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04 May 2023 - 10:53Corporate and Financial



  • Total shipments of 3,567 units, up 9.7% versus Q1 2022
  • Net revenues of Euro 1,429 million, up 20.5% versus prior year
  • Adjusted EBITDA([1]) of Euro 537 million, up 27.0% versus prior year
  • Adjusted EBIT(1) of Euro 385 million, up 25.3% versus prior year
  • Adjusted EBITDA(1) margin of 37.6% and Adjusted EBIT(1) margin of 26.9% in the quarter
  • Adjusted net profit(1) of Euro 297 million and adjusted diluted EPS(1) at Euro 1.62
  • Industrial free cash flow(1) generation of Euro 269 million


“Another exceptional quarter for Ferrari. Double-digit growth across the main parameters, with EBITDA margin at 37.6% reaching a new high and net profit up to Euro 297 million,” said Benedetto Vigna, Ferrari CEO. “Our order book already extends into 2025 with an award-winning product portfolio. We have decided to reopen orders for the Purosangue, suspended due to an initial unprecedented demand, and launched the Roma Spider to further enrich our offer. We are on track with our electrification journey on the development of both sports cars and infrastructures in Maranello”.



Maranello (Italy), May 4, 2023 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results([2]) for the first quarter ended March 31, 2023.





Shipments totaled 3,567 units in Q1 2023, up 316 units or 9.7% versus the prior year.

The product portfolio in the quarter included nine internal combustion engine (ICE)([5]) models and four hybrid engine models, which represented 65% and 35% of total shipments, respectively.

The increase in shipments during the quarter was driven by the Portofino M, the 296 GTB and the 812 Competizione. In the quarter the first deliveries of the 296 GTS and the 812 Competizione A commenced, while the F8 Tributo reached the end of the lifecycle. The Daytona SP3 was in the ramp up phase in the quarter.

Quarterly deliveries reflected the pace of introduction of new models in the various regions. EMEA(4) was down 12.0%, Americas(4) increased 46.2%, Mainland China, Hong Kong and Taiwan was up 38.9% and Rest of APAC(4) grew by 19.5%.


Total net revenues



Net revenues for Q1 2023 were Euro 1,429 million, up 20.5% or 17.9% at constant currency(1).

Revenues from Cars and spare parts(6) were Euro 1,241 million (up 23.2% or 20.6% at constant currency(1)), thanks to higher volumes, richer product and country mix as well as the contribution from personalizations and pricing.

Sponsorship, commercial and brand(7) revenues reached Euro 130 million, up 15.2% or 11.1% at constant currency(1) mainly attributable to the better prior year Formula 1 ranking and the contribution from lifestyle activities.

The decrease in Engines(8) revenues (Euro 33 million, down 11.5%, also at constant currency(1)) was attributable to lower shipments to Maserati, as the 2023 contract expiration gets closer.

Currency – including translation and transaction impacts as well as foreign currency hedges – had a positive impact of Euro 28 million, mostly related to US Dollar.



Adjusted EBITDA(1) and Adjusted EBIT(1)



Q1 2023 Adjusted EBITDA(1) reached Euro 537 million, up 27.0% versus the prior year and with an Adjusted EBITDA(1) margin of 37.6%.

Q1 2023 Adjusted EBIT(1) was Euro 385 million, increased 25.3% versus the prior year and with an Adjusted EBIT(1) margin of 26.9%.

Volume was positive (Euro 28 million), reflecting the shipments increase versus the prior year.

The Mix / price variance performance was also positive (Euro 85 million) mainly reflecting the increased personalizations, the enrichment of the product mix and the positive country mix sustained by Americas and Mainland China, Hong Kong and Taiwan and pricing. This was partially offset by lower deliveries of the Daytona SP3 compared to the Monza SP1 and SP2 in Q1 last year.

Industrial costs / research and development expenses increased (Euro 47 million), mainly due to higher depreciation and amortization as well as raw materials cost inflation.

SG&A also grew (Euro 22 million) mainly reflecting communication, marketing and lifestyle activities, as well as the support to the Company’s organizational development.

Other changes almost in line (positive for Euro 6 million), mainly reflecting the better prior year Formula 1 ranking and higher contribution from lifestyle activities.


Net financial charges in the quarter were Euro 4 million, versus Euro 8 million of the prior year, mainly reflecting higher interest income on liquidity held by the Group.

The tax rate in the quarter was approximately 22%, mainly reflecting the estimate of the benefit attributable to the Patent Box, the Allowance for Corporate Equity (ACE)([10]) and deductions for eligible hyper and super-depreciation of machinery and equipment.

As a result, the Adjusted Net profit(1) for the quarter was Euro 297 million, up 24.0% versus the prior year, and the Adjusted diluted earnings per share(1) for the quarter reached Euro 1.62, compared to Euro 1.29 in Q1 2022.

Industrial free cash flow(1) for the quarter was strong at Euro 269 million, driven by the increased Adjusted EBITDA(1), partially offset by the negative change in working capital, provisions and other of Euro 99 million and capital expenditures([11]) of Euro 150 million.

Net Industrial Debt(1) as of March 31, 2023 was Euro 53 million, compared to Euro 207 million as of December 31, 2022, also reflecting share repurchases([12]) of Euro 97 million. As of March 31, 2023, total available liquidity was Euro 2,059 million (Euro 2,058 million as of December 31, 2022), including undrawn committed credit lines of Euro 618 million.



Confirming 2023 guidance, based on the following assumptions:

  • Strong mix sustained by rich product portfolio, Ferrari Daytona SP3 and personalizations
  • Price increase to counter balance current cost inflation
  • Increasing depreciation and amortization in line with the start of production of new models
  • Revenues from racing and lifestyle activities reflecting a limited improvement
  • Industrial free cash flow generation sustained by strong profitability partially offset by disciplined capital expenditures to fuel long term development and negative working capital




Q1 2023 highlights:

  • The unveiling of the Ferrari Roma Spider, a timelessly elegant, high-performance car with a contemporary take on the chic, pleasure-seeking Italian lifestyle of the 1950s and 60s. This spider carries over the proportions, volumes and specifications of the Ferrari Roma’s hugely successful V8 2+ concept, but what makes it so striking is the adoption of a soft top, a solution making a welcome return to the Prancing Horse range on a front-engined car 54 years after the 1969 365 GTS4.
  • New multiyear partnership agreements in Formula 1 with Virtual Gaming World and Asahi Europe & International, starting in 2023 and 2024, respectively.
  • The renewal of the company-specific collective labor agreement, which applies to all Ferrari employees in Italy, with various trade unions for the four-year period 2023-2026. The main elements of the agreement renewal concern salary increases for employees (including an expected overall increase of more than 11% in the first two years), as well as the enhancement of the system of representation in industrial and trade union relations, with a further stimulus to commissions.
  • On February 24, 2023, the Company’s Board of Directors recommended a dividend of Euro 1.810 per common share, totaling approximately Euro 329 million, to be approved by the Shareholders of the Company.
  • The full repayment of a bond upon maturity for a total consideration of approximately Euro 390 million (including accrued interest).
  • The receipt from a threat actor of a ransom demand related to certain client contact details. Ferrari immediately started an investigation, informed the relevant authorities and worked to further reinforce its systems. The breach has had no direct operational or financial impacts on the Company.


Subsequent Events:

  • Ferrari signed a Memorandum of Understanding with pioneer of revolutionary OLED technology, Samsung Display, to develop an advanced display solution for Ferrari’s next-generation models.
  • On April 14, 2023, at the Annual General Meeting, the Shareholders of the Company approved, among others, a dividend in cash of Euro 1.810 per outstanding common share, corresponding to a total dividend amount of Euro 329 million. The dividend is to be paid on May 5, 2023.
  • Ferrari has signed an agreement with Enel X to create a photovoltaic plant serving a new Renewable Energy Community (REC) in the towns of Fiorano and Maranello. The Ferrari Energy Community will be the first ever REC in Italy to be promoted and supported by an industrial Company for the benefit of its local territory. The project envisages the installation of a photovoltaic system of approximately 1 MWp by December 2023, on 10,000 m2 of disused land owned by Ferrari adjacent to the Fiorano Circuit.
  • Under the second tranche of the new multi-year common share repurchase program announced on June 30, 2022, from April 3, 2023 to April 28, 2023 the Company purchased 85,321 common shares for a total consideration of Euro 21.6 million. As of April 28, 2023 the Company held in treasury an aggregate of 12,381,534 common shares equal to 4.82% of the total issued share capital including the common shares and the special voting shares, net of shares assigned under the Company’s equity incentive plan.


[1]   Refer to specific paragraph on non-GAAP financial measures. There were no adjustments impacting EBITDA, EBITDA margin, EBIT, EBIT margin, Net profit, Basic EPS and Diluted EPS in the periods presented.
[2]    These results have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and IFRS as endorsed by the European Union
[3]    Excluding the XX Programme, racing cars, one-off and pre-owned cars
[4]    EMEA includes: Italy, UK, Germany, Switzerland, France, Middle East (includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait), Africa and the other European markets not separately identified; Americas includes: United States of America, Canada, Mexico, the Caribbean and Central and South America; Rest of APAC mainly includes: Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia
[5]    It includes one ICE track car model
[6]    Includes net revenues generated from shipments of our cars, any personalization generated on cars, as well as sales of spare parts
[7]     Includes net revenues earned by our racing teams (mainly in the Formula 1 World Championship and the World Endurance Championship) through sponsorship agreements, our share of the Formula 1 World Championship commercial revenues, and net revenues generated through the Ferrari brand, including fashion collection, merchandising, licensing and royalty income
[8]    Includes net revenues generated from the sale of engines to Maserati for use in their cars and from the rental of engines to other Formula 1 racing teams
[9]    Primarily relates to financial services activities, management of the Mugello racetrack and other sports-related activities
[10]   Also known as Notional Interest Deduction - NID
[11]   Capital expenditures excluding right-of-use assets recognized during the period in accordance with IFRS 16 - Leases
[12]   Including repurchases in relation to the Sell to Cover practice under the equity incentive plans
[13] Calculated using the weighted average diluted number of common shares as of December 31, 2022 (183,072 thousand)