Alexandre
Ferrari recently unveiled its results for the first half of 2024, and the figures confirm a promising year, even exceeding initial expectations. The Italian brand continues to shine despite global challenges, proving once again its ability to adapt and innovate.
| Years | Sales | CA | Benefits |
|---|---|---|---|
| H1 2024 | 7044 | 3.29 billion | 765 million |
| 2023 | 13663 | 5.97 billion | 1.25 billion |
| 2022 | 13221 | 5.09 billion | 939 million |
| 2021 | 11155 | 4.27 billion | €833 million |
| 2020 | 9119 | 3.46 billion | 609 million |
| 2019 | 10131 | 3.76 billion | 699 million |
A solid first half
Ferrari's financial results for the second quarter of 2024 are impressive. Revenues reached around €1.7 billion, an increase of an increase of 16.2% over the same period last year. Net profit, meanwhile, came to 413 million euros, showing double-digit year-on-year growth since the second quarter of 2023 was 334 million euros.
Sales performance
Ferrari delivered 3,484 cars in the second quarter of 20242.7 % higher than in the second quarter of 2023. This increase is attributed to a deliberate geographic distribution strategy. The Americas saw an increase of 112 units, while EMEA grew by 17 units. On the other hand, mainland China continues to decline year on year, with -64 units, perhaps reflecting a growing preference for electrified vehicles in this region.
One of the strengths of this semester is the robustness of the Ferrari's order book, which now extends until 2026. This enthusiasm is largely underpinned by eagerly-awaited models such as the 12Cilindri and 12Cilindri Spider. Demand for these models ensures stable and predictable revenues for years to come, which is excellent news for the brand's investors. If the pace is maintained in the second half of 2024, Ferrari could exceed 14,000 deliveries for the first time.
E-building inaugurated at Maranello
The inauguration of the E-building in Maranello marks a turning point in the history of Ferrari. The building is designed around the concepts of technological neutrality and flexibility, integrating the development and production of internal combustion engine (ICE), hybrid and fully electric models.
The production processes are currently in the test phase, with a large-scale production scheduled to start in 2025The first electric Ferrari 100 % will be unveiled at the same time.
Ferrari continues to invest in research and development, with R&D expenditure totalling €273 million for the first half of 2024, demonstrating the brand's commitment to remaining at the forefront of automotive technology. And more, car customization increased by 13.5 %, demonstrating customers' growing interest in unique, made-to-measure vehicles.
Forecasts revised upwards for 2024
Based on solid first-half results, Ferrari has revised upwards its forecasts for 2024. Net revenues are now expected to exceed 6.55 billion euros, compared with an initial forecast of 6.4 billion euros. Adjusted EBIT is expected to reach 1.82 billion euros, while adjusted EBITDA is forecast at 2.50 billion euros. Taking EBIT, or earnings before interest and taxes, into account, profitability should remain at around 27 %.
The challenges of hybrid and electric technologies
Despite these excellent results, Ferrari must navigate a complex landscape of challenges and opportunities. Among the main challenges are the need to preserve and enhance the value of the Ferrari brandwhile attracting and retaining qualified talent. The success of racing activities and the brand's ability to keep pace with technological advances in high-performance cars, including the integration of hybrid and electric technologies, are also crucial.
The fuel consumption, emissions and safety standards are becoming increasingly stringentThis means high compliance costs and product modifications. Global economic fluctuations, macroeconomic events such as conflicts and pandemics, as well as changes in consumer preferences and automotive trends, represent other major challenges.
Introducing hybrid and electric technologies into our cars is costly and its long-term success is uncertain. In the long term, although we believe that combustion engines will continue to be essential to the Ferrari driver experience, hybrid and pure electric cars could become the dominant technology for performance sports cars, supplanting combustion engine models.
With solid financial results, a full order book and a clear strategy for the future, the brand seems well positioned to make 2024 an exceptional year.