Luxury sportscar maker Ferrari reported a 4% rise in core earnings for the first quarter, supported by robust demand for vehicle personalisations and higher-priced models, including the F80 supercar.
The company said earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at €722 million for the January–March period, slightly ahead of the €705 million analyst consensus from a Reuters poll.
Net revenues rose 3% year-on-year to €1.848 billion, or 6% at constant currency.
Operating profit (EBIT) stood at €548 million, with a margin of 29.7%, while net profit reached €413 million.
Diluted earnings per share came in at €2.33.
Industrial free cash flow increased 5% to €653 million.
Strong demand for premium mix and personalisation
Chief executive Benedetto Vigna said the company’s performance was driven by a richer product mix and continued demand for bespoke features.
“Our enriched mix and continued demand for personalizations contributed to the strong earnings we are presenting today. With these results and an order book further extending towards the end of 2027, we confirm our 2026 guidance,” Vigna said.
He added that anticipation is building ahead of the launch of the Ferrari Luce, noting, “With only twenty days to the world premiere of the Ferrari Luce, the sense of anticipation has never been so high.”
Deliveries dip slightly amid model transition
Ferrari reported total deliveries of 3,436 units during the quarter, slightly lower than the previous year as part of a planned model change-over.
The company said the reduction was intentional and aimed at easing the transition between product cycles.
Shipments of models such as the 12Cilindri family, Purosangue, and SF90 XX increased, while deliveries of the 296 family and Roma Spider declined in line with lifecycle trends.
The F80 supercar remained in its ramp-up phase, while new deliveries began for the 296 Speciale family, Amalfi, and 849 Testarossa.
Despite geopolitical tensions in the Middle East, Ferrari said overall deliveries were not impacted, as it adjusted geographic allocations and advanced shipments to other regions.
Growth across racing and lifestyle segments
Beyond car sales, Ferrari reported growth in its racing and lifestyle divisions. Racing revenues increased, supported by higher sponsorship income and engine leasing to other Formula 1 teams.
Lifestyle revenues also rose, driven by licensing activities and new initiatives such as a flagship store opening in London, a fashion show, and the “The Greatest Hits” exhibition at the Ferrari Museum in Modena.
Sponsorship, commercial and brand revenues climbed 14% to €218 million during the quarter.
Profit margins supported by mix, offset by costs
Ferrari said EBIT growth was supported by favourable product and geographic mix, particularly strong demand from the Americas, along with higher personalisations and racing contributions.
However, this was partly offset by increased depreciation linked to new model production, lower deliveries, reduced sales of the 499P Modificata, higher marketing expenses, and US import tariffs.
The company also reported a 23% effective tax rate, reflecting benefits from the Patent Box scheme. Net financial expenses declined due to a positive foreign exchange impact.
Strong cash position and shareholder returns
As of March 31, 2026, Ferrari reported a net industrial cash position of €388 million, compared with a net industrial debt position of €32 million at the end of 2025.
The improvement also reflected share repurchases worth €226 million.
The company confirmed a dividend distribution of approximately €640 million, approved at its 2026 Annual General Meeting.
Outlook and subsequent developments
Ferrari reaffirmed its full-year 2026 guidance, citing strong visibility, continued demand for personalisation, and growth in racing and lifestyle revenues.
The company said it continues to actively manage potential impacts from the Middle East crisis.
In April, Ferrari approved the cancellation of treasury shares, unveiled its Hypersail project during Milan Design Week, and launched a new handling configuration for the Purosangue model.
It also initiated the second tranche of its multi-year share buyback programme.
Following the results, Milan-listed shares in Ferrari turned negative and were down 0.8% by 1110 GMT.
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