Ferrari Group Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	50.68	55.46	52.89	52.76	40.4
Depreciation & Amortization	20.71	17.36	13.63	10.04	8.59
Loss (Gain) From Sale of Assets	-12.22	-0.29	0.21	-0.11	-
Loss (Gain) From Sale of Investments	-	-	-	0.58	-
Loss (Gain) on Equity Investments	-0.8	-0.83	-0.95	-2.37	-1.75
Provision & Write-off of Bad Debts	-0.57	-1.31	0.43	0.8	1.16
Other Operating Activities	13.86	-11.61	3.07	6.27	11.84
Change in Accounts Receivable	-3.94	16.5	2.56	4.05	-15.08
Change in Inventory	-0.33	0.15	-0.07	0.83	-0.97
Change in Accounts Payable	3.58	-3.18	1.67	-4.84	-8.92
Change in Other Net Operating Assets	10.6	-9.6	-6.06	0.89	-3.14
Operating Cash Flow	81.58	62.64	67.38	68.91	32.13
Operating Cash Flow Growth	30.22%	-7.03%	-2.22%	114.47%	-
Capital Expenditures	-11.01	-8.58	-9.5	-4.75	-4.39
Sale of Property, Plant & Equipment	15.47	0.66	0.25	0.69	17.43
Cash Acquisitions	-	-	-	0.19	2.41
Sale (Purchase) of Intangibles	-2.88	-4.1	-2.99	-0.19	-0.2
Investment in Securities	-0.08	-	-	-2.05	0.24
Other Investing Activities	-2.78	-0.98	-0.62	-	0
Investing Cash Flow	-1.28	-13	-12.86	-6.11	15.49
Long-Term Debt Issued	0.05	0.22	0.21	0.58	0.18
Long-Term Debt Repaid	-14.18	-12.28	-19.27	-12.96	-10.32
Net Debt Issued (Repaid)	-14.13	-12.06	-19.06	-12.39	-10.14
Common Dividends Paid	-30.11	-19.54	-20	-26.19	-8.96
Other Financing Activities	-4.13	-2.83	-5.07	-0	-
Financing Cash Flow	-48.37	-34.43	-44.12	-38.57	-19.1
Foreign Exchange Rate Adjustments	-5.39	1.81	-0.17	1.27	1.25
Net Cash Flow	26.54	17.02	10.23	25.5	29.77
Free Cash Flow	70.57	54.07	57.88	64.16	27.74
Free Cash Flow Growth	30.52%	-6.59%	-9.79%	131.32%	-
Free Cash Flow Margin	19.64%	15.50%	17.38%	20.67%	11.74%
Free Cash Flow Per Share	0.77	0.59	0.75	0.83	0.36
Cash Interest Paid	2.85	1.71	2.26	1.48	0.73
Cash Income Tax Paid	9.96	24.57	15.74	16.2	7.63
Levered Free Cash Flow	40.09	49.87	40.21	57.19	11.35
Unlevered Free Cash Flow	41.91	50.9	41.01	57.88	11.92
Change in Working Capital	9.91	3.87	-1.9	0.93	-28.11

Source: S&P Global Market Intelligence. Standard template. Financial Sources.