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01/11 03:10
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call summary shows strong financial performance with growing revenues, high EBITDA, and effective cost management. Although there are concerns about U.S. tariffs, the guidance remains optimistic, and no program delays are reported. The Q&A highlights strong demand for new models and positive market strategies, despite some pressure on residual values. The overall sentiment is positive, driven by strong earnings, optimistic guidance, and a commitment to sustainability and innovation.
Total Revenues EUR 1.8 billion, a 4.4% growth year-over-year. The growth was driven by a richer product and country mix, as well as higher personalizations.
EBITDA In excess of EUR 700 million. The strong profitability was supported by enriched product mix and increased personalization.
Industrial Cash Flow EUR 230 million. This reflects increased profitability, partially offset by negative changes in working capital provisions and higher inventory in line with the production plan.
EBITDA Margin 39.7%. This was supported by flat D&A determined by the model changeover and enriched product mix.
EBIT Margin Close to 31%. This was driven by enriched product mix, increased personalization, and positive country mix.
Net Industrial Debt EUR 338 million at the end of June 2025. This reflects dividend payments and seasonal tax payments.
Ferrari Elettrica: On track with product development, upcoming launch, and excitement after recent test drive on the race track.
Ferrari Amalfi: Introduced as the 11th model in the 15-model roadmap, launched in July 2025. Initial order collection stage with high demand.
296 Speciale and Speciale Aperta: Two special series launched earlier in 2025, with significant demand nearing full coverage of their life cycles.
296 GT3 Evo: New race car presented in June 2025, set to debut in the 2026 season.
Ferrari Hypersail: Revolutionary boat under construction, representing a new sporting challenge in sailing with technological transfer between sports car and nautical sectors.
Ferrari Amalfi launch event: Hosted over 1,500 guests on the Amalfi Coast, achieving unprecedented client engagement and brand visibility. Aimed at nurturing existing clients and attracting new ones.
Geographic allocation strategy: Deliberate allocation strategy reflected in geographic breakdown of shipments, adapting to product cycles.
Production ramp-up: Progressing on e-building and new paint shop construction, with equipment installation underway.
New track construction: Started construction of a new track near facilities for enhanced sports car testing.
Personalization revenue: Personalizations accounted for approximately 20% of total revenues from cars and spare parts, driven by models like Daytona SP3 and SF90 XX family.
Focus on quality over volume: Deliberate reduction in deliveries for the rest of 2025 to prioritize quality of revenues over volume.
Racing achievements: Secured third consecutive win at 24 Hours of Le Mans, retaining the winners' trophy permanently. Progress in Formula 1 with recent podiums and wins.
Share repurchase program: Resuming multiyear share repurchase program of EUR 2 billion, aiming for completion by year-end.
Macroeconomic Environment: Uncertain macroeconomic conditions, ongoing geopolitical tensions, and market volatility pose risks to Ferrari's operations and financial performance. These factors require increased cautiousness and adaptability.
Trade Tensions and Tariffs: Incremental tariffs in the U.S. could impact profitability, although Ferrari has managed to mitigate this in the short term by leveraging existing inventory.
Currency Fluctuations: Negative impacts from currency fluctuations, particularly related to the U.S. dollar, could affect revenues and profitability.
Product Complexity and Launches: The high number of new model launches and technological advancements require effective management of complexity and agility, which could strain resources and operational efficiency.
Supply Chain and Inventory Management: Higher inventory levels in line with production plans could pose risks if demand fluctuates or supply chain disruptions occur.
Racing and Brand Investments: Increased expenses related to racing activities and brand investments could pressure margins, especially if returns on these investments are not realized as expected.
Regulatory and Environmental Compliance: Potential regulatory changes, including environmental provisions, could increase costs and operational challenges.
FX Headwinds: Greater headwinds from foreign exchange rates, particularly the weakening U.S. dollar against the euro, are anticipated to impact the second half of 2025.
Product Development: Ferrari is on track with the development of the Ferrari Elettrica, with an upcoming launch planned. The company also introduced the Ferrari Amalfi, the 11th model in its 15-model roadmap, and plans to launch additional models in the future.
Order Book and Demand: Ferrari has a strong order book extending into 2027, with current production models substantially sold out. The newly launched Ferrari Amalfi is in the initial order collection stage, and demand for the 296 Speciale family is nearing full coverage of its lifecycle.
Production and Facilities: The production ramp-up of Ferrari's e-building is proceeding as planned. Construction of a new paint shop is underway, with equipment installation about to begin. Additionally, a new track for sports car testing is being constructed to enhance product testing accuracy.
Financial Guidance for 2025: Ferrari confirmed its 2025 guidance with stronger confidence across all metrics. The company removed a 50 basis point risk on percentage margins due to a recent agreement on U.S. tariffs and expects lower industrial costs in the second half of the year. Deliveries for the rest of 2025 are expected to be deliberately reduced compared to 2024 to prioritize quality of revenues over volume.
Revenue and Profitability: Ferrari anticipates a softer product mix in the second half of 2025 due to the phaseout of the Daytona SP3 and the introduction of the F80. Higher SG&A expenses are expected due to planned corporate and commercial activities, along with higher D&A costs linked to new model production. FX headwinds are anticipated if the U.S. dollar remains weak against the euro.
Dividend Payment: The company paid dividends at the beginning of May.
Share Repurchase Program: Ferrari has a multiyear share repurchase program of EUR 2 billion. The company intends to resume repurchases and aims to complete the program by year-end.
Ferrari's earnings call reflects strong financial performance and strategic growth. High EBITDA and EBIT margins, along with robust cash flow, indicate solid profitability. The strategic product development and strong order book, especially for new models like Amalfi, highlight demand strength. Despite challenges like tariffs and FX headwinds, Ferrari maintains pricing power and innovation. Guidance remains strong, with no reduction in shareholder returns. While some uncertainties exist, such as the Elettrica margin impact, overall sentiment is positive, suggesting a likely 2-8% stock price increase.
The earnings call summary shows strong financial performance with growing revenues, high EBITDA, and effective cost management. Although there are concerns about U.S. tariffs, the guidance remains optimistic, and no program delays are reported. The Q&A highlights strong demand for new models and positive market strategies, despite some pressure on residual values. The overall sentiment is positive, driven by strong earnings, optimistic guidance, and a commitment to sustainability and innovation.
The earnings call summary reveals strong financial performance with increased revenues, EBITDA, and net profit. The new model launches and sponsorship growth are promising, while the dividend distribution and share purchase program indicate shareholder confidence. Despite some risks like exchange rates and supply chain challenges, the company's hedging and strategic initiatives mitigate these concerns. The Q&A section supports the positive sentiment with no significant negative trends observed. Overall, the positive financial results, strategic growth plans, and shareholder returns suggest a positive stock price movement over the next two weeks.
Ferrari's earnings call highlights strong financial performance, including double-digit revenue growth and increased net profit. The launch of six new models, including an electric one, and significant progress towards carbon neutrality are positive indicators. Shareholder returns through dividends and repurchases further boost sentiment. While competitive pressures and supply chain challenges exist, Ferrari's strategic initiatives and optimistic outlook, particularly in personalization and sponsorship growth, outweigh these risks. The Q&A session reinforced confidence in margin expansion and price increases, supporting a positive sentiment.
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