John Elkann opens up on Ferrari’s 2025 F1 struggles in candid shareholder letter
Ferrari fell short of ambitions in 2025, says John Elkann
Exor CEO and Ferrari chairman John Elkann reflected on 2025 as a year where Ferrari’s Formula 1 team “fell short of ambitions”.
In an open letter to shareholders, he did concede that the iconic brand knows “that racing is as much about learning as winning”. In these early stages of F1 2026, Ferrari has already shown clear signs that a corner has been turned.
John Elkann reflects on Ferrari 2025 struggles
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Ferrari suffered a winless 2025 Formula 1 campaign. Its marquee signing, seven-time World Champion Lewis Hamilton, meanwhile failed to score a podium, in what was a challenging first season in Ferrari red.
The brand did experience success elsewhere in motorsport, however, retaining its Le Mans crown, and secured a World Endurance Championship title double.
In 2026, Ferrari’s F1 team has already taken a marked step forward. With the regulations reset, Ferrari has emerged as the closest challenger to early pacesetters Mercedes.
Ferrari has a 100 per cent podium record so far this year. Charles Leclerc claimed third in Melbourne, while Hamilton opened his Ferrari podium account in China.
In an open letter to shareholders, Elkann, in his capacity as Exor CEO, offered a blunt reflection on Ferrari’s 2025 F1 season, but emphasised a “determination to return stronger”, which the team is currently achieving.
He caused a stir in late 2025 when he told Hamilton and Leclerc to “focus on driving, talk less” in a stern verdict on the team.
In a letter to Exor Elkann wrote: “2025 offered both triumphs and lessons.
“Ferrari delivered a remarkable year in endurance racing, winning both the World Endurance Championship manufacturers’ and drivers’ titles, securing another victory at Le Mans, and capturing the GT3 World Cup in Macau. These successes, coming more than half a century after Ferrari’s last endurance world title, reflected the extraordinary team spirit that unites everyone involved, from the mechanics in the pit lane to the engineers and drivers, working with shared dedication toward a common goal.
“The decision to return to endurance racing was taken during the difficult period marked by the isolation of COVID, making the opportunity to celebrate these victories together again at the track all the more meaningful.
“Equally significant is the fact that, following this decision, Ferrari returned to win the centenary edition of Le Mans, fifty years after it last took part in the race, and went on to secure three consecutive wins with three different driver line-ups, a testament to the unity and collective strength of the team.
“Formula 1, by contrast, fell short of ambitions.
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“But Ferrari has always understood that racing is as much about learning as winning. Ferrari’s founder Enzo Ferrari kept what he called a “museum of mistakes,” a cabinet of broken parts collected in pursuit of progress. That mindset remains essential today: accountability and the determination to return stronger.”
Ferrari sits P2 in the current F1 2026 Constructors’ standings, 31 points behind leaders Mercedes.
Leclerc, the highest-ranked Ferrari racer in the Drivers’ Championship, is 17 points behind P1 George Russell.
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