John Elkann to Exor shareholders: Ferrari’s F1 struggles are lessons for the future. Elkann lauds WEC success while reflecting on Ferrari F1 struggles.

In his letter to Exor shareholders, CEO John Elkann also addressed Ferrari’s activities, offering a detailed overview of the company’s performance in motorsport. While celebrating major achievements in endurance racing, John Elkann also acknowledged the challenges faced in Formula 1, underlining the determination to return stronger after a disappointing campaign.

The Exor shareholders letter

John Elkann, in his annual letter to Exor shareholders, reviewed the group’s overall activities and included a focused analysis on Ferrari and its motorsport programs. The Italian executive praised the team’s success in the FIA World Endurance Championship, while openly admitting that in Formula 1 Ferrari “has not managed to achieve its ambitions.”

Elkann praises Ferrari’s WEC success

“On the sporting front, 2025 delivered both triumphs and lessons. Ferrari experienced an extraordinary year in endurance racing, securing both the constructors’ and drivers’ titles in the FIA World Endurance Championship, claiming another victory at Le Mans and winning the GT3 World Cup in Macau. These achievements, coming more than half a century after Ferrari’s last world endurance title, reflect the extraordinary team spirit that unites everyone involved—from mechanics in the garage to engineers and drivers—who work with shared dedication toward a common goal.

The decision to return to endurance racing was made during the difficult period marked by isolation due to COVID, making the opportunity to celebrate these victories together at the track even more meaningful. Equally significant is the fact that, following this decision, Ferrari returned to win the centenary edition of Le Mans, fifty years after its last participation in the race, and then secured three consecutive victories with three different driver line-ups, demonstrating the unity and collective strength of the team.”

Elkann urges Ferrari F1 to respond

“Formula 1, on the other hand, has not achieved its ambitions. But Ferrari has always understood that racing means learning as much as winning. Ferrari’s founder, Enzo Ferrari, kept what he called a ‘museum of mistakes,’ a collection of broken parts gathered in the pursuit of progress. This mindset remains essential even today: accountability and determination to come back stronger.”

John Elkann’s letter paints a picture of a Ferrari that is dominant in endurance but still searching for its footing in the new era of Grand Prix racing. By linking current F1 struggles to the founding philosophy of the “museum of errors,” the Chairman is signaling to the Tifosi that progress is being made through every failure. Based on the content of this shareholder update, the focus for the remainder of 2026 will be on translating the “collective strength” seen at Le Mans into the high-pressure environment of the Formula 1 grid.