Ferrari, revenues and profits slightly up in the quarter

Ferrari is optimistic about its 2025 financial forecasts because it believes the impact of US tariffs will be limited, but its quarterly results, despite slight growth, disappoint the market. On the Milan stock exchange, the stock collapsed, closing 11.65% lower at €385.3 million, wiping out over €9 billion in market capitalization. CEO Benedetto Vigna declined to comment. "We never do that. We presented very respectable results and a full-year outlook in an unclear context. We're moving forward," he said. The second quarter closed with net revenues of €1.787 billion, up 4.4% from the previous year, 3,494 deliveries, virtually unchanged, operating profit of €552 million (+8.1%), and net profit of €425 million (+3%). The risk of a 50 basis point reduction in margins, highlighted on March 27 after the introduction of higher tariffs on cars, "has been removed," explains Vigna, "following the recent agreement on lower levels reached between the United States and the EU, and the expectation of lower industrial costs in the second half of the year compared to initial expectations." Vigna says that "the order book extends until the beginning of 2027" and that the new models have been "excellently received." The roadmap has been respected: the 2023-2026 plan envisaged 15 launches, 14 will be achieved by this year, with the last one arriving in 2026. There are no delays on the electric car, which will be unveiled starting from the Capital Markets Day in October, "there has never been any talk of a second one." In the US, for now, the Maranello-based company is continuing with the policy implemented when tariffs were at 27.5%, and prices will be lowered when the 15% tariffs come into effect. Also on the automotive front In a sports report—where the news of the day is the new multi-year contract with team principal Fred Vasseur—Vigna speaks of "good progress": "We know the season started below expectations," he admits, "but in the last few races the team has consistently been fighting for podiums and wins." Ferrari will complete its multi-year share buyback program of approximately €2 billion announced during the 2022 Capital Markets Day with an eighth tranche worth up to €360 million, starting August 22 and ending by December 18, 2025.