Robust product mix and brand revenues support growth despite flat shipments for Ferrari in the second-quarter

Overview

Ferrari delivered strong financial results in the second quarter of 2025, driven by an enriched product mix, higher personalizations, and strong brand performance, despite essentially flat shipments.

“The first semester of 2025 reminded us once more about the importance of agility and flexibility in the management of our Company. Today’s strong results reflect our commitment to execute our strategy with discipline and focus. We continue to drive innovation and enrich our product portfolio, which fuels an already strong order book. Testament to that is the overwhelming demand for the 296 Speciale family and the excellent initial feedback on the newly launched Ferrari Amalfi, a coupé that redefines the concept of the contemporary grand tourer”, said Benedetto Vigna, CEO of Ferrari.

Q2 2025 vs. Q2 2024:

Net revenues were €1,787m (+4.4% YoY or +5.1% at constant currency), supported by a richer product and country mix.
- Cars and Spare Parts generated €1,507m (+2% YoY), driven by the 12Cilindri and SF90 XX families and higher personalizations.
- Sponsorship, Commercial & Brand revenue rose to €205m (+22% YoY), reflecting stronger F1 performance, sponsorships, and lifestyle initiatives.
- Other Activities contributed €75m (+8% YoY), from financial services and engine rentals.
EBITDA increased to €709m (+5.9% YoY), with an EBITDA margin of 39.7%.
Operating profit (EBIT) rose to €552m (+8.1% YoY), reflecting positive mix and pricing, with an EBIT margin of 30.9%.
Net profit reached €425m (+2.9% YoY), and diluted EPS was €2.38, versus €2.29 in Q2 2024.
Industrial free cash flow was €232m, supported by higher profitability and disciplined CapEx.
Shipments totaled 3,494 units, roughly flat versus last year, as Ferrari managed allocations to preserve brand exclusivity.
- Growth in the Americas (+12 units) and Rest of APAC (+11 units) offset declines in EMEA (-9 units) and Mainland China (-4 units). Deliveries were driven by the 296 GTS, Purosangue, and Roma Spider, while the SF90 Spider approached the end of its lifecycle.
- Ferrari also highlighted continued progress in racing and lifestyle, with the Hypersail project and multiple design awards for the 12Cilindri and F80 models.

Ferrari reaffirmed its strong confidence in the 2025 outlook, projecting net revenues to exceed €7.0bn, representing at least a 5% increase compared to 2024. The company anticipates adjusted EBITDA of at least €2.68bn with a margin of 38.3% or higher, and adjusted EBIT of €2.03bn or more, targeting a margin above 29%. Adjusted diluted EPS is expected to reach €8.60 or higher, reflecting the company’s continued profitability momentum. Additionally, industrial free cash flow is forecast to exceed €1.20bn, marking roughly a 17% year-over-year increase, supported by disciplined operations and strong demand across Ferrari’s portfolio. Management reaffirmed its commitment to brand exclusivity, innovation, and disciplined cost management, while continuing to invest in racing, digital transformation, and lifestyle expansion. The company noted that U.S.-EU tariff risks have eased following a new trade agreement, supporting margin stability in H2 2025.

Ferrari’s stock showed a short-term rebound after recent declines. The share price remains below both the 50-day SMA ($482.87) and 200-day SMA ($459.32), reflecting a bearish trend that will require a recovery above the 200-day SMA to signal potential reversal. The RSI (14) at 32.65 indicates the stock is approaching oversold territory, suggesting possible short-term buying interest, though recent weakness above the 50 RSI level highlights fragile momentum. Key support lies around $425, with resistance near $460-$475. A break above $475 could restore bullish sentiment, while a fall below $425 may open the door to further downside.