Financial Data and Key Metrics Changes - Total revenues for Q2 2025 reached approximately EUR 1.8 billion, reflecting a 4.4% year-over-year growth with flat deliveries [9] - EBITDA exceeded EUR 700 million, indicating strong profitability [9] - Industrial cash flow was reported at EUR 230 million [9] - EBITDA margin stood at 39.7% and EBIT margin was close to 31% [20] Business Line Data and Key Metrics Changes - Shipments in Q2 were driven by the 2096 GTS, Purosangue, and Roma Spider, while the SF90XX family increased its contribution [16] - The Daytona SP3 saw lower shipments as it approached the end of its life cycle [16] - Personalizations accounted for approximately 20% of total revenues from cars and spare parts, supported by the Daytona SP3 and SF90XX family [19] Market Data and Key Metrics Changes - The geographic breakdown of revenues reflects different product cycles and a deliberate allocation strategy [17] - The company reported a strong order book entering 2027, with substantial demand for the newly launched Ferrari Amalfi [7] Company Strategy and Development Direction - The company is focused on product development, particularly with the upcoming Ferrari Electrica [6] - Continued investment in client centricity, product excellence, and technology advancement is emphasized [7] - The company aims to prioritize quality of revenues over volume in the second half of 2025 [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic threats, including trade tensions and currency fluctuations [5] - The company remains well-prepared to adapt to potential challenges, highlighting the importance of agility and flexibility [24] - Future guidance for 2025 has been confirmed with stronger confidence, removing previous risks on percentage margins [22] Other Important Information - The company is progressing with the construction of a new paint shop and a truck dedicated to sports car testing [8] - The Ferrari HyperSail project is under construction, marking the company's entry into the sailing sector [13] Q&A Session Summary Question: Comments on residual value developments in key markets - Management noted that the UK market was under pressure but actions taken are showing good trends [28] Question: Details on why industrial costs in the second half are expected to be lower - Lower costs are attributed to an easy comparison with last year, where significantly higher racing costs were incurred [29] Question: Clarification on R&D capitalization versus amortization - The change is due to the overlap of project developments and the pace of model approvals [31] Question: Cars and spare parts growth at 3% and ASP expectations - The lower growth is aligned with the planned deliveries and personalization trends remain strong [41] Question: Impact of tariffs on pricing strategy - The company will adapt its commercial policy once the new tariffs are implemented, separating tariff costs in invoices [39] Question: Positioning of the Ferrari Electrica - The vehicle is intended for both existing community members and new customers, with more details to be revealed in October [48] Question: Expectations for hybrid vehicle share - The share of hybrids is influenced by the product mix and expected to vary based on model availability [77] Question: Confidence in pricing strategy for upcoming launches - The company remains confident in maintaining constructive pricing strategies for future launches [102]

Core Viewpoint - Ferrari's stock dropped over 8.6% to $455.75 following its second-quarter earnings report, which showed revenue growth below analyst expectations [1] Financial Performance - Ferrari's second-quarter revenue increased by 4.4% year-on-year to €1.79 billion, falling short of the analyst forecast of €1.83 billion [1] - The adjusted earnings per share for the period were €2.38, meeting analyst expectations [1] Vehicle Deliveries - During the second quarter, Ferrari delivered 3,494 vehicles, which is an increase of 10 vehicles compared to the same period last year, but below the analyst expectation of 3,523 vehicles [1]

意大利法拉利股票在下跌10.3%后停牌。 ...

智通财经7月31日电，意大利法拉利公司股价大跌10.3%后，交易自动暂停。 ...

Q2 2025 Financial Highlights - Net revenues reached approximately €1.8 billion[6], a 4.4% increase compared to Q2 2024[17] - EBITDA stood at €709 million[6], with a margin of 39.1%[15] - Net profit amounted to €425 million[6] - Industrial Free Cash Flow (FCF) surged to €232 million[6], a 90.7% increase from Q2 2024[21] - Diluted earnings per share increased by 3.9% to €2.38[19] Shipments and Regional Performance - Total shipments were 3,494 units in Q2 2025, a slight increase of 0.3% compared to 3,484 units in Q2 2024[11, 16] - EMEA shipments decreased by 9 units, representing 47% of total shipments[23] - Mainland China, Hong Kong, and Taiwan saw a decrease of 4 units[23], accounting for 5% of total shipments[27] - Rest of APAC increased by 11 units, making up 17% of total shipments[23] - Americas increased by 12 units, holding steady at 28% of total shipments[23] 2025 Guidance - The company expresses stronger confidence in its 2025 guidance, projecting net revenues greater than €7.0 billion[38], representing a growth of ≥5%[38] - Adjusted EBITDA is expected to be at least €2.68 billion[38], with a margin of ≥38.3%[38], representing a growth of ≥5%[38] - Adjusted EBIT is projected to be at least €2.03 billion[38], with a margin of ≥29.0%[38], representing a growth of ≥7%[38] - Industrial FCF is expected to be at least €1.20 billion[38], representing a growth of ≥17%[38]

Core Insights - Ferrari's profits increased in Q2 due to strong demand for luxury models, offsetting additional tariff costs [1] - Total revenue grew by 4% year-over-year to €1.79 billion (approximately $2 billion), slightly below Wall Street's expectation of €1.83 billion [1] - The company expressed increased confidence in its annual performance guidance after recent US-EU trade agreements reduced previously threatened tariffs [1] Group 1: Financial Performance - Operating profit rose by 6% to €709 million [1] - Ferrari's stock price fell by 4.8% in Milan due to slightly disappointing overall revenue, despite a year-to-date increase of 1.5% [1] - The company avoided the significant performance declines faced by competitors like Porsche, which lowered its performance guidance due to the trade war [1] Group 2: Market Dynamics - The US is Ferrari's largest luxury car market, accounting for about one-quarter of its deliveries [2] - Ferrari's vehicles are all manufactured in Italy, limiting its ability to offset higher costs through production shifts [2] - The company plans to raise prices on some US models by up to 10% to address tariff impacts [2] Group 3: Competitive Landscape - Lamborghini reported record deliveries in the first half of the year, driven by strong demand for plug-in hybrid models, despite a 6% profit decline due to tariff pressures [3] - The luxury car market remains resilient, with wealthy customers showing strong demand for top-tier vehicles, regardless of broader luxury market slowdowns [3] - Ferrari's customers are primarily ultra-high-net-worth individuals, with a higher price acceptance compared to average luxury car buyers, allowing the company to act as a price maker [3] Group 4: Industry Challenges - Other European automakers like Volkswagen and Renault have faced significant profit declines due to tariff impacts, with Volkswagen's Q2 revenue down 3% to €80.8 billion and operating profit down 29% to €3.83 billion [3] - Volkswagen's costs increased by €1.3 billion (approximately $1.53 billion) due to US tariffs, leading to a lowered sales return forecast for 2025 [3]

每经AI快讯，7月31日，法拉利股价跌幅进一步扩大，下跌5.7%。 （文章来源：每日经济新闻） ...

智通财经7月31日电，法拉利股价跌幅进一步扩大，下跌5.7%。 ...

Core Insights - Ferrari's net revenue for the second quarter reached €1.787 billion, representing a 4.4% increase compared to the previous year [1] - The total shipment volume for the second quarter was 3,494 units [1] - Operating profit for the second quarter amounted to €552 million, reflecting an 8.1% growth year-over-year [1]

Group 1 - The core viewpoint of the article is that Ferrari's stock price fell by 2.8% following the release of its second-quarter earnings report [1] Group 2 - The decline in stock price indicates market reaction to the earnings report, suggesting potential concerns among investors [1]