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Nicolai Kempf

Nicolai Kempf

Director of Equity Research at Deutsche Bank Ag\

London, GB

Nicolai Kempf is a Director of Equity Research at Deutsche Bank AG, specializing in the coverage of major German industrial and technology companies such as Daimler Truck Holding AG, NORMA Group, and SAP SE. Recognized for his in-depth equity research and investment calls, Kempf has maintained a notable track record, including issuing Buy ratings on Daimler and SAP with price targets implying substantial upside for investors. He began his career in finance over eight years ago, joining Deutsche Bank as Vice President, Equity Research in June 2017 and advancing to Director in 2025, with primary experience focused on equity research and portfolio management. Kempf’s professional credentials are not explicitly listed, but his regulatory analyst status and senior research roles at a leading investment bank suggest standard industry certifications and securities licenses.

Nicolai Kempf's questions to Ferrari (RACE) leadership

Question · Q4 2025

Nicolai Kempf from Deutsche Bank asked about the number of 499P Modificata units sold in Q4 and their impact on average selling prices. He also inquired about Ferrari's long-term strategy regarding higher volumes, considering the strong rise in revenues per unit, stable residual values, and recent flat or declining volume trends.

Answer

Antonio Picca Piccon, Ferrari's CFO, confirmed that 'a few units' of the 499P Modificata were sold in Q4, consistent with prior quarters, and projected lower sales for this model in 2026. Benedetto Vigna, CEO, reiterated Ferrari's commitment to being a luxury company focused on the quality of revenues and client exclusivity, rather than pursuing higher sales volumes.

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Question · Q4 2025

Nicolai Kempf asked about the sales volume of the 499P Modificata in Q4 and whether Ferrari's long-term strategy might shift towards higher volumes, given strong revenue per unit, stable residual values, and flat volumes in 2025.

Answer

CEO Benedetto Vigna emphasized that Ferrari is a luxury company focused on the quality of revenues, not volume, aiming for exclusivity and a 'marathon' approach rather than a 'sprint race.' He stated that Ferrari does not disclose specific volume numbers. CFO Antonio Picca Piccon added that a few 499P Modificata units were sold in Q4, in line with previous quarters, but fewer are expected in 2026.

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Question · Q2 2025

Nicolai Kempf asked for insight into what key announcements and topics should be expected at Ferrari's upcoming Capital Markets Day.

Answer

CEO Benedetto Vigna responded that the Capital Markets Day will provide a comprehensive and detailed overview of the company's strategy for the next five years. He promised the same level of transparency as the 2022 event, covering marketing strategy, product plans, financial targets, and the overall business plan through the end of the decade.

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