Ferrari N.V.
Ferrari N.V. designs, engineers, produces, and sells luxury performance sports cars through its Italian industrial base in Maranello and Modena. The company also extends the Ferrari brand into racing, merchandising, lifestyle goods, and client financing through a global dealer and retail network.
Business
Share of revenueCore vehicle business covering the design, engineering, production, and sale of Ferrari performance cars.
Formula 1 and endurance racing activities that support brand visibility and technology transfer.
Licensing of the Ferrari brand to selected producers and retailers of luxury and lifestyle goods.
Ferrari-branded merchandise sold through owned stores, franchised stores, and online channels.
Financing arrangements provided to clients and dealers directly or through partner institutions.
Customers
Ferrari sells primarily to affluent individual buyers who purchase high-performance sports cars for personal use and brand affinity. It also serves dealers, collectors, and enthusiasts through merchandise, retail, and financing-related services, while racing activities support the wider luxury brand. The customer base is international, with sales spread across more than 60 markets.
Buy luxury performance sports cars for personal driving, prestige, and exclusivity.
Buy limited-production cars and Ferrari merchandise for rarity and brand attachment.
Buy and distribute Ferrari vehicles through the global retail network.
Buy branded goods through stores, franchised outlets, and online channels.
Use financing solutions to support vehicle purchases and working capital needs.
Strategy
Ferrari’s strategy is built around preserving scarcity, brand desirability, and control over the customer experience while expanding selected commercial channels. Racing remains central to the brand and also supports product innovation, marketing, and technology development. The company also uses licensing, retail, and financing to deepen engagement with customers beyond the vehicle sale.
Scarcity and controlled access are central to Ferrari's pricing power and prestige positioning.
Motorsport strengthens visibility, customer aspiration, and engineering transfer into road cars.
Merchandising, licensing, and financing deepen monetization without diluting the vehicle franchise.
Buybacks are used to distribute excess capital while maintaining balance-sheet flexibility.
Geography
Ferrari designs and produces its cars in Maranello and Modena, Italy, while selling them in more than 60 markets worldwide. The company’s commercial footprint is highly international, supported by 182 authorized dealers and Ferrari-owned and franchised retail stores across key luxury markets. Its geography matters because demand is tied to wealthy customer clusters, while Italian manufacturing concentrates production, engineering, and brand heritage in one country.
Risks
Ferrari is exposed to cyclical demand for ultra-luxury vehicles, where buyer sentiment, wealth effects, and regional market conditions can affect order flow. Because the business depends on a concentrated manufacturing base and a high-profile global brand, it also faces execution, supply-chain, and reputation risks, including those tied to motorsport and product quality. Financial results are additionally influenced by foreign exchange, hedging, and the accounting of estimates such as impairment and employee benefits.
- Luxury demand cyclicalityImpact: HighLikelihood: Medium
Sports car demand depends on discretionary spending and wealth effects among affluent customers.
Exposure: Vehicle sales and order intake
- Brand and motorsport reputation riskImpact: HighLikelihood: Medium
Ferrari's value depends heavily on brand prestige, which is influenced by racing performance and public perception.
Exposure: Racing activities and luxury brand equity
- Manufacturing and supply-chain concentrationImpact: HighLikelihood: Medium
Design and production are concentrated in Italy, so disruptions can affect output and delivery schedules.
Exposure: Maranello and Modena operations
- Foreign exchange volatilityImpact: MediumLikelihood: High
Revenue is generated globally while production and reporting are centered in Europe, creating currency mismatch.
Exposure: International sales and translation
Accounting
Judgemental itemsNon-current asset impairment is typically assessed in full at year-end unless triggering events arise.
Impact: Can affect asset carrying values and earnings
Actuarial valuations depend on market assumptions and plan changes.
Impact: Can move pension and other benefit liabilities
Cash-flow hedging instruments produced OCI gains and losses in the period.
Impact: Affects other comprehensive income and equity
PSUs and RSUs vest based on service and performance conditions.
Impact: Affects operating expense and diluted share count
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Last updated: 28/09/2026