Ferrari (RACE) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues reached approximately €1.8 billion, with net profit at €412 million and industrial free cash flow at €620 million, reflecting double-digit growth driven by a favorable product mix, strong personalization trends, and a robust order book extending into 2026.

• EBITDA was close to €700 million, with an EBITDA margin of 38.7%.

• New model launches included the 296 Speciale, 296 Speciale A, and the upcoming Ferrari Electrica, with the 12Cilindri family leading order intake.

• Progress was noted in racing activities, lifestyle segments, and community engagement, including new collectibles and local sports events.

• The e-building received LEED Platinum certification.

Financial highlights

• Net profit reached €412 million, with diluted EPS of €2.30, up 17.9% year-over-year.

• Revenues grew 13% year-over-year to €1,791 million in Q1 2025.

• Operating profit (EBIT) rose 22.7% to €542 million, with an EBIT margin of 30.3%.

• Industrial free cash flow for the quarter was €620 million, nearly doubling year-over-year.

• Net industrial debt stood at €49 million at the end of March, with total available liquidity at €2,465 million.

Outlook and guidance

• 2025 guidance targets net revenues above €7.0 billion (≥5% growth), adjusted EBITDA of at least €2.68 billion (≥5% growth, margin ≥38.3%), and adjusted EBIT of at least €2.03 billion (margin ≥29.0%).

• Adjusted diluted EPS expected to grow ≥2% to at least €8.60, with industrial free cash flow of at least €1.20 billion.

• Guidance assumes positive product and country mix, higher racing and lifestyle contributions, and continued brand investments, but notes a potential 50 basis point margin risk from new US import tariffs.

• First half of 2025 expected to be stronger than the second, reflecting product mix and seasonality of expenses.

• Vigilance maintained on macroeconomic uncertainty, FX volatility, and tariff impacts.