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European auto giant Ferrari has reported its Q3 earnings on Tuesday, showing that it earned €670 million ($769.2 million), beating the €649 million ($745 million) that was forecasted before, while core earnings increased 5% from a year earlier. In the earnings report, Ferrari said its performance was driven by higher pricing in the SF90 XX and 12Cilindri families, along with costly personal customization requests added by buyers. Shipments were 3,401 units, a 0.5% increase. These pricing gains helped offset higher U.S. import tariffs. Shares traded in Milan rose as much as 2.9% after the results and were 1.2% higher by early afternoon. Analysts at Jefferies noted that average selling prices rose 5.1%, even with slower deliveries of the Daytona SP3 model. They pointed to expected first shipments of the F80 starting this quarter. In their comment, they wrote, “Progress on average selling price will be a clear area of focus.” Ferrari sets long-term revenue expectations a little higher than usual The company confirmed its 2025 guidance. It expects at least €7.1 billion in net revenue next year and adjusted EBITDA of at least €2.72 billion. This follows a minor revision during its business plan presentation last month. Before the rebound, the company had seen its shares fall nearly 20% since October 9, following investor disappointment in long-term targets seen as conservative. Ferrari, which maintains a €66 billion market capitalization, said it sees 2030 net revenue reaching around €9 billion and adjusted EBITDA reaching at least €3.6 billion. During the same capital markets day, the company revealed technology intended for its first fully electric model named Elettrica, reportedly set for a global premiere next year. Benedetto Vigna, the company’s chief executive officer, said, “On the product front, we continue to provide our clients with maximum freedom of choice in terms of powertrain.” After being introduced, he is referred to as Benedetto. Ferrari’s Q3 EBITDA of €670 million represented an EBITDA margin of 37.9%. Operating profit (EBIT) came in at €503 million, up by 7.6%, for an EBIT margin of 28.4%. The mix and price impact added €25 million, supported by the SF90 XX and 12Cilindri product families and higher personalization revenue, partly offset by lower Daytona SP3 deliveries and U.S. tariffs. Industrial costs and research and development expenses decreased by €12 million, reflecting lower industrial costs and depreciation, partly offset by higher development spending tied to racing. SG&A rose €23 million, linked to racing and brand investments. Other contributions added €32 million, mainly from racing and lifestyle activities. Net financial charges were €13 million, compared with €1 million a year earlier. The company cited foreign exchange effects and lower interest earned on its cash, partly offset by lower borrowing costs. The effective tax rate for the quarter was 22%, reflecting benefits from the Patent Box and incentives for qualifying research and development spending and investments. Net profit for the quarter was €382 million, up 1.8% from last year. Diluted earnings per share reached €2.14, compared with €2.08 in Q3 2024. Industrial free cash flow was €365 million, supported by higher EBITDA. Capital expenditures totaled €230 million, and changes in working capital and provisions resulted in €55 million in outflows. Net industrial debt was €116 million as of September 30, 2025, compared to €338 million at the end of June. The change also reflects €132 million in share repurchases. Total available liquidity at the end of the quarter stood at €1.968 billion, compared to €2.068 billion at the end of June, which included €550 million in undrawn committed credit lines. Sharpen your strategy with mentorship + daily ideas - 30 days free access to our trading programEuropean auto giant Ferrari has reported its Q3 earnings on Tuesday, showing that it earned €670 million ($769.2 million), beating the €649 million ($745 million) that was forecasted before, while core earnings increased 5% from a year earlier. In the earnings report, Ferrari said its performance was driven by higher pricing in the SF90 XX and 12Cilindri families, along with costly personal customization requests added by buyers. Shipments were 3,401 units, a 0.5% increase. These pricing gains helped offset higher U.S. import tariffs. Shares traded in Milan rose as much as 2.9% after the results and were 1.2% higher by early afternoon. Analysts at Jefferies noted that average selling prices rose 5.1%, even with slower deliveries of the Daytona SP3 model. They pointed to expected first shipments of the F80 starting this quarter. In their comment, they wrote, “Progress on average selling price will be a clear area of focus.” Ferrari sets long-term revenue expectations a little higher than usual The company confirmed its 2025 guidance. It expects at least €7.1 billion in net revenue next year and adjusted EBITDA of at least €2.72 billion. This follows a minor revision during its business plan presentation last month. Before the rebound, the company had seen its shares fall nearly 20% since October 9, following investor disappointment in long-term targets seen as conservative. Ferrari, which maintains a €66 billion market capitalization, said it sees 2030 net revenue reaching around €9 billion and adjusted EBITDA reaching at least €3.6 billion. During the same capital markets day, the company revealed technology intended for its first fully electric model named Elettrica, reportedly set for a global premiere next year. Benedetto Vigna, the company’s chief executive officer, said, “On the product front, we continue to provide our clients with maximum freedom of choice in terms of powertrain.” After being introduced, he is referred to as Benedetto. Ferrari’s Q3 EBITDA of €670 million represented an EBITDA margin of 37.9%. Operating profit (EBIT) came in at €503 million, up by 7.6%, for an EBIT margin of 28.4%. The mix and price impact added €25 million, supported by the SF90 XX and 12Cilindri product families and higher personalization revenue, partly offset by lower Daytona SP3 deliveries and U.S. tariffs. Industrial costs and research and development expenses decreased by €12 million, reflecting lower industrial costs and depreciation, partly offset by higher development spending tied to racing. SG&A rose €23 million, linked to racing and brand investments. Other contributions added €32 million, mainly from racing and lifestyle activities. Net financial charges were €13 million, compared with €1 million a year earlier. The company cited foreign exchange effects and lower interest earned on its cash, partly offset by lower borrowing costs. The effective tax rate for the quarter was 22%, reflecting benefits from the Patent Box and incentives for qualifying research and development spending and investments. Net profit for the quarter was €382 million, up 1.8% from last year. Diluted earnings per share reached €2.14, compared with €2.08 in Q3 2024. Industrial free cash flow was €365 million, supported by higher EBITDA. Capital expenditures totaled €230 million, and changes in working capital and provisions resulted in €55 million in outflows. Net industrial debt was €116 million as of September 30, 2025, compared to €338 million at the end of June. The change also reflects €132 million in share repurchases. Total available liquidity at the end of the quarter stood at €1.968 billion, compared to €2.068 billion at the end of June, which included €550 million in undrawn committed credit lines. Sharpen your strategy with mentorship + daily ideas - 30 days free access to our trading program

Ferrari sets long-term revenue expectations a little higher than usual

2025/11/04 23:02

In the earnings report, Ferrari said its performance was driven by higher pricing in the SF90 XX and 12Cilindri families, along with costly personal customization requests added by buyers. Shipments were 3,401 units, a 0.5% increase. These pricing gains helped offset higher U.S. import tariffs. Shares traded in Milan rose as much as 2.9% after the results and were 1.2% higher by early afternoon.

Analysts at Jefferies noted that average selling prices rose 5.1%, even with slower deliveries of the Daytona SP3 model. They pointed to expected first shipments of the F80 starting this quarter. In their comment, they wrote, “Progress on average selling price will be a clear area of focus.”

Ferrari sets long-term revenue expectations a little higher than usual

The company confirmed its 2025 guidance. It expects at least €7.1 billion in net revenue next year and adjusted EBITDA of at least €2.72 billion. This follows a minor revision during its business plan presentation last month.

Before the rebound, the company had seen its shares fall nearly 20% since October 9, following investor disappointment in long-term targets seen as conservative.

Ferrari, which maintains a €66 billion market capitalization, said it sees 2030 net revenue reaching around €9 billion and adjusted EBITDA reaching at least €3.6 billion.

During the same capital markets day, the company revealed technology intended for its first fully electric model named Elettrica, reportedly set for a global premiere next year.

Benedetto Vigna, the company’s chief executive officer, said, “On the product front, we continue to provide our clients with maximum freedom of choice in terms of powertrain.” After being introduced, he is referred to as Benedetto.

Ferrari’s Q3 EBITDA of €670 million represented an EBITDA margin of 37.9%. Operating profit (EBIT) came in at €503 million, up by 7.6%, for an EBIT margin of 28.4%.

The mix and price impact added €25 million, supported by the SF90 XX and 12Cilindri product families and higher personalization revenue, partly offset by lower Daytona SP3 deliveries and U.S. tariffs.

Industrial costs and research and development expenses decreased by €12 million, reflecting lower industrial costs and depreciation, partly offset by higher development spending tied to racing.

SG&A rose €23 million, linked to racing and brand investments. Other contributions added €32 million, mainly from racing and lifestyle activities. Net financial charges were €13 million, compared with €1 million a year earlier.

The company cited foreign exchange effects and lower interest earned on its cash, partly offset by lower borrowing costs.

The effective tax rate for the quarter was 22%, reflecting benefits from the Patent Box and incentives for qualifying research and development spending and investments.

Net profit for the quarter was €382 million, up 1.8% from last year. Diluted earnings per share reached €2.14, compared with €2.08 in Q3 2024.

Industrial free cash flow was €365 million, supported by higher EBITDA. Capital expenditures totaled €230 million, and changes in working capital and provisions resulted in €55 million in outflows. Net industrial debt was €116 million as of September 30, 2025, compared to €338 million at the end of June.

The change also reflects €132 million in share repurchases. Total available liquidity at the end of the quarter stood at €1.968 billion, compared to €2.068 billion at the end of June, which included €550 million in undrawn committed credit lines.

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