Ferrari NV (RACE) posted strong first-quarter earnings driven by a richer product mix and robust demand for personalizations, which compensated for a slight decline in vehicle deliveries and confirmed the company’s full-year guidance.
“Our enriched mix and continued demand for personalizations contributed to the strong earnings we are presenting today,” Chief Executive Officer Benedetto Vigna said on the company’s earnings call. “With these results and an order book further extending towards the end of 2027, we confirm our 2026 guidance.”
The Italian supercar maker reported first-quarter revenue of €1.85 billion, narrowly beating consensus estimates, while earnings per share of €2.33 fell just short of the €2.37 average analyst forecast. The company’s profitability remained a highlight, with its adjusted EBITDA margin reaching an industry-leading 39.1 percent.
Despite the strong profit figures, the results were met with a volatile stock reaction, as investors weigh the company’s transition to electric vehicles. The main event for the year is the May 25 unveiling of Ferrari’s first all-electric model, the “Luce,” which is seen as a crucial test of whether the brand’s legendary pricing power can be sustained without its iconic combustion engines.
Mix Over Volume
Ferrari’s shipments in the quarter fell 4.4 percent year-over-year to 3,436 units. The company attributed the decline to a planned product lifecycle shift, with deliveries of the 296 family and Roma Spider decreasing while the Purosangue, the 12Cilindri, and the exclusive SF90 XX family saw increased deliveries.
This shift to higher-end models, combined with a surge in bespoke customizations that accounted for approximately 20 percent of car-related revenue, drove profitability higher. The company also demonstrated operational agility, managing logistical challenges from geopolitical tensions in the Middle East by flexibly reallocating deliveries to other regions to keep quarterly shipments in line with plans.
The Electric Test
While Ferrari’s current business model proves resilient, the focus is squarely on its electric future. The company has registered over 60 patents for the upcoming Luce, covering everything from electric motors and battery integration to vehicle dynamics. CEO Vigna noted there is “much anticipation and curiosity from clients” for the new model.
The launch is a high-stakes gamble. The core of Ferrari's brand has been built on the sound and mechanical complexity of its combustion engines. The Luce must prove it can deliver a uniquely Ferrari experience—and command a Ferrari price tag—in a market where straight-line acceleration has become a commodity, even among mass-market electric vehicles.
The strong earnings and confirmed 2026 guidance show Ferrari's traditional business remains powerful, with an order book that provides visibility through late 2027. Investors will watch the Luce’s debut on May 25 for the first concrete signals of how the company plans to defend its high-margin, ultra-luxury position in the electric era.
This article is for informational purposes only and does not constitute investment advice.
