Ferrari Group announced preliminary full-year revenues for FY25 of €359.4 million, a 3.0% increase compared with the prior year. The reported total came in marginally under analyst expectations of €360.6 million.
On a constant-currency basis, the group recorded growth of 4.8%. That rate falls short of Ferrari Group's stated medium-term objective of 6%-8%. Management also identified foreign exchange effects as a drag on headline growth, noting that currency movements reduced reported growth by 1.8 percentage points.
Quarterly revenue dynamics showed a deceleration into the end of the fiscal year. Fourth-quarter revenues were €96.0 million, up 1.4% year-over-year. The Q4 constant-currency increase was 5.2%, compared with prior quarterly constant-currency results of 6.1% in Q3, 4.2% in Q2 and 3.8% in Q1.
Regional performance diverged. Asia posted a strong fourth quarter with growth of 13.9%, a notable turnaround from a 3.0% decline for the full year. The company attributed the quarter's strength in part to the opening of a new logistics hub in Bangkok, while noting that continued weakness in China offset some of the regional gains.
North America and Brazil together grew 13.5% in the fourth quarter, versus 10.3% for the full year. The company said demand in Brazil was supported by rising gold prices. The Rest of the World region recorded 14.7% growth in Q4 compared with 14.1% for the year.
Europe's revenue trend was more muted: the region registered a 0.4% decline in the fourth quarter after delivering 4.0% growth for the full year.
Separately, Ferrari Group previously indicated it expects to hold its EBITDA margin at 26.5%, which remains below the company's medium-term margin target range of 27%-29%.
Implications
- The group's headline revenue increase matched modest expansion while missing analyst expectations by a small margin.
- Currency movements meaningfully reduced reported growth, underlining the impact of FX on multinational logistics operators.
- Regional disparities - notably Asia's quarter-end rebound and Europe's slowdown - drove variability across the year's performance.