• Total shipments at 2,003 units, up 121 units (+6.4%)
• Net revenues grew at Euro 821 million, up 21.5% (+20.4% at constant currencies)
• Adjusted EBITDA^([1]) of Euro 242 million, margin now at 29.5% (30.1% without FX hedges^([2]))
• Adjusted EBIT⁽¹⁾ of Euro 177 million, 360 bps margin increase to 21.6% (22.3% without FX hedges⁽²⁾)
• Adjusted net profit⁽¹⁾ up 60.1% to Euro 124 million

Net industrial debt⁽¹⁾ reduced to Euro 578 million

2017 Outlook⁽³⁾Confirmed
The Group is expecting the following performance in 2017

• Shipments: ~ 8,400 including supercars
• Net revenues: > Euro 3.3 billion
• Adjusted EBITDA: > Euro 950 million
• Net industrial debt⁽⁴⁾: ~ Euro 500 million

Maranello (Italy), May 4^th, 2017 - Ferrari N.V. (NYSE/MTA: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results^([1]) for the first quarter ended March 31, 2017.

Shipments

Shipments totaled 2,003 units in Q1 2017, up 121 units or +6.4% vs. prior year. This achievement was driven by a 50% increase in sales of our 12 cylinder models (V12), partially offset by the 8 cylinder models (V8) which posted a 3% decrease. V12 strong performance was led by the GTC4Lusso, LaFerrari Aperta as well as the F12tdf, partially offset by the F12berlinetta, at its 6^th year of commercialization, phasing-out while California T is at its 4^th year of commercialization.

All regions contributed positively. EMEA⁽⁶⁾ expanded by 8.8% with Germany, France, Italy and United Kingdom growing at double-digit pace. Americas⁽⁶⁾ increased by 4.2%, Rest of APAC⁽⁶⁾ up 4.0% and China, Hong Kong and Taiwan⁽⁶⁾, on a combined basis, grew by 3.2%.

Total net revenues

Net revenues for Q1 2017 were Euro 821 million, an increase of Euro 146 million or +21.5% (+20.4% at constant currencies) from Q1 2016. Revenues in Cars and spare parts⁽⁷⁾ (Euro 581 million) were up 21% vs. prior year led by higher volumes and strong mix led by the 488 family, the GTC4Lusso, the F12tdf and LaFerrari Aperta, along with a greater contribution from our personalization programs, pricing increases and FX. This was partially offset by LaFerrari that completed its lifecycle in 2016, as well as the
non-registered racing car FXX K and the strictly limited edition F60 America, completing their limited series run in 2016. Engines⁽⁸⁾ revenues (Euro 104 million, +81%) showed an increase mainly attributable to strong sales to Maserati more than offsetting the termination of the rental agreement with a Formula 1 racing team. Sponsorship, commercial and brand⁽⁹⁾ revenues (Euro 123 million, +4%) were up mostly due to higher sponsorship revenues partially offset by lower 2016 championship ranking compared to 2015. Other⁽¹⁰⁾ revenues (Euro 13 million, -32%) down mostly due to the deconsolidation of the European Financial Services business since November 2016.

Adjusted EBITDA⁽¹⁾ and Adjusted EBIT⁽¹⁾

Q1 2017 adjusted EBIT⁽¹⁾ was Euro 177 million, up Euro 56 million (+46%) vs. prior year as a result of higher volume (Euro 17 million), thanks to the 488 family, the GTC4Lusso and the F12tdf together with positive contribution from our personalization programs partially offset by the F12berlinetta phasing-out and the California T at its 4^th year of commercialization. Mix was positively impacted (Euro 34 million) by LaFerrari Aperta, strong V12 performance as well as pricing increases, partially offset by LaFerrari that completed its lifecycle in 2016 as well as the non-registered racing car FXX K and the strictly limited edition F60 America, completing their limited series run in 2016. Research and development costs and industrial costs grew (Euro -15 million) mainly due to higher D&A and R&D expenses to support product range and components innovation mainly for hybrid technology as well as F1 developments. SG&A increased (Euro -13 million) primarily because of the recently approved Long-Term Incentive plan, higher costs related to new directly operated stores and costs related to the 70^th anniversary celebrations which were kicked off on March 12^th, partially offset by the deconsolidation of the European Financial Services business since November 2016. FX, excluding hedges, had a positive impact (Euro 7 million) mainly due to USD and JPY, partially offset by GBP. Other had a positive contribution (Euro 3 million) from Engines to Maserati as well as other supporting activities, partially offset by lower 2016 championship ranking compared to 2015, the termination of the rental agreement with a Formula 1 racing team and the deconsolidation of the European Financial Services business since November 2016.

Tax rate reduced to 28.5% in Q1 2017 from 30.9% in Q1 2016, mostly due to the combined effect of the Italian Government’s decision to reduce the nominal tax rate to 24% from 27.5% in 2017, additional deductions related to eligible research and development costs and depreciations of fixed assets, in accordance with the Italian tax legislation.

As a result of the items described above, adjusted net profit⁽¹⁾ for the Q1 2017 was Euro 124 million, up Euro 46 million (+60%).

Industrial free cash flow⁽¹⁾ for the three months ended March 31, 2017 was Euro 76 million driven by strong adjusted EBITDA⁽¹⁾ of Euro 242 million partially offset by capex of Euro 72 million and Euro 53 million of net change in working capital due to inventory increase driven by the projected volume growth in line with our 2017 outlook and lower capex payables vs. Q4 2016. Other included approx. Euro 17 million due to 2016 employees’ extra-bonus payments and lack of contribution from advances of LaFerrari Aperta. 2017 tax advance payments will impact future quarters.

Net industrial debt⁽¹⁾ at March 31, 2017 was reduced to Euro 578 million from Euro 653 million at December 31, 2016 primarily due to the industrial free cash flow⁽¹⁾ generation. Cash distribution and 2017 tax advance payments will impact future quarters.

2017 Outlook confirmed

The Group is expecting the following performance in 2017, assuming FX consistent with current market conditions:

• Shipments: ~ 8,400 including supercars
• Net revenues: > Euro 3.3 billion
• Adjusted EBITDA: > Euro 950 million
• Net industrial debt: ~ Euro 500 million, including a cash distribution to the holders of common shares and excluding potential share repurchases

812 Superfast

On February 16^th, 2017 Ferrari released the first images of the 812 Superfast, the latest 12 cylinder berlinetta model that represents the highest performance and most powerful range model Ferrari road car of all time. Unveiled on March 7^th, 2017 at the Geneva Motor Show, the 812 Superfast is aimed at clients demanding an uncompromising sports car that will deliver exhilarating driving both on road and track yet also be comfortable enough to allow its owners to enjoy it as an all-round experience.

Ferrari and Ray-Ban Strengthen their collaboration

On February 23^rd, 2017 Ferrari and Luxottica Group announced that they had signed a multi-year licensing contract according to which Luxottica will develop, produce and market a range of eyewear branded Ferrari and Ray-Ban. On the same date, the two companies signed also a multi-year renewal of a sponsorship agreement between Scuderia Ferrari and Luxottica whereby the Ray-Ban brand appears on the Formula 1 car.

70^th Anniversary

On March 12^th, 1947 Enzo Ferrari fired up the 125 S, the first car to bear his name. On the same day 70 years later, Ferrari launched its official celebrations for this milestone anniversary. In 2017 over 60 countries will host events that will allow the marque’s customers and enthusiasts to enjoy some unique experiences, developed according to the concept of “Driven by Emotion”.

Formula 1

Scuderia Ferrari has worked diligently to be prepared for the 2017 season, and the initial results are encouraging: five podiums in the first four races, with Sebastian Vettel winning two races so far.

Subsequent Events

Ferrari Land’s opening

On April 7^th, 2017 Ferrari Land opened its doors to the public. The first theme park in Europe and the second in the world after Ferrari World Abu Dhabi that occupies an area of 70,000 square meters within the PortAventura World resort (Barcelona, Spain). Ferrari Land houses 11 attractions, among which the Red Force, the highest and fastest vertical accelerator in Europe, at 112 meters high and with a top speed of 180 km/h reached in just five seconds.

Non-GAAP financial measures

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.

We believe that these supplemental financial measures provide comparable measures of financial performance which then facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions.

Certain totals in the tables included in this document may not add due to rounding.

EBITDA is defined as net profit before income tax expense, net financial expenses/(income) and depreciation and amortization.

Adjusted EBITDA is defined as EBITDA as adjusted for income and costs, which are significant in nature, but expected to occur infrequently.

Adjusted Earnings Before Interest and Taxes (“Adjusted EBIT”) represents EBIT as adjusted for income and costs, which are significant in nature, but expected to occur infrequently.

Adjusted net profit represents net profit as adjusted for income and costs, which are significant in nature, but expected to occur infrequently.

Adjusted EPS represents EPS as adjusted for income and costs, which are significant in nature, but expected to occur infrequently.

Basic and diluited EPD

Net Industrial Debt: defined as total Net Debt excluding the funded portion of the self-liquidating financial receivables portfolio, is the primary measure to analyze our financial leverage and capital structure, and is one of the key indicators used to measure our financial position.

Free Cash Flow and Free Cash Flow from Industrial Activities are two of management’s primary key performance indicators to measure the Group’s performance. Free Cash flow is defined as net cash generated from operations less cash flows used in investing activities. Free Cash Flow from Industrial Activities is defined as Free Cash Flow adjusted for the change in the in the self-liquidating financial receivables portfolio.

On May 4^th, 2017, at 5p.m. CEST, management will hold a conference call to present the Q1 2017 to financial analysts and institutional investors. The call can be followed live and a recording will subsequently be available on the Group website http://corporate.ferrari.com/en/investors. The supporting document will be made available on the website prior to the call.