Luca di Montezemolo

Relatively, yes.

The last point on this is Ferrari has taken price up a lot in recent years.

And so if you were, you know, let's say you're a 70-year-old dude and you have a couple of old Ferraris that you collect and you like bringing to shows, they weren't that expensive.

Right.

Until recently.

I mean, they were always more expensive than other luxury cars.

They were definitely ultra luxury cars.

But if you just look at how much the price has gone up in recent years, and it stimulated the second market too.

So I was talking to someone who bought a car in the mid 90s, just from the sort of bottom of the range.

And he was lamenting the fact that he sold it three years ago, four years ago, and it's doubled in price since then.

That sort of phenomena has happened all over the Ferrer universe, which adds to the mild ick of seeing one that I don't think you used to experience as much.

Okay.

So back to the numbers.

They did $8.2 billion in revenue in 2025.

In terms of profits, they did $3.2 billion in EBITDA.

So they've got a 38.8% EBITDA margin.

Pretty good business.

Pretty good for a car company.

It's not a car company.

That is the answer here.