Ferrari Group Sees Margin Improvement in H1 as Revenue Exceeds Forecast

Ferrari NV (BIT:RACE) reported a first-half 2025 EBITDA margin of 26.6%, up 20 basis points from the same period last year, with productivity gains helping to offset higher costs from staff and digital investments.

Adjusted EBITDA increased 4.4% to €47.7 million, in line with Jefferies’ expectations. Revenue rose 3.8% to €179.6 million, slightly above the €179.2 million forecast, driven by 4% organic growth. Growth was supported by Europe and other regions, while Asia faced headwinds from weakness in China, despite stronger performance in Korea, Japan, and Thailand.

Management confirmed full-year 2025 guidance, targeting revenue growth of 4.7%—matching 2024 levels—and maintaining an EBITDA margin of 26.5% or higher. The company anticipates faster growth in the second half, bolstered by planned new openings in Southeast Asia.

Ferrari Group, which listed on Euronext Amsterdam in February, is trading approximately 6% below its listing price, according to Jefferies. The brokerage set a price target of €10.5, reflecting a 20% discount to its €13.0 fair value estimate, and valuing the company at 8.2 times forecast 2025 EV/EBITDA, compared with 9.5 times for peers.

In 2024, Ferrari Group posted revenue of €348.8 million and adjusted EBITDA of €92.4 million, achieving a margin of 26.5%. Total shipments exceeded €190 billion, with Europe accounting for 58% of revenue, Asia 17%, North America and Brazil 14%, and other regions 11%.

Jefferies highlighted potential risks, including a weaker luxury market, customer concentration, cost inflation, concentrated end-market exposure, and possible pricing pressure from major clients.

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