FERRARI RESIDUAL VALUE TRACKER: May shows sequential stabilisation despite US weakness, Germany leads regional gains, and widening powertrain gap

Research evidence excerpt

FERRARI RESIDUAL VALUE TRACKER: May shows sequential stabilisation despite US weakness, Germany leads regional gains, and widening powertrain gap

Goldman Sachs Ferrari Residual Value Tracker

Exhibit 5: The US has seen strong appreciation driven by Exhibit 6: ...while GB has seen model price appreciation as

model mix, while underlying prices continue to drag... well as positive mix in the past months

USA average list price mom change by driver (EURk) Great Britain average list price mom change by driver (EURk)

Source: Ferrari.com, Goldman Sachs Global Investment Research Source: Ferrari.com, Goldman Sachs Global Investment Research

Exhibit 7: Across the top 10 most listed cars in our Exhibit 8: ...nonetheless, all range model lines have seen

database, there is a wide dispersion in avg. appreciation to residual value deterioration throughout most of last year

original retail price... Average list price appreciation vs original retail price by select

Average list price appreciation vs original retail price by select range model (%) over time

range model (%)

At the model level, residual value performance varies considerably across the recent

Ferrari model line-up. In our data, we see continued underperformance of recent

entry-level and particularly hybrid model families (Roma, Portofino, 296, SF90). While

the first hybrid families (SF90/296) were leading the underperformance, with all models

excluding the SF90 Spider trading below the original retail price, May shows further

decline albeit at a lower rate following a period of stabilisation over the past few months.

Notably, the SF90 Stradale still on average lists -14.1% below retail price. For the 296

family, the GTB variant has declined slightly (-1.5%) mom, still listing -8.4% below retail,