Jul 30, 2026 earnings call — New models, strong results and raised outlook
Ferrari raised full-year guidance, citing personalizations at more than 20% of cars and spare parts revenues and U.S. dollar at around 1.16.
Revenue $2.2B (est $2.1B) · EPS $2.99 (est $2.83)
Key quotes
"On July 3, at the culmination of our Cavalcade event, we presented the Ferrari 12Cilindri Manuale, a limited edition special series of the 12Cilindri producing only 1,499 units, each fully allocated to our clients."
"Across the portfolio, several models, including the 296 Speciale and the 12Cilindri families are already sold out for their production run, underscoring the strength of demand."
"Personalizations were higher than expected, about 20% of total revenues from cars and spare parts and were particularly relevant for the 296 Speciale family."
Analyst Q&A 9
pricing power and product cycle
Q (Henning Cosman · Barclays): Analyst asked if traditional-style models show more pricing power and if that would change which models Ferrari launches. He also asked about volume growth in H2 and the margin path toward the midterm 30% goal.
A: Management said clients value emotion-driven innovation and Ferrari aims to delight customers while keeping scarcity and exclusivity as its North Star. They said product changeover and high personalization affect deliveries. They also said capital market targets are unchanged and execution is proceeding at pace.
"For us, what is important is that we deliver unique product to our clients." — Benedetto Vigna (CEO)
special series share, US shipments, FX
Q (Edouard Aubin · Morgan Stanley): Analyst asked how much special series will contribute in H2, whether the US shipment drop was demand or supply, and the FX impact on H2 EBIT and 2027.
A: Management said US shipments fell because of a model changeover and higher personalization that lengthens build time, not because of a supply-chain issue or weak demand. They said this year has a higher share of special series and they do not expect a big change in H2. On FX, they said H2 is hedged for approximately 80% of exposure while 2027 is far less covered and will depend on spot rates.
"Impact of FX for H2 is based on the assumption I just outlined and the fact that in addition to that, we have hedging in place already for approximately 80% of the exposure." — Antonio Piccon (CFO)
ASP drivers and unit outlook
Q (Michael Binetti · Evercore): Analyst asked why ASP rose a lot in Q2, what drove the fleet ASP excluding the supercar, and whether units remain flat for the year.
A: Management said H2 ASP is similar to H1, maybe slightly better, driven by stronger-than-expected personalization across the fleet. They said F80 volumes were only modestly higher versus Q1 and they do not disclose unit-level detail. On volumes, they declined to discuss a units forecast and said manufacturing is managed considering the complex changeover and personalization.
"In terms of the ASP, it is still true that H2 is similar to H1, just maybe slightly better and better than we had previously anticipated, considering the penetration of personalization." — Antonio Piccon (CFO)
Manuale future and EPS roadmap
Q (Michael Tyndall · HSBC): Analyst asked if the Manuale approach should be applied across the range and for an update on progress versus the 2030 roadmap and EPS growth.
A: Management said they will not disclose future product plans or what will happen later this year for the remaining models. They said personalization is doing better than assumed, currency is helping the EPS nominal development, and the buyback is reducing the share count.
"We don't disclose what we are going to do in the future." — Benedetto Vigna (CEO)
why personalization rose and H2 costs
Q (Jose Asumendi · JPMorgan): Analyst asked what is driving higher personalization and how to think about SG&A and industrial costs in H2.
A: Management said customers are choosing more options — paint, carbon, rims, special leather — and Ferrari is expanding tailor-made centers in Tokyo, L.A., and Italy. They said SG&A and R&D are higher in H2 versus H1 due to innovation programs and Formula 1 work, and D&A will grow in H2 as implied in guidance for more than EUR 700 million full year.
"The other element you need to take into account is D&A that is going to grow in H2 as it is implied in the guidance for more than EUR 700 million of D&A full year." — Antonio Piccon (CFO)
order book visibility and price/mix outlook
Q (Horst Schneider · BofA): Analyst asked which models the order book covers to end-2027 and whether that includes Luce. He also asked about price/mix and whether H2 mix is weaker.
A: Management said the order book covers the full year 2027 but does not yet include Manuale orders, which belong to Q3 and are being worked on. They said models are proceeding as planned. On mix/price, they expect price variance versus last year to be not lower — in fact higher — compared to the first half, and they used language that margin should be 'not lower than.'
"In terms of the mix price variance compared to last year, as I said already in May, this is expected to be not lower, I would say, higher compared to the first half." — Antonio Piccon (CFO)
hybrid share and Luce order mix
Q (Martino De Ambroggi · Equita): Analyst asked if the lower hybrid share was a decision or just model changeover, and whether backlog coverage differs between ICE and hybrid. He also asked the ratio of repeat to new orders for Luce and if Luce covers 2027.
A: Management said the hybrid drop is due to model changeover and not a deliberate slowdown; 2 hybrid models are out of production and others are ramping up. They said the 296 Speciale hybrid is essentially sold out in backlog. For Luce, they are receiving orders from both repeat and new clients and see genuine interest, but they will not disclose model-level numbers.
"we are receiving order from both from repeaters and new clients." — Benedetto Vigna (CEO)
revenue to EBIT drop-through and Luce customers
Q (Gautam Narayan · RBC): Analyst asked why a EUR 100 million revenue raise only added EUR 40 million to the EBIT floor, whether Americas Q2 decline relates to Middle East timing, and whether Luce is bringing new EV buyers.
A: Management said Luce has new clients who never bought a Ferrari before and who like electric cars. They said there was no material pull-forward between regions and logistics efforts resolved the Middle East issues. Antonio said margin from personalization is unchanged and in line with H1; the EBIT difference is due to forecasted cost increases in SG&A, R&D and D&A, and they keep the assumption of ranking first in Formula 1.
"First of all, in terms of margin from personalization, this is absolutely unchanged and in line with the first half." — Antonio Piccon (CFO)
Manuale life cycle and new customer locations
Q (Monica Bosio · Intesa Sanpaolo): Analyst asked how long Manuale shipments should be modeled for 2–3 years and where new customers are coming from by country, and whether Luce would shift China shipment weight.
A: Management said there is no clear age or geographic pattern among new Luce clients; the common factor is they like to drive electric cars. They said new and repeat clients will have equal FIFO priority and they will follow order intake rather than increase shipments to any one region. They declined to give a specific life-cycle shipping schedule for Manuale.
"there is not a clear pattern of age or geographic pattern." — Benedetto Vigna (CEO)