1) Strategy & Leadership
- Ferrari's CEO, Benedetto Vigna, emphasized the company's commitment to innovation and client-centricity, highlighted by the launch of the Ferrari Luce, a new full electric sports car.
- The company achieved all financial targets of its previous business plan one year ahead of schedule, indicating strong execution and strategic alignment.
- The 2025 results were presented as a foundation for a new strategic plan, with a focus on product diversification and technology neutrality.

2) Financial & Segment Results
- Ferrari reported record revenues of over EUR 7.1 billion, with EBIT exceeding EUR 2.1 billion, reflecting double-digit growth.
- Industrial free cash flow surpassed EUR 1.5 billion, a 50% increase year-over-year, allowing for a 30% increase in shareholder remuneration to over EUR 1.3 billion.
- The company maintained a solid order book extending into late 2027, with a strong demand for new models, particularly the Ferrari Luce, 849 Testarossa, and 296 Speciale.

3) Operational Plans & Product Development
- In 2026, Ferrari plans to fully introduce the Ferrari Luce and launch four additional models, continuing its commitment to product innovation.
- The company is also focusing on enhancing its lifestyle brand through new flagship stores in London and New York, aiming to enrich client experiences.
- Ongoing construction of a new paint shop and the completion of an Evo test track are part of Ferrari's operational improvements to support future growth.

4) Guidance & Outlook
- For 2026, Ferrari anticipates continued growth, with expectations for EBIT margins to remain stable or improve in the second half of the year.
- The company expects a headwind of approximately EUR 200 million from foreign exchange impacts, primarily due to the U.S. dollar and Japanese yen fluctuations.
- Personalization revenues are projected to remain around 20% of total revenues from cars and spare parts, reflecting strong client engagement and demand for customized offerings.

5) Problems / Headwinds
- The company faces challenges from increased industrial costs, higher SG&A expenses, and the impact of new Formula 1 regulations, which may affect profitability.
- There is uncertainty regarding foreign exchange rates and their potential impact on earnings, which could affect overall financial performance in 2026.
- The transcript lacks specific figures on the performance of the F80 model and detailed insights into the residual values outside the U.K. market.

Bottom line: Ferrari's strong performance in 2025, marked by record revenues and strategic product launches, positions the company well for continued growth in 2026, despite facing some operational and market challenges. The focus on innovation and client experience remains central to its strategy, ensuring long-term value for shareholders.