While today in the stock market the Prancing Horse is attempting a rebound, yesterday Maranello’s stock lost almost 4 percentage points (-3.95 at the close to 279.55 euros) in an Italian stock market characterized by positive signs despite the new winds of war coming from the Middle East.
THE “ON TRACK” UNCERTAINTIES
It is precisely the winds of war, along with fears of a tightening of American tariffs depending on Donald Trump’s whims, that worry the automotive world, although the luxury sector is currently able to easily move beyond them. Total deliveries, at least for the moment, “have not been affected by the emergence of hostilities in the Middle East, thanks to geographical allocation flexibility that allowed anticipating some deliveries to other regions,” Ferrari explains.
Even a possible increase of American tariffs to 25% on cars does not seem to worry Maranello: “We are ready,” assured Benedetto Vigna, Ferrari’s number one: “we were ready a year ago when we did not have the experience we have now, so, since we learn from the past, we await the final decision and then we will proceed accordingly, but always keeping the customer at the center of what we do.”
THE START OF THE YEAR IN NUMBERS
In the first quarter of the year Ferrari’s net revenues amounted to 1,848 million euros, an increase of 3% compared to the previous year (+6% at constant exchange rates). Operating profit (EBIT) was 548 million, net profit 413 million euros, and EBITDA 722 million (almost stable year on year, +4%). Deliveries in the quarter did not shine, standing at 3,436 units, “deliberately planned slightly lower than the previous year to facilitate the execution of the planned model change.”
FERRARI DISPLAYS CONFIDENCE, BUT…
But meanwhile, net of the optimistic statements made to the press and investors, Ferrari expects revenues for the entire year 2026 of about 7.50 billion, below the consensus estimate of 7.57 billion. The guidance for adjusted diluted EPS of 9.45 was also below analysts’ forecast of 9.77. A sign that not even the Prancing Horse can run faster than the current international situation.
