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    Thomas Besson • Kepler Cheuvreux

    Thomas Besson's questions to Ferrari NV (RACE) leadership

    Thomas Besson's questions to Ferrari NV (RACE) leadership • Q2 2025

    Question

    Thomas Besson asked about the reason for the lower share of hybrid vehicles in the quarter, why the 50 basis point margin cushion was removed from guidance, and whether the 'Other' line in the EBIT bridge would remain elevated.

    Answer

    CEO Benedetto Vigna stated that the hybrid share fluctuates based on the specific product offering and production volumes in a given quarter. CFO Antonio Picca Piccon explained the 50 bps cushion was removed due to increased confidence from lower-than-expected industrial costs and revised Formula 1 ranking assumptions. He anticipates the 'Other' EBIT line will remain positive in H2 but contribute less than it did in H1.

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    Thomas Besson's questions to Ferrari NV (RACE) leadership • Q2 2025

    Question

    Thomas Besson asked for more detail on the drivers of the Q4 average selling price increase, inquired if the hybrid share of volumes would continue to grow in 2025, and questioned the long-term plan to offset the eventual phase-out of the high-priced F80 supercar post-2027.

    Answer

    CFO Antonio Piccon attributed the Q4 ASP increase to the SF90 XX ramp-up, a favorable country mix, and strong personalization, including carbon fiber parts. He clarified that the hybrid share is expected to be slightly lower in 2025 due to deliveries of the ICE-powered 12 Cilindri. CEO Benedetto Vigna deferred the long-term strategy question, stating the post-F80 plan will be unveiled at the Capital Market Day in October.

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    Thomas Besson's questions to Ferrari NV (RACE) leadership • Q1 2025

    Question

    Thomas Besson questioned if non-car revenues were becoming accretive to profitability, whether the full-year free cash flow guidance was conservative after a strong Q1, and asked for confirmation of the annual tax rate and CapEx.

    Answer

    CFO Antonio Picca Piccon confirmed the 2025 tax rate guidance of approximately 22% and CapEx between €900-€950 million. Regarding free cash flow, he stated Ferrari is 'never conservative' but noted there are still moving parts. He also indicated that while sponsorship revenues are set, year-over-year comparisons will be uneven.

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    Thomas Besson's questions to Ferrari NV (RACE) leadership • Q2 2024

    Question

    Thomas Besson questioned whether the average selling price (ASP) could increase in the second half of the year and asked about the expected evolution of the hybrid vehicle share in the sales mix.

    Answer

    CFO Antonio Piccon projected that the ASP in H2 would be slightly lower than H1, as fewer Daytona deliveries would outweigh an increase in SF90 XX shipments. CEO Benedetto Vigna stated that demand for hybrid models remains strong and is expected to continue at a similar level, supported by a new extended battery warranty program.

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    Thomas Besson's questions to Stellantis NV (STLA) leadership

    Thomas Besson's questions to Stellantis NV (STLA) leadership • Q2 2025

    Question

    Thomas Besson of Kepler Cheuvreux asked whether the H2 guidance could be considered conservative, given that production should normalize without the major headwinds of inventory destocking or tariff-related downtime seen previously.

    Answer

    CEO Antonio Filosa framed the guidance as a 'commitment' to a significant sequential improvement from a breakeven H1, rather than conservative. CFO Doug Ostermann elaborated that while volumes and pricing should improve, the business must absorb a substantial headwind from tariffs, with over €1 billion expected in H2 compared to just €330 million in H1, which makes the guided improvement a challenging but achievable goal.

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    Thomas Besson's questions to Stellantis NV (STLA) leadership • Q2 2025

    Question

    Thomas Besson asked about Stellantis's persistent market share losses in the U.S. and Europe, questioning the effectiveness of recent product launches and the impact of the Smart platform ramp-up. He also inquired about potential industrial actions and followed up on strong performance in the Middle East, Africa, and Latin America, asking if this would lead to higher margins in those regions.

    Answer

    CFO Doug Ostermann responded that European market share actually increased by 130 basis points compared to the second half of 2024, though he conceded the ramp-up of new products has been slower than anticipated. He identified the sluggish European LCV market, down 13% year-to-date, as a significant headwind due to Stellantis's 30% market share. Regarding other regions, he acknowledged strong business in the Middle East but deferred detailed regional margin discussions to the upcoming July 29th call.

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    Thomas Besson's questions to Stellantis NV (STLA) leadership • Q2 2025

    Question

    Thomas Besson asked about Stellantis's persistent market share losses in the U.S. and Europe, questioning the effectiveness of recent product launches and the potential need for industrial actions. He also inquired if strong performance in the Middle East, Africa, and Latin America would translate to higher margins.

    Answer

    CFO Doug Ostermann responded that European market share actually increased by 130 basis points compared to H2 2024, though he conceded that the ramp-up of new products has been slower than anticipated. He highlighted the upcoming Fiat Grand Rapanda launch and noted the weak European LCV market, where Stellantis has a 30% share, as a significant headwind. He deferred detailed regional margin commentary to the upcoming July 29th call.

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    Thomas Besson's questions to Stellantis NV (STLA) leadership • Q2 2025

    Question

    Thomas Besson asked about Stellantis's persistent market share losses in the U.S. and Europe, questioning the slower-than-expected product ramp-up and potential need for industrial actions. He also inquired if strong performance in the Middle East, Africa, and Latin America translated to higher margins in H1.

    Answer

    CFO Doug Ostermann noted that European market share actually increased 130 basis points sequentially from H2 2024, despite a slow product ramp-up and a significant 13% decline in the LCV market, where Stellantis has a 30% share. He highlighted the upcoming Fiat Grand Rapanda launch as a key catalyst. Ostermann acknowledged strong performance in other regions but deferred detailed margin discussions to the formal H1 results call on July 29th.

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