Ferrari NV (BIT:RACE) on Wednesday lifted its EBITDA margin to 26.6% in the first half of 2025, up 20 basis points from a year earlier, as productivity gains offset higher costs from investments in staff and digital capabilities.
Adjusted EBITDA rose 4.4% to €47.7 million, in line with Jefferies’ estimate. Revenue increased 3.8% to €179.6 million, slightly ahead of the €179.2 million forecast, with organic growth of 4%.
Europe and other regions supported growth, while Asia was held back by weakness in China despite stronger trends in Korea, Japan and Thailand.
Management reiterated full-year guidance for 2025, including revenue growth of 4.7%, unchanged from 2024, and a stable EBITDA margin of 26.5% or higher.
The Italian luxury sports car manufacturer expects faster growth in the second half, supported by new openings planned in Southeast Asia.
Ferrari Group listed on Euronext Amsterdam in February and its shares trade 6% below the listing price, Jefferies said.
The brokerage set a price target of €10.5, a 20% discount to its €13.0 fair value estimate, valuing the company at 8.2 times forecast 2025 EV/EBITDA compared with peers at 9.5 times.
In 2024, Ferrari Group reported revenue of €348.8 million and adjusted EBITDA of €92.4 million, with a margin of 26.5%.
The company said it shipped goods worth more than €190 billion during the year, with Europe accounting for 58% of revenue, followed by Asia at 17%, North America and Brazil at 14%, and the rest of the world at 11%.
Jefferies flagged risks including a weaker luxury market, customer concentration, cost inflation, concentrated end-market exposure and potential pricing pressure from large clients.
Source :
https://www.investing.com/news/earnings/ferrari-group-margin-rises-in-h1-as-revenue-tops-forecast-4252432
