Ferrari(US:RACE)2026-02-19 17:09Sales and Shipments - Annual shipments of new cars increased from 7,255 units in 2014 to 13,663 units in 2023, with projections of 13,752 units in 2024 and 13,640 units in 2025[478]. - In 2025, approximately 84% of new cars were sold to clients who already owned at least one Ferrari, indicating strong brand loyalty[478]. - Total shipments in 2025 were 13,640 cars, a decrease of 112 units or 0.8% compared to 2024, with the 296 GTS, Purosangue, and Roma Spider being the primary drivers[530]. Financial Performance - Net revenues for 2025 were €7,146 million, an increase of €469 million or 7.0 percent compared to €6,677 million for 2024[527]. - Net revenues from cars and spare parts for 2025 were €6,005 million, an increase of €277 million or 4.8 percent compared to €5,728 million for 2024[528]. - Sponsorship, commercial, and brand revenues increased from €670 million in 2024 to €820 million in 2025, representing a growth of 22.4 percent[504]. - Operating profit (EBIT) for 2025 was €2,110 million, representing 29.5 percent of net revenues, an increase from €1,888 million or 28.3 percent in 2024[523]. - Net profit for 2025 reached €1,600 million, an increase of 4.8% from €1,526 million in 2024 and 27.3% from €1,257 million in 2023[620]. Research and Development - Capitalized development costs amounted to €421 million in 2025, €476 million in 2024, and €448 million in 2023, with capitalized costs as a percentage of total R&D decreasing from 45.8% in 2024 to 41.5% in 2025[495]. - Total research and development incurred was €1,014 million in 2025, with €593 million expensed and €421 million capitalized[496]. - Research and development costs for 2025 were €919 million, which is 12.9 percent of net revenues, compared to €894 million or 13.4 percent in 2024[523]. - The company aims to integrate hybrid and electric technologies across its product portfolio, including the launch of the Ferrari Luce, its first full electric model[490]. Costs and Expenses - Cost of sales for 2025 was €3,453 million, accounting for 48.3 percent of net revenues, compared to €3,330 million or 49.9 percent in 2024[523]. - Selling, general and administrative costs for 2025 were €642 million, an increase of €81 million or 14.5%, representing 9.0% of net revenues[545]. - Financial income for 2025 was €168 million, while financial expenses increased to €214 million, resulting in net financial expenses of €46 million[523]. Cash Flow and Investments - Cash flows from operating activities for 2025 were €2,349 million, primarily due to an increase in net profit excluding non-cash items of €217 million[581]. - Capital expenditures for the year ended December 31, 2025, totaled €1,013 million, compared to €1,064 million in 2024 and €911 million in 2023, reflecting ongoing investments in product portfolio and infrastructure[597]. - Free Cash Flow from Industrial Activities for 2025 was €1,200 million, compared to €1,100 million in 2024, indicating a growth of 9.1%[645]. Shareholder Information - Exor is the largest shareholder with a 21.33% stake, translating to approximately 32.32% voting power due to the loyalty voting mechanism[655]. - As of February 4, 2026, approximately 54.31 million Ferrari common shares, or 28.00% of the outstanding shares, were held in the United States[664]. - The Ferrari Family's right of first offer is limited to prevent them from acquiring more than 30% voting interest in common shares[673].