Ferrari (RACE) Q2 2025 earnings summary

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; industrial free cash flow was €232 million.

• Shipments totaled 3,494 units, nearly flat year-over-year, with strong demand for new models including the 296 Speciale family and the newly launched Amalfi coupé.

• Order book remains robust into 2027, with most current models sold out and high demand for new launches.

• Major product launches included the Ferrari Amalfi and 296 Speciale, with strong client engagement and brand visibility.

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

Financial highlights

• Net revenues for Q2 2025 were €1,787 million, up 4.4% (5.1% at constant currency), with cars and spare parts revenues at €1,507 million and sponsorship, commercial, and brand revenues at €205 million.

• EBITDA rose 5.9% to €709 million (39.7% margin), EBIT up 8.1% to €552 million (30.9% margin), and net profit was €425 million, with diluted EPS at €2.38.

• Industrial free cash flow was €232 million, driven by higher EBITDA and partially offset by €239 million in capex.

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

• Financial leverage on net industrial debt was 0.1x EBITDA.

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 new agreement and lower expected industrial costs.

• Higher effective tax rate anticipated due to Patent Box regime change.

• H2 2025 expected to see a softer product mix due to Daytona SP3 phase-out and initial F80 deliveries, with higher SG&A and D&A and potential FX headwinds if USD weakness persists.