Ferrari (RACE) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues reached €1.85 billion, with EBITDA at €722 million and industrial free cash flow above €650 million, reflecting strong earnings growth and business model flexibility amid geopolitical instability.

• The order book extends into late 2027, supported by robust demand, new model launches such as the Amalfi Spider, and anticipation for the Ferrari Luce, which has over 60 patents registered.

• Lifestyle and racing activities contributed positively, with new store openings, podium finishes, and the unveiling of the Hypersail livery.

Financial highlights

• Revenues grew 3% year-over-year to €1.85 billion (6% at constant currency), with EBITDA margin at 39.1% and EBIT margin at 29.7%.

• Industrial free cash flow reached €653 million, up 5% year-over-year, and net industrial cash position was €388 million at quarter-end.

• Net profit was €413 million, with diluted EPS of €2.33, both up 1% year-over-year.

Outlook and guidance

• Full-year 2026 guidance confirmed: net revenues ~€7.5 billion, adjusted EBITDA margin ≥39%, adjusted EBIT margin ≥29.5%, adjusted diluted EPS ≥€9.45, and industrial free cash flow ≥€1.5 billion.

• Profitability expected to be more evenly spread between H1 and H2 due to adjusted product and country mix, with growth driven by new model launches and ramp-up.

• Guidance assumes continued management of Middle East crisis impacts, positive product mix, higher racing revenues, and ongoing investments in product development, racing, and digital transformation.