Ferrari (RACE) announced a robust first-quarter earnings beat on Tuesday, reaffirming its full-year guidance as the iconic Italian automaker’s luxury clientele continued to drive sales of sports cars despite geopolitical tensions in the Middle East and other regions. This positive report emerges as President Trump renews threats of tariffs on the European Union.
CEO Benedetto Vigna conveyed confidence during a call with reporters, stating, “We confirm the guidance we shared with you at the beginning of the year. This is possible because of the focus we keep having in the company, focus on what the clients are asking us to do, and also the flexibility with which we are able to navigate situations that honestly are not foreseeable… I think now the normality is abnormality.”
For the year 2026, Ferrari projects revenues of approximately 7.5 billion euros ($8.78 billion), marking a 5% increase from the previous year. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is expected to reach 2.93 billion euros ($3.43 billion).
CFO Antonio Picca Piccon elaborated on the guidance, adding, “The guidance has been predicated upon the visibility that we have today on the crisis in Middle East, and what happens may be uncertain or different, as we see it today, based also on the description of how we manage the deliveries there.” The Middle East constitutes around 5% of Ferrari’s global business.
In the first quarter, Ferrari reported revenues of 1.85 billion euros ($2.17 billion), surpassing Bloomberg consensus expectations of 1.82 billion euros and representing a 3% increase year-over-year. Diluted EPS stood at 2.33 euros ($2.73) against an expected 2.30 euros, while EBITDA climbed 4% to 722 million euros ($845.4 million). The company’s EBITDA margin achieved an industry-leading 39.1%, and its prior guidance for 2026 was also confirmed.
Despite the ongoing US-Israel conflict with Iran affecting the Middle East, a significant region for Ferrari sales, the company asserted its effective management of the situation. Ferrari stated, “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 quarter saw increased deliveries of the 12Cilindri family, the Purosangue, and the SF90 XX family, while the 296 family and the Roma Spider experienced decreases in line with their model lifecycles.
Overall, quarterly shipments totaled 3,436 units, a slight decrease from 3,593 units reported last year. However, revenue increased due to a richer mix of sports cars and higher personalization options.
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