Speaking to journalists on stage in Milan at the Quattroruote Day, where he was awarded the Premio Gianni Mazzocchi in memory of the newspaper's founder, di Montezemolo was asked about the seven-time world champion.
And more than two years on from the skiing accident that left Schumacher with serious head injuries, di Montezemolo suggested there had been no positive developments.
"I have unfortunately not good news," di Montezemolo said on stage.
"Michael was a great driver, and we experienced a long time together in both our personal and professional lives. But life is really strange.
"He was the most successful driver of Ferrari and in his career he had only one accident, in 1999. But unfortunately a fall in a ski accident has had serious consequences."
The Schumacher family has kept details of the German's conditions a closely guarded secret, although has made it clear that he faces a long recovery.
Earlier on this year, Schumacher's manager Sabine Kehm slammed as 'irresponsible' a report that he was able to walk again.
"Such speculation is irresponsible, because given the seriousness of his injuries, his privacy is very important for Michael," she said. "Unfortunately they also give false hopes to many involved people."
This article by Jonathan Noble originally appeared on Motorsport.com, the world's leader in auto racing news, photos and video.