Release Date: July 30, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Ferrari NV RACE delivered strong Q2 2026 results with revenues of $1.94 billion, EBITDA of $755 million, and industrial free cash flow of $275 million.
- Demand remains robust with an order book covering the entire 2027, and models like the 296 Speciale and Dodici Cilindri families are already sold out for their production run.
- The company unveiled its first electric Ferrari, the Ferrari Luce, with over 60 new patents, attracting both repeat and new clients, and orders are in line with plans.
- Personalization revenues exceeded expectations, accounting for over 20% of cars and spare parts revenues, driven by higher adoption of carbon, paint, and special leathers.
- Ferrari raised its full-year 2026 guidance due to strong personalization trends and a more favorable FX environment, with the US dollar/euro exchange rate assumption improved to around 1.16.
Negative Points
- Currency headwinds, particularly from the US dollar and Japanese yen, negatively impacted net revenues, which grew 8% versus 11% at constant currency.
- Shipments in the Americas were down year-over-year in Q2 due to model changeover and higher personalization levels, which extended manufacturing times.
- Industrial costs and marketing expenses increased in Q2, partly due to better Formula 1 in-season ranking assumptions and higher costs from the model changeover.
- Depreciation and amortization (D&A) is expected to grow progressively in the second half of 2026, as the temporary lower levels from the model changeover reverse.
- The company faces uncertainty on 2027 FX exposure, as hedging covers only about 8% of exposure, leaving future results dependent on spot exchange rates.
Q & A Highlights
Q: Can you discuss the pricing power and enthusiasm for more traditional vehicles like the Manuale by wire, and how this might affect future model launches? Also, what is the volume outlook for the second half of 2026, and given the strong margins, could we see margin contraction later in the plan?
A: (Benedetto Vigna, CEO) Our clients understand emotion-driven innovation. Unveiling two innovative products in one quarter—one futuristic and one reinterpreting the past—shows we listen to and delight our clients. Pricing power is a consequence of our ability to innovate and surprise. Regarding volume, 2026 is a year of significant model changeover with high personalization, but our North Star remains scarcity and exclusivity. (Antonio Picca Piccon, CFO) Capital market targets are unchanged, and we are proceeding smoothly according to the outlined plan.
Q: What drove the strong mix and personalization performance in Q2, and how should we think about the second-half margin trajectory?
A: (Antonio Picca Piccon, CFO) The average selling price (ASP) for H2 is similar to H1, slightly better than anticipated due to higher personalization penetration. Personalization is improving across the board, even higher than expected. For H2, SG&A and R&D will be higher than H1 due to events and development programs, while D&A will grow progressively, as implied by the full-year guidance of over €700 million.
Q: What is driving the higher-than-expected personalization trend, and can you provide more color on second-half costs?
A: (Benedetto Vigna, CEO) The average value of personalization per car has increased because clients are selecting higher-value options like special paints, carbon fiber, rims, and leathers. This is a general trend across all geographies, supported by our expanded tailor-made programs. (Antonio Picca Piccon, CFO) For H2, expect SG&A and R&D to be higher than H1, with D&A growing in line with the full-year guidance.
Q: The order book covers the entire 2027. Does this include the Ferrari Luce (EV) and the new Manuale? What is the EBIT margin outlook for H2?
A: (Benedetto Vigna, CEO) The order book covers the full year 2027, but it does not yet include the Manuale, which was unveiled in Q3. We are proceeding as planned, and client interest in the Manuale is very robust. (Antonio Picca Piccon, CFO) The mixed price variance in H2 is expected to be higher compared to the first half. The margin language remains "not lower than" the guided range.
Q: The share of hybrid shipments has been lower recently. Is this a strategic decision, and what is the backlog coverage for hybrid vs. ICE?
A: (Benedetto Vigna, CEO) The lower hybrid share is purely due to model changeover, as two hybrid models (296 GTB and SF90XX) are phasing out while others ramp up. It is not a strategic slowdown. We will continue to offer all three technologies—ICE, hybrid, and electric—to our clients. The backlog is strong for all.
Q: Can you provide any color on the ratio of repeat vs. new clients for the Ferrari Luce (EV), and is the order book for Luce fully covering your expectations?
A: (Benedetto Vigna, CEO) We are very satisfied with Luce orders, which are coming in line with our plans. Orders are from both repeaters and new clients, and there is genuine interest from people who want to buy the car. We do not disclose specific model numbers to maintain some flexibility, but the interest is strong.
Q: Why did the revenue guidance increase not drop through more to EBIT? Also, were the lower Americas volumes in Q2 related to the Middle East situation?
A: (Antonio Picca Piccon, CFO) The margin from personalization is unchanged from H1. The lower drop-through is due to our forecast of higher costs in H2 across G&A, R&D, and D&A, as well as maintaining the assumption of ranking first in Formula One. (Benedetto Vigna, CEO) There was no pull-forward between regions related to the Middle East. The lower Americas volumes are due to the significant model changeover and the high degree of personalization, which impacts manufacturing time.
Q: For the Manuale limited edition, what is its life cycle for modeling shipments? Also, where are you seeing the most growth in new customers, and would you increase China shipments for the Luce?
A: (Benedetto Vigna, CEO) We do not disclose future product life cycles. For new customers, there is no clear geographic or age pattern. The common factor for new Luce clients is an affinity for electric cars. We will follow the order intake in a FIFO mode, treating new and repeat clients equally, and will not artificially increase penetration in any specific region.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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