Q2 2026 Ferrari NV Earnings Call Transcript
Key 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.
- 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.
Welcome to everyone who is joining us. Today, we plan to cover the Group's Q2 2026 operating results and the duration of this call is expected to be around 45 minutes. The call will be hosted by the Group CEO, Mr. Benedicto Vigna and Group CFO, Mr. Antonio Picca Piccon. All relevant materials are available in the investor section of the Ferrari Corporate website and at the end of the presentation, we will be available to answer your questions.
Before we begin, let me remind you that any forward-looking statements we might make during today's call are subject to the risks and uncertainties mentioned on Page 2 of today's presentation, and the call will be governed by this language. With that help, I'd like to turn the call over to Beredetto.
Thank you.
Thank you, Nicoletta, and thank you to everyone joining us.
We are pleased to share with you the results of another important quarter for our company.
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