Raises 2025 guidance, but future outlook fails to impress: Ferrari down 13%

Ferrari plunges on Capital Market Day, despite raising its 2025 guidance.

The stock, which hovered around €414 for most of the morning, abruptly fell below the €400 mark as soon as the long-term forecasts were released. After being temporarily suspended due to a 5.9% drop, trading resumed and shares continued to slide, eventually plummeting 13.2% to a low of €360.3.

The Maranello-based company raised its short-term outlook for 2025, but disappointed investors with its 2030 projections—particularly the EBITDA target, which was set at €3.6 billion, well below analysts’ expectations of over €4 billion.

The market viewed the long-term targets as underwhelming, overshadowing the improved near-term figures: for 2025, Ferrari expects net revenues of €7.1 billion or higher (up from €7 billion), adjusted EBITDA of at least €2.72 billion (from €2.68 billion), with a margin of 38.3%, adjusted diluted earnings per share of €8.80 or higher (from €8.60), and industrial free cash flow of €1.3 billion (up from €1.2 billion).