Ferrari NV has announced a positive revision to its full-year outlook after a successful second quarter driven by customization services and limited-edition car shipments. The company now anticipates adjusted earnings before interest, taxes, depreciation, and amortization of at least €2.5 billion for the year, an increase from the previous projection of at least €2.45 billion. In terms of sales, Ferrari expects to exceed €6.55 billion, up from the initial estimate of over €6.4 billion.
Under the leadership of CEO Benedetto Vigna, Ferrari is focusing on maintaining exclusivity in its product line while leveraging customization offerings to enhance profitability and enable future price hikes. This strategic approach has yielded positive results, with revenue and profit both experiencing robust double-digit growth despite a modest increase in quarterly shipments.
For the second quarter, Ferrari reported a 14% rise in adjusted Ebitda to €669 million, surpassing analyst expectations. Revenue also climbed by 16% to €1.71 billion, outperforming estimates. The company is now forecasting a free cash flow of up to €950 million, slightly higher than the previous target of over €900 million.
Shipments for the quarter increased by 3% to 3,484 vehicles, with deliveries bolstered by the Purosangue model, as well as strong sales of the Roma Spider and 296 GTS Spider. Looking ahead, Vigna is steering Ferrari towards the electrification era, a significant shift for a brand renowned for its powerful 12-cylinder engines. In a groundbreaking move, Ferrari unveiled its new Italian factory in June, which will be the production hub for its forthcoming line of electric vehicles, set to debut late next year alongside hybrid and combustion engine models.