Key Highlights
- First quarter results exceeded projections with earnings per share of €2.33 compared to the €2.30 estimate and revenues reaching €1.85 billion versus €1.82 billion anticipated
- Unit deliveries declined to 3,436 vehicles in Q1, representing a 157-unit decrease compared to the prior year, primarily attributed to Middle Eastern geopolitical tensions affecting EMEA region
- The luxury automaker compensated for regional disruptions through strategic reallocation of vehicle deliveries to alternative markets
- Management reaffirmed full-year 2026 projections: approximately €7.5 billion in revenue and adjusted earnings per share of €9.45
- Shares of RACE declined 0.8% in pre-market hours on Tuesday, continuing a 29% downturn over the trailing twelve-month period
The iconic Italian luxury automaker surpassed analyst projections for the first quarter of 2026, though results reflected the impact of geopolitical tensions in Iran that disrupted shipments across the Middle East, a strategically important region for the brand.
Quarterly revenues reached €1.85 billion, representing a 3% increase from the year-ago period and topping the Street’s €1.82 billion projection. Adjusted earnings per share of €2.33 exceeded the €2.30 analyst consensus.
Shares traded down 0.8% to $336.21 during pre-market activity on Tuesday morning. The stock has experienced a 29% decline over the past year.
Adjusted EBITDA totaled €722 million, climbing 4% year-over-year. The company’s EBITDA margin reached 39.1%, which management highlighted as best-in-class within the automotive sector.
Total vehicle shipments for the quarter came to 3,436 units, down from 3,593 units delivered in the comparable quarter last year. Analyst forecasts had projected 3,473 units. The EMEA region experienced a 243-unit year-over-year decline, finishing at 1,458 deliveries.
Management indicated the delivery reduction was partially strategic, attributing the decrease to both the escalating Middle East hostilities and a scheduled product transition.
“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.
Market observers note that accelerating deliveries into the first quarter may create headwinds for second-quarter performance, potentially reducing the number of vehicles available for shipment in the coming months.
Order Book Extends Into 2027
Chief Executive Benedetto Vigna expressed optimism about the company’s trajectory, highlighting robust personalization revenue streams and a substantial backlog of orders extending well into next year.
“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 remains unchanged: net revenues of roughly €7.5 billion, representing approximately 5% growth versus 2025, along with adjusted EBITDA of €2.93 billion. The company projects adjusted earnings per share of €9.45.
Product mix dynamics helped counterbalance lower delivery volumes. The quarter saw increased shipments of higher-margin performance models — including vehicles from the 12Cilindri range, the Purosangue SUV, and the SF90 XX series. Conversely, deliveries of the 296 lineup and Roma Spider decreased, consistent with their respective product lifecycle stages.
Ferrari Luce EV Premiere Approaching
The quarterly report arrives just three weeks ahead of the highly anticipated unveiling of the Luce, Ferrari’s inaugural all-electric sports car. The company previously showcased the vehicle’s platform, electric motor technology, and battery architecture last October, though that presentation coincided with conservative sales projections that tempered investor enthusiasm.
Ferrari has scheduled four new model introductions throughout 2026, with the electric Luce serving as the flagship launch.
Renewed tariff discussions from the Trump administration targeting European Union exports represent a potential risk factor for the Maranello-based manufacturer. To date, Ferrari has not adjusted its financial outlook to account for possible new trade barriers.
Global deliveries for the complete 2025 fiscal year decreased modestly to 13,640 units, which the company characterized as an intentional outcome of product lifecycle transitions that will continue throughout 2026.
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