Ferrari (RACE IM) Q2 (EUR): Revenue 5.45bln (exp. 5.26bln); sees FY adj. EBITDA of "at least" EUR 2.97bln (exp. 2.97bln)

Ferrari prints have followed a consistent pattern across recent reporting cycles: modest beats against consensus, reiterated or nudged guidance, and a market that has learned to read the 'at least' formulation as deliberately conservative rather than as a cap. The tell in this print is the guidance language itself, since 'at least' in line with expectations implies management is holding headroom in reserve, the established house style from a company that has historically preferred to walk consensus up through the year rather than guide aggressively at the half. The revenue beat against consensus sits within the usual range for this name and on past occasions has mattered less to the tape than mix, order book depth and any colour on pricing power, which is where the differentiation from volume carmakers lives and where the premium multiple is justified. What tends to move the shares after the initial print is the call detail on deliveries, waiting lists and personalisation spend rather than the headline numbers. Follow-ons worth noting are whether brokers treat the reiterated floor as a de facto raise and how the stock behaves relative to the luxury peer set, where Ferrari has historically traded on its own cycle rather than with autos broadly.