FERRARI RESIDUAL VALUE TRACKER: The Luce effect? Non-hybrids show strong residual gain in June while hybrids remain stable but subdued; Germany, UK turn positive vs Jan-25

Research evidence excerpt

FERRARI RESIDUAL VALUE TRACKER: The Luce effect? Non-hybrids show strong residual gain in June while hybrids remain stable but subdued; Germany, UK turn positive vs Jan-25

Equity Research

27 July 2026 | 5:33AM BST

FERRARI RESIDUAL VALUE TRACKER

The Luce effect? Non-hybrids show strong residual gain in June while

hybrids remain stable but subdued; Germany, UK turn positive vs

Jan-25

Our GS Ferrari Residual Value Index tracks used Ferrari and luxury competitor Christian Frenes

+44(20)7051-8641 |

listing prices across five key markets. Our index has risen +1.8% yoy as of June 2026, christian.frenes@gs.com

Goldman Sachs International

driven by strong mom at +3.0%. This improvement was driven by strong non-hybrid

Robert Triulziresidual improvements across all key markets we track while hybrids stabilised but +44(20)7552-2281 |

remain subdued. In this note, we discuss key residual value trends across regions and robert.triulzi@gs.comGoldman Sachs International

models, as well as why this supports our Buy rating on Ferrari (€381/$442 PT) Monika Mengting Liu, CFA

despite recent residual value weakness. +44(20)7051-7601Goldman Sachs International| monika.liu@gs.com

Shivam Kotechan Great Britain and Germany turn positive since the Jan-25 index start: Latest +1(332)245-7822 |

June data shows month-over-month broad-based gains across the five tracked shivam.kotecha@gs.comGoldman Sachs India SPL

regions: Great Britain +6.9%, USA +4.0%, Italy +1.8%, Japan +1.6%, Germany

+1.3%. All countries had a positive mix effect while also showing positive

underlying model price improvements (except Japan), signifying positive trends

across key markets. We note, Great Britain and Germany indices have now

recovered all losses since our tracker started in Jan-25, underscoring Ferrari’s