Good figures, but not enough to warm the hearts of the stock market. Ferrari closes the second quarter of 2025 with solid results but the title is overwhelmed by sales and loses more than 9%, slipping to 396,90 €A surprising reaction, because there are no signs of structural weakness in the data, only slight deviations from expectations. But for a brand that embodies excellence, disappointing even a little can be costly.
In detail, net revenues for the quarter they stood at 1,787 billion euros, up 4,4% on an annual basis, slightly below expectations (1,82 billion). Deliveries were 3.494 unit, just ten more than the previous year, but below the consensus of 3.515. Operating profit (EBIT) rose 8,1% to 552 million, with a margin of 30,9%, while the net profit grew up in 425 million euro (+2,9%). L'earnings per share (EPS) was equal to 2,38 €, just below the expected 2,40 euros.
At half-yearly level, Ferrari recorded revenues of 3,58 billion (+ 9%), deliveries of 7.087 cars (+1%), it's a net profit of 837 million (+9%). The gross operating margin (EBITDA) increased by 10% to 1,24 billion, with a margin of 39,2%. EBIT rose to 1,09 billion (+15%), with a margin of 30,6%.
Tariff risk averted: 2025 guidance confirmed
Despite the marginal miss on expectations, Ferrari confirmed its guidance for 2025, supported by an improved product-geographic mix, the growing contribution of customizations and additional revenues linked to Formula 1 results in 2024.
The Maranello-based company also announced the risk removal of a 50 basis point margin cut resulting from US duties on EU cars, thanks to the agreement reached between Brussels and Washington: “The risk of a reduction in percentage margins has been removed following the recent agreement on lower levels reached between the United States and the EU,” the company communicated.
With these premises, Ferrari expects to close the year with:
- Revenues exceeding 7 billion euros
- Adjusted Ebitda ≥ 2,68 billion (+5%, margin ≥ 38,3%)
- Adjusted Ebit ≥ 2,03 billion (+7%, margin ≥ 29%)
- Adjusted earnings per share ≥ 8,6 euros (+ 2%)
- Industrial free cash flow ≥ 1,2 billion (+ 17%)
Il second quarter free cash flow was equal to 232 million euro, bringing the semester total to 852 million. At the end of June, the net industrial financial position it was negative by 338 million, against total liquidity of 2,07 billion (including 550 million in unused credit lines).
With solid results, several analysts believe the market's reaction is excessive, attributing it to profit taking rather than to real critical issues in the accounts.Ferrari today pays the price of excellence: if you don't amaze, you disappoint.“, He noted Gabriel Debach, market analyst of eToro – “The real message of the quarterly report is the removal of US tariff risk. Anyone looking beyond the day will find more solidity than fragility under the hood.”
Vigna: "Solidity and vision"
"I solid results Today's announcements reflect our commitment to executing our strategy with discipline and determination. We continue to promote innovation and to enrich our product offering, which fuels an already strong order book. Evidence of this is the exceptional demand for the 296 Speciale family and the excellent feedback on the recent launch of the Ferrari Amalfi, the new coupé that redefines the concept of contemporary grand touring,” declared Benedict Vigna, CEO of Ferrari.
Looking to the future, the CEO anticipated the debut of the first 100% electric Ferrari, scheduled for Capital Market Day on October 9. “There are no delays on electric vehicles, we are proceeding according to plan,” he clarified, rejecting rumors of possible delays.
Formula 1: no revolution, trust in Vasseur
While the group's accounts are holding up, on the track Ferrari continues to chase the top of Formula 1. In Maranello, however, it's not time for revolutionsThe team has decided to renew its trust in Fred vasseur, confirming him as Team Principal with a new multi-year contractThe choice silences the rumors about possible interest in Christian Horner (recently left Red Bull) and signals the team's desire to build on the work done so far.
“Today we want recognize what has been built and commit ourselves to what still needs to be achieved,” said Benedetto Vigna. “This reflects our confidence in Fred’s leadership. We move forward with determination and focus.”
In charge since 2023, Vasseur has been able to gain the support of the entire team, including its drivers. Charles Leclerc he spoke of “total trust”, while Lewis Hamilton, who arrived in Maranello this year, declared that Vasseur is “the right man to bring us back to the top”.
With the already looking ahead to 2026, the Scuderia is preparing for the regulatory change that will introduce deeply revised single-seaters and 50% thermal and 50% electric hybrid engines.
“I am grateful to Ferrari for the trust they continue to place in me,” declared Vasseur. “This renewal is not just a confirmation, but a challenge to continue to progress, to stay focused and to give my all. Over the last 30 months we have laid solid foundations, now we must build with consistency and determination. We know what is expected of us and we are all committed to achieving these goals.".
