A richer model lineup and increased demand for personalisation continued to support growth at Ferrari, which today reported a 7% core earnings increase in the third quarter, despite a slight drop in car shipments.
The addition of new, high-end models that met with strong demand brought a €60m positive contribution to the quarterly result, the luxury sports car maker said in a statement.
This was supported by demand for the €2m V12 Daytona SP3, as well as a "few sales" of the limited series, track-only 499P Modificata, priced at €5.1m.
Chief executive Benedetto Vigna said the company enjoyed "exceptional order book visibility well into 2026", with order intake led by the 12Cilindri car family, which was launched in May.
Ferrari, which has promised its first and so far highly secretive fully-electric model for the end of next year, reported its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) totalled €638m in the July-September period, roughly matching analysts' average forecast in a Reuters poll.
Milan-listed shares in the company, which gained around 40% this year, however extended losses after the results were published.
"In the exalted world of Ferrari valuation, Ferrari's third quarter results were solid rather than spectacular - and in line with well-communicated consensus," analysts at Citi said in a note.
Ferrari today confirmed the full-year forecasts it provided in August, including for EBITDA to reach at least €2.5 billion, though it said in statement it was now even more confident of hitting its full-year targets.
In the third quarter, Ferrari shipments declined 2% to 3,383 units, with a 29% decrease in China, where however the company has limited exposure.
Analysts at Bernstein said the dip was not a surprise.
"It does not reflect a demand deficit, but rather demonstrates Ferrari's ability to allocate its shipments to suit its margin aspirations," they said, adding they expected shipments in the fourth quarter above last year's level.
