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01 Feb 2024 - 11:11Corporate and Financial


  • Net revenues of Euro 5,970 million, up 17.2% versus prior year, with total shipments of 13,663 units up 3.3% versus FY 2022

  • Adjusted EBIT(1) of Euro 1,617 million, up 31.8% versus prior year, with adjusted EBIT(1) margin of 27.1%

  • Adjusted net profit(1) of Euro 1,257 million and adjusted diluted EPS(1) at Euro 6.90

  • Adjusted EBITDA(1) of Euro 2,279 million, up 28.5% versus prior year, with adjusted EBITDA(1) margin of 38.2%

  • Industrial free cash flow(1) generation of Euro 932 million

“2023 was a very successful year, during which we strengthened our brand through a number of achievements reflected in our unprecedented financial results. For the first time, our net profit, up 34%, exceeded 1 billion Euro and the annual EBITDA margin rose to 38.2%,” said Benedetto Vigna, Ferrari Chief Executive Officer. “We now have a very important year ahead of us in the execution of our business plan, which continues on schedule along its carefully planned path. The record 2023 results, the ambitions that we have on 2024, together with the exceptional visibility on our order book allow us to look at the high-end of 2026 targets with stronger confidence”.



Maranello (Italy), February 1, 2024 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results(2) for the fourth quarter and twelve months ended December 31, 2023.


Shipments totaled 13,663 units in 2023, up 442 units or 3.3% versus the prior year, serving a very solid order book. In the year EMEA(4) increased by 1.8%, Americas(4) was up 10.6%, Mainland China, Hong Kong and Taiwan decreased by 62 units and Rest of APAC(4) was substantially flat.

The increase in deliveries during the year was driven by the Purosangue, which was in ramp up phase in the second part of the year, as well as higher deliveries of the 296 and SF90 families. The first deliveries of the Roma Spider commenced in Q4. During the year, the F8 family’s deliveries concluded and the Portofino M was approaching the end of its lifecycle. In the year the deliveries of Special Series increased, led by the 812 Competizione family. The allocations of the Daytona SP3 continued as planned throughout the year.

The product portfolio in the year included eleven internal combustion engine (ICE)(7) models and four hybrid engine models, which represented 56% and 44% of total shipments, respectively.

Total net revenues

Net revenues for 2023 were Euro 5,970 million, up 17.2% or 17.1% at constant currency(1).

Revenues from Cars and spare parts(8) were Euro 5,119 million (up 18.5%, also at constant currency(1)), thanks to a richer product and country mix, the increased contribution from personalizations, higher volumes as well as pricing.

Sponsorship, commercial and brand(9) revenues reached Euro 572 million, up 14.6% or 12.6% at constant currency(1) mainly attributable to new sponsorships, higher Formula 1 commercial revenues and better ranking in 2022 vs. 2021, as well as the contribution from lifestyle activities.

The decrease in Engines(10) revenues (Euro 127 million, down 18.4%, also at constant currency(1)) was attributable to lower shipments to Maserati, whose contract expired at the end of 2023.

Currency – including translation and transaction impacts as well as foreign currency hedges – had a negative net impact of Euro 8 million, mostly related to the Japanese Yen and Chinese Yuan, partially offset by the US Dollar.

Adjusted EBITDA(1) and Adjusted EBIT(1)

2023 Adjusted EBITDA(1) reached Euro 2,279 million, up 28.5% versus the prior year and with an Adjusted EBITDA(1) margin of 38.2%.

2023 Adjusted EBIT(1) was Euro 1,617 million, increased 31.8% versus the prior year and with an Adjusted EBIT(1) margin of 27.1%.

Volume was positive (Euro 42 million), reflecting the shipments increase versus the prior year.

The Mix / price variance performance was very strong and positive (Euro 461 million), mainly reflecting the enrichment of the product mix, sustained by the Daytona SP3, the 812 Competizione and the SF90 families, the positive country mix driven by Americas and Mainland China, Hong Kong and Taiwan, as well as the increased contribution from personalizations and pricing.

Industrial costs / research and development expenses increased (Euro 166 million), mainly due to higher depreciation and amortization, cost inflation and higher Formula 1 expenses.

SG&A also grew (Euro 43 million) mainly reflecting the continuous development of the Company’s digital infrastructure and organization, as well as brand investments.

Other changes were positive (Euro 81 million), mainly reflecting higher Formula 1 commercial revenues and better ranking in 2022 vs. 2021, new sponsorships, higher contribution from lifestyle activities and a partial release of car environmental provisions as a result of more favorable market conditions.

Financial charges, net in the year were Euro 15 million, versus Euro 49 million of the prior year mainly thanks to higher yields on liquidity, realized gain on bond cash tender and positive foreign exchange impact net of hedging.

The tax rate in the year was approximately 22%, mainly reflecting the estimate of the benefit attributable to the Patent Box(12), the Allowance for Corporate Equity (ACE)(13) and tax incentives for eligible research and development costs and investments.

As a result, the Adjusted Net profit(1) for the year was Euro 1,257 million, up 33.9% versus the prior year, and the Adjusted diluted earnings per share(1) for the year reached Euro 6.90, compared to Euro 5.09 in 2022.

Industrial free cash flow(1) for the year was strong at Euro 932 million, driven by the increased Adjusted EBITDA(1), partially offset by capital expenditures(14) of Euro 869 million, net cash interests and taxes for Euro 292 million and the increase in working capital, provisions and other of Euro 150 million.

Net Industrial Debt(1) as of December 31, 2023 was Euro 99 million, compared to Euro 207 million as of December 31, 2022, also reflecting share repurchases of Euro 461 million and Euro 334 million of dividends distribution. As of December 31, 2023, total available liquidity was Euro 1,722 million (Euro 2,058 million as of December 31, 2022), including undrawn committed credit lines of Euro 600 million.

2024 guidance, based on the following assumptions for the year:

Positive product and country mix, along with strong personalizations

Racing activities impacted by lower Formula 1 ranking in 2023 despite higher number of races in the 2024 calendar

Lifestyle activities expected to increase top line contribution while investing to accelerate development

Cost inflation to persist

Continuous brand investments

Robust Industrial free cash flow generation, partially offset by increased capital expenditures and higher tax payment

Q4 2023 highlights:

The third tranche of the multi-year share repurchase program was completed on October 19, 2023. Ferrari announced its intention to continue with a fourth tranche of up to Euro 350 million to be executed from November 8, 2023 and to end no later than June 26, 2024.

Ferrari announced the start of a cross industry project in collaboration with Philip Morris International which will bring together the two companies’ technological capabilities to scout and explore new energy-related technologies that could support the decarbonization journey of their respective production facilities in Maranello and Crespellano, located 30 km apart in the Emilia Romagna Region. The partnership aims to assess key solutions contributing to industrial electrification in the generation, storage, and transformation of renewable energy.

Ferrari obtained the Equal-Salary Certification for equal pay between genders at a global level. The recognition is proof of the Company’s ongoing commitment to ensuring a fair and inclusive workplace that values diversity. The certification process involved an analysis of pay levels, with the results showing that Ferrari is the first luxury group to have eliminated the pay gap between men and women at a global level.

Ferrari announced 250 new hires in the first six months of 2024, and will also launch a series of initiatives to provide even greater support for its people, among which a broad-based share ownership plan for the Ferrari Group's 5,000+ employees, the renewal of the Competitiveness Award and the extension of health and parenting support initiatives.

Subsequent Events:

Under the fourth tranche of the new multi-year common share repurchase program announced on June 30, 2022, from January 1, 2024 to January 26, 2024 the Company purchased 119,285 common shares for a total consideration of Euro 37.4 million. At January 26, 2024 the Company held in treasury an aggregate of 13,624,694 common shares equal to 5.30% 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.

Ferrari announced a new project that stems from Ferrari's racing DNA and innovative drive. The Prancing Horse is preparing to compete in the world of sailing under the guidance of Team Principal and acclaimed navigator, Giovanni Soldini. In addition to competing on tracks all over the world, Ferrari is now embarking on this new venture to enhance its technological know how, in line with the Company’s continuous will to progress. This unique project will see the Maranello-based company utilise cutting-edge technologies throughout the entire cycle, from conception and engineering to realisation. The search for maximum performance at sea will generate innovations and concrete solutions for sustainability that, in line with Ferrari’s tradition, will be an important stimulus in the evolution of its sports cars.

Ferrari announced that Scuderia Ferrari has renewed its technical and racing multi-year agreement with Charles Leclerc. The Monegasque driver will continue to compete for the Italian team in the Formula 1 World Championship in the next seasons.

1 Refer to specific paragraph on non-GAAP financial measures. The term EBIT is used as a synonym for operating profit. 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 Of which 765 units in Q4 2023 (+75 units or +10.9% vs Q4 2022) and 3,262 units in FY 2023 (+338 units or +11.6% vs FY 2022) in the United States of America
6 Of which 292 units in Q4 2023 (-107 units or -26.8% vs Q4 2022) and 1,221 units in FY 2023 (-69 units or -5.3% vs FY 2022) in Mainland China
7 It includes one ICE track car model
8 Includes net revenues generated from shipments of our cars, any personalization generated on cars, as well as sales of spare parts
9 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
10 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
11 Primarily relates to financial services activities, management of the Mugello racetrack and other sports-related activities
12 Patent Box regime as introduced by Article 1, par. 37-45 of Law No. 190 of December 23, 2014, as amended and supplemented from time to time, then replaced by Article 6 Decree-Law No. 146 of October 21, 2021, converted with amendments into Law No. 215 of December 17, 2021, as subsequently amended by Law No. 234 of December 30, 2021.
13 Also known as Notional Interest Deduction - NID
14 Capital expenditures excluding right-of-use assets recognized during the period in accordance with IFRS 16 - Leases
15 Calculated using the weighted average diluted number of common shares as of December 31, 2023 (181,511 thousand)