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1、Q1 2024 RESULTSMARANELLO,MAY 7,2024SAFE HARBOR STATEMENTThis document,and in particular the section entitled“2024 guidance confirmed”,contain forward-looking statements.These statements may include terms such as“may”,“will”,“expect”,“could”,“should”,“intend”,“estimate”,“anticipate”,“believe”,“remain

2、”,“continue”,“on track”,“successful”,“grow”,“design”,“target”,“objective”,“goal”,“forecast”,“projection”,“outlook”,“prospects”,“plan”,“guidance”and similar expressions.Forward-looking statements are not guarantees of futureperformance.Rather,they are based on the Groups current expectations and proj

3、ections about future events and,by their nature,are subject to inherent risks anduncertainties.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 placedon them.Actual results may differ materially from those exp

4、ressed in such statements as a result of a variety of factors,including:the Groups ability to preserve and enhancethe value of the Ferrari brand;the Groups ability to attract and retain qualified personnel;the performance of the Groups racing activities and the sponsorship andcommercial revenues the

5、 Group generates and expenses the Group incurs for its racing activities,as well as the popularity of motor sports more broadly;theGroups ability to keep up with advances in high performance car technology,to meet the challenges and costs of integrating advanced technologies,includinghybrid and elec

6、tric,more broadly into its car portfolio over time and to make appealing designs for its new models;the impact of increasingly stringent fueleconomy,emissions and safety standards,including the cost of compliance,and any required changes to its products,as well as possible future bans of combustione

7、ngine cars in cities and the potential advent of self-driving technology;increases in costs,disruptions of supply or shortages of components and raw materials;theGroups ability to successfully carry out its low volume and controlled growth strategy and,particularly,the ability to increase its presen

8、ce in growth marketcountries;changes in general economic conditions(including changes in some of the markets in which the Group operates)and changes in demand for luxurygoods,including high performance luxury cars,which is highly volatile;macro events,pandemics and conflicts,including the ongoing co

9、nflict between Russia andUkraine and between Israel and Hamas and the related issues regarding transit in the Suez canal;the Groups ability to preserve its relationship with the automobilecollector and enthusiast community;competition in the luxury performance automobile industry;changes in client p

10、references and automotive trends;disruptions atthe Groups manufacturing facilities in Maranello and Modena;climate change and other environmental impacts,as well as an increased focus of regulators andstakeholders on environmental matters;the Groups ability to maintain the functional and efficient o

11、peration of its information technology systems and to defendfrom the risk of cyberattacks,including on its in-vehicle technology;reliance upon a number of key members of executive management and employees,and theability of its current management team to operate and manage effectively;the performance

12、 of the Groups dealer network on which the Group depends for salesand services;product warranties,product recalls,and liability claims;the performance of the Groups lifestyle activities;the Groups ability to protect its intellectualproperty rights and to avoid infringing on the intellectual property

13、 rights of others;the Groups continued compliance with customs regulations of variousjurisdictions;labor relations and collective bargaining agreements;the Groups ability to ensure that its employees,agents and representatives comply withapplicable law and regulations;changes in tax,tariff or fiscal

14、 policies and regulatory,political and labor conditions in the jurisdictions in which the Group operates;theGroups ability to service and refinance its debt;exchange rate fluctuations,interest rate changes,credit risk and other market risks;the Groups ability to provide orarrange for adequate access

15、 to financing for its dealers and clients,and associated risks;the adequacy of its insurance coverage to protect the Group againstpotential losses;potential conflicts of interest due to director and officer overlaps with the Groups largest shareholders;and other factors discussed elsewhere inthis do

16、cument.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 inconnection with any use by any third party of such forward-looking statements.Any forward-looking statements contained in this doc

17、ument speak only as of thedate of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements.Further information concerningthe Group and its businesses,including factors that could materially affect the Companys financial results,is includ

18、ed in the Companys reports and filings with theU.S.Securities and Exchange Commission,the AFM and CONSOB.May 7,20242ROBUST MIX SUSTAINED A STRONG START TO THE YEAR3Strong start to the year with revenues at 1.6B,EBITDA(1)at 605M and industrial FCF(1)at 321MOrder book normalization in line with expect

19、ationsStrong initial interest for the recently unveiled 12Cilindri and 12Cilindri SpiderRoma Spider awarded the Red Dot:Best of the BestEnhancing innovation through E-Cells Lab inauguration and SK On partnership renewalE-Building inauguration on June 21,2024Broad-based share ownership plan subscribe

20、d by 98%of employeesMay 7,2024Note:(1)Refer to notes to the presentation in the Appendix41.621.95Q1 23Q1 24385442Q1 23Q1 24+20.4%+14.8%Q1 2024 HIGHLIGHTSNote:(1)(2)Refer to notes to the presentation in the AppendixSHIPMENTS(2)NET REVENUES(UNITS)(M)ADJ.EBIT(1)ADJ.DILUTED EARNINGS PER SHARE(1)(M and m

21、argin%)()ADJ.EBITDA(1)INDUSTRIAL FREE CASH FLOW(1)(M and margin%)(M)27.9%-0.2%+10.9%+12.7%+19.2%537 605 Q1 23Q1 24269 321 Q1 23Q1 243,5673,560Q1 23Q1 241,4291,585Q1 23Q1 2426.9%May 7,2024538.2%37.6%Q1 2024 SHIPMENTS(2)Note:(2)(3)Refer to notes to the presentation in the Appendix(4)Of which 850 units

22、 in Q1 2024(+20 units vs Q1 2023)in the United States of America(5)Of which 243 units in Q1 2024(-80 units vs Q1 2023)in Mainland ChinaPRODUCT OFFERING ENRICHED WITH THE NEW 12CILINDRI AND 12CILINDRI SPIDERSHIPMENTS BY REGION(3)SHIPMENTS BREAKDOWN(Q1 2024 VS Q1 2023)EMEA+39 UNITS(44%vs 43%PY)(Q1 202

23、4)MAINLAND CHINA,HONG KONG AND TAIWAN(5)-79 UNITS(9%vs 11%PY)REST OF APAC-2 UNITS(19%vs 19%PY)HYBRID46%INTERNAL COMBUSTION ENGINE(ICE)54%RANGE93%SPECIAL SERIES5%Quarterly shipments substantially flat vs Q1 2023 and reflected the deliberate geographic allocations:Roma Spider in ramp up phasePurosangu

24、e reached global distribution296 family drove hybrid share increaseDaytona SP3 allocations increased,in line with plans812 GTS and SF90 Stradale approaching the end of lifecycle Portofino M phased outAMERICAS(4)+35 UNITS(28%vs 27%PY)ICONA2%May 7,202461,241 1,234 1,400 1,382 130 130 146 145 58 58 58

25、58(7)(-)(19)166 16 1,429 1,422 1,604 1,585 Q1 2023FX hedges Q1 2023Q1 2023 w/o FXhedgesCars and spare partsSponsorship,commercial and brandOtherQ1 2024 at constantcurrency 2023Change in FX 2023 vs2024&FX hedges Q12024Q1 2024Cars and spare partsSponsorship,commercial and brandOtherNET REVENUES BRIDGE

26、 Q1 2023 2024Note:(6)(7)(8)(9)Refer to notes to the presentation in the Appendix+13.5%+12.0%-0.1%(6)(7)(8)(9)Net revenues reported+10.9%Net revenues at constantcurrency(9)+12.8%Cars and spare parts:increase thanks to richer product and country mix,as well as personalizationsSponsorship,commercial an

27、d brand:increase attributable to new sponsorships,partially offset by lower Formula 1 ranking in 2023 vs.2022Other:flat,with higher revenues from financial services activities offset by the decreased contribution from the Maserati contract which expired in 2023Currency:negative net impact,mainly Chi

28、nese Yuan,Japanese Yen and USD(M)May 7,20247378 458(7)(8)(29)(12)(16)385 123 6 442 ADJ.EBIT Q1 2023FX hedgesQ1 2023ADJ.EBIT Q1 2023w/o FX hedgesVolumeMix/PriceInd.Costs/R&DSG&AOtherADJ.EBIT Q1 2024at constantcurrency 2023Change in FX 2023vs 2024&FXhedges Q1 2024ADJ.EBIT Q1 2024ADJUSTED EBIT(1)BRIDGE

29、Q1 2023 2024Note:(1)(9)Refer to notes to the presentation in the AppendixADJ.EBITDA(1)53737.6%ADJ.EBITDA(1)53037.2%Volume:slightly negative,mainly driven by lower range models deliveriesMix/price:enriched product mix,sustained by the Daytona SP3,higher personalizations and positive country mix drive

30、n by AmericasIndustrial costs/R&D:higher innovation expenses as well as depreciation and amortizationSG&A:mainly reflecting the continuous development of the Companys digital infrastructure and organizationOther:mainly driven by new sponsorships and a release of prior year car environmental provisio

31、ns in the U.S.A.,partially offset by lower Formula 1 ranking in 2023 vs.2022MarginMargin26.926.9%MarginMargin26.626.6%MarginMargin28.628.6%MarginMargin27.9%27.9%(9)ADJ.EBITDA(1)62138.7%ADJ.EBITDA(1)60538.2%(M)May 7,20248(99)38(136)(48)321December 31,2023 NetIndustrial DebtIndustrial FCFSharerepurcha

32、sesCurrency,Other&IFRS 16March 31,2024Net IndustrialCash595 321(71)(8)(195)Adj.EBITDA(IndustrialActivities only)Q1 2024Change inworkingcapital,provisions&otherNet cashinterest&TaxesCapexIndustrial FCFQ1 2024INDUSTRIAL FCF(1)AND NET INDUSTRIAL(DEBT)/CASH(1)BRIDGES DEC 31,2023 MAR 31,2024Note:(1)(10)(

33、11)Refer to notes to the presentation in the Appendix+28+3Working capital&other:negative mainly due to trade receivablesCapex spending increased in line with planning,focused on product and infrastructure developmentMulti-year share repurchase program ongoing,136M repurchased in the quarterDividend

34、distribution of approximately 440M approved and paid on May 3,2024(45)+52+66Changevs Q1 23(10)(M)(39)+52(35)(11)May 7,202492024 GUIDANCE CONFIRMEDNote:(12)Refer to notes to the presentation in the Appendix(B,unless otherwise stated)2023ACTUAL2024GUIDANCENET REVENUES6.06.4ADJ.EBIT(margin%)1.6227.1%1.

35、7727%ADJ.DILUTED EPS()6.90(12)7.50(12)ADJ.EBITDA(margin%)2.2838.2%2.4538%INDUSTRIAL FCF0.930.90Based on the following assumptions for the year:Positive product and country mix along with strong personalizations Racing activities impacted by lower Formula 1 ranking in 2023 despite higher number of ra

36、ces in the 2024 calendar Lifestyle activities expected to increase top line contribution while investing to accelerate development Cost inflation to persist Continuous brand investments Robust Industrial free cash flow generation,partially offset by increased capital expenditures and higher tax paym

37、entMay 7,202410Q&A11APPENDIX12NOTES TO THE PRESENTATION1.Reconciliations to non-GAAP financial measures are provided in the Appendix.The term EBIT is used as a synonym for operating profit.There were no adjustments impacting EBITDA,EBITDA margin,EBIT,EBIT margin,Net profit,Basic EPS and Diluted EPS

38、in the periods presented.2.Excluding strictly limited racing cars(such as the XX Programme and the 499P Modificata),one-off and pre-owned cars3.Shipments geographic breakdownEMEA includes:Italy,UK,Germany,Switzerland,France,Middle East(includes the United Arab Emirates,Saudi Arabia,Bahrain,Lebanon,Q

39、atar,Oman and Kuwait),Africa and the other 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 Malaysia4.Of whic

40、h 850 units in Q1 2024(+20 units vs Q1 2023)in the United States of America5.Of which 243 units in Q1 2024(-80 units vs Q1 2023)in Mainland China6.Includes net revenues generated from shipments of our cars,any personalization generated on cars,as well as sales of spare parts7.Includes net revenues e

41、arned by our racing teams(mainly in the Formula 1 World Championship and the World Endurance Championship)through sponsorship agreements,our share of the Formula 1 World Championship commercial revenues,and net revenues generated through the Ferrari brand,including fashion collection,merchandising,l

42、icensing and royalty income8.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 and from the sale of engines to Maserati.Starting from

43、2024,residual net revenues generated from engines are presented within other net revenues as a result of the expiration of the contract with Maserati in December 2023.As a result,net revenues generated from engines of 33 million for the three months ended March 31,2023,that were previously presented

44、 as“Engines”net revenues,have been presented within“Other”net revenues to conform to the current presentation.9.The constant currency presentation eliminates the effects of changes in foreign currency(transaction and translation)and of foreign currency hedges10.Excluding right-of-use assets recogniz

45、ed during the period in accordance with IFRS 16 Leases11.Including repurchases for an amount of approx.14M in relation to the Sell to Cover practice under the equity incentive plans12.Calculated using the weighted average diluted number of common shares as of December 31,2023(181,511 thousand)13.Mod

46、els not included in the total shipments figure provided14.Not including lease liabilities and other debt15.Financial leverage is calculated as the ratio between Net(Debt)/Cash or Net Industrial(Debt)/Cash and Adjusted EBITDA or Adjusted EBITDA(Industrial Activities only)16.Capitalized as intangible

47、assets17.For the three months ended March 31,2024 and 2023,the weighted average number of common shares for diluted earnings per common 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

48、 by the Group(assuming 100 percent of the target awards vested)May 7,202413STRONG TRACK-RECORDIN NEW MODELS INTRODUCTIONModel/year of delivery201120122013201420152016201720182019202020212022202320242025RANGE MODELS458 SpiderFFF12berlinettaCalifornia 30California T488 GTB488 SpiderGTC4LUSSO812 Superf

49、astGTC4LUSSO TFerrari PortofinoF8 TributoSF90 Stradale812 GTSF8 SpiderFerrari RomaSF90 SpiderFerrari Portofino M296 GTB296 GTSPurosangueRoma Spider12Cilindri12Cilindri SpiderRANGE MODELS INTRODUCEDMay 7,202414STRONG TRACK-RECORDIN NEW MODELS INTRODUCTIONNote:(13)Refer to notes to the presentation in

50、 the AppendixModel/year of delivery20112012201320142015201620172018201920202021202220232024SPECIAL SERIES599 GTOSA APERTA458 Speciale458 Speciale AF12tdf488 Pista488 Pista Spider812 Competizione812 Competizione ASF90 XX StradaleSF90 XX SpiderICONAFerrari Monza SP1&SP2Ferrari Daytona SP3SUPERCARLaFer

51、rariLaFerrari ApertaTRACK CAR(13)FXX-KFXX-K EVO488 GT Modificata296 Challenge499P ModificataFUORISERIE(13)F60 AmericaJ50SPECIAL SERIES AND LIMITED EDITION MODELS INTRODUCEDMay 7,202415GROUP SHIPMENTSBY REGION(2)(3)Note:(2)(3)(4)(5)Refer to notes to the presentation in the AppendixAmericas(4)EMEAMain

52、land China,Hong Kong and Taiwan(5)Rest of APAC1,5341,5739629973963176756733,5673,560Q1 2023Q1 2024May 7,202416451446424253561347846755809532981313615015015020242025202620272028202920312032Bond/Notes(USPP)US SecuritizationsBank debt&otherDEBT AND LIQUIDITY POSITIONNote:(14)Refer to notes to the prese

53、ntation in the AppendixCertain totals in the tables included in this document may not add due to rounding(1,257)38(1,295)March 31,2024Net DebtMarch 31,2024Net Debt of Financial ServicesActivitiesMarch 31,2024Net Industrial CashNET INDUSTRIAL(DEBT)/CASHNET INDUSTRIAL(DEBT)/CASH(M)(M)CASH AND MARKETAB

54、LE SECURITIESGROSS DEBT MATURITY PROFILE(14)(M and Cash Maturities)(M)At Mar.31At Mar.31At At DecDec.31.3120242024202320232022202220212021Debt(2,623)(2,477)(2,812)(2,630)Cash and Cash Equivalents(A)1,3661,1221,3891,344Net(Debt)/Cash(1,257)(1,355)(1,423)(1,286)Net(Debt)/Cash of Financial Services Act

55、ivities(1,295)(1,256)(1,216)(989)Net Industrial(Debt)/Cash38(99)(207)(297)Undrawn Committed Credit Lines(B)600600669676Total Available Liquidity(A+B)1,9661,7222,0582,020At Mar.31At Dec.312024202320222021Euro1,1348951,1811,144Chinese Yuan101819688US Dollar84977068Japanese Yen185620Other Currencies294

56、43624Total(equivalent)1,3661,1221,3891,344May 7,202417FINANCIAL LEVERAGE(15)HISTORICAL TRENDNote:(1)(15)Refer to notes to the presentation in the Appendix0.3x0.3x0.5x0.2x0.1x0.0 xn.m.201820192020202120222023 LTM 20241.0 x0.9x1.2x0.8x0.8x0.6x0.5x201820192020202120222023 LTM 2024Net Debt/Adj.EBITDA(1)

57、Net Industrial Debt(1)/Adj.EBITDA(1)(Industrial Activities only)Total available liquidity at 1,966M as of March 31,2024(1,722M as of December 31,2023),including undrawn committed credit lines of 600MMay 7,202418CAPEX AND R&DNote:(10)(16)Refer to notes to the presentation in the AppendixCertain total

58、s in the tables included in this document may not add due to roundingM,unless otherwise statedQ1 24Q1 23Capital expenditures(10)195150of which capitalized development costs(16)(A)109103Research and development costs expensed(B)146136Total research and development(A+B)255239Amortization of capitalize

59、d development costs(C)8578Research and development costs as recognized in the consolidated income statement(B+C)231214May 7,202419NON-GAAP FINANCIAL MEASURESOperations are monitored through the use of various non-GAAP financial measures that may not be comparable to other similarly titled measures o

60、f 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 our fina

61、ncial performance which then facilitate managements ability to identify operational trends,as well as make decisions regarding future spending,resource allocations and other operational decisions.Reconciliations are only provided to the most directly comparable IFRS financial statement line item for

62、 Adjusted EBITDA,Adjusted EBIT and Adjusted Diluted EPS for historical periods,as the income or expense excluded from these non-GAAP financial measures in accordance with our policy are,by definition,not predictable and uncertain.NON-GAAP FINANCIAL MEASURESTotal Net Revenues,EBITDA,adj.EBITDA,EBIT a

63、nd adj.EBIT at constant currency eliminate the effects of changes in foreign currency(transaction and translation)and of foreign currency hedges.EBITDA is defined as net profit before income tax expense,financial expenses/(income),net and amortization and depreciation.Adjusted EBITDA is defined as E

64、BITDA 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.Adjusted Earnings Before Interest and Taxes or“Adjusted EBIT”represents EBIT as adjusted for certain income and

65、 costs which are significant in nature,expected to occur infrequently,and that management considers not reflective of ongoing operational activities.Adjusted Net Profit represents net profit as adjusted for certain income and costs(net of tax effects)which are significant in nature,expected to occur

66、 infrequently,and that management considers not reflective of ongoing operational activities.Adjusted Basic Earnings per Common Share and Adjusted Diluted Earnings per Common Share represent earnings per share,as adjusted for certain income and costs(net of tax effects)which are significant in natur

67、e,expected to occur infrequently,and that management considers not reflective of ongoing operational activities.Net Industrial(Debt)/Cash is defined as total debt less cash and cash equivalents(Net Debt),further adjusted to exclude the debt and cash and cash equivalents related to our financial serv

68、ices activities(Net Debt of Financial Services Activities).Free Cash Flow is defined as 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 Leases),intangible assets and joint vent

69、ures.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).May 7,202420KEY PERFORMANCE METRICS AND RECONCILIATIONS OF NON-GAAP MEASURESCertain totals

70、 in the tables included in this document may not add due to roundingM,unless otherwise statedQ1 24Q1 23Net revenues1,5851,429Cost of sales782711Selling,general and administrative costs124114Research and development costs231214Other expenses/(income),net76Results from investments11EBIT/Adjusted EBIT4

71、42385Financial expenses/(income),net 24Profit before taxes440381Income tax expenses8884Effective tax rate20.0%22.0%Net profit/Adjusted Net profit352297Basic/Adjusted Basic EPS()1.951.63Diluted/Adjusted Diluted EPS()1.951.62EBITDA/Adjusted EBITDA605537of which EBITDA(Industrial Activities only)595529

72、May 7,202421RECONCILIATIONS OF NON-GAAP MEASURES:TOTAL NET REVENUES AT CONSTANT CURRENCY(9)Note:(9)Refer to notes to the presentation in the Appendix Certain totals in the tables included in this document may not add due to roundingM,unless otherwise statedQ1 24Q1 24 at constant currencyCars and spa

73、re parts1,3821,400Sponsorship,commercial and brand145146Other5858Total Net Revenues1,5851,604May 7,202422RECONCILIATIONS OF NON-GAAP MEASURES:ADJUSTED EBITDA AND EBIT AT CONSTANT CURRENCY(9)Note:(9)Refer to notes to the presentation in the Appendix Certain totals in the tables included in this docum

74、ent may not add due to roundingM,unless otherwise statedQ1 24Q1 24 at constant currencyAdjusted EBITDA605621Adjusted EBIT442458May 7,202423RECONCILIATIONS OF NON-GAAP MEASURES:EBITDA AND ADJUSTED EBITDACertain totals in the tables included in this document may not add due to roundingM,unless otherwi

75、se statedQ1 24Q1 23Net profit352297Income tax expenses8884Financial expenses/(income),net 24Amortization and depreciation163152EBITDA605537Adjustments-Adjusted EBITDA605537May 7,202424RECONCILIATIONS OF NON-GAAP MEASURES:ADJUSTED EBITCertain totals in the tables included in this document may not add

76、 due to roundingM,unless otherwise statedQ1 24Q1 23EBIT442385Adjustments-Adjusted EBIT442385May 7,202425RECONCILIATIONS OF NON-GAAP MEASURES:ADJUSTED NET PROFITCertain totals in the tables included in this document may not add due to roundingM,unless otherwise statedQ1 24Q1 23Net profit352297Adjustm

77、ents-Adjusted Net profit352297May 7,202426M,unless otherwise statedQ1 24Q1 23Net profit attributable to owners of the Company351296Weighted average number of common shares(thousand)(17)180,250181,783Basic EPS()1.951.63Adjustments-Adjusted Basic EPS()1.951.63Weighted average number of common shares f

78、or diluted earnings per common share(thousand)(17)180,527182,069Diluted EPS()1.951.62Adjustments-Adjusted Diluted EPS()1.951.62RECONCILIATIONS OF NON-GAAP MEASURES:ADJUSTED BASIC AND DILUTED EPSNote:(17)Refer to notes to the presentation in the Appendix Certain totals in the tables included in this

79、document may not add due to roundingMay 7,202427M,unless otherwise statedQ1 24Q1 23Cash flow from operating activities505398Investment in property,plant and equipment,intangible assets and joint ventures(10)(195)(150)Free Cash Flow310248Free Cash Flow from Financial Services Activities(11)(21)Free C

80、ash Flow from Industrial Activities321269RECONCILIATIONS OF NON-GAAP MEASURES:FREE CASH FLOW AND FREE CASH FLOW FROM INDUSTRIAL ACTIVITIESNote:(10)Refer to notes to the presentation in the Appendix Certain totals in the tables included in this document may not add due to roundingMay 7,202428RECONCIL

81、IATIONS OF NON-GAAP MEASURES:NET INDUSTRIAL(DEBT)/CASHNote:(15)Refer to notes to the presentation in the Appendix Certain totals in the tables included in this document may not add due to roundingM,unless otherwise statedMarch 31,2024December 31,2023December 31,2022December 31,2021December 31,2020De

82、bt(2,623)(2,477)(2,812)(2,630)(2,725)of which:Lease liabilities as per IFRS 16(117)(73)(57)(56)(62)Cash and Cash Equivalents1,3661,1221,3891,3441,362Net(Debt)/Cash(A)(1,257)(1,355)(1,423)(1,286)(1,363)Net(Debt)/Cash of Financial Services Activities(1,295)(1,256)(1,216)(989)(820)Net Industrial(Debt)/Cash(B)38(99)(207)(297)(543)EBITDA/Adj.EBITDA LTM(C)2,3472,2791,7731,5311,143EBITDA/Adj.EBITDA(Industrial Activities only)LTM(D)2,3092,2431,7321,4931,116Financial Leverage(15)on Net Industrial Debt(B/D)n.m.0.0 x0.1x0.2x0.5xFinancial Leverage(15)on Net Debt(A/C)0.5x0.6x0.8x0.8x1.2xMay 7,202429