KEY HIGHLIGHTS
- Ferrari surpassed Q1 expectations with EPS of €2.33 compared to €2.30 consensus and revenue reaching €1.85 billion versus €1.82 billion forecasted
- Q1 unit deliveries declined to 3,436 vehicles, a decrease of 157 units year-over-year, attributed to Middle East tensions affecting EMEA region
- The luxury automaker compensated for regional disruptions by accelerating shipments to alternative markets
- Full-year 2026 targets reaffirmed: approximately €7.5 billion in revenue and adjusted EPS of €9.45
- RACE stock declined 0.8% in premarket trading Tuesday and has fallen 29% over the trailing twelve months
Ferrari surpassed analyst predictions for Q1 2026, though the results carried a caveat — escalating tensions involving Iran hampered shipments across the Middle East, a critical territory for the luxury brand.
The Italian automaker reported quarterly revenue of €1.85 billion, representing a 3% year-over-year increase and exceeding the €1.82 billion analyst consensus. Adjusted earnings per share reached €2.33, topping the €2.30 estimate.
RACE stock retreated 0.8% to $336.21 during premarket hours on Tuesday. Shares have tumbled 29% over the past year.
EBITDA totaled €722 million, climbing 4% compared to the prior-year period. The EBITDA margin reached 39.1%, which Ferrari characterized as best-in-class for the industry.
First-quarter shipments registered 3,436 units, declining from 3,593 units in the corresponding quarter last year. Analysts had projected 3,473 units. The EMEA region experienced a year-over-year decline of 243 units, finishing at 1,458.
Ferrari indicated the reduction was partially strategic. The company attributed the decline to both intensifying Middle East hostilities and a scheduled model transition period.
“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 market observers may worry that accelerating deliveries into the first quarter could create a void in Q2, potentially pressuring second-quarter performance.
Backlog Stretches Through 2027
Chief Executive Benedetto Vigna expressed optimism. He highlighted increased personalization income and a robust backlog as catalysts for continued momentum.
“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 outlook stands unchanged: net revenue of roughly €7.5 billion, representing approximately 5% growth versus last year, and adjusted EBITDA of €2.93 billion. The company projects adjusted EPS of €9.45.
Product mix dynamics helped counterbalance lower volume. Deliveries included a greater proportion of premium sports models — such as the 12Cilindri lineup, the Purosangue, and the SF90 XX series — during the quarter. Meanwhile, the 296 range and Roma Spider saw expected declines consistent with their product lifecycles.
Ferrari Luce EV Debut Nears
The quarterly results arrive just 20 days ahead of Ferrari’s unveiling of the Luce, its inaugural fully-electric performance vehicle. The company revealed the platform, powertrain, and battery technology last October, though conservative sales projections at that time somewhat dampened enthusiasm.
Ferrari has scheduled four new model introductions for 2026, with the Luce serving as the centerpiece.
President Trump’s renewed tariff rhetoric targeting the European Union poses a lingering risk for the Maranello-based manufacturer. Ferrari has not adjusted its guidance to reflect potential new tariff scenarios.
Worldwide Ferrari deliveries experienced a modest decline throughout 2025, totaling 13,640 units, which the company attributed to intentional model changeovers expected to continue into 2026.
