Flexibility and rational decision-making. How should companies address geopolitical instability? New tariffs provide a concrete example: the answer lies in understanding the levers available to the business and being able to act on them quickly. The introduction of measures and subsequent changes require timely simulations to understand their impact on margins and assess how to manage it without automatically passing it on to customers.

Finance contributes by developing scenarios and structured analyses to discuss with commercial and operational teams. It is part of the business and must understand how it works. At times of heightened pressure, its role is to bring rationality to discussions, make the alternatives clear, and support swift decisions.

A global industry with increasingly different markets. The automotive industry continues to undergo changes that are already under way and are gathering pace. The paradigm of a global industry, with relatively uniform technological trajectories led by Western manufacturers, has changed. According to the account presented during the meeting, the shift towards electric vehicles gave China a central role in the supply chain; today, the country is also a direct competitor in finished products and technology.

Differences between Europe, the United States, and China, together with the speed at which regulations change, complicate industrial decisions. Substantial capital and global sales are needed to sustain investment, while markets demand different solutions. Ferrari, too, must address these complexities, despite operating with limited volumes in a less exposed market niche.

Scarcity and new generations of customers. Scarcity and product exclusivity are essential elements of Ferrari’s business model. A car can be kept, collected, and joined by new models, rather than replaced. Purchasing motivations vary and may overlap: building a collection, a passion for driving and track activities, or a desire to celebrate a professional milestone. For some collectors, the investment dimension also matters, with an interest in long-term value similar to that associated with works of art.

The brand’s longevity depends on its ability to keep attracting new customers. The stability of the average customer age, mentioned during the talk, was discussed in relation to this generational renewal. Analysis of the secondary market provides a further perspective on the desirability of individual models and their ability to retain value.

Different technologies, the same emotion. Long-term planning, with a horizon extending to 2030 and an outlook reaching 2035, goes hand in hand with a commitment to technological neutrality. The guiding criterion is the value customers see in the product. The key word is emotion: the electric model, too, must deliver a level of driving engagement comparable to that of other Ferraris, preserving the distinctive character of the experience.

Lifestyle and growth through diversification. Antonella Contini’s presentation on Lifestyle showed how different business models require specific indicators within a shared financial framework. In retail, key metrics include sales per square metre, store margins, and investment payback periods. Scenarios are developed with the commercial team; subsequent monitoring compares results with the initial assumptions, taking account of people, properties, and external factors.

In product development, creative work and prototyping take place before actual demand is known. Inventory risk cannot be eliminated: historical data, stock turnover, and sales trends help guide decisions and adjust replenishment. For licensing and theme parks, oversight focuses on partner reliability, royalties, minimum guarantees, and timely payments. In e-commerce, customer acquisition, logistics, and returns are major factors, assessed through the margin per order. In museums, which have high fixed costs, the focus is on visitor numbers, average ticket revenue, and revenue from the experiences offered.

A product pyramid ranging from caps to the most exclusive offerings makes it possible to reach different audiences. Growth through diversification requires decisions about where, how, and how much to invest, testing initiatives and learning from the market’s response. This creates room for the energy of a start-up within an established company: clear processes and controls make experimentation sustainable and allow successful initiatives to scale.

Ties with the local area. The discussion of local impact highlighted the value of the industrial cluster and supply chain. Ferrari’s direct contribution is complemented by the activities of suppliers and the wider economic activity it generates. Its relationship with the local area also encompasses the exchange of expertise, training, and the ability to attract people and investment: factors that help sustain the manufacturing ecosystem.

The market as a source of insight and strategic autonomy. A stock market listing—in Ferrari’s case, in both Italy and the United States—was described as an opportunity for dialogue and improvement, even when raising capital is not the objective. The market provides insight into expectations and assessments of corporate decisions. The risk to avoid is becoming overly accommodating in pursuit of investors’ immediate approval.

The response is to maintain strategic autonomy and financial discipline. This requires sound reasoning about the company’s direction, consistent resource allocation, and an assessment of results. The underlying confidence is that the merit of these choices will be recognised over time. Listening to the market remains useful, without allowing every reaction to dictate how the business is managed.

The CFO’s skills and advice for Executive Master in Finance participants. The CFO’s challenge is to recognise where problems and opportunities lie and to involve others in decisions. Presenting data without understanding the business is a mistake: its causes and implications must be explained in language that people outside finance can also understand. In external communications, evolving tools require changes in approach and language while maintaining consistency and clarity.

His advice to EMF participants begins with curiosity and a desire to learn. Careers do not necessarily follow a linear progression: cultivating curiosity, challenging oneself, and showing initiative make it possible to seize different opportunities. This goes hand in hand with a sense of responsibility, requiring decisions to be made exclusively in the interests of the company, which entrusts the CFO with a special fiduciary role. Antonio Picca Piccon: a leader who brings authenticity, responsibility, and rigour to finance in partnership with the business.