Ferrari reported second-quarter 2025 revenue of €1.79 billion, missing analyst expectations of €1.82 billion, while diluted earnings per share came in at €2.38 versus the €2.40 consensus. Net profit was €425 million, fractionally below forecasts, and deliveries slipped to 3,494 vehicles against estimates of 3,515, leaving total shipments essentially flat year-on-year. Profitability, however, continued to improve. EBITDA rose 5.9% year-on-year to €709 million and EBIT increased 8.1% to €552 million, widening the operating margin to 30.9% from 29.9% a year earlier. Regional demand was mixed, with modest gains in the Americas and Asia-Pacific offset by small declines in EMEA and Greater China. Management reiterated its full-year guidance, citing a reduction of trans-Atlantic tariffs to 15% and further price increases designed to preserve margins ahead of the launch of its first all-electric model next year. The reassurance failed to support the stock, which fell as much as 13% in pre-market New York trading on the revenue and delivery shortfalls.