Quick Summary
- Ferrari surpassed Q1 projections with earnings per share of €2.33 versus the €2.30 forecast and revenues reaching €1.85 billion against €1.82 billion anticipated
- First quarter unit deliveries reached 3,436 vehicles, representing a decline of 157 units from the prior year, attributed to Middle East tensions affecting EMEA markets
- The luxury automaker compensated for regional disruptions by accelerating shipments to alternative geographic markets
- Management reaffirmed 2026 annual projections: approximately €7.5 billion in revenue and adjusted earnings per share of €9.45
- Shares of RACE dropped 0.8% in pre-market hours Tuesday and have declined 29% during the preceding twelve months
Ferrari delivered quarterly results that surpassed analyst projections for Q1 2026, though the performance included complications stemming from the Iran situation that affected shipments to Middle Eastern territories, a significant market for the prestigious brand.
The Italian manufacturer reported quarterly revenues of €1.85 billion, representing a 3% increase from the previous year and exceeding the analyst consensus of €1.82 billion. Adjusted earnings per share reached €2.33, topping the €2.30 projection.
Shares of RACE declined 0.8% to $336.21 during pre-market activity on Tuesday. The stock has experienced a 29% decrease throughout the past year.
Adjusted EBITDA totaled €722 million, climbing 4% compared to the prior year period. The company’s EBITDA margin reached 39.1%, which Ferrari characterizes as best-in-class within the automotive sector.
First quarter unit shipments amounted to 3,436 vehicles, compared to 3,593 during the corresponding quarter last year. Analysts had projected 3,473 deliveries. The EMEA region experienced a year-over-year reduction of 243 units, finishing at 1,458.
Ferrari indicated the delivery reduction was partially strategic. The company attributed the decline to both the intensifying Middle East situation and a scheduled transition between vehicle models.
“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 question whether accelerating deliveries into the first quarter could result in reduced vehicle availability for Q2, potentially affecting second-quarter performance.
Customer Orders Stretch to Late 2027
Chief Executive Benedetto Vigna expressed optimism. He highlighted increasing personalization revenues and a robust demand pipeline as supporting factors for sustained performance.
“With these results and an order book further extending towards the end of 2027, we confirm our 2026 guidance,” Vigna said.
Ferrari’s annual outlook remains unchanged: net revenues of approximately €7.5 billion, representing roughly 5% growth from the previous year, and adjusted EBITDA of €2.93 billion. The company maintains its adjusted EPS forecast of €9.45.
The product composition helped balance the reduced delivery volume. Higher-margin performance vehicles — featuring the 12Cilindri range, the Purosangue, and the SF90 XX series — represented a larger proportion of quarterly deliveries. Shipments of the 296 range and Roma Spider decreased consistent with their respective product cycles.
All-Electric Luce Model Debut Imminent
The quarterly report arrives twenty days ahead of Ferrari’s scheduled unveiling of the Luce, representing the marque’s inaugural all-electric performance vehicle. Ferrari presented the platform, powertrain, and battery technology during an October event, though conservative sales projections at that time tempered market enthusiasm.
Ferrari intends to introduce four fresh models throughout 2026, with the Luce serving as the flagship launch.
Renewed tariff proposals from the Trump administration targeting European Union exports continue to represent a possible challenge for the Maranello-based manufacturer. Ferrari has yet to adjust financial guidance to reflect potential new trade barriers.
Worldwide Ferrari deliveries experienced a modest decline during the complete 2025 calendar year, reaching 13,640 units, which Ferrari attributed to planned model transitions continuing through 2026.
