Ferrari NV has raised its profit forecast for the year, driven by surging demand for limited-edition models like the F80 and higher-priced versions of its Purosangue four-seater. The Italian luxury sports car maker's second-quarter results also exceeded expectations, sending its US-listed shares (RACE.US) up roughly 6% in pre-market trading.
Ferrari NV now expects adjusted profit for the year to reach at least 29.7 billion euros (approximately $34.1 billion), a slight increase from its previous guidance. Second-quarter adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at 755 million euros, comfortably beating analyst consensus estimates.
The company's performance highlights a strategy of generating greater revenue and profit from scarce, limited-edition models, even as overall deliveries decline due to model transitions. This approach provides a financial buffer for the launch of Ferrari NV's first fully electric vehicle, the Luce, which will lack the dramatic, exclusive experience of the combustion engines that are central to Ferrari's appeal.
Where to start
Ferrari NV is extracting significant value from its newer models, including the F80 and the Purosangue, due to strong demand. The company will test the success of this model with the launch of its first all-electric car, the Luce. Following the earnings report, Ferrari shares rose as much as 4.8% in Milan, bringing the stock's year-to-date gain to 12%.
Why limited models like F80 matter
Ferrari NV's current product cycle is heavily weighted toward its most expensive, exclusive models. The F80, a 1,200-horsepower hybrid hypercar priced at 3.6 million euros and limited to 799 units, began customer deliveries late last year. It is improving the company's product mix alongside other special series models. Following the tradition of rare flagships like the F40, Enzo, and LaFerrari, the F80 is reserved for a select group of long-term collectors. Its scarcity and high price mean that even relatively limited delivery numbers have a disproportionate impact on revenue and profitability.
Ferrari NV is also creating more value from its first four-door model, the Purosangue. The Handling Speciale version, released in April, retains the naturally aspirated V12 engine while adding sharper driving dynamics, unique trim, and more personalization options. These models exemplify Ferrari's business model of becoming one of the most profitable automakers by combining tightly controlled production and long waiting lists with continuously increasing prices on derivative models, boosting earnings without needing to sell more cars.
Outlook for the all-electric Luce
Ferrari NV did not disclose sales figures for the Luce. However, reports citing sources suggest the first year's allocation for the model has already sold out. The Luce will test whether Ferrari NV can extend its business model beyond its iconic combustion engines. The first all-electric Ferrari, boasting over 1,000 horsepower in a four-door, five-seat layout, poses a challenge: can it replicate the appeal and pricing power of models like the F80?
The Luce's launch in May was met with a mixed reception, and its subsequent ratings remain divided. The 550,000-euro four-door model was designed in collaboration with LoveFrom, a studio founded by former Apple design chief Jony Ive, the key figure behind the iPhone and iMac.
Financial turnaround and stock impact
The earnings report provides a significant positive catalyst for Ferrari NV's stock, which has been under pressure recently. Second-quarter adjusted EBITDA rose 7% year-over-year to 755 million euros, beating market expectations of around 729 million euros. The company slightly raised the lower end of its full-year EBITDA guidance to 29.7 billion euros. Crucially, while quarterly deliveries fell to 3,366 units due to model changes, overall revenue still grew 8.4% to 1.94 billion euros. This demonstrates that the higher value per vehicle from the F80, special series, and personalization options is more than offsetting lower sales volumes. The market thus received the key validation: Ferrari NV's earnings are driven by scarcity, product mix, and pricing power, not sales volume growth.
For the stock, which had been weighed down by concerns over high valuation, conservative guidance, and the potential brand dilution from the first EV, the latest results and outlook have lowered the first two risks. Ferrari NV's US-listed shares (RACE.US) currently trade around $385.69, roughly 23.5% below their 52-week high of $504.49. The Luce's launch in May had caused a single-day drop of over 8% in Milan. Now, reports that the 550,000-euro Luce has already met its near-500-unit sales target for 2026, combined with a company order book extending into 2027, suggest that electrification has not immediately broken Ferrari NV's customer demand or scarcity model. The high margins from special-edition combustion and hybrid models also provide a buffer for the costs of EV development, marketing, and production ramp-up.
What's next for the stock?
However, the latest earnings and outlook are more of a necessary condition for a stock bottom and valuation repair than a sufficient condition for a sustained rally. The full-year EBITDA guidance was raised by only about 1.4%, indicating management's cautious stance. The Luce's first-year allocation of about 500 units is still a small fraction of Ferrari NV's overall sales volume, and it cannot alone prove that the EV can replicate the long-term collectible value, resale prices, and ultra-high margins of the F80 and V12 models. The most compelling investment thesis for Ferrari NV is not a "luxury car sales recovery" but its continued proof that it is a global top-tier luxury pricing power asset wrapped in an automaker's shell. The earnings and outlook increase the probability of a favorable entry point, but a sustained stock turnaround still depends on personalization revenue remaining strong, EBITDA margins stabilizing near 39%, growth re-accelerating after the model changeover, and the Luce avoiding brand dilution through increased production.