Ferrari delivers 13,752 cars in 2024 as net profit surges 21%

Overview

Ferrari closed 2024 with record-breaking financial results, reporting €6.68bn in revenue and a net profit of €1.53 bn. The company achieved an EBITDA of €2.56bn with a 38.3% margin, reflecting a strong product mix, growing demand for customization, and a solid pricing strategy.

Ferrari CEO Benedetto Vigna highlighted the company’s exceptional performance, stating: “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.”

Q4 2024 vs. Q4 2023:

• Revenue reached to a value of €1.74bn (+14% YoY), supported by a favorable product mix like higher demand for the Daytona SP3, 499P Modificata, Purosangue, Roma Spider, and 296 GTS, and increased personalizations, because Ferrari customers spent more on customization options, increasing average transaction values.
• Net profit was €386m (+31% vs. 2023), benefiting from strong demand and operational efficiency.
• EBITDA recorded a value of €643m (+15% YoY) with a margin of 37.0%, reflecting improved profitability.
• EBIT recorded a value of €468m (+26% YoY) with an operating margin of 27.0%, showcasing solid financial discipline.
• Diluted EPS was €2.14 (+32% YoY), driven by sustained earnings growth.
• Cash flow from operating activities decreased slightly to a value of €494m (-6% vs. 2023).

Full-Year 2024 highlights:

• Total revenue rose to €6.68bn (+12% YoY), supported by vehicle sales, sponsorships, and an expanded luxury lifestyle segment.
  • Ferrari delivered 13,752 units (+1% YoY), with growth in EMEA (+2% vs. 2023) and the Americas (+5% vs. 2023), offset by a decline in China (-22% vs. 2023).
  • Sponsorship, commercial, and brand revenues increased 17% YoY, reflecting Ferrari’s broader luxury expansion.
• Net profit recorded a value of €1.53bn (+21% YoY), demonstrating Ferrari’s profitability strength.
• EBITDA increased to €2.56bn (+12% YoY) with a margin of 38.3%.
• EBIT reached to €1.89bn (+17% YoY) with a 28.3% margin, showing solid financial execution.
• Diluted EPS exceeded analysts’ expectations and reached €8.46 (+23% YoY), reflecting Ferrari’s ability to generate value for shareholders.
• Free cash flow from industrial activities reached to €1.03bn (+10% YoY), driven by strong earnings and disciplined capital allocation.

For 2025 outlook, Ferrari expects revenue to exceed €7.0bn (+5% YoY), driven by product innovation and strong customer demand. Adjusted EBITDA is targeted at €2.68bn, maintaining a 38.3% margin, while adjusted EBIT is projected to surpass €2.03bn, with an operating margin of 29%. Diluted EPS is anticipated to reach €8.60 (+2% YoY), reflecting sustained profitability. Additionally, industrial free cash flow is forecasted at €1.2bn (+17% YoY), reinforcing Ferrari’s strong liquidity position and its ability to invest in future growth while maintaining exclusivity and brand strength.

At the time of writing, RACE shares are trading at an 8% higher price after the results were published.

Author: Andreea-Roxana Danci