Ferrari Group (FERGR) H2 2024 earnings summary

Executive summary

• Achieved 4.7–5% revenue growth to €348.8m in FY24, meeting or exceeding financial targets, with net profit up 0.7–1% to €57.3m and strong cash generation improving net financial position by up to 24% to €87m.

• Executed global expansion with new offices and contractual relationships in multiple countries, and completed first wave of digital transformation.

• Recognized for management excellence and sustainability, including a Deloitte Best Managed Company Award and first audited sustainability report.

• Successfully listed on Euronext Amsterdam post year-end, enhancing profile and supporting growth strategy.

Financial highlights

• Revenue rose 4.7–5% year-over-year to €348.8m, driven by organic growth, new business wins, and network expansion.

• Adjusted EBITDA increased 2.6–3% to €92.4m, with margin stable at 26.5% (down 50bps YoY due to expansion and IT investments).

• Net financial position improved by €14–14.4m to €87m, with a cash conversion rate of 86.1–86.3%.

• Proposed dividend of €25m (€0.27/share), a 44% payout ratio, slightly exceeding the 40% policy target.

• CapEx stable at €12.7m, focused on digital transformation and warehouse expansion.

Outlook and guidance

• 2025 revenue and Adjusted EBITDA margin expected in line with 2024; ordinary CapEx to remain stable at ~2% of revenues.

• Medium-term guidance targets 6–8% revenue growth and 27–29% EBITDA margin within five years.

• Management committed to a progressive dividend policy, with potential for extra dividends or share buybacks depending on performance.

• Positive momentum expected to continue into 2025, assuming luxury market trends persist.