Ferrari’s revenue grew by 7% (9% at constant currency) due to higher personalization, offsetting fewer Daytona deliveries. Volumes increased by 0.5%. Despite US tariffs and foreign-exchange headwinds, the EBIT margin remained flat. Top-line growth demonstrates Ferrari’s ability to drive growth through price and mix.

With a significant model changeover underway, Ferrari expects lower volumes and higher depreciation costs. The company plans to increase prices of vehicles sold in the US by up to 5% due to reduced tariffs. Management reaffirmed growth guidance for the upcoming years, anticipating strong sales of new models.

Morningstar slightly reduced Ferrari’s fair value estimate to EUR 370 per share due to increased operating costs. The company plans to launch the F80 supercar and its first electric vehicle, the Elettrica, at prices reflecting innovation and personalization. Pricing/mix guidance is viewed as prudent in the luxury segment’s softer pricing trends.

Read more at Morningstar: Ferrari Earnings: Stronger-Than-Expected Personalization Offsets US Tariff and Currency Headwinds