Ferrari N.V. Earnings - Q2 2026 Analysis & Highlights
Ferrari NV reported strong Q2 2026 results driven by robust product mix and personalization, with the company unveiling its first electric vehicle (Ferrari Luce) and reintroducing manual transmission technology, while maintaining full order book visibility through 2027 and raising full-year guidance.
Key Financial Results
Q2 2026 revenues reached €1.94 billion, with net revenues growing 11% at constant currency and 8% including currency headwinds primarily from US dollar and Japanese yen weakness.
EBITDA of €755 million was delivered in the quarter.
Industrial free cash flow generation of €275 million was achieved in Q2.
EBIT margin stood at 31.2%, slightly up versus last year, while EBITDA margin was 39%, slightly down mainly as a consequence of better Formula 1 ranking assumptions.
Personalization exceeded expectations at above 20% of total revenues from cars and spare parts, particularly relevant for the 296 Speciale family.
Net industrial debt at end of June was €131 million, reflecting dividend payments in May and share repurchases executed in the quarter.
Business Segment Results
Cars and spare parts revenue increased driven by richer product mix and higher personalization.
Sponsorship, commercial, and brand revenues increased thanks to higher sponsorships, partially offset by lower commercial revenues linked to last year Formula 1 ranking.
Other revenues were positive, mainly in relation to rental of engines to other Formula 1 racing teams.
EMEA experienced the strongest geographic growth during the quarter, with closer markets served first while deliveries of new models to other geographies will ramp up progressively.
Americas shipments were down year-over-year due to significant model changeover and increased personalization levels affecting manufacturing timelines.
Capital Allocation
Dividend payment occurred in May.
Share repurchases were executed in the quarter, with the buyback program proceeding at pace and reducing the number of shares over which net profit is divided.
Capital expenditures were mostly focused on product and infrastructure development, mainly the new paint shop whose construction is proceeding at pace.
Industry Trends and Dynamics
Demand remained solid across all geographies, with an order book covering the entire 2027.
Several models including the 296 Speciale and 12Cilindri families are already sold out for their production run, underscoring strength of demand.
Clients are personalizing more, selecting higher-value options including painting, carbon use, rims, and special leather.
Clients are experiencing high levels of test drive activity in regions, indicating strong genuine interest in Ferrari vehicles.
Competitive Landscape
Ferrari is the only luxury company able to offer sports cars with any kind of propulsion that clients are willing to experience, including combustion engines (naturally aspirated and turbo), hybrid 6 and 8 cylinder models, and electric vehicles.
The company's product offering is now the most complete and diversified ever, addressing different client desires from collectors, repeaters, new clients, and future generations of Ferraristi.
Macroeconomic Environment
Currency headwinds from US dollar and Japanese yen impacted reported revenues, though recent strengthening of the US dollar mitigated negative currency impact compared to previous expectations.
FX assumptions include US dollar to euro exchange rate of around 1.16, with additional hedging now in place.
For H2 2026, FX impact is based on stated assumptions with approximately 8% of exposure hedged, while 2027 is far less covered by hedging and would depend on spot exchange rates.
Growth Opportunities and Strategies
2026 is proving to be a key year for product innovation, with presentation of Amalfi Spider, Purosangue Handling Speciale, Ferrari Luce, and 12Cilindri Manuale.
Ferrari Luce represents a milestone in company history as the first electric Ferrari, featuring more than 60 new patents testifying to technical excellence across electric propulsion, vehicle dynamics, and system integration.
Ferrari Luce is a five-seater configuration, extending Ferrari ownership into different moments and being the most versatile model in the range.
Two months after Ferrari Luce's world premiere in Rome, orders are coming in line with plans from both repeaters and new clients, with genuine interest in the model.
Ferrari 12Cilindri Manuale is a limited edition special series produced in only 1,499 units, each fully allocated to clients, featuring a new Manuale By-Wire system designed in-house and patented.
The Manuale By-Wire system combines driving emotion of a manual gearbox with precision of electronics, inspired by the Winch by Wire system developed in Ferrari's Hypersail racing project.
Two more models are to be unveiled by end of 2026.
Lifestyle team successfully activated experiences during the quarter, leveraging emotional resonance of racing heritage through events like 24 Hours of Le Mans and Goodwood Festival, plus capsule collections for Monaco and Silverstone Grand Prix.
Tailor Made services are expanding, with locations opened in Tokyo and LA, and expansion of Atelier and Tailor Made capabilities in Maranello.
Ferrari is committed to technology neutrality and horizontal product diversification strategy, offering all three powertrain technologies: combustion engines, hybrid, and electric.
Financial Guidance and Outlook
Full year 2026 guidance was increased thanks to continuing strong trend of personalization and more favorable FX environment.
Updated assumptions include personalizations accounting for more than 20% of cars and spare parts revenues.
Capital market targets remain unchanged and the company is proceeding at pace according to smooth and linear development previously outlined.
D&A was temporarily lower in Q2 in line with ongoing model changeover, with D&A expected to grow progressively in H2, with full year D&A guidance of more than €700 million.
SG&A and R&D for second half expected to be higher compared to H1, in line with pace of development of innovation programs and Formula 1 for next year.
Mix/price variance for H2 is expected to be higher compared to first half.
EBIT margin guidance language is "not lower than" the stated levels.
Product Portfolio and Innovation
The company's current lineup includes combustion engine cars (naturally aspirated and turbo), hybrid 6 and 8 cylinder models, and Ferrari Luce.
Amalfi, 849 Testarossa, and 296 Speciale family increased their contribution during the quarter, continuing the ramp-up.
Deliveries of 12Cilindri Coupe and Spider and Purosangue continued steadily.
F80 increased just very modestly as per plans, while 296 GTS and Roma Spider decreased in line with their phase-out path.
SF90 XX family also decreased as the company is approaching conclusion of their limited series run.
Hybrid model changeover is occurring with 296 GT B&S and SF90 XX out of production while other hybrid models are ramping up.
Ferrari Luce orders are coming from both repeaters and new clients, with new customers including those who have never bought a Ferrari before and those who like electric vehicles.
Order intake for Ferrari Luce is proceeding according to commercial and marketing plan, with the company engaging those genuinely interested in the model.
