Core Insights - The first semester of 2025 highlighted the importance of agility and flexibility in management, with strong results reflecting the company's commitment to disciplined strategy execution and innovation [1] - The overwhelming demand for the 296 Speciale family and positive feedback on the newly launched Ferrari Amalfi indicate a successful product portfolio expansion [1] Financial Performance - For Q2 2025, net revenues reached €1,787 million, a 4% increase from €1,712 million in Q2 2024, while for the first half of 2025, revenues were €3,578 million, up 9% from €3,297 million [2][10] - Operating profit (EBIT) for Q2 2025 was €552 million, an 8% increase from €511 million in Q2 2024, with an EBIT margin of 30.9% [2][13] - Net profit for Q2 2025 was €425 million, up 2.9% from €413 million in Q2 2024, with diluted EPS at €2.38 compared to €2.29 in the prior year [2][17] Shipments and Product Mix - Total shipments for Q2 2025 were 3,494 units, slightly up from 3,484 units in Q2 2024, with a total of 7,087 units shipped in the first half of 2025, a 1% increase from 7,044 units in the same period last year [2][3] - The product mix included six internal combustion engine models and five hybrid engine models, representing 55% and 45% of total shipments, respectively [7] Geographic Performance - In Q2 2025, shipments in the Americas increased by 12 units (1%), while EMEA decreased by 9 units (1%), and Mainland China, Hong Kong, and Taiwan saw a decrease of 4 units (1%) [3][4] - The Rest of APAC region experienced an increase of 11 units (2%) [3] Cash Flow and Debt - Industrial free cash flow for Q2 2025 was strong at €232 million, driven by increased EBITDA, partially offset by capital expenditures of €239 million [18] - As of June 30, 2025, net industrial debt was €338 million, up from €49 million as of March 31, 2025, reflecting a dividend payment of €536 million [19] Guidance and Market Outlook - The company expressed stronger confidence in its 2025 guidance, with expectations for net revenues to exceed €7 billion, representing a growth of at least 5% compared to 2024 [22] - The removal of the 50 basis points risk on percentage margins due to a recent agreement on lower import tariffs between the US and EU is expected to positively impact financial performance [21]