Ferrari lifts forecasts after outperformance, Luce EV demand strong

By Giulio Piovaccari

MILAN, Nov 3 (Reuters) - Ferrari on Tuesday raised forecasts for this year's results after beating consensus on core profit and revenue in the third quarter, sending shares in the Italian luxury sports car maker up as much as 4.7%.

Sales of higher-margin vehicles and contributions from the lucrative finishing touches added to its cars underpinned Ferrari's performance, with an order book now reaching into 2028, and planned 2027 sales for the Luce, the firm's first fully electric model, "already fully allocated".

"We see our (order) portfolio is healthy," CEO Benedetto Vigna said, adding the company was not seeing any impact on customer demand from current geopolitical tensions.

With initial deliveries to clients of the Luce taking place in the current quarter, Vigna said media and customer tests scheduled in early 2027 would further support interest in the model.

The CEO added Ferrari still had two more model launches to come this year. "We're sure clients will be super happy about them," he said.

Milan-listed shares in the company erased early losses shortly after results were published and were up 2.9% by 1510 GMT.

STRONGER THAN EXPECTED 'PERSONALISATIONS'

Ferrari guided for its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) to rise to at least €3 billion ($3.36 billion) in 2026, versus a previous forecast for a result of at least €2.97 billion.

The company also nudged up its forecast for this year's net revenue, while guiding for an industrial free cash flow generation of up to €1.65 billion in 2026. 

Ferrari's forecast upgrade was based on stronger-than-expected personalisations - those finishing touches customers request at extra cost to make their cars better suited to their individual tastes, led by the 296 Speciale model family - as well as softer currency headwinds and its current second place in the Formula 1 Championship.

F80 SUPERCAR IMPROVED PRODUCT MIX

In the third quarter, Ferrari's adjusted EBITDA rose 12% to €753 million, topping a €739 million analyst consensus in a Reuters poll.

Sales of the €3.6 million limited-edition F80 supercar improved Ferrari's product mix in the third quarter and its result in the period, the company said, despite another drop in overall car shipments, as it presses ahead with a planned model changeover.

In the July-September period Ferrari shipped 3,368 vehicles, 33 fewer than in the same period last year.

($1 = 0.8937 euros)

(Reporting by Giulio PiovaccariEditing by Keith Weir)