Ferrari's Financial Performance and Outlook (May 6, 2025)

Overview

• Q1 2025 Results: Ferrari reported a 15% increase in earnings, driven by higher demand for personalized and premium products. EBITDA reached €693M.

Key Metrics

• Net Revenues: €1.791B (+13% YoY)
• Shipments: 3,593 units (+1% YoY)
• Operating Profit (EBIT): €542M (+22.7% YoY)
• Net Profit: €412M (+17% YoY)
• Diluted EPS: €2.30
• Industrial Free Cash Flow: €620M

Regional Performance

• EMEA: +8%
• Americas: +3%
• China/HK/Taiwan: -25%
• Rest of APAC: -6%

Model Performance

• Increased Deliveries:
  • Ferrari Roma Spider
  • 296 GTS
  • SF90 XX family
  • Purosangue
• Decreased Deliveries:
  • Daytona SP3 (in line with plans)

Revenue Breakdown

• Cars & Spare Parts: €1.536B (+11%)
• Sponsorship & Brand: €191M (+32%)

2025 Guidance

• Revenue Target: >€7.0B (≥5% growth)
• Adjusted EBITDA: ≥€2.68B (margin ≥38.3%)
• Adjusted EBIT: ≥€2.03B (margin ≥29%)
• Adjusted Diluted EPS: ≥€8.60
• Industrial FCF: ≥€1.20B
• Potential Margin Risk: 50 bps reduction due to US tariffs

Tariff Impact

• US Tariffs on EU Cars: Potential risk of reduced profitability margins by up to 50 basis points.

Share Repurchase

• Ferrari repurchased 666,666 common shares for €300M as part of a multi-year buyback program.

Product News

• Launch of special versions: 296 Speciale and 296 Speciale A (plug-in hybrid Ferrari 296 GTB and GTS).

Market Reaction

• Ferrari Shares: Initially slipped but mostly recovered, still trading down slightly.
• Stock Market Impact: Tariff concerns contributed to broader US market futures decline.

Long-Term Implications

• Competitive Dynamics: Strong performance highlights Ferrari's premium positioning in the luxury car market.
• Strategic Considerations: Focus on personalization and innovation to offset regional declines and tariff risks.