Admitting to a “slow start” in the first quarter of 2025, Ducati’s reduced revenue and retail reflection of challenging market conditions was the precursor of worse news. BDN financial editor Roger Willis reports.
As the solitary motorcycling member of Volkswagen’s luxury-oriented Brand Group Progressive, and its weakest performer behind Audi, Bentley and Lamborghini, quarterly Ducati turnover fell by 6% to £209.3m. The consequence was a dramatic 43.7% dive in operating profit to £12.8m. Operating margin declined from 10.5% to 6.3%, although the Bologna-based company claimed these poor results were partly offset by a better model mix and positive pricing effects.
Total production during the period was 0.8% down to 16,779 units. Dual/Hyper segmental output, featuring cash-cow Multistrada leadership as well as Hypermotard and Desert X models, grew by 10.1% to 7760 units. Sport, covering Supersport and Panigale, put on 28.4% to 3696 units. Scrambler sub-brand models added 26.3% to 2385 units. Only the Naked/Sport Cruiser segment, encapsulating the Diavel, Monster and Streetfighter ranges, declined, 39.2%, down to 2938 units.
Retail volume worldwide dropped by 3.5% to 11,947 units. Only Sport prospered in any real sense, climbing by 42.3% to 2790 units. Scrambler essentially flatlined, just 0.4% up at 1428 units. Naked/Sport Cruiser fell by 33.2% to 2270 units. Dual/Hyper sunk by a slim 2.5% to 5459 units.
European dealers were responsible for 65% of Ducati’s retail sales, a 1% increase. Sales into China, including Hong Kong, accounted for just 2%, down from 3%. US purchases amounted to 11%, falling from 12%, although it was obviously too early to factor in any potential impact of tariffs on US foreign imports. Other markets sold a further 22%, rising from 21%.
Audi’s Q1 2025 results statement also flagged up the launch of Ducati’s entry into the motocross firmament with its Desmo450 MX, but didn’t give specific details of imminent market availability, noting only that this will be the first model in a complete range of specialist off-road bikes.
€-£ currency translation at forex rates applicable on 5 May