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Record year for Ferrari sees supercar maker profits race past one billion euro milestone

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Net profits at Ferrari exceeded €1bn (£853.7m) for the first time in its history in 2023, the Italian supercar maker’s chief executive has announced.

In a statement, Benedetto Vigna said it had been 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 per cent, exceeded €1bn and the annual EBITDA margin rose to 38.2 per cent.”

Revenues at the Prancing Horse rose 17.2 per cent from 2022 to €5.9bn, with total shipments at 13,663 units, up 3.3 per cent. Adjusted EBITDA rose by over a quarter to €2.27bn.

The record year was driven by a surge in demand for personalisation, a growing market whereby wealthy buyers pay to jazz up their rides with bespoke features.

Deliveries of its Purosangue, which was in the ramp-up phase throughout the second half and of the 296 and SF90 families, were also behind the rise in shipments, the carmaker said.

The luxury market has proved resistant to a wider downturn in demand caused by the cost of living crisis, with brands like Bentley and Porsche reporting strong profits throughout 2023. Ferrari’s share price is up nearly 50 per cent over the last twelve months.

However, the industry has fired repeat warnings of potential headwinds coming into 2024. Porsche said in October inflation was beginning to hit the super-rich, while sales at Bentley Motors declined significantly in its most recent results.

Despite this, Ferrari expects revenue and core earnings to rise this year, supported by a strong order book and further development on an all new fully electric car.

“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,” Vigna said.

“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.”

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