Lewis Hamilton is so fed up with his results at Ferrari that he's taking matters into his own hands
Lewis Hamilton is so fed up with his results at Ferrari midway through his first season with the team that he's taking matters into his own hands.
Hamilton revealed Thursday upon arriving at the Belgian Grand Prix that he spent the summer break holding meetings with Ferrari's leaders to demand improvements, and composed documents detailing areas he believes need to be addressed.
Hamilton alluded to the mostly disappointing results for Ferrari over the last 20 years with world champions like Kimi Raikkonen, Fernando Alonso and Sebastian Vettel at the wheel.
'I refuse for that to be the case with me,' said Hamilton, who shares the F1 record of seven drivers' championships with Michael Schumacher. 'So I'm going the extra mile … if you take the same path all the time, you get the same results. So I'm just challenging certain things."
Hamilton said he spent four days over two weeks at Ferrari's headquarters in Italy during the break.
'I've called on lots of meetings with the heads of the team,' Hamilton said at Spa-Francorchamps. 'So I've sat with John (Elkann, Ferrari's president), Benedetto (Vigna, CEO) and Fred (Frederic Vasseur, team principal) in several meetings.
"I've sat with the head of our car development, with Loic (Serra, technical director), with also the heads of different departments talking about the engine for next year, talking about front suspension for next year, talking about rear suspension for next year.
'After the first few races, I did a full document for the team. And during this break I had another two documents that I sent in. So then I come in and want to address those,' Hamilton added, detailing 'structural adjustments that we need to make' and 'issues that I have with this car.'
The 40-year-old Hamilton's best results with Ferrari have been three fourth-place finishes — two of them in the two races before the break. Teammate Charles Leclerc, who is in his seventh season with the team, has fared only slightly better with four podium finishes and a best result of second at his home Monaco GP.
Hamilton noted that Ferrari 'is a huge organization and there's a lot of moving parts and not all of them are firing on all the cylinders that need to be. That's ultimately why the team's not had the success that I think it deserves.
"So I feel that it's my job to challenge absolutely every area, to challenge everybody in the team, particularly the guys that are at the top who are making the decisions.'
Ferrari is second in the constructors' standings but has less than half as many points as runaway leader McLaren, which has dominated with Oscar Piastri and Lando Norris.
'I'm here to win. And I don't have as much time as this one here,' Hamilton said, gesturing toward 18-year-old Kimi Antonelli, who replaced him at Mercedes, and who was sitting next to the British driver at an F1 news conference. 'So it's crunch time. I truly believe in the potential of this team.'
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The brand's heritage and global recognition are closely associated with its Formula 1 racing team, Scuderia Ferrari, the most successful in the sport's history. Since the inaugural World Championship in 1950, Scuderia Ferrari has claimed 16 Constructors' and 15 Drivers' world titles. From its home in Maranello, Italy, Ferrari designs, engineers, and produces some of the world's most iconic and recognisable luxury sports cars, sold in over 60 markets worldwide. In lifestyle, Ferrari designs and creates a selection of personal luxury goods, collectibles and experiences that embody the brand's elevated style and passion. Forward Looking StatementsThis document, and in particular the section entitled 'Stronger confidence in the 2025 Guidance', contain forward-looking statements. These statements may include terms such as 'may', 'will', 'expect', 'could', 'should', 'intend', 'estimate', 'anticipate', 'believe', 'remain', 'continue', 'on track', 'successful', 'grow', 'design', 'target', 'objective', 'goal', 'forecast', 'projection', 'outlook', 'prospects', 'plan', 'guidance' and similar expressions. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group's current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Group's ability to preserve and enhance the value of the Ferrari brand; the Group's ability to attract and retain qualified personnel; the success of the Group's racing activities; the Group's ability to keep up with advances in high performance car technology, to meet the challenges and costs of integrating advanced technologies, including electric, more broadly into its car portfolio over time and to make appealing designs for its new models; the impact of increasingly stringent fuel economy, emissions and safety standards, including the cost of compliance, and any required changes to its products, as well as possible future bans of combustion engine cars in cities and the potential advent of self-driving technology; changes in general economic conditions (including changes in the markets in which the Group operates) and changes in demand for luxury goods, including high performance luxury cars, which is volatile; macro events, pandemics and conflicts, including the ongoing conflicts in Ukraine and the Middle East region, and the related issues potentially impacting sourcing and transportation; increases in costs, disruptions of supply or shortages of components and raw materials, as well as trading policies and tariffs; the Group's ability to successfully carry out its low volume and controlled growth strategy, while increasing its presence in growth market countries; competition in the luxury performance automobile industry; changes in client preferences and automotive trends; the Group's ability to preserve the value of its cars over time and its relationship with the automobile collector and enthusiast community; disruptions at the Group's manufacturing facilities in Maranello and Modena; climate change and other environmental impacts, as well as an increased focus of regulators and stakeholders on environmental matters; the Group's ability to maintain the functional and efficient operation of its information technology systems and to defend from the risk of cyberattacks, including on its in-vehicle technology; the ability of its current management team to operate and manage effectively and the reliance upon a number of key members of executive management and employees; the performance of the Group's dealer network on which the Group depends for sales and services; product warranties, product recalls and liability claims; the sponsorship and commercial revenues and expenses of the Group's racing activities, as well as the popularity of motor sports more broadly; the performance of the Group's lifestyle activities; the Group's ability to protect its intellectual property rights and to avoid infringing on the intellectual property rights of others; the Group's continued compliance with customs regulations of various jurisdictions; labor relations and collective bargaining agreements; the Group's ability to ensure that its employees, agents and representatives comply with applicable law and regulations; changes in tax or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which the Group operates; the Group's ability to service and refinance its debt; exchange rate fluctuations, interest rate changes, credit risk and other market risks; the Group's ability to provide or arrange for adequate access to financing for its clients and dealers, and associated risks; the adequacy of its insurance coverage to protect the Group against potential losses; potential conflicts of interest due to director and officer overlaps with the Group's largest shareholders; and other factors discussed elsewhere in this document. The Group expressly disclaims and does not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this document or in connection with any use by any third party of such forward-looking statements. Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Company's financial results, is included in the Company's reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB. For further information:Media Relationstel.: +39 0536 241053Email: media@ Investor Relationstel.: +39 0536 241395Email: ir@ Capex and R&D For the three months ended (Euro million) For the six months ended June 30, June 30, 2025 2024 2025 2024 239 268 Capital expenditures(12) 463 463 110 124 of which capitalized development costs(15) (A) 220 233 146 127 Research and development costs expensed (B) 306 273 256 251 Total research and development (A+B) 526 506 79 78 Amortization of capitalized development costs (C) 152 163 225 205 Research and development costs as recognized in the consolidated income statement (B+C) 458 436 Non-GAAP financial measures Operations are monitored through the use of various non-GAAP financial measures that may not be comparable to other similarly titled measures of other companies. 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Key performance metrics and reconciliations of NON-GAAP financial measures For the three months ended (Euro million) For the six months ended June 30, June 30, 2025 2024 2025 2024 1,787 1,712 Net revenues 3,578 3,297 846 856 Cost of sales 1,704 1,638 160 143 Selling, general and administrative costs 309 267 225 205 Research and development costs 458 436 6 (1) Other expenses/(income), net 18 6 2 2 Results from investments 5 3 552 511 Operating profit (EBIT) 1,094 953 7 - Financial expenses/(income), net 21 2 545 511 Profit before taxes 1,073 951 120 98 Income tax expenses 236 186 22% 19% Effective tax rate 22% 20% 425 413 Net profit 837 765 2.38 2.29 Basic EPS (€) 4.68 4.24 2.38 2.29 Diluted EPS (€) 4.68 4.23 709 669 EBITDA 1,402 1,274 699 659 of which EBITDA (Industrial activities only) 1,382 1,254 Total net revenues, EBITDA and Operating profit (EBIT) at constant currency eliminate the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges. For the three months ended (Euro million) For the six months ended June 30, June 30, 2025 2025 2025 at constant 2025 at constant currency currency 1,507 1,508 Cars and spare parts 3,043 3,026 205 210 Sponsorship, commercial and brand 396 400 75 76 Other 139 139 1,787 1,794 Total net revenues 3,578 3,565For the three months ended (Euro million) For the six months ended June 30, June 30, 2025 2025 2025 at constant 2025 at constant currency currency 709 711 EBITDA 1,402 1,389 552 554 Operating profit (EBIT) 1,094 1,081 EBITDA is defined as net profit before income tax expense, financial expenses/(income), net and amortization and depreciation. Adjusted EBITDA is defined as EBITDA as adjusted for certain income and costs, which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities. For the three months ended (Euro million) For the six months ended June 30, June 30, 2025 2024 Change 2025 2024 Change 425 413 12 Net profit 837 765 72 120 98 22 Income tax expense 236 186 50 7 - 7 Financial expenses/(income), net 21 2 19 157 158 (1) Amortization and depreciation 308 321 (13) 709 669 40 EBITDA 1,402 1,274 128 - - - Adjustments - - - 709 669 40 Adjusted EBITDA 1,402 1,274 128 Adjusted Operating profit or Adjusted Earnings Before Interest and Taxes or Adjusted EBIT represents Operating profit (EBIT) as adjusted for certain income and costs which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities. For the three months ended (Euro million) For the six months ended June 30, June 30, 2025 2024 Change 2025 2024 Change 552 511 41 Operating profit (EBIT) 1,094 953 141 - - - Adjustments - - - 552 511 41 Adjusted Operating profit (EBIT) 1,094 953 141 Adjusted Net profit represents net profit as adjusted for certain income and costs (net of tax effect) which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities. For the three months ended (Euro million) For the six months ended June 30, June 30, 2025 2024 Change 2025 2024 Change 425 413 12 Net profit 837 765 72 - - - Adjustments - - - 425 413 12 Adjusted net profit 837 765 72 Basic and diluted EPS(16) are determined as per the table here below. Adjusted EPS represents EPS as adjusted for certain income and costs (net of tax effect) which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities. For the three months ended (Euro million, unless otherwise stated) For the six months ended June 30, June 30, 2025 2024 Change 2025 2024 Change 424 412 12 Net profit attributable to the owners of the Company 836 763 73 178,216 179,952 Weighted average number of common shares (thousand) 178,437 180,101 2.38 2.29 0.09 Basic EPS (in Euro) 4.68 4.24 0.44 - - - Adjustments - - - 2.38 2.29 0.09 Adjusted basic EPS (in Euro) 4.68 4.24 0.44 178,427 180,206 Weighted average number of common shares for diluted earnings per common share (thousand) 178,648 180,355 2.38 2.29 0.09 Diluted EPS (in Euro) 4.68 4.23 0.45 - - - Adjustments - - - 2.38 2.29 0.09 Adjusted diluted EPS (in Euro) 4.68 4.23 0.45 Net Industrial (Debt)/Cash, defined as total Debt less Cash and Cash Equivalents (Net (Debt)/Cash), further adjusted to exclude the debt and cash and cash equivalents related to our financial services activities (Net (Debt)/Cash of Financial Services Activities). 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Free Cash Flow is defined as cash flows from operating activities less investments in property, plant and equipment (excluding right-of-use assets recognized during the period in accordance with IFRS 16 — Leases), intangible assets and joint ventures. Free Cash Flow from Industrial Activities is defined as Free Cash Flow adjusted to exclude the operating cash flow from our financial services activities (Free Cash Flow from Financial Services Activities). Free Cash Flow from Financial Services Activities is defined as cash flows from operating activities of our financial services activities less investments in property, plant and equipment (excluding right-of-use assets recognized during the period in accordance with IFRS 16 — Leases), intangible assets and joint ventures of our financial services activities. 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Adjusted metrics equaled the reported ones, since there were no adjustments impacting EBITDA, EBITDA margin, EBIT, EBIT margin, Net profit, Basic EPS and Diluted EPS in the periods presented. Refer to specific paragraph on non-GAAP financial measures.2 During the three months ended June 30, 2025 there were no significant impacts from the increase of import tariffs applicable to cars, spare parts and other goods originating in the European Union that are imported into United States, which became effective starting on April 3, 2025, as the majority of the goods sold by the Group in the United States during the period were imported prior to the tariffs taking effect.3 These results have been prepared in accordance with the IFRS Accounting Standards ('IFRS Accounting Standards') as issued by the International Accounting Standards Board ('IASB') as well as IFRS Accounting Standards as adopted by the European Union 4 Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars 5 EMEA includes: Italy, UK, Germany, Switzerland, France, Middle East (includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait), Africa and European markets not separately identified; Americas includes: United States of America, Canada, Mexico, the Caribbean and Central and South America; Rest of APAC mainly includes: Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia6 Of which 849 units in Q2 2025 (+27 units or +3% vs Q2 2024) and 1,710 units in H1 2025 (+38 units or +2% vs H1 2024) in the United States of America7 Of which 176 units in Q2 2025 (-24 units or -12% vs Q2 2024) and 356 units in H1 2025 (-87 units or -20% vs H1 2024) in Mainland China8 Includes net revenues generated from shipments of our cars, any personalization generated on these cars, as well as sales of spare parts9 Includes net revenues earned by our racing teams (mainly in the Formula 1 World Championship and the World Endurance Championship) through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues, as well as net revenues generated through the Ferrari brand, including fashion collections, merchandising, licensing and royalty income10 Primarily relates to financial services activities, management of the Mugello racetrack and other sports-related activities, as well as net revenues generated from the rental of engines to other Formula 1 racing teams and, for the three and six months ended June 30, 2024 only, from the sale of engines to Maserati11 In 2025 the effective tax rate benefits from the new Patent Box regime regulated by Law Decree No. 146 and effective from October 22, 2021, which provides for a 110% super tax deduction for costs relating to eligible intangible assets 12 Capital expenditures excluding right-of-use assets recognized during the period in accordance with IFRS 16 - Leases13 In May 2025 the Company paid Euro 502 million out of the total dividend distribution to owners of the parent and the remaining balance, which mainly relates to withholding taxes, is expected to be paid in the following quarters14 Calculated using the weighted average diluted number of common shares as of December 31, 2024 (179,992 thousand)15 Capitalized as intangible assets 16 For the three and six months ended June 30, 2025 and 2024 the weighted average number of common shares for diluted earnings per share was increased to take into consideration the theoretical effect of the potential common shares that would be issued for outstanding share-based awards granted by the Group (assuming 100 percent of the target awards vested)17 Free cash flow from industrial activities for the three and six months ended June 30, 2025 includes €34M mainly related to withholding taxes, which are expected to be paid in the following quarters. Free cash flow from industrial activities for the three and six months ended June 30, 2024 includes €26M mainly related to withholding taxes, which were paid in the following quarters. Attachment 2025_07_31 - Ferrari Q2 2025 Results Press ReleaseSign in to access your portfolio
