Ferrari (RACE) Q2 2026 Earnings Report

The call presents a generally positive picture: strong top-line growth (11% CC / 8% reported), high profitability (EBIT margin 31.2%), robust free cash flow and a strengthened product portfolio highlighted by successful launches (Ferrari Luce, 12Cilindri Manuale). Personalization trends materially beat expectations (~20% of cars & spare parts revenues), supporting an upward guidance revision. Headwinds include model changeover-driven volume phasing, higher SG&A/R&D/D&A in H2, a working capital build, regional shipment softness in the Americas and medium-term FX uncertainty beyond the current hedges. On balance, the highlights—especially demand, pricing/personalization and product innovation—outweigh the lowlights.

Ferrari said it has raised its 2026 full‑year guidance driven by stronger‑than‑expected personalization and a more favorable FX environment; Q2 results showed revenues €1.94bn, EBITDA €755m, EBIT margin 31.2% and EBITDA margin 39%, industrial free cash flow €275m and net industrial debt €131m at end‑June (after the May dividend and ongoing share repurchases). Updated guidance assumptions include personalizations accounting for >20% of cars & spare‑parts revenues, a USD/EUR rate of ~1.16 and additional hedges now in place (≈80% of H2 exposure hedged), continued buybacks supporting EPS, CapEx focused on product and infrastructure (new paint shop), and full‑year D&A above €700m with D&A, SG&A and R&D expected to rise in H2 (partly offsetting margin upside).