ANOTHER STRONG START TO THE YEAR SUSTAINED BY PRODUCT MIX
Ferrari (RACE) reported strong Q1 2025 financial results with net revenues of €1,791 million, up 13.0% year-over-year. The company delivered 3,593 units, a slight 1% increase from 2024. Operating profit (EBIT) grew 22.7% to €542 million, with a margin of 30.3%. Net profit reached €412 million, up 17%, resulting in diluted EPS of €2.30.
The growth was driven by a rich product mix including the Ferrari Roma Spider, 296 GTS, SF90 XX family, and Purosangue. Hybrid models represented 49% of shipments. The company announced two new special versions: the 296 Speciale and 296 Speciale A. Ferrari updated its commercial policy due to new US import tariffs, with potential price increases up to 10% for certain models.
For 2025, Ferrari guides for revenues >€7.0B (≥5% growth), adjusted EBIT ≥€2.03B (≥7% growth), and industrial free cash flow ≥€1.20B (≥17% growth).
Ferrari (RACE) ha riportato solidi risultati finanziari nel primo trimestre 2025 con ricavi netti pari a €1.791 milioni, in aumento del 13,0% rispetto all'anno precedente. L'azienda ha consegnato 3.593 unità, con un leggero incremento dell'1% rispetto al 2024. L'utile operativo (EBIT) è cresciuto del 22,7%, raggiungendo €542 milioni, con un margine del 30,3%. L'utile netto ha raggiunto €412 milioni, in crescita del 17%, con un utile per azione diluito di €2,30.
La crescita è stata trainata da un mix di prodotti ricco, che include la Ferrari Roma Spider, 296 GTS, la famiglia SF90 XX e Purosangue. I modelli ibridi hanno rappresentato il 49% delle consegne. L'azienda ha annunciato due nuove versioni speciali: la 296 Speciale e la 296 Speciale A. Ferrari ha aggiornato la sua politica commerciale a causa dei nuovi dazi doganali statunitensi, con possibili aumenti di prezzo fino al 10% per alcuni modelli.
Per il 2025, Ferrari prevede ricavi superiori a €7,0 miliardi (crescita ≥5%), un EBIT rettificato ≥€2,03 miliardi (crescita ≥7%) e un flusso di cassa industriale libero ≥€1,20 miliardi (crescita ≥17%).
Ferrari (RACE) reportó sólidos resultados financieros en el primer trimestre de 2025 con ingresos netos de €1.791 millones, un aumento del 13,0% interanual. La compañía entregó 3.593 unidades, un ligero incremento del 1% respecto a 2024. El beneficio operativo (EBIT) creció un 22,7% hasta €542 millones, con un margen del 30,3%. El beneficio neto alcanzó €412 millones, un 17% más, resultando en un BPA diluido de €2,30.
El crecimiento fue impulsado por una variada gama de productos que incluye el Ferrari Roma Spider, 296 GTS, la familia SF90 XX y Purosangue. Los modelos híbridos representaron el 49% de los envíos. La compañía anunció dos nuevas versiones especiales: la 296 Speciale y la 296 Speciale A. Ferrari actualizó su política comercial debido a los nuevos aranceles de importación en EE.UU., con posibles aumentos de precio de hasta el 10% para ciertos modelos.
Para 2025, Ferrari pronostica ingresos superiores a €7.0 mil millones (crecimiento ≥5%), EBIT ajustado ≥€2.03 mil millones (crecimiento ≥7%) y flujo de caja libre industrial ≥€1.20 mil millones (crecimiento ≥17%).
페라리(RACE)는 2025년 1분기에 순매출 17억 9,100만 유로로 전년 대비 13.0% 증가한 강력한 재무 실적을 보고했습니다. 회사는 3,593대를 인도하여 2024년 대비 소폭 1% 증가를 기록했습니다. 영업이익(EBIT)은 22.7% 증가한 5억 4,200만 유로로, 마진은 30.3%였습니다. 순이익은 4억 1,200만 유로로 17% 증가했으며, 희석 주당순이익(EPS)은 2.30유로를 기록했습니다.
성장은 페라리 로마 스파이더, 296 GTS, SF90 XX 패밀리, 푸로상게 등 다양한 제품 믹스에 힘입었습니다. 하이브리드 모델은 출하량의 49%를 차지했습니다. 회사는 296 스페치알레와 296 스페치알레 A 두 가지 새로운 스페셜 버전을 발표했습니다. 페라리는 미국의 새로운 수입 관세로 인해 상업 정책을 업데이트했으며, 일부 모델에 대해 최대 10% 가격 인상이 예상됩니다.
2025년 페라리는 매출 70억 유로 이상(5% 이상 성장), 조정 EBIT 20억 3천만 유로 이상(7% 이상 성장), 산업 자유현금흐름 12억 유로 이상(17% 이상 성장)을 목표로 하고 있습니다.
Ferrari (RACE) a annoncé de solides résultats financiers pour le premier trimestre 2025 avec des revenus nets de 1 791 millions d'euros, en hausse de 13,0% par rapport à l'année précédente. La société a livré 3 593 unités, soit une légère augmentation de 1% par rapport à 2024. Le résultat opérationnel (EBIT) a augmenté de 22,7% pour atteindre 542 millions d'euros, avec une marge de 30,3%. Le bénéfice net a atteint 412 millions d'euros, en hausse de 17%, ce qui se traduit par un BPA dilué de 2,30 euros.
Cette croissance a été portée par une gamme de produits riche comprenant la Ferrari Roma Spider, la 296 GTS, la famille SF90 XX et la Purosangue. Les modèles hybrides représentaient 49% des livraisons. La société a annoncé deux nouvelles versions spéciales : la 296 Speciale et la 296 Speciale A. Ferrari a mis à jour sa politique commerciale en raison des nouveaux droits d'importation américains, avec des augmentations de prix potentielles allant jusqu'à 10% pour certains modèles.
Pour 2025, Ferrari prévoit des revenus supérieurs à 7,0 milliards d'euros (croissance ≥5%), un EBIT ajusté ≥2,03 milliards d'euros (croissance ≥7%) et un flux de trésorerie industriel libre ≥1,20 milliard d'euros (croissance ≥17%).
Ferrari (RACE) meldete starke Finanzergebnisse für das erste Quartal 2025 mit Nettoerlösen von 1,791 Millionen Euro, ein Anstieg von 13,0% im Jahresvergleich. Das Unternehmen lieferte 3.593 Einheiten aus, was einem leichten Anstieg von 1% gegenüber 2024 entspricht. Der Operative Gewinn (EBIT) wuchs um 22,7% auf 542 Millionen Euro mit einer Marge von 30,3%. Der Nettoertrag erreichte 412 Millionen Euro, ein Plus von 17%, was einem verwässerten Ergebnis je Aktie von 2,30 Euro entspricht.
Das Wachstum wurde durch eine vielfältige Produktpalette angetrieben, darunter der Ferrari Roma Spider, 296 GTS, die SF90 XX Familie und Purosangue. Hybridmodelle machten 49% der Auslieferungen aus. Das Unternehmen kündigte zwei neue Spezialversionen an: den 296 Speciale und 296 Speciale A. Ferrari aktualisierte seine Handelspolitik aufgrund neuer US-Einfuhrzölle mit möglichen Preiserhöhungen von bis zu 10% für bestimmte Modelle.
Für 2025 prognostiziert Ferrari Umsätze von über 7,0 Mrd. Euro (≥5% Wachstum), ein bereinigtes EBIT von mindestens 2,03 Mrd. Euro (≥7% Wachstum) und einen industriellen freien Cashflow von mindestens 1,20 Mrd. Euro (≥17% Wachstum).
- Operating profit margin increased to 30.3% from 27.9% year-over-year
- Strong industrial free cash flow of €620 million in Q1
- Net Industrial Debt decreased to €49 million from €180 million in December 2024
- Hybrid models represented 49% of total shipments, showing strong transition to electrification
- Increased personalization revenues and richer product mix driving profitability
- Shipments in Mainland China, Hong Kong and Taiwan decreased 25% year-over-year
- Rest of APAC region showed 6% decline in shipments
- New US import tariffs leading to price increases up to 10% on certain models
- Higher net financial charges of €14 million versus €2 million in prior year
- Potential 50 basis points reduction in profitability margins due to US tariffs
Insights
Ferrari delivered exceptional Q1 results with 13% revenue growth and 23% EBIT growth despite minimal volume increase, demonstrating powerful pricing and mix effects.
Ferrari's Q1 2025 results showcase remarkable financial performance with minimal volume growth, validating their "quality over quantity" approach. With just a
The margin expansion demonstrates Ferrari's unique positioning and pricing power. The industrial free cash flow generation was particularly impressive at
The profit drivers clearly stemmed from mix enhancement with the SF90 XX family, 12Cilindri model, and increased personalizations. The combination of superior product mix, pricing power through personalization, and strong brand monetization (sponsorship revenues up
Despite new US import tariffs, Ferrari has maintained its 2025 guidance with only a potential 50 basis point reduction to margin percentages. Their proven ability to maintain pricing power through challenging economic conditions reinforces their exceptional business model. The effective tax rate of
Ferrari's strategic focus on product mix over volume is delivering strong results, with hybrid models now comprising 49% of shipments and six new models planned for 2025.
Ferrari's Q1 results validate their ultra-luxury positioning strategy with shipments increasing just
The product portfolio evolution reveals significant electrification progress, with hybrid models now representing
Ferrari's product pipeline remains robust with plans to launch six new models in 2025, including the already unveiled 296 Speciale and 296 Speciale A special versions. The company also mentioned the upcoming "Ferrari elettrica" - their much-anticipated fully electric model.
The strategic response to US import tariffs demonstrates Ferrari's nuanced approach to pricing power - maintaining unchanged terms for certain models while implementing up to
- Net revenues of
Euro 1,791 million , up13.0% versus prior year, with total shipments of 3,593 units - Operating profit (EBIT)(1) of
Euro 542 million , up22.7% versus prior year, with Operating profit (EBIT) margin of30.3% - Net profit of
Euro 412 million and diluted EPS atEuro 2.30 - EBITDA(1) of
Euro 693 million , up14.6% versus prior year, with EBITDA margin of38.7% - Industrial free cash flow(1) generation of
Euro 620 million
“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.”
| (In Euro million, | For the three months ended | |||
| unless otherwise stated) | March 31, | |||
| 2025 | 2024 | Change | ||
| Shipments (units) | 3,593 | 3,560 | 33 | |
| Net revenues | 1,791 | 1,585 | 206 | |
| Operating profit (EBIT) | 542 | 442 | 100 | |
| Operating profit (EBIT) margin | 240 bps | |||
| Net profit | 412 | 352 | 60 | |
| Basic EPS (in Euro) | 2.30 | 1.95 | 0.35 | |
| Diluted EPS (in Euro) | 2.30 | 1.95 | 0.35 | |
| EBITDA | 693 | 605 | 88 | |
| EBITDA margin | 50 bps | |||
Maranello (Italy), May 6, 2025 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary unaudited results(2) for the first quarter ended March 31, 2025.
Shipments(3)(4)
| Shipments | For the three months ended | |||
| (units) | March 31, | |||
| 2025 | 2024 | Change | ||
| EMEA | 1,701 | 1,573 | 128 | |
| Americas(5) | 1,022 | 997 | 25 | |
| Mainland China, Hong Kong and Taiwan(6) | 237 | 317 | (80) | ( |
| Rest of APAC | 633 | 673 | (40) | ( |
| Total Shipments | 3,593 | 3,560 | 33 | |
Shipments totaled 3,593 units in Q1 2025, up
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
Total net revenues
| (Euro million) | For the three months ended | ||||
| March 31, | |||||
| Change | |||||
| 2025 | 2024 | at constant | |||
| currency | |||||
| Cars and spare parts(7) | 1,536 | 1,382 | |||
| Sponsorship, commercial and brand(8) | 191 | 145 | |||
| Other(9) | 64 | 58 | |||
| Total net revenues | 1,791 | 1,585 | |||
Net revenues for Q1 2025 were
Revenues from Cars and spare parts were
Sponsorship, commercial and brand revenues reached
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
EBITDA and Operating profit (EBIT)
| (Euro million) | For the three months ended | ||||
| March 31, | |||||
| Change | |||||
| 2025 | 2024 | at constant | |||
| currency | |||||
| EBITDA | 693 | 605 | |||
| Operating profit (EBIT) | 542 | 442 | |||
Q1 2025 EBITDA reached
Q1 2025 Operating profit (EBIT) was
Volume was slightly positive (
The Mix / price variance performance was strong and positive for
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
Other changes were positive for
Net financial charges in the quarter were
The effective tax rate(10) in the quarter was
As a result, the Net profit for the quarter was
Industrial free cash flow in the quarter was very strong at
Net Industrial Debt(1) as of March 31, 2025 was
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
| (€B, unless otherwise stated) | 2024 | 2025 GUIDANCE | Growth vs 2024 |
| NET REVENUES | 6.7 | >7.0 | ≥ |
| ADJ. EBITDA (margin %) | 2.56 | ≥2.68 ≥ | ≥ |
| ADJ. OPERATING PROFIT (EBIT) (margin %) | 1.89 | ≥2.03 ≥ | ≥ |
| ADJ. DILUTED EPS (€) | 8.46(13) | ≥8.60(13) | ≥ |
| INDUSTRIAL FCF | 1.03 | ≥1.20 | ≥ |
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 approximatelyEuro 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.
About Ferrari
Ferrari is one of the world’s leading luxury brands, encompassing racing, sports cars and lifestyle. In each of these three souls, the Prancing Horse is a symbol of exclusivity, innovation and cutting-edge performance. The brand’s heritage and global recognition are closely associated with its Formula 1 racing team, Scuderia Ferrari, the most successful in the sport’s history. Since the inaugural World Championship in 1950, Scuderia Ferrari has claimed 16 Constructors’ and 15 Drivers’ world titles. From its home in Maranello, Italy, Ferrari designs, engineers, and produces some of the world’s most iconic and recognisable luxury sports cars, sold in over 60 markets worldwide. In lifestyle, Ferrari designs and creates a selection of personal luxury goods, collectibles and experiences that embody the brand’s elevated style and passion.
Forward Looking Statements
This document, and in particular the section entitled “2025 Guidance”, contain forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “continue”, “on track”, “successful”, “grow”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, “guidance” and similar expressions. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Group’s ability to preserve and enhance the value of the Ferrari brand; the Group’s ability to attract and retain qualified personnel; the success of the Group’s racing activities; the Group’s ability to keep up with advances in high performance car technology, to meet the challenges and costs of integrating advanced technologies, including electric, more broadly into its car portfolio over time and to make appealing designs for its new models; the impact of increasingly stringent fuel economy, emissions and safety standards, including the cost of compliance, and any required changes to its products, as well as possible future bans of combustion engine cars in cities and the potential advent of self-driving technology; changes in general economic conditions (including changes in the markets in which the Group operates) and changes in demand for luxury goods, including high performance luxury cars, which is highly volatile; macro events, pandemics and conflicts, including the ongoing conflicts in Ukraine and the Middle East region, and the related issues potentially impacting sourcing and transportation, as well as trading policies and tariffs; increases in costs, disruptions of supply or shortages of components and raw materials; the Group’s ability to successfully carry out its low volume and controlled growth strategy, while increasing its presence in growth market countries; competition in the luxury performance automobile industry; changes in client preferences and automotive trends; the Group’s ability to preserve the value of our cars over time and its relationship with the automobile collector and enthusiast community; disruptions at the Group’s manufacturing facilities in Maranello and Modena; climate change and other environmental impacts, as well as an increased focus of regulators and stakeholders on environmental matters; the Group’s ability to maintain the functional and efficient operation of its information technology systems and to defend from the risk of cyberattacks, including on its in-vehicle technology; the ability of its current management team to operate and manage effectively and the reliance upon a number of key members of executive management and employees; the performance of the Group’s dealer network on which the Group depends for sales and services; product warranties, product recalls and liability claims; the sponsorship and commercial revenues and expenses of the Group’s racing activities, as well as the popularity of motor sports more broadly; the performance of the Group’s lifestyle activities; the Group’s ability to protect its intellectual property rights and to avoid infringing on the intellectual property rights of others; the Group’s continued compliance with customs regulations of various jurisdictions; labor relations and collective bargaining agreements; the Group’s ability to ensure that its employees, agents and representatives comply with applicable law and regulations; changes in tax, tariff or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which the Group operates; the Group’s ability to service and refinance its debt; exchange rate fluctuations, interest rate changes, credit risk and other market risks; the Group’s ability to provide or arrange for adequate access to financing for its clients and dealers, and associated risks; the adequacy of its insurance coverage to protect the Group against potential losses; potential conflicts of interest due to director and officer overlaps with the Group’s largest shareholders; and other factors discussed elsewhere in this document.
The Group expressly disclaims and does not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this document or in connection with any use by any third party of such forward-looking statements. Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB.
For further information:
Media Relations
tel.: +39 0536 241053
Email: media@ferrari.com
Investor Relations
tel.: +39 0536 241395
Email: ir@ferrari.com
Capex and R&D
| (Euro million) | For the three months ended | |
| March 31, | ||
| 2025 | 2024 | |
| Capital expenditures | 224 | 195 |
| of which capitalized development costs(14) (A) | 110 | 109 |
| Research and development costs expensed (B) | 160 | 146 |
| Total research and development (A+B) | 270 | 255 |
| Amortization of capitalized development costs (C) | 73 | 85 |
| Research and development costs as recognized in the consolidated income statement (B+C) | 233 | 231 |
Non-GAAP financial measures
Operations are monitored through the use of various non-GAAP financial measures that may not be comparable to other similarly titled measures of other companies.
Accordingly, investors and analysts should exercise appropriate caution in comparing these supplemental financial measures to similarly titled financial measures reported by other companies.
We believe that these supplemental financial measures provide comparable measures of financial performance which then facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions.
Certain totals in the tables included in this document may not add due to rounding.
Key performance metrics and reconciliations of NON-GAAP financial measures
| (Euro million) | For the three months ended | |
| March 31, | ||
| 2025 | 2024 | |
| Net revenues | 1,791 | 1,585 |
| Cost of sales | 858 | 782 |
| Selling, general and administrative costs | 149 | 124 |
| Research and development costs | 233 | 231 |
| Other expenses/(income), net | 12 | 7 |
| Results from investments | 3 | 1 |
| Operating profit (EBIT) | 542 | 442 |
| Financial expenses/(income), net | 14 | 2 |
| Profit before taxes | 528 | 440 |
| Income tax expenses | 116 | 88 |
| Effective tax rate | ||
| Net profit | 412 | 352 |
| Basic EPS (€) | 2.30 | 1.95 |
| Diluted EPS (€) | 2.30 | 1.95 |
| EBITDA | 693 | 605 |
| of which EBITDA (Industrial activities only) | 683 | 595 |
Total net revenues, EBITDA and Operating profit (EBIT) at constant currency eliminate the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges.
| (Euro million) | For the three months ended | |
| March 31, | ||
| 2025 | ||
| 2025 | at constant | |
| currency | ||
| Cars and spare parts | 1,536 | 1,518 |
| Sponsorship, commercial and brand | 191 | 190 |
| Other | 64 | 63 |
| Total net revenues | 1,791 | 1,771 |
| (Euro million) | For the three months ended | |
| March 31, | ||
| 2025 | ||
| 2025 | at constant | |
| currency | ||
| EBITDA | 693 | 678 |
| Operating profit (EBIT) | 542 | 527 |
EBITDA is defined as net profit before income tax expense, financial expenses/(income), net and amortization and depreciation. Adjusted EBITDA is defined as EBITDA as adjusted for certain income and costs, which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.
| (Euro million) | For the three months ended | ||
| March 31, | |||
| 2025 | 2024 | Change | |
| Net profit | 412 | 352 | 60 |
| Income tax expense | 116 | 88 | 28 |
| Financial expenses/(income), net | 14 | 2 | 12 |
| Amortization and depreciation | 151 | 163 | (12) |
| EBITDA | 693 | 605 | 88 |
| Adjustments | - | - | - |
| Adjusted EBITDA | 693 | 605 | 88 |
“Adjusted Operating profit” or Adjusted Earnings Before Interest and Taxes or “Adjusted EBIT” represents Operating profit (EBIT) as adjusted for certain income and costs which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.
| (Euro million) | For the three months ended | ||
| March 31, | |||
| 2025 | 2024 | Change | |
| Operating profit (EBIT) | 542 | 442 | 100 |
| Adjustments | - | - | - |
| Adjusted Operating profit (EBIT) | 542 | 442 | 100 |
Adjusted Net profit represents net profit as adjusted for certain income and costs (net of tax effect) which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.
| (Euro million) | For the three months ended | ||
| March 31, | |||
| 2025 | 2024 | Change | |
| Net profit | 412 | 352 | 60 |
| Adjustments | - | - | - |
| Adjusted net profit | 412 | 352 | 60 |
Basic and diluted EPS(15) are determined as per the table here below. Adjusted EPS represents EPS as adjusted for certain income and costs (net of tax effect) which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.
| (Euro million, unless otherwise stated) | For the three months ended | ||
| March 31, | |||
| 2025 | 2024 | Change | |
| Net profit attributable to the owners of the Company | 412 | 351 | 61 |
| Weighted average number of common shares (thousand) | 178,651 | 180,250 | |
| Basic EPS (in Euro) | 2.30 | 1.95 | 0.35 |
| Adjustments | - | - | - |
| Adjusted basic EPS (in Euro) | 2.30 | 1.95 | 0.35 |
| Weighted average number of common shares for diluted earnings per common share (thousand) | 178,890 | 180,527 | |
| Diluted EPS (in Euro) | 2.30 | 1.95 | 0.35 |
| Adjustments | - | - | - |
| Adjusted diluted EPS (in Euro) | 2.30 | 1.95 | 0.35 |
Net Industrial (Debt)/Cash, defined as total Debt less Cash and Cash Equivalents (Net (Debt)/Cash), further adjusted to exclude the debt and cash and cash equivalents related to our financial services activities (Net (Debt)/Cash of Financial Services Activities). Net Debt of Financial Services Activities is defined as debt of our financial services activities less cash and cash equivalents of our financial services activities. The Net Debt of Financial Services Activities primarily relates to our asset-backed financing (securitizations) of the receivables generated by our financial services activities in the United States.
| (Euro million) | Mar. 31, 2025 | Dec. 31, 2024 |
| Debt | (3,334) | (3,352) |
| of which leased liabilities as per IFRS 16 | (178) | (126) |
| Cash and Cash Equivalents | 1,915 | 1,742 |
| Net (Debt)/Cash | (1,419) | (1,610) |
| Net (Debt)/Cash of Financial Services Activities | (1,370) | (1,430) |
| Net Industrial (Debt)/Cash | (49) | (180) |
Free Cash Flow and Free Cash Flow from Industrial Activities are two of management’s primary key performance indicators to measure the Group’s performance. Free Cash Flow is defined as cash flows from operating activities less investments in property, plant and equipment (excluding right-of-use assets recognized during the period in accordance with IFRS 16 — Leases), intangible assets and joint ventures. Free Cash Flow from Industrial Activities is defined as Free Cash Flow adjusted to exclude the operating cash flow from our financial services activities (Free Cash Flow from Financial Services Activities). Free Cash Flow from Financial Services Activities is defined as cash flows from operating activities of our financial services activities less investments in property, plant and equipment (excluding right-of-use assets recognized during the period in accordance with IFRS 16 — Leases), intangible assets and joint ventures of our financial services activities.
| (Euro million) | For the three months ended | |
| March 31, | ||
| 2025 | 2024 | |
| Cash flow from operating activities | 847 | 505 |
| Investments in property, plant and equipment and intangible assets | (224) | (195) |
| Free Cash Flow | 623 | 310 |
| Free Cash Flow from Financial Services Activities | 3 | (11) |
| Free Cash Flow from Industrial Activities | 620 | 321 |
On May 6, 2025, at 3:00 p.m. CEST, management will hold a conference call to present the Q1 2025 results to financial analysts and institutional investors. Please note that registering in advance is required to access the conference call details. The call can be followed live and a recording will subsequently be available on the Group’s website https://www.ferrari.com/en-EN/corporate/investors. The supporting document will be made available on the website prior to the call.
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 +
6 Of which 180 units in Q1 2025 (-63 units or -
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
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.
13 Calculated using the weighted average diluted number of common shares as of December 31, 2024 (179,992 thousand)
14 Capitalized as intangible assets
15 For the three months ended March 31, 2025 and 2024 the weighted average number of common shares for diluted earnings per share was increased to take into consideration the theoretical effect of the potential common shares that would be issued for outstanding share-based awards granted by the Group (assuming 100 percent of the target awards vested)
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