Ferrari Group (FERGR) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 grew 3.8% to €179.6 million, reflecting business model resilience and expansion in Europe, Asia-Pacific, and the Middle East, despite market volatility and weakness in China.

• Adjusted EBITDA increased 4.4% to €47.7 million, with margin improving to 26.6%, highlighting operational efficiency.

• Net profit declined to €14.1 million from €29.1 million due to a significant one-off provision for Italian Customs litigation, though management expects the full-year impact to be offset.

• Continued execution of growth strategy with new branch and warehouse openings in multiple regions and ongoing digital transformation initiatives.

• Successful Euronext Amsterdam listing and share capital restructuring enhanced profile and governance.

Financial highlights

• Revenue reached €179.6 million in H1 2025, up 3.8% year-over-year, with growth in all service segments except Asia.

• Adjusted EBITDA rose to €47.7 million, a 4.4% increase, with margin at 26.6%.

• Net financial position improved by €13.6 million to €100.6 million, with strong cash conversion and liquidity.

• Net profit was €14.1 million, down due to a one-off provision; normalized net profit was €27.7 million.

• Capital expenditures stable at €6.1 million, focused on IT and network investments.

Outlook and guidance

• Full-year 2025 revenue and adjusted EBITDA margin guidance reiterated, expecting growth in line with FY24 and medium-term targets of 6–8% revenue growth and 27–29% margin.

• Ordinary CapEx anticipated to remain at ~2% of revenues.

• Dividend payout objective of at least 40%, with potential for annual increases and additional distributions.

• Anticipates stronger H2 2025 performance, with Q4 typically the strongest quarter.

• Stable outlook for China and Hong Kong, with stronger growth expected in Japan and Korea.