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    Henning Cosman • Barclays PLC

    Henning Cosman's questions to Ferrari NV (RACE) leadership

    Henning Cosman's questions to Ferrari NV (RACE) leadership • Q2 2025

    Question

    Henning Cosman sought reassurance on Ferrari's pricing power and its ability to secure markups on the six new 2025 models. He also asked if the company might revisit its hybrid strategy given market reception, and questioned its confidence in passing on potential future tariffs to customers.

    Answer

    CEO Benedetto Vigna reaffirmed the company's commitment to its 2022 strategic plan, which includes a mix of ICE, hybrid, and electric powertrains, and declined to comment on future model pricing. Regarding tariffs, he stated that any response would be managed based on facts once they are known, involving Ferrari, its dealers, and clients, rather than on speculation.

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    Henning Cosman's questions to Ferrari NV (RACE) leadership • Q2 2025

    Question

    Henning Cosman asked if Ferrari might revisit its 40% electrification target for 2030, whether upcoming models will maintain the confident pricing strategy seen with the Amalfi, and for a precise number of Daytona SP3 shipments in Q2.

    Answer

    CEO Benedetto Vigna deferred questions about the 2030 electrification target and future pricing strategies to the upcoming Capital Markets Day, noting that pricing is always disclosed to dealers first. CFO Antonio Picca Piccon confirmed that approximately 60 units of the Daytona SP3 were delivered in Q2.

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    Henning Cosman's questions to Ferrari NV (RACE) leadership • Q1 2025

    Question

    Henning Cosman inquired about the expected seasonality between Q1 and Q2, potential U.S. inventory pre-shipping ahead of tariffs, and the number of Daytona models shipped in Q1.

    Answer

    CEO Benedetto Vigna noted no impact from U.S. tariffs, citing strong client appreciation for Ferrari's transparent commercial policy. CFO Antonio Picca Piccon advised that Q2 would likely be lighter than Q1, partly due to a declining number of Daytona deliveries, which will phase out completely by Q4.

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    Henning Cosman's questions to Ferrari NV (RACE) leadership • Q2 2024

    Question

    Henning Cosman asked if the 20% personalization level is a new sustainable expectation and sought the latest observations on vehicle residual values, including whether their normalization could impact future pricing power.

    Answer

    CEO Benedetto Vigna clarified they are planning for a 19% personalization rate for the year but are building agility to meet demand. He stated that residual values remain strong, with some weakness in the U.K., and that the new hybrid battery warranty helps support values. CFO Antonio Piccon also noted a positive one-off from environmental provisions occurred in Q2.

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    Henning Cosman's questions to Mercedes-Benz Group AG (MBGYY) leadership

    Henning Cosman's questions to Mercedes-Benz Group AG (MBGYY) leadership • Q1 2025

    Question

    Henning Cosman of Barclays PLC sought final clarification on the 300 basis point tariff impact, asking if additional mitigations like price increases could result in a lower actual impact than the guided figure.

    Answer

    CFO Harald Wilhelm clarified that while substantial changes in commercial policies (like major price hikes) are not included in the 300 basis point figure, the calculation also does not reliably assess potential large-scale indirect negative effects on consumer demand and market sentiment, urging consideration of both sides.

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    Henning Cosman's questions to Mercedes-Benz Group AG (MBGYY) leadership • Q1 2025

    Question

    Henning Cosman from Barclays asked for a final clarification on the 300 basis point tariff impact, questioning if the net effect could be lower than guided if the company successfully implements further mitigation measures like price increases.

    Answer

    CFO Harald Wilhelm confirmed that substantial changes in commercial policies are not included in the 300 basis point figure. However, he cautioned that the guidance also does not reliably assess potential large-scale indirect impacts on market and consumer demand, urging analysts to consider both sides of the equation.

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    Henning Cosman's questions to Mercedes-Benz Group AG (MBGYY) leadership • Q1 2024

    Question

    Henning Cosman of Barclays PLC asked if net pricing includes remarketing gains and how that line item is trending. He also sought to reconcile the company's commentary on stable pricing with observable market discounts, questioning whether dealers are absorbing the impact or if Mercedes itself will need to adjust discounts more significantly.

    Answer

    Executive Harald Wilhelm clarified that softening used car remarketing results are included in the 'volume structure pricing' bucket and projected a healthy mid-to-high 3-digit million result for the full year 2024. On pricing, he explained that the stable net result comes from balancing new model MSRPs with tactical discounts. He acknowledged dealer-level stock cleansing, especially for EVs, but stated these higher discount measures are not expected to persist through the year.

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