Total shipments for the period were 3,392 units, down by 2% against the same period last year but in line with the brand’s plans for 2023.

Adjusted EBITDA for the quarter totalled €589 million, up by 31.9% year-on-year, with a margin of 40%. Adjusted net profit was €334 million.

Shipments to EMEA were up by 17% to 1,638 units, while the Americas had a decline of 17% to 869 units. Mainland China, Hong Kong and Taiwan were down by 5% to 339 units while the Rest of APAC was down by 16% to 546 units.

Ferrari noted that the product portfolio for the quarter comprised nine internal combustion engine models and four hybrid engine models, with hybrid deliveries accounting for 43% of total shipments, more than double the result of Q2 2022.

Looking forward, the company is expected net revenues of around €5.8 billion in the full 2023 fiscal year, with an adjusted EBITA of €2.19-2.22 billion and a margin of around 38%.

CEO Benedetto Vigna said: “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 personalisations.”