Ferrari N.V.

Strong Financial Performance in 2025: Ferrari reported record revenues exceeding EUR 7.1 billion, with EBIT growth reaching over EUR 2.1 billion, translating to a 10% growth year-over-year. Industrial free cash flow generated surpassed EUR 1.5 billion, demonstrating robust cash generation and operational efficiency, which allowed for a 30% increase in shareholder returns through dividends and share buybacks totaling over EUR 1.3 billion.

Model Launches and Product Diversification: In 2025, Ferrari successfully launched six new sports cars, including the highly anticipated Ferrari Luce, marking a pivotal shift towards electric vehicles. The diversification into hybrid powertrains and internal combustion engines, along with upcoming launches (four new models in 2026), reflects Ferrari's commitment to innovation and meeting varying consumer preferences.

Challenges Ahead in 2026: The company forecasts a more challenging year in 2026 due to expected overhead costs, including increased investment in R&D and higher operating expenses associated with new model transitions. Additionally, FX headwinds, estimated at EUR 200 million due to currency fluctuations, particularly with the U.S. dollar and Japanese yen, could impact margins.