Ferrari races to the bottom, although results are strong

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Source: Dukascopy Bank SA
Ferrari N.V. announced strong preliminary unaudited results for the second quarter of 2025, reporting net revenues of Euro 1,787 million, a 4.4% increase from the prior year, and operating profit of Euro 552 million, up 8.1%. The company's net profit reached Euro 425 million and diluted earnings per share were Euro 2.38. CEO Benedetto Vigna highlighted the company's agility, disciplined strategy execution, and a strong order book fueled by continued innovation, specifically noting "overwhelming demand" for the 296 Speciale family and positive initial feedback for the new Ferrari Amalfi coupé.

Total shipments for Q2 2025 were 3,494 units, remaining substantially flat year-over-year, in line with Ferrari's strategy to preserve brand exclusivity. Deliveries were primarily driven by the 296 GTS, Purosangue, and Roma Spider, with ICE models accounting for 55% and hybrid models 45% of total shipments. Revenues from Cars and spare parts increased to Euro 1,507 million due to a richer product and country mix, and increased personalizations. Sponsorship, commercial, and brand revenues saw a significant 21.9% increase, largely due to higher sponsorships and commercial revenues linked to a better prior year Formula 1 ranking.



The Mix / price variance positively impacted EBIT by Euro 47 million, reflecting the enrichment of the product mix from models like the SF90 XX and 12Cilindri families, along with increased personalizations and a positive country mix from the Americas. Ferrari has expressed stronger confidence in its full-year 2025 guidance, expecting net revenues greater than Euro 7.0 billion and adjusted EBITDA of at least Euro 2.68 billion. Notably, the previously outlined 50 bps risk on percentage margins due to US import tariffs on EU cars has been removed, following a recent agreement between the US and EU on lower tariff levels and anticipated lower industrial costs in the latter half of the year.
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