Ferrari Unveils 2022-2026 Plan

(RTTNews) - Ferrari (RACE) said it targets to achieve net revenues up to 6.7 billion euros in 2026, with a compounded annual growth rate of 9%, mainly driven by car-related activities. EBIT is projected to reach 1.8-2.0 billion euros by 2026, with a 27%-30% margin. In 2026, the company targets an EBITDA of 2.5-2.7 billion euros, with a CAGR of 11% that is greater than revenues, and an EBITDA margin of 38%-40%. Ferrari plans to generate a cumulated industrial free cash flow of 4.6-4.9 billion euros over the 2022-2026 period, doubled compared to 2016-2021.

Ferrari targets 15 new launches between 2023 and 2026. The first full electric Ferrari will be unveiled in 2025, the company noted. By 2026, the company targets a well-diversified product portfolio, composed of 60% hybrid and full electric and 40% ICE in terms of number of models. By 2030, the company is targeting an offering composed of 20% ICE, 40% hybrid and 40% full electric.

For 2022, the management is confident to meet at the high end of its guidance ranges, on the trajectory to the 2023 EBITDA targets of 1.8-2.0 billion euros.

Ferrari also decided to proceed with the proposal to increase the dividend pay-out for the following years to a steady 35% of adjusted net income, and to start a shares repurchase program of approximately 2 billion euros to be executed from now to the end of the plan period.