Key Highlights
- Ferrari surpassed Q1 profit estimates with EPS of ā¬2.33 compared to the ā¬2.30 analyst consensus and revenue reaching ā¬1.85 billion against ā¬1.82 billion forecasts
- Total unit shipments in Q1 decreased to 3,436 vehicles, representing a 157-unit decline year-over-year, primarily attributed to Middle East conflict disrupting EMEA region deliveries
- The luxury automaker compensated for regional disruptions by accelerating shipments to alternative geographical markets
- Company reaffirmed its full-year 2026 projections: approximately ā¬7.5 billion in revenue and adjusted EPS of ā¬9.45
- RACE shares declined 0.8% in pre-market trading Tuesday and have fallen 29% during the past year
Ferrari delivered first-quarter 2026 results that exceeded analyst projections, though the performance carried a caveat ā escalating tensions involving Iran negatively affected vehicle shipments in the Middle East, a strategically important region for the luxury brand.
The Italian automaker reported quarterly revenue of ā¬1.85 billion, representing a 3% year-over-year increase and surpassing the ā¬1.82 billion Wall Street consensus estimate. Adjusted earnings per share reached ā¬2.33, exceeding the ā¬2.30 analyst forecast.
RACE shares fell 0.8% to $336.21 during pre-market trading Tuesday. Over the trailing twelve-month period, the stock has declined 29%.
Adjusted EBITDA totaled ā¬722 million, marking a 4% increase from the prior-year quarter. The company’s EBITDA margin reached 39.1%, which Ferrari characterizes as best-in-class within the automotive sector.
First-quarter vehicle shipments totaled 3,436 units, declining from 3,593 units delivered in the comparable period last year. Analyst expectations had called for 3,473 units. EMEA region shipments fell by 243 units year-over-year to 1,458.
Ferrari indicated the delivery shortfall was partially intentional. The company attributed the decline to both the escalating Middle East conflict and a strategic model transition process.
“Total deliveries were not impacted by the surge of hostilities in the Middle East, as Ferrari leveraged its geographical allocation flexibility, bringing forward certain deliveries to other regions,” the company said.
Certain investors may harbor concerns that accelerating deliveries into the first quarter could result in fewer available vehicles for shipment in Q2, potentially creating headwinds for second-quarter performance.
Backlog Stretches Through 2027
Chief Executive Benedetto Vigna maintained an optimistic tone. He highlighted increased personalization-related revenue and a robust order backlog as foundations for continued confidence.
“With these results and an order book further extending towards the end of 2027, we confirm our 2026 guidance,” Vigna said.
Ferrari’s full-year 2026 outlook remains unchanged: net revenue of roughly ā¬7.5 billion, representing approximately 5% growth versus the prior year, and adjusted EBITDA of ā¬2.93 billion. The company projects adjusted EPS of ā¬9.45.
The product mix proved advantageous in offsetting lower unit volumes. Deliveries included a greater proportion of high-margin sports cars ā notably the 12Cilindri range, the Purosangue, and the SF90 XX series. Conversely, the 296 lineup and Roma Spider experienced declines consistent with their respective model lifecycles.
Ferrari Luce Electric Vehicle Unveiling Imminent
The quarterly results arrive just three weeks ahead of Ferrari’s scheduled premiere of the Luce, the brand’s inaugural fully-electric sports car. The company revealed the vehicle’s chassis, powertrain, and battery architecture last October, though that presentation was somewhat eclipsed by conservative sales projections issued simultaneously.
Ferrari intends to introduce four new models throughout 2026, with the Luce serving as the flagship launch.
President Trump’s renewed tariff rhetoric targeting the European Union represents a potential obstacle for the Maranello-based manufacturer. Ferrari has not yet adjusted its guidance to reflect any prospective new tariff implementations.
Global Ferrari deliveries experienced a modest decline in full-year 2025, reaching 13,640 units, which the company characterized as an intentional outcome of model transitions expected to continue through 2026.
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