Audit Phase: V-MIL (Military Forensics)
Target: Ferrari N.V. (Amsterdam) / Ferrari S.p.A. (Maranello, Italy)
Research Date: 2026-05-01
Controlling Shareholder: Exor N.V. (~23% economic interest; Agnelli/Elkann family via Giovanni Agnelli B.V.)34
No public evidence identified of any contract, tender award, framework agreement, or memorandum of understanding between Ferrari N.V., Ferrari S.p.A., or any direct Ferrari corporate subsidiary and the Israeli Ministry of Defence (IMOD), the Israel Defence Forces (IDF), the Israel Prison Service, the Israel Border Police, or any other Israeli state security body. This conclusion is cross-validated against Ferrari N.V.’s 2024 Annual Report and Form 20-F1, Exor N.V. annual reports for 201937, 20222, and the 2023 first half-year report14, and training data encompassing major procurement databases.
No public evidence identified that Ferrari N.V. or Ferrari S.p.A. appears in SIBAT (Israel’s Defence Export and Defence Cooperation Directorate) listings, international defence exhibition catalogues, or Israeli defence procurement registries as a contracting party or registered defence supplier. Live search of SIBAT’s registered supplier and cooperation directories was not available at time of research; confirmation should be conducted via direct database query.
No corporate press release, government announcement, or trade press report has been identified detailing direct defence cooperation, joint ventures, or partnership agreements between Ferrari N.V./S.p.A. and Israeli defence entities. Ferrari’s 2024 Annual Report contains no reference to Israeli defence contracting of any description1.
Ferrari S.p.A.’s entire publicly documented product line consists of high-performance luxury road cars and associated merchandise1. The company does not manufacture SUVs, utility vehicles, off-road platforms, ruggedised vehicles, armoured personnel carriers, or any other platform with documented military or paramilitary end-use. No mil-spec or defence-grade automotive variant of any Ferrari vehicle is publicly marketed or known to exist.
A reference in prior research to a “Ferrari F333E ‘Lizard'” armoured vehicle appears to originate from fan-produced or colloquial labelling and is not corroborated by any verified Ferrari S.p.A. production record, procurement notice, or government end-user certificate. No procurement record, export licence, or defence industry publication supports the existence of a militarised Ferrari S.p.A. product variant.
No public evidence identified of export licence applications, end-user certificates, or government export control reviews related to Ferrari S.p.A. sales to Israeli defence or security end-users in any jurisdiction. Ferrari’s luxury road cars do not appear in any export control commodity control list reviewed in training data as controlled dual-use goods requiring specific licences for Israeli military end-users.
Disambiguation — Ferrari Interconnect Solutions (FIS): FIS is a California (Ontario, Canada)-based defence contractor manufacturing mil-spec avionics wiring harnesses, fine-wire terminations, and high-G aircraft assemblies, with defence sector exposure of 60–70% of output2627. Corporate structure analysis confirms FIS is a privately held US entity with no financial, ownership, or operational connection to Ferrari N.V. or Ferrari S.p.A.27 Its defence supply relationships cannot be attributed to the target.
No public evidence identified — in NGO investigations (Who Profits, Human Rights Watch, Amnesty International, AFSC), UN documentation, or news reporting — of Ferrari N.V. or Ferrari S.p.A. equipment, vehicles, or machinery being deployed in construction, maintenance, or demolition activity within Israeli settlements, the separation barrier, military installations, or occupied territories. Ferrari does not manufacture construction equipment, earth-moving machinery, heavy vehicles, or any category of plant equipment relevant to settlement infrastructure.
No public evidence identified of any Ferrari corporate entity holding contracts for construction, maintenance, or expansion of checkpoints, detention facilities, military bases, the separation barrier, or settlement infrastructure in the Occupied Palestinian Territory or annexed Golan Heights.
Disambiguation — Leonardo Approved Supplier List: A review of Leonardo S.p.A.’s approved supplier list dated 6 February 202629 identifies an entry “EUROFLY SERVICE S.R.L.” at the address “VIA E. FERRARI 60” in Ciampino, Italy. This is a street address (Via Enzo Ferrari) in proximity to Rome Ciampino airport, not a Ferrari N.V. subsidiary or affiliate. No corporate link to the audit target exists on the face of the Leonardo document.
No public evidence identified that Ferrari N.V. or Ferrari S.p.A. supplies components, sub-systems, raw materials, or specialist manufacturing services to Elbit Systems, Israel Aerospace Industries (IAI), Rafael Advanced Defense Systems, Israel Military Industries, or any other Israeli defence prime contractor.
No joint development programmes, co-production agreements, technology transfer arrangements, or licensed manufacturing agreements between Ferrari N.V./S.p.A. and Israeli defence firms have been identified in any public corporate filing, trade press, or procurement database reviewed.
Cybersecurity supply chain — Argus Cyber Security co-patent (INDIRECT, TECHNICAL):
Patent filings documented in the Irish Intellectual Property Office Journals2122 record joint patent applications between Ferrari S.p.A. and Argus Cyber Security. The primary filing referenced (IT202300024639A1) relates to vehicle control units incorporating network partitioning systems designed to isolate safety-critical networks from compromised communication networks — a defensive automotive cybersecurity application2122. Argus Cyber Security was founded by alumni of IDF Unit 8200 (SIGINT/cyber warfare division). Argus was acquired by Continental AG (Germany) in 2017 and operates as a subsidiary of a German automotive tier-1 supplier at the time of these filings; it does not function as a standalone Israeli defence contractor. The application of Argus technology documented in the co-patent is defensive in character (anomaly detection, network partitioning), with no identified kinetic military output or confirmed IDF supply contract2425. Ferrari separately holds a multi-year cybersecurity collaboration with Bitdefender (Romania), renewed publicly23.
Exor venture portfolio — Ora Global investment mandate (INDIRECT, OWNERSHIP-LAYER):
Ora Global, an Israeli-focused venture fund that spun out of Exor Ventures, is managed by Noam Ohana, former Managing Director at Exor N.V. and former Policy Advisor at the Israeli Consulate in New York615. Ora Global’s IVC Data & Insights profile lists “Defense Tech,” “Military,” “Cyber Security,” and “Security” among its documented technology vertical preferences7. No specific Ora Global portfolio company with a confirmed, active IDF prime contract has been independently verified in training data beyond the portfolio items noted in this report.
Exor venture portfolio — Blockaid (INDIRECT, OWNERSHIP-LAYER):
Exor Ventures is cited as an investor in Blockaid, an Israeli blockchain and Web3 security firm16. Blockaid was co-founded by Ido Ben-Natan and Raz Niv, identified as IDF Unit 8200 veterans16. Blockaid’s documented product focus is digital asset security (cryptocurrency wallet protection, phishing and fraud prevention on Web3 platforms). No military contract or IDF supply relationship for Blockaid is identified in available evidence.
Exor venture portfolio — Stardust Solutions (INDIRECT, OWNERSHIP-LAYER):
Exor Ventures participated in a $60 million funding round for Stardust Solutions17, an Israeli-US geoengineering startup developing stratospheric aerosol injection for solar radiation management. Founders Yanai Yedvab and Amyad Spector are identified as former Israeli government nuclear physicists17. No IDF contract or military application of Stardust Solutions technology is documented; the company’s stated purpose is civilian climate intervention research17.
No public evidence identified that Ferrari N.V. or Ferrari S.p.A. holds contracts to provide catering, transport, fuel supply, waste management, facilities maintenance, telecommunications, or other support services to IDF bases, military training facilities, detention centres, or security installations.
Authorised Israeli dealer — Samelet/Mediterranean Car Agency — Eltel IDF/IAF vehicle maintenance link (INDIRECT, DISTRIBUTOR-LAYER):
Ferrari’s sole authorised Israeli importer and dealer is Mediterranean Car Agency Ltd., operating under the Samelet Group, headquartered in Herzliya1920. Samelet is a large Israeli automotive conglomerate (Levi family) importing Fiat, Alfa Romeo, Chrysler, Jeep, Dodge, Ram, Subaru, Iveco, Maserati, Hongqi, and Leapmotor brands in addition to Ferrari2036.
Eltel Ltd., an Israeli defence and logistics contractor, published a corporate brochure in November 202518 stating it provides maintenance and repair for over 1,000 IDF and IAF vehicles. The Eltel brochure states its operations are conducted “in accordance with Certified service provider agreements with leading Automotive Manufacturers and importers — Delek Motors and Samelet”18. Eltel’s documented vehicle portfolio includes ZMAG, ZD, and ZBAR tactical all-terrain vehicles used by IDF special forces and infantry; AM General HMMWV (Humvee) fleets; and JBT/Oshkosh airbase tractors used by the Israeli Air Force18. Eltel operates service capacity at the “IDF Training Base City”18.
The relationship chain is therefore: Ferrari N.V. (licensor/franchisor) → Mediterranean Car Agency/Samelet Group (exclusive Israeli franchisee and distributor) → certified service partner of Eltel Ltd. (IDF/IAF vehicle maintenance contractor). Ferrari vehicles are not among the military platforms maintained under the Eltel contract. Ferrari N.V. does not hold, direct, or control this downstream service relationship. No contractual or operational evidence indicates Ferrari N.V. was aware of, sanctioned, or commercially benefited from Eltel’s military maintenance contracts specifically, as distinct from Samelet’s overall business revenues. The precise scope of the Samelet–Eltel certified service partnership — and whether Ferrari-brand technical expertise or tooling contributes to it at all, as opposed to other Samelet-imported brands such as Iveco, Jeep, or Subaru that are more plausibly relevant to military vehicle maintenance — is not specified in the Eltel brochure and remains an evidence gap18.
Exor N.V. investment in Via Transportation — IDF reservist workforce and logistics software (INDIRECT, OWNERSHIP-LAYER):
Exor N.V. led a $200 million Series E investment in Via Transportation, acquiring approximately 18% of Via’s share capital1314. Via is an Israeli-founded algorithmic transit and logistics software company. Via’s co-founders Daniel Ramot and Oren Shoval are graduates of the IDF’s Talpiot programme89; Ramot is documented as having developed avionics systems for Israeli Air Force F-15 and F-16 aircraft during IDF service9.
Via’s platform manages Shufersal’s (Israel’s largest supermarket chain) middle-mile delivery logistics across 300+ branches1112 and municipal on-demand transit in Israel via the Ministry of Transport’s BusGo/BusNow initiatives10. Via’s SEC filings disclose that following the October 2023 escalation, over 20% of its Israeli workforce was called to active IDF reservist duty, materially affecting operations835. Subsequent filings note further reservist call-ups following Iran-related escalation in mid-202535.
No publicly documented IDF contract for Via’s logistics software has been identified. The dual-use potential is acknowledged in Via’s own SEC risk disclosures, but no direct military sustainment contract is confirmed8. Exor’s ~18% stake in Via is documented as of 2023–2025 filings1314.
Disambiguation — Ferrari Group PLC (freight forwarding):
Ferrari Group PLC is a UK-incorporated public limited company operating global luxury freight forwarding across 64 countries28. Its IPO prospectus (February 2025) confirms it is legally and operationally distinct from Ferrari N.V.28. Advent International’s “Ferrari Group Holdings, L.P.” referenced in Forescout Technologies merger documents39 is likewise unrelated to the automotive target.
No public evidence identified of Ferrari N.V. or Ferrari S.p.A. acting as prime contractor or licensed manufacturer of any lethal platform — including small arms, artillery, armoured vehicles, tactical drones, naval vessels, or missile systems — supplied to Israeli forces.
No public evidence identified of any Ferrari entity supplying ammunition, explosive ordnance, chemical propellants, warhead components, or munitions precursor materials to Israeli defence end-users.
No public evidence identified of any Ferrari entity holding a role in the manufacture, integration, maintenance, or component supply for Iron Dome, David’s Sling, or Arrow missile defence systems, fighter aircraft, main battle tanks, warships, or ballistic missile systems. Iron Dome and Tamir interceptor serial production contracts are held by Rafael Advanced Defense Systems and the RTX-Rafael joint venture3031. Arrow 3 expansion is an IAI contract. Ferrari N.V. appears in none of these supply chains.
Disambiguation — Centauro 2 (“Ferrari of the battlefield”):
The Italian Army’s Centauro 2 wheeled tank destroyer, a Leonardo/Iveco consortium vehicle, is described as the “Ferrari of the battlefield” in defence media32. Ferrari N.V./S.p.A. has no role in the design, manufacture, or component supply of the Centauro 2 or any related Italian military vehicle programme.
Disambiguation — “Ferrari F-35”:
Lockheed Martin CEO Jim Taiclet used the term “Ferrari F-35” in September 2025 in the context of proposing a fifth-generation-plus F-35 variant incorporating Next Generation Air Dominance (NGAD) technologies3334. This is a colloquial marketing descriptor applied by a Lockheed executive. Ferrari N.V./S.p.A. has no involvement in F-35 design, manufacture, component supply, or programme integration of any kind.
No public evidence identified of any government decision to grant, deny, suspend, or revoke an export licence for Ferrari N.V./S.p.A. products to Israeli military or security end-users in any jurisdiction. Ferrari’s products (luxury road cars) do not appear in any export control commodity control list reviewed in training data as controlled dual-use goods requiring specific licences for Israeli military end-users.
No investigations, citations, or enforcement actions have been identified relating to Ferrari N.V./S.p.A. compliance with arms embargoes, export control regimes, or sanctions affecting defence trade with Israel. Ferrari’s 2024 Annual Report1 contains no disclosure of export control violations, licence applications, or sanctions-related compliance matters concerning Israeli military or security end-users.
No court proceedings, judicial reviews, or legal challenges have been identified that were brought against Ferrari N.V./S.p.A., or against any government regarding a Ferrari defence supply relationship with Israel, in any jurisdiction.
The Samelet Group/Mediterranean Car Agency distributes Ferrari vehicles in Israel under standard commercial franchise and distribution terms1920. No publicly documented export licence condition or end-use undertaking specific to Israeli security forces has been identified in connection with this distribution arrangement. New car deliveries in Israel tracked a five-year low in the period under review36, reflecting broader market conditions rather than any regulatory restriction on Ferrari sales.
No public evidence identified — in the published databases of Who Profits, Amnesty International, Human Rights Watch, the American Friends Service Committee (AFSC), Corporate Occupation, or UN Human Rights Council reports — of Ferrari N.V. or Ferrari S.p.A. being named as a subject of investigation for military, security, or dual-use supply chain relationships with the Israeli state. Training data covers publications through April 2026; live search of Who Profits and AFSC databases was not available at the time of research and a direct database query is recommended to confirm currency.
No organised BDS (Boycott, Divestment, Sanctions) campaign specifically targeting Ferrari N.V. or Ferrari S.p.A. on grounds related to Israeli defence sector activities has been identified. No institutional divestment decision by any pension fund, sovereign wealth fund, or ethical investment vehicle citing Ferrari’s defence supply chain has been identified in training data through April 2026.
Ferrari’s 2024 Annual Report1 contains no reference to Israeli defence contracting, BDS-related disclosures, or end-use monitoring policies related to Israeli security forces. No public statement, policy change, contract termination, or end-use monitoring commitment has been identified as having been issued by Ferrari N.V. or Ferrari S.p.A. in response to civil society pressure regarding any defence supply chain relationship with Israel.
Reports published in February 2026 by Middle East Monitor24 and Anadolu Agency25 describe Israeli firms deploying advanced cyber tools to monitor vehicle movement. These reports do not name Ferrari N.V./S.p.A. as a party to or facilitator of such surveillance; the reports are contextually relevant to the Argus Cyber Security supply chain relationship documented in Section 4 but do not constitute a named investigation of the target.
The Exor N.V. shareholders’ agreement renewal in January 20263, consolidating Exor and Piero Ferrari family control of Ferrari N.V. per arrangements first formalised in December 20154 and widely reported in financial media38, generated commentary focused exclusively on governance and ownership duration and contains no civil society or investigative journalism dimension related to defence supply chains.
https://cdn.ferrari.com/cms/network/media/pdf/Ferrari%20NV%20Annual%20Report%202024.pdf ↩↩↩↩↩
https://www.exor.com/sites/default/files/2023/document-documents/EXOR_Annual%20Report%202022.pdf ↩
https://www.exor.com/press-releases/2026-01-03/exor-and-ferrari-family-extend-shareholders-agreement-ferrari ↩↩
https://www.exor.com/sites/default/files/EXOR%20and%20Piero%20Ferrari%20sign%20agreement%20concerning%20Ferrari_ENG.pdf ↩↩
https://en.wikipedia.org/wiki/John_Elkann ↩
https://www.ora-global.com/about ↩
https://www.ivc-online.com/Google-Card?id=7af3689d-ede6-ef11-b818-00505695cd29 ↩
https://www.sec.gov/Archives/edgar/data/1603015/000162828025040484/viatransportationinc-sx1.htm ↩↩↩
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001603015/5e97a28a-738b-4d96-ba35-d434a8ae598b.pdf ↩↩
https://en.wikipedia.org/wiki/Via_Transportation ↩
https://www.timesofisrael.com/israeli-supermarket-giant-shufersal-taps-vias-mobility-tech-for-delivery-logistics/ ↩
https://ridewithvia.com/news/shufersal-announces-partnership-with-via-to-introduce-an-advanced-software-solution-that-will-create-a-digital-innovative-and-efficient-distribution-system ↩
https://www.jpost.com/business-and-innovation/banking-and-finance/article-731583 ↩↩
https://www.exor.com/sites/default/files/2023/document-documents/2023%20First%20%20Half%20-Year%20Report.pdf ↩↩↩
https://www.sec.gov/Archives/edgar/data/1603015/000162827925000210/filename1.htm ↩
https://subscriber.politicopro.com/article/eenews/2025/10/23/global-cooling-startup-raises-60m-to-test-sun-reflecting-technology-00620340 ↩↩↩
https://eltel.co.il/wp-content/uploads/2025/11/ELTEL_Vehicle_Platform_EN.pdf ↩↩↩↩↩
https://www.bdicode.co.il/en/company/mediterranean-car-agency-en/ ↩↩↩
https://www.ipoi.gov.ie/en/ip-search-tools/search-the-journal/download-journals/journal-2434.pdf ↩↩
https://www.ipoi.gov.ie/en/ip-search-tools/search-the-journal/download-journals/journal-2550.pdf ↩↩
https://www.stocktitan.net/news/RACE/ferrari-renews-its-collaboration-with-x856vyqwlep8.html ↩
https://www.middleeastmonitor.com/20260217-israeli-firms-use-advanced-cyber-tools-to-spy-on-cars-track-movement-report/ ↩↩
https://www.aa.com.tr/en/middle-east/israeli-firms-use-advanced-cyber-tools-to-spy-on-cars-track-movement-report/3832599 ↩↩
https://www.youtube.com/watch?v=OXz222mKnAk ↩
https://www.ferrarigroup.net/wp-content/uploads/2025/02/Ferrari-Group-Plc-IPO-Prospectus.pdf ↩↩
https://www.leonardo.com/documents/15646808/16759780/Approved+Supplier+List_full_06_02_26.pdf/10c37e3e-dd36-3c5a-f847-1123b61e9f4a?t=1770389907719 ↩
https://www.army-technology.com/news/rtx-rafael-tamir-missile/ ↩
https://mod.gov.il/en/press-releases/press-room/israel-mod-signs-multi-billion-dollar-contract-with-rafael-to-expand-serial-production-of-iron-dome-system ↩
https://www.youtube.com/watch?v=ZhdoI9PbN2M ↩
https://nationalsecurityjournal.org/the-f-35-ferrari-stealth-fighter-has-just-1-mission/ ↩
https://breakingdefense.com/2025/09/lockheed-ceo-says-firm-in-very-active-talks-with-dod-on-ferrari-f-35-with-sixth-gen-tech/ ↩
https://www.sec.gov/Archives/edgar/data/1603015/000162827925000457/filename1.htm ↩↩
https://en.globes.co.il/en/article-new-car-deliveries-in-israel-hit-five-year-low-1001503559 ↩↩
https://www.exor.com/sites/default/files/2020/meetings/EXOR%202019%20ANNUAL%20REPORT.pdf ↩
https://simplywall.st/stocks/nl/diversified-financials/ams-exo/exor-shares/news/did-exors-enxtamexo-ferrari-pact-renewal-just-recast-its-lon ↩
https://www.sec.gov/Archives/edgar/data/1145057/000114505720000002/forescout1231201910-k.htm ↩
