About Ferrari N.V.

Ferrari N.V. (Ferrari) focuses on the design, engineering, production and sale of luxury performance sports cars. Ferrari is among the world's leading luxury brands. Ferrari is among the world's leading luxury brands, focused on the design, engineering, production and sale of the world's most recognizable luxury performance sports cars. The company's brand symbolizes exclusivity, innovation, state-of-the-art sporting performance and Italian design and engineering heritage. The company designs, engineers and produces its cars in Maranello, Italy, and sell them in over 52 markets worldwide through a network of 178 authorized dealers operating 196 points of sale as of the end of 2023. The company's cars are the epitome of design, performance and driving thrills. The company's product offering comprises four main pillars: Range, Special Series, Icona and Supercar. The company's product portfolio (including cars presented in 2023, for which shipments will commence in future years) consists of nine Range models (three V8 internal combustion engine (ICE) models: Portofino M, Roma and Roma Spider; two V12 ICE models: 812 GTS and Purosangue; two V6 hybrid models: 296 GTB and 296 GTS; two V8 hybrid models: SF90 Stradale and SF90 Spider), four Special Series models (812 Competizione, 812 Competizione A, SF90 XX Stradale and SF90 XX Spider), and its latest Icona (Daytona SP3). In 2023, the company launched five new models: the Roma Spider, the SF90 XX Stradale and SF90 XX Spider, the first ever street legal XX models, the 296 Challenge and the 499P Modificata, and it completed the shipments of the F8 Tributo and the F8 Spider, while the Portofino M is approaching the end of its lifecycle in early 2024. Whilst broadening its product portfolio to target a larger customer base, the company continues to pursue a low volume production strategy in order to maintain a reputation for exclusivity and scarcity among purchasers of its cars and it carefully manages its production volumes and delivery waiting lists to promote this reputation. The company divides its regional markets into Europe, Middle East and Africa (EMEA), Americas, Mainland China, Hong Kong and Taiwan, and Rest of Asia-Pacific (APAC), which represented respectively 44.4 percent, 27.9 percent, 10.9 percent and 16.8 percent of units shipped in 2023. The geographic allocation of the company's shipments and their mix by product reflects its deliberate allocation strategy over the lifecycle of the individual models and is generally impacted by the phase-in/phase-out pace of the models, as well as the length of waiting lists and other market-specific factors and conditions, including its commercial strategy and the potential for future growth. The company focuses its marketing and promotion efforts on the investments it makes in its racing activities and in particular, its participation in the FIA Formula 1 World Championship with Scuderia Ferrari and the FIA World Endurance Championship with the Ferrari Endurance Team, the former being the pinnacle of motorsport and one of the most watched annual sports series in the world, with 3.1 billion website and social media page views for the 2023 season and an average television audience of 66.6 million viewers per Grand Prix (Source: Formula 1). Although the company's most recent Formula 1 world title was in 2007, it continuously enhances its focus on Formula 1 activities with the goal of improving racing results and restoring its historical position as the premier racing team in Formula 1. Beyond Formula 1, the company engages in several other competitive motorsport events and in 2023, it recorded victories in some of the world's prominent endurance races, including the centenary 24 Hours of Le Mans. Ferrari's presence in the broader luxury landscape is a unique opportunity to ensure brand relevance across present and future generations and to amplify the cultural relevance of the company's brand. As one of the world's primary luxury brands, the company operates in carefully selected luxury and lifestyle categories - personal luxury goods, collectibles and experiences, the role of which is to fuel long-term growth by broadening its customer base and expanding its unique value proposition beyond its core business, while preserving the brand's DNA, its heritage and values. As part of its lifestyle activities, the company launched its own Ferrari fashion collections with dedicated fashion shows in 2021 and it has continued with successive showcases culminating in the latest displays in February 2023 and September 2023. The company also licenses the Ferrari brand to a limited number of producers and retailers of luxury and lifestyle sectors, including theme parks that enhance the brand experience of its loyal clients and Ferrari enthusiasts. The world of Ferrari can also be experienced in the company's Ferrari Museum in Maranello and in the Enzo Ferrari Museum in Modena. The company's international network of Ferrari Stores consisted of 14 Ferrari-owned directly operated stores and 2 franchised stores as of December 31, 2023, where visitors can find its fashion collection, as well as on its website and in selected multi-brand points of sale. Sports Car Line-Up The company's product offering comprises four main pillars: Range, Special Series, Icona and Supercar. The company's product portfolio includes nine Range models (three V8 internal combustion engine (ICE) models: Portofino M, Roma and Roma Spider; two V12 ICE models: 812 GTS and Purosangue; two V6 hybrid models: 296 GTB and 296 GTS; two V8 hybrid models: SF90 Stradale and SF90 Spider), four Special Series models (812 Competizione, 812 Competizione A, SF90 XX Stradale and SF90 XX Spider), and one limited edition Icona model (Daytona SP3). The company's most recent Supercar model, the LaFerrari Aperta, was launched in 2016 to celebrate its 70th anniversary. In 2023, the company launched five models (the Roma Spider, SF90 XX Stradale and SF90 XX Spider, the 296 Challenge and the 499P Modificata) and it completed the shipments of the F8 Tributo and F8 Spider, while the Portofino M is approaching the end of its lifecycle in early 2024. The company's diversified product offering may include different architectures (such as front-engine and mid-rear engine), engine sizes (V6, V8 and V12), technologies (natural aspirated, turbo-charged, hybrid), body styles (such as coupes, spiders, targa and 4-doors) and seats (2 seaters, 2+ seaters, 4 seaters). The company targets end clients seeking high performance cars with distinctive design and state-of-the-art technology. The company's broad product portfolio is designed to fulfill the strategy of different Ferrari for different Ferraristi, different Ferrari for different moments, which means being able to offer a highly differentiated product line-up that can meet the varying needs of current and new customer segments (in terms of sportiness, comfort, on-board space and design, amongst others) and that can allow its existing clients to use a Ferrari in various moments of their lives. The company's target end clients can be divided into two main categories: on the one hand, the Sports Car Driver, a client looking for an elegant and understated design, who likes driving their car in a variety of locations and conditions, alone or with passengers, and who uses their Ferrari for longer journeys; on the other hand, the Pilot, a client looking for a high performing and extreme sports car, who intends to drive their car on track and on challenging roads, and who is looking for an exciting driving experience. The company is also actively engaged in after sales activities driven, among other things, by the objective of preserving and extending the market value of the cars it sells. Range The company's Range line comprises products designed for both its Pilot and its Sports Car Driver clients. Range models designed for Pilot clients are characterized by compact bodies, a design guided by performance and aerodynamics, that often benefit from technologies initially developed for the company's Formula 1 single-seaters or other racing activities. They favor performance over comfort, seeking to provide the driver with an immediate response and superior handling, leveraging state-of-the-art vehicle dynamics, components and controls. The company offers five such models: the SF90 Stradale and the SF90 Spider, its first series production cars which feature PHEV technology that combines a V8 engine (780 hp) with three electric motors allowing the car to reach 1,000 hp; the 812 GTS, equipped with a front V12 engine (800 hp); the 296 GTB and the 296 GTS, which also feature PHEV technology and are powered by the first 6-cylinder engine installed on a Ferrari road car, producing 830 hp of total power output delivered by the new 120° V6 engine (663 hp), coupled with an electric motor capable of delivering a further 122 kW (167 hp) - an unprecedented performance for a V6 car. Range models designed for Sports Car Driver clients, which also exhibit the performance expected of a Ferrari, are characterized by more refined interiors with a higher focus on comfort and on-board life quality. The company offers three such models: two models equipped with its V8 engine; the Roma (620 hp) and the Roma Spider (620 hp), and one model equipped with its V12 naturally aspirated engine, the Purosangue (725 hp) launched in September 2022. In 2023, the company also offered the Portofino M (620 hp), which is equiped with its V8 engine and is approaching the end of its lifecycle in early 2024. Special Series From time to time, the company also designs, engineers and produces Special Series cars which can be limited in time or volume and are usually based on some of its Range models but introduce novel product concepts. These cars are characterized by significant modifications designed to enhance performance and driving thrills. The company's Special Series cars are particularly targeted to collectors and, from a commercial and product development standpoint, they facilitate the transition from existing to new Range models. In 2021, the company launched the 812 Competizione, shipments of which commenced in 2022, and the 812 Competizione A, for which shipments commenced in 2023. The 812 Competizione and the 812 Competizione A, respectively a coupe and targa, both feature 830 hp engines with an extraordinary weight to power ratio of 1.79 kg/hp, which puts them at the top of its V12 car category, reaching 0-100 km/h in 2.85 seconds and 0-200 km/h in 7.7 seconds. In 2023, the company launched the SF90 XX Stradale and SF90 XX Spider, the new pinnacle of performance and technological content, and the first XX street legal cars. The coupè reaches 0-100 km/h in 2.3 seconds and 0-200 km/h in 6.5 seconds, and set the Fiorano lap time record for street legal cars with 1 minute and 17.3 seconds. Shipments of these cars are expected to start in 2024. Icona In September 2018, the company introduced a new pillar of its product portfolio: the Icona, a unique concept that takes inspiration from the iconic concepts of its history and reinterprets them in a modern fashion, pairing timeless design with state-of-the-art materials and technology. The first example of this strictly limited-edition product line-up is the Ferrari Monza SP1/SP2, which is inspired by the classic collectible barchetta cars, the 750 Monza and 860 Monza, and out of production. In 2021, the Daytona SP3 was unveiled. This limited-edition targa takes inspiration from legendary Ferrari sports prototypes of the 1960s and sports a naturally aspirated V12 engine, mid-rear-mounted in typical racing car style. The most iconic of all Ferrari's engines, this power unit delivers 840 hp - along with 697 Nm of torque and maximum revs of 9500 RPM - making it the most powerful naturally aspirated road engine ever built by Ferrari. Supercars In line with its tradition of Supercars starting with the GTO (288 GTO) in 1984, and including the F40 in 1987, the F50 in 1995, the Enzo in 2002, the LaFerrari in 2013 and the LaFerrari Aperta, the company's latest supercar launched in 2016, it also produces limited edition Supercars. Track cars The company also develops special track racing cars that are based on its range and special series models. These cars are not registered for use on the road and may only be used on track in competitive and non-competitive race events, including for its XX Programme, Endurance and Racing Clienti activities. One-Offs In order to meet the varying needs of its most loyal and discerning clients, the company also produces a very limited number of One-Off models. While based on the chassis and equipped with engines of one of the current models for homologation and registration purposes, these cars reflect the exact exterior and interior design specifications requested by the clients, and are produced as a single, unique car. Some of the most iconic models emerged from the company's One-Off program include the SP12 EC (inspired by the 512 BB and created in 2011), the F12 TRS (a radical two-seat roadster created on the platform of the F12 Berlinetta in 2014), the Ferrari SP38 (a superlative mid-rear V8 turbo taking inspiration from the legendary Ferrari F40), the 458MM Speciale (the last mid rear model with a V8 naturally aspirated engine in 2016), the Ferrari P80/C, a real track car taking inspiration from past Ferrari Sport Prototipo models, and the Ferrari Omologata, based on the 812 Superfast V12 platform. The last models include the BR20, a very elegant V12 based on the GTC4 Lusso and produced in 2021, and the SP48 Unica, based on the F8 Tributo, and SP51, based on the 812 Superfast but with an open-air configuration, both launched in 2022. In 2023, the company produced the KC23, a non-homologated car based on the 488 GT3 and featuring a futuristic design, as well as the SP-8, which is based on the F8 Tributo and features a particular targa design and visible carbon fiber in the front part of the car. Personalization Offer All of its models feature highly customizable interior and exterior options, which are included in the company's personalization catalogue. Some of these options include performance contents like carbon fiber parts, carbon fiber wheels, titanium exhaust systems, alternative brake caliper colors, parking cameras, MagnaRide dual mode suspension, various door panel configurations, steering wheel inserts and state-of-the-art custom high fidelity sound systems. Starting with the SF90 Stradale and the SF90 Spider, the company has also introduced the Assetto Fiorano configuration, which provides numerous exclusive features for those who seek extreme performance and design. This specific configuration is also available for the 296 GTB and 296 GTS. For models launched in 2023, the company added new personalization features for its clients to choose from, including the possibility to have the soft top in different fabrics/colors (Roma Spider) or the body of the car in natural carbon-fiber with a clear lacquer finish (Daytona SP3 and SF90 XX). With its Special Equipment & Atelier program, the company offers clients additional customization choices for their cars. The company's specialists are able to guide clients in creating a highly personalized car through a wide catalogue of special items such as different types of rare leathers, custom stitching, special paints, special carbon fiber, and personalized luggage sets designed to match the car's interior. In 2023, the company also launched a dedicated livery celebrating the participation in the WEC series (crowned by Ferrari's victory at Le Mans). The Tailor Made program provides an additional level of personalization to meet the increased expectations of the company's clients. A dedicated Ferrari designer assists clients in selecting and applying virtually any specific design element of their choice. The company's clients benefit from a large selection of finishes and accessories in an array of different materials (ranging from cashmere to denim), treatments and hues. To assist its clients' choice, the company also offers three collections inspired by Ferrari's own tradition: Scuderia (taking its lead from its sporting history), Classica (bringing a modern twist to the styling cues of its signature Range models) and Inedita (highlighting more experimental and innovation-led personalization). In 2023, the company developed several innovative projects, including one which supported a charity event in New York. The One-off program is the maximum level of personalization and exclusivity. Design Design is a fundamental and distinctive aspect of the company's products and its brand. The design of a Ferrari is a structural part of the company's innovation process, and everything it does to develop the lines of its cars is functional to increase their performance and driving thrills. The company's designers, modelers and engineers work together to create car bodies that incorporate the most innovative aerodynamic solutions in the sleek and powerful lines typical of its cars. The interiors of the company's cars seek to balance functionality, aesthetics and comfort. Cockpits are designed to maximize the driving experience, tending towards more sporty or more comfortable depending on the model. The interiors of the company's vehicles boast elegant and sophisticated trims and details that enhance the ergonomic layout of all main controls, many of which are clustered on the steering wheel. A guiding principle of the company's design is that each new model represents a clear departure from prior models and introduces new and distinctive aesthetic elements, delivering constant innovation within the furrow of tradition. For the design of its cars, the company has relied historically on Italian coachbuilders, such as Carrozzeria Touring, Vignale, Scaglietti and Pininfarina. These partnerships helped Ferrari in defining its design language at the forefront of design advance. Throughout the years this area of excellence has been recognized repeatedly by a long series of awards being bestowed upon Ferrari cars. In 2010, the company established the Ferrari Design Centre, its in-house design department, with the objective of improving control over the entire design process and ensuring long-term continuity of the Ferrari style. The mission of the Ferrari Design Centre is to define and evolve the stylistic direction of the marque, imprinting all new products with a modern stamp, according to a futuristic, uncompromised vision. The name and logo Ferrari Design denotes all concepts and works of the Ferrari Design Centre. The Ferrari Design Centre handles all aspects of automotive styling for the Ferrari road cars product range, encompassing the styling of all bodywork, external components and interior trim, applied to series production models for the Range, Special Series, Supercars, Icona, One-Offs, concept cars and some track-only models. The Ferrari Design Centre also includes a Color & Trim unit which manages the choice of materials and finishes for both exterior and interior trim and, in addition, is responsible for the Tailor Made program in conjunction with the Product Marketing department. The Ferrari Design Centre is also often involved in the styling and conceptual definition of Ferrari branded products produced by the company's licensees. The multi-year collaboration with the creative collective LoveFrom, which started in 2021, continues today and the partnership brings together Ferrari's legendary performance and excellence and LoveFrom's experience and creativity that has defined extraordinary world changing products. Sales and After-Sales The company's commercial team is organized in four geographic areas, covering its principal regional end markets: EMEA, Americas, Mainland China, Hong Kong and Taiwan, and Rest of APAC. Dealer Network The company sells its cars exclusively through a network of authorized dealers (with the exception of one-offs and track cars which it sells directly to end clients). In its larger markets the company acts as importer either through wholly owned subsidiaries or, in China, through a subsidiary partly owned by a local partner, and it sells the cars to dealers for resale to end clients. In smaller markets, the company generally sells the cars to a single importer/dealer. The company regularly assesses the composition of its dealer network in order to maintain the highest level of quality. As of December 31, 2023, the company's network included 178 dealers operating 196 points of sale. The company's network and business development team works with all dealers to ensure its operating standards are met. The company's dealer network has consistently and proactively invested in its facilities in recent years and the majority of its dealer network's worldwide facilities have been upgraded with the latest Ferrari corporate identity guidelines, in order to provide clients with a superior experience while delivering a unique luxury environment and digital touchpoints to complement the physical space. Furthermore, at the end of 2023, Ferrari presented to its dealer network the company's vision on the new Ferrari point of sale, which will be implemented starting in 2024, continuing to invest in a strategy aimed at delivering a superior client experience and to foster the relationship between Ferrari and its client community to an even higher level. The company has also developed and implemented several engagement activities aimed at gathering the client community and promoting the discovery of its brand, including through experience touchpoints. The Casa Ferrari hospitality has been proposed for several years and 2023 saw the second application of the Universo Ferrari brand exhibition take place in Seoul, South Korea, after the first edition outside of Maranello was held in Sydney, Australia, in November 2022. Other important formats of client engagement were launched in 2023, with a special focus on driving events, where two new international formats were inaugurated: the Tribute to Le Mans, a tour of modern Ferraris driven by the company's clients to Le Mans on the occasion of Ferrari's participation in the 24 Hours race in June 2023; and the first Ferrari Legacy Tour, a tour that will be dedicated each year to an iconic model of the company's history, and open only to such models driven by their current owners. The inaugural 2023 edition was dedicated to the Ferrari F40, while the 2024 edition will be dedicated to the GTO, also commonly referred to as 288GTO. Competence building and training are also key to the implementation of the company's strategy. Through its in-house Ferrari Academy, the company provides training to dealers for sales, after-sales and technical activities. This ensures that its dealer network delivers a consistent level of market leading standards across diverse cultural environments. In recent years it has adapted its training strategy by introducing and enhancing virtual-training solutions, including as a result of COVID-19-related restrictions, while continuing to foster expertise in the network at the highest level. The company also introduced new courses in areas, such as digital commercial execution and luxury experience management, as well as design applied to the personalization experience for clients, with the aim of delivering the best possible client experience. The company collects and observes data relating to dealer profitability and financial health to prevent or mitigate any adverse experience for clients arising from a dealer ceasing to do business or experiencing financial difficulties. The company's regional executives visit dealerships regularly to monitor and measure performance and compliance with its operating standards. The company has the right to terminate dealer relationships in a variety of circumstances, including failure to meet performance or financial standards, or failure to comply with its guidelines. The company's sales are diversified across its dealer network, with the largest dealer representing approximately 2.9% of its shipments, and its 15 largest dealers representing approximately 23% of its shipments in 2023. As part of its supply and demand management, the company determines allocations based on various metrics including expected developments in the relevant market, the number of cars sold historically by the various dealers, current order book of dealers and the average waiting time of the end client in the relevant market. The company's order reporting system allows it to collect and monitor information regarding end client orders and is able to assist it in production planning, allocation and dealer management. Parts The company supplies parts for current and older models of Ferrari to its authorized dealer network. In addition to substitution of spare parts during the life of the car, sales are driven by clients' demand for parts to customize their cars and maximize performance, particularly after a change in ownership, as well as parts required to compete in the Ferrari Challenge and other client races. The company is also supplies parts to Ferrari models currently out of production, with stocks dating back to 1995. The stock of parts for even older models is owned and managed by a third party which in some cases also manufactures out-of-stock parts based on its designs. The sale of parts is a profitable component of the company's product mix and is expected to benefit from the increase in the number of Ferrari cars in circulation. After-Sales Dealers provide after-sales services to clients, either at facilities adjacent to showrooms or in stand-alone service points across 247 facilities worldwide as of December 31, 2023. After-sales activities are very important for the company's business to ensure the client's continued enjoyment of the car and the experience. Therefore, the company enforces a strict quality control on its dealers' services activities and it provides continued training and support to the dealers' service personnel. This includes the company's team of flying doctors, Ferrari engineers who regularly travel to service centers to address difficult technical issues for its clients. The company sells cars together with a scheduled program of recommended maintenance services in order to ensure that these cars are maintained to the highest standards to meet its strict requirements for performance and safety. The company's 7 Year Maintenance Program (free of charge for customers since 2011 on any new cars) is offered to further strengthen customer retention in the official network and has been coupled with the possibility to extend the statutory warranty term of its standard warranty terms through the Power warranty coverage program up to the 15th year of life of the car. For certain strictly limited series cars (for example, the LaFerrari and the LaFerrari Aperta) it introduced a Full Warranty Coverage Extension that can be applied after the 36-month commercial contractual warranty. After the 7th year of life, a car (if in perfect maintenance condition) can be included in the Main Power warranty coverage program (Maintenance and Power) through to the car's 15th year of life. Between the 15th year of life and the Classiche eligibility (20 year old car) Ferrari provides its customers, in addition to standard maintenance items, also certain specific maintenance kits (Ferrari Premium) to preserve car performance and safety systems. When a car follows the full maintenance program up to the 20th year of life, it automatically obtains the Ferrari Classiche certification. The company's dealers provide an inspection service for clients seeking to sell their car which involves detailed checks on the car and a certification on which the client can rely, covering, among other things, the authenticity of the car, the conformity to original technical specifications, and the state of repair. Furthermore, the company offers owners of classic Ferrari cars maintenance and restoration services through the 73 Officina Ferrari Classiche workshops that form part of its service network. In addition, owners of its classic cars can seek assistance in car and engine restorations at the company's Ferrari Classiche department in Maranello. Financial Services The company offers retail client financing for the purchase of its cars through the operations of Ferrari Financial Services (FFS): directly in the United States through its fully owned subsidiary Ferrari Financial Services Inc. (FFS Inc); through Ferrari Financial Services GmbH (in partnership with CA Auto Bank) in certain markets in EMEA (primarily the U.K., Germany and Switzerland); and through various partnerships in other European countries and other major international markets, such as Japan and Mainland China (which may also provide financing to the company's dealers). Through FFS, the company offers a range of flexible, bespoke financial and ancillary services to clients (both current and new) interested in purchasing a wide range of cars, from its current product range to older pre-owned and classic models. FFS also provides special financing arrangements to a selected group of the company's most valuable and loyal customers. Client Relations The company's clients are the backbone of its business together with its brand and its technology. The company's main brand marketing and promotional activities have two principal targets. Firstly, the company targets the general public. Its most significant effort in this respect is centered on its racing activities and the resonance of Scuderia Ferrari. The company also reaches the general public through the activities of its lifestyle division, through the sale of luxury goods at its stores and online, the brand's experience parks and museums, and collectibles. The company also engages in other brand-promotional activities through digital platforms, such as eSports, and its official social media channels. Secondly, the company targets existing and prospective clients on both new car and preowned car sales, seeking to promote clients' knowledge of its products, and their enjoyment of its cars both on road and on track, and to foster long-term relationships with its clients, which is key to its success. In 2023, almost 74% of the company's new cars were sold to existing Ferrari owners. From January 2022 to January 2023, the company has continued to grow its active client base by 10%, rejuvenated its loyal client base with 40% of new clients below 40 years old, and nurtured its best collectors who have increased the average number of Ferrari cars they own by 10%. By purchasing its cars, clients become part of a select community sharing a primary association with the Ferrari image and the company fosters this sense of fellowship with a number of initiatives. The company strives to maximize the experience of its clients throughout their period of interaction with Ferrari - from first contact, through purchasing decision process, to waiting-time management and car delivery and enjoyment. Recognizing the importance of digital touchpoints to enhance the overall client experience, Ferrari continues to develop the MyFerrari App, available exclusively for Ferrari clients to enhance and foster their connection to the Ferrari world through the direct distribution of tailored content. This channel enables clients to directly access features and services, strengthening their relationship with the brand and their preferred official Ferrari dealer. Moreover, Ferrari dedicates specific attention to Ferrari clients who have ordered a new car by enriching their waiting time with dedicated digital content to reinforce their engagement and connection with the Ferrari world. Client and Brand Events These events are a key aspect and attraction for loyal clients to feel the sense of belonging to the Ferrari community. In March 2023, the Ferrari Roma Spider was presented to clients with an exclusive event at the El Badi Palace in Marrakesh. June 2023 was the busiest month for its event calendar. At the beginning of the month, the second Universo Ferrari brand exhibition outside of Maranello was held in Seoul, South Korea. Guests were offered the opportunity to enjoy various aspects of the Ferrari experience with special models on display as well as the Regional Premiere of the Purosangue. At the end of the month, the company launched from the Endurance Racing & Corse Clienti building in Fiorano the SF90 XX Stradale and SF90 XX Spider. Throughout 2023, the Esperienza Ferrari program based in Fiorano offered clients the opportunity to have a full brand experience at Maranello and to test drive its newest models, the Ferrari Purosangue and the 296 GTB. Clients also had the opportunity to benefit from the exclusive and dedicated Casa Ferrari hospitality around the world in selected venues, including Formula 1 race weekends in Melbourne, Miami, Silverstone, Singapore and Abu Dhabi, as well as important automotive gatherings like Goodwood Festival of Speed in England and Pebble Beach in Monterey, California. Client Experience on Road The company sees nurturing its clients' passion for driving as a key asset for its future commercial success, particularly in markets where racing traditions are less pronounced. The company offers its prospective and existing clients interested in new Ferrari models its Esperienza Ferrari program, which consists of driving sessions with a team of highly qualified and skilled Ferrari instructors and technicians. In addition, the company offers to its clients on-track driving courses (Corso Pilota), catering to different levels of skill and experience and teaching essential driving skills for high performance cars. In selected markets, such as China, the company also offers complimentary driving courses on-track to any new car buyer. In addition to on-track activities, the company organizes various on-the-road driving events for Ferrari owners, both under proprietary formats (Ferrari Cavalcade, including the Cavalcade Classiche that are dedicated to its collectors) and with its own branded presence within established driving events. For example, in the Ferrari Tribute to Mille Miglia and the Ferrari Tribute to Targa Florio, modern Ferrari cars take part in their own dedicated competition before the start of the main racing. There is also a calendar of Ferrari tours organized in various countries allowing all Ferrari owners to enjoy their cars on specially curated road journeys. The Ferrari Roma Spider World Premiere event was also part of the experience lived by the participants of the International Cavalcade 2023, which comprised over 80 Ferrari vehicles travelling through Morocco along a 1,000 kilometer route. The company holds this event, which brought together collectors and clients from all over the world, in Marrakesh, in the Agafay desert and along the Atlantic coast. Models, such as LaFerrari and LaFerrari Aperta, Ferrari Monza SP1 and SP2, Daytona, F50 and the one-off P540 Superfast Aperta paraded before the eyes of passers-by in Marrakesh, Essaouira and Aït Benhaddou. Also in 2023, Ferrari organized its own very special tribute to celebrate Le Mans' centenary: some of Maranello's greatest cars, driven by their owners, undertook a five-day tour that culminated in watching the 499P Hypercar storm to victory in the famous 24-hour race. The tribute Le Mans programme included a Ferrari parade around the legendary La Sarthe circuit on the Saturday morning before the race. Finally, this year the company launched a new driving event format dedicated to Classiche and their owners: the Legacy Tour. This year's, and the first edition of the Legacy Tour ended at Fiorano on September 30, after an epic three-day journey on some of Italy's finest roads and was dedicated to the F40, one of the Prancing Horses most celebrated models. Another exclusive driving experience is the Corso Pilota Classiche course, led by experts of the Ferrari Classiche team and aimed at classic car enthusiasts and clients interested in learning more about the Ferrari Classiche certification program and the storied archives at the company's Officine Classiche restoration department. The initiative also offers the opportunity to experience on-track driving of the models celebrated on its Fiorano race circuit. Client Experience on Track In the activities organized by the Corse Clienti department, this year the Ferrari Challenge Trofeo Pirelli has crossed the finish line of its 31st season, reaffirming its status as the world's longest-running single-make championship. Throughout the year, customers have taken part in the Europe, North America, UK series, and the new national series in Japan, which had a successful inaugural season in terms of driver and team participation. During the Finali Mondiali held at the Mugello International Circuit from October 24 to 29, the single-make championship recorded a record-breaking participation with 103 registered drivers representing 24 nationalities competing for the world titles. Additionally, at the Finali Mondiali, two new cars were unveiled: the Ferrari 296 Challenge and the 499P Modificata. The Ferrari 296 Challenge will make its on-track debut at the 2024 Ferrari Challenge Trofeo Pirelli in the Europe and North America series; from 2025, it will also feature in the U.K. and Japan series. The Ferrari 499P Modificata is a strictly limited production car designed for non-competitive track use, derived from the Hypercar 499P that won the 24 Hours of Le Mans, with substantial modifications. With the Ferrari 499P Modificata, the company launched the new Sport Prototipi Clienti program, allowing its owners to participate in a dedicated event calendar in 2024, shared with F1 Clienti - from the Mugello event in March to the Finali Mondiali in Imola in October - with full Ferrari assistance for vehicle maintenance and technical and logistical support for on-track use. This year, the F1 Clienti and XX Programme achieved remarkable results in terms of participation in internationally organized events, confirming the growth trend already highlighted in the second half of 2022. The 2023 season, concluded at the Finali Mondiali of Mugello, saw a record attendance of 19 and 56 cars, respectively in the F1 Clienti and the XX Programme, with a total of 75 units brought to the track by 88 customers from 25 different nationalities. Participation in the activities of the Endurance Club is on the rise, allowing customers to take part in exclusive non-competitive events on the world's most iconic tracks, with 37 pilots representing 14 nationalities at the 2023 Finali Mondiali. The Corso Pilota program offered customers track driving courses catering to different skill levels and experiences, teaching essential skills for high-performance cars. Ferrari Classiche The Ferrari Classiche department supports Ferrari customers in managing their historic Ferrari vehicles (over 20 years from their production) with the objective of keeping as many of these classic cars on the road as possible. Services include the certification of the authenticity of classic Ferrari cars and vehicles of particular historical relevance, the management of Ferrari restoration and repair activities, as well as the management of Ferrari spare parts, including when these are no longer available on the market. The department also provides advice on repair operations carried out on Ferrari Classiche cars within its network. Ferrari Classiche aims to create a platform of information and technical expertise to preserve and enhance over time the awareness and value of Ferrari's heritage and brand. The company views the surviving Ferrari vehicles of historical value as the tangible legacy and incarnation of its brand. The Ferrari Classiche department also supports and encourages the direct participation of clients in strategic historical events. The Ferrari Classiche department in Maranello consists of an office of specialists and a workshop in which historic cars are checked, restored and repaired. In addition, in order to provide an enhanced service to owners away from the main workshop in Maranello, starting from 2017 Ferrari Classiche authorized a new service network with 73 Officina Ferrari Classiche workshops active to date, primarily for vehicle repairs and the certifications' inspections or revalidation. The network is expected to expand in the future. The authenticity of the car with respect to the initial specifications is checked via a technical inspection, performed either at the Ferrari Classiche facility in Maranello or at an authorized workshop, and benefits from a comprehensive archive containing drawings of each of the individual chassis and details of historical components. Based on the evidence gathered during this inspection, the car is then presented to an expert committee, chaired by the founder's son, Piero Ferrari, for the certification. At the Maranello workshop, Ferrari Classiche carries out full restorations using either original components and spare parts or replicas manufactured in accordance with the original specifications. The company's service offers its clients the opportunity to restore any classic Ferrari to its original pristine conditions. The Ferrari Classiche department also provides basic technical and instructional support to the Ferrari Classiche Academy, a new driving school project that launched in 2019 for vintage Ferrari cars, including the Ferrari 308, Ferrari 328, 550 Maranello, MondialT, 250 GT Lusso, 365 GTB4. The Ferrari Classiche department also offers assistance services to customers willing to attend driving events (such as 1000 Miglia or other rally and tour) or static events (such as concours of elegance). Racing Participation in the FIA Formula 1 World Championship with Scuderia Ferrari and in the World Endurance Championship with the Ferrari Endurance Team is a core element of the company's marketing effort and promotional activities, as well as an important source of innovation for the support of the technological advancement of Ferrari's product portfolio. The company also competes in the F1 Esports Championship with the Scuderia Ferrari Esports Team and it owns the Mugello racing circuit in Scarperia, near Florence, which it rents to racing events organizers. Formula 1 The FIA Formula 1 World Championship is the pinnacle of motorsports and one of the most watched annual sports series in the world, with 3.1 billion website and social media page views for the 2023 season and an average television audience of 66.6 million viewers per Grand Prix (Source: Formula 1). Formula 1 cars rely on advanced technology, powerful hybrid engines and cutting edge aerodynamics. While Europe is the sport's traditional base, longstanding non-European venues such as Australia, Brazil, Canada, Japan, Mexico and the United States have been joined in the last two decades by racing venues in China, Bahrain, the United Arab Emirates, Singapore, Qatar, Saudi Arabia, Russia and Azerbaijan (although Russia will not host races in 2024). This provides participants in the Formula 1 World Championship exceptional visibility on the world stage. In 2021, the new FIA financial regulations entered into force and are applicable as updated in 2023, imposing a cap on certain expenses and investments related to operations and the chassis of the cars which may be incurred by any single Formula 1 team. Moreover, development activities were also limited by the new regulation and only one development per component was allowed power units. In December 2021, the World Motor Sport Council validated the framework for the 2026 Power Unit (PU) Regulations, which include technical, operational and financial guidelines. The framework identifies key objectives related to, among other things, the environmental impact, cost reduction measures and competitiveness of the FIA Formula 1 World Championship. A detailed document setting out the 2026 Power Unit Regulations was submitted to the World Motor Sport Council during the course of 2022. They will apply to power units starting from the 2026 season of the FIA Formula 1 World Championship and, consistent with the framework proposed to the Council, are mainly focused on the sustainability and innovation challenges of Formula 1. The 2026 Formula 1 Power Unit Regulations were approved in August 2022 and apply starting in 2023 for motors to be used in the 2026 season. In 2022, the World Motor Sport Council also approved changes to the 2022 and 2023 Formula 1 Technical Regulations to address safety matters. The Formula 1 2023 World Championship was originally scheduled to include 24 races. However, due to the difficulties linked to the COVID 19 pandemic, the Chinese Grand Prix was cancelled and, due to heavy flooding in the Emilia Romagna region, the Italian Grand Prix in Imola was also cancelled. In terms of results, the season ended with third place for the Scuderia Ferrari in the Constructors' Championship, with 406 points, one victory, nine podiums, seven pole positions, and with fifth and seventh place finishes in the Drivers' Championship, for Charles Leclerc and Carlos Sainz, respectively. Scuderia Ferrari's continuing participation in the FIA Formula 1 World Championship over the five year period from 2021 to 2025 is governed by two agreements - widely known as New Concorde Agreement - signed on August 18, 2020. The first of such agreements governs the regulatory and governance aspects of the sport, and the second governs the commercial aspects. The New Concorde Agreement recognizes the historical role of Ferrari, the only team that has participated in all Formula 1 World Championship editions since its inception. In exchange for their participation in Formula 1 races, the participating teams receive a share of a prize fund based on the profits earned from Formula 1-related commercial activities managed by Formula 1, including in particular, promoters' fees, television broadcasting royalties, partnership agreements and other sources. Shares in the prize fund are paid to the teams, largely based on the relative ranking of each team in the championship. In addition to its long-term research and development efforts, the company begin designing its cars each year in the spring, in anticipation of the start of the racing season the following March. While the chassis and the power unit the company builds each year are designed to be used throughout the racing season, the majority of other components fitted on its cars are adjusted from race to race depending on the characteristics of the circuits. To maximize the performance, efficiency and safety of its Formula 1 cars, while complying with the strict technical rules and restrictions set out by the FIA, the company's research and development team plays a key role in the development of its road cars and their engines. The company often transfers technologies initially developed for racing to its road cars. Examples include steering wheel paddles for gear-shifting, the use and development of composite materials, which make cars lighter and faster, and technology related to hybrid propulsion. The company's road cars (especially sports car models) have benefited from the know-how acquired in the wind tunnel by its racing car development teams, enjoying greater stability as they reach high speeds on and off the track. The company's research and development team focus on combining minimal lap times with maximum efficiency, leading to advances in kinetic energy recovery systems, or ERS, technology. Advanced ERS features two electric motor/generator units in every car, which allow the car to recover, store and deploy energy generated both by the vehicle during braking and by the exhaust gases through a turbocharger. The great visibility, both on traditional media and on digital platforms, that Scuderia Ferrari obtains thanks to its participation in the FIA Formula 1 World Championship continues to attract significant sponsorships. The visibility and placement of partner logos on the car and team uniforms reflect their respective level of sponsorship. The company uses the platform provided by Formula 1 for a number of associated marketing initiatives, such as the hosting of clients and other key partners in Ferrari Formula 1 Club Hospitality to watch and experience the Grand Prix races with Scuderia Ferrari, and its Formula 1 drivers' participation in various promotional activities for its road cars. The company also often sells older Formula 1 cars to customers for use in amateur racing or collection. More generally, Formula 1 racing allows the company to promote and market its brand and technology to a global audience without resorting to traditional advertising activities, therefore preserving the aura of exclusivity around its brand and limiting the marketing costs that it, as a company operating in the luxury industry, would otherwise incur. World Endurance Championship Ferrari returned to compete in the top class of the FIA World Endurance Championship half a century after its last appearance, with two 499P cars in the Hypercar class, achieving very positive results. The season saw Ferrari win a second place in the Constructors' standings, while the crews of cars numbered 50 and 51 ranked third and fourth, respectively, in the Drivers' standings. The Ferrari team - AF Corse secured six podium and finished with seven championship rounds and two pole positions, debuting at Sebring and Le Mans. Highlight of the season was Ferrari's performance at the Centenary 24 Hours of Le Mans, held on June 10-11, where the 499P car number 51 driven by Pier Guidi-Calado-Giovinazzi secured victory in front of a record crowd at the Circuit de La Sarthe, totaling 325 thousand spectators. The world's most important endurance race had two Ferraris starting from the front row, with the Hyperpole ending in fifth place with Fuoco-Molina-Nielsen, ahead of their teammates. In the LMGTE Am class, Ferrari concluded the season with a third-place finish in the Drivers' standings for Flohr-Castellacci-Rigon, who secured a victory at the 6 hour race of Fuji. The second seasonal win for the Prancing Horse was achieved by Perez Companc-Rovera-Wadoux at the 6 hour race of Spa-Francorchamps. Other GT Races The season marked the debut of the 296 GT3, making its first appearance at the 24 Hours of Daytona in January. The new car, derived from the series in May, achieved extraordinary success at the 24 Hours of Nürburgring, marking the first victory in the history of the Prancing Horse, with Frikadelli Racing Team, and a Pro Am class win with WTM by Rinaldi Racing. Additionally, the 296 GT3 secured a double victory in the overall standings in the final race of the GT World Challenge Europe - Endurance Cup in Barcelona in September, with the AF Corse Francorchamps Motors team. Scuderia Ferrari Esports Team To further enhance the Ferrari experience, the company has been increasing its focus on E-sports and the Scuderia Ferrari Esports Team competes in the F1 Esports Sim Racing GT Challenge, Formula Sim Racing, VEC and SRO Esports Championship. In 2023, the Ferrari Esports Series expanded to cover Europe, North America, and the Asia Pacific with the aim to find new drivers for the Ferrari Esports Team and a program to reach a younger audience worldwide. Mugello Circuit Located in Scarperia just outside Firenze, for more than 100 years the Mugello Circuit has been one of the leading motorsport venues globally. Internationally renowned as the host venue for the Italian MotoGP Grand Prix since 1976 (and consecutively since 1994), the Formula 1 Grand Prix of Tuscany Ferrari 1000 in 2020, and numerous international motorsports competitions, the 5,245 metres circuit mimicking the natural slopes of the Tuscan hills is also famed for its ultimate driving experience and modern facilities. In 2023, the circuit hosted 248 days of track activities and 15 race weekends. In 2023, all certifications were renewed, including for the international standards for sustainable and event management, as well as the system of safety and health management on work places. Lifestyle Ferrari's presence in the wider luxury landscape is a unique opportunity to ensure brand relevance across generations. The role of Ferrari lifestyle is to fuel long term growth by broadening the company's customers' base and expanding its value proposition beyond its core business, while preserving its brand's DNA, its heritage and values. Intellectual Property The company owns number of registered trademarks, designs and patents, including approximately 520 trademarks (word or figurative), registered in several countries and across number classes. In particular, the company ensures that the maximum level of protection is given to the following iconic trademarks, for which the company owns approximately 4,260 applications/registrations in approximately 150 countries, in most of the main classes for goods and services: The names of the company's Range, Special Series and Icona car models and Formula 1 single-seater models are also registered as trademarks (and logotypes) and the company also registers their domain names and the cars' design. Research and Development The company's research and development costs were €882 million for 2023. Competition The company's main competitors are Lamborghini, McLaren, Aston Martin, Rolls-Royce and Bentley, as well as Porsche, Mercedes, Audi, BMW and Land Rover in certain segments of the market. History Ferrari N.V. was founded in 1947. The company was incorporated under the laws of the Netherlands in 2015.