• Net revenues of Euro 1,186 million, up 17.3% versus prior year

Maranello (Italy): – Ferrari N.V. (NYSE/MTA: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results(2) for the third quarter ended March 31, 2022.

Shipments totalled 3,251 units in Q1 2022, up 480 units or 17.3% versus the prior year.

The product portfolio in the quarter included eight internal combustion engine (ICE) models and two hybrid engine models, which represented 83% and 17% of total shipments, respectively.

Shipments during the quarter were driven by the Ferrari Roma and the SF90 family, together with the Portofino M. In the quarter, the first deliveries of the 812 Competizione commenced. The Ferrari Monza SP1 and SP2 were lower compared to the prior year and reached the end of their limited-series run. The deliveries of the 296 GTB will begin in the second quarter of 2022, as planned.

Quarterly shipments reflected the deliberate geographic allocation in response to port congestion observed in the first months of the year. As a result, EMEA(4) was up 19.5%, Americas(4) was down by 12.8%, Mainland China, Hong Kong and Taiwan recorded a robust 46.9% increase in line with the strength of the demand from Mainland China, and Rest of APAC(4) grew by 55.6%.

Net revenues for the first quarter of 2022 were Euro 1,186 million, up 17.3% or 16.6% at constant currency(1) .

Revenues from Cars and spare parts(5) were Euro 1,012 million (up 18.3% or 17.9% at constant currency(1) ), thanks to higher volume, positive product mix and pricing, together with the contribution from personalizations.

The decrease in Engines(6) revenues (Euro 37 million, down 17.8%, also at constant currency(1) ) was attributable to lower shipments to Maserati, as the 2023 contract expiration gets closer.

Sponsorship, commercial and brand(7) revenues reached Euro 109 million, up 19.6% or 17.2% at constant currency(1) mainly attributable to the better prior year Formula 1 ranking and the contribution from brand-related activities, partially offset by lower sponsorship. Other(8) revenues increased to Euro 28 million (up 42.0% or 37.1% at constant currency(1) ) mainly due to other supporting activities

2022 guidance, subject to trading conditions unaffected by Covid-19 pandemic restrictions and based on the following assumptions:

  • Carefully leveraging strong demand
  • Richer model mix being more than offset by the negative impact from the Ferrari Monza SP1 and SP2 phase out
  • Ferrari Daytona SP3 and Ferrari Purosangue will commence production in 2022 with deliveries starting in 2023
  • Formula 1 revenues reflecting more diversified but lower sponsorship, partially offset by better prior year ranking
  • Increasing depreciation and amortization in line with the start of production of new models
  • Industrial free cash flow generation sustained by Daytona SP3 advances collection
  • Disciplined capital expenditures to fuel long term development

Q1 2022 Highlights

Ferrari designs a new organizational structure to seize opportunities ahead

On January 10, 2022 Ferrari presented a new organizational structure, consistent with its strategic objectives to nurture the exclusivity of the Brand, enrich product excellence, stay true to its racing DNA and focus on the achievement of carbon neutrality by 2030. The new organizational structure will further foster innovation, optimise processes and increase collaboration both internally and with partners, broadening the leadership team through both the promotion of internal talent and a number of key strategic external hires.

Ceva Logistics – a new partner for Ferrari and its racing activities

On January 26, 2022, Ferrari N.V. announced that, starting from the 2022 Formula 1 season, Scuderia Ferrari will have a new Team Partner: CEVA Logistics. The multi-year agreement will also see CEVA involved in Ferrari’s other racing activities in GT racing and the Ferrari Challenge, with CEVA Logistics taking on the role of Official Logistics Partner for those series, as well as Official Logistics Partner to Scuderia Ferrari.

The Ferrari Daytona SP3 awarded “Grand Prize: Most Beautiful Supercar 2022” at Paris Festival Automobile International

On January 27, 2022, the Ferrari Daytona SP3 was awarded the “Grand Prize: Most Beautiful Supercar 2022” by a panel of expert judges at the 37th Paris Festival Automobile International.

Ferrari and Qualcomm: a strategic technology partnership aimed at the future

On February 8, 2022, Ferrari N.V. announced a new and exciting partnership with the California-based company, Qualcomm Technologies Inc., which will be a Scuderia Ferrari Premium Partner through Snapdragon®. The agreement with Qualcomm Technologies will have a strong technological impact aimed at accelerating the digital transformation process for Ferrari and its road cars. Starting from the first common projects already identified, such as the digital cockpit, the two Companies will bring together ideas and expertise to explore new opportunities and a range of technological solutions.

Fall/Winter 2022-23 fashion collection

On February 27, 2022, Ferrari presented its Fall/Winter 2022-23 collection with a co-ed Women and Men's runway as part of the Milan Fashion Week calendar. Designed by Creative Director Rocco Iannone, this is the second collection of clothes and accessories of Ferrari.

Multi-year share repurchase program: completion of the fifth tranche and announcement of the sixth tranche

On March 3, 2022, Ferrari N.V. informed that it had completed on March 2, 2022 the Fifth Tranche of the multi-year share repurchase program. On the same date, the Company announced the continuation of its already disclosed multi-year share repurchase program with a Sixth Tranche of up to Euro 120 million from March 4, 2022 to no later than June 14, 2022.

Ferrari donates one million euros to support Ukrainians in need

On March 8, 2022, Ferrari donated one million Euros to support the Ukrainians in need. The funds will be channeled through the Emilia-Romagna Region that, in collaboration with the Red Cross and UNHCR, will fund international humanitarian projects supporting Ukraine as well as local initiatives focusing on the reception of refugees in the Italian region. Furthermore, given the ongoing situation Ferrari decided to suspend the shipment of vehicles to the Russian market until further notice.

Ferrari signs Memorandum of Understanding with MISE, Invitalia and the Emilia-Romagna Region

On March 22, 2022, Ferrari N.V signed a Memorandum of Understanding with the Italian Ministry of Economic Development, Invitalia and the Emilia-Romagna Region. Accordingly, the institutions involved will support Ferrari’s plan, which involves investments in technology and production, with a strong focus on innovation as well as a social and environmental commitment. The plan will significantly benefit the territory of Maranello and Modena, and will lead to the employment of 250 new hires. MISE’s contribution could reach up to about €106 million, which will be directed towards industrial projects and research and development activities for new technologies aimed at reducing environmental impact and increasing digitalization.

Ferrari Daytona SP3 wins Red Dot: Best of the Best 2022

On March 31, 2022, Ferrari was awarded four highly prestigious prizes at the all-important Red Dot Award: Product Design awards. The Ferrari Daytona SP3 received the Red Dot: Best of the Best, while the 812 Competizione, 812 Competizione A and 296 GTB secured the Red Dot award.

Subsequent events

Dividend distribution

On April 13, 2022 the Ferrari’s Annual General Meeting of Shareholders approved, among others, a dividend in cash of Euro 1.362 per outstanding common share, totaling approximately Euro 250 million, to be paid on May 6, 2022.

296 GTS: defining the concept of driving thrills, including top down

On April 19, 2022, Ferrari unveiled the 296 GTS, the latest evolution of mid-rear-engined two-seater berlinetta spider. The 296 GTS flanks the 296 GTB in redefining the whole concept of fun behind the wheel, guaranteeing pure emotions not just when pushing the car to its limits, but also in day-to-day driving situations.

Share repurchase program

Under the common share repurchase program, from April 1, 2022 to April 29, 2022, the Company purchased a further 156,389 common shares for a total consideration of Euro 31.3 million. At April 29, 2022 the Company held in treasury an aggregate of 10,804,094 common shares. As of the same date, the Company held 4.20% of the total issued share capital including the common shares and the special voting shares, net of shares assigned under the Company’s equity incentive plan.


For media inquiries, please contact:
Helmi Sghaier
Head of PR & Communications
Ferrari Middle East
E-mail: Helmi.Sghaier@ferrari.com