Ferrari N.V. reported first‑quarter 2026 results that lifted net revenue to €1.848 billion, a 3 % increase from the €1.791 billion recorded in Q1 2025 and a 6 % rise at constant currency. EBITDA rose to €722 million, up 4 % YoY and 9 % at constant currency, while EBIT reached €548 million, a 1 % increase YoY and 8 % at constant currency. The company’s adjusted earnings per share were €2.33, which beat the lower end of the consensus range of €2.30‑€2.37 but fell short of the higher end of the range, indicating a modest beat in the face of a slightly weaker consensus.
The 39.1 % EBITDA margin and 29.7 % EBIT margin reflect Ferrari’s continued pricing power and the premium mix of high‑margin personalization and new‑model introductions. The modest EBIT growth, however, was partially offset by higher depreciation and amortization linked to the start of production of the F80 supercar, increased marketing expenses, and U.S. import tariffs. Compared with Q1 2025, where EBIT was €542 million and EBITDA €693 million, the company has maintained margin strength while navigating the cost impacts of new‑model roll‑outs.
Revenue growth was driven by a 4 % increase in sponsorship, commercial and brand revenues, and a 5 % rise in lifestyle activities, offset by a planned 3 % decline in deliveries as the company phased out the 499P Modificata to make way for the F80. The focus on high‑margin personalization and a richer product mix has allowed Ferrari to sustain growth even as overall deliveries were intentionally lower to support the new‑model transition.
Ferrari reaffirmed its 2026 guidance, maintaining a target of €7.5 billion in net revenue and an adjusted operating profit of at least €2.22 billion, or €9.45 adjusted EPS. The guidance, while unchanged, sits slightly below the consensus full‑year EPS estimate of €9.77, reflecting management’s cautious stance amid geopolitical uncertainty and currency headwinds. CEO Benedetto Vigna said, “Our enriched mix and continued demand for personalizations contributed to the strong earnings we are presenting today. With these results and an order book further extending towards the end of 2027, we confirm our 2026 guidance.”
Investors reacted cautiously, with some selling pressure reflecting concerns that the guidance sits below consensus and broader market conditions. The company’s strong order book extending to late 2027 and the upcoming launch of the electric Ferrari Luce signal confidence in long‑term demand, while headwinds such as negative foreign‑exchange impacts, U.S. import tariffs, and higher depreciation from new‑model production remain under scrutiny.
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