Ferrari (RACE IM) Q3 2026 (EUR): Revenue 1.9bln (exp. 1.89bln), EPS 2.44 (exp. 2.38); raises FY26 EPS to "more than" 9.85 (exp. 9.93, prev. "more than" 9.68)

• Notes than order book now reaches in 2028.

The headline beat on revenue and EPS is the secondary story here; the guidance raise is the more instructive print, and it carries a nuance that has historically mattered for this stock. Lifting FY26 EPS to "more than" 9.85 sits below the prevailing consensus of 9.93, and Ferrari's long-standing practice of deliberately conservative guidance, the "more than" formulation being its house style, means sell-side numbers typically run ahead of company language. Episodes of this kind have tended to resolve on whether the street treats the gap as genuine caution or as the usual under-promise pattern, with the stock's history of beating its own guided ranges being the relevant precedent. The order book stretching into 2028 is the structurally significant datapoint: multi-year visibility on demand is the core of the equity story, and prior prints where the book extended further out have generally been read as confirmation of pricing power and mix rather than volume growth. The transmission runs through the luxury peer set, where Ferrari trades at a persistent premium on exactly this visibility argument, so any softening in the book's depth would matter more than a single quarter's revenue line. What follows is the call commentary on mix, personalisation, and electrification spend, plus whether consensus migrates toward or away from the new guided floor.