Ferrari Revenue Rises, Warns on U.S. Tariff Risks

Ferrari reported robust first-quarter 2025 results, with net revenue rising by 13% year-over-year to between €1.79 and €1.88 billion, driven by a richer product mix and increased demand for vehicle personalization. EBITDA grew by 15%, and net profit climbed 17% to €412 million, both surpassing analyst expectations. Hybrid models accounted for nearly half of total deliveries, while profitability was further boosted by premium pricing strategies despite only a modest rise in shipments. Industrial free cash flow nearly doubled, demonstrating operational efficiency. Ferrari reiterated its full-year forecasts but cautioned that U.S. tariffs could impact profitability later in the year. The company's stock has significantly outperformed the broader market over the past year, though management remains focused on potential risks and future earnings.