Ferrari N : CONTINUING STRONG MOMENTUM ACROSS ALL REGIONS

CONTINUING STRONG MOMENTUM ACROSS ALL REGIONS

• Total shipments of 2,685 units, almost doubled versus prior year and up 0.5% versus Q2 2019
• Net revenues of Euro 1,035 million, nearly doubled versus prior year and up 5.2% versus Q2 2019
• EBITDA(1) of Euro 386 million, tripled versus prior year and up 23.0% versus Q2 2019. EBITDA(1) margin of 37.4% in Q2 2021.
• EBIT of Euro 274 million versus Euro 23 million of prior year and up 14.8% versus Q2 2019. EBIT margin of 26.5% in Q2 2021.
• Net profit of Euro 206 million and diluted EPS(1) at Euro 1.11
• Sound industrial free cash flow(1) generation of Euro 113 million and guidance for the year improved to approx. Euro 450 million (from approx. Euro 350 million)
• Next Capital Markets Day planned for June 16, 2022 in Maranello

Commenting on the results, Chairman and Acting CEO John Elkann said: "This excellent second quarter confirms the strength of Ferrari and of its unique business model. With each Ferrari we unveil we are setting new benchmarks for innovation, beauty and distinctiveness which is the only true luxury. As we move towards our 75th anniversary next year, our opportunities have never been

wider and greater."

For the three months ended	(In Euro million,	For the six months ended
	June 30,		unless otherwise stated)		June 30,
2021	2020	Change		2021	2020	Change
2,685	1,389	1,296	93%	Shipments (in units)	5,456	4,127	1,329	32%
1,035	571	464	81%	Net revenues	2,046	1,503	543	36%
386	124	262	210%	EBITDA(1) / Adj. EBITDA(1)	762	441	321	73%
37.4%	21.9%	1,550 bps	EBITDA(1) / Adj. EBITDA(1) margin	37.3%	29.4%	790 bps
274	23	251	1,085%	EBIT / Adj. EBIT(1)	540	243	297	122%
26.5%	4.0%	2,250 bps	EBIT / Adj. EBIT(1) margin	26.4%	16.2%	1,020 bps
206	9	197	2,086%	Net profit / Adj. net profit(1)	412	175	237	135%
1.11	0.05	1.06	2,120%	Basic EPS / Adj. basic EPS(1) (in Euro)	2.22	0.95	1.27	134%
1.11	0.04	1.07	2,675%	Diluted EPS / Adj. diluted EPS(1) (in Euro)	2.22	0.94	1.28	136%

1 Refer to specific paragraph on non-GAAP financial measures

Ferrari N.V.	Registered Office:	Dutch trade registration number:
Amsterdam, The Netherlands	Via Abetone Inferiore N. 4,	64060977
	I - 41053 Maranello (MO) Italy

corporate. ferrari.com

Maranello (Italy), August 2, 2021 - Ferrari N.V. (NYSE/MTA: RACE) ("Ferrari" or the "Company") today

announces its consolidated preliminary results(2) for the second quarter and six months ended June 30, 2021.

Shipments(3)(4)

For the three months ended	Shipments	For the six months ended
	June 30,		(units)		June 30,
2021	2020	Change		2021	2020	Change
1,337	706	631	89%	EMEA	2,796	2,222	574	26%
649	381	268	70%	Americas	1,404	1,131	273	24%
166	25	141	564%	Mainland China, Hong Kong and Taiwan	360	62	298	481%
533	277	256	92%	Rest of APAC	896	712	184	26%
2,685	1,389	1,296	93%	Total Shipments	5,456	4,127	1,329	32%

Shipments totaled 2,685 units in the second quarter of 2021, up 1,296 units or 93.3% versus the prior year quarter, which was heavily impacted by the disruptions of the Covid-19 pandemic, including production and delivery suspension during the initial part.

Sales of 8 cylinder models (V8) were up 111.2% and 12 cylinder models (V12) were up 37.6%. The deliveries of the quarter were driven by the F8 family and the 812 GTS together with the SF90 Stradale and the Ferrari Roma, which reached global distribution. The Ferrari Monza SP1 and SP2 continued to be delivered in line with planning. The first deliveries of the new Ferrari Portofino M commenced in the quarter.

All geographic regions positively contributed in the quarter. EMEA(4) was up 89.4%, Americas(4) increased 70.3%, Mainland China, Hong Kong and Taiwan posted a strong 564.0% performance, boosted by the arrival of new models and accentuated by an easy comparison versus prior year(5), and Rest of APAC(4) surged by 92.4%.

1. These results have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and IFRS as endorsed by the European Union
2. Excluding the XX Programme, racing cars, one-off and pre-owned cars
3. EMEA includes: Italy, UK, Germany, Switzerland, France, Middle East (includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait) and Rest of EMEA (includes Africa and the other European markets not separately identified); Americas includes: United States of America, Canada, Mexico, the Caribbean and Central and South America; Rest of APAC mainly includes: Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia
4. Easy comparison due to 2019 accelerated deliveries in advance of the early implementation of new emission regulations

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Total net revenues

For the three months ended	(Euro million)	For the six months ended
	June 30,				June 30,
		Change					Change
2021	2020		at constant		2021	2020		at constant
			currency					currency
881	450	95%	101%	Cars and spare parts(6)	1,736	1,238	40%	44%
45	20	118%	118%	Engines(7)	90	53	69%	69%
91	83	11%	13%	Sponsorship, commercial and brand(8)	182	172	6%	7%
18	18	4%	12%	Other(9)	38	40	(3%)	4%
1,035	571	81%	86%	Total net revenues	2,046	1,503	36%	39%

Net revenues for the second quarter 2021 were Euro 1,035 million, up 86.0% at constant currency(1).

Revenues from Cars and spare parts(6) were Euro 881 million (up 95.5% or 101.0% at constant currency(1)), with growth boosted by easy comparison on volume and strong enrichment of product mix, together with higher contribution from personalizations.

The increase in Engines(7) revenues (Euro 45 million, up 118.0%, also at constant currency(1)) was attributable to higher shipments to Maserati and, to a lesser extent, the rental of engines to other Formula 1 racing teams.

Increased Sponsorship, commercial and brand(8) revenues (Euro 91 million, up 10.6% or 12.6% at constant currency(1)) were attributable to the more favorable Formula 1 calendar and brand-related activities, partially offset by lower prior year ranking.

Currency - including translation and transaction impacts as well as foreign currency hedges - had a negative impact of Euro 30 million (mainly USD).

1. Includes net revenues generated from shipments of our cars, any personalization net revenues generated on cars, as well as sales of spare parts
2. Includes net revenues generated from the sale of engines to Maserati for use in their cars, and the revenues generated from the rental of engines to other Formula 1 racing teams
3. Includes net revenues earned by our Formula 1 racing team through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues, as well as revenues generated through the Ferrari brand, including merchandising, licensing and royalty income
4. Primarily relates to financial services activities, management of the Mugello racetrack and other sports-related activities

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EBITDA(1) and EBIT

	For the three months ended	(Euro million)		For the six months ended
		June 30,					June 30,
			Change					Change
2021	2020		at constant		2021	2020		at constant
			currency					currency
386	124	210%	225%	EBITDA(1)	762	441	73%	81%
274	23	1,085%	1,078%	EBIT	540	243	122%	136%

Q2 2021 EBITDA(1) tripled versus prior year and stood at Euro 386 million with an EBITDA(1) margin of 37.4%.

Q2 2021 EBIT was Euro 274 million versus Euro 23 million of prior year.

Volume was positive (Euro 144 million), reflecting shipments almost doubled versus prior year due to easy comparison.

The positive Mix / price variance performance (Euro 113 million) was driven by the strong contribution coming from the richer product mix thanks to the SF90 Stradale and the Ferrari Monza SP1 and SP2 along with personalizations.

Industrial costs / research and development expenses were in line with prior year, which included the full cost of employees' paid days of absence during the Covid-19 production suspension.

SG&A increased Euro 4 million mainly reflecting communication and marketing activities of recent unveilings and lifestyle events.

Other increased Euro 24 million due to the more favorable Formula 1 calendar, higher contribution from brand-related and other supporting activities as well as from sales to Maserati, partially offset by lower prior year ranking.

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Net financial charges in the quarter of Euro 10 million were substantially in line with Euro 11 million of the prior year.

The tax rate in the quarter was 22.0%, reflecting the current estimate of the benefit attributable to the Patent Box, the Allowance for Corporate Equity (ACE)(10), deductions for eligible research and development costs, hyper and super-depreciation of machinery and equipment.

As a result, the Net profit for the period was Euro 206 million, significantly up versus prior year, and the Diluted earnings per share for the quarter reached Euro 1.11, compared to Euro 0.04 in Q2 2020.

Industrial free cash flow(1) for the quarter was Euro 113 million, driven by EBITDA(1), partially offset by capital expenditures(11) of Euro 166 million, an adverse working capital impact - due primarily to higher inventories as well as the reversal of the Ferrari Monza SP1 and SP2 advances received in 2019 - and higher tax payment mainly to refer to the new Patent Box regime.

Net Industrial Debt(1) as of June 30, 2021 was Euro 552 million, compared to Euro 420 million as of March 31, 2021. The increase was attributable to the dividend distribution(12) of Euro 162 million and the share repurchase for a total of Euro 82 million, more than offsetting the positive industrial free cash flow generation in the quarter. Lease liabilities per IFRS 16 as of June 30, 2021 were Euro 61 million.

As of June 30, 2021, total available liquidity was Euro 1,689 million (Euro 1,730 million as of March 31, 2021), including undrawn committed credit lines of Euro 767 million.

1. Also known as Notional Interest Deduction - NID
2. Capital expenditures excluding right-of-use assets recognized during the period in accordance with IFRS 16 - Leases
3. In May 2021 the Company paid Euro 149 million out of the total dividend distribution to owners of the parent and the remaining balance, which relates to withholding taxes, is expected to be paid in the third quarter of 2021 as well as the dividend to NCI

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