Overview

• Chairman John Elkann and CEO Benedetto Vigna told investors in Maranello that returning to winning form in Formula 1 is a personal and corporate priority.
• Ferrari shares fell about 15% in New York and more than 14% in Milan following the guidance update, marking the company’s worst single-day drop on both exchanges in years.
• Vigna cited recent endurance triumphs as a springboard but conceded the F1 team must improve, declaring, “We have to win,” in remarks to shareholders.
• Ferrari remains winless in the 2025 season despite sitting inside the top four, with Charles Leclerc’s post‑Singapore critique of the SF‑25 reportedly irritating engineers and prompting a heated garage exchange, per Italian media.
• Speculation about leadership changes persists, including reports linking Christian Horner to Maranello and pressure on Fred Vasseur, while public figures such as Carlo Calenda have criticized Elkann after the stock slide; these potential moves are unconfirmed.