1) Financial Performance Highlights
- Q2 2026 revenues reached EUR 1.94 billion, with an EBITDA of EUR 755 million.
- Industrial free cash flow generation was EUR 275 million.
- Personalization accounted for 20% of total revenues from cars and spare parts, exceeding expectations.
- Net revenues grew 11% at constant currency and 8% including currency headwinds.
- EBIT margin stood at 31.2%, slightly up YoY, while EBITDA margin was 39%, slightly down due to better Formula 1 rankings.

2) Strong Demand and Order Book
- The order book covers the entire year of 2027, indicating strong demand across all geographies.
- Models like the 296 Speciale and 12Cilindri are sold out for their production runs.
- The launch of the Ferrari Luce, the first electric model, has received positive initial orders from both repeat and new clients.
- The company is committed to a strategy of emotion-driven innovation, blending heritage with modern technology.

3) Product Innovation and Launches
- Q2 saw the unveiling of several new models, including the Amalfi Spider, Purosangue Handling Speciale, and the 12Cilindri Manuale.
- The 12Cilindri Manuale is a limited edition with 1,499 units fully allocated, showcasing a return to manual transmission technology.
- The product lineup now includes combustion, hybrid, and electric models, emphasizing Ferrari's commitment to technology neutrality.

4) Operational Challenges and Strategic Focus
- The company is managing a significant model changeover, impacting delivery volumes, particularly in the U.S. market.
- There were no supply chain issues reported; the decrease in U.S. shipments was attributed to the ramp-up of new models and high personalization levels.
- Ferrari is focused on maintaining scarcity and exclusivity in its offerings, which is central to its brand strategy.

5) Guidance and Future Outlook
- Full-year guidance has been raised, reflecting strong personalization trends and a favorable FX environment.
- The company expects personalization to account for over 20% of revenues from cars and spare parts.
- Future product launches are planned, with two more models expected by the end of the year, further enhancing the product portfolio.

Bottom line: Ferrari's strong Q2 results, driven by robust demand and innovative product launches, position the company well for continued growth. The focus on personalization and a diversified product lineup, including the introduction of electric vehicles, supports a positive outlook for shareholders.