Key Highlights
- Ferrari surpassed Q1 estimates with earnings per share of €2.33 versus the anticipated €2.30 and revenues reaching €1.85 billion against expectations of €1.82 billion
- Total units shipped in Q1 declined to 3,436, representing a 157-unit decrease year-over-year, primarily due to Middle East hostilities affecting EMEA region deliveries
- The luxury automaker compensated for regional disruptions by accelerating shipments to alternative markets
- Management reaffirmed full-year 2026 projections: approximately €7.5 billion in revenue and adjusted earnings per share of €9.45
- RACE shares dropped 0.8% in pre-market activity on Tuesday and have declined 29% over the trailing twelve months
Ferrari surpassed analyst projections for the first quarter of 2026, though the results carried a significant caveat — escalating tensions involving Iran negatively impacted shipments across the Middle East, a critical market for the luxury marque.
The Italian automaker reported quarterly revenues of €1.85 billion, representing a 3% year-over-year increase and exceeding the consensus estimate of €1.82 billion. Adjusted earnings per share reached €2.33, surpassing analyst expectations of €2.30.
RACE shares declined 0.8% to $336.21 during Tuesday’s pre-market session. The stock has experienced a 29% decline over the past year.
Adjusted EBITDA totaled €722 million, marking a 4% year-over-year increase. The company’s EBITDA margin reached 39.1%, which Ferrari characterizes as best-in-class within the automotive sector.
First-quarter deliveries totaled 3,436 vehicles, down from 3,593 units in the comparable period last year. Analysts had projected 3,473 units. The EMEA region experienced the steepest decline, with shipments falling 243 units year-over-year to 1,458.
Ferrari management indicated the delivery shortfall was partially strategic. The company attributed the decline to both escalating Middle East hostilities and scheduled transitions in its model lineup.
“Overall shipments remained unaffected by the escalation of conflict in the Middle East, as Ferrari utilized its strategic flexibility in geographical allocation, accelerating certain deliveries to alternative regions,” the company stated.
Some market observers may worry that accelerating deliveries into the first quarter could result in fewer available vehicles for Q2, potentially creating headwinds for second-quarter performance.
Customer Orders Stretch Through End of 2027
Chief Executive Officer Benedetto Vigna maintained an optimistic tone. He highlighted increased personalization revenue and a robust order pipeline as key factors supporting the company’s outlook.
“Given these strong results and an order backlog that now extends through late 2027, we are reaffirming our 2026 guidance,” Vigna stated.
Ferrari’s full-year projections remain unchanged: net revenues of approximately €7.5 billion, representing roughly 5% growth from the prior year, and adjusted EBITDA of €2.93 billion. Adjusted earnings per share are projected at €9.45.
The product mix helped mitigate the impact of lower unit volumes. Deliveries included a higher proportion of premium sports cars — such as the 12Cilindri family, the Purosangue SUV, and the SF90 XX family — which carry superior margins. Meanwhile, shipments of the 296 family and Roma Spider declined in accordance with their natural product lifecycles.
All-Electric Ferrari Luce Debut Just Weeks Away
The quarterly results arrive approximately 20 days before Ferrari unveils the Luce, marking the company’s entry into the fully-electric sports car segment. Ferrari showcased the vehicle’s chassis architecture, electric motor, and battery technology last October, though the presentation was somewhat overshadowed by conservative sales projections issued at that time.
Ferrari intends to introduce four new models throughout 2026, with the Luce serving as the flagship launch.
President Trump’s renewed tariff proposals targeting the European Union represent a potential risk factor for the Maranello-based manufacturer. Ferrari has not yet adjusted its guidance to account for any potential new trade barriers.
Worldwide Ferrari deliveries declined modestly during the full 2025 calendar year, totaling 13,640 units, which Ferrari characterized as an intentional outcome of model transitions that will continue through 2026.
