Anthony Dick

Anthony Dick from ODDO BHF sought the magnitude of Ferrari's Q4 R&D tailwinds from government grants and lower F1 ranking, and if future grants are expected. He also asked about the spare parts business's representation and growth drivers, the reasons for lower Q4 costs, and additional Q4 ASP drivers beyond the SF90 XX and 12-cylinder, including tariff impacts and F80's contribution versus Daytona SP3.

Answer

Antonio Picca Piccon, Ferrari's CFO, indicated that Q4 R&D tailwinds from government grants and F1 ranking contributed over half of the positive change against guidance, with future grants anticipated. Benedetto Vigna, CEO, attributed the spare parts increase to greater car usage by clients and a price hike, without disclosing revenue share. Antonio added that Q4's lower costs were partly due to a more favorable 15% tariff rate post-August 1, but did not detail F80's ASP contribution relative to Daytona SP3.

Anthony Dick asked about the magnitude of Q4 R&D tailwinds (government grants, lower F1 ranking), the expectation for future government grants, the representation and drivers of the spare parts business, and additional Q4 ASP drivers beyond SF90 XX and 12Cilindri.

Answer

CEO Benedetto Vigna explained that the increase in spare parts is driven by clients using their cars more, alongside a price increase, but Ferrari does not disclose specific revenue share. CFO Antonio Picca Piccon stated that R&D tailwinds (grant and F1 ranking) accounted for over 50% of the positive change compared to initial guidance, with more grants expected in future years. He added that Q4 ASP was also influenced by more benign tariffs (15% rate after August 1).

Anthony Dick questioned the outlook for Depreciation & Amortization in 2025, asking for confirmation if it would be lower than in 2024. He also asked management to address media reports about client cancellations for the new F80 supercar and to clarify the status of its order book.

Answer

CEO Benedetto Vigna firmly dismissed reports of F80 cancellations as internet rumors, stating that the order intake for the supercar was actually faster than for the previous two Icona models. CFO Antonio Piccon explained that D&A is driven by model phase-outs and the ramp-up of the new e-building, later implying a D&A figure of around €650 million for 2025 based on the EBIT and EBITDA guidance.

Anthony Dick asked if there were any signs of client cancellations due to US tariffs, how tariff costs might evolve in Q3 and Q4, and for the specific number of Daytona SP3 shipments in Q2.

Answer

CFO Antonio Picca Piccon stated that the company has not seen evidence of cancellations due to tariffs, though general market uncertainty could be causing a 'wait and see' attitude among some clients. He noted the effective date of the lower 15% US tariff remains uncertain. He did not provide the Daytona shipment figure in his direct response to this question.

Asked for clarification on the D&A outlook for 2025 and for a comment on reports of customer cancellations for the F80 supercar.

Answer

The 2025 D&A is driven by model lifecycle changes and the new e-building coming online. Reports of F80 cancellations are dismissed as internet rumors; the order book is full, and demand exceeded the limited production run, with a faster order intake than previous Icona models.

Asked about the order book length for the 12Cilindri, the change in the total order book size since Q1, and whether the full-year ASP growth guidance of 10% still holds.

Answer

The 12Cilindri order book extends over 20 months for the coupe and over 2 years for the more popular spider version. The total company order book is flat compared to Q1. The full-year ASP growth guidance of ~10% is reiterated.

Anthony Dick asked for the order book length for the new 12Cilindri, whether the total company order book has changed since Q1, and if the full-year average selling price (ASP) growth forecast of 10% still holds.

Answer

CEO Benedetto Vigna revealed the 12Cilindri order book is over 20 months for the coupe and over two years for the Spider. CFO Antonio Piccon stated the overall company order book is flat, as new orders replace fulfilled ones, and confirmed the full-year ASP growth expectation remains around 10% over the prior year.