Ferrari: Carry on delivering strong leads to Q2 2025. Stronger confidence in full 12 months steering

“The primary semester of 2025 reminded us as soon as extra concerning the significance of agility and suppleness within the administration of our Firm. At present’s robust outcomes mirror our dedication to execute our technique with self-discipline and focus. We proceed to drive innovation and enrich our product portfolio, which fuels an already robust order e book. Testomony to that’s the overwhelming demand for the 296 Speciale household and the wonderful preliminary suggestions on the newly launched Ferrari Amalfi, a coupé that redefines the idea of the modern grand tourer” mentioned Benedetto Vigna, CEO of Ferrari.

Ferrari N.V. (“Ferrari” or the “Firm”) at this time publicizes its consolidated preliminary unaudited outcomes⁽⁽³⁾⁾ for the second quarter and 6 months ended June 30, 2025.

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Shipments totaled 3,494 models in Q2 2025, considerably flat versus the prior 12 months.

The geographic breakdown displays the Firm’s allocation technique to protect the model’s exclusivity. Within the quarter, EMEA was down 9 models, Americas was up 12 models, Mainland China, Hong Kong and Taiwan decreased by 4 models and Remainder of APAC elevated by 11 models.

Deliveries within the quarter had been pushed by the 296 GTS, the Purosangue and the Roma Spider. Within the quarter the 12Cilindri household continued its ramp up part, the SF90 XX household elevated its contribution, whereas the 296 GTB decreased and the SF90 Spider approached the tip of its lifecycle. Shipments of the Daytona SP3 had been decrease than prior 12 months and sequentially lowering versus the primary quarter of 2025, in step with plans to conclude deliveries within the third quarter of 2025.

The merchandise delivered within the quarter included six inside combustion engine (ICE) fashions and 5 hybrid engine fashions, which represented 55% and 45% of whole shipments, respectively.

Whole web revenues

Web revenues for Q2 2025 had been Euro 1,787 million, up 4.4% (5.1% at fixed foreign money⁽¹⁾).

Revenues from Vehicles and spare components had been Euro 1,507 million, up 2.3% (2.6% at fixed foreign money), because of a richer product and nation combine, in addition to elevated personalizations.

Sponsorship, industrial and model revenues reached Euro 205 million, up 21.9% (24.5% at fixed foreign money), primarily attributable to sponsorships and life-style actions, in addition to larger industrial revenues linked to the higher prior 12 months Method 1 rating.

Forex – together with translation and transaction impacts in addition to international foreign money hedges – had a damaging web affect of Euro 11 million, largely associated to the US Greenback.

EBITDA and Working revenue (EBIT)

Q2 2025 EBITDA reached Euro 709 million, up 5.9% versus the prior 12 months and with an EBITDA margin of 39.7%.

Q2 2025 Working revenue (EBIT) was Euro 552 million, elevated 8.1% versus the prior 12 months and with an Working revenue (EBIT) margin of 30.9%.

Quantity was considerably flat.

The Combine / worth variance efficiency was constructive for Euro 47 million, primarily reflecting the enrichment of the product combine, sustained by the deliveries of the SF90 XX and the 12Cilindri households, elevated personalizations and the constructive nation combine primarily pushed by Americas, partially offset by decrease deliveries of the Daytona SP3.

Industrial prices / analysis and improvement bills elevated Euro 17 million 12 months over 12 months, with larger racing and sports activities automobiles R&D prices expensed, with considerably flat depreciation and amortization.

SG&A grew Euro 23 million primarily reflecting racing bills and model investments.

Different modifications had been constructive for Euro 36 million, primarily because of racing and life-style actions, decrease prices resulting from revised Method 1 in-season rating assumptions, partially offset by the comparability with the prior 12 months’s launch of automobile environmental provisions.

Web monetary prices of the quarter had been Euro 7 million, in comparison with nil within the prior 12 months, primarily reflecting web international alternate affect.

The efficient tax fee⁽(11)⁾ within the quarter was 22.0%, primarily reflecting the estimate of the profit attributable to the brand new Patent Field and tax incentives for eligible analysis and improvement prices and investments.

Because of this, the Web revenue for the quarter was Euro 425 million, up 2.9% versus the prior 12 months, and the diluted earnings per share for the quarter reached Euro 2.38, in comparison with Euro 2.29 in Q2 2024.

Industrial free money circulation within the quarter was very robust at Euro 232 million, pushed by the elevated EBITDA from industrial actions partially offset by capital expenditures⁽⁽¹²⁾⁾ of Euro 239 million, web money pursuits and taxes for Euro 184 million and a damaging change in working capital, provisions and different for Euro 44 million.

Web Industrial Debt⁽¹⁾ as of June 30, 2025 was Euro 338 million, in comparison with Euro 49 million as of March 31, 2025, additionally reflecting the dividend fee⁽(13)⁾ for Euro 536 million. As of June 30, 2025, whole obtainable liquidity was Euro 2,068 million (Euro 2,465 million as of March 31, 2025), together with undrawn dedicated credit score strains of Euro 550 million.

Stronger confidence within the 2025 steering, primarily based on the next assumptions for the 12 months:

• Optimistic product and nation combine, together with robust personalizations
• Improved contribution from racing actions, reflecting larger sponsorships in addition to industrial revenues linked to the higher Method 1 rating achieved in 2024
• Way of life actions to increase its revenues progress fee, whereas investing to speed up improvement and enlarge the community
• Steady model investments, larger racing and digital transformation bills
• Elevated prices implied by the continuing provide chain challenges
• Increased efficient tax fee in connection to the change of the Patent Field regime
• Strong Industrial free money circulation technology pushed by robust profitability, partially offset by capital expenditures extra contained versus prior 12 months

The 50 bps danger on share margins – outlined on March 27, 2025 following the introduction of upper import tariffs relevant to automobiles, spare components and different items originating within the EU imported within the US – has been eliminated as a consequence of the latest settlement on decrease ranges reached between the US and the EU, in addition to of decrease industrial prices anticipated within the second a part of the 12 months in comparison with preliminary expectations.

Q2 2025 highlights:

• In April 2025, the Ferrari 12Cilindri was awarded the distinguished Automotive Design Award within the Manufacturing Vehicles class, a coveted recognition within the automotive design sector. The identical month, the Ferrari 12Cilindri and the 12Cilindri Spider received the distinguished 2025 IF Design Gold Award. The F80 additionally acquired the iF Design Award from the iF Worldwide Discussion board Design GmbH.
• On April 29, 2025, Ferrari unveiled the brand new particular variations of the plug-in hybrid Ferrari 296 GTB and 296 GTS: the 296 Speciale and 296 Speciale A. These new fashions are primarily based on the present berlinetta in our vary, the 296 GTB and 296 GTS, they usually mark additional progress in each efficiency and options, embodying options derived from our racing automobiles: the 499P, the 296 GT3, the 296 Problem and the Method 1 single-seater.
• On June 6, 2025, Ferrari signed with the commerce unions Fim-Cisl, Uilm-Uil, Fismic-Confsal, Uglm-Ugl and AQCFR the renewal of the financial half for the two-year interval 2025-2026 of the Particular Collective Labour Settlement (CCSL), signed two years in the past on 8 March and legitimate for the four-year interval 2023-2026. This renewal offers for a 6.5% enhance within the minimal tabular wage.
• On June 25, 2025, Ferrari unveiled its new Ferrari Hypersail challenge, an unprecedented sporting problem on the planet of crusing that blends racing custom with technological innovation. Led by Crew Principal Giovanni Soldini, Hypersail goals to ascertain an excellent analysis and improvement platform centered on offshore crusing.

Subsequent occasions:

• On July 1, 2025, Ferrari unveiled the brand new Ferrari Amalfi, a front-mid-engine V8 2+ coupé that replaces the Ferrari Roma within the Prancing Horse line-up. The Ferrari Amalfi redefines the idea of up to date sportiness, combining excessive efficiency, versatility, and refined aesthetics. Designed for many who wish to get pleasure from sporty driving with out sacrificing consolation and magnificence, the Ferrari Amalfi stands out for its unprecedented steadiness between adrenaline and on a regular basis usability.
• On July 31, 2025, Ferrari introduced that it has extendend, with a multiple-year contract, its settlement with Fred Vasseur, who will proceed as Crew Principal of Scuderia Ferrari HP for the approaching Method 1 seasons.

_{⁽¹⁾ The time period EBIT is used as a synonym for Working revenue. Adjusted metrics equaled the reported ones, since there have been no changes impacting EBITDA, EBITDA margin, EBIT, EBIT margin, Web revenue, Fundamental EPS and Diluted EPS within the intervals offered. Confer with particular paragraph on non-GAAP monetary measures.
⁽²⁾ In the course of the three months ended June 30, 2025 there have been no vital impacts from the rise of import tariffs relevant to automobiles, spare components and different items originating within the European Union which might be imported into United States, which turned efficient beginning on April 3, 2025, as nearly all of the products bought by the Group in the USA in the course of the interval had been imported previous to the tariffs taking impact.
⁽³⁾ These outcomes have been ready in accordance with the IFRS Accounting Requirements (“IFRS Accounting Requirements”) as issued by the Worldwide Accounting Requirements Board (“IASB”) in addition to IFRS Accounting Requirements as adopted by the European Union
⁽⁴⁾ Excluding strictly restricted racing automobiles (such because the XX Programme and the 499P Modificata), one-off and pre-owned automobiles
⁽⁵⁾ EMEA contains: Italy, UK, Germany, Switzerland, France, Center East (contains the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait), Africa and European markets not individually recognized; Americas contains: United States of America, Canada, Mexico, the Caribbean and Central and South America; Remainder of APAC primarily contains: Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia
⁽⁶⁾ Of which 849 models in Q2 2025 (+27 models or +3% vs Q2 2024) and 1,710 models in H1 2025 (+38 models or +2% vs H1 2024) in the USA of America
⁽⁷⁾ Of which 176 models in Q2 2025 (-24 models or -12% vs Q2 2024) and 356 models in H1 2025 (-87 models or -20% vs H1 2024) in Mainland China
⁽⁸⁾ Consists of web revenues generated from shipments of our automobiles, any personalization generated on these automobiles, in addition to gross sales of spare components
⁽⁹⁾ Consists of web revenues earned by our racing groups (primarily within the Method 1 World Championship and the World Endurance Championship) by sponsorship agreements and our share of the Method 1 World Championship industrial revenues, in addition to web revenues generated by the Ferrari model, together with style collections, merchandising, licensing and royalty earnings
⁽¹⁰⁾ Primarily pertains to monetary providers actions, administration of the Mugello racetrack and different sports-related actions, in addition to web revenues generated from the rental of engines to different Method 1 racing groups and, for the three and 6 months ended June 30, 2024 solely, from the sale of engines to Maserati
⁽¹¹⁾ In 2025 the efficient tax fee advantages from the brand new Patent Field regime regulated by Legislation Decree No. 146 and efficient from October 22, 2021, which offers for a 110% tremendous tax deduction for prices referring to eligible intangible property
⁽¹²⁾ Capital expenditures excluding right-of-use property acknowledged in the course of the interval in accordance with IFRS 16 – Leases
⁽¹³⁾ In Could 2025 the Firm paid Euro 502 million out of the whole dividend distribution to house owners of the dad or mum and the remaining steadiness, which primarily pertains to withholding taxes, is predicted to be paid within the following quarters
⁽¹⁴⁾ Calculated utilizing the weighted common diluted variety of widespread shares as of December 31, 2024 (179,992 thousand)}

SOURCE: Ferrari