Ferrari sticks to forecasts after modest first-quarter earnings rise (updated)

Ferrari NV

05/05/2026 13:06

EBITDA up 4% in first quarter, confirms FY forecasts

Shares fall after results

Company managed Middle East turmoil, no order cancellations

Ferrari Luce EV to be unveiled later this month in Rome

Recasts and writes through after analyst call

By Giulio Piovaccari

MILAN, May 5 (Reuters) - Luxury sports car maker Ferrari RACE.MI stuck to its full-year guidance on Tuesday after posting a modest first-quarter increase in core earnings as it prepares to unveil its first fully electric model this month.

Shares in Ferrari fell following the results announcement, closing down 4%.

The full-year forecasts, which Ferrari provided before the U.S. and Israel launched a war on Iran in late February, include guidance for earnings before interest, taxes, depreciation, and amortisation (EBITDA) of at least 2.93 billion euros ($3.43 billion).

"Total deliveries were not impacted by the surge of hostilities in the Middle East, as Ferrari leveraged its geographical allocation flexibility, bringing forward certain deliveries to other regions," the company said.

CEO Benedetto Vigna said Ferrari's order book was "further extending towards the end of 2027" and that there were no "strange" or "abnormal" cancellations.

Globally, deliveries fell by 157 units in the first quarter to 3,436 in a deliberate move to ease the execution of the planned model change-over, he told analysts.

Deliveries to the Middle East, which accounts for around 5% of the company's annual car shipments, were flat in the first quarter, Vigna said, adding that Ferrari continues to get orders and arrange test drives for clients despite the conflict.

EUROPE FACES U.S. TARIFF HIKE ON CARS, FERRARI READY

Ferrari on Tuesday said its EBITDA rose 4% in the January-March period to 722 million euros on higher demand for personalisations and sales of higher-priced models such as the F80 supercar.

But negative currency effects and U.S. tariffs partly offset that contribution.

U.S. President Donald Trump, meanwhile, is planning to increase tariffs on European cars to 25%, arguing the bloc has not complied with a trade deal that had lowered them to 15%.

European governments and trade groups have condemned the move by Washington. Vigna, however, said Ferrari was ready to handle the threatened tariff hike.

FERRARI'S FIRST EV PREPARES TO LAUNCH

Ferrari will unveil its new Luce electric vehicle in Rome on May 25.

With an expected price tag over 500,000 euros, it is set to mark a milestone for a carmaker whose roaring petrol engines have long been its global trademark. And Vigna told analysts that Ferrari has been working hard to prepare for the launch.

"We registered over 60 patents in many different areas, from electric engines, to inverters, vehicle dynamics, and battery integration into the chassis, from steering wheel to OLED displays and simpler user interface, from car glass windows to wipers," he said.

Ferrari is debuting the long-anticipated Luce even as scepticism lingers over the viability of the market for electric luxury sports cars.

Rival Lamborghini, part of Volkswagen VOWG.DE, this year abandoned plans for an EV sports car in 2030, pointing to weak demand and concerns over returns on hefty investments.

($1 = 0.8542 euros)

 (Reporting by Giulio Piovaccari; additional reporting by Claudia Cristoferi; editing by Gianluca Semeraro, Alexander Smith, Keith Weir and Joe Bavier)

 ((giulio.piovaccari@thomsonreuters.com))