CONSISTENT EXECUTION: STRONG Q3 2025 RESULTS
- Net revenues of Euro 1,766 million, up 7.4% versus prior year, with total shipments of 3,401 units
- Operating profit (EBIT)(1) of Euro 503 million, up 7.6% versus prior year, with Operating profit (EBIT) margin of 28.4%
- Net profit of Euro 382 million and diluted EPS at Euro 2.14
- EBITDA(1) of Euro 670 million, up 5.0% versus prior year, with EBITDA margin of 37.9%
- Industrial free cash flow(1) generation of Euro 365 million
- 2025 guidance revised upward during the Capital Markets Day
“We continue to advance with conviction and strong visibility on our development path. At our Capital Markets Day, we have defined a clear trajectory in the long-term interests of our brand, setting the floor for sustainable growth toward 2030” said Benedetto Vigna, CEO of Ferrari. “On the product front, we continue to provide our clients with maximum freedom of choice in terms of powertrain. As a leader, we embrace the responsibility to demonstrate that our interpretation of electric technology – embodied in the Ferrari Elettrica – will once again drive innovation”.
Shipments totaled 3,401 units in Q3 2025, substantially flat versus the prior year.
The geographic breakdown reflects the Company’s allocation strategy to preserve the brand’s exclusivity. In the quarter, EMEA was up 23 units, Americas was down 25 units, Mainland China, Hong Kong and Taiwan decreased by 33 units and Rest of APAC increased by 53 units.
Deliveries in the quarter were driven by the 296 GTS, the Purosangue, the 12Cilindri family, which continued its ramp up phase, and the Roma Spider. In the quarter, the SF90 XX family increased its contribution, while the 296 GTB approached the end of its lifecycle and the SF90 Spider phased out in the quarter. Shipments of the Daytona SP3 were lower than the prior year, also completing its limited series run in the quarter.
The products delivered in the quarter included six internal combustion engine (ICE) models and five hybrid engine models, which represented 57% and 43% of total shipments, respectively.
Total net revenues
Net revenues for Q3 2025 were Euro 1,766 million, up 7.4% (9.3% at constant currency(1)).
Revenues from Cars and spare parts were Euro 1,479 million, up 5.6% (7.6% at constant currency), thanks to a richer product mix, as well as increased personalizations, despite lower deliveries of the Daytona SP3.
Sponsorship, commercial and brand revenues reached Euro 211 million, up 21.0% (22.0% at constant currency), mainly attributable to sponsorships and lifestyle activities, as well as higher commercial revenues linked to the better prior year Formula 1 ranking.
Currency – including translation and transaction impacts as well as foreign currency hedges – had a negative net impact of Euro 32 million, mostly related to the US Dollar.
EBITDA and Operating profit (EBIT)
Q3 2025 EBITDA reached Euro 670 million, up 5.0% versus the prior year and with an EBITDA margin of 37.9%.
Q3 2025 Operating profit (EBIT) was Euro 503 million, increased 7.6% versus the prior year and with an Operating profit (EBIT) margin of 28.4%.
Volume was substantially flat.
The Mix / price variance performance was positive for Euro 25 million, mainly reflecting the enrichment of the product mix, sustained by the deliveries of the SF90 XX and the 12Cilindri families, and increased personalizations, partially offset by lower deliveries of the Daytona SP3 and higher US import tariffs.
Industrial costs / research and development expenses decreased Euro 12 million year over year, with lower industrial costs and depreciation and amortization, partially offset by higher development costs for racing.
SG&A grew Euro 23 million mainly reflecting racing expenses and brand investments.
Other changes were positive for Euro 32 million, mainly thanks to racing and lifestyle activities.
Net financial charges in the quarter were Euro 13 million compared to Euro 1 million in the prior year, mainly resulting from net foreign exchange rates impact and lower interest income on liquidity held by the Group, partially offset by lower interest expenses on debt.
The effective tax rate(10) in the quarter was 22.0%, mainly reflecting the estimate of the benefit attributable to the new Patent Box and tax incentives for eligible research and development costs and investments.
As a result, the Net profit for the quarter was Euro 382 million, up 1.8% versus the prior year, and the diluted earnings per share for the quarter reached Euro 2.14, compared to Euro 2.08 in Q3 2024.
Industrial free cash flow in the quarter was strong at Euro 365 million, driven by the increased EBITDA from industrial activities partially offset by capital expenditures(11) of Euro 230 million, and a negative change in working capital, provisions and other for Euro 55 million.
Net Industrial Debt(1) as of September 30, 2025 was Euro 116 million, compared to Euro 338 million as of June 30, 2025, also reflecting the share repurchases of Euro 132 million. As of September 30, 2025, total available liquidity was Euro 1,968 million (Euro 2,068 million as of June 30, 2025), including undrawn committed credit lines of Euro 550 million.
2025 guidance revised upward during the Capital Markets Day of last October 9th, based on the following updated assumptions:
Stronger product mix and personalizations
Lower industrial costs in H2 compared to our initial expectations, despite higher US tariffs and greater FX headwind
Higher industrial free cash flow generation driven by profitability and stronger collection of advances in the year
Q3 2025 highlights:
On July 31, 2025, Ferrari announced its intention to complete its multi-year share buyback program of approximately Euro 2 billion announced during the 2022 Capital Markets Day with an eighth tranche of up to Euro 360 million, which started on August 22, 2025 and is expected to end no later than December 18, 2025.
On September 9, 2025, Ferrari unveiled its latest sports cars, the 849 Testarossa and the 849 Testarossa Spider. The cars, which replace the SF90 Stradale and the SF90 Spider in the range, are hybrid plug-in super sports berlinetta equipped with three electric motors alongside the mid-rear twin-turbo V8, delivering a total of 1050 cv, 50 more than the cars they replace.
On September 30, 2025, Ferrari announced the renewal of the multiyear partnership with CEVA Logistics, that will continue to support Ferrari's racing and logistic activities.
Subsequent events:
On October 6, 2025, Ferrari announced the completion of the e-Vortex, the new test circuit adjacent to the Fiorano track. The new infrastructure, approximately two kilometers long and covering an area of 37,000 square meters, represents a fundamental step forward in improving the functional testing of sports cars fresh off the production line.
On October 9, 2025, Ferrari revealed the production-ready chassis and components of its new electric car, the first full-electric model in the history of the Prancing Horse. This model is a milestone in the brand’s technology neutrality strategy, which encompasses internal combustion engines, HEV and PHEV powertrains, and now, fully electric drive.
On October 9, 2025, Ferrari presented, at its Capital Markets Day, the 2030 Strategic Plan and its profitability targets for the end of the decade.
On October 31, 2025, Ferrari announced a multi-year partnership agreement with BingX, a leading crypto exchange and Web3 company. Taking effect on January 1, 2026, BingX will become a Team Partner of Scuderia Ferrari HP.
Under the eighth tranche of the multi-year common share repurchase program announced on July 31, 2025, from October 1, 2025 to October 31, 2025 the Company purchased 353,679common shares for a total consideration of Euro 126 million. At October 31, 2025 the Company held in treasury an aggregate of 16,352,507common shares equal to 8.95% of the total issued share capital including the common shares and the special voting shares, net of shares assigned under the Company’s equity incentive plan.