Strong First Quarter Results and Record Order Book. DECISIVE MANAGEMENT OF COVID-19 PANDEMIC IMPACTS

Rhea-AI Summary

Ferrari N.V. (RACE) reported strong Q1 results with net revenues of Euro 1,011 million, up 8.5% year-over-year. Total shipments slightly increased to 2,771 units. Key financial metrics showed robust growth: EBITDA rose 18.6% to Euro 376 million with a margin of 37.2%, and EBIT increased 20.9% to Euro 266 million (margin: 26.3%). The company generated Euro 147 million in industrial free cash flow. Despite the pandemic's impact, Ferrari is confident in achieving its 2021 guidance and noted a record order book.

Positive

• Net revenues increased by 8.5% to Euro 1,011 million.
• EBITDA grew by 18.6% to Euro 376 million with a 37.2% margin.
• EBIT rose by 20.9% to Euro 266 million, achieving a 26.3% EBIT margin.
• Net profit reached Euro 206 million with diluted EPS at Euro 1.11.
• Industrial free cash flow generation of Euro 147 million.
• Record order book and robust net order intake.

Negative

• 2022 financial targets postponed by one year due to Covid-19.

STRONG FIRST QUARTER RESULTS AND RECORD ORDER BOOK


DECISIVE MANAGEMENT OF COVID-19 PANDEMIC IMPACTS

Ferrari N.V. (NYSE/MTA: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results for the first quarter ended March 31, 2021:

• • • • Total shipments of 2,771 units, slightly up versus prior year
• Net revenues of Euro 1,011 million, up by 8.5%
• EBITDA of Euro 376 million, up 18.6% versus prior year, with an EBITDA margin of 37.2%
• EBIT of Euro 266 million, up 20.9% versus prior year, with an EBIT margin of 26.3%
• Net profit of Euro 206 million and diluted EPS at Euro 1.11
• Sound industrial free cash flow generation of Euro 147 million
• Confident to reach top end of the 2021 guidance range on the back of excellent results, robust net order intake as well as record order book as at the end of Q1 2021
• 2022 financial targets postponed by one year due to Covid-19

Commenting on the results and the outlook, Chairman and Acting CEO John Elkann said: “This strong start augurs well for the rest of 2021 and is testimony to the resilience of our business model as well as the extraordinary work of the women and men of Ferrari. Looking ahead, we expect the prudent steps we took in 2020 and are continuing in 2021 to adjust our expenditure in response to the Covid-19 emergency, will postpone by one year the achievement of our year-end 2022 guidance. However, the robustness of our order book and the wonderful new models we will launch in the coming years provide a strong base on which to build our ambitious future.”

Attachment

• 2021_05_04 - Ferrari Q1 2021 Results Press Release

FAQ

What were Ferrari's Q1 2021 financial results?

Ferrari reported Q1 2021 net revenues of Euro 1,011 million, an 8.5% increase year-over-year, with EBITDA at Euro 376 million and EBIT at Euro 266 million.

How many units did Ferrari ship in Q1 2021?

Ferrari shipped a total of 2,771 units in Q1 2021, a slight increase from the previous year.

What is Ferrari's strategy for 2021 amid Covid-19?

Ferrari aims to adjust expenditure in response to Covid-19 impacts while maintaining confidence in achieving the top end of its 2021 guidance.

Did Ferrari face any delays in financial targets?

Yes, Ferrari postponed its 2022 financial targets by one year due to the impacts of the Covid-19 pandemic.

What is the significance of Ferrari's record order book?

The record order book indicates strong demand and positions Ferrari well for future revenue growth despite current uncertainties.