Classic Ferrari for sale accelerates in second quarter, exceeds expectations of the market and raises forecasts for 2026 thanks to the strength of demand, the contribution of customizations and a product mix increasingly oriented towards high-profitability models. The reaction of investors, however, after a positive start, is changing direction: the title of the Cavallino had managed to gain around 4% in Business Square, in the afternoon it reverses course and goes into negative territory, with a drop of more than 1%.
"The solid second quarter results reflect the disciplined execution of our strategy. The sustained trend in customization allows us to increase our guidance for the year," commented the CEO. Benedict VignaThe manager emphasized that Ferrari today has the most complete range in its history and can count on solid demand, with orders already covered until 2027.
Ferrari's financials surpassed expectations: revenues reached €1,94 billion and net profit rose.
The Maranello group closed the second quarter of 2026 with revenues Net sales amounted to €1,938 billion, an 8% increase compared to the same period of the previous year. At constant exchange rates, this growth would have been even more significant, at 11%.
La profitability remains one of the strong points: theebit stood at 605 million euros, up 10%, with a operating margin of 31,2%. At constant exchange rates, the increase in EBIT would have reached 16%.Net income rose to 463 million euros (+9%), while diluted earnings per share stood at 2,62 euros. Theebitda, equal to 755 million euros (+7%), with a margin of 39%, which at constant exchange rates would have recorded a growth of 12%. Particularly positive is the data on cash generationIndustrial free cash flow rose 39% to €276 million.
These figures exceeded analysts' expectations. Mediobanca had estimated revenues of €1,87 billion, EBIT of €570 million, EBITDA of €730 million, and industrial free cash flow of €259 million.
Ferrari grows with customizations and high-margin models
The key to the quarterly performance is the product mix, which has become progressively more profitable, and the contribution of customer-requested customizations. This is an increasingly central element of Ferrari's strategy, as it allows it to increase the average value of vehicles sold and sustain high margins.
I revenues related to automobiles and spare parts reached 1,629 billion euros, up 8%, supported by a wider range and a greater incidence of customized configurations. The growth was driven by deliveries of models including 12Cilindri, 12Cilindri Spider, Purosangue , family 296 Special. The launch and production start-up of the Amalfi, 849 Testarossa, and the new F80 hypercar also continued during the quarter.
To complete the offer, the Ferrari Luce, the brand's first fully electric model, while the 12 Cylinder Manual, a version dedicated to enthusiasts of more traditional driving, has already been entirely assigned to customers.
Ferrari Luce exceeds expectations, according to the Financial Times
Just the Ferrari Luce represents one of the most important strategic steps for the future of the Prancing Horse. According to what was reported by Financial Times based on internal company sources, the model would have sales targets set for 2026 have already been achieved in July, equal to approximately 500 cars.
The result would have arrived about two months after the presentation of the car, despite the initial doubts of some enthusiasts related to both the design and the transition to electric technology. With a price starting point over 550 thousand euros, Luce aims to demonstrate that Ferrari can face the technological transition while maintaining exclusivity, brand value and profitability levels consistent with its history.
Deliveries down, but strategy remains focused on value
Le deliveries total sales in the first half of the year amounted to 3.366 cars, compared to 3.494 in the same period of the previous year, with a decrease of 3,7%.
The decline, however, is not interpreted by the group as a sign of weakness of demand, but as a consequence of the already planned model change. Ferrari continues to prioritize sales quality, premium positioning, and margins over volume growth.
Formula 1, events, and lifestyle strengthen the Ferrari ecosystem.
The group's growth doesn't depend solely on car sales. The Ferrari ecosystem continues to generate value through sponsorships, commercial activities, and brand-related initiatives.
In the second quarter these revenues reached 209 million euros, up 2%, supported above all by sponsorships, even if partially offset by the different distribution of commercial revenues linked to positioning in Formula 1 Other revenues rose 31% to €100 million, thanks primarily to the supply of engines to other Formula 1 teams.
International events such as Le Mans, Monaco, Silverstone e Goodwood, in addition to the activities Lifestyle and to the initiatives of the Enzo Ferrari Museum, which continue to expand customer engagement and the value of the Ferrari universe.
2026 guidance raised: revenues expected at $7,6 billion
The most significant novelty in the accounts concerns the improving outlook for the whole of 2026Ferrari now expects revenue of around €7,6 billion, compared to the previously estimated €7,5 billion. Its EBIT target has risen to at least €2,26 billion, up from the previous target of €2,22 billion, while adjusted earnings per share are expected to be at least €9,68, compared to the previous forecast of €9,45. Revised upwards also there industrial free cash flow estimate, increased to at least €1,55 billion from €1,50 billion. The EBIT margin above 29,5% and the EBITDA margin at or above 39% were confirmed.
The updated guidance primarily reflects higher-than-expected demand for customizations and a less negative exchange rate impact than initially assumed.
Orders covered until 2027 and financial solidity
Ferrari can now count on the most complete range in its history and on a order book covering the entire year 2027, ensuring significant visibility on future financial years.
On the patrimonial front, thenet industrial debt stood at 131 million euros as of June 30, 2026, compared to the net industrial liquidity position of 388 million recorded as of March 31.
In the semester the group also allocated over 800 million of euros to the remuneration of the shareholders: 599 million through dividends and 209 million through the share buyback program.
