Ferrari Nv · MIL:RACE
Ferrari Nv — Q1 2025 Earnings Presentation
29 slides from Ferrari Nv's earnings presentation, May 6, 2025
Slide 1: Q1 2025 Results
Q1 2025 RESULTS MARANELLO, MAY 6, 2025
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This document, and in particular the section entitled “2025 Guidance”, contain forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “continue”, “on track”, “su
Slide 3: Another strong start to the year sustained by product mix
ANOTHER STRONG START TO THE YEAR SUSTAINED BY PRODUCT MIX Q1 2025 revenues at ~€1.8B, net profit at €412M and Industrial FCF(1) at €620M Order book covering the entire 2026, with the 12Cilindri family guiding the order intake Unveil of the 296 Speciale and 296 Speciale A The Ferrari elettrica: a jou
Slide 4: May 6, 2025
May 6, 2025 4
Slide 5: Q1 2025 Highlights
Q1 2025 HIGHLIGHTS SHIPMENTS(2) NET REVENUES (UNITS) (€M) Q1 '25 3,593 Q1 '25 1,791 +0.9% +13.0% Q1 '24 3,560 Q1 '24 1,585 EBIT(1) DILUTED EARNINGS PER SHARE (€M and margin %) (€) Q1 '25 542 30.3% Q1 '25 2.30 +22.7% +17.9% Q1 '24 442 27.9% Q1 '24 1.95 EBITDA(1) INDUSTRIAL FREE CASH FLOW(1) (€M and m
Slide 6: Q1 2025 – Shipments
Q1 2025 – SHIPMENTS SHIPMENTS BY REGION(3) SHIPMENTS BREAKDOWN (Q1 2025 VS Q1 2024) Quarterly shipments increased 33 units (Q1 2025) or +0.9% vs Q1 2024 and reflected our EMEA +128 UNITS deliberate geographic allocations: INTERNAL (47% vs 44% PY) COMBUSTION ENGINE (ICE) 51% AMERICAS(4) • Increased d
Slide 7: Net Revenues Bridge Q1 2024 – 2025
NET REVENUES BRIDGE Q1 2024 – 2025 (€M) Net revenues reported +13.0% Net revenues at constant currency +12.2% (9) +10.4% +31.7% +8.1% 5 1,771 20 1,791 45 142 64 63 1,585 1,579 191 190 58 58 (6) 145 145 1,518 1,536 1,382 1,376 Q1 2024 FX hedges Q1 2024 Q1 2024 w/o FX Cars and spare parts (6) Sponsors
Slide 8: EBIT Bridge Q1 2024 – 2025
EBIT BRIDGE Q1 2024 – 2025 (€M) 5 15 542 85 18 527 (22) 442 5 436 (6) Margin Margin 29.7% 30.3% Margin Margin 27.9% 27.6% EBIT Q1 2024 FX hedges EBIT Q1 2024 w/o Volume Mix / Price Ind. Costs / R&D SG&A Other EBIT Q1 2025 at Change in FX 2024 EBIT Q1 2025 Q1 2024 FX hedges constant currency vs 2025
Slide 9: Industrial FCF and Net Industrial (Debt)/Cash Bridges
INDUSTRIAL FCF AND NET INDUSTRIAL (DEBT)/CASH(1) BRIDGES DEC 31, 2024 – MAR 31, 2025 (€M) 163 (2) (180) 620 683 (49) 620 (224) (65) (424) EBITDA Change in Net cash Capex (10) Industrial FCF (Industrial working interest & Q1 2025 December 31, Industrial FCF Share Currency, Other & March 31, 2025 (11)
Slide 10: Guidance 2025
GUIDANCE 2025 Based on the following assumptions for the year and current custom duties framework: (€B, unless otherwise stated) 2024 2025 GROWTH • Positive product and country mix, along with strong ACTUAL GUIDANCE VS PY personalizations • Improved contribution from racing activities, reflecting NE
Slide 11: Q&A
Q&A 11
Slide 12: Appendix
APPENDIX 12
Slide 13: Notes to the Presentation
NOTES TO THE PRESENTATION 1. The term EBIT is used as a synonym for Operating profit. Adjusted metrics equaled and other sports-related activities, as well as net revenues generated from the rental the reported ones, since there were no adjustments impacting EBITDA, EBITDA of engines to other Formul
Slide 14: Strong Track-Record in New Models Introduction
STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION RANGE MODELS INTRODUCED Model / year of delivery 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 RANGE MODELS 458 Spider FF F12berlinetta California 30 California T 488 GTB 488 Spider GTC4LUSSO 812 Superfast GTC4LUSSO T Ferrari Portofin
Slide 15: Strong Track-Record in New Models Introduction – Special Series
STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION SPECIAL SERIES AND LIMITED EDITION MODELS INTRODUCED Model / year of delivery 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 SPECIAL SERIES 458 Speciale A F12tdf 488 Pista 488 Pista Spider 812 Competizione 812 Competizione A SF90 XX St
Slide 16: Group Shipments by Region
GROUP SHIPMENTS BY REGION(2)(3) 3,560 3,593 673 633 237 317 1,022 997 1,573 1,701 Q1 2024 Q1 2025 EMEA Americas(4) Mainland China, Hong Kong and Taiwan(5) Rest of APAC Note: (2) (3) (4) (5) Refer to notes to the presentation in the Appendix May 6, 2025 16
Slide 17: Debt and Liquidity Position
DEBT AND LIQUIDITY POSITION NET INDUSTRIAL (DEBT) / CASH NET INDUSTRIAL (DEBT) / CASH (€M) (€M) At Mar. 31 At Dec. 31 (49) 2025 2024 2023 2022 Debt (3,334) (3,352) (2,477) (2,812) (1,419) (1,370) Cash and Cash Equivalents (A) 1,915 1,742 1,122 1,389 Net (Debt)/Cash (1,419) (1,610) (1,355) (1,423) Ne
Slide 18: Financial Leverage Historical Trend
FINANCIAL LEVERAGE(15) HISTORICAL TREND Total available liquidity at €2,465M as of March 31, 2025 (€2,292M as of December 31, 2024), including undrawn committed credit lines of €550M Net Debt / EBITDA Net Industrial Debt / EBITDA (Industrial Activities only) 1.2x 1.0x 0.9x 0.8x 0.8x 0.6x 0.6x 0.5x 0
Slide 19: Capex and R&D
CAPEX AND R&D €M, unless otherwise stated Q1 ‘25 Q1 ‘24 Capital expenditures 224 195 of which capitalized development costs(16) (A) 110 109 Research and development 160 146 costs expensed (B) Total research and development (A+B) 270 255 Amortization of capitalized 73 85 development costs (C) Researc
Slide 20: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Operations are monitored through the use of various non-GAAP financial measures operational activities. that may not be comparable to other similarly titled measures of other companies. • Adjusted Net Profit represents net profit as adjusted for certain income and costs A
Slide 21: Key Performance Metrics and Reconciliations of Non-GAAP Measures
KEY PERFORMANCE METRICS AND RECONCILIATIONS OF NON-GAAP MEASURES €M, unless otherwise stated Q1 ‘25 Q1 ‘24 Net revenues 1,791 1,585 Cost of sales 858 782 Selling, general and administrative costs 149 124 Research and development costs 233 231 Other expenses/(income), net 12 7 Results from investment
Slide 22: Reconciliations: Total Net Revenues at Constant Currency
RECONCILIATIONS OF NON-GAAP MEASURES: TOTAL NET REVENUES AT CONSTANT CURRENCY Q1 ‘25 at constant €M, unless otherwise stated Q1 ‘25 currency Cars and spare parts 1,536 1,518 Sponsorship, commercial and brand 191 190 Other 64 63 Total Net Revenues 1,791 1,771 Certain totals in the tables included in
Slide 23: Reconciliations: EBITDA and EBIT at Constant Currency
RECONCILIATIONS OF NON-GAAP MEASURES: EBITDA AND OPERATING PROFIT (EBIT) AT CONSTANT CURRENCY Q1 ‘25 at constant €M, unless otherwise stated Q1 ‘25 currency EBITDA 693 678 Operating profit (EBIT) 542 527 Certain totals in the tables included in this document may not add due to rounding May 6, 2025 2
Slide 24: Reconciliations: EBITDA and Adjusted EBITDA
RECONCILIATIONS OF NON-GAAP MEASURES: EBITDA AND ADJUSTED EBITDA €M, unless otherwise stated Q1 ‘25 Q1 ‘24 Net profit 412 352 Income tax expenses 116 88 Financial expenses/(income), net 14 2 Amortization and depreciation 151 163 EBITDA 693 605 Adjustments - - Adjusted EBITDA 693 605 Certain totals i
Slide 25: Reconciliations: Adjusted Operating Profit (EBIT)
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED OPERATING PROFIT (EBIT) €M, unless otherwise stated Q1 ’25 Q1 ‘24 Operating profit (EBIT) 542 442 Adjustments - - Adjusted Operating profit (EBIT) 542 442 Certain totals in the tables included in this document may not add due to rounding May 6, 2025 25
Slide 26: Reconciliations: Adjusted Net Profit
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED NET PROFIT €M, unless otherwise stated Q1 ‘25 Q1 ‘24 Net profit 412 352 Adjustments - - Adjusted Net profit 412 352 Certain totals in the tables included in this document may not add due to rounding May 6, 2025 26
Slide 27: Reconciliations: Adjusted Basic and Diluted EPS
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED BASIC AND DILUTED EPS €M, unless otherwise stated Q1 ‘25 Q1 ‘24 Net profit attributable to owners of the Company 412 351 Weighted average number 178,651 180,250 of common shares (thousand)(17) Basic EPS (€) 2.30 1.95 Adjustments - - Adjusted Basic EPS (
Slide 28: Reconciliations: Free Cash Flow and Industrial Free Cash Flow
RECONCILIATIONS OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW FROM INDUSTRIAL ACTIVITIES €M, unless otherwise stated Q1 ‘25 Q1 ‘24 Cash flow from operating activities 847 505 Investments in property, plant and equipment (224) (195) and intangible assets Free Cash Flow 623 310 Free Cash Flo
Slide 29: Reconciliations: Net Industrial (Debt) / Cash
RECONCILIATIONS OF NON-GAAP MEASURES: NET INDUSTRIAL (DEBT) / CASH March 31, December December December December December €M, unless otherwise stated 2025 31, 2024 31, 2023 31, 2022 31, 2021 31, 2020 Debt (3,334) (3,352) (2,477) (2,812) (2,630) (2,725) of which: Lease liabilities as per IFRS 16 (178