2Q26 preview: we model +HSD price/mix

Research evidence excerpt

2Q26 preview: we model +HSD price/mix

Idea

June 25, 2026 11:08 PM GMT

Morgan Stanley & Co. International plc+MFerrari | Europe Edouard Aubin

Equity Analyst

2Q26 preview: we model +HSD Edouard.Aubin@morganstanley.comCedric Norest +44 20 7425-3160

Research Associate

Cedric.Norest@morganstanley.com +44 20 7425-1462

price/mix Morgan Stanley & Co. LLC

Andrew S Percoco

Andrew.Percoco@morganstanley.com +1 212 296-4322

Bottom line. We expect Ferrari’s 2Q26 to be broadly in line with plan, with the Daniela M Haigian

quarter likely to show the moving parts of a major model changeover rather than a EquityDaniela.Haigian@morganstanley.comAnalyst +1 212 761-6071

clean volume-growth story. Shipments should be slightly down yoy as five models

approach end-of-lifecycle while six ramp up. We expect price/mix to remain Ferrari NV (RACE.MI, RACE IM)

supportive at +7.5% despite lower volumes, driven by a higher F80 contribution, the Brands | Italy

Stock Rating Overweight

296 Speciale, 849 Testarossa, and robust personalisation at ~20%, partly offset by

Industry View In-Line

lower SF90 XX, lower 499P Modificata and the Amalfi ramp-up (and the Daytona Price target €380.00

Shr price, close (Jun 25, 2026) €312.35

phase out). Ferrari remains, in our view, one of the cleanest listed exposures to 52-Week Range €447.50-269.00

the K-shaped economy (read From Neutral to Drive; Upgrading to OW). Demand is Mkt cap, curr (mn) €55,232

Net debt (12/26e) (mn)* €1,420

tied less to the aspirational luxury consumer and more to HNW/UHNW wealth EV, curr (mn)* €56,656

creation, scarcity, allocation discipline, residual-value stability and sustained * = GAAP or approximated based on GAAP

willingness to pay for personalisation, which should remain elevated in Q2. Our Fiscal Year Ending 12/25 12/26e 12/27e 12/28e