Ferrari starts year with racing profit but warns of tariff impact
Net revenues for Q1 2025 were €1.8bn, 13% more than in the previous year.
'Another year is off to a great start,' Benedetto Vigna, CEO of Ferrari, said. 'In the first quarter of 2025, with very few incremental shipments year on year, all key metrics recorded double-digit growth, underscoring a strong profitability driven by our product mix and continued demand for personalisations.'
Revenues from the car-making business were up by 11.1%, partially due to increased personalisations.
Overall shipments increased by 0.9% in the first quarter, mainly driven by demand in the EMEA region and the US, but shipments to Mainland China, Hong Kong and Taiwan decreased.
Revenues from sponsorship, commercial and brand were up by 32.1%.
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Outlook for 2025
For the full year 2025, the Italian carmaker expects net revenues to be up by 5% year-on-year, resulting in more than €7bn. According to its guidance, the adjusted operating profit is expected to be around or more than €2.03bn, up by 7% or more.
However, the carmaker warned that this profit could be reduced if US tariffs hit the carmaker harder than expected. 'The above guidance is subject to a potential risk of 50 basis points reduction on profitability percentage margins (EBIT and EBITDA margins), in relation to the update of the commercial policy following the introduction of import tariffs on EU cars into the USA,' the statement said.
At the end of March, Ferrari already announced that it would increase their prices for certain models up to 10% in response to Trump's 25% auto tariffs on European car imports.
'We continue to enrich our product offering – in line with our plans – with six new models this year, which include the newly launched 296 Speciale, 296 Speciale A and the much-anticipated Ferrari elettrica through a unique and innovative unveiling,' Vigna said. 'We are very excited about what lies ahead.'
Ferrari's share prices were more than 1.8% up after the report at 4.30 p.m. CEST in the Italian trade on Euronext Milan.
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