Ferrari's 2024 Annual Report: A Year of Growth and Innovation

Ferrari N.V. (NYSE/EXM: RACE) has released its 2024 Annual Report and filed its annual report on Form 20-F with the United States Securities and Exchange Commission, highlighting a year of strong financial performance and strategic advancements. The report, which includes the company's audited financial statements, is available on Ferrari's corporate website and can be requested free of charge.

In 2024, Ferrari delivered a total of 13,752 units, up 0.7% versus the prior year. The geographic breakdown of shipments reflects the company's allocation strategy to preserve the brand's exclusivity, with EMEA up 141 units, Americas increasing by 192 units, Mainland China, Hong Kong, and Taiwan decreasing by 328 units, and Rest of APAC increasing by 84 units. The increase in deliveries was driven by the Ferrari Purosangue, the Roma Spider, and the 296 GTS, while shipments of the SF90 XX family and 12Cilindri commenced in the second part of the year. Throughout the year, the Portofino M, the SF90 Stradale, the 812 GTS, the 812 Competizione, and the Roma phased out, and the shipments of the Daytona SP3 increased versus the prior year, in line with plans.

Ferrari's net revenues for 2024 were Euro 6,677 million, up 11.8% or 13.4% at constant currency, driven by a richer product and country mix, increased personalizations, and higher volumes. Sponsorship, commercial, and brand revenues reached Euro 670 million, up 17.1% or 17.6% at constant currency, mainly attributable to new sponsorships and lifestyle activities. Other revenues were flat, with higher revenues from financial services offset by the decreased contribution from the Maserati contract, which expired in 2023. Currency impacts had a negative net impact of Euro 85 million, mostly related to the US Dollar, Japanese Yen, and Chinese Yuan.

Ferrari's operating profit (EBIT) for 2024 was Euro 1,888 million, up 16.7% versus the prior year, with an operating profit margin of 28.3%. EBITDA reached Euro 2,555 million, up 12.1% versus the prior year, with an EBITDA margin of 38.3%. The Mix / price variance performance was very strong and positive for Euro 386 million, mainly reflecting the enrichment of the product mix, sustained by the deliveries of the Daytona SP3 and a few units of the 499P Modificata, increased personalizations, and the positive country mix driven by Americas. Industrial costs / research and development expenses increased Euro 19 million, primarily due to higher racing and innovation expenses, partially offset by lower depreciation and amortization, in line with the phase out of certain models. SG&A grew Euro 92 million, mainly reflecting the continuous initiatives for software, digital infrastructure, and organizational development, as well as brand investments. Other changes were positive for Euro 71 million, mainly thanks to new sponsorships and lifestyle activities, partially offset by higher costs due to the better 2024 Formula 1 season ranking.

Ferrari's strong financial performance in 2024 reflects the company's commitment to innovation, strategic allocation, and a balanced product mix. The introduction of new models, the enrichment of the product mix, and the focus on personalization have all contributed to the company's success. Additionally, Ferrari's commitment to sustainability and its involvement in Formula 1 have further enhanced the brand's appeal and exclusivity.

In conclusion, Ferrari's 2024 Annual Report demonstrates the company's ability to maintain its brand exclusivity while catering to the growing demand for sustainable and innovative vehicles. The report highlights Ferrari's strong financial performance, driven by a balanced product mix, strategic allocation, and a commitment to innovation and sustainability. As Ferrari looks to the future, investors can expect the company to continue to deliver robust growth and profitability, further solidifying its position as a leader in the luxury automotive market.