Ferrari Group: Net income +82.6% in first half, but EBITDA margin declines
Luxury industry logistics provider Ferrari Group published its first half 2026 accounts on September 17, 2026. Revenue increased by 4.3% (6.2% at constant exchange rates) and net income rose by 82.6%, while adjusted EBITDA margin declined by 110 basis points.
The group is continuing its investments in its international network, which is weighing on its margin in the short term, and has raised the lower end of its organic growth forecast for 2026 from 3% to 4%.
Revenue of €187.3 million driven by Europe, with growth in North America and rest of world
Over the first six months of 2026, Ferrari Group achieved revenue of €187.3 million, compared to €179.6 million a year earlier, representing an increase of 4.3% on a reported basis and 6.2% at constant exchange rates. In the second quarter, it reached €97.4 million, up 4.9%.
Growth is driven by North America and Brazil, up 17.5% to €28.6 million, which have become the group's second region by revenue contribution, as well as the rest of world (+10.7% to €23.2 million), supported by Australia, the United Arab Emirates and India. Europe, the leading region, grew by 3.9% to €109.4 million.
Asia declined by 10.0% to €26.1 million, affected by China and Singapore, a decline partially offset by Japan, South Korea and the group's new platform in Vietnam.
Adjusted EBITDA margin down due to investment pressure
Adjusted EBITDA came in at €47.8 million, compared to €47.7 million in the first half of 2025, a change of 0.2%. The adjusted EBITDA margin stood at 25.5%, down 110 basis points from 26.6% in the same period of 2025.
The group attributes this change to the continuation of its investments in its network, teams and digital capabilities. Approximately 20% of the network, representing nearly €2 million of cumulative investment since 2025, remains in the start-up or ramp-up phase. The group also recruited 100 people during the half-year.
Net income increased by 82.6% to €25.7 million, compared to €14.1 million a year earlier. Operating cash flow stood at €30.2 million, down 17.8%, and net cash position reached €78.0 million on June 30, 2026, compared to €101.9 million a year earlier.
2026 guidance tightened and exceptional dividend considered
Ferrari Group has tightened its 2026 revenue growth forecast to a range of 4% to 6% at constant exchange rates, compared to 3% to 6% previously, and maintains a forecast of globally stable adjusted EBITDA margin and an unchanged ordinary capex target.
The group has also strengthened its presence in Brazil with the acquisition of Deltacorp and launched three adjacent activities during the half-year. In the absence of external growth operations or strategic growth opportunities, the board of directors could consider an exceptional dividend in the second half of 2026, in addition to the ordinary dividend of €30 million for fiscal year 2025 (€0.33 per share).
The financial calendar provides for a third quarter 2026 activity update on November 19, 2026.
