Ferrari has scope to trim US premium after EU tariff deal

By Giulio Piovaccari and Keith Weir

MILAN (Reuters) -Luxury sports-car maker Ferrari could trim a premium introduced in April for some cars sold in the United States once the lower 15% tariff for European imports takes effect, it said on Thursday.

The company also said it was more confident in its financial forecasts for the year but in the absence of upgraded guidance, its Milan-listed shares fell as much as 11%.

A Milan-based trader said profit-taking after fairly predictable results was the cause of the fall.

As part of a wider trade agreement, the United States and the European Union on Sunday agreed on a 15% tariff on imports of EU-made products, replacing a 27.5% fee for cars that U.S. President Donald Trump imposed in April.

Because of the agreement, Italy-based Ferrari said it was removing the 50 basis point risk to its profit margins it introduced earlier this year based on the initial tariff.

Ferrari is also preparing to revise a price increase of up to 10% it introduced in April on some cars it exported to the U.S..

"Whenever (the new tariff scheme) becomes effective, we will apply it, for now we stick to our (current) commercial policy," CEO Benedetto Vigna said in a media call.

Vigna said that almost all cars the company sold in the U.S. during the second quarter were shipped before the 27.5% tariff was introduced, so the price increases were not applied to them.

Despite the reduced tariff impact, and the prospect of industrial costs lower than initial estimates in the second part of the year, Ferrari only said it had "stronger confidence" in the 2025 guidance and reiterated existing forecasts for its full-year results.

ELECTRIC FUTURE

Vigna said he had test driven Ferrari's first all-electric model that is due to go on sale next year and that analysts will glimpse for the first time at an event in October.

Analysts at Citi described Ferrari's second-quarter results as decent. They added that the focus was shifting to how the profit margin would perform in the coming months, with shipments and selling prices expected to slow.

"It remains to be seen if Ferrari can keep average selling prices growing under a slowing market and tougher second half," they said in a note.

Ferrari's forecasts for the full year 2025 include one for earnings before interest, tax, depreciation and amortisation growing to at least 2.68 billion euros ($3.07 billion).

Its order book extends into start of 2027, Vigna said.

In the second quarter, net revenues rose 4% to 1.787 billion euros, slightly below an analyst consensus of 1.82 billion euros in a Reuters poll. EBITDA rose 6% to 709 million euros, matching an analyst consensus of 707 million euros.

Robust pricing power and richer product offerings supported the result, following deliveries of models of Ferrari's SF90 XX and the 12Cilindri families, as well as increased personalisation of cars.($1 = 0.8750 euros)

(Reporting by Giulio Piovaccari; additional reporting by Giancarlo Navach;Editing by Barbara Lewis)