法拉利2025财年业绩创新高，电动化战略稳步推进

Core Insights - The company achieved record performance in the fiscal year 2025, with net revenue of €7.146 billion, a year-on-year increase of 7%, and EBIT reaching €2.110 billion, up 12% [1] - Industrial free cash flow significantly increased by 50% to €1.538 billion [1] Performance Overview - The EBIT margin for the fourth quarter was 28.5%, an increase of 1.5 percentage points year-on-year; the EBITDA margin reached 38.8%, up 1.8 percentage points [2] - The improvement was primarily driven by a higher proportion of high-value models and the deepening of customization services [2] Business Status - The company's order book extends to the end of 2027, with strong demand for new models such as Amalfi and 849 Testarossa, providing high certainty for deliveries and profitability over the next two years [3] - Despite a year-on-year decline in global deliveries in the fourth quarter, the company maintains a "volume at price increase" strategy, ensuring profit growth through product structure optimization [3] Business and Technological Development - The first all-electric model, Luce, has completed its debut, with a launch event planned for May 2026 [4] - The company has set a product structure target for 2030 of 40% combustion, 40% hybrid, and 20% electric, adopting a gradual transition strategy [4] Financial Movements - Over €1.3 billion was returned to shareholders through dividends and stock buybacks in 2025, with plans to increase the dividend payout ratio to 40% of net profit, reflecting the company's ample cash flow and commitment to shareholder returns [5] Company Performance Goals - The company expects revenue of approximately €7.5 billion in 2026, with adjusted earnings per share of at least €9.45, and industrial free cash flow to remain above €1.5 billion [6]