Ferrari (RACE) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenues reached €1.8 billion, up 4.4% year-over-year, with EBITDA at €709 million, EBIT at €552 million, and net profit at €425 million; industrial free cash flow was €232 million, and no significant impact from US import tariffs was observed.

• Strong order book extends into 2027, with most models nearly sold out and high demand for new launches such as the 296 Speciale and Ferrari Amalfi.

• Product development remains on track, highlighted by the upcoming launch of the Ferrari Elettrica and the introduction of the Ferrari Amalfi, with continued investment in technology and client centricity.

• Major client and brand engagement events included the launch of the Ferrari Amalfi, third consecutive Le Mans win, and the announcement of the Hypersail racing project.

• E-building production ramp-up, new paint shop construction, and a dedicated sport car testing track are progressing as planned.

Financial highlights

• Net revenues for Q2 2025 were €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, with capex at €239 million.

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

• Personalizations accounted for approximately 20% of car and spare part revenues.

• Shipments totaled 3,494 units, nearly flat year-over-year.

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.

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

• Higher SG&A, D&A, and effective tax rate expected in H2, with FX headwinds from a weaker USD.

• Mix in H2 2025 expected to be neutral compared to H2 2024, with a softer product mix due to Daytona SP3 phase-out and initial F80 shipments.

• Guidance reflects positive product and country mix, strong personalizations, and improved racing and lifestyle revenues.