Double digit growth, on the way to another record year

Publication date: 
02 Nov 2021
  • Total shipments of 2,750 units, up 18.9% versus Q3 2020 and 11.2% versus Q3 2019
  • Net revenues of Euro 1,053 million, up 18.6% versus prior year and up 15.1% versus Q3 2019
  • EBITDA(1) of Euro 371 million, up 12.4% versus prior year and up 19.6% versus Q3 2019.
    EBITDA(1) margin of 35.2% in Q3 2021.
  • EBIT of Euro 270 million, up 21.8% versus prior year and up 19.2% versus Q3 2019.
    EBIT margin of 25.7% in Q3 2021.
  • Net profit of Euro 207 million and diluted EPS(1) at Euro 1.11
  • Extraordinarily strong industrial free cash flow(1) generation of Euro 242 million sustained by the collection of advances on the 812 Competizione
  • Upgraded 2021 Guidance

Benedetto Vigna, CEO of Ferrari, commented: “The strong third quarter results are an important step forward towards the upward revised 2021 guidance. The exceptional client relationships, fundamental in achieving the double digit growth in this quarter and year to date, are reflected in the record order intake worldwide, particularly in China and USA. These results together with the soundness of our vision and the team I am honoured to lead, make me look to the future with great confidence and optimism.”


Maranello (Italy), November 2, 2021 – Ferrari N.V. (NYSE/MTA: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results(2) for the third quarter and nine months ended September 30, 2021.



Shipments totaled 2,750 units in the third quarter of 2021, up 437 units or 18.9% versus the prior year quarter.

Sales of 8 cylinder models (V8) were up 39.4%, while 12 cylinder models (V12) were down 35.1% mainly due to reduced volume of the 812 Superfast. The shipments of the quarter were driven by the range models, with the first deliveries of the SF90 Spider that began in the quarter, while the Portofino M entered the ramp up phase. The Ferrari Monza SP1 and SP2 continued to be delivered in line with planning.

All geographic regions positively contributed in the quarter. EMEA(4) increased by 1.6%, Americas(4) by 40.1%, Mainland China, Hong Kong and Taiwan by 109.2%, boosted by the arrival of new models in particular the Ferrari Roma and the SF90 Stradale, and Rest of APAC(4) by 21.1%.

Total net revenues


Net revenues for the third quarter 2021 were Euro 1,053 million, up 20.7% at constant currency(1).

Revenues from Cars and spare parts(5) were Euro 883 million (up 21.6% or 23.5% at constant currency(1)), thanks to higher volume and positive product mix, together with strong contribution from personalizations.

The increase in Engines(6) revenues (Euro 55 million, up 24.8%, also at constant currency(1)) was attributable to higher shipments to Maserati and, to a lesser extent, the rental of engines to other Formula 1 racing teams.

Sponsorship, commercial and brand(7) revenues reached Euro 95 million (up 1.3% or 5.8% at constant currency(1)) mainly due to brand-related activities.

Currency – including translation and transaction impacts as well as foreign currency hedges – had a negative impact of Euro 15 million, mostly related to FX hedges.



Q3 2021 EBITDA(1) stood at Euro 371 million, up 12.4% versus prior year and with an EBITDA(1) margin of 35.2%.

Q3 2021 EBIT was Euro 270 million, increased 21.8% versus prior year and with an EBIT margin of 25.7%.

Volume was positive (Euro 39 million), reflecting shipments’ increase versus prior year.

The positive Mix / price variance performance (Euro 41 million) was driven by the contribution coming from the richer product mix thanks to the SF90 family and the Ferrari Monza SP1 and SP2, along with personalizations, partially offset by the Ferrari Roma ramp up and reduced contribution of the 812 Superfast.

Industrial costs / research and development expenses increased (Euro 12 million) mainly due to product innovation and start-up costs as well as Formula 1 expenses.

SG&A increased Euro 4 million mainly reflecting communication and marketing activities.

Other decreased Euro 2 million mainly due to the cost increase related to improved assumptions on in-season Formula 1 ranking and other supporting activities.

Net financial charges in the quarter stood at Euro 10 million, down versus Euro 14 million of the prior year, reflecting lower net foreign exchange losses, including hedging costs.

The tax rate in the quarter was 20.4%, reflecting the current estimate of the benefit attributable to the Patent Box, the Allowance for Corporate Equity (ACE)([1]), deductions for eligible research and development costs, hyper and super-depreciation of machinery and equipment.

As a result, the Net profit for the period was Euro 207 million, up 20.8% versus prior year, and the Diluted earnings per share for the quarter reached Euro 1.11, compared to Euro 0.92 in Q3 2020.

Industrial free cash flow(1) for the quarter was exceptionally strong at Euro 242 million, driven by EBITDA(1) and the collection of advances on the 812 Competizione, partially offset by capital expenditures(10) of Euro 189 million.

Net Industrial Debt(1) as of September 30, 2021 was Euro 368 million, compared to Euro 552 million as of June 30, 2021. During the third quarter a total of Euro 55 million of shares were repurchased. Lease liabilities per IFRS 16 as of September 30, 2021 were Euro 59 million.

As of September 30, 2021, total available liquidity was Euro 2,040 million (Euro 1,689 million as of June 30, 2021), including undrawn committed credit lines of Euro 767 million.

Upgraded 2021 guidance, subject to trading conditions unaffected by Covid-19 pandemic restrictions and the following assumptions:

  • Core business sustained by volume and mix
  • Revenues from Formula 1 racing activities based on targeted calendar and reflecting lower 2020 ranking versus prior year
  • Brand-related activities dealing with Covid-19 challenges
  • Operational and marketing costs gradually resuming
  • Improved net working capital sustaining industrial free cash flow thanks to the advances on the new special series and lower payments in connection with the cadence planned for our spending


Q3 2021 highlights

Ferrari N.V. places Euro 150 million in bonds with U.S. private investors, due 2032
On July 29, 2021, Ferrari N.V. announced that it completed a private placement to certain US institutional investors of Euro 150 million aggregate principal amount of 0.91% senior notes due 2032.

Exor, Ferrari and LoveFrom announce creative partnership
On September 27, 2021, Exor N.V. and Ferrari N.V. announced a long term, multi-year collaboration with the creative collective LoveFrom. The first expression of this new partnership will bring together Ferrari’s legendary performance and excellence with LoveFrom’s unrivalled experience and creativity that has defined extraordinary world changing products.

Subsequent events

Multi-year share repurchase program: completion of the fourth tranche and announcement of the fifth tranche
On October 4, 2021, Ferrari N.V. informed that it had completed on September 30, 2021 the Fourth Tranche of the multi-year share repurchase program. On the same date, the Company announced the continuation of its already disclosed program with a Fifth Tranche of up to Euro 150 million from October 5, 2021 to no later than March 31, 2022.

Share repurchase program
Under the common share repurchase program, from October 5, 2021 to October 28, 2021, the Company purchased a further 111,495 common shares for a total consideration of Euro 20.9 million. At October 28, 2021 the Company held in treasury an aggregate of 9,884,398 common shares. As of the same date, the Company held 3.84% of the total issued share capital including the common shares and the special voting shares, net of shares as

Capex and R&D

Non-GAAP financial measures

Operations are monitored through the use of various non-GAAP financial measures that may not be comparable to other similarly titled measures of other companies.

Accordingly, investors and analysts should exercise appropriate caution in comparing these supplemental financial measures to similarly titled financial measures reported by other companies.

We believe that these supplemental financial measures provide comparable measures of financial performance which then facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions.

Certain totals in the tables included in this document may not add due to rounding.

Total net revenues, EBITDA, Adj. EBITDA, EBIT and Adj. EBIT at constant currency eliminate the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges.


EBITDA is defined as net profit before income tax expense, net financial expenses and depreciation and amortization.

Adjusted EBITDA is defined as EBITDA as adjusted for certain income and costs which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.


Adjusted Earnings Before Interest and Taxes (“Adjusted EBIT”) represents EBIT as adjusted for certain income and costs which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.


Adjusted net profit represents net profit as adjusted for certain income and costs (net of tax effect) which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.


Adjusted EPS represents EPS as adjusted for certain income and costs (net of tax effect) which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.


Basic and diluted EPS(14)


Net Industrial Debt, defined as total Debt less Cash and Cash Equivalents (Net Debt), further adjusted to exclude the debt and cash and cash equivalents related to our financial services activities (Net Debt of Financial Services Activities).


Free Cash Flow and Free Cash Flow from Industrial Activities are two of management’s primary key performance indicators to measure the Group’s performance. Free Cash Flow is defined as cash flows from operating activities less investments in property, plant and equipment (excluding right-of-use assets recognized during the period in accordance with IFRS 16 - Leases) and intangible assets. Free Cash Flow from Industrial Activities is defined as Free Cash Flow adjusted to exclude the operating cash flow from our financial services activities (Free Cash Flow from Financial Services Activities).


On November 2, 2021, at 3:00 p.m. CET, management will hold a conference call to present the Q3 2021 results to financial analysts and institutional investors. Please note that registering in advance is required to access the conference call details. The call can be followed live and a recording will subsequently be available on the Group’s website The supporting document will be made available on the website prior to the call.

1Refer to specific paragraph on non-GAAP financial measures
2These results have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and IFRS as endorsed by the European Union
3Excluding the XX Programme, racing cars, one-off and pre-owned cars
4EMEA includes: Italy, UK, Germany, Switzerland, France, Middle East (includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait), Africa and the other European markets not separately identified; Americas includes: United States of America, Canada, Mexico, the Caribbean and Central and South America; Rest of APAC mainly includes: Japan, Australia, Singapore, Indonesia, South Korea, Thailand, India and Malaysia
5Includes net revenues generated from shipments of our cars, any personalization net revenues generated on cars, as well as sales of spare parts
6Includes net revenues generated from the sale of engines to Maserati for use in their cars, and the revenues generated from the rental of engines to other Formula 1 racing teams
7Includes net revenues earned by our Formula 1 racing team through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues, as well as revenues generated through the Ferrari brand, including merchandising, licensing and royalty income
8Primarily relates to financial services activities, management of the Mugello racetrack and other sports-related activities
9Also known as Notional Interest Deduction - NID
10Capital expenditures excluding right-of-use assets recognized during the period in accordance with IFRS 16 - Leases
11Net of a tax benefit, with no cash impact on 2020, from the one-off partial step-up of the trademark’s book value in accordance with the Italian tax regulations
12Calculated using the weighted average diluted number of common shares as of December 31, 2020 (185,379 thousand)
13Capitalized as intangible assets
14For the three and nine months ended September 30, 2021 and 2020 the weighted average number of common shares for diluted earnings per share was increased to take into consideration the theoretical effect of the potential common shares that would be issued under the equity incentive plans
15Free cash flow from industrial activities for the three and nine months ended September 30, 2020 includes approx. Euro 1 million related to withholding taxes