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Ahead of its first all-electric vehicle reveal, Ferrari on Tuesday posted quarterly results that exceeded analyst expectations and left its annual targets unchanged.
Revenue for the quarter reached €1.85 billion, up 3% from a year earlier. Diluted earnings per share came in at €2.33, up from €2.30 in the same period last year. Analysts had expected EPS of €2.27 and revenue of €1.81 billion, according to CNBC.
EBITDA rose 4% year over year to €722 million, with a margin of 39.1%, up from 38.7% in the prior-year period. Operating profit came in at €548 million, a 1% increase, though the operating margin slipped 60 basis points to 29.7%. Net profit was flat at €413 million.
Unit volume came in at 3,436, compared with 3,593 a year ago — a drop the company attributed to a deliberate pullback tied to an ongoing model transition. Middle East tensions did not reduce total shipments, Ferrari said, because the company shifted allocations and accelerated deliveries into alternative markets.
Revenue growth was driven by a richer product mix, higher personalization demand, strong sales in the Americas, and contributions from the F80 and Special Series models, the company said. Those gains were partly offset by higher depreciation, lower deliveries, reduced sales of the 499P Modificata, increased marketing expenses, and U.S. import tariffs.
Ferrari reaffirmed its 2026 outlook, aiming for about €7.50 billion in net revenue, at least €2.93 billion in adjusted EBITDA, at least €2.22 billion in adjusted operating profit, at least €9.45 in adjusted diluted EPS, and at least €1.50 billion in industrial free cash flow.
"Our enriched mix and continued demand for personalizations contributed to the strong earnings we are presenting today. With these results and an order book further extending towards the end of 2027, we confirm our 2026 guidance," CEO Benedetto Vigna said in a statement.
The results arrive as the company prepares to debut the Luce, its first fully electric vehicle, on May 25. Asked about demand for the Luce, Vigna offered no order data but told reporters the launch event had exceeded capacity — describing it as "fully booked, actually overbooked," according to CNBC. He added that Ferrari expects the car to attract both existing and new customers.
Ferrari's tariff exposure has weighed on results alongside the broader industry. U.S. tariffs have cost automakers at least $35.4 billion since 2025, with European vehicles subject to a 15% import duty. Ferrari acknowledged the tariff impact as a partial drag on operating profit in the quarter.
Ferrari stock was roughly flat following the results.