Customer Loyalty and Repeat Sales

Q1 and Q2 emphasized strong customer retention with repeat sales around 74% and noted personalization efforts and intimate dealer‐client relationships. " "

Q4 reported improved figures – 81% of new sales to existing clients, with detailed segmentation (40% repeat owners and 48% owning multiple Ferraris). " "

Consistently positive with improvement, highlighting further enhanced customer loyalty.

China Market Demand and Tariff Effects

Q1 discussed a normalization in demand with a deliberate strategy to keep China under 10% and a noticeable shift towards hybrid models. " Q2 noted that additional tax burdens affected demand for certain 12-cylinder models, but China remained a small share (<10%). "

Q4 demonstrated a strong China order book covering approximately 5 quarters and confirmed that no accelerated shipments were needed despite tariff concerns. " "

Steady with evolving sentiment – from cautious normalization and tax concerns to a robust order book and a clear strategy against tariff speculation.

High-Margin Special Models (Daytona SP3) Performance

Q1 highlighted the Daytona SP3 as a key profit contributor with high deliveries (≈80 units) and strong mix and pricing impact. " " Q2 maintained positive mentions with shipments around 74 units and plans to moderate volumes to keep averages high. "

Q4 showed a reduced shipment volume (46 units) and indicated a planned taper off into 2025, suggesting that while past performance was strong, its future contribution is expected to decline. " " " "

Positive but transitioning – a formerly high-impact model that is now being scaled down, with expectations for lower contribution going forward.

Pricing Power Limitations and Cost Inflation

Q1 discussions focused on strong pricing power, where price increases were absorbed by client willingness to pay in addition to steady cost inflation assumptions. " " Q2 did not mention these topics.

Q4 explicitly noted that cost and underlying inflation were not fully offset by pricing adjustments, signaling challenges for profitability. " "

Worsening sentiment – from confidence in pricing power to emerging challenges as inflation erodes margins.

Personalization and Customization Demand

Q1 detailed a strong personalization rate (around 19%) and noted that clients maintained interest despite price increases. " " " Q2 reported similar strong demand (around 20%), with enhanced supply chain efforts and deeper data analysis on trends. " " " "

Q4 reiterated that personalization continues to contribute about 20% of revenue, with added emphasis on supply chain expansion, advanced offerings (like carbon-finished parts), and even considering predefined combinations to manage brand image and residual values. " " " "

Consistently strong and evolving – with sustained high demand and refinement of strategies to balance customization with brand and residual values.

New Model Launches (12-Cylinder Models)

Q1 launched the 12Cilindri models with very positive feedback, innovative pricing strategies, and an emphasis on blending tradition with innovation. " " " Q2 echoed this with strong global order books (Spider version especially popular) and some geographic challenges due to tax burdens. " " " "

Q4 continued to show robust order intake, with an even 50–50 split between coupe and spider versions and forward order books extending to 2026, while noting a slight reduction in hybrid share due to these ICE models. " " " "

Highly positive and consistent – new model launches remain a key growth engine with steady customer demand and clear strategic positioning.

Operating Expense Increases and Margin Pressure

Q1 mentioned moderate increases in SG&A and R&D expenses (SG&A up by EUR 12 million, R&D +29 million) but benefited from a strong price and mix. " " " Q2 discussed rising SG&A due to digital infrastructure investments and forecasted higher R&D and event-related expenses causing some margin pressure. " "

Q4 reported renewed pressures with increased industrial, R&D, and SG&A expenses along with cost inflation not fully offset by pricing, exerting additional margin pressure despite strong overall profitability margins. " "

Deteriorating sentiment – expenses and inflation pressures are increasingly challenging margins compared to earlier periods.

Foreign Exchange Headwinds and Currency Risks

Q1 noted a negative impact of EUR 23 million due to adverse moves in the yuan, yen, and dollar, despite hedging strategies. " " " Q2 saw a larger negative impact (EUR 35 million) driven by the same currencies. " "

Q4 again mentioned negative currency impacts despite hedging, while setting a neutral outlook for 2025 (targeting a USD rate around 1.05). " "

Consistently negative but with a neutral future outlook – currency risks persist, though future guidance suggests stabilization.

Residual Value Concerns

Q1 indicated that residual values were strong overall with only isolated issues. " Q2 maintained that overall residual values remain robust, noting that functional personalizations hold their value better, and introduced a warranty for hybrid models. "

Q4 offered deeper insights with active measures such as adjusted shipment allocations (e.g., in the UK) and leveraging warranty programs to support hybrid models, while cautioning against extreme personalization which may hurt residual values. " " " "

Under vigilant monitoring – consistent confidence overall but with increased strategic measures in Q4 to safeguard long-term asset values.

Pre-Owned Market Expansion Initiatives

Q1 featured initiatives like the Ferrari Approved Program to deepen relationships with pre-owned customers and keep them within the brand’s ecosystem. "

Q4 did not mention any initiatives related to the pre-owned market, and neither did Q2.

No longer mentioned – this topic was emphasized in Q1 but has since dropped from subsequent discussions, suggesting a deprioritization in current messaging.