With the spectacular switch of Formula 1 star Lewis Hamilton from Mercedes to Ferrari, the Italian cult brand is currently in the headlines worldwide. It almost goes unnoticed that the car division earned a golden nose last year. 

Ferrari closed 2023 with another record result: Turnover rose to €5.970 billion (+17.2%), adjusted EBIT (operating profit) to 1.617 billion (+31.8%) and net profit exceeded the 1 billion mark at 1.257 billion (+34%).

The number of vehicles delivered last year totalled 13,663 (+442 units). There will probably not be many more in the future, with rumours of a "magic limit" of 15,000 cars per year as a maximum. Class instead of mass. Anyone ordering a new Ferrari Purosangue now will have to be patient.

"2023 was a very successful year in which we strengthened our brand through a series of milestones that are reflected in our unprecedented financial results. For the first time, our net profit exceeded the 1 billion euro mark with an increase of 34 per cent, and the annual EBITDA margin rose to 38.2 per cent," commented CEO Benedetto Vigna.

"We now have a very important year ahead of us for the implementation of our business plan, which continues on a carefully outlined path. The record results in 2023, the ambitions we have for 2024 and the exceptional visibility of our order book allow us to look to the upper end of the 2026 targets with increased confidence."

The EBIT margin, i.e. the profitability of the core industrial business, has risen by 300 basis points to an incredible 27.1 per cent in the automotive industry. No other car manufacturer is currently more profitable.

Gallery: Ferrari Roma Spider

In the various tables summarising Ferrari's economic performance, only two minus signs appear in the form of percentage changes. One concerns engine sales (-18%), a result largely due to the decline in deliveries to Maserati, whose contract expires at the end of 2023.

The other minus sign concerns sales in mainland China, Hong Kong and Taiwan, which fell by 4% to 1,490 units, mainly due to a sharp decline in the last quarter of the year: 118 fewer vehicles (-25%).

In the other regions, however, deliveries increased: The EMEA (Europe/Middle East/Africa) region recorded an increase of 1.8%, North and South America 10.6% and the rest of APAC (Asia-Pacific) remained virtually unchanged.

Ferrari 812 Competizione, la prova

Ferrari 812 Competizione

During the year, according to a statement, the increase in deliveries was driven by the Purosangue, which accelerated in the second half of the year, and by the increase in deliveries of the 296 and SF90 model ranges. The first deliveries of the Roma Spider began in the fourth quarter.

During the year, deliveries of the F8 models were finalised and the Portofino M neared the end of its life cycle. Deliveries of the special series also increased, led by the 812 Competizione family. The allocation of the Daytona SP3 continued as planned.

The product portfolio for 2023 comprised eleven models with combustion engines and four models with hybrid engines, which accounted for 56% and 44% of total deliveries respectively.

The forecast for 2024, i.e. the forecast for the current year, which takes into account the estimated positive and negative factors on the accounts, shows net sales of over €6.4 billion and an EBIT margin of still over 27%.

"The order book covers 2025 and allows us to look to the future with confidence, but we need to keep our feet on the ground to continue growing in the top line of the plan and consolidate the percentage margins that we expect to continue expanding towards the end of our industrial plan," Vigna explained in the conference call with analysts, announcing that the bonus for each employee could reach around €13,500 this year.

Benedetto Vigna

Benedetto Vigna

Vigna focused on the expected sales growth in the lifestyle segment and the progress made in climate neutrality. In terms of personalisation activities, the Maranello CEO explained the philosophy of "different Ferraris for different moments, different Ferraris for different Ferraristi".

Vigna added: "We will inaugurate the e-building in June, exactly two years after the last Capital Markets Day. We will further enrich the sporty product range with the launch of three new models".