RACE · Ferrari N.V.

Ferrari reported solid first-quarter results for 2026, with net revenues of €1,848 million, up 3.2% year-over-year (6.0% on a constant currency basis). The increase was driven by a €27 million rise in sponsorship, commercial and brand revenues, a €20 million increase in cars and spare parts, and a €10 million increase in other revenues. Cars and spare parts revenue growth was supported by a richer sports car mix, higher personalizations, and a favorable country mix, partially offset by negative foreign currency impacts from the U.S. Dollar and Japanese Yen. Shipments totaled 3,436 units, down 4.4% from 3,593 in the prior year, reflecting the planned model change-over. The product portfolio comprised 6 internal combustion engine models (69.5% of shipments) and 8 hybrid engine models (30.5%). Deliveries of the 12Cilindri family, Purosangue, and SF90 XX family increased, while the 296 family and Roma Spider declined. The F80 supercar was in ramp-up phase, and first shipments of the 296 Speciale family, Amalfi, and 849 Testarossa occurred. Operating profit (EBIT) was €548 million, with a margin of 29.7%, slightly down from 30.3% in the prior year. Net profit rose to €413 million from €412 million, with diluted EPS of €2.33. The escalation of hostilities in the Middle East did not materially impact deliveries, as the group leveraged geographic allocation flexibility. Cash and cash equivalents increased to €1,857 million from €1,467 million at year-end 2025, while total debt rose to €2,929 million from €2,884 million. Total equity increased to €4,054 million from €3,915 million. The company did not provide forward guidance in the filing.