Ferrari (RACE) Q4 2024 earnings summary

Executive summary

• 2024 revenues reached €6.7 billion, net profit €1.5 billion, and industrial free cash flow exceeded €1 billion, all surpassing targets.

• Order book covers production through 2026, driven by strong demand for new models and high client loyalty.

• Three new models launched in 2024, including the F80 supercar with hybrid/electric components; six new models, including the first full electric, planned for 2025.

• Inauguration of the E-building and shutdown of methane gas plant advanced electrification and carbon neutrality goals.

• Achieved global Equal Salary and Italian gender equality certifications, with employee awards up to €14,400.

Financial highlights

• Net revenues grew 11.8% year-over-year to €6,677 million; at constant currency, up 13.4%.

• Net profit was €1,526 million, with diluted EPS of €8.46, up 22.6% year-over-year.

• EBITDA margin reached 38.3%, EBIT margin 28.3%, both improved from prior year.

• Industrial free cash flow was €1,027 million, despite record capex of €990 million.

• Shipments increased 0.7% to 13,752 units, with growth in Americas and EMEA.

Outlook and guidance

• 2025 guidance: net revenues >€7.0 billion (≥5% growth), adj. EBITDA ≥€2.68 billion (≥5%), adj. EBIT ≥€2.03 billion (≥7%), adj. diluted EPS ≥€8.60 (≥2%), industrial FCF ≥€1.20 billion (≥17%).

• Six new model launches planned for 2025, including the first full electric model in Q4.

• Personalizations expected to remain around 20% of car and spare parts revenues, with absolute growth.

• Racing and lifestyle revenues to grow, supported by new sponsorships and expanded activities.

• Effective tax rate expected to rise to 22.5% in 2025 due to Patent Box regime change.