Ferrari shares fall 4% ahead of Luce
- Ferrari shares slid about 4% in Milan after the company kept 2026 guidance unchanged and pointed investors toward the May 25 Luce debut in Rome. - The key tension is simple: Q1 was strong, with €1.85 billion in revenue and an order book stretching toward end-2027, but guidance stayed put. - That matters because Ferrari is entering its EV era just as U.S. tariff risk and luxury-demand nerves are making investors less forgiving.
Ferrari just ran into a very Ferrari problem. The business is still strong, the brand is still rarefied, and customers are still lining up. But the stock fell anyway — about 4% in Milan after first-quarter results — because investors were looking past the good quarter and staring at the next hard thing: Ferrari’s first electric car, the Luce, and a murkier 2026 backdrop. (ferrari.com) ### Why did the stock drop on good results? Because “good” was not the question. Ferrari beat expectations in the first quarter, posting €1.85 billion in revenue and adjusted earnings per share of €2.33, while reaffirming full-year guidance instead of raising it. For a company priced like a luxury-growth machine, holding guidance steady can read li(ferrari.com)transition effects. (cnbc.com) ### What was actually strong in the quarter? The mix was strong. Ferrari sold fewer cars overall, but made more money from richer models, personalisation, and racing-related revenue. The company said the order book now stretches toward the end of 2027, which is exactly the kind of backlog most carmakers would kill for. That backlog helps explain why Ferrari can absorb short-term noise better than mass-market automakers. (ferrari.com) ### So why didn’t that calm investors? Because the market is now focused on what happens next, not what just happened. Ferrari is about to show the Luce on May 25 in Rome, and this is not a routine model launch. It is the company’s first fully electric Ferrari — a strategic test as much as a product reveal. Investors are trying to price in two unkn(ferrari.com) margins while making that shift. (cdn.ferrari.com) ### Why do tariffs matter so much here? The U.S. matters a lot for Ferrari, and tariffs hit awkwardly even for a company with wealthy customers. Ferrari has already shown it can push through some price increases, but the catch is that tariffs still threaten margins, demand timing, or both. A luxury buyer may to(cdn.ferrari.com)not fully control. (cdn.ferrari.com) ### Is this really about EV demand? Partly, yes. Ferrari buyers do not shop like normal car buyers, but the emotional core of the brand still matters — engine sound, mechanical drama, old-school theater. An electric Ferrari can be fast, but speed alone is not the whole product. That is why the Luce reveal matters(cdn.ferrari.com) market debate sitting underneath the stock move. (auto.economictimes.indiatimes.com) ### Does the backlog protect Ferrari? A lot, but not completely. An order book into late 2027 gives Ferrari visibility and pricing power, and it softens the blow from regional demand swings or temporary hesitation around a new technology. But public (auto.economictimes.indiatimes.com)s, the same backlog starts to look like a cushion hiding slower growth. (cdn.ferrari.com) ### What should readers watch now? Watch May 25, and then watch what Ferrari says about orders, pricing, and delivery timing. The company has already laid out 2026 targets of about €7.5 billion in revenue, adjusted EBITDA of at least €2.93 billion, and adjusted EPS of roughly €9.45. The stock drop says investor(cdn.ferrari.com)dea and becomes a car. (ferrari.com) ### Bottom line? Ferrari did not disappoint on the quarter. It disappointed a market that wanted more reassurance before the biggest product pivot in the company’s modern history. (ferrari.com)
