Ferrari Group (FERGR) Q3 2025 TU earnings summary

Executive summary

• Achieved 6.1% year-on-year revenue growth at constant currency in Q3 2025, with strong organic performance and robust growth across all services and geographies except China.

• Nine-month revenue reached €263.4 million, up 3.7% year-on-year on a reported basis, despite softer Q3 seasonality and mixed luxury sector performance.

• Strongest growth observed in North America, Brazil, and Rest of the World, with Europe also contributing positively.

• Special & Other Services posted double-digit revenue growth, driven by fairs, events, and a new flagship store opening.

• On track to meet full-year 2025 targets, reaffirming strategic focus and objectives.

Financial highlights

• Q3 2025 revenue: €83.8 million, up 3.5% year-on-year (6.1% at constant currency).

• Nine-month 2025 revenue: €263.4 million, up 3.7% year-on-year (4.7% at constant currency).

• Europe Q3 revenue: €49.4 million (+5.3%); North America & Brazil: €11.8 million (+9.0%); Rest of the World: €10.1 million (+11.4%).

• Asia Q3 revenue declined 11.7% year-on-year, mainly due to China.

• Special & Other Services Q3 revenue grew 20.5% year-on-year.

Outlook and guidance

• FY 2025 revenue growth expected in line with FY24.

• Adjusted EBITDA margin guidance at 26.5%.

• Ordinary capex to remain stable (excluding leases and new projects).

• Dividend payout ratio to exceed 40%.