Ferrari (RACE) investor relations material

Executive summary

• Q2 2026 revenues reached €1.94 billion, with EBITDA at €755 million and industrial free cash flow at €276 million, driven by strong demand, robust product mix, and high personalization rates.

• Personalizations exceeded 20% of car and spare part revenues, significantly contributing to profitability and supported by a solid order book covering production through 2027.

• Product innovation accelerated with the launch of the electric Ferrari Luce and 12Cilindri Manuale, expanding offerings across combustion, hybrid, and electric powertrains.

• Lifestyle and brand activities, including events, capsule collections, and experiential activations, further strengthened client engagement.

Financial highlights

• Net revenues grew 8.4% year-over-year to €1.94 billion (11% at constant currency), mainly from richer product mix and personalizations.

• EBITDA margin was 39.0%, and EBIT margin reached 31.2%, both reflecting strong operational performance.

• Net profit for Q2 2026 was €463 million, with diluted EPS at €2.62, up 10.1% year-over-year.

• Industrial free cash flow increased 39% year-over-year to €276 million.

• Net industrial debt stood at €131 million as of June 30, 2026, reflecting dividend payments and share buybacks.

Outlook and guidance

• 2026 guidance raised: net revenues ~€7.60 billion, adj. EBITDA ≥€2.97 billion (≥39.0% margin), adj. EBIT ≥€2.26 billion (≥29.5% margin), adj. diluted EPS ≥€9.68, industrial FCF ≥€1.55 billion.

• Guidance reflects continued strength in personalizations, positive product mix, and lower currency headwinds.

• SG&A, R&D, and D&A costs expected to rise in H2, with D&A projected above €700 million for the year.

• Assumptions include ongoing Middle East crisis effects and increased brand investments.