Ferrari N.V.

Ferrari's order book covers current production through at least late 2026, with some models carrying 2-3 year waitlists, providing forward revenue commitment well beyond a single fiscal year. This multi-year backlog, sustained consistently across FY2022-FY2025 while deliveries were held near 13,000-14,000 units, gives Ferrari revenue visibility that is structurally above the auto-sector norm.

Cars and spare parts represented more than 85% of FY2025 net revenues (over €6B of €7.1B total), with sponsorship and brand activities the only meaningful second stream at roughly 11%. Ferrari's portfolio spans sports cars, grand tourers, and the Purosangue SUV, but all sit within a single luxury automotive category serving the same ultra-wealthy buyer segment.

FY2025 unit shipments distributed across EMEA at 46%, Americas at 29%, Rest of APAC at 18%, and Mainland China, Hong Kong and Taiwan at 7%. No single country approaches dominance, and the limited China exposure has reduced sensitivity to the luxury slowdown in that market since FY2023.

Ferrari's deliberate volume cap limits traditional unit-scale economics; revenue grows through pricing and mix rather than volume, with EBIT margin held at 28-30% across FY2024 and FY2025 despite deliveries being intentionally flat during the model changeover. The business is high-margin but structurally constrained from scaling units, which limits incremental operating leverage.

Ferrari sells to ultra-high-net-worth buyers whose continued relationship with the brand is a prerequisite for access to future limited editions and special series. Roughly 40% of customers opt into Tailor Made personalisation, adding €50,000-100,000 to transaction values in FY2024-FY2025, indicating discretionary but deeply loyal repeat engagement rather than purely transactional volume.