Ferrari N : First quarter 2024 Interim Report

Exhibit 99.1

Ferrari N.V.

Interim Report

At and for the three months ended March 31, 2024

____________________________________________________________________________________________________

CONTENTS
	Page
BOARD OF DIRECTORS	1
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	1
CERTAIN DEFINED TERMS	1
INTRODUCTION	2
FORWARD-LOOKING STATEMENTS	3
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Highlights	5
Results of Operations	8
Liquidity and Capital Resources	12
Non-GAAP Financial Measures	18
Risk Factors	24
Outlook	25
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AT AND FOR THE THREE
MONTHS ENDED MARCH 31, 2024 (UNAUDITED)
Interim Consolidated Income Statement	F-1
Interim Consolidated Statement of Comprehensive Income	F-2
Interim Consolidated Statement of Financial Position	F-3
Interim Consolidated Statement of Cash Flows	F-4
Interim Consolidated Statement of Changes in Equity	F-5
Notes to the Interim Condensed Consolidated Financial Statements	F-6

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BOARD OF DIRECTORS

Executive Chairman

John Elkann

Chief Executive Officer

Benedetto Vigna

Vice Chairman

Piero Ferrari

Directors

Delphine Arnault

Francesca Bellettini

Eddy Cue

Sergio Duca

John Galantic

Maria Patrizia Grieco

Adam Keswick

Mike Volpi

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche S.p.A.

CERTAIN DEFINED TERMS

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

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INTRODUCTION

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

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

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

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

This Interim Report is unaudited.

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FORWARD-LOOKING STATEMENTS

Statements contained in this Interim Report, particularly those regarding our possible or assumed future performance, competitive strengths, costs, dividends, reserves and growth as well as industry growth and other trends and projections, are "forward-looking statements" that contain risks and uncertainties. In some cases, words such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe", "remain", "continue", "on track", "successful", "grow", "design", "target", "objective", "goal", "forecast", "projection", "outlook", "prospects", "plan", "guidance" and similar expressions are used to identify forward-looking statements. These forward-looking statements reflect the respective current views of Ferrari with respect to future events and involve significant risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, without limitation:

• our ability to preserve and enhance the value of the Ferrari brand;
• our ability to attract and retain qualified personnel;
• the success of our racing activities;
• our ability to keep up with advances in high performance car technology, to meet the challenges and costs of integrating advanced technologies, including hybrid and electric, more broadly into our car portfolio over time and to make appealing designs for our new models;
• the impact of increasingly stringent fuel economy, emissions and safety standards, including the cost of compliance, and any required changes to our products, as well as possible future bans of combustion engine cars in cities and the potential advent of self-driving technology;
• increases in costs, disruptions of supply or shortages of components and raw materials;
• our ability to successfully carry out our low volume and controlled growth strategy and, particularly, our ability to increase our presence in growth market countries;
• changes in general economic conditions (including changes in some of the markets in which we operate) and changes in demand for luxury goods, including high performance luxury cars, which is highly volatile;
• macro events, pandemics and conflicts, including the ongoing conflicts between Russia and Ukraine and between Israel and Hamas and the related issues regarding transit in the Suez canal;
• competition in the luxury performance automobile industry;
• changes in client preferences and automotive trends;
• our ability to preserve our relationship with the automobile collector and enthusiast community;
• disruptions at our manufacturing facilities in Maranello and Modena;
• climate change and other environmental impacts, as well as an increased focus of regulators and stakeholders on environmental matters;
• our ability to maintain the functional and efficient operation of our information technology systems and to defend from the risk of cyberattacks, including on our in-vehicle technology;
• the ability of our current management team to operate and manage effectively and the reliance upon a number of key members of executive management and employees;
• the performance of our dealer network on which we depend for sales and services;
• product warranties, product recalls and liability claims;
• the sponsorship and commercial revenues and expenses of our racing activities, as well as the popularity of motor sports more broadly;
• the performance of our lifestyle activities;
• our ability to protect our intellectual property rights and to avoid infringing on the intellectual property rights of others;
• our continued compliance with customs regulations of various jurisdictions;

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• labor relations and collective bargaining agreements;
• our ability to ensure that our employees, agents and representatives comply with applicable law and regulations;
• changes in tax, tariff or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which we operate;
• our ability to service and refinance our debt;
• exchange rate fluctuations, interest rate changes, credit risk and other market risks;
• our ability to provide or arrange for adequate access to financing for our dealers and clients, 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.

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Highlights

Consolidated Income Statement Data

For the three months ended March 31,

	2024			2023
	(€ million, except per share data)
Net revenues	1,585			1,429
Operating profit (EBIT)	442			385
Profit before taxes	440			381
Net profit	352			297
Net profit attributable to:
Owners of the parent	351			296
Non-controlling interests	1			1
Basic earnings per common share (in Euro) (1)	1.95			1.63
Diluted earnings per common share (in Euro) (1)	1.95			1.62

____________________________

1. See Note 13 "Earnings per Share" to the Interim Condensed Consolidated Financial Statements for the calculation of basic and diluted earnings per common share.

Consolidated Statement of Financial Position Data

	At March 31, 2024		At December 31, 2023
	(€ million)
Cash and cash equivalents	1,366	1,122
Receivables from financing activities	1,502	1,451
Total assets	8,648	8,051
Debt	2,623	2,477
Total equity	3,280	3,071
Equity attributable to owners of the parent	3,275	3,061
Non-controlling interests	5	10
Share capital	3	3
Common shares issued and outstanding (in thousands of shares)	180,116	180,418

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Other Statistical Information

Shipments (1)

	For the three months ended March 31,
	2024		%		2023			%
	(Number of cars and % of total cars)
EMEA
Germany	388	10.9%	361			10.1%
Italy	231	6.5%	229			6.4%
UK	221	6.2%	205			5.7%
France	134	3.8%	129			3.6%
Switzerland	127	3.6%	141			4.0%
Middle East (2)	110	3.1%	101			2.8%
Other EMEA (3)	362		10.1%		368			10.4%
Total EMEA	1,573		44.2%		1,534			43.0%
Americas (4)	997	28.0%	962			27.0%
of which United States of America	850	23.9%	830			23.3%
Mainland China, Hong Kong and Taiwan	317	8.9%	396			11.1%
of which Mainland China	243	6.8 %	323			9.1%
Rest of APAC (5)	673		18.9%		675			18.9%
Total	3,560	100.0%	3,567			100.0%

_____________________________

1. Excluding strictly limited racing cars (such as the XX Programme, and the 499P Modificata), one-off and pre-owned cars.
2. Middle East mainly includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait.
3. Other EMEA includes Africa and European markets not separately identified.
4. Americas includes the United States of America, Canada, Mexico, the Caribbean and Central and South America.
5. Rest of APAC mainly includes Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia.

Average number of employees for the period

	For the three months ended March 31,
	2024		2023
Average number of employees for the period	5,204	4,961

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Highlights of the three months ended March 31, 2024

Highlights during the three months ended March 31, 2024 included the following:

• Ferrari announced that Lewis Hamilton will be joining Scuderia Ferrari in 2025, on a multi-year contract.
• Ferrari and SK On, a leading global electric vehicle battery manufacturer, signed a Memorandum of Understandings to renew the on-going technological collaboration and share valuable insights to continue to lead innovation in cell technology.

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Results of Operations

Three months ended March 31, 2024 compared to three months ended March 31, 2023

The following is a discussion of the results of operations for the three months ended March 31, 2024 compared to the three months ended March 31, 2023. The presentation includes line items as a percentage of net revenues for the respective periods presented to facilitate period-to-period comparisons.

		For the three months ended March 31,
	2024			Percentage of	2023			Percentage of
			net revenues			net revenues
				(€ million, except percentages)
Net revenues	1,585	100.0%	1,429			100.0%
Cost of sales	782	49.3%	711			49.8%
Selling, general and administrative costs	124	7.8%	114			8.0%
Research and development costs	231	14.6%	214			15.0%
Other expenses, net	7	0.5%	6			0.4%
Result from investments	1			0.1%		1			0.1%
Operating profit (EBIT)	442	27.9%	385			26.9%
Financial income	32	2.0%	35			2.4%
Financial expenses	34	2.1%	39			2.7%
Financial expenses, net
2			0.1%		4			0.3 %
Profit before taxes	440	27.8%	381			26.6%
Income tax expense	88			5.6%		84			5.8%
Net profit	352	22.2%	297			20.8%

Net revenues

	For the three months ended March 31,		Increase/(Decrease)
	2024		Percentage	2023		Percentage		2024 vs. 2023
		of net		of net
			revenues				revenues
					(€ million, except percentages)
Cars and spare parts (1)	1,382	87.2%	1,241	86.8%	141			11.4%
Sponsorship, commercial and brand (2)	145	9.1%	130	9.1%	15			11.6%
Other (3)	58		3.7%		58		4.1%		-			(0.7%)
Total net revenues	1,585	100.0%	1,429	100.0%	156			10.9%

_____________________________

1. Includes net revenues generated from shipments of our cars, any personalization generated on these cars, as well as sales of spare parts.
2. Includes net revenues earned by our racing teams (mainly in the Formula 1 World Championship and in the World Endurance Championship) through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues, as well as net revenues generated through the Ferrari brand, including fashion collections, merchandising, licensing and royalty income.
3. Primarily relates to financial services activities, management of the Mugello racetrack and other sports-related activities as well as net revenues generated from the rental of engines to other Formula 1 racing teams and from the sale of engines to Maserati. Starting from 2024, residual net revenues generated from the sale of engines are presented within other net revenues as a result of the expiration of the supply contract with Maserati in December 2023. As a result, net revenues generated from engines of €33 million for the three months ended March 31, 2023 that were previously presented as "Engines" net revenues have been presented within "Other" net revenues to conform to the current presentation.

Net revenues for the three months ended March 31, 2024 were €1,585 million, an increase of €156 million, or 10.9 percent (an increase of 12.8 percent on a constant currency basis), from €1,429 million for the three months ended March 31, 2023.

The change in net revenues was attributable to (i) a €141 million increase in cars and spare parts and (ii) a €15 million increase in sponsorship, commercial and brand.

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Cars and spare parts

Net revenues generated from cars and spare parts were €1,382 million for the three months ended March 31, 2024, an increase of €141 million or 11.4 percent, compared to €1,241 million for the three months ended March 31, 2023.

The increase in net revenues from cars and spare parts was primarily attributable to a richer product and country mix, as well as the contribution from personalizations. Foreign currency exchange impact, including hedging transactions, was negative, mainly driven by the depreciation of the Chinese Yuan, the Japanese Yen and the U.S. Dollar compared to the Euro.

Total shipments of 3,560 cars in the first quarter of 2024 were substantially in line with 3,567 cars in the first quarter of 2023. The product portfolio in the quarter included nine internal combustion engine (ICE) models and four hybrid engine models, which represented 54 percent and 46 percent of total shipments, respectively. Shipments during the quarter were driven by the 296 family and the Purosangue, as well as the Roma Spider, which was in ramp up phase, while the 812 GTS and SF90 Stradale were approaching the end of their lifecycles and the Portofino M was phased out. Shipments of the Daytona SP3 increased in line with our delivery plans.

The €141 million increase in net revenues from cars and spare parts was composed of: (i) a €71 million increase in EMEA, (ii) a €69 million increase in Americas, and (iii) an €11 million increase in APAC, partially offset by (iv) an €10 million decrease in Mainland China, Hong Kong and Taiwan. The mix of net revenues by geography primarily reflects deliberate volume and product allocation in different markets.

Sponsorship, commercial and brand

Net revenues generated from sponsorship, commercial agreements and brand management activities were €145 million for the three months ended March 31, 2024, an increase of €15 million or 11.6 percent, compared to €130 million for the three months ended March 31, 2023, primarily attributable to new sponsorships, partially offset by a lower Formula 1 ranking in 2023 compared to 2022.

Other

Other net revenues were €58 million for both the three months ended March 31, 2024 and 2023, with higher revenues from financial services activities substantially offset by lower revenues from engines as a result of the expiration of the contract with Maserati in December 2023.

Cost of sales

		For the three months ended March 31,		Increase/(Decrease)
2024			Percentage	2023		Percentage		2024 vs. 2023
		of net		of net
				revenues				revenues
						(€ million, except percentages)
Cost of sales	782	49.3%	711	49.8%	71	9.9%

Cost of sales for the three months ended March 31, 2024 was €782 million, an increase of €71 million or 9.9 percent, compared to €711 million for the three months ended March 31, 2023. As a percentage of net revenues, cost of sales was 49.3 percent for the three months ended March 31, 2024 compared to 49.8 percent for the three months ended March 31, 2023.

The increase of €71 million in cost of sales was primarily attributable to a change in product mix, partially offset by lower car volumes, fewer engines to Maserati and a positive foreign currency exchange impact, as well as a partial release of previously recognized car environmental provisions in the United States of America.

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