Ferrari's problem in 2026 isn't selling its cars... it's delivering them!

It's an almost unreal paradox for a brand like Ferrari. At Maranello, order books are full, demand remains extremely high, and yet... some cars can no longer be delivered. Not because of a lack of customers, nor an industrial problem, but because of a far more unpredictable factor: geopolitics.

Deliveries suspended due to tensions in the Middle East

For several weeks now, Ferrari has had to take a radical decision: temporarily suspend deliveries to the Middle East. The reason for this is the growing tensions linked to Iran, which are severely disrupting supply chains in the region.

To avoid a total shutdown, the Italian manufacturer has opted for an alternative solution: air transport. A faster method, but also much more expensive than the usual sea freight. As a result, Ferrari continues to deliver... but at a much higher logistical cost, which weighs directly on its margins.

A brutal reaction from the financial markets

Investors were quick to react. In a single session, Ferrari shares fell by almost 5 %, to 314 $.

But the phenomenon goes deeper than that. Over the last twelve months, Ferrari's valuation has fallen from around 76 billion euros to less than 54 billion. Quite simply, 22 billion euros have evaporated. A spectacular correction for a brand considered one of the strongest in the automotive sector.

A strategic plan deemed too cautious

While the crisis in the Middle East may act as a trigger, it does not explain everything. Part of the market's mistrust dates back to October 2025, when Benedetto Vigna presented his new industrial plan.

This plan, considered too cautious by some analysts, led to a downward revaluation of Ferrari's financial multiples. In other words, investors have revised their expectations, considering that future growth may be less spectacular than forecast.

And yet, operationally, Ferrari remains a perfectly oiled machine. In 2025, the brand delivered 13,640 cars, including 6,346 in the EMEA region. A figure that underlines the strategic importance of certain regions, such as the Middle East.

Targets for 2026 remain ambitious: sales of 7.5 billion euros, EBITDA of 2.93 billion with a margin of 39 %, and free cash flow of at least 1.5 billion. These performances continue to place Ferrari in a class of its own in the automotive industry.

Delays that could become longer

In the short term, Ferrari can limit the impact by redirecting its deliveries to other, less exposed markets. In the medium term, however, the situation is more uncertain.

Insurance costs are rising, logistics lead times are lengthening, and pressure on margins is becoming very real. Even a brand as powerful as Ferrari is not totally immune to these constraints. After all, Ferrari's problem today is not selling its cars. It's delivering them.