🔹 Revenue: €1.79B (Est. €1.77B) 🟢
🔹 Diluted EPS: €2.30 (Est. €2.25) 🟢
🔹 Net Profit: €412M (vs. €352M YoY) +17%
FY25 Guidance:
🔹 Adj. EPS: €8.46 – €8.60 (vs. Est. €8.94) 🔴
🔹 Revenue: > €7.0B (vs. €6.7B in 2024)
🔹 Adj. EBITDA: ≥ €2.68B, Margin ≥ 38.3%
🔹 Adj. EBIT: ≥ €2.03B, Margin ≥ 29.0%
🔹 Industrial FCF: ≥ €1.20B
🔸 Tariff Impact Risk: Potential -50bps drag on EBITDA/EBIT margin
Other Key Q1 Metrics:
🔹 EBITDA: €693M (vs. €605M YoY) +15%
🔹 Industrial Free Cash Flow: €620M
🔹 Gross Margin (EBITDA): 38.7% (vs. 38.2% YoY) +50 bps
🔹 EBIT Margin: 30.3% (vs. 27.9% YoY) +240 bps
Shipments:
🔹 Total Units: 3,593 (vs. 3,560 YoY) +1%
🔹EMEA: +8%
🔹Americas: +3%
🔹Mainland China, HK & Taiwan: -25%
🔹Rest of APAC: -6%
🔹 Product Mix: 51% ICE / 49% Hybrid
Segment Revenue:
🔹 Cars & Spare Parts: €1.536B (UP +11%)
🔹 Sponsorship, Commercial & Brand: €191M (UP +32%)
🔹 Other (e.g., financial services): €64M (UP +10%)
Commentary & Strategic Updates:
🔸 CEO: “Strong profitability driven by product mix and demand for personalizations. Strategy remains focused on quality of revenue.”
🔸 Six new models in 2025 including 296 Speciale, 296 Speciale A, and the first Ferrari Elettrica.
🔸 SG&A rose due to racing and brand investments; offset partially by model phase-outs reducing D&A.
🔸 Net industrial debt improved to €49M (from €180M in Dec 2024).
Other Highlights:
🔸 Participated in Exor’s accelerated bookbuild, repurchasing €300M in shares
🔸 Announced commercial pricing update post-April 2 due to U.S. import tariffs (up to +10% pricing for non-exempt models)
🔸 Lifestyle segment expected to grow in contribution
