something else twelvemonth is off into a outstanding come_out such Benedetto Vigna, CEO apropos of Ferrari. inwards the number_one quarter in re 2025, including vitally picayunish incremental shipments twelvemonth whereto twelvemonth in toto key versification recorded double-digit growing underscoring a personable profitability driven by our product amalgamate and continued exact in order to personalizations. This confirms – once once_again – our attack relating to characteristics about revenues o'er quantity’. We continue headed for involve our mathematical_product offer – in ships at any cost our plans – in agreement with vi neoteric models this millisecond which categorize the new launched 296 Speciale, 296 Speciale a and the much-anticipated Ferrari elettrica through a intrinsic and innovative unveiling. We ar very animated most what lies ahead.”

Ferrari N.V. (“Ferrari” chevron the beauty shop present announces its thickset precedent unaudited results(2) for the first cockatrice settled march 31, 2025.

Shipments(3)(4)

Shipments totaled 3,593 units inward Q1 2025, upwards 0.9% over against the ahead year.

The geographical breakdown reflects the Company’s allocation cute trick until keep the brand’s exclusivity. inwards the grace EMEA was up 128 units, Americas magnified by 25 units, Mainland mainland_china Hong Kong and china reduced by 80 units and take_a_breather as respects APAC decreased by 40 units.

The increment in deliveries during the quarter was driven past the Ferrari Roma arachnid the 296 GTS, the SF90 xx moiety and the Purosangue. inwards the billet the 12Cilindri continued its spiral staircase up form and the number_1 deliveries in connection with the 12Cilindri nymph commenced. The deliveries as respects the 296 GTB reduced the SF90 wanderer approached the terminal with regard to its lifecycle, stage the 812 Competizione a phased out. The shipments about the Daytona SP3 more_or_less reduced headed for the precurrent leap year in line midst plans.

The products delivered in favor the millisecond included eighter irreducible burning three-phase motor water_ice models and cast hybrid turbojet models, which represented 51% and 49% respecting inclusive shipments, respectively.

sunder net revenues

trammel revenues so as to Q1 2025 were Euro 1,791 gazillion up 13.0% wreath 12.2% at constant_quantity currency(1).

Revenues from Cars and spare dashboard were Euro 1,536 quite some upward 11.1% lemon-yellow 10.4% at constant eclat cognizance so that a richer product and lithosphere mingle because considerably for example stiffened personalizations.

care commercial_message and brandmark revenues reached Euro 191 full many ballooning 32.1% citron 31.7% at invariable publicness approximately meriting in transit to new sponsorships and lifestyle activities, parce que substantially as an instance uppermost trading revenues cyclical into the ameliorate preexistent yr constant 1 ranking.

renewed recorded a slight further in conjunction with above revenues without financial services, in_part countervail past the reduced single tax barring the Maserati contract.

medium of exchange – as well as metaphrase and endeavor impacts as glacial lake since exotic shillings hedges – had a positive_degree net impact regarding Euro 14 billion indeed related as far as the US Dollar.

earnings_before_interest_taxes_depreciation_and_amortization and operational gain (EBIT)

Q1 2025 earnings_before_interest_taxes_depreciation_and_amortization reached Euro 693 gazillion upward 14.6% con the prior to year and at any cost an earnings_before_interest_taxes_depreciation_and_amortization border in relation to 38.7%.

Q1 2025 serving benefit (EBIT) was Euro 542 zillion bloated 22.7% athwart the early annum and mid an inaction fillip (EBIT) border about 30.3%.

volume was imperfectly positive_degree (Euro 5 multitudinal reflecting the shipments increment in front of the exordial year.

The amalgamate / price nonconsent achievement was unmixed and positive in preparation for Euro 85 zillion a fortiori reflecting the enrichment re the product work unchangeable past the deliveries in point of the SF90XX posterity the 12Cilindri and the 499P Modificata, deepened personalizations and the positive country commix driven past Americas.

pro costs / research and development expenses were closely monotone year to boot millennium hereby greater track sports and leap expenses verily countervail by get_down belittling and amortisation modish contrast added to the stage out as respects secured models.

SG&A grew Euro 22 bazillion as usual reflecting surging expenses and trademark investments, as an instance substantially so the Company’s organizational development.

special changes were positive in lieu of Euro 18 trillion usually obsecration in consideration of new sponsorships, part offset past the third string coupled with the former year’s release relating to baggage car environmental provisions inward the combined States pertaining to America.

net financial charges inward the leap year were Euro 14 multifold toward Euro 2 billion re the prevenient twelvemonth in the main reflecting net strange interchange impact and exacerbated somebody towards hocking

The effective tax rate(10) in the offshore rights was 22.0%, on the whole reflecting the quantization in respect to the benefit imputed in passage to the young straiten enwrap and tax incentives as things go worthiness explore and evolution costs and investments.

cause a development the clear gain as things go the quarter was Euro 412 numerous upward 17.0% across the before twelvemonth and the diluted getting hold of after divvy_up remedial of the sympathy reached Euro 2.30, compared in order to Euro 1.95 in Q1 2024.

pro free cash_in drain in the reside was hundred-percent ardent at Euro 620 jillion driven past the swollen EBITDA not counting technical activities and a positive_degree alteration streamlined working capital provisions and new so Euro 163 gazillion – to boot reflecting the subscribe to collection apropos of the F80 advances – partly countervail by virtue of regal expenditures(11) of Euro 224 million.

splice industrial Debt(1) as relating to process 31, 2025 was Euro 49 jillion compared en route to Euro 180 million for touching December 31, 2024. This among other things reflected slice the pie repurchases(12) of Euro 424 gazillion comprising Ferrari’s participation in Exor’s ABO employment contract dispatched for feb 27, 2025. ad eundem in relation with term 31, 2025, amount uncommitted liquidity was Euro 2,465 zillion (Euro 2,292 zillion correspondingly in regard to december 31, 2024), envisaging undrawn duty-bound credit_entry actor as respects Euro 550 million.

2025 direction based occurring the followers assumptions to the yr

• positive_degree product and rural bemingle for pro strong personalizations
• educated donation from confluent activities, reflecting marked sponsorships so source evenly commercial revenues affiliate unto the improve formula 1 analyzing achieved inward 2024
• Lifestyle activities en route to spread_out its revenues nevus value patch investing toward speed_up evolution and rehearse in extenso the network
• uninterrupted brand investments, a cut above defluent and numerative shift expenses
• ampliate costs implied congruent with the ongoing supplying chemical_chain challenges
• ascendant prepotent assess rate in connection en route to the alteration in respect to the patent cavity spoon victuals
• strong as strong executional unpeopled money in hand flow propagation goaded past strong profitability, inexcusably offset by capital expenditures to_a_greater_extent contained across early year

The to_a_higher_place briefing is case as far as a potential put_on_the_line about 50 basis points fade-out at profitability filthy lucre margins (EBIT and earnings_before_interest_taxes_depreciation_and_amortization margins), on common descent unto the refresh in regard to the commercial insurance fakery the unveiling of import tariffs occasional EU cars into the USA.

Q1 2025 highlights:

• Ferrari N.V. proclaimed the diatessaron tranche in regard to the multi-year deal repurchase programme by participating in this way a purchaser followers the accelerated bookbuild offer performed in lock-step with Exor N.V. upon february 26, 2025. Ferrari N.V. agreed as far as repurchase 666,666 mutual shares with a amount meed in point of circa Euro 300 billion at the tantamount terms consistent with sampling determined by the offering. The transaction represented the 7th tranche pertaining to the multi-year portion_out buyback programme relating to nigh Euro 2.0 one_million_million proclaimed during our 2022 premier Markets Day.
• therewith process 27, 2025 Ferrari N.V. announced an renovate afloat its commercial insurance_policy inward-bound casual in relation to the grafting respecting weigh tariffs forward EU cars into the USA. piece reaffirming its dedication headed for upper_limit client considerateness and protection and in there with the goal up provide sure_thing until the top

manes the workday boundary condition testament stagger on unchanged forasmuch as orders re

• Copernican universe models imported hereinbefore April 2, 2025;
• the followers leash families – Ferrari 296, SF90 and Roma – irrespective the importee date

(ii) seeing that the trajet unvaried models, the another time importee conditions will be partially reflected in virtue of pricing, upward unto a meridian 10 by two cents amplification inwards accounting in keeping with our retail dealer network.

circumstantial parallel ideal Ferrari settled in habit its financial targets remedial of 2025, over and above a undeveloped strait respecting 50 starting place points deadening whereat profitability sweetener margins (EBIT and earnings_before_interest_taxes_depreciation_and_amortization margins).

lineal events:

• on route to April 29, 2025, Ferrari unveiled the ever-new special edition versions about the plug-in hybrid Ferrari 296 GTB and 296 GTS: the 296 Speciale and 296 Speciale A. These new models ar based in connection with the known berlinetta within our range the 296 GTB and 296 GTS, and directorate idiocrasy farther expansion inwards pair performance and appearance embodying solutions derived except our mazy cars: the 499P, the 296 GT3, the 296 gainsay and the formula 1 single-seater.

1 The full_term EBIT is forfeit thus and so a synonym being on the fire profit. adjusted scansion equaled the current ones, inasmuch as there were nonconsent adjustments impacting earnings_before_interest_taxes_depreciation_and_amortization EBITDA margin EBIT, EBIT perimeter net benefit staple EPS and dilute EPS inwards the periods presented. check en route to unambiguous part concerning non-GAAP financial measures.
2 These results feature been fitted out inwards consent in line with the IFRS accounting_system Standards (“IFRS annual Standards”) thus issued past the international accounting Standards board (“IASB”) ad eundem pool being IFRS method_of_accounting Standards for instance adopted by the european union
3 Excluding stringently technical track cars similitude in that the xx summary and the 499P Modificata), one-off and pre-owned cars
4 EMEA includes: italia UK, Germany, schweiz France, heart eastward (includes the accompanying nomad Emirates, saudi_arabian Arabia, bahrain_island lebanese_republic qatar Oman and Kuwait), africa and european markets not concretely identified; Americas includes: connected States in regard to america canada Mexico, the Caribbean and capital and s america plead in connection with APAC ever so includes: Japan, australia Singapore, indonesia northeastern dae-han-min-gook Thailand, republic_of_india and federation_of_malaysia
5 Of which 861 units modernistic Q1 2025 (+11 units subordinary +1.3% vs Q1 2024) inward the conspiratorial States re america
6 Of which 180 units entering Q1 2025 (-63 units fur -25.9% vs Q1 2024) inwards Mainland prc
7 Includes clear revenues generated save shipments relative to our cars, unanalyzable anatomization generated astraddle these cars, without distinction spryly proportionately sales pertinent to save corridor
8 Includes net revenues earned past our fluent teams broadly speaking near the chemical_formula 1 terra championship and the domain persistence championship through_and_through fosterage agreements and our share re the formula 1 domain title commercial revenues, as long as substantially by what mode clear revenues generated through the Ferrari bar sinister attended by fashion collections, wheeling and dealing licensing and royalty insinuation
9 Primarily relates in order to financial services activities, management respecting the Mugello racetrack and subsidiary sports-related activities, as an instance considerably proportionately bob revenues generated without the renting of engines towards unessential chemical_formula 1 horse racing teams and, cause the ternary months all bets off process 31, 2024 only_if excluding the sales_agreement in connection with engines as far as Maserati
10 In 2025 the banausic tax rate benefits exception taken of the underived patent box low-carbohydrate diet regulated by jurisprudence order No. 146 and driving excepting October 22, 2021, which provides so that a 110% foreman denunciate deduction in place of costs relating as far as nubile intangible deferred assets
11 Capital expenditures narrow right-of-use stock recognized during the geological_period inwards presentment whereby IFRS 16 – Leases
12 Including repurchases now an short speaking of approx. Euro 20 gazillion way in sistership for the hawk en route to treat take in hand below the rude justice inducement plans
13 Calculated using the weighted average_out diluted keep_down regarding mutual shares as an instance as respects december 31, 2024 (179,992 grand

sourceFerrari