Ferrari Group PLC Half-Year Report 2025

25.	POST BALANCE SHEET EVENTS 48

Company	Ferrari Group PLC
Company registration number:	12614552
Directors:
- Mr. Corrado Deiana - Mr. Marco Deiana, - Mrs. Maria Isabella la Forgia - Mr. Alessandro Nicolò Ugo - Mrs. Monica Belfiore - Mrs. Maria Rita Megre de Sousa Coutinho - Mr. Nigel Richard Paxman	Executive Director Executive Director Executive Director Executive Director Non-Executive Director – appointed on February 13, 2025 Non-Executive Director – appointed on February 13, 2025 Non-Executive Director – appointed on February 13, 2025
- Mrs. Leslie Anais Serrero	Non-Executive Director – appointed on February 13, 2025
Company Secretary:	Apex Secretaries LLP 140 Aldersgate Street, London, EC1A 4HY, United Kingdom

Highlights

Main Activities

Ferrari Group is a global leader in the worldwide shipment of luxury goods. With over 60 years of experience, knowledge of markets and customs procedures and the continuous innovation in security systems, the Ferrari Group (also the "Group") is now an extensive group of companies with branches and offices throughout the world.

Established in 1959 as a customs broker and forwarding company in Italy, the Ferrari Group is today a global network operator, delivering in more than 60 countries world-wide.

The Ferrari Group is now a major player in the logistics network which services luxury goods, products and high-end events. The customers of the Group include global luxury brands, high-end watchmakers, jewellery manufacturers and distributors, diamond dealers, precious stone producers and private clients. As such, growth dynamics of these sectors significantly impact business operations and the Group's growth, thus representing the main reference market of the Group. It is, however, important to distinguish the luxury market from the luxury logistics market as whilst both are subject to similar secular trends, some of the growth dynamics are different, with luxury logistics market growing at a faster rate than the luxury market.

The Group services customers throughout the luxury goods value chain and specifically focuses on the following primary activities:

Freight forwarding: the fast and secure delivery of luxury goods through different airfreight carriers for valuable and vulnerable cargo;
Custom solution: the handling of procedures involved in the shipping of high-value products throughout the world including providing country-specific expertise, customs consultancy services and solutions;
Ground transportation, warehousing and logistic services: the transportation of luxury goods on land through a fleet of armoured and non-armoured vehicles and the safe storage of those goods; and
Special services: offering bespoke services across the logistics value chain including security for luxury goods at red-carpet events, the assembly of goods, after sales services and stocktaking and other services which includes packaging items, kitting and wrapping goods and preparing components for production.

As a result, the Group provides integrated services to connect hard luxury brands with their customers by working in cooperation with clients to provide bespoke solutions.

Half-year 2025 - Financial highlights

The table below reports non-GAAP measure considered relevant by management and they are considered as Group Alternative Performance Measure ("APM").

Relevant explanations are provided on note 42 of the 2024 Annual Report.

	Half-year	Half-year
Amounts in € thousands	2025	2024
Revenues	179,582	173,084
Adjusted EBITDA (*)	47,695	45,704
Adjusted EBITDA Margin % (*)	26.6%	26.4%
Net Working Capital	28,441	35,101
Net Financial Position (**)	100,641	86,992

(*) no adjusting items included both in Half-year 2025 and Half-year 2024

(**) compared with December 31, 2024

Half-year Directors' Report

The Directors present their half-year report together with the unaudited Interim Condensed Consolidated Financial Statements.

Significant events that have occurred in the first six months of the relevant financial year and their impact on the Half-year financial statements

Changes in share capital

On January 29, 2025, Ferrari Group PLC and the parent company (Deiana Holding Limited) passed resolutions to implement a redenomination, consolidation and subdivision of the share capital of the Company as follows:

GBP 77,045,804 Ordinary Shares were redenominated at a prevailing exchange rate determined in accordance with the UK Companies Act from GBP 1.00 to €1.1844;
the Company issued a bonus share with a nominal value of €46,949.7424, for the purposes of ensuring that the redenomination resulted in a whole number of Ordinary Shares;
the share capital of the Company (including the bonus share) was consolidated into 1 ordinary share with a nominal value of €91,300,000; and
the share capital of the Company was subdivided from 1 ordinary share with a nominal value of €91,300,000 into 91,300,000 Ordinary Shares with a nominal value of €1.00 each.

Listing on Euronext Amsterdam

On February 13, 2025, all Ordinary Shares were admitted to listing and trading on Euronext Amsterdam, and Deiana Holding Limited offered 22,825,000 Ordinary Shares, with an additional 3,327,620 Ordinary Shares after settlement of the over-allotment option granted to the underwriters to the offering. In connection with the Admission, the Company updated its governance structure, by appointing four new Non-Executive Directors, establishing an audit committee, a remuneration committee and a selection and nomination committee, and adopting new Articles of Association, Board rules, committee charters and various policies, which are published in the Company's website (www.ferrarigroup.net).

Update regarding principal risks and uncertainties facing the Company

The Board has reconsidered the principal risks and uncertainties affecting the Group in the second half of the year. The principal risks and uncertainties on pages 16 to 20 of the 2024 Annual Report, available on the Group's website (www.ferrarigroup.net), remain relevant.

In summary, the Group's key risks and uncertainties are:

The physical effects of climate change
Claims, investigations and other legal proceedings in the ordinary course of business
Competitive landscape
Adverse changes due to international presence
Security and data breaches
Foreign exchange rate
Inflation

Financial risk management and financial instruments

The Group implements a careful approach to financial risk management. During the first six months of FY2025 the Group has not entered into transactions involving derivative instruments.

Details of which the Board of Directors considers the main financial risks facing the Company are set out on page 19 of the 2024 Annual Report. As mentioned above, at the date of this report, the Directors of Ferrari Group have assessed such risks and concluded that there are no significant changes compared to what is stated in the 2024 Annual Report.

Directors and changes to the Board of Directors and executive management team

In connection with the Admission, the Company updated its governance structure, by appointing four new Non-Executive Directors, establishing an audit committee, a remuneration committee and a selection and nomination committee, and adopting new Articles of Association, Board rules, committee charters and various policies, which are published in the Company's website (www.ferrarigroup.net).

Subsidiaries Outside of the UK

There have been no changes in the scope of consolidation during the first six months of the year. Details of the Company's subsidiaries are set out in the paragraph "Scope of consolidation" on page 71 of the 2024 annual report. The Company has no branches outside of the UK.

Going concern

The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Therefore, the Interim Condensed Consolidated Financial Statements is prepared adopting the going concern principles.

The Group has adequate financial resources, which includes cash and cash equivalents and short-term bank deposits totaling €133.0 million at June 30, 2025 (€124.7 million at December 31,2024) to cover both the current financial indebtedness amounting to €12.0 million and non-current financial indebtedness amounting to €20.3 million.

The Directors have prepared cash flow forecasts that indicate that the Group has sufficient resources to cover the Group's cash needs for at least a year after the approval date of these interim condensed consolidated financial statements, including all committed capital expenditure.

In determining the going concern basis for preparing the financial statements, the Directors consider the Company's objectives and strategy, its principal risks and uncertainties in achieving its objectives and its review of business performance and financial position. The economic environment reflected in this going concern assessment is based on the FY2025 forecast and the three-year plan, which anticipates moderate organic volumes growth across each of our regions, recognising the inflationary pressures in the Group's cost base.

Based on the information reported above, the Directors are satisfied that the Group has adequate resources, also considering the down-side case, to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis of accounting when preparing the financial statements.

Website pubblication

The Directors are responsible for ensuring the Interim Condensed Consolidated Financial Statements is made available on a website. The Interim Condensed Consolidated Financial Statements are published on the Group's websites, in accordance with legislation in the United Kingdom and the Netherlands governing the preparation and dissemination of Interim Condensed Consolidated Financial Statements, which may

vary from legislation in other jurisdictions. The maintenance and integrity of the Group's websites is the responsibility of the Directors. The Directors' responsibility also extends to the ongoing integrity of the Interim Condensed Consolidated Financial Statements contained therein.

Forward-looking Statements

This document contains certain forward-looking statements with respect to the operations, performance and financial condition of the Group. Such forward-looking statements speak only as of the date of this Half-year Report and are expressly qualified in their entirety by the cautionary statements included in this Half-year Report. Without prejudice to its obligations under Dutch law and English law in relation to disclosure and ongoing information, the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Nothing in this Half-year Report should be construed as a profit forecast.

Directors' responsibilities statement

The Directors have prepared the Group Interim Condensed Consolidated Financial Statements for the first half of FY2025 in accordance with IAS 34 "Interim Financial Reporting".

These Interim Condensed Consolidated Financial Statements have neither been reviewed or audited.

The Directors hereby declare, in accordance with Section 5:25d (2) (c) of the Dutch Financial Supervision Act, that to the best of their knowledge:

The Interim Condensed Consolidated Financial Statements give a true and fair view of the assets and liabilities, and the financial position as at June 30, 2025 and the results for the first six months of FY2025 of Ferrari Group and its consolidated companies; and
The Half-year Directors' Report gives a true and fair view of the information required pursuant to Sections 5:25d (8) and, insofar as applicable, 5:25d (9) of the Dutch Financial Supervision Act.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006.

****************

This report was approved by the Board of Directors on September 23, 2025 and signed on behalf of the Board by:

Mr. Marco Deiana Mr. Alessandro Nicolò Ugo Executive Director (CEO) Executive Director (CFO)

Financial and operating review

Below is reported the figures of the performance of the Group during the first six months ended June 30, 2025 compared to the same period of the previous year:

Amounts in € thousand	Half-year 2025	%	Half-year 2024	%
Revenues	179,582	100.0%	173,084	100.0%
Other income	9,652	5.4%	2,457	1.4%
Purchase of goods	(3,056)	-1.7%	(2,850)	-1.6%
Costs for services	(79,387)	-44.2%	(71,910)	-41.5%
Personnel costs	(57,086)	-31.8%	(53,361)	-30.8%
Impairment of trade receivables	(68)	0.0%	(68)	0.0%
Other operating costs	(1,942)	-1.1%	(1,648)	-1.0%
EBITDA	47,695	26.6%	45,704	26.4%
Depreciation and Amortisation	(9,430)	-5.3%	(7,386)	-4.3%
Provision for risks	(15,771)	-8.8%	(522)	-0.3%
EBIT	22,494	12.5%	37,796	21.8%
Finance costs (net of finance income)	543	0.3%	666	0.4%
Profit before taxes	22,397	12.5%	37,600	21.7%
Income taxes	(8,326)	-4.6%	(8,483)	-4.9%
Profit for the period	14,071	7.8%	29,117	16.8%

Revenues by service

Revenues increased by €6.5 million (€6.9 million on a constant currency basis), or 3.8% (4.0% on a constant currency basis), from €173.1 million for the six months ended June 30, 2024 to €179.6 million for the six months ended June 30, 2025. The increase was primarily due to the increase in the total value of the goods transported, as well as the optimisation and expansion of the route network.

The following table sets forth the Group's revenues by service for the first six months of the years 2025 and 2024:

Amounts in € thousand	Half-year 2025	%	Half-year 2024	%
International Services	117,937	65.7%	114,400	66.1%
Domestic Services	28,947	16.1%	27,137	15.7%
Warehouse & Logistics Services	10,939	6.1%	10,825	6.3%
Special and other services	21,759	12.1%	20,722	12.0%
Total Revenues	179,582	100.0%	173,084	100.0%

International Services

International Services represent the Group's largest service by revenues. International Services recorded revenues of €117.9 million for the six months ended June 30, 2025, or 65.7% of total revenues, compared to €114.4 million, or 66.1% of total revenues, for the six months ended June 30, 2024, representing an increase of €3.5 million, or 3.1%. Such increase was mainly due to the increase in the average value of the goods transported, as well as the optimisation and expansion of the route network.

Domestic Services

Domestic Services represent the second largest service by revenues. Domestic Services recorded revenues of €29.0 million for the six months ended June 30, 2025, or 16.1% of total revenues, compared to €27.1 million, or 15.7% of total revenues, for the six months ended June 30, 2024, representing an increase of €1.9 million, or 6.7%. Such increase was mainly due to the increase in volumes of International Services, which positively impacted domestic activity, particularly in France, Germany, the United States and Dubai as the Group's full-service offering allows it to combine and cross-sell its different services to its customers.

Warehouse & Logistics Services

Warehouse & Logistics Services represent the fourth largest service by revenues. Warehouse & Logistics Services recorded revenues of €10.9 million for the six months ended June 30, 2025, or 6.1% of total revenues, compared to €10.8 million, or 6.3% of total revenues, for the six months ended June 30, 2024. Despite a reduction of the activity in the Asian market, especially in China, the revenues remain stable thanks to decision to increase its provision of warehouses and security vaults, especially in the Europe, in order to meet its customers' growing demand for secured storage facilities, to streamline its supply chain and to keep inventory closer to its customers.

Special and other services

Special and other services represent the third largest service by revenues. Special and other services recorded revenues of €21.8 million for the six months ended June 30, 2025, or 12.0% of total revenues, compared to €20.7 million, or 12.0%, representing an increase of €1.1 million, or 5.3%. Such increase was mainly due to the Group's response to the growing demand by its customers for tailored services, such as hand-carry and white glove services, as well as the increase in private events, fairs, shows and other special services, especially in Switzerland.

Revenue by geography

The following table sets forth the Group's revenues by geography for the first six months ended June 30, 2025 and the six months ended June 30, 2024:

Amounts in € thousand	Half-year 2025	%	Half-year 2024	%
Europe	105,296	58.6%	98,636	57.0%
Asia	29,024	16.2%	31,732	18.3%
NAM & Brazil	24,322	13.5%	23,501	13.6%
Rest of world	20,940	11.7%	19,215	11.1%
Total Revenues	179,582	100.0%	173,084	100.0%

Europe

Europe represents the Group's largest geographic segment in terms of revenues. Europe recorded revenues of €105.3 million for the six months ended June 30, 2025 compared to €98.6 million for the six months ended June 30, 2024, representing an increase of €6.7 million, or 6.8%. Such increase was mainly due to the increased volume of goods transported on behalf of the Group's major customers with production centres and suppliers in Italy, Switzerland and France. In addition, the increase was due to the higher revenues generated by Ferrari Expeditions France S.a.S., Ferrari Logistics Netherland B.V. and Ferrari Logistics Germany GmbH, which was the result of the operational ramp-up and the investments made in France, the Netherlands and Germany, respectively, to increase the volume services provided to the customers in these countries.

Asia

Asia represents the Group's second largest geographic segment in terms of revenues. Asia recorded revenues of €29.0 million for the six months ended June 30, 2025 compared to €31.7 million for the six months ended June 30, 2024, representing a decrease of €2.7 million, or 8.5%. Such decrease was mainly due to the decreased volume of services provided by the Company's subsidiaries, in particular Ferrari Logistic (Asia) Ltd. and Ferrari Logistics China Ltd., to the existing customers. The decrease in the services provided by Ferrari Logistic (Asia) Ltd. and by Ferrari Logistics China Ltd. was mainly due to the general contraction of the Chinese market.

North America and Brazil

North America and Brazil represent the Group's third largest geographic segment in terms of revenues. North America and Brazil recorded revenues of €24.3 million for the six months ended June 30, 2025 compared to €23.5 million for the six months ended June 30, 2024, representing an increase of €0.8 million, or 3.5%. The increase was due to the increased volume of services provided to both existing and new customers in the geographical area, particularly in the United States through Ferrari Express Inc and in Canada through Ferrari Express Canada Inc..

Rest of the world

The geographic area covering the rest of the world represents the Group's fourth largest geographic segment in terms of revenues and recorded revenues of €20.9 million for the six months ended June 30, 2025 compared to €19.2 million for the six months ended June 30, 2024, representing an increase of €1.7 million, or 9.0%. Such increase was mainly due to increased volume of services sold to global costumers and local customers, particularly in Dubai (UAE) through Ferrari Logistics Middle East FZE – UAE and in Australia through Ferrari Logistics Pty Ltd (Australia), which the Group includes in the geographic area covering the rest of the world.

Other Income increased by €7.2 million, from €2.5 million for the six months ended June 30, 2024 to €9.7 million for the six months ended June 30, 2025. Such increase was primarily due to the rebate towards the ultimate parent company of the costs occurred for the listing process.

Costs of services increased by €7.5 million, or 10.4%, from €71.9 million for the six months ended June 30, 2024 to €79.4 million for the six months ended June 30, 2025. Such increase was partially due to an increase in shipping costs of €1.8 million, that increased due to the increase in revenues and operations. Shipping costs as a percentage of revenues show a slight decrease from 34.2% for the six months ended June 30, 2024 compared to 34.0% for the six months ended June 30, 2025 mainly due to the Group's ability to consolidate more shipments.

The increase is also connected to the increase of legal and administrative consultancy fees due to non recuring listing costs incurred by the parent company for the initial public offering of February 2025.

Personnel costs increased by €3.7 million, or 7.0%, from €53.4 million for the six months ended June 30, 2024 to €57.1 million for the six months ended June 30, 2025. Such increase was primarily due to the increase in the number of full-time employees hired during the six months ended June 30, 2025 to accommodate the growth in the Group's operations and assist in the digital transformation of the Group.

EBITDA increased by €2.0 million or 4.4%, from €45.7 million for the six months ended June 30, 2024 to €47.7 million for the six months ended June 30, 2025. Such increase was due to the increase in the Group's revenues. Such increase in revenues enabled the Group to maintain an Adjusted EBITDA Margin of 26.6% for the six months ended June 30, 2025, compared to 26.4% for the six months ended June 30, 2024, even despite the increase in the weight of Personnel Cost from 30.8% to 31.8% of revenues mainly due to the increase in the number of full-time employees hired during the six months ended June 30, 2025.

Depreciation and amortisation increased by €2.0 million from €7.4 million for the six months ended June 30, 2024 to €9.4 million for the six months ended June 30, 2025.

Such increase resulted primarily from (i) an increase in depreciation of the right-of-use assets as a result of the Group's procurement of new contracts for offices and warehouses, particularly in Italy, Korea and Dubai, and (ii) an increase in depreciation of property, plant and equipment as a result of the improvement made to the new offices and warehouses listed above and new investments in other tangible and intangible assets.

For the six months ended June 30, 2025, provision for risks increased by €15.3 million, from €0.5 million for the six months ended June 30, 2024 to €15.8 million for the six months ended 30 June 2025. Such increase was mainly due to additional accruals for risks occurred in 2025 in connection with a litigation with Italian Customs Office and other minor risks for the Group (for further information please refer to note 25. Post Balance sheet events).

Finance costs (net of finance income) decreased by €0.1 million, from €0.2 million for the six months ended June 30, 2024 to €0.1 million for the six months ended June 30, 2025. Such decrease is mainly due to the decrease of exchange losses by €0.3 million partially compensated by the decrease in the result from investments accounted for using the equity method by €0.2 million.

Income tax expense amount to €8.3 million for the six months ended June 30, 2025, compared to €8.5 million for the six months ended June 30, 2024, representing a decrease of €0.2 million. Such decrease is mainly due to the decrease in profit before taxes and to a different split of the Group profit among countries with a different tax rate.

Based on the foregoing, the Group's profit was €14.1 million for the six months ended June 30, 2025 compared to a profit of €29.1 million for the six months ended June 30, 2024, representing a decrease of €15.0 million.

Net Working Capital

Net Working Capital is defined as current assets less current liabilities adjusted for current assets, cash and cash equivalents, current borrowings and bank overdraft and current lease liabilities.

	As of	As of
Amounts in € thousand	June	December
	30, 2025	31, 2024
Total current assets	241,531	216,207
Less:
- Cash & cash equivalents	(128,834)	(115,799)
- Current assets	(4,177)	(8,946)
Total current assets (excluding current financial assets)	108,520	91,462
Total Current Liabilities	(92,122)	(68,867)
Less:
- Current borrowings and bank overdraft	514	772
- Current lease liabilities	11,529	11,734
Total current liabilities (excluding current financial liabilities)	(80,079)	(56,361)
Net Working Capital	28,441	35,101

Net Working Capital decreased by €6.7 million, or 20.0%, from €35.1 million for the year ended December 31, 2024 to €28.4 million for the six months ended June 30, 2025. The decrease was primarily due to the increase in other current liabilities partially compensated by the increase in other current assets.

Net financial position

The Group uses Net Financial position as a key performance indicator. The Net Financial position calculated as the sum of total financial liabilities, and non-current trade and other payables, net of cash and cash equivalents and current financial assets. The composition of Net Financial Indebtedness (or funds in case of liquidity surplus) is determined in accordance with ESMA Recommendations contained in Guidelines 32- 382-1138 of March 4, 2021.

The Group believes that Net Financial position is useful to monitor the level of net liquidity and financial resources available to the Group.

		As at	As at
	Amount in € thousands	June	December
		30, 2025	31, 2024
A	Cash	128,834	115,799
B	Other current financial assets	4,177	8,946
C	Liquidity (A+B)	133,011	124,745
	Current financial debt
D	(including debt instruments, but excluding current portion	196	239
	of non-current financial debt)
E	Current portion of non-current	11,847	12,267
	financial debt (accrued interest)
F	Current financial indebtedness (D + E)	12,043	12,506
G	Net current funds (C – F)	120,968	112,239
	Non-current financial debt
H	(excluding current portion and debt instruments)	20,327	25,247
I	Non-current financial indebtedness (H)	20,327	25,247

J	Total funds (G - I)	100,641	86,992

Total funds increased by €13.6 million from €87.0 million of liquidity surplus as of December 31, 2024 to €100.6 million as of June 30, 2025. Such increase was primarily due to the increase in cash and cash equivalents of €13.0 million.

Current financial indebtedness decreased by €0.5 million, from €12.5 million as of December 31, 2024 to €12.0 million as of June 30, 2025. Such decrease was primarily due to lease payments made during the period, partially compensated by new lease liabilities generated by new lease and rental contracts entered mainly in Italy, Korea and Dubai.

Non-current financial indebtedness decreased by €4.9 million, from €25.2 million as of December 31, 2024 to €20.3 million as of June 30, 2025. Such decrease was primarily due to lease payments made during the period, partially compensated by new lease liabilities generated by new lease and rental contracts entered mainly in Italy, Korea and Dubai.

The Company, as the Group's parent, has no bank loans. The main outstanding mortgages and bank loans are entered into at a local level by the Company's subsidiaries are typically denominated in the local currency of their countries of operation and used to cover short-term financing needs. The debt instruments representing such borrowings have customary terms and conditions. None of the Group's borrowings are subject to financial covenants.

Events affecting the Company (and its subsidiaries) which have occurred after June 30, 2025

Italian custom litigation

On August 29, 2024, Ferrari S.p.A. was notified of a preventive seizure order that was issued and executed at the request of the Public Prosecutor's Office of Busto Arsizio for an amount of approximately €8.5 million (see note 19). This amount was transferred from Ferrari S.p.A.'s bank account to a bank account in the name of Fondo Unico di Giustizia (a fund held by the Italian Ministry of Justice). The order relates to a preliminary investigation into the alleged smuggling of luxury watches by former employees of Ferrari S.p.A. in 2020 and 2021, which also resulted in alleged evasion of customs duties and VAT payable on those luxury watches by Ferrari S.p.A.. The investigation specifically concerns an alleged failure by Ferrari S.p.A. to adopt proper compliance monitoring procedures as required under Legislative Decree 231/2001.

In relation to the criminal proceedings, in the case of a conviction of Ferrari S.p.A., consequences may include a financial penalty of a maximum of approximately Euro 0.6 million, the related banning sanctions (that for their nature are deemed not affecting the normal course of business of the Italian subsidiary), as well as the confiscation of the profit of the crime for an amount of approximately €14.8 million may be applied in accordance with Legislative Decree 231/2001. Upon certain conditions, the court may also decide to publish its judgment.

During the preliminary investigations, whilst waiting for the notification of the notice pursuant to section 415-bis of the Italian Code of Criminal Procedure, the Company had opted to file a defence brief with the Public Prosecutor aimed at countering the merits of the allegations raised in the seizure order.

On July 1, 2025 Ferrari S.p.A. was notified by the Prosecution Office that the preliminary investigations had completed. Ferrari S.p.A. maintains that it has acted in compliance with applicable laws and regulations and with the support of its advisors, will continue to defend itself in front of the competent authorities.

Relatedly, on December 10, 2024 Ferrari S.p.A. received a tax audit report from the Italian Financial Police, notifying the company of the results of the audit activities performed. This report serves to notify the party concerned of the results of such audit and is not a customs assessment. According to the report, the Italian Financial Police identified Ferrari S.p.A. as the liable party for the payment of customs duties and VAT allegedly evaded (on the grounds of objective liability only, given its role as formal signatory of the customs declarations while the violations were allegedly carried out by third parties) in connection with the alleged smuggling of luxury watches by former employees of Ferrari S.p.A. in 2020 and 2021. Although the customs duties and VAT allegedly evaded was initially said to amount to approximately €14.8 million. after discussions with the Custom Authority were held in the first half of 2025, this amount was reduced to €12.1 million.

While firmly believing it has acted correctly and in compliance with current regulations, Ferrari S.p.A. acknowledged the potential merits of a settlement of the alleged tax liability with the Italian Customs Authority on the basis that the settlement would be an alternative solution to avoid lengthy, uncertain, and costly tax litigation. Therefore, on July 28, 2025, in agreement with the Italian Custom Authority, Ferrari S.p.A. proceeded with the voluntary disclosure procedure ("ravvedimento operoso") pursuant to Article 13 of Legislative Decree 472/1997, in relation to the tax audit report. Based on this agreement Ferrari S.p.A. agreed to pay an amount of €12,085,571.70 plus interest and related sanctions. This amount will be settled by Ferrari S.p.A. as follows:

an initial payment was made on August 4, 2025 of €5,099,659.70 (including tax, interest on the tax paid, and penalties); and

a second and final payment of approximately €8,480,000.00 (including the remaining tax and related interest, with the exact amount to be determined based on the effective payment date) in full and final settlement, shall be paid by November 30, 2025.

To enable Ferrari S.p.A. to make the second payment, as a result of a specific request filed by Ferrari S.p.A.'s defense counsel on July 30, 2025, the Public Prosecutor lifted the Seizure Order on September 3, 2025 on the condition that the unfrozen monies shall be utilised to settle the remaining part of the tax debt resulting from the "ravvedimento operoso".

Once the above payment has been made in full, Ferrari S.p.A. will not be required to take any further action to complete the voluntary disclosure procedure.

Real estate reorganization

In order to complete the Real estate reorganization process started in 2021, on September 23, 2025 the Board of Directors approved a resolution to carry out two real estate transactions with Related Parties.

The operation will involve two buildings in Asia, one in Singapore and the other in Hong Kong. The aim of the Group is to filnalize this operation within the end of the year.

Based on third party evaluation of the two buildings, the transactions should bring an expected capital gain on disposal between €12 million and €14 million.

Outlook

The market trends experienced during the first half of the year have continued into the start of the second half. While we are mindful of the current challenging macroeconomic environment, our full year expected Revenues and Adjusted EBITDA remains in line with market expectations thanks to the focus on our customers, pricing and operational and cost efficiencies.

Ferrari Group PLC

Interim Condensed Consolidated Financial Statements as of and for the six-months ended June 30, 2025

Interim Condensed Consolidated Income Statement for the six months ended June 30, 2025

Amounts in € thousand		For the six months ended June 30,
	Notes	2025	2024
Revenues	1	179,582	173,084
Other income	2	9,652	2,457
Purchase of goods		(3,056)	(2,850)
Costs for services	3	(79,387)	(71,910)
Personnel costs	4	(57,086)	(53,361)
Depreciation and amortisation	7-8-9	(9,430)	(7,386)
Impairment of trade receivables	11	(68)	(68)
Provision for risks	15	(15,771)	(522)
Other operating costs		(1,942)	(1,648)
Operating profit		22,494	37,796
Finance income		543	666
Finance expenses		(722)	(891)
Exchange losses		(291)	(582)
Result from investments accounted for using the equity method		373	611
Profit before taxes		22,397	37,600
Income taxes	5	(8,326)	(8,483)
Profit for the period		14,071	29,117
Attributable to:
- Shareholders of the parent company		12,364	27,445
- Non-controlling interests		1,707	1,672
Earnings per ordinary share:
- basic and diluted (in Euro)	6	0.14	0.30

The accompanying notes are an integral part of these interim condensed consolidated financial Statements.

Interim Condensed Consolidated Statement of Comprehensive Income for the six months ended June 30, 2025

	For the six months ended June 30,
Amounts in € thousand	2025	2024
Profit for the period	14,071	29,117
Other comprehensive income / (loss)
- Items that may be subsequently reclassified to the statement of profit and loss
Foreign exchange differences on translation of foreign operations	(9,904)	1,652
- Items that will not be subsequently reclassified to the statement of profit and loss
Remeasurement of net defined benefit liability	77	42
Tax effect on remeasurement of net defined benefit liability	(17)	(24)
Net actuarial gain/(loss) from defined benefit plans	60	18
Total other comprehensive income/(loss) for the period net of tax	(9,844)	1,670
Total other comprehensive income for the period	4,227	30,787
Attributable to:
Shareholders of the parent company	3,427	29,045
Non-controlling interests	800	1,742

The accompanying notes are an integral part of these interim condensed consolidated financial Statements.

Interim Condensed Consolidated Statement of Financial Position as of June 30, 2025 and December 31, 2024

		As of	As of
Amounts in € thousand	Notes	June	December
		30, 2025	31, 2024
Assets
Non-current assets
Goodwill		2,417	2,417
Intangible assets	7	7,895	7,591
Property plant and equipment	8	26,322	24,615
Right-of-use assets	9	30,175	35,412
Investments accounted for using the equity method		6,269	6,120
Other non-current assets		1,143	2,087
Other non-current financial assets	10	8,899	17,403
Deferred tax assets	5	467	1,034
Total non-current assets		83,587	96,679
Current assets
Inventories		49	65
Trade receivables	11	83,454	76,215
Current financial assets		4,177	8,946
Other current assets	12	25,017	14,696
Current tax receivables		-	486
Cash and cash equivalents	13	128,834	115,799
Total Current assets		241,531	216,207
TOTAL ASSETS		325,118	312,886

		As of	As of

Amounts in € thousand	Notes	June	December
		30, 2025	31, 2024
Share capital	14	91,300	85,843
Other reserves		(8,795)	5,600
Retained Earnings		95,680	107,966
Shareholders' Equity attributable to owners of the
parent		178,185	199,409
Non-controlling interests		12,312	11,989
Total Equity		190,497	211,398
Liabilities
Non-current liabilities
Employee benefits		2,564	2,543
Provisions for risk and charges	15	17,383	2,732
Deferred tax liabilities	5	2,225	2,099
Non-current financial liabilities		511	641
Non-current lease liabilities	9	19,816	24,606
Total non-current liabilities		42,499	32,621
Current liabilities
Current financial liabilities		514	772
Current lease liabilities	9	11,529	11,734
Trade payables	16	25,972	27,791
Other current liabilities	17	51,576	28,570
Current tax payables		2,531	-
Total Current liabilities		92,122	68,867

The accompanying notes are an integral part of these interim condensed consolidated financial Statements.

****************

This report was approved by the Board of Directors on September 23, 2025 and signed on behalf of the Board by:

Executive Director (CEO) Executive Director (CFO) Ferrari Group PLC Ferrari Group PLC Registered Number 12614552 Registered Number 12614552

Mr. Marco Deiana Mr. Alessandro Nicolò Ugo

Interim Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2025

2025 2024 Operating activities Profit for the period 14,071 29,117 Income taxes 8,327 8,483 Depreciation and amortization 9,430 7,386 Impairment of trade receivables net of use of reversal 68 68 Increase in provision for risks 15,771 522 Financial income (545) (666) Financial expenses 723 891 Exchange (losses)/gain 291 582 Result from investments accounted for using the equity method (373) (611) (Gain)/Loss from the disposal of assets - - Difference between pension funding contributions paid and the pension cost charge (168) (84) Change in inventories 12 (79) Change in trade receivables 16 86 Change in trade payables (7,239) 2,959 Change in other current assets (1,819) 1,657 Change in current assets and other current receivables (2,073) (3,830) Change in other current liabilities 4,770 397 Payment for seizure included in other non-current assets 3,811 (3,068) Other non-cash operating items (4,065) 1,636 Payment of provisions for risks and charges (767) (522) Income taxes paid (3,739) (12,938) Net cash flows from operating activities 36,502 31,986 Investing activities Payment for Investments for property, plant and equipment (5,141) (3,947) Proceeds from disposal of property, plant and equipment 383 121 Payment for Investments for intangible assets (934) (2,323) Payment for other non-current assets (857) (3,651) Proceed from disposal non-current financial assets 102 903 Payment for non-current receivables - - Interest received 506 666 Net cash flows used in investing activities (5,941) (8,231) Financing activities Proceeds from borrowings 48 72 Repayments for borrowings (321) (354) Repayment of principal on lease liabilities (5,961) (4,846) Interest paid (700) (867) Dividends paid to group shareholders (5,456) (7,000) Dividends paid to non-controlling interests (491) (235) Net cash flows used in financing activities (12,881) (13,230) Translation exchange difference on Cash equivalent (4,645) 203 Net increase in cash and cash equivalents 13,035 10,728 Cash and cash equivalents at the beginning of the period 115,799 98,777 Cash and cash equivalents at the end of the period 128,834 109,505		For the six months ended June 30,
	Amounts in € thousand

The accompanying notes are an integral part of these interim condensed consolidated financial Statements.

Interim Condensed Consolidated Statement of Changes in Equity as of June 30, 2025 and June 30, 2024.

Amount in € thousand	Share capital	Retained earnings	Currency translation reserve	Reserve for remeasurement of defined benefit plans	Total equity attributable to shareholders of the Parent Company	Total equity attributable to non controlling interests	Total Equity
As of January 1, 2024	85,843	77,505	625	50	164,022	11,032	175,054
Profit for the period	-	27,445	-	-	27,445	1,672	29,117
Other comprehensive income	-	-	1,582	18	1,600	70	1,670
Total Comprehensive income	-	27,445	1,582	18	29,045	1,742	30,787
Dividends	-	(25,000)	-	-	(25,000)	(235)	(25,235)
As of June 30, 2024	85,843	79,950	2,207	68	168,067	12,539	180,606

Amount in € thousand	Share Capital	Retained earnings	Currency translation reserve	Reserve for remeasurement of defined benefit plans	Total equity attributable to shareholders of the Parent Company	Total equity attributable to non controlling interests	Total Equity
As of January 1, 2025	85,843	107,966	5,540	60	199,409	11,989	211,398
Profit for the period	-	12,364	-	-	12,364	1,707	14,071
Other variations	5,457	-	(5,457)	-	-	-	-
Other comprehensive Income/(loss)	-	-	(8,998)	60	(8,938)	(907)	(9,845)
Total Comprehensive income/(loss)	5,457	12,364	(14,455)	60	3,426	800	4,227
Capital increase	-	-	-	-	-	14	14
Dividends	-	(24,651)	-	-	(24,651)	(491)	(25,142)
As of June 30, 2025	91,300	95,680	(8,915)	120	178,185	12,312	190,497

"Other variations" include the redenomination of share capital from GBP to Euro and issue of bonus shares as described on note 14.

The accompanying notes are an integral part of these interim condensed consolidated financial Statements.

****************

This report was approved by the Board of Directors on September 23, 2025 and signed on behalf of the Board by:

Executive Director (CEO) Executive Director (CFO) Ferrari Group PLC Ferrari Group PLC

Mr. Marco Deiana Mr. Alessandro Nicolò Ugo Registered Number 12614552 Registered Number 12614552

Notes to the Interim Condensed Consolidated Financial Statements

General information

Established in 1959 as a customs broker and forwarding company in Italy, the Ferrari Group is today a global network operator, delivering in more than 60 countries world-wide.

The Group services customers throughout the luxury goods value chain and specifically focuses on the following primary activities:

Freight forwarding: the fast and secure delivery of luxury goods through different airfreight carriers for valuable and vulnerable cargo;
Custom solution: the handling of procedures involved in the shipping of high-value products throughout the world including providing country-specific expertise, customs consultancy services and solutions;
Ground transportation, warehousing and logistic services: the transportation of luxury goods on land through a fleet of armoured and non-armoured vehicles and the safe storage of those goods; and
Special services: offering bespoke services across the logistics value chain including security for luxury goods at red-carpet events, the assembly of goods, after sales services and stocktaking and other services which includes packaging items, kitting and wrapping goods and preparing components for production.

As a result, the Group provides integrated services to connect hard luxury brands with their customers by working in cooperation with clients to provide bespoke solutions.

As of the date of this Report and as reported on the company website, the main shareholders of the Parent Company are Deiana Holding Limited, who directly holds approximately 71.36%, and Alecta Tjänstepension Ömsesidigt who directly holds approximately 3.35% of the share capital. At the date of this report no other shareholder hold more than 3.0%.

These Interim Condensed Consolidated Financial Statements have neither been reviewed nor audited.

The main events of the first six months of 2025 are the following:

Changes in share capital: on January 29, 2025, Ferrari Group PLC and the parent company (Deiana Holding Limited) passed resolutions to implement a redenomination, consolidation and subdivision of the share capital of the Company as follows:
- GBP 77,045,804 Ordinary Shares were redenominated at a prevailing exchange rate determined in accordance with the UK Companies Act from GBP 1.00 to € 1.1844;
- the Company issued a bonus share with a nominal value of €46,949.7424, for the purposes of ensuring that the redenomination resulted in a whole number of Ordinary Shares;
- the share capital of the Company (including the bonus share) was consolidated into 1 ordinary share with a nominal value of €91,300,000; and
- the share capital of the Company was subdivided from 1 ordinary share with a nominal value of € 91,300,000 into 91,300,000 Ordinary Shares with a nominal value of €1.00 each.

Listing on Euronext Amsterdam: on February 13, 2025, all Ordinary Shares were admitted to listing and trading on Euronext Amsterdam, and Deiana Holding Limited offered 22,825,000 Ordinary Shares, with an additional 3,327,620 Ordinary Shares after settlement of the over-allotment option granted to the underwriters to the offering. In connection with the Admission, the Company updated its governance structure, by appointing four new Non-Executive Directors, establishing an audit committee, a remuneration committee and a selection and nomination committee, and adopting new Articles of Association, Board rules, committee charters and various policies, which are published in the Company's website (www.ferrarigroup.net).

Summary of the accounting standards used

The Interim Condensed Consolidated Financial Statements as of and for the six months ended June 30, 2025, have been prepared in accordance with the International Accounting Standard 34 (IAS 34 – Interim Financial Reporting) issued by the International Accounting Standards Board (IASB) and adopted by the European Union. The Interim Condensed Consolidated Financial Statements should be read in conjunction with the Group's consolidated financial statements as of December 31, 2024, which has been prepared in compliance with the IFRS Accounting Standards as adopted by the European Union. The accounting policies adopted are consistent with those applied in the consolidated financial statements as of December 31, 2024, except as described in the section "Adoption of new and revised Standards".

Format of the financial statements

The Interim Condensed Consolidated Financial Statements include the interim condensed consolidated income statement, the interim condensed consolidated statement of comprehensive income, the interim condensed consolidated statement of financial position, the interim condensed consolidated statement of cash flow, the interim condensed consolidated statement of changes in equity and the explanatory notes (the "Interim Condensed Consolidated Financial Statements") and apply the provisions contained in IAS 1 "Presentation of Financial Statements".

The Group presents its interim condensed consolidated income statement using a classification method based on the nature of expense, as it is representative of the format used by management for internal reporting processes to evaluate business operations, and able to provide reliable information to investors.

The interim condensed consolidated statement of comprehensive income is presented as a separate statement and, in addition to presenting the components of profit and loss recognised directly in the interim condensed consolidated statement of profit and loss during the period, presents the components of profit and loss not recognised in income statement as required or permitted by IFRS.

The Group presents current and non-current assets and liabilities as separate classifications in its Interim Condensed Consolidated Financial Statements. Current items are those expected to be realized within 12 months from the reporting date or to be sold or consumed in the normal operating cycle of the Group.

The Group presents the interim condensed consolidated statement of cash flows using the "indirect method", as permitted by IAS 7 — Statement of Cash Flows ("IAS 7"), and presents cash flows by operating, investing and financing activities.

These financial statements are presented in Euro (€) and rounded to the nearest thousand, which is the Group functional currency and the Group's presentation currency. Foreign operations are included in accordance with the policies set out in the following notes.

The preparation of the Interim Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities as well as the disclosure of contingent liabilities. If in the future such estimates and assumptions, which are based on management's best judgment at the date of these Interim Condensed Consolidated Financial Statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change.

Material Accounting Policies

The material accounting policies applied in these Interim Condensed Consolidated Financial Statements are the same as those applied in the Group's consolidated financial statements as at and for the year ended December 31, 2024.

The new and amended standards effective from January 1, 2025 do not have a material effect on the Interim Condensed Consolidated Financial Statements.

Changes in the accounting framework applicable to Ferrari Group

Standards, amendments and interpretations for which application became mandatory in 2025

The application of standards, amendments and interpretations that took effect on January 1, 2025 did not have a material impact on the Group's financial statements.

Other changes in the accounting framework and standards for which application is mandatory with effect later than January 1, 2025

The impact of the application of IFRS 18 Presentation and Disclosure in Financial Statements – for which application is mandatory with effect from January 1, 2027 – is currently being assessed.

Critical accounting judgements and estimates

The preparation of financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenditure. In preparing these condensed consolidated interim financial statements, management have reviewed the nature of the significant judgements in applying the Group's accounting policies, the key sources of estimation uncertainty and other areas of focus, as set out on pages 173 to 175 of the 2024 Annual Report and Accounts. It has been determined that there have been no significant changes in methodology in relation to these key estimates and other areas of focus.

Scope of consolidation

Ferrari Group PLC is the parent company of the Ferrari Group and it holds, directly or indirectly, interests in the Ferrari Group's subsidiaries. There have been no changes in the scope of consolidation during the first six months of the 2025.

Details of the Company's subsidiaries are set out in the paragraph "Scope of consolidation" on page 71 of the 2024 annual report. The The Company has no branches outside of the UK.