Ferrari upgrades 2025 guidance and sets 2030 targets

Ferrari N.V. (NYSE: RACE) upgraded its 2025 financial guidance and outlined strategic targets for 2030 during its Capital Markets Day presentation.

The Italian luxury automaker raised its 2025 net revenue guidance to at least €7.1 billion from a previous target of more than €7.0 billion. The company also increased its 2025 adjusted EBITDA guidance to at least €2.72 billion while maintaining a margin of at least 38.3%.

For 2030, Ferrari projects net revenues of approximately €9.0 billion with a compound annual growth rate of about 5%. The company expects adjusted EBITDA of at least €3.6 billion with a margin of at least 40%. Adjusted operating profit is targeted to reach at least €2.75 billion with a margin of at least 30%.

Ferrari plans cumulative capital expenditures of €4.7 billion from 2026 to 2030, with a significant portion allocated to next-generation sports cars development. The company expects to generate cumulative industrial free cash flow of €8.0 billion over the same period.

The automaker announced plans to return €7.0 billion to shareholders through 2031, split equally between dividends and share repurchases. Ferrari will increase its dividend payout ratio to 40% of adjusted net profit from the current 35%, starting with 2025 results. A new €3.5 billion share repurchase program will run from 2026 through the end of the strategic plan period.

The revenue growth is expected to be driven primarily by sports cars and related activities, supported by the company's order book visibility. Ferrari stated that the increase will come from product mix enrichment, personalizations, and contributions from racing and lifestyle segments.

The company reported 2024 net revenues of €6.7 billion and adjusted EBITDA of €2.56 billion with a 38.3% margin. Ferrari's 2024 adjusted diluted earnings per share reached €8.46.

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