Ferrari Group (NYSE:RACE) reported a 3.5% year-on-year increase in third-quarter revenue on Thursday, reaching €83.8 million — in line with analyst forecasts — as the company delivered stronger organic growth despite ongoing softness in Asian markets.
The luxury logistics specialist, known for handling high-value shipments including jewelry and timepieces, posted 6.1% organic growth for the quarter, an acceleration from the 4% recorded in the first half of 2025.
According to Jefferies, the improved performance was driven by both increased shipment volumes and higher average shipment values.
The brokerage noted that the quarter unfolded “against the context of the luxury sector’s mixed performance, which is now showing initial signs of recovery,” while also flagging that results were partly offset by “increased negative FX of 2.6%.”
Regional trends varied significantly. Europe delivered a 5% revenue increase, supported by strong contributions from Germany and France.
The Americas grew 9%, benefiting from a favorable environment in the United States. Revenue across the rest of the world climbed 11%, with Jefferies pointing to support from the United Arab Emirates. Asia, however, fell 12%, which the report linked to “continued weakness in China.”
Ferrari Group reaffirmed its full-year 2025 revenue outlook, which Jefferies expects to align with the 4.7% growth delivered in 2024.
The latest guidance implies fourth-quarter revenue expansion of more than 7%, described in the note as “seasonally the most important quarter,” backed by “more special events, recent new openings, and improving momentum in China.” The company also reiterated its forecast for an EBITDA margin of 26.5%.
Jefferies characterized Ferrari Group as a “leading, one-stop shop logistics provider of luxury deliveries” serving “more than 100 clients to provide bespoke solutions.”
The brokerage also detailed the company’s medium-term ambitions, which include annual revenue growth of 6%–8% and an EBITDA margin target of 27%–29%.
Jefferies added that Ferrari Group’s profitability is supported by a pricing model in which logistics charges are “not only based on the weight, but also linked to the value of the goods shipped.”