Ferrari sees 2030 adjusted EPS greater than EUR 11.50

Sees 2030 revenue approximately EUR 9B. Sees 2030 adjusted EBITDA greater than EUR 3.6B. The company said, “The Company is now nearing completion of its 2022-2026 business plan in full alignment with the commitments made. Indeed, Ferrari (RACE) upgrades the 2025 guidance, exceeding its 2026 profitability targets one year in advance. In the 2030 Strategic Plan, Ferrari targets to achieve net revenues of Euro ~9.0 billion, with a compounded annual growth rate of ~5%, largely driven by Sports cars and other car-related activities, sustained by the visibility granted by the order book. Such increase in revenues is driven by the enrichment of the product mix, along with personalizations. Revenues from Racing and Lifestyle are also projected to positively contribute to the Company’s performance. EBIT to reach at least Euro 2.75 billion in 2030, with a margin of at least 30%, driven by the strong product mix, including limited-edition models, the enriched product range as well as personalizations. Volume is projected to positively contribute, although at a lesser extent. Industrial costs and R&D will grow mainly due to depreciation and amortization linked to products and infrastructure developed, racing activities and sports cars research expenses. SG&A will increase in line with revenues evolution, reflecting communication and marketing activities, lifestyle and the organizational development. As a result, in 2030 the Company targets an EBITDA of at least Euro 3.6 billion, with an EBITDA margin of at least 40%. Such strong profitability translates into a remarkable industrial free cash flow generation and an improved cash conversion at above 50%. Indeed, Ferrari aims to generate a cumulated industrial free cash flow of Euro ~8.0 billion over the 2026-2030 period, mostly sustained by the growing profitability, partially offset by cumulated capital expenditures of Euro ~4.7 billion and other operating changes.”