Ferrari NV: Q2 Review: Sustained Demand, Sustained Premium

Research evidence excerpt

Ferrari NV: Q2 Review: Sustained Demand, Sustained Premium

Global Research

31 July 2026ab

Ferrari NV Equities

United StatesQ2 Review: Sustained Demand, Sustained

Premium Retailers, Specialty

12-month rating Buy

12m price target US$490.00Luxury's most visible growth story; Reiterate Buy

Prior : US$497.00

Strong demand across the ranges, including the newly launched Luce, with several

models effectively sold out throughout their lifecycle, continues to highlight Ferrari's Price (30 Jul 2026) US$397.73

ability to expand its customer base without compromising exclusivity. In our view, this RIC: RACE.N BBG: RACE US

provides further evidence of the durability of Ferrari's growth story at a time when many

luxury peers are facing softer demand dynamics. Ferrari offers one of the most visible Trading data and key metrics

growth profiles in our coverage, with Cars and Spare Parts revenues expected to grow at 52-wk range US$504.09-314.63

roughly 2x the pace of the broader luxury sector and ahead of the company's historical Market cap. US$70.9b

average, accompanied by further margin expansion (UBSe EBITDA FY26 margin 39.1%). Shares o/s 178m (COM)

Despite the shares having risen >20% since the Luce launch, we believe these Free float 65%

fundamentals justify a further widening of Ferrari's EV/EBITDA premium relative to both Avg. daily volume ('000) 95.5

the luxury sector (currently ~63% premium vs. a ~74% historical average) and Hermès Avg. daily value (m) US$33.8

(only in line with historical average of ~17% discount), particularly against a backdrop of Common s/h equity (12/26E) €4.42b

elevated sector volatility. Reiterate Buy. P/BV (12/26E) 13.7x

Net debt to EBITDA (12/26E) 0.3x

Q2 beat driven by the Cars & Spare Parts division

Q2 revenue of €1,938m was +4% ahead of cons.