Q3 2025 - Ferrari
Solid growth for the toughest comparison quarter - full-year guidance to be exceeded once again
Today, after two events in a row with the share price tumbling more than 10%, Ferrari’s Q3 performance came in ahead of expectations on the back of continued strength in personalizations.
What should have been the toughest quarter turned out to be solid with better price/mix and EBITDA growing at 7% (constant FX). EBIT benefited from the phase-out of several models.
Doing the math, Q4 guidance implies +0.8% YoY EBITDA growth. Once again, Ferrari’s well on track to exceed its own guide. This is consistent with the comments we’ve made so far this year, irrespective of how the share price has moved around (quite a wide range to say the least). The stock’s been far more volatile than what the underlying performance and outlook (which got completely sandbagged in our view) would tell you. Let’s take a closer look.
