Milan, May 6, 2026, 15:07 CEST
Ferrari kept its 2026 targets after a solid first quarter, but investors marked down the shares as the luxury carmaker heads into a tougher stretch: a first electric model, U.S. tariff risk and a planned change in its model line-up. The Milan-listed stock closed 4% lower after the results on Tuesday.
That matters now because Ferrari’s market story is no longer just high margins and scarce cars. The test is whether the company can hold pricing power while launching the Luce electric vehicle and managing new trade costs, without leaning on higher volumes.
Ferrari reported first-quarter net revenue of 1.848 billion euros, up 3% from a year earlier, or 6% at constant currency, which strips out exchange-rate moves. EBITDA — earnings before interest, tax, depreciation and amortisation — rose 4% to 722 million euros, with a 39.1% margin, while net profit was almost flat at 413 million euros.
Chief Executive Benedetto Vigna said a richer product mix and steady demand for personalisation helped the quarter. He said the order book now stretches further toward the end of 2027, giving Ferrari enough visibility to confirm this year’s guidance.
Deliveries fell to 3,436 cars from 3,593 a year earlier, a decline Ferrari described as planned as it shifts between models. EMEA shipments dropped, while the Americas, China and the rest of Asia-Pacific rose; 70% of first-quarter shipments still used internal-combustion engines and 30% were hybrids.
The company said deliveries of the 12Cilindri family, Purosangue and SF90 XX family increased, while the 296 family and Roma Spider fell in line with their product cycles. F80 shipments were ramping up, and first deliveries began for the 296 Speciale family, Amalfi and 849 Testarossa.
Morningstar analyst Rella Suskin wrote that Ferrari was still using price and mix to lift revenue and keep margins high despite lower volumes. She kept a 370-euro fair value estimate for the stock and said the order book now runs toward the end of 2027, but noted the shares fell as investors wanted more than unchanged guidance after a firm quarter.
For 2026, Ferrari still targets revenue of about 7.5 billion euros, adjusted EBITDA of at least 2.93 billion euros and adjusted operating profit of at least 2.22 billion euros. The company also guided for adjusted diluted earnings per share of at least 9.45 euros and industrial free cash flow — cash left from industrial operations after investment — of at least 1.5 billion euros.
But the risk is not small. Ferrari said U.S. import tariffs and currency moves already partly offset the benefit from mix and pricing, and Vigna told Corriere della Sera the company was “ready” if U.S. auto tariffs on European cars rise to 25%. The company also said its guidance rests on current visibility over the Middle East crisis. Corriere della Sera
Vigna said Ferrari’s Middle East deliveries were stable from a year earlier despite the conflict, helped by flexible allocation and logistics. La Stampa reported that Ferrari kept showrooms and workshops open in the region and held more than 500 test drives over the past two months.
The Luce, Ferrari’s first fully electric model, is due for a May 25 world premiere in Rome. Vigna said Ferrari had registered more than 60 patents across electric motors, inverters, vehicle dynamics, battery integration and displays; Reuters reported the car is expected to be priced above 500,000 euros.
That launch will be watched across the supercar market. Lamborghini, owned by Volkswagen, has cancelled plans for an electric sports car in 2030, citing weak demand and concerns over returns on heavy investment, while its CEO Stephan Winkelmann said resistance to EVs had risen in the segment.
Ferrari’s quarter showed the old model still works: fewer cars, more expensive cars, more options. The next few months will show whether that formula travels cleanly into electric power and a harsher trade backdrop.
