Ferrari N.V.

Q2 revenues were EUR 1.94 billion, EBITDA was EUR 755 million, and industrial free cash flow was EUR 275 million. Net revenues grew 11% at constant currency and 8% reported, with EBIT margin at 31.2% and EBITDA margin at 39%; management also said personalization was about 20% of cars-and-spares revenues, above expectations. Net industrial debt at June-end was EUR 131 million after the May dividend and share repurchases. For the full year, Ferrari raised guidance on stronger personalization and a more favorable FX environment, assuming personalization at more than 20% of cars-and-spares revenues, USD/EUR around 1.16, and the contribution of all additional hedges now in place.

Benedetto Vigna framed the quarter as proof that Ferrari is executing with discipline while balancing heritage and innovation. He emphasized that the brand is keeping clients at the center, that demand remains healthy across geographies, and that Ferrari’s product range is now its most complete and diversified ever, including combustion, hybrid and electric offerings. He was notably upbeat about Ferrari Luce as a milestone and about the 12Cilindri Manuale as evidence that the company can combine emotion, scarcity and modern engineering.

Antonio Piccon said the quarter benefited from a strong sports-car mix, better-than-expected personalization and higher racing revenues. He highlighted that net revenues rose 11% at constant currency, EBIT margin was 31.2%, EBITDA margin was 39%, and industrial free cash flow was strong despite a working-capital drag from seasonal inventory build; net industrial debt was EUR 131 million at quarter-end. For guidance, he said the uplift mainly reflects personalization and FX, while second-half costs should rise across SG&A, R&D and especially D&A, with full-year D&A expected to be more than EUR 700 million; he also noted about 80% of FX exposure is hedged for H2.

Analysts pressed on whether traditional models carry more pricing power, whether Ferrari might lean more toward such cars in future product planning, and how to interpret the margin path toward the company’s long-term target. Management said pricing power reflects Ferrari’s ability to innovate and delight clients, while product planning remains governed by scarcity and exclusivity rather than short-term pricing signals. On margins, Antonio said the capital-market targets are unchanged and that Ferrari is proceeding along the previously outlined smooth and linear path. Questions also focused on the mix of special series, U.S. shipments, FX sensitivity and Luce demand; Ferrari said U.S. weakness was due to model changeover and personalization effects rather than demand problems, Luce orders are coming from both repeat and new clients, and 2027 FX is less hedged and therefore more dependent on spot rates.