Ferrari Upgrades 2023 Guidance on Exceptional Q2 2023 Results and Business Outlook

Rhea-AI Summary

Ferrari announces upgraded 2023 guidance based on exceptional Q2 2023 results. Net revenues of Euro 1,474 million, up 14.1% YoY. Adjusted EBITDA of Euro 589 million, up 31.9% YoY. Adjusted net profit of Euro 334 million. Industrial free cash flow generation of Euro 138 million.

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”.

Attachment

• 2023_08_02 - Ferrari Q2 2023 Results Press Release

FAQ

What are Ferrari's Q2 2023 net revenues?

Ferrari's Q2 2023 net revenues were Euro 1,474 million, a 14.1% increase compared to the previous year.

How did Ferrari's adjusted EBITDA perform in Q2 2023?

Ferrari's adjusted EBITDA in Q2 2023 was Euro 589 million, a 31.9% increase compared to the previous year.

What was Ferrari's adjusted net profit in Q2 2023?

Ferrari's adjusted net profit in Q2 2023 was Euro 334 million.

What was Ferrari's industrial free cash flow generation in Q2 2023?

Ferrari's industrial free cash flow generation in Q2 2023 was Euro 138 million.

Why did Ferrari revise its guidance upwards?

Ferrari revised its guidance upwards due to exceptional financial results in Q2 2023, particularly in personalizations.

Who is Ferrari's Chief Executive Officer?

Ferrari's Chief Executive Officer is Benedetto Vigna.