Ferrari N.V.

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	1,604.4	1,525.9	1,257.5	939.3	833.1	667	875.4	802.9	746.2	567.4	434.2
Profit Before Taxes
Net Profit
Depreciation & Amortization	649.4	666.8	662.3	546.2	456	426.6	351.9	288.7	260.6	247.7	274.8
Amortization and Depreciation
Other Adjustments	517.7	526.4	447.6	368.7	262.2	57	52.5	57.9	49.3	46.4	80.1
Income Tax Expense
Provision Accruals
Result from Investments
Financial Expenses, Net
Financial Income
Financial Expenses
Other Non-Cash Expenses, Net
Net Gains on Disposal of Property, Plant and Equipment and Intangible Assets
Finance Income Received
Finance Costs Paid
Changes in Trade Receivables	-174.9	-212.7	-140.6	-236.3	-121	-24.9	-99.1	-80.5	-45.9	315.7	136.6
Change in Trade Receivables
Change in Receivables from Financing Activities
Changes in Inventories	-64	-157.5	-309.6	-153.9	-81.3	-67.8	-40.6	-4.6	-88.5	-33.2	-2.9
Change in Inventories
Changes in Accounts Payable	34.2	7.7	43.3	104	72.6	8.6	53.9	40.3	29.3	106.2	-45.8
Change in Trade Payables
Changes in Income Taxes Payable	-373.5	-409.8	-292.5	-304.7	-109	-91.1	-33.5	-87.7	-215.5	-252	-145
Income Tax Paid
Changes in Other Operating Activities	132	-20	48.6	140	-29.8	-137.3	145.5	-83	-72.8	7.1	-24.7
Change in Other Operating Assets and Liabilities
Cash from Operating Activities	2,325.2	1,926.7	1,716.6	1,403.3	1,282.7	838.2	1,306.1	934	662.8	1,005.3	707.3
Total Cash Flows from Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-485.5	-482.3	-381.8	-347.7	-352.3	-357	-352.2	-300.8	-188.9	-175.6	-184.9
Investments in Property, Plant and Equipment
Proceeds from Sale of Property, Plant & Equipment	2.2	2	2.5	0.6	4.4	1	4.5	1.4	3.7	2.9	1.4
Proceeds from the Sale of Property, Plant and Equipment and Intangible Assets
Purchases of Intangible Assets	-484.8	-506.9	-487.1	-456.9	-384.8	-352	-353.5	-337.5	-202.5	-166.3	-171
Investments in Intangible Assets
Other Investing Activities	—	—	—	-1.4	—	—	—	—	8.3	18.6	37.5
Investments in Joint Ventures
Change in Investments and Other Financial Assets
Cash Acquired in Change in Scope of Consolidation
Proceeds from Exercising the Delta Topco Option
Proceeds from the Sale of a Majority Stake in FFS GmbH
Proceeds from the Sale of Assets and Liabilities Related to Investment Properties
Cash from Investing Activities	-969.1	-987.1	-866.5	-805.4	-732.7	-708	-701.1	-636.9	-379.4	-320.5	-317.1
Total Cash Flows Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Short-Term Debt	—	—	—	—	—	—	—	—	—	—	—
Proceeds from Bank Borrowings
Repayments of Short-Term Debt	—	—	—	—	—	—	—	—	—	—	—
Repayment of Bank Borrowings
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	—	—	—	—	—	—	—	—
Issuance of Long-Term Debt	378	1,112.7	435.8	262.3	757.8	640.1	298.3	—	694.2	490.7	1,994.7
Proceeds from Bonds and Notes
Proceeds from Borrowings from Banks and Other Financial Institutions
Proceeds from Securitizations
Proceeds from Other Debt
Proceeds from Term Loan and Bridge Loan
Repayments of Long-Term Debt	-672.1	-389.6	-733.4	-151	-723.5	—	-315.4	—	—	-1,200.8	—
Repayments of Bonds and Notes
Repayments of Borrowings from Banks and Other Financial Institutions
Repayments of Securitizations
Repayments of Other Debt
Repayment of Term Loan
Repayment of Bridge Loan
Net Issuance / (Repayments) of Long-Term Debt	-294.1	723	-297.6	111.3	34.3	640.1	-17.1	—	694.2	-710.1	1,994.7
Repurchases of Common Shares	-918.4	-581.1	-460.6	-396.5	-230.9	-129.8	-386.7	-100.1	—	—	—
Share Repurchases
Net Issuance / (Repurchases) of Common Shares	-918.4	-581.1	-460.6	-396.5	-230.9	-129.8	-386.7	-100.1	—	—	—
Common Share Dividends Paid	—	-439.9	-328.6	-249.5	-160.1	-208.1	-192.7	-133.1	-120	-86.9	—
Dividends Paid to Owners of the Parent
Cash Distribution of Reserves
Other Financing Activities	-22.7	-26.8	-22.6	-18.8	-23	37.5	95	81.1	-659.3	386	-2,346
Net Change in Financial Liabilities with FCA Group
Net Change in Borrowings from Banks and Other Financial Institutions
Net Change in Deposits in FCA Group Cash Management Pools and Financial Liabilities with FCA Group
Proceeds from Securitizations Net of Repayments
Net Change in Other Debt
Net Change in Other Debt
Net Change in Deposits in FCA Group Cash Management Pools
Repayments of Lease Liabilities
Dividends Paid to Non-Controlling Interest
Acquisition of Non-Controlling Interest
Change in Equity
Dividends Paid to Non-Controlling Interests
Cash from Financing Activities	-1,460.2	-324.8	-1,109.4	-553.6	-579.7	339.7	-501.5	-152.1	-85.1	-411	-351.3
Total Cash Flows from Financing Activities
Total Cash Flows Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	1,839.6	1,444.4	1,334.9	1,055.6	930.4	481.2	953.9	633.2	473.9	829.7	522.4
NOPAT	1,619.2	1,518.3	1,264.4	973.9	854.2	649.5	729.5	807.1	556.7	417.1	296.8
Levered Free Cash Flow	1,199.8	1,849.7	724.9	1,027.8	821.1	1,029.9	803.9	637.6	953.8	-411.2	2,154
Unlevered Free Cash Flow	1,511.7	1,123.1	1,034.9	957.8	810.3	431.5	854.7	660	281	317.3	168.3
Net Change in Cash	-104.1	614.8	-259.2	44.4	-29.7	469.9	103.5	145	198.3	273.8	38.9