Ferrari closes the second quarter of 2025 with solid numbers in line with market expectations. The Maranello manufacturer recorded net revenues of €1.787 billion ($2.04 billion), marking 4.4% growth compared to the same period in 2024. Global deliveries were 3,494 units, with a contained but positive increase of ten vehicles.
Ferrari posts solid Q2 results with 4.4% revenue growth, stock falls on investor expectations
From a profitability standpoint, operating profit (EBIT) reached €552 million ($630 million), up 8.1% year-on-year, with an operating margin of 30.9%. Net profit stood at €425 million ($485 million), up 3%, while diluted earnings per share was €2.38 ($2.72). However, despite the positive numbers, Ferrari stock declined on the exchange immediately after the results were published, indicating high investor expectations.
An important signal for the future comes from the removal of risk related to import tariffs in the United States. The trade agreement between Washington and Brussels has allowed for a significant reduction in tariffs, initially feared as a brake on profitability. Additionally, industrial costs expected for the second half of the year are lower than initial forecasts, strengthening confidence in the 2025 guidance.
Ferrari confirms its 2025 targets, aiming to exceed €7 billion ($8 billion) in revenue, with growth of at least 5% compared to 2024. Adjusted EBITDA is expected at €2.68 billion or more, with a minimum margin of 38.3%, while adjusted EBIT should reach at least €2.03 billion, growing 7%. Adjusted diluted earnings per share is estimated at least €8.6, and industrial free cash flow should exceed €1.2 billion, with a 17% increase.
CEO Benedetto Vigna emphasized how agility and strategic discipline were keys to success in the first half, highlighting excellent response to the Ferrari 296 Speciale and the launch of the new Ferrari Amalfi.
