Research · Sep 3, 2026
[RACE] Ferrari Thesis 2026: Hybrid Plus EV Mix Drives Personalization Margin Expansion
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.