Ferrari, growing accounts. Year-end estimates confirmed

Ferrari closed the first quarter of the year with growing results and better than consensus, enough to confirm targets for the current year. However, in the Stock market the reception of the data was cold, with shares retracing a 1.7% drop after the release of the numbers.

In the first quarter of 2026, Ferrari posted net revenue of €1,848 million, up 3% year-on-year (+6% at constant exchange rates), operating profit (EBIT) of €548 million, while net profit was €413 million and EBITDA €722 million (+4%). "The further enriched product mix and the constant demand for customisation contributed to the solid results. With such performance and with an order backlog extending further towards the end of 2027, we confirm our guidance for 2026," said Benedetto Vigna, CEO of Ferrari. Ferrari "continued to post solid growth in the first quarter of 2026, in line with the trajectory outlined in the 2026 guidance and supported by all business dimensions, despite the geopolitical environment," reads a group note.

Meanwhile, the market looks to the Maranello's first electric car: 'With only twenty days to go until the world premiere of the Ferrari Luce, anticipation has never been higher. The Ferrari Luce combines so many extraordinary technologies and the passion of so many people. It is proof of how tradition and innovation can come together to create something unique,' Vigna stressed.

Returning to the quarter's performance, in the Sports Cars area, the note states, Ferrari continued to enrich its product mix and strengthen customisation. Deliveries were deliberately planned slightly lower than in 2025 to facilitate the planned model change and stood at 3,436 units. Total deliveries, the company specifies, were not affected by the hostilities in the Middle East, thanks to flexibility in geographic allocation that allowed some deliveries to be brought forward to other regions. Revenues from racing activities grew further in the quarter, mainly due to an increase in sponsorships and the positive contribution from the supply of engines to other Formula 1 teams. Finally, Lifestyle activities also recorded growth in the quarter, mainly due to licensing agreements.

With regard to the 2026 guidance, the significant change of models outlining the year, higher revenues from racing activities, mainly due to sponsorships, the contribution of Lifestyle activities to revenue growth, higher investments in the brand and expenses for racing activities and digital transformation are confirmed, among other things. Depreciation and amortisation is also up, the currency impact is confirmed as negative, net of hedging, and solid industrial free cash flow generation is also expected, driven by high profitability.