• Ferrari’s Q1 net profit jumped to €463M, surpassing the €429M consensus, driven by stronger revenue and improved margins.
  • The luxury carmaker reaffirmed its full-year adjusted EBITDA guidance of at least €2.97B, in line with analyst expectations.
  • Shipments edged up to 3,366 vehicles, with industrial free cash flow of €276M, reflecting disciplined cost management.

Strong Quarter for the Prancing Horse

Ferrari N.V. posted better-than-expected first-quarter results on Thursday, underscoring the resilience of its high-margin, bespoke model strategy amid a broader industry shift toward electrification. Net profit came in at €463 million, beating the €429 million estimate, while revenue rose to €1.94 billion, above the €1.87 billion consensus. Adjusted EBITDA reached €755 million, topping the €729 million forecast, as the company benefited from a rich product mix and strong pricing power.

The results come as Ferrari navigates a transitional period, ramping up production of new models and preparing for the launch of its first all-electric vehicle, codenamed "Luce," expected later this year. Executives said demand remains robust across its lineup, with customization rates helping to offset any volume fluctuations. “We continue to see very strong orders for our current models and a high level of personalization, which supports our margin trajectory,” a company spokesperson said in a statement.

Guidance Maintained Amid EV Rollout

Ferrari kept its full-year adjusted EBITDA target unchanged at at least €2.97 billion, matching consensus forecasts. Industrial free cash flow for the quarter stood at €276 million, reflecting controlled capital expenditure as the company invests in its electrification roadmap. Analysts noted that the reaffirmation signals confidence in Ferrari’s ability to manage the transition without sacrificing profitability. “The guidance hold is reassuring,” said a Milan-based analyst who covers luxury auto stocks. “Ferrari’s mix strategy is clearly working, and the EV launch could be the next catalyst.”

Shipments totaled 3,366 vehicles during the quarter, a modest increase year-over-year, as the company balanced production between combustion-engine models and hybrid variants. The broader luxury auto market has shown resilience despite macroeconomic headwinds, with Ferrari’s brand appeal shielding it from sharper swings in demand. Meanwhile, peers like Lamborghini and Aston Martin are also accelerating their EV programs, setting up a competitive landscape that Ferrari aims to lead through exclusivity and craftsmanship.

Investors reacted positively to the news, with shares edging higher in early trading. The results underscore Ferrari’s ability to deliver on earnings while managing a complex product cycle and the costly shift to electric powertrains. As the company gears up for the Luce launch, market watchers will be keen to see whether the EV can maintain Ferrari’s iconic margin structure.

Correction: An earlier version of this article misstated the quarter as Q1 2026. The results are for the first quarter of the current fiscal year.