Model update after Q2 beat and raise; running ahead of mid-term plan; PT to €400

研报英文原文证据摘录

Equity Research

European Autos & Auto Parts

10 August 2026

Ferrari N.V.

Model update after Q2 beat and

raise; running ahead of mid-term

plan; PT to €400

RACE reported strong Q2 and raised FY26 guide. Orders cover

2027. H2 ASPs > H1. RACE acknowledged its ahead of midterm trajectory, while still wanting to grow 'as smooth and

linear as possible' - which bodes very well. Hermes's derating is technical drawback, but otherwise RACE looks good

here.

OVERWEIGHT

RACE.MI/RACE IM

Unchanged

European Autos & Auto

Parts

NEGATIVE

Price Target

EUR 400.00

Unchanged

raised 11% from EUR 360.00

Price (07-Aug-26)

Potential Upside/Downside

EUR 355.65

+12.5%

Source: Bloomberg, Barclays Research

Market Cap (EUR mn)

Model update after Q2 beat and raise. Ferrari is running ahead of its mid-term plan after

meeting a high bar of ingoing expectations. PT to €400 (from €360). Q2 revenue rose 8% YoY

to €1.94bn (+11% at constant FX, 4% above BBG consensus) despite shipments declining 2% YoY

to 3,366 units during a significant model changeover. ASP remained very strong at €484k per car

(6% above BBG consensus). EBIT increased 13% YoY to €605m (6% above BBG consensus), with

the EBIT margin expanding 120bps YoY to 31.2%. The key driver was mix/pricing, supported by

higher contributions from the F80, 12Cilindri family and 296 Speciale, as well as personalization

exceeding FY26 budget at >20%. Ferrari also raised FY26 guidance by €100m at the revenue level

and €40m at the EBITDA/EBIT level, driven by stronger personalization (now also >20% for FY26)

and less negative FX assumption (now 1.16 EUR/USD).

Demand and pricing power remain strong (allowing Ferrari to 'manage' volumes, in our

view). The order book now covers all of 2027. The 296 Speciale family and 12Cilindri family are

sold out for their planned production runs, and Luce orders were characterised as 'very

satisfying', attracting both existing Ferrari owners and entirely new customers, while the

recently launched 12Cilindri Manuale (1,499 units) has already been fully allocated. The lower

Q2 deliveries in the Americas reflected model-changeover phasing, regional delivery timing, and

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