Ferrari NV: Conf call feedback: Upbeat tone on near- and medium-term outlook

Research evidence excerpt

Ferrari NV: Conf call feedback: Upbeat tone on near- and medium-term outlook

Global Research

30 July 2026ab

First Read

EquitiesFerrari NV

Conf call feedback: Upbeat tone on near- and United States

medium-term outlook Retailers, Specialty

12-month rating Buy

12m price target US$497.00

Personalization was the key driver of the stronger-than-expected performance

One of the key areas of focus during today’s call with Ferrari CEO Benedetto Vigna and

CFO Antonio Picci was the stronger-than-expected performance of the Cars and Spare Price (29 Jul 2026) US$385.69

Parts division (+11% vs. consensus +5%). Management specifically highlighted RIC: RACE.N BBG: RACE US

personalization, which accounted for more than 20% of revenues in Q2, as a key driver,

Trading data and key metrics

noting that F80 deliveries were only modestly higher than in Q1. Despite better than

expected price/mix in Q2, management reiterated its expectations for second half of the 52-wk range US$504.09-314.63

year to be higher. On volumes, Ferrari declined to comment on whether shipments will Market cap. US$68.7b

be broadly flat in FY26 (cons. flattish) and when asked about softer shipments into the Shares o/s 178m (COM)

Americas ruled out any impact from pull-forward from Middle East. Lastly, when asked Free float 65%

about the difference between the magnitude of the revenue and profit guidance Avg. daily volume ('000) 94.2

upgrades, the CFO explained that the latter reflects assumptions related to SG&A, R&D Avg. daily value (m) US$33.2

and D&A, as well as the assumed finishing position of the Formula 1 team. Common s/h equity (12/26E) €4.40b

P/BV (12/26E) 13.4x

Order book for Luce is a mix of existing and completely new customers Net debt to EBITDA (12/26E) 0.3x