Ferrari beats first-quarter forecasts, holds guidance ahead of EV debut
Ferrari beat forecasts with a 29.7% EBIT margin and held guidance, just as its first all-electric model moves toward a make-or-break debut.
Ferrari delivered another reminder that rarity still pays. The Maranello maker beat first-quarter expectations, kept its full-year guidance intact and posted margins that most automakers can only envy, even as it moved closer to unveiling its first all-electric car.
Adjusted earnings came in at 2.33 euros a share, above the 2.27 euros expected on Wall Street. Revenue reached 1.85 billion euros, while net revenues totaled 1,848 million euros, up 3% from a year earlier, or 6% at constant currency. Ferrari reported EBIT of 548 million euros, a 29.7% margin, net profit of 413 million euros, EBITDA of 722 million euros and industrial free cash flow of 653 million euros.
The quarter also showed how carefully Ferrari manages supply. Deliveries came to 3,436 cars, slightly lower than a year earlier, as the company deliberately eased model changeovers. Even with the Middle East conflict disrupting parts of the luxury-car market, Ferrari said its deliveries were not hit because it used geographical allocation flexibility and brought forward some deliveries to other regions.
That matters because the Persian Gulf is not just another market for Ferrari. Its Middle East volumes exceed its China sales, making the region strategically important even though it represents less than 10% of luxury car sales overall. Temporary dealership closures and delivery pauses across the region have created a volatile backdrop for premium brands, but Ferrari said its order book still stretches toward the end of 2027 and that it is maintaining 2026 guidance despite the geopolitical strain.
Chief executive Benedetto Vigna leaned on the strength of Ferrari’s customer base and pricing power, pointing to strong personalizations and a richer product mix. He also underscored the company’s confidence ahead of its electric milestone, saying: “With only twenty days to the world premiere of the Ferrari Luce, the sense of anticipation has never been so high.”
That debut, scheduled for Rome on May 25, will test whether Ferrari can electrify without diluting the scarcity and mystique that underpin its economics. The company revealed the production-ready chassis and components of the Ferrari Elettrica, also referred to as Luce, on October 9, 2025 as part of its multi-energy strategy. Ferrari said client feedback on the model was very positive and pre-orders were due to open in March.
For now, the numbers argue that the brand’s formula remains intact. Ferrari kept buying back shares, repurchasing 226 million euros in the quarter, and approved and paid a dividend distribution of about 640 million euros in May. The harder challenge comes next: proving that an electric Ferrari can protect the pricing power that has made this business one of the most profitable in global autos.
Know something we missed? Have a correction or additional information?
Submit a Tip
