法拉利(RACE.US)2026年第一季度业绩电话会

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会议摘要

Ferrari achieved strong Q1 financial results with €1.85 billion in revenue and a robust order book extending to 2027. The Middle East showed sustained interest, with over 500 test drives conducted. A special version of the pure assembly wave was unveiled, driven by client needs to extend vehicle life cycles. Ferrari maintains resilience amid geopolitical challenges, focusing on innovation, sustainability, and racing initiatives while navigating supply chain stability and currency impacts.

会议速览

Ferrari's Q1 2026 Results: Strong Earnings, Extended Order Book, and Steady Guidance Amid Volatility

Ferrari reports strong Q1 2026 earnings growth, backed by a robust order book. Amid uncertain times, the company emphasizes focus, discipline, and teamwork to maintain long-term brand strength. Guidance for the year remains confirmed, showcasing Ferrari's resilience and strategic navigation through market volatility.

Navigating Challenges in the Middle East: Ferrari's Resilient Strategy and Strong Financial Performance

Ferrari has maintained safety and business continuity in the Middle East amidst tensions, supported by 11 Feral leagues and 7 dealers, achieving over 500 test drives. Despite logistical challenges, the company has seen flat deliveries year-over-year, thanks to global presence and strategic allocation. Financially, Ferrari posted €1.85 billion in revenues, €75 million in EBITDA, and €660 million in industrial free cash flow, reflecting a united team's efforts and setting a solid position for future orders.

Ferrari's Innovative Premier: Tradition Meets Technology in Rome and Beyond

Ferrari introduces its latest innovation, emphasizing tradition and technology fusion, ahead of a Rome premier. Highlights include the launch of the Ferrari Roche, commitment to four annual model releases, and advancements in electric engines and vehicle dynamics. Racing initiatives and lifestyle expansions, like the new London flagship store, underscore Ferrari's strategic focus on innovation and performance.

Strong Q1 Performance Amid Geopolitical Challenges and Strategic Model Shifts

Despite geopolitical tensions, the company achieved robust Q1 results, leveraging flexible allocation and logistics solutions. Key highlights include strategic model changeovers, growth in sports car personalizations, and increased revenues from sponsorships and lifestyle activities. The guidance for the year was confirmed, emphasizing the business model's adaptability and strong profitability outlook.

Analysis of Middle East and European Automotive Delivery Trends and Projections

The dialogue discusses the flat year-over-year delivery figures in the Middle East, highlighting strong brand attachment through over 500 test drives and a healthy order book. It also touches on varying market dynamics in Europe due to the ramp-up of new models, with expectations aligned with strategic planning. Logistic support and customer satisfaction are emphasized as key factors in maintaining delivery schedules.

Analysis of Sales Mix, Profitability Shifts, and Electrification Strategy in Automotive Industry

A discussion covers adjustments in car deliveries affecting profitability and sales mix between regions, clarifying impacts on quarterly results and future expectations. It also addresses ongoing discussions on FIA regulations and their implications for road car electrification strategies, affirming no changes to the current approach.

Update on Supply Chain, Inflation, and Order Book Evolution

The dialogue discusses the company's current stance on supply chain issues, inflationary costs, and the impact on industrial expenses and forex. It also touches upon the Order Book increase, attributing it mainly to certain models and speculates on the potential influence of entry models in future quarters.

Analysis of Model Deliveries and Client Growth in Q1 and Beyond

Discussion highlights the impact of model deliveries, with Q1 showing lower effects and subsequent quarters expected to grow. All models are growing, with some sold out and others increasing. New clients are being attracted, particularly from specific brands, indicating a strong reaction to the wavevector initiative.

Clarification on H1 H2 Balance and High Demand for New Electric Vehicle

The dialogue clarifies that the company's planning adjustments for H1 and H2 are within the year's guidance, adapting to market conditions. It highlights significant interest in an upcoming electric vehicle, with the event overbooked and high anticipation among clients.

Strong Financial Performance Recognized Amidst Positive Investor Feedback

A congratulatory tone is set towards a strong financial result, with an investor expressing appreciation and interest in further discussion, highlighting the positive reception of the performance.

Discussion on Order Book Extensions, Personalization Trends, and US Tariffs Impact

The dialogue covers updates on order book extensions, emphasizing strong demand and personalization trends, with clients increasingly customizing orders closer to production. It also touches on readiness to adapt commercial policies in response to potential US tariff changes, prioritizing client needs.

Upcoming Car Launch and Collector Engagement Strategy

Discussion on an impending car release on May 25th, with a focus on engaging collectors and managing public interest over two days, while postponing detailed inquiries about Luther.

Oil Prices, Seasonality, and Customer Demand Trends in High-End Automotive Sales

Discusses how rising oil prices impact high-end car buyers, noting no significant change in customer mindset. Examines seasonal sales patterns, product mix shifts, and their effects on revenue and unit sales. Highlights the importance of premium models and special editions in driving ASP increases.

Discussion on Car Delivery Rates and Product Mix Impact

The dialogue revolves around the discussion of delivery rates for different car models, emphasizing the impact of product mix on delivery numbers. It concludes with an invitation for the next question from a participant.

Strategies for Offset Industrial Costs and Phasing of Lys s Ed Delivery

The dialogue discusses strategies to offset industrial costs with mix and pricing adjustments on a full-year basis, questioning the impact of these changes. It also explores the phasing of Lys s Ed deliveries, anticipating stronger impacts in the second half due to global distribution growth, while noting no specific supply-side pressures.

Q&A on Middle East Market Orders and Ferrari's Special Version Launch

Discussion focused on strong order book in the Middle East, increased showroom traffic, and the introduction of a special version of Ferrari's assembly wave, highlighting customer-centric upgrades.

要点回答

Q：What priorities does Ferrari focus on in volatile times?

A：In volatile times, Ferrari prioritizes four wheels on the ground and focus on what makes their brand stronger over the long term. They maintain a clear focus and strong discipline, taking a nimble and flexible approach, and rely on a united and cohesive team.

Q：What measures has Ferrari taken to address the situation in the Middle East?

A：Ferrari has prioritized the safety of its clients, dealers, partners, and employees in the region. They have maintained their office and served seven markets through seven dealers, employing over 200 people. The company provided full support, maintained strong relationships, kept showrooms and workshops open, and continued organizing test drives. Despite temporary logistic challenges due to the conflict, deliveries have been maintained.

Q：What are the financial results for the current quarter?

A：The financial results for the current quarter are strong with revenues close to €1.85 billion, EBITDA surpassing €75 million, and industrial free cash flow more than €660 million.

Q：What is the significance of the Ferrari Lucheta reveal?

A：The Ferrari Lucheta reveal is a significant event as it represents the convergence of many incredible technologies and the vision of many people. The car embodies the purpose that motivates Ferrari, blending tradition and innovation in a unique way. It is a demonstration of innovation in various aspects of the vehicle, and its launch follows the commitment to four new models for the year, aligning with the strategic plan.

Q：What is the unique feature of the Ferrari 812 SP2 and what was the purpose of reintroducing a physical button on the steering wheel?

A：The Ferrari 812 SP2 exemplifies the Ferrari sporting lifestyle with an open-top configuration, combining performance, elegance, and ease of use. A unique feature is the reintroduction of a physical button on the steering wheel, which meets client preferences for tangible controls. Another innovation is the handling special package for the 812 GTS, offering enhanced vehicle dynamics and distinctive elements for the model.

Q：What does the speaker say about the company's strategy in the lifestyle segment and the new flagship store?

A：The speaker indicates that the company is executing its strategy in the lifestyle segment with consistency and certification, and highlights the opening of the new flagship store in London's old Bond Street as a testament to this strategy.

Q：How are the company's Q1 results described, and what were the contributing factors?

A：The Q1 results are described as strong, with all business segments contributing positively, particularly sports cars, racing, and lifestyle activities. The results were achieved in a challenging geopolitical and macroeconomic environment and leveraged the flexibility, ability, and visibility of the company's business model.

Q：What is the impact of the company's planned delivery schedule on Q1 deliveries?

A：The planned delivery schedule designed to ease the model changeover resulted in Q1 deliveries being slightly lower than the previous year, when they were quite high. The geopolitical crisis in the Middle East did not impact Q1 deliveries as the company leveraged its allocation flexibility and alternative logistics solutions.

Q：What are the revenue changes and the factors driving them?

A：Nasso revenues grew by 6% versus the prior year constant currency and by 3% including currency headwinds. The increase was driven by a richer sports cars mix, personalizations, robust country mix supported by America, and higher revenues from special sponsorships, commercial, and brand licensing activities.

Q：How did the EBIT perform in Q1, and what were the main contributors?

A：The EBIT in Q1 was positively driven by a very strong mix price variance including personalizations, country mix, and a positive product mix. Other factors contributing to the EBIT included higher deliveries of the F90 excess and the SF90 SPR, and lower units of the 490 modifica.

Q：What is the current status of the company's industrial flow and investments?

A：The company's industrial flow is very strong and supported by increased profitability and positive changes in working capital. Capital expenditures are focused on product and infrastructure development, and the construction of the new paint shop is progressing as planned.

Q：What is the company's net industrial cash position, and what is the outlook for the year?

A：The company's net industrial cash position at the end of March was approximately €390 million, including share repurchases. The company confirmed its guidance for the year, which is flexible and leverages current market visibility. Compared to initial estimates, the company has adjusted its planning for a more evenly spread profitability between H1 and H2, following stronger sales in Q1.

Q：What does the speaker indicate about the delivery numbers in the Middle East and European markets in Q1 and Q2?

A：The speaker indicates that deliveries in the Middle East were kept flat despite a year-over-year comparison that showed a decrease. More than 500 test drives were conducted, reflecting a strong brand attachment. For Europe, the speaker does not provide specific numbers but indicates a desire to provide additional color on the European markets in Q1 and Q2.

Q：What factors have contributed to the positive situation in the order book and the ability to deliver cast to clients?

A：The positive situation in the order book and the ability to deliver the cast to clients is attributed to the support of logistic customers, which has enabled consistent delivery to clients.

Q：How is the company ramping up production, and what is the impact of new models launched over the last year?

A：The company is ramping up production with various models in different parts of the world, which has led to different dynamics and client demand. The impact of new models launched over the last year is significant, with everything proceeding as planned and partners playing a vital role in aligning logistics.

Q：What was the client's reaction to receiving a car as a birthday gift, and what does this reflect about the company's values?

A：The client was extremely happy to receive a car as a birthday gift, which reflects the company's commitment to prioritizing the client's needs and satisfaction.

Q：What is the impact of the shift in Formula One engines on Ferrari's hybridization and electrification strategy for road cars?

A：The shift in Formula One engines, with a new push towards electrification and a move to eight engines with a small electric and hybrid component by 2030, does not imply any changes to road car hybridization and electrification strategies for Ferrari.

Q：How has the spread of profitability changed between HR and HR, and what factors influenced this change?

A：The company now expects the spread of profitability to be more evenly split between HR (High-Rollers) and HR (High-Volume), influenced by the need to adjust for initial difficulties in delivering to the Middle East by bringing forward some cars to other regions. This impacted the product mix and overall company mix, leading to a more even spread of profitability.

Q：Has the company faced supply chain shortages and how is it managing inflationary costs?

A：The company has not seen significant supply chain shortages or substantial inflationary costs. They believe in strong cooperation among suppliers and continue to support the Italian market, acting coherently with their beliefs.

Q：What model is primarily driving the increase in the order book, and how are the entry models impacting the order book?

A：The increase in the order book is driven by all models, with some models experiencing sales growth and others already sold out. The entry models are not having a more significant impact in any particular quarter but are contributing to the overall growth. There is no specific mention of a quarter being more impacted by entry models.

Q：What clarification was sought regarding the company's comments on H1 and H2?

A：The clarification sought was whether the anticipated balance between H1 and H2 suggested in the company's comments indicated that Q1 was better than originally anticipated, without taking away growth from H2 and putting it into H1.

Q：What does the overbooking by the company indicate about interest in the new vehicle?

A：The overbooking indicates strong interest in the new vehicle, as the company had to turn away additional requests for information about it. There is a high level of eagerness and anticipation among new and existing clients regarding the car's launch.

Q：How did the company adjust its planning in response to the conflict in the Middle East?

A：In response to the conflict in the Middle East, the company adjusted its planning by adapting the product and company mix within the annual guidance it provided, resulting in a more balanced distribution between H1 and H2.

Q：What is the expected delay in the US market for the new vehicle?

A：The expected delay for the new vehicle to reach the US market is approximately 2 to 3 weeks, after which the car's worldwide debut is anticipated.

Q：What can be said about the extension of the order book and the visibility of future orders?

A：The order book has been extended towards the end of 2027, which is a positive sign. Visibility around future orders is still favorable, with an additional extension in the take-home page.

Q：How are Tero and Spider proceeding with personalization, and what are the challenges?

A：Tero and Spider are proceeding as planned, with personalization being a bit more difficult to predict due to clients' increasing desire to personalize their cars. Personalization decisions are usually made by clients in the last quarters before the car enters production, which makes planning challenging as they are not part of the initial product design.

Q：What is the company's stance on US tariffs and its readiness to respond?

A：The company's stance is to wait for the final decision on US tariffs. It is in a position to respond based on past experiences and is ready to act promptly once the tariffs are defined, always keeping the client at the center of its actions.

Q：When is the launch of the new vehicle scheduled, and when will orders begin to be taken?

A：The launch of the new vehicle is scheduled for May 25, and orders will begin to be taken during a two-day event starting from May 25 to May 26.

Q：Has the increase in oil prices affected the mindset of Ferrari's customers?

A：The speaker is inquiring whether the recent increase in oil prices has changed the mindset of Ferrari's customers, specifically in terms of their perception of value for products, customer ordering patterns, and overall initial reactions to new offerings.

Q：What implication does an increase in product mix due to new models have on unit sales in H2 versus H1?

A：The speaker is questioning whether the increase in product mix, as a result of new models like the Lyc, implies that unit sales will be lower in the second half (H2) compared to the first half (H1) of the year.

Q：On a full year basis, are the company's plans to offset industrial costs with mix and price, and can they split the impact of mix and pricing?

A：The question raised is whether the company can offset the headwinds from industrial costs, R&D, and FX on a full year basis through sales mix and pricing. Additionally, the company is asked to provide a potential split of the impact of mix and pricing if possible.

Q：Is the impact of phasing in new models (Lys, Ed, Fe) expected to be stronger in the second half of the year compared to the first?

A：The speaker is inquiring about whether the impact of delivering new special models, such as Lys, Ed, and Fe, will be more pronounced in the second half of the year compared to the first half, due to the phasing in of these models over time.

Q：Can the company plan to offset fixed costs with mix and pricing in 2026, and is the impact expected to be stronger in the second half?

A：The inquiry is whether the company anticipates being able to offset fixed costs through sales mix and pricing in the full year of 2026, and if the impact of this strategy will be more significant in the second half of the year.

Q：What is the context and purpose of the new special version of the pure assembly wave?

A：The speaker is seeking context and an explanation for the new special version of the pure assembly wave that has been introduced. Specifically, how does this new version compare to the standard product lifecycle and what is its purpose?

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