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What were the key takeaways from Ferrari's earnings call?

- **Revenue Growth**: €1.8 billion (+7.4% YoY), driven by hybrid/hypercar mix and 20% personalization.
- **Profitability**: EBIT €500 million, free cash flow €365 million, despite 15% U.S. tariffs.
- **Powertrain Shift**: 40% ICE, 40% hybrid, 20% electric to 2030, reflecting sustained thermal demand.
- **Innovation Edge**: Elettrica tech reveal; 50% of Amalfi buyers new to brand.
- **Margin Confidence**: 2030 targets (€9B, 40% EBITDA) underpinned by unique R&D (e.g., e-building, tailored studios).

### Core Details - Detail Page

**CEO Summary Section**
- **2030 Ambitions**: Targeting €9 billion in revenue, 40% EBITDA margin, and 30% EBIT margin by 2030, with a focus on hybrid (40%), ICE (40%), and electric (20%) powertrains.
- **Product Strategy**: Horizontal diversification with 4 new models/year (2026-2030), emphasizing exclusivity and client-centric innovation (e.g., Ferrari Elettrica reveal).
- **Q3 Performance**: €1.8 billion revenue (+7.4% YoY), EBIT €500 million, free cash flow €365 million. Order book extends to 2027, driven by Testarossa and Amalfi launches.
- **Pricing Power**: 50% of Amalfi buyers new to brand; hybrid warranty uptake >20% post-dealer retraining.

**CFO Financial Commentary**
- **Revenue Growth**: +9.3% at constant currency, driven by richer mix (SF90 XX, 12Cilindri), personalization (20% of cars revenue), and higher sponsorships.
- **Profitability**: EBITDA margin 37.9%, EBIT margin 28.4%, despite 15% U.S. tariffs and Daytona SP3 phaseout.
- **Cash Flow**: Industrial free cash flow €365 million, supporting 1-year-ahead share buyback completion.
- **Q4 Outlook**: Lower deliveries (-YoY) due to model changeover, but positive mix from F80 ramp-up and Daytona phaseout.

**Q&A Highlights**
- **Mix & Personalization**: Q3 mix impact +€25 million vs. neutral guidance; long-term personalization target 19% (vs. 20% Q3) due to tailored studios.
- **F80 Production**: 3-year lifecycle, gradual ramp-up starting Q4 with limited units.
- **U.S. Market**: Tariffs reduced to 15%, price increases capped at 5%; no unusual cancellations despite residual value concerns.
- **Innovation & Resilience**: €215M F1 budget increase reflects racing commitment; FX hedging on 2027 backlog via 90-day price adjustments.
- **Margin Stability**: Long-term margin sustainability via unique innovation (e.g., e-building, paint shop) and client engagement (e.g., 90,000+ families, lifestyle expansion).

Ferrari N.V. (RACE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

RACE

RACE fundamentals

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