Ferrari Group (FERGR) investor relations material

Executive summary

• Achieved robust organic revenue growth of 4.8% year-over-year at constant currency, reflecting effective strategy execution amid volatile geopolitical and market conditions, and a successful IPO on Euronext Amsterdam in February 2025, enhancing visibility and strategic positioning.

• Profitability remained resilient, with adjusted EBITDA up 1% year-over-year to €93.3 million and margin stable at 26%.

• Strong cash flow generation (+22.9% YoY), reinforced balance sheet, and net cash position up €15 million year-over-year.

• Enhanced dividend payout of €0.33 per share, up 22% YoY, with a payout ratio of 56%.

• Continued global expansion with new offices, warehouses, and subsidiaries in high-growth regions, and advanced digital transformation and sustainability initiatives, including EcoVadis Silver Medal and science-based emission reduction targets.

Financial highlights

• FY25 revenue reached €365.5 million (4.8% growth at constant currency), with adjusted EBITDA of €93.3 million and a 26% margin.

• Net financial position improved to €101.9 million, a €14.9 million increase from FY24, and cash flow from operations grew by 22.9% year-over-year.

• Dividend proposed at €0.33 per share, totaling €30 million, with a payout ratio of 56%.

• International services (66% of revenue) grew 2.5% year-over-year (4% at constant currency); domestic services up 4.2%.

• Net profit was €53.4 million, with earnings per share of €0.56.

Outlook and guidance

• 2026 revenue growth targeted at 3–6%, with adjusted EBITDA margin expected to remain broadly stable versus 2025.

• Medium-term revenue growth expected at 6–8%, with EBITDA margin of 27–29% post-digital transformation.

• CapEx to remain steady at around 2% of revenues, supporting ongoing expansion and digitalization.

• Continued reinvestment in growth and enhanced dividends, subject to performance and market conditions.

• Monitoring macroeconomic and geopolitical risks, including Middle East conflict, with flexibility to adapt operations.