{"id":1016598,"date":"2026-11-03T06:43:50","date_gmt":"2026-11-03T11:43:50","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/strong-mix-and-personalizations-sustain-q3-growth-and-further-2026-guidance-upgrade\/"},"modified":"2026-11-03T06:43:50","modified_gmt":"2026-11-03T11:43:50","slug":"strong-mix-and-personalizations-sustain-q3-growth-and-further-2026-guidance-upgrade","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/strong-mix-and-personalizations-sustain-q3-growth-and-further-2026-guidance-upgrade\/","title":{"rendered":"STRONG MIX AND PERSONALIZATIONS SUSTAIN Q3 GROWTH AND FURTHER 2026 GUIDANCE UPGRADE"},"content":{"rendered":"<div class=\"mw_release\">\n<ul>\n<li style=\"margin-top:0cm;margin-bottom:0cm\">Net revenues of Euro 1,896 million, up 7% versus prior year (up 10% at constant currency<sup>(1)<\/sup>)<\/li>\n<\/ul>\n<ul>\n<li style=\"margin-top:0cm;margin-bottom:0cm\">Operating profit (EBIT)<sup>(1)<\/sup> of Euro 563 million, with Operating profit (EBIT) margin of 29.7%, up 12% versus prior year (up 23% at constant currency)<\/li>\n<li style=\"margin-top:0cm;margin-bottom:0cm\">Net profit of Euro 431 million and diluted EPS at Euro 2.44<\/li>\n<li style=\"margin-top:0cm;margin-bottom:0cm\">EBITDA<sup>(<\/sup><sup>1<\/sup><sup>)<\/sup> of Euro 753 million, with EBITDA margin of 39.7%, up 12% versus prior year (up 20% at constant currency)<\/li>\n<li style=\"margin-top:0cm;margin-bottom:0cm\">Industrial free cash flow<sup>(1)(2)<\/sup> of Euro 567 million, up 43% versus the prior year<\/li>\n<\/ul>\n<p align=\"justify\">\u201cUniqueness, innovation and focus: three key factors to keep the promises of our last Capital Markets Day. Deliveries of our F80 supercar and personalizations, led by the Ferrari 296 Speciale family, support our robust financial growth and reflect our clients\u2019 ever-deepening desire to make each Ferrari uniquely their own. Building on this solid foundation, we are further raising our full-year guidance,\u201d said Benedetto Vigna, CEO of Ferrari. \u201cOur order book now reaches into 2028, and we still have two more launches to come this year. In addition, we continue to create engaging events around the world to further tighten the bonds with our clients and partners across Racing, Sports Cars and Lifestyle\u201d.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"4\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the three months ended<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>(In Euro million,<\/b>\n          <\/td>\n<td colspan=\"4\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the nine months ended<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>\u00a0unless otherwise stated)<\/b>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>Change<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>Change<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,896<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,766<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">130<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">7%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Net revenues<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">5,682<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">5,344<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">338<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">6%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">563<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">503<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">60<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">12%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\u00a0Operating profit (EBIT)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,716<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,597<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">119<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">7%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\n            <i>29.7%<\/i>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\n            <i>28.4%<\/i>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <i>130 bps<\/i>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <i>Operating profit (EBIT) margin<\/i>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\n            <i>30.2%<\/i>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\n            <i>29.9%<\/i>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <i>30 bps<\/i>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">431<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">382<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">49<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">13%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Net profit<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,307<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,219<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">88<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">7%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2.45<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2.14<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">0.31<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">14%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Basic EPS (in Euro)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">7.40<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">6.83<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">0.57<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">8%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2.44<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2.14<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">0.30<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">14%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Diluted EPS (in Euro)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">7.39<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">6.82<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">0.57<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">8%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">753<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">670<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">83<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">12%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">EBITDA<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2,230<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2,072<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">158<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">8%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\n            <i>39.7%<\/i>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\n            <i>37.9%<\/i>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <i>180 bps<\/i>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <i>EBITDA margin<\/i>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\n            <i>39.2%<\/i>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\n            <i>38.8%<\/i>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <i>40 bps<\/i>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">567<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">396<sup>(<\/sup><sup>2<\/sup><sup>)<\/sup><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">171<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">43%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Free Cash Flow from Industrial Activities<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,496<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,214<sup>(2)<\/sup><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">282<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">23%<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <b>Maranello (Italy), November 3, 2026<\/b> \u2013 Ferrari N.V. (NYSE\/EXM: RACE) (\u201cFerrari\u201d or the \u201cCompany\u201d) today announces its consolidated preliminary unaudited results<sup>(<\/sup><sup>3<\/sup><sup>)<\/sup> for the third quarter and nine months ended September 30, 2026.<\/p>\n<p align=\"justify\">\n        <b>Business dynamics in Q3 2026<\/b>\n      <\/p>\n<p align=\"justify\">Within Sports Cars, the business performance continued to benefit from the enrichment of the product mix and the increased contribution of personalizations. In the quarter, deliveries were 3,368 units as Ferrari continued to execute its planned model change-over. Deliveries of the Amalfi, the 296 Speciale, the 12Cilindri Spider and the Purosangue increased, the 849 Testarossa and the 296 Speciale Aperta continued their ramp-up phase, and the 849 Testarossa Spider commenced deliveries. The Roma Spider, the 296 GTS and the SF90 XX family phased out. Shipments of the F80 progressed in line with plans.<\/p>\n<p align=\"justify\">Following the launch of the 12Cilindri Manuale at the beginning of July, client engagement experiences continued in the quarter, with the record-setting auction of the Ferrari Luce \u201cChassis 0\u201d at Monterey Car Week and the digital debut of the track model 296 GT3 Modificata.<\/p>\n<p align=\"justify\">Racing revenues increased in the quarter, mainly driven by higher sponsorships and a positive contribution from the rental of engines to other Formula 1 racing teams. The quarter also reflected Ferrari\u2019s continued competitiveness in motorsport, with podium finishes recorded by both Scuderia Ferrari in Formula 1 and the 499P Hypercar in the FIA World Endurance Championship. In the quarter, the Hypersail project made further progress, including the flying monohull entering its final construction phase.<\/p>\n<p align=\"justify\">Lifestyle initiatives were rich in the quarter, including the capsule collection launched for the Monza Grand Prix, the continued evolution of tailored experiences offered through Casa Ferrari and the Fan Zones, as well as the launch of the Sketch Body, a distinctive project within the Collectibles offer that celebrates the intersection of art, innovation and heritage.<b><br \/><\/b><\/p>\n<p>\n        <b>Total net revenues<\/b>\n      <\/p>\n<p align=\"justify\">Net revenues for Q3 2026 were Euro 1,896 million, up 7% (up 10% at constant currency). Revenues from Cars and spare parts were Euro 1,586 million, up 7%, thanks to a richer sports cars mix and higher personalizations. Sponsorship, commercial and brand revenues reached Euro 220 million, up 4%, mainly attributable to higher sponsorships and lifestyle activities, partially offset by lower Formula 1 commercial revenues linked to the prior year Formula 1 ranking. Other revenues also grew in the quarter, mostly reflecting rental of engines to other Formula 1 racing teams. Foreign exchange impact, net of currency hedges, resulted in a negative effect primarily due to the US Dollar and the Japanese Yen.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"4\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the three months ended<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>(Euro million)<\/b>\n          <\/td>\n<td colspan=\"4\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the nine months ended<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle\">\n            <b>Change<\/b>\n          <\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle\">\n            <b>Change<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle\">\n            <b>at constant<\/b>\n          <\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle\">\n            <b>at constant<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\n            <b>currency<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\n            <b>currency<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,586<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,479<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">7%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">10%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Cars and spare parts<sup>(<\/sup><sup>4<\/sup><sup>)<\/sup><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">4,771<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">4,522<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">6%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">8%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">220<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">211<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">4%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">7%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Sponsorship, commercial and brand<sup>(<\/sup><sup>5<\/sup><sup>)<\/sup><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">647<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">607<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">7%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">8%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">90<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">76<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">18%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">17%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Other<sup>(<\/sup><sup>6<\/sup><sup>)<\/sup><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">264<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">215<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">22%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">24%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,896<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,766<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">7%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">10%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Total net revenues<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">5,682<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">5,344<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">6%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">9%<\/td>\n<\/tr>\n<\/table>\n<p>\n        <b>Operating profit (EBIT) and EBITDA<\/b>\n      <\/p>\n<p align=\"justify\">Q3 2026 Operating profit (EBIT) was Euro 563 million, up 12% versus the prior year (up 23% at constant currency) and with an Operating profit (EBIT) margin of 29.7%. The increase was mostly attributable to a positive product mix \u2013 mainly supported by the F80 \u2013 and higher personalizations. This was partially offset by higher depreciation and amortization, in line with the start of production of new models and increased marketing expenses. Q3 2026 EBITDA reached Euro 753 million, up 12% versus the prior year (up 20% at constant currency) and with an EBITDA margin of 39.7%.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"5\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the three months ended<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>(Euro million)<\/b>\n          <\/td>\n<td colspan=\"6\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the nine months ended<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle\">\n            <b>Change<\/b>\n          <\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle\">\n            <b>Change<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle\">\n            <b>at constant<\/b>\n          <\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle\">\n            <b>at constant<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\n            <b>currency<\/b>\n          <\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\n            <b>currency<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">753<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">670<\/td>\n<td style=\"text-align: right;vertical-align: middle\">12%<\/td>\n<td style=\"text-align: right;vertical-align: middle\">20%<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle\">EBITDA<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2,230<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2,072<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">8%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">13%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">563<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">503<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">12%<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">23%<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Operating profit (EBIT)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,716<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,597<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">7%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">15%<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<p align=\"justify\">The decrease in net financial expenses for the quarter was mostly driven by a positive net foreign exchange effect. The effective tax rate<sup>(<\/sup><sup>7<\/sup><sup>)<\/sup> in the quarter was 23.0%, mainly reflecting the estimate of the benefit attributable to the new Patent Box. As a result, the Net profit in the quarter increased to Euro 431 million and the diluted earnings per share reached Euro 2.44, compared to Euro 2.14 in Q3 2025.<\/p>\n<p align=\"justify\">Industrial free cash flow in the quarter was strong at Euro 567 million, sustained by profitability and a positive change in working capital, partially offset by capital expenditures<sup>(<\/sup><sup>8<\/sup><sup>)<\/sup>.<\/p>\n<p align=\"justify\">Net Industrial Cash<sup>(1)<\/sup> as of September 30, 2026 was Euro 219 million, compared to a Net Industrial Debt position of Euro 131 million as of June 30, 2026, also reflecting the share repurchases for Euro 173 million.<\/p>\n<p align=\"justify\">\n        <b>2026 guidance further upgraded, based on the updated assumptions:<\/b>\n      <\/p>\n<ul>\n<li style=\"margin-top:0cm;margin-bottom:0cm;text-align:justify\">Stronger personalizations than initially expected<\/li>\n<li style=\"margin-top:0cm;margin-bottom:0cm;text-align:justify\">Lower than anticipated currency headwinds, net of hedges<\/li>\n<li style=\"margin-top:0cm;margin-bottom:0cm;text-align:justify\">Second place in the Formula 1 Championship<\/li>\n<\/ul>\n<p align=\"justify\">Confirmed the below, compared with 2025:<\/p>\n<ul>\n<li style=\"margin-top:0cm;margin-bottom:0cm;text-align:justify\">Significant model change-over to shape the year and positive product mix<\/li>\n<li style=\"margin-top:0cm;margin-bottom:0cm;text-align:justify\">Higher racing and lifestyle revenues<\/li>\n<li style=\"margin-top:0cm;margin-bottom:0cm;text-align:justify\">Increased brand investments, as well as racing and digital expenses<\/li>\n<li style=\"margin-top:0cm;margin-bottom:0cm;text-align:justify\">Higher D&amp;A in line with start of production of new models<\/li>\n<\/ul>\n<p align=\"justify\">Our guidance is based on current visibility on the Middle East crisis effects.<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt\">\n            <i>(\u20acB, unless otherwise stated)<\/i>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>UPGRADED <br \/>2026<\/b><br \/>\n            <br \/>\n            <b>GUIDANCE <\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>PREVIOUS<\/b><br \/>\n            <br \/>\n            <b>2026<\/b><br \/>\n            <br \/>\n            <b>GUIDANCE<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt\">\n            <b>NET REVENUES<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">~7.65<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">~7.60<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">7.15<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt\">\n            <b>ADJ. EBITDA <\/b>(margin %)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\u22653.00<br \/>\u226539.2%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\u22652.97<br \/>\u226539.0%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">2.77 <br \/>38.8%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt\">\n            <b>ADJ. OPERATING PROFIT (EBIT) <\/b>(margin %)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\u22652.285<br \/>\u226529.8%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\u22652.26<br \/>\u226529.5%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">2.11<br \/>29.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt\">\n            <b>ADJ. DILUTED EPS <\/b>(\u20ac)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\u22659.85<sup>(<\/sup><sup>9<\/sup><sup>)<\/sup><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\u22659.68<sup>(<\/sup><sup>10<\/sup><sup>)<\/sup><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">8.96<sup>(<\/sup><sup>11<\/sup><sup>)<\/sup><\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt\">\n            <b>INDUSTRIAL FCF<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Up to 1.65<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\u22651.55<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">1.54<\/td>\n<\/tr>\n<\/table>\n<p>\n        <b><br \/>\n          <br \/>\n        <\/b>\n      <\/p>\n<p align=\"justify\">\n        <b>Subsequent events:<\/b>\n      <\/p>\n<ul>\n<li style=\"margin-top:0cm;margin-bottom:0cm;text-align:justify\">From October 1, 2026, to October 30, 2026, the Company purchased 176,262 common shares for total consideration of \u20ac61.5 million. The share repurchases were made under the third tranche of the multi-year share buyback program of approximately \u20ac3.5 billion expected to be executed by 2030, as announced during the Capital Markets Day held in October 2025. At October 30, 2026, the Company held in treasury 2,038,689 common shares, corresponding to 1.15% of issued common shares and 0.87% of issued share capital (including special voting shares).<\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <br \/>\n        <\/b>\n      <\/p>\n<p align=\"justify\">\n        <b>About Ferrari <\/b><br \/>\n        <br \/>Ferrari is one of the world\u2019s leading luxury brands, encompassing racing, sports cars and lifestyle. In each of these three souls, the Prancing Horse is a symbol of exclusivity, innovation and cutting-edge performance. The brand\u2019s heritage and global recognition are closely associated with its Formula 1 racing team, Scuderia Ferrari, the most successful in the sport\u2019s history. Since the inaugural World Championship in 1950, Scuderia Ferrari has claimed 16 Constructors\u2019 and 15 Drivers\u2019 world titles. From its home in Maranello, Italy, Ferrari designs, engineers, and produces some of the world\u2019s most iconic and recognisable luxury sports cars, sold in over 60 markets worldwide. In lifestyle, Ferrari designs and creates a selection of personal luxury goods, collectibles and experiences that embody the brand\u2019s elevated style and passion.<\/p>\n<p align=\"justify\">\n        <b>Forward Looking Statements<\/b><br \/>\n        <br \/>In this document, unless otherwise specified, the terms \u201cwe\u201d, \u201cour\u201d, \u201cus\u201d, the \u201cGroup\u201d, the \u201cCompany\u201d and \u201cFerrari\u201d refer to Ferrari N.V., individually or together with its subsidiaries, as the context may require. This document, and in particular the section entitled \u201c2026 Guidance\u201d, contain forward-looking statements. These statements may include terms such as \u201cmay\u201d, \u201cwill\u201d, \u201cexpect\u201d, \u201ccould\u201d, \u201cshould\u201d, \u201cintend\u201d, \u201cestimate\u201d, \u201canticipate\u201d, \u201cbelieve\u201d, \u201cremain\u201d, \u201ccontinue\u201d, \u201con track\u201d, \u201csuccessful\u201d, \u201cgrow\u201d, \u201cdesign\u201d, \u201ctarget\u201d, \u201cobjective\u201d, \u201cgoal\u201d, \u201cforecast\u201d, \u201cprojection\u201d, \u201coutlook\u201d, \u201cprospects\u201d, \u201cplan\u201d, \u201cguidance\u201d and similar expressions. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group\u2019s 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: our ability to preserve and enhance the value of the Ferrari brand; our ability to attract and retain qualified personnel; the success of our racing activities; our ability to keep pace with advances in high performance automotive technology, and meet the challenges and costs of continually integrating leading-edge innovations into our car portfolio over time, while continuing to create distinctive and desirable designs for our new models; increases in costs, including as a result of increasingly stringent fuel economy, emissions and safety standards, disruptions of supply or shortages of components and raw materials; our ability to successfully carry out our controlled volume and growth strategy, while increasing our presence in growth market countries; changes in general economic conditions (including changes in the markets in which we operate) and changes in demand for luxury goods, including high performance luxury cars, which is volatile; macro events, pandemics and conflicts, including the ongoing conflicts in Ukraine and the Middle East region, and the related issues potentially impacting sourcing and transportation; trading policies and tariffs; competition in the luxury performance automobile industry; changes in client preferences and automotive trends; our ability to preserve the value of our cars over time and our relationship with the automobile collector and enthusiast community; disruptions at our manufacturing facilities in Maranello and Modena; climate change and other environmental impacts, as well as an increased focus of regulators and stakeholders on environmental matters; our ability to maintain the functional and efficient operation of our information technology systems and to defend against the risk of cyberattacks; the ability of our current management team to operate and manage effectively, and the reliance upon a number of key members of executive management and employees; the performance of our dealer network on which we depend for sales and services; product warranties, product recalls and liability claims; the sponsorship and commercial revenues and expenses of our racing activities, as well as the popularity of motor sports more broadly; the performance of our lifestyle activities; our ability to protect our intellectual property rights and to avoid infringing the intellectual property rights of others; changes in tax or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which we operate; our continued compliance with customs regulations of various jurisdictions; labor relations and collective bargaining agreements; our ability to ensure that our employees, agents and representatives comply with applicable law and regulations; exchange rate fluctuations, interest rate changes, credit risk and other market risks; our ability to service and refinance our debt; our ability to provide or arrange for adequate access to financing for our clients and dealers, and associated risks; the adequacy of our insurance coverage to protect us against potential losses; potential conflicts of interest due to director and officer overlaps with our largest shareholders, and other factors discussed elsewhere in this document.<\/p>\n<p align=\"justify\">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\u2019s financial results, is included in the Company\u2019s reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB.<\/p>\n<p>For further information:<br \/>Ferrari Media &amp; PR<br \/>tel.: +39 0536 241053<br \/>Email: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=r6xlgNJDfRXCwoX8Ghya1KJRZEd0X1ORnhVICBtXMjZ_V_YUjCjP7qSisF6vog0QgtPJyuJXjZesoCTaY95c3Z2wvyYEx3OzhtAxqRHEYao=\" rel=\"nofollow\" target=\"_blank\">media@ferrari.com<\/a><\/p>\n<p>Investor Relations<br \/>tel.: +39 0536 241395<br \/>Email: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ijx-KFgh4PAsj36CSx5XdGwHbjHWk7LltTrQwAkpM3IdYF8bmuk0SeZ5IQuG_Ns-NR5e7hH20t4ojx4fqikx8z3_xshGpTVr6yJXRhXy5ww=\" rel=\"nofollow\" target=\"_blank\">ir@ferrari.com<\/a><\/p>\n<p>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=hDYIdLrqdpQeyKzgolXYtq7hp7nfC8PdIt5q562EAlQLJxbw0I7mVpU-PzcjKdHrpJEX7kv2ulA-_UNW6hxtUfVLw61viLfTwQNRoGjVzTk=\" rel=\"nofollow\" target=\"_blank\">www.ferrari.com<\/a><br \/>\n        <b><br \/>\n          <br \/>\n        <\/b>\n      <\/p>\n<p align=\"justify\">\n        <b>Earnings call<\/b>\n      <\/p>\n<p align=\"justify\">On November 3, 2026, at 3:00 p.m. CET, management will hold a conference call to present the Q3 2026 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\u2019s website https:\/\/www.ferrari.com\/en-EN\/corporate\/investors. The supporting document will be made available on the website prior to the call.<\/p>\n<p align=\"justify\">\n        <b>Appendix and non-GAAP financial measures<\/b>\n      <\/p>\n<p align=\"justify\">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. Accordingly, investors and analysts should exercise appropriate caution in comparing these supplemental financial measures to similarly titled financial measures reported by other companies.<\/p>\n<p align=\"justify\">We believe that these supplemental financial measures provide comparable measures of financial performance which then facilitate management\u2019s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions.<\/p>\n<p align=\"justify\">Certain totals in the tables included in this document may not add due to rounding.<\/p>\n<p align=\"justify\">\n        <b>Shipments<sup>(<\/sup><\/b><br \/>\n        <sup>12<\/sup><br \/>\n        <b><br \/>\n          <sup>)(<\/sup><br \/>\n        <\/b><br \/>\n        <sup>13<\/sup><br \/>\n        <b><br \/>\n          <sup>)<\/sup><br \/>\n        <\/b>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the three months ended<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>Shipments<\/b>\n          <\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the nine months ended<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>(units)<\/b>\n          <\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>Change (units)<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>Change (units)<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,487<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,449<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">38<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">EMEA<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">4,801<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">4,796<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">5<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,050<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,045<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">5<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Americas<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2,867<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">3,060<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">(193)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">143<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">248<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">(105)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Mainland China, Hong Kong and Taiwan<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">583<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">759<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">(176)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">688<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">659<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">29<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Rest of APAC<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,919<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,873<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">46<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">3,368<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">3,401<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">(33)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Total Shipments<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">10,170<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">10,488<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">(318)<\/td>\n<\/tr>\n<\/table>\n<p>\n        <b><br \/>\n          <br \/>\n        <\/b>\n      <\/p>\n<p align=\"justify\">\n        <b>Key performance metrics and reconciliations of NON-GAAP financial measures<\/b>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the three months ended<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>(Euro million)<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the nine months ended<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,896<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,766<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Net revenues<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">5,682<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">5,344<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">902<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">882<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Cost of sales<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2,711<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2,586<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">173<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">160<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Selling, general and administrative costs<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">522<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">469<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">251<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">222<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Research and development costs<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">714<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">680<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">8<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Other expenses\/(income), net<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">27<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">20<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">3<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Result from investments<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">8<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">8<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">563<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">503<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Operating profit (EBIT)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,716<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,597<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">4<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">13<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Financial expenses\/(income), net<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">19<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">34<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">559<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">490<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Profit before taxes<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,697<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,563<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">128<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">108<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Income tax expenses<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">390<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">344<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">23.0%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">22.0%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Effective tax rate<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">23.0%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">22.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">431<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">382<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Net profit<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,307<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,219<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2.45<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2.14<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Basic EPS (\u20ac)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">7.40<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">6.83<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2.44<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2.14<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Diluted EPS (\u20ac)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">7.39<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">6.82<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">753<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">670<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">EBITDA<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2,230<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2,072<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">738<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">658<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">of which EBITDA (Industrial activities only)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2,187<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2,040<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <b>Total net revenues, EBITDA and Operating profit (EBIT) at constant currency<\/b> eliminate the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the three months ended<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>(Euro million)<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the nine months ended<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>at constant<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>at constant<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>currency<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>currency<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,586<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,588<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Cars and spare parts<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">4,771<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">4,835<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">220<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">220<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Sponsorship, commercial and brand<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">647<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">647<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">90<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">89<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Other<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">264<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">268<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,896<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,897<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Total net revenues<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">5,682<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">5,750<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the three months ended<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>(Euro million)<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the nine months ended<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>at constant<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>at constant<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>currency<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>currency<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">753<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">759<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">EBITDA<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2,230<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2,283<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">563<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">569<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Operating profit (EBIT)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,716<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,769<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <b>EBITDA<\/b> is defined as net profit before income tax expense, financial expenses\/(income), net and amortization and depreciation. <b>Adjusted EBITDA<\/b> 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.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the three months ended<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>(Euro million)<\/b>\n          <\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the nine months ended<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>Change<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>Change<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">431<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">382<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">49<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Net profit<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,307<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,219<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">88<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">128<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">108<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">20<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Income tax expense<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">390<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">344<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">46<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">4<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">13<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(9)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Financial expenses\/(income), net<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">19<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">34<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(15)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">190<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">167<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">23<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Amortization and depreciation<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">514<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">475<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">39<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">753<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">670<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">83<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">EBITDA\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2,230<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2,072<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">158<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Adjustments<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">753<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">670<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">83<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Adjusted EBITDA<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2,230<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2,072<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">158<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <b>Adjusted Operating profit<\/b> or Adjusted Earnings Before Interest and Taxes or <b>Adjusted EBIT<\/b> represents Operating profit (EBIT) as adjusted for certain income and costs which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the three months ended<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>(Euro million)<\/b>\n          <\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the nine months ended<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>Change<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>Change<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">563<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">503<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">60<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Operating profit (EBIT)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,716<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,597<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">119<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Adjustments<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">563<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">503<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">60<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Adjusted Operating profit (EBIT)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,716<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,597<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">119<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <b>Adjusted Net profit<\/b> 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.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the three months ended<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>(Euro million)<\/b>\n          <\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the nine months ended<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>Change<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>Change<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">431<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">382<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">49<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Net profit<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,307<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,219<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">88<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Adjustments<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">431<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">382<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">49<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Adjusted net profit<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,307<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,219<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">88<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<p align=\"justify\">\n        <b>Basic and diluted EPS<sup>(<\/sup><\/b><br \/>\n        <sup>14<\/sup><br \/>\n        <b><br \/>\n          <sup>) <\/sup><br \/>\n        <\/b>are determined as per the table here below. <b>Adjusted EPS<\/b> 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.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the three months ended<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>(Euro million, unless otherwise stated)<\/b>\n          <\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the nine months ended<\/b>\n          <\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle\">\n            <b>\u00a0<\/b>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>Change<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>Change<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">430<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">381<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">49<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Net profit attributable to the owners of the Company<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,305<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,217<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">88<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">175,730<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">178,148<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Weighted average number of common shares (thousand)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">176,309<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">178,340<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2.45<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2.14<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">0.31<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Basic EPS (in Euro)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">7.40<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">6.83<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">0.57<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Adjustments\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2.45<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2.14<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">0.31<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Adjusted basic EPS (in Euro)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">7.40<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">6.83<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">0.57<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">175,931<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">178,348<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Weighted average number of common shares for diluted earnings per common share (thousand)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">176,510<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">178,540<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2.44<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2.14<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">0.30<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Diluted EPS (in Euro)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">7.39<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">6.82<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">0.57<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Adjustments\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2.44<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2.14<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">0.30<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Adjusted diluted EPS (in Euro)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">7.39<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">6.82<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">0.57<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <b>Capex and R&amp;D<\/b>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the three months ended<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>(Euro million)<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the nine months ended<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">226<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">230<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Capital expenditures<sup>(8)<\/sup><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">715<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">693<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">118<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">106<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">of which capitalized development costs<sup>(<\/sup><sup>15<\/sup><sup>)<\/sup> (A)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">352<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">326<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">151<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">138<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Research and development costs expensed (B)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">451<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">444<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">269<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">244<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Total research and development (A+B)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">803<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">770<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">100<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">84<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Amortization of capitalized development costs (C)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">263<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">236<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">251<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">222<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Research and development costs as recognized <br \/>in the consolidated income statement (B+C)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">714<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">680<\/td>\n<\/tr>\n<\/table>\n<p>\n        <b><br \/>\n          <br \/>\n        <\/b>\n      <\/p>\n<p align=\"justify\">\n        <b>Free Cash Flow <\/b>and<b> Free Cash Flow from Industrial Activities <\/b>are two of management\u2019s primary key performance indicators to measure the Group\u2019s performance. Free Cash Flow is defined as consolidated cash flows from operating activities less investments in property, plant and equipment (excluding right-of-use assets recognized during the period in accordance with IFRS 16 \u2014 Leases), and intangible assets. 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). Free Cash Flow from Financial Services Activities is defined as cash flows from operating activities of our financial services activities less investments in property, plant and equipment (excluding right-of-use assets recognized during the period in accordance with IFRS 16 \u2014 Leases), intangible assets of our financial services activities.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the three months ended<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>(Euro million)<\/b>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>For the nine months ended<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>September 30,<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <b>2025<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">737<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">588<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Cash flow from operating activities<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2,037<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,830<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(226)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(230)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Investments in property, plant and<br \/>\u00a0equipment and intangible assets<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(715)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(693)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">511<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">358<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Free Cash Flow<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,322<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,137<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(56)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(38)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Free Cash Flow from Financial Services Activities<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(174)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(77)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">567<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">396<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Free Cash Flow from Industrial Activities<sup>(<\/sup><sup>16<\/sup><sup>)<\/sup><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,496<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,214<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <b>Net Industrial (Debt)\/Cash<\/b>, defined as total Debt less Cash and Cash Equivalents (Net (Debt)\/Cash), further adjusted to exclude the debt and cash and cash equivalents related to our financial services activities (Net (Debt)\/Cash of Financial Services Activities). Net Debt of Financial Services Activities is defined as debt of our financial services activities less cash and cash equivalents of our financial services activities. The Net Debt of Financial Services Activities primarily relates to our asset-backed financing (securitizations) of the receivables generated by our financial services activities in the United States.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt\">\n            <b>(Euro million)<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <b>Sept. 30, 2026<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <b>Jun. 30,<\/b><br \/>\n            <br \/>\n            <b>2026<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <b>Mar. 31, 2026<\/b>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <b>Dec. 31,<\/b><br \/>\n            <br \/>\n            <b>2025<\/b>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt\">Debt<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(3,122)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(3,166)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(2,929)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(2,884)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt\">of which lease liabilities as per IFRS 16<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(156)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(157)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(161)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(162)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt\">Cash and Cash Equivalents<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,729<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,486<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,857<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,467<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt\">Net (Debt)\/Cash<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(1,393)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(1,680)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(1,072)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(1,417)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt\">Net (Debt)\/Cash of Financial Services Activities<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(1,612)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(1,549)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(1,460)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(1,385)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt\">Net Industrial (Debt)\/Cash<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">219<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(131)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">388<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">(32)<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<hr \/>\n<p align=\"justify\">\n        <sup>1<\/sup>\u00a0\u00a0 The term EBIT is used as a synonym for Operating profit. Adjusted metrics equaled the reported ones, since there were no adjustments impacting EBITDA, EBITDA margin, EBIT, EBIT margin, Net profit, Basic EPS and Diluted EPS in the periods presented. Refer to specific paragraph on non-GAAP financial measures.<\/p>\n<p align=\"justify\">\n        <sup>2<\/sup> \u00a0\u00a0 Free cash flow from industrial activities for the three and nine months ended September 30, 2025 have been re-presented to include Euro 32 million mainly related to withholding taxes, which were paid in the third quarter.<\/p>\n<p align=\"justify\">\n        <sup>3<\/sup>\u00a0\u00a0 These results have been prepared in accordance with the IFRS Accounting Standards (\u201cIFRS Accounting Standards\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d) as well as IFRS Accounting Standards as adopted by the European Union<\/p>\n<p align=\"justify\">\n        <sup>4<\/sup> \u00a0\u00a0\u00a0\u00a0\u00a0 Includes net revenues generated from shipments of our cars, any personalization generated on these cars, as well as sales of spare parts<\/p>\n<p align=\"justify\">\n        <sup>5<\/sup> \u00a0\u00a0\u00a0\u00a0\u00a0 Includes net revenues earned by our racing teams (mainly in the Formula 1 World Championship and the World Endurance Championship) through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues, as well as net revenues generated through the Ferrari brand, including lifestyle collections, merchandising, licensing and royalty income<\/p>\n<p align=\"justify\">\n        <sup>6<\/sup> \u00a0\u00a0\u00a0\u00a0\u00a0 Primarily relates to financial services activities, management of the Mugello racetrack and other sports-related activities, as well as net revenues generated from the rental of engines to other Formula 1 racing teams<\/p>\n<p align=\"justify\">\n        <sup>7<\/sup> \u00a0\u00a0 In Q3 2026 the effective tax rate benefits from the new Patent Box regime regulated by Law Decree No. 146 and effective from October 22, 2021, which provides for a 110% super tax deduction for costs relating to eligible intangible assets<\/p>\n<p align=\"justify\">\n        <sup>8<\/sup> \u00a0 Capital expenditures excluding right-of-use assets recognized during the period in accordance with IFRS 16 &#8211; Leases<\/p>\n<p>\n        <sup>9<\/sup> \u00a0\u00a0 Calculated using the weighted average diluted number of common shares as of September 30, 2026 (176,510 thousand)<\/p>\n<p align=\"justify\">\n        <sup>10<\/sup>\u00a0 Calculated using the weighted average diluted number of common shares as of June 30, 2026 (176,804 thousand)<\/p>\n<p align=\"justify\">\n        <sup>11<\/sup>\u00a0 Calculated using the weighted average diluted number of common shares as of December 31, 2025 (178,321 thousand)<\/p>\n<p align=\"justify\">\n        <sup>12<\/sup>\u00a0 Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars, and other special sales<\/p>\n<p align=\"justify\">\n        <sup>13<\/sup>\u00a0 EMEA includes: Italy, UK, Germany, Switzerland, France, Middle East (includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait), Africa and European markets not separately identified; Americas includes: United States of America, Canada, Mexico, the Caribbean and Central and South America; Rest of APAC mainly includes: Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia<\/p>\n<p align=\"justify\">\n        <sup>14<\/sup>\u00a0 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 for outstanding share-based awards granted by the Group (assuming 100 percent of the target awards vested)<\/p>\n<p align=\"justify\">\n        <sup>15<\/sup>\u00a0 Capitalized as intangible assets<\/p>\n<p align=\"justify\">\n        <sup>16<\/sup> Free cash flow from industrial activities for the three and nine months ended September 30, 2025 has been re-presented to include Euro 32 million mainly related to withholding taxes, which were paid in the third quarter. Starting from the three and six months ended June 30, 2026 the free cash flow from industrial activities excludes withholding taxes.<\/p>\n<p>\n        \n      <\/p>\n<p id=\"gnw_attachments_section-header\">\n        <strong>Attachment<\/strong>\n      <\/p>\n<ul id=\"gnw_attachments_section-items\">\n<li>\n          <a target=\"_blank\" href=\"https:\/\/ml-eu.globenewswire.com\/Resource\/Download\/4aeab9ee-9218-4838-b387-8ff8d55d630e\">2026_11_03 &#8211; Ferrari Q3 2026 Results Press Release<\/a>\n        <\/li>\n<\/ul>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=MTAwMTMwMTUwOCM0MDI1NTc4ODEjMjAxOTkyMQ==\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml-eu.globenewswire.com\/media\/MjFlZDBmMmQtOWMxYi00ZTZiLWJkMjUtYWEyOGIyNDVmY2M1LTEwMzE0OTMtMjAyNi0xMS0wMy1lbg==\/tiny\/Ferrari-N-V-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Net revenues of Euro 1,896 million, up 7% versus prior year (up 10% at constant currency(1)) Operating profit (EBIT)(1) of Euro 563 million, with Operating profit (EBIT) margin of 29.7%, up 12% versus prior year (up 23% at constant currency) Net profit of Euro 431 million and diluted EPS at Euro 2.44 EBITDA(1) of Euro 753 million, with EBITDA margin of 39.7%, up 12% versus prior year (up 20% at constant currency) Industrial free cash flow(1)(2) of Euro 567 million, up 43% versus the prior year \u201cUniqueness, innovation and focus: three key factors to keep the promises of our last Capital Markets Day. Deliveries of our F80 supercar and personalizations, led by the Ferrari 296 Speciale family, support our robust &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/strong-mix-and-personalizations-sustain-q3-growth-and-further-2026-guidance-upgrade\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;STRONG MIX AND PERSONALIZATIONS SUSTAIN Q3 GROWTH AND FURTHER 2026 GUIDANCE UPGRADE&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1016598","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>STRONG MIX AND PERSONALIZATIONS SUSTAIN Q3 GROWTH AND FURTHER 2026 GUIDANCE UPGRADE - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/strong-mix-and-personalizations-sustain-q3-growth-and-further-2026-guidance-upgrade\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"STRONG MIX AND PERSONALIZATIONS SUSTAIN Q3 GROWTH AND FURTHER 2026 GUIDANCE UPGRADE - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Net revenues of Euro 1,896 million, up 7% versus prior year (up 10% at constant currency(1)) Operating profit (EBIT)(1) of Euro 563 million, with Operating profit (EBIT) margin of 29.7%, up 12% versus prior year (up 23% at constant currency) Net profit of Euro 431 million and diluted EPS at Euro 2.44 EBITDA(1) of Euro 753 million, with EBITDA margin of 39.7%, up 12% versus prior year (up 20% at constant currency) Industrial free cash flow(1)(2) of Euro 567 million, up 43% versus the prior year \u201cUniqueness, innovation and focus: three key factors to keep the promises of our last Capital Markets Day. Deliveries of our F80 supercar and personalizations, led by the Ferrari 296 Speciale family, support our robust &hellip; Continue reading &quot;STRONG MIX AND PERSONALIZATIONS SUSTAIN Q3 GROWTH AND FURTHER 2026 GUIDANCE UPGRADE&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/strong-mix-and-personalizations-sustain-q3-growth-and-further-2026-guidance-upgrade\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-11-03T11:43:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=MTAwMTMwMTUwOCM0MDI1NTc4ODEjMjAxOTkyMQ==\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"18 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/strong-mix-and-personalizations-sustain-q3-growth-and-further-2026-guidance-upgrade\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/strong-mix-and-personalizations-sustain-q3-growth-and-further-2026-guidance-upgrade\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"STRONG MIX AND PERSONALIZATIONS SUSTAIN Q3 GROWTH AND FURTHER 2026 GUIDANCE UPGRADE\",\"datePublished\":\"2026-11-03T11:43:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/strong-mix-and-personalizations-sustain-q3-growth-and-further-2026-guidance-upgrade\\\/\"},\"wordCount\":3575,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/strong-mix-and-personalizations-sustain-q3-growth-and-further-2026-guidance-upgrade\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=MTAwMTMwMTUwOCM0MDI1NTc4ODEjMjAxOTkyMQ==\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/strong-mix-and-personalizations-sustain-q3-growth-and-further-2026-guidance-upgrade\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/strong-mix-and-personalizations-sustain-q3-growth-and-further-2026-guidance-upgrade\\\/\",\"name\":\"STRONG MIX AND PERSONALIZATIONS SUSTAIN Q3 GROWTH AND FURTHER 2026 GUIDANCE UPGRADE - 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