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Ferrari N.V.: Initiation Of Coverage: A €720 Million EBITDA Quarter – Why Mix Still Matters More Than Volume!

The Ferrari N.V. reported its financial and operational results for the first quarter of 2026, demonstrating a solid start to the year amid a challenging global environment marked by geopolitical uncertainty, notably in the Middle East. The company highlighted three primary messages: strong and growing earnings supported by product mix, an extended order book reaching toward the end of 2027, and confirmation of full-year guidance. In Q1, Ferrari generated revenues of approximately EUR 1.85 billion, reflecting a 6% increase at constant currency and 3% growth including a currency headwind driven primarily by the U.S. dollar and Japanese yen fluctuations. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached EUR 720 million, translating into a margin of 39.1%, while EBIT margin stood at 29.7%.