Ferrari (RACE) investor relations material

Executive summary

• 2025 saw strong execution and innovation, with six new sports cars launched, including the full electric Ferrari Luce, and all business plan targets achieved a year ahead of schedule.

• Revenues reached €7.15 billion, up 7% year-over-year, with EBIT at €2.11 billion, reflecting 12% growth and an EBIT margin of 29.5%.

• Industrial free cash flow surged to €1.54 billion, up nearly 50%, supporting increased shareholder remuneration.

• Demand remains robust, with a solid order book extending to late 2027 and stable residual values.

• Achieved World Champion status in WEC, record engagement in lifestyle activities, and museum attendance near 900,000.

Financial highlights

• Revenues grew 7% year-over-year to €7.1 billion, driven by richer product and country mix, higher personalizations, and increased sponsorship and lifestyle revenues.

• EBITDA rose 8% to €2.77 billion (38.8% margin); EBIT increased 12% to €2.11 billion (29.5% margin).

• Industrial free cash flow exceeded €1.5 billion, up nearly 50% year-over-year.

• Shipments were flat at 13,640 units, managed for model changeovers.

• Diluted EPS was €8.96, up 5.9% year-over-year.

Outlook and guidance

• 2026 guidance targets revenues of ~€7.5 billion, adjusted EBITDA margin of at least 39%, and adjusted EBIT of at least €2.22 billion.

• Industrial free cash flow expected at or above €1.5 billion.

• Positive product mix, higher racing revenues, and continued investment in brand and digital transformation are expected.

• FX headwinds, mainly from the US dollar and Japanese yen, are expected to impact EBIT by about €200 million in 2026.

• Effective tax rate expected around 22.5–23%, benefiting from the patent box regime.