Ferrari lifts 2026 revenue guidance as third-quarter profit rises 13%, Luce sold out for 2027

Third-quarter results

In the third quarter of 2026, Ferrari booked net revenues of 1.896 billion euros, 7% higher than a year earlier and 10% higher at constant exchange rates. Operating profit (EBIT) came to 563 million euros, an operating margin of 29.7%, and net profit rose 13% to 431 million euros. Diluted earnings per share were 2.44 euros. EBITDA reached 753 million euros at a 39.7% margin, and industrial free cash flow grew 43% to 567 million euros.

Raised 2026 outlook

Ferrari lifted its 2026 net revenue forecast to 7.65 billion euros from 7.6 billion previously. It now expects adjusted EBITDA of at least 3 billion euros at a 39.2% margin, compared with 2.97 billion euros before. Adjusted EBIT is guided to at least 2.285 billion euros, and adjusted diluted earnings per share to at least 9.85 euros, up from 9.68 euros. Industrial free cash flow is now seen at up to 1.65 billion euros, from 1.55 billion. The company pointed to more extensive customizations, a smaller-than-expected currency drag and its second-place finish in the Formula 1 World Championship. It added that the guidance reflects its current visibility on the impacts of the Middle East crisis.

Previous forecast7.6

Updated forecast7.65

Previous forecast

7.6 billion euros

Updated forecast

7.65 billion euros

Data from the article text

Luce order book

The Luce, Ferrari's first electric car, was designed with Jony Ive, Apple's former design chief, and drew heavy criticism when it debuted in May. During the earnings call, Vigna said the 2027 production run is fully allocated, with a starting price of about 615,000 dollars (around 530,000 euros). He made clear that buyers who order now must wait a year.

“If someone comes, he has to wait one year to get the cars.”

Ferrari has never publicly disclosed how many Luce units it plans to build. The Financial Times, citing unnamed sources, reported earlier this year that Ferrari planned to sell just under 500 units in 2026 and aims for 2,500 by 2030. First deliveries are expected in the fourth quarter of 2026, with international test drives planned for early 2027. Vigna said there were no problems on either demand or production, though the car's complexity comes from many new components. Customization revenue accounted for more than 21% of revenue from cars and spare parts, according to executives.

Milan market reaction

On Tuesday, 3 November, Piazza Affari closed almost flat, the day of the US midterm vote and of diplomatic efforts between Washington and Tehran to end the Middle East crisis. Ferrari gained 4.47% and led the gainers, with Amplifon up 2.98% and Avio up 2.53%. Stellantis fell 3.88% and Cucinelli 3.55%. Tenaris (-2.42%), Eni (-1.81%) and Saipem (-1.43%) lost ground as crude and natural gas prices fell on expectations of developments in the conflict between the United States and Iran. Banco BPM slipped 0.78%, while Unicredit eased 0.19%.