Ferrari N.V., a leading luxury brand in sports cars and racing, has released its results for the second quarter of 2025, which indicate robust financial performance and significant strategic progress. The reports reflect a consistent increase across most key metrics and strengthen the company’s confidence in achieving its full-year targets.

Financial Performance: Growth in Revenues and Profitability

Ferrari’s net revenues for the second quarter of 2025 amounted to €1,787 million, a 4.4% increase versus the prior year. Operating profit (EBIT) reached €552 million, an increase of 8.1% compared to the second quarter of 2024, with an operating profit margin of 30.9%. Net profit was €425 million, and diluted earnings per share (EPS) reached €2.38. The company’s EBITDA increased by 5.9% to €709 million, with an EBITDA margin of 39.7%. In addition, the company generated industrial free cash flow (Industrial FCF) of €232 million, a jump of 90.7% compared to €121 million in the same quarter last year. Looking at the first six months of 2025, net revenues grew by 9% to €3,578 million, and operating profit (EBIT) increased by 15% to €1,094 million. Diluted EPS for this period surged by 11% to €4.68 per share.

The growth in net revenues was driven primarily by a richer product and country mix, along with an increase in personalizations on cars, and higher sponsorship, commercial, and brand activities. Revenues from cars and spare parts rose due to the improved mix and personalizations. Sponsorship, commercial, and brand revenues increased mainly thanks to sponsorships and lifestyle activities, as well as higher commercial revenues linked to the better Formula 1 ranking achieved in 2024. Conversely, foreign exchange rates had a negative impact on net revenues of €11 million, mostly related to the U.S. Dollar.

Operational and Strategic Metrics: Diverse Offering and High Demand

Total shipments for the second quarter were 3,494 units, a minimal increase of 0.3% compared to 3,484 units in the same quarter of 2024. This figure reflects the company’s deliberate allocation strategy to preserve the brand’s exclusivity. Deliveries were driven mainly by the 296 GTS, Purosangue, and Roma Spider models, while the 12Cilindri family continued its ramp-up phase. At the same time, deliveries of the 296 GTB and SF90 Spider decreased as they approached the end of their lifecycle.

Ferrari showed a balance between internal combustion engine and hybrid models in its quarterly shipments, with ICE models accounting for 55% and hybrid models for 45% of total shipments. A breakdown of shipments by region shows that the Americas saw an increase of 12 units, while EMEA experienced a decrease of 9 units. Demand remains exceptionally high, with almost all car models, excluding the new Amalfi, sold out in advance.

New Initiatives and Future Commitments

During the second quarter, Ferrari unveiled the new Ferrari Amalfi, a V8 front-mid-engine 2+ coupé that replaces the Ferrari Roma in the lineup. The new model, presented at an unprecedented event on the Amalfi Coast, received excellent initial feedback. The company also announced the Hypersail project, an innovative new sporting challenge in the world of sailing that blends racing tradition with technological innovation. Additionally, Ferrari won the 24 Hours of Le Mans race for the third consecutive year. Management expressed strong confidence in the continued operation, and the focus on a “controlled growth” strategy and generating strong free cash flow gives investors a positive signal regarding the company’s stability. Net industrial debt is relatively low at €338 million, and available liquidity stands at €2,068 million, a figure that provides further confidence in the company’s ability to finance its operations and future investments. The impact on the stock is positive, as the excellent financial results and the increase in free cash flow indicate operational strength. Investors can view the company as a stable and successful stock, with future growth potential stemming from an innovative model pipeline and expanded activities, which increases its attractiveness.

2025 Outlook: Reinforced Confidence

Ferrari expressed reinforced confidence in its 2025 guidance. The company noted that the 50 basis point risk on margins, previously outlined due to new tariffs on cars and spare parts imported into the U.S., has now been removed. The reason for this is a recent agreement reached between the U.S. and the E.U. on lower tariff levels, as well as lower industrial costs expected in the second half of the year compared to initial expectations. The updated guidance projects net revenues of more than €7.0 billion (compared to €6.7 billion in 2024), and adjusted EBITDA of at least €2.68 billion (compared to €2.56 billion in 2024). Furthermore, diluted EPS is expected to be at least €8.60 per share (compared to €8.46 in 2024). The upward revision of the guidance and the positive message from management have a positive effect on investor confidence in the stock, as they indicate the company’s ability to navigate external challenges and manage its business efficiently and profitably. This performance aligns with investor expectations for a luxury brand that demonstrates continuous strength in both demand and operational management, affirming the company’s strategy of maintaining a controlled yet rewarding growth pace.

Conclusion

Ferrari’s second-quarter 2025 reports paint a picture of a disciplined and strategically focused company that successfully navigates a changing economic environment. The increase in profitability, sustained demand for its products, and the launch of innovative models and projects solidify its position as a leader in the luxury industry and provide a solid foundation for future growth. The continuous focus on innovation, alongside precise financial management, enables the company to deliver consistent performance and generate value for its shareholders.