Luxury carmaker Ferrari on Tuesday reported a significant upswing in full-year net profit, citing a strong product mix and growing demand for personalization.

Ferrari posted net profit of 1.53 billion euros ($1.58 billion) for the full-year 2024 period, reflecting a 21% increase from the previous year.

Other earnings highlights:

• Full-year net revenues came in at 6.7 billion euros, up nearly 12% year-on-year.
• Full-year earnings before interest, tax, depreciation and amortization (EBITDA) came in at 2.56 billion euros, up from 2.28 billion euros in the year prior.

Milan-listed shares of the company rose 4.7% on the news, reversing earlier losses. U.S.-listed shares, meanwhile, were last seen 3.3% higher.

Ferrari said it expected net revenues to increase by roughly 5% to more than 7 billion euros in 2025, up from 6.7 billion euros in 2024.

“Quality of revenues over volumes: I believe this best explains our outstanding financial results in 2024, thanks to a strong product mix and a growing demand for personalizations,” Ferrari CEO Benedetto Vigna said in a statement accompanying the results.

“On these solid foundations, we expect further robust growth in 2025, that will allow us to reach one year in advance the high-end of most of our profitability targets for 2026,” he added.

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