Ferrari Is Selling Fewer Cars and Making More Money

Ferrari raised its guidance for 2026 on 3 November after third-quarter profit and revenue beat expectations, and its shares rose as much as 4.7%. The company now expects adjusted EBITDA of at least €3.0 billion this year, up from at least €2.97 billion.

Core profit for the quarter — earnings before interest, tax, depreciation and amortisation, adjusted — climbed 12% to €753 million, ahead of the €739 million analysts had forecast. Revenue also came in above consensus, and Ferrari nudged up its full-year net revenue target. Investors watch this figure closely because it strips out financing and accounting choices and comes close to the cash the business actually generates.

The striking part is how it got there. Deliveries fell to 3,368 cars, 33 fewer than a year earlier. Profit rose anyway, because the mix moved upward — that is, the balance between cheaper and more expensive models, which is the number luxury carmakers manage most closely. the F80, a limited-run supercar priced at €3.6 million, took a larger share of sales, and the company's customisation business kept earning well.

That is the luxury-car model in a single quarter — sell fewer vehicles, charge more for each, and let buyers spend again on personalisation. Volume is almost beside the point.

Demand does not appear to be the constraint. Ferrari says its order book now stretches into 2028, and the entire 2027 allocation of its first electric model, the Luce, is already spoken for. Deliveries of the Luce begin this quarter, with press and customer test drives planned for early 2027.

Chief executive Benedetto Vigna said the order book was healthy and that geopolitical tension had not dented demand. Two more models are due this year. Investors, at least, were persuaded: the stock, down earlier in the day, finished up 2.9%.