Ferrari, the iconic luxury carmaker, revealed a remarkable 21% increase in its full-year net profit for 2024. The company attributed this financial success to a robust product mix and an escalating demand for personalized vehicles. The announcement was made on a Tuesday, bringing a positive shift in market sentiment as Ferrari's shares rose significantly in both Milan and the U.S.
The company's earnings before interest, tax, depreciation, and amortization (EBITDA) reached 2.56 billion euros, reflecting an increase from 2.28 billion euros in the previous year. This substantial growth contributed to Ferrari's net profit of 1.53 billion euros for the full-year 2024 period. Moreover, the company's net revenues surged by nearly 12% year-on-year, amounting to 6.7 billion euros.
Ferrari CEO Benedetto Vigna elaborated on the factors driving this financial performance. He emphasized the importance of quality over quantity in revenue generation, stating that the company's outstanding results were fueled by a strong product mix and an increasing demand for vehicle personalizations.
"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," – Ferrari CEO Benedetto Vigna
Looking ahead, Ferrari anticipates its net revenues to exceed 7 billion euros in 2025, marking a projected growth of approximately 5% from the 2024 figures. This expectation reflects the company's confidence in maintaining its upward trajectory and reaching profitability targets ahead of schedule.
"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," – Ferrari CEO Benedetto Vigna
The financial report also had a noticeable impact on the stock market. Milan-listed shares of Ferrari rose by 4.7%, effectively reversing earlier losses. Meanwhile, U.S.-listed shares experienced a 3.3% increase following the announcement.