Ferrari: Manual(e) for Success

Research evidence excerpt

Ferrari: Manual(e) for Success

6 July 2026

Stephen Reitman

+44 20 7762 5535

European Automobiles & Components stephen.reitman@bernsteinsg.com

Ferrari NV Steve Pereira Fernandes, CFA

+44 20 7676 7254

Rating steve.pereira-fernandes@bernsteinsg.com

Outperform Gali Salvatorelli Naraghi

Price Target +44 20 7676 6741

gali.salvatorelli-naraghi@bernsteinsg.com

RACE 402.00 USD

Harry Martin, CFA

+44 20 7676 8965

harry.martin@bernsteinsg.com

Ferrari confirmed after market on 3 July the launch of the limited-edition Special Series

Close Date 2 Jul 2026

12Cilindri Manuale. This “uses the group’s new, patented, Manuale by-wire system,

RACE Close Price (USD) 384.97

conceived and developed in Maranello to reinterpret the manual shifting experience through

Price Target (USD) 402.00

a contemporary technological architecture.” The base retail price in Italy is €590,000,

Upside/(Downside) 4%

a €200,000 premium over the standard 8-speed automatic12Cilindri. 1,499 units will

52-Week Range 519.10/312.51

be produced and all have already been allocated to Ferrari clients. Despite former Chief

SPX 7,483.24

Commercial Officer Enrico Galliera’s assertion that there are no plans for a Manuale version

FYE Dec

of the 12 Cilindri Spider, “We came to the conclusion that the coupe is the one that represents

Div Yield 1.1%

the purest Ferrari execution”, we are not convinced. Ferrari employs the “no plans” or “we

Market Cap (USD) (M) 67,953

do not comment about future models” phrasing right up to when the covers come off the

EV (USD) (M) 60,492

next model. Given both its delirious reception and that many of Ferrari’s best customers will

not have gained an allocation, we expect Ferrari to announce at a later stage a 12Cilindri Performance YTD 1M 6M 12M