“Another year is off to a great start” said Benedetto Vigna, CEO of Ferrari. “In the first quarter of 2025, with very few incremental shipments year on year, all key metrics recorded double-digit growth, underscoring a strong profitability driven by our product mix and continued demand for personalizations. This confirms – once again – our strategy of ‘quality of revenues over quantity’. We continue to enrich our product offering – in line with our plans – with six new models this year, which include the newly launched 296 Speciale, 296 Speciale A and the much-anticipated Ferrari elettrica through a unique and innovative unveiling. We are very excited about what lies ahead.”
Ferrari N.V. (“Ferrari” or the “Company”) today announces its consolidated preliminary unaudited results(2) for the first quarter ended March 31, 2025.
Shipments(3)(4)
Shipments totaled 3,593 units in Q1 2025, up 0.9% versus the prior year.
The geographic breakdown reflects the Company’s allocation strategy to preserve the brand’s exclusivity. In the quarter, EMEA was up 128 units, Americas increased by 25 units, Mainland China, Hong Kong and Taiwan decreased by 80 units and Rest of APAC decreased by 40 units.
The increase in deliveries during the quarter was driven by the Ferrari Roma Spider, the 296 GTS, the SF90 XX family and the Purosangue. In the quarter the 12Cilindri continued its ramp up phase and the first deliveries of the 12Cilindri Spider commenced. The deliveries of the 296 GTB decreased, the SF90 Spider approached the end of its lifecycle, while the 812 Competizione A phased out. The shipments of the Daytona SP3 slightly decreased versus the prior year, in line with plans.
The products delivered in the quarter included eight internal combustion engine (ICE) models and five hybrid engine models, which represented 51% and 49% of total shipments, respectively.
Total net revenues
Net revenues for Q1 2025 were Euro 1,791 million, up 13.0% or 12.2% at constant currency(1).
Revenues from Cars and spare parts were Euro 1,536 million (up 11.1% or 10.4% at constant currency), thanks to a richer product and country mix, as well as increased personalizations.
Sponsorship, commercial and brand revenues reached Euro 191 million, up 32.1% or 31.7% at constant currency, mainly attributable to new sponsorships and lifestyle activities, as well as higher commercial revenues linked to the better prior year Formula 1 ranking.
Other recorded a slight increase, with higher revenues from financial services, partially offset by the decreased contribution from the Maserati contract.
Currency – including translation and transaction impacts as well as foreign currency hedges – had a positive net impact of Euro 14 million, mostly related to the US Dollar.
EBITDA and Operating profit (EBIT)
Q1 2025 EBITDA reached Euro 693 million, up 14.6% versus the prior year and with an EBITDA margin of 38.7%.
Q1 2025 Operating profit (EBIT) was Euro 542 million, increased 22.7% versus the prior year and with an Operating profit (EBIT) margin of 30.3%.
Volume was slightly positive (Euro 5 million), reflecting the shipments increase versus the prior year.
The Mix / price variance performance was strong and positive for Euro 85 million, mainly reflecting the enrichment of the product mix, sustained by the deliveries of the SF90XX family, the 12Cilindri and the 499P Modificata, increased personalizations and the positive country mix driven by Americas.
Industrial costs / research and development expenses were almost flat year over year, with higher racing and innovation expenses substantially offset by lower depreciation and amortization, in line with the phase out of certain models.
SG&A grew Euro 22 million mainly reflecting racing expenses and brand investments, as well as the Company’s organizational development.
Other changes were positive for Euro 18 million, mainly thanks to new sponsorships, partially offset by the comparison with the prior year’s release of car environmental provisions in the United States of America.
Net financial charges in the quarter were Euro 14 million, versus Euro 2 million of the prior year, mainly reflecting net foreign exchange impact and increased interests on debt
The effective tax rate(10) in the quarter was 22.0%, mainly reflecting the estimate of the benefit attributable to the new Patent Box and tax incentives for eligible research and development costs and investments.
As a result, the Net profit for the quarter was Euro 412 million, up 17.0% versus the prior year, and the diluted earnings per share for the quarter reached Euro 2.30, compared to Euro 1.95 in Q1 2024.
Industrial free cash flow in the quarter was very strong at Euro 620 million, driven by the increased EBITDA from industrial activities and a positive change in working capital, provisions and other for Euro 163 million – also reflecting the initial collection of the F80 advances – partially offset by capital expenditures(11) of Euro 224 million.
Net Industrial Debt(1) as of March 31, 2025 was Euro 49 million, compared to Euro 180 million as of December 31, 2024. This also reflected share repurchases(12) of Euro 424 million, including Ferrari’s participation in Exor’s ABO transaction executed on February 27, 2025. As of March 31, 2025, total available liquidity was Euro 2,465 million (Euro 2,292 million as of December 31, 2024), including undrawn committed credit lines of Euro 550 million.
2025 guidance, based on the following assumptions for the year:
- Positive product and country mix, along with strong personalizations
- Improved contribution from racing activities, reflecting higher sponsorships as well as commercial revenues linked to the better Formula 1 ranking achieved in 2024
- Lifestyle activities to expand its revenues growth rate, while investing to accelerate development and enlarge the network
- Continuous brand investments, higher racing and digital transformation expenses
- Increased costs implied by the ongoing supply chain challenges
- Higher effective tax rate in connection to the change of the Patent Box regime
- Robust Industrial free cash flow generation driven by strong profitability, partially offset by capital expenditures more contained versus prior year
The above guidance is subject to a potential risk of 50 basis points reduction on profitability percentage margins (EBIT and EBITDA margins), in relation to the update of the commercial policy following the introduction of import tariffs on EU cars into the USA.
Q1 2025 highlights:
- Ferrari N.V. announced the seventh tranche of the multi-year share repurchase program by participating as a purchaser following the accelerated bookbuild offering made by Exor N.V. on February 26, 2025. Ferrari N.V. agreed to repurchase 666,666 common shares for a total consideration of approximately Euro 300 million, at the same price per share determined by the offering. The transaction represented the seventh tranche of the multi-year share buyback program of approximately Euro 2.0 billion announced during our 2022 Capital Markets Day.
- On March 27, 2025 Ferrari N.V. announced an update on its commercial policy, in light of the introduction of import tariffs on EU cars into the USA. While reaffirming its commitment to maximum client attention and protection and with the goal to provide certainty to them:
(i) the commercial terms will remain unchanged for orders of:
- all models imported before April 2, 2025;
- the following three families – Ferrari 296, SF90 and Roma – regardless the import date;
(ii) for the current remaining models, the new import conditions will be partially reflected on pricing, up to a maximum 10 per cent increase, in coordination with our dealer network.
On such basis, Ferrari confirmed its financial targets for 2025, with a potential risk of 50 basis points reduction on profitability percentage margins (EBIT and EBITDA margins).
Subsequent events:
- On April 29, 2025, Ferrari unveiled the new special versions of the plug-in hybrid Ferrari 296 GTB and 296 GTS: the 296 Speciale and 296 Speciale A. These new models are based on the current berlinetta in our range, the 296 GTB and 296 GTS, and they mark further progress in both performance and features, embodying solutions derived from our racing cars: the 499P, the 296 GT3, the 296 Challenge and the Formula 1 single-seater.
1 The term EBIT is used as a synonym for Operating profit. Adjusted metrics equaled the reported ones, since there were no adjustments impacting EBITDA, EBITDA margin, EBIT, EBIT margin, Net profit, Basic EPS and Diluted EPS in the periods presented. Refer to specific paragraph on non-GAAP financial measures.
2 These results have been prepared in accordance with the IFRS Accounting Standards (“IFRS Accounting Standards”) as issued by the International Accounting Standards Board (“IASB”) as well as IFRS Accounting Standards as adopted by the European Union
3 Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars
4 EMEA includes: Italy, UK, Germany, Switzerland, France, Middle East (includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait), Africa and European markets not separately identified; Americas includes: United States of America, Canada, Mexico, the Caribbean and Central and South America; Rest of APAC mainly includes: Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia
5 Of which 861 units in Q1 2025 (+11 units or +1.3% vs Q1 2024) in the United States of America
6 Of which 180 units in Q1 2025 (-63 units or -25.9% vs Q1 2024) in Mainland China
7 Includes net revenues generated from shipments of our cars, any personalization generated on these cars, as well as sales of spare parts
8 Includes net revenues earned by our racing teams (mainly in the Formula 1 World Championship and the World Endurance Championship) through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues, as well as net revenues generated through the Ferrari brand, including fashion collections, merchandising, licensing and royalty income
9 Primarily relates to financial services activities, management of the Mugello racetrack and other sports-related activities, as well as net revenues generated from the rental of engines to other Formula 1 racing teams and, for the three months ended March 31, 2024 only, from the sale of engines to Maserati
10 In 2025 the effective tax rate benefits from the new Patent Box regime regulated by Law Decree No. 146 and effective from October 22, 2021, which provides for a 110% super tax deduction for costs relating to eligible intangible assets
11 Capital expenditures excluding right-of-use assets recognized during the period in accordance with IFRS 16 – Leases
12 Including repurchases for an amount of approx. Euro 20 million in relation to the Sell to Cover practice under the equity incentive plans
13 Calculated using the weighted average diluted number of common shares as of December 31, 2024 (179,992 thousand)
SOURCE: Ferrari
