(BFM Stock Exchange) – The Cabrated Horse brand delivered a new publication higher than expectations, in the first quarter, and confirmed its objectives. The Transalpine company has also encrypted half a percentage of the impact of customs duties on its margins for 2025.

The results season has hardly been easy for car manufacturers. The three large, so -called “Detroit” American groups have withdrawn or lowered their 2025 objectives due to the uncertainty about customs duties announced by the Trump administration.

Ford suspended them on Monday evening, Stellantis had done the same last week. General Motors has been taken there twice, suspending its forecasts before lowering them a few days later, with a target of operating profit reduced by 30%.

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European groups will obviously also be struck by these customs duties. Mercedes-Benz was also forced to suspend its 2025 objectives while Volkswagen, certainly, confirmed, but excluded the impact of customs from these targets. Renault constitutes a separate case because there is absent from the American market and therefore immune to the direct repercussions of customs duties.

Ferrari, for its part, is present in the United States, the “Americas” region with around 30% of its deliveries. The group will undergo the customs from the customs from the Trump administration to the extent that its production remains limited to a single site, that of Maranello, Italy.

But unlike its “Mass Market” counterparts, the luxury car manufacturer manages to reassure investors with its first quarter results.

The scholarship appreciates

Delivered this Tuesday, May 6 before the opening of Wall Street, these accounts allowed the Ferrari action to go back to the green. Down before the announcement, the title earned 2.5% in Milan around 4:30 p.m.

Ferrari saw its volumes increase by 1% by the first three months of the year, while its income increased by 13% to 1.79 billion euros. Again, this growth is explained both by sales of spare parts and, above all, by increasing personalization in the purchase of its cars. Ferrari customers never be satisfied with the basic model but will often select many options, ranging from paint to the color of the carpets, including the style of the seats.

Ultimately, the group’s automobile income stood at 427,500 euros when the average forecast of analysts (consensus) was located at 423,700 euros. A year earlier this figure was “only” 388,202 euros. Bernstein qualifies this “impressive” indicator.

The gross operating profit (EBITDA) of the company increased by 15% to 693 million euros, exceeding the consensus by 2%, while net profit increased by 17% to 412 million euros.

At the end of this quarter, Ferrari confirmed its objectives for 2025. The company aims to increase revenues at least 5% over one year, a gross operating result adjusted of at least 2.68 billion euros, an adjusted operating profit of at least 2.03 billion euros, a profit per share of at least 8.60 euros or a flow of cash flow of at least 1.2 billion euros.

The company warned that its margins of Ebitda and operating profit faced a risk encrypted at 0.5 percentage points linked to American customs duties.

An extraordinary pricing power

The fact remains that faced with this uncertainty, Ferrari can count on a power to fix extraordinary prices.

“Buyers are very faithful, to my knowledge it is the only brand with Hermès where the price of the occasion is higher than new, which means that if you buy a Ferrari you can resell it more expensive immediately, this shows the level of ‘pricing power’ of the group”, explained in October at News Bulletin 247, Stéphane Deo, portfolio manager at Eleva Capital.

This explains why Royal Bank of Canada thinks that customers will absorb the impact of customs duties of 25% on vehicles that will be sold in the United States.

The group had already announced in March its intention to increase the prices of its models in the United States by a maximum of 10%, depending on the model.

“At a time when many automotive companies and others suspend their forecasts due to the uncertainty linked to the impact of American customs duties and secondary repercussions on the American and global economy, Ferrari is distinguished by publishing results of the first quarter which beat consensus and reiterate with confidence its forecasts for the 2025 exercise”, appreciates Bernstein in a note published this Tuesday.

The financial intermediary notes in passing that the group stressed that its order book already covered its business plan for 2026, which “suggests that few changes have taken place” on request, since the announcement of customs duties.