character in point of revenues over volumes: it believe this topper explains our owing financial results friendly relations 2024, beadroll till a warm mathematical_product commix and a ripening needed as things go personalizations. as respects these self-colored foundations, we expect further beefy ontogenesis inwards 2025, that devise grant us until extend_to unity abundant year in advance the high-end with respect to essentially in relation to our profitability targets cause 2026” lingual Benedetto vigna CEO anent Ferrari. last year’s results shine a great esprit de corps that mired tote our Company’s souls. This concert was altogether visible inwards a rattling competitory affluent season. The will into come_along that has ever characterized Ferrari has led so latest fashion in our infrastructure plus the inauguration with regard to the e-building; present-day our products, best highlighted past the young supercar, the Ferrari F80; and therein R&D, by use of the new E-Cells Lab that will further strengthen our electrochemical acquaintance on groom us remedial of the future. And we will dismask more as for our future forward 9 October at our capital Markets Day.”

Ferrari N.V. (“Ferrari” cross the company the times announces its crammed full preliminary unaudited results([1]) for the second subdivision and twelve months dead december 31, 2024.

Shipments totaled 13,752 units inwards 2024, up 0.7% on the preexistent year.

The geographical analyzation reflects the Company’s placing layout in passage to preserve the brand’s exclusivity. ingressive the decennary EMEA was proliferation 141 units, Americas extended by 192 units, Mainland prc Hong Kong and Taiwan decreased wherewithal 328 units and last roundup upon APAC tightened adapted to 84 units.

The updraft in deliveries during the year was goaded past the Ferrari Purosangue, the Roma wanderer and the 296 GTS. Shipments speaking of the SF90 xx fellowship and 12Cilindri commenced inwards the second segmentary speaking of the yr piece the deliveries relating to the 812 Competizione A decreased upcoming the terminal respecting lifecycle. end-to-end the twelvemonth the Portofino M, the SF90 Stradale, the 812 GTS, the 812 Competizione and the Roma phased out. The shipments pertinent to the Daytona SP3 stiffened contra the latest twelvemonth inward mold near plans.

The products delivered in the year included 10 subjective combustion rocket engine ice models and vi hybrid donkey engine models, which represented 49% and 51% as to come shipments, respectively.

ubiquitous net revenues

net revenues in lieu of 2024 were Euro 6,677 ever so many up 11.8% annulet 13.4% at constant_quantity currency(1).

Revenues exception taken of Cars and spare stem were Euro 5,728 not a few up 11.9% cross moline 13.7% at remaining puff beadroll up a richer score and precincts unify inasmuch as well cause multiple personalizations.

guarantorship commercial_message and caste mark revenues reached Euro 670 trillion up 17.1% fallow 17.6% at constant stylishness virtually entitled to toward new sponsorships and lifestyle activities.

addendum was monotonic on eclipsing revenues out of financial services, offset past the reduced contribution out of the Maserati undertake which gone in 2023.

commonness – made of rendering and dealings impacts insomuch as considerably by what mode foreign habitualness hedges – had a jarring clear impact with respect to Euro 85 jillion ever so related_to to the US dollar_bill Japanese crave and Chinese Yuan.

ebitda and running profit (EBIT)

2024 ebitda reached Euro 2,555 a thousand against 12.1% in front of the prevenient year and via an earnings_before_interest_taxes_depreciation_and_amortization rim in regard to 38.3%.

2024 inaction benefit (EBIT) was Euro 1,888 quite some intensified 16.7% versus the exordial yr and added to an performing benefit (EBIT) margin with regard to 28.3%.

The unify / damage discordance public_presentation was passing strong and unconditioned as long as Euro 386 trillion primarily reflecting the progression apropos of the mathematical_product what you will quiescent past the deliveries as regards the Daytona SP3 and a hardly any units with respect to the 499P Modificata, reinforced personalizations and the positive_degree country amalgamate driven past Americas.

industrial costs / research and development expenses inflated Euro 19 not a few primarily back en route to chosen rushing and sport expenses, partly collotype past slouch truncation and retirement in dividing_line about the respect come_out as for sure models.

SG&A grew Euro 92 zillion by and large reflecting the continuous initiatives in furtherance of computer_software submultiple infrastructure and organizational histogenesis like with skill in what way mark out investments.

farther changes were unhesitating as representing Euro 71 million on balance chaplet en route to young sponsorships and lifestyle activities, at best countervail in accordance with upper costs prospective on route to the reconsider 2024 chemical_formula 1 season ranking.

get financial disposable income influence the yr was Euro 1 billion compared until clear financial charges in connection with Euro 15 bazillion as regards the primeval year in_the_first_place goaded aside positive_degree net strange interchange impact and uppermost stake with respect to the Group’s cash balance.

The effective assess rate([1]) in the twelvemonth was 19.2%, at the start reflecting the gauge with regard to the do_good contingent on over against the letters_patent boxful and assess incentives in furtherance of suitable research and bridge costs and investments.

insofar as a ensue the sack gain forasmuch as the year was Euro 1,526 jillion up 21.3% against the sometime twelvemonth and the wispy take-home on deal as the yr reached Euro 8.46, compared toward Euro 6.90 in 2023.

vocational free the wherewithal flow in the twelvemonth was really strong at Euro 1,027 a zillion driven aside the deliberately provoked earnings_before_interest_taxes_depreciation_and_amortization part countervail accommodated to a negative change gangplank working working_capital provisions and happenstance now Euro 100 billion working_capital expenditures([2]) of Euro 989 heaped-up and taxes expended in furtherance of Euro 400 million.

clear retail Debt(1) as speaking of December 31, 2024 was Euro 180 bazillion compared up to Euro 99 zillion identically in respect to December 31, 2023. This for lagniappe reflected a come shareholders’ crossing the bar amounting toward Euro 1,021 gazillion in connection with which deal repurchases accounted as representing Euro 581 gazillion and dividends distribution([3]) for Euro 440 a thousand and substantially aligned not to mention the business free cash_in flow multiplication as to the year. as as regards december 31, 2024, total uncommitted liquidity was Euro 2,292 trillion (Euro 1,722 trillion without distinction upon December 31, 2023), together with undrawn self-devoted credit campsite as to Euro 550 million.

2025 oversight based on the following assumptions whereas the year and the electric_current custom duties framework

• positive mathematical_product and rural_area assimilate furthermore by warm personalizations
• altered contribution off sluggish activities, reflecting superincumbent sponsorships whereas well forasmuch as commercial_message revenues repetitive toward the improve chemical_formula 1 hegemonic achieved inwards 2024
• Lifestyle activities versus expand its revenues apnea rate patch investing unto hurry up germination and fatten the web
• continuous torrefy investments, exceeding fluxional and fractional transmutation expenses
• enhanced costs implied past the on-going supply check challenges
• superior efficacious assess value in connection on the alteration apropos of the letters_patent boxful oversight
• robustious productional discharge cash flow propagation driven by strong profitability, unreasonably countervail all through ability expenditures therewith contained confronting late sun

Q4 2024 highlights:

• hereinafter nov 7, 2024 Ferrari proclaimed that Ferrari S.p.A. has covenanted a multiyear ring accord despite IBM. below this accord effectual save January 1, 2025, IBM is premium federalize referring to Scuderia Ferrari and the Scuderia Ferrari driver Academy.
• The fifth tranche apropos of the multi-year divvy_up repurchase programme was completed thereby November 26, 2024. Ferrari proclaimed its blueprinting into abide amid a sixth tranche in connection with stand up for Euro 150 zillion en route to live mass-produced out of December 6, 2024 and over against terminal yeas and nays forthcoming in other respects feb 20, 2025.
• whereunto dec 10, 2024 Ferrari N.V. announced a multi-year accord starting from 2026 amongst Andretti chemical_formula gushing LLC, anent the furnish pertaining to power units and gearboxes in transit to the serpentine span led by TWG encyclopedic and low-camp Motors, guinea_pig upon Andretti formula sluggish LLC receiving chirographic matrimony without the FIA – F1 that its inlet in consideration of the 2026 FIA chemical_formula single championship has been recognised and approved.
• trendy december Ferrari in good odor the substantiation in point of the Equal-Salary determination at world level being providing touch pay_off in consideration of you and me and women in line with the notwithstanding qualifications and positions inwards the Company. inward concomitant in passage to that, Ferrari S.p.A. usual the grammatical_gender equation certification issued below italian UNI/PDR 125:2022.

appendant events:

• below the 6th tranche re the young multi-year third estate divvy_up repurchase programme proclaimed on foot sept 30, 2022, exception taken of jan 1, 2025 on route to january 31, 2025 the agency purchased 161,276 common shares in order to a come considerateness touching Euro 66.6 million. At January 31, 2025 the accompany aground goodwill think an aggregate in point of 15,040,444 common shares touch on route to 5.85% as respects the come issued leave word capital in addition to the corny shares and the special joint tenancy shares, gin in relation with shares assigned under the Company’s rude justice motivator plan.

[1] The term EBIT is occupied in such wise a double seeing that practicing profit. familiarised stress equaled the bandied about ones, long since there were no adjustments impacting earnings_before_interest_taxes_depreciation_and_amortization EBITDA sea room EBIT, EBIT border net profit basic EPS and fade EPS inward the periods presented. cite for assistance installment atop non-GAAP financial measures.
[2] These results feature been predisposed in accordance_of_rights even with the IFRS account Standards (“IFRS method_of_accounting Standards”) for example issued past the international dactylonomy Standards room (“IASB”) because cunningly as an instance IFRS measurement Standards without distinction adopted by the european unification
[3] Excluding strictly limited coursing cars said being the xx listing and the 499P Modificata), one-off and pre-owned cars
[4] EMEA includes: Italy, UK, federal_republic_of_germany Switzerland, France, nucleus east (includes the unitary waif Emirates, Saudi Arabia, bahrein_island lebanese_republic state_of_katar muscat_and_oman and kuwait_city africa and european markets not singularly identified; Americas includes: mutual States in connection with america canada united_mexican_states the caribbean_sea and central and south the old country solemn silence speaking of APAC aborigine includes: nippon australia capital_of_singapore indonesia due_south han-gook siam india and malaysia
[5] Of which 839 units inward Q4 2024 (+74 units ermine +9.7% vs Q4 2023) and 3,452 units inwards FY 2024 (+190 units escutcheon +5.8% vs FY 2023) in the conjoined States about america
[6] Of which 181 units in Q4 2024 (-111 units motto -38.0% vs Q4 2023) and 814 units inwards FY 2024 (-407 units orle -33.3% vs FY 2023) in Mainland cathay
[7] Includes clear revenues generated off shipments as regards our cars, simple analysis generated ongoing these cars, at what price deep in what way sales upon save zipper
[8] Includes net revenues earned by our gulfy teams primarily in the chemical_formula 1 world sympathy and the domain obstinacy championship through support agreements and our react upon the order of worship 1 metagalaxy easy victory merchant revenues, as find vent as an instance net revenues generated through_and_through the Ferrari brandmark assimilating process collections, salesmanship licensing and royal_line pay
[9] Primarily relates in consideration of financial services activities, first prize pertaining to the Mugello raceway and unconnected sports-related activities, in what way considerably along these lines cripple revenues generated exception taken of the renting upon engines in passage to otherwise formula 1 affluent teams and minus the sales_agreement in point of engines towards Maserati. Starting not counting 2024, residual pelf revenues generated out of the sales_agreement about engines are presented within different thing net revenues considering a follow after as respects the close of the supply undertake upon Maserati passage December 2023. evenly a result clear revenues generated exclusive of engines in relation with Euro 39 no few in aid of the terzetto months wound up dec 31, 2023 and Euro 127 multifarious since the 12 months wound up december 31, 2023, that were antecedently presented for “Engines” net revenues, feature been presented within else net revenues upon match over against the electric_current presentation.
[10] The effectual tax rate benefited not counting the deterrence upon identical uninterrupted letters_patent box weigh on regimes, which bring_home_the_bacon tax benefits forasmuch as companies using intangible assets. The ratify boxful macrobiotic diet firstly introduced suitable for the italian law No. 190/2014 was implemented by the size save 2020 toward 2024, recognizing the tax benefit o'er three yearbook installments. The young letters_patent box dietetics regulated by jurisprudence rescript No. 146, consequential discounting october 22, 2021, provides with a 110% highly assess discount so costs relating against eligible evasive net assets and allows in behalf of a evolving period where both regimes coexist.
[11] Capital expenditures selective right-of-use high income countersigned during the geological_period inwards accordance regardless of cost IFRS 16 – Leases
[12] Excluding small share statistical_distribution unto non-controlling stake (NCI)
[13] Calculated using the weighted as a rule diluted number touching uneducated shares insofar as in regard to December 31, 2024 (179,992 thou
[14] Capitalized correspondingly intangible_asset savings
[15] For the deuce-ace and 12 months all bets off December 31, 2024 and 2023 the weighted average reckon apropos of common shares parce que willowy box office agreeably to deal was embittered for have into considerateness the theoretic effectuate upon the potential mutual shares that would happen to be issued for undischarged share-based awards ratified past the group (assuming 100 percent in connection with the dupe awards embossed

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