adversely affect our reputation and our business,

operating results, and financial condition.

Our compliance controls, policies, and procedures may not in every instance protect us from acts committed by our

employees, agents, contractors, or collaborators that would violate the laws or regulations of the jurisdictions in which we

operate, including employment, foreign corrupt practices, environmental, competition, and other laws and regulations. Such

improper actions could subject us to civil or criminal investigations, and monetary and injunctive penalties. In particular, our

business activities may be subject to anti-corruption laws, regulations or rules of other countries in which we operate. If we

fail to comply with any of these regulations, it could adversely impact our operating results and our financial condition. In

addition, actual or alleged violations could damage our reputation and our ability to conduct business. Furthermore, detecting,

investigating, and resolving any actual or alleged violation is expensive and can consume significant time and attention of our

executive management.

Changes in tax, tariff or fiscal policies could adversely affect demand for our products.

Imposition of any additional taxes and levies designed to limit the use of automobiles could adversely affect the

demand for our vehicles and our results of operations. Changes in corporate and other taxation policies, including those

relating to the Patent Box tax regime in Italy, as well as changes in export and other incentives given by various governments,

or import or tariff policies, could also adversely affect our results of operations. See also “We currently benefit or seek to

benefit from certain special tax regimes, which may not be available in the future” and “Global economic conditions and

macro events, as well as trading policies and tariffs, may adversely affect us”. The impact of any such tariffs on our

operations and results is uncertain and could be significant, and we can provide no assurance that any strategies we

implement to mitigate the impact of such tariffs or other trade actions will be successful. While we are managing our product

development and production operations on a global basis to reduce costs and lead times, unique national or regional standards

can result in additional costs for product development, testing and manufacturing. Governments often require the

implementation of new requirements during the middle of a product cycle, which can be substantially more expensive than

accommodating these requirements during the design phase of a new product. The imposition of any additional taxes and

levies or changes in government policy designed to limit the use of high performance sports cars or automobiles more

generally, or any decisions by policymakers to implement taxes on luxury automobiles, could also adversely affect the

demand for our cars. The occurrence of the above may have a material adverse effect on our business, results of operations

and financial condition.

If we were to lose our Authorized Economic Operator certificate, we may be required to modify our current business

practices and to incur increased costs, as well as experience shipment delays.

Because we ship and sell our cars in numerous countries, the customs regulations of various jurisdictions are

important to our business and operations. To expedite customs procedure, we obtained the European Union’s Authorized

Economic Operator (“AEO”) certificate. The AEO certificate is granted to operators that meet certain requirements regarding

supply chain security and the safety and compliance with law of the operator’s customs controls and procedures. Operators

are audited periodically for continued compliance with the requirements. The AEO certificate allows us to benefit from

special expedited customs treatment, which significantly facilitates the shipment of our cars in the various markets where we

operate. If we were to lose the AEO status, including for failure to meet one of the certification’s requirements, we would be

required to change our business practices and to adopt standard customs procedures for the shipment of our cars. This could

result in increased costs and shipment delays, which, in turn, could negatively affect our results of operations.

Our debt could adversely affect our operations and we may face difficulties in servicing or refinancing our debt.

As of December 31, 2025, our debt was €2,884 million (which includes our financial services). See “Financial

Overview—Non-GAAP Financial Measures—Net Debt and Net Industrial Debt” for additional information. Our current and

long-term debt, of which 54 percent and 48 percent bore floating rates of interest at December 31, 2025 and 2024,

respectively, requires us to dedicate a portion of our cash flow to service interest and principal payments and, if interest rates

rise, this amount may increase. In addition, our existing debt may limit our ability to raise further capital or incur additional

indebtedness to execute our growth strategy or otherwise may place us at a competitive disadvantage relative to competitors

that have less debt. To the extent we become more leveraged, the risks described above would increase. We may also have

difficulty refinancing our existing debt or incurring new debt on terms that we would consider to be commercially reasonable,

if at all.

We are subject to risks associated with exchange rate fluctuations, interest rate changes, credit risk and other market

risks.

We operate in numerous markets worldwide and are exposed to market risks stemming from fluctuations in currency

and interest rates. In particular, changes in exchange rates between the Euro and the main foreign currencies in which we

operate affect our revenues and results of operations. The exposure to currency risk is mainly linked to the differences in

geographic distribution of our sourcing and manufacturing activities from those in our commercial activities, as a result of

which our cash flows from sales are denominated in currencies different from those connected to purchases or production

activities. For example, we incur most of our capital and operating expenses in Euros while we receive the majority of our

revenues in currencies other than the Euro. In addition, foreign exchange movements might also negatively affect the relative

purchasing power of our clients which could also have an adverse effect on our results of operations. For example, in 2025,

the U.S. Dollar depreciated against the Euro (going from 1.0389 U.S. Dollars for 1 Euro at December 31, 2024 to 1.1750 at

December 31, 2025), and the Pound Sterling and the Japanese Yen also weakened against the Euro over the course of the

year. The depreciation of currencies against the Euro could have an adverse effect on our revenues and results of operations.

Additionally, tariffs implemented by the United States could impact the dynamic of the U.S. Dollar against other currencies

and be a further contributing factor in foreign currency exchange rates volatility. The extent of adverse impacts from

exchange rate fluctuations could increase if the portion of our business in countries outside of Eurozone increases. See

“Financial Overview—Trends, Uncertainties and Opportunities”.

We seek to manage risks associated with fluctuations in currency through financial hedging instruments. Although

we seek to manage our foreign currency risk in order to minimize any negative effects caused by rate fluctuations, including

through hedging activities, there can be no assurance that we will be able to do so successfully, and our business, results of

operations and financial condition could nevertheless be adversely affected by fluctuations in market rates, particularly if

adverse market conditions persist. Moreover, the valuation of hedging instruments is influenced by the market dynamics of

several financial factors, such as exchange rates, interest rates and implied volatility, that can negatively impact our cost of

hedging and the valuation of our outstanding hedging transactions at fair value.

Additionally, changes in interest rates impact the interest costs we incur on our debt. See also “Our debt could

adversely affect our operations and we may face difficulties in servicing or refinancing our debt” and “Car sales depend in

part on the availability of affordable financing”.

Our financial services activities are also subject to the risk of insolvency of dealers and retail clients, as well as

unfavorable economic conditions in markets where these activities are carried out. Despite our efforts to mitigate such risks

through the credit approval policies applied to dealers and retail clients, there can be no assurances that we will be able to

successfully mitigate such risks, particularly with respect to a general change in economic conditions.

Car sales depend in part on the availability of affordable financing.

In certain regions, financing for new car sales has been available at relatively low interest rates for several years due

to, among other things, expansive government monetary policies. If interest rates were to rise due to governmental monetary

policies or actions of central banks, market rates for new car financing would be expected to rise as well, which may make

our cars less affordable to clients or cause consumers to purchase less expensive cars, adversely affecting our results of

operations and financial condition. In response to post-COVID inflation, monetary authorities increased interest rates and

higher market rates followed. In more recent periods, such increases have been partly but not entirely reversed. If consumer

interest rates increase substantially or if financial service providers tighten lending standards or restrict their lending to

certain classes of credit, our clients may choose not to, or may not be able to, obtain financing to purchase our cars.

We may not be able to provide adequate access to financing for our dealers and clients, and our financial services

operations may be disrupted.

Our dealers enter into wholesale financing arrangements to purchase cars from us to hold in inventory or to use in

showrooms and facilitate retail sales, and retail clients use a variety of finance and lease programs to acquire cars.

In most markets, we rely either on controlled or associated finance companies or on commercial relationships with

third parties, including third party financial institutions, to provide financing to our dealers and retail clients. Finance

companies are subject to various risks that could negatively affect their ability to provide financing services at competitive

rates, including:

• the performance of loans and leases in their portfolio, which could be materially affected by delinquencies or

defaults;

• higher than expected car return rates and the residual value performance of cars they lease, and

• fluctuations in interest rates and currency exchange rates.

Furthermore, to help fund our retail and wholesale financing business, our financial services companies in the

United States also access forms of funding available from the banking system in each market, including sales or securitization

of receivables either in negotiated sales or through asset-backed financing programs. At December 31, 2025, an amount of

$1,514 million was outstanding under revolving securitizations carried out by Ferrari Financial Services Inc. See “Financial

Overview—Non-GAAP Financial Measures—Net Debt and Net Industrial Debt” for additional information. Should we lose

the ability to access the securitization market at advantageous terms or at all, the funding of our controlled or associated

finance companies would become more difficult and expensive and our financial condition may therefore be adversely

affected.

Any financial services provider, including our controlled finance companies, will face other demands on its capital,

as well as liquidity issues relating to other investments or to developments in the credit markets. Furthermore, they may be

subject to regulatory changes that may increase their costs or prudential requirements, which may impair their ability to

provide competitive financing products to our dealers and retail clients. To the extent that a financial services provider is

unable or unwilling to provide sufficient financing at competitive rates to our dealers and retail clients, such dealers and retail

clients may not have sufficient access to financing to purchase or lease our cars. As a result, our car sales and market share

may suffer, which would adversely affect our results of operations and financial condition.

Our dealer and retail customer financing in Europe are mainly provided through FFS GmbH, our partnership with

CA Auto Bank, which is a wholly owned subsidiary of Crédit Agricole Consumer Finance S.A. If we fail to maintain our

partnership with CA Auto Bank, we may not be able to find a suitable alternative partner with similar resources and

experience and continue to offer financing services to support the sales of Ferrari cars in key European markets, which could

adversely affect our results of operations and financial condition.

Our insurance coverage may not be adequate to protect us against all potential losses to which we may be subject, which

could have a material adverse effect on our business.

We maintain insurance coverage that we believe is adequate to cover normal risks associated with the operation of

our business. However, there can be no assurance that any claim under our insurance policies will be honored fully or timely,

our insurance coverage will be sufficient in any respect or our insurance premiums will not increase substantially.

Accordingly, to the extent that we suffer loss or damage that is not covered by insurance or which exceeds our insurance

coverage, or have to pay higher insurance premiums, our financial condition may be affected.

Risks Related to our Common Shares

The market price and trading volume of our common shares may be volatile, which could result in rapid and substantial

losses for our shareholders.

The market price of our common shares may be highly volatile and could be subject to wide fluctuations. In

addition, the trading volume of our common shares may fluctuate and cause significant price variations to occur. If the

market price of our common shares declines significantly, a shareholder may be unable to sell their common shares at or

above their purchase price, if at all. The market price of our common shares may fluctuate or decline significantly in the

future. Some of the factors that could negatively affect the price of our common shares, or result in fluctuations in the price or

trading volume of our common shares, include:

• variations in our operating results, or failure to meet the market’s earnings expectations;

• publication of research reports about us, the automotive industry or the luxury industry, or the failure of securities

analysts to cover our common shares;

• departures of any members of our management team or additions or departures of other key personnel;

• adverse market reaction to any indebtedness we may incur or securities we may issue in the future;

• actions by shareholders;

• changes in market valuations of similar companies;

• changes or proposed changes in laws or regulations, or differing interpretations thereof, affecting our business, or

enforcement of these laws and regulations, or announcements relating to these matters;

• adverse publicity about the automotive industry or the luxury industry generally, or particularly scandals relating to

those industries, specifically;

• litigation and governmental investigations, and

• general market and economic conditions.

The loyalty voting program may affect the liquidity of our common shares and reduce our common share price.

Our loyalty voting program could reduce the trading liquidity and adversely affect the trading prices of our common

shares. The loyalty voting program is intended to reward our shareholders for maintaining long-term share ownership by

granting initial shareholders and persons holding our common shares continuously for at least three years the option to elect

to receive special voting shares. Special voting shares cannot be traded and, if common shares participating in the loyalty

voting program are sold, they must be deregistered from the loyalty register and any corresponding special voting shares

transferred to us for no consideration (om niet). This loyalty voting program is designed to encourage a stable shareholder

base and, conversely, it may deter trading by shareholders that may be interested in participating in our loyalty voting

program. Therefore, the loyalty voting program may reduce liquidity in our common shares and adversely affect their trading

price.

The interests of our largest shareholders may differ from the interests of other shareholders.

Exor N.V. (“Exor”) is our largest shareholder, holding approximately 21.33 percent of our outstanding common

shares and approximately 32.32 percent of our voting power (as of February 4, 2026). Therefore, Exor has a significant

influence over matters submitted to a vote of our shareholders, including matters such as adoption of the annual financial

statements, declarations of annual dividends, the election and removal of the members of our board of directors (the “Board

of Directors”), capital increases and amendments to our articles of association. In addition, as of February 4, 2026, Trust

Piero Ferrari, a Jersey trust established by Piero Ferrari, the Vice Chairman of Ferrari, holds approximately 10.67 percent of

our outstanding common shares. Piero Ferrari holds the usufruct over such shares including the right to exercise the voting

rights of such shares, corresponding to approximately 16.17 percent of voting interest in us (as of February 4, 2026). The

percentages of ownership and voting power above are calculated based on the number of outstanding shares net of treasury

shares. As a result, Piero Ferrari also has influence in matters submitted to a vote of our shareholders. Exor, Piero Ferrari and

Trust Piero Ferrari informed us that they have entered into a shareholder agreement, most recently amended on January 3,

2026, pursuant to which they have undertaken to consult for the purpose of forming, where possible, a common view on the

items on the agenda of shareholders meetings, and with respect to the profiles of potential candidates for appointment to the

Board of Directors. See “Major Shareholders - Shareholders’ Agreement”. The interests of Exor and Piero Ferrari may in

certain cases differ from those of other shareholders. In addition, the sale of substantial amounts of our common shares in the

public market by Trust Piero Ferrari or by Exor or the perception that such a sale could occur could adversely affect the

prevailing market price of the common shares.

We may have potential conflicts of interest with Stellantis and Exor and its related companies.

Questions relating to conflicts of interest may arise between us and Fiat Chrysler Automobiles N.V., our former

largest shareholder, renamed Stellantis N.V. (hereinafter also “Stellantis” and together with its subsidiaries, the “Stellantis

Group”), in a number of areas relating to common shareholdings and management, as well as our past and ongoing

relationships. There are certain overlaps among the directors and officers of us and Stellantis. For example, Mr. John Elkann,

our Executive Chairman, is the Chairman and an executive director of Stellantis and Chairman and Chief Executive Officer

of Exor. Certain of our other directors and officers may also be directors or officers of Stellantis or Exor, our and Stellantis’s

largest shareholder. These individuals owe duties both to us and to the other companies that they serve as officers and/or

directors, which may create conflicts as, for example, these individuals review opportunities that may be appropriate or

suitable for both us and such other companies, or we pursue business transactions in which both we and such other companies

have an interest. Exor holds approximately 21.33 percent of our outstanding common shares and approximately 32.32 percent

of the voting power in us (as of February 4, 2026), while it holds approximately 15.50 percent of the outstanding common

shares in Stellantis (based on Exor’s latest public filings available). The percentages of ownership and voting power above

are calculated based on the number of outstanding shares net of treasury shares. These ownership interests could create

actual, perceived or potential conflicts of interest when these parties or our common directors and officers are faced with

decisions that could have different implications for us and Stellantis or Exor, as applicable.

Our loyalty voting program may make it more difficult for shareholders to acquire a controlling interest in Ferrari,

change our management or strategy or otherwise exercise influence over us, which may affect the market price of our

common shares.

The provisions of our articles of association which establish the loyalty voting program may make it more difficult

for a third party to acquire, or attempt to acquire, control of our company, even if a change of control were considered

favorably by shareholders holding a majority of our common shares. As a result of the loyalty voting program, a relatively

large proportion of the voting power of Ferrari could be concentrated in a relatively small number of shareholders who would

have significant influence over us. As of February 4, 2026, Exor had approximately 21.33 percent of our outstanding

common shares and a voting interest in Ferrari of approximately 32.32 percent. As of February 4, 2026, Trust Piero Ferrari, a

Jersey trust established by Piero Ferrari held voting rights relating to approximately 10.67 percent of our outstanding

common shares. Piero Ferrari holds the usufruct over such shares including the right to exercise the voting rights of such

shares, corresponding to, as a result of the loyalty voting mechanism, approximately 16.17 percent of the voting power in our

shares. The percentages of ownership and voting power above are calculated based on the number of outstanding shares net

of treasury shares. In addition, Exor and Piero Ferrari informed us that they have entered into a shareholder agreement,

recently amended to reflect adherence by Trust Piero Ferrari, summarized under “Major Shareholders”. As a result, Exor and

Piero Ferrari may exercise significant influence on matters involving our shareholders. Exor and Piero Ferrari and other

shareholders participating in the loyalty voting program may have the power effectively to prevent or delay change of control

or other transactions that may otherwise benefit our shareholders. The loyalty voting program may also prevent or discourage

shareholder initiatives aimed at changing Ferrari’s management or strategy or otherwise exerting influence over Ferrari. See

“Corporate Governance—Loyalty Voting Program”.

We are a Dutch public company with limited liability, and our shareholders may have rights different to those of

shareholders of companies organized in the United States.

The rights of our shareholders may be different from the rights of shareholders governed by the laws of U.S.

jurisdictions. We are a Dutch public company with limited liability (naamloze vennootschap). Our corporate affairs are

governed by our articles of association and by the laws governing companies incorporated in the Netherlands. The rights of

our shareholders and the responsibilities of members of our Board of Directors may be different from the rights of

shareholders and the responsibilities of members of board of directors in companies governed by the laws of other

jurisdictions including the United States. In the performance of its duties, our Board of Directors is required by Dutch law to

consider our interests and the interests of our shareholders, our employees and other stakeholders, in all cases with due

observation of the principles of reasonableness and fairness. It is possible that some of these parties will have interests that

are different from, or in addition to, your interests as a shareholder.

We expect to maintain our status as a “foreign private issuer” under the rules and regulations of the SEC and, thus, are

exempt from a number of rules under the Exchange Act of 1934 and are permitted to file less information with the SEC

than a company incorporated in the United States.

As a “foreign private issuer”, we are exempt from rules under the Securities Exchange Act of 1934, as amended (the

“Exchange Act”) that impose certain disclosure and procedural requirements for proxy solicitations under Section 14 of the

Exchange Act. In addition, our officers, Directors and principal shareholders are exempt from the reporting and “short-

swing” profit recovery provisions of Section 16 of the Exchange Act and the rules under the Exchange Act with respect to

their purchases and sales of our common shares. Moreover, we are not required to file periodic reports and financial

statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange

Act, nor are we required to comply with Regulation FD, which restricts the selective disclosure of material information.

Accordingly, there may be less publicly available information concerning us than there is for U.S. public companies.

Our ability to pay dividends on our common shares may be limited and the level of future dividends is subject to change.

Our payment of dividends on our common shares in the future will be subject to business conditions, financial

conditions, earnings, cash balances, commitments, strategic plans and other factors that our Board of Directors may deem

relevant at the time it recommends approval of the dividend. Our dividend policy is subject to change in the future based on

changes in statutory requirements, market trends, strategic developments, capital requirements and a number of other factors.

In addition, under our articles of association and Dutch law, dividends may be declared on our common shares only if the

amount of equity exceeds the paid up and called up capital plus the reserves that have to be maintained pursuant to Dutch law

or the articles of association. Further, even if we are permitted under our articles of association and Dutch law to pay cash

dividends on our common shares, we may not have sufficient cash to pay dividends in cash on our common shares. We are a

holding company and our operations are conducted through our subsidiaries. As a result, our ability to pay dividends

primarily depends on the ability of our subsidiaries, particularly Ferrari S.p.A., to generate earnings and to provide us with

the necessary financial resources.

Our maintenance of two exchange listings may adversely affect liquidity in the market for our common shares and could

result in pricing differentials of our common shares between the two exchanges.

Our shares are listed on both the NYSE and Euronext Milan. The dual listing of our common shares may split

trading between the NYSE and Euronext Milan, adversely affect the liquidity of the shares and the development of an active

trading market for our common shares in one or both markets, and may result in price differentials between the exchanges.

Differences in the trading schedules, as well as volatility in the exchange rate of the two trading currencies, among other

factors, may result in different trading prices for our common shares on the two exchanges.

It may be difficult to enforce U.S. judgments against us.

We are organized under the laws of the Netherlands, and a substantial portion of our assets are outside of the United

States. Most of our Directors and senior management and our independent registered public accounting firm are resident

outside the United States, and all or a substantial portion of their respective assets may be located outside the United States.

As a result, it may be difficult for U.S. investors to effect service of process within the United States upon these persons. It

may also be difficult for U.S. investors to enforce within the United States judgments against us predicated upon the civil

liability provisions of the securities laws of the United States or any state thereof. In addition, there is uncertainty as to

whether the courts outside the United States would recognize or enforce judgments of U.S. courts obtained against us or our

Directors and officers predicated upon the civil liability provisions of the securities laws of the United States or any state

thereof. Therefore, it may be difficult to enforce U.S. judgments against us, our Directors and officers and our independent

registered public accounting firm.

Risks Related to Taxation

Changes to taxation or the interpretation or application of tax laws could have an adverse impact on our results of

operations and financial condition.

Our business is subject to various taxes in different jurisdictions (mainly Italy), which include, among others, the

Italian corporate income tax (“IRES”), regional trade tax (“IRAP”), value added tax (“VAT”), excise duty, registration tax

and other indirect taxes. We are exposed to the risk that our overall tax burden may increase in the future.

Changes in tax laws or regulations or in the position of the relevant Italian and non-Italian authorities regarding the

application, administration or interpretation of these laws or regulations, particularly if applied retrospectively, could have

negative effects on our current business model and have a material adverse effect on our business, operating results and

financial condition.

In order to reduce future potential disputes with tax authorities, in June 2023 we entered into an advance pricing

agreement (APA) with the tax authorities for transfer pricing on intercompany transactions between Ferrari S.p.A. and its

foreign subsidiaries. The APA covers the next 5 fiscal years and may be renewed for an additional period with the consent of

both parties.

We were admitted to the Cooperative Compliance Regime in Italy by the Italian Revenue Agency, which provides

for constant and preventive discussions between the taxpayer and the Italian tax authorities on the most significant

transactions. This admission is effective as of 2022 (the year in which the application was filed), and was preceded by the

adoption and validation by Italian tax authorities of an internal tax risk control system, referred to as the Tax Control

Framework (TCF).

In addition, tax laws are complex and subject to subjective valuations and interpretive decisions, and we will

periodically be subject to tax audits aimed at assessing our compliance with direct and indirect taxes. The tax authorities may

not agree with our interpretations of, or the positions we have taken or intend to take on, tax laws applicable to our ordinary

activities and extraordinary transactions. In case of challenges by the tax authorities to our interpretations, we could face long

tax proceedings that could result in the payment of penalties and have a material adverse effect on our operating results,

business and financial condition.

There may be potential “Passive Foreign Investment Company” tax considerations for U.S. holders.

Shares of our stock would be stock of a “passive foreign investment company”, or a PFIC, for U.S. federal income

tax purposes with respect to a U.S. holder if for any taxable year in which such U.S. holder held shares of our stock, after the

application of applicable “look-through rules” (i) 75 percent or more of our gross income for the taxable year consists of

“passive income” (including dividends, interest, gains from the sale or exchange of investment property and rents and

royalties other than rents and royalties which are received from unrelated parties in connection with the active conduct of a

trade or business, as defined in applicable Treasury Regulations), or (ii) at least 50 percent of our assets for the taxable year

(averaged over the year and determined based upon value) produce or are held for the production of “passive income”. U.S.

persons who own shares of a PFIC are subject to a disadvantageous U.S. federal income tax regime with respect to the

income derived by the PFIC, the dividends they receive from the PFIC, and the gain, if any, they derive from the sale or other

disposition of their shares in the PFIC.

While we believe that shares of our stock are not stock of a PFIC for U.S. federal income tax purposes, this

conclusion is based on a factual determination made annually and thus is subject to change. Moreover, our common shares

may become stock of a PFIC in future taxable years if there were to be changes in our assets, income or operations.

The consequences of the loyalty voting program are uncertain.

No statutory, judicial or administrative authority directly discusses how the receipt, ownership, or disposition of

special voting shares should be treated for Italian or U.S. tax purposes and as a result, the tax consequences in those

jurisdictions are uncertain.

The fair market value of the special voting shares, which may be relevant to the tax consequences, is a factual

determination and is not governed by any guidance that directly addresses such a situation. Because, among other things, our

special voting shares are not transferable (other than, in very limited circumstances, together with the associated common

shares) and a shareholder will receive amounts in respect of the special voting shares only if we are liquidated, we believe

and intend to take the position that the fair market value of each special voting share is minimal. However, the relevant tax

authorities could assert that the value of the special voting shares as determined by us is incorrect.

The tax treatment of the loyalty voting program is unclear and shareholders are urged to consult their tax advisors in

respect of the consequences of acquiring, owning and disposing of special voting shares.

We currently benefit or seek to benefit from certain special tax regimes, which may not be available in the future.

In September 2018, the Group signed an agreement with the Italian Revenue Agency regarding the “Patent Box” tax

regime, introduced by Italian Law No. 190/2014, which provided for a 50% exemption from taxation for business income

generated through the direct or indirect use of qualified intangible assets such as copyrights, patents, trademarks, designs, and

know-how. This ruling covered the period from 2015 to 2019. For the subsequent period from 2020 to 2024, the Group

continued to apply the same rules established in the agreement, in accordance with the applicable tax regulations in Italy,

with the related tax benefit recognized over three annual installments.

Law Decree No. 146/2021, as amended by the 2022 Italian budget law, replaced the previous Patent Box regime

with a new regime introducing a 110% “super tax deduction” for research and development expenses related to eligible

intangible assets registered from 2021 onwards. Italian tax legislation provides for a transitional period during which both

regimes coexist until 2024, when the original regime ends. The amount of related tax benefits (if any) that the Group may

receive in the future from the Patent Box remains subject to uncertainty.

In addition, we benefit from the measures introduced in Italy by art. 110 of Law Decree no. 104/2020, converted

into Law no.126/2020, which reopened the voluntary step up of tangible and intangible assets, with the application of a three-

percent substitutive tax rate.

Furthermore, we currently calculate taxes due in Italy based, among other things, on certain tax breaks recognized

by Italian tax regulations for R&D expenses and for the investments on manufacturing equipment.

These measures continue to mitigate the tax burden in Italy. Significant changes in regulations or interpretation

might adversely affect the availability of such exemptions and result in higher tax charges. See also “Changes to taxation or

the interpretation or application of tax laws could have an adverse impact on our results of operations and financial

condition”.

Overview

Ferrari is one of the world’s leading luxury brands, encompassing racing, sports cars and lifestyle. In each of these,

the Prancing Horse is a symbol of exclusivity, innovation and cutting-edge performance. The brand’s heritage and global

recognition are closely associated with its Formula 1 racing team, Scuderia Ferrari, the most successful in the sport’s history.

Since the inaugural World Championship in 1950, Scuderia Ferrari has claimed 16 Constructors’ and 15 Drivers’ world titles.

In the FIA World Endurance Championship, Ferrari won the 24 Hours of Le Mans, one of the world’s most prestigious

endurance races, for three consecutive years (2023, 2024, and 2025) and, in 2025, also secured both the World

Manufacturers’ and World Drivers’ Championships, bringing a top-class endurance title back to Maranello after 53 years.

From its home in Maranello, Italy, Ferrari designs, engineers, and produces some of the world’s most iconic and recognizable

luxury sports cars. Sold in over 60 markets worldwide through a network of 181 authorized dealers operating 195 points of

sale as of the end of 2025, they represent the epitome of design, performance and driving thrills. In lifestyle, Ferrari designs

and creates a selection of personal luxury goods, collectibles and experiences that embody the brand’s elevated style and

passion.

The following table presents the Group’s car shipments, net revenues, operating profit (EBIT), net profit and net

profit before income tax expense, financial expenses/(income), net and amortization and depreciation (EBITDA) for the years

ended December 31, 2025, 2024 and 2023. For additional information regarding EBITDA, including a reconciliation of

EBITDA to net profit, as well as other non-GAAP financial measures we present, see “Financial Overview—Non-GAAP

Financial Measures”.


	For the years ended December 31,
	2025	2024	2023
	(Number of cars and € million)
Car shipments ⁽¹⁾	13,640	13,752	13,663
Net revenues	7,146	6,677	5,970
Operating profit (EBIT)	2,110	1,888	1,617
Net profit	1,600	1,526	1,257
EBITDA	2,772	2,555	2,279

_____________________________

(1) Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars, and other special sales.

Whilst broadening our product portfolio to gather different client profiles and needs, we continue to pursue a

controlled volume car production strategy in order to maintain a reputation for exclusivity and scarcity among purchasers of

our cars and we carefully manage our production volumes and delivery waiting lists to promote this reputation. We divide our

regional markets into (i) Europe, Middle East and Africa (“EMEA”), (ii) Americas, (iii) Mainland China, Hong Kong and

Taiwan, and (iv) Rest of Asia-Pacific (“APAC”), which represented respectively 46.5 percent, 28.9 percent, 6.9 percent and

17.7 percent of units shipped in 2025. The geographic allocation of our shipments and their mix by product reflects our

allocation strategy aimed at preserving the brand’s exclusivity and is generally influenced by the timing and pace of model

phase-in and phase-out, the length of waiting lists, and other market-specific factors and conditions, including our

commercial strategy and opportunities for further growth.

We focus our marketing and promotion efforts on the investments we make in our racing activities and, in particular,

our participation in the FIA Formula 1 World Championship with Scuderia Ferrari and the FIA World Endurance

Championship with the Ferrari Endurance Team. The FIA Formula 1 World Championship is pinnacle of motorsport and one

of the most watched annual sports series in the world, with a global fan base of approximately 827 million, making it one of

the most popular annual sporting properties globally, an average of ~70 million viewers per race weekend across key

markets, and a booming digital footprint with over 114 million social media followers, while total digital engagements

surpassed 2.3 billion interactions in 2025 (Source: Formula 1 2025 season end-of-year reporting, Liberty Formula One

Group). Although our most recent Formula 1 world title was in 2008, we continuously enhance our focus on Formula 1

activities with the goal of improving racing results and restoring our historical position as the premier racing team in Formula

1. We believe that these activities support the strength and awareness of our brand among motor enthusiasts, clients and the

general public. Beyond Formula 1, we compete in several other motorsport events, recording victories in some of the world’s

most prestigious endurance races, including the 24 Hours of Le Mans in 2023, 2024 and 2025. In the 2025 FIA World

Endurance Championship, we won the World Manufacturers’ Championship, bringing an overall top-class endurance title

back to Maranello after 53 years, along with the World Drivers’ Championship with the crew of Ferrari’s 499P number 51. In

addition, in June 2025, we introduced the Ferrari Hypersail project, a sailing sporting initiative that combines the brand’s

racing heritage with advanced technological innovation. The project serves as a research and development platform focused

on offshore sailing, involving Ferrari engineers working closely with leading nautical experts.

Ferrari’s presence in the broader luxury landscape is key to ensure brand relevance across present and future

generations and to amplify the cultural relevance of our brand. Additionally, lifestyle activities represent a powerful channel

to elevate and expand the overall experience of our clients. As one of the world’s primary luxury brands, we operate in

carefully selected luxury and lifestyle categories - personal luxury goods, collectibles and experiences, the role of which is to

fuel long-term growth by broadening our customer base and expanding our unique value proposition beyond our core

business, while preserving the brand’s DNA, its heritage and values. We create memories with our clients, and aim to

strengthen the sense of belonging to the Ferrari community with each Ferrari experience. See below “Overview of Our

Business—Lifestyle”.

As part of our lifestyle activities, we launched our own Ferrari fashion collection with dedicated fashion shows since

June 2021 and we have continued with successive showcases culminating in the latest displays in February 2025 and

September 2025. We also license the Ferrari brand to a limited number of producers and retailers of luxury and lifestyle

sectors, including theme parks that, we believe, enhance the brand experience of our loyal clients and Ferrari enthusiasts. The

world of Ferrari can also be experienced in our Ferrari Museum in Maranello and in the Enzo Ferrari Museum in Modena.

As of December 31, 2025, our international network of Ferrari Stores consisted of 16 Ferrari-owned directly

operated stores and 2 franchised stores where visitors can find our fashion collection, as well as on our website.

We will continue focusing our efforts on protecting and enhancing the value of our brand to preserve our strong

financial profile and fuel long term growth in existing and emerging markets, while expanding the Ferrari brand to carefully

selected lifestyle categories.

History of the Company

Ferrari N.V. was incorporated as a public limited liability company (naamloze vennootschap ) under the laws of the

Netherlands on September 4, 2015 with an indefinite duration. Our official seat (statutaire zetel) is in Amsterdam, the

Netherlands, and our corporate address and principal place of business are located at Via Abetone Inferiore n. 4, I-41053

Maranello (MO), Italy. Ferrari is registered with the Dutch Trade Register of the Chamber of Commerce under number

64060977. Its telephone number is +39-0536-949111. The name and address of the Company’s agent in the United States is:

Ferrari North America, Inc., 250 Sylvan Avenue, Englewood Cliffs, NJ 07632. Its telephone number is +1 (201) 816 2600.

Our company is named after our founder Enzo Ferrari. An Alfa Romeo driver since 1924, Enzo Ferrari founded his

own racing team, Scuderia Ferrari, in Modena in 1929 initially to race Alfa Romeo cars. In 1939 he set up his own company,

initially called Auto Avio Costruzioni. In late 1943, Enzo Ferrari moved his headquarters from Modena to Maranello, which

remains our headquarters to this day.

In 1947, we produced our first racing car, the 125 S. The 125 S’s powerful 12-cylinder engine would go on to

become synonymous with the Ferrari brand. In 1948, the first road car, the Ferrari 166 Inter, was produced. Styling quickly

became an integral part of the Ferrari brand.

In 1950, we began our participation in the Formula 1 World Championship, racing in the world’s second Grand Prix

in Monaco, which makes Scuderia Ferrari the longest running Formula 1 team. We won our first Constructor World Title in

1952. Our success on the world’s tracks and roads extends beyond Formula 1, including victories in some of the most

important car races such as the 24 Hours of Le Mans, the world’s oldest endurance automobile race, and the 24 Hours of

Daytona.

The Fiat group acquired a 50 percent stake in Ferrari S.p.A. in 1969 and increased its stake to 90 percent in 1988

following the death of Enzo Ferrari, with the remaining 10 percent held by Enzo Ferrari’s son, Piero Ferrari.

Ferrari became an independent, publicly traded company following its separation from FCA (following the merger

with Peugeot S.A. in January 2021, Stellantis), which was completed on January 3, 2016 (the “Separation”) and occurred

through a series of transactions including (i) an intragroup restructuring which resulted in the Company’s acquisition of the

assets and business of Ferrari North Europe Limited and the transfer by FCA of its 90 percent shareholding in Ferrari S.p.A.

to the Company, (ii) the transfer of Piero Ferrari’s 10 percent shareholding in Ferrari S.p.A. to the Company, (iii) the initial

public offering of common shares of the Company on the New York Stock Exchange in October 2015 under the ticker

symbol RACE, and (iv) the distribution, following the initial public offering, of FCA’s remaining interest in the Company to

FCA’s shareholders. On January 4, 2016, the Company also completed the listing of its common shares on the MTA, under

the ticker symbol RACE.

Industry Overview

Within the luxury goods market, we currently define our target market for luxury performance cars powered by

engines producing more than 500 hp and selling at a retail price in excess of Euro 200,000 (Italian market price including

VAT has been used as reference) (the “Luxury Performance Car Industry”). Historically, the growth patterns in the Luxury

Performance Car Industry have followed those in the broader luxury market relatively closely. The Luxury Performance Car

Industry is generally affected by global macroeconomic conditions and, although we and certain other manufacturers have

proven relatively resilient, general downturns can have a disproportionate impact on sales of luxury goods in light of the

discretionary nature of consumer spending in this market. Furthermore, because of the emotional nature of the purchasing

decision, economic confidence and factors such as expectations regarding future income streams as well as the social

acceptability of luxury goods may impact sales.

Following the sharp recession of 2008-2009, the Luxury Performance Car Industry has been resilient to further

economic downturns and stagnation in the broader economy, driven by an increase in new product launches. A sustained

period of wealth creation in several Asian countries and, to a lesser extent, in the Americas, has led to an expanding

population of potential consumers of luxury goods. Indeed, developing consumer preferences in Asian markets, where in

recent years the newly affluent have increasingly embraced western brands of luxury products, have also led to higher

demand in certain countries in Asia for cars in our segment, which are primarily produced by established European

manufacturers. In turn, the changing demographic of customers and potential customers is driving an evolution towards

luxury performance cars also suited to an urban and more frequent use. Additionally, the growing appetite of younger affluent

purchasers for luxury performance cars has led to new entrants to the industry, which in turn has resulted in higher sales

overall in the market.

After recovering and surpassing pre-pandemic volumes in 2022, the Luxury Performance Car Industry continued to

grow up to 2024, showing a slowdown in 2025. Ferrari shipments surpassed the 2019 pre-pandemic levels in 2021 (a year

earlier than the Luxury Performance Car Industry), continued to grow each year up to 2023, and have remained broadly

stable since, in line with our growth strategy and plans.

In 2023, Ferrari commenced deliveries of the Purosangue, the first four-door, four wheel-drive and four-seater

Ferrari, which are continuing as of the date of this document. Given the broadening of Ferrari’s car production, the reference

Luxury Performance Car Industry in which Ferrari competes has been enlarged to include also high-riding four-door luxury

performance cars offering more than 500 hp and priced in excess of Euro 200,000 (Italian market price including VAT as

reference). This new reference market has been defined as the “Enlarged Luxury Performance Car Industry”. After

recovering and surpassing pre-pandemic volumes in 2022, the Enlarged Luxury Performance Car Industry continued to grow

up to 2024, showing a slowdown in 2025.

More than in other segments of the broader luxury market, in the Enlarged Luxury Performance Car Industry, a

significant portion of demand is driven by new product launches. The market share of individual producers fluctuates over

time reflecting the timing of product launches. New launches tend to drive sales volumes even in difficult market

environments because the novelty, exclusivity and excitement of a new product is capable of creating and capturing its own

demand from clients. The Enlarged Luxury Performance Car Industry has also been experiencing an increased demand for

personalization and digital connectivity, with several industry players introducing customized solutions to serve local

markets.

In line with the characteristics of the market as noted above, one of the key elements influencing the performance of

the Enlarged Luxury Performance Car Industry in 2023, 2024 and 2025 has been the renewed product offering by several

competitors, which has counterbalanced several adverse global events and geopolitical tensions. Most of the producers in the

Enlarged Luxury Performance Car Industry managed to navigate through these difficulties by adjusting their supply chain

policies and by revising their pricing strategies, as well as through the aforementioned renewal of their product offerings.

Growing environmental concerns are leading to the implementation of increasingly stringent emissions regulations

and an increase in demand for hybrid vehicles. Instead, costs and limited charging infrastructure are currently limiting factors

in the demand for electric vehicles, but advancements in battery technology in coming years are expected to increase sales of

hybrid and electric high-performance luxury vehicles, although at a slower pace compared to mass market vehicles. The

ability to combine driving experience with hybrid and electric technology will be key for the commercial success of high-

performance luxury vehicles.

As shown in the chart below, our volumes have historically proven less volatile than our competitors’. We believe

this is due to our strategy of maintaining low volumes compared to demand, as well as to the higher number of models in our

product portfolio and our more frequent product launches compared to our competitors.

• Ferrari, Luxury Performance Car Industry & Enlarged Luxury Performance Car Industry data are updated to December 31, 2025. Data is based

on units registered (in Brazil, Japan, Taiwan, United Kingdom, Canada, New Zealand, Germany, France, Switzerland, Italy, Poland, Hungary,

Czech Republic, Spain, Sweden, Netherlands, Belgium and Austria) or sold (in USA, South Korea, Mainland China, Russia, Australia, Singapore

and Indonesia). Source: USA-US Maker Data Club; Brazil-JATO; Canada-JATO; Austria-OSZ; Belgium-FEBIAC; France-SIV; Germany-KBA;

UK-SMMT; Italy-MIT; Netherlands-VWE; Poland-CEPiK; Hungary-Ministry of the Interior; Czech Republic-Cars Importers Association;

Spain-TRAFICO; Sweden-BranschData; Switzerland-ASTRA; Mainland China-China Automobile Industry Association-DataClub & insurance

data provided by CAM; Russia-AEBRUS; Taiwan-Ministry of Transportation and Communications; Australia-VFACTS-S; Japan-JAIA;

Indonesia-GAIKINDO; New Zealand-VFACTS; Singapore-LTA, MTA (Land Transport Authority, Motor Trader Associations); South Korea-

KAIDA.

• We identify the Luxury Performance Car Industry to include all two-door luxury sports cars with power above 500 hp, and retail price above

Euro 200,000 (Italian market price including VAT as reference) sold by Aston Martin, Audi, Bentley, Ferrari, Lamborghini, Maserati, McLaren,

Mercedes Benz, Porsche and Rolls-Royce.

• With the Purosangue, Ferrari entered a new segment of four-door and four-wheel drive high performance vehicles. As a result, in addition to the

Luxury Performance Car Industry historically considered, we also identified the Enlarged Luxury Performance Car Industry: a broader market

segment which also includes high-riding four door luxury performance cars offering more than 500 hp and priced in excess of Euro 200,000

(Italian market price including VAT as reference), mostly sold by the same aforementioned competitors with the addition of Land Rover.

• Ferrari data based on internal information for the 25 Top Countries (excluding Middle East countries) for Ferrari annual registrations and sales

(which accounted for approximately 90% of the total Ferrari shipments in 2025).

In 2025, Ferrari’s volumes in the largest 25 markets were in line with 2024, sustained by our enlarged

product range.

The charts below set forth our market shares in 2025 based on volumes in our largest 25 markets by

geographical area.

• In 2025, we had a market share of 24% in the Luxury Performance Car Industry, which is our historic reference

market.

• In 2025, we had a market share of 18% in the Enlarged Luxury Performance Car Industry, in which also high riding

four-door luxury performance cars are included.

• Ferrari, Luxury Performance Car Industry & Enlarged Luxury Performance Car Industry data are updated to December 31, 2025. Data is based

on units registered (in Brazil, Japan, Taiwan, United Kingdom, Canada, New Zealand, Germany, France, Switzerland, Italy, Poland, Hungary,

Czech Republic, Spain, Sweden, Netherlands, Belgium and Austria) or sold (in USA, South Korea, Mainland China, Russia, Australia, Singapore

and Indonesia). Source: USA-US Maker Data Club; Brazil-JATO; Canada-JATO; Austria-OSZ; Belgium-FEBIAC; France-SIV; Germany-KBA;

UK-SMMT; Italy-MIT; Netherlands-VWE; Poland-CEPiK; Hungary- Ministry of the Interior; Czech Republic-Cars Importers Association;

Spain-TRAFICO; Sweden-BranschData; Switzerland-ASTRA; Mainland China-China Automobile Industry Association-DataClub & insurance

data provided by CAM; Russia-AEBRUS; Taiwan-Ministry of Transportation and Communications; Australia-VFACTS-S; Japan-JAIA;

Indonesia-GAIKINDO; New Zealand-VFACTS; Singapore-LTA, MTA (Land Transport Authority, Motor Trader Associations); South Korea-

KAIDA

• We identify the Luxury Performance Car Industry to include all two-door luxury sports cars with power above 500 hp, and retail price above

Euro 200,000 (Italian market price including VAT as reference) sold by Aston Martin, Audi, Bentley, Ferrari, Lamborghini, Maserati, McLaren,

Mercedes Benz, Porsche and Rolls-Royce. Ferrari is market leader in several countries, including Italy, France, Japan, Mainland China,

Singapore and South Korea among others..

• With the Purosangue, Ferrari entered in a new segment of four-door and four-wheel drive high performance vehicles. As a result, in addition to

the Luxury Performance Car Industry historically considered, we also identified the Enlarged Luxury Performance Car Industry: a broader market

segment which also includes high-riding four-door luxury performance cars offering more than 500 hp and priced in excess of Euro 200,000

(Italian market price including VAT as reference), mostly sold by the same aforementioned competitors with the addition of Land Rover. With

respect to the Enlarged perimeter, Ferrari maintains its leadership in Italy, France, Singapore and Japan among others.

• Ferrari data based on internal information for the 25 Top Countries (excluding Middle East countries) for Ferrari annual registrations and sales

(which accounted for approximately 90% of the total Ferrari shipments in 2025).

While we monitor our market share as an indicator of our brand appeal, we do not regard market share as

particularly relevant as compared to other segments of the automotive industry. We are not focused on market share as a key

performance metric. Instead, we deliberately manage our supply relative to demand, to defend and promote our brand

exclusivity and premium pricing.

Competition

Competition in the Enlarged Luxury Performance Car Industry is concentrated in a limited number of producers,

including both large automotive companies that own luxury brands as well as small producers exclusively focused on luxury

cars, like us. Our main competitors are Lamborghini, McLaren, Aston Martin, Rolls-Royce and Bentley, as well as Porsche,

Mercedes Benz and Land Rover in certain segments of the market and may vary based on the technical characteristics and

target customer segment for each model.

Competition in the Enlarged Luxury Performance Car Industry is primarily driven by the strength of the brand and

the appeal of the products in terms of performance, driving thrills, styling and innovation as well as by the manufacturers’

ability to regularly renew their product offerings to continue to stimulate customer demand.

Competition among similarly positioned luxury performance cars is also driven by price and total cost of ownership.

Resilience of the car value after a period of ownership is an important competitive dimension among similarly positioned

luxury cars, because higher resilience decreases the total cost of ownership and promotes repeat purchases: we believe this is

a strong competitive advantage of Ferrari cars.

Overview of Our Business

Sports Car Line-Up

In 2025, we launched six new models: 296 Speciale, 296 Speciale A, Amalfi, 849 Testarossa, 849 Testarossa Spider

and the Ferrari Luce, our first full electric model that will join our Range model line-up. The first reveal phase of the Ferrari

Luce took place in October 2025, with the presentation of its key technical components and product development strategy,

and was followed in February 2026 by the unveiling of the interior design and the announcement of the model’s name.

Our current product portfolio (including cars presented in 2025, for which shipments will commence in future years)

consists of:

• nine Range models of which: (i) two V8 internal combustion engine (“ICE”) models: Roma Spider and Amalfi, (ii)

three V12 ICE models: Purosangue, 12Cilindri and 12Cilindri Spider, (iii) two V6 hybrid models: 296 GTB and 296

GTS, and (iv) two V8 hybrid model: 849 Testarossa and 849 Testarossa Spider;

• four Special Series models: SF90 XX Stradale, SF90 XX Spider, 296 Speciale and 296 Speciale A, and

• one Supercar model: F80.

During the course of the year, we phased out the following models: SF90 Spider (Range), 812 Competizione A

(Special Series), and Daytona SP3 (limited series Icona model).

We also produce track cars and limited edition One-Off cars from time to time, as well as other strictly limited-series

cars that may be for track or non-track use. In addition, we sell special sales, including prototypes and avanseries, to selected

interested clients.

Our diversified product offering may include different architectures (such as front-engine and mid-rear engine),

engine sizes (V6, V8 and V12), technologies (natural aspirated, turbo-charged, hybrid), body styles (such as coupes, spiders,

targa and 4-doors) and seats (2 seaters, 2+ seaters, 4 seaters).

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We target end clients seeking high performance cars with distinctive design, state-of-the-art technology and

outstanding driving dynamics to maximize driving emotions. Our broad product portfolio is designed to fulfill the strategy of

“different Ferrari for different Ferraristi” and “different Ferrari for different moments”, which means being able to offer a

highly differentiated product line-up that can meet the varying needs of current and new customer segments (in terms of

sportiness, comfort, on-board space and design, amongst others) and that can allow our existing clients to use a Ferrari in

various moments of their lives. We believe that our clients can be divided into two main categories: on the one hand, the

“Sports Car Driver”, a client looking for an elegant and understated design, who likes driving cars in a variety of locations

and conditions, alone or with passengers, and who uses Ferrari for longer journeys; on the other hand, the “Pilot”, a client

looking for a high performing and extreme sports car, who intends to drive cars on track and on challenging roads, and who is

looking for an exciting driving experience.

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We are also actively engaged in after sales activities driven, among other things, by the objective of preserving and

extending the market value of the cars we sell. We believe our cars’ performance in terms of value after a period of

ownership significantly exceeds that of any other brand in the luxury car segment, particularly for models whose volumes are

strictly limited (e.g. Special Series, Icona, Supercars). High residual value is important to the primary market because clients,

when purchasing our cars, take into account the expected resale value in assessing the overall cost of ownership.

Furthermore, a higher residual value potentially lowers the cost for the owner to switch to a new model thereby supporting

client loyalty and promoting repeat purchase. The vast majority of Ferrari cars produced since the Company’s founding

remain in existence today. As Ferrari continues to evolve through the adoption of new technologies, the Company remains

committed to ensuring that Ferrari owners can continue to enjoy driving their vehicles over time, reinforcing the principle

that a Ferrari is designed to endure. To support this commitment, Ferrari provides customer service through a global network

of 181 authorized dealers, each subject to ongoing training and periodic evaluation. These services include standard and

extended maintenance and warranty programs across all powertrains, designed to support vehicles throughout their entire life.

For additional information relating to our warranty programs, please refer to “Overview of Our Business—Sales and After-

Sales”.

The following chart shows the percentage of our unit shipments⁽¹⁾ by pillar⁽²⁾for the years ended December 31, 2025,

2024 and 2023:

(1)Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars, and other special sales.

(2)There were no shipments of Supercars during the period from 2023 to 2025.

The following chart shows the percentage of our unit shipments⁽¹⁾by geographic market for the years ended

December 31, 2025, 2024 and 2023:

(1)Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars, and other special sales.

See also “Financial Overview—Trends, Uncertainties and Opportunities—Shipments”.

The following chart shows the percentage of our unit shipments⁽¹⁾ by engine type for the years ended December 31,

2025, 2024 and 2023:

(1)Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars, and other special sales.

Range

Our Range line comprises products designed for both our Pilot and our Sports Car Driver clients.

Range models designed for Pilot clients are characterized by compact bodies, a design guided by performance and

aerodynamics, that often benefit from technologies initially developed for our Formula 1 single-seaters or other racing

activities. They favor performance over comfort, seeking to provide the driver with an immediate response and superior

handling, leveraging state-of-the-art vehicle dynamics, components and controls. Following the phasing out of the SF90

Spider in 2025, we currently offer the following Range models for our Pilot clients: the 849 Testarossa and 849 Testarossa

Spider, which feature a V8 engine (830 hp) with three electric motors allowing the car to reach 1,050 hp, and the 296 GTB

and the 296 GTS, which also feature PHEV technology and are powered by the first 6-cylinder engine installed on a Ferrari

road car producing 830 hp of total power output delivered by the new 120° V6 engine (663 hp), coupled with an electric

motor capable of delivering a further 122 kW (167 hp) – an unprecedented performance for a V6 car.

Range models designed for Sports Car Driver clients feature the performance expected of a Ferrari while offering

more refined interiors with a higher focus on comfort and on-board life quality. We currently offer the following Range

models for our Sports Car Driver clients: two models equipped with our V8 engine, the Roma Spider (620 hp) and the Amalfi

(640 hp), and three models equipped with our V12 naturally aspirated engine, the Purosangue (725 hp), the 12Cilindri (830

hp) and the 12Cilindri Spider (830 hp).

The Ferrari Luce will also join our Range model line-up.

Special Series

From time to time, we also design, engineer and produce Special Series cars which can be limited in time or volume

and are usually based on some of our Range models but introduce novel product concepts. These cars are characterized by

significant modifications designed to enhance performance and driving thrills. Our Special Series cars are particularly

targeted to collectors and, from a commercial and product development standpoint, they facilitate the transition from existing

to new Range models. In 2023, we launched the SF90 XX Stradale and SF90 XX Spider, the new pinnacle of performance

and technological content, and the first XX street legal cars. Shipments of both models started in 2024. In 2025 we launched

the 296 Speciale and 296 Speciale A, respectively a coupe and a targa, both featuring 880 hp V6 mid-rear plug-in hybrid

engines. Shipments of both models will start in 2026.

Icona

In September 2018, we introduced a new pillar of our product portfolio: the Icona, a unique concept that takes

inspiration from the iconic concepts of our history and reinterprets them in a modern way, pairing timeless design with state-

of-the-art materials and technology. The first example of this strictly limited edition product line-up is the Ferrari Monza

SP1/SP2, which is inspired by the classic collectible barchetta cars (like the 750 Monza and 860 Monza for example), and

currently out of production. In 2021, the Daytona SP3 was unveiled. This limited edition targa takes inspiration from

legendary Ferrari sports prototypes of the 1960s (historically equipped with a naturally aspirated V12 engine, mid-rear-

mounted in typical racing car style). The Daytona SP3 follows the same approach and its power unit delivers 840 hp – along

with 697 Nm of torque and maximum revs of 9500 RPM – making it the most powerful naturally aspirated road engine ever

built by Ferrari. The Daytona SP3 completed its limited series run in the third quarter of 2025.

Supercars

In line with our tradition of Supercars starting with the GTO (288 GTO) in 1984, and including the F40 in 1987, the

F50 in 1995, the Enzo in 2002, the LaFerrari in 2013, and the LaFerrari Aperta in 2016, we continue to produce limited

edition Supercars - our latest is the F80, unveiled in October 2024. These are the highest expression of Ferrari road car

performance at the time and are often the forerunners of technological innovations for future Range models, with innovative

features and futuristic design.

Track cars

We also develop special track racing cars that are based on our range and special series models. These cars are not

registered for use on the road and may only be used on track in competitive and non-competitive race events, including for

our XX Programme, Ferrari Challenge, F1 Clienti and Sport Prototipi.

One-Offs

In order to meet the varying needs of our most loyal and discerning clients, we also produce a very limited number

of One-Off models. While based on the chassis and equipped with engines of one of the current models for homologation and

registration purposes, these cars reflect the exact exterior and interior design specifications requested by the clients, and are

produced as a single, unique car. Some of the most iconic models emerged from our One-Off program include the SP12 EC

(inspired by the 512 BB and created in 2011), the F12 TRS (a radical two-seat roadster created on the platform of the F12

Berlinetta in 2014), the Ferrari SP38 (a superlative mid-rear V8 turbo taking inspiration from the legendary Ferrari F40 in

2018), the 458MM Speciale (the last mid rear model with a V8 naturally aspirated engine in 2016), the Ferrari P80/C, a real

track car taking inspiration from past Ferrari Sport Prototipo models in 2019, and the Ferrari Omologata, based on the 812

Superfast V12 platform in 2020. The last models include the BR20, a very elegant V12 based on the GTC4 Lusso and

produced in 2021, and the SP48 Unica, based on the F8 Tributo, and SP51, based on the 812 Superfast but with an open-air

configuration, both launched in 2022. In 2023, we produced the KC23, a non-homologated car based on the 488 GT3 and

featuring a futuristic design, as well as the SP-8, which is based on the F8 Tributo and features a particular targa design and

visible carbon fiber in the front part of the car. In 2025, we produced the SC40, a One-Off model based on the 296 GTB and

inspired by the legendary F40.

In addition to the aforementioned cars, from time to time we present other strictly limited-series cars that may be for

track or non-track use.

The following chart shows our product offering’s strategic pillars in terms of their appeal to Ferraristi and collectors

respectively.

Personalization Offer

Each Ferrari represents a masterpiece of engineering and design, enhanced by a multitude of personalization options

available through our exclusive product portfolio. Today, 100% of our clients’ cars are uniquely personalized, reflecting a

tiered and bespoke approach that ensures every example is one of a kind.

Among the primary elements, which are continually expanding, are the range of body-color paints, exclusive livery

designs that add a refined touch and better define the car’s character, an increasing selection of leather and Alcantara colors

for the interiors, carbon fiber components in various color variations, titanium exhaust systems, parking cameras, dual-mode

suspension, and state-of-the-art high-fidelity audio systems.

The demand of our clients, coupled with our personalization offer and the associated experience, results in every car

being a unique and irreplaceable vehicle. It is not merely about configuring a car but about providing each client with a

unique journey.

The personalization experience is enhanced through targeted programs and initiatives designed to strengthen our

relationships with clients, bring us closer to them, and provide training for our network, elevating the experience for both

Ferrari dealers and clients. These initiatives include:

• the “Atelier” program, where our specialists guide the client in creating a highly personalized car with a

continuously growing and enriching array of options, ensuring a unique experience. These options include special

paints created specifically at the client’s request, custom liveries, and exterior accents designed to define the car’s

character in line with the owner’s lifestyle and driving preferences, colored and transitional carbon fiber elements in

dual glossy/matte finishes for both the exterior and interior, personalized stitching and embroidery details, and

luggage sets designed to perfectly match the car’s interior;

• visits by Atelier specialists to dealerships to share best practices and the latest available contents, thereby enriching

and completing the overall client experience, and

• the “Tailor Made” program, which elevates personalization to a higher level thanks to the assistance of dedicated

Ferrari designers for each client, guiding them in selecting exclusive materials such as cashmere, denim, and

innovative fibers for their car. The three collections - Scuderia, Classica, and Inedita - continue to represent the

brand’s essence, celebrating sporting history, traditional style, and experimental innovation, respectively.

In addition to the existing Tailor Made centers in Maranello, New York and Shanghai, during our 2025 Capital

Markets Day we announced plans to open new Tailor Made centers in Tokyo and Los Angeles by 2027 and to renew our

existing center in Maranello.

Finally, the “One-Off” program offers the pinnacle of exclusivity, allowing clients to design a unique car

personalized down to the smallest detail. See “One-Offs” above for additional details.

Design

Design is a fundamental and distinctive aspect of our products and our brand. The design of a Ferrari is a structural

part of our innovation process, and everything we do to develop the lines of our cars is functional to increase their

performance and driving thrills. Our designers, modelers and engineers work together to create car bodies that incorporate the

most innovative aerodynamic solutions in the sleek and powerful lines typical of our cars. The interiors of our cars seek to

balance functionality, aesthetics and comfort. Cockpits are designed to maximize the driving experience, tending towards

more sporty or more comfortable depending on the model. The interiors of our vehicles boast elegant and sophisticated trims

and details that enhance the ergonomic layout of all main controls, many of which are clustered on the steering wheel. A

guiding principle of our design is that each new model represents a clear departure from prior models and introduces new and

distinctive aesthetic elements, delivering constant innovation within the furrow of tradition.

For the design of our cars we relied historically on Italian coachbuilders such as Carrozzeria Touring, Vignale,

Scaglietti and Pininfarina. These partnerships helped Ferrari in defining its design language at the forefront of design

advance. Throughout the years this area of excellence has been recognized repeatedly by a long series of awards being

bestowed upon Ferrari cars.

In 2010 we established the Ferrari Design Centre, our in-house design department, with the objective of improving

control over the entire design process and ensuring long-term continuity of the Ferrari style. The mission of the Ferrari

Design Centre is to define and evolve the stylistic direction of the marque, imprinting all new products with a modern stamp,

according to a futuristic, uncompromised vision. The name and logo “Ferrari Design” denotes all concepts and works of the

Ferrari Design Centre (see “—Intellectual Property”). The Ferrari Design Centre handles all aspects of automotive styling

for the Ferrari road cars product range, encompassing the styling of all bodywork, external components and interior trim,

applied to series production models for the Range, Special Series, Supercars, Icona, One-Offs, concept cars and some track-

only models. The Ferrari Design Centre also includes a Color & Trim unit which manages the choice of materials and

finishes for both exterior and interior trim and, in addition, is responsible for the Tailor Made program in conjunction with the

Product Marketing department. The Ferrari Design Centre is also often involved in the styling and conceptual definition of

Ferrari branded products produced by our licensees (see “—Lifestyle”). In 2019, we created the Advanced Design team, a

laboratory that aims at defining the brand’s design vision, developing new concepts and formal languages through so far

unexplored methods and tools, and trying to achieve simplification and formal purity while staying true to the Ferrari DNA

which has characterized its history.

The Ferrari Design Centre is organized as an integrated automotive design studio, employing a total workforce of

approximately 60 employees including designers, 3D surfacing operators, physical modelers and graphic artists. It operates a

modeling studio fully equipped with 5-axis milling machines with the capacity to develop various full-scale models (interior

and exterior) in parallel.

In September 2018, we opened a new building for the Ferrari Design Centre, which is our first facility fully

dedicated to our in-house design department. The building hosts two Ateliers, exclusive spaces dedicated to car

customization, and the Tailor Made department, house of Ferrari’s ultimate personalization program.

During its 16-year history, the Ferrari Design Centre has designed the majority of our cars, including our entire

current line-up, and has received many prestigious design awards for their design. The following is a list of the awards won in

the last 2 years:

• Ferrari 12Cilindri & 12Cilindri Spider: iF Gold Design Award (2025); Red Dot Best of The Best (2025);

• Ferrari 12Cilindri: Car Design Award (2025);

• Ferrari F80: iF Design Award (2025); Red Dot Best of The Best (2025);

• Ferrari 296 GTB: Performance Car of the Year - Car&Driver USA (2024);

• Ferrari Vision GT: iF Design Award (2024);

• Ferrari Roma Spider: iF Design Award (2024); Red Dot Best of The Best (2024);

• Ferrari KC23: iF Design Award(2024); Red Dot Design Award (2024);

• Ferrari SF90 XX Stradale/Spider: iF Design Award (2024); Red Dot Design Award (2024);

• Ferrari Purosangue: Compasso d’Oro ADI (2024);

• Centro Stile Ferrari and Flavio Manzoni: Awards 2024-Salone Auto Torino; Italian Design Week Awards (2024);

• Ferrari 12Cilindri: Luxury Car of the Year - The Motor Awards (2024); Design Prix- Automobile Awards (2024).

The collaboration with the creative collective LoveFrom, which started in September 2021, continues today: the

partnership combines Ferrari’s legendary performance and excellence with the experience and creativity of LoveFrom. This

collaboration took shape in the first electric Ferrari, created under LoveFrom’s creative guidance across exterior, interior and

user experience design with a disruptive and innovative approach, inspired by the consumer-high-tech world.

Product Development and Technological Innovation

A new Ferrari model’s development process starts from five key technology foundations: powertrain, aerodynamics,

vehicle dynamics, architecture, and human interface. Together, these elements enable us to define the key characteristics of

each model, which are expressed in the three pillars of the Ferrari competitive advantage: design, performance and driving

thrill.

Design – sight is the first sense to enjoy a Ferrari and the design of a Ferrari is a structural part of our innovation

process. We develop the design of our cars to enhance their performance and driving thrills (see also the previous paragraph).

Performance – features such as power, aerodynamics, weight, driveline and mechatronics all contribute to

determine the lap time on track. We strive to ensure that every Ferrari is the best performing car in its segment.

Driving thrills – a key differentiator of Ferrari cars. There are five main elements to driving thrills: longitudinal

acceleration, lateral acceleration, braking, gear change and sound.

Innovation Principles

Ferrari’s ethos of continuous innovation has always been focused on our clients’ desires. We believe in giving them

true freedom of choice in how their car is powered. Yet, whatever the powertrain, each Ferrari is created to ignite the

powerful emotions that are at the heart of our cars’ driving experience.

In developing our product portfolio, the principles of technology neutrality and production agility allow us to

combine internal combustion, hybrid and electric powertrains with various body styles and chassis configurations, ultimately

creating sports cars that provide unique driving emotions.

Our V6, V8 and V12 combustion engines will continue to be offered and innovated, in line with new global

regulations and with a focus on increasing specific power output and ensuring compatibility with alternative fuels.

Our electrification journey, which began in 2009, is another example of our distinctive approach to technology.

Strategic components, including high-voltage battery packs, e-axles, inverters and electric engines, are designed, engineered

and handcrafted in Ferrari’s e-Building, inaugurated in 2024. This enables us to differentiate both the technology and

performance of our vehicles. Battery cells will continue to be sourced from our strategic partners.

Following this philosophy, the Ferrari Luce is a concentration of innovative thinking and technical creativity,

ensuring distinctive Ferrari emotions. It widens our range models in terms of driving thrills, experience on board and

useability while providing a completely personalized driving experience.

The new generation of Ferrari hybrid vehicles will be created from a combination of the finest combustion and

electric technologies, featuring electrical and electronic components developed and manufactured in-house.

In 2025, we launched the Hypersail project, which stems from our track-to-road expertise in both Formula 1 and

Endurance racing, part of our DNA since the very beginning of our journey. A 100-foot ocean-racing monohull prototype,

Hypersail blends our racing tradition with technological innovation and aims to establish an outstanding research and

development platform focused on offshore sailing.

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Product diversification and strategic approach

A multidisciplinary approach has become essential in developing sports cars; therefore, we continue to enhance our

open innovation. On the one hand, Ferrari has always produced – and will continue to produce – strategic components in-

house, thereby ensuring complete control over quality and performance. On the other hand, we will continue to increasingly

collaborate with selected partners and universities to develop the best solutions available on the market.

The choice to develop software internally to improve vehicle dynamics embodies the principle of differentiating the

driving experience, as does the introduction of a new-generation Human Interface that adopts a phygital approach, combining

digital and analogue elements, with a continuous focus on the functionality and design of the cars’ interiors.

Product development is also driven by sustainability, with research into new materials that can reduce the

environmental impact and with a view to use specialized recycled aluminum alloys in the body in white and in the in-house

castings.

We plan to focus on investments and research for the next generation of sports cars in the following areas:

• Thermal propulsion, where we have achieved excellence in specific power output, drawing on experience gained

from racing and experimenting with new engine architectures;

• Electric powertrain, aiming to constantly expand our offer of driving emotions;

• Vehicle dynamics, including the use of by-wire systems and digital twin technologies;

• On-board experience, including through a phygital approach;

• New and innovative materials, strategic for sustainability, weight management and specific applications, including

cooling of the engine and components.

Manufacturing

Our production facilities are located in Maranello and in Modena, Italy (see “—Properties”). Our production

processes include supply chain management and production of cars in our Range models and Special Series, as well as

assembly of prototypes and avanseries.

Notwithstanding the low volumes of cars produced, our production process requires a great variety of inputs (over

60,000 product identifier codes sourced from approximately 500 total suppliers) entailing complex supply chain management

to ensure continuity of production. Our stock of supplies is warehoused in or near Maranello, and its management is

outsourced to a third-party logistics company.

Production of our cars starts with the aluminum bodyworks at our plant in Modena (Carrozzeria Scaglietti) and the

remainder of the manufacturing process takes place at our plant in Maranello, including aluminum alloy casting in our

foundry, engine construction, mechanical machining, painting, car assembly and bench testing. All parts and components not

produced in house at Ferrari are sourced from our panel of suppliers (see “—Procurement”).

In recent years we have made significant investments in our manufacturing facilities. Equipment may require

substantial investment with the introduction of new models or to maintain state-of-the-art technology, particularly in the case

of shell tools for the foundry, tools for machining, feature tools for body welding and special mounting equipment for the

assembly. Since 2021 we have been acquiring additional resources and production equipment to successfully manage the new

technological advancements and related challenges resulting from the transition to electrification. Our electric technologies

and components are produced in our e-Building, a strategic asset that was inaugurated in June 2024. Thanks to our e-

Building, we aim to enhance flexibility across our entire production line, positioning us to better address future demands and

to manage an even more complete and diversified product mix. We expect to use the EV platform to address different clients’

needs and to develop a flexible production line for the manufacturing of ICE, hybrid and full EV models. For additional

information relating to our e-Building, see “—Properties”. In 2024, we began the construction of our new paint shop, which

will allow us to satisfy further personalizations in-house.

In 2025, we obtained the LEED Platinum certification, one of the highest levels of the international rating system

assessing sustainability, energy efficiency and environmental impact in building design. This represents an exceptional

certification within the industrial manufacturing sector.

As at December 31, 2025, our production processes employed 1,804 engineers, technicians and other personnel (191

white collar employees and 1,613 blue collar, of which 404 were agency production workers). Our flexible production

structure and organization allow us to adjust and increase our production capacity to accommodate our expected production

requirements. This is primarily due to the low volume of cars we produce per year and to our highly skilled and flexible

employee base that can be deployed across various production areas, as well as to our new e-Building, which is based on

flexibility. In addition, we can adjust our make-or-buy strategies to address fluctuations in the level of demand for our

internal production resources. We constantly work to increase the utilization rate and reduce the internal scrap rate and we

closely monitor an index of our production efficiency. We are also ambitious to continually improve the reliability of our

cars, reducing defects, and optimize finishing.

Unlike most low volume car producers, we operate our own foundry and machining department producing several of

the main components of our engines, such as engine blocks, e-Axle, cylinder heads and crankshafts. We believe this

accelerates product development and results in components that meet our specifications more closely.

Engine Production

Our engines are produced according to a vertical structure, from the casting of aluminum in our foundry up to the

final assembly and testing of the engine. Several of the main components of our engines, such as blocks and cylinder heads

are produced at our foundry in Maranello. For this purpose, we use a special aluminum alloy that includes seven percent

silicon and a trace of iron, which improves mechanical integrity, as well as our own shell and sand casting molds. Once all

components are ready, engines are assembled on different lines for our V12 engines, our V8 and V6 engines. The assembly

process is a combination of automatic and manual operations. At the start of the assembly process, each engine is identified

with a barcode and operations are recorded electronically. Every engine goes to the test benches to ensure it delivers the

expected performance: approximately 90 to 95 percent of engines are cold tested and approximately 5 to 10 percent of

engines are also hot tested and measured for power and torque.

The electrification elements of the F80 (the e-Axle and the high-voltage battery) were the first components to be

produced on the new lines dedicated to e-powertrain components at the e-Building.

Body Assembly

In parallel with the assembly of our engines, we prepare our body shells at our body shop in Modena (Carrozzeria

Scaglietti). At Carrozzeria Scaglietti we have two different production lines dedicated to the assembly of our aluminum

bodies (V6-V8 and V12), as well as a dedicated line for special series with carbon fiber body (F80). The main components of

the body-shells are not produced internally, but are sourced from manufacturers of chassis, bodies and carbon fiber parts.

Through a mix of high-precision robots as well as highly skilled craftsmanship, we carefully assemble and check the

geometric alignment of the various parts with mechanical gauges as well as 3D measuring machines. Then, we carry out

aesthetic controls on the surface of the aluminum panels, to eliminate any imperfections by either filing or panel beating. Our

highly qualified specialists manage specific phases of body-shell manufacturing, such as the completely manual execution of

the “aesthetic welding”, a unique joint weld between flank and roof of certain models (the Roma family), giving the

impression that the body is one single piece.

Painting

When transferred to our paint shop, the bodies are mounted on a loading bay, immersed in the cataphoresis tanks

and subsequently transferred to a fixing gas fired oven at 180°C. After the cataphoresis, the sealing phase of the body is

largely automated. Primers are then applied and fixed at 190°C until the completely gray body-shell is ready for painting. All

body-shells are cleaned with automatic pressure blowers (to avoid the electrostatic effect) and carefully brushed with emu

feathers (because of their natural electrostatic properties) to clean off any dirt particles or impurities before painting. The

painting process is automated for larger surfaces, while it is done by hand for some other localized areas. In 2019, we

replaced the robot which performs the application of the base coat. The whole car is painted at the same time to ensure color

harmony. The bodies are finally polished with lacquer to fix the paint and give the bodies their final finish. In 2018, we

substituted our clear coat with a new generation 2K (bi-component) transparent coat that allows us to decrease the

temperature of the oven from 140°C to 90°C; this is a very innovative process that allows us to simultaneously paint

aluminum and carbon fiber parts. At the end of the process “aesthetic blacks” are realized by painting any gaps in the car

matte black finish. In 2024, we began the construction of our new paint shop, which will allow us to satisfy further

personalizations in-house.

Assembly Line and Final Checks

The final assembly of our cars takes place in Maranello. For each model, the initial assembly operations generally

take place simultaneously on different lines and sections to maximize efficiency so while the body is assembled on the main

line, the powertrain, as well as the cockpit and the doors, are prepared on a separate sub-line. Furthermore, our e-Building,

based on the concept of flexibility, is used to produce and develop models with internal combustion, hybrid and full electric

powertrains, as well as strategic electrical components. For additional information relating to our e-Building, see “—

Properties”.

Personalization and Road Tests

During the assembly process of our cars, we manage the fitting of all bespoke interiors, components and special

equipment options that our clients choose as part of our personalization program (see “—Sports Car Line-Up—

Personalization Offer”). After the assembly phase, every car completes a 60-kilometer road test-drive.

In 2025, we completed the construction of the Ferrari e-Vortex, the new test circuit adjacent to the Fiorano track, in

less than four months. The Ferrari e-Vortex will enable testing activities to be gradually transferred from the road to the track,

ensuring an even more objective assessment of performance and faster identification of any anomalies. For additional

information relating to our Ferrari e-vortex see “—Properties”.

Finishing and Cleaning

After the road test, all cars go to the finishing department. There, we thoroughly clean interior and exterior, perform

a comprehensive review of the whole car, and polish and finish the bodies to give them their final appearance.

Procurement

We source a variety of components, raw materials, supplies, utilities, logistics and other services from numerous

suppliers. We recognize the contribution of our suppliers to our success in pursuing excellence in terms of luxury and

performance, therefore we carefully select suppliers that are able to meet our high standards.

For the sourcing of certain key components with highly technological specifications, we have developed strongly

synergic relationships with some of our suppliers, which we consider “key strategic innovation partners”. We currently rely

on a number of selected key strategic innovation partners for the supply of transmissions, brakes and other parts. We have

also developed strong relationships with other industrial partners for bodyworks and chassis manufacturing and for

powertrain and transmissions, among other things. Pursuant to our make-or-buy strategy, we generally retain production in-

house whenever we have an interest in preserving or developing technological know-how or when we believe that

outsourcing would impair the efficiency and flexibility of our production process. Therefore, we continue to invest in the

skills and processes required for low-volume production of components that we believe improve product quality.

For the year ended December 31, 2025, the purchases from our ten largest suppliers by value accounted for

approximately 23 percent of total procurement costs, and no supplier accounted for more than 4 percent of our total

procurement costs.

Sales and After-Sales

Our commercial team is organized in four geographic areas, covering our principal regional end markets: (i) EMEA,

(ii) Americas, (iii) Mainland China, Hong Kong and Taiwan, and (iv) Rest of APAC.

Dealer Network

We sell our cars exclusively through a network of authorized dealers (with the exception of one-offs and track cars

which we sell directly to end clients). In our larger markets we act as importer either through wholly owned subsidiaries or, in

China and South Korea, through a subsidiary partly owned by a local partner, and we sell the cars to dealers for resale to end

clients. In smaller markets we generally sell the cars to a single importer/dealer. We regularly assess the composition of our

dealer network to maintain the highest level of quality. At December 31, 2025, our network comprised 181 dealers operating

195 points of sale.

We do not presently own dealerships and, while our strategy does not structurally contemplate owning dealerships,

we retain flexibility to adapt to evolving market requirements over time.

We believe that our careful and strict selection of the dealers that sell our cars is a key factor for promoting the

integrity and success of our brand. Our selection criteria are based on the candidates’ reputation, financial stability and

proven track records. We are also intent on selecting dealers who are able to provide a purchase and after-sales experience

aimed at exceeding our clients’ high expectations. Furthermore, our dealers are committed to promoting and marketing our

cars in a manner intended to preserve the Ferrari brand integrity and to ensure the highest level of client satisfaction.

While dealers may hold multiple franchises, we enjoy a high degree of prominence and level of representation at

each point of sale, where the great majority of the client interface and retail experience is exclusive to Ferrari. Our network

and business development team works with all dealers to ensure our operating standards are met. Our rigorous design, layout

and corporate identity guidelines guarantee uniformity of the Ferrari image and client interface.

Our dealer network has consistently and proactively invested in its facilities in recent years in order to provide

clients with superior experience while delivering a unique luxury environment and digital touchpoints to complement the

physical space.

Ferrari’s vision on the new corporate identity, presented to the dealer network in 2023, reiterates our commitment in

continuing to invest in a strategy aimed at delivering a superior client experience and fostering the relationship between

Ferrari and its client community to an even higher level. The roll-out started in 2024 with selected pilot projects around the

world and the first opening took place in May 2025 with the inauguration of the renewed showroom in Rome, to be followed

in 2026 by several new openings across various markets reflecting different and unique implementations of Ferrari’s new

corporate identity.

Ferrari also uses an omni-touchpoint strategy, an integrated interaction framework encompassing physical, digital

and experiential touchpoints, which ensures engagement with dealers and clients across all stages of the client journey. The

client engagement typically takes place at the dealerships, whose ability to promote the client-community life has been

reinforced via a new corporate identity implemented in recent years, but also through digital touchpoints such as the

MyFerrari App, and through a plan of exclusive experiences organized at our headquarters in Maranello, as well as at a

regional or dealer level. Client engagement activities typically feature various car driving opportunities, both on track and on

the road. We have also developed and implemented several engagement activities aimed at gathering the client community

and promoting the discovery of our brand, including through experience touchpoints.

In 2025, Ferrari reaffirmed its commitment to delivering extraordinary experiences that strengthen brand

positioning and deepen client loyalty. The year was marked by a series of exclusive events and launches that celebrated

Ferrari’s heritage while embracing innovation and lifestyle integration:

• The Cavalcade program continued to be a cornerstone of Ferrari’s client experience strategy. For additional

information relating to the Cavalcade program, see “—Client Relations” .

• Brand engagement was elevated through Casa Ferrari, which expanded its presence at prestigious venues including

THE ICE in St. Moritz in February, the Goodwood Festival of Speed in July, and key Formula 1 Grand Prix events

in Melbourne and Abu Dhabi. Additional events in Pebble Beach in August and Monaco in September integrated

Ferrari’s luxury universe with global cultural touchpoints, strengthening the brand’s aspirational appeal.

• Product innovation remained central to Ferrari’s narrative. The digital launch of the 296 Speciale and 296 Speciale

A on April 29 showcased Ferrari’s ability to blend cutting-edge technology with exclusivity. This momentum

continued with two spectacular world premieres: the unveiling of the Ferrari Amalfi on the Amalfi Coast (July 1–3)

and the presentation of the 849 Testarossa in Milan (September 9–11). These launches not only introduced new

benchmarks in performance and design but also reinforced Ferrari’s leadership in the luxury automotive segment.

Together, these initiatives exemplify Ferrari’s holistic approach to client engagement—combining racing heritage,

lifestyle experiences, and product excellence. By curating unique journeys, hosting immersive brand showcases, and

delivering groundbreaking models, Ferrari strengthened its global positioning as a symbol of exclusivity and innovation,

while fostering enduring loyalty among its most discerning clientele.

Competence building and training are also key to the implementation of our strategy. Through our in-house Ferrari

Academy, we provide training to dealers for sales, after-sales and technical activities. This ensures that our dealer network

delivers a consistent level of market leading standards across diverse cultural environments. . In recent years we have adapted

our training strategy by introducing and enhancing virtual-training solutions, while continuing to foster a high level of

expertise in the network. We also introduced new courses in areas such as digital commercial execution and luxury

experience management, as well as design applied to the personalization experience for clients, with the aim of delivering the

best possible client experience. Moreover, we have successfully rolled out globally our new “In Dealership Coaching”

program, piloted in late 2024, aimed at further strengthening our retail capabilities and excellence in client management.

We collect and analyze data relating to dealer profitability and financial health to prevent or mitigate any adverse

experience for clients arising from a dealer ceasing to do business or experiencing financial difficulties. Our regional

executives visit dealerships regularly to monitor and measure performance and compliance with our operating standards. We

have the right to terminate dealer relationships in a variety of circumstances, including failure to meet performance or

financial standards, or failure to comply with our guidelines. Dealer turnover is relatively low, reflecting the strength of the

franchise and our selection processes, but is sufficient to guarantee an orderly renewal over time and to stimulate the

network’s health and performance.

We provide a suggested retail price or a maximum retail price for all our cars, but each dealer is free to negotiate

different prices with clients and to provide financing. Although many of our clients in certain markets purchase our cars from

dealers without financing, we offer direct or indirect finance and leasing services to retail clients and to dealers. (See “—

Financial Services” ).

The total number of our dealers as well as their geographical distribution tends to closely reflect the development or

expected development of sales volumes to end clients in our various markets over time. The chart below sets forth the

geographic distribution of our 195 points of sale at December 31, 2025:

Our sales are diversified across our dealer network, with the largest dealer representing approximately 3.0% of our

shipments, and our 15 largest dealers representing approximately 25% of our shipments in 2025.

As part of our supply and demand management, we determine allocations by geography and dealers based on

various metrics including expected developments in the relevant market, the number of cars sold historically by the various

dealers, current order book of dealers and the average waiting time of the end client in the relevant market. Our order

reporting system allows us to collect and monitor information regarding end client orders and is able to assist us in production

planning, allocation and dealer management.

Parts

We supply parts for current and older models of Ferrari to our authorized dealer network. In addition to substitution

of spare parts during the life of the car, sales are driven by clients’ demand for parts to customize their cars and maximize

performance, particularly after a change in ownership, as well as parts required to compete in the Ferrari Challenge and other

client races. We also supply parts to Ferrari models currently out of production, with stocks dating back to 1995. The stock of

parts for even older models is currently owned and managed by third parties which in some cases also manufactures out-of-

stock parts based on our designs. The sale of parts is a profitable component of our product mix and is expected to benefit

from the increase in the number of Ferrari cars in circulation.

After-Sales

Dealers provide after-sales services to clients, either at facilities adjacent to showrooms or in stand-alone service

points across 249 facilities worldwide at December 31, 2025. After-sales activities are very important for our business to

ensure the client’s continued enjoyment of the car and the experience. Therefore, we enforce strict quality control on our

dealers’ services activities and we provide continued training and support to the dealers’ service personnel. This includes our

team of “Service Engineers”, Ferrari engineers who regularly travel to service centers to address difficult technical issues for

our clients.

We sell cars together with a scheduled program of recommended maintenance services in order to ensure that these

cars are maintained to the highest standards to meet our strict requirements for performance and safety.

Our 7 Year Maintenance Program (free of charge for customers since 2011 on any new cars) is offered to further

strengthen customer retention in the official network and has been coupled with the possibility to extend the statutory

warranty term of our standard warranty terms through the Warranty Extension starting from the 4^th year up to the 8^th year and

the Power Warranty Coverage, covering from the 9^th year up to the 16^t^h year of life of the car. For certain strictly limited

series cars (for example, the Monza SP1 and SP2, and the Daytona SP3) we introduced a Full Warranty Coverage Extension

that can be applied after the 36-month commercial contractual warranty. For hybrid models, such as the SF90 family and the

296 family, we introduced a new service called Warranty Extension Hybrid, which allows the owner to buy a complete

coverage after the 4^th year up to the 8^th, including replacement of the high voltage battery after the 8^th year of life of the car.

After the 8^th year of life, a car (if in perfect maintenance condition) can be included in the Main Power warranty

coverage program (Maintenance and Power) through to the car’s 16^th year of life. Between the 16^th year of life and the

Classiche eligibility (20 year old car) Ferrari provides its customers, in addition to standard maintenance items, also certain

specific maintenance kits (Ferrari Premium) to preserve car performance and safety systems. When a car follows the full

maintenance program up to the 20^th year of life, it automatically obtains the Ferrari Classiche certification.

We also have a direct involvement in pre-owned car sales, offering specific packages of warranty coverage in order

to support a healthy secondary market, promote the value of our brand and benefit our clients and facilitate sales of new cars.

Our dealers provide an inspection service for clients seeking to sell their car, which involves more than 200 checks on the car

and a certification on which the client can rely, covering, among other things, the authenticity of the car, the conformity to

original technical specifications, and the state of repair. Furthermore, we offer owners of classic Ferrari cars maintenance and

restoration services through the 73 Officina Ferrari Classiche workshops that form part of our service network.

In addition, owners of our classic cars can seek assistance in car and engine restorations at our Ferrari Classiche

department in Maranello.

Financial Services

We offer retail client financing for the purchase of our cars through the operations of Ferrari Financial Services

(“FFS”):

• directly in the United States through our wholly owned subsidiary Ferrari Financial Services Inc. (“FFS Inc”). At

December 31, 2025, the financial services portfolio of FFS Inc, which was originated entirely in the United States,

amounted to €1,613 million and was recorded as receivables from financing activities in the consolidated statement

of financial position;

• through Ferrari Financial Services GmbH (in partnership with CA Auto Bank) in certain markets in EMEA

(primarily the UK, Germany and Switzerland), and

• through various partnerships, which may also provide financing to our dealers, in other European countries and other

major international markets, such as Japan and Mainland China.

Through FFS, we offer a range of flexible, bespoke financial and ancillary services to clients (both current and new)

interested in purchasing a wide range of cars, from our current product range to older pre-owned and classic models. FFS also

provides special financing arrangements to a selected group of our most valuable and loyal customers.

Client Relations

Our clients are the backbone of our business together with our brand and our technology. We do not promote our

brand or our cars through general advertising. Our main brand marketing and promotional activities have two principal

targets.

Firstly, we target the general public. Our most significant effort in this respect is centered on our racing activities

and the resonance of Scuderia Ferrari (see “—Racing—Formula 1”). We also reach the general public through the activities

of our lifestyle department, through the sale of luxury goods at our stores and online, the brand’s experience parks and

museums, and collectibles. We also engage in other brand-promotional activities through digital platforms such as eSports,

and our official social media channels.

Secondly, we target existing and prospective clients on both new car and preowned car sales, seeking to promote

clients’ knowledge of our products, and their enjoyment of our cars both on road and on track, and to foster long-term

relationships with our clients, which is key to our success. In 2025, approximately 84% of our new cars were sold to clients

who already owned at least one Ferrari, reflecting, among other factors, our product offering during the year. In recent years,

we have pursued a carefully designed enlargement and rejuvenation of our client base, while always respecting the principle

of exclusivity.

From December 2022 to December 2025 we continued to grow our active client base by 20% with 32,300 new-to-

the-brand customers, and nurtured our best collectors who have increased the average number of Ferrari cars they own by

approximately 20%.

By purchasing our cars, clients become part of a select community sharing a primary association with the Ferrari

image and we foster this sense of fellowship with a number of initiatives. We strive to maximize the experience of our clients

throughout their period of interaction with Ferrari – from first contact, through purchasing decision process, to waiting-time

management and car delivery and enjoyment.

Recognizing the importance of digital touchpoints to enhance the overall client experience, Ferrari continues to

develop the MyFerrari App, available exclusively to Ferrari clients to enhance and foster their connection to the Ferrari world

through the direct distribution of tailored content. This channel enables clients to directly access features and services,

strengthening their relationship with the brand and their preferred official Ferrari dealer. Moreover, Ferrari dedicates specific

attention to Ferrari clients who have ordered a new car by enriching their waiting time with dedicated digital content to

reinforce their engagement and connection with the Ferrari world.

Client Engagement

In 2025, Ferrari advanced a client engagement strategy that blends on track mastery, on road discovery, and elevated

hospitality, converting brand passion into qualified demand and long-term loyalty. This strategy blends heritage and

innovation through curated experiences that are exclusive by design yet scalable in narrative and impact. Client engagement

events held in 2025 included:

• International Concours of Elegance, St. Moritz, Switzerland. Casa Ferrari welcomed clients inside the Kulm

Country Club, a refined setting a few steps from the frozen lake where owners piloted classic Ferraris. The event

combined modern product discovery with test drives of the Purosangue and 296 GTB, and was synchronized with

Corso Pilota Classiche on Ice—our most exclusive heritage driving course. The result was an immersive, education

led encounter that reinforced Ferrari’s craftsmanship and driving culture while creating high-affinity prospects.

• Cavalcade, Seville, Spain. The Cavalcade journey began in Sevilla, where Ferrari clients enjoyed the unique

opportunity to explore the enchanting landscapes and rich culture of Andalusia. The event ended with a gala dinner

at the historic Real Alcázar, which featured a charity auction supporting Ferrari’s continued commitment to

education.

• Le Mans, France. At Le Mans, Casa Ferrari showcased endurance credibility and the track-to-road narrative. The

296 Speciale ‘Piloti’ livery spoke directly to Corse Clienti and endurance owners, while the presence of F80, 499P

Modificata, and 296 Speciale underlined technological transfer and design coherence across racing and road. This

setting amplified desire among top clients and fans, strengthening pricing power and reinforcing the brand’s

leadership in performance and innovation.

• World Premiere, Amalfi, Italy. July’s Amalfi world premiere delivered a two-day, money-cannot-buy luxury and

lifestyle immersion on the Amalfi Coast, culminating in the first public display for the local community. The format

generated attention and dealer momentum ahead of wider regional premieres, seeding high quality pipelines while

maintaining the exclusivity expected of Ferrari launches.

• 849 Testarossa World Premiere, Milan, Italy. In September, Milan hosted the 849 Testarossa world premiere

across three nights, welcoming clients from 49 countries.

• Cavalcade Classiche, South Tyrol, Italy. The Ferrari Cavalcade Classiche returned at the end of September,

leading participants through the majestic peaks and breathtaking landscapes of the Dolomites. This “traveling

museum” showcased an extraordinary collection of classic Ferrari models, creating an unforgettable experience

amid one of Europe’s most stunning natural settings.

• Cavalcade Adventure, Patagonia, Argentina. November marked a new frontier with the Cavalcade Adventure in

Patagonia, a new format distinguished by its spirit of exploration. Bringing 54 cars into one of the world’s most

remote natural environments, the program showcased the Purosangue’s capabilities and broadened Ferrari’s

experiential canvas beyond traditional road tours, strengthening lifestyle narratives and expanding audience appeal

without diluting scarcity.

In addition to the above, Ferrari continued to take part in prestigious driving events such as the Ferrari Tribute to

Mille Miglia and the Ferrari Tribute to Targa Florio, where modern Ferrari models lead the way ahead of the main races.

Ferrari also hosted the third edition of the Legacy Tour, celebrating the 30th anniversary of the Ferrari F50. Over three days,

more than 20 F50s from around the globe journeyed along Italy’s most scenic roads, concluding in Fiorano—the birthplace of

this iconic model.

Across heritage, motorsport, premieres, and adventure, Ferrari’s 2025 engagement architecture consistently created

qualified demand, deepened client loyalty, and generated data rich opportunities for sustained growth. The combination of

curated exclusivity, measurable impact, and brand storytelling reinforces Ferrari’s structural advantages—supporting our

solid order book, premium pricing, and long-term shareholder value.

Client Experience on Road

Ferrari’s driving events have two main goals: providing clients with the excitement of driving Ferrari’s high-

performance cars and strengthening brand loyalty to encourage continued engagement. These events are designed for a

passionate and varied Ferrari community, offering tailored experiences for modern car enthusiasts, classic car collectors, and

track racing loyalists.

Encouraging clients’ passion for driving is a key aspect of Ferrari’s commercial strategy, especially in markets

where racing traditions are less established. Among our programs and events are:

• Esperienza Ferrari, which offers exclusive driving sessions with Ferrari’s expert instructors, providing an

opportunity for both prospective and existing clients to experience the latest models. The Esperienza Ferrari

program at Fiorano allowed clients to engage with the Ferrari brand firsthand, testing models such as the Ferrari

Roma Spider on the road and the 296 GTB on the track, and

• Corso Pilota: a program that consists of driving courses designed to accommodate various skill levels, offering

essential techniques for mastering high-performance vehicles. For instance, the Corso Pilota Classiche usually

offers a unique opportunity to drive Ferrari’s iconic models on Fiorano, our company’s historic race circuit, and on

the frozen lake of St Moritz.

In addition to the Miami Cavalcade International experience in May, the Cavalcade journey continued in late June

and early July with the Ferrari Cavalcade event in Venice, where participants drove scenic roads through historic hilltop

towns with breathtaking views of the Dolomites. The event culminated in an exclusive gala dinner on July 4th, which

included a charity auction aimed at supporting Ferrari’s commitment to education.

Moreover, the Cavalcade Classiche Family Reunion, held in mid-September, provided a “traveling museum”

experience, showcasing over 60 classic Ferrari models. This event allowed participants to explore the stunning landscapes of

Friuli Venezia Giulia and Slovenia.

In addition to the above, Ferrari takes part in prestigious driving events such as the Ferrari Tribute to Mille Miglia

and the Ferrari Tribute to Targa Florio, where modern Ferrari cars race before the commencement of the main events. In

2024, Ferrari also honored the 24 Hours of Le Mans with a five-day tour showcasing some of Maranello’s most iconic cars,

traveling from Cognac to the La Sarthe circuit. The Ferrari Tribute to Le Mans ended with a parade around the track on the

Saturday morning before the race.

• Ferrari Tours: we also offer owners a unique opportunity to embark on exclusive journeys across Italy, allowing

them to experience the thrill of driving their cars through some of the world’s most stunning and meticulously

chosen landscapes. These carefully crafted routes are designed to provide not only exhilarating driving experiences

but also the chance to discover cultural landmarks, scenic vistas, and luxurious destinations, making for an

unforgettable adventure. In 2024, three Ferrari Tours were specifically dedicated to our clients from the Far and

Middle East.

Ferrari also organized the Legacy Tour, of which we held the second edition in 2024, celebrating the 40th

anniversary of the Ferrari 288 GTO. Over three days, more than 20 Ferrari GTOs from around the world travelled across

Italy’s most scenic roads, ending in Fiorano, the birthplace of this iconic model.

Client Experience On Track

In 2025, the Corse Clienti season was intense and rich in innovation, with high participation and a continuation of

the growth seen in recent years.

With the Ferrari Challenge Trofeo Pirelli, we brought the Ferrari 296 Challenge to the regional UK, Japan and

Australasia series, in addition to the international Europe and North America series, where the car made its debut in the 2024

season. Ferrari’s one-make series championship enjoyed another excellent season in 2025. The car was met with great

enthusiasm at events in Europe and the United States, with average entry lists of 70 drivers in Europe and 61 in the U.S.

Participation in the UK series remained in line with previous years, whereas the Japan series recorded a marked rise in

entrants. The Australasia series was launched in 2025 for the first time, and featured the Ferrari 296 Challenge on circuits in

Australia.

The Ferrari Challenge Trofeo Pirelli event that concluded the Corse Clienti competitive season took place at the

Mugello Circuit, during the Finali Mondiali, drawing 25,000 fans, guests, and professionals despite challenging weather

conditions. More than 100 drivers lined up for the races, contesting the final rounds of the European and North American

series and the world championship title. During the Ferrari show held on October 26, 2025, spectators watched a wide range

of cars from the non-competitive programs - F1 Clienti, Sport Prototipi Clienti and the XX Programme - along with the three

499Ps that won the 24 Hours of Le Mans in 2023, 2024 and 2025.

Several cars from our non-competitive programs took part to the 2025 Finali Mondiali, with more than 90 cars from

the F1 Clienti, XX Programme, Sport Prototipi Clienti and Club Competizioni GT, including 23 examples of the 499P

Modificata and 40 from the XX Programme. These programs also include exclusive events on some of the world’s most

iconic circuits, offering clients exclusive experiences on and off the track.

This year’s Finali Mondiali also marked the 20th anniversary of the XX Programme, with a display area that

showcased all the models that have shaped this exclusive, non-competitive program since 2005, along with track activities

involving nearly 50 cars from the program. The Mugello Circuit also hosted the 296 GT3 Evo, making its first on-track

appearance during the Ferrari Show ahead of its racing debut in 2026.

Throughout the course of the year, the Corso Pilota continued to offer clients a range of track-driving courses

tailored to different skill levels and experiences, including Sport, Evoluzione+, Race, On Ice, and On Ice Performance, the

latter two held in Lapland. It also provided service-based activities, such as Personal Coaching, teaching the essential skills

for high-performance driving through the most advanced and effective training methodologies and technologies.

Ferrari Classiche

The Ferrari Classiche department supports Ferrari clients in managing their historic Ferrari vehicles (over 20 years

from their production) with the objective of keeping as many of these classic cars on the road as possible. Services include

the certification of the authenticity of classic Ferrari cars and vehicles of particular historical relevance, the management of

Ferrari restoration and repair activities, as well as the management of Ferrari spare parts, including when these are no longer

available on the market. The department also provides advice on repair operations carried out on Ferrari Classiche cars

within its network.

Ferrari Classiche aims to create a platform of information and technical expertise to preserve and enhance over time

the awareness and value of Ferrari’s heritage and brand. We view the historic Ferrari vehicles of historical value as the

tangible legacy and incarnation of our brand. The Ferrari Classiche department also supports and encourages the direct

participation of clients in strategic historical events.

The Ferrari Classiche department in Maranello consists of an office of specialists and a workshop in which historic

cars are checked, restored and repaired. In addition, in order to provide an enhanced service to owners away from the main

workshop in Maranello, starting from 2017 Ferrari Classiche authorized a new service network with 73 Officina Ferrari

Classiche workshops active to date, primarily for vehicle repairs and the certifications’ inspections or revalidation. The

network is expected to further expand in the future considering the increasing number of cars becoming eligible to be

certified.

The authenticity of the car with respect to the initial specifications is checked via a technical inspection, performed

either at the Ferrari Classiche facility in Maranello or at an authorized workshop, and benefits from a comprehensive archive

containing drawings of each of the individual chassis and details of historical components. Based on the evidence gathered

during this inspection, the car is then presented to an expert committee, chaired by the founder’s son, Piero Ferrari, for the

certification.

At the Maranello workshop, Ferrari Classiche carries out full restorations or maintenance services using either

original components and spare parts or replicas manufactured in accordance with the original specifications. Our service

offers our clients the opportunity to restore or maintain any classic Ferrari to its original pristine conditions.

The Ferrari Classiche department also provides basic technical and instructional support to the Ferrari Classiche

Academy, a new driving school project that launched in 2019 for vintage Ferrari cars, including the Ferrari 308, Ferrari 328,

550 Maranello, MondialT, 250 GT Lusso, 365 GTB4. In addition, during the St. Moritz International Concourse of Elegance,

we unveiled a new on-ice driving course.

The Ferrari Classiche department also offers assistance services to clients attending driving events (such as 1000

Miglia. Le Mans Classic or other rally and tour) or static events (such as concours of elegance).

Racing

Participation in the FIA Formula 1 World Championship with Scuderia Ferrari and in the World Endurance

Championship with the Ferrari Endurance Team is a core element of our marketing effort and promotional activities, as well

as an important source of innovation for the support of the technological advancement of Ferrari’s product portfolio. We also

compete in the F1 Esports Championship with the Scuderia Ferrari Esports Team and we own the Mugello racing circuit in

Scarperia, near Florence, which we rent to racing events organizers. Each of these items is further discussed below.

Formula 1

The FIA Formula 1 World Championship is the pinnacle of motorsports and one of the most watched annual sports

series in the world, with a global fanbase of approximately 827 million, making it one of the most popular annual sporting

properties globally, an average of ~70 million viewers per race weekend across key markets, and a booming digital footprint

with over 114 million social media followers, while total digital engagements surpassed 2.3 billion interactions in 2025

(Source: Formula 1 2025 season end-of-year reporting, Liberty Formula One Group).

Formula 1 cars rely on advanced technology, powerful hybrid engines and cutting edge aerodynamics. While Europe

is the sport’s traditional base, longstanding non-European venues such as Australia, Brazil, Canada, Japan, Mexico and the

United States have been joined in the last two decades by racing venues in China, Bahrain, United Arab Emirates, Singapore,

Qatar, Saudi Arabia and Azerbaijan. This provides participants in the Formula 1 World Championship exceptional visibility

on the world stage.

Scuderia Ferrari has been racing in the Formula 1 World Championship since the series was launched in 1950, and

won its first Grand Prix in 1951. We are the only team that has competed in each season since launch and the oldest and most

successful in the history of Formula 1, with 248 Grand Prix wins. Throughout our racing history, we have won 15 Drivers’

Championships and 16 Constructors’ Championships, more than any other team. Many of the best known drivers in the

sport’s history have raced in Scuderia Ferrari’s distinctive red cars including Alberto Ascari, Juan-Manuel Fangio, Mike

Hawthorn, Phil Hill, John Surtees, Niki Lauda, Jody Scheckter, Gilles Villeneuve, Michael Schumacher, Sebastian Vettel,

Kimi Raikkonen and Lewis Hamilton. Our drivers’ line-up in 2025 comprised Charles Leclerc, the first graduate of the

Ferrari Driver Academy training scheme to race for our Formula 1 racing team, and Lewis Hamilton, the most successful

active driver in history with 7 Driver World Championships.

In 2021, the new FIA financial regulations entered into force and are now applicable as updated in 2025, imposing a

cap on certain expenses and investments related to operations and the chassis of the cars which may be incurred by any single

Formula 1 team. Moreover, development activities were also limited by the new regulation. In December 2021, the World

Motor Sport Council validated the framework for the 2026 Power Unit (PU) Regulations, which include technical,

operational and financial guidelines. The framework identifies key objectives related to, among other things, the

environmental impact, cost reduction measures and competitiveness of the FIA Formula 1 World Championship. A detailed

document setting out the 2026 Power Unit Regulations was submitted to the World Motor Sport Council during the course of

2022. They will apply to power units starting from the 2026 season of the FIA Formula 1 World Championship and,

consistent with the framework proposed to the Council, are mainly focused on the sustainability and innovation challenges of

Formula 1. The 2026 Formula 1 Power Unit Regulations were approved in August 2022 and apply starting in 2023 for motors

to be used in the 2026 season. The FIA set the operational cost cap for the 2026 season to approximately €199 million in

relation to the development and manufacturing of the racing car chassis and $130 million relating to the power units.

The Formula 1 2025 World Championship included 24 races.

In terms of results, the season ended with forth place for the Scuderia Ferrari in the Constructors’ Championship,

with 398 points, seven podiums, one pole position, and with five and six place finishes in the Drivers’ Championship, for

Charles Leclerc and Lewis Hamilton, respectively.

Scuderia Ferrari’s continuing participation in the FIA Formula 1 World Championship over the five year period

from 2021 to 2025 is governed by two agreements – widely known as New Concorde Agreement - signed on August 18,

2020. The first of such agreements governs the regulatory and governance aspects of the sport, while the second governs

commercial aspects. The New Concorde Agreement recognizes the historical role of Ferrari, the only team that has

participated in all Formula 1 World Championship editions since its inception. In exchange for their participation in Formula

1 races, the participating teams receive a share of a prize fund based on the profits earned from Formula 1-related commercial

activities managed by Formula 1, including in particular, promoters’ fees, television broadcasting royalties, partnership

agreements and other sources. Shares in the prize fund are paid to the teams, largely based on the relative ranking of each

team in the championship. During 2025, the Commercial Right Holder and the Formula 1 teams, including the new entrant

Cadillac F1 which has increased the total number of teams to 11, signed a new agreement for the period 2026 to 2030.

Improvements in technology and, from time to time, changes in regulations typically require the design and

production of a new racing car every year. Therefore, in addition to our long-term research and development efforts, we begin

designing our cars each year in the spring, in anticipation of the start of the racing season the following March. While the

chassis and the power unit we build each year are designed to be used throughout the racing season, the majority of other

components fitted on our cars are adjusted from race to race depending on the characteristics of the circuits.

To maximize the performance, efficiency and safety of our Formula 1 cars, while complying with the strict technical

rules and restrictions set out by the FIA, our research and development team plays a key role in the development of our road

cars and their engines. We often transfer technologies initially developed for racing to our road cars. Examples include

steering wheel paddles for gear-shifting, the use and development of composite materials, which make cars lighter and faster,

aerodynamic concepts and technology related to hybrid propulsion.

Our road cars have benefited from the know-how acquired in the wind tunnel by our racing car development teams,

enjoying greater stability as they reach high speeds on and off the track. Our research and development team focus on

combining minimal lap times with maximum efficiency, leading to advances in kinetic energy recovery systems, or ERS,

technology. Current advanced ERS features two electric motor/generator units in every car, which allow the car to recover,

store and deploy energy generated both by the vehicle during braking and by the exhaust gases through a turbocharger.

The increasing audience and appeal of F1 combined with a renewed strategy based on fan engagement and

integration of partners in the Ferrari ecosystem continues to grow the interest in partnering with Scuderia Ferrari, which

translates into significant sponsorships deals.

The partnership program includes a number of associated marketing initiatives, such as the hosting of clients and

other key partners in Ferrari Formula 1 Club Hospitality to watch and experience the Grand Prix races with Scuderia Ferrari,

and our Formula 1 drivers’ participation in various promotional activities including the access to Maranello for specific

marketing and client activities. We also often sell older Formula 1 cars to clients for use in amateur racing or collection.

More generally, Formula 1 racing allows us to promote and market our brand and technology to a global audience

without resorting to traditional advertising activities, therefore preserving the aura of exclusivity around our brand and

limiting the marketing costs that we, as a company operating in the luxury industry, would otherwise incur.

World Endurance Championship

In 2025, Ferrari competed in the top class of the FIA World Endurance Championship for the third year in a row,

achieving extraordinary results with the two 499P cars of the official Ferrari – AF Corse team in the Hypercar class. We

triumphed in both the World Manufactures’ Championship - a world endurance title that Ferrari had not won for 53 years -

and the World Driver’s Championship, with Alessandro Pier Guidi, James Calado and Antonio Giovinazzi. We also reported

a third consecutive victory at the 24 Hours of Le Mans, claimed this year by the number 83 499P entered by the privateer AF

Corse team, piloted by Ferrari official driver Yifei Ye, along with Robert Kubica and Phil Hanson. All three Ferrari crews

finished in the top three spots in the World Drivers’ standings, with the 51, 83, and 50 crews, respectively. Such a result by a

single manufacturer had never been achieved since the FIA WEC was established in 2012). The number 83 crew ended the

season by winning the FIA World Cup for Hypercar Teams, open to independent entrants. Moreover, also during the 2025

season, the official Ferrari – AF Corse team claimed three additional victories (at Lusail, Qatar; at Imola, Italy, and Spa,

Belgium) and three pole positions with the number 50 crew (Antonio Fuoco–Miguel Molina–Nicklas Nielsen) and the

number 51 crew (Pier Guidi–Calado–Giovinazzi).

The 296 LMGT3 competed in the LMGT3 class for the second consecutive season, delivering excellent

performances. The two cars entered by Vista AF Corse secured a win at the 6 Hours of Spa-Francorchamps with the number

21 crew of Alessio Rovera, François Heriau, and Simon Mann, along with four additional podium finishes overall. These

included results from the number 54 Ferrari driven by Davide Rigon, Thomas Flohr, and Francesco Castellacci. The season

finished with second place in the Drivers’ standings for the number 21 crew and seventh for the number 54 crew.

Other GT Races

In its third racing season, the 296 GT3 proved very competitive across many international series. In November 2025

at Macau, Ferrari earned its first win in the FIA GT World Cup, thanks to Antonio Fuoco in the AF Corse car.

In America, in the IMSA championship, the year ended with the Endurance Cup GTD class Manufacturers’ title for

Ferrari, the Teams’ title for AF Corse and the Drivers’ title for Alessandro Pier Guidi, Lilou Wadoux and Simon Mann.

Among the other major results, the GT World Challenge Europe yielded eight titles across the Teams and Drivers’

categories (Bronze Cup and Gold Cup). Additionally, the number 51 296 GT3 entered by AF Corse – Francorchamps Motors,

driven by Alessio Rovera, Alessandro Pier Guidi, and Vincent Abril, finished in third place overall at the 24 Hours of Spa.

In 2025, across the principal international and national series contested on track, the Ferrari 296 GT3 claimed one

Manufacturers’ title, eight Teams’ titles and 14 Drivers’ titles. It also secured 138 victories, including 30 overall wins and

108 class wins, counting also those achieved with the car in LMGT3 configuration

Scuderia Ferrari HP Esports Team

The Esports team is increasingly becoming an integral part of Ferrari’s racing ecosystem. After securing the

Constructors’ Title in 2024, we finished the 2025 F1 Sim Racing season in second place and achieved significant results on

iRacing as well as in the Premier Sim Gamin League and the Evolution Online Racing championships.

For the second consecutive year, the final of the Ferrari HP Esports Series took place at Ferrari World Yas Island in

Abu Dhabi, featuring fourteen drivers from around the globe and establishing the event as one of the most important

milestones of the international Esports scene.

Mugello Circuit

Located in Scarperia, just outside Firenze, the Mugello Circuit has been one of the leading motorsport venues

globally for more than 100 years. Internationally renowned as the host venue for the Italian MotoGP Grand Prix since 1976

(and consecutively since 1994), the Formula 1 Grand Prix of Tuscany Ferrari 1000 in 2020, and numerous international

motorsports competitions, the 5,245 metres circuit mimicking the natural slopes of the Tuscan hills is also famed for its

ultimate driving experience and modern facilities.

Originally a 66 km road circuit, the first motorsport events held at Mugello starting from 1914 were regularity races.

Enzo Ferrari won in 1921 on an Alfa Romeo class 4.500. The current facilities were designed in the early 70s and later re-

modelled in 1988 when Ferrari bought the circuit. Year after year the track has seen consistent improvements in terms of

safety with FIA Grade 1 and FIM Grade A certifications, the highest levels of homologation for a racetrack.

In 2025, the circuit hosted 235 days of track activities and 15 race weekends.

The circuit was awarded the prize for the Best Grand Prix circuit for a MotoGP event five times (1995, 1996, 1997,

2000, 2011), and is also a leader in terms of its sustainability practices. It was the first circuit in the world to obtain FIA’s

prestigious “Achievement of Excellence” in 2015 and to be certified according to the sustainable event management system

ISO 20121. As in 2024, the annual analysis carried out in 2025 by Enovation Consulting ltd. on 117 circuits worldwide, 23 of

which host or have hosted a Formula 1 Grand Prix, continued to feature the Mugello Circuit on the podium of the Sustainable

Circuits Index, that ranks the sustainability performance of global circuits against seven key sustainability factors:

certifications, accreditations, awards, environmental performance, social performance, economic impact, and sustainability

approach and engagement.

In 2025 all certifications (ISO 9001, ISO 14001, ISO 20121, ISO 45001, Eco-Management & Audit Scheme) were

renewed, including for the international standards for sustainable and event management as well as the system of safety and

health management on workplaces. Furthermore, in 2025, Mugello Circuit SpA, together with its parent company Ferrari

SpA, obtained the UNI/PdR 125:2022 standard, an Italian certification promoting gender equality in the workplace and

focused on reducing gender gaps in pay, career opportunities, and parental protection.

Lifestyle

Ferrari’s presence in the wider luxury landscape is key to ensuring brand relevance across generations. The role of

the Ferrari lifestyle is to foster growth by broadening our client base and expanding our value proposition beyond our core

business, while preserving our brand’s DNA, its heritage and values.

The goal and mission of our lifestyle strategy is bringing to life a universe that encapsulates Ferrari’s DNA while

accompanying our clients through different stages and moments of their lives.

Over the past years, to strengthen brand desirability, Ferrari:

(1) Entered into the personal luxury goods segment, a critical segment to broaden our client base, amplifying cultural

relevance for the brand especially for future generations. We also launched our clothing and apparel collection

through dedicated fashion shows.

(2) Created a new organizational structure, formed by a dedicated and talented team with fashion and luxury expertise

based in Milan and working closely with our team in Maranello.

(3) Rationalized its licenses by terminating approximately half of its license agreements where the product offering and

distribution was not consistent with the positioning of the Ferrari brand.

(4) Completed the rationalization of the retail network by closing 7 franchised stores and 4 directly operated stores

considered unsuitable for Ferrari’s luxury positioning. We have since relocated and restyled our existing flagship

boutiques and opened 3 new ones in the United States. Our international network of Ferrari Stores consisted of 16

Ferrari-owned directly operated stores and 2 franchised stores as of December 31, 2025.

Looking ahead, the focus remains on delighting our community of Ferraristi on one side and tifosi on the other.

Ferrari Lifestyle has three pillars: (1) Personal Luxury Goods, (2) Collectibles and (3) Experience.

(1) Personal Luxury Goods – dedicated to our own refined collection – accessories, apparel and selected merchandising

– embodies the style, creativity and quality that we stand for, balancing exclusiveness and inclusiveness through a

carefully combined mix of product categories. Importantly, we aim to further strengthen partnerships with selected

licensees, which will allow us to play in complementary territories/categories while being loyal to our brand’s DNA

and positioning. Through our network of directly operated stores, we offer a wide range of Ferrari branded products,

including our fashion collection and selected merchandising and licenses.

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(2) Collectibles – builds on the concept of collectability by enlarging and customizing the portfolio of available Ferrari

tokens and the offer of Ferrari-branded products such as high-end watches and high-end writing instruments,

consumer electronics, sportswear, toys, leading video games, and other accessories. We are expanding the offer of

products such as limited editions and one-off artifacts embodying the inherent craftsmanship and innovative spirit

that lie behind the creation, design, and manufacture of our cars. This offering also includes the renewed Authentic

Pieces, Historic Pieces, and Driver Pieces launched in 2025.

(3) Experience – Through this pillar we intend to nurture our heritage and celebrate our craftsmanship through dedicated

and tailor-made experiences. We capture the essence of the Ferrari spirit by immersing customers in the racing

history, passion and values of Ferrari, through our Ferrari museums in Modena and Maranello (which attracted more

than 890,000 visitors in 2025), Il Cavallino restaurant in Maranello and our theme parks in Abu Dhabi and Spain.

Intellectual Property

We own a number of registered designs and utility patents. We expect the number to grow as we continue to pursue

technological innovations and to develop our design and brand activities.

We file patent applications in Europe, and around the world (including in the United States) to protect technology

and improvements considered important to our business. No single patent is material to our business as a whole.

We also own a number of registered trademarks, designs and patents, including approximately 600 trademarks

(word or figurative), registered in several countries and across a number of classes. In particular, we ensure that the maximum

level of protection is given to the following iconic trademarks, for which we own approximately 4,410 applications/

registrations in approximately 150 countries, in most of the main classes for goods and services:

• “Ferrari” (word)

• “Ferrari” logotype:

• the “Prancing Horse” (figurative):

• the trademark (figurative):

• the racing shield (figurative):

• “Scuderia Ferrari” (word and figurative)

The names of our Range, Special Series, Icona and Supercar models and Formula 1 single-seater models are also

registered as trademarks (and logotypes) and we also register their domain names and the cars’ design.

The protection of intellectual property is also increasingly important in connection with our design and brand

activities. Therefore, we adopt and follow internal processes and procedures to ensure both that all necessary protection is

given to our intellectual property rights and that no third party rights are infringed by us. In addition, we are particularly

active in seeking to limit any counterfeiting activities regarding our Ferrari branded products around the world. To reach this

goal we closely monitor trademark applications and domain names worldwide, actively interact with national and local

authorities and customs and avail ourselves of a network of experienced outside counsels.

Properties

Our principal manufacturing facility is located in Maranello (Modena), Italy. It has an aggregate covered area of

approximately 832 thousand square meters. Our Maranello plant hosts our corporate offices and most of the facilities we

operate for the design, development and production of our road and track cars, as well as of our Formula 1 single-seaters.

(See “—Manufacturing” ). Except for some leased technical equipment, we own all our facilities and equipment in

Maranello.

In recent years, we have made significant investments in our manufacturing facilities. In 2015, we completed

construction of a new building entirely dedicated to our Formula 1 team and racing activities, as well as the new wind tunnel

4WD. In 2018, we completed the Ferrari Design Centre, which covers more than 7 thousand square meters. In 2019, we

completed the office area and workshop area of the New Technical Center for the development of engines and hybrid

systems. The entire building and the engine and hybrid test benches cover an area of approximately 20 thousand square

meters and were completed in 2021.

In 2021, we completed the construction of a new building related to sport activities (which covers an area of

approximately 6 thousand square meters near the Fiorano track), a new building for our Formula 1 simulator and the

renovation of the offices used by our Marketing and Commercial department.

Between 2019 and 2022, Ferrari acquired land and buildings near its Maranello plants and started the construction of

the e-Building, inaugurated in June 2024. With a total floor space of over 40 thousand square meters, the e-Building is a

strategic asset for vehicle assembly and the construction of electric motors, batteries, electric axles. It features two floors,

designed to achieve maximum levels of energy performance with heat pump air conditioning systems and a 1.3 MW

photovoltaic system installed on the roof. Externally, the building is mainly made with both opaline and transparent glass

panels which guarantee a high internal diffusion of natural light and high visual comfort, also supported by the study of

colors and modern lighting materials. In addition to condensing the best characteristics of environmental sustainability, the

building offers internal and external spaces intended for the well-being of people through the presence of numerous

relaxation areas.

In 2023, Ferrari added an additional 8 thousand square meters to the New Technical Center in order to speed up the

development of electrification activities and boost the ability to test the strategic product range components. Furthermore, to

support the development and production of Formula 1 components, the Mechanical department was expanded by

approximately 2 thousand square meters. The increasing number of employees has made it necessary to construct, expand

and modernize offices and workspaces. The new Marketing and Commercial Department offices and the 4WD Wind Tunnel

enlargement, which enables the entire Product Development to accommodate more resources in line with the range plan, have

been identified as the most significant buildings in 2023. The total area of these recently constructed buildings is about 4

thousand square meters. In order to attract the attention of Ferrari collaborators, we also moved forward with the development

and restructuring of certain related facilities (company restaurant, health & care rooms, and infirmary).

In 2024, we began the construction of our new paint shop, which continued in 2025 and is ongoing. Once

completed, the facility, built on a land previously purchased, will feature total space of approximately 65 thousand square

meters over two floors. The paint shop is a strategic project designed to strengthen the aesthetic appeal of our products and

expand the range of customization options offered to clients. The facility will incorporate state of the art paint application

technologies, high precision robotic systems and digital process control solutions capable of ensuring superior levels of

consistency and repeatability. Environmental considerations have been central to the design, which includes high efficiency

energy systems, Volatile Organic Composite (“VOC”) reduction technologies and advanced water treatment and recycling

processes, contributing to the achievement of the Company’s ESG targets.

In 2025, Ferrari began and completed the construction of Ferrari e-Vortex. The new infrastructure, approximately

two kilometers long and covering an area of 37,000 square meters, represents a fundamental step forward in improving the

functional testing of sports cars fresh off the production line. Designed to meet the most advanced development and

validation requirements, the track allows for precise and repeatable testing in compliance with the highest safety standards.

The track is divided into a series of sectors, each dedicated to a specific aspect of performance and driving pleasure: two wide

curves with banking and longitudinal slope, a central straight, and handling curves dedicated to the study of dynamic

behavior. The special road surfaces – developed using Ferrari’s experience and expertise – allow for in-depth analysis of

comfort and performance.

Adjacent to the plant is our Fiorano track, built in 1972 and remodeled in 1996, and which covers approximately 3

thousand meters.

The track also houses the Formula 1 logistics offices. Additional facilities in Maranello include a product

development center, a hospitality area and the Ferrari museum.

We also own the Mugello racing circuit in Scarperia, near Florence, which we rent to racing events organizers (see

“—Racing—Mugello Circuit”).

We own a second plant in Modena, named Carrozzeria Scaglietti. At this approximately 26 thousand square meter

plant we manufacture aluminum bodyworks for our regular Range, Special Series and prototype cars.

The total carrying value of our property, plant and equipment at December 31, 2025 was €2,058 million.

Employees

Human capital represents a key driver of our success, reinforcing our standing as a global leader in the luxury

industry and enabling the creation of sustainable, long-term value. To foster excellence, support professional growth, and

ensure equal opportunities, we implement a range of initiatives, including: our appraisal system, which plays a central role in

evaluating middle managers and white-collar employees through structured performance management metrics; our talent

management and succession planning, in addition to assessment plans for blue and white collars; training and skill-building

initiatives; employee satisfaction and engagement surveys, including our so-called “Ferrari League” programs, and flexible

work arrangements, commuting programs and a dedicated welfare program, Formula Benessere, which includes, among

other programs, Formula Benessere Check-Up (provided for 4,164 employees), launched in 2024 and which provides an

annual medical check-up to be carried out during working hours, Formula Benessere Junior (provided for 1,058 children),

offering medical assistance to employees and their children and now covering children aged 4-18 (previously the 5-15 age

group), and Formula Estate Junior, offering summer campus activities to employees’ children. We also announced additional

initiatives aimed at supporting parenthood, including greater flexibility for those who can work in agile mode and paid leave

for employees with children up to the age of 10.

On December 31, 2025, we had a total of 5,718 employees, including 161 managers and senior managers. Of these

employees, 5,367 were based in Italy (primarily at our Maranello facility) and 351 were based in offices around the world

(including 28 managers and senior managers), mostly in North America and China.


	December 31,
	2025	2024	2023
White-collar employees and middle-managers	2,954	2,769	2,568
Italy	2,640	2,458	2,282
Rest of the world	314	311	286
Blue-collar employees	2,603	2,496	2,259
Italy	2,594	2,488	2,250
Rest of the world	9	8	9
Managers and senior managers	161	170	161
Total	5,718	5,435	4,988

Approximately 12 percent of the employees were trade union members in 2025. Our employees’ principal trade

unions are Federazione Italiana Metalmeccanici (FIM-CISL), Unione Italiana Lavoratori Metalmeccanici (UILM-UIL),

Federazione Italiana Sindacati Metalmeccanici e Industrie Collegate (FISMIC) and Federazione Impiegati Operai

Metallurgici (FIOM-CGIL).

All of our managers in Italy are covered by collective bargaining agreements signed by the Italian trade union,

Federmanager, signed on April 28, 2023. Our other employees in Italy are covered by two agreements: the first one entered

into by FCA, CNH Industrial, Iveco and Ferrari with Italian labor unions (FIM-CISL, UILM-IUL, FISMIC, UGL and

AQCF), signed on March 8, 2023; the second one entered into by Ferrari and Italian labor unions (FIM-CISL, UILM-IUL,

FISMIC), signed on November 13, 2023 and named “Accordo Premio di Competitività Ferrari”, which includes, among other

things, the payment of bonuses linked to performance for certain categories of employees.

On June 6th, 2025, the economic part of the collective bargaining agreement (Contratto Collettivo Specifico di

Lavoro - CCSL) was renewed for the two-year period 2025-2026.

In addition to the collective bargaining agreements, we have individually negotiated agreements with several of our

managers and other key employees providing for long-term incentives, exclusivity and non-compete provisions.

Regulatory Matters

We manufacture and sell our cars around the world and our operations are therefore subject to a variety of laws and

regulations relating to environmental, health and safety and other matters. These laws regulate our cars, including their

emissions, fuel consumption, safety, and connectivity as well as our manufacturing facilities and operations, setting strict

requirements on emissions, treatment and disposal of waste, water and hazardous materials and prohibitions on

environmental contamination. Our vehicles, 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). However,

we currently benefit from certain regulatory exemptions, because we qualify as an SVM or similar designation in certain

jurisdictions where we sell cars. As outlined below, these exemptions provide a range of benefits, from less stringent

emissions caps and compliance date extensions, to exemptions from zero emission vehicle production requirements.

We are in compliance with the relevant regulatory requirements affecting our facilities and products around the

world. We constantly monitor such requirements and adjust our operations as necessary to remain in compliance.

Approval and market surveillance

In 2018, the European Parliament and European Council issued Regulation 2018/858, establishing the new

framework for the approval and market surveillance of motor vehicles (repealing Directive 2007/46/EC). While the previous

regulatory framework of Directive 2007/46/EC was focused on technical standards, the new regulation has a broader scope

by including market surveillance requirements in order to ensure the enforcement of applicable standards. The key objectives

of Regulation 2018/858 are: enhancing the independence of technical services (i.e. the approved testing laboratories) as well

as improving the quality of the testing of vehicles and setting stricter requirements for technical services; introducing market

surveillance in order to verify the conformity of vehicles on the market to the applicable standards, and requiring corrective

measures in case of non-compliance or where a vehicle poses a safety risk or a risk to the environment; strengthening the type

approval system with more stringent oversight by the EU. The Commission has the power to suspend, restrict or withdraw the

designation of technical services, to order recalls, and to impose financial penalties.

The European Commission is also provided with the delegated power to revise Regulation 2018/858 in order to keep

it up to date and aligned with industry and stakeholder needs. In 2025, several updates were presented, which are expected to

be adopted in 2026. In particular, one amendment is aimed at strengthening the individual vehicle approval scheme by

updating the list of applicable requirements and general rules. Another amendment is intended to define clear requirements to

allow manufacturers to certify replacement batteries for vehicles already registered.

Greenhouse gas/CO2/fuel economy legislation

European legislation limited fleet average greenhouse gas emissions for new passenger cars to 130 grams of CO2 per

kilometer for the period 2015-2019. Due to our SVM status under EU regulations we benefited from a derogation from the

130 grams per kilometer emissions requirement available to small volume and niche manufacturers during that period.

Pursuant to that derogation, we were instead required to meet yearly CO2 emissions targets, beginning in 2012, reaching a

target level of 290 grams per kilometer in 2016 for our fleet of EU-registered vehicles that year. Despite global shipments

exceeding 10,000 vehicles in 2019, Ferrari continued to qualify as an SVM under EU regulations, because its total number of

registered vehicles in the EU per year is less than 10,000 vehicles.

In 2014, the European Union set new 2020 emissions targets, calling for 95 percent of a manufacturer’s full fleet of

new passenger cars registered in the EU in 2020 to average 95 grams of CO2 per kilometer, rising to 100 percent of the fleet

in 2021. The 2014 regulation extends the small volume and niche manufacturers derogation. Pursuant to the derogation

approved by the European Commission following our petition, we were required to meet certain CO2 emissions target levels

in the 2017-2021 period, reaching a target of 277 grams per kilometer in 2021 for our fleet of EU-registered cars that year.

In 2019, the European Union set new 2025 and 2030 emissions targets, calling for respectively a 15 percent and 37.5

percent reduction of the target applicable in 2021. An incentive mechanism for zero and low emission vehicles was also

introduced. This new regulation (EU 2019/631) continues to state that it is not appropriate to use the same method to

determine the emissions reduction targets for large volume manufacturers as for small volume manufacturers that are

considered as independent. Therefore, Ferrari and other SVMs have the possibility to continue to apply for alternative

emissions reduction and are required to submit the application at the latest by October 31 of the year in which the related

derogation shall apply.

The regulation EU 2019/631 sets out new EU rules on monitoring and reporting of average emissions: the

Commission will have to ensure the real-world representativeness of the CO2 emission values based on data from the fuel

consumption meters installed in new cars and will be obliged to publish the performance of each manufacturer. For this

purpose, the Commission issued in March 2021 the Implementing Regulation EU 2021/392 requiring manufacturers to

collect and report the real-world on-board fuel consumption monitoring (OBFCM) data and the vehicle identification

numbers of new cars registered starting from January 1, 2021, unless the vehicle owner expressly refuses to make that data

available. The European Commission will then publish real-world data on an annual basis, aggregated at the level of

manufacturer for comparison of the same set of vehicles between data recorded in the certificates of conformity and the real-

world data. The first report was published in 2024. In addition, regulation EU 2019/631 requires the European Commission to

evaluate the possibility of a common methodology for the assessment and the consistent data reporting of full life-cycle

emissions from cars. The regulation also includes provisions on in-service conformity testing and on detecting strategies

which may artificially improve the CO2 performance. Because of these requirements, the European Commission developed

the Delegated Regulation (EU) 2023/2867 setting out the guiding principles for defining the in-service verification

procedures. Detailed technical provisions (e.g., test procedures, statistical evaluations, tolerances, pass/fail criteria, etc.) for

the in-service verification procedures have been defined in the Implementing Regulation EU 2023/2866.

The European Green Deal, adopted by the European Commission in December 2019, has at its core combating

climate change and reaching the objectives of the Paris Agreement and other environmental goals (including addressing air

pollution). One of its central elements is the 2050 climate neutrality objective. The European Commission enshrined the 2050

climate neutrality objective into EU law entered into force in July 2021. In order to set the EU on a sustainable path to

achieve climate neutrality by 2050, the European Commission has also presented a net EU-wide, economy-wide plan to

reduce greenhouse gas emissions by at least 55 percent by 2030, compared to 1990 levels.

Building on the existing legislation and the EU’s 2030 climate ambitions, the European Commission also published

the “Fit for 55” Package on July 14, 2021, which includes a proposed amendment to the regulation EU 2019/631. Regulation

(EU) 2023/851 amending Regulation (EU) 2019/631 on CO2 emission performance standards for new passenger cars and for

new light commercial vehicles was published in the EU Official Journal on 25 April 2023 and entered into force in May

2023. In particular, the provision granting a derogation from the specific emissions targets to manufacturers responsible for

between 1,000 and 10,000 new passenger cars in a calendar year will remain until 2035 included. Moreover, both the

proposals to increase the 2030 CO2 emissions target from a 37.5% to a 55% reduction compared to 2021 and introduce a

2035 target whereby CO2 emissions from new cars and vans would have to be 100% lower compared to 2021 have been

confirmed. For the first time, the Commission has introduced in this Regulation a legal basis for registering vehicles beyond

2035 running exclusively on CO2 neutral fuels. However, specific regulatory instruments are needed to implement this

possibility. The European CO2 regulation is expected to undergo a major review in 2026, with the first draft being released on

17 December 2025. The Commission is also mandated to develop a Life Cycle Assessment (LCA) methodology by the end of

2025 to cover the full environmental impact of vehicles beyond the use phase. However, no draft has been made available

yet, and it is likely to be released in 2026. There is a risk that the proposed methodology may not adequately account for the

peculiarities of sports cars (e.g. typical low mileage), potentially leading to an unfavorable comparison with mass market

vehicles. Ferrari continues to closely monitor these developments.

Similarly to the EU, Switzerland introduced CO2 emission regulations for new cars in July 2012. Despite the

existence of some specificities within the Swiss regulation, derogations aligned with EU regulation have been granted to

SVMs up to and including 2021. Switzerland has historically adopted the targets approved by the European Commission. On

November 24, 2021, the Swiss Federal Council amended the CO2 emission regulations for cars and vans. This regulation was

repealed starting from January 1, 2022 and the vehicles of niche and small volume manufacturers have to meet the same CO2

emission targets as the large volume manufacturers. This change in legislation is expected to result in additional costs for

Ferrari, either through penalties or the purchase of emissions credits from other manufacturers. Such additional costs were not

material in 2022-2024 and Ferrari does not expect that they will be material in the future. The Swiss CO2 emissions

regulation was revised in 2025, increasing the stringency of CO2 emissions targets from that year, with an effect on both the

related costs of penalties and credits purchasing and the availability of credits on the market. Such costs are still expected not

to be material for Ferrari, which is closely monitoring the credits market for the coming years. Notably, the revision also

established the world’s first framework that effectively acknowledges the role of renewable synthetic fuels in reducing

vehicles’ environmental impact.

In the United States, both Corporate Average Fuel Economy (“CAFE”) standards and greenhouse gas emissions

(“GHG”) standards are imposed on manufacturers of passenger cars. Because the control of fuel economy is closely

correlated with the control of GHG emissions, the United States Environmental Protection Agency (“EPA”) and the National

Highway Traffic Safety Administration (“NHTSA”) have sought to harmonize fuel economy regulations with the regulation

of GHG vehicle emissions (primarily CO2). Over time, these standards have been revised through successive rulemakings

applicable to different MY ranges, including standards currently applicable through MY 2026 and additional standards

adopted for MY 2027 and later.

On September 27, 2019 the EPA and the NHTSA issued the “Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule

Part One: One National Program” (SAFE I Rule). These rules would exert federal preemption authority under the CAFE

statute over California’s ability to regulate greenhouse gases and would revoke the current EPA waiver under the Clean Air

Act which had authorized California to regulate GHG from motor vehicles. The state of California along with other states and

certain NGOs filed challenges to these rules in both U.S. District Court for the District of Columbia and the United States

Court of Appeals D.C. Circuit. In May 2021, the NHTSA issued a notice of proposed rulemaking proposing to fully repeal

the SAFE I Rule. In December 2021, NHTSA’s proposal was finalized.

On March 31, 2020 the EPA and the NHTSA issued the final SAFE Vehicles Rule (Part Two) setting CAFE and

carbon dioxide emissions standards for MYs 2021-2026 passenger cars and light trucks. Under the SAFE Vehicles Rule (Part

Two), the overall stringency of the federal standards is significantly reduced from the levels previously set as the final rule

will increase stringency of CAFE and CO2 emissions standards by 1.5 percent each year through MY 2026, as compared with

the standards issued in 2012, which would have required annual increases of approximately 5 percent. In August 2021, the

EPA published a notice of proposed rulemaking proposing to strengthen federal GHG emissions standards for passenger cars

and light trucks by setting stringent requirements for reductions from MYs 2021-2026. This rulemaking has been finalized in

December 2021. Consistently with the EPA’s approach, in September 2021 the NHTSA published a notice of proposed

rulemaking proposing revised fuel economy standards for passenger cars and light trucks for MYs 2024-2026. In July 2022,

the NHTSA’s final rule on CAFE standards for MYs 2024 through 2026 entered into force. Specifically, MYs 2024 and 2025

standards increase in stringency by 8% each year relative to the prior year, MY 2026 standards increase by 10%. The CAFE

standards reach approximately 49 miles per gallon in 2026 (U.S. fleet average) as compared to 36 mpg in MY 2021,

individual manufacturer’s standards will vary from these figures depending on fleet and vehicle size mix. In April 2024, the

EPA published the final rule for its 2027 and later Multi-Pollutant Rulemaking, introducing among other requirements,

stricter emission standards of GHGs as well as criteria and air toxic pollutants from light- and medium-duty vehicles. The

SVM GHG alternative standards have been removed from MY 2027. In March 2025, the U.S. Government announced its

intention to review and potentially revise several vehicle emission regulations adopted in previous years, including a possible

relaxation of the Multi-Pollutant Rulemaking. In July 2025, the EPA issued a proposal to rescind the 2009 Endangerment

Finding, which would repeal federal GHG standards established from 2012 and eliminate battery durability requirements. In

December 2025, the EPA indicated that it was considering potential adjustments to the implementation and enforcement

timing of the MY 2027 and later standards as part of this review. In February 2026, EPA revoked the 2009 Endangerment

Finding and repealed existing federal GHG emission standards applicable to cars and trucks. Significant legal challenges to

this action are expected, contributing to ongoing regulatory uncertainty. In June 2024, NHTSA published the final rule setting

more stringent fuel economy standards for passenger cars, with binding targets for the MYs 2027-2031. However, in June

2025, NHTSA issued an interpretative rule addressing the legal framework used to establish CAFE requirements from MY

2022 onward, indicating that the agency is reviewing those standards and that further rulemaking may follow. This approach

was reflected in additional agency materials published in December 2025, and further developments are expected in 2026.

Additionally, in July 2025, the U.S. Congress enacted the “One Big Beautiful Bill Act,” a comprehensive budget

reconciliation package that, among other measures, effectively removed civil penalties for manufacturers violating CAFE

standards.

Under current regulation, for MYs 2017-2026, the EPA allows an SVM, defined as an operationally independent

manufacturer with less than 5,000 yearly unit sales in the United States, to petition for a less stringent standard. The EPA has

granted us SVM status. We therefore petitioned the EPA for alternative standards for the MYs 2017-2021 and 2022-2025,

which are aligned to our technical and economic capabilities. On July 31, 2019 the EPA published a Notice in the U.S.

Federal Register (Federal Register /Vol. 84, No. 147) that in part proposed that Ferrari be permitted an alternative standard

substantially in line with the alternative standard that Ferrari proposed to the EPA for MYs 2017-2021. The EPA approved

Ferrari proposed standards for MYs 2017-2020, whereas it required a small reduction for the MY 2021 standard. On June 25,

2020, the EPA Administrator signed the final determination for alternative GHG standards for SVMs for MYs 2017 through

2021. Ferrari actively engaged in discussions with the EPA throughout the years, submitting in 2018 a petition for alternative

standards in the MYs 2022-2025. No response has been received from the EPA regarding this petition. However, in the

aforementioned 2027 and later Multi-Pollutant Rulemaking final rule published in April 2024, the EPA allows SVMs to

adhere to the 2021 standard until the MY 2026 is included. Starting with MY 2027, SVMs should comply with mainstream

standards with a certain phase-in. This adjustment could impact our operations and we will closely monitor developments in

the upcoming fiscal year, including purchasing credits from other manufacturers. However, the regulatory landscape remains

uncertain due to the U.S. Government’s recent announcement regarding a potential relaxation of the Multi-Pollutant

Rulemaking, as well as the EPA’s proposal to rescind the 2009 Endangerment Finding, which would repeal federal GHG

standards established since 2012. We will continue to closely monitor these developments and assess their potential impact

on our compliance strategy.

In September 2016, we petitioned the NHTSA for recognition as an independent manufacturer of less than 10,000

vehicles produced globally, and we proposed alternative CAFE standards, for MYs 2017, 2018 and 2019. Then, in December,

2017, we amended the petition by proposing alternative CAFE standards for MYs 2016, 2017 and 2018 instead, covering also

the 2016 MY. In 2019, our global production exceeded 10,000 vehicles, and therefore we are not considered a SVM by the

NHTSA for MY 2019. We previously purchased the CAFE credits needed to fulfill this deficit. On July 15, 2020, we

submitted to the NHTSA a petition for an exemption from the CAFE standards for the MY 2020. We proceeded with this

submission because, although Ferrari originally intended to produce more than 10,000 vehicles in 2020, actual production

was lower than 10,000 vehicles as a result of the COVID-19 pandemic and the related shutdown of our production facilities.

Therefore, since we met the NHTSA definition of a SVM, we have requested an alternative fleet average CAFE standard for

MY 2020 standard. In February 2024, NHTSA published a final decision to exempt Ferrari from the generally applicable

CAFE standards for the MYs petitioned and established alternative standards at the levels already achieved. We purchased

the CAFE credits needed to fulfill our model year 2021-2023 deficit. Following the effective removal of CAFE civil penalties

in July 2025, we are closely monitoring ongoing regulatory developments to determine whether further purchases of credits

will be necessary.

As the state of California has been granted special authority under the Clean Air Act to set its own vehicle emission

standards, the California Air Resources Board (“CARB”) enacted regulations under which manufacturers of vehicles for MYs

2012-2016 which are in compliance with the EPA greenhouse gas emissions regulations are also deemed to be in compliance

with California’s greenhouse gas emission regulations (the so-called “deemed to comply” provision). In November 2012, the

CARB extended these rules to include MYs 2017-2025. In 2017 CARB performed a technical assessment regarding

greenhouse gas standards for MYs 2022 through 2025, in parallel with the EPA and the NHTSA, and confirmed in March

2017 that the standards defined in 2012 may be still considered appropriate. On December 12, 2018, the CARB amended its

existing regulations to clarify that the “deemed to comply” provision would not be available for MYs 2021-2025 if the EPA

standards for those years were altered via an amendment of federal regulations. On September 19, 2019, the NHTSA and the

EPA established the “One National Program” for fuel economy regulation, taking the first step towards finalizing the

agencies’ August 2018 proposal by announcing the EPA’s decision to withdraw California’s waiver of preemption under the

Clean Air Act, and by affirming the NHTSA’s authority to set nationally applicable regulatory standards under the

preemption provisions of the Energy Policy and Conservation Act (EPCA). On March 9, 2022, EPA rescinded its withdrawal

of the waiver for California’s light-duty vehicle GHG and zero emission vehicle (ZEV) standards. California and Section 177

states may again enforce those standards. Subsequently, CARB clarified that the compliance with CARB’s GHG regulations

is expected from MY 2021 for all manufacturers. Ferrari meets the requirements to be classified as an SVM based on the

relevant regulations in the state of California. Therefore, in 2023, in agreement with CARB, Ferrari petitioned for SVM

2021-2025 alternative standards. In July 2024, we received official approval from CARB for alternative standards for the MY

2021-2025. In June 2025, the U.S. President signed certain resolutions under the Congressional Review Act invalidating,

among other things, the EPA waivers granted to the CARB with respect to emission standards from MY 2026 onward. In

response, the CARB initiated legal proceedings to challenge such resolutions. In parallel, in June 2025, the Governor of

California issued an executive order mandating the CARB to begin developing future state emissions regulations, reaffirming

California’s commitment to advancing zero-emission technologies and further reducing greenhouse gas and pollutant

emissions. Ferrari continues to closely monitor these regulatory developments and related proceedings.

While Europe and the United States lead the implementation of these fuel consumption/CO2 emissions programs,

other jurisdictions typically follow on with adoption of similar regulations within a few years thereafter. In China, for

example, Stage IV targeted a national average fuel consumption of 5.0L/100km by 2020. In September 2017, the Chinese

government issued the Administrative Measures on CAFC (Corporate Average Fuel Consumption) and NEV (New Energy

Vehicle) Credits. This regulation establishes mandatory CAFC requirements, while providing additional flexibility for SVMs

(defined as a manufacturer with less than 2,000 units imported in China per year that achieve a certain minimum CAFC

yearly improvement rate). Manufacturers that exceed the CAFC regulatory ceiling are required to purchase NEV credits.

The Stage V regulation, issued on December 31, 2019, sets the fuel consumption fleet average targets for the period

2021-2025, targeting a national average fuel consumption of 4.0 l/100km by 2025. Following the adoption of the Stage V

fuel consumption regulation, an update to the Administrative Measures on CAFC and NEV credits was published in June

2020, keeping the additional flexibility for SVMs and relaxing the minimum CAFC yearly improvement rate required. The

stage VI regulation, designed to strengthen 2026-2030 fuel consumption fleet average targets, has reached its final stage, with

the final rule published in August 2025. However, formal adoption is still pending and is expected in 2026. In November

2025, the related Administrative Measures on CAFC and NEV credits were updated, retaining flexibilities for SVMs. In

addition to the fuel consumption target on the entire fleet, the Chinese regulation GB 19578-2021 sets specific fuel

consumption limits on model types. Currently, this standard has not been adopted by the China Certification and

Accreditation Administration (CNCA) and is therefore not applicable for certification of imported vehicles. In the current

Ferrari portfolio, only the plug-in hybrid models would be compliant with this regulation. In November 2024, the revision of

the GB 19578-2021 standard, introducing more stringent limits, was published. Assessing the potential implications,

particularly its potential applicability to importers, remains a priority for us and is expected to be clarified upon formal

adoption in 2026. Following the same approach also with respect to pure electric vehicles, during 2021 the relevant Chinese

authorities have published a notice to call for participation in a working group that should define the energy consumption

limit standards for electric vehicles; the working group was established in 2022 and the resulting standard was published in

August 2025, introducing relaxed energy consumption requirements for high-performance vehicles. Formal adoption is

expected in 2026. In November 2025, the relevant Chinese authority launched an initiative to develop fuel and electric energy

consumption limits specifically for plug-in hybrid electric vehicles. Further developments are expected in 2026. In parallel,

the forthcoming China 7 vehicle emissions regulation will, for the first time, introduce GHG emissions standards in China,

establishing a framework that will operate alongside existing fuel consumption requirements. Further developments regarding

China 7 are expected in 2026.

In the future, driving bans on combustion engine vehicles could be imposed, particularly in metropolitan areas,

promoting progress in electric and hybrid technology. On September 23, 2020, the Governor of California issued an

executive order requiring that all in-state sales of new passenger vehicles be zero-emission by 2035. CARB developed

regulations as part of the Advanced Clean Cars II (ACC II) regulatory package to implement such executive order. The ACC

II regulations entered into force in November 2022 with the aim to increase the number of zero-emission vehicles (“ZEVs”)

for sale and reduce greenhouse gas emissions from new light- and medium-duty vehicles beyond MY 2025. However,

following the invalidation of the EPA waivers granted to the CARB with respect to emission standards from MY 2026

onward, the applicability of the ACC II regulations is currently suspended pending ongoing litigation challenging the

rescission of the EPA waivers. In 2021, the State of Washington adopted the so-called “Clean Cars 2030” initiative, aimed at

phasing out the sale of new non-zero-emission light-duty vehicles, to be completed by 2030. However, in late 2022,

Washington postponed the phase-out of non-ZEVs by five years, aligning its target with California’s ACC II 2035

commitment. In November 2020, the UK Prime Minister, the Transport Secretary and the Business Secretary announced, in

the context of the 10-Point Plan for a Green Industrial Revolution, the end of the sale of new petrol and diesel cars in the

United Kingdom by 2030. On July 14, 2021 the UK Government published the Green Paper on a New Road Vehicle CO2

Emissions Regulatory Framework for the United Kingdom. The commitment is to reach net zero carbon emissions by 2050.

Following Brexit, the UK Government intends to define the legal framework to deliver the internal combustion engine

vehicles phase out dates announced in November 2020 by the Prime Minister’s Ten Point Plan for a Green industrial

Revolution. To achieve this goal, the UK Department for Transport proposed an ambitious and challenging Zero Emissions

Vehicle (ZEV) mandate, in terms of its starting point (i.e. 2024), annual trajectory targets and in terms of the announced very

limited flexibility to achieve these targets. The final rule of the UK - ZEV Mandate and CO2 Emissions Regulation was

released in December 2023, establishing new annual targets for Stage I (2024 - 2030). Stage II (2031 - 2035) requirements

will be defined in the future. Small Volume Manufacturers are eligible for special provisions related to both ZEV and CO2

targets. The Regulation was introduced against the background of the UK Government’s plan to postpone the end of sale of

new pure petrol and diesel cars from 2030 to 2035. However, the UK Government later signaled that it was considering the

reinstatement of the 2030 deadline for ending sales of new pure petrol and diesel cars. The outcome of the public consultation

on the Regulation, published in April 2025, confirmed the UK Government’s commitment to ending the sale of new pure

petrol and diesel cars from 2030 and to requiring that all new cars and vans be 100% zero-emission by 2035. Provisions for

small volume manufacturers are subject to ongoing regulatory development and clarification. Ferrari continues to closely

monitor the rulemaking process and its potential impacts.

Exhaust and evaporative emissions requirements

In 2007, the European Union adopted a series of updated standards for emissions of other air pollutants from

passenger and light commercial vehicles, such as nitrogen oxides, carbon monoxide, hydrocarbons and particulates. These

standards were phased in from September 2009 (Euro 5) and September 2014 (Euro 6) for passenger cars. In 2016, the

European Union established that Euro 6 limits shall be evaluated through Real Driving Emissions (RDE) measurement

procedure and a new test-cycle more representative of normal conditions of use (Worldwide Light Vehicles Test Procedure).

SVMs (vehicle manufacturers with a worldwide annual production lower than 10,000 units in the year prior to the grant of

the type-approval) are required to be compliant with RDE standards starting from 2020 while non-SVMs have been required

to comply with RDE standards starting from 2017. We believe all new Ferrari models are fully compliant with RDE

requirements. In 2018, the European Commission issued Regulation 2018/1832 for the purpose of improving the emission

type approval tests and procedures for light passenger and commercial vehicles, including those for in-service conformity and

RDE and introducing devices for monitoring the consumption of fuel and electric energy. Under the EU Regulation, which

became applicable in January 2019, among other things, the extended documentation package provided by manufacturers to

type approval authorities to describe Auxiliary Emission Strategies (AES) is no longer required to be kept confidential, and

the decision whether to allow access to such documentation package is left to national authorities. In addition, the Regulation

introduced a new methodology for checking In-Service Conformity (ISC) which includes RDE tests. Compliance is tested

based on ISC checks performed by the manufacturer, the granting type approval authority (GTAA), and accredited

laboratories or technical services. Test results will be publicly available; in addition, the GTAA will publish annual reports on

the ISC checks performed, in order to improve transparency.

During 2019, the European Commission announced that it will propose more stringent air pollutant emissions

standards for combustion-engine vehicles. The European Commission created an Advisory Group on Vehicle Emission

Standards (AGVES), by joining all the relevant expert groups working on emission legislation, in order to provide technical

advice for the development of the post-EURO 6/VI emission standards for motor vehicles. In March 2020, the European

Commission launched a public consultation on its roadmap outlining the policy options that it could pursue in revising the

emission standards for light and heavy duty vehicles (Euro 7). This initiative is part of the European Green Deal, advocating

the European automotive industry’s role as a leader in the global transition to zero-emission vehicles. In May 2024, the final

regulation (EU) 2024/1257 “Euro 7” was published, combining the requirements laid down for light-duty and heavy-duty

vehicles, inclusive of updated testing protocols and new pollutant emissions limits for fine particles and ammonia.

Manufacturers of fewer than 10,000 new passenger cars registered in the European Union per calendar year could benefit

from additional lead time with respect to new registrations requirements and several other accommodations. New non-

exhaust emissions limits (i.e. brake emissions, tires abrasion) and stricter existing non-emissions limits (i.e. evaporative

emissions) have also been included, as well as a minimum performance threshold on battery durability and real-time

measurements through on-board-monitoring requirements (including communication over the air and cybersecurity

obligations). In June 2025, the first package of implementing acts establishing partial technical requirements for Euro 7

compliance was published. The remaining technical elements necessary for full Euro 7 compliance are expected to be laid

down by implementing acts in 2026. Depending on the regulatory developments to come, the technological solutions required

to ensure compliance with Euro 7 standards may affect customers’ expectations on performance, sound and driving

experience. Currently, at United Nation level the Euro 7 technical requirements are being integrated into corresponding UN

Regulations to promote global harmonization. Ferrari is strictly following this transposition to ensure consistency of small

volume manufacturer provisions. Further developments are expected in 2026.

Despite the ongoing work related to Euro 7 rulemaking, in May 2022 the European Commission submitted the draft

Regulation amending EU 2017/1151 to a public consultation, with the purpose of introducing three additional phases in Euro

6 Regulation (i.e. Euro 6e, Euro 6e-bis, Euro 6e-bis-FCM). The final Regulation (EU) 2023/443 was published in the EU

Official Journal on 2 March 2023 and entered into force as from 1 September 2023. The Regulation aims to adapt the

European regulation to the technical progress achieved in the UN Regulations test procedures and, among others, it

introduces an Auxiliary Emissions Strategy (AES) indicator to indicate when a vehicle runs in AES mode. Moreover, as

recent European driving data showed that the real world share of plug-in hybrid vehicles total mileage in electric mode is

much smaller than assumed for regulatory purposes, the proposal includes adjusting the current method for determining the

fuel and energy consumption values for those vehicles.

The European Commission is also expected to assess and evaluate the current noise emissions limits, with the risk of

more stringent thresholds.

In the United States, the “Tier 3” Motor Vehicle Emission and Fuel Standards issued by the EPA were finalized in

April 2014. With Tier 3, the EPA has established more stringent vehicle emission standards, requiring significant reductions

in both tailpipe and evaporative emissions, including nitrogen oxides, volatile organic compounds, carbon monoxide and

particulate matter. These standards were designed to align in key respects with California’s standards for MYs 2015-2025 (so

called “LEV3”) and have been implemented over the same timeframe as the U.S. federal CAFE and GHG standards for cars

and light trucks described above. In April 2024, the EPA Multi-Pollutant Regulation was published, establishing further

stricter vehicle emission standards from MY 2027. Because of our status as an operationally independent SVM, Ferrari

obtained a longer, more flexible schedule for compliance with these standards under both the EPA and California Program. In

March 2025, EPA indicated it was reassessing aspects of the MY 2027 regulations related to emissions from light- and

medium-duty vehicles, and in December 2025 it indicated it was considering delaying their implementation and enforcement.

In November 2022, the California Air Resources Board published the already mentioned ACC II regulations

amending the Low Emission Vehicle (or LEV) Regulation to reduce both tailpipe and evaporative emissions. Several

accommodations applicable to SVMs were included. In June 2024, the CARB held the first workshop on ACC II regulations

revision, with the goal of achieving alignment with several EPA Multi-Pollutant rulemaking requirements, while also

increasing the stringency of other obligations.

In addition, California is moving forward with other stringent emission regulations for vehicles, including the Zero

Emission Vehicle regulation (ZEV). The ZEV regulation requires manufacturers to increase their sales of zero emissions

vehicles year on year, up to 100 percent of vehicles sold in the state by 2035. Because we currently sell fewer than 4,500

units in California and all the other states adopting Californian emissions regulation, we are exempt from these requirements

until MY 2035.

Additional stringency of evaporative emissions also requires more advanced materials and technical solutions to

eliminate fuel evaporative losses, all for much longer warranty periods (up to 150,000 miles in the United States).

In June 2025, the U.S. President signed certain resolutions under the Congressional Review Act invalidating, among

other things, the EPA waivers granted to the CARB with respect to emission standards from MY 2026 onward. Litigation

challenging the rescission of the EPA waivers is currently ongoing. In June 2025, the Governor of California issued an

executive order mandating the CARB to begin developing future state emissions regulations, reaffirming California’s

commitment to advancing zero-emission technologies and further reducing greenhouse gas and pollutant emissions. Ferrari

continues to closely monitor these developments and their potential impact.

In response to severe air quality issues in Beijing and other major Chinese cities, in 2016 the Chinese government

published a more stringent emissions program (National 6), providing two different levels of stringency (6a and 6b) effective

starting from 2020. In July 2018 China’s central government launched a three-year plan to reduce air pollution, extending

targets for reducing lung-damaging airborne particulate pollution to the country’s 338 largest cities. This plan includes

reductions in steel and other industrial capacity, reducing reliance on coal, promoting electric vehicles and cleaner transport,

enhancing air-pollution warning systems, and increasing inspections of businesses for air pollution infractions. Several

autonomous regions and municipalities have implemented the requirements of the National 6 program even ahead of the

mandated deadlines.

During 2020, the Chinese Vehicle Emission Control Center (VECC) launched the “Pre-study on Next Stage

Emission Standards for Light duty Vehicles”, an ongoing research project expected to be finalized in a more stringent

emission program in the next years. Since 2023, several workshops were conducted, and we actively participated, ensuring

that we stayed abreast of the latest developments and insights in our field. The first public draft of the upcoming Chinese

vehicle emission standard (China 7), which is expected to introduce stricter requirements for both exhaust and non-exhaust

emissions, has not yet been published. Finalization of the rulemaking is currently expected by the end of 2026.

Several other regulations are also emerging to take into account the non-exhaust emissions and the environmental

impact of electric and hybrid vehicles components, particularly on batteries. Brake particulate emissions from passenger cars

are currently not regulated by any UNECE or regional Regulations. However, a new UN Global Technical Regulation (i.e.,

UN GTR 24) on the topic of brake particulate emissions of light duty vehicle’s brake systems has been finalized during 2023.

The United Nations is now working to transpose these requirements into a binding UN Regulation, which is expected to be

formally adopted in 2026. Tire abrasion is currently regulated by a UN Regulation which defines the test methods to follow

and was originally intended to set the tire abrasion limits to be respected. However, in 2025, the United Nations initiated the

development of a new dedicated UN Regulation specifically addressing tire abrasion requirements, including standardized

measurement methods and limit values. This new regulation is expected to be finalized in 2026. In parallel, the European

Union is also expected to advance its own initiatives on tire abrasion during 2026.

The Informal Working Group on Electric Vehicles and Environment of the United Nations proposed during 2021 a

Global Technical Regulation on in-vehicle battery durability that was finally adopted in 2022 (i.e., UN GTR 22). This

regulation is applicable to both pure electric and plug-in hybrid vehicles and establishes provisions regarding state-of-health

monitors, minimum performance requirements and in-service conformity checks. A UN GTR is not binding for certification

purposes. However, in 2025, the possibility of transposing these provisions into a UN Regulation required for the certification

was evaluated. Ultimately, the process concluded with the integration of the GTR 22 requirements into the existing UN

Regulations on exhaust emissions. The European Commission included these battery durability requirements in Euro 7

regulation. Additionally, the EPA and CARB have set minimum performance requirements for battery durability within the

EPA Multipollutant and CARB ACCII regulations, respectively. Other government authorities, such as those in South Korea

and China, are also developing their own standards to evaluate the minimum performance requirements of traction batteries.

In May 2025, the Chinese authorities released the first public draft on battery durability, proposing stricter minimum

performance requirements than the European ones. The publication of the final rule is expected in 2026. Moreover, the

European Commission published, in July 2023, the final rule (EU) 2023/1542 for a new regulation on batteries and waste

batteries. This regulation will apply to all kind of batteries, including automotive and electric vehicle batteries, and

significantly increases the scope and number of requirements relating to design, sustainability, labelling, information and end-

of-life.

In the evolving regulatory landscape, we anticipate new regulations on materials emerging from various markets.

These regulations aim to restrict or ban the use of critical substances. The EU already has a strong regulatory framework for

chemicals (e.g. REACH, POP Regulations) and is planning to expand it as part of its broader zero-pollution goal under the

European Green Deal, with the aims to better protect citizens and the environment, while promoting innovation for safe and

sustainable chemicals. In this context, the EU Commission presented its proposal for a new Regulation replacing Directive

2000/53/EC “End-of-Life Vehicles” and Directive 2005/64/EC “Type-approval of motor vehicles with regard to their

Reusability, Recyclability and Recoverability”. The aim of this new EU regulation is to propose measures to enhance the

circularity of the automotive sector, covering the design, production and end-of-life treatment of vehicles. This regulation

also extends the responsibility of manufacturers to the management of the end-of-life phase of vehicles. Moreover, the

European Chemicals Agency (ECHA) has made available a draft dossier to recommend a universal per- and polyfluoroalkyl

substances (PFAS) restriction. It is crucial to acknowledge that such regulatory shifts may significantly impact material

choices, necessitating substantial research and development efforts to uphold performance standards amid these changes.

In this context, in 2024, the new Regulation (EU) 2024/1252 on “Critical Raw Materials” was published, establishing a

framework for strengthening access, resilience, and the sustainable supply of critical raw materials, while promoting

efficiency and circularity throughout the value chain.

Vehicle safety

Vehicles sold in Europe are subject to vehicle safety regulations established by the EU or by individual member

states. In 2009, the EU established a simplified framework for vehicle safety, repealing more than 50 directives and replacing

them with a single regulation (the “General Safety Regulation”) aimed at incorporating relevant United Nations standards.

The framework is reviewed periodically, and in May 2018, the European Commission adopted a proposal for a regulation to

make certain vehicle safety measures mandatory. On December 16, 2019, the revised General Safety Regulation (EU)

2019/2144 was published in the EU Official Journal. In 2022, a first set of new safety technologies became mandatory in

European vehicles, such as Advanced Emergency Braking, Emergency Lane Keeping systems, crash-test improved safety

belts, intelligent speed assistance and warning of driver drowsiness. On November 16, 2022, Commission Delegated

Regulation (EU) 2022/2236 setting out the technical requirements to be applied for the purpose of EU type-approval of

vehicles produced in small series was published in the EU Official Journal. In particular, with regard to certain requirements

introduced by the revised General Safety Regulation, an exemption to Intelligent Speed Assistance, Advanced Emergency

Braking System and Emergency Lane Keeping System has been granted for vehicles produced in small series and with

specified characteristics related to the installation of the camera. Moreover, the regulation provides for a lead time of at least

two years with respect to the provisions applicable to vehicles produced in unlimited series. In November 2023, the expected

Delegated Act implementing the fitment of the Advanced Driver Distraction Warning (ADDW), mandatory from 2024 for

new types of vehicles as required by the Regulation (EU) 2019/2144 on General Safety, has been published on Official

Journal. This regulatory act was the latest measure to be published within the General Safety Regulation (EU) 2019/2144

framework.

The European Commission presented a proposal to grant a full exemption from this new technology for vehicles

produced in small-series and characterized by low ground clearance, where the installation of such a system is unfeasible.

Additionally, an extended lead time has been proposed for other vehicles included in small series definition. The final rule is

expected to be published in 2026.

The European Commission is also working on several aspects relating to the European General Safety scheme,

expected to be developed in the coming years. In particular, with regard to electric vehicle safety, in 2025 the European

Commission consolidated efforts with other UN Contracting Parties to revise the electric vehicles safety standard with the

aim to improve occupant protection in the event of battery thermal propagation and to address other regulations related to

passive safety topics.

In 2017, the EU published technical requirements for the Emergency Call (eCall) system, mandatory for new model

cars starting from 2018. In 2023 the European Commission started a rulemaking process to revise the eCall framework by

aligning it to the new 4G/5G “packed switched” technology. The final rule (Delegated Regulation EU 2024/1180) was

published in April 2024, requiring vehicles to be equipped with the new 4G/5G “packed switched” technology. The eCall

revision process has been finalized in 2025, as the European Commission published the revision of the regulation providing

test procedures and technical requirements for the certification of eCall systems. Starting from July 1, 2019, new types of

pure electric vehicle and new types of hybrid electric vehicle capable of operating without propulsion from a combustion

engine operating are required to be equipped with an Acoustic Vehicle Alerting System (AVAS), and from July 1, 2021 for

all new vehicles of such types, in order to alert pedestrians that a vehicle is moving at low speeds. At United Nations level, it

has been identified the need for additional regulatory action for BEVs with sound enhancement systems other than AVAS

regarding their noise emission. A specific regulatory process aimed at balancing safety and environmental needs, which may

directly impact sound design specifications, is currently ongoing. During 2024, European authorities and United Nation’s

contracting parties began enforcing amendments to the existing regulation on pedestrian protection, modifying the current test

procedures and enhancing the measurement methods on extended vehicle areas such as the windscreen.

In 2026, the European Commission is expected to initiate a review of the effectiveness of the safety measures and

systems introduced by the General Safety Regulation 2019/2144. Based on the outcome of this review, the Commission will

evaluate potential legislative proposals to amend the regulation with the objective of further improving road safety. Ferrari

will continue to closely monitor the rulemaking process and its potential impacts.

Under U.S. federal law, all vehicles sold in the United States must comply with Federal Motor Vehicle Safety

Standards (FMVSS) promulgated by the NHTSA. Manufacturers need to provide certification that all vehicles are in

compliance with those standards. In addition, if a vehicle contains a defect that is related to motor vehicle safety or does not

comply with an applicable FMVSS, the manufacturer must notify vehicle owners and provide a remedy at no cost to the

owner. Moreover, the Transportation Recall Enhancement, Accountability, and Documentation Act requires manufacturers to

report certain information related to claims and lawsuits involving fatalities and injuries in the United States if alleged to be

caused by their vehicles, and other information related to client complaints, warranty claims, and field reports in the United

States, as well as information about fatalities and recalls outside the United States. Several new or amended FMVSSs have

taken effect in certain instances under phase-in schedules that require only a portion of a manufacturer’s fleet to comply in

the early years of the phase-in. These include an amendment to the side impact protection requirements that added several

new tests and performance requirements (FMVSS No. 214), an amendment to roof crush resistance requirements (FMVSS

No. 216), and a rule for ejection mitigation requirements (FMVSS No. 226). In 2024, the amendment of occupant crash

protection (FMVSS No. 208) was adopted, adding a seat belt warning requirement for rear seats and enhancing warnings for

driver and front passenger seats. In 2025, NHTSA adopted amendments to FMVSS No. 225 relating to child restraint systems

“CRSs”). These CRSs are used by NHTSA in air bag suppression and low risk deployment testing. U.S. federal law also sets

forth minimum sound requirements for hybrid and electric vehicles (FMVSS No. 141). With the publication, on November

15, 2021, of the Infrastructure Investment and Jobs Act, the Congress of United States empowered the Secretary of

Transportation to promulgate new regulations within such safety framework. In December 2023, NHTSA published an

advance notice of proposed rulemaking as an initial regulatory step toward introducing a new FMVSS regulation addressing

requirements for technologies designed to prevent driver distraction, drowsiness, and impaired driving. In the same year,

NHTSA also announced a research initiative regarding the practicability of issuing performance standards that would require

detection of unattended occupants in rear seats. In 2024, NHTSA published a proposal for a new standard on pedestrian

protection (FMVSS No. 228). If adopted, this standard will strengthen requirements already in place in other markets and

impose additional constraints on vehicle design. In May 2024, NHTSA published a new regulation (FMVSS No. 127) on

Automatic Emergency Braking System. The regulation obliges manufacturers to equip vehicles with a system that alerts the

driver in case of imminent collision with a pedestrian or a vehicle ahead and automatically applies the brakes, in case the

driver fails to do so. The final rule differs in certain respects from other international standards already in place in many

countries and is expected to have consistent impacts on vehicle sensors design. Regarding the standard implementation,

NHTSA granted a delayed compliance for SVMs. Following a strong request from the industry, the agency is evaluating

further delay, the first proposal has been announced for early 2026. In late 2024 and during 2025, NHTSA concluded several

additional rulemakings, including enhanced requirements for the Safety Belt Reminder (FMVSS No. 208), new specifications

for the positioning of anchorages for child restraints and safety belts (FMVSS No. 225), and a final rule revising FMVSS No.

210 to strengthen the test requirements for safety belt anchorage strength. With regard to electric vehicle safety, NHTSA

adopted a new standard, FMVSS No. 305a, replacing the previous regulation to further improve occupant protection.

Additional rulemakings currently under development focus on introducing new anthropometric test devices for occupant

protection standards and updating the strength requirements for seats (FMVSS 207).

In May 2025, the U.S. Department of Transportation announced more than 50 deregulatory actions at the operating

administrations of the department that focus on road transportation, including the NHTSA. The regulatory updates mentioned

above will likely introduce requirements specific to the U.S. market, compelling manufacturers to develop tailored design

solutions. This could lead to substantial research and development expenditures.

In 2017, the Chinese authorities published an updated version of the current local general safety standard which

allows China to become the driver market for the Event Data Recorder mandatory installation starting from 2021. Technical

requirements were defined in mid-2019, through the formal adoption of the local standard. In 2025, the Ministry of Public

Security initiated a revision of this regulation, introducing general technical safety specifications for road vehicles. Although

still at a preliminary stage, the revision is expected to address issues related to dangerous driving behavior and enhance

electric vehicle safety. The updated standard will likely require the installation of new electronic systems and ADAS. These

measures may introduce requirements that are specific to China, which could influence vehicle design and pose challenges

for harmonizing with standards already adopted in other markets (e.g., UNECE, EU). Among the United Nations contracting

parties, China has been the first country to propose an early adoption of updated test procedures on high-voltage batteries for

hybrid and electric vehicles, which has been enforced starting in 2020. These regulations related to electric vehicle safety are

currently being revised to enhance occupant protection in the event of thermal propagation and to safeguard the battery pack

from bottom impacts caused by road obstacles. Several passive safety standards introducing more stringent requirements have

been adopted at the end of 2024 (e.g. front and rear protective devices, roof crush and safety-belts and restraint systems

anchorages for occupant) and other revised regulations (e.g. lateral and rear collision entered into force in 2025). The new

regulation on pedestrian protection was consolidated during 2024, with adoption expected in early 2026. The relevant

Chinese Authority (CATARC) revised the binding regulation GB/T 18488 on drive motor system (DMS) for electric

vehicles, introducing more stringent technical requirements, test methods and inspection requirements on electric motors.

During 2021, 2022 and 2023, the Chinese authorities worked on several rulemaking initiatives related to active safety (e.g.,

ADAS), which are not yet mandatory for certification purposes and contribute to the regulatory uncertainty in this market. In

2025, however, the regulation establishing specific requirements for the eCall system was published, introducing tailored

provisions for the Chinese market. In particular, the development of a new binding standard for Automatic Emergency

Braking systems began in 2024 and is not expected to be harmonized with the corresponding international standards that are

widely adopted. China has demonstrated a high level of responsiveness to emerging global regulatory trends, particularly in

the areas of vehicle safety and electrified vehicles. The Chinese authorities are proactive in identifying and addressing

potential challenges related to new technologies, often introducing binding regulations in response to evolving market

developments. However, the lack of harmonization of Chinese regulatory requirements with international standards has

increased in recent years. This situation could lead to substantial research and development expenditure, specifically for the

Chinese market. For example, since 2025, work has been underway on new technical and safety requirements for various

vehicle systems, with adoption expected by 2026. This prompt and comprehensive regulatory approach has also influenced

discussions in other markets, including at the United Nations level, where contracting parties are considering revisions to

relevant UN Regulations to address similar issues.

Regulatory fragmentation is also emerging in other markets such as the UK and South Korea, primarily due to

specific market needs and domestic policy priorities.

Connectivity

In 2020, the European Commission issued its new digital strategy policies, which represent a priority in its

regulatory agenda. During 2021, several draft proposals were issued in this respect, including in relation to Real Time Traffic

Information (RTTI), Connected and Intelligent Transport Systems (C-ITS) and Artificial Intelligence (AI). The RTTI and ITS

proposals were finalized in December 2023 through the adoption of the Commission Delegated Regulation (EU) 2022/670

and the Directive (EU) 2023/2661, respectively.

In 2022, the European Commission announced the intention to present a proposal amending the European Type

Approval Framework (Regulation (EU) 2018/858) to include provisions on access to in-vehicle data. This measure would

aim to address certain sector-specific issues such as bi-directional access to vehicle resources and the interplay between

access to data and cybersecurity. Since the announcement, the European Commission has not yet disclosed the proposal for

the sector-specific regulation. In 2025, the European Commission announced its intention not to introduce a sector-specific

regulation. Instead, compliance will be required with the industry-wide “Data Act” (EU Regulation 2023/2854). As regards

software and cybersecurity management issues, the proposal is expected to include replacement parts, new categories of

autonomous vehicles and replacement of batteries. In September 2022, the European Commission also presented a proposal

of a new regulation setting up cybersecurity requirements covering a wide range of digital products and related ancillary

services. The proposal would be aimed at strengthening the cybersecurity of products placed on the EU market throughout

their whole lifecycle, improving and extending the provisions and the scope of existing regulation. The final rule was

published in 2024. However, motor vehicles and components are exempt from these requirements, as compliance with

specific requirements is already mandated by Regulation (EU) 2019/2144 that, starting from 2022, began enforcing

regulations on cyber security and software updates.

In 2024, Chinese authorities issued new regulations on cybersecurity and software updates management, introducing

specific technical requirements that differ from those provided by the equivalent UNECE regulations. These new

requirements may necessitate modifications in the electronic design of our models. The formal adoption is expected in early

2026.

In 2024, the U.S., Department of Commerce’s Bureau of Industry and Security (“BIS”), released a proposed rule

addressing supply chain risks associated with connected vehicle and automated driving technologies. Among other things, the

proposal aimed at prohibiting certain transactions involving the import and sale of specified hardware and software (and of

connected vehicles) with a sufficient nexus to China or Russia and to establish a compliance mechanism through a

declaration of conformity. The final rule was adopted in January 2025, with effectiveness from March 2025.

Financial Overview

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS OF THE GROUP

The following discussion of our financial condition and results of operations should be read together with the

information included in the sections “Overview” and “Overview of our Business”, as well as with the Consolidated

Financial Statements included elsewhere in this document. This discussion contains forward-looking statements that are

subject to numerous risks and uncertainties, including, but not limited to, those described under “Forward-Looking

Statements” and “Risk Factors”. Actual results may differ materially from those expressed or implied by such forward-

looking statements.

Trends, Uncertainties and Opportunities

Controlled volume strategy and brand exclusivity — Our net revenues and results of operations depend, among

other things, on the achievement of volume and mix targets established in our budgets and business plans, which we define in

accordance with our controlled volume strategy aimed at pursuing controlled growth and thereby preserving brand

exclusivity. As part of this strategy, we actively manage our waiting lists in order to respond optimally to demand, while

remaining attentive to client expectations across the markets in which we operate. We believe that waiting lists contribute

meaningfully to the perceived exclusivity of our products and brand, and we therefore monitor and calibrate them to sustain

and enhance this exclusivity while ensuring the highest levels of client service and satisfaction.

To maintain the aura of exclusivity associated with our brand, we have continued to execute our controlled volume

strategy while responding to growing demand and to demographic shifts, including the increase in the size and spending

capacity of our target client base. As a result, annual shipments of new cars have gradually increased from 7,255 units in

2014 (the year before our initial public offering) to 13,663 in 2023, before stabilizing with 13,752 units in 2024 and 13,640 in

2025 (shipment figures exclude strictly limited racing cars, such as those in the XX Programme and the 499P Modificata, as

well as one-off, pre-owned and other special sales). We intend to continue pursuing our controlled volume and growth

strategy, in line with the business plan announced at our Capital Markets Day in October 2025, and we plan to launch an

average of four new models per year over the period from 2026 to 2030. This is consistent with our “different Ferrari for

different Ferraristi” and “d ifferent Ferrari for different moments” strategies, as we continue to broaden and diversify our

product offering, and target a potentially larger and younger customer base, while preserving and enhancing the exclusivity

and long-term value of our brand, through the exclusivity of our products. In 2025, approximately 84% of our new cars were

sold to clients who already owned at least one Ferrari, and approximately 56% to clients who owned multiple Ferraris,

reinforcing sustained demand and the strong loyalty inherent in our brand.

We target the upper end of the luxury car segment, and purchasers of our cars typically belong to the wealthiest

segment of the population. As the size and spending power of this client base has grown significantly in recent years, our

addressable market has expanded, further supporting the exclusivity associated with our controlled volume strategy. Given

the flexibility of our shipment strategy, we can adjust the actual number of shipments by model and geographical allocation

in response to demand in our key markets. The geographic distribution of our shipments and their product mix across markets

reflect our deliberate allocation strategy over the lifecycle of each model and are generally influenced by the timing and pace

of model phase-in and phase-out, the length of waiting lists, and other market-specific factors and conditions, including our

commercial strategy and opportunities for further growth. Our deliberate geographical allocation strategy and the expansion

of our product portfolio across customer groups, geographies and modes of use are intended to support the evolution of our

revenue mix and brand reach, while remaining consistent with our controlled volumes and growth.

The following table sets forth our shipments⁽¹⁾ of new cars by geographic location:


	For the years ended December 31,
	2025	%	2024	%	2023	%
	(Number of cars and % of total cars)
EMEA
Germany	1,481	10.9%	1,476	10.7%	1,472	10.8%
Italy	899	6.6%	797	5.8%	740	5.4%
France	598	4.4%	547	4.0%	490	3.6%
UK	571	4.2%	933	6.8%	1,011	7.4%
Switzerland	507	3.7%	481	3.5%	482	3.5%
Middle East ⁽²⁾	626	4.6%	479	3.5%	451	3.3%
Other EMEA ⁽³⁾	1,664	12.1%	1,491	10.8%	1,417	10.4%
Total EMEA	6,346	46.5%	6,204	45.1%	6,063	44.4%
Americas ⁽⁴⁾	3,937	28.9%	4,003	29.1%	3,811	27.9%
of which United States of America	3,401	24.9%	3,452	25.1%	3,262	23.9%
Mainland China, Hong Kong and Taiwan	941	6.9%	1,162	8.4%	1,490	10.9%
of which Mainland China	584	4.3%	814	5.9%	1,221	8.9%
Rest of APAC ⁽⁵⁾	2,416	17.7%	2,383	17.4%	2,299	16.8%
Total	13,640	100.0%	13,752	100.0%	13,663	100.0%

_____________________________

(1) Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars, and other special sales.

(2) Middle East mainly includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait.

(3) Other EMEA includes Africa and the other European markets that are not separately identified.

(4) Americas includes the United States of America, Canada, Mexico, the Caribbean and Central and South America.

(5) Rest of APAC mainly includes Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia.

Car Profitability — The profitability of the cars we sell varies based on a number of factors, including the

exclusivity of the offering, the overall performance, engine type and technological content of the cars, the level of

personalization selected by clients, and the geographic markets where the cars are sold, which are influenced by local

economic conditions, market maturity, customs duties and tariffs, as well as emissions and regulatory requirements.

Our strictly limited-edition Icona models (most recently the Daytona SP3, for which shipments commenced in the

fourth quarter of 2022 and concluded in the third quarter of 2025), as well as our limited-edition Supercars (most recently the

F80, the first shipments of which commenced in the fourth quarter of 2025), are sold at significantly higher prices compared

to other models in our portfolio due to their exclusivity and their advanced performance, technology and design. As a result,

these more exclusive offerings typically generate higher revenues and profitability margins than our Range and Special Series

models, positively impacting our results in the periods in which they are delivered.

We also seek to increase the average price point of our Range and Special Series models over time through

continuous and well-balanced improvements in performance, technology and design, together with the exclusivity of certain

offerings and the scarcity value resulting from our low‑volume strategy. In recent years, this has been reflected in price

increases for selected models in specific markets and in the introduction of new models with higher average selling prices

compared to their predecessors. This also allowed us to offset the impact of inflationary pressures on material costs in the

post-COVID period.

Our plans to continue integrating advanced technologies more broadly across our product portfolio, including hybrid

and electric powertrains, are consistent with the outlined financial strategy.

Furthermore, our personalization offerings, which allow our clients to customize the interior and exterior content of

the cars they purchase, represent another favorable component of our pricing and product mix, as they generate incremental

revenues and margin accretion on each additional option selected.

The evolution of our product mix over time, including the cadence of launches across Range, Special Series, Icona

and Supercar models, supports the resilience of our margins. By balancing highly exclusive limited‑edition offerings with a

continuously refreshed Range and Special Series portfolio and the contribution from personalization, we seek to ensure

balanced and continuous growth, thereby optimizing value creation while limiting volatility in financial performance.

Research, Development and Product Lifecycle — We engage in research and development activities with the

objective of further enhancing our technological edge through continuous innovation and improving the design, performance

and driving thrills of our cars. Costs incurred for the development of our cars and engines, as well as for their related

components and systems, are recognized as intangible assets only when the conditions of IAS 38 - Intangible Assets are met.

These include, among other things: (i) the ability to measure development costs reliably, (ii) technical feasibility, supported

by estimated volumes and expected pricing that indicate a reasonable expectation of future economic benefits, and (iii) our

intention and ability to complete the development and use the asset. Capitalized development costs include all direct and

indirect costs attributable to the development process that meet the conditions of IAS 38. All other research and development

costs are expensed as incurred. Research and development costs are presented net of any technology-related government

incentives received.

The level of our capitalized development costs is influenced primarily by the timing of updates and renewals to our

product portfolio, the pace of our innovation programs and the ongoing integration of advanced technologies into our cars,

including hybrid and electric powertrains. We continually launch new models with enhanced technological innovations and

design improvements to maintain the leading position of our product portfolio and to respond rapidly to market demand and

technological breakthroughs. In 2025, we launched six new models: the 296 Speciale, the 296 Speciale A, the Amalfi, the 849

Testarossa, the 849 Testarossa Spider and the Ferrari Luce, our first full electric model that will join our Range model line-

up. The first reveal phase of the Ferrari Luce took place in October 2025, with the presentation of its key technical

components and product development strategy, and was followed in February 2026 by the unveiling of the interior design and

the announcement of the model’s name. We intend to continue pursuing a well-diversified and technologically neutral

product portfolio offering that includes three different powertrains — internal combustion, hybrid and electric — each

delivering distinctive emotions to our clients.

A portion of our research and development efforts focuses on the development of the various components used in

our models, including hybrid, electric, electronic and mechanical components. Our continued emphasis on component

development aims to enhance performance and reduce development costs for future models. Our strategy combines in-house

development of core components with partnerships to co-develop and customize best-in-class solutions for state-of-the-art

technologies. 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 assets or components. Our Range models typically have a

lifecycle of four to five years, while our Special Series, Icona and Supercar models generally have shorter lifecycles, and

certain components may have useful lives of up to eight years across multiple models.

We also incur research and development costs in connection with our Formula 1 and other racing activities,

including initiatives aimed at maximizing the performance, efficiency and safety of our racing cars. Technologies and

innovations initially developed for Formula 1 and other racing activities, including Hypersail, our new project for racing on

the seas, are transferred, where appropriate, to our sports cars. In Formula 1, due to the combination of technological

developments and regulatory changes, we typically design, develop and construct a new racing car for each racing season. As

a result, most costs related to the design, development and construction of a new racing car are expensed as incurred, unless

the underlying technologies are expected to be used beyond one year and meet the capitalization criteria of IAS 38. Research

and development costs for Formula 1 activities may vary from year to year within the limits set by the FIA financial

regulations, as they depend on various factors, including the need to respond to our car’s performance relative to other racing

teams and changes in racing regulations.

FIA financial regulations include two budget caps that limit the level of spending for chassis and, as of 2023 (with

applicability from the 2026 season), power unit-related costs incurred by teams participating in the Formula 1 World

Championship. These costs primarily relate to the development and manufacturing of the racing car, and exclude, among

others, marketing costs, drivers’ salaries and the salaries of the top three personnel of each team. A separate cap was

introduced for the development of power units to be used in the 2026 season and was initially introduced in 2023 (before

2023 there was only a budget cap on chassis-related development costs). The budget caps on spending are defined for each

season based on several factors, including the number of races and inflation. For the 2025 season, the budget cap was €152

million for chassis‑related spending and €122 million for the development of power units for the 2026 season. For the 2026

season, FIA set the operational cost cap for F1 teams to approximately €199 million in relation to the development and

manufacturing of the racing car chassis and $130 million relating to the power units.

As a result of our strategy to continuously innovate and broaden our product portfolio, and to integrate hybrid,

electric and other advanced technologies into our cars, we have made significant investments in development activities during

the period from 2023 to 2025 and our capitalized development costs amounted to €421 million, €476 million and €448

million in 2025, 2024 and 2023, respectively, while capitalized development costs as a percentage of total research and

development incurred (both capitalized and expensed) increased from 45.4 percent in 2023 to 45.8 percent in 2024 and

decreased to 41.5 percent in 2025, reflecting, among other things, the progression of several technologies through the later

stages of development and the financial caps applicable to certain costs for chassis and power unit development under FIA

financial regulations.

The following table summarizes our research and development expenditure for the years ended December 31, 2025,

2024 and 2023:


	For the years ended December 31,
	2025	%	2024	%	2023	%
	(€ million)
Capitalized development costs ⁽¹⁾	421	41.5%	476	45.8%	448	45.4%
Research and development costs expensed (A)	593	58.5%	563	54.2%	539	54.6%
Total research and development incurred	1,014	100.0%	1,039	100.0%	987	100.0%

Amortization of capitalized development costs (B)	326		331		343

Research and development costs as recognized in the consolidated income statement (A+B)	919		894		882

_____________________________

(1) Capitalized to development costs within intangible assets.

Cost of Sales and Selling, General and Administrative Costs — Cost of sales primarily includes costs incurred in

the manufacturing and distribution of our cars and spare parts. The most significant elements are the cost of materials,

components and labor, while the remaining costs primarily relate to depreciation, insurance and transportation, as well as

warranty and product liability-related costs, which are estimated and recorded at the time our cars or products are shipped.

Interest expenses and other financial charges directly attributable to our financial services activities in the United States,

including provisions for risks and write-downs of financial assets, are also reported in cost of sales.

In manufacturing our cars, we incur costs for a variety of raw materials (the most significant of which is aluminum),

components (including mechanical, electrical, electronic, aluminum, steel and plastic components, as well as castings and

tires) and supplies, as well as for utilities, logistics and other services from numerous suppliers. Fluctuations in cost of sales

are primarily driven by the number of cars we produce and sell, changes in the mix of models in our product portfolio and

inflationary pressures, primarily in 2023. Newer models generally incorporate more technologically advanced components

and enhancements, including hybrid and electric technologies, which can increase costs per unit, although we aim to price our

cars appropriately, consistent with our long-term profitability strategy. Our Icona, Supercar and One-Off models also

generally have higher costs per unit compared to our Range and Special Series cars, although the higher sales prices for these

models typically more than offset the higher costs. Cost of sales is also affected by fluctuations of certain raw material prices,

although we typically seek to manage these costs and limit volatility through the use of long-term fixed price purchase

contracts.

Over time, we have pursued initiatives to achieve technical and commercial efficiencies. Technical efficiencies

focus on producing components using innovative and cost-effective materials without compromising quality or performance.

To support these efforts, we conduct in-house research and development activities and engage with suppliers to identify and

implement innovative technical solutions. Commercial efficiencies are pursued through negotiating discounts and entering

into long-term contracts with partners and suppliers, who may commit upfront to pass on to us a portion of the efficiencies

they achieve. As cost of sales includes depreciation of plant and equipment, it is also affected by the number and timing of

product launches as the start of production of new models triggers the commencement of depreciation for assets acquired

specifically for those models.

When new models are introduced, we also incur promotional costs in relation to product launch and marketing

initiatives, which are generally recorded within selling, general and administrative costs. Our schedule of model launches and

client engagement initiatives may lead to higher promotional costs compared to prior periods. In addition, we are making

significant investments in brand development, which may also result in higher selling, general and administrative costs in the

coming periods.

Sponsorship, Commercial and Brand Net Revenues — Our revenues from sponsorship, commercial and brand

activities are influenced by a number of factors, including the strength and appeal of our brand, the historical success and

current performance of our racing teams — primarily through our participation in the FIA Formula 1 World Championship

with Scuderia Ferrari and in the World Endurance Championship with the Ferrari Endurance Team — and the overall

popularity of Formula 1 and other racing competitions. Our racing activities provide a global platform to promote our brand

and technology, which supports our ability to attract and retain sponsors and to develop and promote brand activities.

We have increased our net revenues from sponsorship, commercial and brand activities in recent years, from €572

million in 2023 to €670 million in 2024 and €820 million in 2025, representing annual growth of 17.1 percent and 22.4

percent, respectively. This growth has been driven primarily by racing sponsorship agreements, as well as by commercial

revenues linked to our racing performance and the continued development of our lifestyle activities.

Economic Conditions and Macro Events — In recent years, we have experienced higher costs for certain raw

materials, energy, utilities, financing and other goods and services, including as a result of inflationary pressures, albeit

gradually reducing from 2024 onwards. These higher costs have exerted downward pressure on our operating profit (EBIT)

margin.

In response to elevated inflation, central banks increased interest rates in 2022 and 2023, which resulted in an

increase in both the cost of borrowing for customers financing the purchase of our cars and the cost of funds used to support

our financial services activities. These trends have impacted several countries, including the United States, where we offer

retail client financing through our wholly owned subsidiary FFS Inc, as well as certain markets in EMEA, where we offer

retail client financing primarily through our equity method investment in Ferrari Financial Services GmbH, for which we

hold a 49.9 percent interest. The more recent decline of interest rates in several jurisdictions has partially offset these effects.

The ongoing conflict between Russia and Ukraine, which began in February 2022, and the related geopolitical

tensions have contributed to volatility in energy prices and to higher costs of certain raw materials and goods and services.

Governments and supranational organizations have imposed sanctions and export controls affecting certain industries,

including luxury goods. Ferrari has very limited commercial exposure to Russia, Ukraine and the areas directly affected by

the conflict, and the impact of these measures on our business has been contained.

Uncertainty related to global trade policies and industrial strategies may create additional macroeconomic risk. In

particular, policies aimed at discouraging imports into certain markets, including the United States, may, depending on their

scope and implementation, adversely affect our operations.

Management closely monitors macroeconomic conditions, including inflation trends, interest rate developments,

geopolitical events and trade policy changes, to assess their potential direct or indirect effects on our operations, supply chain,

cost structure, financial expenses and customer demand. To mitigate potential supply-chain disruptions, we have selectively

maintained higher inventory levels at times and may continue to do so when deemed appropriate.

Effects of Foreign Currency Exchange Rates — We operate in numerous markets worldwide and are exposed to

fluctuations in foreign currency exchange rates through (i) the translation into Euro, upon consolidation, of the financial

statements of our subsidiaries whose functional currencies are not the Euro (the translation impact), and (ii) transactions

conducted by Group entities in currencies other than their respective functional currencies (the transaction impact).

Translation impacts arise in the preparation of our consolidated financial statements, which are presented in Euro.

The functional currency of each subsidiary is determined based on its primary economic environment. In preparing the

consolidated financial statements, assets and liabilities of foreign subsidiaries whose functional currencies are not the Euro

are translated into Euro at exchange rates prevailing at the balance sheet date, while income and expenses are translated using

average exchange rates for the period. As a result, fluctuations in exchange rates between the Euro and the functional

currencies of our subsidiaries impact our results of operations.

Transaction impacts arise when our Group entities enter into transactions denominated in currencies other than their

functional currencies. Accordingly, we are exposed to foreign currency risk in connection with forecasted and scheduled

receipts and payments in multiple currencies. Our costs are primarily denominated in Euro, while a significant portion of our

revenues is generated in currencies other than the Euro, principally the U.S. Dollar, Japanese Yen, Chinese Yuan, Pound

Sterling and Swiss Franc.

In general, an appreciation or depreciation of the U.S. Dollar and other relevant currencies against the Euro tends to

have a corresponding positive or negative effect on our net revenues and results of operations, as applicable, although the

overall effect is impacted by our hedging operations, as further described below. In 2025, the net foreign currency exchange

impact (including hedging transactions) on our revenues and operating profit was negative, primarily driven by the U.S.

Dollar and the Japanese Yen. Foreign currency movements also had a negative impact in 2024 and 2023, mainly due to the

depreciation of the U.S. Dollar, Japanese Yen and Chinese Yuan against the Euro.

Our risk management policies provide for the use of derivative financial instruments to hedge foreign currency

exchange rate risk. In particular, we enter into derivative contracts to mitigate the exposure related to a predetermined portion

of forecasted foreign-currency-denominated transactions. As a result, our results of operations are only partially exposed to

fluctuations in foreign currency exchange rates. For additional information, see Note 30 “Qualitative and Quantitative

Information on Financial Risks” to the Consolidated Financial Statements included elsewhere in this document.

Regulation — We ship our cars globally and are therefore subject to a wide range of laws and regulations,

governing, among other things, tariffs, emissions, fuel consumption and safety, as well as the operation of our manufacturing

facilities. In certain jurisdictions, where we qualify as a small volume manufacturer, we benefit from specific regulatory

exemptions, including less stringent emissions requirements. Nevertheless, developing, engineering and producing cars that

comply with evolving regulatory standards and can be sold in relevant markets requires significant effort and investment. For

additional information, see “Overview of Our Business—Regulatory Matters”.

Patent Box Benefit — Income taxes for the years ended December 31, 2024 and 2023 benefited from the application

of the Italian Patent Box tax regime, introduced by Law No. 190/2014, which provided a 50% exemption from taxation for

income generated through the use of qualifying intangible assets. The Group signed an agreement with the Italian Revenue

Agency in September 2018 covering the period 2015-2019, and continued to apply the same rules for 2020-2024, with the

related tax benefit recognized over three equal annual installments.

Starting from October 2021, Law Decree No. 146/2021, as amended, replaced the previous Patent Box regime with

a new incentive that, instead of exempting income, provides a 110% “tax deduction” for certain costs related to eligible

intangible assets. Italian tax legislation introduced a transitional period during which both regimes coexisted and were applied

by the Group in 2023 and 2024, until the original Patent Box regime ended in 2024. As a result of these changes, the Group’s

effective tax rate decreased in 2024 compared to 2023 and increased in 2025 compared to 2024.

For additional information, see Note 10 “Income taxes” to the Consolidated Financial Statements included

elsewhere in this document.

Asset-backed Financing (Securitizations) — We aim to pursue a strategy of autonomous financing for our financial

services activities in the United States, with a view to limiting reliance on intercompany funding and increase the proportion

of self-liquidating debt through various securitization transactions. As our financial services portfolio has grown over the

years, we have increased the use of asset-backed financing (securitizations) to fund the related receivables. In 2025, our

receivables from financing activities and asset-backed financing (securitizations) both decreased compared to 2024, primarily

due to the effects of foreign currency translation impact.

For additional information relating to our receivables from financing activities and our asset-backed financing

(securitizations), see Note 18 “Current Receivables and Other Current Assets” and Note 24 “Debt” to the Consolidated

Financial Statements included elsewhere in this document.

Results of Operations

Consolidated Results of Operations – 2025 compared to 2024 and 2024 compared to 2023

The following is a discussion of the results of operations for the year ended December 31, 2025 compared to the

year ended December 31, 2024, and for the year ended December 31, 2024 compared to the year ended December 31, 2023.

The presentation includes line items expressed as a percentage of net revenues for the respective periods presented to

facilitate year-over-year comparisons.


	For the years ended December 31,
	2025	Percentage of net revenues	2024	Percentage of net revenues	2023	Percentage of net revenues
	(€ million, except percentages)
Net revenues	7,146	100.0%	6,677	100.0%	5,970	100.0%
Cost of sales	3,453	48.3%	3,330	49.9%	2,996	50.2%
Selling, general and administrative costs	642	9.0%	561	8.4%	463	7.7%
Research and development costs	919	12.9%	894	13.4%	882	14.8%
Other expenses, net	34	0.5%	12	0.1%	18	0.3%
Result from investments	12	0.2%	8	0.1%	6	0.1%
Operating profit (EBIT)	2,110	29.5%	1,888	28.3%	1,617	27.1%
Financial income	168	2.4%	147	2.2%	132	2.2%
Financial expenses	214	3.0%	146	2.2%	147	2.5%
Financial expenses/(income), net	46	0.6%	(1)	—%	15	0.3%
Profit before taxes	2,064	28.9%	1,889	28.3%	1,602	26.8%
Income tax expense	464	6.5%	363	5.4%	345	5.7%
Net profit	1,600	22.4%	1,526	22.9%	1,257	21.1%

Net revenues

The following table sets forth an analysis of our net revenues for each of the years ended December 31, 2025, 2024

and 2023:


	For the years ended December 31,						Increase/(Decrease)
	2025	Percentage of net revenues	2024	Percentage of net revenues	2023	Percentage of net revenues	2025 vs. 2024		2024 vs. 2023
	(€ million, except percentages)
Cars and spare parts ⁽¹⁾	6,005	84.0%	5,728	85.8%	5,119	85.7%	277	4.8%	609	11.9%
Sponsorship, commercial and brand ⁽²⁾	820	11.5%	670	10.0%	572	9.6%	150	22.4%	98	17.1%
Other ⁽³⁾	321	4.5%	279	4.2%	279	4.7%	42	15.0%	—	—%
Total net revenues	7,146	100.0%	6,677	100.0%	5,970	100.0%	469	7.0%	707	11.8%

_____________________________

(1)Includes net revenues generated from shipments of our cars (including strictly limited racing cars, one-off and pre-owned cars, and other special

sales), personalization options applied to those cars, and sales of spare parts.

(2)Includes net revenues earned by our racing teams (primarily in the Formula 1 World Championship and the World Endurance Championship) through

sponsorship agreements and our share of Formula 1 commercial revenues, as well as net revenues generated from the Ferrari brand, including

lifestyle collections, merchandising, licensing activities and royalties.

(3)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.

2025 compared to 2024

Net revenues for 2025 were €7,146 million, an increase of €469 million or 7.0 percent (an increase of 8.0 percent on

a constant currency basis), compared to €6,677 million for 2024.

The increase in net revenues was attributable to the combination of (i) a €277 million increase in cars and spare

parts, (ii) a €150 million increase in sponsorship, commercial and brand, and (iii) a €42 million increase in other net revenues.

Cars and spare parts

Net revenues generated from cars and spare parts for 2025 were €6,005 million, an increase of €277 million, or 4.8

percent, compared to €5,728 million for 2024.

The increase in net revenues from cars and spare parts was primarily attributable to a richer product and country

mix, as well as a higher contribution from personalization. These factors more than offset the lower contribution from the

Daytona SP3, for which the limited series deliveries concluded in the third quarter of 2025. Foreign currency exchange

impacts, including the effects of hedging transactions, were negative, mainly driven by the U.S. Dollar and the Japanese Yen.

Total shipments in 2025 were 13,640 cars, a decrease of 112 units, or 0.8 percent, compared to 13,752 cars in 2024.

Despite fewer shipments, the evolution of our product portfolio mix contributed to the growth of our revenues. During the

year, our portfolio comprised seven internal combustion engine (ICE) models and six hybrid models, representing 58 percent

and 42 percent of shipments, respectively. Shipments were primarily driven by the 296 GTS, the Purosangue and the Roma

Spider, as well as the 12Cilindri family, which continued its ramp‑up phase and reached global distribution, and the SF90 XX

special series family. These were partially offset by the phase‑out of the SF90 Spider and the 812 Competizione A special

series, as well as the progressive completion of the Daytona SP3 Icona series. In the fourth quarter of 2025, we also delivered

the first units of our latest Supercar, the F80.

The €277 million increase in net revenues from cars and spare parts reflected (i) a €284 million increase in EMEA

and (ii) a €63 million increase in APAC, partially offset by (iii) a €59 million decrease in Mainland China, Hong Kong and

Taiwan, and (iv) an €11 million decrease in Americas. The mix of net revenues by geography primarily reflects our allocation

strategy. For additional information on our allocation strategy, see “—Trends, Uncertainties and Opportunities—Controlled

volume strategy and brand exclusivity”.

Sponsorship, commercial and brand

Net revenues generated from sponsorship, commercial agreements and brand management activities for 2025 were

€820 million, an increase of €150 million, or 22.4 percent, compared to €670 million for 2024. The increase was primarily

attributable to sponsorships and lifestyle activities, as well as higher commercial revenues reflecting the better ranking in the

2024 Formula 1 season compared to 2023.

Other

Other net revenues were €321 million for 2025, an increase of €42 million, or 15.0 percent, compared to €279

million for 2024, mainly driven by other sports-related activities and financial services.

2024 compared to 2023

Net revenues for 2024 were €6,677 million, an increase of €707 million or 11.8 percent (an increase of 13.4 percent

on a constant currency basis), compared to €5,970 million for 2023.

The increase in net revenues was attributable to the combination of (i) a €609 million increase in cars and spare

parts, and (ii) a €98 million increase in sponsorship, commercial and brand.

Cars and spare parts

Net revenues generated from cars and spare parts for 2024 were €5,728 million, an increase of €609 million or 11.9

percent, compared to €5,119 million for 2023.

The increase in net revenues from cars and spare parts was primarily attributable to a richer product and country

mix, as well as a higher contribution from personalization. Foreign currency exchange impact, including hedging

transactions, was negative, mainly driven by the U.S. Dollar, the Japanese Yen and the Chinese Yuan.

Total shipments in 2024 were 13,752, an increase of 89 cars or 0.7 percent, compared to 13,663 in 2023. Our

product portfolio during the year included ten internal combustion engine (ICE) models and six hybrid engine models, which

represented 48.7 percent and 51.3 percent of shipments, respectively. Both the number of hybrid cars and the proportion of

hybrid cars to the total number of cars shipped continued to increase in 2024 compared to 2023, surpassing those of ICE

vehicles for the first time, in line with our strategy to integrate newly-introduced powertrain technologies more broadly into

our product portfolio. Shipments were mainly driven by the Purosangue, the Roma Spider and the 296 GTS, as well as our

first shipments of the SF90 XX special series family during the year and the 12Cilindri in the fourth quarter, while the 812

Competizione A special series was approaching the end of its lifecycle and the Portofino M, the SF90 Stradale, the 812 GTS,

the 812 Competizione and the Roma were phased out during the year. Shipments of the Daytona SP3 Icona increased year-

over-year in line with our delivery plans.

The €609 million increase in net revenues from cars and spare parts was composed of: (i) a €335 million increase in

Americas, (ii) a €273 million increase in EMEA, and (iii) an €47 million increase in APAC, partially offset by (iv) a €46

million decrease in Mainland China, Hong Kong and Taiwan. The mix of net revenues by geography primarily reflects our

allocation strategy to preserve the brand’s exclusivity.

Sponsorship, commercial and brand

Net revenues generated from sponsorship, commercial agreements and brand management activities for 2024 were

€670 million, an increase of €98 million, or 17.1 percent, compared to €572 million for 2023. The increase was primarily

attributable to new sponsorships and lifestyle activities.

Other

Other net revenues were €279 million for 2024 and for 2023, with higher revenues from financial services activities

substantially offset by the end of the supply of engines to Maserati.

Cost of sales


	For the years ended December 31,						Increase/(Decrease)
	2025	Percentage of net revenues	2024	Percentage of net revenues	2023	Percentage of net revenues	2025 vs. 2024		2024 vs. 2023
	(€ million, except percentages)
Cost of sales	3,453	48.3%	3,330	49.9%	2,996	50.2%	123	3.7%	334	11.1%

2025 compared to 2024

Cost of sales for 2025 was €3,453 million, an increase of €123 million, or 3.7 percent, compared to €3,330 million

for 2024. As a percentage of net revenues, cost of sales was 48.3 percent in 2025 compared to 49.9 percent in 2024.

The increase in cost of sales was primarily attributable to changes in product mix and higher import tariffs in the

United States impacting the second half of 2025.

2024 compared to 2023

Cost of sales for 2024 was €3,330 million, an increase of €334 million or 11.1 percent, compared to €2,996 million

for 2023. As a percentage of net revenues, cost of sales was 49.9 percent in 2024 compared to 50.2 percent in 2023.

The increase in cost of sales was primarily attributable to a change in product mix, higher industrial costs, as well as

racing and other supporting activities, partially offset by the end of the supply of engines to Maserati.

Selling, general and administrative costs


	For the years ended December 31,						Increase/(Decrease)
	2025	Percentage of net revenues	2024	Percentage of net revenues	2023	Percentage of net revenues	2025 vs. 2024		2024 vs. 2023
	(€ million, except percentages)
Selling, general and administrative costs	642	9.0%	561	8.4%	463	7.7%	81	14.5%	98	21.3%

2025 compared to 2024

Selling, general and administrative costs for 2025 were €642 million, an increase of €81 million, or 14.5 percent,

compared to €561 million for 2024. As a percentage of net revenues, selling, general and administrative costs were 9.0

percent in 2025 compared to 8.4 percent in 2024.

The increase in selling, general and administrative costs was primarily attributable to racing expenses and brand

investments, as well as the Company’s organizational development.

2024 compared to 2023

Selling, general and administrative costs for 2024 were €561 million, an increase of €98 million or 21.3 percent,

compared to €463 million for 2023. As a percentage of net revenues, selling, general and administrative costs were 8.4

percent in 2024 compared to 7.7 percent in 2023.

The increase in selling, general and administrative costs mainly reflects continuing initiatives for software, digital

infrastructure and organizational development, as well as brand investments.

Research and development costs


	For the years ended December 31,						Increase/(Decrease)
	2025	Percentage of net revenues	2024	Percentage of net revenues	2023	Percentage of net revenues	2025 vs. 2024		2024 vs. 2023
	(€ million, except percentages)
Research and development costs expensed during the year	593	8.3%	563	8.4%	539	9.1%	30	5.2%	24	4.5%
Amortization of capitalized development costs	326	4.6%	331	5.0%	343	5.7%	(5)	(1.4%)	(12)	(3.5%)
Research and development costs	919	12.9%	894	13.4%	882	14.8%	25	2.8%	12	1.4%

2025 compared to 2024

Research and development costs for 2025 were €919 million, an increase of €25 million, or 2.8 percent, compared to

€894 million for 2024. As a percentage of net revenues, research and development costs were 12.9 percent in 2025 compared

to 13.4 percent in 2024.

The increase of €25 million was primarily attributable to (i) an increase in research and development costs expensed

of €30 million (after taking into account technology-related government incentives received in 2025), reflecting racing

activities and our focus on continuous innovation and advanced technologies, partially offset by (ii) a decrease in

amortization of capitalized development costs of €5 million, mainly driven by the phase-out of certain models.

2024 compared to 2023

Research and development costs for 2024 were €894 million, an increase of €12 million or 1.4 percent, compared to

€882 million for 2023. As a percentage of net revenues, research and development costs were 13.4 percent in 2024 compared

to 14.8 percent in 2023.

The increase of €12 million was primarily driven by an increase in research and development costs expensed of €24

million driven by racing activities and our focus on continuous innovation, partially offset by a decrease in amortization of

capitalized development costs of €12 million, mainly driven by the phase-out of certain models.

Other expenses, net


	For the years ended December 31,			Increase/(Decrease)
	2025	2024	2023	2025 vs. 2024		2024 vs. 2023
	(€ million, except percentages)
Other income	21	22	11	(1)	(2.9%)	11	99.1%
Other expense	55	34	29	21	62.0%	5	14.8%
Other expenses, net	34	12	18	22	175.7%	(6)	(34.2%)

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.

Other expenses, net for 2025 were €34 million, an increase of €22 million, compared to €12 million for 2024,

primarily reflecting higher miscellaneous expenses. In 2024, other expenses, net were €12 million , a decrease of €6 million

compared to €18 million for 2023, primarily attributable to other income related to indemnities received from suppliers.

Operating profit (EBIT)


	For the years ended December 31,						Increase/(Decrease)
	2025	Percentage of net revenues	2024	Percentage of net revenues	2023	Percentage of net revenues	2025 vs. 2024		2024 vs. 2023
	(€ million, except percentages)
Operating profit (EBIT)	2,110	29.5%	1,888	28.3%	1,617	27.1%	222	11.8%	271	16.7%

2025 compared to 2024

Operating profit (EBIT) for 2025 was €2,110 million, an increase of €222 million, or 11.8 percent, compared to

€1,888 million for 2024. As a percentage of net revenues, operating profit (EBIT) was 29.5 percent in 2025 compared to 28.3

percent in 2024.

The increase in operating profit (EBIT), despite car volumes remaining substantially flat, was primarily attributable

to the enriched product mix, including personalization, and a positive contribution from racing and lifestyle activities,

partially offset by higher operational and marketing expenses, as well as higher R&D costs driven by innovation for racing

and sports cars.

The increase comprised the combined effects of (i) a positive product mix of €215 million, reflecting deliveries of

the SF90 XX special series and the 12Cilindri families, a higher contribution from personalization, a positive country mix,

and deliveries of the 499P Modificata, partially offset by a lower contribution from the Daytona SP3 Icona, for which the

limited series deliveries concluded in the third quarter of 2025, and higher import tariffs in the United States impacting the

second half of 2025, (ii) a positive contribution of €142 million from other activities, driven by a higher contribution from

racing and lifestyle, and (iii) a positive volume impact of €6 million primarily driven by spare parts, partially offset by (iv) a

negative contribution of €81 million from selling, general and administrative costs, (v) a negative foreign currency exchange

impact of €35 million (including the effects of hedging transactions), mainly driven by the U.S. Dollar and the Japanese Yen,

and (vi) a negative contribution of €25 million from research and development costs.

2024 compared to 2023

Operating profit (EBIT) for 2024 was €1,888 million, an increase of €271 million or 16.7 percent, compared to

€1,617 million for 2023. As a percentage of net revenues, operating profit (EBIT) increased from 27.1 percent in 2023 to 28.3

percent in 2024.

The increase in operating profit (EBIT) was primarily attributable to the combined effects of (i) a positive volume

impact of €7 million, (ii) a positive product mix of €386 million, sustained by the Daytona SP3 and a few units of the 499P

Modificata, as well as higher contribution from personalizations and positive country mix driven by the Americas, (iii) a

negative contribution of €12 million from research and development costs, (iv) a negative contribution of €98 million from

selling, general and administrative costs, (v) a positive contribution of €70 million driven by new sponsorships and lifestyle

activities, partially offset by higher costs due to the better 2024 Formula 1 season ranking, and (vi) a negative foreign

currency impact of €82 million (including the effects of hedging transactions), mainly driven by the U.S. Dollar, the Japanese

Yen and the Chinese Yuan.

¹ The Patent Box regime was firstly introduced by the Italian Law No. 190/2014 and implemented by the Group until 2024, recognizing the tax benefit over

three annual installments starting from 2020. This regime was based on a tax exemption (up to 50%) of the extra profit attributable to eligible intangible

assets. The new Patent Box regime regulated by Law Decree No. 146, effective from October 22, 2021, provides for a 110% super tax deduction for costs

relating to eligible intangible assets. The Italian tax legislation allowed for a transitional period where both regimes coexisted until 2024 when the original

regime ended.

100

Financial expenses/(income), net


	For the years ended December 31,			Increase/(Decrease)
	2025	2024	2023	2025 vs. 2024		2024 vs. 2023
	(€ million, except percentages)
Financial income	168	147	132	21	14.3%	15	11.2%
Financial expenses	214	146	147	68	46.8%	(1)	(1.0%)
Financial expenses/(income), net	46	(1)	15	47	n.m.⁽¹⁾	(16)	(108.0%)

_____________________________

(1) Throughout this document “n.m.” means not meaningful.

2025 compared to 2024

Financial expenses, net were €46 million for 2025, compared to financial income, net of €1 million for 2024. The

net change was primarily attributable to (i) a negative net foreign currency exchange impact, including the net costs of

hedging, and (ii) lower interest income on cash and cash equivalents. For additional information, see Note 9 “Financial

Expenses and Financial Income” to the Consolidated Financial Statements included elsewhere in this document.

2024 compared to 2023

Financial expenses, net were €1 million for 2024 compared to financial expenses, net of €15 million for 2023. The

net change was primarily attributable to an increase in financial income of €15 million, mainly driven by (i) positive net

foreign currency exchange impact (including the net costs of hedging) and (ii) higher interest income on cash and cash

equivalents, partially offset by (iii) a decrease in gains recognized on the cash tender of bonds (no cash tenders of bonds were

made in 2024 while in the third quarter of 2023 we executed a partial cash tender on a bond due in 2025, resulting in gains in

2023 of €8 million). For additional information, see Note 9 “Financial Expenses and Financial Income” to the Consolidated

Financial Statements included elsewhere in this document.

Income tax expense


	For the years ended December 31,			Increase/(Decrease)
	2025	2024	2023	2025 vs. 2024		2024 vs. 2023
	(€ million, except percentages)
Income tax expense	464	363	345	101	28.7%	18	5.3%

2025 compared to 2024

Income tax expense for 2025 was €464 million, an increase of €101 million, compared to €363 million for 2024. The

increase in income tax expense was primarily attributable to an increase in profit before taxes and an increase in the effective

tax rate from 19.2 percent in 2024, to 22.5 percent in 2025.

Income taxes and the effective tax rate for 2024 benefited from the coexistence of two successive Italian Patent Box

tax regimes, which provide tax benefits for companies using qualifying intangible assets. 1 In accordance with applicable

legislation, from 2025 the Group continues to apply the new Patent Box regime only.

2024 compared to 2023

Income tax expense for 2024 was €363 million, an increase of €18 million, compared to €345 million for 2023. The

increase in income tax expense was primarily attributable to an increase in profit before taxes, partially offset by a decrease

of the effective tax rate.

101

Income taxes for both years benefited from the coexistence of two Patent Box tax regimes, which provide tax

benefits for companies using qualifying intangible assets.

The effective tax rate was 19.2 percent in 2024 compared to 21.5 percent in 2023, mainly reflecting the coexistence

of the two aforementioned Patent Box tax regimes, with a greater effect of the new regime in 2024 compared to 2023.

102

Liquidity and Capital Resources

Liquidity Overview

We require liquidity to fund our operations, meet our obligations, make capital investments and reward our

shareholders. Short-term liquidity is required primarily to support our working capital needs, including the purchase of raw

materials, parts, components and utilities used in the production of our cars, as well as personnel and other operating costs. In

addition to our operating requirements, we require cash to support capital investments aligned with our long-term strategy.

These investments include expenditures for the continuous renewal and expansion of our product portfolio, supporting both

current and future models, as well as research and development activities focused on innovation and technological

advancement, including hybrid and electric technologies. Our capital investments also include expenditures related to our

industrial activities and related infrastructure, such as manufacturing facilities, production efficiency, capacity development,

sustainability initiatives, environmental and regulatory compliance and maintenance activities. We fund our capital

expenditures primarily through cash generated from our operating activities.

We also use liquidity to reward our shareholders through a combination of dividends and share repurchases, while

maintaining a strong financial position and sufficient financial flexibility. In 2025, we approved dividends to owners of the

parent company of €532 million and completed common share repurchases of €785 million. At our Capital Markets Day held

on October 9, 2025, we announced a new multi-year share repurchase program of approximately €3.5 billion expected to be

executed from 2026 to 2030, as well as the proposed increase in our expected dividend payout ratio from 35 percent to 40

percent of Adjusted Net Profit starting from the 2025 annual results. The execution of these shareholder return initiatives is

subject to our financial performance, liquidity position and applicable governance, legal and regulatory considerations. For

additional information relating to Adjusted Net Profit, which is a non-GAAP financial measure, see “—Non-GAAP Financial

Measures”.

We centrally manage our operating cash, liquidity and cash flow requirements with the objective of ensuring

effective and efficient management of our funds. Our liquidity management framework is designed to ensure that we have

adequate resources to support our operating activities, planned capital investments and capital allocation priorities, while

maintaining appropriate financial flexibility. We believe that our cash generation, together with our available liquidity,

including committed credit lines granted by primary financial institutions and our access to debt capital markets, will be

sufficient to meet our short‑term and long‑term liquidity requirements.

Cyclical Nature of Our Cash Flows

Our working capital is subject to month-to-month fluctuations due to production and sales volumes, our financial

services activities, the timing of capital expenditures and, to a lesser extent, tax payments. In particular, our inventory levels

generally increase in the periods leading up to the launch of new models, during the phase-out of existing models when we

build up spare parts, and at the end of the second quarter when our inventory levels may be higher to support the summer

plant shutdown. In addition, inventory levels may be adjusted from time to time to respond to supply chain management

requirements.

We generally receive payment for cars between 30 and 40 days after the car is shipped (or earlier when sales

financing arrangements are utilized by us or by our dealers), while we pay most suppliers between 60 and 70 days after we

receive goods or services. Additionally, we may receive advance payments from customers, mainly for our Icona, limited

edition and Special Series models, as well as certain Range models in selected markets. We maintain sufficient inventory of

raw materials and components to ensure continuity of our production lines, however delivery of most raw materials and

components takes place monthly or more frequently in order to minimize inventories. The manufacture of one of our cars

typically takes between 30 and 45 days, depending on the level of automation of the relevant production line, and the car is

generally shipped to our dealers three to six days following the completion of production, although in certain regions we may

warehouse cars for longer periods of time to ensure prompt deliveries.

As a result of the above, including the advances received from customers for certain car models, we tend to receive

payment for cars shipped before or around the time we are required to make payments for the raw materials, components or

other materials used in the manufacturing of our cars. However, the advances we collect on cars may be subject to timing

103

differences from period to period as a result of the number of models in our product portfolio for which we collect advances

and the stage of their lifecycle at a given point in time, which ultimately impacts our working capital.

Our investments for capital expenditures and research and development are, among other factors, influenced by the

timing and number of new model launches. Our development costs, as well as our other investments for capital expenditures,

generally peak when we develop a significant number of new models to renew or expand our product portfolio. Our

investments in research and development are also influenced by the timing of research costs for our racing activities, in

particular Formula 1, for which expenditure in a normal season is generally higher in the first and last quarters of the year,

and also depends on the evolution of the applicable Formula 1 technical regulations, as well as the number and cadence of

races during the course of the racing season. We continue to incur significant capital spending as we broaden our car

architectures, prioritize innovation and advanced technologies, and integrate hybrid and electric powertrains into our product

portfolio. We also continue to make significant capital investments in operating assets and infrastructure projects that are

important for our continued growth and development, including for the ongoing construction of our new paint shop.

The payment of income taxes also affects our cash flows. We pay the first tax advance payment in the second or

third quarter of the year, together with the remaining tax balance due for the previous year, and the remaining part of the

advance payment in the third or fourth quarter.

Cash Flows

The following table summarizes the cash flows from/(used in) operating, investing and financing activities for each

of the years ended December 31, 2025 , 2024 and 2023. For additional details related to our cash flows, see the Consolidated

Financial Statements included elsewhere in this document.


	For the years ended December 31,
	2025	2024	2023
	(€ million)
Cash and cash equivalents at the beginning of the year	1,742	1,122	1,389
Cash flows from operating activities	2,349	1,927	1,717
Cash flows used in investing activities	(944)	(987)	(867)
Cash flows used in financing activities	(1,667)	(325)	(1,109)
Translation exchange differences	(13)	5	(8)
Total change in cash and cash equivalents	(275)	620	(267)
Cash and cash equivalents at the end of the year	1,467	1,742	1,122

2025 compared to 2024

For the year ended December 31, 2025 cash and cash equivalents decreased by €275 million , compared to an

increase of €620 million for the year ended December 31, 2024 . This represents a year‑over‑year unfavorable variance in

cash flows of €895 million, primarily attributable to the combined effects of:

(i) an increase in cash flows used in financing activities of €1,342 million, mainly reflecting (i) lower proceeds from

new debt of €528 million, (ii) higher repayments of debt of €521 million, (iii) an increase in share repurchases of

€204 million, and (iv) an increase in dividends paid to owners of €89 million;

partially offset by:

(ii) an increase in cash flows from operating activities of €422 million, primarily due to an increase in net profit

excluding non-cash items of €217 million and higher advances received for cars (mainly the F80) and sponsorship

agreements, and

(iii) a decrease in cash flows used in investing activities of €43 million, primarily driven by lower investments in

intangible assets.

104

2024 compared to 2023

For the year ended December 31, 2024 cash and cash equivalents held by the Group increased by €620 million

compared to a decrease in cash and cash equivalents of €267 million for the year ended December 31, 2023. This represents a

year‑over‑year favorable variance in cash flows of positive €887 million, primarily attributable to the combined effects of:

(i) a decrease in cash flows used in financing activities of €784 million in 2024 compared to 2023, driven by (i) an

increase in proceeds from debt of €677 million, (ii) a decrease in repayments of debt of €338 million, partially offset

by (iii) an increase in dividends paid to owners of €111 million and (iv) an increase in share repurchases of €120

million, and

(ii) an increase in cash flows from operating activities of €210 million in 2024 compared to 2023, primarily driven by an

increase in net profit excluding non-cash items of €276 million, a decrease in cash absorbed from inventories, trade

receivables and trade payables of €56 million and (iii) lower net finance costs paid of €50 million, partially offset by

(iv) higher income tax paid of €117 million and (v) a decrease from other operating assets and liabilities of €69

million;

partially offset by:

(iii) an increase in cash flows used in investing activities of €120 million in 2024 compared to 2023, driven by higher

investments in property, plant and equipment and intangible assets, reflecting our initiatives for the development of

new models, components and infrastructure.

Additional information relating to the cash flows from or used in operating, investing and financing activities for the

years ended December 31, 2025, 2024 and 2023 is provided below.

Operating Activities — Year Ended December 31, 2025

For the year ended December 31, 2025, cash flows from operating activities were €2,349 million, primarily

attributable to:

(i) net profit of €1,600 million, adjusted for non-cash items including €662 million of depreciation and amortization

expense, €464 million of income tax expense, €46 million of net financial expenses, and €140 million of other non-

cash expenses, net (mainly related to provisions, allowances, share-based compensation and the result from

investments accounted for using the equity method), and

(ii) €222 million of cash generated from other operating assets and liabilities, primarily driven by advances received for

cars (mainly the F80) and sponsorship agreements,

partially offset by:

(iii) €156 million of cash absorbed by inventories, trade receivables and trade payables, reflecting:

– €77 million from higher inventories, driven by new models and an enriched product mix;

– €20 million from higher trade receivables, driven by sponsorship agreements, and

– €59 million from lower trade payables;

(iv) €155 million of cash absorbed by receivables from financing activities driven by growth of the financial services

portfolio;

(v) €88 million of net finance costs paid, and

(vi) €386 million of income taxes paid.

105

Operating Activities — Year Ended December 31, 2024

For the year ended December 31, 2024, cash flows from operating activities were €1,927 million, primarily

attributable to:

(i) net profit of €1,526 million, adjusted for non-cash items including €667 million for depreciation and amortization

expense, €363 million of income tax expense and net other non-cash expenses of €165 million (mainly related to

provisions, allowances, share-based compensation and the result from investments accounted for using the equity

method),

partially offset by:

(ii) €244 million of cash absorbed from the net change in inventories, trade receivables and trade payables, reflecting:

– €158 million from inventories driven by an enriched product mix, and

– €94 million from trade receivables driven by product mix and sponsorship agreements, partially offset by

– €8 million from higher trade payables;

(iii) €119 million related to cash absorbed by receivables from financing activities driven by growth of the financial

services portfolio;

(iv) €20 million of cash absorbed from the change in other operating assets and liabilities;

(v) €1 million of net finance costs paid, and

(vi) €410 million of income taxes paid.

Operating Activities — Year Ended December 31, 2023

For the year ended December 31, 2023 , cash flows from operating activities were €1,717 million, primarily

attributable to:

(i) net profit of €1,257 million, adjusted for non-cash items including €662 million for depreciation and amortization

expense, €345 million of income tax expense, €147 million of financial expenses, €132 million of financial income

and €139 million of other non-cash expenses, net (mainly related to provisions, allowances, share-based

compensation expense and the result from investments accounted for using the equity method), and

(ii) €49 million of cash generated from the change in other operating assets and liabilities, primarily driven by advances

received for our cars,

partially offset by:

(iii) €300 million of cash absorbed from the net change in inventories, trade receivables and trade payables, reflecting:

– €310 million from inventories driven by production planning and an enriched product mix, and

– €33 million from trade receivables, partially offset by

– €43 million from higher trade payables;

(iv) €107 million related to cash absorbed by receivables from financing activities driven by growth of the financial

services portfolio due to volume growth;

(v) €51 million of net finance costs paid, and

(vi) €292 million of income taxes paid.

106

Investing Activities — Year Ended December 31, 2025

For the year ended December 31, 2025, cash flows used in investing activities were €944 million, primarily

attributable to capital expenditures of: (i) €458 million for intangible assets, mainly related to externally acquired and

internally generated development costs, and (ii) €485 million for property, plant and equipment.

Investing Activities — Year Ended December 31, 2024

For the year ended December 31, 2024, cash flows used in investing activities were €987 million, primarily

attributable to capital expenditures of: (i) €507 million for intangible assets, mainly related to externally acquired and

internally generated development costs, and (ii) €482 million for property, plant and equipment.

Investing Activities — Year Ended December 31, 2023

For the year ended December 31, 2023, cash flows used in investing activities were €867 million, primarily

attributable to capital expenditures of: (i) €487 million for intangible assets, mainly related to externally acquired and

internally generated development costs, and (ii) €382 million for property, plant and equipment.

For additional information relating to additions to intangible assets and property, plant and equipment, see “—

Capital Expenditures” below.

Financing Activities — Year Ended December 31, 2025

For the year ended December 31, 2025, cash flows used in financing activities were €1,667 million, primarily

attributable to:

(i) €785 million to repurchase common shares under the Company’s share repurchase program, including €300 million

from our participation in the accelerated bookbuild offering (“ABO”) made by Exor N.V. on February 26, 2025, as

well as €20 million for the Sell-to-Cover practice under the Group’s equity incentive plans;

(ii) €534 million of dividends paid (of which €530 million was to owners of the parent company and €4 million was to

non-controlling interests);

(iii) €451 million for the full repayment, upon maturity, of a bond previously issued in 2020;

(iv) €378 million for repayments of borrowings from banks and other financial institutions;

(v) €46 million for repayments of other debt;

(vi) €33 million for repayments of our revolving securitization programs in the United States, and

(vii) €24 million for repayments of lease liabilities,

partially offset by:

(viii) €400 million in proceeds from new bank borrowings;

(ix) €142 million in proceeds from our revolving securitization programs in the United States, and

(x) €42 million in proceeds from other debt.

Financing Activities — Year Ended December 31, 2024

For the year ended December 31, 2024, cash flows used in financing activities were €325 million, primarily

attributable to:

107

(i) €581 million to repurchase common shares under the Company’s share repurchase program (including the Sell-to-

Cover practice under the Group’s equity incentive plans);

(ii) €445 million of dividends paid (of which €440 million was to owners of the parent company and €5 million was to

non-controlling interests);

(iii) €244 million for repayments of our revolving securitization programs in the United States;

(iv) €105 million for repayments of borrowings from banks and other financial institutions, and

(v) €62 million for repayments of lease liabilities and other debt,

partially offset by:

(vi) €496 million in proceeds from the issuance of a new €500 million bond, maturing in 2030;

(vii) €340 million in proceeds from our revolving securitization programs in the United States;

(viii) €225 million in proceeds from bank borrowings, and

(ix) €51 million in proceeds from other debt.

Financing Activities — Year Ended December 31, 2023

For the year ended December 31, 2023, cash flows used in financing activities were €1,109 million, primarily

attributable to:

(i) €385 million for the full repayment, upon maturity, of a bond previously issued in 2016 and €191 million for the

partial repayment of a bond due in 2025 following a tender offer by the Group;

(ii) €461 million to repurchase common shares under the Company’s share repurchase program (including the “Sell-to-

Cover” practice under the equity incentive plans);

(iii) €334 million of dividends paid (of which €329 million was to owners of the parent company and €5 million was to

non-controlling interests);

(iv) €73 million of repayments of borrowings from banks and other financial institutions, and

(v) €18 million for repayments of lease liabilities,

partially offset by:

(vi) €250 million of proceeds from borrowings from banks and other financial institutions, and

(vii) €102 million of proceeds net of repayments related to our revolving securitization programs in the United States

(proceeds of €151 million and repayments of €49 million).

Capital Expenditures

Capital expenditures are defined as additions to property, plant and equipment (including right-of-use assets

recognized in accordance with IFRS 16 — Leases) and intangible assets.

Our capital investments primarily support the ongoing renewal and expansion of our product portfolio and related

development activities, with a focus on innovation and the continued evolution of our cars. In addition, our capital

expenditures support investments in our industrial activities and infrastructure, including manufacturing facilities and the in-

house development of core components.

108

Overall, these investments are aligned with our strategy to continue broadening and innovating our product range

through ongoing model launches, as well as to support current and planned infrastructure projects, and selected investments

supporting our lifestyle activities.

Capital expenditures for the years ended December 31, 2025, 2024 and 2023 were €1,013 million, €1,064 million

and €911 million, respectively.

The following table sets forth a breakdown of capital expenditures by category for each of the years ended

December 31, 2025 , 2024 and 2023:


	For the years ended December 31,
	2025	2024	2023
	(€ million)
Intangible assets
Externally acquired and internally generated development costs	421	476	448
Patents, concessions and licenses	33	26	24
Other intangible assets	4	5	15
Total intangible assets	458	507	487
Property, plant and equipment
Land and Industrial buildings	27	58	32
Plant, machinery and equipment	159	105	113
Other assets	81	61	36
Advances and assets under construction	288	333	243
Total property, plant and equipment	555	557	424
of which leases recognized in accordance with IFRS 16	70	75	42
Total capital expenditures	1,013	1,064	911

Intangible assets

Our capital expenditures for intangible assets were €458 million, €507 million and €487 million for the years ended

December 31, 2025, 2024 and 2023, respectively.

The most significant investments in intangible assets relate to externally acquired and internally generated

development costs, which mainly comprise materials and personnel costs associated with engineering, design and

development activities. These investments support both our current and future models, and reflect our ongoing initiatives for

advanced technologies, including hybrid and electric, as well as the in-house development of key components used in our

cars to enable continued performance upgrades for our customers.

Capitalized development costs amounted to €421 million in 2025, €476 million in 2024 and €448 million in 2023,

representing 41.5 percent, 45.8 percent and 45.4 percent, respectively, of total research and development incurred (both

capitalized and expensed), and reflecting the timing and nature of our product and technology initiatives.

Of the capitalized development costs incurred in 2025 , €162 million primarily related to models to be launched in

future years, while €259 million primarily related to enhancements to our current product portfolio and components. The

corresponding amounts were €283 million and €193 million in 2024, and €286 million and €162 million in 2023.

109

Property, plant and equipment

Our capital expenditures for property, plant and equipment were €555 million, €557 million and €424 million for the

years ended December 31, 2025, 2024 and 2023, respectively, of which €70 million, €75 million and €42 million related to

right-of-use assets.

We made significant investments in infrastructure consistent with our growth plans, the renewal and broadening of

our product portfolio and supporting future model launches. In particular, we made investments in:

• car and engine production lines, including for models to be launched in future years, as well as in our

personalization programs;

• the new paint shop, the construction of which commenced in 2024 and is currently in progress, and

• our new e-Building, which was inaugurated in June 2024.

At December 31, 2025, the Group had contractual commitments for the purchase of property, plant and equipment

amounting to €275 million (€397 million at December 31, 2024), reflecting the significant investments we are making to

expand our vehicle architectures, strengthen our infrastructure, including the new paint shop, and support innovation in

advanced technologies such as hybrid and electric powertrains.

Contractual Obligations

The following table summarizes payments due under our significant contractual commitments at December 31,

2025:


	Payments due by period
	Less than 1 year	1 to 3 years	3 to 5 years	After 5 years	Total
	(€ million)
Long-term debt⁽¹⁾	814	770	724	300	2,608
Interest on long-term debt ⁽²⁾	66	76	34	2	178
Lease obligations (principal)⁽³⁾	31	46	31	54	162
Lease obligations (interest)	5	8	5	7	25
Unconditional minimum purchase obligations⁽⁴⁾	158	107	74	—	339
Purchase obligations⁽⁵⁾	247	28	—	—	275
Total contractual obligations	1,321	1,035	868	363	3,587

_____________________________

(1)Amounts presented relate to the principal amounts of long-term debt, excluding lease liabilities and the related interest expense that will be paid when

due. For additional information, see Note 24 “Debt” to our Consolidated Financial Statements included elsewhere in this document. The table above

does not include short-term debt obligations. See the table below for a reconciliation of the contractual commitments of our long-term debt to the debt

recorded in the consolidated statement of financial position included within our Consolidated Financial Statements.

(2)Amounts include interest payments based on the contractual terms and current interest rates on our long-term debt. Where interest rates are variable,

they were determined using the rates in effect at December 31, 2025.

(3)Lease obligations mainly relate to leases for Ferrari stores, industrial buildings and certain other leased assets used in our business.

(4)Unconditional minimum purchase obligations relate to our unconditional purchase obligations to purchase a fixed or minimum quantity of goods and/

or services from suppliers with fixed and determinable price provisions. From time to time, in the ordinary course of our business, we enter into

various arrangements with key suppliers in order to establish strategic and technological advantages. In particular, such agreements primarily relate

to research and development activities and, to a lesser extent, tooling obligations. This amount also includes unconditional purchase obligations to

purchase a minimum quantity of goods and/or services in connection with certain of our sponsorship contracts.

(5)Purchase obligations represent obligations to purchase property, plant and equipment.

The long-term debt obligations reflected in the table above can be reconciled to the amount recognized in the

consolidated statement of financial position at December 31, 2025 (in our Consolidated Financial Statements included

elsewhere in this document) as follows:

110


	(€ million)
Debt	2,884
Short-term debt obligations	(102)
Lease liabilities	(162)
Accrued interest and amortized cost effects	(12)
Long-term debt	2,608

Pension, post-employment benefits and other provisions for employees

We provide post-employment benefits for certain active employees and retirees of the Group. We classify these

benefits on the basis of the type of benefit provided and in particular as defined contribution plans, defined benefit obligations

or other provisions for employees. At December 31, 2025, the liability for such obligations amounted to €145 million (€134

million at December 31, 2024). See Note 22 “Employee benefits” to the Consolidated Financial Statements included

elsewhere in this document.

Other commitments and obligations

We have entered into various arrangements with unconsolidated third parties in the ordinary course of business

under which we have certain commitments and obligations that are not currently reported as obligations in our consolidated

statement of financial position. For additional information see Note 29 “Commitments” to the Consolidated Financial

Statements included elsewhere in this document.

111

Non-GAAP Financial Measures

We monitor and evaluate our operating and financial performance and financial position using several non-GAAP

financial measures, including several adjusted measures, which we believe provide additional insight into underlying business

performance and facilitate the comparability of results between periods.

We believe that these non-GAAP financial measures provide useful and relevant information to management and

investors regarding our performance and improve the ability to analyze our financial performance and financial position.

They also provide us with comparable measures that facilitate management’s ability to identify operational trends, as well as

make decisions regarding future spending, resource allocations and other operational decisions. Management also uses these

measures for budgeting and business plans, performance monitoring, management remuneration and external reporting

purposes.

In particular, we use the following non-GAAP financial measures, which are further described below: EBITDA,

Adjusted EBITDA, Adjusted Operating Profit (Adjusted EBIT), Adjusted Net Profit, Adjusted Basic Earnings per Common

Share, Adjusted Diluted Earnings per Common Share, Net Debt and Free Cash Flow, as well as a number of financial metrics

measured on a constant currency basis.

In addition to the aforementioned non-GAAP financial measures prepared on a consolidated group basis, we use the

following non-GAAP financial measures for our industrial activities only: Net Industrial Debt and Free Cash Flow from

Industrial Activities. Our industrial activities include all of the Group’s activities except for the financial services activities

managed by the wholly owned subsidiary Ferrari Financial Services Inc., whose primary business is to offer retail client

financing for the sale of Ferrari cars in the United States and to manage the related financial receivables portfolio.

While similar measures are frequently used by other companies, including within the automotive industry, the non-

GAAP financial measures we use may not be comparable to other similarly titled measures used by other companies, nor are

they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with

IFRS Accounting Standards.

EBITDA and Adjusted EBITDA

EBITDA is defined as net profit before income tax expense, financial expenses/(income), net, and amortization and

depreciation. Adjusted EBITDA is defined as EBITDA as adjusted for certain income and costs, which are significant in

nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.

The following table presents the calculation of EBITDA and Adjusted EBITDA for the years ended December 31,

2025, 2024 and 2023, and provides a reconciliation of these non-GAAP measures to net profit. There were no adjustments

impacting Adjusted EBITDA, therefore Adjusted EBITDA was equal to EBITDA for the periods presented.


	For the years ended December 31,
	2025	2024	2023
	(€ million)
Net profit	1,600	1,526	1,257
Income tax expense	464	363	345
Financial expenses/(income), net	46	(1)	15
Operating profit (EBIT)	2,110	1,888	1,617
Amortization and depreciation	662	667	662
EBITDA	2,772	2,555	2,279
Adjustments	—	—	—
Adjusted EBITDA	2,772	2,555	2,279

112

Adjusted Operating Profit (Adjusted EBIT)

Adjusted Operating Profit (Adjusted EBIT) is defined as operating profit (EBIT) as adjusted for certain income and

costs which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing

operational activities.

The following table presents operating profit (EBIT) and Adjusted Operating Profit (Adjusted EBIT) for the years

ended December 31, 2025, 2024 and 2023. There were no adjustments impacting operating profit (EBIT), therefore Adjusted

Operating Profit (Adjusted EBIT) was equal to operating profit (EBIT) for the periods presented.


	For the years ended December 31,
	2025	2024	2023
	(€ million)
Operating profit (EBIT)	2,110	1,888	1,617
Adjustments	—	—	—
Adjusted Operating Profit (Adjusted EBIT)	2,110	1,888	1,617

Adjusted Net Profit

Adjusted Net Profit is defined as net profit as adjusted for certain income and costs (net of tax effects) which are

significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational

activities.

The following table presents net profit and Adjusted Net Profit for the years ended December 31, 2025, 2024 and

2023. There were no adjustments impacting net profit, therefore Adjusted Net Profit was equal to net profit for the periods

presented.


	For the years ended December 31,
	2025	2024	2023
	(€ million)
Net profit	1,600	1,526	1,257
Adjustments	—	—	—
Adjusted Net Profit	1,600	1,526	1,257

Adjusted Basic Earnings per Common Share and Adjusted Diluted Earnings per Common Share

Adjusted Basic Earnings per Common Share and Adjusted Diluted Earnings per Common Share are defined as basic

earnings per share and diluted earnings per share, respectively, as adjusted for certain income and costs (net of tax effects)

which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing

operational activities.

The following table presents Adjusted Basic Earnings per Common Share and Adjusted Diluted Earnings per

Common Share for the years ended December 31, 2025, 2024 and 2023. There were no adjustments impacting basic earnings

per common share and diluted earnings per common share, therefore Adjusted Basic Earnings per Common Share and

Adjusted Diluted Earnings per Common Share were equal to basic earnings per common share and diluted earnings per

common share for the periods presented.

113


		For the years ended December 31,
		2025	2024	2023
Net profit attributable to owners of the Company	€ million	1,597	1,522	1,252
Weighted average number of common shares for basic earnings per share	thousand	178,125	179,743	181,220
Basic earnings per common share	€	8.97	8.47	6.91
Adjustments	€	—	—	—
Adjusted Basic Earnings per Common Share	€	8.97	8.47	6.91

Weighted average number of common shares for diluted earnings per share⁽¹⁾	thousand	178,321	179,992	181,511
Diluted earnings per common share	€	8.96	8.46	6.90
Adjustments	€	—	—	—
Adjusted Diluted Earnings per Common Share	€	8.96	8.46	6.90

_____________________________

(1) For the years ended December 31, 2025, 2024 and 2023, the weighted average number of common shares for diluted earnings per common share was

increased to take into consideration the dilutive effects of the potential common shares relating to the Group’s equity incentive plans (assuming 100

percent of the target awards vested).

For the calculation of the basic earnings per common share and diluted earnings per common share, see Note 12

“Earnings per Share” to the Consolidated Financial Statements, included elsewhere in this document.

Net Debt and Net Industrial Debt

Due to different balance sheet structures, leverage implications and sources of cash flows for the repayment of debt

between industrial activities and financial services activities, Net Industrial Debt, together with Net Debt, are the primary

measures used by us to analyze our capital structure and financial leverage.

• Net Debt is defined as debt less cash and cash equivalents and is composed of Net Industrial Debt and Net Debt of

Financial Services Activities, which are both defined below.

• Net Industrial Debt is defined as debt of our industrial activities less cash and cash equivalents of our industrial

activities. Net Industrial Debt represents our Net Debt less our Net Debt of Financial Services Activities (as defined

below). Industrial activities include all of the Group’s activities except for those relating to financial services

activities.

• Net Debt of Financial Services Activities is defined as debt of our financial services activities less cash and cash

equivalents of our financial services activities. The Group’s financial services activities relate to its wholly owned

subsidiary Ferrari Financial Services Inc., whose primary business is to offer retail client financing for the sale of

Ferrari cars in the United States and to manage the related financial receivables portfolio. The Net Debt of Financial

Services Activities primarily relates to our asset-backed financing (securitizations) of the receivables generated by

our financial services activities in the United States, and is presented for information purposes to facilitate an

understanding of the relationship between Net Debt and Net Industrial Debt, which are the measures used by

management.

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The following table presents Net Debt, Net Debt of Financial Services Activities and Net Industrial Debt at

December 31, 2025 and 2024.


	At December 31,
	2025			2024
	Group	Financial Services Activities	Industrial Activities	Group	Financial Services Activities	Industrial Activities
	(€ million)
Asset-backed financing (Securitizations)	(1,288)	(1,288)	—	(1,342)	(1,342)	—
Bonds and notes	(959)	—	(959)	(1,413)	—	(1,413)
Borrowings from banks and other financial institutions	(428)	(56)	(372)	(415)	(63)	(352)
Lease liabilities	(162)	—	(162)	(126)	—	(126)
Other debt	(47)	(41)	(6)	(56)	(51)	(5)
Total debt with third parties	(2,884)	(1,385)	(1,499)	(3,352)	(1,456)	(1,896)

Intercompany ⁽¹⁾	—	(57)	57	—	(29)	29
Total debt, net of intercompany	(2,884)	(1,442)	(1,442)	(3,352)	(1,485)	(1,867)

Cash and cash equivalents	1,467	57	1,410	1,742	55	1,687

Net Debt	(1,417)	(1,385)	(32)	(1,610)	(1,430)	(180)

_____________________________

(1) Represents intercompany (debt)/receivables between industrial activities and financial services activities.

For additional information relating to our debt, see Note 24 “Debt” to the Consolidated Financial Statements

included elsewhere in this document.

The Net Debt of Financial Services Activities primarily relates to our asset-backed financing (securitizations) of

receivables generated by our financial services activities in the United States, which amounted to €1,613 million and €1,662

million at December 31, 2025 and 2024, respectively. For additional information relating to our receivables from financing

activities and our asset-backed financing (securitizations), see Note 18 “Current Receivables and Other Current Assets” and

Note 24 “Debt” to the Consolidated Financial Statements included elsewhere in this document.

Cash and cash equivalents

Cash and cash equivalents amounted to €1,467 million at December 31, 2025, compared to €1,742 million at

December 31, 2024.

At December 31, 2025, 90 percent of our cash and cash equivalents were denominated in Euro (88 percent at

December 31, 2024). Our cash and cash equivalents denominated in currencies other than the Euro are mostly available to

Ferrari S.p.A. and certain subsidiaries that operate in countries outside of Europe. For additional information relating to cash

and cash equivalents, see Note 32 “Cash and Cash Equivalents and Notes to the Consolidated Statement of Cash Flows” to

the Consolidated Financial Statements included elsewhere in this document.

115

A breakdown of cash and cash equivalents by currency is presented below.


	At December 31,
	2025	2024
	(€ million)
Euro	1,327	1,536
U.S. Dollar	75	108
Chinese Yuan	24	63
Pound Sterling	10	8
Other currencies	31	27
Total	1,467	1,742

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 funding arrangements. This cash

amounted to €54 million at December 31, 2025 (€54 million at December 31, 2024).

Available liquidity

At December 31, 2025 , our available liquidity, represented by cash and cash equivalents and undrawn committed

credit lines, was €2,017 million (€2,292 million at December 31, 2024).

A breakdown of our available liquidity is presented below.


	At December 31,
	2025	2024
	(€ million)
Cash and cash equivalents	1,467	1,742
Undrawn committed credit lines	550	550
Available liquidity	2,017	2,292

The undrawn committed credit lines at December 31, 2025 and 2024 relate to revolving credit facilities. For

additional information, see Note 24 “Debt” to the Consolidated Financial Statements included elsewhere in this document.

Free Cash Flow and Free Cash Flow from Industrial Activities

Free Cash Flow and Free Cash Flow from Industrial Activities are two of our primary key performance indicators to

measure the Group’s performance and cash flow generation. These measures are not representative of residual cash flows

available for discretionary purposes.

• Free Cash Flow is defined as consolidated cash flows from operating activities less investments in property, plant

and equipment (excluding right-of-use assets recognized during the period in accordance with IFRS 16 — Leases)

and intangible assets. Free Cash Flow is composed of Free Cash Flow from Industrial Activities and Free Cash Flow

from Financial Services Activities, which are both defined below.

• Free Cash Flow from Industrial Activities is defined as cash flows from operating activities of our industrial

activities less investments in property, plant and equipment (excluding right-of-use assets recognized during the

period in accordance with IFRS 16 — Leases) and intangible assets of our industrial activities. Free Cash Flow from

Industrial Activities represents our Free Cash Flow less our Free Cash Flow from Financial Services Activities (as

defined below). Industrial activities include all of the Group’s activities except for those relating to financial services

activities.

• Free Cash Flow from Financial Services Activities is defined as cash flows from operating activities of our

financial services activities less investments in property, plant and equipment (excluding right-of-use assets

recognized during the period in accordance with IFRS 16 — Leases) and intangible assets of our financial services

activities. The Group’s financial services activities relate only to its wholly owned subsidiary Ferrari Financial

116

Services Inc., whose primary business is to offer retail client financing for the sale of Ferrari cars in the United

States and to manage the related financial receivables portfolio. Its cash flows from operating activities are mainly

driven by the change in its financial receivables portfolio (receivables from financing activities), as well as its

operating result during the period. Free Cash Flow from Financial Services Activities is presented for information

purposes to facilitate an understanding of the relationship between Free Cash Flow and Free Cash Flow from

Industrial Activities, which are the measures used by management.

The following table presents Free Cash Flow, Free Cash Flow from Financial Services Activities and Free Cash

Flow from Industrial Activities for the years ended December 31, 2025, 2024 and 2023.


	For the years ended December 31,
	2025			2024			2023
	Group	Financial Services Activities	Industrial Activities	Group	Financial Services Activities	Industrial Activities	Group	Financial Services Activities	Industrial Activities
	(€ million)
Cash flows from/(used in) ⁽¹⁾ operating activities	2,349	(129)	2,478	1,927	(89)	2,016	1,717	(84)	1,801
Investments in property, plant and equipment and intangible assets	(943)	—	(943)	(989)	—	(989)	(869)	—	(869)
Free Cash Flow	1,406	(129)	1,535	938	(89)	1,027	848	(84)	932

_____________________________

(1) Financial services activities mainly reflect the outflows derived from the increase in the financial receivables portfolio (the change in receivables from

financing activities in the consolidated statement of cash flows) of €154.6 million, €118.7 million and €107.2 million, for the years ended December 31,

2025 , 2024 and 2023, respectively.

Free Cash Flow for the year ended December 31, 2025 was €1,406 million compared to €938 million for the year

ended December 31, 2024 and €848 million for the year ended December 31, 2023. For an explanation of the drivers in Free

Cash Flow, see “—Cash Flows” above.

Free Cash Flow from Industrial Activities for the year ended December 31, 2025 was €1,535 million, an increase of

€508 million compared to €1,027 million for the year ended December 31, 2024. The increase was primarily attributable to

(i) an increase in Adjusted EBITDA from our industrial activities of €213 million (€2,729 million in 2025 compared to

€2,516 million in 2024), (ii) a decrease in cash absorbed from inventories, trade receivables and trade payables of €87

million, (iii) a positive impact from other operating assets and liabilities of €242 million, driven by advances received for cars

(mainly the F80) and sponsorship agreements, (iv) a decrease in investments for intangible assets of €49 million, and (v)

lower income taxes paid of €24 million, partially offset by (vi) higher net finance costs paid of €88 million.

Free Cash Flow from Industrial Activities for the year ended December 31, 2024 was €1,027 million, an increase of

€95 million compared to €932 million for the year ended December 31, 2023. The increase was primarily attributable to (i) an

increase in Adjusted EBITDA from our industrial activities of €273 million ( €2,516 million in 2024 compared to €2,243

million in 2023), and (ii) a decrease in cash absorbed from inventories, trade receivables and trade payables of €56 million,

and (iii) lower finance costs paid of €50 million, partially offset by (iv) an increase in investments in property, plant and

equipment of €101 million and intangible assets of €20 million, reflecting our initiatives for product and infrastructure

development, and (v) higher income tax paid of €117 million, and (vi) a decrease from other operating assets and liabilities of

€69 million.

Constant Currency Information

The “Results of Operations” discussion above includes information about our net revenues on a constant currency

basis, which excludes the effects of foreign currency translation from our subsidiaries with functional currencies other than

Euro, as well as the effects of foreign currency transaction impact and foreign currency hedging. We use this information to

assess how the underlying revenues changed independent of fluctuations in foreign currency exchange rates and hedging. We

calculate constant currency by (i) applying the prior-period average foreign currency exchange rates to translate current

period revenues of foreign subsidiaries expressed in local functional currency other than Euro, (ii) applying the prior-period

average foreign currency exchange rates to current period revenues originated in a currency other than the functional

currency of the applicable entity, and (iii) eliminating the impact of any foreign currency hedging (see Note 2 “Material

117

Accounting Policies” to the Consolidated Financial Statements, included elsewhere in this document, for information on the

foreign currency exchange rates applied). Although we do not believe that these measures are a substitute for GAAP

measures, we do believe that revenues excluding the impact of currency fluctuations and the impacts of hedging provide

additional useful information to investors regarding the operating performance on a local currency basis.

118

2026 Outlook

2026 guidance, based on the following assumptions:

• Significant model change-over to shape the year, with positive product mix and personalizations

• Higher racing revenues mainly from sponsorships

• Lifestyle activities supporting top line contribution, while continuing to invest for further development and

to expand the network

• Higher brand investments, as well as racing and digital transformation expenses

• Increasing D&A in line with start of production of new models

• Expected negative currency impact, net of hedges

• Robust Industrial free cash flow generation driven by strong profitability


(€B, unless otherwise stated)	2025	2026 GUIDANCE
NET REVENUES	7.15	~7.50
ADJ. EBITDA (margin %)	2.77 38.8%	≥2.93 ≥39.0%
ADJ. OPERATING PROFIT (EBIT) (margin %)	2.11 29.5%	≥2.22 ≥29.5%
ADJ. DILUTED EPS (€)	8.96⁽¹⁾	≥9.45⁽¹⁾
INDUSTRIAL FCF	1.54	≥1.50

_____________________________

(1)Calculated using the weighted average diluted number of common shares at December 31, 2025 (178,321 thousand)

119

Major Shareholders

Exor is our largest shareholder through its approximately 21.33 percent shareholding interest in our outstanding

common shares (as of February 4, 2026). As a result of the loyalty voting mechanism, Exor’s voting power is approximately

32.32 percent (as of February 4, 2026). In addition, as of February 4, 2026, Trust Piero Ferrari, a Jersey trust established by

Mr. Piero Ferrari, holds approximately 10.67 percent of our outstanding common shares. Piero Ferrari holds the usufruct over

such shares including the right to exercise the voting rights of such shares, corresponding to, as a result of the loyalty voting

mechanism, a voting power of approximately 16.17 percent. The percentages of ownership and voting power above are

calculated based on the number of outstanding shares net of treasury shares.

Exor and Mr. Piero Ferrari informed us that they have entered into a shareholder agreement, subsequently amended

to reflect adherence by Trust Piero Ferrari, summarized below under “—Shareholders’ Agreement”.

Exor is controlled by Giovanni Agnelli B.V. (“G.A.”), which holds approximately 56.94 percent of Exor’s

outstanding ordinary shares and 85.27 percent of its voting rights (based on Exor’s latest public capital filings available).

G.A. is a Dutch private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) with interests

represented by shares, founded by Giovanni Agnelli and currently held by members of the Agnelli and Nasi families,

descendants of Giovanni Agnelli, founder of Fiat. Its present principal business activity is to purchase, administer and dispose

of equity interests in public and private entities and, in particular, to ensure the cohesion and continuity of the administration

of its controlling equity interests. The managing directors of G.A., as of February 4, 2026, were Jeroen Preller, Andrea

Agnelli, Luca Ferrero de’ Gubernatis Ventimiglia, Benedetto Della Chiesa, Johannes Casper Brouwer, Filippo Scognamiglio

Pasini, Alexandre von Furstenberg and Niccolò Camerana.

On February 26, 2025, Exor carried out an accelerated bookbuild offering of 6,666,667 common shares of Ferrari

(representing approximately 3.7% of the then outstanding common shares of Ferrari) to institutional investors. Ferrari

participated in the offering by purchasing No. 666,666 common shares for a total consideration of Euro 299,999,700 as part

of its seventh tranche of the multi-year share buyback program announced during the 2022 Capital Markets Day. In the

context of the transaction, Exor entered into a 360-day lock-up commitment with respect to its remaining common shares of

Ferrari.

Provisions 2.7.3, 2.7.4 and 2.7.5 of the Dutch Corporate Governance Code prescribe certain best practices to be

observed in transactions with related parties; we complied with such provisions in connection with related-party transactions

as disclosed in Note 28 “Related Party Transactions” to the Consolidated Financial Statements.

Based on the information in Ferrari’s shareholder register, regulatory filings with the AFM and the SEC and other

sources available to us, the following shareholders owned, directly or indirectly, in excess of three percent of the common

shares holding voting rights of Ferrari, as of February 4, 2026:


Shareholder	Number of common shares	Number of special voting shares	Percentage owned ⁽¹⁾	Voting rights ⁽²⁾
Exor N.V. ⁽³⁾	37,768,613	37,768,613	21.33%	32.32%
Trust Piero Ferrari ⁽³⁾	18,894,295	18,892,160	10.67%	16.17%
BlackRock, Inc. ⁽⁴⁾	6,734,854	—	3.80%	3.38%
Other public shareholders	113,676,931	2,268	64.20%	48.13%

_____________________________

(1) The percentages of share capital set out in this table are calculated as the ratio of (i) the aggregate number of outstanding common shares beneficially

owned by the shareholder to (ii) the total number of outstanding common shares (net of treasury shares) of Ferrari. These percentages may slightly

differ from the percentages of share capital included in the public register held by the AFM of all notifications made pursuant to the disclosure

obligations under chapter 5.3 of the Dutch Act on financial supervision (Wet op het financieel toezicht; the “AFS”), inter alia, because any shares held

in treasury by Ferrari are included in the relevant denominators for purposes of the AFS disclosure obligations.

(2) The percentage of voting rights reported in the table above is calculated as the ratio of (i) the aggregate number of voting rights beneficially owned by

the shareholder to (ii) the total number of outstanding common and special voting shares (net of treasury shares) of Ferrari.

(3) Each of Exor and Trust Piero Ferrari participate in the loyalty voting program of Ferrari; therefore, as discussed above in this section, the voting

power of Exor and Trust Piero Ferrari in Ferrari is higher than the percentage of common shares beneficially held as presented in this table.

(3) According to the most recent disclosure filed with the AFM on January 15, 2026, BlackRock, Inc. holds 6,734,854 common shares and 7,910,500

voting rights, which represent 2.62% and 3.07% of the total issued common and special voting shares of Ferrari N.V., respectively.

120

Based on the information in Ferrari’s shareholder register and other sources available to us, as of February 4, 2026,

approximately 54.31 million Ferrari common shares, or 28.00 percent of the outstanding Ferrari common shares, were held in

the United States. As of the same date, approximately 1,857 record holders had registered addresses in the United States.

Shareholders’ Agreement

On December 23, 2015, Exor and Piero Ferrari entered into a Shareholders’ Agreement, which became effective at

the completion of the Separation on January 3, 2016 (as amended, the “Original Shareholders’ Agreement”) and prior to the

admission to listing and trading of the common shares of Ferrari on Euronext Milan. On December 16, 2022, Exor, Piero

Ferrari and the newly established Trust Piero Ferrari entered into an adherence and amendment agreement (the “Adherence

and Amendment Agreement”) to the Original Shareholders’ Agreement, whereby Trust Piero Ferrari was added as a new

party to the Original Shareholders’ Agreement and certain provisions of the Original Shareholders Agreement were amended.

This followed the establishment of Trust Piero Ferrari and the grant to Trust Piero Ferrari of the bare ownership of Ferrari

shares as described under “—Major Shareholders” above. On January 3, 2026, Exor, Piero Ferrari and Trust Piero Ferrari

entered into an Amended and Restated Shareholders’ Agreement (the “A&R Shareholders’ Agreement”) which amends,

restates and replaces the Original Shareholders’ Agreement (as so amended and restated, the “Shareholders’ Agreement”).

Ferrari is not a party to the Shareholders’ Agreement and does not have any rights or obligations thereunder. Below is a

summary of the principal provisions of the Shareholders’ Agreement based on regulatory filings made by Exor, Trust Piero

Ferrari and Piero Ferrari.

Consultation

For the purposes of forming and exercising, to the extent possible, a common view on the items on the agenda of

any General Meeting of shareholders of Ferrari, Exor and Piero Ferrari will consult with each other prior to each General

Meeting. For the purposes of this consultation right and duties, representatives of each of Exor and Piero Ferrari shall meet in

order to discuss in good faith whether they have or can find a common view as to the matters on the agenda of the

immediately following General Meeting. This consultation right does not include an obligation to vote in any certain way nor

does it constitute a veto right in favor of Piero Ferrari. In addition, the Shareholders Agreement provides that well in advance

of the convocation of the board meeting that calls any general meeting of shareholders at which candidates will be nominated

for (re)appointment to the board of directors, Exor and Piero Ferrari shall consult in good faith with each other in relation to

profiles of the candidates for the competent corporate bodies.

In the event of any consolidation of the usufruct and bare ownership of the shares held through Trust Pietro Ferrari,

or any transfer of the usufruct to a permitted transferee, the parties shall use their best efforts to preserve such consultation

rights; provided, however, that unless an exemption from the Dutch mandatory offer requirements is available, such

consultation rights may be suspended in accordance with the terms of the Shareholders’ Agreement.

FSA mandatory offer rules – acting in concert

The parties to the Shareholders’ Agreement acknowledge and agree that the Dutch public offer rules, as laid down in

the AFS are applicable to Ferrari and its shareholders and that, as Exor individually, and Exor and Piero Ferrari combined,

had a voting interest of more than 30% prior to the date that listing and trading of Ferrari’s common shares commenced on

Euronext Milan and have continuously had a voting interest of more than 30% thereafter, Exor individually, and Exor and

Piero Ferrari combined, are deemed to have a controlling influence over Ferrari within the meaning of Dutch law.

Accordingly, Exor individually and Exor and Piero Ferrari combined, as well as any ultimate controlling persons of either of

them, benefit from an exemption from the Dutch mandatory offer requirements.

Rights of first offer

The Shareholders’ Agreement provides for reciprocal rights of first offer in connection with transfers of common

shares by Exor, on the one hand, and by Piero Ferrari and Trust Pietro Ferrari (together, the “Ferrari Family”), on the other

hand.

In the event that either Exor or the Ferrari Family intends to transfer (in whole or in part) its common shares in

Ferrari to a third party, whether such transfer is solicited or unsolicited, the proposed transfer is subject to a right of first offer

in favor of the other party. In such circumstances, the proposed transferring party is required to deliver prior written notice to

the non-transferring party specifying, among other things, the number of common shares proposed to be transferred.

121

Following receipt of such notice, the non-transferring party has the right, within 30 business days, to make a

binding, unconditional and irrevocable all-cash offer for the purchase of all (and not less than all) of the common shares

proposed to be transferred, on the terms set forth in the Shareholders’ Agreement. If the non-transferring party does not

submit an offer within the applicable period, the transferring party is free to proceed with the proposed transfer within four

months. If the right of first offer is exercised and the offer is accepted, the parties are required to consummate the transfer

within five business days following acceptance of the offer, subject to any required regulatory approvals.

If the transferring party does not accept the offer, it may proceed to transfer the relevant common shares to a third

party, subject to certain timing and pricing restrictions. In particular, the transfer to third parties may be completed only at a

price per share higher than the price offered by the non-transferring party, except in case the transferring party wishes to sell

the shares by way of a book-build offering, in which case such book-build offering shall be launched in the relevant time

period only if the volume-weighted average price of the shares on Euronext Milan during the five trading days prior to launch

is not lower than 110% of the price per share offered by the non-transferring party.

The Shareholders Agreement’ further provides that the Ferrari Family’s right of first offer is subject to a limitation

pursuant to which the Ferrari Family may not acquire common shares to the extent such acquisition would result in the

Ferrari Family holding a voting interest exceeding 30%, and, if necessary, the offer may be for less than all of the common

shares proposed to be transferred so that such threshold is not exceeded. Any common shares acquired by the Ferrari Family

pursuant to such right of first offer would be held through Trust Pietro Ferrari as bare owner, with Piero Ferrari retaining the

usufruct, including the associated voting and economic rights.

Special voting shares

Except for transfers to permitted transferees, the transfer of any common shares of Ferrari to a third party will result

in the transfer of a corresponding number of special voting shares, in each case in accordance with the terms and conditions

governing the special voting shares. The Shareholders’ Agreement does not permit the transfer of special voting shares

independently of the related common shares.

Permitted transfers

The rights of first offer described above do not apply in the case of transfers of common shares to a permitted

transferee. Permitted transferees include, among others, affiliates, successors and, with respect to Piero Ferrari, Trust Pietro

Ferrari. Except as provided for in the Shareholders’ Agreement and for the duration of the Shareholders’ Agreement, the bare

ownership and the usufruct of the common shares held through Trust Pietro Ferrari may not be transferred separately. Any

permitted transferee is required to adhere to the Shareholders’ Agreement and assume the rights and obligations of the

transferring party thereunder.

Term and termination

As amended and restated, the Shareholders Agreement will remain in full force and effect for an initial term of three

years and will be automatically renewed for another three-year period unless terminated by either party upon written notice

given at least six months prior to the end of the initial term.

The Shareholders’ Agreement will terminate earlier and cease to have any effect upon the transfer of all of the

common shares held by either Exor or the Ferrari Family to a third party other than a permitted transferee, or upon the

occurrence of certain other events specified in the Shareholders’ Agreement. Mr. Piero Ferrari has the right to terminate the

Shareholders’ Agreement by providing 30 business days’ prior notice to Exor at his sole discretion.

Governing law and choice of courts

The Shareholders’ Agreement is governed by and must be interpreted according to the laws of the Netherlands. Any

disputes arising out of or in connection with the Shareholders’ Agreement are subject to the exclusive jurisdiction of the

competent court in Amsterdam, the Netherlands, without prejudice to the right of appeal and appeal to the Supreme Court.

122

Corporate Governance

Introduction

Ferrari N.V. is a public limited liability company, incorporated under the laws of the Netherlands. The Company is

the holding company of the Ferrari Group following the separation of the Ferrari business from FCA, now Stellantis. In this

section, the “Company” refers to Ferrari N.V. The Company qualifies as a foreign private issuer under the NYSE listing

standards and its common shares are listed on the NYSE and on Euronext Milan.

In accordance with the NYSE rules, the Company is permitted to follow its home country practice with regard to

certain corporate governance standards. Therefore, the Company has adopted, except as discussed below under “Compliance

with Dutch Corporate Governance Code”, the best practice provisions of the updated Dutch corporate governance code

issued by the Corporate Governance Code Monitoring Committee, which entered into force on January 1, 2018 (the “Dutch

Corporate Governance Code”) and is applicable retroactively as from financial year 2017. The Dutch Corporate Governance

Code contains principles and best practice provisions that regulate relations inter alia between the board of directors of a

company and its committees and the relationship with the general meeting of shareholders. On December 20, 2022, the

Corporate Governance Code Monitoring Committee published an update to the Dutch Corporate Governance Code. The

updated Dutch Corporate Governance Code has entered into force on January 1, 2024 and was applicable retroactively as

from financial year 2023. The Corporate Governance Code was further updated in March 2025 and entered into force as from

financial year 2025.

In this Annual Report, the Company addresses its overall corporate governance structure. The Company discloses,

and intends to disclose, any material departure from the best practice provisions of the Dutch Corporate Governance Code in

this and in its future annual reports.

For further information about culture see “—Creating Value for Our Shareholders”.

Board of Directors

Pursuant to the Company’s articles of association (the “Articles of Association”), its board of directors (the “Board

of Directors” or the “Board”) consists of three or more directors (the “Directors”). The current Board of Directors was

appointed at the annual general meeting of shareholders held on April 16, 2025. Its term of office will expire on the day of

the next Annual General Meeting of Shareholders, which is currently expected to be on April 15, 2026. Each Director may be

reappointed at any subsequent annual general meeting of shareholders.

The Board of Directors as a whole is responsible for the strategy of the Company. The Board of Directors is

composed of two executive Directors (i.e., Mr. John Elkann, Executive Chairman, and Mr. Benedetto Vigna, Chief Executive

Officer) and ten non-executive Directors. Pursuant to Article 17 of the Articles of Association, the general authority to

represent the Company shall be vested in the Board of Directors and the Chief Executive Officer. The Chief Executive

Officer has day-to-day responsibility for the management of the Company and the Group.

The Board of Directors appointed the following internal committees: (i) an Audit Committee, (ii) an ESG

Committee, and (iii) a Compensation Committee. On certain key operational matters, the executive Directors are supported

by the Ferrari Leadership Team (hereinafter also the “FLT”), which is responsible for reviewing the operating performance of

the businesses, collaborating on certain operational matters, supporting the executive Directors with their tasks and executing

decisions of the Board of Directors and the day-to-day management of the Company, primarily to the extent it relates to the

operational management.

Set forth below is the name, year of birth and position of each of the persons currently serving as Directors of Ferrari

N.V. Unless otherwise indicated, the business address of each person listed below will be c/o Ferrari, Via Abetone Inferiore

n. 4, I-41053 Maranello (MO), Italy.

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Name	Year of Birth	Position
John Elkann	1976	Executive Chairman and Executive Director
Benedetto Vigna	1969	Chief Executive Officer
Piero Ferrari ⁽¹⁾	1945	Vice Chairman and Non-Executive Director
Sergio Duca ^{(1) (2)}	1947	Senior Non-Executive Director
Delphine Arnault ⁽¹⁾	1975	Non-Executive Director
Francesca Bellettini	1970	Non-Executive Director
Eddy Cue ⁽¹⁾	1964	Non-Executive Director
John Galantic	1961	Non-Executive Director
Tommaso Ghidini	1974	Non-Executive Director
Maria Patrizia Grieco ⁽¹⁾	1952	Non-Executive Director
Adam Keswick ⁽¹⁾	1973	Non-Executive Director
Mike Volpi	1966	Non-Executive Director

_____________________________

(1) Reappointed in view of each Board member’s contributions to the Board of Directors in the past nine years and because each Non-Executive

Director’s background, specific skills and experience continues to be valuable to the Company on the basis of each Board member’s biography (shown

herein below) and the relevant skills that they could bring to the Company (set out in the table herein below).

(2) The Board of Directors has resolved to appoint Sergio Duca as chairman of the Board, as referred to in the Dutch Civil Code (the “DCC”), who will

in such capacity have the title Chair (Voorzitter).

Ten Directors currently qualify as independent (representing a majority) for purposes of NYSE rules and Rule

10A-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and nine Directors qualify as independent

(representing a majority) for purposes of the Dutch Corporate Governance Code. In percentage terms, the share of

independent members of the non-executive Board members according to the NYSE rules is 100% (ten out of ten) whereas

according to the Dutch Corporate Governance Code the percentage is 90% (nine out of ten).

Please see “—Diversity Policy” below for a chart representing the Board’s gender and age as of December 31, 2025.

According to the applicable laws and the Regulation of the Board, no works council or similar employee

participation bodies are required to be established at the Company.

The Board of Directors has resolved to grant the following titles:

• John Elkann: Chairman of the Company;

• Benedetto Vigna: Chief Executive Officer;

• Piero Ferrari: Vice-Chairman and Non-Executive Director, and

• Sergio Duca: Chair of the Board (Voorzitter) and Senior Non-Executive Director.

The following members are independent within the meaning of the Dutch Corporate Governance Code and NYSE

rules:

• Delphine Arnault: Non-Executive Director;

• Francesca Bellettini: Non-Executive Director;

• Eddy Cue: Non-Executive Director;

• Sergio Duca: Senior Non-Executive Director;

• John Galantic: Non-Executive Director;

• Tommaso Ghidini: Non-Executive Director;

• Maria Patrizia Grieco: Non-Executive Director;

• Adam Keswick: Non-Executive Director, and

• Mike Volpi: Non-Executive Director.

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In addition, Piero Ferrari is considered independent within the meaning of the NYSE rules.

Directors are expected to prepare themselves for and to attend all Board of Directors meetings, the annual general

meeting of shareholders and the meetings of the committees on which they serve, with the understanding that, on occasion, a

Director may be unable to attend a meeting.

In 2025, there were five meetings of the Board of Directors. The attendance rate at these meetings was 98.33

percent.

Summary biographies for the current Directors of Ferrari are included below:

John Elkann (Chairman of the Company and executive Director) – Mr. John Elkann is Chief Executive Officer

of Exor and Chairman of Stellantis N.V.. Elkann earned a scientific baccalauréat from Lycée Victor Duruy in Paris and an

engineering degree from Politecnico di Torino. He began his career in 2001 at General Electric, gaining international

experience in Asia, Europe, and North America. As Ferrari’s Chairman (since 2018) he has been bolstering the company’s

leadership in innovation, luxury and sport competitions while preserving its iconic legacy. Elkann joined Fiat Group in 2003

and contributed to its growth and the eventual creation of Stellantis in 2021, one of the world’s largest automotive groups. In

2009 Elkann established Exor, which is today the largest shareholder of companies such as CNH and Philips, in addition to

Ferrari and Stellantis. In 2023, he founded Lingotto, a long-term investment management company. Elkann is a board

member of Meta, and a trustee of MoMA. He chairs the Agnelli Foundation, a philanthropy focused on education. He is also

a member of JP Morgan International Council and of Allianz International Advisory Board.

Born in 1976, Italian citizenship.

Benedetto Vigna (Chief Executive Officer and executive Director) – Mr. Benedetto Vigna is Chief Executive

Officer since September 2021. Before joining Ferrari, he was President of STMicroelectronics’, Analog, MEMS and Sensors

Group, since January 2016 and also a member of ST’s Executive Committee from May 31, 2018. Vigna joined ST in 1995

and founded ST’s MEMS activities (Micro-Electro-Mechanical Systems). Under his guidance, ST’s MEMS sensors

established ST’s leadership with large OEMs in motion-activated user interfaces. His responsibilities were expanded to

include connectivity, imaging and power solutions and he piloted a series of successful moves into new business areas, with a

particular focus on the industrial and automotive market segments. During his career Vigna has filed more than 200 patents

on micromachining, authored numerous publications and has sat on the boards of several EU-funded programs including

startups as well as worldwide recognized boards of Asian and American research centers. Benedetto Vigna graduated in

Subnuclear Physics from the University of Pisa.

Born in 1969, Italian citizenship

Piero Ferrari (Vice Chairman and non-executive Director) – Mr. Piero Ferrari has been Vice Chairman of

Ferrari S.p.A. since 1988. He also serves as Chairman of HPE-COXA, is board member and Vice President of Ferretti Group.

He was President of Piaggio Aero Industries S.p.A. from 1998 to 2014 and served as Chairman of the Italian Motor Sport

Commission (CSAI) from 1998 to 2001 and BA SERVICE from 2000 to 2015. He was also a board member and Vice

President of Banca Popolare dell’Emilia Romagna in Modena from 2002 to 2011 and from 2011 to 2014 respectively. The

son of Ferrari’s founder Enzo Ferrari, Mr. Piero Ferrari covered a variety of management positions in the motor sport division

of Ferrari from 1970 to 1988 with increasing responsibilities. His first position with Ferrari dates back to 1965 working on

the production of the Dino 206 Competizione racing car. Mr. Piero Ferrari received an honorary degree in Aerospace

Engineering from the University of Naples Federico II in 2004 and an Honorary Degree in Mechanical Engineering from the

University of Modena and Reggio Emilia in 2005. In 2004, Mr. Piero Ferrari was awarded the title of Cavaliere del Lavoro.

Born in 1945, Italian citizenship.

Sergio Duca (Chairman of the Board of Directors and Senior Non-Executive Director) – Mr. Sergio Duca is a

member of the Statutory Auditors of Ferrovie dello Stato Italiane S.p.A. since 2022. He also serves as Chairman of the board

of auditors of ISPI (Institute for the Study of International Politics), as well as a member of the board of auditors of the Intesa

San Paolo Foundation Onlus. Mr. Duca has previously served as director of Tofaş Türk Otomobil Fabrikasi Anonim Şirketi

from 2018 until April 2024, independent director of OSAI Automation System S.p.A. from November 2020 until October

2024, member of the board of Nedcommunity association from May 2019 until May 2022, member of the Statutory Auditors

of BasicNet S.p.A. from 2017 until March 2022, Chairman of the Board of Statutory Auditors of Enel S.p.A. from April 2010

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until May 2019, Chairman of the Board of Directors of Orizzonte SGR S.p.A. from 2008 until 2016, Chairman of the Board

of Statutory Auditors of Exor S.p.A. until May 2015, Chairman of the Board of Statutory Auditors and effective auditor of

GTech until April 2015, member of the Board of ASTM S.p.A. and Chairman of the Audit Committee of ASTM S.p.A. from

2010 until 2013, Chairman of the Board of Statutory Auditors of Tosetti Value SIM and an independent director of Sella

Gestione SGR until April 2010. From 1997 until July 2007, Mr. Duca was the Chairman of PricewaterhouseCoopers S.p.A.

In addition, he has previously served as Chairman of the board of auditors of the Fondazione per la Scuola of Compagnia di

San Paolo until February 2022, Chairman of the board of auditors of the Silvio Tronchetti Provera Foundation, Chairman of

the board of auditors of Compagnia di San Paolo until May 2016, member of the Edison Foundation’s advisory board and the

University Bocconi in Milan’s development committee, as well as Chairman of the Bocconi’s Alumni Association’s board of

auditors and a member of the board of auditors of the ANDAF (Italian Association of Chief Financial Officers). As a certified

chartered accountant and auditor, he acquired broad experience through the PricewaterhouseCoopers network as the external

auditor of a number of significant Italian listed companies. Mr. Duca graduated with honors in Economics and Business from

University Bocconi in Milan.

Born in 1947, Italian citizenship.

Delphine Arnault (non-executive Director) – Mrs. Delphine Arnault graduated from the EDHEC Business School

and the London School of Economics. She began her career at McKinsey & Company, the global management consultancy

firm, where she was a Consultant for two years. In 2001, she joined the Executive Committee of Christian Dior Couture

where she directed several product lines. She was appointed Deputy General Manager of Christian Dior Couture in 2008 and

in September 2013 Deputy General Manager of Louis Vuitton Malletier. She has been a board director of LVMH Moët

Hennessy Louis Vuitton SE since 2003. Delphine was appointed to the board of Château Cheval Blanc, the Saint-Emilion

premier grand cru classé in 2008. In 2002 she joined the board of Loewe, the celebrated Spanish leather goods company, and

was appointed to Pucci’s board of directors in 2007. She was appointed to the boards of Céline in December 2011 and

Christian Dior SE in April 2012. Delphine Arnault previously served as a director of both Havas and 21st Century Fox from

2013 to 2019. In 2021, she has been appointed to the Board of Gagosian and Phoebe Philo Limited. Since February 2023,

Mrs. Delphine Arnault is the President and CEO of Christian Dior Couture.

Born in 1975, French citizenship.

Francesca Bellettini (non-executive Director) – Since September 2025, Francesca Bellettini is President and Chief

Executive Officer of Gucci, part of the Kering Group, and since 2013 she has been a member of the Kering Group Executive

Committee. Ms. Bellettini joined the Kering Group in 2003, holding different executive roles. From 2023 to 2025, she was

Deputy Chief Executive Officer of the Kering Group, and from 2013 to 2024 she was President and Chief Executive Officer

of Yves Saint Laurent. In 2008, she joined Bottega Veneta, Italy, as Worldwide Merchandising Director and from 2010 she

became Worldwide Merchandising-Communication Director based in Switzerland. From 2003 until 2008, she worked at

Gucci, Italy first as Assistant to the President and Managing Director and, from 2005, as Strategic Planning Director and

Associate Worldwide Merchandising Director. From 1999 until 2002, Ms. Bellettini worked in the Prada Group, Italy, first in

the Planning and New Business Development Division of Prada and, in 2002, as Operations Manager of Helmut Lang.

Previously, she worked in Compass Partners International, UK from 1998 to 1999, in Deutsche Morgan Grenfell, UK from

1996 to 1998 and in Goldman Sachs International, UK from 1994 to 1996. While graduating, she had an internship in

Citibank, Italy in 1994. Ms. Bellettini graduated in Business Administration with a focus on Finance from Bocconi

University, Italy.

Born in 1970, Italian citizenship.

Eddy Cue (non-executive Director) – Mr. Eddy Cue is Apple’s senior vice president of Services, reporting to CEO

Tim Cook. Mr. Cue oversees the full range of Apple’s services, including Apple Music, Apple News, Apple Podcasts, the

Apple TV app, and Apple TV+, as well as Apple Pay, Apple Card, Maps, Search Ads, Apple’s iCloud services, and Apple’s

productivity and creativity apps. Mr. Cue’s team has an excellent track record of building and strengthening world-class

services that meet and exceed the high expectations of Apple’s customers, and offer creators and storytellers the opportunity

to bring their creative visions to people around the world. Mr. Cue joined Apple in 1989 and leads a large organization of

amazing people. Mr. Cue was instrumental in creating the Apple online store in 1998, the iTunes Store in 2003, and the App

Store in 2008. He also played a key role in developing Apple’s award-winning iLife suite of applications. In his early years at

Apple, he was a successful manager of software engineering and customer support teams. Mr. Cue earned a bachelor’s degree

in Computer Science and Economics from Duke University. He serves on the Board of Trustees of both the Paley Center for

Media and Duke University.

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Born in 1964, American citizenship.

John Galantic (non-executive Director) – John Galantic is the Chief Executive Officer of the Tod’s Group. He

earned a BA from Tufts University and an MBA from Harvard Business School. After starting his career at Procter &

Gamble in Italy, he held general management roles in Italy, the UK, and the USA at Glaxo SmithKline in Marketing and at

Coty as President of Coty Americas, before joining Chanel in 2006. He was the Chief Operating Officer of Chanel Inc. until

2023 and joined the Board of Directors of Chanel Ltd. in 2018. He is also a member of the Board of Directors of Bacardi

Ltd.. In 2023, he became an Operating Partner at Advent International and was appointed CEO of Tod’s S.p.A. in September

2024.

Born in 1961, American and Swiss citizenship.

Tommaso Ghidini (non-executive Director) – Tommaso Ghidini has been the Head of the Mechanical Department

at the European Space Agency (ESA) since January 2023. He leads engineers, managers, and scientists, providing core

expertise in critical engineering disciplines for all current ESA space missions and technology development programs. His

work also has direct applications in non-space industrial sectors, including automotive and motorsport, aviation, mobility, and

defense. Before joining ESA, he worked at Airbus, contributing to major European aerospace programs, including the A380,

A350, and A400M civil and military aircraft, and at the German Aerospace Centre (DLR), focusing on structural mechanics,

advanced materials, and manufacturing technologies. He holds a mechanical engineering master’s degree from the University

of Parma, Italy, and a Ph.D. in Engineering Mechanics from the University of Paderborn, Germany, conducted at the Institute

of Materials Research of DLR. His expertise spans high-performance engineering, strategic technology development, and

cross-industry innovation. In addition to his institutional role, he is an Adjunct Professor at Politecnico di Milano and serves

as a Board Member of the same university. He also sits on the Advisory Boards of leading international research centers and

industrial institutions in Europe and the U.S., driving advancements in aerospace, transportation, and energy technologies. A

multi-award-winning author and a licensed pilot of both airplanes and gliders, Dr. Ghidini was appointed in 2023 as an

Officer of the Selected Reserve of the Italian Air Force with the rank of Lieutenant Colonel in the Aeronautical Engineering

Corps, where he actively contributes to the advancement of disruptive aerospace technologies and global competitiveness.

Born in 1974, Italian citizenship.

Maria Patrizia Grieco (non-executive Director) – Maria Patrizia Grieco has been the Chairperson of the Board of

Directors of Anima Holding since March 2023. She has been also Honorary Chairperson and member of the Executive Board

of Assonime (the association of the Italian joint stock companies) since October 2025. From June 2021 to October 2025 she

was Chairperson of Assonime. From May 2020 to March 2023 she was the Chairperson of the Board of Directors of Banca

Monte dei Paschi di Siena and from May 2014 to May 2020 she was the Chairperson of the Board of Directors of Enel, the

Italian company world leader in the utilities sector. Having graduated in Law from the University of Milan, she started her

career in 1977 at Italtel, where in 1994 she became chief of the Legal and General Affairs directorate. In 1999, she was

appointed General Manager with the task of reorganizing and repositioning the company, and in 2002 she became Chief

Executive Officer. Subsequently, she held the positions of Chief Executive Officer of Siemens Informatica, Partner of Value

Partners and Chief Executive Officer of the Group Value Team (today NTT Data). From 2008 to 2013 she was Chief

Executive Officer of Olivetti, where she also held the role of Chairperson from 2011. She has been a member of the Board of

Directors of Fiat Industrial, CIR and Endesa S.A. and currently serves on the Board of Ferrari and Amplifon. Mrs. Grieco is

also a member of the Board of Directors of Bocconi University. Maria Patrizia Grieco was Chairperson of the Italian

Corporate Governance Committee from 2017 to 2021. During her mandate, the new Corporate Governance Code for Italian

listed companies was issued. In the framework of the G20 Italy, she was Chair of the “Integrity & Compliance” Task Force

of the B20 Italy, which provided pragmatic solutions that embraced the renewed concepts of integrity and compliance, to

create a better future through inclusion and positive impact. She was also a member of the G20 Business Advisory Board for

the Italian Presidency, led by The European House - Ambrosetti. The Board supported the Italian Prime Minister providing

contributions to the G20 agenda.

Born in 1952, Italian citizenship.

Adam Keswick (non-executive Director) – Mr. Adam Keswick joined the Jardine Matheson Board in 2007 and

was Deputy Managing Director of Jardine Matheson from 2012 to 2016. He was appointed chairman of Matheson & Co. in

August 2016. He has held a number of executive positions since joining the Jardine Matheson Group from N M Rothschild &

Sons in 2001, including group strategy director and, thereafter, group managing director of Jardine Cycle & Carriage between

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2003 and 2007. Mr Keswick is a director of Hongkong Land and Mandarin Oriental. He is also a director of Ferrari N.V. and

of Yabuli China Entrepreneurs Forum. He was a director of DFI Retail Group until July 2024, director of Schindler until

March 2024 and vice chairman of the supervisory board of Rothschild & Co until November 2023. Mr. Keswick attended

Eton College and Edinburgh University where he received his Master of Arts degree in 1995.

Born in 1973, British citizenship.

Mike Volpi (non-executive Director) – Mr. Mike Volpi is a General Partner at Index Ventures. Mike joined Index

in 2009 to establish the firm’s North American activities. Mike invests primarily in enterprise software and artificial

intelligence. He is currently serving on the boards of Aurora, Confluent, Clickhouse, Scale, Sonos, and Wealthfront, among

others. Mike was previously a director of Ericsson and Fiat Chrysler Automotive. Prior to Index, Mike was Chief Strategy

Officer and SVP/GM of Cisco’s routing business, where he managed a P&L in excess of $10 billion in revenues. His team

was responsible for the acquisition of over 70 companies, some of which were multi-billion deals. Mike has a B.S. in

Mechanical Engineering and an M.S. in Manufacturing Systems Engineering from Stanford, and an M.B.A. from the

Stanford Graduate School of Business. He currently serves on the Global Advisory Board of Stanford’s Knight Hennessy

Scholars program.

Born in 1966, American citizenship.

As of December 31, 2025, the members of the Board of Directors had, among other skills, the skills shown in the

table below:


Skill Area	Corporate governance and risk management	Financial and accounting	Corporate management	Digital and cybersecurity	Innovation	ESG	Automotive and motorsport industry knowledge	Luxury goods industry knowledge
John Elkann (Executive Chairman and Executive Director)	x	x	x		x	x	x	x
Benedetto Vigna (Chief Executive Officer)	x		x	x	x	x	x	x
Piero Ferrari (Vice Chairman and non- Executive Director)	x		x				x	x
Sergio Duca (Senior Non-Executive Director)	x	x	x			x	x
Delphine Arnault (Non-Executive Director)	x	x	x			x		x
Francesca Bellettini (Non-Executive Director)	x	x	x					x
Eddy Cue (Non-Executive Director)	x		x	x	x	x
John Galantic (Non-Executive Director)	x		x			x		x
Tommaso Ghidini (Non- Executive Director)	x		x	x	x		x
Maria Patrizia Grieco (Non-Executive Director)	x	x	x			x	x

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Adam Keswick (Non-Executive Director)	x	x	x			x
Mike Volpi (Non-Executive Director)	x		x	x	x	x

All Board Members have knowledge and expertise on business ethics, corporate governance and regulatory affairs.

Moreover, more than half of Board Members have developed experience in social engagements and environmental issues.

With these skills they oversee sustainability matters and manage impacts, risks and opportunities.

As of December 31, 2025, the Board of Directors and its committees were composed of twelve Directors as shown

in the table below:


Directors	Nationality	Executive	Non Executive	Independent		Committees			Directors first term from ⁽¹⁾	Directors current term from	Roles in other listed companies ⁽⁴⁾
Directors	Nationality	Executive	Non Executive	NYSE Rules	Dutch Code	Audit	Compensa tion	ESG	Directors first term from ⁽¹⁾	Directors current term from	Roles in other listed companies ⁽⁴⁾
John Elkann (Executive Chairman and Executive Director)	IT	x						x	April 15, 2016 ⁽²⁾	April 16, 2025	3
Benedetto Vigna (Chief Executive Officer)	IT	x							September 16, 2021 ⁽³⁾	April 16, 2025	0
Piero Ferrari (Vice Chairman)	IT		x	x			x		January 2, 2016	April 16, 2025	1
Sergio Duca (Chair of the Board and Senior Non- Executive)	IT		x	x	x	x			January 2, 2016	April 16, 2025	0
Delphine Arnault	FR		x	x	x			x	April 15, 2016	April 16, 2025	2
Francesca Bellettini	IT		x	x	x	x			April 16, 2020	April 16, 2025	0
Eddy Cue	US		x	x	x		x	x	January 2, 2016	April 16, 2025	0
John Galantic	US, CH		x	x	x		x		April 16, 2020	April 16, 2025	0
Tommaso Ghidini	IT		x	x	x				April 16, 2025	April 16, 2025	0
Maria Patrizia Grieco	IT		x	x	x	x			April 15, 2016	April 16, 2025	2
Adam Keswick	UK		x	x	x				April 15, 2016	April 16, 2025	1
Mike Volpi	US		x	x	x				April 14, 2023	April 16, 2025	2

_____________________________

(1) References in this table to Directors refer to Ferrari N.V. The Board of Directors is appointed annually on each annual general meeting of

shareholders

(2) Mr. John Elkann is Executive Director from April 12, 2019.

(3) Mr. Benedetto Vigna was confirmed as Chief Executive Officer by the Board of Directors as of April 16, 2025.

(4) Directorships in listed companies other than in the Company.

None of the members of the Board of Directors and FLT have held a similar position in the public administration

(including regulators) in the past two years.

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Board Regulations

The current regulations of the Board of Directors deal with matters that concern the Board of Directors and its

committees internally.

The regulations contain provisions concerning the manner in which meetings of the Board of Directors are called

and held, including the decision-making process. The regulations provide that meetings may be held by telephone conference

or video-conference, provided that all participating Directors can follow the proceedings and participate in real time

discussion of the items on the agenda.

The Board of Directors can only adopt valid resolutions when the majority of the Directors in office shall be present

at the meeting or be represented thereat.

A Director may only be represented by another Director authorized in writing. A Director may not act as a proxy for

more than one other Director.

All resolutions shall be adopted by the favorable vote of the majority of the Directors present or represented at the

meeting, provided that the regulations may contain specific provisions in this respect. Each Director shall have one vote.

The Board of Directors shall be authorized to adopt resolutions without convening a meeting if all Directors shall

have expressed their opinions in writing, unless one or more Directors shall object in writing against the resolution being

adopted in this way prior to the adoption of the resolution.

Memorandum and Articles of Association

A copy of the Articles of Association of our predecessor company has been filed as Exhibit 3.1 to Ferrari N.V.’s

Registration Statement on Form F-1 filed on July 23, 2015.

Our Articles of Association are identical in all material respects to those of our predecessor company. A copy of our

Articles of Association may be obtained from the Dutch Trade Register of the Chamber of Commerce.

The following is a summary of material information relating to the Ferrari common shares, including summaries of

certain provisions of the Ferrari’s articles of association (the “Ferrari Articles of Association”), the terms and conditions in

respect of the Ferrari special voting shares (the “Terms and Conditions”) and the applicable Dutch law provisions in effect at

the date of this annual report. The summaries of the Ferrari Articles of Association and the Terms and Conditions as set forth

in this annual report are qualified in their entirety by reference to the full text of the Ferrari Articles of Association, and

Terms and Conditions.

The Ferrari Shares, Articles of Association and Terms and Conditions of the Special Voting Shares

Ferrari was incorporated as a public limited liability company (naamloze vennootschap) under the laws of the

Netherlands on September 4, 2015 under the name FE New N.V., in contemplation of the Merger, and was renamed Ferrari

N.V. effective as of January 3, 2016, upon effectiveness of the Merger. Its official seat (statutaire zetel) is in Amsterdam, the

Netherlands, and its corporate address and principal place of business is located at Via Abetone Inferiore n. 4, I-41053

Maranello (MO), Italy. Ferrari is registered with the Dutch Trade Register of the Chamber of Commerce under number

64060977. Its telephone number is +39-0536-949111. The Company’s object, set forth in Article 3.1 of the Articles of

Association, is to carry on, either directly or through wholly or partially-owned companies and entities, activities relating in

whole or in any part to passenger and commercial vehicles, transport, mechanical engineering, energy, engines, capital

machinery and equipment and related goods and propulsion, as well as any other manufacturing, commercial, financial or

service activity.

Since incorporation Ferrari has had, and it intends to continue to have, its place of effective management in Italy. It

will therefore be a tax resident of Italy under both Italian tax law and Article 4 of the Convention between the Kingdom of

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the Netherlands and the Republic of Italy for the avoidance of double taxation with respect to taxes on income and on capital

of 1980.

Share Capital

The authorized share capital of Ferrari is seven million five hundred thousand Euro (€7,500,000), divided into three

hundred seventy five million (375,000,000) Ferrari common shares, nominal value of one Euro cent (€0.01) per share and an

equal number of special voting shares, nominal value of one Euro cent (€0.01) per share.

Following the Capital Markets Day held in 2022, on July 1, of the same year, Ferrari announced a multi-year share

buyback program of approximately Euro 2 billion to be executed by 2026 and replacing its previous share buyback program

(the “Prior Program”). The first tranche of the Prior Program, of up to Euro 150 million, was launched on July 1, 2022 and

completed on November 30, 2022. The second tranche of the Prior Program, of up to Euro 200 million, was launched on

December 2, 2022 and completed on June 26, 2023. The third tranche of the Prior Program, of up to Euro 200 million, was

launched on July 3, 2023 and completed on October 19, 2023. The fourth tranche of the Prior Program, of up to Euro 350

million, was launched on November 8, 2023 and was completed on June 26, 2024. The fifth tranche of the Prior Program, of

up to Euro 250 million, was launched on July 1, 2024 and was completed on November 26, 2024. The sixth tranche of the

Prior Program, of up to Euro 150 million, was launched on December 6, 2024 and was completed on February 20, 2025. The

seventh tranche of the Prior Program was announced on February 26, 2025, when Ferrari participated as a purchaser in the

accelerated bookbuild offering (“ABO”) of Ferrari common shares made by Exor, repurchasing 666,666 common shares

offered in the ABO for a total consideration of Euro 299,999,700. The eighth tranche of the Prior Program, of up to Euro 360

million, was launched on August 22, 2025 and was completed on December 12, 2025. Following the Capital Markets Day

held on October 9, 2025, Ferrari announced a new multi-year share buyback program of approximately Euro 3.5 billion,

expected to be executed by 2030 (the “New Program”). The first tranche of the New Program, of up to Euro 250 million,

started on January 5, 2026 and is expected to end no later than May 15, 2026.

As of December 31, 2025, Ferrari’s common shares held in treasury amounted to 16,644,606 . As of the same date,

the Company held in treasury 9.07 percent of its total issued share capital including the common shares and the special voting

shares. For additional information on the abovementioned share repurchase program, refer to “Other Information—

Additional Information—Purchases of Equity Securities by the Issuer and Affiliated Purchasers”.

A delegation of authority to the Board of Directors to authorize the issuance of common shares without pre-emptive

rights enabled Ferrari to offer and sell newly issued common shares to investors free of pre-emptive rights for a period of five

years from January 2, 2016 up to and including January 1, 2021. Under Dutch law, such authorization may not exceed a

period of five years, but may be renewed by a resolution of the general meeting of shareholders for subsequent five-year

periods at any time. The authorization was renewed on an annual basis by the Annual General Meetings in 2020 and

subsequent years. Pursuant to the resolution of the Annual General Meeting held on April 16, 2025, the authorization has

been further renewed for the period starting from April 16, 2025 up to and including October 15, 2026.

Ferrari common shares are registered shares represented by an entry in the share register of Ferrari. The Board of

Directors may determine that, for the purpose of trading and transfer of shares on a foreign stock exchange, such share

certificates shall be issued in such form as shall comply with the requirements of such foreign stock exchange. A register of

shareholders is maintained by Ferrari in the Netherlands and a branch register is maintained in the United States on Ferrari’s

behalf by the Transfer Agent, which serves as branch registrar and transfer agent.

Beneficial interests in Ferrari common shares that are traded on the NYSE are held through the book-entry system

provided by The Depository Trust Company (“DTC”) and are registered in Ferrari’s register of shareholders in the name of

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Cede & Co., as DTC’s nominee. Beneficial interests in the Ferrari common shares traded on the Euronext Milan are held

through Monte Titoli S.p.A., the Italian central clearing and settlement system, as a participant in DTC.

Ferrari currently has no anti-takeover measures in place.

Directors

Set forth below is a summary description of the material provisions of the Ferrari Articles of Association, relating to

our Directors. The summary does not restate the Ferrari Articles of Association in their entirety.

Ferrari’s Directors serve on the Board of Directors for a term of approximately one year, such term ending on the

day that the first annual general meeting of the shareholders is held in the following calendar year. Ferrari’s shareholders

appoint the Directors of the Board of Directors at a general meeting. Each Director may be reappointed at any subsequent

general meeting of shareholders. The general meeting of shareholders determines whether a Director is an executive Director

or a non-executive Director.

The Board of Directors is a one-tier board and consists of three or more members, comprising both members having

responsibility for the day-to-day management of Ferrari (executive Directors) and members not having such day-to-day

responsibility (non-executive Directors). The tasks of the executive and non-executive Directors in a one-tier board such as

Ferrari’s Board of Directors may be allocated under or pursuant to the Ferrari Articles of Association, provided that the

general meeting has stipulated whether each such Director is appointed as executive or as non-executive Director and

furthermore provided that the task to supervise the performance by the Directors of their duties can only be performed by the

non-executive Directors. In addition, an executive Director may not be appointed chairman of the board or delegated the task

of establishing the remuneration of executive Directors or nominating Directors for appointment. Tasks that are not allocated

fall within the power of the Board of Directors as a whole. Regardless of an allocation of tasks, all Directors remain

collectively responsible for the proper management and strategy of Ferrari (including supervision thereof in case of non-

executive Directors). The Board of Directors may determine that one or more Directors can lawfully adopt board resolutions

concerning matters belonging to his or their duties.

Ferrari has a policy in respect of the remuneration of the members of the Board of Directors. With due observation

of the remuneration policy, the Board of Directors may determine the remuneration for the Directors in respect of the

performance of their duties. The Board of Directors must submit to the Annual General Meeting of Shareholders for its

approval plans to award shares or the right to subscribe for shares. The policy was amended as approved by the Annual

General Meeting of Shareholders held on April 16, 2020 to implement changes necessary pursuant to the implementation of

the EU Directive 2017/828 into Dutch law. The amended remuneration policy, as adopted by the 2020 Annual General

Meeting of Shareholders, builds upon the previous remuneration policy (as partially amended and as approved by the Annual

General Meeting of Shareholders held on April 14, 2017) and no material changes were made compared to the previous

remuneration policy. In addition, the amended policy provided for the Board of Directors to issue stock ownership guidelines

applicable to Directors and employees. Pursuant to the resolution of the Annual General Meeting held on April 17, 2024, the

remuneration policy of the Board of Directors has been amended to comply with Dutch legislation, which requires

remuneration policies to be submitted for approval every four years. This updated remuneration policy builds upon the

previous one, with no material changes to the Director’s remuneration.

Ferrari shall not grant the Directors any personal loans or guarantees.

Share Ownership

The number of shares directly and indirectly owned by members of the Board of Directors on February 4, 2026 is set

forth in the table below.

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Name	Common Shares	% of Common Shares Outstanding	Special Voting Shares	% of Special Voting Shares Outstanding
Piero Ferrari ⁽¹⁾	18,894,295	10.67	18,892,160	14.69
John Elkann	34,740	(*)	—	—
Benedetto Vigna	30,204	(*)	—	—
Delphine Arnault	2,803	(*)	—	—
Eddy Cue	2,692	(*)	—	—
John Galantic	100	(*)	—	—
Adam Keswick	2,643	(*)	—	—
Mike Volpi	7,560	(*)	—	—

_____________________________

(*) Common shares held represent less than 1 percent of our common shares outstanding as of February 4, 2026.

(1) As discussed under “Major Shareholders” in this Annual Report, this refers to 18,894,295 common shares and 18,892,160 special voting shares over

which Mr. Piero Ferrari has usufruct. Trust Piero Ferrari has the bare ownership of such common shares and special voting shares.

No members of the Ferrari Leadership Team beneficially own 1 percent or more of the Company’s common shares

or special voting shares.

The Audit Committee

The Audit Committee is responsible, inter alia, for assisting and advising the Board of Directors, and acting under

authority delegated by the Board of Directors, with respect to: (i) the integrity of the Company’s financial statements, (ii) the

Company’s policy on tax planning, (iii) the Company’s financing, (iv) the Company’s application of information and

communication technology, (v) the systems of internal controls that management and the Board of Directors have established,

(vi) the Company’s compliance with legal and regulatory requirements, (vii) the Company’s compliance with

recommendations and observations of internal auditors and independent registered public accounting firm, (viii) the

Company’s policies and procedures for addressing certain actual or perceived conflicts of interest, (ix) the review and

approval of related party transactions, (x) the independent registered public accounting firm’s qualifications, independence,

remuneration and any non-audit services for the Company, (xi) the functioning of the Company’s internal auditors and of the

independent registered public accounting firm, (xii) risk management guidelines and policies, and (xiii) the implementation

and effectiveness of the Company’s ethics and compliance program. Additionally, the Audit Committee invites the Head of

Enterprise Cybersecurity and the Chief Digital Transformation Officer (CDTO) to report on cybersecurity at a committee

meeting at least once a year.

The Audit Committee currently consists of Mr. Duca (Chairperson), Ms. Bellettini and Mrs. Grieco, each of whom

is independent within the meaning of the Dutch Corporate Governance Code. Our Board of Directors has determined that Mr.

Sergio Duca is the “audit committee financial expert”. The gender diversity within the Audit Committee is 66.7%.

The Audit Committee is elected by the Board of Directors and is comprised of at least three non-executive Directors.

Audit Committee members are also required (i) not to have any material relationship with the Company or to serve as

auditors or accountants for the Company, (ii) to be “independent”, for purposes of NYSE rules, Rule 10A-3 of the Exchange

Act and the Dutch Corporate Governance Code, and (iii) to be “financially literate” and have “accounting or selected

financial management expertise” (as determined by the Board of Directors). At least one member of the Audit Committee

shall be a “financial expert” as defined by the Sarbanes-Oxley Act and the rules of the SEC and Section 2(3) of the Dutch

Decree on the Establishment of an audit committee. No Audit Committee member may serve on more than four audit

committees for other public companies, absent a waiver from the Board of Directors, which must be disclosed in the

Company’s annual report. Unless decided otherwise by the Audit Committee, the independent registered public accounting

firm of the Company, the Chief Financial Officer, the Chief Internal Audit, Risk and Compliance Officer, and the Head of

Internal Audit are required to attend its meetings, while the Chief Executive Officer is free, but not required, to attend the

meetings of the Audit Committee, unless the Audit Committee determines otherwise, and shall attend the meetings of the

Audit Committee if the Audit Committee so requires. The Audit Committee shall meet with the independent auditor at least

once per year outside the presence of the executive Directors and management. Furthermore, an independent third party shall

make an assessment of the performance of the Audit Committee at least every five years.

In 2025, the Audit Committee met 8 times and the average attendance rate was 95.83 percent. At these meetings

several matters were discussed, including the Audit Committee’s role and responsibilities, the Company’s financial control

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and risk framework, risk assessment, internal control over financial reporting pursuant to the applicable rules, and a financial

overview of operating results. In particular, the Audit Committee reviewed Ferrari’s periodic and yearly financial results and,

with the assistance of the Chief Financial Officer and other Company officers, focused on key accounting and reporting

matters as well as the main business drivers.

The Compensation Committee

The Compensation Committee is responsible for, among other things, assisting and advising the Board of Directors,

and acting under authority delegated by the Board of Directors, with respect to: (i) determining executive compensation

consistent with the Company’s remuneration policy, (ii) reviewing and approving the remuneration structure for the executive

Directors, (iii) administering equity incentive plans and deferred compensation benefit plans, (iv) discussing with

management the Company’s policies and practices related to compensation and issuing recommendations thereon, and (v)

preparing the compensation report.

The Compensation Committee currently consists of Mr. Galantic (Chairperson), Mr. Cue and Mr. Ferrari. The

Compensation Committee is elected by the Board of Directors and is comprised of at least three non-executive Directors, at

most one of whom may not be independent under Dutch Corporate Governance Code. At the date of this Annual Report,

every member of the Compensation Committee is a non-executive Director and the majority of them are independent. The

gender diversity within the Compensation Committee is 0.0%. Unless decided otherwise by the Compensation Committee,

the Head of Human Resources of the Company attends its meetings.

In 2025, the Compensation Committee met twice with 100 percent attendance of its members at such meeting. The

Compensation Committee reviewed the compensation report. Further information on the activities of the Compensation

Committee is included in the compensation report. In particular, during 2025, the Compensation Committee reviewed and

approved the 2024 Short Term Incentive, the final KPIs for the Equity Incentive Plan 2022-2024, the new 2025 Company

Performance Factor, the new Equity Incentive Plan 2025-2027, the 2024 Compensation Report and certain Executive

Directors’ remuneration. See “Remuneration of Directors” for additional information.

The ESG Committee

As stated in the Charter of the ESG Committee, the ESG Committee is responsible for, among other things, assisting

and advising the Board of Directors, and acting under authority delegated by the Board of Directors, with respect to: (i)

drawing up the selection criteria and appointment procedures for members of the Board of Directors; (ii) periodic assessment

of the size and composition of the Board of Directors and as appropriate making proposals for a composition profile of the

Board of Directors; (iii) periodic assessment of the performance of individual directors and reporting this to the Board of

Directors; (iv) proposals to the non-executive members of the Board of Directors for the nomination and re-nomination of

directors to be elected by the shareholders; (v) supervision of the policy on the selection and appointment criteria for senior

management and on succession planning, and (vi) monitoring, evaluation and reporting on the strategy, targets, achievements,

disclosures and reports relating to ESG matters globally of the Company and its subsidiaries.

The ESG Committee consists of Mr. Elkann (Chairperson), Mrs. Arnault and Mr. Cue. The ESG Committee is

elected by the Board of Directors and is comprised of at least three Directors. At least more than half of the members shall be

independent under the Dutch Corporate Governance Code, and at most one of the members may be an executive Director. At

the date of this Annual Report, Mr. Elkann is the only executive member of the ESG Committee and the majority of ESG

Committee members are independent. The gender diversity within the ESG Committee is 33.3%.

In 2025, the ESG Committee met once with 100 percent attendance of its members at such meeting. The Committee

reviewed the Board of Directors’ and Committee’s assessments, the Sustainability achievement and objectives, and the

recommendations for Directors’ election.

As described above, the charters of the Audit Committee, Compensation Committee and ESG Committee set forth

independence requirements for their members for purposes of the Dutch Corporate Governance Code. Audit Committee

members are also required to qualify as independent for purposes of NYSE rules and Rule 10A-3 of the Exchange Act.

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Indemnification of Directors

Under Dutch law, indemnification provisions may be included in a company’s articles of association. Under the

Articles of Association, the Company is required to indemnify any and all of its Directors, officers, former Directors, former

officers and any person who may have served at its request as a director or officer of another company in which it owns

shares or of which it is a creditor, who were or are made a party or are threatened to be made a party to or are involved in, any

threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, arbitrative or

investigative (each a “Proceeding”), or any appeal in such a Proceeding or any inquiry or investigation that could lead to such

a Proceeding, against any and all liabilities, damages, reasonable and documented expenses (including reasonably incurred

and substantiated attorneys’ fees), financial effects of judgments, fines, penalties (including excise and similar taxes and

punitive damages) and amounts paid in settlement in connection with such Proceeding by any of them. Such indemnification

shall not be deemed exclusive of any other rights to which those indemnified may be entitled otherwise. Notwithstanding the

above, no indemnification shall be made in respect of any claim, issue or matter as to which any of the abovementioned

indemnified persons shall be adjudged to be liable for gross negligence or willful misconduct in the performance of such

person’s duty to Ferrari. Ferrari has purchased directors’ and officers’ liability insurance for the members of the Board of

Directors and certain other officers, substantially in line with that purchased by similarly situated companies.

Conflict of Interest

A Director shall not participate in discussions and decision making of the Board of Directors with respect to a matter

in relation to which he or she has a direct or indirect personal interest that is in conflict with the interests of the Company and

the business associated with the Company (“Conflict of Interest”), which shall be determined outside the presence of the

Director concerned. All transactions, where there is a Conflict of Interest, must be concluded on terms that are customary in

the branch concerned and approved by the Board of Directors. In addition, the Board of Directors as a whole may, on an ad

hoc basis, resolve that there is such a strong appearance of a Conflict of Interest of an individual Director in relation to a

specific matter, that it is deemed in the best interest of a proper decision making process that such individual Director be

excused from participation in the decision making process with respect to such matter even though such Director may not

have an actual Conflict of Interest. In 2025, there were no transactions in which there were conflicts of interest with

management board members or supervisory board members, other than ordinary course compensation arrangements.

At least annually, each Director shall assess in good faith whether (i) he or she is independent under (A) best

practice provision 2.1.8 of the Dutch Corporate Governance Code, (B) the requirements of Rule 10A-3 under the Exchange

Act, and (C) Section 303A of the NYSE Listed Company Manual, and (ii) he or she would have a Conflict of Interest in

connection with any transactions between the Company and a significant shareholder or related party of the Company,

including affiliates of a significant shareholder (such conflict, a “Related-Party Conflict”), it being understood that currently

Exor would be considered a significant shareholder.

The Directors shall inform the Board of Directors through the Senior Non-executive Director or the Secretary of the

Board of Directors as to all material information regarding any circumstances or relationships that may impact their

characterization as “independent”, or impact the assessment of their interests, including by responding promptly to the annual

D&O questionnaires circulated by or on behalf of the Secretary that are designed to elicit relevant information regarding

business and other relationships.

Based on each Director’s assessment described above, the Board of Directors shall make a determination at least

annually regarding such Director’s independence and such Director’s Related-Party Conflict. These annual determinations

shall be conclusive, absent a change in circumstances from those disclosed to the Board of Directors, that necessitates a

change in such determination.

Mr. Elkann is Chief Executive Officer of Exor, our and Stellantis’s largest shareholder, and an executive director of

Stellantis. Stellantis, Exor and a number of companies in the Stellantis and Exor groups are related parties to Ferrari. See

“Risk Factors—We may have potential conflicts of interest with Stellantis and Exor and its related companies” and Note 28

“Related Party Transactions” to our Consolidated Financial Statements.

Finally, Mr. Ferrari is the non-executive Chairman of COXA S.p.A., from which Ferrari purchases components for

Formula 1 racing cars, and of HPE S.r.l., which provides consultancy engineering services to Ferrari, see Note 28 “Related

Party Transactions” to our Consolidated Financial Statements.

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Loyalty Voting Program

In connection with the Separation from FCA, Ferrari issued special voting shares with a nominal value of one Euro

cent (€0.01) per share, to FCA, Piero Ferrari and FCA shareholders holding FCA special voting shares prior to the Separation

including Exor, in addition to Ferrari common shares.

As of February 4, 2026, Exor held approximately 32.32 percent of the voting power in the Company, Trust Piero

Ferrari, a Jersey trust established by Piero Ferrari, held approximately 16.17 percent of the voting power in Ferrari and public

shareholders held approximately 51.51 percent of the voting power in the Company. The percentages of voting power above

are calculated based on the number of outstanding shares net of treasury shares. For more information on the Separation, see

“Overview—History of the Company” .

Subject to meeting certain conditions, our common shares can be registered in our loyalty register (the “Loyalty

holder of Qualifying Common Shares is entitled to receive without consideration one special voting share in respect of each

such Qualifying Common Share. Pursuant to the Terms and Conditions, and for so long as the Ferrari common shares remain

in the Loyalty Register, such Ferrari common shares shall not be sold, disposed of, transferred, except in very limited

circumstances (i.e., transfers to affiliates or to relatives through succession, donation or other transfers—defined in the Terms

and Conditions as “Loyalty Transferee”), but a shareholder may create or permit to exist any pledge, lien, fixed or floating

charge or other encumbrance over such Ferrari common shares, provided that the voting rights in respect of such Ferrari

common shares and any corresponding special voting shares remain with such shareholder at all times. Ferrari’s shareholders

who want to directly or indirectly sell, dispose of, trade or transfer such Ferrari common shares or otherwise grant any right

or interest therein, or create or permit to exist any pledge, lien, fixed or floating charge or other encumbrance over such

Ferrari common shares with a potential transfer of voting rights relating to such encumbrances will need to submit a de-

registration request as referred to in the Terms and Conditions, in order to transfer the relevant Ferrari common shares to the

regular trading system (the “Regular Trading System”) except that a Ferrari shareholder may transfer Ferrari common shares

included in the Loyalty Register to a Loyalty Transferee (as defined in the Terms and Conditions) of such Ferrari shareholder

without transferring such shares from the Loyalty Register to the Regular Trading System.

Ferrari’s shareholders who seek to qualify to receive special voting shares can also request to have their Ferrari

common shares registered in the Loyalty Register. Upon registration in the Loyalty Register such shares will be eligible to be

treated as Qualifying Common Shares, provided they meet the conditions more fully described under “—Terms and

Conditions of the Special Voting Shares” below.

Notwithstanding the fact that Article 13 of the Ferrari Articles of Association permits the Board of Directors of

Ferrari to approve transfers of special voting shares, the special voting shares cannot be traded and are transferable only in

very limited circumstances (i.e., to a Loyalty Transferee described above, or to Ferrari for no consideration (om niet)).

Pursuant to Article 23 of the Ferrari Articles of Association, Ferrari shall maintain a special capital reserve to be

credited against the share premium exclusively for the purpose of facilitating any issuance or cancellation of special voting

shares. The special voting shares shall be issued and paid up against this special capital reserve.

The special voting shares have immaterial economic entitlements. Such economic entitlements are designed to

comply with Dutch law but are immaterial for investors. The special voting shares carry the same voting rights as Ferrari

common shares.

Section 10 of the Terms and Conditions include liquidated damages provisions intended to deter any attempt by

holders to circumvent the terms of the special voting shares. Such liquidated damages provisions may be enforced by Ferrari

by means of a legal action brought by Ferrari before competent courts of Amsterdam, the Netherlands. In particular, a

violation of the provisions of the Terms and Conditions concerning the transfer of special voting shares, Electing Common

Shares (common shares registered in the Loyalty Register for the purpose of becoming Qualifying Common Shares in

accordance with the Ferrari Articles of Association) and Qualifying Common Shares may lead to the imposition of liquidated

damages. Because we expect the restrictions on transfers of the special voting shares to be effective in practice we do not

expect the liquidated damages provisions to be used.

Pursuant to Section 12 of the Terms and Conditions, any amendment to the Terms and Conditions (other than

merely technical, non-material amendments and unless such amendment is required to ensure compliance with applicable law

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or regulations or the listing rules of any securities exchange on which the Ferrari common shares are listed) may only be

made with the approval of the general meeting of shareholders of Ferrari.

At any time, a holder of Qualifying Common Shares or Electing Common Shares may request the de-registration of

such shares from the Loyalty Register to enable free trading thereof in the Regular Trading System. Upon the de-registration

from the Loyalty Register, such shares will cease to be Electing Common Shares or Qualifying Common Shares as the case

may be and will be freely tradable and voting rights attached to the corresponding special voting shares will be suspended

with immediate effect and such special voting shares shall be transferred to Ferrari for no consideration (om niet).

Terms and Conditions of the Special Voting Shares

The Terms and Conditions apply to the issuance, allocation, acquisition, holding, repurchase and transfer of special

voting shares in our share capital and to certain aspects of Electing Common Shares, Qualifying Common Shares and Ferrari

common shares, which are or will be registered in the Loyalty Register.

Application for Special Voting Shares

A Ferrari shareholder may at any time elect to participate in the loyalty voting program by requesting that Ferrari

register all or some of the number of Ferrari common shares held by such Ferrari shareholder in the Loyalty Register. Such

election shall be effective and registration in the Loyalty Register shall occur as of the end of the calendar month during

which the election is made. If such Ferrari common shares (i.e. Electing Common Shares) have been registered in the Loyalty

Register (and are thus blocked from trading in the Regular Trading System) for an uninterrupted period of three years in the

name of the same shareholder, the holder of such Ferrari common shares will be entitled to receive one Ferrari special voting

share for each such Ferrari common share that has been registered. If at any moment in time such Ferrari common shares are

de-registered from the Loyalty Register for whatever reason, the relevant shareholder loses its entitlement to hold a

corresponding number of Ferrari special voting shares.

Withdrawal of Special Voting Shares

As described above, a holder of Qualifying Common Shares or Electing Common Shares may request that some or

all of its Qualifying Common Shares or Electing Common Shares be de-registered from the Loyalty Register and if held

outside the Regular Trading System, transfer such shares back to the Regular Trading System, which will allow such

shareholder to freely trade its Ferrari common shares, as described below. From the moment of such request, the holder of

Qualifying Common Shares shall be considered to have waived his rights to cast any votes associated with the Ferrari special

voting shares which were issued and allocated in respect of such Qualifying Common Shares. Any such request would

automatically trigger a mandatory transfer requirement pursuant to which the Ferrari special voting shares will be offered and

transferred to Ferrari for no consideration in accordance with the Ferrari Articles of Association and the Terms and

Conditions. Ferrari may continue to hold the special voting shares as treasury stock, but will not be entitled to vote any such

treasury stock. Alternatively, Ferrari may withdraw and cancel the special voting shares, as a result of which the nominal

value of such shares will be allocated to the special capital reserves of Ferrari. Consequently, the loyalty voting feature will

terminate as to the relevant Qualifying Common Shares being deregistered from the Loyalty Register. No shareholder

required to transfer special voting shares pursuant to the Terms and Conditions shall be entitled to any consideration for such

special voting shares and each shareholder expressly waives any rights in that respect as a condition to participation in the

loyalty voting program.

Change of Control

A shareholder who is a holder of Qualifying Common Shares or Electing Common Shares must promptly notify the

Agent and Ferrari upon the occurrence of a “change of control” as defined in the Ferrari Articles of Association, as described

below. The change of control will trigger the de-registration of the relevant Electing Common Shares or Qualifying Common

Shares or the relevant Ferrari common shares in the Loyalty Register. The voting rights attached to the special voting shares

issued and allocated in respect of the relevant Qualified Common Shares will be suspended upon a direct or indirect change

of control in respect of the relevant holder of such Qualifying Common Shares that are registered in the Loyalty Register.

For the purposes of this section a “change of control” shall mean, in respect of any Ferrari shareholder that is not an

individual (natuurlijk persoon), any direct or indirect transfer in one or a series of related transactions as a result of which

(i) a majority of the voting rights of such shareholder, (ii) the de facto ability to direct the casting of a majority of the votes

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exercisable at general meetings of shareholders of such shareholder and/or (iii) the ability to appoint or remove a majority of

the Directors, executive Directors or board members or executive officers of such shareholder or to direct the casting of a

majority or more of the voting rights at meetings of the board of Directors, governing body or executive committee of such

shareholder has been transferred to a new owner, provided that no change of control shall be deemed to have occurred if

(a) the transfer of ownership and/or control is an intra-group transfer under the same parent company, (b) the transfer of

ownership and /or control is the result of the succession or the liquidation of assets between spouses or the inheritance, inter

vivos donation or other transfer to a spouse or a relative up to and including the fourth degree or (c) the fair market value of

the Qualifying Common Shares held by such shareholder represents less than twenty percent (20 percent) of the total assets

of the Transferred Group at the time of the transfer and the Qualifying Common Shares held by such shareholder, in the sole

judgment of the Company, are not otherwise material to the Transferred Group or the change of control transaction.

“Transferred Group” shall mean the relevant shareholder together with its affiliates, if any, over which control was

transferred as part of the same change of control transaction within the meaning of the definition of change of control.

Liability for Further Capital Calls

All of the outstanding Ferrari common shares and special voting shares are fully paid and non-assessable.

Additional Issuances and Rights of Preference

Issuance of Shares

The general meeting of shareholders of Ferrari (the “General Meeting”) has the authority to resolve on any issuance

of shares, unless such authority has been delegated to the Board of Directors of Ferrari. In such a resolution, the General

Meeting must determine the price and other terms of issuance. The Board of Directors of Ferrari may have the power to issue

shares if it has been authorized to do so by the General Meeting, or pursuant to the Ferrari Articles of Association. Under

Dutch law, such authorization may not exceed a period of five years, but may be renewed by a resolution of the General

Meeting for subsequent five-year periods at any time. The Board of Directors has been designated by the Ferrari Articles of

Association as the competent body to issue Ferrari common shares and special voting shares up to the maximum aggregate

amount of the Ferrari authorized share capital for an initial period of five years from January 2, 2016, which may be extended

by the General Meeting with additional consecutive periods of up to a maximum of five years each. The authorization was

renewed on an annual basis by the Annual General Meetings in 2020 and subsequent years. Pursuant to the resolution of the

Annual General Meeting held on April 16, 2025, the authorization has been further renewed for the period starting from April

16, 2025 up to and including October 15, 2026.

Ferrari will not be required to obtain approval from a General Meeting to issue shares pursuant to the exercise of a

right to subscribe for shares that was previously granted pursuant to authority granted by the shareholders or pursuant to

delegated authority by the Board of Directors. The General Meeting shall, for as long as any such designation of the Board of

Directors of Ferrari for this purpose is in force, no longer has authority to decide on the issuance of shares.

Rights of Pre-emption

Under Dutch law and the Ferrari Articles of Association, each Ferrari shareholder has a right of pre-emption in

proportion to the aggregate nominal value of its shareholding upon the issuance of new Ferrari common shares (or the

granting of rights to subscribe for Ferrari common shares). Exceptions to this right of pre-emption include the issuance of

new Ferrari common shares (or the granting of rights to subscribe for common shares): (i) to employees of Ferrari or another

member of its group pursuant to a stock compensation plan of Ferrari, (ii) against payment in kind (contribution other than in

cash) and (iii) to persons exercising a previously granted right to subscribe for Ferrari common shares.

In the event of an issuance of special voting shares, shareholders shall not have any right of pre-emption.

The General Meeting may resolve to limit or exclude the rights of pre-emption upon an issuance of Ferrari common

shares, which resolution requires approval of at least two-thirds of the votes cast, if less than half of the issued share capital is

represented at the General Meeting. The Ferrari Articles of Association or the General Meeting may also designate the Board

of Directors to resolve to limit or exclude the rights of pre-emption in relation to the issuance of Ferrari common shares.

Pursuant to Dutch law, the designation by the General Meeting may be granted to the Board of Directors for a specified

period of time of not more than five years and only if the Board of Directors has also been designated or is simultaneously

designated the authority to resolve to issue Ferrari common shares. The Board of Directors is designated in the Ferrari

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Articles of Association as the competent body to exclude or limit rights of pre-emption for an initial period of five years from

January 2, 2016, which may be extended by the General Meeting with additional periods up to a maximum of five years per

period. The authorization was renewed on an annual basis by the Annual General Meetings in 2020 and subsequent years.

Pursuant to the resolution of the Annual General Meeting held on April 16, 2025, the Board of Directors has been authorized

to issue Ferrari common shares and to limit or exclude the rights of pre-emption in relation to the issuance of Ferrari common

shares for the period starting from April 16, 2025 up to and including October 15, 2026.

Repurchase of Shares

Upon agreement with the relevant Ferrari shareholder, Ferrari may acquire its own shares at any time for no

consideration (om niet), or subject to certain provisions of Dutch law and the Ferrari Articles of Association for

consideration, if: (i) Ferrari’s shareholders’ equity less the payment required to make the acquisition does not fall below the

sum of called-up and paid-in share capital and any statutory reserves, (ii) Ferrari would thereafter not hold a pledge over

Ferrari common shares or together with subsidiaries hold Ferrari common shares with an aggregate nominal value exceeding

50 percent of the Ferrari’s issued share capital and (iii) the Board of Directors has been authorized to do so by the General

Meeting.

The acquisition of fully paid-up shares by Ferrari other than for no consideration (om niet) requires authorization by

the General Meeting. Such authorization may be granted for a period not exceeding 18 months and shall specify the number

of shares, the manner in which the shares may be acquired and the price range within which shares may be acquired. The

authorization is not required for the acquisition of shares from employees of Ferrari or another member of its Group, under a

scheme applicable to such employees and no authorization is required for repurchase of shares acquired in certain other

limited circumstances in which the acquisition takes place by operation of law, such as pursuant to mergers or demergers.

Such shares must be officially listed on a price list of an exchange.

At a General Meeting, the shareholders may resolve to designate the Board of Directors of Ferrari as the competent

body to resolve on Ferrari acquiring any Ferrari’s fully paid-up Ferrari common shares other than for no consideration (om

niet) for a period of up to 18 months.

Ferrari may, jointly with its subsidiaries, hold Ferrari shares in its own capital exceeding one-tenth of its issued

capital for no more than three years after acquisition of such Ferrari shares for no consideration (om niet) or in certain other

limited circumstances in which the acquisition takes place by operation of law, such as pursuant to mergers or demergers.

Any Ferrari shares held by Ferrari in excess of the amount permitted shall transfer to all members of the Board of Directors

jointly at the end of the last day of such three-year period. Each member of the Board of Directors shall be jointly and

severally liable to compensate Ferrari for the value of the Ferrari shares at such time, with interest at the statutory rate thereon

from such time. The term Ferrari shares in this paragraph shall include depositary receipts for shares and shares in respect of

which Ferrari holds a right of pledge.

No votes may be cast at a General Meeting on the Ferrari shares held by Ferrari or its subsidiaries. Also, no voting

rights may be cast at a General Meeting in respect of Ferrari shares for which depositary receipts have been issued that are

owned by Ferrari. Nonetheless, the holders of a right of usufruct or pledge in respect of shares held by Ferrari and its

subsidiaries in Ferrari’s share capital are not excluded from the right to vote on such shares, if the right of usufruct or pledge

was granted prior to the time such shares were acquired by Ferrari or its subsidiaries. Neither Ferrari nor any of its

subsidiaries may cast votes in respect of a share on which it or its subsidiaries holds a right of usufruct or pledge.

Reduction of Share Capital

Shareholders at a General Meeting have the power to cancel shares acquired by Ferrari or to reduce the nominal

value of the shares. A resolution to reduce the share capital requires a majority of at least two-thirds of the votes cast at the

General Meeting, if less than one-half of the issued capital is present or represented at the meeting. If more than one-half of

the issued share capital is present or represented at the meeting, a simple majority of the votes cast at the General Meeting is

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required. Any proposal for cancellation or reduction of nominal value is subject to general requirements of Dutch law with

respect to reduction of share capital.

Transfer of Shares

In accordance with the provisions of Dutch law, pursuant to Article 12 of the Ferrari Articles of Association, the

transfer or creation of Ferrari shares or a right in rem thereon requires a deed intended for that purpose and save when Ferrari

is a party to the transaction, written acknowledgment by Ferrari of the transfer.

The transfer of Ferrari common shares that have not been entered into a book-entry system will be effected in

accordance with Article 12 of the Ferrari Articles of Association.

Common shares that have been entered into the DTC book-entry system will be registered in the name of Cede &

Co., as nominee for DTC and transfers of beneficial ownership of shares held through DTC will be effected by electronic

transfer made by DTC participants. Article 12 of the Ferrari Articles of Association does not apply to the trading of such

Ferrari common shares on a regulated market or the equivalent thereof.

Transfers of shares held outside of DTC (including Monte Titoli S.p.A., as a participant in DTC) or another direct

registration system maintained by Computershare, Ferrari’s transfer agent in New York (“Transfer Agent”) and not

represented by certificates are effected by a stock transfer instrument and require the written acknowledgment by Ferrari.

Transfer of registered certificates is effected by presenting and surrendering the certificates to the Transfer Agent. A valid

transfer requires the registered certificates to be properly endorsed for transfer as provided for in the certificates and

accompanied by proper instruments of transfer and stock transfer tax stamps for, or funds to pay, any applicable stock

transfer taxes.

Ferrari common shares are freely transferable. As described below, special voting shares are generally not

transferable.

At any time, a holder of Ferrari common shares that are registered in the Loyalty Register (i.e. Electing Common

Shares or Qualifying Common Shares) wishing to transfer such Ferrari common shares other than in limited specified

circumstances (i.e., transfers to affiliates or to relatives through succession, donation or other transfers) must first request a

de-registration of such shares from the Loyalty Register and if held outside the Regular Trading System, transfer such

common shares back into the Regular Trading System. After de-registration from the Loyalty Register, such Ferrari common

shares no longer qualify as Electing Common Shares or Qualifying Common Shares, as a result, the holder of such Ferrari

common shares is required to offer and transfer the special voting shares associated with such Ferrari common shares that

were previously Qualifying Common Shares to Ferrari for no consideration (om niet) as described in detail in “—Loyalty

Voting Program—Terms and Conditions of the Special Voting Shares—Withdrawal of Special Voting Shares”.

Annual Accounts and Independent Registered Public Accounting Firm

Ferrari’s financial year is the calendar year. Within four months after the end of each financial year, the Board of

Directors will prepare the annual accounts, which must be accompanied by an annual report and an auditors’ report and will

publish the accounts and annual report and will make those available for inspection at Ferrari’s corporate address. All

members of the Board of Directors are required to sign the annual accounts and in case the signature of any member is

missing, the reason for this must be stated. The annual accounts are to be adopted by the General Meeting at the annual

general meeting of shareholders, at which meeting the members of the Board of Directors will be discharged from liability for

performance of their duties with respect to any matter disclosed in the annual accounts for the relevant financial year insofar

this appears from the annual accounts. The annual accounts, the annual report and independent registered public accounting

firm’s reports are made available through Ferrari’s website to the shareholders for review as from the day of the notice

convening the annual general meeting of shareholders.

Payment of Dividends

Ferrari may make distributions to the shareholders and other persons entitled to the distributable profits only to the

extent that its shareholders’ equity exceeds the sum of the paid-up and called up portion of the share capital and the reserves

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that must be maintained in accordance with Dutch law. No distribution of profits may be made to Ferrari itself for shares that

Ferrari holds in its own share capital.

Ferrari may only make a distribution of dividends to the shareholders after the adoption of its statutory annual

accounts demonstrating that such distribution is legally permitted. The Board of Directors may determine that other freely

distributable distributions shall be made, in whole or in part, from Ferrari’s share premium reserve or from any other reserve,

provided that payments from reserves may only be made to the shareholders that are entitled to the relevant reserve upon the

dissolution of Ferrari and provided further that the policy of Ferrari on additions to reserves and dividends is duly observed.

Holders of special voting shares will not receive any dividend in respect of the special voting shares. However,

Ferrari maintains a separate dividend reserve for the special voting shares for the sole purpose of the allocation of the

mandatory minimal profits that accrue to the special voting shares. This allocation establishes a reserve for the amount that

would otherwise be paid. The special voting shares do not carry any entitlement to any other reserve. Any distribution out of

the special dividend reserve or the partial or full release of such reserve requires a prior proposal from the Board of Directors

and a subsequent resolution of the meeting of holders of special voting shares.

Insofar as the profits have not been distributed or allocated to the reserves, they may, by resolution of the General

Meeting, be distributed as dividends on the Ferrari common shares only. The General Meeting may resolve, on the proposal

of the Board of Directors, to declare and distribute dividends in U.S. Dollars. The Board of Directors may decide, subject to

the approval of the General Meeting and the Board of Directors having been designated as the body competent to pass a

resolution for the issuance of shares, that a distribution shall, wholly or partially, be made in the form of shares, or that

shareholders shall be given the option to receive a distribution either in cash or in the form of shares.

The right to dividends and distributions will lapse if the dividends or distributions are not claimed within five years

following the day after the date on which they first became payable. Any dividends or other distributions made in violation of

the Ferrari Articles of Association or Dutch law will have to be repaid by the shareholders who knew or should have known,

of such violation.

General Meetings and Voting Rights

Annual Meeting

An annual General Meeting must be held within six months from the end of Ferrari’s preceding financial year. The

purpose of the annual General Meeting is to discuss, among other things, the annual report, the adoption of the annual

accounts, allocation of profits (including the proposal to distribute dividends), release of members of the Board of Directors

from liability for their management and supervision, and other proposals brought up for discussion by the Board of Directors.

General Meeting and Place of Meetings

Other General Meetings will be held if requested by the Board of Directors, the chairman of the Board of Directors,

the chairperson or the chief executive officer, or by the written request (stating the exact subjects to be discussed) of one or

more shareholders representing in aggregate at least 10 percent of the issued share capital of the company (taking into

account the relevant provisions of Dutch law, and the Ferrari Articles of Association and the applicable stock exchange

regulations). General Meetings will be held in Amsterdam or Haarlemmermeer (Schiphol Airport), the Netherlands.

Convocation Notice and Agenda

General Meetings can be convened by a notice, specifying the subjects to be discussed, the place and the time of the

meeting and admission and participation procedure, issued at least 15 days before the meeting or 42 days if shares of Ferrari

or depositary receipts issued with cooperation of Ferrari have been admitted to trading on the Euronext Milan or another

regulated market as referred to in Article 1:1 of the AFS. All convocations, announcements, notifications and

communications to shareholders and other persons entitled to attend the General Meeting must be made on the company’s

corporate website in accordance with the relevant provisions of Dutch law. The agenda for a General Meeting may contain

the items requested by one or more shareholders representing at least three percent of the issued share capital of the company.

Requests must be made in writing, including the reasons for adding the relevant item on the agenda, and received by the

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Board of Directors at least 60 days before the day of the meeting. The agenda of the annual general meeting of shareholders

shall contain, inter alia, the following items:

a. adoption of the annual report;

b. the remuneration report;

c. at least every four years after adoption of the remuneration policy, the remuneration policy;

d. the policy of the Company on additions to reserves and on dividends, if any;

e. granting of discharge to the Directors in respect of the performance of their duties in the relevant financial year;

f. the appointment of Directors;

g. if applicable, the proposal to pay a dividend;

h. if applicable, discussion of any substantial change in the corporate governance structure of the Company, and

i. any matters decided upon by the person(s) convening the meeting and any matters placed on the agenda with due

observance of applicable Dutch law.

The Board of Directors shall provide the general meeting of shareholders with all requested information, unless this

would be contrary to an overriding interest of the Company. If the Board of Directors invokes an overriding interest, it must

give reasons.

Admission and Registration

Each shareholder entitled to vote, and each person holding a usufruct or pledge to whom the right to vote on the

Ferrari common shares accrues, shall be authorized to attend the General Meeting, to address the General Meeting and to

exercise its voting rights. The registration date of each General Meeting is the twenty-eighth day prior to the date of the

General Meeting so as to establish which shareholders are entitled to attend and vote at the General Meeting. Only holders of

shares and other persons entitled to vote or attend the General Meeting, at such registration date are entitled to attend and vote

at the General Meeting. The convocation notice for the meeting shall state the registration date and the manner in which the

persons entitled to attend the General Meeting may register and exercise their rights.

Those entitled to attend a General Meeting may be represented at a General Meeting by a proxy authorized in

writing. The requirement that a proxy must be in written form is also fulfilled when it is recorded electronically.

Members of the Board of Directors have the right to attend a General Meeting. In these General Meetings they have

an advisory role.

Voting Rights

Ferrari applies the one-share-one-vote principle, meaning that each Ferrari common share and each special voting

share confers the right on the holder to cast one vote at a General Meeting. Resolutions are passed by a simple majority of the

votes cast, unless Dutch law or the Ferrari Articles of Association prescribes a larger majority. Blank votes shall not be

counted as votes cast. Shares in respect of which Dutch law determines that no votes may be cast shall be disregarded for the

purposes of determining the proportion of shareholders voting, present or represented or the proportion of the share capital

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present or represented. Under Dutch law and/or the Ferrari Articles of Association, the following matters require at least two-

thirds of the votes cast at a meeting if less than half of the issued share capital is present or represented:

• a resolution to reduce the issued share capital;

• a resolution to amend the Ferrari Articles of Association;

• a resolution to restrict or exclude rights of pre-emption;

• a resolution to authorize the Board of Directors to restrict or exclude shareholder rights of pre-emption;

• a resolution to enter into a legal merger or a legal demerger; or

• a resolution to dissolve Ferrari.

Under Dutch law, a resolution to adopt the remuneration policy requires three-fourths of the votes validly cast,

unless the Ferrari Articles of Association include a lower threshold which could be inserted in the Ferrari Articles of

Association through a resolution of the General Meeting pursuant to a prior proposal of the Board of Directors. Such a

resolution to amend the Ferrari Articles of Association must be approved by a vote of a majority of at least two-thirds of the

votes cast if less than one-half of the issued share capital is present or represented at such General Meeting and a simple

majority vote if one-half or more than one-half of the issued share capital is present or represented at such General Meeting.

All votes shall be cast in writing or electronically. The chairman of the meeting may, however, determine that voting

by raising hands or in another manner shall be permitted.

Voting by acclamation shall be permitted if none of the shareholders present or represented objects.

No voting rights shall be exercised in the general meeting of shareholders for shares owned by the Company or by a

subsidiary of the Company. Pledgees and usufructuaries of shares owned by the Company and its subsidiaries shall however

not be excluded from exercising their voting rights, if the right of pledge or usufruct was created before the shares were

owned by the Company or a subsidiary. Neither the Company nor any of its subsidiaries may exercise voting rights for shares

in respect of which it holds a right of pledge or usufruct.

Without prejudice to the Articles of Association, the Company shall determine for each resolution passed:

• the number of shares on which valid votes have been cast;

• the percentage that the number of shares as referred to under a. represents in the issued share capital;

• the aggregate number of votes validly cast, and

• the aggregate number of votes cast in favor of and against a resolution, as well as the number of abstentions.

Limitations on rights of non-resident or foreign shareholders

There are no limitations imposed by Dutch law or by the Ferrari Articles of Association on the rights of non-resident

or foreign shareholders to hold or vote Ferrari common shares.

Shareholders’ Votes on Certain Transactions

Any important change in the identity or character of Ferrari must be approved by the General Meeting, including

(i) the termination transfer to a third party of the business of Ferrari or practically the entire business of Ferrari; (ii) the entry

into or breaking off of any long-term cooperation of Ferrari or a subsidiary with another legal entity or company or as a fully

liable partner of a general partnership or limited partnership, where such entry into or breaking off is of far-reaching

importance to Ferrari, and (iii) the acquisition or disposal by Ferrari or a subsidiary of an interest in the capital of a company

with a value of at least one-third of Ferrari’s assets according to the consolidated statement of financial position with

explanatory notes included in the last adopted annual accounts of Ferrari.

Amendments to the Ferrari Articles of Association, including Variation of Rights

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A resolution of the General Meeting to amend the Ferrari Articles of Association or to wind up Ferrari may be

approved only if proposed by the Board of Directors and must be approved by a vote of a majority of at least two-thirds of the

votes cast if less than one-half of the issued share capital is present or represented at such General Meeting.

The rights of shareholders may be changed only by amending the Ferrari Articles of Association in compliance with

Dutch law.

Dissolution and Liquidation

The General Meeting may resolve to dissolve Ferrari, upon a proposal of the Board of Directors. A majority of at

least two-thirds of the votes cast shall be required if less than one-half of the issued capital is present or represented at the

meeting. In the event of dissolution, Ferrari will be liquidated in accordance with Dutch law and the Ferrari Articles of

Association and the liquidation shall be arranged by the members of the Board of Directors, unless the General Meeting

appoints other liquidators. During liquidation, the provisions of the Ferrari Articles of Association will remain in force as

long as possible.

If Ferrari is dissolved and liquidated, whatever remains of Ferrari’s equity after all its debts have been discharged

shall first be applied to distribute the aggregate balance of share premium reserves and other reserves (other than the special

dividend reserve), to holders of Ferrari common shares in proportion to the aggregate nominal value of the Ferrari common

shares held by each holder; secondly, from any balance remaining, an amount equal to the aggregate amount of the nominal

value of the Ferrari common shares will be distributed to the holders of Ferrari common shares in proportion to the aggregate

nominal value of Ferrari common shares held by each of them; thirdly, from any balance remaining, an amount equal to the

aggregate amount of the special voting shares dividend reserve will be distributed to the holders of special voting shares in

proportion to the aggregate nominal value of the special voting shares held by each of them; fourthly, from any balance

remaining, the aggregate amount of the nominal value of the special voting shares will be distributed to the holders of special

voting shares in proportion to the aggregate nominal value of the special voting shares held by each of them, and, lastly, any

balance remaining will be distributed to the holders of Ferrari common shares in proportion to the aggregate nominal value of

Ferrari common shares held by each of them.

Liability of Directors

Under Dutch law, the management of a company is a joint undertaking and each member of the Board of Directors

can be held jointly and severally liable to Ferrari for damages in the event of improper or negligent performance of their

duties. Further, members of the Board of Directors can be held liable to third parties based on tort, pursuant to certain

provisions of the DCC. All Directors are jointly and severally liable for failure of one or more co-Directors. An individual

Director is only exempted from liability if he proves that he cannot be held seriously culpable for the mismanagement and

that he has not been negligent in seeking to prevent the consequences of the mismanagement. In this regard a Director may,

however, refer to the allocation of tasks between the Directors. In certain circumstances, Directors may incur additional

specific civil and criminal liabilities.

Indemnification of Directors and Officers

Under Dutch law, indemnification provisions may be included in a company’s articles of association. Under the

Ferrari Articles of Association, Ferrari is required to indemnify its Directors, officers, former Directors, former officers and

any person who may have served at Ferrari’s request as a Director or officer of another company in which Ferrari owns

shares or of which Ferrari is a creditor who were or are made a party or are threatened to be made a party or are involved in,

any threatened, pending or completed action, suit, or proceeding, whether civil, criminal, administrative, arbitrative or

investigative (each a “Proceeding”), or any appeal in such a Proceeding or any inquiry or investigation that could lead to such

a Proceeding, against any and all liabilities, damages, reasonable and documented expenses (including reasonably incurred

and substantiated attorney’s fees), financial effects of judgments, fines, penalties (including excise and similar taxes and

punitive damages) and amounts paid in settlement in connection with such Proceeding by any of them. Notwithstanding the

above, no indemnification shall be made in respect of any claim, issue or matter as to which any of the abovementioned

indemnified persons shall be adjudged to be liable for gross negligence or willful misconduct in the performance of such

person’s duty to Ferrari. This indemnification by Ferrari is not exclusive of any other rights to which those indemnified may

be entitled otherwise. Ferrari has purchased directors’ and officers’ liability insurance for the members of the Board of

Directors and certain other officers, substantially in line with that purchased by similarly situated companies.

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Dutch Corporate Governance Code

The Dutch Corporate Governance Code contains principles and best practice provisions that regulate relations

between the board and the shareholders (including the General Meeting). The Dutch Corporate Governance Code is divided

into five chapters which address the following topics: (i) sustainable long-term value creation; (ii) effective management and

supervision; (iii) remuneration; (iv) the general meeting, and (v) one-tier governance structure.

Dutch companies whose shares are listed on a government-recognized stock exchange, such as the NYSE, are

required under Dutch law to disclose in their annual reports whether or not they apply the provisions of the Dutch Corporate

Governance Code and, in the event that they do not apply a certain provision, to explain the reasons why they have chosen to

deviate.

Ferrari acknowledges the importance of good corporate governance and supports the best practice provisions of the

Dutch Corporate Governance Code. Therefore, Ferrari intends to comply with the relevant best practice provisions of the

Dutch Corporate Governance Code except as may be noted from time to time in Ferrari’s annual reports.

The Dutch Corporate Governance Code has been revised in December 2016 and the revised Dutch Corporate

Governance Code entered into force on January 1, 2018, being applicable retroactively as from the financial year 2017.

Consequently, Ferrari has reported in 2018 regarding its application of the revised Dutch Corporate Governance Code with

respect to the financial year 2017. On December 20, 2022, the Corporate Governance Code Monitoring Committee published

an update to the Dutch Corporate Governance Code. The updated Dutch Corporate Governance Code has entered into force

on January 1, 2024 and is applicable retroactively as from financial year 2023. The Corporate Governance Code was further

updated in March 2025 and entered into force as from financial year 2025.

Disclosure of Holdings under Dutch Law

Home member state for purposes of the EU Transparency Directive

The Netherlands is Ferrari’s home member state for the purposes of the EU Transparency Directive (Directive

2004/109/EC, as amended). Due to the listing of the Ferrari common shares on Euronext Milan, we are subject to financial

and other reporting obligations under the AFS and the Dutch Financial Reporting Supervision Act (Wet toezicht financiële

verslaggeving), which both implement the EU Transparency Directive in the Netherlands.

Disclosure of information

Ferrari is required to publish its annual report (consisting of the audited annual accounts and the board report,

including a sustainability statement in accordance with the Corporate Sustainability Reporting Directive) within four months

after the end of each financial year and its half-yearly figures within three months after the end of the first six months of each

financial year.

Shareholder disclosure and reporting obligations

As a result of the listing of the Ferrari common shares on the Euronext Milan, chapter 5.3 of the AFS applies,

pursuant to which any person who, directly or indirectly, acquires or disposes of an actual or potential capital interest and/or

actual or potential voting rights in Ferrari must promptly give written notice to the Netherlands Authority for the Financial

Markets (stichting Autoriteit Financiële Markten, the “AFM”) of such acquisition or disposal by means of a standard form if,

as a result of such acquisition or disposal, the percentage of capital interest and/or voting rights held by such person reaches,

exceeds or falls below the following thresholds: 3 percent, 5 percent, 10 percent, 15 percent, 20 percent, 25 percent, 30

percent, 40 percent, 50 percent, 60 percent, 75 percent and 95 percent.

For the purpose of calculating the percentage of capital interest or voting rights, the following interests must, inter

alia, be taken into account: (i) shares and/or voting rights directly held (or acquired or disposed of) by any person, (ii) shares

and/or voting rights held (or, acquired or disposed of) by such person’s controlled entities or by a third party for such

person’s account, (iii) voting rights held (or acquired or disposed of) by a third party with whom such person has concluded

an oral or written voting agreement, (iv) voting rights acquired pursuant to an agreement providing for a temporary transfer of

voting rights in consideration for a payment, and (v) shares which such person, or any controlled entity or third party referred

to above, may acquire pursuant to any option or other right to acquire shares.

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As a consequence of the above, special voting shares must be added to Ferrari common shares for the purposes of

the above thresholds.

Controlled entities (within the meaning of the AFS) do not themselves have notification obligations under the AFS

as their direct and indirect interests are attributed to their (ultimate) parent. If a person who has a three percent or larger

interest in Ferrari’s share capital or voting rights ceases to be a controlled entity it must immediately notify the AFM and all

notification obligations under the AFS will become applicable to such former controlled entity.

Special rules apply to the attribution of shares and/or voting rights which are part of the property of a partnership or

other form of joint ownership. A holder of a pledge or right of usufruct in respect of shares can also be subject to notification

obligations, if such person has, or can acquire, the right to vote on the shares. The acquisition of (conditional) voting rights by

a pledgee or beneficial owner may also trigger notification obligations as if the pledgee or beneficial owner were the legal

holder of the shares and/or voting rights.

Furthermore, when calculating the percentage of capital interest, a person is also considered to be in possession of

shares if (i) such person holds a financial instrument the value of which is (in part) determined by the value of the shares or

any distributions associated therewith and which does not entitle such person to acquire any shares, (ii) such person may be

obliged to purchase shares on the basis of an option, or (iii) such person has concluded another contract whereby such person

acquires an economic interest comparable to that of holding a share.

If a person’s capital interest and/or voting rights reaches, exceeds or falls below the abovementioned thresholds as a

result of a change in Ferrari’s issued and outstanding share capital or voting rights, such person is required to make a

notification not later than on the fourth trading day after the AFM has published Ferrari’s notification as described below.

Following the implementation of Directive 2013/50/EU into the AFS, every holder of three percent more of the

issued and outstanding share capital or voting rights whose interest has changed compared to his most recent notification, and

which holder knows or should know that pursuant to this change his interest reaches or crosses a threshold as a result of

certain acts (as described above and including the exchange of a financial instrument or a contract (pursuant to which the

holder is deemed to have issued and outstanding shares or voting rights at his disposal)), must notify the AFM of this change.

Ferrari is required to notify the AFM promptly of any change of one percent or more in its issued and outstanding

share capital or voting rights since a previous notification. Other changes in Ferrari’s issued and outstanding share capital or

voting rights must be notified to the AFM within eight days after the end of the quarter in which the change occurred.

In addition to the above described notification obligations pertaining to capital interest or voting rights, pursuant to

Regulation (EU) No 236/2012, as amended, notification must be made of any net short position of 0.1% in the issued share

capital of Ferrari, and of every subsequent 0.1% above this threshold. Notifications starting at 0.5% and every subsequent

0.1% above this threshold will be made public via the short selling register of the AFM. Furthermore, gross short positions

shall be notified in the event that a threshold is reached, exceeded or fallen below. With regard to gross short positions, the

same disclosure thresholds as for holders of capital interests and/or voting rights apply.

Furthermore, each member of the Board of Directors must notify the AFM:

• within two weeks after his/her appointment of the number of shares he/she holds and the number of votes he/she is

entitled to cast in respect of Ferrari’s issued and outstanding share capital, and

• subsequently of each change in the number of shares he/she holds and of each change in the number of votes he/she

is entitled to cast in respect of Ferrari’s issued and outstanding share capital, immediately after the relevant change.

The AFM keeps a public register of all notifications made pursuant to these disclosure obligations and publishes any

notification received which can be accessed via www.afm.nl. The notifications referred to in this paragraph should be made

in writing by means of a standard form or electronically through the notification system of the AFM.

Non-compliance with these disclosure obligations is an economic offense and may lead to criminal prosecution. The

AFM may impose administrative penalties for non-compliance, and the publication thereof. In addition, a civil court can

impose measures against any person who fails to notify or incorrectly notifies the AFM of matters required to be notified. A

claim requiring that such measures be imposed may be instituted by Ferrari and/or by one or more shareholders who alone or

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together with others represent at least three percent of the issued and outstanding share capital of Ferrari or are able to

exercise at least three percent of the voting rights. The measures that the civil court may impose include:

• an order requiring appropriate disclosure;

• suspension of the right to exercise the voting rights for a period of up to three years as determined by the court;

• voiding a resolution adopted by the General Meeting, if the court determines that the resolution would not have been

adopted but for the exercise of the voting rights of the person with a duty to disclose, or suspension of a resolution

adopted by the general meeting of shareholders until the court makes a decision about such voiding, and

• an order to refrain, during a period of up to five years as determined by the court, from acquiring shares and/or

voting rights in Ferrari. Shareholders are advised to consult with their own legal advisers to determine whether the

disclosure obligations apply to them.

Shareholders are advised to consult with their own legal advisers to determine whether the disclosure obligations

apply to them.

Mandatory Bid Requirement

Under Dutch law any person, acting alone or in concert with others, who, directly or indirectly, acquires 30 percent

or more of Ferrari’s voting rights will be obliged to launch a public offer for all outstanding shares in Ferrari’s share capital.

An exception is made for shareholders who, whether alone or acting in concert with others, had an interest of at least 30

percent of Ferrari’s voting rights before the shares were first listed on the Euronext Milan, and who still maintained such an

interest after such first listing. Immediately after the first listing of Ferrari common shares on the Euronext Milan, Exor held

more than 30 percent of Ferrari’s voting rights. Therefore, Exor’s interest in Ferrari was grandfathered and the exception that

applies to it will continue to apply to it for as long as its holding of shares represents over 30 percent of Ferrari’s voting

rights.

Dutch Financial Reporting Supervision Act

On the basis of the Dutch Financial Reporting Supervision Act (Wet toezicht financiële verslaggeving), or the FRSA,

the AFM supervises the application of financial reporting standards by, amongst others, companies whose official seat is in

the Netherlands and whose securities are listed on a regulated market within the EU or in a non-EU country on a system

similar to a regulated market.

Pursuant to the FRSA, the AFM has an independent right to (i) request an explanation from Ferrari regarding its

application of the applicable financial reporting standards and (ii) recommend to us the making available of further

explanations. If we do not comply with such a request or recommendation, the AFM may request that the Enterprise Chamber

order us to (i) make available further explanations as recommended by the AFM, (ii) provide an explanation of the way we

have applied the applicable financial reporting standards to our financial reports or (iii) prepare our financial reports in

accordance with the Enterprise Chamber’s instructions.

Compulsory Acquisition

Pursuant to Section 2:92a of the DCC, a shareholder who, for its own account, holds at least 95 percent of the issued

share capital of Ferrari may institute proceedings against the other shareholders jointly for the transfer of their shares to it.

The proceedings are held before the Dutch Enterprise Chamber and can be instituted by means of a writ of summons served

upon each of the minority shareholders in accordance with the provisions of the Dutch Code of Civil Procedure. The

Enterprise Chamber may grant the claim for the squeeze-out in relation to all minority shareholders and will determine the

price to be paid for the shares, if necessary after appointment of one or three expert(s) who will offer an opinion to the

Enterprise Chamber on the value to be paid for the shares of the minority shareholders. Once the order to transfer becomes

final before the Enterprise Chamber, the person acquiring the shares must give written notice of the date and place of

payment and the price to the holders of the shares to be acquired whose addresses are known to it. Unless the addresses of all

of them are known to it, it must also publish the same in a Dutch daily newspaper with a national circulation. A shareholder

can only appeal against the judgment of the Enterprise Chamber before the Dutch Supreme Court.

In addition, pursuant to Section 2:359c of the DCC, an offeror under a public offer is also entitled to start a squeeze

out procedure, within three months after the public offer, if following the public offer it holds at least 95% of the issued share

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capital of Ferrari representing at least 95% of the total voting rights. In the event of a mandatory offer, the mandatory offer

price is in principle deemed to be a reasonable price, which has to be accepted by minority shareholders. In the event of a

voluntary public offer, the offer price is considered reasonable if at least 90% of the shares have been acquired under the

public offer.

Pursuant to Section 2:359d of the DCC, if the offeror has acquired at least 95% of the issued share capital of Ferrari

representing at least 95% of the total voting rights, each remaining minority shareholder is entitled to demand a squeeze out.

This procedure must be initiated with the Enterprise Chamber within three months after the end of the period for tendering

Shares in the public offer. With regard to the price per share to be paid by the majority Shareholder, the same procedure as

for squeeze out proceedings initiated by the offeror, as set out in the previous paragraph, applies.

Disclosure of Trades in Listed Securities

Disclosure under Dutch Law

Pursuant to the AFS and Regulation (EU) No 596/2014 (the “Market Abuse Regulation”), each of the members of

the Board of Directors and any other person discharging managerial responsibilities within Ferrari and who in that capacity is

authorized to make decisions affecting the future developments and business prospects of Ferrari and who has regular access

to inside information relating, directly or indirectly, to Ferrari (each, an “Insider”) must notify the AFM of all transactions,

conducted or carried out for his/her own account, relating to Ferrari common shares, special voting shares or financial

instruments, the value of which is (in part) determined by the value of Ferrari common shares or special voting shares.

In addition, persons who are closely associated with members of the Board of Directors or any of the other Insiders

must notify the AFM of all transactions conducted for their own account relating to Ferrari’s shares or financial instruments,

the value of which is (in part) determined by the value of Ferrari’s shares. The Market Abuse Regulation designates the

following categories of persons: (i) the spouse or any partner considered by applicable law as equivalent to the spouse,

(ii) dependent children, (iii) other relatives who have shared the same household for at least one year at the relevant

transaction date, and (iv) any legal person, trust or partnership, among other things, whose managerial responsibilities are

discharged by a member of the Board of Directors or any other Insider or by a person referred to under (i), (ii) or (iii) above.

The AFM must be forthwith notified of transactions effected in either Ferrari’s shares or financial instruments, the

value of which is (in part) determined by the value of Ferrari’s shares, following the transaction date by means of a standard

form. Notifications under the Market Abuse Regulation may however be postponed until the date that the value of the

transactions carried out on a person’s own account, together with the transactions carried out by the persons associated with

that person, reaches or exceeds the amount of €5,000 in the calendar year in question. The AFM keeps a public register of all

notifications made pursuant to the AFS and the Market Abuse Regulation.

Ferrari is required to make inside information public. Inside information is precise information directly or indirectly

relating to the issuer or the trade in its securities which has not yet been made public and publication of which could

significantly affect the trading price of the securities. Ferrari must also provide CONSOB with this inside information at the

time of publication. Furthermore, Ferrari must without delay publish the inside information on its website and keep it

available on Ferrari’s website for at least five years.

It is prohibited for any person to make use of inside information by conducting, effecting or attempting to conduct or

effect a transaction in relevant financial instruments. In addition, it is prohibited for any person to pass on inside information

relating to Ferrari or the trade in its securities to a third party or to recommend or induce, on the basis of inside information,

any person to conduct a transaction in securities of Ferrari. Furthermore, it is prohibited for any person to manipulate or

attempt to manipulate the market, for instance by conducting transactions which could lead to an incorrect or misleading

signal of the supply of, the demand for or the price of the securities. The provisions of the Market Abuse Regulation

concerning insider trading and manipulation of the market are self-executing and immediately applicable Italian law.

Moreover, in March 2017 CONSOB revised certain regulatory provisions contained in the Issuers’ Regulation no.

11971/1999 in light of the Market Abuse Regulation

Non-compliance with these reporting obligations could lead to criminal penalties, administrative fines and cease-

and-desist orders (and the publication thereof), imprisonment or other sanctions.

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Shareholder Disclosure and Reporting Obligations under U.S. Law

Holders of Ferrari shares are subject to certain U.S. reporting requirements under the Securities Exchange Act of

1934 (the “Exchange Act”) for shareholders owning more than 5 percent of any class of equity securities registered pursuant

to Section 12 of the Exchange Act. Among the reporting requirements are disclosure obligations intended to inform the

market of significant accumulations of shares that may lead to a change of control of an issuer.

If Ferrari were to fail to qualify as a foreign private issuer in the future, Section 16(a) of the Exchange Act would

require Ferrari’s Directors and executive officers, and persons who own more than ten percent of a registered class of

Ferrari’s equity securities, to file reports of ownership of, and transactions in, Ferrari’s equity securities with the SEC. Such

Directors, executive officers and ten percent stockholders would also be required to furnish Ferrari with copies of all

Section 16 reports they file.

Disclosure Requirements under Italian law

Summarized below are the most significant requirements to be complied with by Ferrari in connection with the

admission to listing of Ferrari common shares on the Euronext Milan. The breach of the obligations described below may

result in the application of fines and criminal penalties (including, for instance, those provided for insider trading and market

manipulation). Further requirements may be imposed by CONSOB and/or Borsa Italiana as a result of the listing of Ferrari

common shares on the Euronext Milan.

In particular, the following main disclosure obligations provided for by the Legislative Decree no. 58/1998, or the

Italian Financial Act, effective as of the date of this document shall apply to Ferrari, article 92 (equal treatment principle),

article 114 (information to be provided to the public), article 114-bis (information to be provided to the market concerning the

allocation of financial instruments to corporate officers, employees and collaborators), article 115 (information to be

disclosed to CONSOB) and article 180 and the following (relating to insider trading and market manipulation). In addition to

the above, the applicable provisions set forth under the market rules (including those relating to the timing for the payment of

dividends) shall apply to Ferrari.

Disclosure of Inside Information

Pursuant to the Market Abuse Regulation, Ferrari shall disclose to the public, without delay, any inside information

which: (i) is of a precise nature, (ii) has not been made public, (iii) relates, directly or indirectly, to Ferrari or Ferrari’s

common shares, and (iv) if it were made public, would be likely to have a significant effect on the prices of Ferrari’s common

shares or on the price of related derivative financial instruments (the “Inside Information”).

In this regard, Inside Information shall be deemed to be of a precise nature if: (a) it indicates a set of circumstances

which exists or which may reasonably be expected to come into existence, or an event which has occurred or which may

reasonably be expected to occur and (b) it is specific enough to enable a conclusion to be drawn as to the possible effect of

that set of circumstances or events on the prices of the financial instruments (i.e., Ferrari’s common shares) or the related

derivative financial instruments.

The above disclosure requirement shall be complied with through the publication of a press release by Ferrari, in

accordance with the modalities set forth under the Market Abuse Regulation, Dutch and Italian law, disclosing to the public

the relevant Inside Information. The provisions of the MAR concerning the disclosure of inside information are self-

executing and immediately applicable under Italian law.

Under specific circumstances, CONSOB may at any time request: (a) Ferrari to disclose to the public specific

information or documentation where deemed appropriate or necessary or alternatively (b) to be provided with specific

information or documentation. For this purpose, CONSOB has wide powers to, among other things, carry out inspections or

request information to the members of the managing board, the members of the supervisory board or to the external auditor.

Ferrari shall publish and transmit to CONSOB any information disseminated in any non-EU-countries where

Ferrari’s common shares are listed (i.e., the United States), if this information is significant for the purposes of the evaluation

of Ferrari’s common shares listed on the Euronext Milan.

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Insiders’ Register

Pursuant to the Market Abuse Regulation, Ferrari and its subsidiaries, as well as persons acting on their behalf or for

their account, shall draw up, and keep promptly updated, a list of persons who, in the exercise of their employment,

profession or duties, have access to Inside Information. Ferrari shall provide such list to the competent authority at its request.

Public Tender Offers

Certain rules provided for under Italian law with respect to both voluntary and mandatory public tender offers shall

apply to any offer launched for Ferrari’s common shares. In particular, among other things, the provisions concerning the

tender offer price, the content of the offer document and the disclosure of the tender offer will be subject to the supervision

by CONSOB and Italian law.

Election and Removal of Directors

The Ferrari Articles of Association provide that the Board of Directors shall be composed of three or more members.

Directors are appointed by a simple majority of the votes validly cast at a General Meeting. The General Meeting

may at any time suspend or dismiss any Director.

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Disclosures pursuant to Decree Article 10 EU-Directive on Takeovers

In accordance with the Dutch Besluit artikel 10 overnamerichtlijn (the “Decree”), the Company makes the following

disclosures:

a. For information on the capital structure of the Company, the composition of the issued share capital and the

existence of the two classes of shares, please refer to Note 13 to the Company Financial Statements in this Annual

Report. For information on the rights attached to the common shares, please refer to the Company’s Articles of

Association. To summarize, the rights attached to common shares comprise pre-emptive rights upon issuance of

common shares, the entitlement to attend to the general meeting of Shareholders and to speak and vote at that

meeting and the entitlement to distributions of such amount of the Company’s profit as remains after allocation to

reserves. For information on the rights attached to the special voting shares, please refer to the Articles of

Association and the Terms and Conditions for the Special Voting Shares which can both be found on the Company’s

website and more in particular to the paragraph “Loyalty Voting Program” of this Annual Report. At December 31,

2025, the issued share capital of the Company consisted of 193,923,499 common shares, representing approximately

75.38 percent of the aggregate issued share capital, and 63,349,112 special voting shares, representing

approximately 24.62 percent of the aggregate issued share capital.

b. The Company has imposed no limitations on the transfer of common shares. The Articles of Association provide in

Article 13 for transfer restrictions for special voting shares.

c. For information on participations in the Company’s capital in respect of which pursuant to Sections 5:34, 5:35 and

5:43 of the AFS notification requirements apply, please refer to the chapter “Major Shareholders” of this Annual

Report. There you will find a list of Shareholders who are known to the Company to have holdings of 3 percent or

more at the stated date.

d. No special control rights or other rights accrue to shares in the capital of the Company.

e. A mechanism for verifying compliance with a scheme allowing employees to subscribe for or to acquire shares in

the capital of the company or a subsidiary if the employees do not arrange for such verification directly is not

applicable to the Company.

f. No restrictions apply to voting rights attached to shares in the capital of the Company, nor are there any deadlines

for exercising voting rights. The Articles of Association allow the Company to cooperate in the issuance of

registered depositary receipts for common shares, but only pursuant to a resolution to that effect of the Board of

Directors. The Company is not aware of any depository receipts having been issued for shares in its capital.

g. The Company is not aware of the existence of any agreements with Shareholders which may result in restrictions on

the transfer of shares or limitation of voting rights except for the shareholders’ agreement, dated December 23, 2015

between Exor (formerly Exor S.p.A.) and Piero Ferrari, later amended to reflect adherence by Trust Piero Ferrari,

which became effective upon the completion of the Separation on January 3, 2016 (the “Shareholders’ Agreement”)

and was amended and restated on January 3, 2026. The Shareholders’ Agreement includes certain rights of first offer

of Exor in the event of a proposed transfer of common shares by Piero Ferrari, and certain rights of first offer of

Piero Ferrari in the event of a proposed transfer of common shares by Exor, in each case subject to the exceptions set

forth in the Shareholders’ Agreement. The initial Shareholders’ Agreement remained in force until the fifth

anniversary of the Separation. Since neither of the parties to the Shareholders’ Agreement terminated it within six

months before January 3, 2021, the Shareholders’ Agreement was automatically renewed for another five-year term

and, therefore, until January 3, 2026. On December 16, 2022, Exor N.V., Mr. Piero Ferrari and Trust Piero Ferrari

entered into an adherence and amendment agreement whereby Trust Piero Ferrari became a party to the

Shareholders’ Agreement and certain terms of the Shareholders’ Agreement were amended. On January 3, 2026,

Exor, Mr. Piero Ferrari and Trust Piero Ferrari entered into the A&R Shareholders’ Agreement. As amended and

restated, the Shareholders Agreement will remain in full force and effect for an initial term of three years and will be

automatically renewed for another three-year period unless terminated by either party upon written notice given at

least six months prior to the end of the initial term. The Shareholders’ Agreement, as so amended and restated, is

governed by the laws of the Netherlands and it mainly concerns the “acting in concert” and certain rights of first

offer with respect to the shares of the Company.

h. The rules governing the appointment and dismissal of members of the Board of Directors are stated in the Articles of

Association of the Company. All members of the Board of Directors are appointed by the general meeting of

Shareholders. The term of office of all members of the Board of Directors is for a period of approximately one year

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after appointment, such period expiring on the day the first Annual General Meeting of Shareholders is held in the

following calendar year. The general meeting of Shareholders has the power to suspend or dismiss any member of

the Board of Directors at any time. The rules governing an amendment of the Articles of Association are stated in

the Articles of Association and require a resolution of the general meeting of Shareholders which can only be passed

pursuant to a prior proposal of the Board of Directors.

i. The general powers of the Board of Directors are stated in the Articles of Association of the Company. Pursuant to

the resolution of the Annual General Meeting held on April 16, 2025, the Board of Directors has been authorized to

issue common shares in the capital of the Company and to grant rights to subscribe for common shares in the capital

of the Company. This authorization is limited in respect of common shares to 10 percent of the issued common

shares for general corporate purposes as of the date of the 2025 Annual General Meeting (i.e. April 16, 2025), which

can be used for any and all purposes necessary in the opinion of the Board of Directors. The authorization has been

granted for a period of 18 months starting from the date of the 2025 Annual General Meeting of Shareholders on

April 16, 2025 up to and including October 15, 2026. The Board of Directors has also been designated for the same

period as the authorized body to limit or exclude the rights of pre-emption of shareholders in connection with the

authority of the Board of Directors to issue common shares and grant rights to subscribe for common shares as

referred to above. Pursuant to the resolution of the Annual General Meeting held on April 13, 2022, the Board of

Directors has been further authorized to issue special voting shares in the capital of the Company and to grant rights

to subscribe for special voting shares in the capital of the Company. This authorization is limited in respect of

special voting shares to 10 percent of the maximum aggregate amount of special voting shares as provided for in the

Company’s authorized share capital. The authorization has been granted for a period of 5 years starting from the

date of the 2022 Annual General Meeting of Shareholders on April 13, 2022 up to and including April 12, 2027. In

the event of an issuance of special voting shares, shareholders have no right of pre-emption. The Company has the

authority to acquire fully paid-up shares in its own share capital, provided that such acquisition is made for no

consideration. Further rules governing the acquisition of shares by the Company in its own share capital are set out

in article 8 of the Articles of Association.

j. The Company is not a party to any significant agreements which will take effect, will be altered or will be

terminated upon a change of control of the Company as a result of a public offer within the meaning of Section 5:70

of the AFS, provided that certain of the loan agreements entered into by the Company contain clauses that, as is

customary for financing agreements of similar type, may require early repayment or termination in the event of a

change of control of the Company.

k. The Company did not enter into any agreement with a Director or employee of the Company providing for a

payment / distribution upon termination of employment as a result of a public offer within the meaning of article

5:70 of the AFS.

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General Meeting of Shareholders

At least one general meeting of shareholders shall be held every year, which meeting shall be held within six months

after the close of the financial year.

Furthermore, general meetings of shareholders shall be held in the case referred to in Section 2:108a of the DCC as

often as the Board of Directors, the Chairman or the Chief Executive Officer deems it necessary to hold them or as otherwise

required by Dutch law, without prejudice to what has been provided in the next paragraph hereof.

Shareholders solely or jointly representing at least ten percent (10 percent) of the issued share capital may request

the Board of Directors, in writing, to call a general meeting of shareholders, stating the matters to be dealt with.

If the Board of Directors fails to call a meeting, then such shareholders may, on their application, be authorized by

the interim provisions judge of the court (voorzieningenrechter van de rechtbank) to convene a general meeting of

shareholders. The interim provisions judge (voorzieningenrechter van de rechtbank) shall reject the application if he is not

satisfied that the applicants have previously requested the Board of Directors in writing, stating the exact subjects to be

discussed, to convene a general meeting of shareholders.

General meetings of shareholders shall be held in Amsterdam or Haarlemmermeer (Schiphol Airport), the

Netherlands, and shall be called by the Board of Directors, the Chairman or the Chief Executive Officer, in such manner as is

required to comply with the law and the applicable stock exchange regulations, not later than on the forty-second day prior to

the day of the meeting.

All convocations of general meetings of shareholders and all announcements, notifications and communications to

shareholders shall be made by means of an announcement on the Company’s corporate website and such announcement shall

remain accessible until the relevant general meeting of shareholders. Any communication to be addressed to the general

meeting of shareholders by virtue of Dutch law or the Articles of Association, may be either included in the notice, referred

to in the preceding sentence or, to the extent provided for in such notice, on the Company’s corporate website and/or in a

document made available for inspection at the office of the Company and such other place(s) as the Board of Directors shall

determine.

Convocations of general meetings of shareholders may be sent to Shareholders through the use of an electronic

means of communication to the address provided by such Shareholders to the Company for this purpose.

The notice shall state the place, date and hour of the meeting and the agenda of the meeting as well as the other data

required by law.

An item proposed in writing by such number of Shareholders who, by Dutch law, are entitled to make such proposal,

shall be included in the notice or shall be announced in a manner similar to the announcement of the notice, provided that the

Company has received the relevant request, including the reasons for putting the relevant item on the agenda, no later than the

sixtieth day before the day of the meeting.

Pursuant to Dutch law, the board of a listed company has the power to invoke a cooling-off period of up to 250 days

in the event of (i) a request by one or more shareholders for consideration of a proposal to appoint, suspend or dismiss one or

more members of the board, or (ii) when an unsolicited public bid has been announced or made for the shares of the listed

company. The decision by the board to invoke the cooling-off period is subject to supervisory board approval. To invoke the

cooling-off period, the request under (i) or the public bid under (ii) must in the view of the board be substantially contrary to

the interest of the listed company and its affiliated enterprises.

The agenda of the annual general meeting of shareholders shall contain, inter alia, the following items:

a. adoption of the annual report;

b. the remuneration report;

c. at least every four years after adoption of the remuneration policy, the remuneration policy;

d. the policy of the Company on additions to reserves and on dividends, if any;

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e. granting of discharge to the Directors in respect of the performance of their duties in the relevant financial year;

f. the appointment of Directors;

g. if applicable, the proposal to pay a dividend;

h. if applicable, discussion of any substantial change in the corporate governance structure of the Company, and

i. any matters decided upon by the person(s) convening the meeting and any matters placed on the agenda with due

observance of applicable Dutch law.

The Board of Directors shall provide the general meeting of shareholders with all requested information, unless this

would be contrary to an overriding interest of the Company. If the Board of Directors invokes an overriding interest, it must

give reasons.

When convening a general meeting of shareholders, the Board of Directors shall determine that, for the purpose of

Article 19 and Article 20 of the Articles of Association, persons with the right to vote or attend meetings shall be considered

those persons who have these rights at the twenty-eighth day prior to the day of the meeting (the “Record Date”) and are

registered as such in a register to be designated by the Board of Directors for such purpose, irrespective whether they will

have these rights at the date of the meeting. In addition to the Record Date, the notice of the meeting shall further state the

manner in which shareholders and other parties with meeting rights may have themselves registered and the manner in which

those rights can be exercised.

The general meeting of shareholders shall be presided over by the Chairman or, in his absence, by the person chosen

by the Board of Directors to act as chairman for such meeting.

One of the persons present designated for that purpose by the chairman of the meeting shall act as secretary and take

minutes of the business transacted. The minutes shall be confirmed by the chairman of the meeting and the secretary and

signed by them in witness thereof.

The minutes of the general meeting of shareholders shall be made available, on request, to the shareholders no later

than three months after the end of the meeting, after which the shareholders shall have the opportunity to react to the minutes

in the following three months. The minutes shall then be adopted in the manner as described in the preceding paragraph.

If an official notarial record is made of the business transacted at the meeting then minutes need not be drawn up and

it shall suffice that the official notarial record be signed by the notary.

As a prerequisite to attending the meeting and, to the extent applicable, exercising voting rights, the shareholders

entitled to attend the meeting shall be obliged to inform the Board of Directors in writing within the time frame mentioned in

the convening notice. At the latest this notice must be received by the Board of Directors on the day mentioned in the

convening notice.

Shareholders and those permitted by Dutch law to attend the general meetings of shareholders may cause themselves

to be represented at any meeting by a proxy duly authorized in writing, provided they shall notify the Company in writing of

their wish to be represented at such time and place as shall be stated in the notice of the meetings. For the avoidance of doubt,

such attorney is also authorized in writing if the proxy is documented electronically. The Board of Directors may determine

further rules concerning the deposit of the powers of attorney; these shall be mentioned in the notice of the meeting.

The Company is exempt from the proxy rules under the Exchange Act.

The chairman of the meeting shall decide on the admittance to the meeting of persons other than those who are

entitled to attend.

For each general meeting of shareholders, the Board of Directors may decide that shareholders shall be entitled to

attend, address and exercise voting rights at such meeting through the use of electronic means of communication, provided

that shareholders who participate in the meeting are capable of being identified through the electronic means of

communication and have direct cognizance of the discussions at the meeting and the exercising of voting rights (if

applicable). The Board of Directors may set requirements for the use of electronic means of communication and state these in

the convening notice. Furthermore, the Board of Directors may for each general meeting of shareholders decide that votes

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cast by the use of electronic means of communication prior to the meeting and received by the Board of Directors shall be

considered to be votes cast at the meeting. Such votes may not be cast prior to the Record Date. Whether the provision of the

foregoing sentence applies and the procedure for exercising the rights referred to in that sentence shall be stated in the notice.

Prior to being allowed admittance to a meeting, a shareholder and each person entitled to attend the meeting, or its

attorney, shall sign an attendance list, while stating his name and, to the extent applicable, the number of votes to which he is

entitled. Each shareholder and other person attending a meeting by the use of electronic means of communication and

identified in accordance with the above shall be registered on the attendance list by the Board of Directors. In the event that it

concerns an attorney of a shareholder or another person entitled to attend the meeting, the name(s) of the person(s) on whose

behalf the attorney is acting, shall also be stated. The chairman of the meeting may decide that the attendance list must also

be signed by other persons present at the meeting.

The chairman of the meeting may determine the time for which shareholders and others entitled to attend the general

meeting of shareholders may speak if he considers this desirable with a view to the orderly conduct of the meeting as well as

other procedures that the chairman considers desirable for the efficient and orderly conduct of the business of the meeting.

Ferrari applies the one-share-one-vote principle, meaning that every share (whether common or special voting) shall

confer the right to cast one vote.

Shares in respect of which Dutch law determines that no votes may be cast shall be disregarded for the purposes of

determining the proportion of shareholders voting, present or represented or the proportion of the share capital present or

represented.

All resolutions shall be passed with an absolute majority of the votes validly cast unless otherwise specified in the

Articles of Association. Blank votes shall not be counted as votes cast.

All votes shall be cast in writing or electronically. The chairman of the meeting may, however, determine that voting

by raising hands or in another manner shall be permitted.

Voting by acclamation shall be permitted if none of the shareholders present or represented objects.

No voting rights shall be exercised in the general meeting of shareholders for shares owned by the Company or by a

subsidiary of the Company. Pledgees and usufructuaries of shares owned by the Company and its subsidiaries shall however

not be excluded from exercising their voting rights, if the right of pledge or usufruct was created before the shares were

owned by the Company or a subsidiary. Neither the Company nor any of its subsidiaries may exercise voting rights for shares

in respect of which it holds a right of pledge or usufruct.

Without prejudice to the Articles of Association, the Company shall determine for each resolution passed:

a. the number of shares on which valid votes have been cast;

b. the percentage that the number of shares as referred to under a. represents in the issued share capital;

c. the aggregate number of votes validly cast, and

d. the aggregate number of votes cast in favor of and against a resolution, as well as the number of abstentions.

Issuance of shares

The general meeting of shareholders or alternatively the Board of Directors, if it has been designated to do so by the

general meeting of shareholders, shall have authority to resolve on any issuance of shares and rights to subscribe for shares.

The general meeting of shareholders shall, for as long as any such designation of the Board of Directors for this purpose is in

force, no longer have authority to decide on the issuance of shares and rights to subscribe for shares.

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In addition, the general meeting of shareholders or the Board of Directors, if so designated in accordance with the

Articles of Association, shall decide on the price and the further terms and conditions of issuance, with due observance of

what has been provided in relation thereto in Dutch law and the Articles of Association.

If the Board of Directors is designated to have authority to decide on the issuance of shares or rights to subscribe for

shares, such designation shall specify the class of shares and the maximum number of shares or rights to subscribe for shares

that can be issued under such designation. When making such designation the duration thereof, which shall not be for more

than five years, shall be resolved upon at the same time. The designation may be extended from time to time for periods not

exceeding five years. The designation may not be withdrawn unless otherwise provided in the resolution in which the

designation is made.

Pursuant to the resolution of the Annual General Meeting held on April 16, 2025, the Board of Directors has been

authorized to issue common shares in the capital of the Company and to grant rights to subscribe for common shares in the

capital of the Company. This authorization is limited in respect of common shares to 10 percent of the issued common shares

for general corporate purposes as of the date of the 2025 Annual General Meeting (i.e. April 16, 2025), which can be used for

any and all purposes necessary in the opinion of the Board of Directors. The authorization has been granted for a period of 18

months starting from the date of the 2025 Annual General Meeting of Shareholders on April 16, 2025 up to and including

October 15, 2026. The Board of Directors has also been designated for the same period as the authorized body to limit or

exclude the rights of pre-emption of shareholders in connection with the authority of the Board of Directors to issue common

shares and grant rights to subscribe for common shares as referred to above. Pursuant to the resolution of the Annual General

Meeting held on April 13, 2022, the Board of Directors has been further authorized to issue special voting shares in the

capital of the Company and to grant rights to subscribe for special voting shares in the capital of the Company. This

authorization is limited in respect of special voting shares to 10 percent of the maximum aggregate amount of special voting

shares as provided for in the Company’s authorized share capital. The authorization has been granted for a period of 5 years

starting from the date of the 2022 Annual General Meeting of Shareholders on April 13, 2022 up to and including April 12,

2027.

Payment for shares shall be made in cash unless another form of consideration has been agreed. Payment in a

currency other than Euro may only be made with the consent of the Company.

The Board of Directors has also been designated as the authorized body to limit or exclude the rights of pre-emption

of shareholders in connection with the authority of the Board of Directors to issue common shares and grant rights to

subscribe for common shares as referred to above.

In the event of an issuance of common shares every holder of common shares shall have a right of pre-emption with

regard to the common shares or rights to subscribe for common shares to be issued in proportion to the aggregate nominal

value of his common shares, provided however that no such right of pre-emption shall exist in respect of shares or rights to

subscribe for common shares to be issued to employees of the Company or of a group company pursuant to any option plan

of the Company.

A shareholder shall have no right of pre-emption for shares that are issued against a non-cash contribution.

In the event of an issuance of special voting shares to qualifying shareholders, shareholders shall not have any right

of pre-emption.

The general meeting of shareholders or the Board of Directors, as the case may be, shall decide when passing the

resolution to issue shares or rights to subscribe for shares in which manner the shares shall be issued and, to the extent that

rights of pre-emption apply, within what period those rights may be exercised.

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Ferrari Leadership Team

On certain key operational matters, the CEO is supported by the FLT. The FLT is an executive committee aimed at

ensuring the effectiveness of Ferrari’s operational and day-to-day management as well as the strategic alignment between the

Board of Directors and the management, in turn providing the CEO with the necessary support to review the Company’s

business performance, execute the decisions of the Board of Directors promptly, and coordinate operational matters across

different areas of the Company. Namely, these include industrial, HR, communication, legal, product development,

marketing and commercial, racing revenues, research and development, lifestyle, internal audit, risk and compliance, design,

purchasing and quality, finance and Scuderia Ferrari.

Contacts between non-executive Directors and the FLT are maintained through regular meetings, where FLT

members provide operational and strategic updates to ensure oversight and informed decision-making. This approach fosters

collaboration and a continuous exchange of information between governance and management functions. Set forth below are

the names, year of birth and position of each of the members of the FLT of Ferrari. Unless otherwise indicated, the business

address of each person listed below will be c/o Ferrari, Via Abetone Inferiore n. 4, I-41053 Maranello (MO), Italy.


Name	Year of Birth	Gender	Position
John Elkann	1976	Male	Executive Chairman and Executive Director
Benedetto Vigna	1969	Male	Chief Executive Officer
Antonio Picca Piccon	1964	Male	Chief Financial Officer
Davide Abate	1984	Male	Chief Industrial Officer
Michele Antoniazzi	1969	Male	Chief Human Resources Officer
Carlo Daneo	1968	Male	General Counsel
Gianmaria Fulgenzi	1969	Male	Chief Product Development Officer
Enrico Galliera	1966	Male	Chief Marketing and Commercial Officer
Lorenzo Giorgetti	1970	Male	Chief Racing Revenue Officer
Ernesto Lasalandra	1972	Male	Chief Research & Development Officer
Maria Carla Liuni	1968	Female	Chief Brand Officer
Marco Lovati	1972	Male	Chief Internal Audit, Risk and Compliance Officer
Flavio Manzoni	1965	Male	Chief Design Officer
Maria Conti	1979	Female	Chief Communications Officer
Angelo Pesci	1974	Male	Chief Purchasing & Quality Officer
Frédéric Vasseur	1968	Male	Scuderia Ferrari Team Principal & General Manager

All FLT members are executive officers.

Summary biographies for the current members of the FLT are included below:

John Elkann. See the “—Board of Directors” section above.

Benedetto Vigna. See the “—Board of Directors” section above.

Antonio Picca Piccon. Mr. Antonio Picca Piccon has held the role of Chief Financial Officer since July 2018.

Before joining Ferrari, he held the position of CFO in Ariston Thermo Group, including responsibilities for Legal and

Corporate Affairs and ICT, since November 2014. Prior to such assignment he spent 15 years within Fiat Group and FCA,

where he covered several senior roles in finance and financial services, including CFO of Iveco Group, CEO of FGA Capital

(then FCA Bank and now CA Auto Bank) and Group Treasurer and Head of Financial Services for FCA. He started his

career in banking, in various positions within Sanpaolo IMI group. He also served as a member of the Board of Directors of

Ferrari, Fiat Group Automobiles, Magneti Marelli, Maserati and Teksid. Mr. Picca Piccon graduated in Economics and

Business Administration from the University of Turin and holds an MPhil in Economics from the University of Cambridge.

Davide Abate. Mr. Davide Abate has served as Chief Industrial Officer since May 2025. Previously he held the

position of Chief Technologies and Infrastructures Officer from January 2022, Head of Technologies at Ferrari from October

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2020, and various managerial roles in the manufacturing area such as Head of Prototype Construction from 2017 to 2020.

Prior to joining Ferrari in 2012, he covered technical managerial roles at Ducati Motor Holding. Mr. Abate holds the Ferrari

Corporate Executive MBA from the Bologna Business School and a master in Process Engineering at Bocconi School of

Management, as well as a masters’ degree in Automotive Engineering from the Turin Polytechnic.

Michele Antoniazzi. Mr. Michele Antoniazzi has held the role of Chief Human Resources Officer since April 2016.

Before joining Ferrari, he held several senior roles in Magneti Marelli, becoming the Human Resources Director of the

Automotive Lighting business line in 2012. Prior to that experience he was the Human Resources Director of the Suspension

Systems business line from 2009 to 2012 and the Head of Organizational Development for the Sector Magneti Marelli from

2006 to 2012. He graduated from the University of Padova with a degree in Industrial and Organizational Psychology.

Carlo Daneo. Carlo Daneo is General Counsel since July 2015, a member of the Board of Directors of Ferrari North

America Inc. since February 2017 and Data Protection Officer of the Ferrari Group from February 2018. He held the position

of Chairman of the Supervisory Body of Ferrari S.p.A. from August 2015 until the end of 2024. Prior to joining Ferrari, he

held several senior positions in the Fiat Chrysler Automobiles (FCA) legal area, including the role of Senior Vice President

and Legal Counsel in Finance and Financial Services of FCA from 2008 until 2015 and the role of General Counsel in Fiat

Chrysler Finance S.p.A. (previously Fiat Finance S.p.A.) from 2003 to 2015. He started his career in 1995 with a work

experience at the United Nations at the International Trade Center Unctad / WTO in Geneva and since 1996 in the legal

profession in law firms with experience in the Corporate, Finance and Capital Markets areas in primary international law

firms in Italy and abroad until 2003. He graduated in Law at the University of Turin, did a master’s degree organized by the

University Institute of European Studies in international law at the International Labour Organization of Turin and obtained

the title of Lawyer.

Gianmaria Fulgenzi. Mr. Gianmaria Fulgenzi has been Chief Product Development Officer since January 2022.

Previously he was Head of GeS Supply Chain of Ferrari from March 2019. He also worked in the product development and

manufacturing area, as Head of Rear Engine Car Platform from 2015 to 2019 and Head of Powertrain Production from 2008

to 2010. Prior to joining Ferrari in 2002, he covered technical managerial roles at PiaggioAero Industries. Mr. Fulgenzi holds

a master in Management from the London Business School, as well as a masters’ degree in Aerospace Engineering from the

Turin Polytechnic.

Enrico Galliera. Mr. Enrico Galliera was appointed as our Chief Marketing and Commercial Officer in April 2010.

From 1990 to 2010 he worked for Barilla S.p.A, where he held multiple positions, ultimately becoming Europe and export

market unit director. During his time at Barilla S.p.A., Mr. Galliera also served as director of customer business development

for Europe, general manager for South West Europe and trade marketing director for Italy. Mr. Galliera holds a degree in

economics and political science from the University of Parma.

Lorenzo Giorgetti. Mr. Lorenzo Giorgetti was appointed Chief Racing Revenue Officer in February 2023. His

career has seen him gain extensive experience in growing businesses across sports clubs, the media and the world of luxury.

Prior to joining Ferrari, he was Chief Commercial Officer at AC Milan; he has also been Head of Licensing for major

sporting events, such as the Turin 2006 Winter Olympic Games and Milan Cortina 2026. From 2007 to 2017, he led the

commercial management of RCS Media Group’s sports division, where he was also CEO of the UAE sport branch and is

currently a member of the board of the Global Esports Federation. He graduated in engineering from the Politecnico di

Milano and has an MBA from SDA Bocconi.

Ernesto Lasalandra. Mr. Ernesto Lasalandra has held the position of Chief Research & Development Officer since

January 2022. He joined Ferrari from his previous role as Group VP R&D General Manager in STMicroelectronics, where

over the past decades he covered roles of increasing responsibilities in Product Development and R&D. Mr. Lasalandra holds

a degree in Electronic Engineering from University of Pavia.

Maria Carla Liuni. Ms. Maria Carla Liuni joined Ferrari as Chief Brand Officer in September 2022. Previously,

she was Chief Marketing Officer at Pandora, where she played a key part in relaunching the company and boosting its

desirability. She has also led Bulgari’s marketing division and global communications. In addition, she spent almost 20 years

at Procter & Gamble, where she was General Manager of the Prestige division which includes perfume, makeup and skincare

for brands such as Dolce & Gabbana, Gucci and Hugo Boss. This encompassed multiple roles including Regional Leader for

the Asia-Pacific region and leading on marketing, communication and product development for the entire portfolio, working

closely with the fashion houses. She graduated in economics at Rome’s Luiss University and has a master’s degree in

marketing from the IPSOA business school in Milan.

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Marco Lovati. Mr. Marco Lovati is Chief Internal Audit, Risk and Compliance Officer since December 2023, Chief

Internal Audit Officer since April 2015 and a member of the Supervisory Body of Ferrari S.p.A. since July 2014. Prior to

such assignment he spent 14 years in the Internal Audit and Compliance department of Fiat Group and FCA, where he

covered several senior positions including the role of “Financial & Insurance Companies, Luxury Cars” and “Automotive

Europe & Financial JV Companies” Head of Audit, also serving as member of the Supervisory Body of different Fiat Group

and FCA legal entities. Mr. Marco Lovati graduated in Economics and Business Administration from the University of Turin

and holds an MBA in Finance jointly organized by the University of Turin and the Italian Association of Finance Directors

(ANDAF).

Flavio Manzoni. Mr. Flavio Manzoni was appointed as our Chief Design Officer in January 2010. From 2007 to

2010 he was Director of Creative Design at the Volkswagen Group where he was involved in designing most of the Skoda,

Bentley, Bugatti and Volkswagen recent cars as well as redefining the aesthetic philosophy of these brands. From 2001 to

2006, he worked at Fiat Group as Head of Design for Lancia, Fiat and LCV. He has also held design positions at Lancia and

Seat. Mr. Manzoni holds a degree in architecture with a thesis in industrial design from the University of Florence. On June

28, 2019, at the University of Sassari, he was awarded an honorary master’s degree in “Humanities, Modern Philology and

Cultural Industry”.

Maria Conti. Ms. Maria Conti has held the role of Chief Communication Officer at Ferrari since November 2025.

Ms. Conti has twenty years of experience in the automotive and luxury sectors, gained leading international communications,

events, brand, and motorsports teams for iconic marques such as Maserati, Alfa Romeo, BMW, and MINI. Before joining

Ferrari, she was Head of Maserati Corse, leading the brand’s motorsports division globally. There, she led the development

of the Motorsports business, with international commercial, brand, and communications responsibilities. Previously, she was

Chief Communications Officer of Maserati, where she defined and implemented the brand’s global communications strategy

across product, lifestyle, racing, and events. From 2019 to 2024, she held various roles at Maserati, first as Head of Maserati

Brand and Communication and then as Chief Communications Officer, defining global communications strategies, redefining

the brand’s values, and coordinating its international relaunch. From 2016, she led communications for Alfa Romeo, first in

the EMEA region and then globally, working on its return to Formula 1. In previous roles, she was Head of Fiat

Communication for the EMEA region. From 2005 to 2014, her professional career developed at the BMW Group, Italy,

where she held various leadership positions in communications and experiential marketing for the Group’s brands, including

BMW and MINI. She also gained experience in communications and event management for luxury brands at consulting

firms. Ms. Conti holds a degree in Business Communication from Catholic University of the Sacred Heart in Milan and a

degree in Business Management from the University of Alfonso X El Sabio in Madrid.

Angelo Pesci. Mr. Angelo Pesci has been Chief Purchasing & Quality Officer since January 2022. Angelo Pesci

joined Ferrari from STMicroelectronics, where over the past decades he covered roles of increasing responsibilities in

Financial Planning, Supply Chain and Product Planning, Services and Operations. Mr. Pesci holds a Master in Business

Administration from SDA Bocconi, as well as a masters’ degree in Physics from University of Trieste.

Frédéric Vasseur. Mr. Frédéric Vasseur was born in Draveil, France on May 28, 1968. In 1995, he graduated in

Aeronautical Engineering at ESTACA (École Supérieure des Techniques Aéronautiques et de Construction Automobile) in

Paris. In 1992, while still studying, he established RPM, preparing Formula 3 engines for Renault. In 1996, he set up the

ASM team, racing in Formula 3. He ran the operation up to 2015, winning various titles including the French one in 1998

with David at the wheel, going on to win the European title four times between 2004 and 2007, with Jamie Green, Lewis

Hamilton, Paul Di Resta and Romain Grosjean. In 2004, he created a second team, ART Grand Prix, winning eighth teams’

championships across GP2 and GP3 and eleven drivers’ titles including clinching the 2016 GP3 crown with Charles Leclerc.

An enquiring mind and a willingness to explore new avenues led Vasseur to set up AOTech in 2010, a company specialising

in driving simulators and CFD design. Two years later, along came Spark Racing Technology, dealing in the design and

manufacture of hybrid and electrical systems. The company secured the contract to supply Formula E chassis, when the

category for fully electric single-seaters was first set up by the FIA (Federation Internationale Automobile) in 2014. Frédéric

first appeared in the Formula 1 paddock in 2016 as Renault Team Principal. The following year, he moved on to become

Managing Director of the Sauber Group, as well as Team Principal of the Alfa Romeo Sauber F1 Team, which morphed into

Alfa Romeo Racing in 2019, running Ferrari power units. After the 2022 season, he was asked to take on the role of Scuderia

Ferrari Team Principal & General Manager, starting in his new position on January 9, 2023.

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Corporate offices

The Company is incorporated under the laws of the Netherlands. It has its official seat in Amsterdam, the

Netherlands, and the place of effective management of the Company is Via Abetone Inferiore n. 4 I-41053 Maranello (MO)

Italy.

The business address of the Board of Directors and the senior managers is Via Abetone Inferiore n. 4 I-41053

Maranello (MO) Italy.

The Company is registered at the Dutch trade register under number 64060977.

The Netherlands is the Company’s home member state for the purposes of the EU Transparency Directive (Directive

2004/109/EC, as amended).

Internal Control System

The Company has in place an internal control system (the “System”), based on the model provided by the COSO

Framework (Committee of Sponsoring Organizations of the Tradeway Commission Report – Enterprise Risk Management

model) and the principles of the Dutch Corporate Governance Code, which consists of a set of policies, procedures and

organizational structures aimed at identifying, measuring, managing and monitoring the principal risks to which the Company

is exposed. The System is integrated within the organizational and corporate governance framework adopted by the Company

and contributes to the protection of corporate assets, as well as to ensuring the efficiency and effectiveness of business

processes, reliability of financial information and compliance with laws, regulations, the Articles of Association and internal

procedures.

The System, which has been developed on the basis of international best practices, relies on the so called “Three

Levels of Controls Model” as referred to and outlined in the “Risk Management Process and Internal Control Systems”

section of this Report.

Principal Characteristics of the Internal Control System and Internal Control over Financial Reporting

The Company has in place a system of risk management and internal control over financial reporting based on the

model provided by the COSO Framework, according to which the internal control system is defined as a set of rules,

procedures and tools designed to provide reasonable assurance of the achievement of corporate objectives.

In relation to the financial reporting process, reliability, accuracy, completeness and timeliness of the information

contribute to the achievement of such corporate objectives. Risk management is an integral part of the internal control

system. A periodic evaluation of the system of internal control over financial reporting is designed to ensure the overall

effectiveness of the components of the COSO Framework (control environment, risk assessment, control activities,

information and communication, and monitoring) in achieving those objectives.

The Company has a system of administrative and accounting procedures in place that ensure a high degree of

reliability in the system of internal control over financial reporting.

The approach adopted by the Company for the evaluation, monitoring and continuous updating of the system of

internal control over financial reporting, is based on a “top-down, risk-based” process consistent with the COSO Framework.

This enables focus on areas of higher risk and/or materiality, where there is risk of significant errors, including those

attributable to fraud, in the elements of the financial statements and related documents. The key components of the process

are:

• identification and evaluation of the source and probability of material errors in elements of financial reporting;

• assessment of the adequacy of key controls in enabling ex-ante or ex-post identification of potential misstatements in

elements of financial reporting, and

• verification of the operating effectiveness of controls based on the assessment of the risk of misstatement in

financial reporting, with testing focused on areas of higher risk.

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Identification and evaluation of the risk of misstatements which could have material effects on financial reporting is

carried out through a risk assessment process that uses a top-down approach to identify the organizational entities, processes

and the related accounts, in addition to specific activities, which could potentially generate significant errors. Under the

methodology adopted by the Company, risks and related controls are associated with the accounting and business processes

upon which accounting information is based.

Significant risks identified through the assessment process require definition and evaluation of key controls that

address those risks, thereby mitigating the possibility that financial reporting will contain any material misstatements.

In accordance with international best practices, the Group has two principal types of control in place:

• controls that operate at Group or subsidiary level, such as delegation of authorities and responsibilities, separation of

duties, and assignment of access rights to information technology systems, and

• controls that operate at process level, such as authorizations, reconciliations, verification of consistencies, etc. This

category includes controls for operating processes, controls for financial closing processes and cross-sector controls

carried out by captive service providers. These controls can be preventive (i.e., designed to prevent errors or fraud

that could result in misstatements in financial reporting) or detective (i.e., designed to reveal errors or fraud that

have already occurred). They may also be classified as manual or automatic, such as application-based controls

relating to the technical characteristics and configuration of information technology systems supporting business

activities.

An assessment of the design and operating effectiveness of key controls is carried out through tests performed by the

Internal Audit department, both at group and subsidiary level, using sampling techniques recognized as best practices

internationally.

The assessment of the controls may require the definition of compensating controls and plans for remediation and

improvement. The results of monitoring are subject to periodic review by the manager responsible for the Company’s

financial reporting and communicated by him to senior management and to the Audit Committee (which in turn reports to the

Board of Directors).

Our risk management and internal control system includes a department tasked with coordinating the system as a

whole: the Internal Audit, Risk and Compliance Department, which reports directly to the CEO and works to ensure, in an

integrated manner, that business operations are conducted with transparency, in the interests of shareholders and all

stakeholders.

For additional information relating to the Internal Audit, Risk and Compliance Department as well as on the

effectiveness of the internal risk management and control systems, see “Risk Management Process and Internal Control

System—Ferrari’s Organization of the Internal Control and Risk Management System”.

Culture and Code of Conduct

Culture

We promote a corporate culture rooted in diligence, integrity, and fairness, as enshrined in our Code of Conduct.

This culture plays a central role in our governance system, guiding decision-making and operational processes to achieve

sustainable long-term value creation. It is reinforced through the Company’s policies and practices, such as our Stakeholder

Engagement Practice and the Diversity Policy, available on our website.

The Board of Directors periodically evaluates whether cultural changes are desirable, considering strategic

objectives, regulatory developments, and internal feedback. Starting from our corporate values: “Individual and Team”,

“Tradition and Innovation”, “Passion and Achievement”, we defined six guiding principles that shape the daily work across

all regions: “Collaboration”, “Continuous Learning”, “Confident Humility”, “Focus”, “Fearless Organization”, “Will to

progress”. At present, our culture journey aligns with our values and principles.

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Code of Conduct

We have adopted, at a group level, a Code of Conduct which applies to all of our employees, including our principal

executive, principal financial and principal accounting officers. It also applies to the Company’s subsidiaries and other

individuals or companies that act in the name and on behalf of the Company. Our Code of Conduct is available on our

website at https://cdn.ferrari.com/cms/network/media/pdf/codice_condotta_ferrari_eng_def.pdf.

Ferrari’s Code of Conduct was updated in February 2023, also strengthening the reference to ESG aspects, with the

approval by the Board of Directors of Ferrari N.V.

Any amendments to, or waivers granted under, the Code of Conduct will be disclosed in accordance with applicable

laws and regulations.

The Code of Conduct represents a set of values recognized, adhered to and promoted by the Company, which

understands that conduct based on the principles of diligence, integrity and fairness is an important driver of social and

economic development.

The Code of Conduct is a pillar of the governance system, which regulates the decision-making processes and

operating approach of the Company and its employees in the interests of sustainable long-term value creation while taking

into account the impact the actions have on people and the environment and to that end weighs the stakeholder interests that

are relevant in this context. Explicit reference is made to the UN’s Universal Declaration on Human Rights, the principal

Conventions of the International Labor Organization (ILO) and the OECD Guidelines for Multinational Enterprises.

Furthermore, the Code of Conduct provides for the guiding principles relating to: health and safety, business ethics and

anticorruption, antitrust, human resource management and the central role of the individual and the respect of human rights,

personal data privacy, conflicts of interest, the importance of the Community, of the environment and, in general terms, of

sustainability.

The Company promotes adoption of the Code of Conduct as a best practice standard of business conduct by

partners, suppliers, agents, dealers and any other business partner. In fact, the Company’s contracts worldwide include

specific clauses relating to recognition and adherence to the principles underlying the Code of Conduct and related

guidelines, as well as compliance with local regulations.

The Company closely monitors the effectiveness of and compliance with the Code of Conduct, with the help of the

Group Compliance department. Violations of the Code of Conduct are usually determined through, among other things:

periodic activities of compliance monitoring carried out by Group Compliance department, periodic and/or specific activities

carried out by the Internal Audit department of the Group; the whistleblowing reports and management procedures and

checks forming part of the standard operating procedures. Periodic reporting is provided to the Chairman and CEO as well as

to the Audit Committee. For all Code of Conduct violations, the disciplinary measures taken are commensurate with the

seriousness of the case and comply with local legislation. The relevant corporate departments are notified of violations,

irrespective of whether criminal action is taken by the authorities. The Internal Audit department of the Group should inform

the Board of Directors and the chairman of the Audit Committee without delay if, during the performance of its duties, it

discovers or suspects an instance of material misconduct or irregularity. If the actual or suspected material misconduct or

irregularity pertains to the functioning of one or more Directors, the Internal Audit department should report this to the

Chairman.

No relevant violations of the Code of Conduct were identified in the financial year ended 31 December 2025.

More detailed information about the Code of Conduct, including compliance therewith in 2025, is included in the

Sustainability Statement section of our 2025 Annual Report.

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Company Policies and Practices

Insider Trading Policy

Since 2016, the Company has adopted an insider trading policy (the “Insider Trading Policy” ) governing, among

other things, the purchase, sale and other dispositions of securities issued by the Company by all Directors, officers and

employees of the Group and designed to promote compliance with applicable insider trading laws, rules and regulations as

well as with the applicable listing standards.

A copy of the Insider Trading Policy can be found under Exhibit 11.1 to this Form 20-F.

Cybersecurity

Cybersecurity risk management and strategy

Ferrari recognizes the importance of assessing, identifying, and managing material risks associated with

cybersecurity threats, as such term is defined in Item 106(a) of Regulation S-K. These risks include, among other things:

operational risks, intellectual property theft, fraud, extortion, harm to employees or customers and violation of data privacy or

security laws. The identification, assessment and management of cybersecurity risk is integrated into our Enterprise Risk

Management process, which in turn operates within the overall Ferrari Internal Control and Risk Management System.

Cybersecurity risks related to our business, technical operations, privacy and compliance issues including any Ferrari

confidential information about vehicles, services, projects and all non-public activities related to Racing Department,

employees, clients and fans personal data are identified and addressed through a multi-faceted approach. This includes red-

teaming, pentesting, friendly phishing and third party-managed cybersecurity posture analysis. Dealers’ and suppliers’

cybersecurity risks are evaluated in a similar way, as further explained below.

To defend, detect and respond to cybersecurity incidents, we, among other things, conduct proactive cybersecurity

reviews of systems and applications, including at least yearly attack exercises to test our cybersecurity posture, audit

applicable data policies, perform penetration testing using external third-parties, techniques and security service providers to

test our posture, operate a bug bounty program to encourage proactive vulnerability reporting. We also conduct continuous

training to employees with in-class sessions, online training, at least monthly “security pills” (i.e. email to all users to inform

them e.g. of running phishing, campaigns, cyberattacks against suppliers, or stories about cybersecurity events, with the goal

of improving end user awareness), friendly phishing campaigns and dedicated one-to-one support and advisory for any

cybersecurity question or doubt. Furthermore, our team monitors emerging laws and regulations related to data protection and

information security (including Operational Technology (OT) and vehicles) and implements appropriate changes and

collaborates with technical and business stakeholders across our business units to further analyze the risk to the company, and

define detection, mitigation and remediation strategies.

Once identified, cybersecurity events and data incidents are collected, evaluated, ranked by severity and prioritized

for response and remediation, including with respect to materiality, operational, business and privacy impact. Our incident

response and breach management processes have four overarching and interconnected stages: 1) preparation for a

cybersecurity incident, 2) detection and analysis of a security incident, 3) containment, eradication and recovery, and 4) post-

incident analysis.

To protect its shareholders and stakeholders, starting from 2019 Ferrari has implemented a cyber insurance program

that covers damages directly caused by hacking attacks, system failures and other cybersecurity events (loss of profit, costs

and expenses, restoration costs), as well as damages incurred by third parties following a breach of security and/or

confidentiality of personal data.

Third Party Engagement

As part of our risk management and strategies described above, external auditors and consultants regularly assess

our compliance with applicable practices and standards, including for the UNECE R155, SOX, NYDFS500, GB44495 and

GB44496 certifications. In addition, such third-parties also provide periodic security assessments such as penetration testing,

continuous and automatic vulnerability assessments, email and web filtering, endpoint and infrastructure protection, data loss

prevention, authentication systems, and advisory and support on certain cybersecurity enhancements. Worldwide primary

cybersecurity companies are frequently involved. These partnerships enable us to leverage specialized knowledge, insights

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and training, ensuring our cybersecurity strategies and processes remain aligned with fast evolving risk scenarios and new

technologies.

Suppliers’ Security Profile

To oversee and identify cybersecurity threats associated with third parties, Ferrari has implemented an evaluation

process of suppliers’ security profile. Starting from the initial supplier evaluation, cybersecurity posture is evaluated through

a specific questionnaire, which contains different requirements depending on the type of goods/services provided. Depending

on the outcome of the questionnaire, certain suppliers are audited in person by the Ferrari Internal Audit Department, which

analyzes a supplier’s main risks and, together with the supplier, defines (and monitors) action plans to close or reduce the

identified security gaps. At the end of the evaluation process, a cybersecurity maturity ranking is assigned, verified with a

risk-based approach. The resulting risk profile is among the criteria used to assign the bid.

Suppliers are formally required to inform Ferrari, through a dedicated channel, of cyber incidents they suffer. Ferrari

also hires additional cybersecurity services to be promptly and independently informed of suppliers’ cyber incidents and

trigger the incident management process.

Dealers’ Security Profile

Dealers undergo a cybersecurity evaluation and assessment similar to that described above for suppliers, albeit using

a different cybersecurity questionnaire. Any final action plans are agreed with the dealership management. Like suppliers,

dealers are required to inform Ferrari Enterprise Cybersecurity in case of cyberincidents and are subject to a monitoring

process performed by Internal Audit.

Cybersecurity governance & reporting

Cybersecurity management is governed by the following departments and committees:

• Enterprise Cybersecurity: the department is responsible for the cybersecurity of the Group, including information

technology (IT), operational technology (OT) and vehicle cybersecurity. The Head of Enterprise Cybersecurity, who

joined Ferrari in 2019, has a degree in legal informatics, an Executive MBA and over 10 years of experience in

primary companies with a multi-year role also as Data Privacy Officer. The Head of Enterprise Cybersecurity

reports to the Chief Digital Transformation Officer (CDTO) and maintains a direct link to the CEO. For additional

information relating to the CDTO’s qualifications see the “—Ferrari Leadership Team” within this section.

• Internal Control Committee (ICC): it meets periodically to monitor, evaluate and discuss Group enterprise cross-

risks and approve related initiatives, including cybersecurity risks, status on addressing and/or mitigating those risks,

cybersecurity and data privacy incidents (if any) and status on cybersecurity initiatives. It is composed of executives

and C - level executives representing the Enterprise Cybersecurity, Digital Transformation, Legal, Finance, Internal

Audit, Compliance and Risk (which includes Enterprise Risk Management) and Human Resources departments.

• Cyber Crisis Committee (CCC): it comes into play in case of significant cyber incidents. It is composed by

Enterprise Cybersecurity departments and C-level executives representing the Digital Transformation, Legal,

Finance, Communication, and Compliance departments as well as, depending on the individual case, the relevant

internal business functions (e.g. Sales, Purchasing, Design and Racing).

• Audit Committee: it is the Committee appointed by Board of Directors to oversee the implementation and

maintenance of an adequate risk management and internal control system, receives regular reporting on most

relevant risks and reviews and monitors the effectiveness of controls on these risks, including cyber risks. It invites

the Head of Enterprise Cybersecurity and CDTO to report and discuss cybersecurity at a committee meeting at least

once a year. With the same frequency the Board of Directors is informed of cybersecurity strategy, governance and

management. Further information about the Audit Committee is included in the Corporate Governance section.

In addition to the previous committees, the CEO is informed timely of any material incident and has direct contact

with the Head of Enterprise Cybersecurity at least monthly.

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Cyber incidents

Ferrari considers as cyber incident any event that negatively affects the confidentiality, integrity, and/or availability

(CIA) at an organization in a way that impacts or could significantly impact the business. Among the cyber incidents tracked

by Ferrari in 2025 (e.g. PC thefts, smartphone losses, fraud or impersonation attempts, hacking attempts, viruses, insiders,

human errors, hacked suppliers or dealers, etc.) none has been considered critical or has significantly impacted the business.

Diversity Policy

The Board of Directors adopted an updated diversity policy for the Board of Directors (the “Diversity Policy”)

effective as of September 14, 2023, since the Company believes that diversity in the composition of the Board of Directors in

terms of age, sex, gender, nationality, expertise, experience, competencies, or other personal qualities, and cultural or other

background is an important mean of promoting debate, balanced decision making and independent actions of the Board of

Directors.

The Diversity Policy gives weight to the following diversity factors in Board of Directors composition age, sex,

gender, nationality, expertise, experience, competencies, or other personal qualities, and professional cultural or other

background. The Company considers each of these aspects key drivers to support the abovementioned goals and to achieve

sufficient diversity of views and the expertise needed for a proper understanding of current affairs and longer-term risks and

opportunities related to the Company’s business. The Board of Directors and its ESG Committee consider such factors when

evaluating nominees for election to the Board of Directors and during the annual performance assessment process.

Gender diversity targets

a) Board of Directors diversity targets

The Company has set the following concrete targets to be achieved by 2027: (a) at least 30% of the seats of the

Board of Directors to be occupied by women and at least 30% by men; (b) at least 33% of the seats of the non-executive

members of the Board of Directors to be occupied by women and at least 33% by men; (c) the nationality of the members of

the Board of Directors to be reasonably consistent with the geographic presence of the Company’s business, and no

nationality should count for more than 60% of the members of the Board of Directors, and (d) diversity in the age of the

members of the Board of Directors by having one or more members of the Board of Directors aged under 50 on the day of

their nomination; provided that, in the candidate selection process, rules and generally accepted principles of non-

discrimination (on grounds such as ethnic origin, race, disability or sexual orientation) will be taken into account. Given the

current composition of the Board of the Company in a one-tier system, composed only by two (2) executive directors (of the

same gender), the Company has decided not to set a specific gender diversity target for executive directors in the Policy while

targets have been set for the Board of Directors as a whole.

To ensure its correct implementation, the Diversity Policy is taken into account in the nomination of executive

Directors, and in the adoption of a profile for non-executive Directors as well as in nominating and recommending non-

executive Directors.

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As of December 31, 2025, the Company has achieved (i) the target on nationality and (ii) the age target, and is

working to reach its gender targets.

Please find below a chart representing the Board’s gender and age as of December 31, 2025.

BOARD MEMBERS BY AGE GROUP AND GENDER


	December 31, 2025
Directors	30-50	>50	Total	Total %
Male	1	8	9	75%
Female	1	2	3	25%
Other	—	—	—	—%
Not disclosed	—	—	—	—%
Total	2	10	12	100%

b) Manager Diversity Targets (sub-top) & Diversity and Inclusion Practice

Ferrari places people at its core. We believe in the importance of inclusion and the enhancement of diversity and

continuously improve our people strategies in order to maintain an engaging, meritocratic and fair environment, in which all

Ferrari people can and want to do their best. Equal opportunities are the best way to ensure that merit is the decisive factor to

keep on attracting, retaining and developing the talents, accelerating Ferrari’s innovation process.

In order to guarantee equal opportunities, our Company operates a merit-based remuneration policy, not

discriminating on the basis of gender, age, nationality, social status or cultural background. In addition, Ferrari S.p.A. started

an in-depth analysis on remuneration, which led, in July 2020, to the award of the Equal Salary Certificate for providing

equal pay to men and women with the same qualifications and positions in the Company. This certification, which has a 3-

year validity cycle (a main audit in the first year followed by annual monitoring in the second and third years), has been

extended at global level in 2023 and confirmed both in 2024 and 2025. It testifies the Company’s commitment to creating an

inclusive and diverse working environment while fostering career development for all. Ferrari sees this certification not as an

end point but as a further stage of growth and an opportunity to implement tangible actions to ensure that everyone can

pursue his or her own professional development.

In addition to that, in December 2024, Ferrari S.p.A. received the gender equality certification issued under Italian

UNI/PdR 125:2022, a gender equality practice which defines the guidelines on the management system for gender equality

and for the structuring and adoption of a set of performance indicators (KPIs) inherent to gender equality policies on

organizations, in six strategic areas including (i) culture and strategy; (ii) governance; (iii) human resources (HR)

management processes; (iv) opportunities for growth and inclusion of women in business; (v) gender pay equity and (vi)

parental protection and work-life balance. This certification has been confirmed in 2025.

Reflecting Ferrari’s ambition for diversity and inclusion across the Company, in 2023, the Board of Directors

adopted a diversity and inclusion practice (the “Diversity and Inclusion Practice”), and, in 2024, the Company’s CEO

executed the “Policy for Gender Equality and Diversity & Inclusion”, setting forth D&I principles according to which Ferrari

operates.

Ferrari Group promotes the valorization of human resources and encourages the diffusion of a corporate culture

based on Inclusion and mutual respect in the belief that Diversity represents a source of creativity, enrichment and

innovation. In carrying out its activities, the Group adopts an approach aimed at guaranteeing equal opportunities at all levels

of the organization as well as rejecting any form of discrimination. The Diversity and Inclusion Practice identifies and

implements diversity and inclusion principles for the whole employees’ population of Ferrari Group as well as the Board of

Directors. Among the actions we have taken to implement the Diversity and Inclusion Practice, the monitoring of diversity in

panel of hiring candidates, the analysis of the percentage of men and women involved in remuneration and promotion

processes to support with these data the decision making, the definition of clear diversity objectives for all levels in the

organization.

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The continuous monitoring of our target shows that women in managerial positions at December 31, 2017 were 11.8

percent (while women represented 12.2 percent of the total direct employee population) and at December 31, 2025 were 17.1

percent (while women represented 16.9 percent of the total direct employee population).

Our goal is to proceed in this direction: indeed we aim to maintain a healthy growth rate in women in managerial

positions, considering the percentage of women in the total employee population. We define as an appropriate target to have

at least 18% women in managerial positions by 2027.

Our plan to achieve the target is to continue the implementation of initiatives and actions put in place in previous

years and continuing in 2025, including, as mentioned above, fostering the value of diversity in panel of hiring candidates,

monitoring the percentage of men and women involved in career plans and salary review, defining clear diversity objectives

for all levels in organization. For Ferrari it is important to guarantee equal opportunities at all levels, so the consistency

between global percentage and managerial percentage is a key indicator in our diversity strategy.

Stakeholder Engagement Practice

On September 14, 2023, the Board of Directors adopted the updated version of the stakeholder engagement practice

(the “Stakeholder Engagement Practice”), as the Company firmly believes that maintaining a profitable dialogue with its

stakeholders, by listening to their expectations and perspectives, is key in the path to sustainable long-term value creation.

This Stakeholder Engagement Practice aims at enhancing Ferrari’s communication with its stakeholders and at giving all

members of the Board, managers and employees of the Ferrari Group, and anyone else working for it or on its behalf in Italy

or any other country, guidelines on the right methods and forms of interaction with such different stakeholders.

For a detailed description of our stakeholder engagement process, including the identification of relevant

stakeholders, the rationale for their selection, and the way their input has been considered, see “Interests and views of

stakeholders” and “Stakeholder Engagement” in the Sustainability Report included herein.

Profile of the non-executive Directors

In respect of the composition of the Board of Directors, a profile of the non-executive Directors (the “Profile”) has

been adopted by the Company. The purpose of this profile is to provide guidance with respect to the composition and

expertise of the non-executive Directors. The Profile provides that the Board of Directors shall be composed in such manner

that its composition reflects an adequate mix of technical abilities, professional background and experience, both general and

specific, gained in an international environment and pertaining to the dynamics of the macro-economy and globalization of

markets, more generally, as well as the industrial and financial sectors, more specifically. In selecting and nominating new

non-executive Directors, the Company shall ensure that such non-executive Directors complement the knowledge and

experience of the other non-executive Directors and that the independency requirements under the Dutch Corporate

Governance Code and the NYSE rules are taken into account. In selecting and nominating new non-executive Directors, the

Company shall also ensure that the Diversity Policy, including the gender diversity target ratios as described under “—

Diversity Policy” above, is taken into account. In recommending prospective candidates for nomination to the Board of

Directors, the ESG Committee shall take into account the Profile. The Profile is posted on our website at https://

cdn.ferrari.com/cms/network/media/pdf/e_fnv_profile_non-executive_directors_13_09_2018_clean_final_new_0.pdf.

Compliance with Dutch Corporate Governance Code

The Company endorses the principles and best practice provisions of the Dutch Corporate Governance Code, except

it deviates from the following best practice provisions which deviations are explained below:

• Best practice provision 2.2.4 of the Dutch Corporate Governance Code: The supervisory board should also draw up

a retirement schedule in order to avoid, as much as possible, supervisory board members retiring simultaneously.

The retirement schedule should be published on the company’s website.

The Company does not have a retirement schedule as referred to in best practice provision 2.2.4 of the Dutch

Corporate Governance Code, because the Company’s Articles of Association provide for a term of office of member of the

Board of Directors for a period of approximately one year after appointment, such period expiring on the day the first annual

general meeting of shareholders is held in the following calendar year. Short terms of office for board members are

customary for companies listed in the U.S. As the Company is listed on the NYSE, the Company also follows certain

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common U.S. governance practices, one of which is the reappointment of our Directors at each annual general meeting of

shareholders. In light of this term of office, the Company does not have a retirement schedule in place.

• Best practice provision 4.1.8 of the Dutch Corporate Governance Code: Management board and supervisory board

members nominated for appointment should attend the general meeting at which votes will be cast on their

nomination.

Pursuant to best practice provision 4.1.8 of the Dutch Corporate Governance Code, every executive and non-

executive Director nominated for appointment should attend the general meeting at which votes will be cast on its

nomination. Since, pursuant to Article 14.3 of the Articles of Association, the term of office of Directors is approximately

one year, such period expiring on the day the first annual general meeting of shareholders of the Company is held in the

following calendar year, all members of the Board of Directors are nominated for (re)appointment each year. By publishing

the relevant biographical details and curriculum vitae of each nominee for (re)appointment, the Company ensures that the

Company’s general meeting of shareholders is well informed in respect of the nominees for (re)appointment and in practice

only the Chairman, the Chief Executive Officer and the Vice-Chairman will therefore be present at the general meeting.

• Best practice provision 5.1.4 of the Dutch Corporate Governance Code: Neither the audit committee nor the

remuneration committee can be chaired by the chairman of the management board or by a former executive director

of the company.

Our Senior Non-Executive Director and Chair of the Board of Directors, Mr. Duca, is also the Chairperson of the

Audit Committee, which is not in line with best practice provision 5.1.4 of the Dutch Corporate Governance Code. The

Company believes that Mr. Duca, in light of his extensive experience with audits and his knowledge in this respect, brings a

valuable contribution to the Audit Committee and therefore believes it is in Ferrari’s best interest and appropriate for Mr.

Duca to chair the Audit Committee.

• Best practice provision 5.1.4 of the Dutch Corporate Governance Code: The committees referred to in best practice

2.3.2 should be comprised exclusively of non-executive directors.

Mr. Elkann, our Executive Chairman and Executive Director, has a position on the ESG Committee, to which best

practice provision 5.1.4 of the Dutch Corporate Governance Code applies. The position of Mr. Elkann as executive Director

in this committee follows inter alia from the duties of the ESG Committee, which are more extensive than the duties of a

selection and appointment committee and include duties that warrant participation of an executive Director in the view of the

Company.

Italian Corporate Governance Code

As regards the Italian framework for corporate governance, the Company is aware that a corporate governance code

(the “Italian CGC”) has been issued by Borsa Italiana S.p.A., applicable to all companies with shares listed on Euronext

Milan starting from January 2021.

As of December 31, 2025, the Company’s corporate governance structure is substantially in line with all the

principles and recommendations set forth in the Italian CGC, especially due to the fact that the Company has adopted, and

complies with, the Dutch Corporate Governance Code, which contains principles and best practice provisions largely similar

to those highlighted in the Italian CGC, exception being made for the following:

a) The independent Chair of the Board of Directors cannot chair the control and risk committee (Article 2,

Recommendation no. 7 of the Italian CGC).

Our Senior Non-Executive Director and Chair of the Board of Directors, Mr. Duca, is also the Chairperson of the

Audit Committee, which is not in line with best practice provision under Article 2, Recommendation no. 7 of the Italian

CGC. The Company believes that Mr. Duca, in light of his extensive experience with audits and his knowledge in this

respect, brings a valuable contribution to the Audit Committee and therefore believes it is in Ferrari’s best interest and

appropriate for Mr. Duca to chair the Audit Committee.

b)In large companies, the Board of Directors expresses its guidelines on the maximum number of offices that can be

considered compatible with an effective performance and the time commitment required by the role of the directors.

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The relevant offices are those held in corporate bodies of other listed companies or of companies having a

significant size (Article 3, Recommendation no. 15 of the Italian CGC)

Applicable Dutch corporate law already expressly regulates the maximum number of offices that may be held by

directors. Pursuant to Dutch law, persons may not be appointed as non-executive Directors if such persons are non-executive

director, member of the supervisory board or other similar bodies for five or more (Dutch) companies of a certain size and

such persons cannot be appointed as executive Directors if such persons are non-executive director at more than two other

(Dutch) companies of a certain size or if such person is the chairperson of the board of supervisors or the one tier board of

another (Dutch) company of a certain size. Ferrari is compliant with the abovementioned Dutch limits.

c)In large companies, the Board of Directors elaborates, with the support of the nomination committee, a plan for the

succession of the Chief Executive Officer and executive directors by identifying, at least, the procedures to be

followed in the event of an early termination of office (Article 4, Recommendation no. 24 of the Italian CGC)

The Company’s Board of Directors believes that the members of the Board of Directors itself – chosen and

appointed on the basis of their respective expertise, level of professionalism and knowledge of the Company’s business –

would be capable to carry out (in the absence, due to early termination of the office, of the Chief Executive Officer and/or

any other executive officer) the ordinary business of the Company until the appointment, by the competent corporate body, of

the new Chief Executive Officer and/or other executive officer(s).

Further, the Company’s Board of Directors believes that the decision whether to adopt a succession plan shall be

further analysed bearing in mind the sensitivity of the topic.

Furthermore, the Company believes that the overall system of delegated powers adopted by the Company is

sufficient to mitigate the risk of a vacancy for an executive Director or a senior manager and ensure the continuity of the

Company’s business. The overall system of delegated powers adopted by the Company already includes a succession plan for

the top management which in the Company is represented by the Ferrari Leadership Team. The Company believes that the

above measures help the Company achieving the objective underlying the Code’s principles and in any case contributes to

good corporate governance. Finally, it should be noted that the Company’s Board of Directors has already defined a

procedure to be applied for the appointment of, at least, the Chief Executive Officer, which provides for, inter alia, the

involvement of, inter alia, a specific committee (i.e., the CEO Search Committee), who will assist the ESG Committee with

selecting a new candidate for this office.

Exchange Controls

Under Dutch law, there are no exchange control restrictions on investments in, or payments on, the Ferrari common

shares. There are no special restrictions in the Ferrari Articles of Association or Dutch law that limit the right of shareholders

who are not citizens or residents of the Netherlands to hold or vote the Ferrari common shares.

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REPORT OF THE NON-EXECUTIVE DIRECTORS

Introduction

This is the report of the non-executive Directors of the Company over the financial year 2025, as referred to in best

practice provision 5.1.5 of the Dutch Corporate Governance Code, and it provides further information on the performance of

the non-executive Directors’ duties throughout 2025.

It is the responsibility of the non-executive Directors to supervise the policies carried out by the executive Directors

and the general affairs of the Company and its affiliated enterprise, including the implementation of the strategy of the

Company regarding sustainable long-term value creation. Inter alia, non-executive Directors should focus on the

effectiveness of the Company’s internal risk management and control systems and the integrity and quality of the financial

reporting and the sustainability reporting. It is also the responsibility of the non-executive Directors to determine the

remuneration of the executive Directors and to nominate candidates for the Director appointments. In so doing, the non-

executive Directors act solely in the interest of the Company. With a view of maintaining supervision on the Company, the

non-executive Directors regularly discuss Ferrari’s long-term business plans, the implementation of such plans and the risks

associated with such plans with the executive Directors.

According to the Articles of Association, the Board of Directors is a single board and consists of three or more

members, comprising both members having responsibility for the day-to-day management of Ferrari (executive Directors)

and members not having such day-to-day responsibility (non-executive Directors). The tasks of the executive and non-

executive Directors in a one-tier board such as the Company’s Board of Directors may be allocated under or pursuant to the

Articles of Association, provided that the general meeting of shareholders has stipulated whether such Director is appointed

as executive or as non-executive Director and furthermore provided that the task to supervise the performance by the

Directors of their duties can only be performed by the non-executive Directors. Regardless of an allocation of tasks, all

Directors remain collectively responsible for the proper management and strategy of the Company (including supervision

thereof in case of non-executive Directors).

Details of the current composition of the Board of Directors, including the non-executive Directors, and its

committees are set forth in the section “Board of Directors”.

Supervision by the non-executive Directors

The non-executive Directors supervise the policies carried out by the executive Directors and the general affairs of

the Company and its affiliated enterprise. In so doing, the non-executive Directors have also focused on the effectiveness of

the Company’s internal risk management and control systems, the integrity and quality of the financial reporting and Ferrari’s

long-term business plans, the implementation of such plans and the risks associated.

The non-executive Directors also determine the remuneration of the executive Directors and nominate candidates for

the Director appointments. Furthermore, the Board of Directors may allocate certain specific responsibilities to one or more

individual Directors or to a committee comprised of eligible Directors of the Company and subsidiaries of the Company. In

this respect, the Board of Directors has allocated certain specific responsibilities to the Audit Committee, the Compensation

Committee and the ESG Committee. Further details on the manner in which these committees have carried out their duties

are set forth in the sections “The Audit Committee”, “The Compensation Committee” and “The ESG Committee”.

The non-executive Directors supervised the adoption and implementation of the strategies and policies by the Group,

reviewed this annual report, including the Compensation Report and the Group’s financial results, received updates on legal

and compliance matters and they have been regularly involved in the review and approval of transactions entered into with

related parties. The non-executive Directors have also reviewed the reports of the Board of Directors and its committees and

the recommendations for the appointment of Directors.

Meetings and attendance

In 2025, there were five meetings of the Board of Directors. The average attendance at those meetings was 98.33

percent. During multiple of these meetings, the FLT was invited to give presentations on various topics, which included, but

were not limited to, the three Company’s dimensions (Sports Car, Racing and Lifestyle), our business plan and other

business, governance and financial matters, annual, semi-annual and quarterly financial statements, as well as commercial

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regional updates, technologies, HR and ESG. Portions of these meetings took place with the participation of the non-

executive Directors, without the executive Directors or any other attendees being present. This enabled the non-executive

Directors to independently review and discuss certain matters. In addition, the Senior Non-Executive Director and the Chief

Executive Officer held regular one-to-one meetings. Members of the Board of Directors also engaged with various levels of

management to remain well-informed about the Company’s operations. All non-executive Directors set aside adequate time

to give sufficient attention to the Company’s matters.

An overview of the attendance of the individual Directors per meeting of the Board of Directors and its committees

set out against the total number of such meetings is set out below:


Name	Meeting Board of Directors	Audit Committee	ESG Committee	Compensation Committee
John Elkann	5/5	—	1/1	—
Benedetto Vigna	5/5	—	—	—
Piero Ferrari	5/5	—	—	2/2
Sergio Duca	5/5	8/8	—	—
Delphine Arnault	4/5	—	1/1	—
Francesca Bellettini	5/5	7/8	—	—
Eddy Cue	5/5	—	1/1	2/2
John Galantic	5/5	—	—	2/2
Tommaso Ghidini	3/3	—	—	—
Maria Patrizia Grieco	5/5	8/8	—	—
Adam Keswick	5/5	—	—	—
Mike Volpi	5/5	—	—	—

Board focus

The key topics that were discussed during the Board of Directors’ meetings included, but were not limited to, the

three Company’s dimensions (Sports Car, Racing and Lifestyle), the business plan, business, governance and financial

matters, annual, semi-annual and quarterly financial statements, as well as commercial regional updates, technologies, HR

and ESG.

Independence of the non-executive Directors

The non-executive Directors are required by Dutch law to act solely in the interest of the Company. The Dutch

Corporate Governance Code stipulates the corporate governance rules relating to the independence of non-executive

Directors and requires under most circumstances that a majority of the non-executive Directors be “independent”.

Currently, ten out of ten non-executive Directors are considered to be independent under the NYSE definition while

nine non-executive Directors are considered to be independent under the Dutch Corporate Governance Code given the right

of usufruct Mr. Pierro Ferrari holds over shares (including the right to exercise the voting rights of such shares) held by Trust

Piero Ferrari (as described in this Annual Report). Mr. Sergio Duca, the Senior Non-Executive Director of the Board of

Directors, is independent under the Dutch Corporate Governance Code in accordance with best practice provision 2.1.9 of the

Dutch Corporate Governance Code.

Ferrari is of the opinion that the independency requirements as referred to in best practice provision 2.1.10 of the

Dutch Corporate Governance Code are met by the Company.

Evaluation by the non-executive Directors

The non-executive Directors are responsible for supervising the Board of Directors and its committees, as well as the

individual executive and non-executive Directors, and are assisted by the ESG Committee in this respect. Each year, the

Board of Directors formally assesses its performance, including with respect to its composition, diversity and how effectively

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its members work together, with the aim of helping to improve the effectiveness of the functioning of the Board of Directors

and its committees.

In particular, the non-executive Directors are expected to meet annually in order to discuss their own functioning,

the functioning of the Board of Directors and its committees, and the functioning of the executive Directors, in accordance

with best practice provisions 2.2.6 and 2.2.7 of the Dutch Corporate Governance Code. The results of the most recent

evaluation were discussed during a Board of Directors meeting, and confirmed that the Board operated effectively with

sufficient diversity, included a variety of competencies and demonstrated unity, strategic clarity and strong stewardship of the

Ferrari mission.

In accordance with the ESG Committee Charter, the ESG Committee assists and advises the Board of Directors with

respect to periodic assessment of the performance of individual Directors. In this respect, the ESG Committee has, amongst

others, the duties and responsibilities to review annually the Board of Directors’ performance and the performance of its

committees and to review each Director’s continuation on the Board of Directors at appropriate regular intervals as

determined by the ESG Committee.

In 2025, the ESG Committee’s periodic assessments took place during the meeting held on February 18. During that

meeting, the ESG Committee focused on the results of the periodic assessments and the performance of the Board of

Directors, its committees and the individual Directors, keeping also into account the self-assessment prepared by each

Director. During such meeting and on the basis of such evaluations, the ESG Committee dealt also with the directors’

nomination process, the assessment of Directors’ qualifications, the size and composition of the Board of Directors and its

committees, as well as the recommendations for Directors’ election, in which the outcome of the evaluations has been

reflected.

The non-executive Directors have been regularly informed by each committee as referred to in best practice

provision 2.3.5 of the Dutch Corporate Governance Code and the conclusions of those committee were taken into account

when drafting this report of the non-executive Directors.

The non-executive Directors were able to review and evaluate the performance of the Audit Committee, the ESG

Committee and the Compensation Committee based on the assessments made by the ESG Committee. The self-assessments

of the Committees were also discussed by the Board of Directors. The outcome of the evaluations is that there is no need to

amend the size or composition of the Audit Committee, the ESG Committee and the Compensation Committee, nor is there

any reason to amend their charters on this basis. Further details on the manner in which these committees have carried out

their duties, are set forth in sections “The Audit Committee”, “The Compensation Committee” and “The ESG Committee”.

On the basis of the preparations by the ESG Committee, the non-executive Directors were able to review the Board

of Director’s assessments, the individual Directors’ assessments and the recommendation for Directors’ election. The Board

of Directors concluded that each of the Directors continues to demonstrate commitment to its respective role in the Company.

Also, pursuant to the Compensation Committee Charter, the Compensation Committee implements and oversees the

remuneration policy as it applies to non-executive Directors, executive Directors and senior officers reporting directly to the

executive Directors. The Compensation Committee administers all the equity incentive plans and the deferred compensation

benefits plans. On the basis of the assessments performed, the non-executive Directors determine the remuneration of the

executive Directors and nominate candidates for the Director appointments.

The non-executive Directors have supervised the performance of the Audit Committee, the Compensation

Committee and the ESG Committee.

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RESPONSIBILITIES IN RESPECT TO THE ANNUAL REPORT

The Board of Directors is responsible for preparing the Annual Report, inclusive of the Consolidated and Company

Financial Statements and Board Report, in accordance with Dutch law and International Financial Reporting Standards as

issued by the International Accounting Standards Board and as adopted by the European Union (IFRS Accounting

Standards).

In accordance with Section 5:25c, paragraph 2 of the Dutch Financial Supervision Act (AFS), the Board of Directors

states that, to the best of its knowledge, the Consolidated and Company Financial Statements prepared in accordance with

IFRS Accounting Standards as adopted by the European Union provide a true and fair view of the assets, liabilities, financial

position and profit or loss for the year of the Company and its subsidiaries and that the Board Report provides a true and a

fair view of the performance of the business during the financial year and the position at the balance sheet date of the

Company and its subsidiaries, together with a description of the principal risks and uncertainties that the Company and the

Group face.

In accordance with best practice provision 1.4.3 of the Dutch Governance Code, the Board of Directors hereby as of

December 31, 2025 states that:

i. The Board Report provides sufficient insights into any significant deficiency in the effectiveness of the

internal risk management and control systems (please refer to section “Risk Management Process and

Internal Control System” of this Annual Report).

ii. The internal risk management and control systems provide reasonable assurance that the financial reporting

does not contain any material inaccuracies (please refer to section “Principal Characteristics of the Internal

Control System and Internal Control over Financial Reporting” of this Annual Report).

iii. The internal risk management and control systems provide at least limited assurance that sustainability

reporting is free from material misstatements (please refer to section “Sustainability Statement / ESRS 2 -

General disclosures / Governance / Risk management and internal controls over sustainability reporting” of

this Annual Report).

iv. The level of assurance of the internal risk management and control systems provide that operational and

compliance risks are effectively managed and no significant deficiency in the effectiveness of the internal

risk management and control systems has been identified. As further described in the “Risk Management

Process and Internal Control System” section of this Annual Report, the Board of Directors provides insight

into the level of certainty that the internal risk management and control systems provide with regard to the

effective control of the Company’s operational and compliance risks.

v. Based on the current state of affairs, it is justified that the financial reporting is prepared on a going concern

basis (please refer to Note 1 to the Consolidated Financial Statements of this Annual Report and Note 2 to

the Company Financial Statements of this Annual Report for additional information on the basis of

preparation).

vi. The Board Report includes material risks, as referred to in best practice provision 1.2.1 of the Dutch

Governance Code, as well as uncertainties, to the extent that they are relevant for the Company’s continuity

for a period of twelve months after the preparation of this report (please refer to sections “Risk

Management Process and Internal Control System” and “Risk Factors” of this Annual Report).

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This statement is solely made for the purposes of compliance with the best practice provision 1.4.3 of the Dutch

Governance Code and does not constitute an attestation under section 404 of the Sarbanes-Oxley Act or any other form of in-

control statement or attestation.

February 19, 2026

Board of Directors

John Elkann

Benedetto Vigna

Piero Ferrari

Sergio Duca

Delphine Arnault

Francesca Bellettini

Eddy Cue

John Galantic

Tommaso Ghidini

Maria Patrizia Grieco

Adam Keswick

Mike Volpi

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Sustainability Statement

ESRS 2 - General disclosures

Basis for preparation

ESRS 2 BP-1, BP-2

Through this Sustainability Statement, we aim to provide sustainability-related information and illustrate our

sustainability strategy and our corporate social responsibility initiatives in 2025 (from January 1, 2025, to December 31,

2025) to ensure a transparent and structured communication with our stakeholders.

The sustainability statement for 2025 is prepared in accordance with the requirements from the European

Sustainability Reporting Standard (ESRS) issued by the European Financial Reporting Advisory Group (EFRAG). While the

Dutch implementation of the Corporate Sustainability Reporting Directive (CSRD) is still pending, we believe in proactive

sustainability reporting and have chosen to voluntarily prepare our reports in accordance with the CSRD standards. We also

acknowledge the ongoing “Omnibus” amendments proposed at EU level, aimed at simplifying and refining certain CSRD,

ESRS and EU Taxonomy requirements. Several operating departments of the Group have been actively involved in the

process of data gathering and report drafting to shape this Statement. This was prepared under the supervision of Ferrari

Group’s Chief Financial Officer and was shared with the FLT and with the ESG Committee of the Board of Directors. The

IROs (defined as Impacts, Risks and Opportunities) were approved by the Audit Committee of the Board of Directors.

This Statement has been prepared on a consolidated basis. The scope of consolidation corresponds to Ferrari N.V.’s

Consolidated Financial Statements. The Sustainability Statement covers our upstream and downstream value chain with

respect to policies and actions related to material IROs identified along our value chain (for more details refer to “ESRS 2—

General disclosures—Impacts, risks and opportunities management”), and GHG Scope 3 emissions metrics (please refer to

“E1—Climate change—Gross Scopes 1, 2, 3 and Total GHG Emissions”).

We did not use the option to omit a specific piece of information corresponding to intellectual property, know-how

or the results of innovation. Any exemption from disclosure of impending developments or matters in the course of

negotiation, as provided for in articles 19a (3) and 29a (3) of Directive 2013/34/EU, is used.

Any exceptions, with regard to the scope of this data, are clearly indicated throughout this Statement.

Please note that the quantitative metrics of Scope 3 GHG emissions and quantities of substances of concern, related

to metrics E1-6 and E2-5, are based on estimates and assumption subject to a high level of measurement uncertainty. For

further detail about the calculation methodology and uncertainty associated, please refer to “E1—Climate change—Gross

Scopes 1, 2, 3 and Total GHG Emissions” and “E2—Pollution—Metrics related to Substances of concern and substances of

very high concern”, respectively.

Any changes in the preparation and presentation of sustainability information with regard to the previous reporting

period are adequately indicated alongside each indicator together with the revised comparative figures to guarantee

comparability.

The reporting frequency will be annual, and the Group has made use, in accordance with EU Delegated Regulation

2025/1416, also for the 2025 financial year, of the gradual application (phase-in) provisions set out in Annex C of ESRS 1,

except for S1-7, S1-13, S1-14.

In this Statement, we define as significant the fines that are above the financial materiality threshold considered for

the Consolidated Financial Statements. For more details on how it was determined, please refer to the Independent Auditor’s

Report in this Report. In addition, for the actions indicated in each chapter, we define as significant the amount of operational

and capital expenditures that exceeds the threshold of € 4.7 million.

² References in this table to Directors refer to Ferrari N.V. The Board of Directors is appointed annually on each annual general meeting of shareholders.

³ Directorships in listed companies other than in the Company.

⁴ Mr. John Elkann is Executive Director from April 12, 2019.

⁵ Mr. Benedetto Vigna was confirmed as Chief Executive Officer by the Board of Directors as of April 16, 2025.

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Governance

The role of the administrative, management and supervisory bodies

ESRS 2 GOV-1

Ferrari N.V. is a public limited liability company, incorporated under the laws of the Netherlands. The Company is

the holding company of the Ferrari Group following the separation of the Ferrari business from FCA, now Stellantis. In this

section, the “Company” refers to Ferrari N.V. The Company qualifies as a foreign private issuer under the NYSE listing

standards and its common shares are listed on the NYSE and on Euronext Milan.

The Board of Directors as a whole is responsible for the strategy of the Company. The Board of Directors appointed

the following internal committees: (i) an Audit Committee, (ii) an ESG Committee, and (iii) a Compensation Committee. On

certain key operational matters, the executive Directors are supported by the FLT, which is responsible for reviewing the

operating performance of the businesses, collaborating on certain operational matters, supporting the executive Directors with

their tasks and executing decisions of the Board of Directors and the day-to-day management of the Company, primarily to

the extent it relates to the operational management.

As of December 31, 2025, our Board of Directors is composed of twelve Directors as shown in the table below:


Directors	Nationality	Executive	Non Executive	Independent		Committees			Directors first term from 2	Directors current term from	Roles in other listed companies 3
Directors	Nationality	Executive	Non Executive	NYSE Rules	Dutch Code	Audit	Compensa tion	ESG	Directors first term from 2	Directors current term from	Roles in other listed companies 3
John Elkann (Executive Chairman and Executive Director)	IT	x						x	April 15, 2016 4	April 16, 2025	3
Benedetto Vigna (Chief Executive Officer)	IT	x							September 16, 2021 5	April 16, 2025	0
Piero Ferrari (Vice Chairman)	IT		x	x			x		January 2, 2016	April 16, 2025	1
Sergio Duca (Chair of the Board and Senior Non- Executive)	IT		x	x	x	x			January 2, 2016	April 16, 2025	0
Delphine Arnault	FR		x	x	x			x	April 15, 2016	April 16, 2025	2
Francesca Bellettini	IT		x	x	x	x			April 16, 2020	April 16, 2025	0
Eddy Cue	US		x	x	x		x	x	January 2, 2016	April 16, 2025	0
John Galantic	US, CH		x	x	x		x		April 16, 2020	April 16, 2025	0
Tommaso Ghidini	IT		x	x	x				April 16, 2025	April 16, 2025	0
Maria Patrizia Grieco	IT		x	x	x	x			April 15, 2016	April 16, 2025	2

⁶ The Diversity Policy is applicable to all board members of Ferrari N.V., according to Dutch law, and it is drafted taking into account the interests of the

Board of Directors itself.

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Adam Keswick	UK	x	x	x	April 15, 2016	April 16, 2025	1
Mike Volpi	US	x	x	x	April 14, 2023	April 16, 2025	2

According to the applicable laws and the Regulation of the Board, no works council or similar employee

participation bodies are required to be established at the level of the Company.

In percentage terms, the share of independent members of the Board members according to the NYSE rules is 83%,

whereas according to the Dutch Corporate Governance Code the percentage is 75%. None of the members of the Board of

Directors have held similar positions in public administration (including regulators) in the past two years.

Diversity on the Board Directors

Board Members by age and gender


at December 31, 2025
	<30 years old	30-50 years old	>50 years old	Total	Total %
Male	—	1	8	9	75%
Female	—	1	2	3	25%
Other	—	—	—	—	—%
Not disclosed	—	—	—	—	—%
Total	—	2	10	12	100%
Total %	—%	17%	83%	100%


at December 31, 2024
	<30 years old	30-50 years old	>50 years old	Total	Total %
Male	—	1	7	8	73%
Female	—	1	2	3	27%
Other	—	—	—	—	—%
Not disclosed	—	—	—	—	—%
Total	—	2	9	11	100%
Total %	—%	18%	82%	100%

A further aspect of diversity within the Board is nationality: 58.3 percent of its members are of Italian nationality,

while 41.7 percent have other nationalities. Additionally, gender diversity of the Audit Committee is 66.7 percent, of the

Compensation Committee is 0 percent, and of the ESG Committee is 33.3 percent. The Board’s gender diversity gap is

calculated as an average ratio of female to male Board Members.

Diversity Policy

The Board of Directors adopted an updated diversity policy for the Board of Directors (the “Diversity Policy”)

effective as of September 14, 2023, since the Company believes that diversity in the composition of the Board of Directors in

terms of age, sex, gender, nationality, expertise, experience, competencies, or other personal qualities, and cultural or other

background is an important means of promoting debate, balanced decision making and independent actions of the Board of

Directors.

The Diversity Policy 6 gives weight to the following diversity factors in Board of Directors composition: age, sex,

gender, nationality, expertise, experience, competencies, or other personal qualities, and professional cultural or other

background. The Company considers each of these aspects key drivers to support the abovementioned goals and to achieve

sufficient diversity of views and the expertise needed for a proper understanding of current affairs and longer-term risks and

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opportunities related to the Company’s business. The Board of Directors and its ESG Committee consider such factors when

evaluating nominees for election to the Board of Directors and during the annual performance assessment process. The

Diversity Policy covers the following opportunity: “Diversity of governing body/executive team - The capabilities and

perspectives of board/executive team members are important for making robust decisions on an ongoing basis”.

The most senior level in Ferrari accountable for the implementation and monitoring of the policy is the ESG

Committee. The policy is available on the corporate website.

Board of Directors diversity targets

In 2022, the Company has set the following concrete targets to be achieved by 2027: (a) at least 30% of the seats of

the Board of Directors to be occupied by women and at least 30% by men; (b) at least 33% of the seats of the non-executive

members of the Board of Directors to be occupied by women and at least 33% by men; (c) the nationality of the members of

the Board of Directors to be reasonably consistent with the geographic presence of the Company’s business, and no

nationality should count for more than 60% of the members of the Board of Directors; and (d) diversity in the age of the

members of the Board of Directors by having one or more members of the Board of Directors aged under 50 at the day of

their nomination; provided that, in the candidate selection process, rules and generally accepted principles of non-

discrimination (on grounds such as ethnic origin, race, disability or sexual orientation) will be taken into account. Given the

current composition of the Board of the Company in a one-tier system, composed only by two (2) executive directors (of the

same gender), the Company has decided not to set a specific gender diversity target for executive directors in the Policy while

targets have been set for the Board of Directors as a whole.

To ensure its correct implementation, the Diversity Policy is taken into account in the nomination of executive

Directors, and in the adoption of a profile for non-executive Directors as well as in nominating and recommending non-

executive Directors. Meeting the Board of Directors’ diversity targets creates the following material opportunity for the

Company: “Diversity of governing body/executive team - The capabilities and perspectives of board/executive team members

are important for making robust decisions on an ongoing basis”.

As of December 31, 2025, the Company has achieved (i) the target on nationality and (ii) the age target and is

working to reach its gender targets. Due to the appointment of one extra male to the Board of Directors compared to 2024, the

percentage of women in the Board as a whole has dropped just below the 30 percent target.

The ESG Committee periodically monitors gender targets during the nomination process and for the updating of the

Annual Report.

These targets have been defined in compliance with the Dutch law and aim to be both challenging and achievable.

Our Decision-Making Process

Roles and responsibilities for impacts and risks are formally defined into specific regulations that are available on

the Ferrari corporate website, including the Regulations of the Board of Directors, the ESG Committee Charter, and the Audit

Committee Charter. For additional information, please refer to the “Corporate Governance” chapter.

Within each paragraph the function responsible for the IROs involved will be indicated.

Integrating sustainability into our Company relies on a formal structure with clear accountabilities across different

levels of the organization.

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Impacts, risks and opportunities are presented to the ESG Strategic Committee for evaluation and discussion. They

are then submitted to the Audit Committee for approval and are ultimately approved by the Board of Directors along with the

Sustainability Statement.

As of today, each function involved is accountable for implementing controls and procedures to manage relevant

negative and positive impacts with support from the sustainability function, as well as ESG opportunities. With reference to

ESG risks, the management’s role in governance processes, as well as controls and procedures used to monitor, manage and

oversee them, is defined in the “Risk Management Process and Internal Control System” chapter. For more details on

controls and procedures to manage the IROs refer to the following chapters.

The FLT is responsible for reviewing the operating performance of the business, collaborating on certain operational

matters, supporting the Chief Executive Officer with his tasks and executing the decisions of the Board of Directors and the

day-to-day management of the Company, primarily as it relates to operational management. All FLT members are executive

officers. Please find in “S1—Own Workforce—Metrics related to Own Workforce—Gender distribution of Senior Managers

level” a chart representing the Ferrari Leadership Team by gender as of December 31, 2025.

The FLT is led by the Chief Executive Officer and is composed of the heads of the operating and central functions.

We have defined cross-functional committees, responsible for cross-functional projects, to sustain excellence in every area,

among which the ESG Strategic Committee. The ESG Strategic Committee, composed of all the members of the FLT, is in

charge of defining the ESG strategy of the Ferrari Group and of monitoring the achievement of the ESG targets.

Our Chief Financial Officer, a member of the FLT and Head of the ESG Strategic Committee, is responsible for the

sustainability function. It oversees the sustainability activities within the Group, promoting dialog between different teams

and functions, identifying impacts and opportunities as well as supporting risk identification. Moreover, the sustainability

function directly defines or contributes to the approval of ESG targets. The Chief Financial Officer periodically reports back

to the Board of Directors on the management of the organization’s impacts, as well as the setting and progress of ESG targets

and the definition of remediation plans if required.

At the operational level, we have established two committees focused on specific environmental and social issues,

responsible for translating strategies into concrete decisions and action plans. The Diversity and Inclusion Committee, headed

by the Chief Human Resources Officer, focuses on gender diversity, disability inclusion, generational diversity and

educational opportunities. Moreover, the Diversity and Inclusion office promotes and coordinates the development of a

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diverse and inclusive work culture within the organization. Fostering this culture not only enriches the working environment,

but also drives greater innovation and creativity, key elements for the organization’s sustainable success.

Whereas, the Green Sustainability Steering Committee, led by the Head of Carbon Neutrality and Supplier

Relations, has the priority to reach our decarbonization targets by 2030, addressing direct and indirect GHG emissions,

focusing on energy and materials, in addition to our electrification journey.

Board of Directors Expertise

As of December 31, 2025, the members of the Board of Directors had the skills shown in the table below:


Skill Area	Corporate governance and risk management	Financial and accounting	Corporate management	Digital and cybersecurity	Innovation	ESG	Automotive and motorsport industry knowledge	Luxury goods industry knowledge
John Elkann (Executive Chairman and Executive Director)	x	x	x		x	x	x	x
Benedetto Vigna (Chief Executive Officer)	x		x	x	x	x	x	x
Piero Ferrari (Vice Chairman and non-Executive Director)	x		x				x	x
Sergio Duca (Senior Non- Executive Director)	x	x	x			x	x
Delphine Arnault (Non-Executive Director)	x	x	x			x		x
Francesca Bellettini (Non-Executive Director)	x	x	x					x
Eddy Cue (Non-Executive Director)	x		x	x	x	x
John Galantic (Non-Executive Director)	x		x			x		x
Tommaso Ghidini (Non-Executive Director)	x		x	x	x		x
Maria Patrizia Grieco (Non-Executive Director)	x	x	x			x	x
Adam Keswick (Non-Executive Director)	x	x	x				x
Mike Volpi (Non-Executive Director)	x		x	x	x		x

All Board Members have knowledge and expertise in business ethics, corporate governance and regulatory affairs.

Moreover, more than half of Board Members have developed experience in social engagements and environmental issues.

With these skills they are able to better oversee sustainability matters and manage impacts, risks and opportunities. With

reference to the IROs related to Quality and Safety, Climate Change, Circular economy and Natural Resources Management

they benefit from the Board’s skills in the automotive, motorsport and luxury goods industry, as well as in ESG. Furthermore,

the IROs related to Ethics and Business Conduct benefit from Corporate Governance and Risk management expertise. Digital

and cybersecurity Board skills enable them to accurately oversee the IROs related to the Data Responsibility and Privacy

topics.

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In the event of updates to internal and/or external regulations, the administrative, management and/or supervisory

internal bodies may receive relevant training as deemed necessary.

Information provided to and sustainability matters addressed by the undertaking’s

administrative, management and supervisory bodies

ESRS 2 GOV-2

In 2025, the Board of Directors met five times, achieving an attendance rate of 98.33 percent. The Board of

Directors was informed twice by the Chief Financial Officer and the Chief Human Resources Officer about material IROs

and in particular, the activities implemented to reach our decarbonization targets, the educational projects with the local

community and employee development. All the discussed topics are linked to specific IROs that as a result were relevant in

the double materiality assessment.

In 2025, the Audit Committee met 8 times and the average attendance rate was 95.83 percent. At these meetings

several matters were discussed, including the Audit Committee’s role and responsibilities, the Company’s financial control

and risk framework, risk assessment, internal control over financial reporting pursuant to the applicable rules, and a financial

overview of operating results. In particular, the Audit Committee reviewed Ferrari’s periodic and yearly financial results and,

with the assistance of the Chief Financial Officer and other Company officers, focused on key accounting and reporting

matters as well as the main business drivers. In 2025, the Committee was updated on the CSRD Directive implementation as

well as the stakeholder engagement activity and approved the double materiality.

In 2025, the ESG Committee met once with 100 percent attendance of its members at such meeting. The Committee

reviewed the Board of Directors’ and Committee’s assessments, the Sustainability achievement and objectives, and the

recommendations for Directors’ election.

In 2025, the Compensation Committee met twice with 100 percent attendance of its members at such meeting. The

Compensation Committee reviewed the compensation report. Further information on the activities of the Compensation

Committee is included in the compensation report.

Integration of sustainability-related performance in incentive schemes

ESRS 2 GOV-3

The description below summarizes the guidelines and the principles followed by Ferrari in defining and

implementing the remuneration policy applicable to the executive Directors and non-executive Directors of the Company, as

well as members of the FLT. The form and amount of compensation received by the Directors of Ferrari for the year ended

December 31, 2025, was determined in accordance with the remuneration policy.

Our remuneration policy is aligned with Dutch law and the Dutch Corporate Governance Code. In particular, the

Dutch Corporate Governance Code requires listed companies to disclose certain information about the compensation of their

Board and executive Directors. Through this remuneration strategy, Ferrari fulfills the requirements of the Dutch Corporate

Governance Code ensuring full transparency with our shareholders.

The main goal of Ferrari’s remuneration strategy is to develop a system which consistently supports the business

strategy and value creation for all shareholders, establishing a compensation structure that allows us to attract and retain the

most highly qualified executive talents and motivate such executives to achieve business and financial goals that create long-

term value for shareholders in a manner consistent with our core business and leadership values and taking into account the

social context around the Company.

The structure of the remuneration applicable to our executive Directors, non-executive Directors and other key

management under Ferrari’s remuneration policy has not changed in 2025 and consists of the following elements:

i. Fixed Remuneration linked to the third pillar of Ferrari’s remuneration policy (Competitiveness) with the objective

of attracting, retaining and motivating our qualified executives and effective leaders. For this reason, we periodically

benchmark comparable salaries paid to executives with similar experience by comparable companies;

ii. Short-Term Incentives (STI) linked to the first and second pillars of Ferrari’s remuneration policy (“Alignment with

Ferrari’s Strategy” and “Pay for Performance”) and tied to specific financial targets which are set at challenging

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levels; short-term incentives are also linked to the contribution of the individual member (“Individual Performance

Factor”) in order to motivate its beneficiaries to achieve challenging targets. In particular, Ferrari’s 2025

achievements, success and developments were driven by organization-wide alignment with the Company’s strategy

and values, through incentives that reward the achievement of those goals;

iii. Long-Term Incentives (LTI) linked to the first and fourth pillars of Ferrari’s remuneration policy (“Alignment with

Ferrari’s Strategy” and “Long-Term Shareholder Value Creation”) with the aim to align the behavior of executives

critical to the business with shareholders’ interests, motivate executives to achieve long-term strategic objectives,

and enhance retention of key resources;

iv. Non-Monetary Benefits which are related to the overall remuneration and linked to the third pillar of Ferrari’s

remuneration policy (“Competitiveness”).

Regarding the LTI, during 2025, Ferrari had three long-term equity incentive plans in place, consistent with the

Company’s business plan presented at the Capital Markets Day in October 2025 and awarding to their beneficiaries, as the

case may be, a combination of performance share units (“PSUs”) and restricted share units (“RSUs”), each representing the

right to receive one Ferrari common share. The long-term equity incentive plans are based, among other factors, on an ESG-

related Factor Goal which accounts for 20 percent of the total LTI performance.

The ESG-related Factor Goal focuses on an Environment Factor and a Social Factor:

– 50 percent of it is based on the Reduction CO2 Carbon Emission following the milestones of the Ferrari’s

sustainability plan – Rolling KPI until 2030: for the intermediate years leading up to 2030, the amount of the

incentive attributed to this KPI will be assessed based on targets calculated through a year-by-year reduction

proportional to product development up to 2030. This methodical approach ensures a progression towards the final

targets established for the year 2030, allowing for a consistent and measurable tracking of the CO2 emission

reduction efforts in alignment with Ferrari’s long-term sustainability objectives.

– 50 percent of it is based on the maintenance of the Equal Salary certification or equivalent certification for Equity

Incentive Plans 2023-2025 and 2024-2026. The award of this certification is based not only on equal pay for men

and women, but in a more extensive way on targets of continuous improvement of diversity and inclusion culture

and inclusive environment. For Equity Incentive Plans 2025-2027, the factor is based on the level of female

presence in sub-top positions, set according to Ferrari’s Diversity Policy goal as well as ESG diversity target for

management disclosed in the Annual Report goals.


	2025	2024
Percentage of variable remuneration dependent on sustainability- related targets and (or) impacts (Long-term Incentive)	12,3	12,3

The Compensation Committee oversees the remuneration policy, remuneration plans and practices of Ferrari and

recommends changes when appropriate. The Committee is solely comprised of non-executive Directors who are independent

pursuant to the Dutch Corporate Governance Code. Ferrari’s current remuneration policy was approved by shareholders at

the 2024 AGM and will be resubmitted to a vote by the Company’s General Meeting at least every four years.

The Board of Directors determines the compensation for our executive Directors following the recommendation of

the Compensation Committee and with reference to the remuneration policy. The compensation structure for executive

Directors and FLT members includes a fixed component and a variable component based on short and long-term

performance.

For further information please refer to “Remuneration of Directors”.

Statement on due diligence

ESRS 2 GOV-4

The table below provides a mapping of the information related to the due diligence process.

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CORE ELEMENTS OF DUE DILIGENCE	PARAGRAPHS IN THE SUSTAINABILITY STATEMENT
a) Embedding due diligence in governance, strategy and business model	ESRS 2 - General disclosures \| Governance \| Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies ESRS 2 - General disclosures \| Governance \| Integration of sustainability-related performance in incentive schemes ESRS 2 - General disclosures \| Impact, risks and opportunities management
b) Engaging with affected stakeholders in all key steps of the due diligence	ESRS 2 - General disclosures \| Strategy, business model and value chain \| Interests and views of stakeholders ESRS 2 - General disclosures \| Impact, risks and opportunities management S1 - Own workforce \| Engaging Own Workforce S2 - Workers in the Value Chain \| Engaging Value Chain Workers S3 – Affected communities \| Engaging Affected communities S4 - Consumers and End-users \| Engaging Consumers and End-users
c) Identifying and assessing adverse impacts	ESRS 2 - General disclosures \| Impact, risks and opportunities management
d) Taking actions to address those adverse impacts	E1 - Climate Change \| Action related to Climate Change E2 - Pollution \| Actions related to Substances of concern and substances of very high concern E5 - Resource Use and Circular Economy \| Actions related to Resource Use and Circular Economy S1 - Own workforce \| Actions related to Own Workforce S2 - Workers in the Value Chain \| Actions related to Workers in the value Chain S3 – Affected communities \| Actions related to Affected communities S4 - Consumers and End-users \| Actions related to Consumers and End-users G1 – Business Conduct \| Management of relationships with suppliers
e) Tracking the effectiveness of these efforts and communicating	E1 - Climate change \| Targets related to Climate Change, Energy consumption and mix, Gross Scopes 1, 2, 3 and Total GHG Emissions, GHG removals and GHG mitigation projects financed through carbon credits, Internal carbon pricing E2 - Pollution \| Targets related to Substances of concern and substances of very high concern, Metrics related to Substances of concern and substances of very high concern E5 - Resource use and circular economy \| Targets related to Resource Use and Circular Economy, Resource Inflows, Resource Outflows S1 - Own workforce \| Targets related to Own Workforce, Metrics related to Own Workforce S2 - Workers in the value chain \| Targets related to Workers in the value Chain S3 – Affected communities \| Targets related to Affected communities S4 - Consumers and End-users \| Targets related to Consumers and End-users

Due diligence is an on-going practice that responds to and may trigger changes in the Company’s strategy, business

model, activities, business relationships, operating, sourcing and selling contexts. The actions described in the paragraphs

referenced in the table above are the starting point of a structured ESG due diligence activity, which will aim to extend all

suppliers in the coming years.

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Risk management and internal controls over sustainability reporting

ESRS 2 GOV-5

The sustainability reporting process is subject to internal controls that are based on risk assessment. In particular, the

internal control system focuses on a set of disclosures identified as “high-priority” KPI, determined based on a list of selected

parameters, such as feasibility, complexity, potential reputational and reporting risks. The high priority KPIs are included in a

“risk control matrix”, where controls are formalized and tracked.

The internal control system has been defined following the guidelines of the Internal Control over Sustainability

Reporting (ICSR) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and based on

the COSO Internal Control-Integrated Framework (ICIF). For the set of selected KPIs, the entire data flow is mapped from

primary data collection to consolidation and final validation, clearly defining roles and responsibilities. To mitigate the most

relevant risks resulting from those selected KPIs, the Group has implemented internal control and governance procedures to

ensure data consistency and accuracy on the information presented in this Sustainability Statement. The nature and frequency

of the controls vary based on the risks associated with each KPI. Depending on the control to be performed, different tools

are used, including internal files specifically designed to support the control and various software.

The main risks identified involve potential misstatements due to data elaboration or consolidation from primary

sources.

In relation to the data points considered as “high priority”, the risks identified are:

• Potential misstatements due to incorrect manual data entry, in relation to data referred to Energy, Waste, F-gas,

Emissions, and Social areas;

• Potential misstatements due to incomplete data (in relation to the same areas of reporting as above);

• Potential misstatements due to incoherent or wrongly measured data (Energy, Waste, F-gas and Social);

• Potential misstatements due to incorrect data extraction from IT systems (in relation to the same areas of reporting as

above);

• Potential misstatements due to errors in calculations, in particular for GHG data and social data;

• Potential misstatements due to wrong selection of conversion factors for calculations (Energy and GHG emissions)

These risks have been mitigated through the implementation of a control framework, mainly aimed to verify the

completeness and accuracy of the disclosure and data related to Energy, Waste, F-gas, Emissions, Social. Deadlines, actions,

objectives and disclosure are ultimately reviewed by Management, ESG Committee and Audit Committee. These controls are

periodically reviewed and enhanced to maintain a high standard of governance and to respond to evolving regulatory and

market requirements.

As mitigation strategies, envisaged controls (also at entity level) can be either preventive or detective, depending on

whether they are aimed at finding potential misstatements (detective) or rather avoid them (preventive). In relation to these

mitigation strategies, a monitoring plan was introduced to test the adequacy of the design and prospectively the effectiveness

of the controls in place to mitigate and reduce the identified risks. In case of any findings are identified, action plans are

promptly defined, agreed with the involved parties, and monitored contributing to an adequate mitigation of the underlying

risks. The level of assurance of the internal risk management and control systems provide that material operational and

compliance risks, related to sustainability, are effectively managed and no significant deficiency in the effectiveness of the

internal risk management and control systems has been identified.

The Group Internal Control and Sox Compliance Function is responsible for the risks mitigation and related

findings, and they periodically report updates and potential findings to the relevant management and supervisory bodies, in

particular the FLT and the Audit Committee respectively.

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Strategy, business model and value chain

ESRS 2 SBM-1

Our strategy focuses on maintaining our leading position in the luxury performance sports car market, while

enhancing and protecting the value and exclusivity of the Ferrari brand.

We aim to achieve profitable growth by pursuing the following strategies:

• Low volumes and controlled growth;

• Regular new model introductions and enhancements;

• Pursue excellence in racing and

• Controlled growth in adjacent luxury and lifestyle categories.

We will continue focusing our efforts on protecting and enhancing the value of our brand to preserve our strong

financial profile and fuel long term growth in existing and emerging markets, while expanding the Ferrari brand to carefully

selected lifestyle categories.

To ensure tangible long-term value creation and a continuing integration of our sustainability strategy, we place

particular emphasis on five pillars:

Exceeding expectations - Drive technological innovation while pursuing excellence in design and craftsmanship to

fuel the passion of our clients and enthusiasts.

Being the employer of choice - Provide an inclusive, educational, and inspiring work environment to unleash

everyone’s passion, creativity and talent.

Proactively fostering best practice governance - Maintain Ferrari’s corporate governance and risk management

systems aligned with best practices to ensure an ethical business conduct while providing superior and sustainable returns to

our shareholders.

Reducing our environmental footprint - Increase our environmental awareness to continuously set and implement

related programs and actions.

Creating and sharing value with the community - Encourage strategic partnerships and the creation of positive

externalities for all stakeholders.

The connection between Ferrari Sustainability Strategy material topics, relevant United Nations SDGs and Ferrari

sustainability pillars is disclosed in the table below:

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Sustainability Pillars	Aspiration	Relevant United Nations SDGs	Most relevant chapters of this Sustainability Statement	Ferrari material topics
Exceeding expectations	Drive technological innovation while pursuing excellence in design and craftsmanship to fuel the passion of our clients and enthusiasts.		S4-Consumers and End- users	Quality and safety
Reducing our environmental footprint	Increase our environmental awareness to continuously set and implement related programs and actions.		E1-Climate Change	Climate change
			E2-Pollution	Natural resources management
			E5-Resource Use and Circular Economy	Circular economy
Being the employer of choice	Provide an inclusive, educational, and inspiring work environment to unleash everyone’s passion, creativity and talent.		S1-Own Workforce	Talent attraction, retention and development
			S1-Own Workforce	Health, safety and well- being
			S1-Own Workforce	Diversity and inclusion
Creating and sharing value with the community	Encourage strategic partnerships and the creation of positive externalities for all stakeholders.		S3-Affected Communities	Responsibility towards the community and future generations
Proactively fostering best practice governance	Maintain Ferrari’s corporate governance and risk management systems aligned with best practices to ensure an ethical business conduct while providing superior and sustainable returns to our shareholders.		G1-Business Conduct / S4-Consumers and End- users	Ethics and Business Conduct
			S1-Own Workforce S2-Workers in the Value Chain	Human rights
			S1-Own Workforce S4-Consumers and End- users	Data responsibility and privacy

The above-mentioned material topics have been linked to the Sustainable Development Goals (SDGs) that are

impacted by our business. Each material topic is analyzed in the subsequent chapters and includes a qualitative description of

the management approach and, where available, selected performance indicators.

For additional information about the Ferrari Strategy, please refer to the “Overview”.

Ferrari is a one segment company, its business model is composed of three dimensions: Sports Cars, Racing and

Lifestyle.

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Sports Cars

Within our sports car line-up, our offer comprises four main pillars: Range, Special Series, Icona and Supercar. Our

current product portfolio includes nine Range models, four Special Series models, one limited edition Icona model and one

Supercar model. We also produce limited edition One-Off cars from time to time.

In 2025, we launched six new models: 296 Speciale, 296 Speciale A, Amalfi, 849 Testarossa, 849 Testarossa Spider

and the Ferrari Luce, our first full electric model that will join our Range model line-up. The first reveal phase of the Ferrari

Luce took place in October 2025, with the presentation of its key technical components and product development strategy,

and was followed in February 2026 by the unveiling of the interior design and the announcement of the model’s name.

Our diversified product offering may include different architectures, engine sizes, technologies, body styles and

seats.

We target end clients seeking high performance cars with distinctive design, state-of-the-art technology and

outstanding driving dynamics to maximize driving emotions. Our broad product portfolio is designed to fulfill the strategy of

“different Ferrari for different Ferraristi and different Ferrari for different moments”, which means being able to offer a

highly differentiated product line-up that can meet the varying needs of current and new customer segments (in terms of

sportiness, comfort, on-board space and design, amongst others) and that can allow our existing clients to use a Ferrari in

various moments of their lives.

We believe that our clients can be divided into two main categories: on the one hand, the “Sports Car Driver”, a

client looking for an elegant and understated design, who likes driving cars in a variety of locations and conditions, alone or

with passengers, and who uses Ferrari for longer journeys; on the other hand, the “Pilot”, a client looking for a high

performing and extreme sports car, who intends to drive cars on track and on challenging roads, and who is looking for an

exciting driving experience. We are also actively engaged in after sales activities driven, among other things, by the objective

of preserving and extending the market value of the cars we sell. We believe our cars’ performance in terms of value after a

period of ownership significantly exceeds that of any other brand in the luxury car segment, particularly for models whose

volumes are strictly limited (e.g. Special Series, Icona, Supercars).

In addition, we offer retail client financing for the purchase of our cars through the operations of Ferrari Financial

Services (“FFS”) in all our markets. Through FFS, we offer a range of flexible, bespoke financial and ancillary services to

clients (both current and new) interested in purchasing a wide range of cars, from our current product range to older pre-

owned and classic models. FFS also provides special financing arrangements to a selected group of our most valuable and

loyal customers.

Our markets are clustered into: (i) Europe, Middle East and Africa (“EMEA”), (ii) Americas, (iii) Mainland China,

Hong Kong and Taiwan and (iv) Rest of Asia-Pacific (“APAC”), which represented respectively 46.5 percent, 28.9 percent.

17.7 percent and 6.9 percent of units shipped in 2025. For more details, please refer to “Overview of Our Business—Sports

Car Line-Up”.

For additional information about our products, services and markets please refer to “Overview of Our Business—

Sports Car Line-Up”.

Racing

Participation in the FIA Formula 1 World Championship with Scuderia Ferrari and in the World Endurance

Championship with the Ferrari Endurance Team is a core element of our marketing effort and promotional activities, as well

as an important source of innovation for the support of the technological advancement of Ferrari’s product portfolio. We also

compete in the F1 Esports Championship with the Scuderia Ferrari Esports Team and we own the Mugello racing circuit in

Scarperia, near Florence, which we rent to racing events organizers.

For additional information about our products, services and markets please refer to “Overview of Our Business—

Racing”.

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Lifestyle

Ferrari’s presence in the wider luxury landscape is key to ensuring brand relevance across generations. The role of

the Ferrari Lifestyle is to foster growth by broadening our client base and expanding our value proposition beyond our core

business, while preserving our brand’s DNA, its heritage and values.

The goal and mission of our lifestyle strategy is bringing to life a universe that encapsulates Ferrari’s DNA while

accompanying our clients through different stages and moments of their lives.

Over the past years, to strengthen brand desirability, Ferrari entered into the personal luxury goods segment, a

critical segment to broaden our client base, amplifying cultural relevance for the brand especially for future generations. We

also launched our clothing and apparel collection through dedicated fashion shows. We created a new organizational

structure, formed by a dedicated and talented team with fashion and luxury expertise based in Milan and working closely with

our team in Maranello. We rationalized its licenses by terminating approximately half of its license agreements where the

product offering and distribution were not consistent with the positioning of the Ferrari brand. We completed the

rationalization of the retail network by closing 7 franchised stores and 4 directly operated stores considered unsuitable for

Ferrari’s luxury positioning. We have since relocated and restyled our existing flagship boutiques and opened 3 new ones in

the United States. Our international network of Ferrari Stores consisted of 16 Ferrari-owned directly operated stores and 2

franchised stores as of December 31, 2025.

Looking ahead, the focus remains on delighting our community of Ferraristi on one side and tifosi on the other.

Ferrari Lifestyle has three pillars: Personal Luxury Goods, Collectibles and Experience.

Personal Luxury Goods – dedicated to our own refined collection – accessories, apparel and selected merchandising

– embodies the style, creativity and quality that we stand for, balancing exclusiveness and inclusiveness through a carefully

combined mix of product categories. Importantly, we aim to further strengthen partnerships with selected licensees, which

will allow us to play in complementary territories/categories while being loyal to our brand’s DNA and positioning. Through

our network of directly operated stores, we offer a wide range of Ferrari branded products, including our fashion collection

and selected merchandising and licenses.

Collectibles – builds on the concept of collectability by enlarging and customizing the portfolio of available Ferrari

tokens and the offer of Ferrari-branded products such as high-end watches and high-end writing instruments, consumer

electronics, sportswear, toys, leading video games, and other accessories.

Experience, through which we intend to nurture our heritage and celebrate our craftsmanship through dedicated and

tailor-made experiences. We capture the essence of the Ferrari spirit by immersing customers in the racing history, passion

and values of Ferrari, through our Ferrari museums in Modena and Maranello (which attracted more than 890,000 visitors in

2025), Il Cavallino restaurant in Maranello and our theme parks in Abu Dhabi and Spain.

For additional information about our products, services and markets please refer to “Overview of Our Business—

Lifestyle”.

Although Ferrari is a one segment company, each dimension corresponds to a group of products connected with

different material actual impacts or material potential negative impacts. In particular, in 2025, only the Lifestyle dimension

did not account for more than 10 percent of Ferrari’s revenues.

Human capital is a crucial factor in our success, building on our position as a global leader in the luxury

performance car sector and creating long-term sustainable value. On December 31, 2025, we had a total of 5,718 employees,

including 161 managers and senior managers. Of these employees, 5,367 were based in Italy (primarily at our Maranello

facility) and 351 were based in offices around the world (including 28 managers and senior managers), mostly in North

America and China.

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	December 31,
	2025	2024	2023
White-collar employees and middle-managers	2,954	2,769	2,568
Italy	2,640	2,458	2,282
Rest of the world	314	311	286
Blue-collar employees	2,603	2,496	2,259
Italy	2,594	2,488	2,250
Rest of the world	9	8	9
Managers and senior managers	161	170	161
Total	5,718	5,435	4,988

No Ferrari product or service is banned in any market.

As long as the sector specific ESRS are not available, Ferrari will not be able to disclose the breakdown of total

revenue by significant ESRS sector.

Our sports cars concur to reach our decarbonization aspiration and our commercial strategy depends on the

following product strategy: Different Ferrari for different Ferraristi and different Ferrari for different moments. This ensures

maximum flexibility for our clients, hence to date, Ferrari has not identified specific customer categories with particular

requirements. Our vehicles are designed in compliance with the regulatory standards of the market for which it is intended,

ensuring alignment with local requirements.

Our dedication to excellence and our pursuit of innovation, cutting-edge performance, and distinction in design and

engineering in our luxury cars are intrinsically linked to our commitment to integrity, transparency, and responsibility in

every aspect of our business operations.

By fully integrating environmental and social considerations with economic objectives we are able to identify

potential risks and capitalize on additional opportunities, resulting in a process of continuous improvement. Sustainability is a

core element of our governance model and executive management plays a direct and active role in developing and achieving

our sustainability objectives under the direction of our Board of Directors. As a clear demonstration of this commitment, we

have strengthened the integration of environmental topics in our strategic plan by confirming, in October 2025, the

decarbonization strategy that will help us reach our decarbonization targets in our own operations by 2030. Please refer to

“E1—Climate change—Transition plan for climate change mitigation”.

We also aim to guarantee a just transition, able to secure workers’ rights and livelihoods when economies are

shifting to low-carbon production. We focus on ensuring continuous progress across all training domains to maintain know-

how continuity and strengthen employee skills, aligned with our ambitions for the future. The foundation of a responsible

company rests on being fully attentive to the nature and extent of this interconnection, as well as understanding of both the

potential effects of its activities and how those effects can be mitigated through responsible management.

Below is the representation of the main features of Ferrari’s upstream and downstream value chain, and Ferrari’s

position within it. Additionally, to provide a comprehensive understanding of our operations we describe our inputs, outputs

and outcomes.

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The inputs that enable Ferrari to carry out its activities and define its operational capacity consist of its productive

and infrastructural assets (buildings and production machinery, warehouses, circuits, hardware & software, etc.), energy and

natural resources, as well as raw materials (e.g. steel, aluminum and conflict minerals) and components (e.g. transmissions

and brakes) essential for Ferrari’s production activities. These inputs are sourced through a robust and strategic network of

partnerships with key suppliers.

The output is represented by the products sold and the services provided by Ferrari to its clients in each dimension.

For Sports Cars we refer to current models (Range models, Special Series, Icona, One - Off and Supercar) and Classiche, as

well as client events, experience and services. For Racing activities, we refer to Formula 1, Endurance competitions, Esports

and Ferrari Driving Academy. Lifestyle includes Personal Luxury Goods, Collectibles and Experience.

The outcome corresponds to the systemic impact generated on its stakeholders, including shareholders, in terms of

economic value creation (revenues and profitability as well as shareholders’ reward through dividends and share

repurchases), technologies and innovation for the automotive sector and racing, economic and employment benefits for the

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local area and the affected communities, experience, know-how and talent development for its employees, driving

performance, design and exclusivity for its clients. Finally, within actual externalities, GHG emissions, waste and scraps

represent the main negative consequences of Ferrari activities.

For a better understanding of Ferrari’s value chain, please refer to “Overview of Our Business” chapter.

Interests and views of stakeholders

ESRS 2 SBM-2

We believe it is important to develop forms of communication and collaboration with both our internal and external

stakeholders that allow us to understand their needs, interests and expectations.

Our approach to engaging stakeholders aims for honest, clear, and effective communication and consultation, based

on constant dialog. Fully understanding the needs and perspectives of our stakeholders is a fundamental part of the value

generation process (business model) and the definition of our strategy which we continuously strive to promote both inside

and outside our organization.

We believe that this approach is a key element of sustainable and lasting growth, with a view to conciliate interests

and expectations, especially of clients, investors and regulators whose guidance can help us adopt the best strategic drivers.

With this in mind, over the years we set an ongoing process of stakeholder engagement carrying out initiatives with

different levels of interaction and methods of involvement.

Our Stakeholder Engagement Practice, inspired by the values and principles of the Code of Conduct, seeks to give

all directors, managers and employees of Ferrari, and anyone else working for it or on its behalf, guidelines on the right

methods and forms of interaction with different stakeholders.

In line with the Stakeholder Engagement Practice, in 2025 we carried out specific activities to enhance the voice of

our stakeholders on sustainability topics.

⁷ Supplier engagement activities do not include workers in the value chain.

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These engagement activities are an important part of the sustainability approach that helps us identify potential

updates in our sustainability impact areas, risks and opportunities, as well as support management in achieving the

Company’s objectives.

Stakeholder Dialogue


Stakeholders	Areas of interest	Communication methods
TIFOSI AND FERRARI LOVERS	• Racing • Sports Cars • “Ferrari Classiche” • Brand Value • Innovation • Lifestyle	› Motorsport events › Sports cars unveilings › Ferrari Magazine › Earned media, website, social media
FERRARISTI	• Image and brand reputation • Clients satisfaction • Product technology, design quality and safety • Privacy and security • “Ferrari Classiche”	› Client relations: client and driving events › Client satisfaction survey › Media, website, social media › MyFerrari app
BUSINESS AND LICENSING PARTNERS	• Image and brand reputation • Continuity of the service • Contract terms and conditions • Financial soundness	› Meetings › Website
GOVERNMENT, REGULATORS AND SPORTS INSTITUTIONS	• Compliance with the law • Sport fair play	› Dialogs concerning new regulations and available technologies › Racing › Annual Report › Website
EMPLOYEES AND TRADE UNIONS	• Motivation and development • Work-life balance • Welfare • Health, safety and well-being • Equal opportunities • Industrial relations • Ethical business conduct	› Induction for new employees and training programs › Internal initiatives › Meetings with Top Management › Collective bargaining agreements › Participation in management-worker health and safety committees › Website, social media › Intranet platform “Noi Ferrari”
SPONSORS	• Racing • Image and brand reputation	› Racing › Website, social media, Scuderia Ferrari App
COMMUNITY AND UNIVERSITIES	• Support local initiatives • Employment support	› Partnerships with universities › Meetings and local events › Website, social media › Sustainability workshops
MEDIA AND INFLUENCERS	• Transparency • Racing • Image and brand reputation • Product technology, design quality and safety	› Racing › Press releases › Website, social media › Communication with journalists › New model/technology launch events
SUPPLIERS 7	• Continuity of the service • Supplier risk assessment • Contract terms and conditions	› Website › Meetings › Contractual documents

⁸ Dealer engagement activities do not include workers in the value chain.

⁹ We identify our clients as Ferraristi.

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FINANCIAL COMMUNITY AND SHAREHOLDERS	• Market transparency • Financial soundness • Economic performance • Corporate governance	› Financial earnings › Investor conference › Roadshow › Website
DEALERS 8	• Image and brand reputation • Transparency • Motivation and development	› Communication with Management › Convention › Training courses › Website

As explained in the “ESRS 2—General disclosures—Strategy, business model and value chain” paragraph, in order

to define our strategy and our business model, particularly clients, investors and institutions views are taken into account.

We support our brand value by promoting a strong connection with the Ferrari community: our tifosi, Ferrari lovers

and Ferraristi 9. We focus on strengthening this connection by rewarding our most loyal clients through a range of initiatives.

In addition, we are able to collect their opinions and trends through our satisfaction surveys and other activities. For

information about the organization and the purpose of the surveys, as well as how the outcomes are taken into account by

Ferrari, please refer to “S4—Consumers and End-user—Engaging Consumers and End-users”.

According to the Stakeholder Engagement Practice, the results and feedback from stakeholders are analyzed to build

suitable action plans to constantly improve company performance, on the basis of expectations of primary interest to its

stakeholders.

To this end, Ferrari ensures that the results are documented and communicated appropriately inside and outside of

the Company, also to respond to the points of focus raised in interactions with stakeholders.

In our strategy, we also take into consideration the regulatory situation on sustainability matters that affect our

business. For that reason, we analyzed for each country in which Ferrari operates through points of sale, the regulatory

situation concerning the ICE (Internal Combustion Engine) powertrain. In this respect, we might pursue direct dialogue with

national and international institutions, or with other regulatory bodies. Moreover, we are part of ACEA (European

Automobile Manufacturers’ Association) and other associations that represent the interests of vehicles manufacturers.

On the other hand, as far as local institutions are concerned, we have a direct dialogue, especially with the

administrations of the municipalities of Maranello and Fiorano, regarding activities for the local communities and

administrative fulfillments.

We rely on a significant number of suppliers who play an important part in the success of the Group. For the

sourcing of certain key components with high technological specifications, we have developed strong synergistic

relationships with some of our suppliers, which are considered “key strategic innovation partners”. We continue to invest

significantly to minimize our environmental impact. Our vehicles must comply with extensive regional, national, and local

laws and regulations, as well as industry self-regulations (including those that regulate vehicle safety).

The high attention and care towards our products are the foundation upon which our success is built, and this is

achieved thanks to the efforts of our employees.

Ferrari is a dual-listed company, therefore, the financial discipline, enhanced through the relationship with the

financial community and shareholders, further supports the Company in pursuing its business targets.

In 2025, in order to maintain an open, transparent and long-term dialogue, we carried out a stakeholder engagement

initiative involving a group of suppliers and investors, selected based on their strategic relevance, ESG maturity and size.

Investors were asked to complete a self-filled guided questionnaire. Suppliers completed a guided questionnaire during a one-

to-one interview. The activities were designed to collect stakeholders’ insights on topics most relevant to their activities:

suppliers were asked to assess the actual and potential impacts generated by their own operations and value chains, while

investors were invited to share their perspective on Ferrari’s sustainability strategy. These inputs supported the identification

of emerging material impacts and guided the assessment of those already identified.

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Finally, we regularly engage with our investors to better understand what they consider to be the main ESG drivers

for Ferrari, as well as participate every year in a variety of ESG questionnaires such as the S&P Global Corporate

Sustainability Assessment (CSA), ranking in the top quartile of our industry in the last assessment, the CDP Climate Change

and CDP Water questionnaires, obtaining a “A-” and “B” rating respectively in 2025 . All these activities allowed us to

further strengthen our materiality analysis.

In 2025, no amendments to the Ferrari strategy and business model occurred following our stakeholder engagement.

Regarding the engagement by the Board and/or any of its members, the Chairman of the Board shall ensure that the

Board is informed at the first appropriate meeting about the developments and significant contents of the engagement that has

taken place with the stakeholders.

The sustainability statement may not include every impact, risk and opportunity or additional entity-specific

disclosure that each individual stakeholder (group) may consider important in its own particular assessment. For more

information about the engagement of stakeholders in the process of double materiality please see “ESRS 2—Impacts, risks

and opportunities management—Double materiality assessment methodology”.

¹⁰ “EFRAG IG 1: Materiality assessment implementation guidance”.

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Impacts, risks and opportunities management

ESRS 2 SBM-3, IRO-1, IRO-2

Materiality analysis is the process of identifying the topics that are relevant for the Group, based on an assessment of

impacts, risks and opportunities.

In 2025, we conducted the double materiality analysis according to the requirements of the European Sustainability

Reporting Standard and the related guidelines 10. We re-assess our sustainability matters annually, based on regulatory

developments, business developments and stakeholder engagement. We updated the analysis of the most relevant

sustainability topics (materiality analysis) for the Group and our stakeholders, to better reflect the sustainability context

developments, the changes in our drivers and goals, as well as our 2026-2030 Strategic Plan and sustainability strategy.

The following table shows, for comparative purposes, the link between ESRS topics and Ferrari’s material topics.


ESRS Topic	Sub Topic	Sub-sub topic	Ferrari material topics
Climate change	Climate Change Mitigation Energy	-	Climate Change
Pollution	Substances of concern Substances of very high concern	-	Natural resources management
Resource use and circular economy	Waste Resources inflows, including resource use Resource outflows related to products and services	-	Circular Economy
Own workforce	Working conditions	Work-life balance Health and safety	Health, safety and well-being
Own workforce	Equal treatment and opportunities for all	Gender equality and equal pay for work of equal value Employment and inclusion of persons with disabilities Diversity	Diversity and Inclusion
Own workforce	Other work-related rights	Privacy	Data Responsibility and Privacy
Own workforce	Working conditions Equal treatment and opportunities for all	Secure employment Working time Adequate wages Training and skills development	Talent attraction, retention and development
Own workforce	Equal treatment and opportunities for all	Training and skills development	Talent attraction, retention and development
Workers in the value chain	Equal treatment and opportunities for all	Gender equality and equal pay for work of equal value The employment and inclusion of persons with disabilities Measures against violence and harassment in the workplace Diversity	Diversity and Inclusion
Workers in the value chain	Other work-related rights	Child labor Forced labor	Human Rights

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Workers in the value chain	Working conditions	Working time Adequate wages Social dialogue Freedom of association, including the existence of work councils Collective bargaining Work-life balance	Human Rights
Affected communities	Communities’ economic, social and cultural rights	N/A	Responsibility towards the community and future generations
Consumers and/or end-users	Information-related impacts for consumers and/or end-users	Privacy	Data Responsibility and Privacy
Consumers and/or end-users	Personal safety of consumers and/or end-users	Health and safety Security of a person	Quality and Safety
Consumers and/or end-users	Information-related impacts for consumers and/or end-users Social inclusion of consumers and/or end-users	Access to quality information Responsible marketing practices	Ethics and Business Conduct
Business conduct	Corporate culture Protection of whistle-blowers Corruption and bribery	Prevention and detection training	Ethics and Business Conduct
Business conduct	Management of relationships with suppliers including payment practices	-	Ethics and Business Conduct

Double materiality assessment methodology

To determine the disclosures in our Sustainability Statement, we followed a Double materiality assessment process

with four main steps:

• Analysis of the internal and external context

• Identification of potential sustainability impacts, risks and opportunities

• Impacts, risks and opportunity evaluation

• Validation of the impacts, risks and opportunities

The identification and assessment of material risk are integrated in the Risk Management system (ERM). In

particular, sustainability-related risks are identified through a specific classification, defined internally.

We take an integrated approach to risk management, where risk assessment is part of the FLT agenda. The Board of

Directors is responsible for considering the ability to control and manage risks crucial to achieve its identified business

targets and to ensure continuity of the Group. The Board of Directors designs, implements, and maintains internal risk

management and control systems. In executing such responsibilities, it is assisted by the Audit Committee, which is

responsible for advising the Board of Directors and acts under the authority delegated by the Board of Directors with

reference to internal controls and risk management systems. The FLT is responsible for the deployment and maintenance of a

risk management system across our business functions.

For further information see “Risk Management Process and Internal Control System”.

1. Analysis of the internal and external context

We have analyzed Ferrari’s strategy, targets and ambitions in the field of sustainability. Additionally, we analyzed

risks relevant to the Group in the ESG-related areas and internal policies in the field of sustainability, considering Ferrari’s

three dimensions, their value chains, as well as all our business relationships and geographies. The external context analysis

included the identification of our key stakeholders (see “ESRS 2—General disclosures—Strategy, business model and value

chain—Interests and views of stakeholders”), the mapping of Ferrari business relationships and upstream and downstream

value chain (see “S2—Workers in the Value Chain”). Furthermore, starting in 2025, the external context analysis was also

supported by an analysis conducted on suppliers' industrial sectors through the UNEP-FI Impact Materiality Tool, which

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enabled the identification of the impact areas requiring closer attention depending on the nature of the supplier’s activities

and the country in which they operate.

2. Identification of impacts, risks and opportunities

Within this stage, last year we started from a deeper analysis of the ESRS list of topics, sub-topic and sub-sub topics,

identifying the impacts and opportunities potentially applicable to Ferrari. This year we complemented the analysis with a

benchmarking activity, which enabled us to identify double materiality assessment best practices and to determine which

elements should be incorporated into Ferrari’s evaluation. The benchmarking activity focused on the analysis of

Sustainability Statements published by peer companies in the automotive and luxury sectors that reported according to ESRS

standards. Specific impacts have been identified, as in the previous year, considering the positive or negative, actual or

potential effects of Ferrari on different stakeholders and the environment, including impacts on human rights, across our

activities and business relationships in the value chain. Moreover, we integrated the potential risks identified inside the ERM

system.

During the identification of risks and opportunities, dependencies and external impacts have been considered, taking

into account both the effects of Ferrari on the external environment and the Company’s reliance on critical external factors

such as raw materials, resources, and specialized expertise.

3. Impacts, risks and opportunity evaluation

In this phase, we defined the criteria and scales to assess the IROs. In particular, we assessed our impact (inside-out

perspective) taking into account their severity and likelihood. The severity was assessed using 1 (small) to 5 (extreme)

scoring, considering scale, scope and for negative impact irremediability. The likelihood was assessed using 1 (unlikely) to 5

(very likely) scoring. Both negative and positive impacts were evaluated gross (before any mitigating actions). This year, we

further explored the impacts of our supply chain through the aforementioned supplier analysis. For the financial materiality

analysis (outside-in perspective), risks were assessed according to the ERM methodology involving residual evaluation by

severity and likelihood. Whereas opportunities were assessed according to criteria and metrics defined on the basis of the

ERM methodology, considering residual evaluation by severity and likelihood. For risks, three variables (likelihood, impact

and preparedness) are assessed independently on the basis of company metrics; these elements are then multiplied and the

product obtained through this operation, the defined overall risk exposure, is the input for placing risks on a heat map that has

four different risk areas (Tier 1, Tier 2, Watching Area, Residual Area). The severity was assessed using 1 (very low) to 5

(very high) scoring, considering four different drivers of evaluation: strategic/market, economic/financial, operational and

reputational. Additionally, the final score of severity resulted also from considering the preparedness, which is the degree of

control, protection and readiness that Ferrari ensures thanks to the current actions, processes and levers, and their

effectiveness. The likelihood was assessed using 1 (very low) to 5 (very high) scoring considering three different drivers:

qualitative (uncertain contexts), quantitative (measurable contexts) and frequency (predictable contexts). During the

evaluation process we assessed each IRO within the most relevant time horizon, considering short, medium and long term as

described in ESRS 1 and considering the impact related both to our own operations and to our upstream and downstream

value chain.

In particular, the Sustainability function involved the Ferrari competent departments to evaluate each impact and

opportunity, through one-to-one interviews. The evaluation of sustainability related risks has been conducted through the

ERM assessment.

Moreover, the impact evaluation process has included consultation with our key stakeholders. Since 2018, Ferrari

has actively engaged with key stakeholders (clients, suppliers, dealers, investors, universities, schools and communities) to

assess severity and likelihood of impacts that are relevant for stakeholders and validate the impacts that have been assessed

by Ferrari as material. As part of this validation phase, in 2025 we carried out a stakeholder engagement with suppliers and

investors through dedicated ESG meetings and questionnaires and their involvement on the validation of Ferrari sustainability

matters. The insights gathered through these engagement processes were included in the double materiality assessment.

4. Validation of the impacts, risks and opportunities

The Sustainability function defined a quantitative threshold mechanism, based on the double materiality

methodology and relevance assessment previously performed. For both impacts and opportunities, the threshold has been set

higher than 8 as a result of the product between severity and likelihood (on a maximum of 25). To identify the risks that are

¹¹ All material negative impacts on social topics are related to individual incidents.

¹² We consider as short-term time horizon within 1 year; for the medium-term time horizon between 1 and 5 years; and for the long-term time horizon

beyond 5 years.

¹³ For the composition of the value chain of Ferrari N.V. please refer to “ESRS 2—General disclosures—Strategy, business model and value chain”.

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relevant for the materiality assessment, the threshold has been defined to include all risks that are within the two highest

levels of overall risks exposure (Tier 1, Tier 2). This process enables us to identify the material IROs.

The Double materiality assessment was prepared under the supervision of Ferrari Group’s Chief Financial Officer

and the results were approved by the FLT and by the Audit Committee of the Board of Directors.

Based on the materiality assessment, Ferrari has determined the Disclosure Requirements related to each material

IROs to be disclosed in this Statement in line with ESRS 1, AR 16 and EFRAG ID 177.

The table below presents the material impacts, risks and opportunities and their related topic, in the same order as

reported in ESRS 1, AR 16.

The material IROs reveal our strategic sustainability priorities and contribute to adapting our strategy as shown in

the columns “Sustainability strategy pillars” that identify how the impacts are connected to the Ferrari strategy. For more

details on our sustainability strategy pillars and how sustainability topics are connected see the table in “ESRS 2—General

disclosures—Strategy, business model and value chain”.


ESRS	FERRAR I MATERI AL TOPICS	MAIN IMPACTS 2025 11	NAT URE	TIME HORIZ ON 12	PERIMETE R 13	SUSTAIN ABILITY STRATE GY PILLAR	DIMENSI ONS	IMPACTED STAKEHOLDER
E1	Climate Change	Energy consumption (within the organization) and related Greenhouse gas emissions (Scope 1 / Scope 2) with negative impact on climate change and the community (e.g. Maranello)	Actual Negati ve	● ○ ○	□ ◘ □	Reducing our environme ntal footprint	Sports Cars/ Racing/ Lifestyle	Own workforce Affected communities Workers in the value chain Consumers Environment
		Energy consumption and related GHG emissions for downstream activities (e.g. outbound logistics, vehicles usage and use of sold products) (Scope 3) with negative impact on climate change	Actual Negati ve	● ○ ○	□ □ ◘	Reducing our environme ntal footprint	Sports Cars/ Racing/ Lifestyle	Own workforce Affected communities Workers in the value chain Consumers Environment
		Energy consumption and related GHG emissions for upstream activities (e.g. raw material purchased and inbound logistics) (Scope 3) with negative impact on climate change	Actual Negati ve	● ○ ○	◘ □ □	Reducing our environme ntal footprint	Sports Cars/ Racing/ Lifestyle	Own workforce Affected communities Workers in the value chain Consumers Environment
E2	Natural resources managem ent	Group’s contribution to pollution due to substances of concern and substances of very high concern	Potent ial Negati ve	● ○ ○	□ ◘ □	Reducing our environme ntal footprint	Sports Cars/ Lifestyle	Own workforce Affected communities Workers in the value chain Environment Consumers

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E5	Circular Economy	Production of hazardous / non- hazardous waste along Ferrari's industrial activities	Actual Negati ve	● ○ ○	□ ◘ □	Reducing our environme ntal footprint	Sports Cars/ Racing/ Lifestyle	Own workforce Affected communities Environment
		Production of hazardous / non- hazardous waste by the value chain	Actual Negati ve	● ○ ○	◘ □ □	Reducing our environme ntal footprint	Sports Cars/ Racing/ Lifestyle	Affected communities Workers in the value chain Environment
		Promotion of circularity within the value chain to reduce the use of natural resources and waste produced by suppliers	Actual Positi ve	● ○ ○	◘ □ □	Reducing our environme ntal footprint	Sports Cars/ Racing/ Lifestyle	Environment
		Reduction of waste thanks to the increase of durability, reparability and recyclability of spare parts (e.g. racing and sports cars) or products (e.g. lifestyle)	Potent ial Positi ve	● ○ ○	□ ◘ □	Reducing our environme ntal footprint	Sports Cars/ Racing/ Lifestyle	Environment
S1	Talent attraction, retention and developm ent	Positive impacts on employees’ motivation and sense of belonging thanks to secure employment and working time, competitive remuneration, benefits, training opportunities and career development	Actual Positi ve	● ○ ○	□ ◘ □	Being the employer of choice	Sports Cars/ Racing/ Lifestyle	Own workforce Consumers
	Talent attraction, retention and developm ent	Inadequate development programs could lead to high turnover and generates loss of strategic expertise and know-how with a potential damage on stakeholders (e.g. clients)	Potent ial Negati ve	● ● ○	□ ◘ □	Being the employer of choice	Sports Cars/ Racing/ Lifestyle	Own workforce Consumers
	Diversity and Inclusion	Increasing Ferrari’s employee’s satisfaction and engagement by promoting awareness and culture about diversity and inclusion	Actual Positi ve	● ○ ○	□ ◘ □	Being the employer of choice	Sports Cars/ Racing/ Lifestyle	Own workforce
	Health, safety and well- being	Work-life balance, attention to mental health with positive impacts on employees’ physical and mental well-being	Actual Positi ve	● ○ ○	□ ◘ □	Being the employer of choice	Sports Cars/ Racing/ Lifestyle	Own workforce
	Health, safety and well- being	Work-related injuries (employees, workers whose work or workplace is controlled by Ferrari) expose employees to physical, psychological or safety consequences	Potent ial Negati ve	● ○ ○	□ ◘ □	Being the employer of choice	Sports Cars/ Racing/ Lifestyle	Own workforce
	Data Responsib ility and Privacy	Willful and/or unintentional security breaches involving confidential business information or employee personal data with potential damage to them resulting from the unlawful use of such information	Potent ial Negati ve	● ○ ○	□ ◘ □	Proactivel y fostering best practice governanc e	Sports Cars/ Racing/ Lifestyle	Own workforce

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S2	Diversity and Inclusion	Possible incidents of discrimination (including gender discrimination in remuneration) and/or abuse affecting life quality and work conditions for workers in the value chain	Potent ial Negati ve	● ○ ○	◘ □ □	Proactivel y fostering best practice governanc e	Sports Cars/ Racing/ Lifestyle	Workers in the value chain
	Human Rights	Possible violation of human rights along the value chain (e.g. right to freedom of association and collective bargaining, child labor, forced or compulsory labor also related to conflict minerals) with impacts on human dignity	Potent ial Negati ve	● ○ ○	◘ □ □	Proactivel y fostering best practice governanc e	Sports Cars/ Racing/ Lifestyle	Workers in the value chain
	Human Rights	Inadequate working conditions with serious physical and psychological consequences on workers' health in the value chain (e.g. violations of fundamental rights, including excessive working hours, insufficient wages, restrictions on freedom of association and difficulties in maintaining a healthy work-life balance).	Potent ial Negati ve	● ○ ○	◘ □ □	Proactivel y fostering best practice governanc e	Sports Cars/ Racing/ Lifestyle	Workers in the value chain
S3	Responsib ility towards the communit y and future generatio ns	Support community education through general and technical programs	Actual Positi ve	● ○ ○	□ ◘ □	Creating and sharing value with the communit y	Sports Cars/ Racing/ Lifestyle	Affected communities
S3		Impact on the community (e.g. Maranello) wealth thanks to the employment (e.g. job opportunities for local students, financial stability of employees)	Actual Positi ve	● ○ ○	□ ◘ □	Creating and sharing value with the communit y	Sports Cars/ Racing/ Lifestyle	Affected communities

200


S4	Quality and Safety	Reduced level of vehicle safety and quality with consequent increased risks for clients	Potent ial Negati ve	● ○ ○	□ ◘ □	Exceeding expectatio ns	Sports Cars/ Racing	Consumers
	Ethics and Business Conduct	Reduced customer satisfaction/ experience, limited customer choice and/or safety risks in the event of lack of access to information or in the event of access to partial or misleading information	Potent ial Negati ve	● ○ ○	□ ◘ □	Proactivel y fostering best practice governanc e	Sports Cars/ Racing/ Lifestyle	Consumers
	Data Responsib ility and Privacy	Willful and/or unintentional security breaches involving confidential business information or clients personal data with potential damage to them resulting from the unlawful use of such information	Potent ial Negati ve	● ○ ○	□ ◘ □	Proactivel y fostering best practice governanc e	Sports Cars/ Racing/ Lifestyle	Consumers
G1	Ethics and Business Conduct	Promoting awareness and culture about ethics of Ferrari management, employees, business partners and other stakeholders, through training programs prevents negative behavior and enhances employees awareness and responsibility	Actual Positi ve	● ○ ○	□ ◘ □	Proactivel y fostering best practice governanc e	Sports Cars/ Racing/ Lifestyle	Own workforce Affected communities Workers in the value chain
G1	Ethics and Business Conduct	Financial negative impacts affecting suppliers, especially SMEs, due to late payments on the contractual payment terms	Potent ial Negati ve	● ● ○	□ ◘ □	Proactivel y fostering best practice governanc e	Sports Cars/ Racing/ Lifestyle	Own workforce Affected communities Workers in the value chain

● ○ ○ Short term ● ● ○ Medium Term ● ● ● Long Term

◘ □ □ Upstream □ ◘ □ Own Operation □ □ ◘ Downstream

The column “Perimeter” identifies where the material impacts are concentrated in Ferrari’s own operations and

value chain, whereas the column “Dimensions” identifies where the material impacts are concentrated in Ferrari’s business

model.

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ESRS	FERRARI MATERIAL TOPICS	MAIN RISKS 2025	SUSTAINABILITY STRATEGY PILLAR	DIMENSIONS	DEPENDENCIES/ IMPACTS
E1	Climate Change	Fast paced and uncertain laws and technical regulations proliferation: environmental regulatory tightening (e.g., CO2 reduction), enhanced by societal pressures and uncertainty in timing/type of future approval constraints	Reducing our environmental footprint	Sports Cars/Racing	-
S1	Talent attraction, retention and development	Usage of external resources that can have critical competence and know- how, and deal with strategic projects	Being the employer of choice	Sports Cars/ Racing/Lifestyle	Dependency on human resource
S2	Human Rights	Potential non-compliance by third parties (e.g., suppliers, dealers, sponsors etc.) with laws and regulations requirements regarding labor practices, working conditions, and human rights of workers employed.	Proactively fostering best practice governance	Sports Cars/ Racing/Lifestyle	Possible violation of human rights along the value chain (e.g. right to freedom of association and collective bargaining, child labor, forced or compulsory labor also related to conflict minerals) with impacts on human dignity
S4	Quality and Safety	Fast paced and uncertain laws and technical regulations proliferation: Regulatory tightening on safety (e.g., system, speed limits, autonomous drive / ADAS), noise (i.e., limits on dB emitted) and software update (e.g. R156), enhanced by societal pressures and uncertain in timing/type of future approval constraints	Exceeding expectations	Sports Cars/ Racing/Lifestyle	-

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ESRS	FERRARI MATERIAL TOPICS	MAIN OPPORTUNITIES 2025	SUSTAINABILITY STRATEGY PILLAR	DIMENSIONS	DEPENDENCIES/ IMPACTS
E1	Climate Change	Energy efficiency: Using renewable energy at a reduced cost plus investing in low carbon technologies that could result in lower carbon footprint, lower energy consumption and lower energy costs	Reducing our environmental footprint	Sports Cars/Racing	Dependency on natural resources
E5	Circular Economy	Circular economy manufacturing initiatives implemented: (1) use of recycled materials (2) recovery of production waste for recycling (3) projects aimed at ensuring an extension of product life	Reducing our environmental footprint	Sports Cars/Racing/ Lifestyle	Dependency on natural resources
S1	Talent attraction, retention and development	Increased responsiveness to market challenges by re-skilling and up-skilling employees	Being the employer of choice	Sports Cars/Racing/ Lifestyle	-
	Talent attraction, retention and development	Employee satisfaction & retention - The matter includes adequate wages, training and development of employees: attracting, retaining and developing the best talent through policies and practices related to employees as an opportunity for the company	Being the employer of choice	Sports Cars/Racing/ Lifestyle	Positive impacts on employees’ motivation and sense of belonging thanks to secure employment and working time, competitive remuneration, benefits, training opportunities and career development
	Diversity and Inclusion	Diversity of governing body/executive team - The capabilities and perspectives of board/executive team members are important for making robust decisions on an ongoing basis	Being the employer of choice	Sports Cars/Racing/ Lifestyle	Impacts on Ferrari’s employee's satisfaction and engagement by promoting awareness and culture about diversity and inclusion
S3	Responsibility towards the community and future generations	Improved reputation and acquisition of new skills/expertises through stronger relationships with local communities and wealth generation (e.g. collaboration with schools and universities, local job creation, support for small local businesses)	Creating and sharing value with community	Sports Cars/Racing/ Lifestyle	Support community education through general and technical programs

Material risks and opportunities are concentrated mainly on Ferrari’s own operations. The columns “Dimensions”

identify where in Ferrari’s business model the material risks and opportunities are concentrated. The columns “Sustainability

strategy pillars” identify how the impacts are connected to the Ferrari strategy.

Considering the material risks and opportunities, we identified current financial effects only related to the risk ‘Fast

paced and uncertain laws and technical regulations proliferation’ resulting in provisions of approximately €11 million, which

form part of the category “Environmental and other risks” (see Note 23—Provisions of the Consolidated Financial

Statements).

We did not identify any significant risk of material adjustment within the following annual reporting period to the

carrying amounts of assets and liabilities reported in the related financial statements.

Compared to the previous year, the following risks fell below the materiality threshold in 2025:

– (E1) “Challenge in targeting Ferrari Carbon Footprint strategy related to Scope 3 Indirect Emissions with main focus

on Upstream”: the lower evaluation of this risk reflects that, in order to achieve Scope 3 targets, the current

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regulatory and market context, combined with robust mitigation measures, has led to the risk being reassessed as

non-material, while the Company’s remains committed to decarbonization;

– (S1) “Cybersecurity incidents deriving from successful external/internal cyber-attacks (phishing, malware,

ransomware, social engineering, etc.) on Ferrari or its Third Parties”: the risk is not directly related to sustainability

issues, thereby excluding it as a material topic under an sustainability perspective; nevertheless, the Company

continues to actively manage and mitigate this risk;

– (G1) “Potential non-compliance with Anticorruption Laws requirements due to external context (e.g. regulatory

requirements’ tightening, engaging with third-party vendors / agents with questionable integrity)”: the lower

evaluation of this risk reflects the strengthened internal compliance framework, which increases preparedness and

therefore reduces the level of residual risk. For additional information, please refer to “G1—Business Conduct—

Business Conduct policies and corporate culture” and to “G1—Business Conduct—Prevention and detection of

corruption and bribery”.

Furthermore, we identified the following new material impact: “Inadequate working conditions with serious physical

and psychological consequences on workers' health in the value chain (e.g. violations of fundamental rights, including

excessive working hours, insufficient wages, restrictions on freedom of association and difficulties in maintaining a healthy

work-life balance)” (S2), and new material risk related to “Potential non-compliance by third parties (e.g., suppliers, dealers,

sponsors etc.) with laws and regulations requirements regarding labor practices, working conditions, and human rights of

workers employed” (S2).

The Scenario Analysis was performed taking into consideration climate-related risks and includes consequences in

terms of resilience of the strategy, available at “E1—Climate Change—Climate Scenario Analysis” paragraph. No other

topic has been covered by a resilience analysis.

The following environmental topics resulted as not relevant according to the double materiality assessment:

– Water Management (E3) has been evaluated as not relevant since water consumption in business as usual of Ferrari

facilities is not significant. According to Directive 2000/60/CE and Agenzia Regionale per la Prevenzione,

l'Ambiente e l'Energia dell'Emilia-Romagna (ARPAE) screening, Ferrari sites are not located in water risk areas.

The Company has not carried out consultations with affected communities regarding water and marine resource-

related sustainability assessments.

– Biodiversity (E4) has been evaluated as not relevant since Ferrari sites are not located in biodiversity-sensitive areas

according to Directive 2009/147/EC of the European Parliament and of the Council on the conservation of wild

birds, to Council Directive 92/43/EEC on the conservation of natural habitats and of wild fauna and flora, and Italian

list of recognized Protected Areas state by the Italian law. For this reason, Ferrari has not identified and assessed

actual or potential impacts, dependencies, risks, or opportunities related to biodiversity and ecosystems across its

own site locations or its upstream and downstream value chain. Similarly, the Company has not identified or

assessed its dependencies on biodiversity and ecosystem services, including any potential disruptions, nor has it

applied specific assessment criteria in this regard. Ferrari has not conducted an evaluation of transition and physical

risks and opportunities related to biodiversity and ecosystems based on its impacts and dependencies, nor has it

considered systemic risks associated with these factors. Moreover, the Company has not carried out consultations

with affected communities regarding sustainability assessments of shared biological resources and ecosystems. In

this context, Ferrari has not identified specific sites, raw material production, or sourcing activities that may

negatively impact biodiversity and ecosystems in relation to affected communities, nor has it engaged affected

communities in the materiality assessment where they could be impacted. Additionally, the Company has not

assessed the effects of its operations on ecosystem services relevant to affected communities, nor has it defined

measures to avoid negative impacts. Where impacts are unavoidable, no mitigation plans have been established to

maintain the value and functionality of priority services. Ferrari continues to monitor regulatory developments and

stakeholder expectations in this area and will evaluate the need for further assessments in the future.

For the description of positive impacts, refer to “S1—Own Workforce” and “S3—Affected Communities”. No

positive impacts emerged from the Double materiality assessment related to Workers in the Value Chain and Consumers and

End-user.

204

The double materiality assessment is an ongoing process that may be impacted in time by sector-specific standards

to be adopted or developments in stakeholder expectations, regulatory developments, changes in risk management or new

business developments.

Table appendix B


Disclosure Requirement and related data point	SFDR (¹) reference	Pillar 3 (²) reference	Benchmark Regulation (³) reference	EU Climate Law (⁴) reference	Disclosure
ESRS 2 GOV-1 Board’s gender diversity paragraph 21 (d)	Indicator number 13 of Table #1 of Annex 1		Commission Delegated Regulation (EU) 2020/1816(5), Annex II		ESRS 2 – General Disclosures \| Governance \| The role of the administrative, management and supervisory bodies
ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e)			Delegated Regulation (EU) 2020/1816, Annex II		ESRS 2 – General Disclosures \| Governance \| The role of the administrative, management and supervisory bodies
ESRS 2 GOV-4 Statement on due diligence paragraph 30	Indicator number 10 Table #3 of Annex 1				ESRS 2 – General Disclosures \| Governance \| Statement on due diligence
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i	Indicators number 4 Table #1 of Annex 1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453(6) Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk	Delegated Regulation (EU) 2020/1816, Annex II		ESRS 2 General Disclosures \| Strategy, business model and value chain
ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii	Indicator number 9 Table #2 of Annex 1		Delegated Regulation (EU) 2020/1816, Annex II		ESRS 2 General Disclosures \| Strategy, business model and value chain
ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii	Indicator number 14 Table #1 of Annex 1		Delegated Regulation (EU) 2020/1818(7), Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II		ESRS 2 General Disclosures \| Strategy, business model and value chain
ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv			Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II		ESRS 2 General Disclosures \| Strategy, business model and value chain

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ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14				Regulation (EU) 2021/1119, Article 2(1)	E1 – Climate Change \| Transition plan for climate change mitigation
ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g)		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book- Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1818, Article12.1 (d) to (g), and Article 12.2		E1 – Climate Change \| Transition plan for climate change mitigation
ESRS E1-4 GHG emission reduction targets paragraph 34	Indicator number 4 Table #2 of Annex 1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 6		E1 – Climate Change \| Targets related to Climate Change
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38	Indicator number 5 Table #1 and Indicator n. 5 Table #2 of Annex 1				E1 – Climate Change \| Energy consumption and mix
ESRS E1-5 Energy consumption and mix paragraph 37	Indicator number 5 Table #1 of Annex 1				E1 – Climate Change \| Energy consumption and mix
ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43	Indicator number 6 Table #1 of Annex 1				E1 – Climate Change \| Energy consumption and mix
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44	Indicators number 1 and 2 Table #1 of Annex 1	Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1)		E1 – Climate Change \| Gross Scopes 1, 2, 3 and Total GHG Emissions

206


ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55	Indicators number 3 Table #1 of Annex 1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 8(1)		E1 – Climate Change \| Gross Scopes 1, 2, 3 and Total GHG Emissions
ESRS E1-7 GHG removals and carbon credits paragraph 56				Regulation (EU) 2021/1119, Article 2(1)	E1 – Climate Change \| GHG removals and GHG mitigation projects financed through carbon credits
ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66			Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II		For fiscal year 2025, which corresponds to the second year of sustainability report preparation under the ESRS, Ferrari has decided to make use of the phase- in option in relation to the disclosure of the expected financial effects of physical and material transition risks.
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c).		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book - Climate change physical risk: Exposures subject to physical risk.
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c).		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraph 34; Template 2:Banking book - Climate change transition risk: Loans collateralized by immovable property - Energy efficiency of the collateral
ESRS E1-9 Degree of exposure of the portfolio to climate- related opportunities paragraph 69		Delegated Regulation (EU) 2020/1818, Annex II

207


ESRS E2-4 Amount of each pollutant listed in Annex II of the E- PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28	Indicator number 8 Table #1 of Annex 1 Indicator number 2 Table #2 of Annex 1 Indicator number 1 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1	Not relevant according to Ferrari’s double materiality assessment
ESRS E3-1 Water and marine resources paragraph 9	Indicator number 7 Table #2 of Annex 1	Not relevant according to Ferrari’s double materiality assessment
ESRS E3-1 Dedicated policy paragraph 13	Indicator number 8 Table 2 of Annex 1
ESRS E3-1 Sustainable oceans and seas paragraph 14	Indicator number 12 Table #2 of Annex 1
ESRS E3-4 Total water recycled and reused paragraph 28 (c)	Indicator number 6.2 Table #2 of Annex 1
ESRS E3-4 Total water consumption in m3 per net revenue on own operations paragraph 29	Indicator number 6.1 Table #2 of Annex 1
ESRS 2- IRO 1 - E4 paragraph 16 (a) i	Indicator number 7 Table #1 of Annex 1	Not relevant according to Ferrari’s double materiality assessment
ESRS 2- IRO 1 - E4 paragraph 16 (b)	Indicator number 10 Table #2 of Annex 1
ESRS 2- IRO 1 - E4 paragraph 16 (c)	Indicator number 14 Table #2 of Annex 1
ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b)	Indicator number 11 Table #2 of Annex 1
ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c)	Indicator number 12 Table #2 of Annex 1
ESRS E4-2 Policies to address deforestation paragraph 24 (d)	Indicator number 15 Table #2 of Annex 1
ESRS E5-5 Non-recycled waste paragraph 37 (d)	Indicator number 13 Table #2 of Annex 1	E5 - Resource Use and Circular Economy \| Resource Outflows
ESRS E5-5 Hazardous waste and radioactive waste paragraph 39	Indicator number 9 Table #1 of Annex 1	E5 - Resource Use and Circular Economy \| Resource Outflows

208


ESRS 2- SBM3 - S1 Risk of incidents of forced labour paragraph 14 (f)	Indicator number 13 Table #3 of Annex I		S1 - Own workforce \| Own Workforce Material Impacts, Risks and Opportunities
ESRS 2- SBM3 - S1 Risk of incidents of child labour paragraph 14 (g)	Indicator number 12 Table #3 of Annex I		S1 - Own workforce \| Own Workforce Material Impacts, Risks and Opportunities
ESRS S1-1 Human rights policy commitments paragraph 20	Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I		S1 - Own workforce \| Policies related to Own Workforce
ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor Organization Conventions 1 to 8, paragraph 21		Delegated Regulation (EU) 2020/1816, Annex II	S1 - Own workforce \| Policies related to Own Workforce
ESRS S1-1 processes and measures for preventing trafficking in human beings paragraph 22	Indicator number 11 Table #3 of Annex I		S1 - Own workforce \| Policies related to Own Workforce
ESRS S1-1 workplace accident prevention policy or management system paragraph 23	Indicator number 1 Table #3 of Annex I		S1- Own workforce \| Policies related to Own Workforce
ESRS S1-3 grievance/complaints handling mechanisms paragraph 32 (c)	Indicator number 5 Table #3 of Annex I		S1 - Own workforce \| Addressing Negative Impacts and Own Workforce Concerns
ESRS S1-14 Number of fatalities and number and rate of work- related accidents paragraph 88 (b) and (c)	Indicator number 2 Table #3 of Annex I	Delegated Regulation (EU) 2020/1816, Annex II	S1 – Own workforce \| Metrics related to Own Workforce \| Health, Safety and well-being
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e)	Indicator number 3 Table #3 of Annex I		S1 – Own workforce \| Metrics related to Own Workforce \| Health, Safety and well-being
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a)	Indicator number 12 Table #1 of Annex I	Delegated Regulation (EU) 2020/1816, Annex II	S1 – Own workforce \| Metrics related to Own Workforce \| Gender Pay Gap

209


ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b)	Indicator number 8 Table #3 of Annex I		S1 – Own workforce \| Metrics related to Own Workforce \| Annual Total Remuneration Ratio
ESRS S1-17 Incidents of discrimination paragraph 103 (a)	Indicator number 7 Table #3 of Annex I		S1 - Own workforce \| Metrics related to Own Workforce
ESRS S1-17 Non- respect of UNGPs on Business and Human Rights and OECD paragraph 104 (a)	Indicator number 10 Table #1 and Indicator n. 14 Table #3 of Annex I	Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1)	S1 - Own workforce \| Metrics related to Own Workforce
ESRS 2- SBM3 – S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b)	Indicators number 12 and n. 13 Table #3 of Annex I		S2 - Workers in the Value Chain \| Workers in the Value Chain Material Impacts, Risks and Opportunities
ESRS S2-1 Human rights policy commitments paragraph 17	Indicator number 9 Table #3 and Indicator n. 11 Table #1 of Annex 1		S2 - Workers in the Value Chain \| Policies related to Workers in the Value Chain
ESRS S2-1 Policies related to value chain workers paragraph 18	Indicator number 11 and n. 4 Table #3 of Annex 1		S2 - Workers in the Value Chain \| Policies related to Workers in the Value Chain
ESRS S2-1 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19	Indicator number 10 Table #1 of Annex 1	Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)	S2 - Workers in the Value Chain \| Policies related to Workers in the Value Chain
ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organization Conventions 1 to 8, paragraph 19		Delegated Regulation (EU) 2020/1816, Annex II	S2 - Workers in the Value Chain \| Policies related to Workers in the Value Chain
ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36	Indicator number 14 Table #3 of Annex 1		S2 - Workers in the Value Chain \| Actions related to Workers in the Value Chain
ESRS S3-1 Human rights policy commitments paragraph 16	Indicator number 9 Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex 1		S3 - Affected Communities \| Policies related to Affected Communities

210


ESRS S3-1 non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines paragraph 17	Indicator number 10 Table #1 Annex 1	Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)	S3 - Affected Communities \| Policies related to Affected Communities
ESRS S3-4 Human rights issues and incidents paragraph 36	Indicator number 14 Table #3 of Annex 1		S3 - Affected communities \| Our policy
ESRS S4-1 Policies related to consumers and end-users paragraph 16	Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex 1		S4 – Consumers and End-users \| Policies related to Consumers and End-users
ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17	Indicator number 10 Table #1 of Annex 1	Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)	S4 – Consumers and End-users \| Policies related to Consumers and End-users
ESRS S4-4 Human rights issues and incidents paragraph 35	Indicator number 14 Table #3 of Annex 1		S4 – Consumers and End-users \| Actions related to Consumers and End users
ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b)	Indicator number 15 Table #3 of Annex 1		G1 – Business Conduct \| Business Conduct policies and corporate culture
ESRS G1-1 Protection of whistle- blowers paragraph 10 (d)	Indicator number 6 Table #3 of Annex 1		G1 – Business Conduct \| Business Conduct policies and corporate culture
ESRS G1-4 Fines for violation of anti- corruption and anti-bribery laws paragraph 24 (a)			G1 - Business Conduct \| Incidents of corruption or bribery
ESRS G1-4 Standards of anti- corruption and anti- bribery paragraph 24 (b)	Indicator number 16 Table #3 of Annex 1		G1 - Business Conduct \| Incidents of corruption or bribery

_____________________________

(1) Regulation (EU) 2019/2088 of the European Parliament and of the Council of November 27, 2019 on sustainability-related disclosures in the

financial services sector (Sustainable Finance Disclosures Regulation) (OJ L 317, 9.12.2019, p. 1).

(2) Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions

and investment firms and amending Regulation (EU) No 648/2012 (Capital Requirements Regulation “CRR”) (OJ L 176, 27.6.2013, p. 1).

(3) Regulation (EU) 2016/1011 of the European Parliament and of the Council of June 8, 2016 on indices used as benchmarks in financial

instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU

and Regulation (EU) No 596/2014 (OJ L 171, 29.6.2016, p. 1).

(4) Regulation (EU) 2021/1119 of the European Parliament and of the Council of June 30, 2021 establishing the framework for achieving climate

neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’) (OJ L 243, 9.7.2021, p. 1).

(5) Commission Delegated Regulation (EU) 2020/1816 of July 17, 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and

of the Council as regards the explanation in the benchmark statement of how environmental, social and governance factors are reflected in each

benchmark provided and published (OJ L 406, 3.12.2020, p. 1).

(6) Commission Implementing Regulation (EU) 2022/2453 of November 30, 2022 amending the implementing technical standards laid down in

Implementing Regulation (EU) 2021/637 as regards the disclosure of environmental, social and governance risks (OJ L 324,19.12.2022, p.1.).

211

(7) Commission Delegated Regulation (EU) 2020/1818 of July 17, 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and

of the Council as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks (OJ L 406, 3.12.2020,

p. 17).

Content Index


Disclosure Requirement	Disclosure section
GENERAL DISCLOSURES
ESRS 2 BP-1 General basis for preparation of sustainability statements	ESRS 2 - General Disclosures \| Basis for preparation
ESRS 2 BP-2 Disclosures in relation to specific circumstances	ESRS 2 - General Disclosures \| Basis for preparation
ESRS 2 GOV-1 The role of the administrative, management and supervisory bodies	ESRS 2 - General Disclosures \| Governance \| The role of the administrative, management and supervisory bodies
ESRS 2 GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies	ESRS 2 - General Disclosures \| Governance \| Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies
ESRS 2 GOV-3 Integration of sustainability-related performance in incentive scheme	ESRS 2 - General Disclosures \| Governance \| Integration of sustainability-related performance in incentive scheme
ESRS 2 GOV-4 Statement on due diligence	ESRS 2 - General Disclosures \| Governance \| Statement on due diligence
ESRS 2 GOV-5 Risk management and internal controls over sustainability reporting	ESRS 2 - General Disclosures \| Governance \| Risk management and internal controls over sustainability reporting
ESRS 2 SBM-1 Strategy, business model and value chain	ESRS 2 - General Disclosure \| Strategy, business model and value chain
ESRS 2 SBM-2 Interests and views of stakeholders	ESRS 2 - General Disclosure \| Strategy, business model and value chain \| Interests and views of stakeholders
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	ESRS 2 - General Disclosures \| Impacts, risks and opportunities management
ESRS 2 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities	ESRS 2 - General Disclosure \| Impacts, risks and opportunities management
ESRS 2 IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement	ESRS 2 - General Disclosure \| Impacts, risks and opportunities management
ESRS 2 MDR-P Minimum disclosure requirement on Policies	Please refer to MDR-P disclosed in each Topical Standard below.
ESRS 2 MDR-A Minimum disclosure requirement on Actions	Please refer to MDR-A disclosed in each Topical Standard below.
ESRS 2 MDR-T Minimum disclosure requirement on Targets	Please refer to MDR-T disclosed in each Topical Standard below.
ESRS 2 MDR-M Minimum disclosure requirement on Metrics	Please refer to MDR-M disclosed in each Topical Standard below.
ENVIRONMENTAL INFORMATION
E1 CLIMATE CHANGE
ESRS 2 GOV-3 E1 Integration of sustainability-related performance in incentive scheme	E1 - Climate Change \| Targets related to Climate Change
ESRS E1-1 Transition plan for climate change mitigation	E1 - Climate Change \| Transition plan for climate change mitigation
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	E1 - Climate Change \| Climate Change Impacts, Risks and Opportunities
ESRS 2 IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities	E1 – Climate Change \| Climate Change Impacts, Risks and Opportunities
ESRS E1-2, MDR-P Policies related to climate change mitigation and adaptation	E1 – Climate Change \| Policies related to Climate Change
ESRS E1-3, MDR-A Actions and resources in relation to climate change policies	E1 – Climate Change \| Action related to Climate Change
ESRS E1-4, MDR-T Targets related to climate change mitigation and adaptation	E1 – Climate Change \| Targets related to Climate Change
ESRS E1-5 Energy consumption and mix	E1 – Climate Change \| Energy consumption and mix
ESRS E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions	E1 – Climate Change \| Gross Scopes 1, 2, 3 and Total GHG Emissions

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ESRS E1-7 GHG removals and GHG mitigation projects financed through carbon credits	E1 – Climate Change \| GHG removals and GHG mitigation projects financed through carbon credits
ESRS E1-8 Internal carbon pricing	E1 – Climate Change \| Internal carbon pricing
ESRS E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities	For fiscal year 2025, which corresponds to the second year of sustainability report preparation under the ESRS, Ferrari has decided to make use of the phase-in option in relation to the disclosure of the expected financial effects of physical and material transition risks.
E2 POLLUTION
ESRS 2, IRO-1 Description of the processes to identify and assess material pollution-related impacts, risks and opportunities	E2 Pollution \| Substances of concerns and substances of very high concern Material Impacts, Risks and Opportunities
ESRS E2-1, MDR-P Policies related to pollution	E2 Pollution \| Policies related to Substances of concern and substances of very high concern
ESRS E2-2, MDR-A Actions and resources related to pollution	E2 Pollution \| Actions related to Substances of concern and substances of very high concern
ESRS E2-3, MDR-T Targets related to pollution	E2 Pollution \| Targets related to Substances of concern and substances of very high concern
ESRS E2-5 Substances of concern and substances of very high concern	E2 Pollution \| Metrics related to Substances of concern and substances of very high concern
ESRS E2-6 Anticipated financial effects from pollution-related impacts, risks and opportunities	For fiscal year 2025, which corresponds to the second year of sustainability report preparation under the ESRS, Ferrari has decided to make use of the phase-in option in relation to the disclosure of the expected financial effects of physical and material transition risks.
E3 WATER AND MARINE RESOURCES
ESRS 2, IRO-1 Description of the processes to identify and assess water and marine resources-related impacts, risks and opportunities	ESRS 2 - General Disclosure \| Impacts, risks and opportunities management
E4 BIODIVERSITY AND ECOSYSTEMS
ESRS 2, IRO-1 Description of the processes to identify and assess biodiversity and ecosystem-related impacts, risks and opportunities	ESRS 2 - General Disclosure \| Impacts, risks and opportunities management
E5 RESOURCE USE AND CIRCULAR ECONOMY
ESRS 2 IRO-1 Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities	E5 - Resource Use and Circular Economy \| Resource Use and Circular Economy Material Impacts, Risks and Opportunities
ESRS E5-1, MDR-P Policies related to resource use and circular economy	E5 - Resource Use and Circular Economy \| Policies related to Resource Use and Circular Economy
ESRS E5-2, MDR-A Actions and resources related to resource use and circular economy	E5 - Resource Use and Circular Economy \| Actions related to Resource Use and Circular Economy
ESRS E5-3, MDR-T Targets related to resource use and circular economy	E5 - Resource Use and Circular Economy \| Targets related to Resource Use and Circular Economy
ESRS E5-4 Resource inflows	E5 - Resource Use and Circular Economy \| Resource inflows
ESRS E5-5 Resource outflows	E5 - Resource Use and Circular Economy \| Resource outflows, Durability
ESRS E5-6 Anticipated financial effects from resource use and circular economy-related impacts, risks and opportunities	For fiscal year 2025, which corresponds to the second year of sustainability report preparation under the ESRS, Ferrari has decided to make use of the phase-in option in relation to the disclosure of the expected financial effects of physical and material transition risks.
SOCIAL INFORMATION
S1 OWN WORKFORCE
ESRS 2 SBM-2 Interests and views of stakeholders	S1 – Own Workforce \| Interests and Views of Stakeholders
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	S1 – Own Workforce \| Own Workforce Material Impacts, Risks and Opportunities
ESRS S1-1 Policies related to own workforce	S1 – Own Workforce \| Policies related to Own Workforce
ESRS S1-2 Processes for engaging with own workers and workers’ representatives about impacts	S1 – Own Workforce \| Engaging Own Workforce

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ESRS S1-3 Processes to remediate negative impacts and channels for own workers to raise concern	S1 – Own Workforce \| Addressing Negative Impacts and Own Workforce Concerns
ESRS S1-4, MDR-A Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	S1 – Own Workforce \| Actions related to Own Workforce
ESRS S1-5, MDR-T Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	S1 – Own Workforce \| Targets related to Own Workforce
ESRS S1-6 Characteristics of the undertaking’s employees	S1 – Own Workforce \| Metrics related to Own Workforce \| Characteristics of Ferrari employees
ESRS S1-7 Characteristics of non-employee workers in the undertaking’s own workforce	S1 – Own Workforce \| Metrics related to Own Workforce \| Characteristics of Ferrari non-employees
ESRS S1-9 Diversity metrics	S1 – Own Workforce \| Metrics related to Own Workforce \| Diversity and Inclusion
ESRS S1-10 Adequate wage	S1 – Own Workforce \| Metrics related to Own Workforce \| Adequate wages
ESRS S1-11 Social protection	For fiscal year 2025, which corresponds to the second year of sustainability report preparation under the ESRS, Ferrari has decided to make use of the phase-in option in relation to the disclosure of social protection information.
ESRS S1-12 Persons with disabilities	For fiscal year 2025, which corresponds to the second year of sustainability report preparation under the ESRS, Ferrari has decided to make use of the phase-in option in relation to the disclosure of people with disabilities information.
ESRS S1-13 Training and skills development metric	S1 – Own Workforce \| Metrics related to Own Workforce \| Training and Talent Development, Talent Recruitment and Employee Retention
ESRS S1-14 Health and safety metrics	S1 – Own Workforce \| Metrics related to Own Workforce \| Health, Safety and well-being
ESRS S1-15 Work-life balance metrics	For fiscal year 2025, which corresponds to the second year of sustainability report preparation under the ESRS, Ferrari has decided to make use of the phase-in option in relation to the disclosure of Work-life balance information.
ESRS S1-16 Remuneration metrics (pay gap and total compensation)	S1 – Own Workforce \| Metrics related to Own Workforce \| Gender Pay Gap, Annual Total Remuneration Ratio
ESRS S1-17 Incidents, complaints and severe human rights impacts	S1 - Own Workforce \| Metrics related to Own Workforce
S2 WORKERS IN THE VALUE CHAIN
ESRS 2 SBM-2 Interests and views of stakeholder	S2 - Workers in the Value Chain \| Interests and Views of Stakeholders
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	S2 - Workers in the Value Chain \| Workers in the Value Chain Material Impacts, Risks and Opportunities
ESRS S2-1, MDR-P Policies related to value chain workers	S2 - Workers in the Value Chain \| Policies related to Workers in the Value Chain
ESRS S2-2 Processes for engaging with value chain workers about impacts	S2 - Workers in the Value Chain \| Engaging Value Chain Workers
ESRS S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns	S2 - Workers in the Value Chain \| Addressing Negative Impacts and Value Chain Worker Concerns
ESRS S2-4, MDR-A Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those action	S2 - Workers in the Value Chain \| Actions related to Workers in the Value Chain
ESRS S2-5, MDR-T Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	S2 - Workers in the Value Chain \| Targets related to Workers in the Value Chain
S3 AFFECTED COMMUNITIES
ESRS 2 SBM-2 Interests and views of stakeholders	S3 - Affected Communities \| Interests and Views of Stakeholders

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ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	S3 - Affected Communities \| Affected Communities Material Impacts, Risks and Opportunities
ESRS S3-1, MDR-P Policies related to affected communities	S3 - Affected Communities \| Policies related to Affected Communities
ESRS S3-2 Processes for engaging with affected communities about impacts	S3 - Affected Communities \| Engaging Affected Communities
ESRS S3-3 Processes to remediate negative impacts and channels for affected communities to raise concerns	S3 - Affected Communities \| Addressing Negative Impacts and Affected Communities Concerns
ESRS S3-4, MDR-A Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions	S3 - Affected Communities \| Actions related to Affected Communities
ESRS S3-5, MDR-T Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	S3 - Affected Communities \| Targets related to Affected Communities
S4 CONSUMERS AND END-USERS
ESRS 2 SBM-2 Interests and views of stakeholders	S4 - Consumers and End-users \| Interests and Views of Stakeholders
ESRS 2 SBM-3 Impacts, risks and opportunities and their interaction with strategy and business model	S4 - Consumers and End-users \| Consumers and End-users Material Impacts, Risks and Opportunities
ESRS S4-1, MDR-P Policies related to consumers and end-users	S4 - Consumers and End-users \| Policies related to Consumers and End-users
ESRS S4-2 Processes for engaging with consumers and end-users about impacts	S4 - Consumers and End-users \| Engaging Consumers and End- users
ESRS S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns	S4 - Consumers and End-users \| Addressing Negative Impacts and Consumers and End-users Concerns
ESRS S4-4, MDR-A Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end- users, and effectiveness of those actions	S4 - Consumers and End-users \| Actions related to Consumers and End-users
ESRS S4-5, MDR-T Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	S4 - Consumers and End-users \| Targets related to Consumers and End-users
G1 BUSINESS CONDUCT
ESRS 2 GOV-1 The role of the administrative, supervisory and management bodies	G1 - Business Conduct \| Business Conduct policies and corporate culture
ESRS 2 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities	G1 - Business Conduct \| Business Conduct Material Impacts, Risks and Opportunities
ESRS G1-1, MDR-P Corporate culture and Business conduct policies and corporate culture	G1 - Business Conduct \| Business Conduct policies and corporate culture
ESRS G1-2 Management of relationships with suppliers	G1 - Business Conduct \| Management of relationships with suppliers
ESRS G1-3 Prevention and detection of corruption and briber	G1 - Business Conduct \| Prevention and detection of corruption and bribery
ESRS G1-4 Confirmed incidents of corruption or bribery	G1 - Business Conduct \| Incidents of corruption or bribery
ESRS G1-6 Payment practice	G1 - Business Conduct \| Payment Practices

To limit the repetition of information already present in other sections of the Annual Report or documents, the ESRS

Standard allows us to incorporate information by reference. For 2025, Ferrari N.V. does not disclose referring to other

sections of the Annual Report nor other documents. References to other sections of the Annual Report are provided solely to

facilitate the exploration of specific matters.

¹⁴ Regulation (EU) 2020/852 of the European Parliament and of the Council of June 18, 2020 on the establishment of a framework to facilitate sustainable

investment and amending Regulation (EU) 2019/2088.

¹⁵ - Commission Delegated Regulation (EU) 2021/2139 of June 4, 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the

Council by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing

substantially to climate change mitigation or climate change adaptation and for determining whether that economic activity causes no significant harm to

any of the other environmental objectives. In June 2023, the Commission approved new criteria for economic activities contributing to the remaining 4

environmental objectives (in addition to the first two objectives of climate change mitigation and adaptation to climate change) and amendments to

delegated climate acts.

- Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022 amending Delegated Regulation (EU) 2021/2139 as regards economic activities in

certain energy sectors (Complementary Climate Delegated Act).

- Commission Delegated Regulation (EU) 2023/2485 of June 27, 2023 amending Delegated Regulation (EU) 2021/2139 establishing additional technical

screening criteria for determining the conditions under which certain economic activities qualify as contributing substantially to climate change mitigation

or climate change adaptation and for determining whether those activities cause no significant harm to any of the other environmental objectives.

- Commission Delegated Regulation (EU) 2023/2486 of June 27, 2023 supplementing Regulation (EU) 2020/852 of the European Parliament and of the

Council by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing

substantially to the sustainable use and protection of water and marine resources, to the transition to a circular economy, to pollution prevention and

control, or to the protection and restoration of biodiversity and ecosystems and for determining whether that economic activity causes no significant harm to

any of the other environmental objectives and amending Commission Delegated Regulation (EU) 2021/2178 as regards specific public disclosures for those

economic activities.

- Commission Delegated Regulation (EU) 2026/73 of July 4, 2025 amending Commission Delegated Regulation (EU) 2021/2178 as regards the

simplification of the content and presentation of information to be disclosed concerning environmentally sustainable activities and Delegated Regulations

(EU) 2021/2139 and (EU) 2023/2486 as regards simplification of certain technical screening criteria for determining whether economic activities cause no

significant harm to environmental objectives.

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EU Taxonomy

In order to meet the objectives of the European green deal and to establish a unified EU classification system of

environmentally sustainable economic activities, the European Commission published in June 2020 Regulation (EU)

2020/852, the “Taxonomy Regulation”14.

The EU Taxonomy identifies the following six environmental objectives:

a) climate change mitigation;

b) climate change adaptation;

c) sustainable use and protection of water and marine resources;

d) transition to a circular economy;

e) pollution prevention and control; and

f) protection and restoration of biodiversity and ecosystems.

Taxonomy-aligned activities are those that comply with the requirements laid down in Article 3 of the Taxonomy

Regulation:

• substantially contributes to one or more of the environmental objectives by meeting the technical screening criteria

defined for this economic activity;

• does no significant harm to the other five objectives; and

• complies with minimum safeguards.

OUR REPORTING REQUIREMENTS

Article 8 of the Taxonomy Regulation requires non-financial undertakings to disclose information on the proportion

of the turnover, capital expenditure and operating expenditure (“key performance indicators”) of their activities related to

assets or processes associated with environmentally sustainable economic activities.

The Commission adopted and published the EU Taxonomy Delegated Acts15 to implement the Taxonomy

Regulation. The Commission adopted on July 6, 2021 the Commission Delegated Regulation (EU) 2021/2178, which

specifies the disclosure obligations of undertakings under Article 8 of the Taxonomy Regulation with respect to the

Taxonomy-eligibility and alignment of their activities (“Disclosures Delegated Act”). In addition, the Commission adopted

on July 4, 2025 the Commission Delegated Regulation (EU) 2026/73 (C/2025/4568), introducing simplifications to the

¹⁶ Commission Delegated Regulation (EU) 2021/2178 of July 6, 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the

Council by specifying the content and presentation of information to be disclosed by undertakings subject to Articles 19a or 29a of Directive 2013/34/EU

concerning environmentally sustainable economic activities, and specifying the methodology to comply with that disclosure obligation.

- Commission Delegated Regulation (EU) 2026/73 amending Commission Delegated Regulation (EU) 2021/2178 as regards the simplification of the content

and presentation of information to be disclosed concerning environmentally sustainable activities and Commission Delegated Regulations (EU) 2021/2139

and (EU) 2023/2486 as regards simplification of certain technical screening criteria for determining whether economic activities cause no significant harm

to environmental objectives.

216

content and presentation of Taxonomy disclosures and simplifying certain Do No Significant Harm technical screening

criteria16.

OUR APPROACH TO DISCLOSURE

Ferrari has been developing specific analysis to respond to such disclosure requirements. A study was performed in

accordance with the following methodological steps, briefly described below:

Analysis of the economic activities of Ferrari eligible and aligned to the EU Taxonomy

We thoroughly analyzed the requirements established by the Taxonomy Regulation and the Commission’s formally

adopted FAQs, identifying the economic activity 3.3 “Manufacture of low carbon technologies for transport” as the one that

correlates the most with Ferrari’s core activities and operations. Such a process was conducted by analyzing both formal

Ferrari-related NACE codes as well as its substantial business activities and operations in comparison to the list provided by

the EU Taxonomy. For this activity, the environmental objective most consistent with respect to Ferrari’s business is climate

change mitigation. Further residual Ferrari activities and operations are currently considered not pertinent to other

Taxonomy-related economic activities and/or not financially material for the purposes of the relevant KPI(s), in accordance

with the financial materiality threshold introduced by Commission Delegated Regulation (EU) 2026/73 of July 4, 2025

amending Commission Delegated Regulation (EU) 2021/2178. Accordingly, where the cumulative contribution of such

activities is below 10% of the relevant KPI denominator, their Taxonomy-eligibility and Taxonomy-alignment have not been

assessed. These items are disclosed separately as “not assessed activities considered non-material” in the Taxonomy KPI

templates.

Substantial contribution

In the Annexes I and II of the Commission Delegated Regulation (EU) 2021/2139 of June 4, 2021 are established

the Technical Screening Criteria for determining the conditions under which a specific economic activity qualifies as

contributing substantially to climate change mitigation or climate change adaptation, respectively. Consequently, those

Technical Screening Criteria specify the minimum requirements that the economic activity should meet in order to qualify as

environmentally sustainable. In 2025, Ferrari conducted a detailed analysis of all Technical Screening Criteria related to

economic activities 3.3 to determine the share of Turnover, Capital Expenditure (CapEx) and Operating Expenditure (OpEx)

aligned with these requirements. From the analysis performed, all the technical screening criteria for substantial contribution

to climate change mitigation are met for the portion of activities included in the aligned KPI calculation.

Do no significant harm (DNSH)

The Climate Delegated Act establishes, for the climate change mitigation and climate change adaptation

environmental objectives, Technical Screening Criteria for determining whether that economic activity causes no significant

harm to one or more of the environmental objectives laid down in Article 9 of the Taxonomy Regulation. Similarly, the

Environmental Delegated Act establishes Technical Screening Criteria for the remaining four environmental objectives. The

Technical Screening Criteria for “do no significant harm” should ensure that the economic activity has no significant negative

environmental impact. In 2025, Ferrari conducted a detailed analysis of all DNSH criteria related to economic activities 3.3,

including the requirements outlined in the Appendixes to Annex I of the Climate Delegated Act, to verify alignment with the

EU Taxonomy. From the analysis performed, we met the DNSH outlined in Delegated Regulation 2021/2139 under the

economic activities 3.3 except for a minimal quantity of a substance listed in Annex C point c) “substances, whether on their

own, in mixture or in articles, listed in Annexes I or II to Regulation (EC) No 1005/2009 of the European Parliament and of

the Council”. Regarding Annex C (Pollution prevention and control), as a company operating in the automotive sector, we

require our suppliers to upload Material Data Sheets (MDS) to the International Material Data System (IMDS) portal.

Subsequently, through a cross-check utilizing the Global Automotive Declarable Substance List (GADSL) — which indicates

all substances that are prohibited or must be declared in the automotive sector according to existing worldwide regulations

217

(e.g., Regulation (EU) 2019/1021, Regulation (EU) 2017/852, Regulation (EC) No. 1907/2006, Directive 2000/53/EC,

Directive 2011/65/EU, Regulation (EC) No. 2024/590) — we ensure the compliance of our products. With reference to

substances that meet the criteria of Article 57 of Regulation (EC) No. 1907/2006 and have been identified in accordance with

Article 59, paragraph 1, of the same regulation (Candidate List of SVHC), we have begun to survey our suppliers regarding

possible alternatives that would ensure the required performance for its applications. Furthermore, we comply with Directive

2000/53/EC on End-of-Life Vehicles (ELV), and therefore guarantees that the use of lead, chromium, mercury, and cadmium

is limited solely to those applications permitted by Annex II of said Directive.

Respect of the Minimum safeguards

The minimum safeguards referred to in point (c) of Article 3 and Article 18 of the Taxonomy Regulation are

represented by procedures implemented by an undertaking that is carrying out an economic activity to ensure the alignment

with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights.

Those procedures include the principles and rights set out in the eight fundamental conventions identified in the Declaration

of the International Labour Organisation (ILO) on Fundamental Principles and Rights at Work and the International Bill of

Human Rights. In order to verify compliance with Minimum safeguards on its activities, Ferrari conducted and updated an

analysis in light of the information reported in the Final Report on Minimum Safeguards published by the Platform on

Sustainable Finance in October 2022, and Commission's FAQs.

Ferrari is compliant with the safeguards regarding human rights in our activities, grievance mechanisms, anti-

corruption, competition and taxation. Furthermore, we are developing actions aimed at ensuring full compliance with

safeguards, through the development of state-of-the-art corporate due diligence processes on human rights that will involve

our business partners both upstream and downstream. Suppliers were selected based on risk criteria (strategic relevance,

geographical location, company size, supplier strategy, product category or service). This initiative is the starting point of a

structured ESG due diligence activity. This approach, integrated into our integrity framework, will be carried out in

accordance with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human

Rights (UNGPs). Through this, it will be possible to classify such business activity as Taxonomy-aligned.

Analysis of 2025 Ferrari Turnover, Capital Expenditure and Operating Expenditure and calculation of EU

Taxonomy-related KPIs.

We analyzed our turnover, capital and operating expenditure for the calculation of the KPIs requested pursuant to

the Taxonomy Regulation and related documentation, according to our current interpretation of the applicable requirements.

Where applicable for FY2025 reporting, we considered the simplification options introduced by Commission Delegated

Regulation (EU) 2026/73, including the possibility to treat certain items as non-material under the conditions set out therein.

Potential double counting in the allocation in the numerator of turnover, capital expenditure and operating

expenditure has been avoided through the use of the financial information underpinning the Consolidated Financial

Statements as of December 31, 2025.

PROPORTION OF TURNOVER, CAPEX, OPEX FROM PRODUCTS OR SERVICES ASSOCIATED

WITH TAXONOMY-ELIGIBLE OR TAXONOMY-ALIGNED ECONOMIC ACTIVITIES – DISCLOSURE

COVERING YEAR 2025 (SUMMARY KPIs)

¹⁷ The financial data included in these KPIs are a portion of group net revenues included in the Consolidated Financial Statements, Note 4 and “Financial

Overview—Results of Operations ” sections.

¹⁸ The “ code” constitutes the abbreviation of the relevant objective to which the economic activity is eligible to make a substantial contribution, as well as

the section number of the activity in the relevant Annex covering the objective, i.e.: Climate Change Mitigation: CCM; Climate Change Adaptation: CCA;

Water and Marine Resources: WTR; Circular Economy: CE; Pollution Prevention and Control: PPC; Biodiversity and ecosystems: BIO.

218

Turnover17 KPI:

a. Regarding the denominator, we based it on our consolidated net turnover in accordance with IAS 1.82(a). For further

details on our accounting policies regarding our consolidated net turnover please refer to the Consolidated Financial

Statements of our Annual Report.

b. Regarding the numerator, we analyzed our potential turnover derived from products or services in line with the

previous mentioned assumptions:

• we considered as “eligible”: the revenues related to the shipments of our cars to the extent they fall within

the scope of economic activity 3.3 “Manufacture of low carbon technologies for transport” (including, for

light-duty vehicles, the relevant CO₂ emissions thresholds set out in the activity description for the

reporting period), and any personalization generated in connection with such shipments. In line with the

option provided in Commission Delegated Regulation (EU) 2026/73, we omitted assessing the Taxonomy-

eligibility and Taxonomy-alignment of economic activities whose cumulative turnover is below 10% of the

turnover KPI denominator (“non-material turnover”) namely financial services activities, the management

of the Mugello racetrack and other sports-related activities, as well as the sale of engines to other Formula 1

racing teams and the sale of engines to Maserati, for which the contract expired in December 2023.

• we considered as “aligned”: the revenues related to the shipments of our cars if these cars classified as

light-duty vehicles with specific emissions of CO2, as defined in Article 3(1), point (h), of Regulation (EU)

2019/631, lower than 50 g CO2/km (low-and zero-emission light-duty vehicles) and at the same time

respects both the compliance with all DNSH criteria listed in the Delegated Regulation 2021/2139 for such

activities and the fulfillment of the minimum safeguards. As of 2025, our sports cars are above the required

emissions threshold.

• we considered as “not eligible”: the revenues generated from the sales of spare parts; the revenues earned

by our racing teams (mainly in the Formula 1 World Championship and the World Endurance

Championship) through sponsorship agreements and our share of the Formula 1 World Championship

commercial revenues as well as the net revenues generated through the Ferrari brand, including fashion

collection, merchandising, licensing and royalty income.

• we considered as “not aligned”: the revenues related to the shipments of our cars that have not met one or

more of the Technical Screening Criteria specified in the Delegated Regulations or that do not fulfil the

minimum safeguards specified in the Article 18 of the Taxonomy Regulation.

PROPORTION OF TURNOVER FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-

ELIGIBLE OR TAXONOMY-ALIGNED ECONOMIC ACTIVITIES – DISCLOSURE COVERING YEAR 2025

(ACTIVITY BREAKDOWN) 18

In 2025, the taxonomy-eligible turnover share remained stable from the previous year.

¹⁹ The financial data included in these KPIs are a portion of group Capital Expenditures included in the Consolidated Financial Statements, notes 14 and

15.

219

In October 2025, we started the three-phase launch of our first full electric Ferrari, the Ferrari Luce, with the

presentation of its key technical components and product development strategy , which was followed by the unveiling of the

interior design and the announcement of the model's name in February 2026. Therefore, to date, such revenues are equal to

zero.

Capital Expenditure19 KPI:

c. Regarding the denominator, it consists of additions to tangible and intangible fixed assets during the financial year,

before depreciation, amortization and any re-measurements, including those resulting from revaluations and

impairments, as well as excluding changes in fair value. It includes acquisitions of tangible fixed assets (IAS 16),

intangible fixed assets (IAS 38) and right-of-use assets (IFRS 16). Additions resulting from business combinations

are also included. Goodwill and borrowing costs are not included in the denominator, as it is not defined as a

tangible or intangible asset in accordance with IAS 16 and IAS 38. For further details on our accounting policies

regarding our capital expenditure, please refer to the Consolidated Financial Statements of our Annual Report.

d. Regarding the numerator, we analyzed our capital expenditures in line with the previous mentioned assumptions. In

line with the option provided in Commission Delegated Regulation (EU) 2026/73, we omitted assessing the

Taxonomy-eligibility and Taxonomy-alignment of economic activities whose cumulative CapEx is below 10% of

the CapEx KPI denominator (“non-material CapEx”), namely the financial services activities and the additions

assets of the other subsidiaries.

• we considered as “eligible”:

– the additions of tangible assets related to our production facilities in Maranello and Modena;

– the additions of intangible assets related to externally acquired and internally generated development

costs for our cars as well as patents, concessions and licenses and other intangible assets mainly related

to the registration of trademarks.

• we considered as “aligned”: the additions of tangible and intangible assets related to the development and

production of vehicles, that in particular classify as light-duty vehicles with specific emissions of CO2, as

defined in Article 3(1), point (h), of Regulation (EU) 2019/631, lower than 50 g CO2/km (low-and zero-

emission light-duty vehicles). Moreover, we consider the additions of tangible and intangible assets related

to the plan to allow Taxonomy-eligible economic activities to become Taxonomy-aligned (“CapEx plan”)

under the conditions specified in the second subparagraph of the point 1.1.2.2 of Annex 1 of the Disclosure

Delegated Act. At the same time, both the compliance with all DNSH criteria listed in the Delegated

Regulation 2021/2139 for such activities and the fulfillment of the minimum safeguards as per Article 3

and 18 of the Taxonomy Regulation was verified;

• we considered as “not eligible”: the remaining additions of tangible and intangible assets.

• we considered as “not aligned”: the additions of tangible and intangible assets related to the development

and production of our vehicles that have not met one or more of the Technical Screening Criteria specified

in the Delegated Regulations or that do not fulfil the minimum safeguards specified in the Article 18 of the

Taxonomy Regulation.

²⁰The “code ” constitutes the abbreviation of the relevant objective to which the economic activity is eligible to make a substantial contribution, as well as

the section number of the activity in the relevant Annex covering the objective, i.e.: Climate Change Mitigation: CCM; Climate Change Adaptation: CCA;

Water and Marine Resources: WTR; Circular Economy: CE; Pollution Prevention and Control: PPC; Biodiversity and ecosystems: BIO.

²¹ The financial data included in these KPIs are a portion of group Operating Expenditures included in the Consolidated Financial Statements.

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PROPORTION OF CAPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ELIGIBLE

OR TAXONOMY-ALIGNED ECONOMIC ACTIVITIES – DISCLOSURE COVERING YEAR 2025 (ACTIVITY

BREAKDOWN)20

In 2025, the taxonomy-eligible capital expenditure share remained substantially stable from the previous year.

As in FY2024, no additions qualify as Taxonomy-aligned and therefore the Taxonomy-aligned CapEx KPI is equal

to zero.

We compiled the financial figures based on the vehicle model and powertrain technology and we included the

capital expenditure that are initially directly attributed to electric vehicles. Furthermore, we included in the capital

expenditure all other activities that according to our medium-term planning, up to 2030, will contribute to the production of

electric vehicles. Capital expenditure that was not clearly attributable to a particular vehicle was taken into account on a

proportionate basis using allocation formulas.

Operating Expenditure21 KPI:

e. Regarding the denominator, it consists of direct non-capitalized costs that relate to research and development,

building renovation measures, short-term lease, maintenance and repair, and any other direct expenditures relating to

the day-to-day servicing of assets of property, plant and equipment.

f. Regarding the numerator, we analyzed our direct non-capitalized costs in line with the previously mentioned

assumptions. In line with the option provided in Commission Delegated Regulation (EU) 2026/73 (C/2025/4568),

we omitted assessing the Taxonomy-eligibility and Taxonomy-alignment of economic activities whose cumulative

OpEx is below 10% of the OpEx KPI denominator (“non-material OpEx”), namely the maintenance expenditures

related our subsidiaries as well as those related to financial services activities.

• we considered as “eligible”:

– the direct non-capitalized costs that primarily relate to research and development activities, including

Formula 1 racing as well as development activities to support the innovation of our product portfolio

and components, in particular, in relation to electric and other new technologies,

– the maintenance expenditures related to the manufacturing of our vehicles;

• we considered as “aligned”: the direct non-capitalized costs related to the development and production of

vehicles, that in particular classify as light-duty vehicles with specific emissions of CO2, as defined in

Article 3(1), point (h), of Regulation (EU) 2019/631, lower than 50 g CO2/km (low-and zero-emission

light-duty vehicles). Moreover, we consider the direct non-capitalized costs related to the CapEx plan to

allow Taxonomy-eligible economic activities to become Taxonomy-aligned within a predefined timeframe

as set out in the second paragraph of the point 1.1.3.2 of Annex 1 of the Disclosure Delegated Act. At the

same time, both the compliance with all DNSH criteria listed in the Delegated Regulation 2021/2139 for

such activities and the fulfillment of the minimum safeguards as per Article 3 and 18 of the EU Taxonomy

Regulation was verified;

²² The “ code” constitutes the abbreviation of the relevant objective to which the economic activity is eligible to make a substantial contribution, as well as

the section number of the activity in the relevant Annex covering the objective, i.e.: Climate Change Mitigation: CCM; Climate Change Adaptation: CCA;

Water and Marine Resources: WTR; Circular Economy: CE; Pollution Prevention and Control: PPC; Biodiversity and ecosystems: BIO.

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• we considered as “not eligible”: the remaining direct non-capitalized costs.

• we considered as “not aligned”: the direct non-capitalized costs related to the development and production

of our vehicles that have not met one or more of the Technical Screening Criteria specified in the Delegated

Regulations or that do not fulfil the minimum safeguards specified in the Article 18 of the Taxonomy

Regulation.

PROPORTION OF OPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-

ELIGIBLE OR TAXONOMY-ALIGNED ECONOMIC ACTIVITIES – DISCLOSURE COVERING YEAR

2025 (ACTIVITY BREAKDOWN)22

In 2025, the taxonomy-eligible operating expenditure share remained stable from the previous year.

As in FY2024, no direct non-capitalized costs qualify as Taxonomy-aligned and therefore the Taxonomy-aligned

OpEx KPI is equal to zero.

Further analysis will be made over time according to the progressive evolution of the Taxonomy Regulation, and its

concrete interpretation/application for reporting purposes in accordance with Ferrari’s strategic approach.

In order to truly understand the importance and actions that Ferrari is putting in place to achieve the climate

mitigation objective, it should be noted our pursuit of decarbonization targets by 2030, addressing both direct and indirect

emissions with a focus on energy and materials, in addition to our electrification journey. As a further step forward in this

process, since 2019 we are monitoring our carbon footprint considering the emissions related to all the Group activities over

our entire value chain. Our calculation, based on GHG protocol and ISO 14064:2018 methodologies, allowed us to determine

priority areas for action. Regarding the Ferrari Luce we have dedicated investments and operating expenditures, included in

our 2026-2030 Strategic Plan presented during our 2025 Capital Markets Day, in line with the conditions specified in the

second subparagraph of the point 1.1.2.2 of Annex 1 of the Disclosure Delegated Act.

²³ We do not have a net-zero target.

²⁴ Subject to final guidance by the GHG Protocol.

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E1 – Climate Change

Transition plan for climate change mitigation

E1-1

During our 2025 Capital Markets Day we outlined our 2026-2030 Strategic Plan and our decarbonization strategy,

detailing our decarbonization commitment to 2030 on our entire value chain, addressing direct and indirect GHG emissions 23.

Our decarbonization strategy targets a reduction of at least 90 percent of our Scope 1 and 2 (market-based method) absolute

CO2eq emissions with respect to 2021 and a reduction of at least 25 percent of our Scope 3 emissions in absolute terms, with

respect to 2024.

Our decarbonization strategy is not defined as “transition plan” as stated by the ESRS E1-1, and as of today there are

no plans in place to adopt a transition plan.

Our decarbonization strategy, updated in 2025, follows the Science-Based Target initiative corporate near-term

criteria (version 5.3 of September 2025) aligned with the trajectories “1.5°C” for Scope 1 and 2 and “well below 2°C” for

Scope 3 in order to contribute to the international, national and regional targets, such as the Paris Agreement. In this context,

our most significant environmental efforts are deployed through a program for the reduction of pollutant and GHG emissions,

both direct and indirect.

Our decarbonization levers to reach our targets to 2030


Category of action	Target related climate change	Action	Timeline	Section reference
Energy efficiency & use of renewable sources energy	Scope 1&2 emissions - Renewable energy and biomethane certificates	Phasing out of our trigeneration plant	2024	E1 Climate Change - Energy consumption and mix
Energy efficiency & use of renewable sources energy		Installation of photovoltaic panels	Since 2023	E1 Climate Change - Energy consumption and mix
Our products	-	Full electric Ferrari	2026	E1 Climate Change - Transition plan for climate change mitigation
	Scope 3 emissions - Recycled materials	Engine production with 100% recycled alloy	2026	E5 Resource Use and Circular Economy
	Scope 3 emissions - Recycled materials	Use of recycled materials in our products	Ongoing	E5 Resource Use and Circular Economy
Constant dialogue with partners	Scope 3 emissions - Supplier and dealer engagement	Supplier engagement in carbon reduction activities and sustainable resource management	Since 2024	G1 Business Conduct - Management of relationships with suppliers
Constant dialogue with partners	Scope 3 emissions - Supplier and dealer engagement	Launch of the Green Dealer Award	Since 2023	E1 Climate Change - Gross Scopes 1, 2, 3 and Total GHG Emissions
Carbon Avoidance	-	Purchase of Carbon Credits	Since 2022	E1 Climate Change - GHG removals and GHG mitigation projects financed through carbon credits

To reach our target by 2030, we have identified decarbonization levers and key actions across all scopes. In addition

to the shutdown of the trigeneration plant, we aim to achieve the Scope 1 and 2 target through: the increase in the purchase of

electricity from renewable sources, the installation of new solar panels, and the purchase of biomethane certificates 24.

Regarding the Scope 3 target, we aim to achieve primarily by using recycled aluminum in our engines and chassis, as well as

through the continued collaboration with our suppliers and dealers. Moreover, this year, we unveiled the technological heart

of the Ferrari Luce. We continue to be committed to technology neutrality, and based on our client centricity approach, the

²⁵ Process for identifying and assessing a potential range of outcomes of future events under conditions of uncertainty related to Climate Change.

223

current context and its expected evolution, the 2030 sports cars model line-up will see ICE model offering at ~40%, hybrid at

~40% and electric at ~20%.

In 2025, the capital expenditure, including R&D and tooling, related to the development of our electric vehicles

amounted to € 259 million (please refer to the Consolidated Financial Statements). CapEx and OpEx related to economic

activities identified by the Taxonomy Regulation are reported in EU Taxonomy.

We are aware that the transition to a climate-neutral economy could be slowed down by locked-in GHG emissions.

Regarding Scope 1 and 2, certain processes, such as our foundry furnaces, cannot be powered by electricity yet. For Scope 3

downstream, the locked-in emissions depend on client demand and its evolution over the coming years, in particular on the

share of BEVs (Battery Electric Vehicle). Furthermore, it is important to point out that the higher the share of BEVs, the

harder it is to reach the target set for Scope 3 mainly due to the impact of batteries. The utilization of critical raw materials to

manufacture battery cells and the carbon-intensive production of batteries have a substantial impact. In fact, hybrid and

electric vehicles have a higher environmental impact in the upstream supply chain compared to internal combustion engine

vehicles. On top of upstream emissions, we are developing plans to reduce emissions in the ICE vehicles use phase, such as

the use of low carbon fuels and others. Excluding locked-in emissions, the implementation of the decarbonization strategy

also depends on regulatory and technological aspects.

Ferrari is not involved in coal, oil and gas-related activities.

Ferrari is included in the EU Climate Transition Benchmarks and the EU Paris-aligned Benchmarks, however, as of

today the Company is not aligned to the EU Taxonomy Regulation. For further information, please refer to “—Taxonomy”.

Our decarbonization strategy is fully embedded within our business plan, as outlined during our 2025 Capital

Markets Day presentation, and it was approved by the Audit Committee, an internal committee of the Board of Directors.

Progress in implementing our decarbonization strategy is described below. For further information please refer to

“—Actions related to Climate Change”.

Climate Change Impacts, Risks and Opportunities

ESRS 2 SBM-3, IRO-1

Our risk management approach is an important business driver and it is integral to the achievement of the Group’s

long-term business plan. As a relevant factor for long-term value creation, we consider it pivotal to manage risks related to

climate change. The fight against climate change and the preservation of the environment is becoming crucial around the

world and these concerns have resulted in rapidly evolving climate and environmental regulations issued across international

markets.

Following the structure described in the “Risk Management Process and Internal Control Systems” section of this

Report, at the first line of control, the Risk Owner and FLT are responsible for identifying, assessing, and mitigating risks and

for the establishment and maintenance of a risk management system across our business functions. Since December 2023,

this role has been assigned to the Chief of Internal Audit, Risk and Compliance Officer. Operating areas represent the first

line of defense, they identify climate-related risks and, in collaboration with the central function of risk management, those

risks are assessed, monitored and managed at corporate level.

Through the Climate Scenario Analysis 25, described below, and benchmark activities we were able to define our

impacts, risks and opportunities.

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Material Impacts, Risks and Opportunities	Nature	Perimeter
Energy consumption (within the organization) and related Greenhouse gas emissions (Scope 1 / Scope 2) with negative impact on climate change and the community (e.g. Maranello)	Actual Negative Impact	□ ◘ □
Energy consumption and related GHG emissions for downstream activities (e.g. outbound logistics, vehicles usage and use of sold products) (Scope 3) with negative impact on climate change	Actual Negative Impact	□ □ ◘
Energy consumption and related GHG emissions for upstream activities (e.g. raw material purchased and inbound logistics) (Scope 3) with negative impact on climate change	Actual Negative Impact	◘ □ □
Fast paced and uncertain laws and technical regulations proliferation: environmental regulatory tightening (e.g., CO2 reduction), enhanced by societal pressures and uncertainty in timing/type of future approval constraints	Risk
Energy efficiency - Using renewable energy at a reduced cost plus investing in low carbon technologies that could result in lower carbon footprint, lower energy consumption and lower energy costs	Opportunity

◘ □ □ Upstream □ ◘ □ Own Operation □ □ ◘ Downstream

Climate Scenario Analysis

In 2025, to strengthen our resilience strategy, we updated our climate scenario analysis of our prospective climate

change risks, both physical and transitional, for our production facilities in Maranello and Modena and for our supply chain.

This analysis followed the most up-to-date methodologies available internationally, covering the 2025 to 2050 time-horizon.

In 2025, the assumptions of this analysis remained consistent with those used in the 2022 climate scenario analysis. The

choice of the scenarios for physical and transitional risks is based on EU and international guidelines (i.e. EU Taxonomy and

TCFD respectively), on climate literature, availability of impact studies and likelihood of scenarios. We used the

International Energy Agency (IEA) and the Intergovernmental Panel on Climate Change (IPCC) scenarios.

More specifically, for physical risks, the Representative Concentration Pathways (RCP) corresponds to defined

emissions and global warming levels. Each RCP scenario is modeled by the scientific community in terms of physical

impacts. In particular, we have considered the RCP 8.5 (worst case scenario) and RCP 4.5 (use case scenario) scenarios:

– The RCP 8.5 scenario is the most extreme of the business-as-usual scenarios. It forecasts an increase above 4°C by

2100. This scenario can translate into reality if the world adopts no mitigation policy. High economic and population

growth rates (SSP5) favor this scenario. This scenario triggers most of the climate “points of non-return” and hence,

its consequences are difficult to model;

– The RCP 4.5 scenario is the most probable given current pledges by countries. It forecasts an increase in temperature

between 2 to 3°C by the end of the century, well above the limits of Paris 2015 and Kyoto Protocol.

Each climate scenario is characterized by different levels of greenhouse gas concentrations. Specifically, we

considered a pessimistic scenario (RCP 8.5), and a use case scenario (RCP 4.5) to assess the various situations we might face.

For the analysis of physical and transitional risks, included in our Scenario Analysis, we considered three-time

horizons:

– short term – until 2026

– medium term – until 2030

– long term – until 2050.

All of these relate to the expected life of our assets, strategic planning horizons and capital allocation plans.

For the analysis, we considered the geospatial coordinates of our Maranello and Modena plants to understand their

exposure to physical events. In particular, precipitation, wind and temperature logs from the local weather grid were analyzed

to evaluate present trends and build reliable inferences on possible future trends. A detailed analysis of local sources such as

the Modena/Maranello Civil Protection, ARPAE and newspapers allowed to build an “event history” database and

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contributed to the overall risk mapping. Further scenario evaluation has been performed using both as is and to be flood risk

maps provided by a primary external data provider.

Through the Scenario Analysis we also analyzed the physical and transitional risks of our suppliers, taking into

consideration their location.

As of today the Climate Scenario Analysis does not reflect any assumption made in the financial statement.

With regard to transition scenarios analysis, according to different scenarios, transition speeds might vary greatly in

the next two decades. The assessment of transition climate-related risks is based on a qualitative and quantitative climate-

related scenario analysis. We take into account prospective scenarios for technological development, market conditions and

normative evolutions. These scenarios are based on the IEA scenario (namely NZE, APS), a world agency providing analysis

and advisory services to governments on energy issues, combined with many different literature studies, based on the

definition of a climate ambition and technology progress parameter. Also, IPCC SSP scenarios were used to create charging

infrastructure projections.

The overall structure of the analysis relies on the physical and transition scenarios as follows: (1) NZE / (2) APS

scenarios for transition risks and (3) RCP 8.5 / (4) RCP 4.5 scenarios for physical risks:

• The Net Zero Emissions (NZE) by 2050 Scenario is a normative scenario that shows a pathway for the global energy

sector to achieve net zero CO2 emissions by 2050, with advanced economies reaching net zero emissions in advance

of others. It is consistent with limiting the global temperature rise to 1.5 °C with no or limited temperature overshoot

(with a 50 percent probability). It is consistent with the RCP 2.6 scenario. It is compatible with the SSP1 IPCC

scenario, where the world follows a sustainable development pathway, with inequalities reduced, strong

convergence between developing and developed countries, and strong climate action;

• In the APS (Announced Pledges Scenario) scenario, countries fully implement their national targets to 2030 and

2050. It is a “business as usual” without strong efforts in decarbonizing. It is consistent with a low range of the

RCP4.5 scenarios. It is compatible with the SSP2 IPCC scenario which is a business-as-usual scenario.

To identify transitional risks, we analyzed, for each country in which Ferrari has commercial presence, the

regulatory situation concerning the ICE powertrain. This enabled us to identify the countries in which a restriction on the sale

of ICE could be imposed and could cause the greatest impact. With regard to the market, we also took into account the

societal momentum around climate action, always guided by our scientific and holistic approach to address emissions across

sectors. The transition scenario analysis also took into consideration the issue of raw material shortage among its

assumptions, while considering that it is partly caused by climate change and increased demand (with a consequence on

prices) for certain types of critical materials needed to support the electric transition.

The list of physical risks that have been analyzed in the Climate Scenario Analysis is presented below.

²⁶ Istituto Superiore per la Protezione e la Ricerca Ambientale - ISPRA.

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PHYSICAL APPLICABLE RISKS SCOPE

for Maranello and Modena facilities

Acute

Heat wave

Cold wave/Frost

Storm

Tornado

Flood (Flash and river flood)

Heavy precipitation (Rain and hail)

Drought

Chronic

Changing air

Heat stress

Temperature variability

Changing precipitation patterns and types (rain, hail, snow, ice)

Precipitation or hydrological variability

Water stress

PHYSICAL RISKS SCOPE

for supply chain

Acute

Hydrogeologic Risk

Increased Flooding Exposure

According to the Italian Institute for Environmental Protection and Research data 26, Emilia-Romagna is the Italian

region most susceptible to flood risk. Weather grids around Maranello show a consistent trend of increasing rainfall, a

phenomenon that is expected to elevate flood risks in the coming decades. Emilia-Romagna is morphologically suitable for

the formation of tornados and windstorm events. Extreme weather events such as floods, windstorms, fires and heat waves

could cause interruptions in power grids. Increases in peak wind speeds and the severity of hailstorms are also observed. Heat

waves and droughts are becoming more frequent and intense, with Europe and the Mediterranean region as global hotspots.

Droughts threaten natural water reserves in northern Italy, while rising temperatures contribute to fires. Climatic conditions

also affect solar energy production and favor the spread of mosquito-borne diseases, with hotter and wetter summers creating

ideal habitats for exogenous species.

Following the climate scenario analysis, we have identified the most relevant physical risks (flash/river flood, hail

and storm) and we have strengthened our mitigation and resilience plan related to physical risks regarding our production

plants in Maranello and Modena. This plan included the implementation of actions to mitigate extreme weather events such

as flooding and hail episodes, reducing our climate-related physical risks assessment under materiality threshold.

The list of transitional risks that have been analyzed in the Climate Scenario Analysis is presented below.

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TRANSITION APPLICABLE RISKS

organization worldwide

Market

Increased cost of raw materials

Changing customer behavior

Uncertainty in market signals

Policy and Legal

Mandates on and regulation of existing products and services

Increased pricing of GHG emissions

Enhanced emissions-reporting obligations

Exposure to litigation

Reputational

Shifts in consumer preferences

Stigmatization of sector

Increased stakeholder concern or negative stakeholder feedback

Technology

Substitution of existing products and services with lower emissions options

Unsuccessful investment in new technologies

Costs to transition to lower emissions technology

The transition risks identified through the scenario analysis and reported above can potentially impact Ferrari’s sales

and production, therefore, not only its operations but also its value chain. Specifically, regulation and technology changes

could lead to an increase in costs in the medium/long term and to scarcity of critical materials.

Following the scenario analysis conducted, we identified one material transition risk: “Fast paced and uncertain laws

and technical regulations proliferation: environmental regulatory tightening (e.g., CO2 reduction), enhanced by societal

pressures and uncertainty in timing/type of future approval constraints”.

To mitigate our material risk, we have established a structured process to monitor new regulations through a specific

R&D function, that regularly tracks regulatory developments and evaluates their potential impacts on Company activities. To

ensure timely analysis, the Company has appointed a focal point in each country most relevant to the Ferrari business who

participates in various manufacturer associations, which also provide information on regulatory changes trends. No

significant operational or capital expenditures have been allocated to this action in 2025.

Policies related to Climate Change

ESRS 2 MDR-P, E1-2

Ferrari’s ambition to minimize its impact on the global environment is outlined in the Environmental Practice, which

is inspired by the guiding principles set forth in the Code of Conduct and defines Ferrari’s main ambition to fostering a

corporate culture dedicated to environmental protection. The Practice applies to the entire Ferrari Group.

Ferrari considers environmental protection to be a decisive aspect to be promoted in its overall approach to business

and it aims to continuously improve the environmental performance of its operations and comply with the provisions

contained in applicable laws and regulations. For this reason, Ferrari aims to: reduce greenhouse gas emissions along the

product life cycles, minimize water use, promote the reuse of waste materials in the production process, monitor emissions

into the atmosphere, the pollutants in the sewage system, and contribute to the protection of biodiversity in areas impacted by

its production process.

Environmental Practice

The Environmental Practice sets out key principles: compliance with applicable regulatory and legal requirements,

periodic and systematic establishment of improvement objectives and their monitoring and measurement through KPIs, the

development of products that meet customers’ needs while ensuring respect for the environment, and the adoption of the best

²⁷ Climate change adaptation is managed through actions rather than a dedicated policy.

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available technologies for the efficiency of production processes and the reduction of emissions and environmental impacts.

The practice promotes, among others, the improvement of energy efficiency and the use of renewable energy 27 aimed at

mitigating climate change. In particular, it enshrines the Company’s commitment to monitor and reduce greenhouse gas

emissions produced throughout the entire product life cycle, as well as reducing energy consumption. In line with the

Environmental Practice commitments, we have developed the decarbonization strategy.

The practice covers the following impacts, risks and opportunities: “Energy consumption (within the organization)

and related Greenhouse gas emissions (Scope 1 / Scope 2) with negative impact on climate change and the community (e.g.

Maranello)”; “Energy consumption and related GHG emissions for downstream activities (e.g. outbound logistics, vehicles

usage and use of sold products) (Scope 3) with negative impact on climate change”; “Energy consumption and related GHG

emissions for upstream activities (e.g. raw material purchased and inbound logistics) (Scope 3) with negative impact on

climate change”; “Fast paced and uncertain laws and technical regulations proliferation: Environmental regulatory tightening

(e.g., CO2 reduction), enhanced by societal pressures and uncertainty in timing/type of future approval constraints”; “Energy

efficiency - Using renewable energy at a reduced cost plus investing in low carbon technologies that could result in lower

carbon footprint, lower energy consumption and lower energy costs”. In order to ensure full and effective functioning of this

Practice, the Technologies & Infrastructure department and the Finance department will monitor its implementation and

suggest any updates to its contents, considering factors such as emerging best practices and changes in the Group's activities

or in the applicable legal and legislative framework.

The monitoring and management of the environmental performance of our production plants is assigned to a team

that reports to our Chief Industrial Officer. Their effort is aimed at minimizing the impact of our activities on the

environment, particularly in relation to the energy consumption of our production facilities. Please refer to the “ESRS 2—

General disclosures—Governance—Our Decision-Making Process” section for information on accountability and the most

senior levels responsible for Climate Change issues.

In drafting the Environmental Practice, stakeholder interests were considered broadly, particularly those of its

addressees, which include the entire Ferrari Group and its third parties. Ferrari considers the engagement of its suppliers and

its sales partners, as well as the local authorities and communities, to be crucial to uphold its environmental principles and

commitments.

Ferrari ensures the internal and external dissemination of the Practice. Please refer to the Ferrari corporate website at

the following link https://www.ferrari.com/en-EN/corporate/practices.

Action related to Climate Change

ESRS 2 MDR-A, E1-3

In our decarbonization strategy, we focus on our direct emissions as well as on our indirect upstream and

downstream Scope 3 GHG emissions. We believe that concentrating solely on the vehicle use phase is not enough, so in line

with our holistic approach, we need to continue to focus on purchased goods.

Our culture embraces a rational use of energy, which is mainly utilized for the manufacturing of cars and engines.

Over the years, the Group has strived to lower its energy consumption and to minimize its environmental impact,

adopting innovative solutions and shifting to renewable energy sources.

In 2008, we installed our first solar panels and gradually increased capacity since then. Over the years, this initiative

has contributed to Ferrari’s sustainability goals by increasing the capacity of renewable energy generation in Ferrari S.p.A.

and Mugello Circuit S.p.A., as the self-produced renewable energy allows us to reduce Scope 2 location-based emissions.

Progress in previous years has seen a consistent rise in installed capacity, and in 2025 we increased by 26 percent the

renewable energy self-produced compared to 2024. Looking ahead, plans are in place to further expand the initiative with the

aim of reaching approximately 10 Megawatt peak (MWp) capacity by 2030, doubling the current capacity of 5 MWp. No

significant operational or capital expenditures have been allocated to this action in 2025.

²⁸ No stakeholders were involved in the definition of environmental targets.

²⁹ The companies reported in the paragraph “Scope of consolidation”.

³⁰ The perimeter in scope covers more than 90 percent of Scope 3 emissions. Capital Goods, employee commuting and business travel categories are out of

scope for the Scope 3 target.

³¹ Biomethane certificates are subject to final guidance by the GHG Protocol (dashed-line in the graph below).

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Moreover, in September 2024, Ferrari switched off the trigeneration plant at its Maranello factory to replace a

significant portion of methane gas consumption with renewable energy sources. The shutdown enabled a 58 percent annual

reduction in Scope 1 and 2 CO2,eq emissions, and a 63 percent reduction in methane gas consumption compared to 2021.

Ferrari started to stipulate Power Purchase Agreements (PPAs) to further accelerate the transition to renewable energy. No

significant operational or capital expenditures have been allocated to this action in 2025.

To sustain our decarbonization goal by 2030, involving our dealers is a key part of our strategy. In 2025, we

organized the third edition of the Green Dealer Award, aimed at engaging Ferrari Group’s dealers in their sustainability

efforts with a particular focus on decarbonization. Our network has been evaluated via three KPIs: responsiveness in

submitting data, energy consumption and expertise in advanced expertise in sustainability principles and practices. Starting

from 2025, the data collected from dealers has been used to develop action plans with the aim of supporting our dealers to

reduce their energy consumption and emissions. In addition, starting from 2026, we will guide dealers through a series of

solutions to effectively drive the implementation of the actions outlined in the plan. No significant operational or capital

expenditures have been allocated to this action in 2025.

From a financial perspective, we utilize our own resources while staying continuously informed about externally

available funding opportunities.

Targets related to Climate Change

ESRS 2 GOV-3, MDR-T, E1-4

Our environmental targets, as included in the 2026–2030 Strategic Plan, comply with the Science-Based Targets

initiative’s corporate near-term criteria (version 5.3 of September 2025) and are aligned with the trajectories “1.5°C” for

Scope 1 and 2 and “well below 2°C” for Scope 3. The GHG emission reduction targets and the related action plan were

approved by the Audit Committee, which is an internal committee of the Board of Directors 28.

Our emissions targets are as follows:

• decrease by at least 90 percent our Scope 1 and 2 (market-based method) absolute CO2eq emissions - CO2, CH4, N2O

and HFCs - by 2030 versus 2021. This target is beyond the reduction of 42 percent required by the Science-Based

Target initiative corporate near-term criteria, for the “1.5°C” pathway. Starting from 2021, we have been carbon

neutral in our own operations 29 through high-quality projects with climate and social contributions;

• reduction of at least 25 percent of our Scope 3 emissions 30 - CO2, CH4, N2O - in absolute terms by 2030 versus 2024.

2030 Scope 1 & 2 target vs 2021 Base year 31

³² Further actions to be detailed later (dashed line in the graph below).

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2030 Scope 3 target vs 2024 Base year 32

Following the Science-Based Target initiative (SBTi) corporate near-term criteria (version 5.3 of September 2025),

we chose 2021 as the base year for our Scope 1 and 2 consolidated emissions target. Therefore, the Scope 1 and 2 emissions

target remained unchanged. In addition to the shutdown of the trigeneration plant, we will achieve the Scope 1 and 2 target

through: the increase in the purchase of renewable electricity, the installation of new solar panels, and the purchase of

biomethane certificates.

For Scope 3 emissions, we have decided to update our targets, as the previous ones were not aligned with the latest

SBTi sector-specific decarbonization pathway (automaker), which requires a specific target for the use phase and a

commitment to phase out ICE vehicles. These new guidelines are not consistent with our strategic plan, which also includes

the offering of ICE engines. Furthermore, the distribution of our emissions across the GHG categories differs from that of

other mass-market carmakers, as use-phase emissions account for a much smaller share of our total emissions, while

upstream emissions have a greater impact. For these reasons, our new targets follow the SBTi corporate near-term criteria

(version 5.3 of September 2025), but they are not eligible for validation by the SBTi since there is a specific pathway for

automakers. Moreover, we choose 2024 as the base year for the target as the data quality and the methodology were more

refined than the previous years.

In 2025, our Scope 3 target was hence updated from an intensive to an absolute target as shown in the detailed table

above. However, the categories Capital Goods, Business Travel and Employee Commuting are excluded from the Scope 3

perimeter for the target since they represented less than 10 percent of the total 2024 Scope 3 emissions. Regarding the Scope

3 target, we aim to achieve this primarily using recycled aluminum in our engines and chassis, as well as through the

continued collaboration with our suppliers and dealers. Moreover, this year, we unveiled the technological heart of the Ferrari

Luce.

For the achievement of GHG emission reduction targets by 2030, the Green Sustainability Steering Committee,

composed of representatives from different functions, has been appointed as the responsible body. Specifically, within the

Research & Development department, a team is responsible for future product development aiming at reducing CO2eq

emissions of Ferrari sports cars. Meanwhile, another team is in charge of overseeing regulatory developments while

monitoring the emissions of Ferrari cars. In addition, the Research & Development, the Product Development and the

Purchasing & Quality departments are working with our suppliers to find solutions to meet our Scope 3 emissions reduction

target. These departments report to the Chief Research & Development Officer, the Chief Product Development Officer and

the Chief Purchasing & Quality Officer, respectively.

Our Equity Incentive Plans are based on, for a certain percentage, the reduction of CO2 carbon emission. For more

details, please refer to “ESRS 2—General disclosures—Governance—Integration of sustainability-related performance in

incentive schemes”.

³³ The entire group falls within the C29 NACE code.

³⁴ The conversion factor used for natural gas is 0.0099 MWh/smc.

³⁵ The conversion factors used for Diesel fuel is 0.00988 MWh/L and for Gasoline fuel 0.00899 MWh/L.

³⁶ In 2025, the total purchased electricity from renewable sources is covered by guarantees of origin for 99,8% and the remaining part is calculated using

“2024 European Residual Mixes, V.1.0”, published by AIB. In 2024, the Guarantees of Origin coverage amounted to 99,7% and the remaining part was

calculated using “2023 European Residual Mixes, V.1.0”, published by AIB.

³⁷ The energy intensity is calculated considering the revenue of the entire Group.

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Energy consumption and mix

E1-5

In 2025, the total energy consumption within the Maranello and Modena plants, the Mugello racing circuit and our

stores, museums, subsidiaries’ offices and other facilities was 348,791 MWh, with a decrease of 15% compared to 2024

(412,061 MWh) mainly due to the shutdown of the trigeneration plant. In 2025, 48% of the energy consumed is sourced from

renewable sources, thanks to the increased in self-produced renewable energy and the purchase of electricity through Power

Purchase Agreements (PPAs) and from the grid covered by guarantees of origin.

Energy Consumption within the Organization 33


Unit of measurement: MWh	2025 Operational control only	2025 Financial control	2025	2024	2025 vs 2024 (%)
Total Natural Gas 34	436	155,097	155,533	276,507	(44%)
Total Oil Products 35	—	22,939	22,939	23,985	(4%)
Total Coal	—	—	—	—	-
Total Other fossil fuels	—	—	—	—	-
Total Electricity from fossil sources	—	929	929	882	5%
Total Energy from Fossil sources	436	178,965	179,401	301,374	(40%)
Share Energy Fossil Fuels (%)	36%	52%	52%	73%	(30%)
Total Nuclear	—	290	290	238	22%
Share Nuclear (%)	—%	0.1%	0.1%	0.1%	—
Total Energy from Biomass	—	120	120	—	—
Total purchased electricity from renewable sources 36	765	163,298	164,063	106,552	54%
Total Self-produced renewable energy	—	4,917	4,917	3,897	26%
Total Renewable energy	765	168,335	169,100	110,449	53%
Share Renewable energy (%)	64%	48%	48%	27%	81%
Total Consumption	1,201	347,590	348,791	412,061	(15%)


Unit of measurement: MWh/€ thousand	2025	2024	2025 vs 2024 (%)
Energy Intensity 37	0.049	0.062	(21%)


Unit of measurement: MWh	2025	2024	2025 vs 2024 (%)
Self-produced non-renewable energy	8,094	64,781	(88%)
Self-produced renewable energy	4,917	3,897	26%

For more details on net revenues, please refer to “Consolidate Financial Statements—Net revenues” of the Financial

Statement.

³⁸ The emissions reported for 2025 have been calculated according to the requirements of ISO 14064-1:2018 This standard allows for judgment calls

resulting in a range of possible outcomes. Therefore, no comparison of the disclosed data is possible with other studies unless methodology and data

assumptions are exactly the same. The GWP 100 of the “Sixth Assessment Report” published by the IPCC has been used. The gases included in the

calculation of the GHG emissions are: CO2, CH4, N 2O, HFCs and other refrigerant gases, whereas PFC, SF 6 and NF3 emissions are not considered.

³⁹ We consider as under our operational control the museum Enzo Ferrari in Modena, as we have the ability to direct the operational activities and

relationships of the site.

⁴⁰ The Scope 1&2 target is indicated in Scope 1, Scope 3 specific targets are indicated in table “E1—Climate change—Targets related to Climate Change”.

⁴¹ Direct greenhouse gas emissions, measured in tons of CO2eq, were calculated using emission factors indicated in “Ecoinvent 3.11” database.

⁴² Market-based indirect greenhouse gas emissions, measured in tons of CO2eq, were calculated using the Residual Mix emission factors indicated in “2024

European Residual Mixes, V.1.0”, published by AIB, and “Emissions Factors 2025”, published by International Energy Agency (IEA). The Group purchases

Guarantee of Origin (GO) certificates in order to reduce the impact of CO2eq emissions in the atmosphere.

⁴³ Location-based indirect greenhouse gas emissions, measured in tons of CO2eq, were calculated using the emission factor indicated in “Emissions Factors

2025”, published by International Energy Agency (IEA).

⁴⁴ We consider as under our operational control the museum Enzo Ferrari in Modena, as we have the ability to direct the operational activities and

relationships of the site.

⁴⁵ The perimeter in scope covers more than 90 percent of Scope 3 emissions. Capital Goods, employee commuting and business travel categories are out of

scope for the Scope 3 target.

⁴⁶ The Scope 1&2 target is indicated in Scope 1, Scope 3 specific targets are indicated in table “E1—Climate change—Targets related to Climate Change”.

232

Gross Scopes 1, 2, 3 and Total GHG Emissions

E1-6

2025 Ferrari Group Carbon Footprint 38


Unit of measurement: tCO2eq	2025 Operational control only 39	2025 Financial control	2025	2024	2021 (Base year)	Target 2030 40	2025 vs 2021 (base year) (%)
Total Scope 1 41	100	38,518	38,618	65,338	90,832	N/A	N/A
Share of Scope 1 covered by ETS	—%	75%	75%	81%	87%	N/A	N/A
Total Scope 2 (location-based method) 42	154	33,255	33,409	28,091	12,749	N/A	N/A
Total Scope 2 (market-based method) 43	—	613	613	598	1,884	N/A	N/A
Total Scope 1 & 2 (market- based)	100	39,131	39,231	65,936	92,716	9,300	(58%)


Unit of measurement: tCO2eq	2025 Operational control only 44	2025 Financial control	2025	2024	2024 (Base year) 45	Target 2030 46	2025 vs 2024 (base year) (%)
Cat 3.1 - Upstream transport and logistics	—	17,805	17,805	20,592	20,592	N/A	(14)%
Cat 3.2 - Downstream transport and logistics	—	15,232	15,232	11,357	11,357	N/A	34%
Cat 3.3 - Employee Commuting	—	6,897	6,897	3,618	N/A	N/A	N/A
Cat 3.4 - Business Travel	—	10,272	10,272	8,194	N/A	N/A	N/A
Cat 4.1 - Purchased Goods	—	325,081	325,081	375,905	375,905	N/A	(13)%
Cat 4.2 - Capital Goods	—	72,780	72,780	81,885	N/A	N/A	N/A
Cat 4.5 - Use of Services	—	82,892	82,892	100,505	100,505	N/A	(18)%
Cat 5.1 - Use stage of products	—	370,666	370,666	338,256	338,256	N/A	10%
Cat 6.1 - Franchises	—	25,557	25,557	26,870	26,870	N/A	(5)%
Total Scope 3	—	927,182	927,182	967,182	873,485	N/A	(4)%

⁴⁷ The gross Scope 1 and Scope 2 GHG emissions do not include any removals, or any purchased, sold or transferred carbon credits or GHG allowances.

233


Unit of measurement: tCO2eq	2025 Operational control only	2025 Financial control	2025	2024	Base year	Target 2030	2025 vs Base year (%)
Total Emissions (location- based)	254	998,955	999,209	1,060,611	N/A	N/A	N/A
Total Emissions (market-based)	100	966,313	966,413	1,033,118	N/A	N/A	N/A

The gross 2025 GHG emissions 47 deriving from the Maranello and Modena plants, from the Mugello racing circuit

and from our stores, museums, subsidiaries’ offices and other facilities (Scope 1 and Scope 2 market-based), are equal to

39,231 tCO2eq, compared to 65,936 in 2024 and to 92,716 tCO2eq in 2021. 2025 Scope 3 emissions are equal to 927,182

tCO2eq compared to 967,182 tCO2eq in 2024.

In 2025, our Scope 1 GHG emissions decreased by 41 percent compared to 2024 and by 58 percent compared to

2021, mainly due to the shutdown of the trigeneration plant in Maranello.

Our Scope 2 (location-based method) GHG emissions increased due to the gradual shift from natural gas to

electricity in our production plants.

Our Scope 2 (market-based method) GHG emissions remained almost stable compared to 2024 and decreased by 67

percent compared to 2021. Currently, the share of renewable electricity, which is not self-produced, is purchased either

through Power Purchase Agreements (PPAs), or from the grid and covered by certificates of guarantee of origin (from

renewable sources). In 2025, the PPAs covered more than 40 percent of our total consumption of renewable electricity. Since

2024, we have included the museums and the Italian stores in the list of locations covered by Guarantee of Origin certificates.

As shown in the tables below, the majority of the Scope 1 and Scope 2 emissions occurs in Italy, primarily at our

production plants in Maranello and Modena. In 2025, Scope 1 emissions produced in Italy decreased by approximately 41

percent compared to 2024.


Unit of measurement: tCO2eq Scope 1	2025	2024
Italy	37,652	64,332
Rest of the world	966	1,006
Total Scope 1 emissions	38,618	65,338


Unit of measurement: tCO2eq Scope 2 Location based	2025	2024
Italy	32,915	27,567
Rest of the world	494	524
Total Scope 2 location-based emissions	33,409	28,091


Unit of measurement: tCO2eq Scope 2 Market based	2025	2024
Italy	98	68
Rest of the world	515	530
Total Scope 2 Market-based emissions	613	598

Our Scope 3 emissions related to 2025 are lower than those related to 2024, mainly due to a decrease in the

emissions from purchased goods, capital goods and use of services.

Analyzing the most significant variations with respect to the base year 2024, we can report that the product mix of

the deliveries (less PHEV, more ICE) has impacted negatively the category “5.1 Emissions from use stage of the product”.

For the category “4.1 Emissions from purchased goods”, the increase in available primary data and the reduced carbon

footprint of some components allowed a reduction of the related emissions. The change in the category “3.3 Emission from

employee commuting” is due to the higher number of employees as well as the reduction in the number of days of working

from home. The change in category “3.4 Emissions from business travel” is related to the increase of the races and tests of the

234

Scuderia Ferrari and LMH teams. The change in categories “4.2 Emissions from capital goods” and “6.1 Emissions from

franchises” is mainly due to a reduction in the emission factors.

In 2025, 16 percent of Scope 3 data has been calculated using primary data directly obtained from our value chain

partners.

As shown in the table below, we managed to decouple our economic growth from our environmental impact. In

other words, we continue growing our business activities while at the same time reducing our total GHG emissions.


	2025	2024	2025 vs 2024 (%)
Net revenues [€ million]	7,146	6,677	7%
GHG intensity (All Scopes location-based) [tCO2eq / € million]	139.8	158.9	(12%)
GHG intensity (All Scopes market-based) [tCO2eq / € million]	135.2	154.7	(13%)

For more details on net revenues, please refer to “Consolidated Financial Statements—Net revenues” of the

Financial Statement.

The table below indicates our biogenic emissions for each scope:


Unit of measurement: tCO2eq	2025	2024
Scope 1 Biogenic emissions	3	4
Scope 2 Biogenic emissions	—	—
Scope 3 Biogenic emissions	273	219
Total Biogenic emissions	276	223

We calculate our carbon footprint considering the GHG emissions related to all Group activities over our entire

value chain, based on the GHG Protocol and the ISO 14064-1:2018 methodologies and it is verified by a third-party under the

limited assurance engagement of this Statement. Scope 1 & 2 emissions (except fugitive and industrial processes) are

calculated using the Energy-based method, with primary data serving as the basis for consumption data. Fugitive and

industrial process emissions are calculated using the Activity-based method, also relying on primary data.

In order to define which Scope 3 categories are significant for the Company, we carried out a significant analysis

according to the indications of the ISO 14064-1:2018. Hereafter the Scope 3 categories are reported:

a. Category 3.1, Upstream transportation and distribution (similar to category 4 of the GHG Protocol):

i. Transportation and distribution of products purchased between its tier 1 suppliers and its own operations (in

vehicles and facilities not owned or controlled by Ferrari);

ii. Transportation and distribution services purchased, including inbound logistics, and transportation and

distribution between its own facilities (in vehicles and facilities not owned or controlled by Ferrari);

b. Category 3.2, Downstream transportation and distribution (similar to category 9 of the GHG Protocol):

i. Transportation and distribution of products sold between its operations and the end consumer, including

retail and storage (in vehicles and facilities not owned or controlled by Ferrari);

c. Category 3.3, Employee commuting (category 7 of the GHG Protocol): Transportation of employees between their

homes and their worksites.

d. Category 3.4, Business travel (category 6 of the GHG Protocol): Transportation of employees for business-related

activities (in vehicles not owned or operated by Ferrari);

e. Category 4.1, Purchased goods (part of category 1 and category 3 of the GHG Protocol): Extraction and production

of goods and fuels purchased or acquired;

f. Category 4.2, Capital goods (category 2 of the GHG Protocol): Extraction and production of capital goods purchased

or acquired;

g. Category 4.5, Use of services (part of category 1 of the GHG Protocol): Production of services purchased or

acquired;

h. Category 5.1, Use stage of products (category 11 of the GHG Protocol): End use of goods and services sold;

⁴⁸ As defined in the ISO 14064-1.

⁴⁹ As defined in the GHG protocol: supplier-specific method uses primary data from the supplier; distance based method uses the mass, distance, and mode

of each shipment, then applies the appropriate mass-distance emission factor for the vehicle used ; activity data uses specific emission factors together with

available activity data (mass, energy consumption, etc); average data method uses industrial average emission factors together with available activity data;

spend base method uses the economic value of a good or a service together with a secondary data emission factor.

⁵⁰ The GHG emissions of this category were calculated using the emission factors of the Ecoinvent database (v3.11) through the SimaPro tool.

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i. Category 6.1, Franchises (category 14 of the GHG Protocol): The Scope 1 and Scope 2 market-based emissions of

franchisees, Ferrari reports its dealers and workshops in this category.

Based on the methodology applied in 2025, the table below shows the details for each GHG emissions category. The

methodology allows for judgment calls resulting in a range of possible outcomes and is subject to annual reviews to improve

the calculation of the Company’s GHG emissions, resulting in some cases in incomparability between one year and another.

Through the software SimaPro, it is possible to perform a Monte Carlo analysis, which is a numerical way to process

uncertain data and establish an uncertainty range in the calculated results. The Coefficient of Variability (CV - %, disclosed

in the table below) allows us to quantitatively evaluate the uncertainty. The acceptability ranges set for the CV resulting from

the analysis are as follows:

• CV ≤ 5% | very good

• CV > 5% and ≤ 15% | good

• CV > 15% and ≤ 25% | acceptable

• CV > 25% | not acceptable

In the next few years, we aim to use more primary data in the categories 4.2 and 4.5 in order to reduce the higher

level of uncertainty, mainly due to the Spend-based method used for the calculations of these categories.


Scope 3 Category 48		Included	Methodology				Uncertainty
Scope 3 Category 48		Included	Source	Method 49	Emission factors	Assumptions	CV [%]
Category 3.1	Upstream transportation and distribution	Yes	Delivery inbound documents, Supplier specific data	Supplier specific method, Distance based method	Supplier specific, Ecoinvent 50	Q4 2025 estimated based on the Q3 YTD and Q4 2024 actual data. Calculation is based on the distance between Tier 1 supplier and Ferrari.	3.3
Category 3.2	Downstream transportation and distribution	Yes	Delivery outbound documents, Supplier specific data	Supplier specific method, Distance based method	Supplier specific, Ecoinvent	Q4 2025 estimated based on the Q3 YTD and Q4 2024 actual data. Calculation is based on distance between Ferrari and the dealer.	4.9
Category 3.3	Employee commuting	Yes	Internal database, Internal survey	Distance based method	DESNZ	Foreign employees are estimated based on the average value of Italian employees. November and December 2025 estimated based on the Jan-Oct actual data. Calculation is based on the distance between the home address and the working site.	10.6

⁵¹ The GHG emissions of this category were calculated using the emission factors indicated in “ghg-conversion-factors-2025-full_set; v1.0”, published by

the Department for Energy Security and Net Zero (DESNZ) of the UK government.

⁵² The GHG emissions of this category were calculated using the Extended Environmental Input-Output (EEIO) factors indicated in “Consumption based

accounting tool: 2022”, published by Eurostat.

236


Category 3.4	Business travel	Yes	Supplier data extraction, Scuderia Ferrari logistic plans, LMH logistic plans	Supplier specific method, Distance based method, Average data method	Ecoinvent, Supplier specific, DESNZ 51	Foreign employees' travels are included in category 4.5 (Use of services). November and December 2025 estimated based on the Jan-Oct actual data. For Sports Cars, calculation is based mainly on the actual distance travelled combined with the mode of transport; for Racing, calculation is based on logistic plans	4.9
Category 4.1	Purchased goods	Yes	Warehouse inbound documents, Supplier specific data, Invoices (fuel and energy)	Supplier specific method, Hybrid method, Average data method, Activity data method, Spend based method	Ecoinvent, Supplier specific, EEIO 52	Raw materials processing and manufacturing is included only for more relevant components. Includes Fuel and Energy activities as per ISO 14064:2018 November and December 2025 estimated based on the Jan-Oct actual data. Calculation is mainly based on the composition of products associated with the correct emission factor.	9.7
Category 4.2	Capital Goods	Yes	Verified data included in Financial Reports	Spend based method	EEIO	Calculation is based on the capex asset category associated with the related spending emission factor.	24.5
Category 4.3	Disposal of solid and liquid waste	No: not material (< 5% of category 4)	—	—	—	—	—
Category 4.4	Use of assets	No: not material (<5% of category 4)	—	—	—	—	—
Category 4.5	Use of services	Yes	Supplier specific data, Verified data included in Financial Reports (Services)	Supplier specific method, Spend based method	Supplier specific, EEIO	November and December 2025 estimated based on the average data of 3 previous years. Calculation is based on the chart of accounts associated with the related spending emission factor.	18.7

⁵³ The GHG emissions of this category were calculated using the emission factors of the WLTP homologation in the European Union.

⁵⁴ The GHG emissions of this category were calculated using the “Emission factors 2025”, published by the International Energy Agency (IEA)

237


Category 5.1	Use stage of products	Yes	Official homologation process	Average data method	IEA, Ecoinvent, Homologation 53	Direct and indirect use phase emissions (Well to Wheel approach). Calculation is based on the total life cycle distance of each model multiplied by homologated European data (Tank-to-wheel) and the upstream emission factor (Well-to-tank).	5.2
Category 5.2	Downstream leased assets	No: not relevant for Ferrari and not material (<5% of category 5)	—	—	—	—	—
Category 5.3	End-of-Life stage of products	No: Ferrari cars are collectibl e and not disposed of. Not material (<5% of category 5)	—	—	—	—	—
Category 5.4	Investments	No: not material (< 5% of category 5)	—	—	—	—	—
Category 6.1	Franchises	Yes	Internal data collection	Activity data method	Ecoinvent, IEA 54	Full year estimated based on Q4 2024 data. Calculation is based on the actual energy consumption data of the dealers and workshops.	5.4

European Union Emission Trading System (EU-ETS)

Ferrari’s production plant in Maranello is subject to the European Union Emissions Trading System (EU-ETS). To

be compliant with the EU-ETS, ad hoc procedures have been put in place in order to monitor and measure the emissions

covered by the ETS.

A specific monitoring plan has been established according to the requirements of the regulation. Every year the

emissions covered by the ETS are verified by an independent third party and the corresponding amount of allowances are

included in the Union Registry, which guarantees accurate accounting for all allowances issued under the EU-ETS. Control

of deadlines and compliance with the rules of the mechanism are entrusted to the Competent National Authorities (ANC).

The monitoring and management of the activities related to ETS is assigned to a team led by the Head of

Environment, Health & Safety. This team monitors, on a monthly basis, the status of our relevant GHG emissions in relation

to the compliance status and factor the costs of exceeding the allocated allowances into our financial planning process. To do

so, we have installed several meters in our plants, and we receive monthly invoices from the natural gas provider that

confirms the values of the meters. We are exploring further solutions to reduce our overall gas consumption in the coming

years. We also assess the further development of the cap-and-trade schemes and resulting potential financial risk for the

238

Company via our Enterprise Risk Management. Additionally, the shutdown of the trigeneration plant, the main contributor to

Scope 1 emissions, has reduced our EU-ETS-related costs. In 2025, 75 percent of Scope 1 emissions were covered by EU-

ETS.

GHG removals and GHG mitigation projects financed through carbon credits

E1-7

Along with the implementation of GHG emission reduction initiatives, we recognize the critical importance of

addressing residual emissions by supporting certified carbon avoidance projects through the purchase of carbon avoidance

credits. By combining emission reduction measures with climate contributions to certified carbon avoidance projects, we

have achieved Carbon Neutrality for Scope 1 and 2 GHG emissions in all our operations for 2021, 2022, 2023 and 2024.

As our planned reduction initiatives continue to decrease in emissions by at least 90 percent of our Scope 1 and 2

absolute tCO2eq emissions by 2030 versus 2021, we will progressively adjust our climate contribution activities accordingly.

Carbon credits cancelled in the reporting year


	2025	2024
Total (tCO2eq)	65,936	77,691
Share from reduction projects (%)	1 project – Sustainability Community Project (100% Canada)	1 project – Sustainability Community Project (100% Canada)
Share from removal projects (%)	0	0
Verified Carbon Standard (VCS) - Verra	100%	100%
Share from projects within the EU (%)	—	—
Share of carbon credits that qualify as corresponding adjustments (%)	—	—

Since 2022, we have partnered with ClimateSeed to support a unique carbon avoidance project, the Sustainability

Community Project in Canada (currently we do not have projects in the EU). This project is certified by the Verified Carbon

Standard (VCS) – Verra, one of the most recognized GHG crediting programs. Pioneering and innovative, this is the first

project to develop a new world-class methodology so that micro-projects can benefit from the carbon credit mechanism. The

Sustainability Community Project pools more than 2,000 local carbon-reduction micro-projects by SMEs, municipalities, and

NGOs together to provide high additional social impacts. The GHG reductions come from diverse sources of individual

activities such as improved energy efficiency for buildings, redirection of waste away from landfills, and promotion of fuel-

switching activities. The project developer has been innovating how it manages and monitors the micro-projects through

digital solutions to scale the onboarding of new projects and digitally manage the carbon emissions inventory.

During 2025, we cancelled 65,936 tCO2eq of carbon credits.

Beyond Verra’s project certification, ClimateSeed has developed a comprehensive Project Evaluation Framework

that assesses all critical dimensions of a project, including additionally, permanence, leakage, social safeguards and rights,

benefit-sharing structures, biodiversity impacts, and co-benefits aligned with the Sustainable Development Goals (SDGs).

ClimateSeed’s Project Evaluation Framework provides a thorough, multidimensional analysis, highlighting each project’s

strengths and potential risks. This approach enables informed decision-making and ensures the highest standards of

environmental and social integrity. In addition, ClimateSeed conducts rigorous due diligence on project carriers, identifying

the ultimate beneficial owners behind each project to mitigate risks related to money laundering and terrorist financing.

Furthermore, ClimateSeed upholds fair and transparent pricing principles, ensuring no resale or secondary market

transactions, direct carbon credit retirement on behalf of Ferrari, full traceability and accountability in every transaction.

To reach carbon neutrality in Scope 1 and 2, our ambition is to cancel carbon credits for the amount of unavoidable

emissions and for which we will not find reduction actions. To date we have a framework agreement in place, and each year

we define the precise amounts of carbon credits to cancel.

As of today, Ferrari has not developed GHG removals and storage projects.

239

Internal carbon pricing

E1-8

Based on the average price of EU-ETS credits in 2025, we defined an internal carbon price, i.e., a shadow price, to conduct

cost-benefit analyses and reduce upstream value chain emissions on specific projects. The scopes covered by our internal

carbon pricing scheme are:

– Category 3.1 - Upstream transportation and distribution;

– Category 3.2 - Downstream transportation and distribution;

– Category 4.1 - Purchased goods;

– Category 4.5 - Use of services.

These projects will be implemented in the next few years, in 2025 there were no GHG emissions covered by these schemes.

The implementation of climate-related policies and targets is not incentivized by the presence of an internal carbon price.

⁵⁵ Registration, Evaluation, Authorization and Restriction of Chemicals.

⁵⁶ Classification, labeling, and packaging of substances and mixtures.

240

E2 - Pollution

Ferrari considers environmental protection a decisive aspect to be promoted in its overall approach to business.

Substances of concerns and substances of very high concern Material Impacts, Risks and

Opportunities

ESRS 2 IRO-1

During the year, we conducted a screening on our site locations and business activities to assess and evaluate

pollutants and substances of concern and very high concern, and material impact is listed below.


Material Impacts, Risks and Opportunities	Nature	Perimeter
Group’s contribution to pollution due to substances of concern and substances of very high concern	Potential Negative Impact	□ ◘ □

◘ □ □ Upstream □ ◘ □ Own Operation □ □ ◘ Downstream

During our materiality analysis, we also considered the impacts on our entire value chain, although we have not

carried out consultations with affected communities on this topic. For additional information on the methodology adopted,

please refer to “ESRS 2—General disclosures—Impacts, risks and opportunities management”.

Policies related to Substances of concern and substances of very high concern

ESRS 2 MDR-P, E2-1

Environmental Practice

The Environmental Practice sets out key principles to manage IROs such as compliance with applicable regulatory

and legal requirements, a periodic and systematic establishment of improvement objectives and their monitoring and

measurement through KPIs, the development of products that meet customers’ needs while ensuring respect for the

environment, and the adoption of the best available technologies for the efficiency of production processes and the reduction

of environmental impacts. These principles include pollution prevention.

For additional information about the Environmental Practice, please refer to “E1—Climate change—Policies related

to Climate Change—Environmental Practice”.

Other internal procedures

We are aware of potential impacts generated by the unlawful usage of substances of concern and substances of very

high concern. For this reason, we have defined two specific procedures on the management of these substances: the

“Approval of auxiliary and direct materials, storage management” and the “CMR mixture/substances derogation”, which

cover the following impact: “Group’s contribution to pollution due to substances of concern and substances of very high

concern”.

These procedures comply with European regulations (CE/1907/2006 REACH 55 regulation and CE/1272/2008

CLP 56) as well as applicable Italian laws. Additionally, they have been defined in accordance with our management system

certified under ISO 14001:2015 and ISO 45001:2018 standards.

Our procedures are not specific for each single substance but take into account all substances of concern and

substances of very high concern as defined by REACH and internal risk assessments. These procedures are available on the

Ferrari intranet and all employees, who regularly handle these substances, receive comprehensive training on their proper and

safe use. The most senior level accountable for their implementation is the Chief Industrial Officer.

⁵⁷ All MDR-P applied for “Approval of auxiliary and direct materials, storage management” refers also to “CMR mixture/substances derogation”.

241

The main objective of the “Approval of auxiliary and direct materials, storage management” procedure is to define

how materials, such as auxiliary and direct chemicals (articles, substances and preparation/mixtures), are acquired and used

by employees. This ensures that all health and safety and environmental risks associated with these materials are evaluated

and prevented before their entrance within the perimeter of our production sites. The procedure applies to our production

sites, referring to Ferrari S.p.A., and to all employees and non-employees. In addition, for the external supplier we require

and review safety data sheets for all substances used in our plant to ensure compliance with our safety standards. This

procedure aims at preventing impacts and risks, as well as managing opportunities, such as our potential contribution to

pollution due to substances of concern and substances of very high concern. Moreover, the procedure aims to avoid incidents

and emergency situations, and, if they do occur, to control and limit their impact on people and the environment. According

to this procedure, each area must exclusively use chemicals, for its respective area, that have passed the approval process,

which considers health, safety and environmental aspects. In particular, products classified under current regulations as

carcinogenic, mutagenic, and toxic for reproduction are not supposed to be used, as both Legislative Decree n.102/2020 and

Legislative Decree n.81/2008 et seq. require a progressive phase-out of substances classified under those hazard categories.

We are dedicated to reducing the use of hazardous substances and, when no substitutes are available, we implement all

procedures and measures to minimize their impact as much as possible.

Where substitution is not possible, a derogation process must be initiated in accordance with the provisions of the

procedure “CMR mixture/substances derogation” 57. According to this procedure, we require users to seek non-hazardous

substitute material and specific prevention and protection measures are put into place. In addition, within “Approval of

auxiliary and direct materials, storage management”, specific rules are set for storage and handling of hazardous substances

as well as the periodic monitoring and control of usage area and methods to prevent incidents and emergency situations.

Actions related to Substances of concern and substances of very high concern

ESRS 2 MDR-A, E2-2

We have implemented best practices to avoid or minimize the risk of harm in managing substances of concern and

substances of very high concern, and according to the procedures described above, we have put in place specific processes to

monitor and track their right application also through periodic audits carried out by the Environment and Energy and the

Health & Safety teams. The results of the audits are recorded on a specific form and sent to all those in charge. The closure of

anomalies and the verification of effectiveness are recorded and monitored in dedicated summary files by the Environment

and Energy and Health & Safety Departments, for matters within their respective competence.

In case no substitute material is available, substances of concern or very high concern are accepted under specific

preventive measures. In this context, workers are protected from exposure and contact with hazardous substances through the

implementation of closed cycles (processes or systems designed to minimize their exposure). These ensure that the use or

transfer of hazardous materials occurs in sealed or controlled environments, reducing the risk of leaks, contamination or

accidental exposure. Closed cycles aim at increasing safety for operators, reducing risk of incidents and reducing

environmental impacts. These actions pertain to Ferrari production facilities (Ferrari S.p.A.) and have been already

implemented in all processes where possible, and will remain in effect long-term, with regular quality checks as needed. In

2025, we further improved the extraction systems at the workstations in the racing area's adjustment department. This

upgrade has minimized the duration and intensity of worker exposure, bringing it to the lowest technically feasible level. No

significant operational or capital expenditures have been allocated to these actions in 2025.

If the implementation of closed cycles is not possible, alternative collective protection systems, such as fume hoods,

are provided. These systems are designed to safeguard the health and safety of groups of people, rather than just individuals,

during work activities or in the presence of specific risks. These are tools that reduce exposure to hazards through solutions

integrated into the workplace, independent of individual behavior. These actions are specific to Ferrari’s production facilities

and have already been implemented across all feasible processes. They are designed to remain in place over the long term,

with periodic quality checks conducted as necessary. We continue to monitor and report the use of hazardous substances and

the effectiveness of the safety measures implemented. No significant operational or capital expenditures have been allocated

to this action in 2025.

For other measures, for instance personal protective equipment, please refer to “S1—Own workforce—Actions

related to own workforce—Health and Safety”.

⁵⁸ Under the 2025 methodology, the 2024 total amount of substances of concern used during production or procured is restated to guarantee comparability

from 1,970.07 tons to 2,155.39 tons; total amount of substances of very high concern from 0.09 tons to 176.08 tons. Whereas for the total amounts of

substances leaving the facilities as products, no differences emerged from the modified methodology.

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Referring to our Lifestyle activities, no substance of concern or very high concern is produced, used, distributed,

commercialized, imported and exported in line with applicable laws and regulations. To ensure the quality and safety of our

Lifestyle products, we perform specific tests including a qualitative resistance test and a detailed chemical test to assess the

composition of the products. These tests are carried out on every style of our personal luxury goods category.

Targets related to Substances of concern and substances of very high concern

ESRS 2 MDR-T, E2-3

We adopt best practices and monitor their proper implementation to prevent or minimize risk of harm associated

with the management of all substances involved in our production processes, even though no specific pollution-related target

has been set.

Metrics related to Substances of concern and substances of very high concern

E2-5

We monitor updates to the candidate chemicals list of very high concern and are aware of the presence of these

substances in some of our components. As soon as a rulemaking process begins to regulate these substances in any market

where we operate, we take all necessary measures to prepare their substitution or to mitigate their potential impact, all Ferrari

homologated vehicles shall comply with EU Regulation 2005/64/EC and European Directive 2000/53/EC, which sets

requirements for the restriction of heavy metals. Ferrari suppliers shall also comply with European Regulation 1907/2006

(“REACH”) and Regulation 2019/1021 (“POPs”), ensuring that no prohibited substances are present in any component

installed in Ferrari vehicles. To guarantee traceability and regulatory compliance, all information regarding the material

composition of supplier components is managed through the International Material Data System (IMDS). This system

automatically rejects non-compliant components unless specific exemptions are granted for a limited period. Despite the

existence of certain exemptions, Ferrari’s objective is to maximize compliance with these regulations by imposing even

stricter requirements on hazardous substances—targeting a concentration of 0 percent wherever possible.

We purchase hazardous substances in the form of articles, substances and preparation/mixtures which are mainly

acquired through indirect purchasing. The main production processes that include the use of substances of concern and very

high concern are, among others, vehicle testing, laboratory materials, machining, finishing and painting, engine testing,

powertrain and engine assembly. Gasoline, used mainly in engine and vehicle testing, is, by far, the major source of

substances of concern (Carcinogenicity categories 1 and 2).


	2025		2024 58
[ton]	Substances of concern (SoC)	Substances of very high concern (SVHC)	Substances of concern (SoC)	Substances of very high concern (SVHC)
Total amount of substances of concern that are used during production or that are procured	1,779.29	214.88	2,155.39	176.08
– Carcinogenicity categories 1 and 2	1,355.27	1.02	1,329.65	1.15
– Other hazard classes	424.02	213.86	825.74	174.93
Total amount of substances leaving facilities as product, or part of product	173.50	214.88	185.32	175.98

Regarding the use of SoC and SVHC in our production process, in 2025 we made changes in the preparation of

sustainability information to improve the final accuracy of the figures. In particular, the revised methodology considered the

articles acquired during the year. In absence of monitored data for certain SoC and SVHC present in our final products, we

adopted a precautionary approach assuming that the entire quantity of substances used during production is present also in the

final product. Regarding the SVHC which are procured and present in our sold cars, we calculated the amount using IMDS

data and taking into consideration the car configuration of the European and UK market and the number of shipments in

2025.

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E5 - Resource Use and Circular Economy

Ferrari consistently strives for the highest quality in all materials used, ensuring durability over time; as a result, our

products are not only built to last but are also cherished as collectibles that can be passed down through generations rather

than simply serving as modes of transportation. We also acknowledge that a rational use of raw materials, together with

careful waste management, helps reduce the environmental impact of our manufacturing process. For this reason, we are

implementing innovative solutions and advanced technical processes, such as the reuse of aluminum scraps, to minimize

waste and reduce environmental impacts.

Resource Use and Circular Economy Material Impacts, Risks and Opportunities

ESRS 2 IRO-1

Impacts, risks and opportunities in relation to resources use and circular economy matters have been identified

during the double materiality assessment considering our products and production process, and material impacts, risks and

opportunities are listed below.


Material Impacts, Risks and Opportunities	Nature	Perimeter
Production of hazardous / non-hazardous waste along Ferrari's industrial activities	Actual Negative Impact	□ ◘ □
Production of hazardous / non-hazardous waste by the value chain	Actual Negative Impact	◘ □ □
Promotion of circularity within the value chain to reduce the use of natural resources and waste produced by suppliers	Actual Positive Impact	◘ □ □
Reduction of waste thanks to the increase of durability, reparability and recyclability of spare parts (e.g. racing and sports cars) or products (e.g. lifestyle)	Potential Positive Impact	□ ◘ □
Circular economy manufacturing initiatives implemented: (1) use of recycled materials; (2) recovery of production waste for recycling; (3) projects aimed at ensuring an extension of product life.	Opportunity

◘ □ □ Upstream □ ◘ □ Own Operation □ □ ◘ Downstream

We have not carried out dedicated consultations with affected communities on this topic, but we have an ongoing

dialogue with our suppliers to find recycled material solutions to reduce our emissions. For additional information on

methodology adopted, please refer to “ESRS 2—General disclosures—Impacts, risks and opportunities management”.

Policies related to Resource Use and Circular Economy

ESRS 2 MDR-P, E5-1

Environmental Practice

Ferrari considers environmental protection to be a decisive aspect to be promoted in its overall approach to business.

The Environmental Practice promotes the reuse of waste materials in the production process according to a circular economy

approach. Moreover, it aims to reduce the quantity of waste and optimize the amount of materials sent to recovery plants.

The practice sets out key principles to manage impacts, risks and opportunities (for details please refer to “ESRS 2—General

disclosures—Impacts, risks and opportunities management” of this Report) such as: compliance with applicable regulatory

and legal requirements, periodic and systematic establishment of improvement objectives and their monitoring and

measurement through KPIs, the development of products that meet customers’ needs while ensuring respect for the

environment, safety and quality, and the adoption of the best available technologies for the efficiency of production processes

and the reduction of environmental impacts. The practice covers the following impacts and opportunity: “Production of

hazardous / non-hazardous waste along Ferrari's industrial activities”; “Production of hazardous / non-hazardous waste by the

value chain”; “Promotion of circularity within the value chain to reduce the use of natural resources and waste produced by

suppliers”; “Reduction of waste thanks to the increase of durability, reparability and recyclability of spare parts (e.g. racing

and sports cars) or products (e.g. lifestyle)”; “Circular economy manufacturing initiatives implemented: (1) use of recycled

materials; (2) recovery of production waste for recycling (3) projects aimed at ensuring an extension of product life”.

244

In this regard, Ferrari S.p.A. and Mugello Circuit S.p.A. have environmental management systems certified ISO

14001:2015. This voluntary international standard defines the requirements for an environmental management system

applicable to activities carried out within the organization. It provides a structured framework to plan, implement, monitor,

and continually improve environmental performance, addressing key aspects such as waste generation, water and wastewater

discharge and air emissions.

Currently, the Environmental Practice does not address the use of renewable resources. However, we are

continuously striving for sustainable and innovative material sourcing to integrate into our production processes.

For additional information about the Environmental Practice, please refer to “E1 —Climate change—Policies related

to Climate Change—Environmental Practice”.

The monitoring and management of the environmental performance of our productive plants, including

waste, is assigned to a team that reports to our Chief Industrial Officer. Their effort is aimed at minimizing the impact of our

activities on the environment. Please refer to the “ESRS 2—General disclosures—Our Decision-Making Process” section for

the information about the accountability and the highest positions with responsibility for waste issues.

Actions related to Resource Use and Circular Economy

ESRS 2 MDR-A, E5-2

In these past years, a series of initiatives have been implemented across different phases of the manufacturing

process to reduce waste production.

We are working on the adoption of recycled aluminum alloy for our engines and car chassis in the coming year, in

line with Ferrari’s ambition to reduce CO2 emissions and to promote circularity.

Starting from 2026, we plan to introduce 100 percent recycled aluminum alloy for our engines (considering only the

parts produced internally in our Maranello plant that weigh more than 80 percent of aluminum parts mounted in the engine).

This action could reduce aluminum-related CO2 emissions by around 80 percent. This recycled alloy is characterized by high

performance without compromising quality, differing minimally from primary alloys. In 2025, we completed the testing and

validation phase in all engine portfolio in order to begin production at the start of 2026. Our roadmap aims to maintain the

use of recycled alloys in our engines. To align with market availability, we have developed a flexible process that allows us

to use both primary and recycled alloys in engine components. No significant operational or capital expenditure has been

allocated to this action in 2025.

On the other hand, we are pursuing carbon reduction initiatives through the progressive adoption of recycled

aluminum alloys in chassis components produced both in casting and sheet metal, as well as in other components. Starting

from 2026, we plan to introduce cast components containing 100 percent recycled aluminum alloys. The initiative will be

extended to all new models, with the aim of achieving almost total replacement (close to 100 percent) of frames with

secondary recycled aluminum alloys by 2030, enabling a reduction in CO₂ emissions related to chassis cast components of

approximately 90 percent by 2030. No significant operational or capital expenditures have been allocated to this action in

2025.

Targets related to Resource Use and Circular Economy

ESRS 2 MDR-T, E5-3

We have implemented best practices to maintain stable and possibly reduce our waste production, even though no

specific waste-related targets have been set. Additionally, we have been proactively promoting initiatives on alternative

circular materials to evaluate the introduction of less environmentally impactful solutions. To track the progress and

effectiveness of our policies and actions in relation to the material sustainability-related impact and opportunity, we aim to

maintain the ISO 14001:2015 certification, which includes, also for waste, annual audit and continuous improvement targets

and KPIs (e.g. percentage of waste directed to recovery).

⁵⁹ Change in preparation of sustainability information: the methodology has been updated compared to the one applied in 2024 to improve the final

accuracy of the figures. Under the 2025 methodology, the 2024 overall total weight of products and technical and biological materials, including packaging,

is restated to guarantee comparability from 34,199 tons to 32,272 tons.

⁶⁰ Lifespans of passenger cars in Europe: empirical modelling of fleet turnover dynamics - Maximilian Held, Nicolas Rosat, Gil Georges, Hermann Pengg

& Konstantinos Boulouchos – European Transport Research Review.

245

Resource Inflows

E5-4

Car makers consume large amounts of raw materials, and conscientious planning of the manufacturing process is

essential to the management of scarce resources. Among the most used materials in our cars we have light alloys, such as

aluminum, polymers, and to a lesser extent other metals (copper, titanium, platinum group, silicon, zinc, magnesium)

elastomers, fluids, lithium, light rare earth elements.

Total resource inflows 59


	2025	2024
Overall total weight of products and technical and biological materials used (tons)	34,084	32,272
Percentage of biological materials (and biofuels used for non- energy purposes), including packaging, that is sustainably sourced	1%	1%
Weight of secondary reused or recycled components, secondary intermediary products and secondary materials used to manufacture the products (including packaging) (tons)	1,623	1,577
Percentage of secondary reused or recycled components, secondary intermediary products and secondary materials used to manufacture the products (including packaging).	5%	5%

For the denominator, the methodology applied to calculate the data in the table above is based on the incoming

weight of materials and components in our warehouses. This data is the same as the one used for the calculation of the Scope

3 GHG emissions, category 4.1. The numerator is calculated based on supplier information provided through the International

Material Data System. To estimate the quantity of packaging, we used the outflow quantity and assumed it was equal to the

inflow quantity.

Resource Outflows

E5-5

Durability, Reparability and Recyclable content

We have embraced circular economy principles by designing products with durability, reparability, and recyclability

in mind. Ferrari cars exemplify this approach, as their durability allows them to be passed on from one generation to the next.

Ferrari Classiche services strive to keep as many of these classic cars on the road as possible and extend their lifecycle.

Our cars are generally not considered means of transportation but collectible items, potentially lasting forever. Our

cars are expected to have a durability of at least 80 years, based on Ferrari’s manufacturing history to date, which began when

the Company was founded in 1947. This far exceeds the industry's average lifespan, which statistically ranges from 18 years

in Western European countries to 28 years in Eastern ones 60. This outstanding durability is also supported by Ferrari’s

recommended maintenance programs, designed to preserve performance and safety standards throughout the entire lifecycle

of the vehicle. Please refer to “S4—Consumers and end users—Actions related to Consumers and End-users—Vehicle quality

and safety” for more information on maintenance services.

We supply parts for both current and older Ferrari models to our authorized dealer network. The substitution of

spare parts throughout a car’s lifespan is driven not only by clients’ demand for parts to personalize their cars and maximize

performance, but also to ensure and guarantee the reparability of our products.

⁶¹ As described in table E5-4 (Total resource inflow) the methodology was updated in 2025, the 2024 total weight is restated from 32,471 to 30,460 tons and

the 2024 total recyclable content in products is restated from 27,600 to 25,891 tons.

⁶² The calculation of the recyclability rates is in accordance with the standard ISO 22628:2002.

246

Please refer to the “Overview of Our Business—Client Relations—Ferrari Classiche” section for further

information.


	2025	2024
Expected durability of products	At least 80	at least 80
Industry average durability	From 18 years in Western European countries to 28 years in Eastern ones	From 18 years in Western European countries to 28 years in Eastern ones

Our personal luxury goods’ design and production rely on high-quality materials. The durability of these products is

influenced by their intended use and the frequency of washing.


	2025			2024
	Total recyclable content [t]	Total weight of materials used [t]	Percentage	Total recyclable content [t]	Total weight of materials used [t] 61	Percentage
Recyclable content in products	27,863	32,780	85%	25,891	30,460	85%
Recyclable content in products packaging	1,057	1,304	81%	1,342	1,812	74%

The minimum recyclability of vehicles sold is 85% 62. This value refers to the minimum percentage by mass

guaranteed on our European fleet and determined in accordance with EU Directive 2005/64/EC.

The total weight of materials refers to the inflow of materials used in our vehicles. The quantity of packaging

disclosed above is the total packaging: we assume that the packaging inflow is equal to the packaging outflow and that for

our business, product packaging is not relevant.

Waste

The Group adopts a systemic approach to waste management, aiming to stabilize unit consumption over time.

Although total waste per vehicle may increase due to production scale and innovation areas, we have launched ongoing

projects that focus on minimizing waste generation as much as possible.

Total waste by weight diverted from disposal by recovery operation types


Recovery operation types [t]	2025		2024
Recovery operation types [t]	Weight	Percentage	Weight	Percentage
Hazardous Waste
Preparation for reuse	1	0.01%	—	—%
Recycling	936	15.2%	724	11.3%
Other recovery operations	—	—%	—	—%
Total Hazardous Waste	937	15.2%	724	11.3%
Non-Hazardous Waste
Preparation for reuse	4	0.1%	13	0.2%
Recycling	5,202	84.7%	5,681	88.5%
Other recovery operations	1	0.02%	—	—%
Total Non-Hazardous Waste	5,207	84.8%	5,694	88.7%
Total Waste Diverted From Disposal	6,144		6,418

⁶³ D9: Physico-chemical treatment resulting in final compounds or mixtures which are discarded by any of the operations numbered D1 to D12, e.g.

evaporation, drying, calcination.

D15: Storage pending any of the operations numbered D1 to D14 (excluding temporary storage, pending collection, on the site where it is produced).

⁶⁴ The statistical data is based on official information sourced from each country's respective authorities.

247

Total waste by weight directed to disposal by waste treatment type


Waste treatment types [t]	2025		2024
Waste treatment types [t]	Weight	Percentage	Weight	Percentage
Hazardous Waste
Incineration with energy recovery	—	—%	—	—%
Incineration without energy recovery	—	—%	—	—%
Landfilling	0.5	0.01%	0.1	0.002%
Other disposal operations	432	12.7%	597	18.1%
Total Hazardous Waste	432	12.7%	597	18.1%
Non-Hazardous Waste
Incineration with energy recovery	—	—%	—	—%
Incineration without energy recovery	114	3.3%	—	—%
Landfilling	28	0.8%	147	4.5%
Other disposal operations (D9 and D15) 63	2,844	83.2%	2,545	77.4%
Total Non-Hazardous Waste	2,986	87.3%	2,692	81.9%
Total Waste Directed to Disposal	3,418		3,289


	2025		2024
	Weight (t)	Percentage	Weight (t)	Percentage
Total waste generated	9,562		9,707
Non-recycled waste	3,423	36%	3,302	34%
Hazardous Waste	1,369	14%	1,320	14%
Radioactive Waste	—	—%	—	—%

Total waste for 2025 was equal to 9,562 tons, remaining stable compared to 2024.

A significant portion of our waste derives from non-hazardous materials including ferrous scraps, paper, wood,

plastic packaging, and aqueous solutions. This waste primarily originates from foundry, paint and mechanical operations. The

main typologies of hazardous waste include waste oil and solvents.

Waste monitoring is conducted through the analysis of all supporting documentation. Each month, our external

waste intermediary provides a report generated from their management system, detailing the previous month’s waste weights

and movements. This data, obtained from direct measurement, is processed to classify waste into the appropriate categories

defined by Legislative Decree 152/2006 and is recorded in our internal reporting system for effective tracking and analysis.

As a general principle, we prioritize recovery operations; however, in specific cases where this is not feasible, waste is

directed to disposal.

For Ferrari’s offices worldwide, when primary data are unavailable, waste production is estimated using statistical

data 64 based on the annual number of working employees. These proxies are selected due to their correlation with waste

generation.

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S1 – Own Workforce

The unparalleled excellence and distinctive craftsmanship of our products form the foundation of Ferrari’s success,

made possible by the talent, expertise, and dedication of everyone who works at Ferrari.

Interests and Views of Stakeholders

ESRS 2 SBM-2

For information regarding interests, views and rights of Ferrari’s own workforce refer to “ESRS 2—General

disclosures—Strategy, business model and value chain—Interests and views of stakeholders” and the table in “ESRS 2—

General disclosures—Impacts, risks and opportunities management”.

Own Workforce Material Impacts, Risks and Opportunities

ESRS 2 SBM-3

Ferrari’s workforce mainly consists of blue and white-collar workers. Our workers operate in various areas,

including the foundry, warehouses, assembly lines, test rooms for engines and car components and the racetrack. Our

workforce is divided between employees and non-employees, with the latter including agency workers and staff lease

workers. Considering the entire own workforce, except for health and safety matters, there are no people with particular

characteristics that may be at greater risk of harm.

During the double materiality assessment, the entire own workforce of the Ferrari Group has been included in the

scope, as well as the entire disclosure under ESRS 2. According to the results of the double materiality assessment, our own

workforce impacts, risks and opportunities are listed below.


Material Impacts, Risks and Opportunities	Nature	Perimeter
Positive impacts on employees’ motivation and sense of belonging thanks to secure employment and working time, competitive remuneration, benefits, training opportunities and career development	Actual Positive Impact	□ ◘ □
Inadequate development programs could lead to high turnover and generates loss of strategic expertise and know-how with a potential damage on stakeholders (e.g. clients)	Potential Negative Impact	□ ◘ □
Increasing Ferrari’s employee’s satisfaction and engagement by promoting awareness and culture about diversity and inclusion	Actual Positive Impact	□ ◘ □
Work-life balance, attention to mental health with positive impacts on employees’ physical and mental well-being	Actual Positive Impact	□ ◘ □
Work-related injuries (employees, workers whose work or workplace is controlled by Ferrari) expose employees to physical, psychological or safety consequences	Potential Negative Impact	□ ◘ □
Willful and/or unintentional security breaches involving confidential business information or employee personal data with potential damage to them resulting from the unlawful use of such information	Potential Negative Impact	□ ◘ □
Usage of external resources that can have critical competence and know-how, and deal with strategic projects	Risk
Increased responsiveness to market challenges by re-skilling and up-skilling employees	Opportunity

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Employee satisfaction & retention - The matter includes adequate wages, training and development of employees: attracting, retaining and developing the best talent through policies and practices related to employees as an opportunity for the company	Opportunity
Diversity of governing body/executive team - The capabilities and perspectives of board/executive team members are important for making robust decisions on an ongoing basis	Opportunity

◘ □ □ Upstream □ ◘ □ Own Operation □ □ ◘ Downstream

The positive impacts are generally linked to Ferrari’s ongoing efforts to improve employees’ wellbeing and

satisfaction through specific actions, including training, development, and diversity, equity, and inclusion (DEI) programs.

Please refer to following “—Actions related to Own Workforce” paragraph for more details. All material negative impacts on

social topics are related to individual incidents.

These impacts may influence Ferrari's performance and positioning: material risks and opportunities arising from

impacts and dependencies on its own entire workforce are listed in the table in “ESRS 2—General disclosure —Impacts, risks

and opportunities management —Double materiality assessment methodology”.

As no operations are at significant risk of incident involving forced labor, compulsory labor, or child labor, the

human rights impact related to Ferrari facilities was deemed not relevant.

The material IROs reveal our strategic sustainability priorities and contribute to adapting our strategy: the columns

“Sustainability strategy pillars” in the table “ESRS 2—General disclosure —Impacts, risks and opportunities management—

Double materiality assessment methodology” identifies how the impacts are connected to the Ferrari strategy and business

model.

We aim to advance a just transition, able to secure workers’ rights and livelihoods when economies are shifting to

low-carbon production. Internal data and the results of the survey conducted in 2023 did not show any impact on Ferrari own

workforce raised from transition plans for reducing negative impacts on the environment and achieving greener and climate

neutral operations. Nevertheless, the Green Sustainability Steering Committee has been tasked with managing the action plan

to achieve our decarbonization targets.

Policies related to Own Workforce

ESRS 2 MDR-P, S1-1

Human Rights Practice

Ferrari’s aim to respect, protect and promote human rights is further formalized in its Human Rights Practice, which

is inspired by the guiding principles set forth in the Code of Conduct and reflects the Company’s main ambitions to a

corporate culture based on ethics and integrity. In particular, in line with our impacts, risks and opportunities (please refer to

chapter “ESRS 2 —General disclosures—Impacts, risks and opportunities management” for further details) the Human

Rights Practice fosters the respect and promotion of human rights towards workers in our workplace, operations and

activities, across our supply chain, in the interactions with society and local communities, consumers and end-users, as well

as in any context in which we operate.

The Human Rights Practice covers the following impacts, risk and opportunities: “Positive impacts on employees’

motivation and sense of belonging thanks to secure employment and working time, competitive remuneration, benefits,

training opportunities and career development”, “Inadequate development programs could lead to high turnover and

generates loss of strategic expertise and know-how with a potential damage on stakeholders (e.g. clients)”, “Increasing

Ferrari’s employee’s satisfaction and engagement by promoting awareness and culture about diversity and inclusion”,

“Work-life balance, attention to mental health with positive impacts on employees’ physical and mental well-being”, “Work-

related injuries (employees, workers whose work or workplace is controlled by Ferrari) expose employees to physical,

psychological or safety consequences”, “Willful and/or unintentional security breaches involving confidential business

information or employee personal data with potential damage to them resulting from the unlawful use of such information”,

“Usage of external resources that can have critical competence and know-how, and deal with strategic projects”, “Increased

responsiveness to market challenges by re-skilling and up-skilling employees” and “Employee satisfaction & retention - The

250

matter includes adequate wages, training and development of employees: attracting, retaining and developing the best talent

through policies and practices related to employees as an opportunity for the company”.

In particular, the Human Rights Practice sets out key principles, such as: the prohibition of child labor, compulsory

labor and forced labor, human trafficking and serfdom, the attention to a healthy and safe working environment, the rejection

of any form of abuse, harassment and discrimination and the zero tolerance in respect of corruption in Ferrari workplaces and

along the supply chain as well as in society and local communities.

Our Human Rights Practice covers all individuals working for or on behalf of Ferrari, such as suppliers and business

partners across its value chain, atypical workers (e.g., temporary supply contract and staff-leasing workers), as well as

Ferrari’s other stakeholders.

The Human Rights Practice officially entered into force in 2021 and it applies to the entire Ferrari Group, pursuant

to local legislation. The Human Rights Practice was approved by the Ferrari Leadership Team (FLT), the most senior level

accountable for its implementation, who plays a key role in overseeing its adequacy.

The Human Rights Practice is in line with significant third parties initiatives, including: the International Bill on

Human Rights, the United Nations Guiding Principles on Business and Human Rights and the UN Global Compact Ten

Principles, the International Labour Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work and

Conventions, the Organization for Economic Co-operation and Development (OECD) Guidelines for Multinational

Companies, the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and

High-Risk Areas, and the Charter of Fundamental Rights of the European Union.

In addition, to ensure full efficacy, the Compliance function periodically reviews the Human Rights Practice and

monitors its implementation to ensure it remains effective. This includes considering factors such as emerging best practices,

changes in the Ferrari Group’s (i.e., Ferrari N.V., Ferrari S.p.A. and their branches, subsidiaries and controlled joint-venture)

business activities or the applicable legal and regulatory framework, and any possible violations or criticality that has been

identified. These monitoring activities are carried out in compliance with the international standards and third-party initiatives

referenced above.

The Human Rights Practice has been adequately circulated, publicized and disseminated by Ferrari both internally

and externally, also through its inclusion in the relevant contractual agreements and arrangements. The Practice is available

on Ferrari’s corporate website at the following link https://www.ferrari.com/en-EN/corporate/practices.

In the event of human rights violations, the Ferrari Group encourages all addressees to report them through

dedicated Whistleblowing channels and takes all reasonable actions to remedy human rights impacts. For additional

information, please refer to “G1—Business Conduct—Business conduct policies and corporate culture—Whistleblowing”.

The table below provides an overview of the relevant information on human rights policies and practices regarding

four of our stakeholder groups, particularly related to human rights issues.

Reference table on Human Rights


Stakeholders particularly related to human rights issues	Ferrari material topics	Key applicable policies	Section reference of main KPIs
Employees and trade unions	• Talent attraction, retention and development • Health, safety and well-being • Diversity and inclusion • Human rights	• Human Rights Practice • Ethics Helpline • Code of Conduct • Stakeholder Engagement Practice • Diversity and Inclusion Practice	• S1 - Own Workforce - Actions related to Own Workforce • S1 - Own Workforce - Targets related to Own Workforce - Diversity and Inclusion • S1 - Own Workforce - Human Rights Practice

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Suppliers	• Human rights	• Human Rights Practice • Stakeholder Engagement Practice • Ethics Helpline • Third Parties’ Compliance Practice • Anticorruption Compliance Practice	• S2 - Workers in the Value Chain - Actions related to Workers in the Value Chain • G1 - Business Conduct - Action related to Management of relationships with suppliers
Community and university	• Responsibility towards the community and future generations • Human rights	• Human Rights Practice • Stakeholder Engagement Practice	• S3 - Affected Communities - Actions related to Affected Communities • S1 - Own Workforce - Actions related to Own Workforce
Clients	• Quality and safety • Human rights	• Human Rights Practice • Stakeholder Engagement Practice • Ethics Helpline	• S4 - Consumers and End-users - Actions related to Consumers and End user • G1 - Business Conduct - Whistleblowing • S1 - Own Workforce - Human Rights Practice

We uphold the values outlined in our practice, which promote professionalism, motivation and job satisfaction

among all employees by providing opportunities for training, mobility, and internal promotion, while also enhancing the

employability of each individual. We view professional and personal development as a shared responsibility. In this regard,

we listen to employee expectations and take action to improve areas where the degree of satisfaction is below our standards

of excellence.

Moreover, we have established several internal procedures, including training, talent scouting and recruiting,

performance and talent management, compensation, welfare, and work life balance. Along with the need to hire, develop and

retain talents, we recognize that managing human capital as a critical resource is essential to achieving the best possible

results.

Diversity and Inclusion policies

As outlined in the Code of Conduct, Ferrari “want(s) an environment in which values are fostered and ethical

conduct encouraged, in order to create a setting in which teamwork is prioritised, the dignity of each individual is respected,

and there is no room for discrimination”. In order to reaffirm and renew our aim of spreading a corporate culture based on

inclusion and mutual respect, we have adopted the Diversity and Inclusion Practice and the Policy for gender equality and

diversity & inclusion. These policies cover the following impact and opportunity: “Increasing on Ferrari’s employees

satisfaction and engagement by promoting awareness and culture about diversity and inclusion”, and “Diversity of governing

body/executive team - The capabilities and perspectives of board/executive team members are important for making robust

decisions on an ongoing basis”.

The Diversity and Inclusion Practice is applicable to the Ferrari Group, according to local legislation. The Diversity

and Inclusion Practice was drafted taking into account the interests of employees, representatives of the Human Resources

Department, as well as those of the Group Compliance, Investor Relations & Sustainability and Legal Departments, that

participated in its drafting. Through the Diversity and Inclusion Practice the Ferrari Group promotes the valorization of

human resources and encourages the diffusion of a corporate culture based on inclusion and mutual respect in the belief that

diversity represents a source of creativity, enrichment and innovation. Specific diversity aspects have been identified as

relevant for the Ferrari Group: ethnic origin, biological sex, sexual orientation, gender identity, disability, age, religion,

national extraction or social origin. For that reason, in carrying out its activities, the Group adopts an approach aimed at

guaranteeing equal opportunities at all levels of the organization as well as rejecting any form of discrimination. In addition,

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and according to impacts, risks and opportunities, the Diversity and Inclusion Practice principles apply to specific areas of

interest: people attraction & acquisition - including recruiting -, people empowerment - including training and performance

and talent management, people rewarding - including salary review and promotion. The Ferrari Leadership Team (FLT) is

accountable for the implementation of the Practice. Ferrari is able to monitor diversity and inclusion matters through the

continuous maintenance of the certifications related to Diversity and Equal Opportunity (Equal Salary Certification and UNI/

PdR 125).

In drafting the Diversity and Inclusion Practice and defining its ambitions, both the Dutch Corporate Governance

Code (which was published on December 8, 2016, and subsequently updated) and, more generally, the laws and regulations

of the countries in which Ferrari operates were taken into consideration. In addition, the following internal documents and

international principles/guidelines were considered. In detail:

Internal documents in force at the time of the approval of this Practice:

• Code of Conduct;

• Human Rights Practice;

• Diversity Policy of the Board of Directors;

• Remuneration Policy of the Board of Directors;

• Human Capital Management Procedure;

• Annual Report.

Principles/guidelines issued by relevant international organizations:

• Guidelines on Diversity & Inclusion in the workplace (UN Global Compact);

• Guiding Principles on Business and Human Rights (United Nations);

• Declaration on Fundamental Principles and Rights at Work and Conventions (International Labour Organization);

• UN Agenda 2030 for Sustainable Development;

• EU Directive 2023/970 (Pay transparency);

• EU Directive 2022/2381 (Gender balance among Directors);

• UNI ISO 30415/2021 (Human resource management - Diversity and inclusion);

• UNI/PdR 125:2022 (Gender equality management system);

• Other Italian Legislative Decrees

Several procedures have been implemented to prevent discrimination, particularly throughout the hiring process,

career development, and training activities.

In line with our Diversity and Inclusion Practice and to guarantee equal opportunities, our Company operates a

merit-based remuneration procedure, not discriminating based on gender, age, nationality, social status or cultural

background. Furthermore, Ferrari adopted a Remuneration Policy determining the compensation for the executive and non-

executive Directors (please refer to the chapter “Remuneration of Directors”).

The Policy for Gender equality and Diversity and Inclusion, which applies to the entire Ferrari Group, was drafted

taking into account the interests of employees, irrespective of specific vulnerable groups and the Diversity and Inclusion

Practice during 2024. The Policy for Gender equality and Diversity and Inclusion defines gender equality as a key element in

enhancing diversity and promoting inclusion. Ferrari believes that an inclusive work environment, open to diversity, is

essential for attracting and retaining top talent, fostering innovation, and ensuring the sustainable success of the Company.

We monitor progress toward gender equality, inclusion and women’s empowerment by collecting data and feedback to assess

the effectiveness of our initiatives, ensuring ongoing improvement. The results obtained and future goals are communicated

periodically, transparently, and responsibly.

The Chief Human Resources Officer is the most senior level in Ferrari that is accountable for the implementation of

these policies.

The Diversity and Inclusion Practice and the Policy for Gender Equality and Diversity and Inclusion are public on

Ferrari’s corporate website and accessible to all employees on the Ferrari intranet.

⁶⁵ These policies are part of “Quality, safety and environment” integrated policy for Ferrari S.p.A. and part of “Environmental, Safety, Quality and

Sustainability” integrated policy for Mugello Circuit S.p.A..

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Health and Safety policies

We aim to safeguard the health and safety of the entire Ferrari workforce by preparing and adopting every necessary

and appropriate measure to uphold our workplaces to the highest standards of health, safety and hygiene.

We promote the dissemination and reinforcement of a health and safety culture within our organization, in particular

by raising awareness on health and safety-related risks and fostering responsible behaviors of all our employees, also through

awareness-raising campaigns and training activities. The practice covers the following impacts: “Work-life balance, attention

to mental health with positive impacts on employees’ physical and mental well-being” and “Work-related injuries

(employees, workers whose work or workplace is controlled by Ferrari) expose employees to physical, psychological or

safety consequences”.

We regularly evaluate the impacts of our operations and investments to minimize any potential risk on our

employees and communities. We do so by implementing all the necessary control measures and remediating identified risks

of accidents, injuries, and health and environmental impacts. For further information please refer to “—Policies related to

Own Workforce—Human Rights Practice”.

Moreover, as part of the management system ISO 45001:2018, Ferrari has formalized two Health & Safety

policies 65 covering Ferrari S.p.A. and Mugello Circuit S.p.A., respectively. Both policies aim to achieve the best possible

occupational health and safety conditions, including accident prevention, for its employees and collaborators, as well as for

suppliers and contractors in general.

Through these policies, defined without stakeholder involvement, Ferrari embraces and renews its ambition to

respect, protect and promote health and safety, in accordance with legislative obligations, as well as any other regulations or

agreements voluntarily entered into by the Company and in line with its impacts, risks and opportunities. For information

regarding the interaction between material impacts, risks and opportunities and strategy and business model, refer to “ESRS 2

—General disclosures—Strategy, business model and value chain”.

The most senior level in Ferrari that is accountable for the implementation of these policies is the CEO. Both

policies are available on the Ferrari intranet.

Data Responsibility and Privacy policies

We regard the protection of personal data as a top priority of our organization. We respect the right to privacy of our

workforce, irrespective of their functions or characteristics, undertaking to use the data and information provided in a

legitimate, fair and transparent manner in accordance with applicable laws.

In conducing our business operations, we strive to act in accordance with the current legislative framework that

governs the processing of personal data at a global scale, including but not limited to the General Data Protection Regulation

“GDPR” (EU Regulation no. 2016/679), the UK GDPR and the California Consumer Privacy Act of 2018 “CCPA”. The data

protection legal framework has steadily developed in recent years and has brought a new awareness to privacy.

Workforce personal data are collected for the management of the employment relationship, as well as for regulatory

and organizational purposes. Such data are handled with accuracy and confidentiality and the appropriate legal bases.

Within its implementation of the provisions set forth in the General Data Protection Regulation (GDPR), Ferrari

decided to describe the privacy organizational structure of the Ferrari Group and to establish and regulate the Ferrari Privacy

Committee. Ferrari also identified the individuals involved in the processing activities and their respective roles and

responsibilities, including the Data Protection Officer “DPO”, responsible for the compliance with the Privacy regulation, and

the Chief Internal Audit, Risk and Compliance Officer, the most senior level accountable for the implementation of Ferrari

policies.

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The workforce Privacy Policy, available on the Ferrari intranet, is applicable to all employees of Ferrari S.p.A.,

while the subsidiaries and branches of the Ferrari Group worldwide implemented local privacy notices in compliance with the

applicable local legislation. In addition, the Privacy Policy is provided to new hires when they sign their contract with Ferrari.

The recipients of this Policy are all directors, managers, employees, temporary workers, interns, and scholarship holders of

the Ferrari Group.

We care about processing data in a safe and transparent manner, and in this respect, according to our Code of

Conduct, we take the utmost care to protect the personal data of the individuals who are part of Ferrari and those who come

into contact with us, including but not limited to our consumers and end-users. The Privacy Policy covers the following

impacts and risk: “Willful and/or unintentional security breaches involving confidential business information or employee

personal data with potential damage to them resulting from the unlawful use of such information”. In line with our impacts,

opportunities, and risks, the Code of Conduct includes specific guidelines related to respect and ensure data protection for

confidential information and personal data.

Privacy and personal data protection are also covered by our Human Rights Practice. According to the latter, Ferrari

processes all the collected personal data in compliance with applicable data protection laws and security and privacy policies.

Please refer to “—Policies related to Own Workforce—Human Rights Practice” for further information.

Engaging Own Workforce

S1-2

Ferrari engagement programs have always been initiatives able to express our spirit of innovation, allowing our

employees to fully develop the value of collaboration.

Since 2021, “Formula Insieme” has been Ferrari’s main employee engagement program, based on a “plan, do,

check, act” approach. Every two years, an internal survey gathers employees’ views on topics such as safety, change

readiness, and company culture. In 2025, we focused especially on diversity and inclusion initiatives, launching a voluntary

survey to collect employees’ views on current D&I initiatives and their ideas for future improvements. The following impacts

have been considered in the Formula Insieme aspects: work-life balance, attention to mental health with positive impacts on

employees’ physical and mental well-being, positive impacts on employees’ motivation and sense of belonging thanks to

secure employment and working time, competitive remuneration, benefits, training opportunities and career development and

work-related injuries. The program addresses key impacts including work-life balance, mental health, motivation,

remuneration, and career development. In 2023, over 95 percent of employees participated, with results analyzed to identify

areas for improvement and collect new ideas. Each department developed a specific action plan, coordinated by HR to ensure

engagement and follow-up on results.

In 2025, the D&I survey involved the entire Italian workforce, including direct employees and blue-collar workers

across the Maranello, Milan, Modena and Mugello sites and those who might be more vulnerable or marginalized. The

insights collected from this survey will provide valuable guidance to the Company, particularly to Human Resources

Department and its Chief Human Resources Officer, as a foundation for shaping future activities. Through the survey, the

impact “Increasing Ferrari’s employees satisfaction and engagement by promoting awareness and culture about diversity and

inclusion” was assessed.

In addition, since 2012 the engagement program “Ferrari League” continues to offer to Scuderia Ferrari and Sports

Cars employees the opportunity to share their own ideas to optimize internal processes, enhance productivity, reduce costs,

and improve the satisfaction of both internal and external stakeholders. The initiative is open to blue collars, with particular

attention to ensuring the participation of those who might be more vulnerable or marginalized. In 2025, we received over 22

thousand suggestions from employees with a focus on quality (intended as the quality of the project proposals presented),

decarbonization, logistics and process efficiency. The project has been ongoing since 2012, with activities evolving almost

every year in response to continuous feedback. At the end of this engagement activity, dedicated meetings are organized with

each Area/Department, involving the respective Area and Team Leaders. These discussions enable the identification of

strengths and areas of improvement, to make the following year’s activities even more effective. For each activity, we

analyze the evaluation and delivery mode and the project feasibility. No significant operational or capital expenditures have

been allocated for these engagement activities in 2025.

All Group employees in Italy are subject to collective agreements, including the Contratto Collettivo Specifico di

Lavoro (CCSL) signed on March 28, 2023, the Accordo Premio di Competitività Ferrari and a collective bargaining

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agreement applicable to managers, signed by the Italian trade union, Federmanager, on April 28, 2023. These collective

agreements provide a structured framework for a continuous dialog with employees’ representatives, including on matters

related to human rights, and support the considerations and representation of employees’ perspective within the group. These

collective agreements enforce a continuous dialog with workers’ representatives also with respect to human rights, allowing

them to highlight Ferrari employees’ perspective.

Addressing Negative Impacts and Own Workforce Concerns

S1-3

Our own workforce can raise their concerns or needs through the Ethics Helpline, available on our corporate

website. The Whistleblowing procedure protects the whistleblower against retaliation. For further information on the adopted

channel for raising concerns refers to “G1—Business Conduct—Business conduct policies and corporate culture—

Whistleblowing”.

Actions related to Own Workforce

ESRS 2 MDR-A, S1-4

Training and Talent development

The success, prestige and appeal of our brand depend on the ability to attract and retain talents. Top drivers,

management, engineers, blue collars and all the employees that make Ferrari unique have to be rewarded based on their

ability and determination. This is why we offer career progression opportunities tailored to one’s strengths, ambitions and our

Company’s requirements, underpinned by substantial investments in training.

Human capital development ensures that our Company has the appropriate skills to execute its business strategy,

while also enhancing employee attraction, retention, and motivation. As a result, it increases productivity, drives innovation

and enables us to mitigate the risk “Usage of external resources that can have critical competence and know-how, and deal

with strategic projects”. During the regular performance and career development review process, training requirements are

identified to address the needs of both employees and the Company.

Attracting, retaining and developing talent requires a strategic and integrated approach that considers employee

needs and market dynamics. We rely on a highly qualified and motivated workforce, which represents a real competitive

asset in an ever-changing economic environment.

Our Training Plan is organized in three main macro-areas and each of them has its own purpose:

1. to protect and pass on the strategic and specific know-how of Ferrari and to project ourselves into the future of

innovation;

2. to shape and prepare the future managerial class for business, innovation, management and human capital

development challenges;

3. to foster and support the inclusion, growth and development of our people.

Covering a wide range of topics - including digitalization, globalization, sustainability, and continuous improvement

- the plan owes its success largely to the high-quality non mandatory training we continuously provide to our employees.

Below a description of the actions implemented for each macro-area to effectively manage the potential negative

impact identified during the Double materiality analysis. For further information please refer to “ESRS 2—Impacts, risks and

opportunities management”.

To protect and pass on the strategic and specific know-how of Ferrari and to project ourselves into the future of

innovation.

What makes Ferrari’s craftsmanship unique is the direct transfer of knowledge and expertise from senior to junior

workers, which in our manufacturing process takes place directly on the job as we believe in constantly maintaining

excellence through a “learning by doing” approach.

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Among all the training initiatives in Ferrari, we are very proud of our “Scuola dei Mestieri”, started in 2009. It is a

unique, in-house, technical training project for both white collars and blue collars of our development and production

facilities in Maranello and Modena, which increases the professionalism of junior talents and motivates senior employees,

recognizing their competencies by asking them to become Maestri and to pass on Ferrari’s unique heritage to the next

generation. The initiative combines different didactic methodologies, including on the job sessions and in-classroom training,

both focused on the consolidation of competencies and skills, with a particular focus on innovation. In 2025, innovative

efforts were mainly directed towards the electric vehicle, with training courses specifically dedicated to our new core

components: the electric engine, E-Axle, and high-voltage battery. Being a Maestro is an aspirational position and key to the

Company’s success. In 2025, the program saw 5,400 participations and more than 26 thousand hours of training have been

conducted.

To provide an overview of the values inherent to the Ferrari DNA, we offer our employees a training program called

“Scuola delle Professioni” within “Scuola dei Mestieri”. This program aims to offer participants a complete vision of the

development process of a new Ferrari Sports Car, from the product concept's creation to the series production and go to

market, all in line with Ferrari’s targets and DNA. The course is based on four macro areas: product development, vehicle

technology, testing and manufacturing, and delivery and selling activities. The course comprises more than 40 lectures and

more than 80 hours, all delivered during working hours, including “technical” visits to all production departments. Due to the

large number of employees involved in this program, the activity was divided into two waves (2024 and 2025) to allow all

participants to take part in the training. In 2025, the fifth session took place, involving the remaining workforce from the

R&D department in Maranello. The effectiveness of this program is assessed through a satisfaction survey covering the four

topics addressed during the course. In the previous edition, more than 100 employees of the Design, Purchasing and Quality

departments have been involved.

To support the in-house development of core Ferrari components, we are experimenting with the use of augmented

reality in our internal laboratories, organizing experiential sessions that help participants gain a deeper understanding of our

products.

The first product development program, started in 2017, is a training course delivered for blue collars appointed as

Conduttori in the Industrial, R&D and Quality departments, workers without hierarchical responsibilities who play the role of

link between the team and the supervisor. Conduttori are chosen not only for their technical skills but also for their soft ones.

Throughout the years, this program was extended to include all Conduttori. The training course consists of 40 hours and

includes technical content sessions with internal Maestri and operational problem-solving activities, all aligned with the

activities of their respective roles. We assess the level of satisfaction through a survey provided to all participants, covering

organizational aspects, the topics discussed, and the instructor’s expertise. The result is the Net Promoter Score, an indicator

of participant satisfaction. Our strategy for future editions is to maintain periodic engagements with the categories involved to

ensure the participation of all roles. No significant operational or capital expenditures have been allocated to this action in

2025.

The additional training program dedicated to specific key roles, launched in 2024, are “Capo Team” and

“Technologists”. The former are supervisors in charge of the employees in the Industrial, R&D, Product Development and

Quality areas. The latter are junior roles within the production areas, responsible for managing the process and ensuring the

successful outcome of the product in terms of quality and quantity within the required timelines. This initiative has been

divided into two waves between 2024 and 2025, and we plan to continue it in the future.

In general, participant satisfaction is assessed at the conclusion of all training programs. On an annual basis, training

needs and requests for the upcoming year are identified and integrated, while participation rates and total training hours are

monitored to evaluate the overall progress and effectiveness of the training programs.

To support product development, our training package includes activities focused on troubleshooting and problem

solving, based on two methodologies: one oriented towards process improvement and the other towards technical problem

solving. In collaboration with the Quality department, these training paths help address issues related to product development

while contributing to the implementation and strengthening of the business.

⁶⁶ Employees who have participated in the previous editions of the master’s degrees.

⁶⁷ One Ferrari Performance and Feedback process refers to our performance management process.

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To shape and prepare the future managerial class for business, innovation, management and human capital

development challenges.

Following the conclusion of the Ferrari Corporate Executive MBA (EMBA), our master program, dedicated to

Ferrari’s managers, in 2025 we organized aggregation activities to bring together Ferrari Alumni 66, who had the opportunity

to meet up for several days and take part in seminars, collaborative events and other joint initiatives. Looking ahead, the aim

is to engage all Alumni in initiatives that foster Ferrari's development, such as addressing business topics or challenges,

proposing improvement ideas, and fostering collaboration among participants of different ages and experiences. Seminars and

short refresher courses will be organized to support this process. No significant operational or capital expenditures have been

allocated to this action in 2025.

To foster and support the inclusion, growth and development of our people.

In line with business and Company requirements, and consistently with the needs expressed in the One Ferrari

Performance and Feedback process 67, training activities were provided with respect to managerial, technical and soft skills.

Since 2019, we have continued to offer all our employees the possibility to access the Harvard Manage Mentor e-

learning platform. The platform is designed to provide employees - particularly newcomers - with essential managerial skills

and to tailor professional development pathways according to career levels. The program’s effectiveness is evaluated through

a satisfaction survey, which measures the extent to which participants can apply the managerial and soft skills acquired.

Taking into account the results achieved, we plan to continue to provide access to the Harvard Manage Mentor e-learning

platform in the years to come. No significant operational or capital expenditures have been allocated to this action in 2025.

Moreover, to strengthen the management of training activities, in 2025 we launched the learning management

system platform “My Learning Centre”. The platform is designed as a repository for training courses and related tests, and as

a tool for monitoring and managing training activities.

With the introduction of the new learning platform, the enrollment process has been automated, making onboarding

more dynamic for new hires and employees required to retake courses. Courses are immediately available upon joining the

Company, with deadlines already set for each one. Among the mandatory courses relating to the General Data Protection

Regulation (GDPR), Antitrust and Anticorruption, a session is dedicated to our Code of Conduct that also covers human

rights. In 2025, a Group training module focused on phishing attacks was launched to enhance awareness of cybersecurity

risks. To measure the effectiveness of these mandatory courses, a final test is administered with a passing threshold of 80

percent correct answers. Taking into account the results achieved, we plan to continue offering online training to new

employees in the years to come. No significant operational or capital expenditures have been allocated to this action in 2025.

We focus on ensuring continuous progress across all training domains to maintain know-how continuity and

strengthen employee skills, aligned with our ambitions for the future. For this reason, in 2025 all Ferrari employees received

short training pills on strategic topics such as electric vehicles and AI. We also launched GoFluent, a language training

platform offering 42 languages and a wide range of activities, from grammar lessons to unlimited virtual group conversation

classes. Since July 2025, employees have been able to extend access to one guest. Program effectiveness is measured through

a final test with an 80 percent passing threshold. No significant operational or capital expenditures have been allocated to this

action in 2025.

Talent Recruitment and Employee Retention

The excellence that our products and our brand embody is what attracts and retains the best talents worldwide.

At Ferrari, recruitment and selection is about identifying and sourcing the right qualities and skills that will represent

the core of our future success. Our recruitment process provides a platform to engage with future employees, to assess

competencies through a structured selection process and to prepare for post-recruitment integration and development.

⁶⁸ For more information, please refer to “S3—Affected Communities—Action related to Affected Communities”.

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The mission of the recruitment team is to identify, evaluate and bring onboard the individuals aligned with our

requirements and values. During 2025, we received approximately 42 thousand applications, both specific and spontaneous,

from blue collars, skilled workers as well as university educated applicants.

We also undertake partnership programs with leading universities worldwide to engage with students, professors,

career offices and a network of professionals to identify talents for the future 68. In 2025, 88 events were organized, compared

to 77 in 2024 and we plan to continue engaging universities in the years to come.

We offer Company insight presentations, Ferrari employees testimonials and selected case studies at university

campuses. For partner universities such as the Motor Valley University of Emilia-Romagna (MUNER), students also have the

exclusive opportunity to visit Ferrari facilities. Moreover, in 2025 we hosted 30 high‑school students and 20 women bachelor

students from MUNER’s Summer Schools. They had the opportunity to visit Ferrari’s production departments and to attend a

lecture delivered by a Maestro from Scuola dei Mestieri.

“Scuderia F1 Ferrari Engineering Academy”, active since 2015, is dedicated to the recruitment of talented engineers

worldwide to join our F1 team. In 2025, we completed the eleventh edition of this talent program, allowing a selection of race

engineering talents of partner universities to work in Scuderia Ferrari. Each year, 5 to 8 participants are selected through a

rigorous process involving university partnerships, selection assessments, and interviews. The program begins with a two-day

induction, followed by a structured workweek in which participants spend 80 percent of their time with line managers and 20

percent on innovation projects. Over six months, they work on 10 to 15 projects with the guidance of two dedicated mentors.

Participants gain transversal knowledge through interactions with various departments, including Engine, Aerodynamics,

Track and Tires. Developed in collaboration with Italian and international motorsport universities, the Academy aims to

identify and train top talent for the automotive and motorsport sectors. At the end of the Academy, annual performance

evaluations are conducted for both staff and participants, with additional mid-term and a final evaluation to monitor

participants’ progress and potential for hiring within the organization. From 2025, these talents will be hired directly by

Ferrari at the end of the academy, and no longer through internships. Since 2015, a total of 52 participants have taken part in

the Academy with a retention rate of around 73 percent over 10 years. Taking into account the results achieved, we plan to

continue offering this program in the years to come. No significant operational or capital expenditures have been allocated to

this action in 2025.

A new addition for 2025 is the “Ferrari Design Academy,” created with the aim of identifying future talents who

will contribute firsthand to the design and architecture of the vehicles of the future. The project involved several design

universities with speeches and events, presenting the new academy and the recruitment procedures, and led to the selection of

six participants of different nationalities. The program includes a six-month internship, at the end of which final performance

evaluations are conducted to monitor participants’ progress and to identify the talents that will be hired by the Company. We

plan to continue offering this program in the years to come. No significant operational or capital expenditures have been

allocated to this action in 2025.

To ease employees into their new jobs, for more than 10 years, we have been providing a two-day induction

program the first Monday of every month. This program is dedicated to new hires of the Italian plants. The first day is

dedicated to introducing the three dimensions of the Company – Sport Cars, Racing and Lifestyle – along with its culture and

mission. The program also guides new employees through the corporate offices (compliance, cybersecurity and

administration) and ends with the factory tour of the Maranello plant. The following day is dedicated to mandatory health and

safety training. Blue collars employees participate in two days of mandatory health and safety training. Through this activity

new hires feel involved and engaged in the Company. The program aims to introduce them to the Company’s environment

and provide the foundational information to begin their professional journey in Ferrari. The positive feedback collected over

the years indicates high levels of satisfaction, demonstrating progress in the effectiveness of the actions disclosed in prior

periods. No significant operational or capital expenditures have been allocated to these actions in 2025.

We reward all Ferrari employees in Italy, excluding Managers and Senior Managers, through a productivity bonus

called “Premio di Competitività”, based on yearly shipments, Adjusted EBITDA results and an ESG Factor, as well as a

product quality index adjusted for individual absenteeism rates. In 2025, each employee received up to € 14.9 thousand

(please refer to Consolidated Financial Statements) as provided for in a specific agreement signed with the trade unions.

Ferrari has signed the renewal of the agreement for its Competitiveness Award (“Premio di Competitività”), expired in

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December 2023. The new agreement will be valid for the four-year period 2024-2027, strengthened by the integration of an

environmental factor into the award calculation. The effectiveness of these actions is assessed through the continuous

decrease of the absenteeism rate, which is directly linked to the Award, and the higher retention rate monitored throughout

the years. As stipulated in the Competitiveness Award agreement, we plan to continue offering the “Premio di Competitività”

in the years to come. The expected outcomes of the program include enhanced attention to employee well-being and

cultivation of a culture that prioritizes employee satisfaction.

The behavioral model “One Ferrari”, introduced in 2023, aims to provide common evaluation criteria and ensure

greater standardization of feedback across all employees. The model is based on our Values, and introduces 6 Guiding

Principles (Collaboration, Continuous Learning, Confident Humility, Focus, Fearless Organization, and Will to Progress),

declined into concrete and measurable behaviors, which aim to lead our daily actions. Since then, One Ferrari has been

integrated into the annual performance appraisal process.

All employees, excluding blue collars, can continuously monitor their performance, give and receive feedback and

work towards a final evaluation that consolidates all data into a clear and comprehensive overview of the year. This process

also helps identify actionable opportunities for future development. All the people involved have access to a training on our

performance management process through online video courses that are always available to all employees globally.

Starting in 2024, a pilot project was launched in the manufacturing area to evaluate blue-collar employees based on

assessments from their managers. In 2025, this appraisal model was extended to the entire manufacturing area.

In addition to annual evaluations, targeted assessments are carried out on a selected group of employees to measure

their growth potential. The type of assessment depends on the seniority and the qualification of the participants involved, and

they are all conducted by external assessors to ensure unbiased evaluation of individual strengths. A dedicated process is in

place for blue-collar workers selected as potential Ferrari test drivers.

Following these assessments, targeted initiatives such as mentoring or coaching can be offered to support

professional development. In parallel, we continue to run our leadership development program for Managers and Senior

Managers, which includes 360-degree feedback. The results of these assessments are a fundamental asset for succession

planning in key positions, helping to identify career development opportunities and define effective retention strategies.

Through our career development program, we encourage the professional growth of our employees and prioritize

filling key positions with talented internal candidates before tapping into the external market. The results of the analysis

carried out on our key positions held by our employees are used to develop specific succession plans, with a readiness

timeframe ranging from now to 2 to 4 years. These plans are designed to ensure Ferrari’s long-term competitiveness while

leveraging the talents of our employees. Moreover, we have the Internal Job Posting within our corporate portal, allowing

employees to apply for new positions within the Company. This initiative aims to foster talent, agility, and a culture of

innovation.

In 2025, for the sixth year in a row, our effort to guarantee employee attraction and retention was also recognized by

the Top Employers Institute who positively evaluated the Company’s programs in terms of talent attraction, training, career

development, inclusion and respect for diversity, welfare, social commitment and innovation.

Diversity and Inclusion

We have put in place many actions to reach the objectives outlined in the Diversity and Inclusion Practice. In 2023,

we have received the renewal of the Equal-Salary Certificate for providing equal pay to men and women with the same

qualifications and positions in the Company. This accreditation, confirmed in 2025, attested the Company’s ambition to

create an inclusive and diverse working environment while fostering career development for everybody. The Equal Salary

certification covers all the Ferrari Group and is valid for 3 years. During this period, two monitoring reviews have been

carried out to verify that the ambition to a fair and non-discriminatory wage policy is constant. The certification process

involves both quantitative and qualitative evaluations. The quantitative evaluation, which must be surpassed to proceed to the

qualitative evaluation, consists of a detailed statistical analysis of compensation levels to verify that the gender pay gap is

lower than 5 percent compared to a predictive statistical salary and that the accuracy of the data used is greater than 90

percent. The qualitative evaluation assesses: (i) the CEO and Top Management’s ambition to Diversity and Inclusion matters,

(ii) how corporate processes and policies are fair in terms of gender, (iii) employees’ perception of the inclusiveness of the

culture and (iv) the PDCA (Plan, Do, Check, Act) methodology application in all of the aforementioned processes. We see

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this certification not as an end point but as a further stage of growth of the Company and an opportunity to continue to

implement tangible actions to ensure that everyone can pursue their own professional growth. In 2020, Ferrari was the first

Italian company to receive this specific certification. No significant operational or capital expenditures have been allocated to

these actions in 2025.

In December 2024, Group's company located in Italy, received the UNI/PdR 125:2022 Certification, which testifies

our compliance with the guidelines on the management system for gender equality and with the set of performance indicators

(KPIs) inherent to gender equality policies on organizations, in six strategic areas such as: culture and strategy, governance,

human resources (HR) management processes, opportunities for growth and inclusion of women in business, gender pay

equity and parental protection and work-life balance. This certification, confirmed in 2025, is valid for three years and is

subject to annual auditing. Gender Equality Certification is a tool with the objective of promoting the adoption of appropriate

policies to reduce the gender gap through fair career opportunities, equal pay, gender management policies and support for

parenthood. We are convinced of the need to continue promoting and implementing equal opportunities practice in the years

to come. This certification not only demonstrates our ambition to equality and inclusion but also allows us to continuously

monitor and improve our business practices. No significant operational or capital expenditures have been allocated to this

action in 2025.

To continuously improve our Diversity and Inclusion approach and achieve our policy objectives, we have defined

some initiatives to support our employees in their work-life balance. Since 2023, we have collaborated with a specialized

education technology company for our digital self-coaching project dedicated to new parents. The aim is to recognize the

value of parental experience and enable Ferrari Group employees to apply the acquired parenting talents and expertise into

their jobs. Enrollment in the program is open to new parents (children aged 0-3) and expectant mothers. Moreover, since

2025, we have launched a new program for employees returning from maternity leave, consisting of six months of online

career-coaching. To assess the effectiveness of these activities, at the end of the course, participants were asked to fill in a

survey. The purpose of this survey was to understand the degree of appreciation of the projects. In 2025, 98 percent of

participants stated they were satisfied with the course (95 percent for the online self-coaching platform, 100 percent for the

career coaching). Given the high level of appreciation for these projects, we will continue these forms of collaboration in the

coming years. No significant operational or capital expenditures have been allocated to this action in 2025.

This initiative complements other parental support projects included in the Company Welfare program, as detailed in

“—Actions related to Own Workforce—Welfare and Working Environment”.

In 2025, Ferrari strengthened its commitment to training and awareness on Diversity & Inclusion through a series of

initiatives involving the entire organization. During the year, five dedicated speeches were delivered on key D&I topics,

including the LGBTQIA+ community, disability, intergenerational diversity, gender equality, and Ferrari’s educational

projects within local communities. In addition, a series of workshops, all held in person, were organized with the Top

Management and the Ferrari Leadership Team focused on intergenerational diversity, cultural differences and gender

equality. A specific workshop on inclusive language was organized for the Communication and Recruiting departments and

key departments, with the aim of ensuring that all corporate content creators pay close attention to inclusive communication

and reflect inclusive principles. Furthermore, hybrid training programs were launched for some departments with a focus on

the prevention and recognition of gender-based, physical and verbal violence. To identify the most appropriate D&I activities

to be implemented in the coming years, in 2025 we organized a laboratory with some employees, representing Ferrari

workforce, with the goal of identifying what action Ferrari can take to strengthen and enhance Diversity & Inclusion. No

significant operational or capital expenditures have been allocated to this action in 2025.

Health and Safety

We place a strong emphasis on the safety of our people and are dedicated to the prevention of workplace accidents.

Our hazard identification, risk assessment and incident investigation processes are developed in accordance with the

highest international and national voluntary standards and normative requirements on health and safety. In addition to formal

meetings being held with employee representatives, periodic meetings are also held with management to review safety issues

and share best practices. The risk assessment output is a detailed risk list and the related preventive measures. In addition, the

assessment revealed the workers most at-risk for each risk, including both employees and non-employees, across Mugello

Circuit S.p.A. and Ferrari S.p.A. sites. These include areas such as the foundry, heat treatment facilities, engine test rooms,

racetrack, car refueling stations, gasoline circuit intervention workshops, warehouses, engine/component test cells, assembly

lines, and car storage facilities.

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Periodic internal health and safety audits are performed to ensure compliance with our health and safety

management system, applicable laws and best practices of Ferrari S.p.A. and Mugello Circuit S.p.A.. Specifically, 100

percent of employees and non-employees of both Ferrari S.p.A. and Mugello Circuit S.p.A. are fully covered by the health

and safety management system in accordance with legal requirements. Our health and safety management systems are

certified ISO 45001:2018, a voluntary international standard, which specifies the requirements of an occupational health and

safety management system with reference to the activities performed within the premises of the organization by its employees

or external workers. The data is in headcount.

We continue to make significant investments in safety at work, improvements in the existing structures and specific

training have allowed us to achieve significant results. Mandatory health and safety training is provided to all new hires

during the second day of the induction program, while periodic sessions are developed for all employees. We provide

employees who test our cars with specific on-track driving training to make sure they have all the skills required to perform

emergency maneuvers, if necessary. In addition, a specific health and safety section is part of the training program of the

“Department Team Leaders”. Moreover, periodic meetings with the Representatives of Safety Workers (RLS) are scheduled

quarterly and not just annually, as required by the CCSL (“Contratto Collettivo Specifico di Lavoro”) to address any potential

health and safety threat that could arise. Mandatory trainings are completed by 100 percent of the addressees and cover

Ferrari S.p.A. and Mugello Circuit S.p.A.. Mandatory health and safety training has been in place since the obligation exists.

These activities are conducted annually and, according to local regulations and internal practices, will continue in the coming

years. At present, the primary method for assessing the effectiveness of the training content is the test administered at the end

of the course. No significant operational or capital expenditures have been allocated to this action in 2025.

We remain dedicated to advancing the program aimed at highlighting the “near misses”: events that could have

caused injuries but did not. Active since 2021 in Ferrari’s production facilities, the program operates on a “bottom-up” logic,

enabling everyone, including those who carry out simple operational roles, to submit reports. The “Near Miss program” aims

to map hazards or weaknesses in Ferrari’s risk management and correct them to prevent future incidents. This activity is set

to continue in the coming years. Currently, similarly to the other health and safety actions, effectiveness of measures results

from the low frequency and magnitude of incidents. No significant operational or capital expenditures have been allocated to

this action in 2025.

With the aim of transforming health and safety rules into real values for our employees, the “SaFe Safety Ferrari”

initiative was launched at the end of 2024. This project was initially directed at the technology department and was extended

in 2025 to the entire manufacturing department, including the production department. The initiative involves the participation

of all managers responsible for safety in two stages. In an initial general meeting, sensitive health and safety issues are

discussed, followed by one-to-one interviews with each manager in order to propose and identify the four shared rules to be

implemented. At the end of the process, there is a one-hour meeting with all manufacturing workers to share the four chosen

rules. The aim of this initiative is to begin by addressing workers’ needs, establishing shared standards and rules that benefit

everyone. Since the introduction of this initiative, 89 managers responsible for safety have been involved. We plan to

continue this activity for at least the next four years. The effectiveness of this initiative is monitored by external consultants

who provide on-site support to health and safety managers at four different stages for the implementation of each of the four

rules. No significant operational or capital expenditures have been allocated to this action in 2025.

Welfare and Working Environment

We know that the highest individual and team performance is only achieved if employees feel they are in an

empowering environment. We also believe that the quality of our products cannot be separated from the lives of the people

working at Ferrari.

One of our many strengths is the ability to attract, retain and develop talents. Since 1997, we have launched our

unique set of initiatives, with the intention of developing a high-quality working life for Ferrari employees, both

professionally and personally. Over the years, the project has become a pillar of our culture, based on redesigning the

working environment, enforcing a safety-first culture, enabling individual development, enhancing teamwork and building a

community now comprising 62 different nationalities.

Our complex in Maranello, a state-of-the-art work environment, was designed to reinforce the synergistic

relationship between work and results. With the needs of our employees firmly in mind, our manufacturing facilities are

specifically created to combine carefully designed lighting systems - projected to maximize the amount of natural light - and

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several external and internal green areas. Thermal comfort throughout the factory is also a crucial requirement and, since

2013, the in-plant foundry is equipped with a cooling system that makes it air-conditioned and climate controlled. Special

measures aimed at reducing the environmental impact and noise using advanced technologies are also in place. As an

example, the design of our manufacturing facilities is aimed at providing the workplace with maximum acoustic comfort

thanks to noise reduction solutions (source and reverberation). In addition, in 2024, we inaugurated the e-Building, based on

the concept of technological neutrality and flexibility. The e-Building will house the production and development of internal

combustion, hybrid and full electric models and also represents a strategic asset for the construction of electric motors,

batteries, electric axles and vehicle assembly. In this facility, various solutions have been designed to improve the well-being

of people in the work environment: ergonomic workstations, relaxation areas, acoustic and visual comfort, and the correct

mix of natural and artificial lighting are some of the aspects that are the most beneficial.

As part of its longstanding commitment to well-being and work-life balance, Ferrari has been offering the preventive

medical program “Formula Benessere” since 1999. This program allows employees in Italy to participate voluntarily, free of

charge, in a single annual appointment comprising specialist medical consultations.

Until 2023, employees could undergo specific medical examinations within the Company premises. Starting from

2024, the program has been enriched to provide each employee with a comprehensive medical check-up. This includes five

specialist consultations (ophthalmology, cardiology, dermatology, internal medicine, and sports medicine), with the option to

add a gynecological or urological examination, along with a series of blood tests. Notably, the check-up is designed to be

completed in a single session, during working hours.

Ferrari also extends this dedicated annual check-up, free of charge and on a voluntary basis, to its employees’

children. Starting in 2024, the eligible age range for children has been expanded from 5-15 years to 4-17 years. In 2025, more

than 3,100 employees, representing around 63 percent of eligible population, and over 1,000 children benefited from medical

and specialist check-ups performed through “Formula Benessere”, which will continue in the following years. These cover

Ferrari S.p.A., including Italian stores. The effectiveness of these actions is assessed through a statistical report on employee

and children attendance to the welfare initiative, and an internal satisfaction questionnaire. Moreover, employees can access

medical and physiotherapeutic support during trips related to the Formula 1 World Championship. To promote an active

lifestyle among our employees, our program also includes access to a gym. It is available for all the employees in Maranello,

while employees at the Modena plant have free membership in one of the city gyms. No significant operational or capital

expenditures have been allocated to this action in 2025.

As part of the initiatives to promote work-life balance, Ferrari offers specific programs for employees’ families. The

“Formula Estate Junior” and “Formula Scuola” programs aim at strengthening the sense of belonging among employees and

their families while, above all, providing tangible support for parenting.

Formula Estate Junior is a project providing support to Ferrari Maranello and Modena parents during the Italian

summer school break for the children of employees aged 3 to 13: it consists in a summer camp centered around fun and

structured with socio-educational programs. These include sports activities, excursions, and educational workshops tailored to

each age group. Each edition of the “Formula Estate Junior” camp is designed around a specific educational theme developed

by professional educators in collaboration with the local community. The educational theme chosen in 2025 focused on

activities and workshops concerning disability to raise awareness and to foster a culture of acceptance and integration. The

sixteenth edition saw the participation of more than 900 children.

“Formula Scuola” is a program that actively supports education through the award of scholarships to outstanding

students and textbook reimbursements. The scholarships, named after our founder Enzo Ferrari, are awarded to Ferrari S.p.A.

employees and their children who have continued their studies and achieved excellent academic results. In 2025, our

Chairman and CEO awarded 131 scholarships to talented students during a special award ceremony organized for the

occasion.

Both initiatives have reached their sixteenth editions and will continue in the future. The effectiveness of this

activity is assessed through the monitoring of children’s participation and an internal satisfaction questionnaire dedicated to

employees. No significant operational or capital expenditures have been allocated to this action in 2025.

The textbook reimbursement initiative, on the other hand, is available to children of Ferrari employees in Italy

enrolled in middle and high schools. In 2025, it benefited over 1,000 employees.

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Many other activities to foster a shared sense of belonging were carried out in 2025 by the Ferrari Group, including

Finali Mondiali at the Mugello Circuit, and Esperienza Ferrari that, since 2025, has given its employees the opportunity to

drive a Ferrari car with an expert alongside them.

Data Responsibility and Privacy

The following overview outlines the actions implemented to effectively manage the potential negative impact

identified during the Double materiality analysis. For additional information please refer to “ESRS 2—Impacts, risks and

opportunities management”.

We have adopted a progressive approach to ensure compliance with data protection and privacy law requirements.

We have implemented new processes, such as digital systems to collect consent and privacy notice acknowledgments, the

adoption of a governance tool to periodically update records of processing activities, perform data protection impact

assessments, conduct legitimate interest balancing tests, and manage cookies. Moreover, we have created internal procedures

among which the Privacy Procedure, the Privacy by Design Procedure, the Data Retention Procedure, the Data Breach

Procedure, the Appointment and management of system administrators, the Data Subject Access Requests Management

Procedure. To answer requests from data subjects and to comply with applicable regulations, we have implemented an online

portal (OneTrust) which allows anyone, including employees, consumers and end-users, to make privacy requests in a

structured format. Ferrari also has a specific e-mail address in place where anyone, including employees and other

stakeholders can submit their privacy requests. To track and assess the effectiveness of this tool, in 2025 we have

implemented specific KPIs related to response times and we monitor periodically such KPIs. We provide the operating

instructions for authorized people within the Company who process personal data, we have identified internal privacy

referents within Company departments and we have an internal Privacy Committee in place. No significant operational or

capital expenditures have been allocated to these actions in 2025.

In case we need Personal Data to be processed by third parties service providers, we have implemented a Data

Processing Agreement (DPA) to be signed between Ferrari and the third-party processing personal data on its behalf. The

process requires the filling out of a specific “DPA” section during the issuance of a privacy relevant purchase request to the

supplier. An Intercompany Data Protection Agreement has been signed by Ferrari S.p.A. and its subsidiaries.

The Compliance department, with the support of the Human Resources department, identifies and proposes

appropriate awareness-raising activities for Ferrari’s personnel on personal data protection and on the rules defined in

Ferrari’s internal regulations. Training is mandatory for every new hire, as well as when there are changes in duties or the

introduction of significant new tools, with significant impact on the processing of personal data. E-learning courses are

organized for and addressed to employees who are involved in the processing of personal data, while courses related to the

correct collection of client data and their consents are organized for the Dealer Network. Whereas, dedicated face-to-face

training has been delivered to the Referents of the Privacy Structure and to at risk areas. The purpose of the training is to raise

awareness on data risks and prevention measures. It focuses on key aspects of personal data regulations, available measures

to prevent harmful events, relevant responsibilities and ways to stay updated on the Company’s security measures. The

effectiveness of the training courses in guaranteeing proper data protection and privacy is assessed through a final test. In

2025, there were no significant changes to these trainings and for the future, we will continue with the activity carried out in

previous years. No significant operational or capital expenditures have been allocated to this action in 2025.

Any unauthorized access to our information technology systems may compromise the confidentiality of Ferrari’s

intellectual property or the privacy of our clients’ information and expose us to claims as well as reputational damage. For

these reasons, we have always paid the utmost attention to cybersecurity. To defend, detect and respond to cybersecurity

incidents, we have implemented several actions, among which we conduct proactive privacy and cybersecurity reviews of

systems and applications, including yearly attack exercises to test our cybersecurity posture, audit applicable data policies,

perform penetration testing using external third-party tools, techniques and security service providers to test our posture,

operate a bug bounty program to encourage proactive vulnerability reporting.

We regularly engage external auditors and consultants to support periodic security assessments such as penetration

testing, continuous and automatic vulnerability assessment, email and web filtering, endpoint and infrastructure protection,

data loss prevention, authentication systems, and advisory and support on certain cybersecurity enhancements. In 2025, we

carried out red and purple teaming activities, consisting of attack simulations conducted without the prior knowledge of

cybersecurity staff. These exercises, performed by an external company, were aimed at testing both the preparedness of

employees and the resilience of the cyber infrastructure, verifying detection capabilities on the one hand and employee

⁶⁹ Managerial positions refer to “Managers and Senior Managers” and “Middle Managers”.

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behavior on the other. Worldwide primary cybersecurity companies are frequently involved. These partnerships enable us to

leverage specialized knowledge, insights and training, ensuring our cybersecurity strategies and processes remain aligned

with fast evolving risk scenarios and new technologies. Every activity, involving the entire Ferrari Group’s IT infrastructure,

is continuously monitored by cybersecurity systems and services as well as by periodic internal and external independent

controls. These activities are structured to include periodic reviews at an appropriate frequency to minimize the risk of

cyberattacks to the greatest extent possible. No significant operational or capital expenditure has been allocated to this action

in 2025.

Annually, all Ferrari employees are provided with specific courses on information security and cybersecurity. The

same training is provided to external workers too. This training is generally delivered online and, in some cases (e.g. new

hires, specific situations, ad hoc business requests), in-person and it is part of regularly launched training campaigns. Internal

“Phriendly Phishing” campaigns are quarterly carried out to assess the level of awareness of the Ferrari population regarding

phishing. Phished people had been and will be addressed by specific risk-based training activities. At the end of each training

session, a learning test is administered to verify the effectiveness of the topics discussed. The testing cycle is continuously

performed (once a quarter) constantly varying the bait to stay aligned with the new and ever-changing attack techniques.

Training is similarly performed, always considering the newest threats (e.g. IA and deep fake, Quishing) and, whenever

necessary, tailored to specific needs or topics. Furthermore, periodic alerts are sent to the whole Company whenever a

specific risk arises (e.g. phishing campaigns). No significant operational or capital expenditure has been allocated to this

action in 2025.

For further details see “Corporate Governance—Cybersecurity”.

Targets related to Own Workforce

ESRS 2 MDR-T, S1-5

Talent attraction, retention and development

We do not have specific measurable targets for employee training, but we aim to provide a range of training

activities as described above in order to promote a competent and up-to-date workforce. Similarly, we do not have specific

measurable targets for talent recruitment and employee retention, but we have started monitoring various KPIs to ensure

equal opportunities for all talents. Our ambition is to attract individuals who are eager to learn and continuously improve their

performance through the initiatives described above.

Diversity and Inclusion

In 2022, we defined as a strategic goal to maintain a healthy growth rate of women in managerial positions,

considering the percentage of women in the total employee population. We defined as an appropriate target to have at least 18

percent women in managerial positions within the Ferrari Group by 2027, compared to 2017, in line with the Dutch Act on

balanced gender diversity at the top of large companies of September 2021 and our Diversity and Inclusion Practice. During

the process of target setting the interests of our employees were taken into consideration, however, we did not engage our

own workforce or workers’ representatives. The Compensation Committee and the ESG Committee monitor the progress

towards our targets on an annual basis through specific KPIs included in this Report and if deemed necessary request target

revision.

The continuous monitoring of our target shows that women in managerial positions 69, as of December 31, 2017

accounted for 11.8 percent (while women represented 12.2 percent of the total employee population) and as of December 31,

2025 accounted for 17.1 percent (while women represented 16.9 percent of the total employee population).

Our plan to achieve the target is to continue the implementation of initiatives and actions, such as fostering the value

of diversity in the panel of hiring candidates, monitoring the percentage of men and women involved in career plans and

salary reviews, and defining clear diversity objectives for all levels in the organization. For Ferrari it is important to guarantee

equal opportunities at all levels, for this reason, consistency between the global percentage and the managerial percentage is a

key indicator in our diversity strategy.

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For Board of Directors diversity targets refers to “ESRS 2—General disclosures—Governance—Board of Directors

diversity targets”.

Health and Safety

Our main objective is to promote and disseminate a culture of health and safety across the entire Ferrari Group,

consistent with our policies. While we have not set publicly disclosed target, we regularly monitor key health and safety KPIs

including injury rate, hours of training and number of audits conducted, with the ambition to continuously improve. These

KPIs have been measured on an annual basis, with monthly monitoring to identify deviations. Performance updates are

shared via the Ferrari intranet. Management reviews and sets these KPIs on an annual basis, focusing on continuous

improvement. While our KPIs are generally lower than industry averages, international standards set significantly higher

benchmarks.

Data Responsibility and Privacy

We strive to ensure that every step of our production follows current regulations, however, we have not set specific

targets on data protection and privacy. Our priority is to ensure compliance with data protection and privacy laws, particularly

with the General Data Protection Regulation (GDPR).

Metrics related to Own Workforce

S1-6, S1-7, S1-9, S1-10, S1-13, S1-14, S1-16, S1-17

Characteristics of Ferrari employees

As of December 31, 2025, Group employees were 5,718, an increase of 5 percent compared to December 31, 2024

5,435.

Employees by gender and employee category


	at December 31, 2025
	Male	Male %	Female	Female %	Other	Other %	Not Disclosed	Not Disclosed %	Total
	Male	Male %	Female	Female %	Other	Other %	Not Disclosed	Not Disclosed %	Total
Managers and Senior Managers	141	87.6%	20	12.4%	—	—%	—	—%	161
Middle Managers	680	81.9%	150	18.1%	—	—%	—	—%	830
White collars	1,552	73.1%	572	26.9%	—	—%	—	—%	2,124
Blue collars	2,377	91.3%	226	8.7%	—	—%	—	—%	2,603
Total	4,750	83.1%	968	16.9%	—	—%	—	—%	5,718


	at December 31, 2024
	Male	Male %	Female	Female %	Other	Other %	Not Disclosed	Not Disclosed %	Total
	Male	Male %	Female	Female %	Other	Other %	Not Disclosed	Not Disclosed %	Total
Managers and Senior Managers	149	87.6%	21	12.4%	—	—%	—	—%	170
Middle Managers	661	83.2%	133	16.8%	—	—%	—	—%	794
White collars	1,456	73.7%	519	26.3%	—	—%	—	—%	1,975
Blue collars	2,294	91.9%	202	8.1%	—	—%	—	—%	2,496
Total	4,560	83.9%	875	16.1%	—	—%	—	—%	5,435

The data was extracted from the HR internal database and then classified into the four categories mentioned above,

considering employees in service as of December 31, 2025.

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Head count - by entity and gender


	at December 31, 2025
Country	Female	% Female	Male	% Male	Other	% Other	Not Disclosed	% Not Disclosed	Total
Total Italy	833	15.5%	4,534	84.5%	—	—%	—	—%	5,367
Total Rest of the world	135	38.5%	216	61.5%	—	—%	—	—%	351
Total Group	968	16.9%	4,750	83.1%	—	—%	—	—%	5,718
	at December 31, 2024
Country	Female	% Female	Male	% Male	Other	% Other	Not Disclosed	% Not Disclosed	Total
Total Italy	744	14.6%	4,344	85.4%	—	—%	—	—%	5,088
Total Rest of the world	131	37.8%	216	62.2%	—	—%	—	—%	347
Total Group	875	16.1%	4,560	83.9%	—	—%	—	—%	5,435

As shown in the tables above, 93.9% of our employees work in Italy, which is considered the only significant

location of operation as this is where our plants and most of our workforce is located.

Geographical distribution information is obtained from the HR internal database. All employees covered by the

CCSL, along with Ferrari N.V., fall within the Italian perimeter.

Head count - by type of employee and entity


	at December 31, 2025
	Total Italy	Total Rest of the world	Total Group
Number of employees (head count)	5,367	351	5,718
Number of permanent employees (head count)	5,365	317	5,682
Number of temporary employees (head count)	2	34	36
Number of non-guaranteed hours employees (head count)	—	—	—
Number of full-time employees (head count)	5,335	349	5,684
Number of part-time employees (head count)	32	2	34
Number of non-employees (head count / FTE)	1,040	18	1,058

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	at December 31, 2024
	Total Italy	Total Rest of the world	Total Group
Number of employees (head count)	5,088	347	5,435
Number of permanent employees (head count)	5,085	304	5,389
Number of temporary employees (head count)	3	43	46
Number of non-guaranteed hours employees (head count)	—	—	—
Number of full-time employees (head count)	5,064	345	5,409
Number of part-time employees (head count)	24	2	26
Number of non-employees (head count / FTE)	1,062	7	1,069

Most of our employees have a permanent contract (99.4%) and almost all our employees are full-time (99.4%).

The data in the tables above includes all employees working for Ferrari’s entities and the data is disclosed in head

count. The information refers to the end of the reporting period.

Employees are categorized based on the terms and conditions of their employment contracts. Permanent employees

have an indefinite employment contract, whereas temporary employees have fixed-term contracts. Non-guaranteed hours

employees are employed on contracts without a minimum guaranteed number of working hours. Full-time employees work

the standard hours as defined by applicable legislation or employment agreement. Part-time employees, however, work fewer

hours than full-time thresholds. These distinctions apply across all countries where Ferrari has facilities.

The data was directly extracted from the HR internal database and classified into the categories described above.

Employee turnover by gender


	Female	Male	Other	Not disclosed	Total Group
Employees at December 31, 2024	875	4,560	0	0	5,435
New Hires	137	350	0	0	487
Departures	44	160	0	0	204
Employees at December 31, 2025	968	4,750	0	0	5,718
New Hires (%)	14.15%	7.37%	—%	—%	8.52%
Departures (%)	4.55%	3.37%	—%	—%	3.57%

The employee turnover is calculated using as the nominator, employees who left during the year due to dismissal,

retirement, or death in service, and as the denominator, the number of employees at the end of the reporting period.

Please refer to “Overview of Our Business—Employees” for information on employees.

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Characteristics of Ferrari non-employees

Total number of workers who are not employees and whose work is controlled by the organization


	at December 31,
	2025	2024
Agency workers	211	235
Staff leasing workers	847	752
Total	1,058	987

Non-employees contribute to various departments across the Company, depending on the workload and ongoing

projects. Agency and staff leasing workers are both hired through agencies, though they differ in employment terms: agency

workers are hired on a temporary contract, while staff leasing employees hold permanent contracts. Interns are not considered

in 2025 and in 2024.

Diversity and Inclusion

Below are some figures related to the Diversity and Inclusion Practice and other related policies.

Head count - by type of employee and gender


	at December 31, 2025
	Female	Male	Other	Not Disclosed	Total
Number of employees (head count)	968	4,750	—	—	5,718
Number of permanent employees (head count)	951	4,731	—	—	5,682
Number of temporary employees (head count)	17	19	—	—	36
Number of non-guaranteed hours employees (head count)	—	—	—	—	—
Number of full-time employees (head count)	939	4,745	—	—	5,684
Number of part-time employees (head count)	29	5	—	—	34
Number of non-employees (head count)	241	817	—	—	1,058

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	at December 31, 2024
	Female	Male	Other	Not Disclosed	Total
Number of employees (head count)	875	4,560	—	—	5,435
Number of permanent employees (head count)	853	4,536	—	—	5,389
Number of temporary employees (head count)	22	24	—	—	46
Number of non-guaranteed hours employees (head count)	—	—	—	—	—
Number of full-time employees (head count)	853	4,556	—	—	5,409
Number of part-time employees (head count)	22	4	—	—	26
Number of non-employees (head count)	249	820	—	—	1,069

The data was extracted from the HR internal database and then classified into the four categories mentioned above,

considering employees in service as of December 31, 2025.

Employees by age group and employee category


	at December 31, 2025
	<30	30-50	>50	Total
Managers and Senior Managers	—	73	88	161
Middle Managers	2	546	282	830
White collars	333	1,509	282	2,124
Blue collars	414	1,582	607	2,603
Total	749	3,710	1,259	5,718


	at December 31, 2024
	<30	30-50	>50	Total
Managers and Senior Managers	—	81	89	170
Middle Managers	4	536	254	794
White collars	311	1,403	261	1,975
Blue collars	394	1,558	544	2,496
Total	709	3,578	1,148	5,435

The number of employees was extracted from the HR internal database, subsequently each employee’s age was

calculated based on the difference between December 31, 2025 and their date of birth.

⁷⁰ With the term Senior Managers we refer to the FLT members reporting directly to the Chief Executive Officer.

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Gender distribution of Senior Managers level 70


at December 31, 2025
	Male	Male %	Female	Female %	Other	Other %	Not Disclosed	Not Disclosed %	Total	Total %
Senior Managers	12	85.7%	2	14.3%	—	—%	—	—%	14	100%


at December 31, 2024
	Male	Male %	Female	Female %	Other	Other %	Not Disclosed	Not Disclosed %	Total	Total %
Senior Managers	14	87.5%	2	12.5%	—	—%	—	—%	16	100%

Adequate wages

We compensate our employees competitively, guaranteeing wages and benefits that are equal or superior to the

minimum requirements set by the applicable laws and regulations, as well as the collective bargaining agreements, and that

are in line with market practices and consistent with their skill set, seniority and performance.


Adequate wages
	2025	2024
Employees with adequate wage	100%	100%

Employees in Italy and of foreign subsidiaries receive wages that exceed the minimum wage provided by the ESRS

guidelines. In particular, all employees of the Group in Italy are covered by collective agreements (Contratto Collettivo

Specifico di Lavoro (CCSL) and a collective bargaining agreement for our managers, signed by the Italian trade union,

Federmanager, on April 28, 2023).

Training and Talent Development

Average hours of training by gender and employee category


Gender	2025	2024
Male	13.4	15.7
Female	15.5	20.6
Other	—	—
Not disclosed	—	—
Total	13.7	16.4


Employee category	2025	2024
Managers and Senior Managers	17.1	20.8
Middle Managers	18.3	23.4
White collars	20.4	22.8
Blue collars	6.6	8.9
Total	13.7	16.4

The total hours of training are obtained from the Company’s database, which tracks participation and outcomes for

each course session in terms of hours completed and number of attendees. In the total amount, individuals who withdrew,

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non-employees, those who failed the final test, or those who did not complete the entire course are excluded. Subsequently,

the total number of training hours is divided by the number of employees per employment category and gender.

Talent Recruitment and Employee Retention

In 2025, 51.6% of employees received regular performance and career development reviews. This percentage is

attributable to white collars, middle managers and managers and senior managers. For this reason, the percentage related to

women (72%) is significantly higher than that of men (47.5%) given that the blue collars category is predominantly male.

Employees receiving regular performance and career development reviews


2025
	% Male	% Female	% Other	% Not Disclosed	% Total
	% Male	% Female	% Other	% Not Disclosed	% Total
Managers and Senior Managers	99.3%	95.0%	—%	—%	98.8%
Middle Managers	98.4%	98.0%	—%	—%	98.3%
White collars	93.2%	92.8%	—%	—%	93.1%
Blue collars	—%	—%	—%	—%	—%
Total	47.5%	72.0%	—%	—%	51.6%


2024
	% Male	% Female	% Other	% Not Disclosed	% Total
	% Male	% Female	% Other	% Not Disclosed	% Total
Managers and Senior Managers	98.7%	100.0%	—%	—%	98.8%
Middle Managers	96.4%	97.7%	—%	—%	96.6%
White collars	92.5%	90.6%	—%	—%	92.0%
Blue collars	—%	—%	—%	—%	—%
Total	46.7%	71.0%	—%	—%	50.6%

In 2025, each employee who was evaluated received one performance review, as agreed by management.

The metrics were obtained from an internal tool used for performance and career evaluation. Only employees who

were employed as of December 31, 2025 and had received an evaluation during the year were included in the tool. The

employees were then classified into the four categories mentioned above based on their job title.

Health, Safety and well-being

The table below shows the number of injuries, the working hours and the injury rate divided between employees and

non-employees monitored in the reporting period. In 2025, the injury rate of employees was 1.18 with 11 occurrences (9 in

2024) and no fatalities occurring. Whereas the injury rate of non-employees was 0.35 with 1 occurrence (1 in 2024). Each

work-related injury is analyzed to determine the cause, and appropriate measures to avoid reoccurrences are then

implemented. We continue to monitor injuries while strengthening prevention efforts and conducting in-depth analysis to

prevent recurrence.

The following data is in headcount.

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Number of injuries and injury rate

Employees Injuries


	at December 31,
	2025	2024
Total number of recorded working injuries	11	9
Of which working injuries with absence from 1 to 3 days	4	4
Of which working injuries with absence of over 3 days	7	5
Of which serious working injuries (not considering deaths)	—	—
Of which number of fatalities as result of work-related injuries	—	—
Working hours	9,330,833	9,146,021
Number of days lost to work-related injuries and fatalities from work-related accidents	181	191
Recorded working injuries rate	1.18	0.98

Employees Work-related ill health


	at December 31,
	2025	2024
Number of cases of recordable work-related ill health of employees	1	1
Of which number of fatalities in own workforce as result of work- related ill health	—	—
Working hours	9,330,833	9,146,021
Number of days lost to work-related ill health and fatalities from ill health related to employees	220	193

Non-employees Injuries


	at December 31,
	2025	2024
Total number of recorded working injuries	1	1
Of which working injuries with absence from 1 to 3 days	1	—
Of which working injuries with absence of over 3 days	0	1
Of which serious working injuries (not considering deaths)	—	—
Of which number of fatalities as result of work-related injuries	—	—
Working hours	2,883,741	1,692,308
Number of days lost to work-related injuries and fatalities from work-related accidents	3	9
Recorded working injuries rate	0.35	0.59

⁷¹ The definition of ill-heath includes the diseases of “ILO List of Occupational Diseases”.

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Non-employees Work-related ill health


	at December 31,
	2025	2024
Number of cases of recordable work-related ill health of employees	—	—
Of which number of fatalities in own workforce as result of work- related ill health	—	—
Working hours	2,883,741	1,692,308
Number of days lost to work-related ill health and fatalities from ill health related to employees	—	—

Health and safety contents are also covered by the CCSL (Contratto Collettivo Specifico di Lavoro), signed on

March 8, 2023, and also by the Accordo Premio di Competitività Ferrari, signed on September 25, 2019, and renewed on

November 13, 2023, valid for the four year period 2024-2027, providing a specific Health and Safety Commission involving,

on a monthly basis, both the Company and the workers’ representatives for health and safety. CCSL and Accordo Premio di

Competitività Ferrari cover 93.8 percent of Ferrari S.p.A. and Mugello Circuit S.p.A. employees.

Other workers working on Ferrari sites


	at December 31,
	2025	2024
Number of fatalities as result of work-related injuries	—	—
Number of fatalities in own workforce as result of work-related ill health 71	—	—

During 2025, no practice of Ferrari has caused or contributed to significant adverse health and safety impacts on its

workforce.

The metrics are monitored through our internal portal, including the number of injuries, days of absence, and work-

related illnesses for both employees and non-employees. For other workers operating on Ferrari sites, metrics are received

only via email, as suppliers report incidents directly. Worked hours are provided by the Human Resources function through

their portal. All data is consistent with the S1-14 AR 83 to AR 95.

Gender Pay Gap


	2025
Gross hourly pay	Male	Female	Gender Pay Gap
Managers and Senior Managers	€217.3	€197.8	9.0%
Middle Managers	€58.2	€55.1	5.2%
White collars	€35.0	€32.1	8.4%
Blue collars	€22.3	€21.1	5.4%
Total	€37.3	€36.5	2.2%

⁷²Change in preparation of sustainability information: the methodology has been updated compared to the one applied in 2024 to improve the final

accuracy of the figures, taking into consideration also the variable component of Ferrari’s remuneration. Under the 2025 methodology, the 2024 total

gender pay gap is restated to guarantee comparability from -8.2% to -1.2% (Managers and Senior Managers from 2.5% to -2.7%; Middle Managers from

-5.3% to 1.9%; White collars from 2.7% to 7.5%; and Blue collars from 6.9% to 4.6%).

⁷³The Total Annual Remuneration of the CEO includes €2,955,387, recognized as share-based compensation expense during the years ended December 31,

2025, for equity awards granted under the Group’s equity incentive plans, for which the vesting and receipt of the awards is subject to certain performance

and service conditions. See also “Remuneration of Directors—Directors’ compensation” and “Remuneration of Directors—Share-based compensation of

executive Directors”.

⁷⁴ The annual total remuneration includes base salary, short-term incentives, competitiveness bonuses, long-term incentives, one-time bonuses or other

bonuses paid during the year, cash allowances and benefits in kind, such as cars, housing, private health insurance, wellness programs and annual retention

bonuses provided to the organization’s highest-paid individual and to all employees over the course of a year. For the purpose of calculating the annual

total remuneration, full-time equivalent (FTE) pay rates are used for each part-time employee and total target amounts of bonuses and incentives were

considered.

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	2024 72
Gross hourly pay	Male	Female	Gender Pay Gap
Managers and Senior Managers	€187.3	€192.3	(2.7%)
Middle Managers	€57.2	€56.1	1.9%
White collars	€35.2	€32.6	7.5%
Blue collars	€22.5	€21.4	4.6%
Total	€37.0	€37.4	(1.2%)

We are in compliance with both the Equal Salary and UNI/PdR 125 certifications, as per certifications methodology.

The methodology considers both the gross hourly pay level and the gender pay gap outlined in the ESRS Directive’s

guideline, ESRS S1-16, AR 98. Additionally, the total number of working days, excluding national holidays and weekends,

and contractual working hours, were calculated for each country.

Annual Total Remuneration Ratio


	2025	2024
Annual total remuneration for the organization's highest paid- individual 73	€10,900,114	€7,983,034
Median annual total remuneration for all of the organization's employees excluding the highest-paid individual	€53,620	€54,126
Annual total remuneration ratio 74	203.3	147.5

In line with the ESRS standards, in 2025, the ratio of the annual total remuneration for the highest-paid individual to

the median annual total remuneration for all employees, excluding the highest-paid individual, was 203.3. In 2025 the

highest-paid individual was the CEO.

For further details on the internal pay ratios calculated in line with the Dutch Corporate Governance Code, please

refer to the “Remuneration of Directors—Remuneration of the Members of the Board of Directors and the Executive Council

—1. Remuneration Strategy for the 2023 Financial Year—Lock up period—Internal pay ratios” chapter.

In 2025, relating to our workforce, there were no incidents of discrimination, no cases of severe human rights

incidents and no complaints about violations of human rights emerged from National Contact Points for OECD Multinational

Enterprises. In addition, there were no final judgments relating to non-respect of the human rights principle and there were no

significant fines and/or non-monetary sanctions.

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S2 - Workers in the Value Chain

Interests and Views of Stakeholders

ESRS 2 SBM-2

For more information about the interests, views, and rights of Ferrari’s value chain workers please refer to “G1—

Business Conduct—Management of relationships with suppliers”, to “ESRS 2—General disclosures—Strategy, business

model and value chain—Interests and views of stakeholders” and the table in “ESRS 2 —General disclosures—Impacts, risks

and opportunities management”.

Workers in the Value Chain Material Impacts, Risks and Opportunities

ESRS 2 SBM-3

The material impacts, risks and opportunities reveal our strategic sustainability priorities and contribute to adapting

our strategy as shown in the columns “Sustainability strategy pillars” that identify how the impacts are connected to the

Ferrari strategy. For more details on our sustainability strategy pillars and how sustainability topics are connected see the

table in “ESRS 2—General disclosure—Strategy, business model and value chain”.


Material Impacts, Risks and Opportunities	Nature	Perimeter
Possible incidents of discrimination (including gender discrimination in remuneration) and/or abuse affecting life quality and work conditions for workers in the value chain	Potential Negative Impact	◘ □ □
Inadequate working conditions with serious physical and psychological consequences on workers' health in the value chain (e.g. violations of fundamental rights, including excessive working hours, insufficient wages, restrictions on freedom of association and difficulties in maintaining a healthy work-life balance)	Potential Negative Impact	◘ □ □
Possible violation of human rights along the value chain (e.g. right to freedom of association and collective bargaining, child labor, forced or compulsory labor also related to conflict minerals) with impacts on human dignity	Potential Negative Impact	◘ □ □
Potential non-compliance by third parties (e.g., suppliers, dealers, sponsors etc.) with laws and regulations requirements regarding labor practices, working conditions, and human rights of workers employed	Risk

◘ □ □ Upstream □ ◘ □ Own Operation □ □ ◘ Downstream

Ferrari’s value chain involves a diverse range of entities and individuals across various sectors and geographical

locations. Alongside our own workforce, workers within the value chain also play a fundamental role.

Upstream workers are part of the supply chain that provides raw materials, components and services to Ferrari. They

include metal and mineral extraction workers, involved in the extraction and refining of metals used in the production

process, and workers engaged in the production of components and materials. In particular, regarding supply chain workers

engaged in the mining and processing of tantalum, tin, tungsten and gold (collectively, ‘3TG’ or ‘Conflict Minerals’) , Ferrari

maps its supply chain to gain awareness of the sourcing status of 3TG materials from potential conflict zones to avoid

knowingly using conflict minerals that support or fund inhumane treatment, including human trafficking, slavery, forced

labor, child labor, torture and war crimes. At the end of this monitoring, Ferrari prepares a Final Report to be submitted to the

SEC. In cases where high-risk suppliers are identified, the competent departments and the Management determine the

measures to be adopted. At the end of each year, the results of the above-mentioned campaign are evaluated by the competent

department, in cases high-risk suppliers are identified, the Management determines the measures to be adopted. Please refer

to the “—Conflict minerals” section for more information.

Except for 3TG's workers in high-risk or conflict-affected countries and based on the information available to us, we

have not identified any geographies, countries, or commodity areas within the Company’s value chain where there is a

significant risk of child labor, or forced or compulsory labor. However, we gather information on business ethics,

environmental practices, human rights, working conditions and health and safety for workers in our supply chain through

⁷⁵ Drive Sustainability is a partnership between leading automotive companies. The mission of the partnership is to work together to improve the social,

ethical and environmental performance of automotive supply chains.

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SAQ (Sustainability Assessment Questionnaire) surveys provided by Drive Sustainability 75. This process has primarily

involved our Tier-1 suppliers and, in certain cases, extends to Tier-2 or Tier-3 suppliers. For further information about this

engagement activity, please refer to “G1—Business Conduct—Management of relationships with suppliers—Action related

to Management of relationships with suppliers”.

Downstream workers include mostly dealers responsible for selling Ferrari cars and logistics workers that manage

the transportation and delivery of vehicles and parts. In addition, workers operating on our sites that are not part of our own

workforce (i.e. temporary workers) include consultants, and employees of cleaning and temporary building maintenance

companies. Furthermore, as workers in the downstream value chain, some of them are the ones involved in the joint venture

we collaborate with.

Currently, we do not have detailed information on the presence of value chain workers who could be particularly

vulnerable to the negative impacts identified through the Double materiality analysis because of their inherent characteristics

or life’s context.

Policies related to Workers in the Value Chain

ESRS 2 MDR-P, S2-1

Code of Conduct

We encourage the adoption and sharing of sustainable practices among our business partners, suppliers and dealers.

All suppliers must respect the Ferrari Code of Conduct, which includes the set of values recognized, adhered to and promoted

by our Company. In line with our impacts, opportunities and risks, the Code of Conduct was updated in 2023 to include

specific guidelines relating to the respect of human rights, environmental protection, ethical and integrity principles, with

consideration also given to the value chain.

As indicated in “G1—Business Conduct—Business conduct policies and corporate culture—Code of Conduct”, this

also extends to all suppliers, dealers, advisors and agents of Ferrari, as there is no specific Code for them.

Human Rights Practice

In line with our Code of Conduct, we defined our Human Rights Practice that sets out key principles such as the

prohibition of child labor, compulsory labor and forced labor, trafficking and serfdom, attention to a healthy and safe working

environment, rejection of any form of abuse, harassment and discrimination, zero tolerance concerning corruption and

protection along the value chain. The Practice is applicable to the entire Ferrari Group and must be considered for health and

safety matters. Although our value chain workers have not been directly engaged, the Practice addresses all workers who

work for or on behalf of Ferrari, such as suppliers and business partners across its upstream and downstream value chain.

The practice covers the following impacts and risk: “Possible incidents of discrimination (including gender

discrimination in remuneration) and/or abuse affecting life quality and work conditions for workers in the value chain”,

“Possible violation of human rights along the value chain (e.g. right to freedom of association and collective bargaining, child

labor, forced or compulsory labor also related to conflict minerals) with impacts on human dignity”, “Inadequate working

conditions with serious physical and psychological consequences on workers' health in the value chain (e.g. violations of

fundamental rights, including excessive working hours, insufficient wages, restrictions on freedom of association and

difficulties in maintaining a healthy work-life balance)” and “Potential non-compliance by third parties (e.g., suppliers,

dealers, sponsors etc.) with laws and regulations requirements regarding labor practices, working conditions, and human

rights of workers employed”.

For more information about the practice, please refer to “S1—Own workforce—Policies related to Own workforce

—Human Rights Practice”.

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Engaging Value Chain Workers

S2-2

Our current practice does not entail the direct involvement of value chain workers or their representatives in the

assessment of impacts, both actual and potential, that might affect them. Instead, we focus on the interaction and dialogue

with the representatives of the companies for which these workers work.

Addressing Negative Impacts and Value Chain Worker Concerns

S2-3

Regarding the ethics violations reporting channels made available by Ferrari, as specified in the “G1—Business

Conduct—Business conduct policies and corporate culture—Whistleblowing”, our official Ethics Helpline also allows

workers in the value chain to report violations of the Code of Conduct, including potential human right concerns. While this

mechanism is accessible to value chain workers, Ferrari acknowledges that it has not yet implemented a formal process to

assess whether value chain workers are aware of this channel even if it is publicly available on Ferrari corporate website.

Ferrari aims to protect its individuals who use its reporting channels and is reviewing its policies to ensure safeguards against

retaliation are clearly communicated and enforced. Where relevant, disclosures made under “G1—Business Conduct—

Business conduct policies and corporate culture—Whistleblowing” may provide additional context on whistleblowing

protections.

Currently, we do not have formalized processes to systematically address potential negative material impacts that

could affect workers in our supply chain. However, in daily practice, Ferrari aims to take proactive measures when it

becomes aware of a possible involvement in situations of human rights violations associated with workers in our supply

chain. In such cases, our Company proceeds with a direct approach, contacting the supplier involved to initiate a constructive

dialogue. This exchange is aimed at obtaining clarification and detailed information on the specific circumstances. This not

only allows us to better understand the situation, but also to work together with the supplier to find appropriate solutions and

ensure decent working conditions for all workers.

Actions related to Workers in the Value Chain

ESRS 2 MDR-A, S2-4

We are in the process of structuring an ESG Due Diligence activity on our suppliers, with the aim of identifying,

assessing and addressing material impacts, risks, and opportunities related to workers across the value chain. Although a

formal action plan is not yet finalized, Ferrari acknowledges the importance of this initiative and is actively working to

develop a strategic framework that will guide future actions.

At present, we have yet to implement systematic measures to identify, assess and mitigate risks that may jeopardize

the well-being of workers involved in the different stages of our value chain. Furthermore, we have not developed concrete

strategies to exploit opportunities that may arise in relation to the management of labor rights and working conditions within

the value chain. However, we recognize the importance of taking a proactive approach in this area and are actively working

to structure our due diligence process with the aim of developing a strategic framework for action.

The Drive Sustainability questionnaire and the Compliance Evaluation are preliminary activities for a more

structured ESG Due Diligence activity also aimed at preventing the above-mentioned potential negative impacts on workers

along the value chain.

Before entering in any form of commercial collaboration with a supplier, we undertake a thorough assessment

through the Compliance Evaluation process, which allows us to analyze the supplier from multiple angles, ensuring that it

meets high ethical and legal standards. The main areas of analysis include anti-corruption, trade sanctions, money laundering,

conflict of interest, ethics (including human rights) and reputation.

On the other hand, the Drive Sustainability Questionnaire is mainly intended for those with whom a contract is

already in place. Through the latter we request suppliers to provide detailed information regarding their social and

environmental practices. In this questionnaire, we request general information regarding their code of ethics, implemented

human rights policies and the existence of complaint mechanisms or formal complaint handling procedures. In addition, we

ask for specific information on workers’ health and safety to ensure that the highest standards are met. In addition to social

aspects, the questionnaire also includes questions on environmental issues. In particular, we examine the responsible sourcing

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of raw materials and the sustainable management of the entire value chain. This holistic approach allows us not only to assess

the current practices of our suppliers, but also to promote a collective commitment to sustainability and social responsibility

within our supply chain. Furthermore, this approach enables us to mitigate the risk “Potential non-compliance by third parties

(e.g., suppliers, dealers, sponsors etc.) with laws and regulations requirements regarding labor practices, working conditions,

and human rights of workers employed”. For more information on the Drive Sustainability Questionnaire and the Compliance

Evaluation, please refer to “G1—Business Conduct—Management of relationships with suppliers—Action related to

Management of relationships with suppliers”.

In 2025, pursuing our aim of structuring ESG due diligence activities, we continued the risk assessment process that

covers both internal aspects of our organization and employee-related aspects along the entire value chain. This initiative was

motivated by the emerging need to comply with new regulations, such as the Corporate Sustainability Due Diligence

Directive (CSDDD), which requires companies to assess and manage human rights and environmental risks along the entire

value chain. To reinforce the commitment to structuring ESG due diligence activities, Ferrari joined Supply Chain Mapping

pilot project promoted by Drive Sustainability and Drive+ in 2025, which aims to assess effectiveness and pain points related

to Supply Chain Mapping initiatives. The tool enables each Tier-1 supplier to map and integrate their tier-n suppliers, thereby

structuring the due diligence process through cross-sector collaboration. Through this process, we aim to strengthen our

sustainable governance, and contribute to long-term responsible and sustainable development, to align with the latest

regulatory and social expectations. The value chain risk assessment will provide us with an opportunity to improve our

practices and create shared value. Based on the findings, we will evaluate actions to address risks related to workers in our

value chain. The actions described above are the starting point of a structured ESG due diligence activity, which will be

extended to all suppliers in the coming years.

In 2025, to further reinforce the importance of health and safety across our value chain, Ferrari introduced a

dedicated initiative, called “Induction Cantiere Ferrari”, for suppliers working on major construction sites, provided both in

English and in the native languages of suppliers. The program consists of a one-hour training session delivered in addition to

the standard Health & Safety training. During the session, Ferrari’s Safety Coordinator explains what it means to operate

within a Ferrari construction site, underlining the importance of strict safety standards. The program addresses a wide range

of roles, from programmers to manual workers, ensuring that all participants clearly understand the conditions and

requirements to be respected on site. This initiative will continue in the coming years to cover all major construction projects,

reinforcing Ferrari’s commitment to safety and aiming for a responsible supplier engagement. Operational or capital

expenditures have been allocated for this action in 2025; however, the amounts are below the established significance

threshold.

Conflict minerals

Ferrari supports the goal of preventing the exploitation of minerals violating human rights, with specific reference to

tantalum, tin, tungsten and gold (collectively, “3TG” or “Conflict Minerals”) originated from high-risk or conflict affected

countries (“Covered Countries”), that may be included in our cars and/or products. As part of Ferrari’s aim to respect and

promote human rights and the sustainability of its operations, Ferrari selects suppliers based not only on the quality and

competitiveness of their products and services, but also on their adherence to social, ethical and environmental principles, as

outlined in Ferrari’s Code of Conduct.

Therefore, we place a high priority on responsible sourcing and the integrity of our suppliers, and we strive to ensure

that our supply chain is not involved in any harm to the livelihoods of individuals in Covered Countries.

In particular, Ferrari has developed actions and strategies aimed at complying with the applicable Conflict Minerals

national and international rules and regulations, such as by way of example Section 1502 of the Dodd-Frank Act and the

subsequent rules promulgated by the U.S. SEC, requiring companies to determine whether 3TG or any Conflict Minerals (as

defined in the applicable law) in their supply chain originated in the Democratic Republic of Congo or an adjoining country,

or came from recycled or scrapped sources, and whether the procurement of those minerals benefited any armed groups.

Due to the complexity of our supply chain, we are dependent upon suppliers to provide the information necessary to

correctly identify the smelters and refiners that produce the 3TG contained in our products and take appropriate action to

determine that these smelters and refiners source responsibly. In accordance with the Organization for Economic Co-

operation and Development Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict- Affected and

High-Risk Areas. Third edition, and related Supplements on Tin, Tantalum and Tungsten and on Gold (collectively, the

279

“OECD Guidance”), we have established an internal management system in relation to the supply of Conflict Minerals with

the objective, inter alia, of:

1. minimizing the trade in Conflict Minerals that directly or indirectly finance or benefit armed groups anywhere in the

world;

2. enabling legitimate minerals from conflict and high-risk regions to enter Ferrari’s global supply chain, thereby

supporting the economies and the local communities that depend on the export of such minerals.

Among other things, we request our suppliers to adopt a policy to reasonably assure that the 3TG in their products

do not directly or indirectly finance or benefit armed groups in the Covered Countries.

Moreover, we require all of our 3TG suppliers to conduct due diligence and provide us with adequate information on

the country of origin and source of the materials used in the products they supply to us. The activity involves various supplier

categories, including direct material suppliers for both Sports Cars and Racing, Lifestyle suppliers whose products are sold

through Ferrari Stores, indirect suppliers providing items sent to customers between vehicle orders and final shipping (such as

key holder gifts or 1:43 car models), and spare parts business suppliers whose products are purchased and resold to

customers. Ferrari conducts due diligence on the source and chain of custody of the 3TG necessary for our products once a

year, starting in the month of December of the covered year and concluding the activity within the month of May of the

following year to analyze the collected information. With reference to 2024, 95.46 percent of Ferrari’s suppliers by annual

purchased value submitted responses to our survey, in 2023 the response rate was 95.73 percent.

The design of Ferrari’s conflict minerals program is consistent with the OECD Guidance. In addition, Ferrari uses

the tools and programs developed by the Conflict-Free Sourcing Initiative (“CFSI”), and industry initiative that audits

smelters and refiners’ due diligence activities, including in particular the Conflict Minerals Reporting Template (“CMRT”)

and the Conflict Free Smelter Program (“CFSP”). We strive to increase the coverage of our analysis and the response rate

through targeted actions. No significant operational or capital expenditures have been allocated to this action in 2025.

In 2025, to the best of our knowledge there were no severe human rights issues or incidents, nor any cases of non-

respect of the human rights principle embodied into the internationally recognized standards mentioned in “S1—Own

Workforce—Policies related to Own Workforce—Human Rights Practice” paragraph, among value chain workers.

Targets related to Workers in the Value Chain

ESRS 2 MDR-T, S2-5

Currently, we have not defined specific targets for workers within our value chain. To ensure a high standard of

ethics and behavior, we require all third parties that wish to collaborate with us to sign the Statement of Commitment, an

annex of our contract, to comply with the Code of Conduct and the Organizational Model established by Legislative Decree

no. 231/2001. For more information on this document please refer to “G1—Business Conduct—Management of relationships

with suppliers—Action related to Management of relationships with suppliers”. Furthermore, Ferrari uses specific tools to

monitor and stay informed about its suppliers. These tools allow for a thorough screening of all available online news

regarding environmental, social and governance (ESG) issues. This process not only ensures greater transparency, but also

enables Ferrari to make more informed decisions, reinforcing our strive for social responsibility and ethical conduct within

the supplier network.

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S3 - Affected Communities

Our goal is to create and share long-term value with our stakeholders. Community engagement and involvement

with the local territory are essential to us, particularly in Maranello and Modena, where all our cars are manufactured.

To keep the spirit of Ferrari and the story of our founder Enzo Ferrari alive, two different museums have been

established, attracting thousands of visitors from all over the world every year continuously benefiting the local community.

We are aware of our responsibility towards the community and our efforts are directed to support its development,

mainly through collaborations with local universities and schools and thanks to the industry network in the Emilia-Romagna

region. We believe that promoting the education of young talents is an essential step to reinforce the connection with local

communities. Developing talented and brilliant engineers with a specific academic background focused on emerging

technologies in the automotive industry, and in particular innovative solutions for state-of-the-art performance in luxury

sports cars and racing cars, is essential for the Group to seize future opportunities.

Interests and Views of Stakeholders

ESRS 2 SBM-2

For more information on interests, views, and rights of our affected communities please refer to “ESRS 2 —General

disclosures —Strategy, business model and value chain—Interests and views of stakeholders” and the table in “ESRS 2—

General disclosures—Impacts, risks and opportunities management”.

Affected Communities Material Impacts, Risks and Opportunities

ESRS 2 SBM-3

Ferrari communities extend beyond the students and professors of universities in Emilia-Romagna and technical

schools in the municipalities where our plants are located, to also include people who live and contribute to the vitality of the

surrounding local areas. Regarding local communities along the value chain, impacts have emerged as not relevant.

During double materiality assessment, the entire affected communities of the Ferrari Group have been included in

the scope, as well as the entire disclosure under ESRS 2. Affected communities are mainly those located near the production

plants, and their impacts, risks and opportunities are listed below.


Material Impacts, Risks and Opportunities	Nature	Perimeter
Support community education through general and technical programs	Actual Positive Impact	□ ◘ □
Impact on the community (e.g. Maranello) wealth thanks to the employment (e.g. job opportunities for local students, financial stability of employees)	Actual Positive Impact	□ ◘ □
Improved reputation and acquisition of new skills/expertises through stronger relationships with local communities and wealth generation (e.g. collaboration with schools and universities, local job creation, support for small local businesses)	Opportunity

◘ □ □ Upstream □ ◘ □ Own Operation □ □ ◘ Downstream

The material IROs reveal our strategic sustainability priorities and contribute to adapting our strategy: the columns

“Sustainability strategy pillars” in the table “ESRS 2—General disclosure—Double materiality assessment methodology”

identifies how the impacts are connected to the Ferrari strategy and business model.

The positive impacts are linked to supporting community through educational programs and to contributing to local

wealth by fostering employment and financial stability. Please refer to following “—Actions related to Affected

Communities” for more details.

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Opportunities arising from impacts and dependencies on affected communities are related to communities of Ferrari

S.p.A. and are listed in the table in “ESRS 2—General disclosure—Double materiality assessment methodology”.

Additionally, there are no negative impacts on affected communities with particular characteristics, those at greater risk of

harm or those living in particular contexts.

Policies related to Affected Communities

ESRS 2 MDR-P, S3-1

In line with our values, our impacts, risks and opportunities, we seek to play a key role in supporting the

communities within which we operate, with a view to shared growth. For this reason, according to our Code of Conduct, we

engage in constant and transparent dialogue with communities and the main local stakeholders involved directly or indirectly

in our activities and in the development of social initiatives. The practice covers the following impacts and opportunity:

“Support community education through general and technical programs”, “Impact on the community (e.g. Maranello) wealth

thanks to the employment (e.g. job opportunities for local students, financial stability of employees)” and “Improved

reputation and acquisition of new skills/expertises through stronger relationships with local communities and wealth

generation (e.g. collaboration with schools and universities, local job creation, support for small local businesses)”.

Ferrari is firmly dedicated to respecting the rights of local communities and to promoting independent, lasting, and

sustainable local growth. In accordance with the Code of Conduct, our support to a range of associations and local authorities

is evidence of our commitment to this area.

For a detailed description of key contents refer to the Code of Conduct, please refer to “G1 —Business Conduct—

Business conduct policies and corporate culture—Code of Conduct”.

Human Rights Practice

Ferrari recognizes that its operations can generate significant impact on its local communities in which it has its

plants. As it is stated within its Human Rights Practice, Ferrari’s aim is to respect, protect and promote human rights and as

far as local communities are concerned, it strives to respect their rights and contribute to their realization and development. In

particular, the Human Rights Practice sets out key principles, such as the prohibition of child labor, compulsory and forced

labor, human trafficking, and serfdom. It also emphasizes a healthy and safe working environment, rejects all forms of abuse,

harassment, and discrimination, and enforces zero tolerance for corruption among Ferrari stakeholders, as well as within

society and local communities.

Although local communities have not been directly engaged the addressees of the Human Rights Practice are not

only directors and employees but also other Ferrari’s external stakeholders.

As for all other addresses, in the event of human rights violations, the Ferrari Group encourages members of local

communities to report them through dedicated whistleblowing channels and takes all reasonable actions to remedy human

rights impacts. For additional information, please refer to “G1—Business Conduct—Business conduct policies and corporate

culture—Whistleblowing”.

In 2025, to the best of our knowledge there were no severe human rights issues or incidents, nor any cases of non-

respect of the human rights principle embodied into the internationally recognized standards mentioned in “S1—Own

Workforce—Policies related to Own Workforce—Human Rights Practice”, among affected communities.

For additional information on the Human Rights Practice’s contents please refer to the “S1—Own Workforce—

Policies related to Own Workforce—Human Rights Practice”.

Engaging Affected Communities

S3-2

We aim to promote education within the local community at the high school level by establishing long-term

relationships with schools and education institutions of all levels in Maranello and neighboring towns. The main

collaborations include participating in orientation committees, establishing “school-work” projects for students, bringing the

testimony of Ferrari technicians in classrooms and donating Ferrari equipment. The aim of these initiatives is to support

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schools in providing the new generations with the skills and tools needed to meet the rapid technological changes taking

place in society.

Community engagement takes place through technical committees composed of representatives of technical

institutes or universities, among which school directors and teachers in charge of such courses. The topics included in the

different course curricula are discussed with Ferrari representatives, with the purpose of providing students with the skills

needed for their future careers and to support Company's innovation and development. Ferrari’s representatives are members

among others of the Human Resources department, and they report to the Chief Human Resources Officer, who is the most

senior role that has the responsibility for ensuring the engagement happens and that the results inform Ferrari’s approach on

education. The frequency of the committee’s meetings varies depending on both the level of education (i.e. at least three

times a year with universities and annually with technical institutes) and on the status of projects (i.e. in the case of new

courses being planned, the committee will be convened more frequently compared to long-lasting activities).

These engagement activities can be considered effective given that this cooperation has been ongoing for many

years.

Ferrari is a partner of the Motor Valley University of Emilia-Romagna, an association which was strongly advocated

by the Emilia-Romagna region. Ferrari, as a member of its steering committee, collaborates in advancing educational

initiatives aiming for inclusivity in STEM fields and motorsports. These initiatives aim to examine the Italian context,

through the engagement of students from different backgrounds, nationalities, gender or religion with the objective of

breaking common biases towards engineering and technical professions and overcome barriers to inclusivity in their studies

and future careers. To gain insight, Ferrari conducts surveys, focus groups and interviews with students. This engagement

helps to understand their unique challenges and needs. Additionally, the committee conducts research to explore the reasons

behind gaps and lack of opportunities, particularly for students pursuing STEM and motorsports careers.

The rights of indigenous people are not applicable, given the nature of our operational activities.

Addressing Negative Impacts and Affected Communities Concerns

S3-3

Affected communities can raise their concerns or needs through the Ethics Helpline, available on our corporate

website. The Whistleblowing procedure protects the whistleblower against retaliation. For additional information, please refer

to “G1—Business Conduct—Business conduct policies and corporate culture—Whistleblowing”.

In specific business relationship cases, Ferrari requires the acceptance of the Code of Conduct which includes

references to the Whistleblowing procedure and the Ethics Helpline for reporting concerns. As of the date of publication of

this Report, the Ethics Helpline has not been officially communicated to the affected communities even if it is publicly

reachable from Ferrari corporate website.

In 2025, no negative impacts on affected communities emerged. Nevertheless, Ferrari has adopted a whistleblowing

channel for raising concerns available even for affected communities. For that reason, S3-3 29 is not applicable.

Actions related to Affected Communities

ESRS 2 MDR-A, S3-4

Education

Ferrari places a strong emphasis on education as a way to foster knowledge, inclusion, and opportunities for future

generations within the local community and beyond. The Company’s commitment translates into two main areas of action:

• Dedicated innovative learning projects to support the community, such as the Interactive Classroom and the e.DO

Learning Center, which bring innovative and immersive approaches to schools and STEM Racing;

• Partnerships with higher institutes and universities, including the Istituto di Istruzione Superiore A. Ferrari, ITS

Maker, and Motor Valley University of Emilia-Romagna, where Ferrari contributes to shaping new technical and

engineering skills.

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The first of the innovative learning laboratories is an Interactive Classroom installed in 2024 at a local elementary

school, located in Formigine (close to Maranello). This project is a new, immersive, and inclusive learning environment

where boys and girls become the protagonists of their educational adventures. With the touch of a finger, they can travel

through time and discover distant places. All the contents, stimulating and interactive, suitable for every level of learning,

from preschool to primary school. Thanks to the success of the initiative, in 2025 we supported the introduction of a new

teaching methodology called “Innovamat”, designed to foster innovative learning environments and enhance mathematics

education. We expect that around twenty classes in the school will have had the opportunity to use and learn through this

interactive classroom. Starting from 2024, this project delivered 500 immersive experiences engaging students across all

grade levels. To verify the level of satisfaction we perform periodical reports tracked by the internal classroom system. Since

the Interactive Classroom initiative was only recently implemented, measurable outcomes are not yet available. No

significant operational or capital expenditures have been allocated to this action in 2025.

We also continue our work with the e.DO Learning Center, an innovative educational project born in 2022 from the

synergy between Ferrari and the local area. The project was developed within a laboratory at the IIS Fermo Corni in Modena,

which has been completely refurnished and equipped with new technology and furniture thanks to the support from Ferrari.

This space, dedicated to students starting from the age of 8 up to university level, offers the opportunity to learn about

artificial intelligence and new technologies through games, for the younger users, and through exercises, for the older ones.

The laboratory is equipped with 5 e.DO robots, with modular and multi-axis mechanical arms with integrated open-source

intelligence, developed by the company Comau. Since the debut of the project, more than 12 thousand students have attended

lessons in the laboratory. In recent years, the program has been refined, alongside the ongoing maintenance of the robots.

Given the success of this project, we could expand it to other schools. To verify the level of satisfaction we conducted a

survey among all students that participated in the activity. Since the e.DO Learning initiative was only recently implemented,

measurable outcomes are not yet available. No significant operational or capital expenditures have been allocated to this

action in 2025.

Through our collaboration with higher institutes and universities, Ferrari helps create an ecosystem that fosters

innovation and development, preparing the next generation of technicians and engineers for future challenges and generating

a significant impact on the local economy.

The first of Ferrari’s key partnerships with schools is with the Istituto Superiore A. Ferrari, located in the heart of the

Motor Valley. Founded at the will of Enzo Ferrari in the early 60s, the institute remains a point of reference for training in the

mechanical and automotive sectors, with a growing focus on alternative energies, zero-emission prototypes, and innovative,

hands-on teaching methods. Its graduates boast high employment rates, proving the institute’s ability to meet the needs of

both the labor market and the local community.

Since 2013, Ferrari has been a partner of “ITS Maker”, the Emilia-Romagna Higher Institute of Mechanics,

Mechatronics, Motor and Packaging. The project aims to deliver two-year courses to provide the most in-demand technical

skills in a practical way, thanks to an internship that takes up 40 percent of the total course hours. Additionally, the Company

is involved in courses on electronic systems, powertrains, materials and composites, and every year hosts approximately 20

ITS Maker students in the Sports Cars and Scuderia departments, providing them with the opportunity to apply their technical

skills in a practical way. Compared to the previous year, Ferrari continues to support the project by helping to renovate one

laboratory and provide new educational materials for all students. For this reason, we monitor the effectiveness of this action

using different KPIs, such as the employment rate of graduates, the percentage of workers with permanent contracts, and the

proportion of students who continue their academic paths. No significant operational or capital expenditures have been

allocated to this action in 2025.

We have established collaborations with leading universities worldwide that include the possibility for students to

develop bachelor and doctoral theses as well as other research projects.

Since 2017, Ferrari has been a partner of the Motor Valley University of Emilia-Romagna (MUNER), an association

strongly advocated by the Emilia-Romagna region. The Motor Valley University was created thanks to a synergistic

connection between the universities of Modena and Reggio Emilia, Bologna, Ferrara and Parma along with car companies

that represent the excellence of Italian brands in racing and fast cars, which include Ferrari. Thanks to existing partners and

those who join every year, the opportunity to access new automotive knowledge and skills continues to increase. Together

with the ongoing commitment of existing partners, Ferrari looks forward to further strengthening this partnership in the

future. The Motor Valley University of Emilia-Romagna hub aims to attract the best university students from all over the

world, with the goal of training and introducing the engineers of tomorrow into the corporate world.

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The educational offer includes the following Master’s Degree programs, whose design and implementation saw the

active participation of Ferrari: Advanced Automotive Engineering (AAE), Electronic Engineering for Intelligent Vehicles

(EEIV) and Electronic Vehicle Engineering (EVE). The course program of the latter is entirely devoted to electric vehicles

and aims at forging new professionals with a comprehensive view of all the phases and processes of the development of an

electric vehicle. In 2025, we continued collaborating with partners to review Motor Valley University training offering,

updating the syllabus and the course content of some programs based on the results of a dedicated assessment and on the

technological development required by the market.

In all these courses, the partners of the initiative participate in educational activities by teaching and co-teaching

courses, seminars and laboratories and by inviting students to visit the production plants. This partnership opens up the

opportunity for the most talented and motivated students to take part in internship programs with the companies involved. In

particular, the course Vehicle Conceptual Design (VCD) of the AAE and EVE programs, is entirely taught by Ferrari

Maestri, covering more than 20 lectures. In 2025, the number of enrollments in the three master’s degree programs remained

in line with previous years, with about 20 percent of the students coming from foreign countries. Since the foundation of

Motor Valley University, Ferrari has offered various internship opportunities to over 98 students and hired around 57,

directly upon graduation. In the coming years, we plan to further enhance the course offerings and expand them where

necessary.

Ferrari, through strategic educational partnerships such as the Motor Valley University of Emilia-Romagna hub,

contributes to create opportunities for the economic well-being of the area. The Motor Valley University, in fact, not only

attracts the best university students from all over the world but also acts as a gateway between academia and industry,

training the engineers of the future and fostering their entry into the local job scene. In this way, Ferrari contributes to the

growth of the community by fostering innovation and supporting the development of highly specialized skills that are

essential to the region’s economic and technological progress. No significant operational or capital expenditures have been

allocated to this action in 2025.

Ferrari also supports a variety of additional educational initiatives for the local community. These include: “STEM

Racing” (known in the previous years' editions as “F1 in Schools”), an international competition for students hosted in 2025

at the Fiorano Circuit plant, with Ferrari as partner.

Furthermore, in 2025, Ferrari Group promoted educational and charity activities around the world for their local

communities, in collaboration with different partners.

In collaboration with Fondazione Agnelli, the Municipality of Maranello, the Province of Modena, and the Emilia-

Romagna Region, Ferrari will support the M-TECH Alfredo Ferrari project. This pioneering educational hub, scheduled to

open in 2029, will cultivate a new generation of engineers, technicians, and innovators from around the globe, advancing the

entire automotive sector.

Community value creation

Ferrari Museum Maranello & Museo Enzo Ferrari (MEF)

The Ferrari Museum Maranello invites visitors to experience the Prancing Horse dream first-hand, offering them a

journey through the Group’s history, values and automotive world.

The Museo Enzo Ferrari (MEF) is built around the house in which Enzo Ferrari was born in 1898. The MEF tells the

story of Enzo Ferrari as a young boy discovering the irresistible allure of the world of motor racing, his career as a driver in

1920s, as the driving force behind the Scuderia Ferrari in the 1930s, and then as Ferrari, the Constructor, from 1947 onwards.

In 2025, the Ferrari Museum Maranello and the MEF welcomed more than 890,000 visitors, contributing to the local

economy and positively impacting the wealth generation of the local community.

In 2025, the main exhibition was: “SUPERCARS”, an interactive journey to discover Ferrari Supercars and their

secrets kept in Maranello archives. At the heart of the Ferrari legend, the FERRARI ARCHIVE emerges as a treasure trove of

memories, a silent guardian that holds the indelible traces of the past and reveals in an unprecedented way the creative

process that has given birth to unparalleled automotive masterpieces.

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Target related to Affected Communities

ESRS 2 MDR-T, S3-5

We are strongly dedicated to actions and initiatives that have a positive impact on the affected communities, even

though no specific targets have been set. Every initiative promoted is constantly monitored and measured for its impact on

affected communities through qualitative indicators, with the effectiveness of each action assessed and described in earlier

sections.

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S4 - Consumers and End-users

Interests and Views of Stakeholders

ESRS 2 SBM-2

For more information on interests, views, and rights of our clients p lease refer to “ESRS 2—General disclosures—

Strategy, business model and value chain—Interests and views of stakeholders” and the table in “ESRS 2—General

disclosures—Impacts, risks and opportunities management”.

Consumers and End-users Material Impacts, Risks and Opportunities

ESRS 2 SBM-3

In this Sustainability Statement, we refer to consumers and end-users as clients.

During the double materiality assessment, the entirety of Ferrari’s consumers and end-users have been included in

the scope of the disclosure under ESRS 2. Considering our range of clients, the compliance with the GDPR and applicable

laws, the services and products offered, no consumer is clustered as “vulnerable” or at greater risk of harm. Consumers and

end users’ impacts, risks and opportunities are listed below.


Material Impacts, Risks and Opportunities	Nature	Perimeter
Reduced level of vehicle safety and quality with consequent increased risks for clients	Potential Negative Impact	□ ◘ □
Reduced customer satisfaction/experience, limited customer choice and/or safety risks in the event of lack of access to information or in the event of access to partial or misleading information	Potential Negative Impact	□ ◘ □
Willful and/or unintentional security breaches involving confidential business information or clients personal data with potential damage to them resulting from the unlawful use of such information	Potential Negative Impact	□ ◘ □
Fast paced and uncertain laws and technical regulations proliferation: Regulatory tightening on safety (e.g., system, speed limits, autonomous drive / ADAS), noise (i.e., limits on dB emitted) and software update (e.g. R156), enhanced by societal pressures and uncertain in timing/type of future approval constraints	Risk

◘ □ □ Upstream □ ◘ □ Own Operation □ □ ◘ Downstream

According to the double materiality assessment’s results, no positive impact related to Consumers and end-users

emerged as relevant and all material negative impacts on social topics are related to individual incidents. As far as risks and

opportunities are concerned, the ones arising from impacts and dependencies on consumers and end-users relate to every

Ferrari consumer and end-user.

The material IROs reveal our strategic sustainability priorities and contribute to adapting our strategy: the column

“Sustainability strategy pillars” in the table “ESRS 2—General disclosure—Double materiality assessment methodology”

identifies how the impacts are connected to the Ferrari strategy and business model.

Vehicle quality and safety are among our top priorities and Ferrari cars are always designed and manufactured with

the safety of our clients and other road users in mind. We sell cars together with a scheduled program of recommended

maintenance services to ensure that vehicles are maintained to the highest standards to meet our strict requirements for

performance and safety.

Our clients are the backbone of our business together with our brand and our technology. In addition, and according

to our Code of Conduct, reputation is one of Ferrari’s most significant assets. Therefore, all our actions, inside and outside the

Company, must be guided by transparency and fairness. Our clients have access to accurate and accessible product-related

information, to avoid the potentially harmful misuse of products.

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Moreover, we regard the protection of personal data as a top priority of our organization. We respect the privacy

rights of our clients and stakeholders and aim to process the data and information they provide in a legitimate, fair, and

transparent manner, in full compliance with applicable legislation.

No risks or opportunities arising from impacts and dependencies on consumers and end-users have been identified as

material. No positive impacts have been identified either. Please refer to the table in “ESRS 2— General disclosure—Double

materiality assessment methodology” for more details.

Policies related to Consumers and End-users

ESRS 2 MDR-P, S4-1

Human Rights Practice

In line with our impacts, risks and opportunities (please refer to chapter “ESRS 2—General disclosures—Impacts,

risks and opportunities management” for further details) the Human Rights Practice states the respect, protection and

promotion of human rights towards consumers and end-users as well as in any context in which we operate, including health

and safety matters. The practice covers the following impacts: “Reduced level of vehicle safety and quality with consequent

increased risks for clients”; “Willful and/or unintentional security breaches involving confidential business information or

clients personal data with potential damage to them resulting from the unlawful use of such information” and “Reduced

customer satisfaction/experience, limited customer choice and/or safety risks in the event of lack of access to information or

in the event of access to partial or misleading information”.

Regarding consumers and end users, in line with the Human Rights Practice, we also aim to ensure that our products

and services do not compromise the health, safety and physical integrity of our customers, as far as reasonably foreseeable.

Although our consumers and end-users have not been directly engaged, the addressees of the Human Rights Practice

are all of Ferrari’s stakeholders.

For more information about the Human Rights Practice, please refer to “S1—Own Workforce—Policies related to

Own Workforce— Human Rights Practice”.

Vehicle quality and safety policies

Our products and services are designed and manufactured, as far as reasonably foreseeable, not to compromise

health, safety and physical integrity of customers, in accordance with our Human Rights Practice.

According to the impacts, risks and opportunities identified, our integrated quality, safety and environment policy

outlines our ambition to continuously improve products and processes which may impact quality, workers’ safety, the

environment and related management systems, also through digitalization and the adoption of the best available technologies.

The practice covers the following impact and risk: “Reduced level of vehicle safety and quality with consequent increased

risks for clients” and “Fast paced and uncertain laws and technical regulations proliferation: Regulatory tightening on safety

(e.g., system, speed limits, autonomous drive / ADAS), noise (i.e., limits on dB emitted) and software update (e.g. R156),

enhanced by societal pressures and uncertain in timing/type of future approval constraints”.

We strive to consolidate relationships with our strategic partners, to strengthen our supply chain, and to collaborate

to satisfy both customer and stakeholder expectations. In addition, we align the development and control over our cars and

production processes with up-to-date regulatory requirements. Our integrated quality, safety and environment policy has been

defined within the implementations and renewals of the ISO 9001:2015, ISO 45001:2018 and ISO 14001:2015 standards.

These certifications cover our production facilities in Maranello e Modena plants and the Mugello racing circuit in Scarperia.

In addition, ISO 14001:2015 covers Fiorano Circuit and ISO 45001:2018 covers museums and italian Lifestyle offices in

Milano and stores. As part of the renewal process, audits were conducted annually covering quality, environmental, and

safety aspects. The attention to quality aims to guarantee strategic planning, design, development, production, sales and after-

sales service objectives of our sports cars. For more details on ISO 45001 refer to “S1—Own Workforce—Actions related to

Own Workforce—Health and Safety policy” and on ISO 14001 refer to “E5—Resource Use and Circular Economy—Policies

related to Resource Use and Circular Economy—Environmental Practice”.

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The integrated quality, safety and environment policy is applicable to the Ferrari S.p.A and Mugello Circuit S.p.A.

The Chief Executive Officer (CEO) is the most senior level accountable for the implementation of the policy, considering the

interest of clients and suppliers. Ferrari’s employees have access to the integrated policy on Ferrari intranet together with all

necessary procedures to ensure the highest level of product safety.

Through our Code of Conduct and Human Rights Practice, we aim to ensure that our products and services do not

compromise the health, safety, or physical integrity of our customers and road users, as far as reasonably foreseeable.

Furthermore, we have several internal procedures to guarantee the highest level of product safety.

Ethics and business conduct policies – Transparent information

In line with our impacts, risks and opportunities, the Code of Conduct states that clear and open communication,

both within the Group and with our stakeholders, is the building block of effective relationships. The practice covers the

following impact: “Reduced customer satisfaction/experience, limited customer choice and/or safety risks in the event of lack

of access to information or in the event of access to partial or misleading information”.

We strive to convey accurate and comprehensive messages to our stakeholders, via the relevant departments at

Ferrari.

A specific practice on transparent communication towards our clients has not been formalized. For more information

about the Code of Conduct, please refer to “G1—Business Conduct—Business conduct policies and corporate culture—Code

of Conduct”.

Data responsibility and privacy policies

We care about processing data in a safe and transparent manner, and in this respect, according to our Code of

Conduct, we aim to take the utmost care to protect the personal data of the individuals who are part of Ferrari and those who

come into contact with us. Ferrari has adopted specific policies on Privacy and Data Protection in relation to client’s personal

data processing whose recipients are all customers, prospective customers, leads and other data subjects who get in contact

with Ferrari’s digital and physical touchpoints. For that reason, please refer to “S1—Own Workforce—Policies related to

Own Workforce—Data Responsibility and Privacy policies” for further information on data protection policies and practices

related to client data processing activities.

n conducing our business operations, we strive to act in accordance with the current legislative framework that

governs the processing of personal data at a global scale, including but not limited to the General Data Protection Regulation

“GDPR” (EU Regulation no. 2016/679), the UK GDPR and the California Consumer Privacy Act of 2018 “CCPA”. The

legal framework for data protection has steadily developed in recent years and has brought an increased awareness to privacy.

Client personal data is collected for different purposes, including the management of vehicle orders, marketing and

profiling activities, and client relationship management, with the aim of delivering the highest level of care and services. This

data is processed with confidentiality and the appropriate legal bases.

Moreover, for information regarding our Human Rights Practice, including aspects involving our clients please refer

to “S1—Own Workforce—Policies related to Own Workforce—Human Rights Practice”.

Engaging Consumers and End-users

S4-2

We are devoted to the highest level of client satisfaction, for this reason we strive to promote knowledge of our

products, the enjoyment of our sports cars both on road and on track, and foster long-term relationships with our clients,

which is key to our success. To achieve this objective, we have put in place different structured methods to directly engage

with them, from exclusive events and initiatives to dedicated client satisfaction surveys.

By purchasing our cars, clients become part of an exclusive community, united by a shared passion. We foster this

sense of fellowship with a number of initiatives and events, such as exclusive new model unveils, on-the-road driving events

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such as the Ferrari Cavalcade, special experiences on track and dedicated programs for Ferraristi that own historical models.

For additional information, please refer to “Overview of Our Business—Client Relations”.

We have also built a structured process to assess the overall client satisfaction covering the product, the services

provided, the events we organize, and the overall client experience with the car.

Specific KPIs are constantly monitored and analyzed by the Marketing Intelligence department, the function that has

operational responsibility for ensuring that the engagement happens. The Marketing Intelligence & Customer Care

department reports to the Head of Global Product Marketing, the most senior role in charge of ensuring the results inform

Ferrari approach. The KPIs are measured through bespoke surveys for each car launch and collected for every new model,

from range vehicles to special and limited editions. A similar approach is adopted for evaluating the quality of service and

satisfaction of our events.

The assessment process can involve proactively administering online questionnaires and conducting telephone

interviews with a sample of customers, or the customers directly reaching out to us.

Product satisfaction aims to evaluate performance, driving emotions, design, quality, comfort, devices and Human-

Machine Interface (HMI) of our products. The evaluation is carried out through different typologies in different time frames,

which enables us to gather client comments and feedback:

• At the commercial launch of a new Ferrari model, event satisfaction is monitored in terms of participation levels;

• First stage: after the commercial launch of a new Ferrari model, client/prospect satisfaction and their intention to buy

is monitored through Esperienza Ferrari Events, that consists in driving events held in Fiorano or other tracks on the

road;

• Second stage: after approximately 3 to 4 weeks of ownership, the first clients of the new model receive a survey,

“Report200”, to gather their first impressions of the recently purchased car. A brief questionnaire, managed by

Ferrari Customer Care, is conducted by phone with the initial customers and is terminated after the first 200 replies

have been collected;

• Third stage: a few months following the launch, a third survey named New Car Buyer Satisfaction (“NCBS”) is sent

by email to the initial clients. The NCBS is a more complete, in-depth and detailed assessment on the car, and is

composed of more than 100 online questions aimed at gathering thorough feedback on the vehicle.

The purpose of these four surveys is to collect client opinions about their experience, including the car's safety

devices. As of the date of the publication of this Statement, Ferrari has not carried out any assessment on client’s categories.

The topics of data treatment and privacy, and marketing practices are not included in the engagement process however,

through the available communication channels, the consumer can reach out for any concern regarding these issues.

Service satisfaction is monitored through an online survey and is evaluated through two different indices: Customer

Satisfaction Index (“CSI”) and Ferrari Relationship Index (“FRI”). The purpose of both indices is to evaluate client

satisfaction with respect to the sales and after-sales services. CSI focuses more on the latest service offered by the dealer,

while FRI focuses on the long-term relationship between clients and Ferrari. The results are gathered and analyzed through a

statistical model at our headquarters.

The results of the product and service satisfaction analyses are used to outline any necessary action plan for current

models and, additionally, to identify potential features to be added to the next generation of vehicles. Recent surveys show

that client satisfaction for Ferrari products and services has constantly stayed at a very high level.

Starting from 2017, to improve the main client events organized by Ferrari’s headquarters (such as Esperienza

Ferrari, Digital or Physical World Premiere, Factory Tour etc.), we also started to evaluate the level of client satisfaction

through online survey using digital tools. The results of our analysis are gathered and shared with the Operative Marketing

and other client departments. The results of the surveys measuring client satisfaction levels for our Ferrari Driving Courses

worldwide (US, Europe) are also shared with the Corse Clienti department and Hub representatives.

Recognizing the importance of digital touchpoints to enhance the overall client experience, Ferrari continues to

develop the MyFerrari App. Dedicated to Ferrari clients, the app aims to enhance and foster their connection with the Ferrari

world through the direct distribution of tailored contents. For additional information, please refer to “Overview of Our

Business—Client Relations” and “Overview of Our Business—Sales and After-Sales”.

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Finally, it is worth noting that our dealers play a key role in engaging clients. For a better understanding of the

dealers’ role, please refer to “Overview of Our Business—Sales and After-Sale”.

Addressing Negative Impacts and Consumers and End-users Concerns

S4-3

The Customer Contact Service is a dedicated service established by Ferrari, enabling clients to directly raise

concerns or requests regarding our products and services. This service is centralized at the Group level, except for the

Mainland China, Hong Kong and Taiwan region, where the service is provided locally. When a client contacts customer

service, every single inquiry is categorized, monitored, and managed until resolved, with all specifics recorded in a globally

centralized shared database. We produce periodically detailed reports to assess the status of inquiries. These reports are

subsequently shared with the relevant Company departments. All client complaints are addressed and available for consulting

through a dashboard. This service addresses the impacts related to Quality and Safety, and Ethics and Business Conduct.

We have developed an integrated system between our customer care, dealers, Marketing department and area

managers to track all contacts with clients, manage inquiries and share the results of client and dealer satisfaction analysis.

Ferrari assessed through its customer service satisfaction survey that all clients are aware of and trust the Customer

Contact Service for raising concerns or needs. This survey helps to evaluate client awareness of the available communication

channels and to verify the accuracy of the service provided. In 2025, last year’s results were analyzed and used to develop an

action plan aimed at improving the service in line with client feedback. The workflow adheres to internal formalized

procedures designed to manage customer processes and communications effectively. Currently, no specific policies are in

place to protect individuals from retaliation when utilizing these structures or processes, nevertheless, the Whistleblowing

procedure protects the whistleblower against retaliation.

The chart below shows the flow between clients, dealers and Ferrari.

FIN_fig16_flow-between-clients-dealers-ferrari copia-mod.jpg

Moreover, a dedicated Customer Care Service is available for our Lifestyle clients for any notices or concerns

regarding the e-commerce platform services.

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Actions related to Consumers and End users

ESRS 2 MDR-A, S4-4

Vehicle quality and safety

Quality has always been at the basis of our success. With this in mind, we first certified our quality management

system, in accordance with ISO 9001, in 1996. Over the years, we have consistently maintained this certification, positioning

Ferrari among the first in Italy to adopt updates and new revisions, while continually expanding its scope within the

Company. The certification encompasses the planning, design, development, production, sales and after-sales service

regarding our Sports Cars. Our approach to quality and continuous improvement creates a fertile environment for the

development of innovative ideas and solutions that will improve products, methods and the working environment.

The high-quality standards of our products and services are shared and followed by our suppliers and dealers to

ensure that every part of our value chain contributes to client satisfaction.

Ferrari adopts a systematic approach to selecting and evaluating direct suppliers, guided by internal procedures that

outline the qualification and certification processes for sports cars suppliers. Since 2021 this process has also included a

preliminary supplier eligibility assessment (SEA) and technical review (TR). The SEA is designed to verify, during the phase

of supplier screening and economical market offer evaluation, that suppliers have the technical, operational, systemic,

adequate industrial context and process capabilities required by Ferrari to produce the components. The TR is subsequently

conducted to focus on a specific component or family of components identified as of interest to Ferrari, based on previous

steps. During TR a Ferrari cross-functional team investigates with supplier technical feasibility commitment and preliminary

quality and logistic potential constraints or needs to be addressed. In addition to technical, quality, and logistics checks,

Ferrari has updated its requirements with cybersecurity checks aligned to UNECE R155, where applicable. The procedure

focuses on direct (Tier 1) suppliers. Where necessary, ad hoc evaluations may be performed for Tier 2 or Tier 3 suppliers.

Throughout the sourcing process, Ferrari communicates its quality requirements to selected suppliers to promote

transparency. In addition, buyers and technical teams maintain ongoing communication with suppliers at each stage of the

process, encouraging feedback, resolving issues as they arise, and supporting shared improvement efforts. No significant

operational or capital expenditures have been allocated to this action in 2025.

To ensure the highest level of passenger safety, we develop both passive and active safety systems.

Passive safety requirements guide engineers to define the design of every component, from car framework to all the

retain components (airbags, seat belts, etc.). Moreover, specific devices are installed in racing cars to obtain FIA (Federation

International de l’Automobile) approval. With the aim of solving issues beforehand, all of our models are subject to a series

of tests to obtain approval from the relevant authorities. Looking ahead, we believe that the evolution of vehicle safety will be

linked to traditional and well-known Active Safety Systems (ABS, ESC) and modern Advanced Driver Assistance Systems

(ADAS), capable of preventing or mitigating crash occurrences. Since 2024 the ADAS systems have become mandatory by

EU regulations. Ferrari extends to all markets the same vehicle configuration. We continuously update and monitor the

effectiveness of our equipment and driver warning system, while assessing new technologies aimed at simplifying driver–

vehicle interaction and reducing distractions. All passive and active safety requirements aim at ensuring a high level of safety

in our cars. All actions related to Passive and Active Safety have been implemented in our vehicles and will remain in effect

long-term, with regular updates as needed.

Sensors are a key innovative solution that enhances vehicle safety, driving thrills, performance and reliability,

ensuring these technologies benefit all clients who purchase our products. Since the introduction of our first position sensor in

1980 on the Ferrari 308GTBi, sensors technology has evolved significantly. Now, a Ferrari car can have hundreds of sensors,

including accelerometers, gyroscopes, microphones, and others, which improve vehicle dynamics as well as performance and

driving thrills. For instance, the integration of 6D sensor has reduced our braking distance by up to 10 percent (according to

the driving situation) obtained through accelerometers, gyroscopes, and the deep control vehicle software know-how. In

2025, we introduced “Ferrari Five”, a system of virtual sensors that uses a digital model of the vehicle and data from various

sensors, including the 6D sensor, to provide a more accurate estimation of the car’s speed. Another example is the FAST

(“Ferrari Active Suspension Technology”), a technology first introduced on the Purosangue that enables our cars to apply the

best suspension for every driving condition by keeping the vehicle body at the best elevation for riding. FAST controls body

roll in corners and the tire contact patch over high-frequency bumps, while also supporting active aerodynamics, like in the

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F80, to further enhance tire grip on the road across various driving situations. In the near future, our cars will be equipped

with new sensors that will allow us to further improve the existing features and enable new functions, and that will play a

fundamental role in battery management, increasing the life of the battery as well as the safety of our cars. Moreover,

extensive research and development is performed on virtual sensors that, applying Machine Learning techniques, can extend

the operating field of physical sensors to furthermore enlarge the data set available to enhance performance and

functionalities.

The overall operational and capital expenditure allocated for these activities was €30 million (please refer to

Consolidated Financial Statements) in 2025. The amount refers to software calibration (airbag control unit and brake node),

physical tests on full vehicle and representative samples, as well as approval and homologation crash tests.

To increase overall vehicle quality, safety and security we develop our vehicle cybersecurity in compliance with the

ISO/SAE 21434 standard. Following the process requirements of the international standard, we develop vehicle cybersecurity

through a structured process that begins with a Threat Analysis and Risk Assessment (TARA). Based on this analysis, the

necessary cybersecurity mechanisms are implemented to ensure that risk levels remain acceptable for road users, the primary

stakeholders in the assessment. The process continues with the validation and verification of cybersecurity requirements,

which include penetration tests conducted by external companies to evaluate the robustness of vehicle systems. In 2025, we

renewed the CSMS (Cybersecurity Management System) UNECE R155 homologation certification and we achieved for the

first time the CSMS GB44495 one for the Chinese market. Furthermore, the type approval, which applies to each individual

vehicle and demonstrates that the certified process has been correctly implemented across all models, has been achieved since

2022 for UNR155 and for the first time in 2025 for GB44495. We are currently working on the implementation of type

approval R155 and GB4495 requirements for both current and future vehicles. No significant operational or capital

expenditures have been allocated to this action in 2025.

The Group periodically initiates voluntary service actions to address client satisfaction, safety, and emissions issues

related to cars sold, including through recall actions.

Dealers provide after-sales services to clients, either at facilities adjacent to showrooms or in stand-alone service

points across 249 facilities worldwide at December 31, 2025. After-sales activities are very important for our business to

ensure the client’s continued enjoyment of the car and the experience. Therefore, we enforce strict quality control on our

dealers’ services activities and we provide continued training and support to the dealers’ service personnel. This includes our

team of “Service Engineers”, Ferrari engineers who regularly travel to service centers to address difficult technical issues for

our clients.

We sell cars together with a scheduled program of recommended maintenance services in order to ensure that these

cars are maintained to the highest standards to meet our strict requirements for performance and safety. Our 7 Year

Maintenance Program (free of charge for customers since 2011 on any new cars) is offered to further strengthen customer

retention in the official network and has been coupled with the possibility to extend the statutory warranty term of our

standard warranty terms through the Warranty Extension starting from the 4^th year up to the 8^th year and the Power Warranty

Coverage, covering from the 9^th year up to the 16^t^h year of life of the car. For certain strictly limited series cars (for example,

the Monza SP1 and SP2, and the Daytona SP3) we introduced a Full Warranty Coverage Extension that can be applied after

the 36-month commercial contractual warranty. For hybrid models, such as the SF90 family and the 296 family, we

introduced a new service called Warranty Extension Hybrid, which allows the owner to buy a complete coverage after the 4^th

year up to the 8^th, including replacement of the high voltage battery after the 8^th year of life of the car. After the 8^th year of

life, a car (if in perfect maintenance condition) can be included in the Main Power warranty coverage program (Maintenance

and Power) through to the car’s 16^th year of life. Between the 16^th year of life and the Classiche eligibility (20 year old car)

Ferrari provides its customers, in addition to standard maintenance items, also certain specific maintenance kits (Ferrari

Premium) to preserve car performance and safety systems. When a car follows the full maintenance program up to the 20^th

year of life, it automatically obtains the Ferrari Classiche certification.

The overall operational and capital expenditure allocated for this activity was €103 million in 2025 (please refer to

Consolidated Financial Statements).

Expanding the view to the quality and safety of our Lifestyle personal luxury goods, we perform specific tests

including a qualitative resistance test and a detailed chemical test to assess product composition. These tests are carried out

on every product of our personal luxury goods category.

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We manufacture and sell our cars around the world and our operations are therefore subject to a variety of laws and

regulations relating to environmental, health and safety and other matters. These laws regulate our cars, including their

emissions, fuel consumption, safety, and connectivity as well as our manufacturing facilities and operations.

We are in compliance with the relevant regulatory requirements affecting our facilities and products around the

world. We constantly monitor such requirements and adjust our operations as necessary to remain in compliance. Our

approach is to ensure the same safety level in all markets to meet the certification requirement of the most stringent country.

In particular, to mitigate our material risk for “Fast paced and uncertain laws and technical regulations proliferation:

Regulatory tightening on safety (e.g., system, speed limits, autonomous drive / ADAS), noise (i.e., limits on dB emitted) and

software update (e.g. R156), enhanced by societal pressures and uncertain in timing/type of future approval constraints” we

have established a structured process to monitor new regulations through a specific R&D function, that regularly tracks

regulatory developments and evaluates their potential impacts on Company activities. To ensure timely analysis, the

Company has appointed a focal point in each country most relevant to the Ferrari business who participates in various

manufacturer associations, which provide also information on regulatory changes trends. No significant operational or capital

expenditures have been allocated to this action in 2025.

All our models are subject to a series of tests to obtain approval from the relevant authorities. Moreover, we start

assessing all our new models at an early stage of planning and design to identify areas of improvement.

Please refer to the “Overview of Our Business—Regulatory Matters—Vehicle safety” for more information about

vehicle safety.

Ethics and business conduct - Transparent information

All of our communication and marketing activities, across different channels such as our website, social media, and

events, along with all information related to our products and services, are designed to comply with applicable laws and

regulations in every country we sell or operate in.

We have put in place specific actions to ensure quality and fairness of information, ensuring that all employees and

stakeholders, including dealers, adopt a consistent approach across all communication and marketing channels.

In this context, the Marketing and Commercial and Lifestyle departments, in collaboration with the Communication

department, are in charge of the direct and indirect information communicated to clients.

Indeed, dealers are dedicated to promoting and marketing our cars in a manner intended to preserve the Ferrari

brand's integrity and to ensure the highest level of client satisfaction as well as respecting all applicable laws and regulations

on misleading advertising and unfair commercial practices. Through our in-house Ferrari Academy we provide training to

dealers for sales, after-sales and technical activities. This ensures that our dealer network delivers a consistent level of market

leading standards across diverse cultural environments. This activity aims to continuous improvement.

For additional information on our communication and marketing strategy, please refer to the “Overview of Our

Business—Client Relations” and the “Overview of Our Business—Sales and After-Sales”.

We consistently provide information on the technical and performance characteristics of our vehicles and will

continue to do so, ensuring that clients have access to useful information to make the most informed decision. These include

information via the corporate website, product brochures and MyFerrari App. Brochures include detailed data on various

aspects of the car, such as engine, dimensions, safety, technology and comfort, design and performance, including GHG

emissions data. This document is part of the sales process, and it is useful for fully understanding technical and performance

characteristics of the vehicle. In addition, in 2024 we redesigned and developed the new and innovative MyFerrari App,

available exclusively for Ferrari clients to enhance and foster their connection to the Ferrari world. This channel enables

clients to directly access features and services, strengthening their relationship with the brand and their preferred official

Ferrari dealer. The effectiveness of these activities is assessed through the continuous use of these channels. Based on

experience and best practices, these are the most appropriate tools to address potential negative impacts on our clients. For

the future, we plan to continue this activity and update these communication channels when needed. No significant

operational or capital expenditures have been allocated to this action in 2025.

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Regarding GHG emissions data, these are fully compliant with current regulations. Please, refer to “Regulatory

Matters—Greenhouse gas/CO2/fuel economy legislation”.

Similarly to sports cars and racing, we provide all mandatory technical and quality information about our Lifestyle

products on specific labels or tags according to applicable laws and regulations.

Data Responsibility and Privacy

The management of consumers and end-users’ personal data is ensured by the actions carried out by Ferrari with

respect to the recipients of the policies mentioned above. Particularly, we foster an effective and prompt response to requests

from data subjects by multiple strategies, such as the implementation of OneTrust, an online portal which allows clients to

make privacy requests and the provision of a publicly available privacy-dedicated e-mail address. This also allows us to

assess and monitor whether the actions implemented are appropriate in response to the risk of breaches of consumers and

end-users’ rights with regard to their privacy requests. Since this portal is the same one adopted for employee privacy

requests, please refer to “S1—Own Workforce—Actions related to Own Workforce—Data Responsibility and Privacy” for

further information.

Regarding our activities on Cybersecurity, please refer to “S1—Own Workforce—Actions related to Own Workforce

—Data Responsibility and Privacy”.

In 2025, Ferrari updated its Privacy notice for Sales & After Sales processing activities to enhance transparency and

ease the understanding of how personal data is handled by Ferrari. This new model is provided to customers and prospective

customers through multiple channels, such as sales and after sales processes via CRM system and MyFerrari App – My

Ferrari Connect section. The structure was redesigned to simplify future updates in response to country-specific regulatory

changes. It now includes a global general section applicable worldwide and country-specific sections.

In 2025, to the best of our knowledge there were no severe human rights issues or incidents, nor any cases of non-

respect of the human rights principle embodied into the internationally recognized standards mentioned in the “S1—Own

Workforce—Policies related to Own Workforce—Human Rights Practice”, among consumers and end-users.

Targets related to Consumers and End-users

ESRS 2 MDR-T, S4-5

Vehicle quality and safety

We aim to ensure that every step of our design and production process follows current regulations. To guarantee

compliance with applicable regulations and to achieve functionality, performance, safety and quality objectives, an annual

Quality Plan has been developed. This involves several Company functions that through the review of the previous year’s

results identify and set new ambitions and define specific KPIs. As of the date of publication of this Report, no specific

public targets have been set for vehicle quality and safety, but internal KPIs are in place and actively monitored on a monthly

basis.

Ethics and business conduct - Transparent information

All our communication channels aim at providing the highest level of transparency and fairness in information.

Although no targets have been defined and communicated publicly. Ferrari sets internal KPIs annually, which are monitored

monthly to ensure that communication practices align with ethical standards and stakeholder expectations.

Data Responsibility and Privacy

Ferrari recognizes the importance of data protection and privacy for its customers and end-users. While no formal

targets have been established to date, Ferrari ensures that any incidents are promptly addressed and mitigated.

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G1 - Business Conduct

Business Conduct Material Impacts, Risks and Opportunities

ESRS 2 IRO 1

Impacts, risks and opportunities related to business conduct matters have been identified during the double

materiality assessment with focus on certain specific elements including location, activity, sector and the structure of the

transaction. The identified material impacts, risks and opportunities are listed below and for additional information on

methodology adopted, please refer to “ESRS 2—General disclosures—Impacts, risks and opportunities management”.


Material Impacts, Risks and Opportunities	Nature	Perimeter
Promoting awareness and culture about ethics of Ferrari management, employees, business partners and other stakeholders, through training programs prevents negative behavior and enhances employees awareness and responsibility	Actual Positive Impact	□ ◘ □
Financial negative impacts affecting suppliers, especially SMEs, due to late payments on the contractual payment terms	Potential Negative Impact	□ ◘ □

◘ □ □ Upstream □ ◘ □ Own Operation □ □ ◘ Downstream

Business Conduct policies and corporate culture

ESRS 2 GOV-1, MDR-P, G1-1

At Ferrari, we seek to develop a cooperative environment in which the dignity of each individual is respected and

that embodies the highest ethical standards in business conduct. Our ambition is to maintain a fair, secure, productive and

inclusive workplace for all members of our workforce, in which everyone is valued for its unique contribution.

Ferrari values are:

• INDIVIDUAL AND TEAM: Our talented individuals are our greatest resource. However, they can only pursue the

extraordinary by working together as a team. By fostering integrity, excellence and generosity, we give each of our

people the possibility to express their own full potential - and be part of something greater.

• TRADITION AND INNOVATION: Tradition and innovation drive each other. The ongoing quest for lasting firsts

is what fuels the Ferrari legend. Our ability to combine revolutionary technological solutions with exceptional

artisanal craftsmanship is what enables us to create icons that stay timeless in a fast-changing world.

• PASSION AND ACHIEVEMENT: Ferrari’s racing spirit lives on in emotions that transcend the road and the track,

ultimately becoming an authentic attitude towards life. Nothing excites us more than setting ambitious targets and

expectations – and then exceeding them, to push every boundary. It is how the power of passion becomes the beauty

of achievement.

The values are integrated into the Code of Conduct. The Company promotes its values and corporate culture both

internally, through training activities and employee engagements, and externally, by publishing them on the corporate

website. Ferrari’s integrity system, which embodies its values, sets the elements:

• Principles, set out in the Code of Conduct, that capture Ferrari’s ambition to important values in business and

foundation for the corporate governance of the Ferrari Group and include a framework comprised of the following

primary personal conduct;

• Practices that are the basic rules that must guide our daily behaviors in order to achieve our overarching principles;

• Procedures that further articulate Ferrari’s specific operational approaches for achieving compliance and that may

have specific applications limited to certain geographical regions and/or businesses, as appropriate.

Practices and procedures are drafted in line with the precautionary principle and are designed to support the

protection of the interest of internal and external stakeholders, who are a key reference point in the development of these

practices and procedures. In particular, stakeholders that have been included are those who are addressees of the practices and

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procedures. Our public Practices are available on the Ferrari corporate website at the following link: https://www.ferrari.com/

en-EN/corporate/practices.

Code of Conduct

The basis of Ferrari’s governance model is its Code of Conduct that embodies the values recognized, adhered to and

promoted by the Company. Ferrari believes that conduct grounded in the principles of diligence, integrity and fairness is a

key driver for social and economic development. The Code of Conduct covers the following impacts: “Promoting awareness

and culture about ethics of Ferrari management, employees, business partners and other stakeholders, through training

programs prevents negative behavior and enhances employees awareness and responsibility” and “Financial negative impacts

affecting suppliers, especially SMEs, due to late payments on the contractual payment terms”.

Our Code of Conduct, also strengthening the reference to ESG aspects, has been approved by the Board of Directors

of Ferrari N.V. and is applicable to the whole Ferrari Group. The implementation of the Code of Conduct is supervised by the

FLT members, with regard to their department.

For information about the role of the Board of Directors related to business conduct and their expertise on business

matters, please refer to “ESRS 2—General disclosures—Governance”, in particular to the column “Corporate Governance

and Risk management” of the Board of Director’s “Matrix Skills”.

The Code of Conduct applies to all Ferrari Group Board members and officers, full-time and part-time employees,

as well as to all temporary contracts and all other individuals and companies that act on behalf of the Ferrari Group,

regardless of their location. The Code of Conduct also applies to Ferrari’s commercial partners and suppliers. Accordingly,

they are required to adhere to standards of integrity, transparency and responsibility consistent with those set out in the Code.

In addition, Ferrari endorses the United Nations (“UN”) Declaration on Human Rights, the International Labor Organization

(“ILO”) Conventions and the Organization for Economic Co-Operation and Development (“OECD”) Guidelines for

Multinational Companies.

Accordingly, our Code of Conduct aims to ensure that all members of the Ferrari Group workforce act with the

highest level of integrity and comply with applicable laws, thus contributing to building a better future for our Company and

the communities in which we do business.

Ferrari’s Code of Conduct can be found on our corporate website at https://www.ferrari.com/en-EN/corporate/code-

conduct.

In 2025 a series of training activities, both online and in person, have been carried out involving our employees.

Moreover, Ferrari continued to implement a training and verification project in different departments aimed at raising

awareness on the specific topic of information confidentiality safeguards.

Mandatory training programs on business conduct are periodically developed by the Compliance function with the

support of the Human Resources department. These training courses have the objective of providing the necessary knowledge

of Anticorruption Laws and the instructions to recognize any potential criticalities to avoid questionable actions from an

ethical standpoint.

Furthermore, specific Business Ethics and Compliance (“BEC”) surveys are conducted by the Internal Audit and

Compliance functions as part of audit activities carried out according to the yearly audit plan, to assess the Ferrari Group's

worldwide workforce awareness of the Code of Conduct and other ethics-related procedures. In 2025, BEC surveys were

conducted on topics such as: Code of Conduct, Whistleblowing procedure, Gifts and Entertainment Expenses’ Management

procedure, Group Regulatory Framework and Information Confidentiality. Based on the outcomes of such surveys, new

dedicated training and awareness sessions are deployed internally.

Whistleblowing

The Ferrari Group has set a specific procedure to investigate business conduct incidents promptly independently and

objectively. The Whistleblowing Procedure regulates the reporting channels and the process of managing reports of possible

violations originating from internal or external persons of the Ferrari Group. It contains information about the objectives,

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scope of application, potential reporting subjects, operational measures to manage the reporting and to investigate reported

facts and address allegations or incidents. It encloses assigned responsibilities and protection measures for whistleblowers.

As described in the Code of Conduct, the Ferrari Group has adopted the Ethics Helpline, a channel which allows all

stakeholders (employees, customers, suppliers and partners) and any third parties to request advice and/or report concerns

about alleged situations, events or actions which may be inconsistent with the values and principles set out in the Code of

Conduct, Organizational Models, laws and regulations, as well as business practices and corporate rules. The allegations are

assessed by the relevant departments of Ferrari and managed in accordance with the Whistleblowing Procedure, prepared on

the basis of international best practices as well as applicable laws and regulations. As of the date of publication of this

Statement, we do not have any additional procedures beyond those established by the applicable law transposing Directive

(EU) 2019/1937.

Ferrari has adopted the Whistleblowing Procedure, in line with the Directive (EU) 2019/1937 of the European

Parliament and of the Council, where protection of whistleblowers is enclosed.

The Ethics Helpline can be accessed either by phone or by web, with multiple languages available, and it is an

essential element of the management process, in accordance with the Code of Conduct. It is managed by an independent

provider, and it is available 24 hours a day, seven days a week. Reports submitted through the system are handled by the

competent Ferrari function and are managed in accordance with the whistleblowing procedures applicable across the Ferrari

Group. In addition, in compliance with applicable local legislation, reports may also be made anonymously. All reported

subjects and facts are processed with the utmost confidentiality, so that the individuals who report an alleged violation in

good faith are not subject to any form of retaliation. We developed a dedicated online training course on whistleblowing

topics which is also covered by the training course on Ferrari’s Code of Conduct, to ensure that all employees understand

how the Ethics Helpline operates and are aware of the contents of the Whistleblowing Procedure. The training on the

Whistleblowing Procedure is mandatory for all new joiners or in the event of amendments to relevant internal regulations. In

addition, in line with the Compliance training approach mentioned before, specific training sessions are executed annually for

those functions resulting in high compliance-related risk. For further information on this approach, please refer to “—

Prevention and detection of corruption and bribery”.

Furthermore, Ferrari employees may also seek advice concerning the application and interpretation of the Code of

Conduct by contacting the Compliance function or submitting a query to the Ethics Helpline.

The reports received are classified into four categories corresponding to the four main principles of the Code of

Conduct: we protect people; we act with integrity; we are committed to operating in an environmentally responsible way; we

protect the resources, the tradition and identity of Ferrari.

The Internal Audit and Compliance functions, with the potential support of the Legal Affairs and Human Resources

departments, as well as other business functions possibly involved, assess all allegations. The outcomes and the potential

disciplinary/contractual actions resulting from each allegation are then notified to the relevant internal functions. The

measures taken are commensurate with the seriousness of the case and comply with the applicable legislation.

The Internal Audit and Compliance functions (to be collectively intended as the “Whistleblowing Team”) attend

periodical training sessions to properly manage the Whistleblowing process. However, if one of the members of the

Whistleblowing Team is in a situation of potential conflict of interest, he/she shall promptly declare the existence of such a

situation to the other members of the Whistleblowing Team, abstaining from any activity related to the report and not being

made aware of the subsequent developments of the relevant activities. The report itself will be managed exclusively by the

other members of the Whistleblowing Team. In the event that all members of the Whistleblowing Team are in a situation of

potential conflict of interest, the Audit Committee will be informed of the situation and, to guarantee the same level of

independence required, the report will be handled by the identified corporate functions, in accordance with the

Whistleblowing Procedure.

In addition, to provide maximum transparency to the entire process, a Whistleblowing Committee has been

appointed. It is composed of the Chief Human Resources Officer, the General Counsel and the Chief Internal Audit, Risk and

Compliance Officer. The Whistleblowing Committee meets periodically to monitor the progress of the investigations and the

implementation of the measures taken by the relevant corporate functions. Periodic reporting on whistleblowing management

is provided to the Audit Committee and further internal control bodies.

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Third Parties Compliance Practice

Dealing with third parties entails inherent risks, in terms of potential corporate liabilities, as well as financial and

reputational damages that Ferrari may suffer as a consequence of unlawful conducts carried out by third parties with which it

does business (“ Third Parties”). Therefore, Ferrari strongly believes that the capability to adequately evaluate Third Parties,

as well as promptly address any threats and risk factors, represents an essential requirement for the protection of its assets,

integrity and reputation in an overall and long-term vision.

Ferrari aims to collaborate with third parties that meet certain requirements in terms of compliance with applicable

laws and regulations in relation to ethics, integrity and transparency. In this respect, Ferrari has adopted the Third Parties

Compliance Practice, that establishes the general rules of conduct that must be followed at Group level when dealing with

any Third Parties, including active and passive counterparties as well as any further Third Parties with which Ferrari may

establish contractual relationships.

The Practice involves counterparties that, according to the contractual relation with Ferrari, receive payments from

or give payments to Ferrari (i.e. dealers, distributors, sponsors, licensees, service centers and direct clients of vehicles,

consultants, suppliers, agents) and any further third party that does business with Ferrari, whether as a legal and/or a natural

person. This Practice officially entered into force in 2020 and applies to the entire Ferrari Group pursuant to local legislation.

In particular, the Third Parties Compliance Practice underlines the importance of carrying out a “compliance

evaluation” before establishing any business relationship with a third party in order to examine its ethical reliability and

reputation, its involvement in a legitimate and lawful business, and its ambition to share Ferrari’s values of integrity and

fairness.

By adhering to the principles outlined in the Third Parties Compliance Practice, third parties are expected not only to

comply with applicable laws and regulations, as well as Ferrari’s ethical principles and standards, but also to actively promote

a culture of compliance, integrity and transparency within their own organizations and across their respective value chains.

The Internal Audit function carries out appropriate audits and controls to verify the correct implementation of the

Practice. The Compliance function periodically reviews the Practice and monitors its implementation to ensure it remains

updated and efficient, taking into consideration any organizational changes, emerging best practices, possible violations or

criticalities that have been identified.

The FLT is the most senior level in the Ferrari Group that is accountable for the implementation of this Practice.

No third-party standards or initiatives were used to draft the Practice. Practices and procedures are drafted with the

precautionary principle in mind and are functional to the pursuit of the interests of stakeholders, who are therefore the main

reference point considered in their drafting.

The Third Parties Compliance Practice has been adequately circulated, publicized and disseminated by Ferrari both

internally and externally, also through its inclusion in the relevant contractual agreements and arrangements. Please refer to

the Ferrari corporate website at the following link https://www.ferrari.com/en-EN/corporate/practices.

Anti-Bribery and Anticorruption Compliance Practice

The Ferrari Group strives to uphold the highest standards of integrity, honesty and fairness in all internal and

external affairs and does not tolerate any kind of bribery. The laws of virtually all countries in which Ferrari operates prohibit

bribery and any violation of anti-bribery and anticorruption laws would entail serious consequences for both companies and

individuals, which can result in significant fines, imprisonment of individuals and reputational damages.

These principles are laid down in the Code of Conduct and the Anticorruption Compliance Practice, which officially

entered into force in 2020 and applies to the entire Ferrari Group pursuant to local legislation.

In particular, in line with our impacts, risks, and opportunities (please refer to “ESRS 2—General disclosures—

Impacts, risks and opportunities management”), the Anticorruption Compliance Practice aims to define principles and

provide rules of conduct and controls applicable to all individuals within or acting on behalf of the Ferrari Group people in

the most at-risk activities (i.e. dealing with Public Officials, dealing with suppliers and third parties acting on behalf of the

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Ferrari Group, Gifts & Hospitalities, Non-profit Initiatives, Mergers, Acquisitions and Disposals, etc) in order to prevent

corruption-related crimes and ensure compliance with anticorruption laws to which Ferrari is subject. Such rules are further

enhanced in internal Procedures regulating those specific areas deemed at risk from an anticorruption perspective. These

Procedures include, among others: the Gifts and Entertainment Expenses Procedures; the Non-Profit Initiatives Procedure;

the Procedure governing relations with Public Officials and Relevant Private Entities; the various Procedures governing the

selection of Third Parties (e.g. suppliers, dealers, sponsors) and the related anticorruption due diligence.

The Anticorruption Compliance Practice applies to all Ferrari Group directors, officers and employees, together with

all those who work, in Italy and abroad, for or on behalf of Ferrari - including consultants, so called “atypical workers” (e.g.

temporary supply contract and staff leasing workers), trainees, scholarship holders, agents, suppliers and business partners. It

entails that none of these shall, directly or indirectly, give, offer, request, promise, authorize, solicit or accept bribes or any

other perquisite (including gifts or gratuities, with the exception of commercial items universally accepted in an international

context of modest economic value, permitted by applicable laws and in compliance with the Code of Conduct and all

applicable practices and procedures) in connection with their work for Ferrari at any time or for any reason.

The Compliance function is entrusted to oversee the design and implementation of the Anticorruption Compliance

Practice, to provide advice and guidance to personnel on anticorruption laws and issues relating to bribery and corruption, to

monitor the related risk and to provide support in training activities. The Internal Audit and Compliance functions

periodically review the Anticorruption Compliance Practice and monitor its implementation to ensure it operates with

effectiveness. The most senior level in the Ferrari Group that is accountable for the implementation of this practice is the

FLT.

The Practice has been drafted in line with the ISO 37001:2016 standard and is consistent with the United Nations

Convention against Corruption. In addition, all practices and procedures are drafted with the precautionary principle in mind

and are functional to the pursuit of the interests of stakeholders, who are therefore the main reference point considered in

their drafting.

The Anticorruption Compliance Practice has been adequately circulated, publicized and disseminated by Ferrari

both internally and externally, also through its inclusion in the relevant contractual agreements and arrangements. Please refer

to the Ferrari corporate website at the following link https://www.ferrari.com/en-EN/corporate/practices.

Management of relationships with suppliers

ESRS 2 MDR-P, MDR-A, G1-2