Net revenues were up by 18% for cars and spare parts to €5.12 billion, while sponsorship, commercial and brand revenues increased by 15% to €572 million. Engines revenues declined by 18% year-on-year to €127 million while other revenues had growth of 27% to €152 million.

Total shipments for 2023 were up by 3.3% against the 2022 fiscal year to 13,663 units. Shipments to EMEA were up by 2% to 6,063 in the fully year, while the Americas had growth of 11% to 3,811. Mainland China, Hong Kong and Taiwan had a decline of 4% to 1,490 units while the Rest of APAC grew by 2% to 2,299.

The full year EBITDA result was €2.28 billion, up by 29%, with an EBITDA margin of 38.2%, up from 34.8% in 2022. The net profit result for the year was €1.26 billion, an increase of 34% year-on-year, and was the first time it has crossed €1 billion for the company.

In the fourth quarter of 2023 alone, net revenues were up by 11% to €1.52 billion, while shipments declined by 2% to 3,245 units. EBITDA was up by 19% to €558 million with a margin of 36.7% (up from 34.3% in Q4 of 2022) and the net profit result was up by 33% to €294 million.

Looking forward, Ferrari is expecting net revenues in the 2024 financial year to exceed €6.4 billion.

CEO Benedetto Vigna said: “2023 was 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%, exceeded €1 billion and the annual EBITDA margin rose to 38.2%.

“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. 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.”