Ferrari Group Plc (NYSE:RACE) reported preliminary full-year 2025 revenue of €359.4 million on Thursday, representing a 3.0% increase compared with the previous year, though the figure came in slightly below analyst forecasts of €360.6 million.
On a constant currency basis, revenue grew 4.8%, falling short of the company’s medium-term growth target of 6% to 8%. Foreign exchange movements reduced reported growth by around 1.8%.
Fourth-quarter revenue reached €96.0 million, marking a year-on-year increase of 1.4%, while constant currency growth for the period was 5.2%. This compares with 6.1% growth in the third quarter, 4.2% in the second quarter and 3.8% in the first quarter.
Regionally, Asia recorded strong momentum in the fourth quarter with growth of 13.9%, reversing the trend seen earlier in the year when the region declined 3.0% for the full year. The improvement was supported by the opening of a new logistics hub in Bangkok, although ongoing weakness in China partly offset the gains.
North America and Brazil also delivered solid performance, with fourth-quarter growth of 13.5%, compared with 10.3% for the full year. In Brazil, demand was supported by higher gold prices.
The Rest of the World segment reported growth of 14.7% in the fourth quarter, slightly above the 14.1% expansion recorded for the full year.
Europe remained broadly stable, posting a 0.4% decline in the fourth quarter following full-year growth of 4.0%.
Ferrari Group previously indicated that it expects to maintain an EBITDA margin of about 26.5%, slightly below its medium-term target range of 27% to 29%.