Ferrari NV

RACE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ferrari Earnings: Margins Hold Despite Lower Volumes; Guidance Confirmed

Rella Suskin , Andrea Burigana

May 5, 2026

Ferrari reported first-quarter revenue of EUR 1.85 billion, up 3% year over year despite lower deliveries, supported by a favorable mix and continued strength in personalization. Underlying EBIT margin was 29.7%—in line with guidance and 30.9% at constant currency, up 40 basis points year over year.

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Ferrari NV

Ferrari Earnings: Margins Hold Despite Lower Volumes; Guidance Confirmed

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