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    Susy Tibaldi • UBS

    Susy Tibaldi's questions to Ferrari NV (RACE) leadership

    Susy Tibaldi's questions to Ferrari NV (RACE) leadership • Q2 2025

    Question

    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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    Susy Tibaldi's questions to Ferrari NV (RACE) leadership • Q2 2025

    Question

    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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    Susy Tibaldi's questions to Ferrari NV (RACE) leadership • Q1 2025

    Question

    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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