Ferrari (RACE) began 2025 with double-digit growth across all major financial metrics, showcasing strong operational discipline and strategic focus despite global headwinds, including new U.S. tariffs and a mixed macroeconomic landscape. Net revenues rose 13% year-over-year to €1,791 million, propelled by a richer product and geographic mix, while shipments edged up 1% to 3,593 units, reflecting the company’s emphasis on quality of revenues over volume.

Profitability remained a standout: EBITDA climbed 15% to €693 million, with a robust margin of 38.7%, and EBIT surged 23% to €542 million, yielding a margin of 30.3%—up 240 basis points from the prior year. This was supported by high-margin models like the SF90XX, 12Cilindri, and 499P Modificata, alongside strong personalization demand, which contributed over 19% of car and spare part revenues. Net profit reached €412 million, up 17%, and diluted EPS increased 18% to €2.30.

Cash generation was exceptionally strong, with industrial free cash flow at €620 million, underpinned by profitability and working capital benefits, particularly advances for the upcoming F80. Ferrari’s net industrial debt fell sharply to €49 million, down from €180 million at year-end 2024. Capital returns remained a priority, with €424 million in share repurchases during the quarter and a planned €530 million dividend for Q2.

By business line, cars and spare parts generated €1,536 million in revenue (+11% YoY), while sponsorship, commercial, and brand revenues soared 32% to €191 million, thanks to new partnerships—most notably the HP title sponsorship—and expanding lifestyle initiatives. Financial services under “Other” brought in €64 million (+10%).

Regionally, EMEA led with 1,701 units (+8%), followed by the Americas with 1,022 units (+3%), while deliveries in China and the rest of APAC declined due to tax policies and strategic allocation. The product mix was nearly even, with 51% internal combustion engine and 49% hybrid, and growth was driven by models like the Roma Spider, 296 GTS, SF90 XX, and Purosangue. Ferrari also began delivering the new 12Cilindri Spider, while older models like the 296 GTB and Daytona SP3 tapered off as planned.

Looking ahead, Ferrari reaffirmed its 2025 guidance, including net revenues above €7 billion, adjusted EBITDA of at least €2.68 billion (≥38.3% margin), and industrial free cash flow of at least €1.2 billion. Management acknowledged a potential 50 bps margin impact from new U.S. tariffs, though mitigation measures—such as targeted price increases—are already in place.

CEO Benedetto Vigna emphasized that strong demand extends into 2026, particularly for the 12Cilindri and Purosangue, the latter continuing to attract new clients and maintain high residual value. Personalization remains a key driver, and anticipation is building for the Ferrari Elettrica, the brand’s first full-electric model, set for a phased reveal starting October 2025.

Ferrari’s disciplined approach to growth, strong order book, and commitment to innovation and brand strength position it well to navigate ongoing economic and regulatory challenges while sustaining premium performance and appeal.