Ferrari lifts full-year EBITDA outlook as pricier models power Q3 beat

Quarter results at a glance

Ferrari's third quarter topped expectations, with adjusted EBITDA up 12% year over year to €753 million and revenue up 7% to €1.9 billion. Deliveries fell 1% to 3,368.

Management pointed to a stronger blend of sales centered on the F80 hybrid supercar. Personalization add ons and currency tailwinds added lift, while new entries such as the limited run F80 and the 296 Speciale supported the mix.

Guidance, demand and product plans

Ferrari now sees at least €3 billion in adjusted EBITDA this year, compared with a prior mark of €2.97 billion. The order book stretches into 2028, and two more product launches are slated for this year.

Geopolitical tensions have not dented demand, CEO Benedetto Vigna said. "We are not worried, but we are attentive and keeping our ears open," he noted. "We don't see an impact."

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Market reaction and analyst takeaways

The modest guidance lift initially underwhelmed and shares dipped, then reversed to finish up 4.5% in Milan, the strongest close since October 2025. "These results are healthy," RBC analysts led by Tom Narayan wrote, adding the outlook "provides room for upside" in the fourth quarter and flagging that Ferrari also raised guidance in July. Berenberg's Michael Filatov put it plainly: "the debate was around the raise," and "Results are good, no doubt. But it was a high bar for investors coming into the quarter."

What to watch for your portfolio

Ferrari has stayed resilient as luxury demand gets pickier, especially in China, helped by tight control of volumes and high margin bespoke features and limited editions. Its first fully electric model, the five seat Luce priced around €550,000, starts deliveries this year and is sold out through 2027, with more models in the works.

The bottom line: a backlog into 2028, pricing power from a richer mix, and two more launches this year keep the focus on margins as shipments ebb and flow.

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