Ferrari N.v Stock Earnings Reports

Key points for investors:

- Financial performance: Q3 2025 revenues ~EUR 1.8bn, +7.4% YoY, flat deliveries. EBIT > EUR 500m; EBITDA margin 37.9% and EBIT margin 28.4%. Industrial free cash flow strong at EUR 365m. Net industrial debt EUR 116m (end-September) after share buybacks.

- Guidance & capital actions: Management reaffirmed the revised 2025 guidance announced at Capital Markets Day (October 9) and confirmed completion of the current share repurchase program within the year (one year earlier than planned).

- Product & demand: Order book extends well into 2027 driven by recent launches (849 Testarossa family, Amalfi, early reveal of Elettrica). Significant model changeover underway: a higher share of the lineup will be in ramp-up (from 15% to ~35% during the year), causing lower Q4 deliveries YoY but improved mix.

- Mix / personalization: Personalizations are material (~20% of cars & spare-parts revenues), a major contributor to mix and margin. Management expects longer-term personalization penetration assumed in planning around ~19% but current strength is above that.

- Powertrain strategy: Ferrari revised its 2030 powertrain mix ambition from the 2022 plan — now targeting ~40% ICE, 40% hybrid, 20% electric — citing slower-than-expected market EV adoption and strong demand for thermal/hybrid products. Elettrica unveiling is staged: technology revealed, interior concept in Q1 2026, full car Q2 2026.

- Costs & headwinds: Q3 results were achieved despite incremental U.S. import tariffs, FX headwinds and lower Daytona SP3 deliveries (end of limited series). Tariffs are now fixed at 15% and Ferrari updated its commercial policy accordingly (smaller price adjustment than when tariffs were 25%). F1 budget increases will raise racing costs and flow into the P&L.

- Sustainability: Recommitted to decarbonization targets announced at Capital Markets Day: ~10x reduction in Scope 1 & 2 by 2030 vs 2021 and 25% absolute reduction in Scope 3 by 2030 vs 2024.

- Outlook & cadence: Management expects 2026 to be back-end loaded due to the phased ramp of F80 and other model introductions; continued focus on protecting exclusivity and long-term brand value while executing on the 2030 floor (EUR 9bn revenues, 40% EBITDA margin, 30% EBIT margin).