Ferrari - Record 2022 Results With Expanding Demand. The Order Book Sustains an Even Stronger 2023

  • Total shipments of 13,221 units, up 18.5% versus FY 2021
  • Net revenues of Euro 5,095 million, up 19.3% versus prior year
  • EBITDA(1) of Euro 1,773 million, up 15.8% versus prior year
  • EBIT of Euro 1,227 million, up 14.1% versus prior year
  • EBITDA(1) margin of 34.8% and EBIT margin of 24.1% in the year
  • Net profit of Euro 939 million and diluted EPS(1) at Euro 5.09
  • Industrial free cash flow(1) generation of Euro 758 million

“Last year ended with outstanding financial results that met and exceeded our guidance and set new records across all metrics, such as a net profit of Euro 939 million and an industrial free cash flow generation of Euro 758 million. These figures provide the base for an even stronger 2023, fuelled by a persistently high demand for our products worldwide,” said Benedetto Vigna, Ferrari CEO. “Despite a complex global macroscenario, we look ahead with great confidence, encouraged by the many signs and achievements of an evolving Ferrari. We are constantly innovating our products and processes, and getting closer to our decarbonisation targets. All this is possible thanks to the collaboration, will to progress, continuous learning, focus and confidence that set our people apart”.

For the three months ended(In Euro million,For the twelve months ended
December 31, unless otherwise stated)December 31,
20222021Change  20222021Change
3,3272,94937813%Shipments (in units)13,22111,1552,06619%
1,3681,17219617%Net revenues5,0954,27182419%
4693987118%EBITDA(1) / Adj. EBITDA(1)1,7731,53124216%
34.3%33.9%40 bpsEBITDA(1) / Adj. EBITDA(1) margin34.8%35.9%(110 bps)
2982653313%EBIT / Adj. EBIT(1)1,2271,07515214%
21.8%22.6%(80 bps)EBIT / Adj. EBIT(1) margin24.1%25.2%(110 bps)
22121473%Net profit / Adj. net profit(1)93983310613% EPS (in Euro) / Adj. basic EPS(1) (in Euro)5.114.500.6114% EPS (in Euro) / Adj. diluted EPS(1) (in Euro)5.094.500.5913%

Maranello (Italy), February 2, 2023 – 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, 2022.


For the three months endedShipmentsFor the twelve months ended
December 31,(units)December 31,
20222021Change 20222021Change
47829018865%Mainland China, Hong Kong and Taiwan1,55289965373%
491550(59)(11%)Rest of APAC2,2641,93333117%
3,3272,94937813%Total Shipments13,22111,1552,06619%

Shipments totaled 13,221 units in 2022, up 2,066 units or 18.5% versus the prior year.

The product portfolio in the year included nine internal combustion engine (ICE)(5) models and three hybrid engine models, which represented 78% and 22% of total shipments, respectively.

The increase in shipments during the year was driven by the Ferrari Portofino M and the SF90 family, as well as the 296 GTB and the 812 Competizione, which were in the ramp up phase. Deliveries of the Ferrari Monza SP1 and SP2 were lower compared to the prior year and ended in Q1 2022. First few units of the Daytona SP3 commenced in Q4 2022.

All geographies positively contributed. EMEA(4) was up 8.5%, Americas(4) increased 21.8%, Mainland China, Hong Kong and Taiwan was up 72.6% and Rest of APAC(4) grew by 17.1%. The geographical allocation followed the pace of introduction of new models.

Total net revenues

For the three months ended(Euro million)For the twelve months ended
December 31, December 31,
  Change   Change
20222021at constant 20222021at constant
  currency   currency
1,17295423%18%Cars and spare parts(6)4,3413,57322%18%
130154(16%)(19%)Sponsorship, commercial and brand(8)47943111%7%
1,3681,17217%12%Total net revenues5,0954,27119%16%

Net revenues for 2022 were Euro 5,095 million, up 19.3% or 15.5% at constant currency(1).

Revenues from Cars and spare parts(6) were Euro 4,341 million (up 21.5% or 17.8% at constant currency(1)), thanks to higher volumes and the contribution from personalizations.

The decrease in Engines(7) revenues (Euro 155 million, down 18.0%, also at constant currency(1)) was attributable to lower shipments to Maserati, as the 2023 contract expiration gets closer.

Sponsorship, commercial and brand(8) revenues reached Euro 479 million, up 11.1% or 6.5% at constant currency(1) mainly attributable to the better prior year Formula 1 ranking and the contribution from lifestyle activities, partially offset by lower sponsorship.

Other(9) revenues increased to Euro 120 million (up 54.2% or 44.4% at constant currency(1)) mainly due to other supporting activities.

Currency – including translation and transaction impacts as well as foreign currency hedges – had a positive impact of Euro 161 million, mostly related to US Dollar and Chinese Yuan.


For the three months ended(Euro million)For the twelve months ended
December 31, December 31,
  Change   Change
20222021at constant 20222021 at constant
  currency    currency

2022 EBITDA(1) reached Euro 1,773 million, up 15.8% versus the prior year and with an EBITDA(1) margin of 34.8%.

2022 EBIT was Euro 1,227 million, increased 14.1% versus the prior year and with an EBIT margin of 24.1%.

Volume was strongly positive (Euro 261 million), reflecting the shipments increase versus the prior year.

The Mix / price variance performance was negative (Euro 16 million) mainly impacted by lower deliveries of the Ferrari Monza SP1 and SP2 which phased out in Q1 2022, partially offset by the increased contribution from personalizations, country and range model mix.

Industrial costs / research and development expenses increased (Euro 116 million), mainly due to higher depreciation and amortization as well as energy and raw materials cost inflation.

SG&A also grew (Euro 47 million) mainly reflecting communication and marketing activities, lifestyle and corporate events, as well as to support the Company’s organizational development.

Other changes were negative (Euro 49 million), mainly reflecting the variance in contribution from racing activities and non-recurring items, as well as reduced engine shipments to Maserati. This was partially offset by higher contribution from lifestyle activities.

Net financial charges in the year were Euro 49 million, versus Euro 33 million of the prior year, reflecting foreign exchange hedging costs and the remeasurement at fair value of certain investments held by the Group.

The tax rate in the year was approximately 20%, mainly reflecting the estimate of the benefit attributable to the Patent Box, the Allowance for Corporate Equity (ACE)(10) and tax incentives for eligible research and development costs and investments.

As a result, the Net profit(1) for the year was Euro 939 million, up 12.7% versus the prior year, and the Diluted earnings per share(1) for the year reached Euro 5.09, compared to Euro 4.50 in 2021.

Industrial free cash flow(1) for the year was robust at Euro 758 million, driven by the strong EBITDA(1) and the collection of advances on the Daytona SP3 and 812 Competizione A, partially offset mainly by capital expenditures(11) of Euro 806 million and taxes.

Net Industrial Debt(1) as of December 31, 2022 was Euro 207 million, compared to Euro 297 million as of December 31, 2021, also reflecting share repurchases of Euro 397 million and Euro 252 million of dividends distribution. As of December 31, 2022, total available liquidity was Euro 2,058 million (Euro 2,020 million as of December 31, 2021), including undrawn committed credit lines of Euro 669 million.

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
(€B, unless otherwise stated)2022A2023
ADJ. EBITDA (margin %)1.77
ADJ. EBIT (margin %)1.23
ADJ. DILUTED EPS (€)5.09(12)6.00-6.20(12)
INDUSTRIAL FCF0.76Up to 0.90

1   Refer to specific paragraph on non-GAAP financial measures

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 net revenues generated on cars, as well as sales of spare parts

7      Includes net revenues generated from the sale of engines to Maserati for use in their cars, and the revenues generated from the rental of engines to other Formula 1 racing teams

8     Includes net revenues earned by our Formula 1 racing team through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues, as well as revenues generated through the Ferrari brand, including fashion collection, licensing and royalty income

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 Calculated using the weighted average diluted number of common shares as of December 31, 2022 (183,072 thousand)


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