Quick Summary
- Ferrari exceeded Q1 projections with earnings per share of €2.33 compared to the €2.30 analyst estimate and sales of €1.85 billion versus the €1.82 billion forecast
- Total deliveries decreased to 3,436 vehicles in Q1, a decline of 157 units compared to the prior year, attributed to Middle East tensions affecting EMEA distribution
- The luxury automaker compensated for regional challenges by accelerating shipments to alternative markets
- Management reaffirmed 2026 annual projections: approximately €7.5 billion in sales and adjusted earnings per share of €9.45
- Shares of RACE declined 0.8% in pre-market activity Tuesday and have fallen 29% in the trailing twelve months
Ferrari surpassed analyst projections for the first quarter of 2026, though results carried a caveat — escalating tensions involving Iran negatively impacted distribution volumes in the Middle East, a strategically important territory for the luxury brand.
The Italian automaker generated sales of €1.85 billion, representing a 3% increase from the year-ago period and exceeding the Street consensus of €1.82 billion. Adjusted earnings per share reached €2.33, topping the €2.30 analyst projection.
Shares of RACE dropped 0.8% to $336.21 during pre-market hours Tuesday. The stock has depreciated 29% during the past year.
Adjusted EBITDA totaled €722 million, climbing 4% versus the comparable quarter last year. The company’s EBITDA margin reached 39.1%, which management characterizes as best-in-class for the automotive sector.
First-quarter unit deliveries reached 3,436 vehicles, compared to 3,593 during the equivalent period twelve months earlier. Analyst forecasts had anticipated 3,473 units. The EMEA region saw shipments fall by 243 vehicles year-over-year to 1,458 units.
Ferrari indicated the reduction was partially intentional. Management attributed the decline to both the escalating Middle East hostilities and a strategic model transition currently underway.
“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 participants may worry that accelerating shipments into the first quarter could create a void in Q2 inventory, potentially pressuring second-quarter financial performance.
Backlog Now Stretches Into Late 2027
Chief Executive Benedetto Vigna expressed optimism about the quarter. He highlighted increased personalization revenue and a robust order pipeline as foundations for continued momentum.
“With these results and an order book further extending towards the end of 2027, we confirm our 2026 guidance,” Vigna said.
Ferrari’s annual 2026 outlook remains intact: net sales of roughly €7.5 billion, representing approximately 5% growth versus 2025, and adjusted EBITDA of €2.93 billion. The company continues to project adjusted earnings per share of €9.45.
The product portfolio helped counterbalance reduced volume. Increased deliveries of higher-margin performance models — including the 12Cilindri range, Purosangue, and SF90 XX series — bolstered results. Shipments of the 296 lineup and Roma Spider contracted consistent with their respective product cycles.
All-Electric Ferrari Luce Unveiling Imminent
The quarterly results arrive just three weeks ahead of Ferrari’s planned introduction of the Luce, the marque’s inaugural all-electric performance vehicle. The company showcased the platform architecture, electric motor configuration, and battery technology last October, though that presentation was somewhat overshadowed by conservative sales guidance issued simultaneously.
Ferrari intends to launch four fresh models throughout 2026, with the Luce serving as the flagship introduction.
President Trump’s renewed tariff rhetoric targeting the European Union represents a lingering risk factor for the Maranello-based manufacturer. Ferrari has not adjusted its guidance framework to incorporate potential new import duties.
Worldwide Ferrari deliveries declined modestly during the complete 2025 calendar year, reaching 13,640 units, which the company characterized as an intentional outcome of product changeovers that will continue through 2026.
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