- Net revenues of
Euro 1,938 million , up 8% versus prior year (up 11% at constant currency(1)) - Operating profit (EBIT)(1) of
Euro 605 million , with Operating profit (EBIT) margin of 31.2%, up 10% versus prior year (up 16% at constant currency) - Net profit of
Euro 463 million and diluted EPS atEuro 2.62 - EBITDA(1) of
Euro 755 million , with EBITDA margin of 39.0%, up 7% versus prior year (up 12% at constant currency) - Industrial free cash flow(1)(2) of
Euro 276 million , up 39% versus the prior year
“The robust results achieved in the second quarter reflect our disciplined execution and the continued strength of our strategy. A sustained trend in personalizations allows us to raise the guidance for the year” said
| For the three months ended | (In Euro million, | For the six months ended | ||||||
| unless otherwise stated) | ||||||||
| 2026 | 2025 | Change | 2026 | 2025 | Change | |||
| 1,938 | 1,787 | 151 | 8% | Net revenues | 3,786 | 3,578 | 208 | 6% |
| 605 | 552 | 53 | 10% | Operating profit (EBIT) | 1,153 | 1,094 | 59 | 5% |
| 31.2% | 30.9% | 30 bps | Operating profit (EBIT) margin | 30.5% | 30.6% | (10 bps) | ||
| 463 | 425 | 38 | 9% | Net profit | 876 | 837 | 39 | 5% |
| 2.63 | 2.38 | 0.25 | 11% | Basic EPS (in Euro) | 4.96 | 4.68 | 0.28 | 6% |
| 2.62 | 2.38 | 0.24 | 10% | Diluted EPS (in Euro) | 4.95 | 4.68 | 0.27 | 6% |
| 755 | 709 | 46 | 7% | EBITDA | 1,477 | 1,402 | 75 | 5% |
| 39.0% | 39.7% | (70 bps) | EBITDA margin | 39.0% | 39.2% | (20 bps) | ||
| 276 | 198(2) | 78 | 39% | Free Cash Flow from Industrial Activities | 929 | 818(2) | 111 | 14% |
Maranello (
Business dynamics in Q2 2026
Within Sports Cars, the business performance continued to benefit from the enrichment of the product mix and the increased contribution of personalizations. In the quarter, deliveries were 3,366 units as
Racing revenues increased in the quarter, mainly driven by higher sponsorships and a positive contribution from the rental of engines to other Formula 1 racing teams. The quarter saw encouraging sporting results on track, with podium places secured by both Scuderia
Lifestyle activities continued to leverage the
Total net revenues
Net revenues for Q2 2026 were
| For the three months ended | (Euro million) | For the six months ended | ||||||
| Change | Change | |||||||
| 2026 | 2025 | at constant | 2026 | 2025 | at constant | |||
| currency | currency | |||||||
| 1,629 | 1,507 | 8% | 11% | Cars and spare parts(4) | 3,185 | 3,043 | 5% | 7% |
| 209 | 205 | 2% | 2% | Sponsorship, commercial and brand(5) | 427 | 396 | 8% | 8% |
| 100 | 75 | 31% | 32% | Other(6) | 174 | 139 | 25% | 28% |
| 1,938 | 1,787 | 8% | 11% | Total net revenues | 3,786 | 3,578 | 6% | 8% |
Operating profit (EBIT) and EBITDA
Q2 2026 Operating profit (EBIT) was
| For the three months ended | (Euro million) | For the six months ended | |||||||||
| Change | Change | ||||||||||
| 2026 | 2025 | at constant | 2026 | 2025 | at constant | ||||||
| currency | currency | ||||||||||
| 755 | 709 | 7% | 12% | EBITDA | 1,477 | 1,402 | 5% | 10% | |||
| 605 | 552 | 10% | 16% | Operating profit (EBIT) | 1,153 | 1,094 | 5% | 12% | |||
The decrease in net financial expenses for the quarter was mostly driven by a positive net foreign exchange effect. The effective tax rate(7) in the quarter was 23.0%, mainly reflecting the estimate of the benefit attributable to the new Patent Box. As a result, the Net profit in the quarter increased to
Industrial free cash flow in the quarter was strong at
Net Industrial Debt(1) as of
2026 guidance raised, based on the updated assumptions:
- Stronger personalizations than initially expected
- Lower than anticipated currency headwinds, net of hedges
Confirmed the below, compared with 2025:
- Significant model change-over to shape the year and positive product mix
- Higher racing and lifestyle revenues
- Increased brand investments, as well as racing and digital expenses
- Higher D&A in line with start of production of new models
Our guidance is based on current visibility on the
| (€B, unless otherwise stated) | UPWARD REVISED 2026 GUIDANCE | PREVIOUS 2026 GUIDANCE | 2025 |
| NET REVENUES | ~7.60 | ~7.50 | 7.15 |
| ADJ. EBITDA (margin %) | =2.97 =39.0% | =2.93 =39.0% | 2.77 38.8% |
| ADJ. OPERATING PROFIT (EBIT) (margin %) | =2.26 =29.5% | =2.22 =29.5% | 2.11 29.5% |
| ADJ. DILUTED EPS (€) | =9.68(10) | =9.45(11) | 8.96(11) |
| INDUSTRIAL FCF | =1.55 | =1.50 | 1.54 |
Subsequent events:
- Following approval by the Company’s shareholders at the Annual General Meeting held on
April 15, 2026 , onJuly 16, 2026 , the Company cancelled all common shares that were held in treasury as ofDecember 31, 2025 , as well as all special voting shares that were held in treasury as ofApril 15, 2026 . As a result, 16,644,606 common shares and 6,686,115 special voting shares were cancelled. - From
July 1, 2026 , toJuly 24, 2026 , the Company purchased 139,732 common shares for total consideration of €45.5 million. The share repurchases were made under the second tranche of the multi-year share buyback program of approximately €3.5 billion expected to be executed by 2030, as announced during the Capital Markets Day held inOctober 2025 . AtJuly 24, 2026 , the Company held in treasury 1,502,095 common shares, corresponding to 0.85% of issued common shares and 0.64% of issued share capital (including special voting shares).
About Ferrari
Ferrari is one of the world’s leading luxury brands, encompassing racing, sports cars and lifestyle. In each of these three souls, the Prancing Horse is a symbol of exclusivity, innovation and cutting-edge performance. The brand’s heritage and global recognition are closely associated with its Formula 1 racing team, Scuderia Ferrari, the most successful in the sport’s history. Since the inaugural World Championship in 1950, Scuderia Ferrari has claimed 16 Constructors’ and 15 Drivers’ world titles. From its home in Maranello, Italy, Ferrari designs, engineers, and produces some of the world’s most iconic and recognisable luxury sports cars, sold in over 60 markets worldwide. In lifestyle, Ferrari designs and creates a selection of personal luxury goods, collectibles and experiences that embody the brand’s elevated style and passion.
Forward Looking Statements
In this document, unless otherwise specified, the terms “we”, “our”, “us”, the “Group”, the “Company” and “Ferrari” refer to Ferrari N.V., individually or together with its subsidiaries, as the context may require. This document, and in particular the section entitled “2026 Guidance”, contain forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “continue”, “on track”, “successful”, “grow”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, “guidance” and similar expressions. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: our ability to preserve and enhance the value of the Ferrari brand; our ability to attract and retain qualified personnel; the success of our racing activities; our ability to keep up with advances in high performance car technology, to meet the challenges and costs of integrating electric technology more broadly into our car portfolio over time and to make appealing designs for our new models; increases in costs, including as a result of increasingly stringent fuel economy, emissions and safety standards, disruptions of supply or shortages of components and raw materials; our ability to successfully carry out our controlled volume and growth strategy, while increasing our presence in growth market countries; changes in general economic conditions (including changes in the markets in which we operate) and changes in demand for luxury goods, including high performance luxury cars, which is volatile; macro events, pandemics and conflicts, including the ongoing conflicts in Ukraine and the Middle East region, and the related issues potentially impacting sourcing and transportation; trading policies and tariffs; competition in the luxury performance automobile industry; changes in client preferences and automotive trends; our ability to preserve the value of our cars over time and our relationship with the automobile collector and enthusiast community; disruptions at our manufacturing facilities in Maranello and Modena; climate change and other environmental impacts, as well as an increased focus of regulators and stakeholders on environmental matters; our ability to maintain the functional and efficient operation of our information technology systems and to defend against the risk of cyberattacks; the ability of our current management team to operate and manage effectively, and the reliance upon a number of key members of executive management and employees; the performance of our dealer network on which we depend for sales and services; product warranties, product recalls and liability claims; the sponsorship and commercial revenues and expenses of our racing activities, as well as the popularity of motor sports more broadly; the performance of our lifestyle activities; our ability to protect our intellectual property rights and to avoid infringing the intellectual property rights of others; changes in tax or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which we operate; our continued compliance with customs regulations of various jurisdictions; labor relations and collective bargaining agreements; our ability to ensure that our employees, agents and representatives comply with applicable law and regulations; exchange rate fluctuations, interest rate changes, credit risk and other market risks; our ability to service and refinance our debt; our ability to provide or arrange for adequate access to financing for our clients and dealers, and associated risks; the adequacy of our insurance coverage to protect us against potential losses; potential conflicts of interest due to director and officer overlaps with our largest shareholders, and other factors discussed elsewhere in this document.
The Group expressly disclaims and does not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this document or in connection with any use by any third party of such forward-looking statements. Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB.
For further information:
Ferrari Media & PR
tel.: +39 0536 241053
Email: media@ferrari.com
Investor Relations
tel.: +39 0536 241395
Email: ir@ferrari.com
Earnings call
On July 30, 2026, at 3:30 p.m. CEST, management will hold a conference call to present the Q2 2026 results to financial analysts and institutional investors. Please note that registering in advance is required to access the conference call details. The call can be followed live and a recording will subsequently be available on the Group’s website https://www.ferrari.com/en-EN/corporate/investors. The supporting document will be made available on the website prior to the call.
Appendix and non-GAAP financial measures
Operations are monitored through the use of various non-GAAP financial measures that may not be comparable to other similarly titled measures of other companies. Accordingly, investors and analysts should exercise appropriate caution in comparing these supplemental financial measures to similarly titled financial measures reported by other companies.
We believe that these supplemental financial measures provide comparable measures of financial performance which then facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions.
Certain totals in the tables included in this document may not add due to rounding.
Shipments(12)(13)
| For the three months ended | Shipments | For the six months ended | ||||
| (units) | ||||||
| 2026 | 2025 | Change (units) | 2026 | 2025 | Change (units) | |
| 1,856 | 1,646 | 210 | EMEA | 3,314 | 3,347 | (33) |
| 787 | 993 | (206) | 1,817 | 2,015 | (198) | |
| 185 | 274 | (89) | Mainland | 440 | 511 | (71) |
| 538 | 581 | (43) | Rest of APAC | 1,231 | 1,214 | 17 |
| 3,366 | 3,494 | (128) | Total Shipments | 6,802 | 7,087 | (285) |
Key performance metrics and reconciliations of NON-GAAP financial measures
| For the three months ended | (Euro million) | For the six months ended | ||
| 2026 | 2025 | 2026 | 2025 | |
| 1,938 | 1,787 | Net revenues | 3,786 | 3,578 |
| 919 | 846 | Cost of sales | 1,809 | 1,704 |
| 188 | 160 | Selling, general and administrative costs | 349 | 309 |
| 218 | 225 | Research and development costs | 463 | 458 |
| 12 | 6 | Other expenses/(income), net | 19 | 18 |
| 4 | 2 | Results from investments | 7 | 5 |
| 605 | 552 | Operating profit (EBIT) | 1,153 | 1,094 |
| 4 | 7 | Financial expenses/(income), net | 15 | 21 |
| 601 | 545 | Profit before taxes | 1,138 | 1,073 |
| 138 | 120 | Income tax expenses | 262 | 236 |
| 23% | 22% | Effective tax rate | 23% | 22% |
| 463 | 425 | Net profit | 876 | 837 |
| 2.63 | 2.38 | Basic EPS (€) | 4.96 | 4.68 |
| 2.62 | 2.38 | Diluted EPS (€) | 4.95 | 4.68 |
| 755 | 709 | EBITDA | 1,477 | 1,402 |
| 741 | 699 | of which EBITDA (Industrial activities only) | 1,449 | 1,382 |
Total net revenues, EBITDA and Operating profit (EBIT) at constant currency eliminate the effects of changes in foreign currency (transaction and translation) and of foreign currency hedges.
| For the three months ended | (Euro million) | For the six months ended | ||
| 2026 | 2026 | |||
| 2026 | at constant | 2026 | at constant | |
| currency | currency | |||
| 1,629 | 1,641 | Cars and spare parts | 3,185 | 3,247 |
| 209 | 207 | Sponsorship, commercial and brand | 427 | 427 |
| 100 | 101 | Other | 174 | 179 |
| 1,938 | 1,949 | Total net revenues | 3,786 | 3,853 |
| For the three months ended | (Euro million) | For the six months ended | ||
| 2026 | 2026 | |||
| 2026 | at constant | 2026 | at constant | |
| currency | currency | |||
| 755 | 761 | EBITDA | 1,477 | 1,524 |
| 605 | 611 | Operating profit (EBIT) | 1,153 | 1,200 |
EBITDA is defined as net profit before income tax expense, financial expenses/(income), net and amortization and depreciation. Adjusted EBITDA is defined as EBITDA as adjusted for certain income and costs, which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.
| For the three months ended | (Euro million) | For the six months ended | ||||
| 2026 | 2025 | Change | 2026 | 2025 | Change | |
| 463 | 425 | 38 | Net profit | 876 | 837 | 39 |
| 138 | 120 | 18 | Income tax expense | 262 | 236 | 26 |
| 4 | 7 | (3) | Financial expenses/(income), net | 15 | 21 | (6) |
| 150 | 157 | (7) | Amortization and depreciation | 324 | 308 | 16 |
| 755 | 709 | 46 | EBITDA | 1,477 | 1,402 | 75 |
| - | - | - | Adjustments | - | - | - |
| 755 | 709 | 46 | Adjusted EBITDA | 1,477 | 1,402 | 75 |
Adjusted Operating profit or Adjusted Earnings Before Interest and Taxes or Adjusted EBIT represents Operating profit (EBIT) as adjusted for certain income and costs which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.
| For the three months ended | (Euro million) | For the six months ended | ||||
| 2026 | 2025 | Change | 2026 | 2025 | Change | |
| 605 | 552 | 53 | Operating profit (EBIT) | 1,153 | 1,094 | 59 |
| - | - | - | Adjustments | - | - | - |
| 605 | 552 | 53 | Adjusted Operating profit (EBIT) | 1,153 | 1,094 | 59 |
Adjusted Net profit represents net profit as adjusted for certain income and costs (net of tax effect) which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.
| For the three months ended | (Euro million) | For the six months ended | ||||
| 2026 | 2025 | Change | 2026 | 2025 | Change | |
| 463 | 425 | 38 | Net profit | 876 | 837 | 39 |
| - | - | - | Adjustments | - | - | - |
| 463 | 425 | 38 | Adjusted net profit | 876 | 837 | 39 |
Basic and diluted EPS(14) are determined as per the table here below. Adjusted EPS represents EPS as adjusted for certain income and costs (net of tax effect) which are significant in nature, expected to occur infrequently, and that management considers not reflective of ongoing operational activities.
| For the three months ended | (Euro million, unless otherwise stated) | For the six months ended | |||||
| 2026 | 2025 | Change | 2026 | 2025 | Change | ||
| 462 | 424 | 38 | Net profit attributable to the owners of the Company | 875 | 836 | 39 | |
| 176,228 | 178,216 | Weighted average number of common shares (thousand) | 176,603 | 178,437 | |||
| 2.63 | 2.38 | 0.25 | Basic EPS (in Euro) | 4.96 | 4.68 | 0.28 | |
| - | - | - | Adjustments | - | - | - | |
| 2.63 | 2.38 | 0.25 | Adjusted basic EPS (in Euro) | 4.96 | 4.68 | 0.28 | |
| 176,429 | 178,427 | Weighted average number of common shares for diluted earnings per common share (thousand) | 176,804 | 178,648 | |||
| 2.62 | 2.38 | 0.24 | Diluted EPS (in Euro) | 4.95 | 4.68 | 0.27 | |
| - | - | - | Adjustments | - | - | - | |
| 2.62 | 2.38 | 0.24 | Adjusted diluted EPS (in Euro) | 4.95 | 4.68 | 0.27 | |
Capex and R&D
| For the three months ended | (Euro million) | For the six months ended | ||
| 2026 | 2025 | 2026 | 2025 | |
| 236 | 239 | Capital expenditures(8) | 489 | 463 |
| 122 | 110 | of which capitalized development costs(15) (A) | 234 | 220 |
| 145 | 146 | Research and development costs expensed (B) | 300 | 306 |
| 267 | 256 | Total research and development (A+B) | 534 | 526 |
| 73 | 79 | Amortization of capitalized development costs (C) | 163 | 152 |
| 218 | 225 | Research and development costs as recognized in the consolidated income statement (B+C) | 463 | 458 |
Free Cash Flow and Free Cash Flow from Industrial Activities are two of management’s primary key performance indicators to measure the Group’s performance. Free Cash Flow is defined as consolidated cash flows from operating activities less investments in property, plant and equipment (excluding right-of-use assets recognized during the period in accordance with IFRS 16 — Leases), and intangible assets. Free Cash Flow from Industrial Activities is defined as Free Cash Flow adjusted to exclude the operating cash flow from our financial services activities (Free Cash Flow from Financial Services Activities). Free Cash Flow from Financial Services Activities is defined as cash flows from operating activities of our financial services activities less investments in property, plant and equipment (excluding right-of-use assets recognized during the period in accordance with IFRS 16 — Leases), intangible assets of our financial services activities.
| For the three months ended | (Euro million) | For the six months ended | ||
| 2026 | 2025 | 2026 | 2025 | |
| 437 | 395 | Cash flow from operating activities | 1,300 | 1,242 |
| (236) | (239) | Investments in property, plant and equipment and intangible assets | (489) | (463) |
| 201 | 156 | Free Cash Flow | 811 | 779 |
| (75) | (42) | Free Cash Flow from Financial Services Activities | (118) | (39) |
| 276 | 198 | Free Cash Flow from Industrial Activities(16) | 929 | 818 |
| (Euro million) | 2026 | 2025 | |
| Debt | (3,166) | (2,929) | (2,884) |
| of which leased liabilities as per IFRS 16 | (157) | (161) | (162) |
| Cash and Cash Equivalents | 1,486 | 1,857 | 1,467 |
| Net (Debt)/Cash | (1,680) | (1,072) | (1,417) |
| Net (Debt)/Cash of Financial Services Activities | (1,549) | (1,460) | (1,385) |
| (131) | 388 | (32) |
1 The term EBIT is used as a synonym for Operating profit. Adjusted metrics equaled the reported ones, since there were no adjustments impacting EBITDA, EBITDA margin, EBIT, EBIT margin, Net profit, Basic EPS and Diluted EPS in the periods presented. Refer to specific paragraph on non-GAAP financial measures.
2 Free cash flow from industrial activities for the three and six months ended
3 These results have been prepared in accordance with the IFRS Accounting Standards (“IFRS Accounting Standards”) as issued by the
4 Includes net revenues generated from shipments of our cars, any personalization generated on these cars, as well as sales of spare parts
5 Includes net revenues earned by our racing teams (mainly in the Formula 1 World Championship and the World Endurance Championship) through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues, as well as net revenues generated through the
6 Primarily relates to financial services activities, management of the Mugello racetrack and other sports-related activities, as well as net revenues generated from the rental of engines to other Formula 1 racing teams
7 In Q2 2026 the effective tax rate benefits from the new Patent Box regime regulated by Law Decree No. 146 and effective from
8 Capital expenditures excluding right-of-use assets recognized during the period in accordance with IFRS 16 - Leases
9 In
10 Calculated using the weighted average diluted number of common shares as of
11 Calculated using the weighted average diluted number of common shares as of
12 Excluding strictly limited racing cars (such as the XX Programme and the 499P Modificata), one-off and pre-owned cars, and other special sales
13 EMEA includes:
14 The weighted average number of common shares for diluted earnings per share was increased to take into consideration the theoretical effect of the potential common shares that would be issued for outstanding share-based awards granted by the Group (assuming 100 percent of the target awards vested)
15 Capitalized as intangible assets
16 Free cash flow from industrial activities for the three and six months ended
Attachment
