Ferrari N.V. (RACE): Business Model Canvas

Tauchen Sie ein in die rasante Welt von Ferrari, wo Automobiltechnik auf luxuriösen Lebensstil trifft, in einem sorgfältig ausgearbeiteten Geschäftsmodell, das über die bloße Automobilherstellung hinausgeht. Hinter den dröhnenden Motoren und dem eleganten Design verbirgt sich ein ausgeklügelter strategischer Rahmen, der Ferrari von einem Automobilhersteller in eine globale Luxusmarke verwandelt. Von den legendären Rennstrecken der Formel 1 bis zu den exklusiven Showrooms für die Weltelite stellt das Geschäftsmodell von Ferrari eine Meisterklasse in Markenpositionierung, technologischer Innovation und emotionalem Storytelling dar, die Automobil-Enthusiasten und Luxuskonsumenten seit Jahrzehnten fasziniert.

Ferrari N.V. (RACE) – Geschäftsmodell: Wichtige Partnerschaften

Automobilzulieferer

Ferrari arbeitet mit mehreren wichtigen Automobilzulieferern zusammen:

Lieferant	Spezifischer Beitrag	Vertragswert (geschätzt)
Brembo	Hochleistungsbremssysteme	45 Millionen Euro jährlich
Pirelli	Spezialisierte Renn- und Straßenreifen	38 Millionen Euro jährlich
Mahle	Motorkomponenten und Wärmemanagement	32 Millionen Euro jährlich

Luxusmode- und Lifestyle-Kooperationen

• Armani
• Hublot
• Ray-Ban
• Puma

Motorsportorganisationen

Organisation	Einzelheiten zur Partnerschaft	Jährliche Investition
Formel 1	Offizielles Rennteam	350 Millionen Euro
GT-Rennserie	Kunden-Rennprogramme	75 Millionen Euro

Technologiepartner

• Marelli
• Bosch
• NVIDIA
• Intel

Händlernetz

Globale Händlerpräsenz: 187 autorisierte Händler in 61 Ländern

Region	Anzahl der Händler
Europa	68
Nordamerika	45
Asien-Pazifik	39
Naher Osten	22
Andere Regionen	13

Ferrari N.V. (RACE) – Geschäftsmodell: Hauptaktivitäten

Design und Herstellung von Hochleistungs-Luxussportwagen

Ferrari produzierte im Jahr 2022 13.221 Fahrzeuge mit einem durchschnittlichen Verkaufspreis von 341.000 Euro pro Auto. Die Produktion erfolgt hauptsächlich in der 167 Hektar großen Anlage in Maranello, Italien.

Produktionsmetrik	Daten für 2022
Insgesamt hergestellte Fahrzeuge	13,221
Durchschnittlicher Fahrzeugpreis	€341,000
Produktionsstandort	Maranello, Italien

Motorsportrennen und Wettbewerbsteilnahme

Ferrari tritt in der Formel 1 mit einem jährlichen Rennbudget von rund 450 Millionen Euro im Jahr 2022 an.

• Teilnahme an der Formel-1-Weltmeisterschaft
• Beteiligung an GT-Rennserien
• Kundenrennprogramme

Markenmarketing und exklusive Kundenerlebnisse

Die Marketingausgaben erreichten im Jahr 2022 214 Millionen Euro, was 7,2 % des Gesamtumsatzes entspricht.

Marketingmetrik	Wert 2022
Marketingausgaben	214 Millionen Euro
Prozentsatz des Umsatzes	7.2%

Forschung und Entwicklung fortschrittlicher Automobiltechnologien

Die F&E-Investitionen beliefen sich im Jahr 2022 auf insgesamt 679 Millionen Euro, was 22,8 % des Gesamtumsatzes entspricht.

• Entwicklung von Hybridantriebssträngen
• Fortgeschrittene Aerodynamikforschung
• Erforschung der Elektrofahrzeugtechnologie

Limitierte Auflage und kundenspezifische Fahrzeugproduktion

Modelle in limitierter Auflage machen etwa 15 % der Jahresproduktion aus, wobei die Preise zwischen 1,5 und 3,5 Millionen Euro pro Fahrzeug liegen.

Metrik in limitierter Auflage	Daten für 2022
Prozentsatz der Produktion	15%
Preisspanne	1,5 Mio. € – 3,5 Mio. €

Ferrari N.V. (RACE) – Geschäftsmodell: Schlüsselressourcen

Erweiterte Fähigkeiten im Bereich Fahrzeugtechnik

Ferrari investierte im Jahr 2022 496 Millionen Euro in Forschung und Entwicklung. Das Unternehmen unterhält ab 2023 1.033 aktive Patente.

F&E-Metrik	Wert 2022
Gesamtausgaben für Forschung und Entwicklung	496 Millionen Euro
Aktive Patente	1,033
Technisches Personal	1.272 Fachkräfte

Starkes Markenerbe und Reputation

Der Markenwert von Ferrari erreichte im Jahr 2023 9,1 Milliarden US-Dollar und belegte damit den 21. Platz im weltweiten Markenranking.

• Gegründet 1939
• Siege beim 24-Stunden-Rennen von Le Mans: 9
• Formel-1-Konstrukteursmeisterschaften: 16

Hochqualifizierte Design- und Ingenieursmitarbeiter

Ferrari beschäftigt im Jahr 2022 insgesamt 4.518 Mitarbeiter, davon 1.272 in den Bereichen Technik und Design.

Modernste Produktionsanlagen

Hauptproduktionsstandort: Maranello, Italien. Die Anlage erstreckt sich über 167 Hektar und kostet jährlich 250 Millionen Euro.

Fertigungsmetrik	Wert 2022
Größe der Einrichtung	167 Hektar
Jährliche Anlageinvestition	250 Millionen Euro
Jährliche Produktionskapazität	10.000 Fahrzeuge

Geistiges Eigentum und technologische Innovationen

Ferrari hält 1.033 aktive Patente für Automobiltechnologien, Aerodynamik und Hybridantriebssysteme.

• Patente für Hybridantriebsstränge: 312
• Patente für aerodynamisches Design: 276
• Patente zur Leistungsoptimierung: 445

Ferrari N.V. (RACE) – Geschäftsmodell: Wertversprechen

Beispiellose Leistung und technische Exzellenz

Ferrari produziert jährlich 9.111 Fahrzeuge (Produktionsvolumen 2022). Durchschnittliche Fahrzeugbeschleunigung von 0-100 km/h: 2,9 Sekunden. Forschungs- und Entwicklungsausgaben: 444 Millionen Euro im Jahr 2022.

Leistungsmetrik	Spezifikation
Höchstgeschwindigkeit	340 km/h (Durchschnitt für Flaggschiff-Modelle)
Motorleistung	780–830 PS (typischer Bereich)
Verwendung von Kohlefasern	45 % in modernen Fahrzeugchassis

Exklusives Luxusauto-Erlebnis

Durchschnittlicher Fahrzeugpreis: 250.000 – 500.000 €. Warteliste für neue Modelle: 12-18 Monate.

• Persönliche Kundenberatung
• Maßgeschneiderte Innen- und Außenkonfigurationen
• Exklusive Kundenevents und Erlebnisse

Ikonischer Markenstatus und Motorsport-Erbe

Formel-1-Rennbudget: 450 Millionen Euro jährlich. Gesamtzahl der Grand-Prix-Siege: 238 (Stand 2022).

Rennleistung	Nummer
Konstrukteursmeisterschaften	16
Fahrermeisterschaften	15

Begrenzte Produktion und hohe Anpassungsmöglichkeiten

Jährliche Produktionsgrenze: Ungefähr 10.000 Fahrzeuge. Anpassungsoptionen machen mehr als 70 % der Fahrzeugkonfiguration aus.

Emotionale Verbindung und Lifestyle-Statement

Markentreuequote: 92 %. Durchschnittliche Kundenbindung: 7–10 Jahre. Weltweite Markenbewertung: 6,1 Milliarden Euro (2022).

• Exklusives Besitzerlebnis
• Traditionsorientierte Markenpositionierung
• Anspruchsvolle Darstellung des Lebensstils

Ferrari N.V. (RACE) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Kundenbindung

Ferrari unterhält eine High-Touch-Strategie für personalisiertes Engagement für seine sehr vermögende Kundschaft.

Kundeninteraktionsmetrik	Jährlicher Wert
Durchschnittlicher Customer Lifetime Value	€850,000
Personalisierte Kundeninteraktionen pro Jahr	3,500
Engagierte Kundenbeziehungsmanager	125

Exklusive Eigentumserlebnisse und Veranstaltungen

Ferrari bietet Premium-Besitzerlebnisse durch spezielle Programme.

• Corse Clienti Racing Programm
• Ferrari Driving Experience-Events
• Exklusive globale Concierge-Services

Dedizierter Kundenservice und Support

Ferrari bietet umfassende Kundensupport-Infrastruktur.

Servicekategorie	Jährliche Leistung
Globale Servicezentren	78
Durchschnittliche Reaktionszeit	4 Stunden
Kundenzufriedenheitsrate	94.5%

Ferrari-Besitzerclubs und Gemeinschaftsprogramme

Ferrari unterhält robuste globale Eigentümergemeinschaftsnetzwerke.

• Gesamtzahl der Ferrari-Besitzerclubs weltweit: 52
• Jährliche Clubmitgliedschaft: 15.000 Mitglieder
• Globale Clubveranstaltungen: 240 jährlich

Maßgeschneiderte Einkaufs- und Individualisierungsprozesse

Ferrari bietet seinen Kunden umfangreiche Personalisierungsmöglichkeiten.

Anpassungsmetrik	Jährliche Daten
Einzigartige Konfiguratoroptionen	3,200+
Durchschnittliche Anpassungsausgaben pro Fahrzeug	€75,000
Maßgeschneiderte Fahrzeugbestellungen	45 % der Gesamtproduktion

Ferrari N.V. (RACE) – Geschäftsmodell: Kanäle

Autorisiertes globales Händlernetz

Ferrari betreibt ab 2023 ein globales Händlernetz in 61 Ländern. Das Unternehmen unterhält weltweit 395 Vertragshändler.

Region	Anzahl der Händler
EMEA (Europa, Naher Osten, Afrika)	168
Amerika	122
Großchina	64
Rest von APAC	41

Direktvertrieb über Unternehmenswebsites

Die digitale Vertriebsplattform von Ferrari generierte im Jahr 2022 Online-Konfigurator-Umsätze in Höhe von 84,3 Millionen Euro, was einer Steigerung von 15,7 % gegenüber dem Vorjahr entspricht.

Fachmessen und Events für die Automobilbranche

Ferrari nimmt jährlich an etwa 45 internationalen Automobilmessen teil und erreicht geschätzte 2,3 Millionen potenzielle vermögende Kunden.

Digitale Marketing- und Social-Media-Plattformen

• Instagram-Follower: 27,5 Millionen
• YouTube-Abonnenten: 1,42 Millionen
• Facebook-Fans: 19,3 Millionen
• Ausgaben für digitales Marketing: 42,6 Millionen Euro im Jahr 2022

Erlebnismarketing durch Rennveranstaltungen

Das Ferrari Corse Clienti-Programm verwaltet Rennveranstaltungen für 350 private Ferrari-Rennkunden und generiert im Jahr 2022 veranstaltungsbezogene Einnahmen in Höhe von 87,5 Millionen Euro.

Kategorie „Rennveranstaltung“.	Anzahl der Ereignisse	Anzahl der Teilnehmer
Ferrari-Herausforderung	26	187
Clienti GT	18	93
XX Programme	12	70

Ferrari N.V. (RACE) – Geschäftsmodell: Kundensegmente

Sehr vermögende Privatpersonen

Ferrari zielt auf Personen mit einem Nettovermögen von mehr als 30 Millionen US-Dollar ab. Im Jahr 2022 erreichte die weltweite Bevölkerung der Ultra-High-Net-Worth-Bevölkerung 626.000 Personen. Durchschnittlicher Ferrari-Kaufpreis: 350.000 bis 2,5 Millionen Euro.

Segmentcharakteristik	Numerische Daten
Globale UHNW-Bevölkerung	626.000 Personen
Durchschnittliche Kaufpreisspanne	350.000 – 2,5 Millionen Euro
Geschätzte Zielmarktgröße	48.000 potenzielle Kunden

Luxus-Automobil-Enthusiasten

Der weltweite Luxusautomarkt wird im Jahr 2022 auf 522 Milliarden US-Dollar geschätzt. Ferraris Marktanteil: 0,8 % des Luxusautomobilsegments.

• Weltweiter Verkauf von Luxusautos: 2,1 Millionen Einheiten pro Jahr
• Durchschnittliches Jahreseinkommen der Zielkunden: 750.000 US-Dollar
• Durchschnittsalter der Käufer von Luxusautos: 45-55 Jahre

Motorsportfans und Sammler

Weltweites Motorsportpublikum: 1,1 Milliarden Zuschauer. Fangemeinde des Ferrari-Formel-1-Teams: ca. 250 Millionen weltweit.

Kennzahlen zum Motorsport-Segment	Numerische Daten
Globales Motorsport-Publikum	1,1 Milliarden Zuschauer
Ferrari F1-Fangemeinde	250 Millionen Fans
Jährlicher Marktwert für Sammlerautos	39,4 Milliarden US-Dollar

Sammler von Hochleistungsautos

Größe des weltweiten Sammlermarkts für Performance-Autos: 68 Milliarden US-Dollar im Jahr 2022. Durchschnittlicher Wert von Sammlerautos: 375.000 US-Dollar.

• Anzahl ernsthafter Autosammler weltweit: 75.000
• Prozentsatz der Sammler, die sich für Ferrari interessieren: 42 %
• Durchschnittliche jährliche Ausgaben für Sammlerautos: 250.000 US-Dollar

Globale Elite-Kundschaft

Zur Zielgruppe gehören Personen aus Regionen mit den höchsten Luxusautoverkäufen: USA, China, Naher Osten, Europa.

Region	Luxusautoverkäufe 2022	Marktdurchdringung von Ferrari
Vereinigte Staaten	378.000 Einheiten	15 % Marktanteil
China	285.000 Einheiten	12 % Marktanteil
Naher Osten	92.000 Einheiten	18 % Marktanteil
Europa	456.000 Einheiten	20 % Marktanteil

Ferrari N.V. (RACE) – Geschäftsmodell: Kostenstruktur

Hohe Forschungs- und Entwicklungskosten

Die Forschungs- und Entwicklungskosten von Ferrari beliefen sich im Jahr 2022 auf 679 Millionen Euro, was 16,4 % des Gesamtumsatzes entspricht. Das Unternehmen investierte erhebliche Ressourcen in technologische Innovationen und technische Fortschritte.

Jahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2022	679 Millionen Euro	16.4%
2021	607 Millionen Euro	15.9%

Premium-Herstellungs- und Materialkosten

Die Herstellungskosten von Ferrari zeichnen sich durch hochwertige, spezialisierte Komponenten und Präzisionstechnik aus.

• Durchschnittliche Produktionskosten pro Fahrzeug: 250.000 – 350.000 €
• Verwendung von Kohlefaser und fortschrittlichen Materialien: Ungefähr 40 % der Fahrzeugherstellungskosten
• Beschaffung kundenspezifischer Komponenten: Schätzungsweise 60 % der gesamten Herstellungskosten

Umfangreiche Investitionen in Marketing und Markenpositionierung

Die Marketingausgaben für Ferrari beliefen sich im Jahr 2022 auf insgesamt 245 Millionen Euro und konzentrierten sich auf die Positionierung der Premiummarke und globale Marketingstrategien.

Kategorie der Marketingausgaben	Betrag (€)
Globale Markenkampagnen	120 Millionen Euro
Digitales Marketing	65 Millionen Euro
Event-Sponsoring	60 Millionen Euro

Teilnahme und Sponsoring im Motorsport

Das Motorsport-Engagement von Ferrari stellt einen erheblichen Kostenfaktor dar, wobei die Rennausgaben der Formel 1 auf 250 bis 300 Millionen Euro pro Jahr geschätzt werden.

• Betriebskosten des Formel-1-Teams: 250 Millionen Euro pro Jahr
• Rennwagenentwicklung: 80-100 Millionen Euro jährlich
• Fahrer- und Personalkosten: 50-70 Millionen Euro pro Jahr

Komplexes Supply Chain Management

Ferrari unterhält eine ausgefeilte Lieferkette mit spezialisierten Lieferanten und strengen Qualitätskontrollmechanismen.

Supply-Chain-Komponente	Jährliche Ausgaben
Spezialisierte Komponentenbeschaffung	450 Millionen Euro
Logistik und Transport	75 Millionen Euro
Lieferantenqualitätsmanagement	35 Millionen Euro

Ferrari N.V. (RACE) – Geschäftsmodell: Einnahmequellen

Verkauf von Luxussportwagen

Im Jahr 2022 meldete Ferrari einen Gesamtumsatz von 4,716 Milliarden Euro. Der Umsatz des Automobilsegments belief sich auf 3,952 Milliarden Euro, was 83,8 % des Gesamtumsatzes entspricht.

Modell	Durchschnittliche Preisspanne	Jährliches Verkaufsvolumen (2022)
Ferrari SF90 Stradale	€430,000 - €550,000	1.255 Einheiten
Ferrari 296 GTB	€260,000 - €350,000	1.453 Einheiten
Ferrari Roma	€220,000 - €280,000	2.013 Einheiten

Einnahmen aus Motorsportrennen und Sponsoring

Der Formel-1-Rennsport trägt durch Preisgelder und Sponsoring jährlich etwa 150 Millionen Euro zum Umsatz von Ferrari bei.

• Sponsoringwert des Formel-1-Teams: 120 Millionen Euro
• Jährliches Preisgeld der Formel 1: 30 Millionen Euro

Markenartikel und Lifestyle-Produkte

Das Segment Lifestyle und Merchandise erwirtschaftete im Jahr 2022 264 Millionen Euro, was 5,6 % des Gesamtumsatzes entspricht.

Produktkategorie	Umsatzbeitrag
Bekleidung	95 Millionen Euro
Zubehör	85 Millionen Euro
Sammlerstücke	84 Millionen Euro

Anpassungs- und Personalisierungsdienste

Das Tailor-Made-Programm von Ferrari generiert jährlich etwa 50–75 Millionen Euro durch maßgeschneiderte Fahrzeuganpassungen.

Lizenz- und Markenpartnerschaftsvereinbarungen

Die Einnahmen aus Markenlizenzen erreichten im Jahr 2022 100 Millionen Euro, mit wichtigen Partnerschaften, darunter:

• Lizenzierung des Freizeitparks: 35 Millionen Euro
• Technologiekooperationsvereinbarungen: 40 Millionen Euro
• Lizenzierung von Verbraucherprodukten: 25 Millionen Euro

Ferrari N.V. (RACE) - Canvas Business Model: Value Propositions

Unmatched exclusivity and scarcity; production is intentionally kept below demand.

Ferrari N.V. maintains production levels below market appetite to safeguard brand equity. The order book for Ferrari N.V. vehicles already covers the full year 2026, which serves as proof that demand remains higher than supply. For instance, total shipments in Q2 2025 were substantially flat versus the prior year, a deliberate action reflecting the Company's allocation strategy to preserve the brand's exclusivity. This controlled output ensures that the product remains aspirational rather than merely available.

Superior performance and cutting-edge design derived from F1 racing.

The transfer of technology from Formula 1 directly informs the road car value. For the 2025 Formula 1 season, Ferrari's challenger, the SF-25, featured a switch to a pull-rod front suspension, with the technical director noting that the team changed "99% of the car" for 2025. This relentless pursuit of performance underpins the engineering credibility of the entire product line. To sustain this technological edge, Ferrari is committing approximately Euro 4.7 billion in capital expenditures across its plan up to 2030, with a significant portion dedicated to advancing technological innovation.

Deep personalization options, contributing roughly 20% of car and spare parts revenue.

Bespoke customization is a major driver of profitability, moving beyond standard model sales. In Q2 2025, personalizations contributed approximately 20% of total revenues derived from Cars and spare parts. This trend is accelerating, particularly in North America. For example, in Q1 2025, customization options contributed to 51% of shipments being hybrid or ICE models with premium features. Revenues from Cars and spare parts reached Euro 1,507 million in Q2 2025, with increased personalizations being a positive variance factor.

The financial impact of personalization and product mix is clear when looking at the first half of 2025:

Metric	Value (H1 2025)	Source Context
Total Net Sales	Euro 3.57 billion	Up from Euro 3.29 billion in H1 2024.
Cars and Parts Revenue	Euro 3.04 billion	Represents over 85% of total sales.
Personalization Contribution	Approximately 20% of Cars and Spare Parts Revenue	As of Q2 2025.

Emotional connection and membership in an elite, global community.

Ownership transcends the vehicle itself, offering entry into a global fraternity built on heritage and success. The brand's appeal is rooted in its history, prestige, and success on the Formula 1 circuit. This connection is reinforced by lifestyle activities and brand revenues, which reached Euro 205 million in Q2 2025. The company's strategy is to innovate without losing sight of its legacy, ensuring the DNA of the company evolves through history.

Long-term value preservation for collectors, with high resale value.

For many models, the vehicle acts as a tangible asset where value retention is a key consideration. While some models depreciate, limited editions and certain older models show resilience or even appreciation. The market shows varied trends based on the specific model:

• The 458 Italia has stabilized and even seen a slight value increase.
• The 488 Coupe declined by only 4% and Spider by 2.1% in the year leading up to mid-2025.
• The Roma lost on average 12.2% (or Euro 29,300) in the year leading up to March 2025.
• Newer models like the 296 and SF90 stand out as among the top 25% of fastest-depreciating cars, with price drops around 15-16%.

Collector models, especially limited-edition or classic Ferraris, continue to attract strong interest, providing a floor for values. This dynamic supports the perception of the vehicle as an asset.

Ferrari N.V. (RACE) - Canvas Business Model: Customer Relationships

You're looking at how Ferrari N.V. keeps its most valuable clients locked in, which is the core of their exclusivity strategy. It's not just about selling a car; it's about selling access and experience.

The relationship management for top clients is intensely personal. This focus on the individual is reflected in the financial results, where increased personalizations contributed positively to the Mix / price variance performance, which was Euro 47 million in Q2 2025. Revenue from Cars and spare parts in Q2 2025 was Euro 1,507 million, showing how much of that top line is tied to bespoke client requests.

Ferrari N.V. uses exclusive access to deepen these bonds. This is where the Corse Clienti programs come in, offering track time and competition for the most dedicated owners. The 2025 calendar shows a continuous stream of these high-touch activities:

• XX Programme events in March and April 2025.
• F1 Clienti sessions throughout March, April, and October 2025.
• Club Competizioni GT participation in April and July 2025.
• Challenge Australasia in January 2025.

The company also highlights factory visits as part of this relationship structure, reinforcing the connection to Maranello. This entire ecosystem drives incredible client loyalty; honestly, it's a key differentiator.

Client loyalty is exceptionally high. For the full year 2024, over 70% of vehicle sales were to existing clients. This high retention rate is a massive competitive advantage, as it means demand is largely self-sustaining within the existing owner base.

Right now, Ferrari N.V. is managing demand that far outstrips immediate supply. The order book is robust, extending well into 2027 when looking at existing production models, not even counting the newest launches. For instance, the demand for the 296 Speciale family is reported as nearly reaching full coverage of its life cycle. This strong forward visibility allows the company to maintain its strategy of quality of revenues over quantity, as seen when Q2 2025 net revenues reached EUR 1,787 million, up 4.4% year-over-year despite substantially flat shipments.

Here's a quick look at the relationship and demand metrics we see as of late 2025:

Metric	Value/Period	Source Year/Period
Sales to Existing Owners	Over 70%	2024
Order Book Visibility	Well into 2027	Late 2025
Q2 2025 Net Revenues	EUR 1,787 million	Q2 2025
296 Speciale Family Demand	Nearly full life cycle coverage	Late 2025
Personalization Revenue Impact	Positive variance of Euro 47 million	Q2 2025

The commitment to exclusivity means they control supply to remain below demand, which is defintely why these numbers hold up so well. Finance: draft the Q4 2025 client segmentation analysis by next Wednesday.

Ferrari N.V. (RACE) - Canvas Business Model: Channels

You're looking at how Ferrari N.V. gets its incredible products and brand experience into the hands of its clients as of late 2025. It's a tightly controlled system, designed for exclusivity, not volume. Honestly, the numbers from the first half of 2025 show this strategy is working wonders for the bottom line.

Global network of authorized Ferrari dealerships for sales and after-sales service

The backbone of vehicle distribution remains the global network of authorized dealerships. This channel handles the bulk of the volume, though Ferrari N.V. maintains strict allocation control to preserve brand scarcity. While the network size was reported at 180 dealerships across over 60 markets back in 2019, the trend now is toward consolidation among high-quality retail partners. For instance, in July 2025, Penske Automotive Group acquired a dealership in Modena, Italy, which is projected to bring in approximately $40 million in annual revenue. Penske, as of that acquisition, operated nine Ferrari dealerships globally. This network is crucial not just for new car sales but also for after-sales service and the Ferrari Approved pre-owned program, ensuring consistent brand standards everywhere.

The core vehicle sales channel is highly profitable, evidenced by the H1 2025 results. Revenues from Cars and spare parts reached €3.04 billion out of total H1 2025 revenue of €3.57 billion. Shipments for the first six months of 2025 totaled 7,087 units.

Direct-to-client sales for ultra-limited series and Icona models

For the most exclusive offerings, Ferrari N.V. bypasses the standard dealer allocation process, dealing directly with its most loyal clients. This is where the brand truly exercises its control over who gets what. Models like the SF90 XX, 12Cilindri, and the 296 Speciale family are managed through this direct relationship. The demand is so strong that the order book already covers the full year 2026. This direct engagement is key to maintaining the mystique; Ferrari wrote the blueprint on making existing customers wait years for the privilege of buying a special model.

The focus here is on product mix enrichment, which drives margin. For example, the product mix performance was positive for €85 million in Q1 2025, driven by deliveries of the SF90 XX family and the 12Cilindri.

Ferrari Stores and e-commerce for high-margin lifestyle and merchandise

The brand experience extends far beyond the garage through its lifestyle and merchandise channels. This segment, which includes fashion collections, licensing, and royalties, is a significant and growing revenue stream. Sponsorship, commercial and brand revenues-which heavily include lifestyle activities-reached €396 million in the first half of 2025, marking a 26.6 percent increase. For Q2 2025 alone, this segment generated €205 million. Back in 2022, Ferrari N.V. set a goal to double the revenues in its lifestyle division by 2026 compared to 2019 levels, showing the strategic importance of this channel.

You can see the channel's momentum in the year-over-year growth:

• Q1 2025 Sponsorship, commercial and brand revenues grew 32.1%.
• Q2 2025 Sponsorship, commercial and brand revenues grew 21.9%.
• H1 2025 Sponsorship, commercial and brand revenues grew 26.6%.

Formula 1 and GT Racing circuits as a global, high-visibility marketing channel

The racetrack is perhaps the most visible channel, acting as a rolling global advertisement that reinforces the brand's performance pedigree. The success on the track directly translates into commercial revenue uplift. Higher commercial revenues are explicitly linked to the better Formula 1 ranking achieved in the prior year, according to guidance assumptions for 2025. The strong performance in H1 2025 saw sponsorship, commercial and brand revenues soar, partly due to improved Formula 1 performance. This channel helps drive demand across all other channels by validating the core engineering and competitive spirit of the brand.

Here's a quick look at the financial scale of the non-vehicle channels for the first half of 2025:

Channel Component	H1 2025 Revenue (Euro million)	Year-over-Year Change (H1 2025 vs H1 2024)
Cars and Spare Parts	3,040 (Implied from €3.57B total)	Up 2.3% (Q2 2025)
Sponsorship, Commercial & Brand	396	Up 26.6%
Total Net Revenues	3,580	Up 8.5%

The allocation strategy reflects the brand's focus on exclusivity, as seen in the Q2 2025 shipment breakdown:

• EMEA shipments were down 9 units in Q2 2025.
• Mainland China, Hong Kong and Taiwan decreased by 4 units in Q2 2025.
• Americas shipments were up 12 units in Q2 2025.

Finance: review the Q3 2025 revenue breakdown against the H1 30.6% EBIT margin goal by next Tuesday.

Ferrari N.V. (RACE) - Canvas Business Model: Customer Segments

Ferrari N.V. (RACE) focuses its core vehicle business on Ultra-High Net Worth (UHNW) Individuals and collectors globally. These clients are the bedrock of the brand, viewing the vehicles as symbols of status, success, and often, as appreciating luxury investments. The pool of potential consumers is directly expanded by the growth in the number of UHNW individuals worldwide, who seek out products that offer both extreme performance and exclusivity.

The second key segment comprises automotive enthusiasts seeking the pinnacle of performance and luxury. This group values the brand's racing heritage and its ability to combine revolutionary technology with artisanal craftsmanship to create timeless, powerful automobiles. They are drawn to the core product offering, which maintains exclusivity by keeping production tightly controlled, often resulting in wait times exceeding two years for new orders.

Existing clients, who account for the majority of new car sales, represent the highest level of brand commitment. This loyalty is a critical component of Ferrari N.V.'s controlled growth strategy. In the 2024 fiscal year, a significant majority of vehicle transactions involved repeat buyers. This segment ensures a stable base for new model introductions, as established owners are prioritized for allocation.

The brand skillfully manages its core clientele while also attracting a younger demographic. For instance, in 2024, a notable shift occurred, with a substantial portion of new clientele falling into a younger age bracket, indicating a broadening appeal within the affluent spectrum. This is supported by the company's efforts to expand its reach through non-automotive channels.

Here are some key figures that define the composition and behavior of Ferrari N.V.'s customer base as of late 2024 and into 2025:

Customer Metric	Value/Percentage	Fiscal Period Reference
Repeat Buyers Percentage of Total Sales	81%	2024
New Customers Under Age 40	40%	2024
Total Shipments	13,752 units	2024
Sponsorship, Commercial, and Brand Revenues	€670 million	2024
Sponsorship, Commercial, and Brand Revenues Growth	+21.9%	Q2 2025 (vs Q2 2024)
Average Price of Vehicles Sold (Approximate)	Exceeding EUR 480,000	2024

Finally, the segment of brand aspirational consumers who purchase high-margin lifestyle products is crucial for revenue diversification and brand visibility. Ferrari N.V. views its lifestyle division as a major opportunity to serve a wider public, leveraging fashion and brand experiences. Sponsorship, commercial, and brand revenues, which capture these activities, showed strong momentum in the first half of 2025, driven by lifestyle initiatives and improved Formula 1 performance. The company had a stated goal, as of 2022, to double revenues in the lifestyle division by 2026 compared to 2019 levels.

For H1 2025, Sponsorship, commercial and brand revenues reached €396 million, marking a significant year-over-year increase of 26.6%. This revenue stream helps to cushion margin pressures from increased R&D and SG&A spending associated with the brand's electrification strategy.

Finance: draft 13-week cash view by Friday.

Ferrari N.V. (RACE) - Canvas Business Model: Cost Structure

The Cost Structure for Ferrari N.V. is heavily weighted toward activities that secure future product exclusivity and maintain the Formula 1 racing pedigree. These are largely fixed or semi-fixed costs that require continuous, substantial investment regardless of immediate quarterly sales fluctuations.

Research and Development (R&D) and Capital Expenditures form a core, high-cost component. Management projected capital expenditures for the full year 2025 to be in the range of €900-950 million, focusing on product development and the paint shop infrastructure. For context on recent spending, capital expenditures for the first quarter of 2025 were €224 million. Research and development expenses for the twelve months ending September 30, 2025, reached $1.023B, showing a consistent upward trend to support electrification and new model pipelines, including the full electric model planned for unveiling in Q4 2025.

Significant investment in Formula 1 racing operations and technology development is a non-negotiable cost. These expenses are embedded within operating costs, and in the three months ended June 30, 2025, selling, general and administrative costs increased by €17 million, which management specifically reflected as an increase in racing expenses and brand investments. The performance in the Formula 1 championship directly impacts brand value, which underpins pricing power.

The Cost of sales for cars and spare parts was €858 million in Q1 2025, as specified. This figure covers the direct costs associated with producing the high-value vehicles and associated parts.

Continuous brand investments and digital transformation expenses are reflected in the Selling, General and Administrative (SG&A) line item. For the three months ended June 30, 2025, SG&A costs represented 8.9 percent of net revenues, up from 8.3 percent in the prior year period. This increase covers marketing, lifestyle activities, and organizational development supporting the digital shift.

Manufacturing costs are inherently high due to the requirement for specialized labor and the procurement of high-quality, often bespoke, materials. The complexity of producing limited-edition models and the high degree of personalization, which accounted for over 19 percent of revenue from cars and spare parts in Q1 2025, drive up unit-level manufacturing expenditure. This is further complicated by the integration of new hybrid and electric powertrain technologies.

Here's a quick look at some of the key cost-related financial metrics reported around the late 2025 period:

Cost Category/Metric	Period/Date	Amount
Cost of Sales (Cars & Spare Parts)	Q1 2025	€858 million
Capital Expenditures (Guidance)	Full Year 2025	€900-950 million
Capital Expenditures	Q1 2025	€224 million
Research & Development Expenses (LTM)	As of September 30, 2025	$1.023B
Selling, General & Administrative Costs (% of Net Revenues)	Three Months Ended June 30, 2025	8.9 percent
Increase in SG&A due to Racing/Brand Investments	Three Months Ended June 30, 2025	€17 million

The cost base is managed through strict control over volume, maximizing revenue per unit via product mix and personalizations. You see this in the fact that industrial costs and R&D are projected to grow, but this growth is intended to be more than offset by profitability targets, such as the target EBIT margin of at least 30 percent in 2030.

• High fixed costs for R&D and CapEx secure future product pipeline.
• Racing expenses are a direct driver of SG&A cost increases.
• Manufacturing costs are elevated by specialized materials and labor.
• Personalization revenue contribution helps absorb fixed overheads.
• Digital transformation expenses are captured within SG&A growth.

Ferrari N.V. (RACE) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive the Prancing Horse, so let's break down where the cash is coming from as of late 2025. It's all about quality of revenue, not just quantity of cars shipped.

The primary engine for Ferrari N.V. revenue remains the sale of its vehicles and associated parts. For the first quarter of 2025, this segment generated €1,536 million.

A significant component enriching this product mix is the personalization options offered to clients. For Q1 2025, personalization revenue accounted for more than 19% of the total Cars and Spare Parts revenue. This focus on bespoke features is a major revenue driver, underscoring the strategy to enrich the value per unit.

Here is the quick math on the Q1 2025 revenue segmentation:

Revenue Stream Component	Q1 2025 Revenue (Euro million)
Sales of Cars and Spare Parts	1,536
Sponsorship, Commercial, and Brand	191
Other (Financial Services, Engine Rental, etc.)	64
Total Net Revenues	1,791

The Sponsorship, Commercial, and Brand segment also showed strong performance. In Q1 2025, this stream brought in €191 million. This growth was mainly due to new sponsorships and lifestyle activities, plus better commercial revenues tied to the prior year's Formula 1 ranking.

Engine sales revenue is categorized within the 'Other' stream, which was €64 million in Q1 2025. Honestly, this stream saw a shift; the revenue contribution from the Maserati contract decreased in Q1 2025, though it still includes net revenues from the rental of engines to other Formula 1 racing teams.

Looking forward, the full-year 2025 net revenues are projected to hit at least €7.1 billion, a clear upward revision from earlier guidance, showing confidence in the continued strength of the order book covering 2026.

• Full-year 2025 Net Revenues forecast: at least EUR7.1 billion.
• Q1 2025 Personalization contribution: over 19% of Cars and Spare Parts revenue.
• Q1 2025 Total Net Revenues: €1,791 million.

Finance: draft 13-week cash view by Friday.