Ferrari N.V.

Strong Q1 Results: Ferrari reported Q1 2025 revenues of approximately €1.8 billion, reflecting a double-digit growth (up 12.2% year-over-year). EBITDA reached nearly €700 million, translating to an impressive EBITDA margin of 38.7%. Net profit stood at €412 million, with diluted EPS of €2.3, marking a 17.9% increase compared to the previous year.

Order Book and Product Traction: The order book for current models continues to be strong, particularly for the new 12-cylinder coupe and spiders. The recently launched 296 GTB and 296 GTS received positive reception; thus, the order intake and strong demand are expected to sustain revenue growth, with demand noted across various geographic regions.

Challenges from U.S. Tariffs: The introduction of higher tariffs on EU cars imported to the U.S. presents a risk, projected to impact EBITDA and EBIT margins by around 50 basis points. Ferrari is adjusting its commercial strategy to mitigate this risk, yet it remains vigilant to observe market responses.