Financial Data and Key Metrics Changes - Total revenues reached approximately €1.8 billion, reflecting a 7.4% year-over-year growth with flat deliveries [13] - EBIT exceeded €500 million, indicating strong profitability [13] - Industrial free cash flow was reported at €365 million, showcasing solid business performance [13][20] - EBITDA margin stood at 37.9% and EBIT margin at 28.4%, despite challenges from increased import tariffs [19] Business Line Data and Key Metrics Changes - Shipments were driven by models such as the 296 GTS, Purosangue, and the 12-cylinder family, while deliveries of the Daytona SP3 were lower due to its phase-out [16][17] - Personalizations accounted for approximately 20% of total revenues from cars and spare parts, particularly benefiting the SF90 XS family and Purosangue [18] Market Data and Key Metrics Changes - The company noted a significant changeover of models, with only 15% of the lineup in ramp-up phase at the beginning of 2025, increasing to 35% by year-end [13] - The order book extends well into 2027, indicating strong demand for new models [12] Company Strategy and Development Direction - The company aims for €9 billion in revenues by the end of the decade, with a 40% EBITDA margin and a 30% EBIT margin [4] - A flexible powertrain strategy has been recalibrated to 40% ICE, 40% hybrid, and 20% electric, reflecting market dynamics and client preferences [6][7] - The company plans to introduce an average of four new models per year between 2026 and 2030, focusing on innovation and exclusivity [5][8] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains uncertain, but the company expresses confidence in its business model and growth plans [9] - The company has achieved a 30% reduction in Scope One and Scope Two emissions and aims for a tenfold reduction by 2030 [10] Other Important Information - The company has completed its share repurchase program ahead of schedule, reflecting strong confidence in future performance [14] - The introduction of the Ferrari Elettrica is seen as a significant opportunity for innovation and market engagement [10][11] Q&A Session Summary Question: Impact of mix on Q4 performance - Management noted that the mix impact in the second half of the year has been slightly better than anticipated, primarily due to strong personalization [25][29] Question: Pricing power and future expectations - Management expressed confidence in maintaining pricing power through continuous innovation and product enrichment [37][39] Question: Hybrid vehicle share and delivery figures - The reduction in hybrid offerings is linked to model changes, and initial deliveries of the F80 are expected to be limited in Q4 [45][47] Question: Consumer behavior in the U.S. market - The business in the U.S. is proceeding normally, with tariffs now stabilized at 15%, and no unusual order cancellations have been observed [64][66] Question: Margin stability amidst investments - Management emphasized the importance of continuous innovation to maintain margin stability, despite necessary investments in new facilities and technologies [88][92]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 reached approximately €1.8 billion, reflecting a 7.4% year-over-year growth with flat deliveries [13] - EBIT exceeded €500 million, indicating strong profitability [13] - Industrial free cash flow was reported at €365 million, showcasing solid business performance [13][20] - EBITDA margin stood at 37.9% and EBIT margin at 28.4%, despite challenges from U.S. import tariffs and currency fluctuations [19] Business Line Data and Key Metrics Changes - Shipments were driven by models such as the 296 GTS, Purosangue, and the 12-cylinder family, while deliveries of the Daytona SP3 were lower due to its phase-out [16][17] - Personalizations accounted for approximately 20% of total revenues from cars and spare parts, particularly benefiting the SF90 XS family and Purosangue [18] Market Data and Key Metrics Changes - The U.S. market showed resilience despite previous concerns over consumer behavior due to tariffs, with a normalization observed as tariffs were reduced from 25% to 15% [38] - The order book extends well into 2027, indicating strong demand for new models like the Testa Rossa family and Amalfi [13][34] Company Strategy and Development Direction - The company aims for €9 billion in revenues by the end of the decade, with a 40% EBITDA margin and a 30% EBIT margin [3] - A flexible powertrain strategy has been adopted, recalibrating the 2030 breakdown to 40% ICE, 40% hybrid, and 20% electric, responding to market dynamics and client preferences [5][6] - The company plans to introduce an average of four new models per year between 2026 and 2030, focusing on innovation and exclusivity [4][12] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains uncertain and volatile, but the company expresses confidence in its business model and growth plans [9] - A commitment to decarbonization has been reaffirmed, with targets to significantly reduce emissions by 2030 [10] Other Important Information - The company has achieved a 30% reduction in Scope One and Scope Two emissions and a 10% reduction per car in Scope Three emissions from 2021 to 2024 [10] - The new facility in Maranello is designed to manufacture all three powertrains, showcasing the company's commitment to flexibility and innovation [7] Q&A Session Summary Question: Impact of mix on Q4 performance - The mix impact in the second half of the year has been slightly better than anticipated, mainly due to strong personalization [24][25] Question: Personalization penetration rates - The long-term penetration of personalization is guided to be around 19%, with new facilities aimed at enhancing client engagement [26] Question: F80 rollout strategy - The F80 will roll out over three years, consistent with the company's approach to manage production and demand effectively [30] Question: Demand for new models - Demand for both the Coupe and Spider versions of the 849 Testa Rossa is strong, with significant interest in the Amalfi as well [32][34] Question: Hybrid warranty program - The hybrid warranty program is gaining traction, with penetration rates exceeding 20%, although some dealers require retraining to better explain the benefits [34] Question: U.S. market dynamics - The business in the U.S. is proceeding normally, with no unusual order cancellations observed despite concerns over residual values [38] Question: F1 budget impact - The increase in the F1 budget will flow through as a cost increase, impacting the P&L [50]

Financial Data and Key Metrics Changes - Total revenues reached approximately €1,800,000,000, reflecting a 7.4% year-over-year growth with flat deliveries [17] - EBIT exceeded €500,000,000, indicating strong profitability [17] - Industrial free cash flow was €365,000,000, showcasing solid business performance [17][27] - The company revised its guidance upward, exceeding the original profitability target for 2026 by one year [17][27] Business Line Data and Key Metrics Changes - The product mix and personalization were key drivers of revenue and profitability growth, with shipments in line with the previous year [20] - Personalizations accounted for approximately 20% of total revenues from cars and spare parts, particularly relevant for the U-ninety XS family and the Guro Sangue [23] - The company experienced a significant changeover of models, with the SF90 family and the ROMA phased out, and new models like the August Testarossa family and the Amalfi set to launch [22] Market Data and Key Metrics Changes - The U.S. market showed normalization after tariff adjustments, with tariffs reduced from 25% to 15% [66] - The company noted that the business in the U.S. proceeds as usual, with no significant changes in consumer behavior despite concerns about residual values [66] Company Strategy and Development Direction - Ferrari aims for €9,000,000,000 in revenues by the end of the decade, with a 40% EBITDA margin and a 30% EBIT margin [4] - The company is focusing on a diversified product strategy, planning to offer an average of four new models per year across different powertrains from 2026 to 2030 [5] - The company has recalibrated its powertrain offering to 40% ICE, 40% hybrid, and 20% electric, adapting to market dynamics and client preferences [6][7] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains uncertain and volatile, but the company is committed to a six-year growth plan with focus and discipline [12] - Management expressed confidence in maintaining pricing power through continuous innovation and product differentiation [43][44] - The company has achieved a 30% reduction in Scope one and Scope two emissions and aims for a 10x reduction by 2030 [12][13] Other Important Information - The company is investing in infrastructure, including a new facility capable of manufacturing three powertrains, to support its flexible approach to product development [9] - The order book extends well into 2027, indicating strong demand for new models [16] Q&A Session Summary Question: Impact of mix on Q4 performance - Management noted that the mix impact in the second half of the year has been slightly better than anticipated, mainly due to strong personalization [38] Question: Pricing power and future expectations - Management expressed confidence that pricing power will continue, driven by innovation and product enhancements [43][44] Question: Hybrid vehicle share and delivery figures - The reduction in hybrid vehicle offerings is linked to model changes, and initial deliveries of the F80 are expected to be limited in Q4 [48][49] Question: Demand for new models - Demand for the Amalfi is strong, with a significant portion of new clients coming to the brand [56] Question: Margin stability amidst investments - Management emphasized the importance of continuous innovation to maintain long-term margin stability, despite necessary investments [88][90]

Core Insights - Ferrari has reduced price increases on certain models in the U.S. to a maximum of 5% due to a deal that lowers the import tariff on European products [1] Group 1 - The price increase cap of 5% applies to specific models sold in the U.S. market [1] - The decision to trim price increases is linked to a new agreement regarding import tariffs [1]

Q3 2025 Financial Highlights - Revenues reached approximately €1.8 billion, with an adjusted EBIT of around €500 million, resulting in a 28.4% margin[6] - Industrial free cash flow generation was robust at €365 million[6] - Net revenues increased by 7.4% compared to Q3 2024[17] - Diluted earnings per share increased by 2.9% to €2.14[19] - EBITDA increased by 5.0% to €670 million[15] Shipments and Regional Performance - Total shipments were substantially flat, increasing by 0.5% from 3,383 units in Q3 2024 to 3,401 units in Q3 2025[11, 17] - EMEA region shipments increased by 23 units, representing 43% of total shipments[26] - Shipments to Mainland China, Hong Kong, and Taiwan decreased by 33 units[26] - Americas shipments decreased by 25 units, accounting for 31% of total shipments[26] 2025 Guidance Revision - The company revised its 2025 guidance upward, now expecting net revenues of ≥€7.1 billion, compared to the previous guidance of >€7.0 billion[39] - Adjusted EBITDA is now projected to be ≥€2.72 billion, maintaining a margin of ≥38.3%[39] - Adjusted EBIT is expected to be ≥€2.06 billion, with a margin of ≥29.0%[39] - Adjusted diluted EPS is projected to be ≥€8.80[39] - Industrial free cash flow is expected to be ≥€1.30 billion[39]

Core Insights - Ferrari delivered more vehicles than expected, indicating strong performance despite regional weaknesses in the Americas and China [1] Summary by Category Vehicle Deliveries - The company achieved higher vehicle shipments than anticipated, which suggests effective management and demand in other markets [1] Regional Performance - Weakness in vehicle sales was noted in the Americas and China, but this was offset by increased shipments in other regions, highlighting a diversified market strategy [1]

Core Viewpoint - The Italian supercar maker is attempting to generate excitement following an electric vehicle launch that did not meet expectations [1] Group 1 - The company is focusing on enhancing its brand image and consumer interest after a lackluster electric vehicle reveal [1]

Core Insights - Ferrari reported stronger-than-expected third-quarter profit with net revenues increasing over 7% year-on-year [1] - The company posted a net profit of 382 million euros ($439.5 million) for the July-September period, reflecting a nearly 2% increase from the previous year [2] - Analysts had anticipated a net profit of 367.33 million euros, indicating Ferrari exceeded expectations [2] Financial Performance - Net revenues rose more than 7% compared to the same period last year [1] - The net profit for the third quarter was 382 million euros, which is approximately 2% higher than the same quarter last year [2] - The profit exceeded analyst expectations, which were set at 367.33 million euros [2] Strategic Outlook - Ferrari's CEO, Benedetto Vigna, emphasized the company's strong visibility and conviction in its development path [2] - During the Capital Markets Day, Ferrari outlined a clear trajectory for sustainable growth towards 2030 [3] - Despite the positive financial results, the company faced a significant drop in share price following its 2030 guidance, which did not meet analyst expectations, resulting in a 15.4% decline on October 9 [3]

Core Insights - Ferrari reported a 5% increase in core earnings for the third quarter, surpassing expectations [1] - The growth in earnings is attributed to strong pricing power, bolstered by models such as the SF90 XX and 12Cilin [1] Financial Performance - The company's core earnings growth of 5% indicates robust financial health and effective pricing strategies [1] - The performance reflects the successful introduction and demand for high-end models, contributing to overall revenue growth [1]

Core Insights - Ferrari's CEO, Benedetto Vigna, emphasized the company's commitment to sustainable growth and innovation in electric technology, particularly with the Ferrari Elettrica, during the Capital Markets Day [1] Financial Performance - For Q3 2025, Ferrari reported net revenues of €1,766 million, an increase of 7.4% year-over-year, with total shipments of 3,401 units, reflecting a 1% increase [2][7] - Operating profit (EBIT) for the quarter was €503 million, up 7.6% from the previous year, maintaining an EBIT margin of 28.4% [2][12] - Net profit for Q3 2025 reached €382 million, a 1.8% increase compared to Q3 2024, with diluted EPS at €2.14, up from €2.08 [2][15] Shipment and Product Mix - Total shipments for Q3 2025 were 3,401 units, showing a slight increase of 1% compared to the same period last year [3][4] - The product mix included six internal combustion engine (ICE) models and five hybrid engine models, with ICE models accounting for 57% of total shipments [5][6] Revenue Breakdown - Revenue from cars and spare parts was €1,479 million, up 5.6% year-over-year, driven by a richer product mix and increased personalizations [8][9] - Sponsorship, commercial, and brand revenues reached €211 million, a significant increase of 21% year-over-year, attributed to improved sponsorships and lifestyle activities [9] Cost and Cash Flow - EBITDA for Q3 2025 was €670 million, reflecting a 5% increase from the previous year, with an EBITDA margin of 37.9% [11][12] - Industrial free cash flow for the quarter was strong at €365 million, supported by increased EBITDA and effective working capital management [16] Debt and Liquidity - As of September 30, 2025, Ferrari's net industrial debt was €116 million, a significant reduction from €338 million as of June 30, 2025, with total available liquidity at €1,968 million [17] 2025 Guidance - The company revised its 2025 guidance upward during the Capital Markets Day, projecting net revenues of at least €7.1 billion and adjusted EBITDA margin of at least 38.3% [18][19]