FERRARI UPGRADES 2023 GUIDANCE ON EXCEPTIONAL Q2 2023 RESULTS AND BUSINESS OUTLOOK
Maranello (Italy), August 2, 2023 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results for the second quarter and six months ended June 30, 2023:
- Net revenues of Euro 1,474 million, up 14.1% versus prior year, with total shipments of 3,392 units substantially flat versus Q2 2022, in line with plans for the year
- Adjusted EBITDA of Euro 589 million, up 31.9% versus prior year
- Adjusted EBIT of Euro 437 million, up 35.4% versus prior year
- Adjusted EBITDA margin of 40.0% and Adjusted EBIT margin of 29.7% in the quarter
- Adjusted net profit of Euro 334 million and adjusted diluted EPS at Euro 1.83
- Industrial free cash flow generation of Euro 138 million
“The second quarter ended with exceptional financial results, highlighting strong margins. Deliveries reflected a rich product mix, while we continue to manage a very strong order book in all geographies. The decision to revise the guidance upwards was supported in particular by stunning results in personalizations,” said Benedetto Vigna, Ferrari Chief Executive Officer. “Innovation is at the heart of Ferrari and continues to drive our growth and achievements, such as the unforgettable victory at Le Mans”.
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