There has always been the Ferrari red, explosion of energy through color. In three years or a little more, the men of the Red Army assure us, we will be talking about “Ferrari sound”. The unmistakable roar of the first electric Ferrari to be born in the new Maranello plant which will also churn out the Prancing Horse hybrids. They are the most curious details of the Industrial plan to 2026. By then the first plants of the Ferrari Wood will have already grown, a symbol of the Ferrari's environmental commitment, one of the missions entrusted to Carla Liuni, a former Pandora, who from September will cover the role of Chief brand officer, dedicating herself to the development of the Prancing Horse brand beyond outside the automotive world, such as fashion, theme parks, museums.
This is certainly not the focus of the industrial plan to 2026 that the CEO Benedetto Vigna illustrated to the financial analysts gathered in Maranello to understand what room for growth or survival remains for the Rossa in a sunset setting of traditional engines, even if held back by the derogation that the European Parliament has granted to the engines of the Emilia Valley . But it serves to explain why Ferrari, far from considering itself at the end of the line, says it is ready to win the challenge of combining environmental neutrality with the profitability of new products as early as 2030, the 15 purebred horses that will renew the range of the most envied car in the world. world, including special models which will represent 10 percent of turnover.
Ferrari, the industrial plan to 2026: investments, revenues, Ebitda, buyback
The Capital Markets Day in Maranello made it possible to unveil the strategy which, according to Benedetto Vigna, will serve to square the circle between innovation, respect for tradition and profitability. The transition to the red electric will require cumulative investments of 4,4 billioni over the period of the plan which will be offset by the increase in revenues (400 million will come from Lifestyle) up to 6,7 billion and by the doubling of the cumulative industrial cash flow to 4,6-4,9 billion. The dividend pay out will increase to 35% of adjusted net income, while a share buyback program of approximately €2 billion will begin immediately.
Ebit will reach 1,8-2 billion by 2026, with a margin of 27%-30%, driven by mix/price as the main factor and, to a lesser extent, by volume. As a result, in 2026 the company aims for an Ebitda of 2,5-2,7 billion, with a compound growth rate of 11%, higher than the growth in revenues, and an Ebitda margin of 38%-40 %.
Supporting these predictions is the confidence in thestainless appeal of the Red which will in any case be protected by the dealers who will be trained in the Ferrari Academy: guys destined for sales and customer assistance in every corner of the Ferrari planet. But, as the CEO reiterated, the old Drake rule still applies: "Ferrari will always deliver one car less than market demand".
Ferrari, in 2026: one out of two redheads is hybrid or electric
That doesn't mean volumes won't increase in the next few years. The customer base has increased by 2018% since 25, but the target market is large. In the world there are around 26 million High net worth individuals to whom to propose the 15 new models including the expected electric one in 2025. But also, from next September 2022, the Purosangue, the first SUV. By 2026, the product range will consist, in terms of number of models, of 60% hybrid and electric and 40% internal combustion engines, possibly powered by sustainable fuels. By 2030, the goal is an offer composed of 20% ICE vehicles, 40% hybrids and 40% electric.
Ferrari, the doubts of analysts on the plan to 2026
The news did not dispel all analysts' doubts, judging by the weak performance of the stock (down by one point and a half in the early afternoon) in a difficult session, especially for the automotive sector. There are probably not those details on the transition to electric required by the experts. Only later, probably, will the Rossa reveal the secrets of e-building where the electric motors, inverters and batteries will be designed, handcrafted and assembled, while a new painting plant will allow an extremely high level of customization in line with the needs of luxury. As befits an old lady, underlined John Elkann: “As long as we know how to preserve its tradition and its values, we will be able to count on solid foundations for our future strategic plans”.
