Ferrari NV (RACE.N): Postcard from Maranello: Where Craftsmanship Drives Exclusivity

Following a day at Ferrari's Maranello factory and discussions with CFO Antonio Picca Piccon and the IR team, UBS gained further insight into the drivers of the company's resilience in a volatile environment. A key takeaway was Ferrari's commitment to craftsmanship as a core element of its brand and competitive advantage; management emphasised that preserving artisanal expertise will remain a priority even as automation increases over the coming decade. Ferrari continues to monitor client recruitment and personalisation closely as key performance indicators, though management stressed there is no specific target for the proportion of new customers and sees no need to rejuvenate the existing client base, whose average age has historically been around 52. Customer acquisition trends tend to be cyclical, with stronger recruitment followed by consolidation, a pattern viewed as normal and healthy. The Ferrari Luce is seen as an important customer acquisition model and management expressed s