Ferrari shares posted one of the biggest rises on the European stock markets on Thursday, as investors welcomed better-than-expected second-quarter earnings and revised annual forecasts.

The Italian luxury carmaker reported a 17% increase in adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) to 511 million euros, beating analysts' expectations of 476 million euros.

The Maranello-based firm generated an operating margin of 29.9%, compared with 29.7% a year earlier.

LSales rose by 16% to 1.71 billion euros, again ahead of the 1.63 billion euro consensus, boosted in particular by sales of the Ferrari Purosangue, Roma Spider and 296 GTS models.

After exceeding estimates in the second quarter, Ferrari raised its annual forecast on Thursday.

The group now expects its Ebitda to rise this year to at least €1.82 billion, compared with a previous forecast of €1.77 billion.

For 2024, it now anticipates sales in excess of 6.55 billion euros, rather than just 6.40 billion.

With a gain of 4%, the Milan-listed Ferrari share was one of the biggest risers on Thursday in the pan-European STOXX 600 index, returning to the highs reached since its IPO in 2017.

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