Ferrari lifts earnings guidance, backs demand for debut EV

By Giulio Piovaccari

MILAN, July 30 (Reuters) - Luxury sports car maker Ferrari raised its forecasts for full year revenue, core profit and cash on Thursday after better-than-expected second quarter results, and said there was demand for its first EV despite criticism of its design.

The Italian company guided for its earnings before interest, taxes, depreciation and amortisation (EBITDA) rising to at least €2.97 billion ($3.41 billion) in 2026 from €2.77 billion in 2025, versus a previous forecast of at least €2.93 billion.

The Milan-listed shares were up 1.2% by 1520 GMT, having risen as much as 4.8% after the results were published.

"A sustained trend in personalizations allows us to raise the guidance for the year," CEO Benedetto Vigna said in a statement, referring to customisations that cost extra.

F80 SUPERCAR BOOST

In the second quarter, Ferrari's adjusted EBITDA rose 7% to €755 million, topping a €729 million analyst consensus in a Reuters poll.

Higher-margin deliveries of the F80 €3.6 million limited-edition supercar along with increased spending on customisations helped drive the earnings beat.

Analysts at Citi noted that second quarter results were largely reliant on the high-margin F80 against a background of shipments that fell by 128 units year-on-year to 3,366 cars.

"Investors should question whether this ever runs out," they said.

CFO Antonio Picca Piccon, however, said Ferrari expected a "substantial" contribution from the F80 also in 2027.

'GENUINE' INTEREST' FOR NEW EV LUCE

CEO Vigna said Ferrari was "very pleased" with orders for its first EV, the €550,000 Luce, which drew negative reviews at its late-May launch because of its polarising design.

"There is genuine interest for the car," he said.

The Financial Times reported on Wednesday that Ferrari had already hit its annual sales target of just under 500 Luce units thanks to strong demand from China, citing people familiar with the matter. Ferrari declined to comment on the report on Wednesday.

Along with the Luce, in the second quarter Ferrari also introduced the 12Cilindri Manuale, a manual-gearbox 12-cylinder model aimed at its most traditional customers.

"Today we have the most complete line-up in Ferrari history and we continue to experience healthy demand," Vigna said, adding that the company had an order book "that entirely covers 2027".

($1 = 0.8711 euros)

(Reporting by Giulio Piovaccari, editing by Gianluca Semeraro, Keith Weir and Elaine Hardcastle)