AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 2/6 · 03/11/2026
Moat—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Pricing power—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Predictability100
5 consecutive published annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 4.78
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 2.74
- observedAnnualPeriods
- 5.00
Financial strength—
Missing required inputs: currentRatioGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or reported pretax profit plus reported gross interest expense. Reported EBIT is distinct from GAAP operating income and gross interest. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 84.98
- netDebtEbitGrade
- 86.57
- interestCoverageGrade
- 100.00
- Debt / FCF (x)
- 2.05
- Net debt / operating income (x)
- 0.67
- Interest coverage (x)
- 21.27
Capital allocation93
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or EBIT calculated from reported pretax profit plus reported gross interest expense; the issuer-reported EBIT is distinct from GAAP operating income and gross interest; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. ROIC remains undefined for nonpositive invested capital; the explicit asset-return alternative does not change the ROIC chart. Missing financial inputs alone never trigger an alternative. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 39.31
- 3-year average dilution (%)
- -0.87
- 3-year average SBC / revenue (%)
- 0.42
- cashConversionGrade
- 73.01
Management—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Evidence
As a result, in 2023, we sold approximately 74% of our new cars to existing Ferrari clients and 40% to clients being current owners of more than one Ferrari, which reinforces the demand for our cars and the image of luxury and exclusivity inherent in our brand.
Brand strategy: 2023 existing-client and multiple-owner purchases · Filed 22/02/2024
As a result, in 2024, we sold approximately 81% of our new cars to existing Ferrari clients and 48% to clients being current owners of more than one Ferrari, which reinforces the demand for our cars and the image of luxury and exclusivity inherent in our brand.
Brand strategy: 2024 existing-client and multiple-owner purchases · Filed 21/02/2025
Most importantly, we offer our most loyal and active clients preferential access to our newest, most exclusive and highest value cars.
Sports Cars strategy: preferential client access · Filed 19/02/2026
In recent years, this has been reflected in price increases for selected models in specific markets and in the introduction of new models with higher average selling prices compared to their predecessors.
Financial Overview: realized model pricing · Filed 19/02/2026
This also allowed us to offset the impact of inflationary pressures on material costs in the post-COVID period.
Financial Overview: recovery of post-COVID material inflation · Filed 19/02/2026
Furthermore, our personalization offerings, which allow our clients to customize the interior and exterior content of the cars they purchase, represent another favorable component of our pricing and product mix, as they generate incremental revenues and margin accretion on each additional option selected.
Financial Overview: personalization revenue and incremental margins · Filed 19/02/2026
We sold 13,640, 13,752, and 13,663 cars in 2025, 2024, and 2023, respectively, compared to 7,255 cars in 2014, the year before our initial public offering, and sales are expected to continue to increase gradually in line with our controlled volume strategy.
Risk Factors: actual car sales and controlled-volume strategy · Filed 19/02/2026
•The escalation of hostilities in the Middle East did not result in any material impacts on total deliveries compared to plans, as the Group leveraged its geographic allocation flexibility.
First-quarter 2026 highlights: geographic allocation response · Filed 05/05/2026
The geographic revenue mix primarily reflects our allocation strategy aimed at preserving the brand’s exclusivity, as well as the geographic allocation flexibility implemented during the first quarter in response to the escalation of hostilities in the Middle East.
First-half 2026 Results of Operations: allocation flexibility · Filed 30/07/2026
We provide a suggested retail price or a maximum retail price for all our cars, but each dealer is free to negotiate different prices with clients and to provide financing.
Dealer network: suggested or maximum retail prices and dealer discretion · Filed 19/02/2026
If we are unable to balance brand exclusivity with increased production, we may erode the desirability and ultimately the consumer demand or relative pricing for our cars.
Risk Factors: production growth and exclusivity · Filed 19/02/2026
Therefore, a single unsuccessful new model would harm us more than it would other automakers.
Risk Factors: exposure to unsuccessful models · Filed 19/02/2026
•our ability to keep up with advances in high performance car technology, to meet the challenges and costs of integrating electric technology more broadly into our car portfolio over time and to make appealing designs for our new models;
Forward-looking risk disclosures: electric technology and design · Filed 30/07/2026
•changes in general economic conditions (including changes in the markets in which we operate) and changes in demand for luxury goods, including high performance luxury cars, which is volatile;
Forward-looking risk disclosures: volatile luxury demand · Filed 30/07/2026
2025
(€ million, except percentages)
Cost of sales
1,809
47.8
%
1,704
47.6
%
105
6.1
%
Cost of sales for the six months ended June 30, 2026 was €1,809 million, an increase of €105 million or 6.1 percent, compared to €1,704 million for the six months ended June 30, 2025.
First-half 2026 Results of Operations: cost-of-sales comparison · Filed 30/07/2026
For the three months ended March 31,
2026
Percentage of net revenues
2025
Percentage of net revenues
(€ million, except percentages)
Net revenues
1,848
100.0
%
1,791
100.0
%
Cost of sales
890
48.2
%
858
47.9
%
Selling, general and administrative costs
161
8.7
%
149
8.3
%
Research and development costs
245
13.3
%
233
13.0
%
Other expenses, net
7
0.3
%
12
0.7
%
Result from investments
3
0.2
%
3
0.2
%
Operating profit (EBIT)
548
29.7
%
542
30.3
%
Financial income
33
1.8
%
46
2.5
%
Financial expenses
44
2.5
%
60
3.3
%
Financial expenses, net
11
0.7
%
14
0.8
%
Profit before taxes
537
29.0
%
528
29.5
%
Income tax expense
124
6.6
%
116
6.5
%
Net profit
413
22.4
The €20 million increase in net revenues from cars and spare parts was composed of (i) a €28 million increase in APAC, (ii) a €26 million increase in Mainland China, Hong Kong and Taiwan, and (iii) a €15 million increase in Americas, partially offset by (iv) a €49 million decrease in EMEA.
First-quarter 2026 Results of Operations: revenue, costs and operating profit · Filed 05/05/2026
As a percentage of net revenues, cost of sales was 47.4 percent for the three months ended June 30, 2026 and 2025.
Second-quarter 2026 Results of Operations: cost-of-sales ratio · Filed 30/07/2026
For the six months ended June 30,
2026
2025
(€ million)
Cash and cash equivalents at the beginning of the period
1,467
1,742
Cash flows from operating activities
1,300
1,242
Cash flows used in investing activities
(488)
(463)
Cash flows used in financing activities
(797)
(990)
Translation exchange differences
4
(13)
Total change in cash and cash equivalents
19
(224)
Cash and cash equivalents at the end of the period
1,486
1,518
For the six months ended June 30, 2026 cash and cash equivalents held by the Group increased by €19 million compared to a decrease of €224 million for the six months ended June 30, 2025.
Liquidity and Capital Resources: first-half operating, investing and financing cash flows · Filed 30/07/2026
(i)a decrease in cash flows used in financing activities of €193 million, driven by (i) a decrease in repayments of debt of €327 million, partially offset by (ii) an increase in dividends paid to owners of €97 million, (iii) a decrease in proceeds from debt of €26 million, and (iv) an increase in share repurchases of €11 million;
Liquidity and Capital Resources: debt repayments, dividends and repurchases · Filed 30/07/2026
At June 30, 2026
At December 31, 2025
(€ million)
Cash and cash equivalents
1,486
1,467
Undrawn committed credit lines
550
550
Total available liquidity
2,036
2,017
The undrawn committed credit lines at June 30, 2026 and December 31, 2025 relate to revolving credit facilities.
Liquidity and Capital Resources: June 2026 liquidity and committed facilities · Filed 30/07/2026
(1)Includes shares repurchased under the share repurchase program between January 1, 2026 and June 30, 2026 based on the transaction trade date, for a total consideration, including transaction costs, of €434,760 thousand.
Equity disclosures: executed first-half 2026 repurchases · Filed 30/07/2026
As a result, 16,644,606 common shares and 6,686,115 special voting shares were cancelled.
Subsequent events: completed July 2026 share cancellation · Filed 30/07/2026
At December 31, 2025
Due within one year
Due between one and three years
Due between three and five years
Due beyond five years
Total
(€ thousand)
Minimum purchase obligations
158,131
107,059
73,857
334
339,381
Lease agreements
For information relating to future aggregate minimum lease payments under lease contracts, which primarily relate to the lease of stores and industrial buildings, see Note 24 “Debt—Contractual undiscounted cash flows”.
Commitments: minimum purchase obligations at December 2025 · Filed 19/02/2026
127 Name Common Shares % of Common Shares Outstanding Special Voting Shares % of Special Voting Shares Outstanding Piero Ferrari (1) 18,894,295 10.67 18,892,160 14.69 John Elkann 34,740 (*) — — Benedetto Vigna 30,204 (*) — — Delphine Arnault 2,803 (*) — — Eddy Cue 2,692 (*) — — John Galantic 100 (*) — — Adam Keswick 2,643 (*) — — Mike Volpi 7,560 (*) — — _____________________________ (*) Common shares held represent less than 1 percent of our common shares outstanding as of February 4, 2026.
Corporate Governance: director share ownership at February 4, 2026 · Filed 19/02/2026
193 Lock up period In 2022, the Board of Directors approved a lock up provision for its Executive Chairman, CEO, members of the FLT and other key members of the Group which replaces the former stock ownership guidelines and applies to all long-term incentive plans issued and to be issued by the company.
Remuneration: adopted executive lock-up provision · Filed 19/02/2026
Under the lock up provision 50% of the vested shares under the Equity Incentive Plans will be subject from the date of vesting to unavailability and non-transferability for a period determined according to the corporate role: •CEO and Chairman: 36 months after vesting •FLT members: 24 months after vesting •Other key members of the Group: 12 months after vesting The Executive Chairman and the CEO are also each required to retain 100% of the shares of common stock issued, on a net, after-tax basis, upon vesting and settlement of any equity awards granted to such individual until the fifth anniversary of the grant date of the applicable award other than in the event of death, termination of service due to total disability, approved leave of absence or retirement.
Remuneration: post-vesting restrictions and executive retention requirements · Filed 19/02/2026
As discussed above, the NYSE Clawback Policy also governs the recovery of certain erroneously awarded incentive-based compensation earned by current or former executive officers of the Company in the event that the Company is required to prepare an accounting restatement.
Remuneration: accounting-restatement clawback policy · Filed 19/02/2026
(2)On April 16, 2026, 95,273 common shares, which were previously held in treasury, were assigned to participants of the equity incentive plans as a result of the vesting of certain performance share unit and retention restricted share unit awards.
Equity disclosures: shares assigned following April 2026 vesting · Filed 30/07/2026
Equity Incentive Plan 2023-2025
In April 2026, 76,397 2023-2025 PSU awards vested (representing approximately 145 percent of the target PSU awards that remained outstanding at the time of vesting) as a result of the achievement of the related performance conditions
F-17
FERRARI N.V.
Share-Based Compensation: actual 2023–2025 performance-award vesting · Filed 30/07/2026
All three of the current members of the Compensation Committee are independent under the NYSE rules and two of the members are independent under the Dutch Code.
Corporate Governance: Compensation Committee independence · Filed 19/02/2026
This is a deviation from the Dutch Code which recommends that only non-executive directors serve on board committees.
Corporate Governance: committee deviation from the Dutch Code · Filed 19/02/2026
We allow for an executive Director to serve on the ESG Committee, because we believe that the Committee’s broad duties benefit from the presence of an executive board member.
Corporate Governance: executive participation in ESG Committee · Filed 19/02/2026
•potential conflicts of interest due to director and officer overlaps with our largest shareholders, and
Forward-looking risk disclosures: potential shareholder-related conflicts · Filed 30/07/2026
During the quarter, deliveries of the 12Cilindri, the 12Cilindri Spider, the Purosangue and the 296 Speciale family increased, as well as the Amalfi and the 849 Testarossa, which continued their ramp‑up phase, while deliveries of the 296 GTS, the Roma Spider and the SF90 XX family decreased, in line with their phase-out.
Second-quarter 2026 Results of Operations: model ramp-ups and phase-outs · Filed 30/07/2026
launch of the Purosangue and the 296 GTS, we met our previously announced objective of introducing 15 new models by 2022 (as announced at our Capital Markets Day in September 2018), which is unprecedented for Ferrari over a similar time frame.
Business disclosures: achievement of previously announced model-introduction objective · Filed 22/02/2024
(4)Completed the rationalization of the retail network by closing 7 franchised stores and 4 directly operated stores considered unsuitable for Ferrari’s luxury positioning.
Lifestyle business: completed retail-network rationalization · Filed 19/02/2026
Equity Incentive Plan 2023-2025 and Equity Incentive Plan 2024-2026 main features
Metrics
(weight)
Metrics
(type)
Benchmark
Rationale
Link between pay and performance
188
Relative TSR (40%)
Financial criteria
Peer Group
(11 companies: Ferrari, Aston Martin, Burberry, Estèe Lauder, Hermes, Kering, LVMH, Mercedes Benz Group AG, Moncler, Prada and Richemont)
Remuneration: relative-TSR benchmark peer group · Filed 19/02/2026
In particular, in recent years we have been increasing the price of selected models in certain markets and we have introduced new models with higher average selling prices compared to the corresponding predecessor models.
Financial Overview: historical selected-model pricing outcomes · Filed 22/02/2024
At June 30, 2026
At December 31, 2025
(€ thousand)
Advances and security deposits
747,288
774,535
Deferred income
700,819
424,589
Accrued expenses
93,065
78,926
Payables to personnel
63,328
46,998
Social security payables
28,893
30,759
Other
83,013
35,809
Total other liabilities
1,716,406
1,391,616
Advances and security deposits mainly include advances received from customers for the purchase of Ferrari cars, mainly for Icona, Supercar, Special Series and other limited edition models, as well as certain Range models in selected markets.
Other Liabilities: customer advances and security deposits · Filed 30/07/2026
