RACE · Ferrari N.V.

Ferrari's Q1 2026 results reflect continued strength in its business model, driven by an enriched product mix and higher personalizations. Net revenues grew 3% year-over-year to €1,848 million, with constant currency growth of 6%. The revenue increase was led by Cars and spare parts (up 1% to €1,556 million) benefiting from a richer sports car mix and strong country mix, particularly in the Americas. Sponsorship, commercial, and brand revenues surged 14% to €218 million, supported by higher sponsorships and lifestyle activities. Operating profit (EBIT) rose 1% to €548 million, with margin contracting 60 bps to 29.7% due to higher depreciation and amortization from new model launches, lower deliveries, and increased marketing expenses and US import tariffs. EBITDA grew 4% to €722 million, with margin expanding 40 bps to 39.1%. Net profit was essentially flat at €413 million, while diluted EPS increased 1% to €2.33. Industrial free cash flow was robust at €653 million, up 5% year-over-year, driven by profitability and favorable cash collection timing, partially offset by €253 million in capital expenditures. The company ended the quarter with a net industrial cash position of €388 million, a significant improvement from net industrial debt of €32 million at year-end 2025, despite €226 million in share repurchases. Management confirmed its 2026 guidance, expecting net revenues of approximately €7.5 billion, adjusted EBITDA margin of at least 39.0%, adjusted operating profit margin of at least 29.5%, adjusted diluted EPS of at least €9.45, and industrial free cash flow of at least €1.5 billion. The order book extends towards the end of 2027, indicating strong demand visibility. CEO Benedetto Vigna highlighted the enriched mix and personalizations as key drivers, and noted anticipation for the upcoming Ferrari Luce launch. The company also announced a second tranche of its share buyback program of up to €250 million, to be completed by August 28, 2026.