<SEC-DOCUMENT>0001648416-23-000091.txt : 20230504
<SEC-HEADER>0001648416-23-000091.hdr.sgml : 20230504
<ACCEPTANCE-DATETIME>20230504085203
ACCESSION NUMBER:		0001648416-23-000091
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230504
DATE AS OF CHANGE:		20230504

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ferrari N.V.
		CENTRAL INDEX KEY:			0001648416
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37596
		FILM NUMBER:		23886753

	BUSINESS ADDRESS:	
		STREET 1:		VIA ABETONE INFERIORE N. 4
		CITY:			MARANELLO
		STATE:			L6
		ZIP:			I-41053
		BUSINESS PHONE:		00390536949111

	MAIL ADDRESS:	
		STREET 1:		VIA ABETONE INFERIORE N. 4
		CITY:			MARANELLO
		STATE:			L6
		ZIP:			I-41053

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW BUSINESS NETHERLANDS N.V.
		DATE OF NAME CHANGE:	20150717
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>coverfnvq12023resultspr.htm
<DESCRIPTION>6-K
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
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<title>Document</title></head><body><div id="ic3591ac5a93746acac999cad54b61e83_1"></div><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:5pt"><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:13pt;font-weight:700;line-height:120%">UNITED STATES</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:13pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%"> </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Washington, D.C. 20549</font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">_______________________________</font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:13pt;font-weight:700;line-height:120%">FORM 6-K</font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">_______________________________</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:13pt;font-weight:700;line-height:120%">REPORT OF FOREIGN PRIVATE ISSUER </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:13pt;font-weight:700;line-height:120%">PURSUANT TO RULE 13a-16 OR 15d-16 OF </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:13pt;font-weight:700;line-height:120%">THE SECURITIES EXCHANGE ACT OF 1934</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">For the month of May 2023</font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Commission File No. 001-37596</font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">_______________________________</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:120%">FERRARI N.V. </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(Translation of Registrant&#8217;s Name Into English)</font></div><div style="margin-bottom:6pt;text-align:center"><font><br></font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">_______________________________</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Via Abetone Inferiore n.4</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">I-41053 Maranello (MO)</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Italy</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Tel. No.&#58; +39 0536 949111</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(Address of Principal Executive Offices)</font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">_______________________________</font></div><div style="margin-bottom:6pt;text-align:center"><font><br></font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)</font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Form 20-F </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:8pt;font-weight:400;line-height:120%">x</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Form 40-F </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:8pt;font-weight:400;line-height:120%">o</font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:center"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:5pt"><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:174%">The following exhibit is furnished herewith&#58;</font></div><div style="padding-left:90pt;text-indent:-65.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Exhibit 99.1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Press release issued by Ferrari N.V. dated May 4, 2023.</font></div><div style="padding-left:90pt;text-indent:-65.25pt"><font><br></font></div><div style="margin-bottom:6pt;padding-left:90pt;text-indent:-65.25pt"><font><br></font></div><div style="margin-bottom:6pt;padding-left:90pt;text-indent:-65.25pt"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt;padding-left:90pt;text-indent:-65.25pt"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:174%">SIGNATURE</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:174%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:91.081%"><tr><td style="width:1.0%"></td><td style="width:45.127%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.196%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.765%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:39.512%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Date&#58;  May 4, 2023</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">FERRARI N.V.</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:21pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">By&#58;</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;&#47;s&#47; Antonio Picca Piccon</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Name&#58;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Antonio Picca Piccon</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Title&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Chief Financial Officer</font></td></tr></table></div><div><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:174%">Index of Exhibits</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Exhibit</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Number</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Description of Exhibit</font></div><div style="padding-left:49.5pt;text-indent:-47.25pt"><font><br></font></div><div style="padding-left:49.5pt;text-indent:-47.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press release issued by Ferrari N.V. dated May 4, 2023.</font></div><div><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>fnvq12023resultspressrelea.htm
<DESCRIPTION>EX-99.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
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<title>Document</title></head><body><div id="i2c5165934919496ab3216be23e0304d9_1"></div><div style="min-height:63pt;width:100%"><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:1.5pt"><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Exhibit 99.1</font></div><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:12pt;font-weight:400;line-height:100%">FERRARI&#58; STRONG RESULTS, WITH DEMAND HEADING INTO 2025</font></div><div><font><br></font></div><div style="padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:181%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%;padding-left:15.2pt">Total shipments of 3,567 units, up 9.7% versus Q1 2022 </font></div><div style="padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:181%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%;padding-left:15.2pt">Net revenues of Euro 1,429 million, up 20.5% versus prior year</font></div><div style="padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:181%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%;padding-left:15.2pt">Adjusted EBITDA</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:181%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> of Euro 537 million, up 27.0% versus prior year </font></div><div style="padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:181%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%;padding-left:15.2pt">Adjusted EBIT</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:181%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> of Euro 385 million, up 25.3% versus prior year </font></div><div style="padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:181%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%;padding-left:15.2pt">Adjusted EBITDA</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:181%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> margin of 37.6% and Adjusted EBIT</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:181%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> margin of 26.9% in the quarter</font></div><div style="padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:181%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%;padding-left:15.2pt">Adjusted net profit</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:181%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> of Euro 297 million and adjusted diluted EPS</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:181%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> at Euro 1.62</font></div><div style="padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:181%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%;padding-left:15.2pt">Industrial free cash flow</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:181%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%">generation of Euro 269 million</font></div><div style="margin-top:3pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%">&#8220;Another exceptional quarter for Ferrari. Double-digit growth across the main parameters, with  EBITDA margin at 37.6% reaching a new high and net profit up to Euro 297 million,&#8221; said Benedetto Vigna, Ferrari CEO. &#8220;Our order book already extends into 2025 with an award-winning product portfolio. We have decided to reopen orders for the Purosangue, suspended due to an initial unprecedented demand, and launched the Roma Spider to further enrich our offer. We are on track with our electrification journey on the development of both sports cars and infrastructures in Maranello&#8221;.</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:60.869%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.506%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.506%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(In Euro million,</font></td><td colspan="12" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">For the three months ended</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">unless otherwise stated)</font></td><td colspan="12" style="border-bottom:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">March 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2023</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2022</font></td><td colspan="6" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Change</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Shipments (in units)</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3,567</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3,251</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">316</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">10%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Net revenues</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,429</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,186</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">243</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">20%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">EBITDA</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(1) </font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#47; Adj. EBITDA</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">537</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">423</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">114</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">27%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">EBITDA</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(1) </font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#47; Adj. EBITDA</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> margin</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">37.6%</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">35.6%</font></td><td colspan="6" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">200 bps</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">EBIT &#47; Adj. EBIT</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">385</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">307</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">78</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">25%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">EBIT &#47; Adj. EBIT</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> margin</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">26.9%</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">25.9%</font></td><td colspan="6" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">100 bps</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Net profit &#47; Adj. net profit</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">297</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">239</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">58</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">24%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Basic EPS (in Euro) &#47; Adj. basic EPS</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> (in Euro)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1.63</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1.30</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">0.33</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">25%</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Diluted EPS (in Euro) &#47; Adj. diluted EPS</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> (in Euro)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1.62</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1.29</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">0.33</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">26%</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr style="height:10pt"><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:3.9pt;font-weight:400;line-height:112%;position:relative;top:-2.1pt;vertical-align:baseline">1</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:112%">&#160;&#160;&#160;&#160;Refer to specific paragraph on non-GAAP financial measures. There were no adjustments impacting EBITDA, EBITDA margin, EBIT, EBIT margin, Net profit, Basic EPS and Diluted EPS in the periods presented. </font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:24.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.373%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.621%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.992%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:115%">Ferrari N.V.</font></div><div><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:115%">Amsterdam, The Netherlands</font></div><div><font><br></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:115%">Registered Office&#58;</font></div><div><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:115%">Via Abetone Inferiore N. 4, </font></div><div><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:115%">I &#8211; 41053 Maranello (MO) Italy</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:115%">Dutch trade registration number&#58;</font></div><div><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:115%">64060977</font></div><div><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><img alt="corporateweba.jpg" src="corporateweba.jpg" style="height:120px;margin-bottom:5pt;vertical-align:text-bottom;width:28px"></div></td></tr></table></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> </font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Maranello (Italy), May 4, 2023</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> &#8211; Ferrari N.V. (NYSE&#47;EXM&#58; RACE) (&#8220;Ferrari&#8221; or the &#8220;Company&#8221;) today announces its consolidated preliminary results</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> for the first quarter ended March 31, 2023.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Shipments</font><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(3)(4)</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:56.563%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.977%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.004%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.676%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Shipments</font></td><td colspan="12" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">For the three months ended</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(units)</font></td><td colspan="12" style="border-bottom:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">March 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2023</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2022</font></td><td colspan="6" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Change</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">EMEA</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,534</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,743</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(209)</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(12%)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Americas</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">962</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">658</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">304</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">46%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Mainland China, Hong Kong and Taiwan</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">396</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">285</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">111</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">39%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Rest of APAC</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">675</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">565</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">110</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">19%</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Total Shipments</font></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3,567</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3,251</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">316</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">10%</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Shipments totaled 3,567 units in Q1 2023, up 316 units or 9.7% versus the prior year. </font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">The product portfolio in the quarter included nine internal combustion engine (ICE)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> models and four</font><font style="color:#ff0000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> </font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">hybrid engine models, which represented 65% and 35% of total shipments, respectively.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">The increase in shipments during the quarter was driven by the Portofino M, the 296 GTB and the 812 Competizione. In the quarter the first deliveries of the 296 GTS and the 812 Competizione A commenced, while the F8 Tributo reached the end of the lifecycle. The Daytona SP3 was in the ramp up phase in the quarter. </font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Quarterly deliveries reflected the pace of introduction of new models in the various regions. EMEA</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> was down 12.0%, Americas</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> increased 46.2%, Mainland China, Hong Kong and Taiwan was up 38.9% and Rest of APAC</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> grew by 19.5%. </font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr style="height:10pt"><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="margin-top:6pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:3.9pt;font-weight:400;line-height:100%;position:relative;top:-2.1pt;vertical-align:baseline">2&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:100%">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</font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:3.9pt;font-weight:400;line-height:100%;position:relative;top:-2.1pt;vertical-align:baseline">3&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:100%">Excluding the XX Programme, racing cars, one-off and pre-owned cars </font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:3.9pt;font-weight:400;line-height:100%;position:relative;top:-2.1pt;vertical-align:baseline">4&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:100%">EMEA includes&#58; Italy, UK, Germany, Switzerland, France, Middle East (includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait), Africa and the other European markets not separately identified&#59; Americas includes&#58; United States of America, Canada, Mexico, the Caribbean and Central and South America&#59; Rest of APAC mainly includes&#58; Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia</font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:3.9pt;font-weight:400;line-height:100%;position:relative;top:-2.1pt;vertical-align:baseline">5&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:100%">It includes one ICE track car model</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:150%">2</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> </font></div></div><div><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:181%">Total net revenues</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:54.270%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.246%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.338%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.187%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.459%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(Euro million)</font></td><td colspan="12" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">For the three months ended</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="border-bottom:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">March 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Change</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2023</font></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2022</font></td><td colspan="6" style="padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">at constant</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;padding:0 1pt"></td><td colspan="6" style="padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">currency</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Cars and spare parts</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(6)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,241</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,008</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">23%</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">21%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Sponsorship, commercial and brand</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(7)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">130</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">113</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">15%</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">11%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Engines</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(8)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">33</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">37</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(12%)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(12%)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Other</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(9)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">25</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">28</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(11%)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(15%)</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Total net revenues</font></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,429</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,186</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">20%</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">18%</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Net revenues for Q1 2023 were Euro 1,429 million, up 20.5% or 17.9% at constant currency</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Revenues from Cars and spare parts</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> were Euro 1,241 million (up 23.2% or 20.6% at constant currency</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">), thanks to higher volumes, richer product and country mix as well as the contribution from personalizations and pricing.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Sponsorship, commercial and brand</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(7)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> revenues reached Euro 130 million, up 15.2% or 11.1% at constant currency</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> mainly attributable to the better prior year Formula 1 ranking and the contribution from lifestyle activities.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">The decrease in Engines</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(8)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> revenues (Euro 33 million, down 11.5%, also at constant currency</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">) was attributable to lower shipments to Maserati, as the 2023 contract expiration gets closer.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Currency &#8211; including translation and transaction impacts as well as foreign currency hedges &#8211; had a positive impact of Euro 28 million, mostly related to US Dollar.</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr style="height:10pt"><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="margin-top:6pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:3.9pt;font-weight:400;line-height:100%;position:relative;top:-2.1pt;vertical-align:baseline">6</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Includes net revenues generated from shipments of our cars, any personalization generated on cars, as well as sales of spare parts</font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:3.9pt;font-weight:400;line-height:100%;position:relative;top:-2.1pt;vertical-align:baseline">7</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Includes net revenues earned by our racing teams (mainly in the Formula 1 World Championship and the World Endurance Championship) through sponsorship agreements, our share of the Formula 1 World Championship commercial revenues, and net revenues generated through the Ferrari brand, including fashion collection, merchandising, licensing and royalty income</font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:3.9pt;font-weight:400;line-height:100%;position:relative;top:-2.1pt;vertical-align:baseline">8</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Includes net revenues generated from the sale of engines to Maserati for use in their cars and from the rental of engines to other Formula 1 racing teams</font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:3.9pt;font-weight:400;line-height:100%;position:relative;top:-2.1pt;vertical-align:baseline">9</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Primarily relates to financial services activities, management of the Mugello racetrack and other sports-related activities</font></div><div><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:150%">3</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> </font></div></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:181%">Adjusted EBITDA</font><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:5.2pt;font-weight:400;line-height:181%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> and Adjusted EBIT</font><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:5.2pt;font-weight:400;line-height:181%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> </font></div><div style="margin-top:6pt"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:30.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.112%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.415%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.324%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.081%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.902%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(Euro million)</font></td><td colspan="15" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">For the three months ended</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="border-bottom:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">March 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Change</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2023</font></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2022</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">at constant</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">currency</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">EBITDA</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> &#47; Adj. EBITDA</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">537</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">423</font></td><td colspan="6" style="border-bottom:1pt solid #999999;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">27%</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">20%</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #a6a6a6;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">EBIT &#47; Adj. EBIT</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">385</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">307</font></td><td colspan="6" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">25%</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">15%</font></td></tr></table></div><div style="margin-top:6pt"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Q1 2023 Adjusted EBITDA</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> reached Euro 537 million, up 27.0% versus the prior year and with an Adjusted EBITDA</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> margin of 37.6%.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Q1 2023 Adjusted EBIT</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">was Euro 385 million, increased 25.3% versus the prior year and with an Adjusted EBIT</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> margin of 26.9%.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Volume was positive (Euro 28 million), reflecting the shipments increase versus the prior year.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">The Mix &#47; price variance performance was also positive (Euro 85 million) mainly reflecting the increased personalizations, the enrichment of the product mix and the positive country mix sustained by Americas and Mainland China, Hong Kong and Taiwan and pricing. This was partially offset by lower deliveries of the Daytona SP3 compared to the Monza SP1 and SP2 in Q1 last year.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Industrial costs &#47; research and development expenses increased (Euro 47 million), mainly due to higher depreciation and amortization as well as raw materials cost inflation.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">SG&#38;A also grew (Euro 22 million) mainly reflecting communication, marketing and lifestyle activities, as well as the support to the Company&#8217;s organizational development.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Other changes almost in line (positive for Euro 6 million), mainly reflecting the better prior year Formula 1 ranking and higher contribution from lifestyle activities.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> <br> </font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:150%">4</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> </font></div></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Net financial charges in the quarter were Euro 4 million, versus Euro 8 million of the prior year, mainly reflecting higher interest income on liquidity held by the Group.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">The tax rate in the quarter was approximately 22%, mainly reflecting the estimate of the benefit attributable to the Patent Box, the Allowance for Corporate Equity (ACE)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(10)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> and deductions for eligible hyper and super-depreciation of machinery and equipment. </font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">As a result, the Adjusted Net profit</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> for the quarter was Euro 297 million, up 24.0% versus the prior year, and the Adjusted diluted earnings per share</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> for the quarter reached Euro 1.62, compared to Euro 1.29 in Q1 2022.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Industrial free cash flow</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> for the quarter was strong at Euro 269</font><font style="color:#ff0000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> </font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">million, driven by the increased Adjusted EBITDA</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">, partially offset by the negative change in working capital, provisions and other of Euro 99 million and capital expenditures</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(11) </font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">of Euro 150 million.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Net Industrial Debt</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> as of March 31, 2023 was Euro 53 million, compared to Euro 207 million as of December 31, 2022, also reflecting share repurchases</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(12)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> of Euro 97 million. As of March 31, 2023, total available liquidity was Euro 2,059</font><font style="color:#ff0000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> </font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">million (Euro 2,058 million as of December 31, 2022), including undrawn committed credit lines of Euro 618</font><font style="color:#ff0000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> </font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">million.</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr style="height:10pt"><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="margin-top:6pt;padding-left:7.2pt;text-indent:-7.2pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:3.9pt;font-weight:400;line-height:100%;position:relative;top:-2.1pt;vertical-align:baseline">10</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:100%"> Also known as Notional Interest Deduction - NID</font></div><div><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:3.9pt;font-weight:400;line-height:100%;position:relative;top:-2.1pt;vertical-align:baseline">11</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:100%"> Capital expenditures excluding right-of-use assets recognized during the period in accordance with IFRS 16 &#8211; Leases</font></div><div><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:3.9pt;font-weight:400;line-height:100%;position:relative;top:-2.1pt;vertical-align:baseline">12</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:100%"> Including repurchases in relation to the Sell to Cover practice under the equity incentive plans</font></div><div><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:150%">5</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> </font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Confirming 2023 guidance, based on the following assumptions&#58;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:14.22pt">Strong mix sustained by rich product portfolio, Ferrari Daytona SP3 and personalizations </font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:14.22pt">Price increase to counter balance current cost inflation</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:14.22pt">Increasing depreciation and amortization in line with the start of production of new models</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:14.22pt">Revenues from racing and lifestyle activities reflecting a limited improvement</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:14.22pt">Industrial free cash flow generation sustained by strong profitability partially offset by disciplined capital expenditures to fuel long term development and negative working capital</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:58.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:76.754%"><tr><td style="width:1.0%"></td><td style="width:36.995%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.852%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.853%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:181%">(&#8364;B, unless otherwise stated)</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#808080;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:181%">2022A</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2023 </font></div><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">GUIDANCE</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:181%">NET REVENUES</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#808080;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:181%">5.1</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:181%">&#126;5.7</font></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">ADJ. EBITDA</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> (margin %)</font></div></td><td colspan="3" style="border-top:0.5pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><font style="color:#808080;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1.77</font></div><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><font style="color:#808080;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">34.8%</font></div></td><td colspan="3" style="border-top:0.5pt solid #808080;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:181%">2.13-2.18 <br>&#126;38%</font></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">ADJ. EBIT</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> (margin %)</font></div></td><td colspan="3" style="border-top:0.5pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><font style="color:#808080;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1.23</font></div><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><font style="color:#808080;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">24.1%</font></div></td><td colspan="3" style="border-top:0.5pt solid #808080;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:181%">1.45-1.50<br>&#126;26%</font></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #808080;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:181%">ADJ. DILUTED EPS (&#8364;)</font></td><td colspan="3" style="border-top:0.5pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><font style="color:#808080;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">5.09</font><font style="color:#808080;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(13)</font></div></td><td colspan="3" style="border-top:0.5pt solid #808080;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">6.00-6.20</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(13)</font></div></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #808080;border-top:0.5pt solid #808080;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:181%">INDUSTRIAL FCF</font></td><td colspan="3" style="border-bottom:0.5pt solid #808080;border-top:0.5pt solid #808080;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#808080;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:181%">0.76</font></td><td colspan="3" style="border-bottom:0.5pt solid #808080;border-top:0.5pt solid #808080;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:181%">Up to 0.90</font></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Q1 2023 highlights&#58;</font></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:35.7pt;text-align:justify;text-indent:-17.85pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:14.07pt">The unveiling of the Ferrari Roma Spider, a timelessly elegant, high-performance car with a contemporary take on the chic, pleasure-seeking Italian lifestyle of the 1950s and 60s. This spider carries over the proportions, volumes and specifications of the Ferrari Roma&#8217;s hugely successful V8 2+ concept, but what makes it so striking is the adoption of a soft top, a solution making a welcome return to the Prancing Horse range on a front-engined car 54 years after the 1969 365 GTS4.</font></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:35.7pt;text-align:justify;text-indent:-17.85pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:14.07pt">New multiyear partnership agreements in Formula 1 with Virtual Gaming World and Asahi Europe &#38; International, starting in 2023 and 2024, respectively.</font></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:35.7pt;text-align:justify;text-indent:-17.85pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:14.07pt">The renewal of the company-specific collective labor agreement, which applies to all Ferrari employees in Italy, with various trade unions for the four-year period 2023-2026. The main elements of the agreement renewal concern salary increases for employees (including an expected overall increase of more than 11% in the first two years), as well as the enhancement of the system of representation in industrial and trade union relations, with a further stimulus to commissions. </font></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:14.22pt">On February 24, 2023, the Company&#8217;s Board of Directors recommended a dividend of Euro 1.810 per common share, totaling approximately Euro 329 million, to be approved by the Shareholders of the Company. </font></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:14.22pt">The full repayment of a bond upon maturity for a total consideration of approximately Euro 390 million (including accrued interest).</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr style="height:10pt"><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:3.9pt;font-weight:400;line-height:100%;position:relative;top:-2.1pt;vertical-align:baseline">13&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:100%">Calculated using the weighted average diluted number of common shares as of December 31, 2022 (183,072 thousand)</font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:150%">6</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> </font></div></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:14.22pt">The receipt from a threat actor of a ransom demand related to certain client contact details. Ferrari immediately started an investigation, informed the relevant authorities and worked to further reinforce its systems. The breach has had no direct operational or financial impacts on the Company.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Subsequent Events&#58;</font></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:35.7pt;text-align:justify;text-indent:-17.85pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:14.07pt">Ferrari signed a Memorandum of Understanding with pioneer of revolutionary OLED technology, Samsung Display, to develop an advanced display solution for Ferrari&#8217;s next-generation models. </font></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:35.7pt;text-align:justify;text-indent:-17.85pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:14.07pt">On April 14, 2023, at the Annual General Meeting, the Shareholders of the Company approved, among others, a dividend in cash of Euro 1.810 per outstanding common share, corresponding to a total dividend amount of Euro 329 million. The dividend is to be paid on May 5, 2023.</font></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:35.7pt;text-align:justify;text-indent:-17.85pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:14.07pt">Ferrari has signed an agreement with Enel X to create a photovoltaic plant serving a new Renewable Energy Community (REC) in the towns of Fiorano and Maranello. The Ferrari Energy Community will be the first ever REC in Italy to be promoted and supported by an industrial Company for the benefit of its local territory. The project envisages the installation of a photovoltaic system of approximately 1 MWp by December 2023, on 10,000 m2 of disused land owned by Ferrari adjacent to&#160;the Fiorano Circuit. </font></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:35.7pt;text-align:justify;text-indent:-17.85pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8226;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%;padding-left:14.07pt">Under the second tranche of the new multi-year common share repurchase program announced on June 30, 2022, from April 3, 2023 to April 28, 2023 the Company purchased 85,321common shares for a total consideration of Euro 21.6 million. As of April 28, 2023 the Company held in treasury an aggregate of 12,381,534 common shares equal to 4.82% of the total issued share capital including the common shares and the special voting shares, net of shares assigned under the Company&#8217;s equity incentive plan.</font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:150%">7</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> </font></div></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:174%">About Ferrari </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%">Ferrari is among the world&#8217;s leading luxury brands focused on the design, engineering, production and sale of the world&#8217;s most recognizable luxury performance sports cars. Ferrari brand symbolizes exclusivity, innovation, state-of-the-art sporting performance and Italian design. Its history and the image enjoyed by its cars are closely associated with its Formula 1 racing team, Scuderia Ferrari, the most successful team in Formula 1 history. From the inaugural year of Formula 1 World Championship in 1950 through the present, Scuderia Ferrari has won 242 Grand Prix races, 16 Constructors&#8217; World titles and 15 Drivers&#8217; World titles. Ferrari designs, engineers and produces its cars in Maranello, Italy, and sells them in over 60 markets worldwide.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:181%">Forward Looking Statements</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:156%">This document, and in particular the section entitled &#8220;Confirming 2023 guidance&#8221;, contain forward-looking statements. These statements may include terms such as &#8220;may&#8221;, &#8220;will&#8221;, &#8220;expect&#8221;, &#8220;could&#8221;, &#8220;should&#8221;, &#8220;intend&#8221;, &#8220;estimate&#8221;, &#8220;anticipate&#8221;, &#8220;believe&#8221;, &#8220;remain&#8221;, &#8220;continue&#8221;, &#8220;on track&#8221;, &#8220;successful&#8221;, &#8220;grow&#8221;, &#8220;design&#8221;, &#8220;target&#8221;, &#8220;objective&#8221;, &#8220;goal&#8221;, &#8220;forecast&#8221;, &#8220;projection&#8221;, &#8220;outlook&#8221;, &#8220;prospects&#8221;, &#8220;plan&#8221;, &#8220;guidance&#8221; and similar expressions. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group&#8217;s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including&#58; the Group&#8217;s ability to preserve and enhance the value of the Ferrari brand&#59; the success of the Group&#8217;s Formula 1 racing team and the expenses the Group incurs for its Formula 1 activities, the uncertainty of the sponsorship and commercial revenues the Group generates from its participation in the Formula 1 World Championship, as well as the popularity of Formula 1 more broadly&#59; the Group&#8217;s 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 its new models&#59; the impact of increasingly stringent fuel economy, emissions and safety standards, including the cost of compliance, and any required changes to its products, as well as possible future bans of combustion engine cars in cities and the potential advent of self-driving technology&#59; increases in costs, disruptions of supply or shortages of components and raw materials&#59; the Group&#8217;s ability to successfully carry out its low volume &#47; controlled growth strategy  in the markets the Group is present&#59; global economic conditions, macro events and pandemics, including the ongoing conflict between Russia and Ukraine and the COVID-19 pandemic&#59; changes in the general economic environment (including changes in some of the markets in which we operate) and changes in demand for luxury goods, including high performance luxury cars, demand for which is highly volatile&#59; the Group&#8217;s ability to preserve its relationship with the automobile collector and enthusiast community&#59; competition in the luxury performance automobile industry&#59; changes in client preferences and automotive trends&#59; disruptions at the Group&#8217;s manufacturing facilities in Maranello and Modena&#59; climate change and other environmental impacts, as well as an increased focus of regulators and stakeholders on environmental matters&#59; the Group&#8217;s ability to maintain the functional and efficient operation of its information technology systems and to defend from the risk of cyberattacks, including on its in-vehicle technology&#59;  reliance upon a number of key members of executive management and employees, and the ability of its current management team to operate and manage effectively&#59; the performance of the Group&#8217;s dealer network on which the Group depends for sales and services&#59; product recalls, product warranties and liability claims&#59; the performance of the Group&#8217;s licensees for Ferrari-branded</font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:150%">8</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> </font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:156%">products&#59; the Group&#8217;s ability to protect its intellectual property rights and to avoid infringing on the intellectual property rights of others&#59; the Group&#8217;s continued compliance with customs regulations of various jurisdictions&#59; labor relations and collective bargaining agreements&#59; the Group&#8217;s ability to ensure that its employees, agents and representatives comply with applicable law and regulations&#59; changes in tax, tariff or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which the Group operates&#59; exchange rate fluctuations, interest rate changes, credit risk and other market risks&#59; the Group&#8217;s ability to service and refinance its debt&#59; the Group&#8217;s ability to provide or arrange for adequate access to financing for its dealers and clients, and associated risks&#59; the adequacy of its insurance coverage to protect the Group against potential losses&#59; the ability of Maserati, the Group&#8217;s engine customer, to sell its planned volume of cars&#59; potential conflicts of interest due to director and officer overlaps with the Group&#8217;s largest shareholders&#59; and other factors discussed elsewhere in this document.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:156%">The Group expressly disclaims and does 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. Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Company&#8217;s financial results, is included in the Company&#8217;s reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB.</font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-right:-1.4pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:133%">For further information&#58;</font></div><div style="padding-right:-1.4pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Media Relations</font></div><div style="padding-right:-1.4pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:133%">tel.&#58; +39 0536 949337</font></div><div style="padding-right:-1.4pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Email&#58; </font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:133%;text-decoration:underline">media&#64;ferrari.com</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:133%"> </font></div><div><font><br></font></div><div style="padding-right:-1.4pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Investor Relations</font></div><div style="padding-right:-1.4pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:133%">tel.&#58; +39 0536 949695</font></div><div style="padding-right:-1.4pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Email&#58; </font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:133%;text-decoration:underline">ir&#64;ferrari.com</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:133%"> </font></div><div><font><br></font></div><div style="padding-right:-1.4pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%;text-decoration:underline">www.ferrari.com</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> </font></div><div><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:150%">9</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> </font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:232%">Capex and R&#38;D</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:61.969%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.441%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.290%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(Euro million)</font></td><td colspan="6" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">For the three months ended</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">March 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2023</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2022</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Capital expenditures</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(11)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">150</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">132</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">of which capitalized development costs</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(14)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> (A)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">103</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">89</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Research and development costs expensed (B)</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">136</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">145</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Total research and development (A+B)</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">239</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">234</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Amortization of capitalized development costs (C)</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">78</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">53</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Research and development costs as recognized </font></div><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">in the consolidated income statement (B+C)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">214</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">198</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Non-GAAP financial measures</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Operations are monitored through the use of various non-GAAP financial measures that may not be comparable to other similarly titled measures of other companies.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Accordingly, investors and analysts should exercise appropriate caution in comparing these supplemental financial measures to similarly titled financial measures reported by other companies.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">We believe that these supplemental financial measures provide comparable measures of financial performance which then facilitate management&#8217;s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Certain totals in the tables included in this document may not add due to rounding.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr style="height:10pt"><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:3.9pt;font-weight:400;line-height:100%;position:relative;top:-2.1pt;vertical-align:baseline">14&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:100%">Capitalized as intangible assets</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:150%">10</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> </font></div></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Total net revenues, EBITDA, Adj. EBITDA, EBIT and Adj. EBIT at constant currency</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> eliminate the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges.</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:55.131%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.784%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.785%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(Euro million)</font></td><td colspan="6" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">For the three months ended</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">March 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2023</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2023</font></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">at constant</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">currency</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Cars and spare parts</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,241</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,231</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Sponsorship, commercial and brand</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">130</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">128</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Engines</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">33</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">33</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Other</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">25</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">24</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Total Net Revenues</font></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,429</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,416</font></td></tr></table></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:55.131%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.784%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.785%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(Euro million)</font></td><td colspan="6" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">For the three months ended</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">March 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2023</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2023</font></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">at constant</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">currency</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Adjusted EBITDA</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">537</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">524</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Adjusted EBIT</font></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">385</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">372</font></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:150%">11</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> </font></div></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:174%">EBITDA</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> is defined as net profit before income tax expense, net financial expenses and amortization and depreciation. </font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Adjusted EBITDA</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> 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.</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:55.282%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.489%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.489%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.340%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(Euro million)</font></td><td colspan="9" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">For the three months ended</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">March 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2023</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2022</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Change</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Net profit</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">297</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">239</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">58</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Income tax expense</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">84</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">60</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">24</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Net financial expenses</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">4</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">8</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(4)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Amortization and depreciation</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">152</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">116</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">36</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #a6a6a6;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">EBITDA</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #a6a6a6;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">537</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #a6a6a6;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">423</font></td><td colspan="3" style="border-top:1pt solid #a6a6a6;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">114</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #a6a6a6;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Adjustments</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #a6a6a6;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">-</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #a6a6a6;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">-</font></td><td colspan="3" style="border-top:1pt solid #a6a6a6;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">-</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #a6a6a6;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Adjusted EBITDA</font></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #a6a6a6;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">537</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #a6a6a6;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">423</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #a6a6a6;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">114</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Adjusted Earnings Before Interest and Taxes or &#8220;</font><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Adjusted EBIT</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">&#8221; represents 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.</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:55.652%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.315%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.315%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.318%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(Euro million)</font></td><td colspan="9" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">For the three months ended</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">March 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2023</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2022</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Change</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">EBIT</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">385</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">307</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">78</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Adjustments</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">-</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">-</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">-</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Adjusted EBIT</font></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">385</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">307</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">78</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Adjusted Net profit</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> represents net profit as adjusted for certain income and costs (net of tax effect) which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:55.652%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.315%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.315%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.318%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(Euro million)</font></td><td colspan="9" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">For the three months ended</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">March 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2023</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2022</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Change</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Net profit</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">297</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">239</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">58</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Adjustments</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">-</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">-</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">-</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Adjusted net profit</font></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">297</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">239</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">58</font></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:150%">12</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> </font></div></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Basic and diluted EPS</font><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline">(15)</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:174%;position:relative;top:-2.8pt;vertical-align:baseline"> </font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">are determined as per the table here below. </font><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Adjusted EPS</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> represents EPS as adjusted for certain income and costs (net of tax effect) which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:55.652%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.315%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.315%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.318%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(Euro million, unless otherwise stated)</font></td><td colspan="9" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">For the three months ended</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">March 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2023</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2022</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Change</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Net profit attributable to the  owners of the Company</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">296</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">238</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">58</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Weighted average number of common shares (thousand)</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">181,783</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">183,531</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Basic EPS (in Euro)</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1.63</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1.30</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">0.33</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Adjustments&#160;</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">-</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">-</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">-</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Adjusted basic EPS</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1.63</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1.30</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">0.33</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Weighted average number of  common shares for diluted earnings per common share (thousand)</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">182,021</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">183,780</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Diluted EPS (in Euro)</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1.62</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1.29</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">0.33</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Adjustments&#160;</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">-</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">-</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">-</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Adjusted diluted EPS</font></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1.62</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1.29</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">0.33</font></td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr style="height:10pt"><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="margin-top:6pt;padding-left:9pt;text-indent:-9pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:3.9pt;font-weight:400;line-height:100%;position:relative;top:-2.1pt;vertical-align:baseline">15&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:100%">For the three months ended March 31, 2023 and 2022 the weighted average number of common shares for diluted earnings per share was increased to take into consideration the theoretical effect of the potential common shares that would be issued under the equity incentive plans</font></div><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:150%">13</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> </font></div></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Net Industrial Debt</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">, defined as total Debt less Cash and Cash Equivalents (Net Debt), further adjusted to exclude the debt and cash and cash equivalents related to our financial services activities (Net Debt of Financial Services Activities).</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:74.013%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.343%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.344%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt 2px 1.87pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(Euro million)</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Mar. 31, 2023</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Dec. 31,</font></div><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2022</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt 2px 1.87pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Debt</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(2,708)</font></td><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(2,812)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt 2px 1.87pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">of which leased liabilities as per IFRS 16 (simplified approach)</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(67)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(57)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt 2px 1.87pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Cash and Cash Equivalents</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,441</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,389</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt 2px 1.87pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Net Debt</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(1,267)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(1,423)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt 2px 1.87pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Net Debt of Financial Services Activities</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(1,214)</font></td><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(1,216)</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt 2px 1.87pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Net Industrial Debt</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(53)</font></td><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(207)</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Free Cash Flow</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> and </font><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:8pt;font-weight:400;line-height:174%">Free Cash Flow from Industrial Activities</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%"> are two of management&#8217;s primary key performance indicators to measure the Group&#8217;s performance. Free Cash Flow is defined as 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 &#8212; Leases), intangible assets and joint ventures. Free Cash Flow from Industrial Activities is defined as Free Cash Flow adjusted to exclude the operating cash flow from our financial services activities (Free Cash Flow from Financial Services Activities). </font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:61.817%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.985%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.898%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(Euro million)</font></td><td colspan="6" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">For the three months ended</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">March 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:0 1pt"></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2023</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2022</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #ff0000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Cash flow from operating activities</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">398</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #ff0000;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">415</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Investments in property, plant and</font></div><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;equipment and intangible assets</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(11)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(150)</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(132)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Free Cash Flow</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">248</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">283</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #999999;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Free Cash Flow from Financial Services Activities</font></td><td colspan="3" style="background-color:#bfbfbf;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(21)</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(16)</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.85pt;padding-right:0.85pt;text-align:center"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Free Cash Flow from Industrial Activities</font><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(16)</font></div></td><td colspan="3" style="background-color:#bfbfbf;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">269</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:1pt solid #999999;border-top:1pt solid #999999;padding:2px 1.87pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Ferrari Sans',sans-serif;font-size:7pt;font-weight:400;line-height:100%">299</font></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr style="height:10pt"><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="margin-top:6pt;padding-left:9pt;text-indent:-9pt"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:3.9pt;font-weight:400;line-height:100%;position:relative;top:-2.1pt;vertical-align:baseline">16&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:6pt;font-weight:400;line-height:100%">Free cash flow from industrial activities for the three months ended March 31, 2023 includes Euro 5 million related to dividends to NCI expected to be paid in the following quarters</font></div><div><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:150%">14</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:181%"> </font></div></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:174%">On May 4, 2023, at 3&#58;00 p.m. CEST, management will hold a conference call to present the Q1 2023 results to financial analysts and institutional investors. Please note that registering in advance is required to access the conference call details. The call can be followed live and a recording will subsequently be available on the Group&#8217;s website https&#58;&#47;&#47;www.ferrari.com&#47;en-EN&#47;corporate&#47;investors. The supporting document will be made available on the website prior to the call.</font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Ferrari Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:150%">15</font></div><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>corporateweba.jpg
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
