Ferrari (RACE) investor relations material

Executive summary

• Q2 2025 revenues reached €1,787 million, up 4.4% year-over-year, with EBITDA at €709 million (39.7% margin), EBIT at €552 million (30.9% margin), and net profit at €425 million; shipments were 3,494 units, nearly flat year-over-year.

• Industrial free cash flow was €232 million, supported by strong profitability and partially offset by capex and working capital changes.

• No significant impact from new US import tariffs during the quarter due to pre-tariff imports and a subsequent US-EU agreement.

• Strong demand for new models, especially the 296 Speciale family and the newly launched Ferrari Amalfi, with most range models nearly sold out.

• Client engagement and brand visibility were boosted by high-profile events, racing successes (third consecutive Le Mans win), and the unveiling of the Hypersail project.

Financial highlights

• Net revenues for Q2 2025 were €1,787 million, up 4.4% year-over-year; net profit was €425 million, diluted EPS at €2.38.

• EBITDA margin was 39.7%; EBIT margin was 30.9%, both up year-over-year.

• Industrial free cash flow was €232 million, with capex at €239 million.

• Net industrial debt stood at €338 million as of June 30, 2025, reflecting dividend payments; total available liquidity was €2,068 million.

• Personalizations accounted for about 20% of total revenues from cars and spare parts.

Outlook and guidance

• 2025 guidance raised: net revenues expected above €7.0 billion, adjusted EBITDA at or above €2.68 billion (≥38.3% margin), adjusted EBIT at or above €2.03 billion (≥29.0% margin), adjusted diluted EPS at or above €8.60, and industrial free cash flow at or above €1.20 billion.

• Guidance reflects positive product and country mix, strong personalizations, improved racing and lifestyle revenues, and removal of US tariff risk.

• Margin risk from US tariffs removed due to a new agreement and lower expected industrial costs in H2.

• Deliveries will be deliberately reduced in H2 2025 to prioritize quality of revenues over volume, with a softer product mix due to model phase-outs and new launches.

• Higher SG&A and D&A expected in H2, along with greater FX headwinds if US dollar weakness persists.