Ferrari (RACE) investor relations material

Executive summary

• Q3 net revenue was €1.896B, up 7.4% YoY and 9.9% at constant currency; EBIT reached €563M and net profit €431M, supported by product mix and personalizations.

• FY2026 guidance was raised; demand remained healthy and the order book extended into 2028.

Financial highlights

• Q3 net revenue was €1,896M, up €130M YoY; constant-currency growth was 9.9%.

• Q3 EBIT was €563M, up 12.1%; EBITDA was €753M, up 12.4%; net profit was €431M, up 12.8%.

• Industrial free cash flow was €567M, up 43.1% YoY; Q3 shipments were 3,368 units, down 1.0%.

• 9M revenue was €5.682B, up 6.3%; EBIT was €1.716B and net profit €1.307B.

• Cars and spare-parts growth reflected richer product mix and personalizations, which exceeded 21% of combined revenue.

Outlook and guidance

• FY2026 net revenue guidance increased to ~€7.65B from ~€7.60B; adjusted EBITDA guidance rose to ≥€3.00B, with margin ≥39.2%.

• Adjusted EBIT guidance rose to ≥€2.285B, with margin ≥29.8%; adjusted diluted EPS guidance increased to ≥€9.85.

• Industrial FCF guidance increased to up to €1.65B; upgrades reflect stronger personalizations and lower net currency headwinds.

• Assumptions include positive product mix, higher racing and lifestyle revenue, increased brand, racing and digital expenses, higher D&A, and a second-place F1 Championship finish.