Ferrari (AO) | Buy | Performance is developing as planned

Research evidence excerpt

Ferrari (AO) | Buy | Performance is developing as planned

Earnings preview

Release date: 25 June 2026

Thomas Besson

Head of Autos Research

+33 1 70 81 57 53

tbesson@keplercheuvreux.com

Alexandre Raverdy, CFA

Equity Research Analyst

Buy +33 1 70 98 85 46Ferrari

araverdy@keplercheuvreux.com

Italy | Autos & parts Beta Profile: MCap: EUR54.0bn

Target Price: EUR360.00 Bloomberg: RACE IM Reuters: RACE.MI

Current Price: EUR307.50 Free float 56%

Up/downside: 17.1% Avg. daily volume (EURm) 481.7

YTD abs performance -3.5% Market data: 24 June 2026

52-week high/low (EUR) 440.90/273.80

Performance is developing as planned

Key points:

Ferrari's IR team hosted its group sell-side pre-close call yesterday afternoon. The group's performance is developing as planned,

with forex a positive surprise partly mitigated by hedging.

Q2 should show a slight decline in volumes again (but likely less marked than in Q1), still on product change-over, while mix and

personalisation should remain clear supports, in particular on the product front. Forex remains a headwind in Q2.

We confirm our Buy rating on Ferrari that remains among our Most Preferred names in the space, along with Aumovio,

Continental and Pirelli. We expect a modest increase in guidance along with the Q2 print on 30 July.

Another solid quarter driven by mix and personalisation

We expect Ferrari to post another solid quarter on 30 July (30.5% Q2 EBIT margin, 30.1% H1 margin), supporting a likely modest

increase in guidance. Consensus currently only a touch above the February guide.

The progressive F80 ramp, a high share of Purosangue and 12 cilindri (both V12 range models) and a limited share of 'entry'

products support another product mix despite the lower volumes of Stradale XX and 499P and the Daytona comps.