In This Article:
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Total Revenue: Approximately EUR1.8 billion.
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EBITDA: Close to EUR700 million.
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Industrial Free Cash Flow: More than EUR600 million.
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Net Profit: EUR412 million.
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Diluted EPS: EUR2.3, up 17.9% versus the prior year.
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Deliveries: Increased by 33 units, driven by models like Ferrari Roma Spider and 296 GTS.
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EBITDA Margin: 38.7%.
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Net Industrial Debt: EUR49 million at the end of March.
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Personalization Revenue: Accounted for more than 19% of total revenues from cars and spare parts.
Release Date: May 06, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Ferrari NV (NYSE:RACE) reported strong financial results for Q1 2025, with total revenues reaching approximately EUR 1.8 billion, driven by a focus on quality over quantity.
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The company achieved a robust EBITDA of close to EUR 700 million, highlighting strong profitability.
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Industrial free cash flow generation was impressive, exceeding EUR 600 million for the quarter.
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Ferrari NV (NYSE:RACE) has a strong order book, with current models covering the whole of 2026, indicating sustained demand.
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The launch of new models, including the 296 Speciale coup and spiders, has been well-received, showcasing Ferrari's innovation in hybrid technology and design.
Negative Points
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The macroeconomic environment remains uncertain, with ongoing geopolitical tensions and market volatility posing potential risks.
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Ferrari NV (NYSE:RACE) faces challenges from higher tariffs on EU cars imported into the US, which could impact profitability.
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The company anticipates a reduction in EBIT and EBITDA margins by 50 basis points due to these tariffs.
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There is a potential risk of foreign exchange rate fluctuations affecting financial performance, despite hedging strategies.
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The second half of 2025 is expected to be weaker than the first half, influenced by product mix changes and increased SG&A and R&D expenses.
Q & A Highlights
Q: Can you discuss the differences in trends between new customers, existing customers, and top collectors given the mixed macroeconomic picture? Also, regarding the 296 Speciale, when you say it's limited in time, is it similar to previous models? A: The 296 Speciale is indeed limited in time, similar to the 488 Pista. Regarding customer trends, we haven't observed any significant differences between new clients, collectors, and repeat customers. Our order book and cancellation trends remain stable, but we remain vigilant given the macroeconomic environment. Each Ferrari client is unique, making it challenging to identify a specific pattern.