Ferrari Group (FERGR) H1 2026 earnings summary

Executive summary

• H1 revenue growth reflected higher shipment volumes and transported-goods values, with double-digit gains in North America, Brazil and Rest of the World.

• Resilient performance came amid soft China activity, uneven luxury-sector trading and elevated geopolitical tensions.

• Network expansion, digitalisation and new business activities support future growth potential; the balance sheet supports investment and potential shareholder returns.

Financial highlights

• Revenue was €187.3m, up 4.3% year-over-year and 6.2% at constant currency.

• Adjusted EBITDA was €47.8m, up 0.2% year-over-year; margin was 25.5%, down from 26.6% in H1 2025.

• Net profit rose 82.6% to €25.7m from €14.1m in H1 2025.

• Operating cash flow was €30.2m, versus €36.5m in H1 2025; net cash was €78.0m at June 30, 2026.

• FY 2025 ordinary dividend of €30m (€0.33 per share) was paid; a special dividend is under consideration for H2 2026.

Outlook and guidance

• 2026 organic revenue growth guidance tightened to 4%-6% at constant currency, from 3%-6%.

• Adjusted EBITDA margin is expected to remain broadly stable year-over-year; H2 margin is expected to recover to the 2025 level.

• Ordinary CapEx is expected to remain broadly stable; extraordinary investment focuses on digital transformation and network expansion.

• Mid-term guidance is 6%-8% revenue growth, 27%-29% adjusted EBITDA margin and 2% maintenance CapEx.

• H2 focus is sustaining trading momentum and converting recent investment into revenue and operating leverage; China softness is incorporated in guidance.