“Quality of revenues over volumes: I believe this best explains our outstanding financial results in 2024, thanks to a strong product mix and a growing demand for personalizations. On these solid foundations, we expect further robust growth in 2025, that will allow us to reach one year in advance the high-end of most of our profitability targets for 2026” said Benedetto Vigna, CEO of Ferrari. “Last year's results reflect a great teamwork that involved all our Company’s souls. This teamwork was also visible in a very competitive racing season. The will to progress that has always characterized Ferrari has led to innovation in our infrastructure, with the inauguration of the e-building; in our products, best highlighted by the new supercar, the Ferrari F80; and in R&D, with the new E-Cells Lab that will further strengthen our electrochemical knowledge to prepare us for the future. And we will reveal more of our future on 9 October at our Capital Markets Day.”
Maranello (Italy), February 4, 2025 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary unaudited results([1]) for the fourth quarter and twelve months ended December 31, 2024.
Shipments totaled 13,752 units in 2024, up 0.7% versus the prior year.
The geographic breakdown reflects the Company’s allocation strategy to preserve the brand’s exclusivity. In the year, EMEA was up 141 units, Americas increased by 192 units, Mainland China, Hong Kong and Taiwan decreased by 328 units and Rest of APAC increased by 84 units.
The increase in deliveries during the year was driven by the Ferrari Purosangue, the Roma Spider and the 296 GTS. Shipments of the SF90 XX family and 12Cilindri commenced in the second part of the year, while the deliveries of the 812 Competizione A decreased, approaching the end of lifecycle. Throughout the year, the Portofino M, the SF90 Stradale, the 812 GTS, the 812 Competizione and the Roma phased out. The shipments of the Daytona SP3 increased versus the prior year, in line with plans.
The products delivered in the year included ten internal combustion engine (ICE) models and six hybrid engine models, which represented 49% and 51% of total shipments, respectively.
Total net revenues
Net revenues for 2024 were Euro 6,677 million, up 11.8% or 13.4% at constant currency(1).
Revenues from Cars and spare parts were Euro 5,728 million (up 11.9% or 13.7% at constant currency), thanks to a richer product and country mix as well as increased personalizations.
Sponsorship, commercial and brand revenues reached Euro 670 million, up 17.1% or 17.6% at constant currency mainly attributable to new sponsorships and lifestyle activities.
Other was flat, with higher revenues from financial services, offset by the decreased contribution from the Maserati contract, which expired in 2023.
Currency – including translation and transaction impacts as well as foreign currency hedges – had a negative net impact of Euro 85 million, mostly related to the US Dollar, Japanese Yen and Chinese Yuan.
EBITDA and Operating profit (EBIT)
2024 EBITDA reached Euro 2,555 million, up 12.1% versus the prior year and with an EBITDA margin of 38.3%.
2024 Operating profit (EBIT) was Euro 1,888 million, increased 16.7% versus the prior year and with an Operating profit (EBIT) margin of 28.3%.
The Mix / price variance performance was very strong and positive for Euro 386 million, mainly reflecting the enrichment of the product mix, sustained by the deliveries of the Daytona SP3 and a few units of the 499P Modificata, increased personalizations and the positive country mix driven by Americas.
Industrial costs / research and development expenses increased Euro 19 million, primarily due to higher racing and innovation expenses, partially offset by lower depreciation and amortization, in line with the phase out of certain models.
SG&A grew Euro 92 million mainly reflecting the continuous initiatives for software, digital infrastructure and organizational development, as well as brand investments.
Other changes were positive for Euro 71 million, mainly thanks to new sponsorships and lifestyle activities, partially offset by higher costs due to the better 2024 Formula 1 season ranking.
Net financial income in the year was Euro 1 million, compared to net financial charges of Euro 15 million of the prior year, primarily driven by positive net foreign exchange impact and higher interest on the Group’s cash balance.
The effective tax rate([1]) in the year was 19.2%, mainly reflecting the estimate of the benefit attributable to the Patent Box and tax incentives for eligible research and development costs and investments.
As a result, the Net profit for the year was Euro 1,526 million, up 21.3% versus the prior year, and the diluted earnings per share for the year reached Euro 8.46, compared to Euro 6.90 in 2023.
Industrial free cash flow in the year was very strong at Euro 1,027 million, driven by the increased EBITDA, partially offset by a negative change in working capital, provisions and other for Euro 100 million, capital expenditures([2]) of Euro 989 million and taxes paid for Euro 400 million.
Net Industrial Debt(1) as of December 31, 2024 was Euro 180 million, compared to Euro 99 million as of December 31, 2023. This also reflected a total shareholders’ reward amounting to Euro 1,021 million, of which share repurchases accounted for Euro 581 million and dividends distribution([3]) for Euro 440 million, and substantially aligned with the industrial free cash flow generation of the year. As of December 31, 2024, total available liquidity was Euro 2,292 million (Euro 1,722 million as of December 31, 2023), including undrawn committed credit lines of Euro 550 million.
2025 guidance, based on the following assumptions for the year and the current custom duties framework:
Q4 2024 highlights:
Subsequent events: