"We have to win" in F1, says Ferrari on costly Capital Markets Day

Ferrari CEO Benedetto Vigna reaffirmed the manufacturer's desire to end its Formula 1 title drought after presenting the marque’s economic targets on Capital Markets Day.

The Italian outfit, which is historically F1’s most successful team, has not won the constructors’ championship since 2008, with its last drivers’ title coming via Kimi Raikkonen in 2007.

That is despite success in other major series as Ferrari currently leads the 2025 World Endurance Championship standings, having also won the last three editions of the Le Mans 24 Hours. 

This was one of the topics that arose on Thursday during Ferrari’s Capital Markets Day, which is when an organization presents its long-term strategy and financial targets. 

"Last time we made a commitment to win in the races,” said Vigna. “We succeeded with the 499P in endurance, but in Formula 1 we have to improve. We have to win. We owe it to our loyal fans all over the world."

Capital Markets Day was an opportunity for Ferrari to announce its vision on both the racing and automotive side.

Benedetto Vigna, Ferrari

Photo by: Erik Junius

The manufacturer revealed it is expecting revenue of €7.1billion for this year with that increasing to €9bn come 2030, and adjusted earnings of at least €3.6bn.

Ferrari chairman John Elkann said: "Ferrari is unique and is in three dimensions: tradition, technology and racing.

“The perfect combination of these three souls defines Ferrari. Racing, a story that began on the track almost 100 years ago, defines who we are. I want to be clear: this is a personal matter.

“My commitment is as president, as a majority shareholder, and above all as a person who has lived Ferrari as a lifelong passion.

"I am committed to ensuring that every decision we make can strengthen the uniqueness of Ferrari. I am committed to our people, whose talent and dedication are the greatest guarantee for our future.

“I am committed to our beloved Ferrari drivers, who entrust us with their dreams. And I am committed to our loyal fans, eager to see us win in F1, as we are winning in Endurance. And it is with pride that we took home the Le Mans trophy after three consecutive victories.”

John Elkann, Chairman and CEO of Ferrari

Photo by: Alastair Staley / LAT Images via Getty Images

The expected earnings are below the growth rate Ferrari projected in 2022 though, causing its shares to plunge in its worst day yet in European and U.S. trading. 

Ferrari shares dropped 15% on the New York Stock Exchange, its largest single-day decline since joining the exchange in 2015, while plummeting more than 14% in Milan.

That was also Ferrari’s largest single-day decline since listing shares in Italy at the start of 2016, thus spoiling the day it unveiled the technology behind its first electric car that is due to debut next year.

“People were expecting a higher top line, this is clear,” said Vigna, as Ferrari held a press conference in response to the news.

“But I think it’s important that we execute what we say. We cannot commit on something that we are not able to do.

“So I think this is something that the market got here. I think that also people realise opportunities, but we also have to be prudent in applying those opportunities.”