“The first semester of 2025 reminded us once more about the importance of agility and flexibility in the management of our Company. Today’s strong results reflect our commitment to execute our strategy with discipline and focus. We continue to drive innovation and enrich our product portfolio, which fuels an already strong order book. Testament to that is the overwhelming demand for the 296 Speciale family and the excellent initial feedback on the newly launched Ferrari Amalfi, a coupé that redefines the concept of the contemporary grand tourer” said Benedetto Vigna, CEO of Ferrari.
Ferrari N.V. (“Ferrari” or the “Company”) today announces its consolidated preliminary unaudited results([3]) for the second quarter and six months ended June 30, 2025.
Shipments([4])([5])
Shipments totaled 3,494 units in Q2 2025, substantially flat versus the prior year.
The geographic breakdown reflects the Company’s allocation strategy to preserve the brand’s exclusivity. In the quarter, EMEA was down 9 units, Americas was up 12 units, Mainland China, Hong Kong and Taiwan decreased by 4 units and Rest of APAC increased by 11 units.
Deliveries in the quarter were driven by the 296 GTS, the Purosangue and the Roma Spider. In the quarter the 12Cilindri family continued its ramp up phase, the SF90 XX family increased its contribution, while the 296 GTB decreased and the SF90 Spider approached the end of its lifecycle. Shipments of the Daytona SP3 were lower than prior year and sequentially decreasing versus the first quarter of 2025, in line with plans to conclude deliveries in the third quarter of 2025.
The products delivered in the quarter included six internal combustion engine (ICE) models and five hybrid engine models, which represented 55% and 45% of total shipments, respectively.
Total net revenues
Net revenues for Q2 2025 were Euro 1,787 million, up 4.4% (5.1% at constant currency(1)).
Revenues from Cars and spare parts were Euro 1,507 million, up 2.3% (2.6% at constant currency), thanks to a richer product and country mix, as well as increased personalizations.
Sponsorship, commercial and brand revenues reached Euro 205 million, up 21.9% (24.5% at constant currency), mainly attributable to sponsorships and lifestyle activities, as well as higher commercial revenues linked to the better prior year Formula 1 ranking.
Currency – including translation and transaction impacts as well as foreign currency hedges – had a negative net impact of Euro 11 million, mostly related to the US Dollar.
EBITDA and Operating profit (EBIT)
Q2 2025 EBITDA reached Euro 709 million, up 5.9% versus the prior year and with an EBITDA margin of 39.7%.
Q2 2025 Operating profit (EBIT) was Euro 552 million, increased 8.1% versus the prior year and with an Operating profit (EBIT) margin of 30.9%.
Volume was substantially flat.
The Mix / price variance performance was positive for Euro 47 million, mainly reflecting the enrichment of the product mix, sustained by the deliveries of the SF90 XX and the 12Cilindri families, increased personalizations and the positive country mix mainly driven by Americas, partially offset by lower deliveries of the Daytona SP3.
Industrial costs / research and development expenses increased Euro 17 million year over year, with higher racing and sports cars R&D costs expensed, with substantially flat depreciation and amortization.
SG&A grew Euro 23 million mainly reflecting racing expenses and brand investments.
Other changes were positive for Euro 36 million, mainly thanks to racing and lifestyle activities, lower costs due to revised Formula 1 in-season ranking assumptions, partially offset by the comparison with the prior year’s release of car environmental provisions.
Net financial charges of the quarter were Euro 7 million, compared to nil in the prior year, mainly reflecting net foreign exchange impact.
The effective tax rate([11]) 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 425 million, up 2.9% versus the prior year, and the diluted earnings per share for the quarter reached Euro 2.38, compared to Euro 2.29 in Q2 2024.
Industrial free cash flow in the quarter was very strong at Euro 232 million, driven by the increased EBITDA from industrial activities partially offset by capital expenditures([12]) of Euro 239 million, net cash interests and taxes for Euro 184 million and a negative change in working capital, provisions and other for Euro 44 million.
Net Industrial Debt(1) as of June 30, 2025 was Euro 338 million, compared to Euro 49 million as of March 31, 2025, also reflecting the dividend payment([13]) for Euro 536 million. As of June 30, 2025, total available liquidity was Euro 2,068 million (Euro 2,465 million as of March 31, 2025), including undrawn committed credit lines of Euro 550 million.
Stronger confidence in the 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 50 bps risk on percentage margins – outlined on March 27, 2025 following the introduction of higher import tariffs applicable to cars, spare parts and other goods originating in the EU imported in the US – has been removed as a consequence of the recent agreement on lower levels reached between the US and the EU, as well as of lower industrial costs expected in the second part of the year compared to initial expectations.
Q2 2025 highlights:
- In April 2025, the Ferrari 12Cilindri was awarded the prestigious Car Design Award in the Production Cars category, a coveted recognition in the automotive design sector. The same month, the Ferrari 12Cilindri and the 12Cilindri Spider won the prestigious 2025 IF Design Gold Award. The F80 also received the iF Design Award from the iF International Forum Design GmbH.
- 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.
- On June 6, 2025, Ferrari signed with the trade unions Fim-Cisl, Uilm-Uil, Fismic-Confsal, Uglm-Ugl and AQCFR the renewal of the economic part for the two-year period 2025-2026 of the Specific Collective Labour Agreement (CCSL), signed two years ago on 8 March and valid for the four-year period 2023-2026. This renewal provides for a 6.5% increase in the minimum tabular salary.
- On June 25, 2025, Ferrari unveiled its new Ferrari Hypersail project, an unprecedented sporting challenge in the world of sailing that blends racing tradition with technological innovation. Led by Team Principal Giovanni Soldini, Hypersail aims to establish an outstanding research and development platform focused on offshore sailing.
Subsequent events:
- On July 1, 2025, Ferrari unveiled the new Ferrari Amalfi, a front-mid-engine V8 2+ coupé that replaces the Ferrari Roma in the Prancing Horse line-up. The Ferrari Amalfi redefines the concept of contemporary sportiness, combining high performance, versatility, and refined aesthetics. Designed for those who want to enjoy sporty driving without sacrificing comfort and style, the Ferrari Amalfi stands out for its unprecedented balance between adrenaline and everyday usability.
- On July 31, 2025, Ferrari announced that it has extendend, with a multiple-year contract, its agreement with Fred Vasseur, who will continue as Team Principal of Scuderia Ferrari HP for the coming Formula 1 seasons.
[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] During the three months ended June 30, 2025 there were no significant impacts from the increase of import tariffs applicable to cars, spare parts and other goods originating in the European Union that are imported into United States, which became effective starting on April 3, 2025, as the majority of the goods sold by the Group in the United States during the period were imported prior to the tariffs taking effect.
[3] 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
[4] Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars
[5] 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
[6] Of which 849 units in Q2 2025 (+27 units or +3% vs Q2 2024) and 1,710 units in H1 2025 (+38 units or +2% vs H1 2024) in the United States of America
[7] Of which 176 units in Q2 2025 (-24 units or -12% vs Q2 2024) and 356 units in H1 2025 (-87 units or -20% vs H1 2024) in Mainland China
[8] Includes net revenues generated from shipments of our cars, any personalization generated on these cars, as well as sales of spare parts
[9] 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
[10] 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 and six months ended June 30, 2024 only, from the sale of engines to Maserati
[11] 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
[12] Capital expenditures excluding right-of-use assets recognized during the period in accordance with IFRS 16 – Leases
[13] In May 2025 the Company paid Euro 502 million out of the total dividend distribution to owners of the parent and the remaining balance, which mainly relates to withholding taxes, is expected to be paid in the following quarters
[14] Calculated using the weighted average diluted number of common shares as of December 31, 2024 (179,992 thousand)
SOURCE: Ferrari
