FERRARI - Q4 2025

Ferrari closed 2025 with record results, once again proving the strength of its unique “value over volume” business model.Deliveries remained deliberately capped at around 13,600 cars, yet revenues, margins, and cash generation all reached new highs. The driver is not volume, but mix: higher-priced models, limited series, and an increasing contribution from personalization, which now represents a meaningful share of automotive revenues.Ferrari also completed its previous industrial plan one year ahead of schedule, entering 2026 from a position of exceptional visibility. The order book is solid through 2027, supported by a rich pipeline of new models and series specials.Strategically, Ferrari is preparing its next chapter with a technology-neutral approach. Combustion, hybrid, and electric powertrains will coexist, with the first fully electric Ferrari set to debut in 2026. Importantly, electrification is treated as an extension of the brand — not a shift toward mass adoption.The takeaway is clear: Ferrari is not an automaker chasing scale. It is a luxury company compounding scarcity, pricing power, and brand desirability — and turning rarity into consistently rising profitability.DisclaimerThis content is provided for informational and educational purposes only.It does not constitute financial, investment, legal, or tax advice.Any opinions expressed are based on publicly available information and are not a recommendation to buy or sell any security.Listeners are solely responsible for their own investment decisions.