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Core Viewpoint - Investors have a unique opportunity to purchase Ferrari shares at a discount after a 17% decline in stock value, despite the company posting strong third-quarter results and raising 2025 guidance. The market's reaction to lower-than-expected growth projections through 2030 is seen as an overreaction, making it a favorable buying opportunity [1]. Financial Performance - In the third quarter, Ferrari achieved 3,401 total shipments, resulting in a net revenue increase of 7.4% to €1.77 billion compared to the previous year. Operating profit (EBIT) rose by 7.6% to €503 million, with margins remaining strong at 28.4%, highlighting Ferrari's elite pricing power in the automotive industry [2][5]. Strategic Direction - CEO Benedetto Vigna emphasized the company's commitment to a clear long-term growth trajectory during the Capital Markets Day, setting a foundation for sustainable growth towards 2030 [4]. Product Mix and Market Position - Ferrari's success in the third quarter was attributed to a lucrative product mix, including strong deliveries of the SF90 XX and 12Cilindri families, along with increased sales of expensive personalization options, which helped mitigate the impact of U.S. import tariffs [5]. Shareholder Value - Ferrari is completing a multiyear share buyback program of approximately €2 billion, indicating confidence in its business and long-term share value [8]. Electric Vehicle Strategy - The company has scaled back its electric vehicle ambitions, now projecting that full EVs will constitute about 20% of its lineup by 2030, which is half of the original goal set in 2022. This adjustment comes amid challenges faced by competitors in the EV market [9]. Revenue Transparency - Ferrari's order book is sold out through 2027, providing revenue transparency and setting the stage for the introduction of its first fully electric model, the Elettrica, next year [10]. Investment Outlook - Ferrari is considered a strong buy due to its robust brand image, exceptional pricing power, and industry-leading operating margins. The company is expected to continue performing well despite market reactions to its long-term guidance [11].

Core Insights - Pirelli's Executive Vice Chairman Marco Tronchetti Provera expressed optimism about Ferrari's first fully electric model performing well in Asia, while he anticipates weaker demand in Europe [1] Company Perspective - Ferrari's upcoming fully electric model is expected to have strong market acceptance in Asia [1] - The anticipated performance in Europe is expected to be less favorable compared to Asia [1]

Over the course of barely two hours on Sunday, Ferrari’s calamitous Formula One season went from bad to worse to absolute rock bottom https://t.co/VFj9h7fhWv ...

Core Viewpoint - Ferrari's high valuation may seem excessive at first, but its unique business model and financial performance justify the premium, positioning it more like a luxury brand than a traditional automaker [1][2][12]. Financial Metrics - Ferrari's P/E ratio stands at 41, with an EV/EBITDA multiple near 29 and a price-to-sales ratio above 11, which are significantly higher than traditional automakers [2][3]. - The company boasts an adjusted EBITDA margin of 38.3%, an operating margin of 28.3%, and a gross margin close to 50% for 2024, aligning it more with luxury brands like LVMH and Hermès [3][4]. Revenue Streams - Approximately 15% of Ferrari's revenue is derived from sponsorships, licensing, financial services, and after-sales, contributing to predictable cash flow and stability [6][7]. - The return on invested capital (ROIC) is around 24%, which is double that of LVMH, indicating strong financial health [8]. Business Model - Ferrari operates on a scarcity-driven model, producing fewer cars than demand, which maintains multiyear waiting lists and rising resale values, thus preserving pricing power [9]. - The company focuses on reinvesting in innovation and returning capital to shareholders without pursuing scale, allowing it to maintain its luxury status [9][12]. Market Position - Despite being valued at 42 times earnings, Ferrari's unique characteristics and brand durability suggest that it is not a conventional company, and its premium may be justified [10][12]. - The brand's emotional appeal insulates it from economic downturns, keeping demand stable even during weaker macroeconomic conditions [6][12]. Future Outlook - If Ferrari successfully blends scarcity with innovation, its elevated valuation could remain sustainable over the long term [13].

Core Insights - Ferrari N.V.'s Purosangue is a significant growth catalyst for the company, expected to continue its strong performance into 2025 [1] - The Purosangue's demand has positively impacted Ferrari's product mix and margins, showcasing the brand's ability to expand without losing exclusivity [1][3] - The model's successful integration of performance and practicality has resonated well with global buyers, reinforcing Ferrari's brand prestige [2] Company Performance - In Q3, the Purosangue, along with other models like the 296 GTS and the 12Cilindri family, contributed to a total of 3,401 unit deliveries for Ferrari [3][9] - The Purosangue's production is tightly controlled to maintain rarity, which supports pricing strength and brand exclusivity [2][9] - A robust order book for the Purosangue indicates strong future demand, positioning it as a key pillar in Ferrari's modern era [3] Industry Context - The luxury SUV market is becoming increasingly important for automakers, with companies like Porsche leveraging their SUV portfolios for sales growth [4] - In contrast, Aston Martin has faced challenges with its DBX model, which has not met initial sales expectations, highlighting the competitive landscape in the ultra-luxury SUV segment [5]

Core Insights - Ferrari's newest model, the Amalfi, is attracting a younger demographic, with the first two sales in China going to clients under 40 years old, and approximately 40% of potential buyers being new to the brand [1][3] - The debut of the Amalfi is performing better than the previous model, the Purosangue, indicating strong demand and positive market reception [2] - The influx of younger buyers is expected to drive Ferrari's next phase of high-margin growth, enhancing the brand's exclusivity and order book visibility extending through 2027 [3][4] Demand and Customer Profile - The Amalfi's early success with under-40 clients signifies a shift in Ferrari's customer profile, particularly in the Chinese market [3] - CEO Benedetto Vigna emphasized that attracting new customers was a key objective for the Amalfi, which appears to be successfully achieved [3] Business Strategy - Ferrari maintains its focus on innovation rather than volume, asserting that pricing power is driven by innovation rather than production scale [5] - The company's approach to innovation, from design to personalization, helps sustain high margins even as it broadens its customer base [5] Investor Implications - The introduction of the Amalfi and the engagement of younger customers are seen as pivotal for Ferrari's growth, suggesting that the luxury brand's competitive edge is not only maintained but is expanding [6]

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Exhibit 99.1 Ferrari N.V. Interim Report At and for the three and nine months ended September 30, 2025 CONTENTS | | Page | | --- | --- | | BOARD OF DIRECTORS | 1 | | INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 1 | | CERTAIN DEFINED TERMS | 1 | | INTRODUCTION | 2 | | FORWARD-LOOKING STATEMENTS | 3 | | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | | | Highlights | 5 | | Results of Operations | 8 | | Liquidity and Capital Resources | 16 | | Non-GAAP Financial Measu ...

Core Insights - Ferrari NV reported stronger-than-expected third-quarter results, which positively impacted its share price following a challenging month for the company [1] Financial Performance - The company exceeded Wall Street's earnings expectations, indicating robust financial health and operational performance [1]