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    Monica Bosio • Intesa Sanpaolo

    Monica Bosio's questions to Ferrari NV (RACE) leadership

    Monica Bosio's questions to Ferrari NV (RACE) leadership • Q2 2025

    Question

    Monica Bosio inquired about the strategic goals for the new Ferrari Amalfi, seeking details on demand for the 296 Speciale, and asking which models are gaining traction in China given the high taxes on 12-cylinder engines.

    Answer

    CEO Benedetto Vigna explained that the Amalfi is designed to enhance the product offering in markets like China and to attract new clients from competing brands. He noted that demand for the 296 Speciale is globally strong without a specific regional pattern. He also clarified that the high tax in China applies to the 12-cylinder motorization in general, making V8 models like the Amalfi more suitable for that market. CFO Antonio Picca Piccon added that the H2 product mix is expected to be neutral compared to last year.

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    Monica Bosio's questions to Ferrari NV (RACE) leadership • Q2 2025

    Question

    Monica Bosio asked for an update on the order book length in China, inquired about the trend in residual values for hybrid models, and requested an outlook for R&D spending in 2025. She also asked for clarification on volume distribution between the first and second half of the year.

    Answer

    CEO Benedetto Vigna confirmed the China order book remains stable at five quarters and stated Ferrari will not accelerate deliveries to any region due to potential tariffs. He noted residual value trends vary by region and model. CFO Antonio Piccon projected 2025 R&D spending to be around 8% of revenues, in line with 2024, and said that shipment volumes would be 'pretty much equally distributed' between H1 and H2.

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    Monica Bosio's questions to Ferrari NV (RACE) leadership • Q1 2025

    Question

    Monica Bosio asked about the future impact of F80 supercar advances on working capital, the potential effect of U.S. pricing actions on residual values, and whether personalization pricing would also be adjusted.

    Answer

    CFO Antonio Picca Piccon stated that after a significant Q1 impact, a smaller positive effect from F80 advances is expected in Q4. He noted that U.S. pricing actions could potentially drive residual values up and clarified that personalization pricing was already adjusted last year, with the new actions applying to the car's overall price.

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    Monica Bosio's questions to Ferrari NV (RACE) leadership • Q2 2024

    Question

    Monica Bosio requested details on the profile of new Ferrari clients, such as geography, age, and powertrain preference, and also asked for a full-year estimate for net financial charges.

    Answer

    CEO Benedetto Vigna explained that client profiles are stable and that there is no correlation between age and powertrain preference. CFO Antonio Piccon advised that full-year net financial charges are expected to be a small number, in the region of €15 million, similar to the previous year.

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