Guidance

Disclaimer

Forward-Looking Statements: figures contained in this page, particularly those regarding Ferrari's possible or assumed future performance, trends and projections and estimated company earnings are “forward-looking statements” that contain risks and uncertainties. For a description of such risks and uncertainties please see “Risk Factors” in Ferrari's Annual Report and Form 20-F for the year ended December 31, 2019.

These forward-looking statements reflect the respective current views of Ferrari with respect to future events and involve significant risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. We expressly disclaim and do not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this page or in connection with any use by any third party of such forward-looking statements. Actual results could differ materially from those anticipated in such forward-looking statements. We do not undertake an obligation to update or revise publicly any forward-looking statements.

2020 Guidance

2020
€Bn, unless otherwise stated Guidance 2020 Plan,
released Sept. 2018
Revised guidance
released Feb. 2020
Revised guidance,
released May 2020(4)
Narrowed guidance,
released Aug. 2020
Revised guidance,
released Nov. 2020
Net revenues >€3.8
>€4.1
€3.4 - €3.6
>€3.4 >€3.4
Adj. EBITDA >€1.3
€1.38 - €1.43
€1.05 - €1.20
€1.075 - €1.125 ~ €1.125
Adj. EBITDA margin (%) ~ 34% ≥ 34% 31% - 33% 31% - 32.5%  ~ 32.5%
Adj. EBIT >€0.9
€0.95 - €1.0
€0.6 - €0.8
€0.65 - €0.70 ~ €0.70
Adj. EBIT margin (%) ~ 24% ~ 24% 18% - 22% 18.5% - 20% ~ 20%
Adj. Diluted EPS (€)
>€3.40(1) €3.90 - €3.95(2) €2.4 - €3.1(3) €2.6 - €2.8(5) ~ €2.8(5)
Industrial Free Cash Flow >€0.4
≥€0.4
€0.1 - €0.2
€0.10 - €0.15 ~ €0.15

(1) Calculated using the weighted average diluted number of common shares as of June 30, 2018
(2) Calculated using the diluted number of common shares as of December 31, 2019 (186,052 thousand)
(3) Calculated using the weighted average diluted number of common shares as of March 31, 2020 (185,574 thousand)
(4) Ferrari revised its guidance for the FY 2020 as a result of the COVID-19 pandemic. As the progression of the pandemic and the constraints it entails cannot be easily anticipated, the revised guidance range is based on information available to management as at May 2020 and has been necessarily calculated through the incorporation of a number of assumptions in respect of developments of the pandemic.
(5)
Calculated using the weighted average diluted number of common shares as of June 30, 2020 (185,460 thousand)

2019 Guidance

2019
€Bn, unless otherwise stated Guidance,
released Jan. 2019
Revised guidance,
released Aug. 2019
Revised guidance,
released Nov. 2019
Actual
Net revenues >€3.5
>€3.5
~€3.7
€3.8
Adj. EBITDA €1.2 - €1.25
€1.2 - €1.25
~€1.27
€1.3
Adj. EBITDA margin (%) ~ 34% ~ 34% ~ 34% 33.7%
Adj. EBIT €0.85 - €0.9
€0.85 - €0.9
~€0.92
€917 million
Adj. EBIT margin (%) ~ 24.5% ~ 24.5% ~ 24.5% 24.4%
Adj. Diluted EPS (€)
€3.50 - €3.70(1) €3.50 - €3.70(1) €3.70 - €3.75(2) €3.71
Industrial Free Cash Flow ~ €0.45
>€0.55
>€0.6
€0.68

(1) Calculated using the weighted average diluted number of shares for 2018
(2) Calculated using the weighted average diluted number of common shares for 2019 as at October 25, 2019 of 187,864 thousand and excluding net profit attributable to non-controlling interests