Italian luxury sports car manufacturer Ferrari NV reported first-quarter 2026 financial results on Tuesday, with adjusted earnings per share and revenue both slightly exceeding market expectations. However, as the company maintained its full-year performance guidance without an upward revision, failing to meet some investors' hopes for a more optimistic outlook, its Milan-listed shares turned lower during the session and closed down.
Key financial figures showed quarterly revenue increased 3% year-over-year to €1.85 billion, marginally surpassing the expected €1.81 billion. Adjusted EBITDA reached €722 million, also slightly above analyst consensus. The strong quarterly performance was driven by a higher proportion of personalized custom models and ultra-expensive vehicles such as the F80 in the sales mix, providing robust support for profit margins and average selling prices.
Nevertheless, the company confirmed its full-year 2026 targets, including net revenue of approximately €7.5 billion and adjusted operating profit of at least €2.22 billion, largely in line with market expectations. In terms of deliveries, global shipments for the first quarter totaled 3,436 units, down 4.4% compared to the previous year. The company attributed this decline to a "proactive slowdown in production" to facilitate a smooth model transition.
Market attention is now focused on May 25, when Ferrari will globally debut its highly anticipated first all-electric supercar, the Ferrari Luce, in Rome. CEO Benedetto Vigna stated during an earnings call that market anticipation is "unprecedented," with the vehicle's launch event already "overbooked." Reports indicate the Luce will have a starting price of around €550,000, featuring a four-motor setup, a combined output exceeding 1,000 horsepower, and a range of 530 kilometers.
Given the uncertain success of the new model and the company's decision to maintain a conservative financial forecast, investors opted to take profits amid a "sell-the-news" sentiment. Following the earnings release, Ferrari NV's stock reversed its early gains, reflecting caution as the electric vehicle strategy has yet to fully materialize.
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