Perez was just slightly faster than his teammate Max Verstappen during FP2 in Monaco. A good result for the Mexican, but compared to Ferrari, Red Bull Racing still has to find something. Perez said to the press that therefore, says that there is still work to be done.
Red Bull had a mediocre Friday
Team boss Christian Horner also said it; there is a gap with Ferrari, but fortunately, there is some room left to improve. Perez does not deviate from the Red Bull chief's argument. Indeed, at Sky Sports, the driver says: "The long-run was difficult with all the traffic. In general, we are missing a few things compared to Ferrari. We were surprised about that, we expected a small gap, but not such a gap. We still have a lot of work to do."
Perez is missing a good three tenths on the Ferrari drivers and so Verstappen a little more. Both Horner, Perez and Verstappen stick to the same story, making it plausible that Red Bull had a mediocre Friday. Normally during practice sessions, there is much to speculate about and the ratios say little because it is not clear what kind of test program the different teams and drivers are on.