Reflecting on the past year and outlining goals for 2025, Exor Chairman John Elkann addressed shareholders with a lengthy letter that did not overlook Ferrari’s situation, which already appears to be a success following the arrival of Lewis Hamilton.
The F1 World Championship has not started under the best of circumstances for Fred Vasseur’s team. Between Australia and China, the Prancing Horse has faced one of the most challenging starts to a season in modern F1. Struggling to score points in Melbourne and disqualified in Shanghai, Ferrari will attempt to make immediate adjustments to the SF-25 to quickly return to the fight at the top of the standings.
While 2025 in F1 has not begun on the right foot, the same cannot be said for Ferrari’s off-track business affairs. In a detailed letter to Exor shareholders, Chairman John Elkann did not neglect Ferrari’s situation.
Hamilton and Electric Ferrari, Elkann Confident: “Exciting 2025”
The heir of the Agnelli family first reflected on the past year. “2024 was an extraordinary year for Ferrari, combining strong financial results with success in motorsport, sports cars, and the lifestyle sector.”
“Over the year, we launched new models: the Ferrari 12Cilindri, both coupé and spider, and the F80,” John Elkann explained. The Ferrari chairman praised the F80, the flagship of Maranello, calling it “the most powerful sports car ever produced at the factory” and a “new symbol of extreme innovation.”
John Elkann noted that the F80 draws inspiration from the Hypercar 499P, “which replicated its 2023 success by winning the 24 Hours of Le Mans once again in 2024.”
He then recalled the planned inauguration of the e-building in June 2025, an event that will be attended by the President of Italy, Sergio Mattarella.
Moving on to financial results, Elkann highlighted Ferrari’s strong performance. “Ferrari’s excellent 2024 translated into another year of outstanding financial results. Net revenues grew by 12% compared to 2023, reaching €6.7 billion, with an EBITDA of €2.6 billion (a 38% margin).”
The Prancing Horse continues to bring satisfaction to the 48-year-old Italian, who is eager to see how the new year unfolds, despite its rocky start. “All 2024 objectives were exceeded. 2025 promises to be exciting with the arrival of Lewis Hamilton and Ferrari’s first fully electric car,” concluded Chairman John Elkann.
