Financial Data and Key Metrics Changes - In 2025, the company achieved revenues exceeding EUR 7.1 billion, with EBIT growing to over EUR 2.1 billion, marking a double-digit growth [10] - Industrial cash flow generation surpassed EUR 1.5 billion, reflecting a significant increase of approximately 50% compared to the previous year [22] - The EBITDA margin reached 38.8%, while the EBIT margin stood at 29.5%, indicating strengthened percentage margins despite external challenges [22] Business Line Data and Key Metrics Changes - The sports car segment saw an improved overall mix, contributing positively to revenue growth, despite the phase-out of the Daytona SP3 [17] - Revenues from racing increased due to new partnerships and enhanced sponsor contributions [17] - The lifestyle segment maintained a growth pace aligned with the company's development investments [17] Market Data and Key Metrics Changes - The company reported a solid order book extending towards the end of 2027, indicating strong demand dynamics [11] - Residual values remained stable and solid, supported by recent auction results [11] - The company noted a decline in deliveries to the U.S. market, attributed to model changeovers rather than demand weakness [73] Company Strategy and Development Direction - The company launched six new sports cars in 2025, including the Ferrari Luce, as part of its strategy for horizontal product diversification and technology neutrality [6] - Future plans include the complete introduction of the Ferrari Luce and the launch of four new models in 2026 [14] - The company aims to enhance client experiences through craftsmanship and quality, emphasizing a client-centric approach [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term opportunities despite ongoing global uncertainties [25] - The company anticipates 2026 to be a year of growth, with expectations for a stronger product mix and continued investment in brand development [15][24] - Management highlighted the importance of maintaining a disciplined approach in the current economic context [16] Other Important Information - The company completed its EUR 2 billion share buyback program one year ahead of schedule [18] - A competitive award of up to EUR 14,900 was announced for employees in Italy, reflecting the company's strong performance [10] Q&A Session Summary Question: Margin expectations for 2026 - Management indicated that operating margins are expected to be flat to up in the second half of 2026, with a stronger product mix anticipated [30] Question: Guidance for 2026 and cost offsets - Management expects mix and pricing to offset higher SG&A and industrial costs in 2026 [36] Question: Models driving the order book - The 296 Speciale and Testarossa models are significant contributors to the order book, with new clients attracted by the Amalfi model [41] Question: Impact of FX on bottom line - A headwind of about EUR 200 million is anticipated due to foreign exchange rates, primarily from the US dollar and Japanese yen [62] Question: R&D and government grants - R&D expenses are expected to remain stable, with additional government grants anticipated in future years [116] Question: Free cash flow expectations - Free cash flow is expected to be strong, with net working capital contributions being more neutral compared to 2025 [78]

Financial Data and Key Metrics Changes - In 2025, the company achieved revenues exceeding EUR 7.1 billion, with EBIT growing to over EUR 2.1 billion, marking a double-digit growth [10] - Industrial cash flow generation surpassed EUR 1.5 billion, reflecting a 50% increase compared to the previous year [22] - The EBITDA margin was reported at 38.8%, while the EBIT margin stood at 29.5%, indicating strengthened percentage margins despite external pressures [22] Business Line Data and Key Metrics Changes - The sports car segment saw an improved overall mix, contributing positively to revenue growth, despite the phase-out of the Daytona SP3 [17] - Revenues from racing increased due to new partnerships and enhanced sponsor contributions [17] - The lifestyle segment maintained a growth pace aligned with development investments, with successful client activations driving engagement [9][17] Market Data and Key Metrics Changes - The company reported a solid order book extending into late 2027, with stable residual values evidenced by strong auction results [11] - The Americas market experienced a decline in deliveries, attributed to model changeovers rather than demand weakness [73] Company Strategy and Development Direction - The company launched six new sports cars in 2025, including the Ferrari Luce, as part of a strategy focused on horizontal product diversification and technology neutrality [6] - Future plans include the complete introduction of the Ferrari Luce and the launch of four new models in 2026, alongside continued investment in brand and lifestyle retail networks [15][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term opportunities despite ongoing global uncertainties, emphasizing a disciplined approach to growth [16][25] - The company anticipates 2026 to be a year of growth, with expectations for a stronger product mix and continued support from sponsorships and lifestyle activities [24][25] Other Important Information - The company completed its EUR 2 billion share buyback program one year ahead of schedule, reflecting strong financial performance [18] - A competitive award of up to EUR 14,900 was announced for employees in Italy, aligning employee rewards with company performance [10] Q&A Session Summary Question: Margin expectations for 2026 - Management indicated that operating margins are expected to be flat to down in H1 2026, with an anticipated increase in the second half due to a stronger product mix [29][31] Question: 2026 guidance on mix and pricing - Management expects mix and pricing to offset higher SG&A and industrial costs in 2026 [35][36] Question: Models driving the order book - The 296 Speciale, Testarossa, and Amalfi models are currently driving the order book, with new clients attracted to the brand [40][41] Question: F80 shipments in Q4 - A few units of the F80 were shipped in Q4, with production ramping up as planned [51] Question: Foreign exchange impact on bottom line - The company anticipates a EUR 200 million headwind from foreign exchange rates in 2026, primarily due to the lack of hedging benefits compared to 2025 [62][90] Question: R&D and government grants - R&D expenses are expected to remain stable, with additional government grants anticipated in future years [116] Question: Residual values and dealer confidence - Residual values are reported as stable and solid, with strong dealer confidence in the brand [50][56]

Financial Data and Key Metrics Changes - In 2025, the company achieved revenues exceeding EUR 7.1 billion, with double-digit growth in EBIT reaching over EUR 2.1 billion and industrial cash flow generation surpassing EUR 1.5 billion [9][20][22] - The EBITDA margin was reported at 38.8% and EBIT margin at 29.5%, despite challenges from increased U.S. import duties and currency headwinds [20][22] - The industrial free cash flow generation increased by approximately 50% compared to the previous year [20] Business Line Data and Key Metrics Changes - The sports car segment saw an improved mix, contributing positively to revenue growth, despite the phase-out of the Daytona SP3 [15][17] - Revenues from racing increased due to new partnerships and improved sponsor contributions [15] - The lifestyle segment maintained a growth pace, supported by successful client activations and increased engagement [15] Market Data and Key Metrics Changes - The company reported a solid order book extending towards the end of 2027, indicating strong demand dynamics [10] - The residual values of vehicles remained stable, supported by strong auction valuations [10] Company Strategy and Development Direction - The company launched six new sports cars in 2025, including the Ferrari Luce, as part of its strategy for horizontal product diversification and technology neutrality [5][6] - Plans for 2026 include the complete introduction of the Ferrari Luce and the launch of four additional models, focusing on innovation and craftsmanship [10][12] - The company aims to enhance its lifestyle retail network with new flagship stores in London and New York [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's momentum and the ability to navigate persistent global uncertainties [10][14] - The company anticipates continued growth in 2026, with a focus on model changeovers and maintaining a strong product mix [22][24] - Management emphasized the importance of client centricity and the unique experience offered to customers [7][9] Other Important Information - The company successfully concluded its EUR 2 billion share buyback program one year ahead of schedule [16] - A competitive award of up to EUR 14,900 was announced for employees in Italy, reflecting the company's strong performance [9] Q&A Session Summary Question: Margin expectations for 2026 - Management indicated that operating margins are expected to be flat to up in the second half of 2026, with a stronger product mix anticipated [27][30] Question: 2026 guidance on mix and pricing - Management expects mix and pricing to offset higher SG&A and industrial costs in 2026 [34][35] Question: Models driving the order book - The 296 Speciale and Testarossa models are significant contributors to the order book, with new clients attracted by the Amalfi model [38][39] Question: Residual value trends - Residual values are stable and solid, with actions taken in the UK to stabilize values through reduced shipments [49][50] Question: FX impact on EBIT - A EUR 200 million headwind from foreign exchange is anticipated for 2026, primarily due to the lack of hedging benefits compared to 2025 [62][92] Question: R&D and CapEx expectations - R&D expenses are expected to remain stable, with CapEx anticipated to be slightly higher in 2026 [35][129]