Ferrari: Investor Disappointment Despite Upward Forecasts

When Ferrari's strategic plan for 2023 was revealed to investors, its share price fell 14% in Milan. However, the manufacturer raised its 2025 forecasts with adjusted EPS of at least €8.80, EBITDA of €2.72 billion, and revenues of €7.1 billion. These increases, considered modest, did not reassure the markets. Revenue remains steady at around €9 billion, and investment in innovation, electric vehicle development, SUVs and sports cars shows no sign of slowing down. But how is Ferrari managing to come out on top so easily when the automotive world is facing a crisis that is beginning to persist?

Some analysts compare the Italian company to Hermès: a safe bet, identified in the ultra-luxury segment, whose rarity justifies its price. The Maranello brand is defined by the media outlet Milano Finanza as a ‘defensive stock’, little affected by the cyclical rhythms that characterise other manufacturers. Above all, Ferrari is largely unaffected by the vagaries of the Chinese market, which has been a major factor in the mixed results and slowdown in demand experienced by other manufacturers.

It can count on a vast audience of 90,000 active customers, up 20% from 2022, and more than 400 million fans. This enthusiasm represents a dual identity: highly exclusive and at the same time open to the general public, who covet its merchandise. In addition, the community most closely associated with the brand now numbers nearly 400,000 ‘ferraristi’.

Its order book, already full for two years, continues to break records, and its commercial strategy based on scarcity positions the brand as highly profitable. Ultra-personalisation and limited editions, such as the Daytona SP3 (sold for around €2 million), are part of this winning strategy.

While other manufacturers, concerned about costs, are slowing down the development of electric cars, Ferrari can continue on its path.

John Elkann, the company's executive chairman, recently stated: ‘With the new Ferrari elettrica, we are once again affirming our desire to move forward by combining technological rigour, creative design and craftsmanship in manufacturing.’

By 2030, 40% of Ferrari's product range will consist of combustion engine vehicles, 40% of hybrids and 20% of electric vehicles.