Ferrari Q2 Earnings Call Highlights

Ferrari reported €1.94 billion in revenue, €755 million in EBITDA and €275 million in industrial free cash flow. Results were driven by a richer model mix, pricing and personalization, which exceeded 20% of cars and spare-parts revenue. Ferrari’s order book extends through all of 2026, with several models already sold out. The company said lower U.S. deliveries reflected model transitions and longer production times for personalized vehicles rather than weak demand. Ferrari raised its 2026 guidance and is expanding its lineup with the electric Luce and sold-out limited-edition 12Cilindri Manuale. The company expects higher selling, general and administrative, research and development, and depreciation costs in the second half.

Ferrari reported higher second-quarter revenue, profitability and industrial free cash flow, supported by a richer vehicle mix, stronger personalization activity and increased racing-related revenue. The company also said demand remained healthy across regions, with its order book covering the full 2027 calendar year. Chief Executive Officer Benedetto Vigna said Ferrari generated quarterly revenue of €1.94 billion, EBITDA of €755 million and industrial free cash flow of €275 million. He said the results enabled Ferrari to raise its full-year guidance, citing better-than-expected personalization revenue and a more favorable foreign-exchange environment.

“Ferrari continues to execute its plan with focus, discipline, and consistency,” Vigna said, emphasizing the company’s approach of combining heritage with innovation while maintaining scarcity and exclusivity.

Chief Financial Officer Antonio Picca Piccon said second-quarter net revenue rose 11% at constant currency and 8% including currency effects, which were mainly tied to the U.S. dollar and Japanese yen. Revenue from cars and spare parts benefited from the mix of models delivered and from higher personalization. Personalization represented more than 20% of cars and spare-parts revenue during the quarter, exceeding Ferrari’s expectations. Picca Piccon said the trend was particularly significant for the 296 Speciale family, while carbon-fiber components, paint, wheels and special leathers contributed to higher customer spending across the lineup.

“We see the trend of personalization improving across the board,” Picca Piccon said during the question-and-answer session, adding that the level of personalization remained higher than Ferrari had expected. Ferrari reported an EBIT margin of 31.2%, slightly above the prior-year period, and an EBITDA margin of 39%. The EBITDA margin was slightly lower year over year, primarily due to the company’s assumptions for a better Formula 1 ranking than last year, which carries related costs. The company said its EBIT growth was driven by strong mix and pricing, including increased contributions from the F80 and 12Cilindri families. Those gains were partially offset by deliberately lower volumes during the model transition period, higher industrial and marketing costs, and Formula 1-related expenses. The Amalfi, 849 Testarossa and 296 Speciale families increased their contribution as production ramped up. Deliveries of the 12Cilindri, 12Cilindri Spider and Purosangue continued steadily. F80 deliveries rose only modestly, in line with Ferrari’s plans. 296 GTS, Roma Spider and SF90 XX deliveries declined as those models moved toward phase-out or the conclusion of limited-series production.