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Ferrari N.V. (RACE) is a luxury performance car manufacturer renowned for its high-performance sports cars and commitment to brand exclusivity. The company operates globally, producing and selling luxury vehicles, offering personalization options, and engaging in motorsport activities, particularly Formula 1. Ferrari also generates revenue through sponsorships, branded merchandise, and other related services.
- Cars and Spare Parts - Manufactures and sells luxury performance cars, along with offering personalization options and spare parts to enhance customer experience.
- Sponsorship, Commercial, and Brand - Generates revenue from sponsorship agreements, Formula 1 commercial activities, and Ferrari-branded merchandise, licensing, and royalties.
- Engines - Supplies engines to other manufacturers and rents engines to Formula 1 teams, although this activity has been scaled back following the expiration of a key supply contract.
- Other - Includes financial services, management of the Mugello racetrack, and other sports-related activities.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
John Elkann ExecutiveBoard | Executive Chairman | CEO of Exor N.V.; Chairman of Stellantis N.V.; Chairman of GEDI Gruppo Editoriale S.p.A.; Chairman of Giovanni Agnelli Foundation; Trustee of MoMA | Italian businessman, born in 1976, with a degree in Engineering. Leads Ferrari's strategic direction and is a key figure in the Agnelli family businesses. | |
Benedetto Vigna Executive | Chief Executive Officer | None mentioned in the documents | Joined Ferrari in 2021. Formerly at STMicroelectronics, where he led the Analog, MEMS, and Sensors Group. Focuses on innovation and Ferrari's "value over volume" strategy. | View Report → |
Adam Keswick Board | Non-Executive Director | Chairman of Matheson & Co.; Director at DFI Retail Group, Hongkong Land, and Mandarin Oriental; Vice Chairman of Rothschild & Co.; Board Member at Schindler Holdings Ltd. | British businessman with extensive experience in finance and corporate governance. Holds leadership roles in multiple global organizations. | |
Delphine Arnault Board | Non-Executive Director | CEO of Christian Dior Couture; Board Member at LVMH, Loewe, Pucci, Celine, Christian Dior SE, Gagosian, and Phoebe Philo Limited | French businesswoman with extensive experience in luxury goods. Currently leads Christian Dior Couture and serves on multiple boards within the LVMH group. | |
Eddy Cue Board | Non-Executive Director | Senior Vice President of Services at Apple; Trustee at Duke University and Paley Center for Media | Oversees Apple services such as Apple Music, Apple TV+, and iCloud. Brings expertise in digital services and technology to Ferrari's board. | |
Francesca Bellettini Board | Non-Executive Director | President and CEO of Yves Saint Laurent; Deputy CEO of Kering | Italian executive with a strong background in luxury goods. Has held leadership roles at Gucci, Bottega Veneta, and Prada before joining Yves Saint Laurent. | |
John Galantic Board | Non-Executive Director | Operating Partner at Advent International; Board Member at Bacardi Limited; Board Member of Chanel Fondation | Former President and COO of Chanel Inc. Brings extensive experience in luxury brand management and operations. | |
Maria Patrizia Grieco Board | Non-Executive Director | Board Member at Amplifon, Bocconi University, and Endesa S.A.; Chairperson of Assonime | Italian executive with expertise in corporate governance. Former Chairperson of Enel and Monte dei Paschi di Siena. | |
Mike Volpi Board | Non-Executive Director | General Partner at Index Ventures; Board Member at Aurora, Confluent, Clickhouse, Scale, Sonos, and Wealthfront; Advisory Board Member at Stanford's Knight Hennessy Scholars program | Venture capitalist with expertise in enterprise software and AI. Formerly a director at Ericsson and Fiat Chrysler Automotive. | |
Piero Ferrari Board | Vice Chairman | Chairman of HPE-COXA; Vice President of Ferretti Group | Son of Enzo Ferrari. Has been involved with Ferrari since 1965, contributing to motorsport and production. Holds honorary degrees in engineering and is a Cavaliere del Lavoro. | |
Sergio Duca Board | Chairman of the Board | Member of the Statutory Auditors at Ferrovie dello Stato Italiane S.p.A.; Independent Director at OSAI Automation System S.p.A.; Director at Tofaş; Chair of ISPI Board of Auditors; Member at Intesa San Paolo Foundation | Chartered accountant and former Chairman of PwC Italy. Brings expertise in corporate governance, financial oversight, and risk management. |
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With margins already nearing the high end of your 2026 outlook, is there potential to recalibrate your margin expectations, and how will you balance unit growth versus price and mix over the next few years?
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Given the increase in personalization to around 20%, do you expect this level to be sustainable, and how might constraints in personalization capacity affect your ability to meet customer demand and capture more than 20% going forward?
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As residual values begin to normalize post-COVID and semiconductor shortages, could this impact your ability to price successor models with significant markups, and how are you addressing potential buyer concerns over residual value trends?
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With the order book of the new 12Cilindri models extending beyond two years and some markets showing weaker demand, particularly China due to additional tax burdens, how are you strategizing allocation and production to address geographic variances in demand?
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Considering the upcoming launch of your electric vehicle in 2025 and past strategies with new technologies like the LaFerrari and SF90, what are the key elements of your strategy for introducing the EV, and how do you plan to position it in terms of price point and production volume?
Recent press releases and 8-K filings for RACE.
- Q1 2025 Performance: Delivered robust results with approximately EUR 1.8 billion in revenues, EBITDA close to EUR 700 million, net revenues of €1,791 million (up 13% YoY), operating profit of €542 million, and net profit of €412 million
- Robust Cash Generation: Industrial free cash flow exceeded EUR 600 million and reached €620 million, underlining strong liquidity
- Strong Demand & Shipments: Maintained a healthy order book through 2026, driven by high demand for models like the Dodici Cilindri, with shipments climbing to 3,593 units amid increased personalization
- Strategic Initiatives: Set to unveil the Ferrari elettrica at Capital Market Day in October with further product updates planned for early 2026, while management optimizes product mix and cost control amid supply chain and economic uncertainties
- Share Buyback: Executed the seventh tranche by repurchasing 666,666 common shares for approximately €300 million as part of a €2 billion program
- On April 16, 2025, Ferrari held its Annual General Meeting in Amsterdam where all proposed resolutions were approved.
- The company declared a cash dividend of Euro 2.986 per outstanding common share, totaling approximately Euro 534 million.
- The AGM elected executive directors including John Elkann and Benedetto Vigna and renewed authorization to repurchase up to 10% of its common shares.
- Deloitte Accountants B.V. was reappointed as the independent auditor for FY 2025, and awards of rights to subscribe for common shares were approved for executive directors.
- Ferrari N.V. will release its Q1 2025 financial results on May 6, 2025.
- A live audio webcast and conference call will be held at 2:00 p.m. BST / 3:00 p.m. CEST / 9:00 a.m. EDT on the same day.
- Details, including registration requirements to access the webcast, are available on its corporate website.
- Ferrari announced a commercial policy update in response to potential import tariffs on EU cars into the USA, effective from orders imported after April 2, 2025.
- The update maintains unchanged commercial terms for orders placed before April 2, 2025 and for the Ferrari 296, SF90, and Roma models, while other models may see up to a 10% price increase.
- The company confirmed its 2025 financial targets but cautioned about a potential 50 basis point reduction in profitability margins (EBIT and EBITDA) due to the new import conditions.
- On March 13, 2025, Ferrari executed its employee granting share process by assigning 113,466 treasury shares and repurchasing 47,907 shares at an average price of €414.0109 per share to cover tax liabilities.
- As of March 14, 2025, the company held 15,720,318 treasury shares (equal to 8.71% of total issued capital) and, since commencing its multi-year €2 billion share buyback program in July 2022, has repurchased a total of 5,011,020 shares for €1.64257 billion.