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1、Q3 2024 RESULTSMARANELLO,NOVEMBER 5,2024SAFE HARBOR STATEMENTThis document,and in particular the section entitled“2024 Guidance”,contain forward-looking statements.These statements may include terms such as“may”,“will”,“expect”,“could”,“should”,“intend”,“estimate”,“anticipate”,“believe”,“remain”,“co

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

3、ons about future events and,by their nature,are subject to inherent risks and uncertainties.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 placed on them.Actual results may differ materially from those expre

4、ssed 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 success of the Groups racing activities;the Groups ability to keep upwith advances in high p

5、erformance car technology,to meet the challenges and costs of integrating advanced technologies,including hybrid and electric,morebroadly into its car portfolio over time and to make appealing designs for its new models;the impact of increasingly stringent fuel economy,emissions and safetystandards,

6、including the cost of compliance,and any required changes to its products,as well as possible future bans of combustion engine cars in cities and thepotential advent of self-driving technology;increases in costs,disruptions of supply or shortages of components and raw materials;the Groups ability to

7、successfully carry out its low volume and controlled growth strategy,while increasing its presence in growth market countries;changes in general economicconditions(including changes in some of the markets in which the Group operates)and changes in demand for luxury goods,including high performance l

8、uxurycars,which is highly volatile;macro events,pandemics and conflicts,including the ongoing conflicts in Ukraine and in the Middle East,and the related issuespotentially impacting sourcing and transportation;competition in the luxury performance automobile industry;changes in client preferences an

9、d automotive trends;the Groups ability to preserve its relationship with the automobile collector and enthusiast community;disruptions at the Groups manufacturing facilities inMaranello and Modena;climate change and other environmental impacts,as well as an increased focus of regulators and stakehol

10、ders on environmental matters;theGroups ability to maintain the functional and efficient operation of its information technology systems and to defend from the risk of cyberattacks,including on its in-vehicle technology;the ability of its current management team to operate and manage effectively and

11、 the reliance upon a number of key members of executivemanagement and employees;the performance of the Groups dealer network on which the Group depends for sales and services;product warranties,productrecalls,and liability claims;the sponsorship and commercial revenues and expenses of the Groups rac

12、ing activities,as well as the popularity of motor sports morebroadly;the performance of the Groups lifestyle activities;the Groups ability to protect its intellectual property rights and to avoid infringing on the intellectualproperty rights of others;the Groups continued compliance with customs reg

13、ulations of various jurisdictions;labor relations and collective bargaining agreements;the Groups ability to ensure that its employees,agents and representatives comply with applicable law and regulations;changes in tax,tariff or fiscal policies andregulatory,political and labor conditions in the ju

14、risdictions in which the Group operates;the Groups ability to service and refinance its debt;exchange ratefluctuations,interest rate changes,credit risk and other market risks;the Groups ability to provide or arrange for adequate access to financing for its clients anddealers,and associated risks;th

15、e adequacy of its insurance coverage to protect the Group against potential losses;potential conflicts of interest due to director andofficer overlaps with the Groups largest shareholders;and other factors discussed elsewhere in this document.The Group expressly disclaims and does not assume any lia

16、bility 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 document speak only as of thedate of this document and the Company

17、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 included in the Companys reports and filings with theU.S.Securities an

18、d Exchange Commission,the AFM and CONSOB.November 5,20242CONTINUOUS EARNINGS GROWTH AND EVEN MORE CONFIDENCE IN THE FULL YEAR GUIDANCEQ3 2024 revenues at 1.6B,adjusted EBIT(1)at 470M with remarkable 28.4%margin,and adjusted net profit(1)at 375MOrder book well into 2026,with 12Cilindri family guiding

19、 the order intakeNew supercar F80 unveiled,a new benchmark for innovation and engineering excellence,already fully allocated to our collectorsContinuous engagement with clients and our communityFurther improvements in racing and successful activations in LifestyleTrigenerator shut down,a quantum lea

20、p towards carbon neutrality November 5,2024Note:(1)Refer to notes to the presentation in the Appendix3November 5,20244November 5,202451.822.08Q3 23Q3 24423467Q3 23Q3 24+14.3%+10.3%Q3 2024 HIGHLIGHTSNote:(1)(2)Refer to notes to the presentation in the AppendixSHIPMENTS(2)NET REVENUES(UNITS)(M)ADJ.EBI

21、T(1)ADJ.DILUTED EARNINGS PER SHARE(1)(M and margin%)()ADJ.EBITDA(1)INDUSTRIAL FREE CASH FLOW(1)(M and margin%)(M)28.4%-2.2%+6.5%+7.1%+20.5%595 638 Q3 23Q3 24301 364 Q3 23Q3 243,4593,383Q3 23Q3 241,5441,644Q3 23Q3 2427.4%November 5,2024638.8%38.6%Q3 2024 SHIPMENTS(2)Note:(2)(3)Refer to notes to the p

22、resentation in the Appendix(4)Of which 941 units in Q3 2024(+6 units vs Q3 2023)in the United States of America(5)Of which 190 units in Q3 2024(-152 units vs Q3 2023)in Mainland ChinaORDER BOOK CONFIRMED WELL INTO 2026SHIPMENTS BY REGION(3)SHIPMENTS BREAKDOWN(Q3 2024 VS Q3 2023)EMEA+28 UNITS(42%vs 4

23、0%PY)(Q3 2024)MAINLAND CHINA,HONG KONG AND TAIWAN(5)-114 UNITS(8%vs 11%PY)REST OF APAC+36 UNITS(18%vs 17%PY)HYBRID55%INTERNAL COMBUSTION ENGINE(ICE)45%RANGE94%SPECIAL SERIES4%Quarterly shipments decreased 76 units or-2.2%vs Q3 2023 and reflected our deliberate geographic allocations:Increased delive

24、ries of the Purosangue,Roma Spider and 296 GTSIncreased deliveries of the SF90 XX Stradale and first few units of the SF90 XX SpiderDaytona SP3 allocations in line with plans,increased vs prior year812 Competizione A decreased,approaching the end of lifecycle812 Competizione and Roma phase outAMERIC

25、AS(4)-26 UNITS(32%vs 32%PY)ICONA2%November 5,202471,330 1,316 1,393 1,400 145 143 173 174 69 69 70 70(16)77 30 1 8 1,544 1,528 1,636 1,644 Q3 2023FX hedges Q3 2023Q3 2023 w/o FXhedgesCars and spare partsSponsorship,commercial and brandOtherQ3 2024 at constantcurrency 2023Change in FX 2023 vs2024&FX

26、hedges Q32024Q3 2024Cars and spare partsSponsorship,commercial and brandOtherNET REVENUES BRIDGE Q3 2023 2024Note:(6)(7)(8)(9)Refer to notes to the presentation in the Appendix+5.8%+20.9%+1.7%(6)(7)(8)(9)Net revenues reported+6.5%Net revenues at constantcurrency(9)+7.0%Cars and spare parts:increase

27、thanks to richer product and country mix,as well as personalizationsSponsorship,commercial and brand:increase mainly attributable to new sponsorshipsCurrency:slightly negative net impact,mainly USD and Japanese Yen(M)November 5,20248407 459(16)(10)(23)423 60 11 14 8 467 ADJ.EBIT Q3 2023FX hedgesQ3 2

28、023ADJ.EBIT Q3 2023w/o FX hedgesVolumeMix/PriceInd.Costs/R&DSG&AOtherADJ.EBIT Q3 2024at constantcurrency 2023Change in FX 2023vs 2024&FXhedges Q3 2024ADJ.EBIT Q3 2024ADJUSTED EBIT(1)BRIDGEQ3 2023 2024Note:(1)(9)Refer to notes to the presentation in the AppendixADJ.EBITDA(1)59538.6%ADJ.EBITDA(1)57938

29、.0%Volume:slightly negative in line with lower deliveriesMix/price:enriched product mix,sustained by the Daytona SP3 and few sales of the 499P Modificata,higher personalizations and positive country mix driven by AmericasIndustrial costs/R&D:lower depreciation and amortization,in line with certain m

30、odels phase-outSG&A:continuous initiatives for software,digital infrastructure and organizational development,as well as brand investmentsOther:combined effect of new sponsorships and lower costs due to revised Formula 1 in-season ranking assumptionsMarginMargin27.427.4%MarginMargin26.726.7%MarginMa

31、rgin28.028.0%MarginMargin2828.4%.4%(9)ADJ.EBITDA(1)63038.5%ADJ.EBITDA(1)63838.8%(M)November 5,20249(441)(246)(5)(147)(17)364June 30,2024Net IndustrialDebtIndustrial FCFDividendsSharerepurchasesCurrency,Other&IFRS16September 30,2024 NetIndustrial Debt628 364 12(27)(249)Adj.EBITDA(IndustrialActivities

32、 only)Q3 2024Change inworkingcapital,provisions&otherNet cashinterest&TaxesCapexIndustrial FCFQ3 2024INDUSTRIAL FCF(1)AND NET INDUSTRIAL(DEBT)/CASH(1)BRIDGES JUN 30,2024 SEPT 30,2024Note:(1)(10)(11)Refer to notes to the presentation in the Appendix+92(27)Working capital&other:slightly positive mainl

33、y thanks to inventory decreaseCapex spending focused on product and infrastructure developmentMulti-year share repurchase program ongoing,147M repurchased in the quarter(44)+63+42Changevs Q3 23(10)(M)(4)+63(9)November 5,202410(11)+47EVEN MORE CONFIDENCE IN THE 2024 GUIDANCENote:(12)Refer to notes to

34、 the presentation in the AppendixNovember 5,202411(B,unless otherwise stated)2023ACTUAL2024GUIDANCENET REVENUES6.06.55ADJ.EBIT(margin%)1.6227.1%1.8227.5%ADJ.DILUTED EPS()6.90(12)7.90(12)ADJ.EBITDA(margin%)2.2838.2%2.5038%INDUSTRIAL FCF0.93Up to 0.95Based on the following assumptions for the year:Pos

35、itive product and country mix along with stronger personalizations Racing activities,including new sponsorships,impacted by lower Formula 1 ranking in 2023 despite higher number of races in the 2024 calendar Lifestyle activities expected to increase top line contribution while investing to accelerat

36、e development Cost inflation to persist Continuous brand investments and higher racing expenses Robust Industrial free cash flow generation,partially offset by increased capital expenditures and higher tax paymentQ&A12APPENDIX13NOTES TO THE PRESENTATION1.Reconciliations to non-GAAP financial measure

37、s 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 in the periods presented.2.Excluding strictly limited racing cars(such as the XX Programme and the 499

38、P 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,Qatar,Oman and Kuwait),Africa and European markets not separately identified;Americas includes:United S

39、tates 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 which 941 units in Q3 2024(+6 units vs Q3 2023)in the United States of America5.Of which 190 units in Q3 2024(-152 u

40、nits vs Q3 2023)in Mainland China6.Includes net revenues generated from shipments of our cars,any personalization generated on these cars,as well as sales of spare parts7.Includes net revenues earned by our racing teams(mainly in the Formula 1 World Championship and the World Endurance Championship)

41、through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues,as well as net revenues generated through the Ferrari brand,including fashion collections,merchandising,licensing and royalty income8.Primarily relates to financial services activities,management of

42、the Mugello racetrackand other sports-related activities,as well as net revenues generated from the rentalof engines to other Formula 1 racing teams and from the sale of engines to Maserati.Starting from 2024,residual net revenues generated from the sale of engines arepresented within other net reve

43、nues as a result of the expiration of the supplycontract with Maserati in December 2023.As a result,net revenues generated fromengines of Euro 28 million for the three months ended September 30,2023 that werepreviously presented as“Engines”net revenues,have been presented within“Other”net revenues t

44、o 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 recognized during the period in accordance with IFRS 16 Leases11.Including divid

45、end distribution to non-controlling interest(NCI)12.Calculated using the weighted average diluted number of common shares as of December 31,2023(181,511 thousand)13.Models not included in the total shipments figure provided14.Not including lease liabilities and other debt15.Financial leverage is cal

46、culated 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 assets17.For the three and nine months ended September 30,2024 and 2023,the weighted average number of common shares for diluted ear

47、nings 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 by the Group(assuming 100 percent of the target awards vested)18.Free cash flow from industrial activities for the thr

48、ee and nine months ended September 30,2024 includes 2M related to withholding taxes,which are expected to be paid in the following quarters.Free cash flow from industrial activities for the three and nine months ended September 30,2023 includes 1M related to withholding taxes,which were paid in the

49、following quarters.November 5,202414STRONG TRACK-RECORDIN NEW MODELS INTRODUCTIONModel/year of delivery201120122013201420152016201720182019202020212022202320242025RANGE MODELS458 SpiderFFF12berlinettaCalifornia 30California T488 GTB488 SpiderGTC4LUSSO812 SuperfastGTC4LUSSO TFerrari PortofinoF8 Tribu

50、toSF90 Stradale812 GTSF8 SpiderFerrari RomaSF90 SpiderFerrari Portofino M296 GTB296 GTSPurosangueRoma Spider12Cilindri12Cilindri SpiderRANGE MODELS INTRODUCEDNovember 5,202415STRONG TRACK-RECORDIN NEW MODELS INTRODUCTIONNote:(13)Refer to notes to the presentation in the AppendixModel/year of deliver

51、y201120122013201420152016201720182019202020212022202320242025SPECIAL SERIESSA APERTA458 Speciale458 Speciale AF12tdf488 Pista488 Pista Spider812 Competizione812 Competizione ASF90 XX StradaleSF90 XX SpiderICONAFerrari Monza SP1&SP2Ferrari Daytona SP3SUPERCARLaFerrariLaFerrari ApertaF80TRACK CAR(13)F

52、XX-KFXX-K EVO488 GT Modificata296 Challenge499P ModificataFUORISERIE(13)F60 AmericaJ50SPECIAL SERIES AND LIMITED EDITION MODELS INTRODUCEDNovember 5,202416GROUP SHIPMENTSBY REGION(2)(3)Note:(2)(3)(4)(5)Refer to notes to the presentation in the AppendixAmericas(4)EMEAMainland China,Hong Kong and Taiw

53、an(5)Rest of APACNovember 5,2024171,3981,4261,0961,0703952815706063,4593,383Q3 2023Q3 20244,5704,6542,9273,0481,1308761,7911,84910,41810,4279M 20239M 202445115017552335213114813646751831,11139820655164500150150202420252026202720282029203020312032Bond/Notes(USPP)US SecuritizationsBank debt&otherDEBT

54、AND LIQUIDITY POSITIONNote:(14)Refer to notes to the presentation in the AppendixCertain totals in the tables included in this document may not add due to rounding(1,567)(246)(1,321)September 30,2024Net DebtSeptember 30,2024Net Debt of Financial ServicesActivitiesSeptember 30,2024Net Industrial Debt

55、NET INDUSTRIAL(DEBT)/CASHNET INDUSTRIAL(DEBT)/CASH(M)(M)CASH AND MARKETABLE SECURITIESGROSS DEBT MATURITY PROFILE(14)(M and Cash Maturities)(M)At Sept.30At Jun.30At Mar.31At Dec.31202420242024202320222021Debt(3,096)(3,129)(2,623)(2,477)(2,812)(2,630)Cash and Cash Equivalents(A)1,5291,3321,3661,1221,

56、3891,344Net(Debt)/Cash(1,567)(1,797)(1,257)(1,355)(1,423)(1,286)Net(Debt)/Cash of Financial Services Activities(1,321)(1,356)(1,295)(1,256)(1,216)(989)Net Industrial(Debt)/Cash(246)(441)38(99)(207)(297)Undrawn Committed Credit Lines(B)550550600600669676Total Available Liquidity(A+B)2,0791,8821,9661,

57、7222,0582,020At Sept.30 At Jun.30At Mar.31At Dec.31202420242024202320222021Euro1,3461,1211,1348951,1811,144US Dollar889384977068Chinese Yuan4668101819688British Pound1315102096Other Currencies363537303338Total(equivalent)1,5291,3321,3661,1221,3891,344November 5,202418FINANCIAL LEVERAGE(15)HISTORICAL

58、 TRENDNote:(1)(15)Refer to notes to the presentation in the Appendix0.3x0.3x0.5x0.2x0.1x0.0 x0.1x201820192020202120222023 LTM 20241.0 x0.9x1.2x0.8x0.8x0.6x0.6x201820192020202120222023 LTM 2024Net Debt/Adj.EBITDA(1)Net Industrial Debt(1)/Adj.EBITDA(1)(Industrial Activities only)Total available liquid

59、ity at 2,079M as of September 30,2024(1,882 as of June 30,2024),including undrawn committed credit lines of 550MNovember 5,202419Q3 24Q3 23M,unless otherwise stated9M 249M 23249205Capital expenditures(10)712553119103of which capitalized development costs(16)(A)352323128129Research and development co

60、sts expensed(B)401381247232Total research and development(A+B)7537048492Amortization of capitalized development costs(C)247248212221Research and development costs as recognized in the consolidated income statement(B+C)648629CAPEX AND R&DNote:(10)(16)Refer to notes to the presentation in the Appendix

61、Certain totals in the tables included in this document may not add due to roundingNovember 5,202420NON-GAAP FINANCIAL MEASURESOperations 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,i

62、nvestors 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 financial performance which then fa

63、cilitate 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 Adjusted EBITDA,Adjusted EBIT

64、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 and adj.EBIT at constant currenc

65、y 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 EBITDA as adjusted for certain i

66、ncome 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 costs which are significant in

67、 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 infrequently,and that manageme

68、nt 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 nature,expected to occur infrequentl

69、y,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 services activities(Net Debt of Fin

70、ancial 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 ventures.Free Cash Flow from Indust

71、rial 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).November 5,202421KEY PERFORMANCE METRICS AND RECONCILIATIONS OF NON-GAAP MEASURESCertain totals in the tables included in

72、 this document may not add due to roundingNovember 5,202422Q3 24Q3 23M,unless otherwise stated9M 249M 231,6441,544Net revenues4,9414,447827779Cost of sales2,4652,216135119Selling,general and administrative costs402346212221Research and development costs64862964Other expenses/(income),net121532Result

73、s from investments64467423EBIT/Adjusted EBIT1,4201,2451(3)Financial expenses/(income),net 310466426Profit before taxes1,4171,2359194Income tax expenses27727219.5%22.0%Effective tax rate19.5%22.0%375332Net profit/Adjusted Net profit1,1409632.081.82Basic/Adjusted Basic EPS()6.325.282.081.82Diluted/Adj

74、usted Diluted EPS()6.315.28638595EBITDA/Adjusted EBITDA1,9121,721628586of which EBITDA(Industrial Activities only)1,8821,695RECONCILIATIONS 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

75、in this document may not add due to roundingNovember 5,202423Q3 24Q3 24 at costant currencyM,unless otherwise stated9M 249M 24 at constant currency1,4001,393Cars and spare parts4,2564,278174173Sponsorship,commercial and brand4874867070Other1981991,6441,636Total Net Revenues4,9414,963RECONCILIATIONS

76、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 document may not add due to roundingNovember 5,202424Q3 24Q3 24 at constant currencyM,unless otherwise stated9M 249M 24 at con

77、stant currency638630Adjusted EBITDA1,9121,930467459Adjusted EBIT1,4201,438RECONCILIATIONS OF NON-GAAP MEASURES:EBITDA AND ADJUSTED EBITDACertain totals in the tables included in this document may not add due to roundingNovember 5,202425Q3 24Q3 23M,unless otherwise stated9M 249M 23375332Net profit1,1

78、409639194Income tax expenses2772721(3)Financial expenses/(income),net 310171172Amortization and depreciation492476638595EBITDA1,9121,721-Adjustments-638595Adjusted EBITDA1,9121,721RECONCILIATIONS OF NON-GAAP MEASURES:ADJUSTED EBITCertain totals in the tables included in this document may not add due

79、 to roundingNovember 5,202426Q3 24Q3 23M,unless otherwise stated9M 249M 23467423EBIT1,4201,245-Adjustments-467423Adjusted EBIT1,4201,245RECONCILIATIONS OF NON-GAAP MEASURES:ADJUSTED NET PROFITCertain totals in the tables included in this document may not add due to roundingNovember 5,202427Q3 24Q3 2

80、3M,unless otherwise stated9M 249M 23375332Net profit1,140963-Adjustments-375332Adjusted Net profit1,140963RECONCILIATIONS 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 document may not add

81、due to roundingNovember 5,202428Q3 24Q3 23M,unless otherwise stated9M 249M 23374330Net profit attributable to owners of the Company1,137959179,586181,046Weighted average number of common shares(thousand)(17)179,928181,4322.081.82Basic EPS()6.325.28-Adjustments-2.081.82Adjusted Basic EPS()6.325.28179

82、,840181,315Weighted average number of common shares for diluted earnings per common share(thousand)(17)180,182181,7012.081.82Diluted EPS()6.315.28-Adjustments-2.081.82Adjusted Diluted EPS()6.315.28RECONCILIATIONS OF NON-GAAP MEASURES:FREE CASH FLOW AND FREE CASH FLOW FROM INDUSTRIAL ACTIVITIESNote:(

83、10)(18)Refer to notes to the presentation in the Appendix Certain totals in the tables included in this document may not add due to roundingNovember 5,202429Q3 24Q3 23M,unless otherwise stated9M 249M 23587481Cash flow from operating activities1,4331,190(249)(205)Investments in property,plant and equ

84、ipment and intangible assets(10)(712)(553)338276Free Cash Flow721637(26)(25)Free Cash Flow from Financial Services Activities(85)(71)364301Free Cash Flow from Industrial Activities(18)806708RECONCILIATIONS OF NON-GAAP MEASURES:NET INDUSTRIAL(DEBT)/CASHNote:(15)Refer to notes to the presentation in t

85、he Appendix Certain totals in the tables included in this document may not add due to roundingM,unless otherwise statedSeptember 30,2024June 30,2024March 31,2024December 31,2023December 31,2022December 31,2021Debt(3,096)(3,129)(2,623)(2,477)(2,812)(2,630)of which:Lease liabilities as per IFRS 16(131

86、)(126)(117)(73)(57)(56)Cash and Cash Equivalents1,5291,3321,3661,1221,3891,344Net(Debt)/Cash(A)(1,567)(1,797)(1,257)(1,355)(1,423)(1,286)Net(Debt)/Cash of Financial Services Activities(1,321)(1,356)(1,295)(1,256)(1,216)(989)Net Industrial(Debt)/Cash(B)(246)(441)38(99)(207)(297)EBITDA/Adj.EBITDA LTM(C)2,4702,4272,3472,2791,7731,531EBITDA/Adj.EBITDA(Industrial Activities only)LTM(D)2,3422,3882,3092,2431,7321,493Financial Leverage(15)on Net Industrial Debt(B/D)0.1x0.2xn.m.0.0 x0.1x0.2xFinancial Leverage(15)on Net Debt(A/C)0.6x0.7x0.5x0.6x0.8x0.8xNovember 5,202430