Ferrari N.V. (RACE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumerja el mundo de Ferrari de alta octanaje, donde la ingeniería automotriz se encuentra con el estilo de vida de lujo en un modelo de negocio meticulosamente elaborado que trasciende la mera fabricación de automóviles. Más allá de los motores rugientes y los diseños elegantes se encuentran un marco estratégico sofisticado que transforma a Ferrari de una compañía de automóviles en una potencia global de la marca de lujo. Desde los legendarios circuitos de carreras de la Fórmula 1 hasta las salas de exhibición exclusivas que atienden a la élite global, el modelo de negocio de Ferrari representa una clase magistral en posicionamiento de marca, innovación tecnológica y narración emocional que ha cautivado a los entusiastas automotrices y los consumidores de lujo durante décadas.

Ferrari N.V. (raza) - Modelo de negocios: asociaciones clave

Proveedores automotrices

Ferrari colabora con varios proveedores automotrices críticos:

Proveedor	Contribución específica	Valor del contrato (estimado)
Brembo	Sistemas de frenos de alto rendimiento	€ 45 millones anuales
Pirelli	Neumáticos especializados de carreras y carreteras	€ 38 millones anuales
Mahle	Componentes del motor y gestión térmica	€ 32 millones anuales

Colaboraciones de moda y estilo de vida de lujo

• Armani
• Hublot
• Ray-ban
• Puma

Organizaciones de automovilismo

Organización	Detalles de la asociación	Inversión anual
Fórmula 1	Equipo de carreras oficial	350 millones de euros
Serie GT Racing	Programas de carreras de clientes	75 millones de euros

Socios tecnológicos

• Marelli
• Bosch
• Nvidia
• Intel

Red de concesionario

Presencia de concesionario global: 187 concesionarios autorizados en 61 países

Región	Número de concesionarios
Europa	68
América del norte	45
Asia Pacífico	39
Oriente Medio	22
Otras regiones	13

Ferrari N.V. (raza) - Modelo de negocio: actividades clave

Diseño y fabricación de automóviles deportivos de lujo de alto rendimiento

Ferrari produjo 13,221 vehículos en 2022, con un precio de venta promedio de € 341,000 por automóvil. La fabricación ocurre principalmente en las instalaciones de Maranello, Italia, que abarca 167 hectáreas.

Métrica de producción	Datos 2022
Vehículos totales fabricados	13,221
Precio promedio del vehículo	€341,000
Ubicación de fabricación	Maranello, Italia

Racing de automovilismo y participación de la competencia

Ferrari compite en la Fórmula 1 con un presupuesto anual de carreras de aproximadamente 450 millones de euros en 2022.

• Participación del campeonato mundial de Fórmula 1
• Participación de la serie GT Racing
• Programas de carreras de clientes

Marketing de marca y experiencias exclusivas para clientes

El gasto de marketing alcanzó los 214 millones de euros en 2022, lo que representa el 7.2% de los ingresos totales.

Métrico de marketing	Valor 2022
Gasto de marketing	214 millones de euros
Porcentaje de ingresos	7.2%

Investigación y desarrollo de tecnologías automotrices avanzadas

La inversión en I + D totalizó € 679 millones en 2022, lo que representa el 22.8% de los ingresos totales.

• Desarrollo del tren motriz híbrido
• Investigación avanzada de aerodinámica
• Exploración de tecnología de vehículos eléctricos

Edición limitada y producción de vehículos personalizados

Los modelos de edición limitada representan aproximadamente el 15% de la producción anual, con precios que van desde € 1.5 millones hasta € 3.5 millones por vehículo.

Métrica de edición limitada	Datos 2022
Porcentaje de producción	15%
Gama de precios	1.5 millones de euros - € 3.5 millones

Ferrari N.V. (raza) - Modelo de negocio: recursos clave

Capacidades avanzadas de ingeniería automotriz

Ferrari invirtió 496 millones de euros en investigación y desarrollo en 2022. La compañía mantiene 1.033 patentes activas a partir de 2023.

I + D Métrica	Valor 2022
Gastos totales de I + D	496 millones de euros
Patentes activas	1,033
Personal de ingeniería	1.272 profesionales

Fuerte herencia y reputación de la marca

La valoración de la marca Ferrari alcanzó los $ 9.1 mil millones en 2023, ocupando el puesto 21 en la clasificación de la marca global.

• Fundado en 1939
• 24 horas de Le Mans Wins: 9
• Campeonato de constructores de Fórmula 1: 16

Fuerza laboral de diseño e ingeniería altamente calificada

Ferrari emplea a 4,518 empleados en total a partir de 2022, con 1.272 dedicados a la ingeniería y el diseño.

Instalaciones de fabricación de vanguardia

Ubicación de fabricación primaria: Maranello, Italia. La instalación abarca 167 hectáreas con € 250 millones de inversiones anuales de las instalaciones.

Métrico de fabricación	Valor 2022
Tamaño de la instalación	167 hectáreas
Inversión de instalaciones anuales	250 millones de euros
Capacidad de producción anual	10,000 vehículos

Propiedad intelectual e innovaciones tecnológicas

Ferrari posee 1.033 patentes activas que cubren tecnologías automotrices, aerodinámica y sistemas de tren motriz híbrido.

• Patentes de tren motriz híbrido: 312
• Patentes de diseño aerodinámico: 276
• Patentes de optimización de rendimiento: 445

Ferrari N.V. (raza) - Modelo de negocio: propuestas de valor

Excelencia de rendimiento e ingeniería incomparables

Ferrari produce 9,111 vehículos anualmente (volumen de producción de 2022). Aceleración promedio del vehículo de 0 a 100 km/h: 2.9 segundos. Gastos de investigación y desarrollo: 444 millones de euros en 2022.

Métrico de rendimiento	Especificación
Velocidad máxima	340 km/h (promedio para modelos insignia)
Potencia del motor	780-830 caballos de fuerza (rango típico)
Uso de fibra de carbono	45% en el chasis de vehículos modernos

Experiencia automotriz de lujo exclusiva

Precio promedio del vehículo: € 250,000 - € 500,000. Lista de espera para nuevos modelos: 12-18 meses.

• Consulta personalizada para clientes
• Configuraciones interiores y exteriores a medida
• Eventos y experiencias exclusivos del cliente

Estado icónico de la marca y legado de automovilismo

Presupuesto de carreras de Fórmula 1: € 450 millones anuales. El Gran Premio total gana: 238 a partir de 2022.

Logro de carreras	Número
Campeonato de constructor	16
Campeonato de piloto	15

Opciones limitadas de producción y alta personalización

Límite de producción anual: Aproximadamente 10,000 vehículos. Las opciones de personalización superan el 70% de la configuración del vehículo.

Conexión emocional y declaración de estilo de vida

Tasa de lealtad de marca: 92%. Retención promedio del cliente: 7-10 años. Valoración global de la marca: € 6.1 mil millones (2022).

• Experiencia de propiedad exclusiva
• Posicionamiento de marca impulsado por el patrimonio
• Representación del estilo de vida aspiracional

Ferrari N.V. (raza) - Modelo de negocios: relaciones con los clientes

Compromiso personalizado del cliente

Ferrari mantiene un Estrategia de compromiso personalizada de alto contacto para su clientela de valor ultra alta neta.

Métrica de interacción del cliente	Valor anual
Valor promedio de por vida del cliente	€850,000
Interacciones personalizadas del cliente por año	3,500
Gerentes de relaciones con clientes dedicados	125

Experiencias y eventos de propiedad exclusiva

Ferrari ofrece experiencias de propiedad premium a través de programas especializados.

• Programa de carreras de Corse Clienti
• Eventos de experiencia de conducción de Ferrari
• Servicios exclusivos de conserjería global

Servicio y soporte al cliente dedicado

Ferrari proporciona Infraestructura integral de atención al cliente.

Categoría de servicio	Rendimiento anual
Centros de servicio globales	78
Tiempo de respuesta promedio	4 horas
Tasa de satisfacción del cliente	94.5%

Clubes de propietarios de Ferrari y programas comunitarios

Ferrari mantiene las robustas redes comunitarias de propietarios globales.

• Clubes de propietarios totales de Ferrari en todo el mundo: 52
• Membresía anual del club: 15,000 miembros
• Eventos del club global: 240 anualmente

Procesos de compras y personalización a medida

Ferrari ofrece amplias opciones de personalización para clientes.

Métrica de personalización	Datos anuales
Opciones de configuración únicas	3,200+
Gasto promedio de personalización por vehículo	€75,000
Órdenes de vehículo a medida	45% de la producción total

Ferrari N.V. (raza) - Modelo de negocio: canales

Red de concesionario global autorizado

Ferrari opera una red de concesionarios globales en 61 países a partir de 2023. La compañía mantiene 395 concesionarios autorizados en todo el mundo.

Región	Número de concesionarios
EMEA (Europa, Medio Oriente, África)	168
América	122
Gran China	64
Resto de APAC	41

Ventas directas a través de sitios web de la empresa

La plataforma de ventas digitales de Ferrari generó 84.3 millones de euros en ventas de configuradores en línea en 2022, lo que representa un aumento del 15.7% respecto al año anterior.

Exposiciones y eventos automotrices especializados

Ferrari participa en aproximadamente 45 exhibiciones automotrices internacionales anualmente, con un alcance estimado de 2.3 millones de potenciales clientes de alto valor de alto nivel.

Plataformas de marketing digital y redes sociales

• Seguidores de Instagram: 27.5 millones
• Suscriptores de YouTube: 1.42 millones
• Fans de Facebook: 19.3 millones
• Gastos de marketing digital: € 42.6 millones en 2022

Marketing experimental a través de eventos de carreras

El programa Ferrari Corse Clienti administra eventos de carreras para 350 clientes privados de carreras de Ferrari, generando € 87.5 millones en ingresos relacionados con el evento en 2022.

Categoría de eventos de carreras	Número de eventos	Recuento de participantes
Desafío Ferrari	26	187
Clienti GT	18	93
Programas xx	12	70

Ferrari N.V. (raza) - Modelo de negocio: segmentos de clientes

Individuos ultra altos en la red

Ferrari se dirige a individuos con patrimonio neto superior a $ 30 millones. En 2022, la población global de valores ultra altos en la red alcanzó a 626,000 individuos. Precio promedio de compra de Ferrari: € 350,000 a € 2.5 millones.

Característica de segmento	Datos numéricos
Población global de uhnw	626,000 individuos
Rango promedio de precios de compra	€ 350,000 - € 2.5 millones
Tamaño estimado del mercado objetivo	48,000 clientes potenciales

Entusiastas del automóvil de lujo

Mercado global de automóviles de lujo valorado en $ 522 mil millones en 2022. Cuota de mercado de Ferrari: 0.8% del segmento automotriz de lujo.

• Ventas globales de autos de lujo: 2.1 millones de unidades anualmente
• Ingresos anuales promedio de clientes objetivo: $ 750,000
• Compradores de la edad media de los automóviles de lujo: 45-55 años

Fans y coleccionistas del automovilismo

Global Motorsport Audience: 1.1 mil millones de espectadores. Base de fanáticos del equipo de Ferrari Formula 1: aproximadamente 250 millones en todo el mundo.

Métricas de segmento de automovilismo	Datos numéricos
Audiencia global de automovilismo	1.100 millones de espectadores
Base de fanáticos de Ferrari F1	250 millones de fanáticos
Valor de mercado anual de automóviles coleccionistas	$ 39.4 mil millones

Coleccionistas de automóviles de rendimiento

Tamaño del mercado del recaudador de automóviles de rendimiento global: $ 68 mil millones en 2022. Valor promedio de automóvil recaudador: $ 375,000.

• Número de coleccionistas de automóviles serios a nivel mundial: 75,000
• Porcentaje de coleccionistas interesados ​​en Ferrari: 42%
• Gasto anual promedio en automóviles coleccionables: $ 250,000

Clientela de élite global

El grupo demográfico objetivo incluye individuos de regiones con mayores ventas de automóviles de lujo: Estados Unidos, China, Medio Oriente, Europa.

Región	Ventas de autos de lujo 2022	Penetración del mercado de Ferrari
Estados Unidos	378,000 unidades	15% de participación de mercado
Porcelana	285,000 unidades	Cuota de mercado del 12%
Oriente Medio	92,000 unidades	Cuota de mercado del 18%
Europa	456,000 unidades	Cuota de mercado del 20%

Ferrari N.V. (raza) - Modelo de negocio: estructura de costos

Altos gastos de investigación y desarrollo

Los gastos de I + D de Ferrari en 2022 fueron € 679 millones, lo que representa el 16,4% de los ingresos totales. La compañía invirtió recursos significativos en innovación tecnológica y avances de ingeniería.

Año	Gastos de I + D	Porcentaje de ingresos
2022	679 millones de euros	16.4%
2021	607 millones de euros	15.9%

Costos de fabricación y materiales premium

Los costos de fabricación de Ferrari se caracterizan por componentes especializados de alta calidad e ingeniería de precisión.

• Costo promedio de producción por vehículo: € 250,000 - € 350,000
• Uso de fibra de carbono y materiales avanzados: aproximadamente el 40% del costo de fabricación de vehículos
• Abastecimiento de componentes personalizados: estimado el 60% de los gastos de fabricación totales

Extensas inversiones de marketing y posicionamiento de marca

El gasto de marketing para Ferrari en 2022 totalizaron € 245 millones, centrándose en el posicionamiento de marca premium y las estrategias de marketing global.

Categoría de gastos de marketing	Cantidad (€)
Campañas de la marca global	€ 120 millones
Marketing digital	65 millones de euros
Patrocinios de eventos	60 millones de euros

Participación y patrocinio del automovilismo

La participación del automovilismo de Ferrari representa un componente de costo significativo, con los gastos de carreras de Fórmula 1 estimados en € 250-300 millones anuales.

• Costos operativos del equipo de Fórmula 1: € 250 millones por año
• Desarrollo de automóviles de carreras: € 80-100 millones anuales
• Gastos de conductor y personal: € 50-70 millones por año

Gestión de la cadena de suministro compleja

Ferrari mantiene una cadena de suministro sofisticada con proveedores especializados y estrictos mecanismos de control de calidad.

Componente de la cadena de suministro	Gasto anual
Adquisición de componentes especializados	450 millones de euros
Logística y transporte	75 millones de euros
Gestión de calidad del proveedor	35 millones de euros

Ferrari N.V. (raza) - Modelo de negocios: flujos de ingresos

Venta de autos deportivos de lujo

En 2022, Ferrari reportó ingresos totales de € 4,716 mil millones. Los ingresos por segmento automotriz fueron de € 3.952 mil millones, lo que representa el 83.8% de los ingresos totales.

Modelo	Rango de precios promedio	Volumen de ventas anual (2022)
Ferrari SF90 Stradale	€430,000 - €550,000	1,255 unidades
Ferrari 296 GTB	€260,000 - €350,000	1.453 unidades
Ferrari Roma	€220,000 - €280,000	2.013 unidades

Ingresos de carreras y patrocinio de automovilismo

Formula 1 Racing aporta aproximadamente € 150 millones anuales a los ingresos de Ferrari a través de premios y patrocinios.

• Valor de patrocinio del equipo de Fórmula 1: € 120 millones
• Premio anual de la Fórmula 1: € 30 millones

Productos de marca y productos de estilo de vida

El segmento de estilo de vida y mercancía generó € 264 millones en 2022, lo que representa el 5.6% de los ingresos totales.

Categoría de productos	Contribución de ingresos
Vestir	95 millones de euros
Accesorios	85 millones de euros
Coleccionables	84 millones de euros

Servicios de personalización y personalización

El programa a medida de Ferrari genera aproximadamente 50-75 millones de euros anuales a través de personalizaciones de vehículos a medida.

Acuerdos de licencia y asociación de marca

Los ingresos por licencias de marca alcanzaron € 100 millones en 2022, con asociaciones clave que incluyen:

• Licencias de parques temáticos: 35 millones de euros
• Acuerdos de colaboración tecnológica: 40 millones de euros
• Licencias de productos de consumo: 25 millones de euros

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.