Ferrari Group (FERGR) H1 2026 earnings summary

Executive summary

• Achieved strong organic revenue growth, with H1 2026 revenue reaching €187.3 million, up 6.2% at constant currency, driven by higher shipment value and volumes, especially in North America, Brazil, and Europe, despite softness in China and parts of Asia.

• Net profit surged 82.6% year-over-year to €25.7 million, reflecting operational improvements and investment returns.

• Expanded operational network with new hubs in Vietnam, New Zealand, Thailand, Saudi Arabia, France, UK, and further expansion planned in Indonesia, the Philippines, and Paris.

• Launched new partnerships, a division focused on diamonds and precious metals, and three new adjacent business activities, broadening the addressable market.

• Maintained resilient margins while investing in network expansion, digitalisation, and new business lines, supporting future operating leverage.

Financial highlights

• H1 2026 revenue reached €187.3 million, up 6.2% year-over-year at constant currency.

• Adjusted EBITDA was €47.8 million, with a margin of 25.5%, stable year-over-year but down from 26.6% in H1 2025.

• Net profit increased to €25.7 million, up 82.6% year-over-year; net cash position at period end was €78.0 million.

• Operating cash flow was €30.2 million, down 17.8% year-over-year.

• Ordinary dividend of €30 million for FY 2025 paid; special dividend under consideration for H2 2026.

Outlook and guidance

• Full-year organic revenue growth guidance tightened to 4%-6% at constant currency (previously 3%-6%), with stable Adjusted EBITDA margin expected.

• Ordinary CapEx to remain stable, with extraordinary CapEx focused on digital transformation and network expansion.

• Focus for H2 is on sustaining trading momentum and translating recent investments into higher revenue and operating leverage.

• China expected to remain soft through year-end; Middle East uncertainty persists but underlying business momentum remains positive.

• Mid-term guidance: 6-8% revenue growth, 27-29% Adjusted EBITDA margin, 2% maintenance CapEx.