Despite rising prices, luxury is still in demand. Sports car maker Ferrari gets the benefit of this.

Ferrari has achieved record results and is raising its forecast due to high demand for its luxury sports cars. Earnings before interest, taxes, depreciation and amortization (Ebitda) rose 15 percent to 446 million euros in the second quarter, beating analysts’ expectations.

Sales rose a quarter to nearly 1.3 billion euros. However, return on sales fell nearly three percentage points within a year to a still generous 34.6 percent. For comparison: sports car maker Lamborghini, which belongs to VW subsidiary Audi, gained 31.9 percent after six months.

“The quality of the first six months and the strength of our business enable us to revise the forecast for 2022 upwards across all key figures,” Ferrari boss Benedetto Vigna said on Tuesday.

Incoming orders also hit an all-time high in the April-June period. The company then slightly raised its forecast for the full year with the horse as its logo and now expects adjusted operating profit (EBITDA) of between 1.70 and 1.73 billion euros.

Management had previously estimated a range between 1.65 and 1.70 billion. After the figures were announced on the Milan Stock Exchange, the stock lost 1.4 percent in value.