Q2 2024 RESULTS CONFIRM STRONG EXECUTION AND CONTINUED GROWTH 2024 GUIDANCE REVISED UPWARD

Rhea-AI Summary

Ferrari N.V. (NYSE/EXM: RACE) reported strong Q2 2024 results, demonstrating continued growth and execution. Net revenues increased 16.2% year-over-year to €1,712 million, with total shipments up 2.7% to 3,484 units. Adjusted EBIT rose 17.0% to €511 million, with a margin of 29.9%. Adjusted net profit reached €413 million, with adjusted diluted EPS at €2.29. Adjusted EBITDA grew 13.7% to €669 million, with a margin of 39.1%. The company generated €121 million in industrial free cash flow.

CEO Benedetto Vigna highlighted the enrichment of product mix and increased demand for personalizations as key drivers. Ferrari upgraded its 2024 guidance based on these results. The quarter also saw the inauguration of a new e-building and another victory at the 24 Hours of Le Mans.

Positive

• Net revenues increased 16.2% year-over-year to €1,712 million
• Adjusted EBIT rose 17.0% to €511 million, with a margin of 29.9%
• Adjusted net profit reached €413 million
• Adjusted EBITDA grew 13.7% to €669 million, with a margin of 39.1%
• Industrial free cash flow generation of €121 million
• Total shipments increased 2.7% to 3,484 units
• Company upgraded its 2024 guidance

Negative

• None.

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Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results(¹) for the second quarter and six months ended June 30, 2024:

• Net revenues of Euro 1,712 million, up 16.2% versus prior year, with total shipments of 3,484 units up 2.7% versus Q2 2023
• Adjusted EBIT of Euro 511 million, up 17.0% versus prior year, with adjusted EBIT margin of 29.9%
• Adjusted net profit of Euro 413 million and adjusted diluted EPS at Euro 2.29
• Adjusted EBITDA of Euro 669 million, up 13.7% versus prior year, with adjusted EBITDA margin of 39.1%
• Industrial free cash flow generation of Euro 121 million

“We are delighted to announce excellent financial results in the second quarter of 2024, which demonstrate again a strong execution and continued growth. Our net revenues and profitability were up double digit, sustained by the enrichment of the product mix and the increased demand for personalizations, which led us to upgrade our 2024 guidance” said Benedetto Vigna, CEO of Ferrari. “The quarter was also marked by the inauguration of our new e-building, during a week of events dedicated to sustainable innovation with our stakeholders, and the new victory at the 24 Hours of Le Mans”.

¹   These results have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and IFRS as endorsed by the European Union

Attachment

• 2024_08_01 - Ferrari Q2 2024 Results Press Release - vf

FAQ

What were Ferrari's (RACE) Q2 2024 net revenues?

Ferrari's net revenues for Q2 2024 were €1,712 million, up 16.2% compared to the same period last year.

How many vehicles did Ferrari (RACE) ship in Q2 2024?

Ferrari shipped a total of 3,484 units in Q2 2024, representing a 2.7% increase from Q2 2023.

What was Ferrari's (RACE) adjusted EBIT for Q2 2024?

Ferrari's adjusted EBIT for Q2 2024 was €511 million, up 17.0% from the previous year, with an adjusted EBIT margin of 29.9%.

Did Ferrari (RACE) revise its 2024 guidance after Q2 results?

Yes, Ferrari upgraded its 2024 guidance based on the strong Q2 2024 financial results.

What was Ferrari's (RACE) industrial free cash flow in Q2 2024?

Ferrari generated €121 million in industrial free cash flow during Q2 2024.