Ferrari N.V. (NYSE: RACE) FY2025 revenue ~€7.0-7.5B (+5-12%) with diluted EPS ~€8.40-9.20 reflecting continued ~13,500-14,500 vehicle shipments (~+5% YoY) plus selected continued post-2024 hybrid model mix expansion (~50%+ hybrid mix) plus selected post-2025 first-ever Ferrari fully electric model (Ferrari Elettrica) production launch + selected continued personalization revenue mix expansion (~20%+ revenue mix) under continued CEO Benedetto Vigna (~5-year tenure since September 2021). Global ultra-luxury sports car manufacturer with operations across Maranello Italy + selected international sales + service network in 50+ countries. Founded 1939 as Auto Avio Costruzioni by Enzo Ferrari in Modena Italy following Alfa Romeo + Scuderia Ferrari racing team management; selected post-1947 first Ferrari-branded production sports car (125 S); selected 1969 ~50% Fiat acquisition (selected continued under Fiat + later Stellantis NV ownership); selected post-October 2014 announced Ferrari spin-off from Fiat Chrysler Automobiles + post-October 2015 NYSE listing IPO + post-January 2016 Borsa Italiana listing; selected post-January 2016 Fiat Chrysler Automobiles complete spin-off as separate publicly-traded entity; selected post-September 2019 SF90 Stradale plug-in hybrid first launch + post-2021 296 GTB launch + post-October 2025 first-ever Ferrari Elettrica fully electric model launch. Headquartered in Maranello Italy; ~5,000+ employees globally with ~€7.0-7.5B revenue. Three primary revenue segments: Cars and Spare Parts ~80%+ revenue (~€5.6-6.0B — ~13,500-14,500 vehicle shipments FY2025; SF90 Stradale + 296 GTB + 296 GTS + Roma + Purosangue SUV + 12Cilindri + selected various flagship + special series models), Engines ~5% (~€0.4B — selected engine sales to selected Maserati + selected various automotive customers), Sponsorship + Commercial + Brand ~15% (~€1.0-1.2B — Scuderia Ferrari Formula 1 + brand licensing + retail + sponsorship; selected Shell + Philip Morris + selected various sponsors). Geographic mix: EMEA ~45% revenue + Americas ~30% + Asia Pacific ~25%. Hybrid model mix expansion: ~50%+ hybrid mix FY2025 (vs ~20% FY2022 + ~5% FY2020 pre-hybrid launch); progression FY2020 ~5% → FY2021 ~10% → FY2022 ~20% → FY2023 ~30% → FY2024 ~40% → FY2025 ~50%+; SF90 Stradale + SF90 Spider + 296 GTB + 296 GTS + 296 Speciale + selected various; FY2026 catalyst: continued hybrid mix expansion toward ~55-60%. Ferrari Elettrica fully electric launch: post-October 2025 first-ever Ferrari Elettrica unveiling (~initial customer deliveries late 2025-early 2026); ~€500K+ ASP; selected limited annual production (~500-1,000 units annually FY2026 ramp); FY2026 catalyst: continued production ramp + ~€0.20-0.40 incremental EPS + ~€0.5-1B incremental annual revenue. Personalization revenue mix expansion: ~20%+ revenue mix FY2025 (vs ~15% FY2020); Tailor Made program + Atelier program + One-Off + special series + selected various personalization. CEO Benedetto Vigna since September 2021 (succeeded Louis Camilleri CEO 2018-December 2020 retired; Vigna ex-STMicroelectronics President MEMS Analog Power Discrete + Sensors Group 2016-2021 + ~26-year semiconductor industry career; selected first non-Italian executive CEO + first non-automotive executive CEO). Capital return: ~€2.50-2.85 annual dividend FY2025 (~+15% growth); ~€350-400M aggregate FY2025 buybacks (~€2.0B aggregate FY2022-2026 buyback program); ~€1.0-1.2B aggregate FY2025 capital return; investment-grade Baa1/A- credit rating; selected ~€1.5-1.8B aggregate cash + investments + selected modest net debt. FY2026 thesis: hybrid model mix expansion + Ferrari Elettrica fully electric launch + personalization revenue mix expansion + ~€1.0-1.2B capital return + Scuderia Ferrari F1 brand equity. Risks: macro consumer ultra-luxury demand recession, EV transition execution (Ferrari Elettrica + selected various BEV), Stellantis NV ownership concentration (Exor + Piero Ferrari ~25-30%), Formula 1 racing performance brand reflection, Italian + EU regulatory.

[RACE] Ferrari Thesis 2026: Hybrid Plus EV Mix Drives Personalization Margin Expansion

Key Takeaways

Ferrari N.V. (NYSE: RACE) FY2025 revenue ~€7.0-7.5B (+5-12% YoY) with diluted EPS ~€8.40-9.20 reflecting continued ~~13,500-14,500 vehicle shipments (~~+5% YoY) plus selected continued post-2024 hybrid model mix expansion (~50%+ hybrid mix) plus selected post-2025 first-ever Ferrari fully electric model (Ferrari Elettrica) production launch + selected continued personalization revenue mix expansion (~20%+ revenue mix) under continued CEO Benedetto Vigna (~5-year tenure since September 2021; ex-STMicroelectronics President MEMS + selected various STMicroelectronics roles + ~26-year semiconductor industry career; succeeded Louis Camilleri 2018-December 2020 retired; selected first non-Italian executive CEO).
Hybrid model mix expansion: ~50%+ hybrid mix FY2025 (vs ~20% FY2022 + ~5% FY2020 pre-hybrid launch); selected continued post-2024 plug-in hybrid SF90 Stradale + 296 GTB + 296 GTS + Roma + selected various models driving hybrid mix expansion; FY2026 catalyst: continued hybrid mix expansion toward ~55-60% + ~€0.30-0.50 incremental EPS contribution.
Ferrari Elettrica fully electric launch: post-October 2025 first-ever Ferrari fully electric model "Ferrari Elettrica" launch (selected post-2025 production ramp; ~€500K+ ASP; selected limited annual production); FY2026 catalyst: continued production ramp + ~€0.20-0.40 incremental EPS contribution + ~€0.5-1B incremental annual revenue.
Capital return: ~~€2.50-2.85 annual dividend FY2025 (~~+15% growth post-2024 €2.443 dividend); ~~€350-400M aggregate FY2025 buybacks (~~€2.0B aggregate FY2022-2026 buyback program); ~€1.0-1.2B aggregate FY2025 capital return; investment-grade Baa1/A- credit rating; selected ~€1.5-1.8B aggregate cash + investments + selected modest net debt.

Company Background

Ferrari N.V. (NYSE: RACE) is the global ultra-luxury sports car manufacturer with FY2025 revenue ~€7.0-7.5B (+5-12% YoY) and diluted EPS ~€8.40-9.20 reflecting continued ~13,500-14,500 vehicle shipments + post-2024 hybrid model mix expansion + selected post-2025 Ferrari Elettrica fully electric launch + selected continued personalization revenue mix expansion. The company employs ~5,000+ globally with operations across Maranello Italy + selected international sales + service network in 50+ countries.

Founded 1939 as Auto Avio Costruzioni by Enzo Ferrari in Modena Italy following Alfa Romeo + Scuderia Ferrari racing team management; selected post-1947 first Ferrari-branded production sports car (125 S); selected 1969 ~50% Fiat acquisition (selected continued under Fiat + later Stellantis NV ownership); selected post-October 2014 announced Ferrari spin-off from Fiat Chrysler Automobiles + post-October 2015 NYSE listing IPO + post-January 2016 Borsa Italiana listing; selected post-January 2016 Fiat Chrysler Automobiles complete spin-off as separate publicly-traded entity; selected post-September 2019 SF90 Stradale plug-in hybrid first launch + post-2021 296 GTB launch + post-October 2025 first-ever Ferrari Elettrica fully electric model launch.

Headquartered in Maranello Italy; ~5,000+ employees globally with ~€7.0-7.5B revenue. Three primary revenue segments: Cars and Spare Parts ~~80%+ revenue (~~€5.6-6.0B — ~13,500-14,500 vehicle shipments FY2025; SF90 Stradale + 296 GTB + 296 GTS + Roma + Purosangue SUV + 12Cilindri + selected various flagship + special series models), Engines ~~5% (~~€0.4B — selected engine sales to selected Maserati + selected various automotive customers), Sponsorship + Commercial + Brand ~~15% (~~€1.0-1.2B — Scuderia Ferrari Formula 1 + brand licensing + retail + sponsorship; selected Shell + Philip Morris + selected various sponsors). Geographic mix: EMEA ~45% revenue + Americas ~30% + Asia Pacific ~25%.

CEO Benedetto Vigna since September 2021 (~5-year tenure; selected first non-Italian executive CEO; selected first non-automotive executive CEO); succeeded Louis Camilleri (CEO 2018-December 2020 retired plus interim CEO John Elkann 2020-2021); Vigna ex-STMicroelectronics President MEMS Analog Power Discrete + Sensors Group 2016-2021 + ex-various STMicroelectronics roles + ~26-year semiconductor industry career; selected continued strategic priorities include hybrid model mix expansion + Ferrari Elettrica fully electric launch + personalization revenue mix expansion.

Hybrid Model Mix Expansion

Ferrari hybrid model mix expansion drives selected primary revenue + margin growth:

FY2020: ~5% hybrid mix (post-SF90 Stradale launch September 2019)
FY2021: ~10% hybrid mix
FY2022: ~20% hybrid mix
FY2023: ~30% hybrid mix
FY2024: ~40% hybrid mix
FY2025: ~50%+ hybrid mix (post-2024 296 GTB + 296 GTS ramp; post-2024 Roma 12Cilindri launch)

Selected hybrid model lineup: SF90 Stradale + SF90 Spider + 296 GTB + 296 GTS + 296 Speciale + selected various.

FY2026 catalyst: continued hybrid mix expansion toward ~55-60% + selected ~€0.30-0.50 incremental EPS contribution.

Ferrari Elettrica Fully Electric Launch

Post-October 2025 Ferrari Elettrica fully electric model launch:

Launch timing: October 2025 unveiling (~initial customer deliveries late 2025-early 2026)
ASP: ~€500K+ (selected premium pricing reflecting brand + technology positioning)
Annual production: selected limited (~500-1,000 units annually FY2026 ramp)
Technology: selected proprietary battery + electric motor + selected various Ferrari-engineered components
Personalization: selected high personalization mix supporting ~€500-700K average transaction value (ATV)

FY2026 catalyst: continued Ferrari Elettrica production ramp + ~€0.20-0.40 incremental EPS contribution + ~€0.5-1B incremental annual revenue.

Personalization Revenue Mix Expansion

Ferrari personalization revenue ~20%+ revenue mix FY2025 (vs ~15% FY2020):

Tailor Made program: selected bespoke + custom configuration program
Atelier program: selected unique customer-driven configuration
One-Off + special series: selected limited-edition + commemorative models
Selected various personalization: selected continued color + interior + carbon fiber + selected various

FY2026 catalyst: continued personalization revenue mix expansion toward ~22-25% + ~€0.10-0.20 incremental EPS contribution.

Risks

Macro consumer ultra-luxury demand: macro recession could compress ultra-luxury sports car demand
EV transition: Ferrari Elettrica + selected various BEV (battery electric vehicle) transition execution risk
Stellantis NV ownership: continued Exor (Agnelli family) + Piero Ferrari + selected ~25-30% aggregate ownership concentration
Formula 1 racing performance: continued Scuderia Ferrari F1 team performance reflects on brand
Italian + EU regulatory: continued Italian + EU automotive emissions + selected various regulatory

Key Core Metrics

Metric	FY2025	FY2024	FY2023	FY2022	FY2026 outlook
Revenue	€7.0-7.5B	€6.68B	€5.97B	€5.10B	€7.5-8.0B
Adj. EBITDA	€2.7-3.0B	€2.57B	€2.28B	€1.77B	€2.9-3.2B
Diluted EPS	€8.40-9.20	€8.46	€6.93	€5.09	€9.20-10.20
Adj. EBITDA margin	38-40%	38.5%	38.2%	34.7%	38-40%
Vehicle shipments	13,500-14,500	13,752	13,663	13,221	14,000-15,000

Capital return	FY2025	FY2024	FY2026 outlook
Dividend	€2.50-2.85	€2.443	€2.85-3.20
Buybacks	€350-400M	€350M	€400-500M
Total return	€1.0-1.2B	€0.99B	€1.1-1.3B
Net debt	<€0.5B	-€0.4B (net cash)	<€0.5B

Market Evaluation

Ferrari trades at selected ~45-55x FY2026 P/E premium vs Porsche AG (~10-12x) + Mercedes-Benz Group (~5-7x) + BMW Group (~5-7x) + Aston Martin Lagonda (~22-30x) + selected ultra-luxury reflecting selected continued ultra-luxury sports car brand premium + selected hybrid model mix expansion + selected post-2025 Ferrari Elettrica fully electric optionality + selected ~38-40% adj. EBITDA margin (selected highest among publicly traded automotive). Selected re-rating catalysts include: (1) continued hybrid model mix expansion toward ~55-60%; (2) Ferrari Elettrica fully electric production ramp; (3) personalization revenue mix expansion toward ~22-25%; (4) ~€1.0-1.2B aggregate capital return; (5) continued Scuderia Ferrari F1 team performance + brand equity.

Hybrid Plus Electric Mix Expansion Deep Dive

Ferrari hybrid + electric model mix expansion represents selected primary differentiation thesis vs traditional ICE-only ultra-luxury sports car peers (Porsche 911 + Mercedes-AMG GT + BMW M-series). Hybrid model mix progression FY2020 ~5% → FY2021 ~10% → FY2022 ~20% → FY2023 ~30% → FY2024 ~40% → FY2025 50%+ reflects selected SF90 Stradale (post-September 2019 launch as Ferrari first plug-in hybrid) + 296 GTB (post-2021 launch) + 296 GTS + Roma + 12Cilindri + selected various models driving structural hybrid mix expansion. Selected post-October 2025 Ferrari Elettrica first-ever fully electric model launch (€500K+ ASP; selected limited ~500-1,000 annual production FY2026 ramp) supports continued mix shift toward fully electric supplementing hybrid + ICE portfolio. Selected hybrid + electric models support (a) selected ~38-40% adj. EBITDA margin expansion via higher ASP + personalization mix; (b) selected EU + China + selected various automotive emissions compliance; (c) selected continued ultra-luxury sports car brand premium positioning. FY2026 catalyst: continued hybrid mix expansion toward ~55-60% + Ferrari Elettrica production ramp + ~€0.30-0.50 incremental annual EPS contribution.

FY2026 thesis: hybrid model mix expansion + Ferrari Elettrica fully electric launch + personalization revenue mix expansion + ~€1.0-1.2B capital return + Scuderia Ferrari F1 brand equity.