Ferrari Posts Strong 2025 Results, Targets Higher Margins in 2026
Event summary
- Net revenues rose 7% to €7.146 billion in 2025, with EBIT up 12% to €2.110 billion.
- EBITDA margin expanded by 180 basis points to 38.8%, while industrial free cash flow surged 50% to €1.538 billion.
- Ferrari's order book extends into late 2027, reflecting sustained demand and disciplined exclusivity model.
- 2026 guidance projects €7.5 billion in revenue and a 39.0% EBITDA margin, driven by product mix.
The big picture
Ferrari's disciplined approach to volume and exclusivity continues to drive strong financial performance, positioning it as a standout in the luxury automotive sector. The company's ability to command premium pricing and manage demand highlights its unique market position, though sustaining margin targets will depend on execution in product launches and cost control.
What we're watching
- Demand Management
- How Ferrari will balance exclusivity with growth as its order book extends into late 2027.
- Margin Expansion
- Whether the company can sustain a 39.0% EBITDA margin in 2026 amid potential cost pressures.
- Product Strategy
- The pace at which Ferrari introduces new models to maintain high-margin product mix.
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