Ferrari N.V. (Race): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo de alta octanagem da Ferrari, onde a engenharia automotiva encontra um estilo de vida de luxo em um modelo de negócios meticulosamente criado que transcende a mera fabricação de carros. Além dos motores que estriam e designs elegantes, encontra -se uma estrutura estratégica sofisticada que transforma a Ferrari de uma empresa de automóveis em uma potência global de marca de luxo. Desde os lendários circuitos de corrida da Fórmula 1 até os showrooms exclusivos que atendem à elite global, o modelo de negócios da Ferrari representa uma masterclass no posicionamento da marca, inovação tecnológica e narrativa emocional que cativou entusiastas automotivos e consumidores de luxo por décadas.

Ferrari N.V. (Race) - Modelo de Negócios: Principais Parcerias

Fornecedores automotivos

A Ferrari colabora com vários fornecedores críticos de automotivo:

Fornecedor	Contribuição específica	Valor do contrato (estimado)
Brembo	Sistemas de freio de alto desempenho	€ 45 milhões anualmente
Pirelli	Pneus de corrida e estrada especializados	€ 38 milhões anualmente
Mahle	Componentes do motor e gerenciamento térmico	€ 32 milhões anualmente

Colaborações de moda de luxo e estilo de vida

• Armani
• Hublot
• Ray-Ban
• Puma

Organizações de automobilismo

Organização	Detalhes da parceria	Investimento anual
Fórmula 1	Equipe oficial de corrida	€ 350 milhões
GT Racing Series	Programas de corrida de clientes	€ 75 milhões

Parceiros de tecnologia

• Marelli
• Bosch
• Nvidia
• Intel

Rede de concessionária

Presença de concessionária global: 187 concessionárias autorizadas em 61 países

Região	Número de concessionárias
Europa	68
América do Norte	45
Ásia -Pacífico	39
Médio Oriente	22
Outras regiões	13

Ferrari N.V. (Race) - Modelo de negócios: Atividades -chave

Design e fabricação de carros esportivos de luxo de alto desempenho

A Ferrari produziu 13.221 veículos em 2022, com um preço médio de venda de € 341.000 por carro. A fabricação ocorre principalmente em Maranello, Itália, com 167 hectares.

Métrica de produção	2022 dados
Veículos totais fabricados	13,221
Preço médio do veículo	€341,000
Local de fabricação	Maranello, Itália

Motorsport Racing e participação da competição

A Ferrari compete na Fórmula 1 com um orçamento anual de corrida de aproximadamente € 450 milhões em 2022.

• Participação do Campeonato Mundial da Fórmula 1
• GT Racing Series Envolement
• Programas de corrida de clientes

Marketing de marca e experiências exclusivas de clientes

As despesas de marketing atingiram 214 milhões de euros em 2022, representando 7,2% da receita total.

Métrica de marketing	2022 Valor
Gasto de marketing	€ 214 milhões
Porcentagem de receita	7.2%

Pesquisa e desenvolvimento de tecnologias automotivas avançadas

O investimento em P&D totalizou € 679 milhões em 2022, representando 22,8% da receita total.

• Desenvolvimento do trem de força híbrido
• Pesquisa em aerodinâmica avançada
• Exploração de tecnologia de veículos elétricos

Edição limitada e produção personalizada de veículos

Os modelos de edição limitada representam aproximadamente 15% da produção anual, com preços que variam de 1,5 milhão a € 3,5 milhões por veículo.

Métrica de edição limitada	2022 dados
Porcentagem de produção	15%
Faixa de preço	€ 1,5 milhão - € 3,5 milhões

Ferrari N.V. (Race) - Modelo de negócios: Recursos -chave

Recursos avançados de engenharia automotiva

A Ferrari investiu 496 milhões de euros em pesquisa e desenvolvimento em 2022. A Companhia mantém 1.033 patentes ativas a partir de 2023.

Métrica de P&D	2022 Valor
Despesas totais de P&D	€ 496 milhões
Patentes ativas	1,033
Equipe de engenharia	1.272 profissionais

Forte patrimônio da marca e reputação

A avaliação da marca Ferrari atingiu US $ 9,1 bilhões em 2023, com 21ª posição no ranking global de marcas.

• Fundado em 1939
• 24 horas de Le Mans Ganham: 9
• Campeonatos dos Construtores da Fórmula 1: 16

Força de trabalho de design e engenharia altamente qualificada

A Ferrari emprega 4.518 funcionários totais em 2022, com 1.272 dedicados à engenharia e design.

Instalações de fabricação de ponta

Local de fabricação primária: Maranello, Itália. A instalação abrange 167 hectares com € 250 milhões para investimentos anuais de instalações.

Métrica de fabricação	2022 Valor
Tamanho da instalação	167 hectares
Investimento anual da instalação	€ 250 milhões
Capacidade de produção anual	10.000 veículos

Propriedade intelectual e inovações tecnológicas

A Ferrari detém 1.033 patentes ativas que cobrem tecnologias automotivas, aerodinâmica e sistemas híbridos de trem de força.

• Patentes do trem de força híbridos: 312
• Patentes de projeto aerodinâmico: 276
• Patentes de otimização de desempenho: 445

Ferrari N.V. (Race) - Modelo de Negócios: Proposições de Valor

Desempenho incomparável e excelência em engenharia

A Ferrari produz 9.111 veículos anualmente (volume de produção de 2022). Aceleração média do veículo de 0 a 100 km/h: 2,9 segundos. Despesas de pesquisa e desenvolvimento: 444 milhões de euros em 2022.

Métrica de desempenho	Especificação
Velocidade máxima	340 km/h (média para modelos principais)
Energia do motor	780-830 cavalos de potência (faixa típica)
Uso de fibra de carbono	45% no chassi de veículos modernos

Experiência automotiva de luxo exclusiva

Preço médio do veículo: € 250.000 - € 500.000. Lista de espera por novos modelos: 12 a 18 meses.

• Consulta personalizada do cliente
• Configurações internas e externas sob medida
• Eventos e experiências exclusivos de clientes

Status icônico da marca e legado de automobilismo

Orçamento de corrida de Fórmula 1: 450 milhões de euros anualmente. O Grande Prêmio Total vence: 238 a partir de 2022.

Realização de corridas	Número
Campeonatos Construtores	16
Campeonato de motorista	15

Produção limitada e opções de alta personalização

Limite anual de produção: Aproximadamente 10.000 veículos. As opções de personalização excedem 70% da configuração do veículo.

Conexão emocional e declaração de estilo de vida

Taxa de fidelidade da marca: 92%. Retenção média de clientes: 7 a 10 anos. Avaliação global da marca: 6,1 bilhões de euros (2022).

• Experiência de propriedade exclusiva
• Posicionamento da marca orientado pelo patrimônio
• Representação de estilo de vida aspiracional

Ferrari N.V. (Race) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento personalizado do cliente

A Ferrari mantém a Estratégia de engajamento personalizada de alto toque por sua clientela de altura de alto nível.

Métrica de interação do cliente	Valor anual
Valor médio de vida útil do cliente	€850,000
Interações personalizadas do cliente por ano	3,500
Gerentes de relacionamento com clientes dedicados	125

Experiências e eventos de propriedade exclusivos

A Ferrari oferece experiências de propriedade premium por meio de programas especializados.

• Programa de corrida CORSE Clienti
• Ferrari Driving Experience Events
• Serviços exclusivos de concierge global

Atendimento ao cliente dedicado e suporte

Ferrari fornece Infraestrutura abrangente de suporte ao cliente.

Categoria de serviço	Desempenho anual
Centros de Serviços Globais	78
Tempo médio de resposta	4 horas
Taxa de satisfação do cliente	94.5%

Clubes de proprietários da Ferrari e programas comunitários

A Ferrari mantém redes robustas de comunidade global de proprietários.

• Total de proprietários da Ferrari Clubes em todo o mundo: 52
• Associação anual do clube: 15.000 membros
• Eventos globais de clube: 240 anualmente

Processos de compra e personalização personalizados

A Ferrari oferece extensas opções de personalização para os clientes.

Métrica de personalização	Dados anuais
Opções de configuração exclusivas	3,200+
Gasto médio de personalização por veículo	€75,000
Pedidos de veículos sob medida	45% da produção total

Ferrari N.V. (Race) - Modelo de Negócios: Canais

Rede de concessionária global autorizada

A Ferrari opera uma rede global de concessionárias em 61 países a partir de 2023. A Companhia mantém 395 concessionárias autorizadas em todo o mundo.

Região	Número de concessionárias
EMEA (Europa, Oriente Médio, África)	168
Américas	122
Grande China	64
Resto de Apac	41

Vendas diretas através de sites da empresa

A plataforma de vendas digitais da Ferrari gerou € 84,3 milhões em vendas de configurador on -line em 2022, representando um aumento de 15,7% em relação ao ano anterior.

Exposições e eventos automotivos especializados

A Ferrari participa de aproximadamente 45 exposições automotivas internacionais anualmente, com um alcance estimado de 2,3 milhões de clientes potenciais de alta rede.

Plataformas de marketing digital e mídia social

• Seguidores do Instagram: 27,5 milhões
• Assinantes do YouTube: 1,42 milhão
• Fãs do Facebook: 19,3 milhões
• Despesas de marketing digital: € 42,6 milhões em 2022

Marketing experimental através de eventos de corrida

O programa Ferrari Corse Clienti gerencia eventos de corrida para 350 clientes particulares da Ferrari Racing, gerando € 87,5 milhões em receitas relacionadas a eventos em 2022.

Categoria de eventos de corrida	Número de eventos	Contagem de participantes
Desafio da Ferrari	26	187
Clienti gt	18	93
XX Programas	12	70

Ferrari N.V. (Race) - Modelo de negócios: segmentos de clientes

Indivíduos ultra-altos-net-nets

A Ferrari tem como alvo indivíduos com patrimônio líquido superior a US $ 30 milhões. Em 2022, a população global ultra-alta atingiu 626.000 indivíduos. Preço médio de compra da Ferrari: € 350.000 a 2,5 milhões de euros.

Característica do segmento	Dados numéricos
População global de UHNW	626.000 indivíduos
Faixa média de preço de compra	€ 350.000 - € 2,5 milhões
Tamanho estimado do mercado -alvo	48.000 clientes em potencial

Entusiastas automotivos de luxo

O mercado global de automóveis de luxo, avaliado em US $ 522 bilhões em 2022. Participação de mercado da Ferrari: 0,8% do segmento automotivo de luxo.

• Vendas globais de carros de luxo: 2,1 milhões de unidades anualmente
• Renda anual média dos clientes -alvo: US $ 750.000
• Idade média de compradores de carros de luxo: 45-55 anos

Fãs e colecionadores do Motorsport

Global Motorsport Audience: 1,1 bilhão de espectadores. Ferrari Fórmula 1 Base de fãs de equipe: aproximadamente 250 milhões em todo o mundo.

Métricas de segmento de automobilismo	Dados numéricos
Audiência global de automobilismo	1,1 bilhão de espectadores
Ferrari F1 Fan Base	250 milhões de fãs
Valor anual de mercado de carros coletores	US $ 39,4 bilhões

Colecionadores de carros de desempenho

Tamanho do mercado global de coletores de carros de desempenho: US $ 68 bilhões em 2022. Valor médio do carro coletor: US $ 375.000.

• Número de coletores de carros graves globalmente: 75.000
• Porcentagem de colecionadores interessados ​​em Ferrari: 42%
• Gastos anuais médios em carros colecionáveis: US $ 250.000

Clientela global de elite

A demografia alvo inclui indivíduos de regiões com mais altas vendas de carros de luxo: Estados Unidos, China, Oriente Médio, Europa.

Região	Vendas de carros de luxo 2022	Penetração do mercado da Ferrari
Estados Unidos	378.000 unidades	15% de participação de mercado
China	285.000 unidades	12% de participação de mercado
Médio Oriente	92.000 unidades	18% de participação de mercado
Europa	456.000 unidades	20% de participação de mercado

Ferrari N.V. (Race) - Modelo de Negócios: Estrutura de Custo

Altas despesas de pesquisa e desenvolvimento

As despesas de P&D da Ferrari em 2022 foram de € 679 milhões, representando 16,4% do total de receitas. A Companhia investiu recursos significativos em inovação tecnológica e avanços de engenharia.

Ano	Despesas de P&D	Porcentagem de receita
2022	€ 679 milhões	16.4%
2021	€ 607 milhões	15.9%

Custos de fabricação e materiais premium

Os custos de fabricação da Ferrari são caracterizados por componentes especializados e de alta qualidade e engenharia de precisão.

• Custo médio de produção por veículo: € 250.000 - € 350.000
• Fibra de carbono e uso avançado de materiais: aproximadamente 40% do custo de fabricação de veículos
• Suprimento de componente personalizado: estimado 60% do total de despesas de fabricação

Investimentos extensos de marketing e posicionamento da marca

As despesas de marketing para a Ferrari em 2022 totalizaram € 245 milhões, focando no posicionamento premium da marca e nas estratégias de marketing global.

Categoria de despesa de marketing	Valor (€)
Campanhas de marcas globais	€ 120 milhões
Marketing digital	€ 65 milhões
Patrocínio de eventos	€ 60 milhões

Participação e patrocínio do automobilismo

O envolvimento do automobilismo da Ferrari representa um componente de custo significativo, com as despesas de corrida de Fórmula 1 estimadas em € 250-300 milhões anualmente.

• Custos operacionais da equipe da Fórmula 1: € 250 milhões por ano
• Desenvolvimento de carros de corrida: € 80-100 milhões anualmente
• Despesas de motorista e pessoal: € 50-70 milhões por ano

Gerenciamento complexo da cadeia de suprimentos

A Ferrari mantém uma cadeia de suprimentos sofisticada com fornecedores especializados e mecanismos estritas de controle de qualidade.

Componente da cadeia de suprimentos	Despesas anuais
Componente especializado	€ 450 milhões
Logística e transporte	€ 75 milhões
Gerenciamento da qualidade do fornecedor	€ 35 milhões

Ferrari N.V. (Race) - Modelo de negócios: fluxos de receita

Vendas de carros esportivos de luxo

Em 2022, a Ferrari registrou receita total de 4,716 bilhões de euros. A receita do segmento automotivo foi de € 3,952 bilhões, representando 83,8% da receita total.

Modelo	Faixa de preço médio	Volume de vendas 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

Receitas de corrida e patrocínio de automóveis de motores

A Fórmula 1 Racing contribui com aproximadamente € 150 milhões anualmente para a receita da Ferrari por meio de prêmios em dinheiro e patrocínios.

• Valor de patrocínio da equipe da Fórmula 1: 120 milhões de euros
• Prêmio anual em dinheiro da Fórmula 1: € 30 milhões

Mercadorias de marca e produtos de estilo de vida

O segmento de estilo de vida e mercadorias gerou 264 milhões de euros em 2022, representando 5,6% da receita total.

Categoria de produto	Contribuição da receita
Vestuário	€ 95 milhões
Acessórios	€ 85 milhões
Colecionáveis	€ 84 milhões

Serviços de personalização e personalização

O programa personalizado da Ferrari gera aproximadamente 50 a 75 milhões de euros anualmente por meio de personalizações de veículos sob medida.

Acordos de licenciamento e parceria de marca

As receitas de licenciamento de marcas atingiram € 100 milhões em 2022, com parcerias importantes, incluindo:

• LICENCIAMENTO DE PARK TEMAS: € 35 milhões
• Acordos de colaboração de tecnologia: € 40 milhões
• Licenciamento de produtos de consumo: € 25 milhões

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.