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Susy Tibaldi

Susy Tibaldi

Research Analyst at UBS Asset Management Americas Inc.

London, GB

Susy Tibaldi is an Equity Analyst at UBS specializing in European consumer and luxury sectors, covering notable companies such as Ferrari, EssilorLuxottica, and Ermenegildo Zegna. She is recognized for her data-driven approach and has made influential calls including recent price target raises on Ferrari and Zegna, and has maintained active coverage on EssilorLuxottica. Tibaldi joined UBS as an analyst and has focused on equity research, providing investment recommendations that are closely followed in the market, though specific success rates and returns are not publicly disclosed. She holds relevant professional credentials and securities licenses required for her analyst role at UBS.

Susy Tibaldi's questions to Ferrari (RACE) leadership

Question · Q2 2025

Susy Tibaldi questioned the relatively low 3% growth in 'Cars and spare parts' revenue, the drivers behind the very strong gross margin, and how the company will manage pricing for US customers given the recent tariff changes.

Answer

CEO Benedetto Vigna clarified that the commercial policy regarding US tariffs will not change until the new 15% rate is officially implemented, and the tariff will continue to be itemized separately on customer invoices. CFO Antonio Picca Piccon stated that revenue growth was in line with their internal delivery plan and that the strong gross margin was driven by cost efficiencies and racing cost dynamics, not just the sports car business. He also highlighted that personalizations remain robust, accounting for 20% of car revenues.

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Question · Q2 2025

Susy Tibaldi asked about the accelerated model rollout of six new models in 2025, questioning if it could confuse customers, and inquired about the flow-through of product mix to the P&L, specifically why 2024's strong mix resulted in a smaller profit improvement compared to 2023.

Answer

CEO Benedetto Vigna explained that the diverse 2025 model launches cater to different client segments (pilots vs. sports car drivers) and align with Ferrari's strategy of offering a wide range to maintain exclusivity. CFO Antonio Piccon detailed that the P&L mix is driven by product, country, pricing, and personalizations. He clarified that while the mix was strong in 2024, its impact on margin expansion was tempered by cost inflation, which was not fully offset by pricing as it had been in 2023.

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Question · Q1 2025

Susy Tibaldi asked about customer behavior trends across different client segments amid macro uncertainty and sought details on the 296 Speciale's production timeline and volume expectations.

Answer

CEO Benedetto Vigna confirmed the 296 Speciale will be a limited-time special version, similar in nature to the 488 Pista. He stated that while the company remains vigilant, it has not observed any impact on its order book or any differing trends between new clients and existing collectors.

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