Ferrari Raises Guidance After Strong Q3
Ferrari Raises Guidance after Q3 results, citing stronger personalization and lower currency headwinds; traders will favor upgraded targets and cash flow.
KEY TAKEAWAYS
- Raised guidance after preliminary Q3 results citing stronger personalizations and lower net currency headwinds.
- Company lifted 2026 revenue, adjusted EBITDA, adjusted EBIT and adjusted diluted EPS targets.
- Order book extends into 2028, giving longer demand visibility for planned launches and mix.
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Ferrari N.V. raised its guidance on Nov. 3, 2026, after reporting preliminary third-quarter results driven by stronger-than-expected personalizations and lower net currency headwinds. The company upgraded its full-year and 2026 targets in a press release.
Third-Quarter Results and Upgraded 2026 Targets
Ferrari reported preliminary unaudited consolidated results for the third quarter and the nine months ended Sept. 30, 2026. Net revenues rose 7.0% year over year to €1.9 billion, or 10.0% at constant currency. EBITDA increased 12.0% to €753 million, yielding a 39.7% margin. EBIT also rose 12.0% to €563 million, with a 29.7% margin. Net profit reached €431 million, and diluted earnings per share rose to €2.44 from €2.14 in the prior year. Industrial free cash flow climbed 43.0% to €567 million.
The company delivered 3,368 vehicles, down 1.0% year over year. Revenue from cars and spare parts grew 7.0% to €1.6 billion, supported by a richer sports-car mix and higher personalizations. Sponsorship, commercial, and brand revenue increased 4.0% to €220 million, while other revenue rose 18.0% to €90 million. Ferrari attributed the quarter’s performance to deliveries of the F80 supercar, a stronger product mix, and model-changeover effects.
Ferrari raised its 2026 guidance, increasing net revenue to approximately €7.7 billion. Adjusted EBITDA was raised to at least €3.0 billion, implying a margin floor of 39.2%, up from 39.0%. Adjusted EBIT was increased to at least €2.3 billion, with a margin floor of 29.8%, compared with 29.5% previously. Adjusted diluted earnings per share were set at a minimum of €9.85. Industrial free cash flow guidance rose to as much as €1.7 billion.
The company based the revisions on stronger-than-expected personalizations, lower net currency headwinds after hedging, and an assumed second-place finish in the Formula 1 championship. Ferrari said its order book now extends into 2028 and that two additional launches remain planned for 2026. It reaffirmed expectations for a significant model changeover, positive product mix, higher racing and lifestyle revenue, increased brand, racing, and digital spending, and greater depreciation and amortization tied to new-model production. The outlook also reflects current visibility on the Middle East crisis.
Benedetto Vigna, Ferrari’s chief executive, said, "Uniqueness, innovation and focus: three key factors to keep the promises of our last Capital Markets Day."
The upgraded guidance ties Ferrari’s near-term outlook to margin-rich sales and currency dynamics, making the revised targets and extended order book central metrics for assessing momentum.
