Michael Tyndall

Michael Tyndall inquired about the F1 budget for next year, specifically if the increase from $135M to $215M represents an incremental $18M cost or if scope changes reduce the P&L impact. He also asked about Ferrari's flexibility regarding FX on the order backlog, which extends into 2027.

Answer

CFO Antonio Piccon confirmed that the F1 budget increase would flow through as a cost increase. Regarding FX on the order backlog, he stated that Ferrari, in principle, can adjust pricing with a 90-day anticipation based on dealer agreements, with decisions made on a country-by-country basis depending on the magnitude of exchange rate movements.

Michael Tyndall inquired about the impact of the increased F1 budget for next year on Ferrari's P&L and the company's flexibility to offset foreign exchange impacts on its order backlog, which extends into 2027.

Answer

Antonio Piccon (CFO) confirmed that an increase in the F1 budget would directly translate into higher costs. He noted that Ferrari has the flexibility to adjust pricing with a 90-day anticipation, making decisions on a country-by-country basis depending on the magnitude of exchange rate movements.

Michael Tyndall of HSBC asked about the evolving tariff situation related to Mexico, inquiring about any progress on trade deals and the potential economic impact on the new Jeep Cherokee, which is slated for production in Mexico.

Answer

CEO Antonio Filosa stated that Stellantis is in constructive dialogue with U.S., Mexican, and Canadian policymakers, arguing that the high U.S. content in vehicles built in Mexico and Canada should be recognized in tariff structures. He confirmed the Cherokee will be built in Mexico and that the company is actively working on production and transformation cost reductions to enhance its profitability and offset any tariff effects.