Ferrari Q4 2025 Ferrari NV Earnings Call | AllMind AI Earnings | AllMind AI
Q4 2025 Ferrari NV Earnings Call
Operator: Good day, and thank you for standing by. Welcome to the Ferrari 2025 Full Year Results Conference Call and Webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star one, one on your telephone keypad. You want to hear an automatic message advising your hand is raised. To withdraw a question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Nicoletta Russo, Head of Investor Relations. Please go ahead.
Speaker #1: After the speaker's
Nicoletta Russo: Thank you, Nadia, and welcome to everyone who is joining us. Today, we plan to cover the group's full year 2025 operating results, and the duration of the call is expected to be around 60 minutes. Today's call will be hosted by the group CEO, Mr. Benedetto Vigna, and group CFO, Mr. Antonio Picca Piccon. All relevant materials are available in the investor section of the Ferrari corporate website, and at the end of the presentation, we will be available to answer your questions.
Nicoletta Russo: Today, we plan to cover the group's full year 2025 operating results, and the duration of the call is expected to be around 60 minutes. Today's call will be hosted by the group CEO, Mr. Benedetto Vigna, and group CFO, Mr. Antonio Picca Piccon. All relevant materials are available in the investor section of the Ferrari corporate website, and at the end of the presentation, we will be available to answer your questions. Before we begin, let me remind you that any forward-looking statements we might make during today's call are subject to the risks and uncertainties mentioned in the Safe Harbor statement included on page 2 of today's presentation, and the call will be governed by this language. With that said, I'd like to turn the call over to Benedetto. Thank you, Nicoletta, and good morning and afternoon to all of you. We just came back from San Francisco.
Nicoletta Russo: Before we begin, let me remind you that any forward-looking statements we might make during today's call are subject to the risks and uncertainties mentioned in the Safe Harbor statement included on page 2 of today's presentation, and the call will be governed by this language. With that said, I'd like to turn the call over to Benedetto.
Benedetto Vigna: Thank you, Nicoletta, and good morning and afternoon to all of you. We just came back from San Francisco. Why is this opening chart showing the Transamerica Pyramid of San Francisco with the red tip and the bright light on the dome? Well, it was exactly this, the building, where we have been showing to journalists from all over the world the interiors of the Ferrari Luce. This is the name of our visionary new full electric sports car. It testifies to Ferrari's determination to go beyond expectations, to imagine the future in two days, because leading means illuminating the path ahead, and Luce embodies that mindset.
Nicoletta Russo: Why is this opening chart showing the Transamerica Pyramid of San Francisco with the red tip and the bright light on the dome? Well, it was exactly this, the building, where we have been showing to journalists from all over the world the interiors of the Ferrari Luce. This is the name of our visionary new full electric sports car. It testifies to Ferrari's determination to go beyond expectations, to imagine the future in two days, because leading means illuminating the path ahead, and Luce embodies that mindset. We picked this place for three reasons. The first one is because of the tight link between San Francisco and Italy. It was that building, this building, it was the headquarters of Transamerica, a company founded by the Italian Amadeo Peter Giannini that was also founder of Bank of America. And this building is located in Little Italy, in San Francisco.
Benedetto Vigna: We picked this place for three reasons. The first one is because of the tight link between San Francisco and Italy. It was that building, this building, it was the headquarters of Transamerica, a company founded by the Italian Amadeo Peter Giannini that was also founder of Bank of America. And this building is located in Little Italy, in San Francisco.
Speaker #3: reasons. The first one is because of the tight link between San Francisco and in Italy. It was that building, this building, it was the headquarter of Transamerica, a company founded by the Italian
Speaker #3: Founder of the Bank of Amedeo Peter Giannini, that was also America. And this building is located in Little Italy, in San Francisco. Second, because of the closeness to our partner La Fromme, whose headquarters is just a few steps away from the Transamerica building.
Nicoletta Russo: Second, because of the closeness to our partner LoveFrom, whose headquarters is just a few steps away from the Transamerica Pyramid. And the last one, the connection with the name of our Ferrari Luce. Indeed, the crown jewel that you see at the top of the building is a strong 6,000-watt light that turns on only on special occasions. And this was definitely a special occasion. Everyone over there appreciated a lot of the specific focus on this second step of the Ferrari Luce reveal so that all the innovation could be properly valued and understood. 2025 has been a remarkable year for our company.
Benedetto Vigna: Second, because of the closeness to our partner LoveFrom, whose headquarters is just a few steps away from the Transamerica Pyramid. And the last one, the connection with the name of our Ferrari Luce. Indeed, the crown jewel that you see at the top of the building is a strong 6,000-watt light that turns on only on special occasions. And this was definitely a special occasion. Everyone over there appreciated a lot of the specific focus on this second step of the Ferrari Luce reveal so that all the innovation could be properly valued and understood. 2025 has been a remarkable year for our company.
Speaker #3: And the last one: the connection with the name of our Ferrari Luce. Indeed, the crown jewel that you see at the top of the building is a strong 6,000-watt light that turns on only on special occasions.
Speaker #3: And this was definitely a special occasion. Everyone over there appreciated a lot of the specific focus on this second step of the Ferrari Luce reveal.
Speaker #3: So that all the innovation could be properly valued and understood. 2025 has been a remarkable year for our company. It has been a year of consistent execution and a year of new beginnings.
Nicoletta Russo: It has been a year of consistent execution and a year of new beginnings, a year of new commitments, and a year of strong innovation during which we launched the six new sports cars, a clear testament to our horizontal product diversification and technology neutrality strategy. This included the long-awaited Ferrari Luce, which marks a new chapter in our history and allows us to look confidently toward the future. So let's go in order. 2025 marks the conclusion of our previous business plan. We will have financial target, including share buyback plan, achieved one year ahead of schedule. It marks also the outline of our new strategic plan. On 9 October, at our Capital Market Day here in Maranello, we shared with you our plans for the future, underlining once more the uniqueness of our brand.
Benedetto Vigna: It has been a year of consistent execution and a year of new beginnings, a year of new commitments, and a year of strong innovation during which we launched the six new sports cars, a clear testament to our horizontal product diversification and technology neutrality strategy. This included the long-awaited Ferrari Luce, which marks a new chapter in our history and allows us to look confidently toward the future. So let's go in order. 2025 marks the conclusion of our previous business plan. We will have financial target, including share buyback plan, achieved one year ahead of schedule. It marks also the outline of our new strategic plan. On 9 October, at our Capital Market Day here in Maranello, we shared with you our plans for the future, underlining once more the uniqueness of our brand.
Speaker #3: A year of new commitments and a year of strong innovation during which we launched the six new sports cars. A clear testament to our horizontal product diversification and technology neutrality strategy.
Speaker #3: This included the long-awaited Ferrari Luce, which marks a new chapter in our history and allows us to look confidently toward the future. So let's go in order.
Speaker #3: 2025 marks the conclusion of our previous business plan. We will financially target including share buyback plan, achieved one year ahead of schedule. And it marks also the outline of our new strategic plan.
Speaker #3: On October 9, at our capital market day here, in Maranello, we shared with you our plans for the future underlining once more the uniqueness of our brand.
Speaker #3: And we presented our brand's success till the end of this decade and beyond. In sports cars, in 2025, on top of the Ferrari Luce, we have further enriched our product lineup with five new models.
Nicoletta Russo: And we presented all the initiatives designed to drive our brand's success till the end of this decade and beyond. In sports cars in 2025, on top of the Ferrari Luce, we have further enriched our product lineup with five new models, encompassing internal combustion engine and hybrid powertrain. Just think about the eight-cylinder Ferrari Amalfi, a blend of elegance and power, the hybrid high-performing 849 Testarossa, Coupe and Spiders, and the hybrid 296 Speciale and Speciale Aperta, a new benchmark for driving thrills. Clients are at the center of what we do, and they represent the most important asset of our business model. Indeed, client centricity starts with the craftsmanship and quality of our products, continues through the high level of tailoring we are able to offer, and comes to life in the unique experience we design and deliver for our clients all over the world.
Benedetto Vigna: And we presented all the initiatives designed to drive our brand's success till the end of this decade and beyond. In sports cars in 2025, on top of the Ferrari Luce, we have further enriched our product lineup with five new models, encompassing internal combustion engine and hybrid powertrain. Just think about the eight-cylinder Ferrari Amalfi, a blend of elegance and power, the hybrid high-performing 849 Testarossa, Coupe and Spiders, and the hybrid 296 Speciale and Speciale Aperta, a new benchmark for driving thrills. Clients are at the center of what we do, and they represent the most important asset of our business model. Indeed, client centricity starts with the craftsmanship and quality of our products, continues through the high level of tailoring we are able to offer, and comes to life in the unique experience we design and deliver for our clients all over the world.
Speaker #3: Encompassing internal combustion engine, and hybrid powertrain. Just think about the eight-cylinder Ferrari Amalfi, a blend of elegance and power. The hybrid high-performing 849 Testarossa Coupe and Spider.
Speaker #3: And the hybrid 296 Speciale and Speciale Aperta. A new benchmark for driving trails. Clients are at the center of what we do. And they represent the most important asset of our business model.
Speaker #3: Indeed, client-centricity starts with the craftsmanship and quality of our products. Continuous through the high level of tailoring we are able to offer. It comes to life in the unique experience we design and deliver for our clients all over the world.
Speaker #3: Our client-centricity approach also resulted in the reintroduction of a more physical interface, a steering wheel with mechanical buttons which leads to an answered driver experience.
Nicoletta Russo: Our client centricity approach also resulted in the reintroduction of a more physical interface, a steering wheel with mechanical buttons, which leads to an enhanced driver experience. Indeed, we believe that the humanism of technology is key for all our sports cars to deliver an enhanced experience for our clients. This is also evidenced by the interiors of our Ferrari Luce. In racing, the 499P hypercar secured us the 2025 FIA World Endurance Championship. Ferrari won both the world manufacturers' and drivers' titles, 53 years after our last world title and after only three years since our return to the top class of endurance racing. I was in Bahrain with the team, and I will always remember the emotion of winning such championships. This is a demonstration that when we in Ferrari work united and cohesive, we can achieve extraordinary results.
Benedetto Vigna: Our client centricity approach also resulted in the reintroduction of a more physical interface, a steering wheel with mechanical buttons, which leads to an enhanced driver experience. Indeed, we believe that the humanism of technology is key for all our sports cars to deliver an enhanced experience for our clients. This is also evidenced by the interiors of our Ferrari Luce. In racing, the 499P hypercar secured us the 2025 FIA World Endurance Championship. Ferrari won both the world manufacturers' and drivers' titles, 53 years after our last world title and after only three years since our return to the top class of endurance racing. I was in Bahrain with the team, and I will always remember the emotion of winning such championships. This is a demonstration that when we in Ferrari work united and cohesive, we can achieve extraordinary results.
Speaker #3: Indeed, we believe that humanism of technology is key for all our sports cars. To deliver an enhanced experience for our clients. And this is also evidenced by the interiors of our Ferrari Luce.
Speaker #3: the 499P Hypercar In racing, in racing secured us the 2025 FIA World Endurance Championship. Ferrari won both the World Manufacturers and Drivers titles. 53 years after and after only three our last world title years since our return to the top class of endurance racing.
Speaker #3: I was in Bahrain with the team and I will always remember the emotion of winning such championship. This is a demonstration that when we in Ferrari work united and cohesive we can achieve extraordinary results.
Speaker #3: In lifestyle, 2025 has been a year of solid progress and commitment to provide our clients with an exceptionally luxury experience. Client activations continued to be successful and a critical driver for
Nicoletta Russo: In lifestyle, 2025 has been a year of solid progress and commitment to provide our clients with an exceptionally luxurious experience. Client activations continued to be successful and a critical driver for engagement and acquisition. The growing desire for experiences is confirmed by new attendance records at our museum. In 2025, the museum that we have in Maranello and Modena welcomed almost 900,000 visitors. What we achieved together with all our stakeholders is also translated into our strong financial results, reaching new records across all metrics. One, revenues over EUR 7.1 billion. Two, double-digit growth in EBIT, which reached over EUR 2.1 billion. Three, an industrial cash flow generation surpassing EUR 1.5 billion. Everything I've mentioned so far has been made possible thanks to the passion and dedication of all the colleagues in Maranello, in Modena, and all over the world.
Benedetto Vigna: In lifestyle, 2025 has been a year of solid progress and commitment to provide our clients with an exceptionally luxurious experience. Client activations continued to be successful and a critical driver for engagement and acquisition. The growing desire for experiences is confirmed by new attendance records at our museum. In 2025, the museum that we have in Maranello and Modena welcomed almost 900,000 visitors. What we achieved together with all our stakeholders is also translated into our strong financial results, reaching new records across all metrics. One, revenues over EUR 7.1 billion. Two, double-digit growth in EBIT, which reached over EUR 2.1 billion. Three, an industrial cash flow generation surpassing EUR 1.5 billion. Everything I've mentioned so far has been made possible thanks to the passion and dedication of all the colleagues in Maranello, in Modena, and all over the world.
Speaker #1: For and acquisition , and also the growing for desire experiences is confirmed by new attendance records at our museum . In 2025 . The museum that we have by New attendance records at our museum the in 2025 , that we have museum Modena Maranello welcomed in and all achieved almost 900,000 visitors .
Speaker #1: together What we stakeholders , is our also translated strong financial results records . Reaching new metrics all into across . our One . Revenues over €7.1 billion , two digit double growth in Ebit , which reached over €2.1 billion and three .
Speaker #1: industrial cash flow An generation surpassing €1.5 billion . Everything , everything I've so far been made possible has thanks mentioned to the passion and dedication of all the colleagues in Maranello , in Modena , all over the world , and to the world .
Nicoletta Russo: And to reward their achievements and as a direct reflection of the company's performance and strong alignment with its people, I'm pleased to announce the yearly competitive award of up to EUR 14,900 for all our employees in Italy. The solidity of our business is underpinned by demand dynamics and the visibility we have. The momentum for our brand remains strong with a solid Order Book, which extends toward the end of 2027 and the net order intake supporting further visibility, notwithstanding the persistent uncertainty in the global environment. In addition, Residual Values are stable and solid, as evidenced by the recent auctions, which achieved strong valuations. They keep on being for us a structural foundation of value and brand discipline. And now, let's look ahead to 2026, and let me outline our priorities for this year.
Benedetto Vigna: And to reward their achievements and as a direct reflection of the company's performance and strong alignment with its people, I'm pleased to announce the yearly competitive award of up to EUR 14,900 for all our employees in Italy. The solidity of our business is underpinned by demand dynamics and the visibility we have. The momentum for our brand remains strong with a solid Order Book, which extends toward the end of 2027 and the net order intake supporting further visibility, notwithstanding the persistent uncertainty in the global environment. In addition, Residual Values are stable and solid, as evidenced by the recent auctions, which achieved strong valuations. They keep on being for us a structural foundation of value and brand discipline. And now, let's look ahead to 2026, and let me outline our priorities for this year.
Speaker #1: Their achievements and is a direct reflection of the company's performance . A strong alignment with people its . I am pleased to announce the early competitive of up to all €14,900 for for our employees in Italy , the solidity of our business is underpinned by demand , dynamics and the visibility we have .
Speaker #1: momentum for our brand remains strong , with a solid order book which extends toward the end of 2027 , and the net order intake supporting further visibility .
Speaker #1: Notwithstanding the persistent uncertainty in the global environment . In addition , residual values are stable and solid , as evidenced by the recent auctions which achieved strong valuations .
Speaker #1: They keep on being , for us , a structural foundation of value and brand discipline . And now ? Now let's look to ahead 2026 and let me outline our this for priorities year in sportscars .
Nicoletta Russo: In sports cars, a key focus will be the complete introduction of the Ferrari Luce in our product range. In San Francisco, we made further progress with the reveal of the interior concepts that offer a tangible insight into the design philosophy behind the model, where innovation meets craftsmanship and cutting-edge design. You can read many positive comments of journalists from all over the world who were with us, but there is one in particular I will always remember. He said, "You have blown all of us away, and you couldn't have selected a better name for this car and a better place for it." In May, the journey will culminate with the third step, the world premiere of Ferrari Luce.
Benedetto Vigna: In sports cars, a key focus will be the complete introduction of the Ferrari Luce in our product range. In San Francisco, we made further progress with the reveal of the interior concepts that offer a tangible insight into the design philosophy behind the model, where innovation meets craftsmanship and cutting-edge design. You can read many positive comments of journalists from all over the world who were with us, but there is one in particular I will always remember. He said, "You have blown all of us away, and you couldn't have selected a better name for this car and a better place for it." In May, the journey will culminate with the third step, the world premiere of Ferrari Luce.
Speaker #1: A key focus will be the complete introduction of the Ferrari Luce in our product range in San Francisco. We made further progress with the reveal of the interior concepts that offer a tangible insight into the design philosophy behind the model, where innovation meets craftsmanship and cutting-edge design.
Speaker #1: You can read many positive journalists from all over the world who were with us, but there is one I will always remember, he said.
Speaker #1: You have blown all of us away and you couldn't have selected a better name for this car , and a better place for it .
Nicoletta Russo: We selected Rome, 25 May, as the day for the final reveal of Ferrari Luce, as on the same day in 1947, the Ferrari 125 S, the first Ferrari of our founders, secured its first victory with driver Franco Cortese, who, by the way, said, "If you were used to four and six cylinders, these 12 cylinders feel like an electric motor. It revs very easily." Beyond the completion of the unveil of Ferrari Luce, in 2026, we will continue to enrich our product offering with four exciting model launches. On the industrial side, the construction of a new paint shop will continue as planned, and all our sports cars will be tested on the Evortex. In racing, here we confirm our commitment and effort in the World Endurance Championship with our 499P hypercar.
Benedetto Vigna: We selected Rome, 25 May, as the day for the final reveal of Ferrari Luce, as on the same day in 1947, the Ferrari 125 S, the first Ferrari of our founders, secured its first victory with driver Franco Cortese, who, by the way, said, "If you were used to four and six cylinders, these 12 cylinders feel like an electric motor. It revs very easily." Beyond the completion of the unveil of Ferrari Luce, in 2026, we will continue to enrich our product offering with four exciting model launches. On the industrial side, the construction of a new paint shop will continue as planned, and all our sports cars will be tested on the Evortex. In racing, here we confirm our commitment and effort in the World Endurance Championship with our 499P hypercar.
Speaker #1: In May, the journey will culminate in the third step: the premiere of the world Ferrari Luce. We selected Rome, May 25th, as the day for the final reveal of Ferrari Luce.
Speaker #1: on the As same in day 1947 , the Ferrari 125 S , the first Ferrari of our founders , secured its first victory with driver Franco Cortese , who , by the way , said if you were used to four and six cylinders , these 12 cylinders felt like an electric motors .
Speaker #1: It revs very easily and beyond the completion of unveil, Ferrari loose. In 2026, we will continue to enrich our product offering with force.
Speaker #1: For exciting model launches on industrial side , the construction of a new paint shop will continue as planned , and all our sports cars will be tested on the vortex .
Speaker #1: In racing here , we confirm our commitment and effort in the World Endurance with our Formula One . in 409 hypercars Building on the lessons learned tough past from a season , we the face challenge posed by the new regulation with United and confidence in the team , we step new into this phase very with a clear mindset to be realistic , to be disciplined and to .
Nicoletta Russo: In Formula 1, building on the lessons learned from a tough past season, we face the challenge posed by the new regulation with unity and confidence in the team. We step into this new phase with a very clear mindset: to be realistic, to be disciplined, and to improve continuously. In 2026, we will also continue to progress in our sailing adventures. With Hypersail, we are preparing a revolutionary boat for an unprecedented new sporting arena. Our boat will touch water before year-end. In lifestyle, in 2026, we will continue to execute our strategy with consistency and sophistication.
Benedetto Vigna: In Formula 1, building on the lessons learned from a tough past season, we face the challenge posed by the new regulation with unity and confidence in the team. We step into this new phase with a very clear mindset: to be realistic, to be disciplined, and to improve continuously. In 2026, we will also continue to progress in our sailing adventures. With Hypersail, we are preparing a revolutionary boat for an unprecedented new sporting arena. Our boat will touch water before year-end. In lifestyle, in 2026, we will continue to execute our strategy with consistency and sophistication.
Speaker #1: Improve continuously . In 2026 , we will also continue to progress in our sailing adventures with Hyper Sail . We are preparing a revolutionary boat for an unprecedented new sporting arena .
Speaker #1: Our boat will touch water before year end in lifestyle . In 2026 . We will continue to execute our strategy with consistency and sophistication .
Nicoletta Russo: Here, the team will be focused on the opening of two new flagship stores in iconic locations: in London in the first part of the year, in New York in the second part of the year, conceived as immersive backdrops for client activation and designed to further enrich the Ferrari offering of products and experiences. On the financial side, Antonio will be very clear about our target for 2026. Let me emphasize that 2026 represents a further milestone in our journey toward 2030, another year of growth, which will mark continued progress in line with the ambition presented at our Capital Market Day. We look ahead with discipline that is required in the current context and with confidence in the long-term opportunities that lie ahead of us. And now, I hand over to Antonio to review the fiscal year 2025 year result. Thank you.
Benedetto Vigna: Here, the team will be focused on the opening of two new flagship stores in iconic locations: in London in the first part of the year, in New York in the second part of the year, conceived as immersive backdrops for client activation and designed to further enrich the Ferrari offering of products and experiences. On the financial side, Antonio will be very clear about our target for 2026. Let me emphasize that 2026 represents a further milestone in our journey toward 2030, another year of growth, which will mark continued progress in line with the ambition presented at our Capital Market Day. We look ahead with discipline that is required in the current context and with confidence in the long-term opportunities that lie ahead of us. And now, I hand over to Antonio to review the fiscal year 2025 year result. Thank you.
Speaker #1: Years . The team will be focused on the opening of two new flagship stores in iconic locations in London . In the first part of the in New year , York .
Speaker #1: In the second part of the year, conceived as immersive backdrops for client activation and designed to further enrich the Ferrari offering of products and experiences on the financial side, Antonio will be very clear about our target for 2026.
Speaker #1: Let me emphasize , the 2026 represents a further milestone in our journey toward 2030 . Another year of growth , which will mark continued progress in line with the ambition presented at our Capital Market Day .
Speaker #1: We look ahead with discipline that is required in the current context and with confidence in the long term opportunities that lie ahead of us .
Speaker #1: And now I hand over to Antonio to review the fiscal year 2025 year result . Thank you . Grazie , Benedetta , and .
Antonio Picca Piccon: Grazie, Benedetto. And good morning or afternoon to everyone joining us today. In 2025, we posted solid growth, expanded our margins, and kept on investing in our future while navigating the complexities of today's world. All our business dimensions positively contributed to growth. Within sports cars, the overall mix continued to improve compared to the prior year, despite the gradual phase-out of the Daytona SP3 and allowing us to manage the US tariffs' evolution, limiting its dilutive impact. We grew our revenues from racing thanks to new partnerships and leveraging the extensive work on both the composition and contribution of our sponsors. For lifestyle, the growth pace was the right one as we continued to invest in its development. In Q4, a cost base lower than anticipated and a better product mix drove us to exceed our 2025 guidance.
Antonio Piccon: Grazie, Benedetto. And good morning or afternoon to everyone joining us today. In 2025, we posted solid growth, expanded our margins, and kept on investing in our future while navigating the complexities of today's world. All our business dimensions positively contributed to growth. Within sports cars, the overall mix continued to improve compared to the prior year, despite the gradual phase-out of the Daytona SP3 and allowing us to manage the US tariffs' evolution, limiting its dilutive impact. We grew our revenues from racing thanks to new partnerships and leveraging the extensive work on both the composition and contribution of our sponsors. For lifestyle, the growth pace was the right one as we continued to invest in its development. In Q4, a cost base lower than anticipated and a better product mix drove us to exceed our 2025 guidance.
Speaker #2: Good morning or afternoon to everyone joining us today in we posted solid growth 2025 , , expanded our margins and kept on investing on our future while navigating the complexity complexities of today's world .
Speaker #2: All our business dimensions contributed positively to growth within sports cars . The overall mix continued to improve compared to the prior year , despite the gradual phase out of the Daytona SP3 , and allow us to manage the US tariffs .
Speaker #2: Evolution , limiting its dilutive impact . We grew our from revenues racing thanks to new partnerships and leveraging the extensive work on both the composition and contribution of our sponsors .
Speaker #2: For lifestyle , the growth pace was the right one as we continue to invest on its development in Q4 , a cost base lowered , anticipated and a better product mix drove us to exceed our 2025 guidance .
Antonio Picca Piccon: The cost base was further improved by an R&D government grant received before year-end and reduced racing expenses related to the fourth position in the Formula One 2025 championship ranking. Finally, it's worth reiterating that we reached the 2026 financial targets outlined at the Capital Markets Day of 2022, one year in advance, along with the conclusion of the EUR 2 billion share buyback program. 7. We give an overview of our shipments in 2025, which were deliberately kept flat year-over-year and our product portfolio evolution as we enter 2026. To be noted that in the year just ended, the 12-cylinder family ramped up and reached global distribution. The SF90 XX family reached its peak, and the Daytona SP3 concluded its limited series run in Q3, while the first few units of the F80 were delivered in Q4.
Antonio Piccon: The cost base was further improved by an R&D government grant received before year-end and reduced racing expenses related to the fourth position in the Formula One 2025 championship ranking. Finally, it's worth reiterating that we reached the 2026 financial targets outlined at the Capital Markets Day of 2022, one year in advance, along with the conclusion of the EUR 2 billion share buyback program. 7. We give an overview of our shipments in 2025, which were deliberately kept flat year-over-year and our product portfolio evolution as we enter 2026. To be noted that in the year just ended, the 12-cylinder family ramped up and reached global distribution. The SF90 XX family reached its peak, and the Daytona SP3 concluded its limited series run in Q3, while the first few units of the F80 were delivered in Q4.
Speaker #2: The base were cost R&D an government further improved by grant received before year and end , reduced racing expenses related to the four position in the Formula One 2025 championship ranking .
Speaker #2: Finally , it's worth reiterating that we reached the targets 2026 financial outlined at the Capital Markets Day of 2022 . advance One year in , along with the conclusion of the €2 billion share buyback program .
Speaker #2: overview of our Seven we gave an achievements in 2025 , which were deliberately kept flat year over year , and our product portfolio evolution as we enter 2026 to be noted that in the year just ended , the Sicilian family ramped up and global reached a distribution .
Speaker #2: The Sf90 xx family reached its peak Daytona SP3 and the concluded its limited series Q3 , run in while the first few units of the fatty were delivered in Q4 , we anticipated in the last earnings call that in the second half of 2025 , we started a significant changeover of models , which will be evident over the next quarter .
Antonio Picca Piccon: We anticipated in the last earnings call that in the second half of 2025, we started a significant changeover of models, which will be evident over the next quarter. Indeed, this year, we have seven new models, a record number, which enter the production and distribution phases and will shape the pace of our deliveries and their geographical location throughout 2026. Namely, the families of the 296 Speciale and the 849 Testarossa will take the place of the 296 and the SF90 families, while the Amalfi will succeed the Roma. In addition to that, the F80 has started its ramp-up phase, and the Ferrari Luce will begin its deliveries in Q4. On page eight, the net revenues bridge shows an 8% growth versus the prior year at cost and currency.
Antonio Piccon: We anticipated in the last earnings call that in the second half of 2025, we started a significant changeover of models, which will be evident over the next quarter. Indeed, this year, we have seven new models, a record number, which enter the production and distribution phases and will shape the pace of our deliveries and their geographical location throughout 2026. Namely, the families of the 296 Speciale and the 849 Testarossa will take the place of the 296 and the SF90 families, while the Amalfi will succeed the Roma. In addition to that, the F80 has started its ramp-up phase, and the Ferrari Luce will begin its deliveries in Q4. On page eight, the net revenues bridge shows an 8% growth versus the prior year at cost and currency.
Speaker #2: Indeed , this year we have seven new models , a record number which entered the production and distribution phases and will shape the pace of our deliveries and their geographic location throughout 2026 , namely , the families of the two nine , six and the A49 Testarossa will take the place of the 206 and Sf90 families , while the amid the Amalfi will succeed the Roma .
Speaker #2: addition In to that , the F8 has started its ramp up phase and the Ferrari Luce will begin its deliveries in Q4 . On page eight , the net revenues bridge shows an growth 8% versus the prior year at constant currency .
Antonio Picca Piccon: This translates into a 7% growth, including the headwind from currency, mainly related to the US dollar and the Japanese yen. The increase in cars and spare parts was driven by the richer product and country mix, as well as higher personalizations, partially offset by lower deliveries of the Daytona SP3. Personalizations accounted for approximately 20% of total revenues from cars and spare parts and were particularly relevant for the SF90 XX family and the Purosangue, driven by the adoption of carbon and special paints. Sponsorship, commercial, and brand also had a relevant increase thanks to higher sponsorship and the improved performance of the lifestyle activities, as well as higher commercial revenues linked to the better prior year Formula One ranking. Other revenues were positive and driven by sports-related activities and financial services. Moving to page nine, the change in EBIT is explained by the following variances.
Antonio Piccon: This translates into a 7% growth, including the headwind from currency, mainly related to the US dollar and the Japanese yen. The increase in cars and spare parts was driven by the richer product and country mix, as well as higher personalizations, partially offset by lower deliveries of the Daytona SP3. Personalizations accounted for approximately 20% of total revenues from cars and spare parts and were particularly relevant for the SF90 XX family and the Purosangue, driven by the adoption of carbon and special paints. Sponsorship, commercial, and brand also had a relevant increase thanks to higher sponsorship and the improved performance of the lifestyle activities, as well as higher commercial revenues linked to the better prior year Formula One ranking. Other revenues were positive and driven by sports-related activities and financial services. Moving to page nine, the change in EBIT is explained by the following variances.
Speaker #2: This translates into a 7% growth , including the headwind from currency , mainly related to the US dollar and the Japanese yen . The increase in cars and spare parts was driven by the richer product and country mix .
Speaker #2: As well as higher personalizations partially offset by lower deliveries of the Daytona SP3 . Personalizations accounted for approximately 20% of total revenues from cars and spare parts , and were particularly relevant for the Sf90 xx family and the Purosangue driven by the adoption of carbon and special paints .
Speaker #2: Sponsorship . Commercial and brand also had a relevant increase thanks to higher sponsorship and the improved lifestyle performance of the activities , as well as higher commercial revenues linked to the better prior year formula one ranking .
Speaker #2: Other revenues were positive and driven by sports related activities and financial services . Moving to page the change nine , in Ebit is explained by the following variances .
Antonio Picca Piccon: Volume contribution was substantially flat, with a slightly positive change being due to spare parts. Mix and price was visibly positive thanks to product and country mix supported by the Americas, increased personalizations, and higher sales of the 499P Modificata. In detail, regardless of the task comparison base and the phase-out of the Daytona SP3, the product mix was strong and sustained by the higher end of our product offering with the SF90 XX and the 12-cylinder families. Industrial costs and DNA were both lower, partially offset by higher racing and sports car innovation expenses. SG&A increased as a result of higher racing expenses and brand investment, as well as of our organizational and digital infrastructure development. Other was also positive, mainly thanks to racing and lifestyle activities.
Antonio Piccon: Volume contribution was substantially flat, with a slightly positive change being due to spare parts. Mix and price was visibly positive thanks to product and country mix supported by the Americas, increased personalizations, and higher sales of the 499P Modificata. In detail, regardless of the task comparison base and the phase-out of the Daytona SP3, the product mix was strong and sustained by the higher end of our product offering with the SF90 XX and the 12-cylinder families. Industrial costs and DNA were both lower, partially offset by higher racing and sports car innovation expenses. SG&A increased as a result of higher racing expenses and brand investment, as well as of our organizational and digital infrastructure development. Other was also positive, mainly thanks to racing and lifestyle activities.
Speaker #2: Volume contribution was substantially flat , with a slightly positive change being due to spare parts mix and price was visibly positive thanks to product and country mix supported by Americas increased personalization and higher sales of the 490 Modificata in detail , regardless of the tough comparison base and the phase out of Daytona SP3 , the product mix was strong and sustained by the higher end of our product offering .
Speaker #2: With the Sf90 and the Odyssey X cylinder families , industrial costs and DNA were both lower , partially offset by higher racing and sports cars .
Speaker #2: Innovation expenses . As G&A increased as a result of higher racing and expenses brand investment , as well as of our organisational and digital infrastructure development .
Antonio Picca Piccon: Percentage margins strengthened in the year despite the dilutive impact of the increased US import duties and the headwind from the US dollar and the Japanese yen devaluation, with EBITDA margin of 38.8% and EBIT margin at 29.5%. Turning to page 10, our industrial free cash flow for the year surpassed EUR 1.5 billion, an increase of roughly 50% versus last year. This was supported by the increase in profitability and a positive change in working capital thanks to the collection of F80 advances. A partial offset came from capital expenditure focused on product and infrastructural development, with the latter being mainly represented by the ongoing construction of the new paint shop and the completion of the new Evortex track, and net cash interest and tax payments, reflecting the evolution of the Patent Box regimes.
Antonio Piccon: Percentage margins strengthened in the year despite the dilutive impact of the increased US import duties and the headwind from the US dollar and the Japanese yen devaluation, with EBITDA margin of 38.8% and EBIT margin at 29.5%. Turning to page 10, our industrial free cash flow for the year surpassed EUR 1.5 billion, an increase of roughly 50% versus last year. This was supported by the increase in profitability and a positive change in working capital thanks to the collection of F80 advances. A partial offset came from capital expenditure focused on product and infrastructural development, with the latter being mainly represented by the ongoing construction of the new paint shop and the completion of the new Evortex track, and net cash interest and tax payments, reflecting the evolution of the Patent Box regimes.
Speaker #2: Other was also positive , mainly thanks to racing and lifestyle activities . Percentage margins strengthened in the year despite dilutive impact of the increased US import duties and the headwinds from the US dollar and the Japanese yen devaluation with EBITDA margin of 38.8% and Ebit margin at 29.5% .
Speaker #2: Turning to page ten, our industrial free cash flow for the year surpassed €1.5 billion, an increase of roughly 50% versus last year.
Speaker #2: This was the increase in supported by profitability and a positive change in working capital . Thanks to the collection of fat advances . A partial offset came from capital expenditure focused on product and infrastructural development , with the latter being mainly represented by the ongoing construction of the new paint shop and the completion of the new Evo track and net cash interest and tax payments .
Antonio Picca Piccon: The remarkable industrial free cash flow generation for the year allowed us to increase the shareholder remuneration by roughly 30% to over EUR 1.3 billion between dividends and share purchases. Moving to page 11, we outline our 2026 targets. We expect 2026 to be another year of consistent growth based on the following assumptions. On sports car, we will execute our planned model changeover through the year, which will lead to a further positive product mix supported by the F80 and new models ramp-up, regardless of the lower deliveries of the SF90 XX family and the 499P Modificata. On a comparison basis with 2025, we anticipate a stronger product mix variance in the second half of the year. Personalizations are currently expected to stay around 20% of cars and spare parts revenues. The evolution of sponsorships and lifestyle activities will further support the top-line growth.
Antonio Piccon: The remarkable industrial free cash flow generation for the year allowed us to increase the shareholder remuneration by roughly 30% to over EUR 1.3 billion between dividends and share purchases. Moving to page 11, we outline our 2026 targets. We expect 2026 to be another year of consistent growth based on the following assumptions. On sports car, we will execute our planned model changeover through the year, which will lead to a further positive product mix supported by the F80 and new models ramp-up, regardless of the lower deliveries of the SF90 XX family and the 499P Modificata. On a comparison basis with 2025, we anticipate a stronger product mix variance in the second half of the year. Personalizations are currently expected to stay around 20% of cars and spare parts revenues. The evolution of sponsorships and lifestyle activities will further support the top-line growth.
Speaker #2: Reflecting the evolution of the patent box regimes . The remarkable industrial free cash flow generation for the year allowed us to increase the shareholder remuneration by roughly 30% to over €1.3 billion between dividends and share repurchases .
Speaker #2: Moving to page 11 , we outline our 2026 targets . We expect year of another consistent growth based following on the assumptions on sports car .
Speaker #2: execute our planned model changeover through the year , which will lead to a further positive mix product supported by DFAT and new models .
Speaker #2: Ramp up regardless of the lower of the deliveries xx Sf90 , family and the 490 Modificata on a comparison basis with 2025 , we anticipate a stronger product mix in the variance second half of the year .
Speaker #2: Personalizations currently are expected to stay around 20% of cars and spare parts revenues . The evolution of sponsorships and lifestyle activities will further support the top line growth .
Antonio Picca Piccon: The increased investments in developing the brand and the lifestyle retail network, as well as racing and digital transformation expenses, will drive higher SG&A. Finally, depreciation and amortization will also be higher in line with the start of production of new models. As to the bottom line, we expect the effective tax rate to be around 23% as we keep on benefiting from the current patent box regime only. The underlying assumption for the US dollar exchange rate is of about 120 against the euro, resulting in a headwind compared to 2025, including hedges. The industrial free cash flow generation will be sustained by our profitability, partially offset by CapEx slightly higher than in 2025.
Antonio Piccon: The increased investments in developing the brand and the lifestyle retail network, as well as racing and digital transformation expenses, will drive higher SG&A. Finally, depreciation and amortization will also be higher in line with the start of production of new models. As to the bottom line, we expect the effective tax rate to be around 23% as we keep on benefiting from the current patent box regime only. The underlying assumption for the US dollar exchange rate is of about 120 against the euro, resulting in a headwind compared to 2025, including hedges. The industrial free cash flow generation will be sustained by our profitability, partially offset by CapEx slightly higher than in 2025.
Speaker #2: In developing increases in the brand and the lifestyle retail network, as well as racing and transformation, will drive expenses, digital.
Speaker #2: higher SG&A and finally , depreciation and amortization will also be higher in line with the start of production of new models . As to the bottom line , we expect the effective tax rate to be around we 23% as benefiting from the current patent regime .
Speaker #2: Only the underlying assumption for the US dollar exchange is of about rate 1.20 against the euro, resulting in a headwind compared to 2025, including edges.
Speaker #2: Industrial free cash flow generation will be sustained by our profitability, partially offset by CapEx, which is slightly higher than in 2025. Today's strong results testify to the uniqueness of our business model and the flexibility inherent in it, which provide us with continued strong visibility and confidence in our future.
Antonio Picca Piccon: Today's strong results testify to the uniqueness of our business model and the flexibility inherent in it, which continue to provide us with strong visibility and confidence in our future despite the ongoing challenges posed by the global scenario. Thanks for your attention, and I turn the call over to Nicoletta.
Antonio Piccon: Today's strong results testify to the uniqueness of our business model and the flexibility inherent in it, which continue to provide us with strong visibility and confidence in our future despite the ongoing challenges posed by the global scenario. Thanks for your attention, and I turn the call over to Nicoletta.
Speaker #2: Despite the ongoing posed challenges by the . Thanks for your scenario , and I turn the call global over to
Nicoletta Russo: Thank you, Antonio. Nadia, we are now ready to take all the questions. Thank you very much.
Nicoletta Russo: Thank you, Antonio. Nadia, we are now ready to take all the questions. Thank you very much.
Operator: Thank you so much. Dear participants, as a reminder, if you wish to ask a question, please press star one one on your telephone keypad and wait for your name to be announced. To withdraw a question, please press star one and one again. Please tell Bubble Compiler to Q&A queue. This will take a few moments. And now we're going to take our first question. And it comes to the line of Edouard Aubin from Morgan Stanley. Your line is open. Please ask your question.
Operator: Thank you so much. Dear participants, as a reminder, if you wish to ask a question, please press star one one on your telephone keypad and wait for your name to be announced. To withdraw a question, please press star one and one again. Please tell Bubble Compiler to Q&A queue. This will take a few moments. And now we're going to take our first question. And it comes to the line of Edouard Aubin from Morgan Stanley. Your line is open. Please ask your question.
Speaker #3: Antonio
Speaker #3: we are . Nadia , Nicoletta . ready to all the take Thank you . Thank you now questions . very
Speaker #4: Thank you so
Speaker #4: much . The much . participants , as a you wish reminder , if a question , please press to ask one star one on your telephone wait for keypad and your name to be To withdraw announced .
Speaker #4: your question , please press star one and one again . will Please stand compile the This queue . will take a few moments And now .
Speaker #4: to take our first question and it comes from we're going line of Ed Aubin from Stanley . Your line is open . Please Morgan ask a question .
Edouard Aubin: Yeah, good afternoon, guys. Thanks for taking my questions. So I have two questions. The first one, please, on the margin bit in Q4. Antonio, you talked about the guidance for 2026, which you expect your operating margin to be flat to up. And you gave some brief indication on the phase-in. So should we understand that your operating margin should be flat to down year-over-year in H1 and then up in the second half? And related to that, if you can come back on the growth and net impacts on the FX. And then my second question would be on the ramp-up of the F80. Are we right in understanding that it could kind of follow a similar pattern than the Daytona?
Edouard Aubin: Yeah, good afternoon, guys. Thanks for taking my questions. So I have two questions. The first one, please, on the margin bit in Q4. Antonio, you talked about the guidance for 2026, which you expect your operating margin to be flat to up. And you gave some brief indication on the phase-in. So should we understand that your operating margin should be flat to down year-over-year in H1 and then up in the second half? And related to that, if you can come back on the growth and net impacts on the FX. And then my second question would be on the ramp-up of the F80.
Speaker #5: Yeah . Good afternoon guys . Thanks for taking my questions . I have two questions . The first one , please , on the margin beat in Q4 , Antonio , you talked the about guidance for 26 , which you your operating margin to to up .
Speaker #5: be flat expect And you gave some brief indication on the phasing . So should we should we understand that your margin should flat to operating be down year over H1 .
Speaker #5: year in And then up in in the second half related and to that , if you can come back on the gross and net the FX the on .
Edouard Aubin: Are we right in understanding that it could kind of follow a similar pattern than the Daytona? If that's the case, I think on my calculation, I think we implied about 200 units, year one and 360, and then 240 in year three. If you could comment on that, that would be very helpful. Thank you so much.
Speaker #5: And then my second question would be ramp up of on the the are we right understanding that it could kind of in follow a similar pattern than Daytona ?
Edouard Aubin: If that's the case, I think on my calculation, I think we implied about 200 units, year one and 360, and then 240 in year three. If you could comment on that, that would be very helpful. Thank you so much.
Speaker #5: that's the the case , on on I think calculation , I my And if think we about Year , 200 unit . 103 60 , and implied then 2 to 14 in year three , if you could comment on that , that would be very helpful .
Antonio Picca Piccon: Thank you, Eduardo. So, Antonio.
Benedetto Vigna: Thank you, Eduardo. So, Antonio.
Benedetto Vigna: Yeah. As to the margins, I think what we can tell you is that, well, first of all, margin bit in Q4, I think I have explained, lower cost base, and I mentioned what is driving that. And then the positive impact of the product mix that has been slightly better driven by the number of 12-cylinder and SF90 XX that have been delivered in the last quarter. What we can tell you about 2026 is that we expect the mix to be compared to 2024 to be stronger as a variance in the second half of the year. And the F8 cycle is clearly next year and not yet at full global distribution. But we expect to have a steady improvement over the course of the quarters.
Antonio Piccon: Yeah. As to the margins, I think what we can tell you is that, well, first of all, margin bit in Q4, I think I have explained, lower cost base, and I mentioned what is driving that. And then the positive impact of the product mix that has been slightly better driven by the number of 12-cylinder and SF90 XX that have been delivered in the last quarter. What we can tell you about 2026 is that we expect the mix to be compared to 2024 to be stronger as a variance in the second half of the year. And the F8 cycle is clearly next year and not yet at full global distribution. But we expect to have a steady improvement over the course of the quarters.
Speaker #5: you so Thank much .
Speaker #1: Thank you . Edouard . So , Antonio . Yeah .
Speaker #2: As to the margins , I think what we can tell you is that the well , first of all , margin between Q4 , I think I have explained lower cost I mentioned what base and is driving that .
Speaker #2: And then the positive of impact the product mix that has been slightly better driven the by the number of cylinder and the XF have been that delivered in the last quarter .
Speaker #2: What we can tell you about 2026 is that we expect the the mix be compared to 2024 to be stronger as a variance in the second half of the and the cycles is clearly next year , not yet at full global distribution , but we expect to have a steady improvement over the course of the quarters .
Operator: Thank you, Ed. Now we're going to take our next question. The question comes to the line of José Asumendi from J.P. Morgan. Your line is open. Please ask your question.
Operator: Thank you, Ed. Now we're going to take our next question. The question comes to the line of José Asumendi from J.P. Morgan. Your line is open. Please ask your question.
Speaker #4: Thank you. Now we're going to take our next question. And the question comes from the line of Jose Azurmendi from J.P. Morgan. Your line is open.
Jose Asumendi: Thank you very much. And congratulations, Benedetto Vigna, for a strong end of the year. Two questions, please. Can you comment on 2026 on your guidance? Are you expecting mix and pricing to offset higher SG&A and higher industrial costs and R&D as a bucket, basically mix and pricing to offset the other headwinds, which include SG&A, industrial costs, and R&D? And then the second question, can you comment, please, on CapEx and R&D expenditure in 2026? Thank you.
José Asumendi: Thank you very much. And congratulations, Benedetto Vigna, for a strong end of the year. Two questions, please. Can you comment on 2026 on your guidance? Are you expecting mix and pricing to offset higher SG&A and higher industrial costs and R&D as a bucket, basically mix and pricing to offset the other headwinds, which include SG&A, industrial costs, and R&D? And then the second question, can you comment, please, on CapEx and R&D expenditure in 2026? Thank you.
Speaker #4: Please ask your question .
Speaker #6: Thank you very much . And congratulations , Antonio , for a strong end of the year . Two questions please . Can you comment on 26 on your guidance ?
Speaker #6: Are you expecting mix and pricing to offset higher and SG&A industrial costs and R&D as a Basically , them pricing makes bucket ? to offset the other the other headwinds , which include SG&A , industrial costs and R&D .
Benedetto Vigna: Yeah. We do expect mix and price to more than offset costs. With respect to CapEx, I think we expect it to be slightly higher compared to 2025, as I just mentioned before. And with respect to R&D, we expect R&D expense to the P&L. Once again, we expect them to be pretty stable, with maybe an element of volatility that might be related to the expenditure in Formula One. So it is innovation expenses due to the new technical regulations and the allowances that are granted to the teams with respect to the financial regulations for 2026.
Antonio Piccon: Yeah. We do expect mix and price to more than offset costs. With respect to CapEx, I think we expect it to be slightly higher compared to 2025, as I just mentioned before. And with respect to R&D, we expect R&D expense to the P&L. Once again, we expect them to be pretty stable, with maybe an element of volatility that might be related to the expenditure in Formula One. So it is innovation expenses due to the new technical regulations and the allowances that are granted to the teams with respect to the financial regulations for 2026.
Speaker #6: And then the second question , can you comment ? Please , on CapEx and R&D expenditure in 26 ? Thank you .
Speaker #2: Yeah , we do expect mix and price than to more offset costs with respect to CapEx . I think we expect it to be slightly higher compared to 2025 .
Speaker #2: As I just mentioned before , and with respect to R&D , we expect R&D expense to the PNL . Once again , we expect them to be pretty stable with maybe an element of volatility that might be related to the expenditure in the in Formula One .
Speaker #2: So, it is an expense due to the new technical regulations and the allowances that are granted to the teams with respect to the financial regulations for 2026.
Antonio Picca Piccon: Thank you.
José Asumendi: Thank you.
Operator: Thank you. And now we're going to take our next question. And the question comes to the line of Monica Bosio from Intesa Sanpaolo. Your line is open. Please ask your question.
Operator: Thank you. And now we're going to take our next question. And the question comes to the line of Monica Bosio from Intesa Sanpaolo. Your line is open. Please ask your question.
Speaker #6: Thank you .
Speaker #4: you Thank . And now we're our next going to take question . And the question comes the line of Monika Bhatia from Intesa Sanpaolo .
Monica Bosio: Yes. Good afternoon, everyone, and thanks for taking my questions. The first one is, if you can share with us which are the models that are driving your order book the most, if you can share with us. And if you have already seen an impact in terms of new clients from the Amalfi. Thank you very much.
Monica Bosio: Yes. Good afternoon, everyone, and thanks for taking my questions. The first one is, if you can share with us which are the models that are driving your order book the most, if you can share with us. And if you have already seen an impact in terms of new clients from the Amalfi. Thank you very much.
Speaker #4: Your line is open . Please ask a question
Speaker #7: afternoon
Speaker #7: everyone , and thanks for taking . Yes . my questions . Good first The if you one is can share with us are the which models that are growing , that are driving your order book the most .
Speaker #7: If you can share with us and if you have already seen an impact in terms of new clients from the Amalfi , thank you very much .
Antonio Picca Piccon: Thank you, Monica. So the models that are driving the order book are the models that we announced that we unveiled last year. So this is true for the 296 Speciale, for the 849 Testarossa, and Amalfi. Number two, yes, we see that for the Amalfi, we see a new client, new to the brand, approaching us. So we have done a deep analysis, and we see that several clients are coming from some specific brands that like the performance and the elegance of our car.
Benedetto Vigna: Thank you, Monica. So the models that are driving the order book are the models that we announced that we unveiled last year. So this is true for the 296 Speciale, for the 849 Testarossa, and Amalfi. Number two, yes, we see that for the Amalfi, we see a new client, new to the brand, approaching us. So we have done a deep analysis, and we see that several clients are coming from some specific brands that like the performance and the elegance of our car.
Speaker #1: Thank you, Monica. So the models that are driving the order book are the models that we announced. So this is true for the models we unveiled last year, the 296 Testarossa and the Amalfi number two.
Speaker #1: Yes. We see that for the Amalfi to the WE client, the new SE brand is approaching. So we, as done, have a deep analysis, and we see that several clients are coming from some specific brands that like the performance and the elegance of our car.
Monica Bosio: Perfect. Is there any differences in terms of geographical distribution as for these new clients?
Monica Bosio: Perfect. Is there any differences in terms of geographical distribution as for these new clients?
Antonio Picca Piccon: There is a difference. This is a good point. There is a difference because we are showing the Amalfi with some time delay in different countries. So where the country has been already, the car, sorry, has been already shown, clearly the people could see in reality the car. And when you see in reality the car, and this is true for all the cars we make, it's much different than when you see on the display. So it's a matter of, I would say, as the time goes and we show the cars, we see more and more interest from the people.
Benedetto Vigna: There is a difference. This is a good point. There is a difference because we are showing the Amalfi with some time delay in different countries. So where the country has been already, the car, sorry, has been already shown, clearly the people could see in reality the car. And when you see in reality the car, and this is true for all the cars we make, it's much different than when you see on the display. So it's a matter of, I would say, as the time goes and we show the cars, we see more and more interest from the people.
Speaker #7: Perfect . Is there any differences , differences in terms of geographical distribution ? As for these new clients .
Speaker #1: difference . There is a This is a good point . There is a difference because we are showing the Amalfi with some time delay in the different So countries .
Speaker #1: where the country has been already , the car has been already shown clearly . The people could see in reality the car . And when you see in reality the car and this is true for all the car we make is much different than when you see on the display .
Speaker #1: So it's a matter of, I would say, as time goes and we show the, we see the car, more and more interest from the people.
Monica Bosio: Thank you very much, Benedetto. Thank you.
Monica Bosio: Thank you very much, Benedetto. Thank you.
Antonio Picca Piccon: Grazie, Monica.
Benedetto Vigna: Grazie, Monica.
Operator: Thank you. Now we're going to take our next question. It comes to the line of Stephen Reitman from Bernstein. Your line is open. Please ask your question.
Operator: Thank you. Now we're going to take our next question. It comes to the line of Stephen Reitman from Bernstein. Your line is open. Please ask your question.
Speaker #7: you very Thank Benedetto . much ,
Speaker #1: Thank you . Monica .
Speaker #4: Thank you. And now we're going to take our next question, and it comes from the line of Rathman Stefan Bernstein. Your line is open.
Edouard Aubin: Yes. Good afternoon. Thank you. Two questions, please. Could you give a bit more detail on the level of F80 shipments in the final quarter of last year? And secondly, on residual value trends, and also the used market, and just dealer attitudes, could you comment on what's been going on? I understand that there's been quite a noticeable pickup in used vehicle sales in the UK after you throttled back shipments by about 30% of the UK market of new cars in 2025. And also, what is the state of, are you constantly, obviously, monitoring your dealers? What is their level of confidence in the brand? Thank you.
Stephen Reitman: Yes. Good afternoon. Thank you. Two questions, please. Could you give a bit more detail on the level of F80 shipments in the final quarter of last year? And secondly, on residual value trends, and also the used market, and just dealer attitudes, could you comment on what's been going on? I understand that there's been quite a noticeable pickup in used vehicle sales in the UK after you throttled back shipments by about 30% of the UK market of new cars in 2025. And also, what is the state of, are you constantly, obviously, monitoring your dealers? What is their level of confidence in the brand? Thank you.
Speaker #4: Please ask a question .
Speaker #8: Good afternoon . Yes . Thank you . Two questions please . Could you give a bit more detail on the level of fatty shipments in the final quarter of last year ?
Speaker #8: And secondly, on residual value trends and also the used market and just dealer attitudes, could you comment on what's been going on?
Speaker #8: I understand that there's been quite a notable pickup in used vehicle sales in the UK . After you throttle back shipments by about 30% of the UK market of new cars in 2025 , and also , what is the state of or constantly ?
Antonio Picca Piccon: Okay. I start from the last one. The level of confidence of the brand is very strong. We see the strength of this confidence, I mean, as strong as it was. So actually, I have to say that in the second part of the year, there has been even a strengthening of it because they saw a lot of innovation coming with different products. When it comes to residual value, well, I would like to say to remember, Stephen, two things: it's stable and solid. Okay? The residual value is stable and solid. We said already that in the UK, the residual value is stabilizing also because we have been, you remember well, we reduced the shipment. When it comes to the detail of F80, I would like to underline one point. One, we started the production as planned.
Benedetto Vigna: Okay. I start from the last one. The level of confidence of the brand is very strong. We see the strength of this confidence, I mean, as strong as it was. So actually, I have to say that in the second part of the year, there has been even a strengthening of it because they saw a lot of innovation coming with different products. When it comes to residual value, well, I would like to say to remember, Stephen, two things: it's stable and solid. Okay? The residual value is stable and solid. We said already that in the UK, the residual value is stabilizing also because we have been, you remember well, we reduced the shipment. When it comes to the detail of F80, I would like to underline one point.
Speaker #8: Obviously monitoring your dealers . What is the what is their level of confidence in brand ? Thank you .
Speaker #1: Okay , I start from the last level of confidence of the brand is very strong with we the see of this strength confidence .
Speaker #1: I is strong as it was so actually I have to say that in the second part of the year there has been even a strengthening of it because they saw a lot of innovation coming with different products .
Speaker #1: It comes when it comes to residual Well , I would like to say to remember two , two things is stable and solid .
Speaker #1: Okay . The residual value is stable and solid . We said that already the UK the residual value is stabilizing . Also because we have been you remember well we reduced the shipment when it comes to the detail of F80 .
Benedetto Vigna: One, we started the production as planned. 2, we shipped a few units in Q4, and this unit ended in the hands of customers all over the world. But we don't want to be specific to tell how many units have been shipped to whom. What I can tell you is that in Asia, in the US, in the UK, and in the Middle East, there are people that are enjoying our F80. And we know because there are actually some people even enjoying on the snow.
Antonio Picca Piccon: 2, we shipped a few units in Q4, and this unit ended in the hands of customers all over the world. But we don't want to be specific to tell how many units have been shipped to whom. What I can tell you is that in Asia, in the US, in the UK, and in the Middle East, there are people that are enjoying our F80. And we know because there are actually some people even enjoying on the snow.
Speaker #1: I would like to underline 1.1 . We started the production as planned . Two we shipped a few units in Q4 and this unit ended in the end of customers all over the world .
Speaker #1: But we don't want to to be specific , to tell how many units have been shipped to to whom , what I that you can tell in Asia , in us , in UK and in Middle East .
Speaker #1: There are people that are enjoying our fat . And we know because there are actually some people even enjoying on the snow .
Edouard Aubin: If we look at, you just gave some guidance. You said that supercars and Icona were about 1% of your overall shipments. So if we simply do the math and even take into account rounding errors or so, something like that, that still takes us maybe potentially to probably at most 200 units, including, obviously, about 177 of the Daytona SP3. Would that be a correct way of thinking about things?
Stephen Reitman: If we look at, you just gave some guidance. You said that supercars and Icona were about 1% of your overall shipments. So if we simply do the math and even take into account rounding errors or so, something like that, that still takes us maybe potentially to probably at most 200 units, including, obviously, about 177 of the Daytona SP3. Would that be a correct way of thinking about things?
Speaker #8: If we look at you did give some guidance . You said the supercars and Icona were about 1% of your overall shipments . So if we simply do the maths and even take into account rounding errors or so something like that , that still takes us maybe potentially to probably at most 200 units , including obviously 177 of the Daytona SP3 .
Antonio Picca Piccon: Look, I don't want to comment about specific numbers. I think that the percentages are a good representation of the reality. But I think you know what is the pattern of our supercar and Icona. You can make some assumptions. But I don't want to be specific on the number of cars we ship and where we are going to ship F80-wise.
Benedetto Vigna: Look, I don't want to comment about specific numbers. I think that the percentages are a good representation of the reality. But I think you know what is the pattern of our supercar and Icona. You can make some assumptions. But I don't want to be specific on the number of cars we ship and where we are going to ship F80-wise.
Speaker #8: Would that be a correct way of thinking about things?
Speaker #1: Look , I don't want to comment about specific numbers . I think that the percentage are a good representation of the reality , but I think , you know , what is the pattern of our supercar and Icona ?
Edouard Aubin: Exactly. Understood. Thank you.
Stephen Reitman: Exactly. Understood. Thank you.
Speaker #1: You can make some assumptions , but I don't want to be specific on the number of cars we ship and where we are going to .
Antonio Picca Piccon: Thank you, Stephen.
Benedetto Vigna: Thank you, Stephen.
Operator: Thank you. Now we're going to take our next question. It comes to the line of Horst Schneider from Bank of America. Your line is open. Please ask your question.
Operator: Thank you. Now we're going to take our next question. It comes to the line of Horst Schneider from Bank of America. Your line is open. Please ask your question.
Speaker #1: wise . ship Fatty
Speaker #9: Exactly .
Speaker #1: Thank you .
Speaker #9: Stefan .
Speaker #4: Thank you . Now we're going to take our next question and it comes to line of Horst Schneider from Bank of America . Your line is open .
Horst Schneider: Yeah. So, Ken, good afternoon. Thanks for taking my questions. First one is on foreign exchange rates. So maybe you can provide some indication what's going to be the impact on the bottom line this year. And my question would be also if you consider maybe pricing FX to customers. I know you don't do that so far, but maybe you consider doing that. And the second question would be about the CO2 targets. We had this proposal from the EU Commission in December, and they maybe relaxed the targets. There's no ICE ban anymore, maybe, in Europe. Does that change any of your planning, maybe, on projects that you say maybe in two, three years, you can have, again, less BEVs, and instead, you have more PHEV or more ICE vehicles even? I mean, de facto, just in Europe, there is emission regulation left.
Horst Schneider: Yeah. So, Ken, good afternoon. Thanks for taking my questions. First one is on foreign exchange rates. So maybe you can provide some indication what's going to be the impact on the bottom line this year. And my question would be also if you consider maybe pricing FX to customers. I know you don't do that so far, but maybe you consider doing that. And the second question would be about the CO2 targets. We had this proposal from the EU Commission in December, and they maybe relaxed the targets.
Speaker #4: Please ask a question .
Speaker #10: Yeah . Thank you . Good afternoon . Thanks for taking my questions . First one is on foreign exchange rates . So maybe you can provide some indication what's going to be the impact on the bottom line this year .
Speaker #10: And my question would be also if you consider maybe pricing FX to customers. I know you don't do that so far, but maybe you consider doing that.
Speaker #10: And the second question would be about the CO2 targets . had We this proposal from the EU Commission in December , and they may be relaxed .
Horst Schneider: There's no ICE ban anymore, maybe, in Europe. Does that change any of your planning, maybe, on projects that you say maybe in two, three years, you can have, again, less BEVs, and instead, you have more PHEV or more ICE vehicles even? I mean, de facto, just in Europe, there is emission regulation left. In the US, even we don't have any CO2 regulation anymore. So therefore, I think it comes back to the ratio also to guide it for the CMD. Thank you.
Speaker #10: target there's no The Ice Ben anymore . Maybe in Europe does that change any of your plannings ? Maybe on projects that you say maybe in 2 or 3 years you can have again , less BEVs and instead you have more five or more Ice vehicles ?
Horst Schneider: In the US, even we don't have any CO2 regulation anymore. So therefore, I think it comes back to the ratio also to guide it for the CMD. Thank you.
Speaker #10: Even, I mean, there is a mission in Europe, there is, in fact, just one regulation left in the US. Even, we don't have any CO2 regulation anymore.
Antonio Picca Piccon: Thank you, Horst. Let me set this straight a little bit. We had an introduction in this speech talking about Bank of America. You are from Bank of America. I know that you're from.
Benedetto Vigna: Thank you, Horst. Let me set this straight a little bit. We had an introduction in this speech talking about Bank of America. You are from Bank of America. I know that you're from.
Speaker #10: So therefore I think it comes back to the ratio also to guide it for the CMD . Thank you .
Horst Schneider: Exactly. Thank you for that. Thank you for that.
Horst Schneider: Exactly. Thank you for that. Thank you for that.
Speaker #1: Thank you . Earth . Let me a little bit straight . We had an introduction in this speech talking about Bank of America .
Antonio Picca Piccon: You did not say even a word. Anyway, in any case, we'll give you the answer. Okay? I think the second one, Antonio, will manage the first one, Horst. Joke aside. Apart. I think that when we have all this meeting on EU Commission, whatever, there is a person in this company called Elisa that me, Antonio, and all the people talk to because she can tell us exactly what is the story behind. Because if we read the newspaper or whatever, we do not understand it correctly. As of now, now, there is no change for us. Let's say there is no change in terms of regulation for us, fact number one. Fact number two, we did not change anything on our plans. So we stick to the plan that we have been showing with you. For the FX, Antonio will.
Benedetto Vigna: You did not say even a word. Anyway, in any case, we'll give you the answer. Okay? I think the second one, Antonio, will manage the first one, Horst. Joke aside. Apart. I think that when we have all this meeting on EU Commission, whatever, there is a person in this company called Elisa that me, Antonio, and all the people talk to because she can tell us exactly what is the story behind. Because if we read the newspaper or whatever, we do not understand it correctly. As of now, now, there is no change for us. Let's say there is no change in terms of regulation for us, fact number one. Fact number two, we did not change anything on our plans. So we stick to the plan that we have been showing with you. For the FX, Antonio will.
Speaker #1: You are from Bank of America .
Speaker #9: Exactly , exactly . For that , thank you for did that . You not say even a word anyway , I should have mentioned you .
Speaker #9: . In any .
Speaker #1: Case , we'll give you the answer . Okay .
Speaker #9: I think the second .
Speaker #1: One , Antonio will manage the first one . Or joke aside , apart . I think that when we have all these meetings on new commission , whatever , there is a person in this company called Elisa that me , Antonio and all the people talk to because she can tell us exactly what is the story behind .
Speaker #1: Because if we read the newspaper whatever , we do or not understand correctly as of now . Now there is no change for us there is , for no change in terms of regulation us .
Speaker #1: for Fact number one , factor number two , we did not change anything on our plans . So we stick to the plan that we have been showing with you for the effects .
Benedetto Vigna: Based on the assumption I outlined before, meaning with the US dollar at 120 against the euro and with the current spot rate for the Japanese yen, we are assuming, as of now, considering the hedges that we have in place that we have built over the last 12 months on a rolling basis, to have a headwind of about EUR 200 million that are already in the numbers we have been given to you.
Antonio Piccon: Based on the assumption I outlined before, meaning with the US dollar at 120 against the euro and with the current spot rate for the Japanese yen, we are assuming, as of now, considering the hedges that we have in place that we have built over the last 12 months on a rolling basis, to have a headwind of about EUR 200 million that are already in the numbers we have been given to you.
Speaker #1: Antonio will .
Speaker #2: Based on the assumption I outlined before , meaning with the US dollar at 120 against the euro and with the current spot rate for the Japanese yen , we are assuming as of now , considering the the edges that in place we have that we have built over the last 12 months rolling on a basis , to have an headwind of about €200 million , that are already in the numbers we have been given to you .
Antonio Picca Piccon: Wow. And do you consider pricing that because you don't do that in general?
Horst Schneider: Wow. And do you consider pricing that because you don't do that in general?
Benedetto Vigna: That's a flexibility that we have contractually. We haven't assumed to use it in the numbers we gave you.
Antonio Piccon: That's a flexibility that we have contractually. We haven't assumed to use it in the numbers we gave you.
Speaker #10: Well , and and you or consider pricing that because you don't do that in general .
Antonio Picca Piccon: Okay. Excellent. Thank you.
Horst Schneider: Okay. Excellent. Thank you.
Speaker #2: The flexibility that we have contractually we haven't assumed to use it in numbers we the gave you .
Operator: Thank you. And now we're going to take our next question. And the question comes to the line of Thomas Besson from Kepler Cheuvreux. Your line is open. Please ask your question.
Operator: Thank you. And now we're going to take our next question. And the question comes to the line of Thomas Besson from Kepler Cheuvreux. Your line is open. Please ask your question.
Speaker #10: Okay. Excellent. Thank you.
Speaker #4: Thank you . And now we're going to take our next question . And the question comes from line of Thomas Bisong from your line is open .
Jose Asumendi: Thank you very much. I have two questions as well, please. The first one, coming back to your Q4 average selling prices that were high, I understand you don't want to give the exact number of F80. Can you help us maybe with the share of XX products or 12-cylinder that were there explaining the strength of the ASP, given that I also noted your hybrid share was, I think, the lowest in two or three years in Q4. And typically, they tend to have higher prices than the average car. That's the first question. The second, could you please talk about the F1-related headwinds for 2026 because of both the new regulation and last year's ranking? Thank you very much.
Thomas Besson: Thank you very much. I have two questions as well, please. The first one, coming back to your Q4 average selling prices that were high, I understand you don't want to give the exact number of F80. Can you help us maybe with the share of XX products or 12-cylinder that were there explaining the strength of the ASP, given that I also noted your hybrid share was, I think, the lowest in two or three years in Q4. And typically, they tend to have higher prices than the average car. That's the first question. The second, could you please talk about the F1-related headwinds for 2026 because of both the new regulation and last year's ranking? Thank you very much.
Speaker #4: Please ask a question .
Speaker #11: Thank you very much . I'll have two questions as well . Please . The first one coming back Q4 to your averaging prices that were high and you don't want to give the exact number of fatty .
Speaker #11: Can you help us ? Maybe with the share of exact products or the DTC that were there explaining the strengths of the ESP ?
Speaker #11: Given that I also noted your hybrid share was , I think , the lowest in 2 or 3 years in Q4 , and typically tend to have higher they prices than the average car .
Speaker #11: But the first and the question second , could you please talk about the F1 related headwinds for 2026 ? Because of both the new and last regulation year's ranking ?
Antonio Picca Piccon: Antonio, I think you can manage both.
Benedetto Vigna: Antonio, I think you can manage both.
Benedetto Vigna: Yeah. Absolutely. Q4 ASP, in terms of the impact of the XX and 12-cylinders, I just mentioned that these were higher compared to our expectation. This has been managed in relation to the changeover. Honestly, I don't want to give you I don't want to go into the details of the percentage of the units that we sold, not extraordinary, though, just higher compared to what we had previously expected. F1 headwind, we have put in the numbers sorry, in the number, yes, the assumption that we know as of now based on current budget caps for chassis and power units. We usually expect to have a seasonality that is stronger in Q1 and Q4. But being the year completely new in terms of technical regulation, we retain a bit of flexibility in this respect.
Antonio Piccon: Yeah. Absolutely. Q4 ASP, in terms of the impact of the XX and 12-cylinders, I just mentioned that these were higher compared to our expectation. This has been managed in relation to the changeover. Honestly, I don't want to give you I don't want to go into the details of the percentage of the units that we sold, not extraordinary, though, just higher compared to what we had previously expected. F1 headwind, we have put in the numbers sorry, in the number, yes, the assumption that we know as of now based on current budget caps for chassis and power units.
Speaker #11: Thank you so much , Antonio .
Speaker #1: I think you can manage both .
Speaker #2: Absolutely . Q4 is in in terms of the impact of the excess and the digital . I just mentioned that these were higher compared to our expectations , and this has been managed in relation to the changeover .
Speaker #2: Honestly , I don't want to give you I don't want to go into the details of the percentage of of the units that we sold , not extraordinary though , just higher compared to what we had previously expected .
Speaker #2: F1 headwind . We have put in the numbers the sorry , the number . Yes . The assumption that we know as of now , based on current budget caps , both chassis and power unit , we usually expect to have a seasonality that is stronger in Q1 and Q4 .
Antonio Piccon: We usually expect to have a seasonality that is stronger in Q1 and Q4. But being the year completely new in terms of technical regulation, we retain a bit of flexibility in this respect. This is the volatility I mentioned before with respect to the application of the financial regulations in 2026.
Benedetto Vigna: This is the volatility I mentioned before with respect to the application of the financial regulations in 2026.
Speaker #2: But being the year completely new in terms of technical regulation , we retain a bit of flexibility in this respect . And this is the volatility I mentioned before with to the respect application of financial the regulations in 2026 .
Jose Asumendi: Thank you very much.
Thomas Besson: Thank you very much.
Operator: Thank you. Now we're going to take our next question. The question comes to the line of Andrea Balloni from Mediobanca. Your line is open. Please ask your question.
Operator: Thank you. Now we're going to take our next question. The question comes to the line of Andrea Balloni from Mediobanca. Your line is open. Please ask your question.
Speaker #11: Thank you very much .
Speaker #4: Thank you. And now we're going to take our next question. The question comes from the line of Belloni from Mediobanca. Your line is open.
Andrea Balloni: Yes. Good afternoon, everyone. Thanks for taking my question. A couple. The first one is about geography. Is my math correct? Deliveries to the US decline a little bit more materially in Q4. That was a measure put in place in order to address any potential decline in residual value, but now you have mentioned to be pretty solid. Or is something else about this market? And my second question is about sponsorship. You were quite supportive last year. What should we expect in 2026? Thank you.
Andrea Balloni: Yes. Good afternoon, everyone. Thanks for taking my question. A couple. The first one is about geography. Is my math correct? Deliveries to the US decline a little bit more materially in Q4. That was a measure put in place in order to address any potential decline in residual value, but now you have mentioned to be pretty solid. Or is something else about this market? And my second question is about sponsorship. You were quite supportive last year. What should we expect in 2026? Thank you.
Speaker #4: line is Please ask a question .
Speaker #12: Yes . Good afternoon everyone , and thanks for taking my question . A couple . The first one is about geographies . Even if is correct , delivery to the US declined a little bit more materially in Q4 .
Speaker #12: That was a measure put in place in order to address any potential decliners in value . But now you have mentioned to be pretty solid or is something else about this market .
Speaker #12: And my second question is about sponsorship, which were quite supportive last year. What should we expect in 2026? Thank you.
Antonio Picca Piccon: I think these are two questions that Antonio can manage also.
Benedetto Vigna: I think these are two questions that Antonio can manage also.
Benedetto Vigna: Yeah. Geographic mix. The Americas is going down, and it has nothing to do with the strength of the demand. It's just model changeover, and you'll see it further in 2026. The second one, sponsorship in 2026, we expect, as I mentioned before, to have further support to revenues and EBIT growth.
Antonio Piccon: Yeah. Geographic mix. The Americas is going down, and it has nothing to do with the strength of the demand. It's just model changeover, and you'll see it further in 2026. The second one, sponsorship in 2026, we expect, as I mentioned before, to have further support to revenues and EBIT growth.
Speaker #1: these are think
Speaker #1: Antonio two questions that . can manage . So
Speaker #1: .
Speaker #2: Geographic I mix the Americas going down has nothing to do strength of the with the demand . It's just model change and you'll see it further in 2026 .
Speaker #2: The second one . In 2026 . We expect as I mentioned before , to have a further support to revenues and Ebit growth .
Jose Asumendi: Thank you.
Andrea Balloni: Thank you.
Operator: Thank you so much, Andrea. Now we'll proceed with our next question. It comes to the line of Martino De Ambroggi from Equita. Your line is open. Please ask your question.
Operator: Thank you so much, Andrea. Now we'll proceed with our next question. It comes to the line of Martino De Ambroggi from Equita. Your line is open. Please ask your question.
Speaker #12: Thank you .
Speaker #4: Thank you so much , Andrea . I will proceed with our with our next question . And it comes from the line of Martinho da Ambrogio from Akita .
Martino De Ambroggi: Thank you. Good afternoon, everybody. One question on the free cash flow. So clearly, I understand CapEx is slightly higher, I suppose, below EUR 1 billion. But net working capital is expected to have a positive contribution for down payments also in 2026 or not, just to understand the strength of the free cash flow. And the second is on the EBIT bridge because in 2025, the block referring to other items was up EUR 110 million. If you could elaborate on what is your expectation for 2026 on this block, although it is probably more difficult and a mix of different drivers.
Martino De Ambroggi: Thank you. Good afternoon, everybody. One question on the free cash flow. So clearly, I understand CapEx is slightly higher, I suppose, below EUR 1 billion. But net working capital is expected to have a positive contribution for down payments also in 2026 or not, just to understand the strength of the free cash flow. And the second is on the EBIT bridge because in 2025, the block referring to other items was up EUR 110 million. If you could elaborate on what is your expectation for 2026 on this block, although it is probably more difficult and a mix of different drivers.
Speaker #4: Your line is open . Please ask your question .
Speaker #13: Thank you. Good afternoon, everybody. One question on the free cash flow. So, I clearly understand CapEx is slightly higher, I suppose, below $1 billion.
Speaker #13: But networking capital is expected to have a positive contribution for down payments . Also in 26 or not just understand the strength of the cash flow free .
Speaker #13: And the second is on the Ebit bridge because in 25 , the block . Referring to other items was up 110 . could If you elaborate on what is your expectation for 26 on this block ?
Benedetto Vigna: Thank you. Yes. On free cash flow, CapEx is higher. You're right. Net working capital, we expect it to be more neutral compared to 2025 because this year, we had the very important impact of the advances collected on the F80. On the EBIT bridge for 2025, I would expect this to be positive once again due to the support that I mentioned before from both the mostly, I would say, from sponsorship and racing revenues, generally speaking.
Antonio Piccon: Thank you. Yes. On free cash flow, CapEx is higher. You're right. Net working capital, we expect it to be more neutral compared to 2025 because this year, we had the very important impact of the advances collected on the F80. On the EBIT bridge for 2025, I would expect this to be positive once again due to the support that I mentioned before from both the mostly, I would say, from sponsorship and racing revenues, generally speaking.
Speaker #13: Although it is probably more difficult, and a mix of different drivers.
Speaker #2: Thank you . Yes , on on free cash flow CapEx higher . You're right . Net working capital . We expect it to be more neutral to 2025 this year we had the the very important impact of the advances on collected the fatty , on the bridge for 2025 .
Speaker #2: I would expect this to be positive . Once again due to the support that I mentioned before from both the mostly , I would say from from sponsorship Generally speaking raising revenues .
Antonio Picca Piccon: Okay. So net working capital, in any case, not negative. There is not a reversal of the trend?
Martino De Ambroggi: Okay. So net working capital, in any case, not negative. There is not a reversal of the trend?
Speaker #2: and .
Benedetto Vigna: There is a reversal, but I would expect other components to come to compensate.
Antonio Piccon: There is a reversal, but I would expect other components to come to compensate.
Speaker #13: Okay , so networking capital in any case , not negative . There is not a reverse of the trend .
Antonio Picca Piccon: Okay. And very last, Q1 and Q2, should we expect a flattish year-on-year performance or, in any case, you want to go?
Martino De Ambroggi: Okay. And very last, Q1 and Q2, should we expect a flattish year-on-year performance or, in any case, you want to go?
Speaker #2: There is a reversal, but I would expect other components to come in to compensate.
Speaker #13: And Okay . last very Q1 and Q2 , should we expect a flattish year on year performance or in any case .
Benedetto Vigna: I'm not into that level of detail as of now. We'll see as we go.
Antonio Piccon: I'm not into that level of detail as of now. We'll see as we go.
Antonio Picca Piccon: We were thinking with Antonio to give a yearly update.
Benedetto Vigna: We were thinking with Antonio to give a yearly update.
Speaker #9: I'm going to .
Benedetto Vigna: Okay. So we stay with second half better than first half. Okay. So thank you.
Martino De Ambroggi: Okay. So we stay with second half better than first half. Okay. So thank you.
Speaker #2: Into that level of detail as of we'll see as we .
Speaker #9: Go. We will see.
Speaker #1: Antonio to With give a yearly update .
Antonio Picca Piccon: Ciao.
Benedetto Vigna: Ciao.
Operator: Thank you.
Operator: Thank you.
Speaker #9: So we stay with, okay, the...
Antonio Picca Piccon: Ciao.
Antonio Piccon: Ciao.
Speaker #13: Second half better than first half okay . So thank you . .
Operator: Now we're going to take our next question. It comes to the line of Tom Narayan from RBC. Your line is open. Please ask your question.
Operator: Now we're going to take our next question. It comes to the line of Tom Narayan from RBC. Your line is open. Please ask your question.
Speaker #1: Now .
Speaker #4: Thank you . And now we're going to take our next question . And it comes line of Tom Narayan from RBC . Your line is open .
Tom Narayan: Yes. Tom Narayan, RBC. Thanks for taking the questions. I wanted to drill down on the FX, if I could, the guidance for 2026 EBIT. I think you said a EUR 200 million impact. The Q4 bridge had a negative EUR 25 million impact. I think the dollar saw its biggest depreciation in Q4 2025. If I annualize that, I get EUR 100 million. Yeah. I know the yen is another factor, as is the reversal of those hedges. But it just seems like EUR 200 million is really high considering those. Maybe we could just drill down that a little bit to better understanding that. And then I realize it's a floor. But how should we think about the long-term guidance you guys provided at the October Capital Markets Day? I mean, now, more likely, you feel you'll exceed that floor?
Tom Narayan: Yes. Tom Narayan, RBC. Thanks for taking the questions. I wanted to drill down on the FX, if I could, the guidance for 2026 EBIT. I think you said a EUR 200 million impact. The Q4 bridge had a negative EUR 25 million impact. I think the dollar saw its biggest depreciation in Q4 2025. If I annualize that, I get EUR 100 million. Yeah. I know the yen is another factor, as is the reversal of those hedges. But it just seems like EUR 200 million is really high considering those. Maybe we could just drill down that a little bit to better understanding that.
Speaker #4: Please ask a question .
Speaker #14: Hi . Yes Tom RBC thanks for taking the questions . I wanted to drill down on the If I The FX . could .
Speaker #14: for 2026 Ebit . guidance I think you said a €200 million impact . The Q4 bridge had a -25 million impact . I think the dollar saw its biggest depreciation in Q4 25 .
Speaker #14: If I annualize that , I get 100 million . Yeah , I know the yen is another factor , as is the reversal of hedges .
Speaker #14: those But it just seems like 200 million is is really high considering those . Maybe we could just drill down that a little bit to better understanding that .
Tom Narayan: And then I realize it's a floor. But how should we think about the long-term guidance you guys provided at the October Capital Markets Day? I mean, now, more likely, you feel you'll exceed that floor? You're calling for 7% EBIT growth for 2026, even with those FX headwinds. The Capital Markets Day called for a floor of EBIT growth of 6%. Thanks.
Speaker #14: And then I realize it's a floor , but how should we think about the long term guidance you guys provided at the October capital Markets Day ?
Tom Narayan: You're calling for 7% EBIT growth for 2026, even with those FX headwinds. The Capital Markets Day called for a floor of EBIT growth of 6%. Thanks.
Speaker #14: Is it now more likely feel you'll exceed that floor ? You know , you're for 7% Ebit growth for 26 , those even with FX the headwinds , markets stay capital called floor Ebit growth of 6% .
Antonio Picca Piccon: Tom, I think the second one, and then for the FX, Antonio will be very precise. When we gave the visibility for 2030, we gave visibility after 60 months. If I go from October 9 till February 10, it's only 4 months. So if we change visibility because 4 months are gone after 60, in your shoes, I would be worried. So we stick to what we gave you on October 9, and we feel comfortable about the number that we share with you at that time. For FX, Antonio can comment about the EUR 200 million impact.
Benedetto Vigna: Tom, I think the second one, and then for the FX, Antonio will be very precise. When we gave the visibility for 2030, we gave visibility after 60 months. If I go from October 9 till February 10, it's only 4 months. So if we change visibility because 4 months are gone after 60, in your shoes, I would be worried. So we stick to what we gave you on October 9, and we feel comfortable about the number that we share with you at that time. For FX, Antonio can comment about the EUR 200 million impact.
Speaker #14: Thanks , Tom .
Speaker #1: I think FX then for the second one . And , Antonio will be very precise . When we gave the visibility for 2030 , we gave visibility after 60 months .
Speaker #1: If I go from October 9th till February 10th, it's only four months. So if we change visibility because four months are gone after six days in your shoes, I would be worried.
Speaker #1: we So stick to what we gave you on October 9th and we feel comfortable about the number that we shared with you that at time for FX , Antonio can comment about the 200 million .
Benedetto Vigna: Hi, Tom. When we speak about the foreign exchange impact on the EBIT, we always take into account the element of hedging that, obviously, you can't see, but that we built in terms of position over time, so on a monthly basis, and having in mind a horizon of 12 months. So when you look at Q4 2025, we had the positive impact coming from the hedges put in place, basically, between the end of 2024 and the beginning of 2025. When we look at 2026, we do not have the benefit of hedges put in place at that rate at the time it was 105 or in that region. Nowadays, during the course of this year, we've been starting building position from 115 on in terms of, so the impact is clearly much more negative. Hope this helps.
Antonio Piccon: Hi, Tom. When we speak about the foreign exchange impact on the EBIT, we always take into account the element of hedging that, obviously, you can't see, but that we built in terms of position over time, so on a monthly basis, and having in mind a horizon of 12 months. So when you look at Q4 2025, we had the positive impact coming from the hedges put in place, basically, between the end of 2024 and the beginning of 2025. When we look at 2026, we do not have the benefit of hedges put in place at that rate at the time it was 105 or in that region. Nowadays, during the course of this year, we've been starting building position from 115 on in terms of, so the impact is clearly much more negative. Hope this helps.
Speaker #2: Impact . Hi Tom , when we speak about the foreign exchange impact on Ebit , we always take into account the element of hedging that obviously you can't see , we built in terms of over position time .
Speaker #2: So on a monthly and having in mind a horizon of 12 months . So when you look at 20 Q4 , 2025 , we had the positive impact coming from the hedges put in between the end of 2024 and the beginning of 2025 , when we look at 2026 , we do not have the of edges put place at that rate .
Speaker #2: At the time , it was 105 , or in that region . Nowadays , during the course of this year , when been starting building position from 115 on , in terms of .
Tom Narayan: Oh. Just to confirm, so does that mean that the hedging piece is a greater negative impact than just the FX rates?
Tom Narayan: Oh. Just to confirm, so does that mean that the hedging piece is a greater negative impact than just the FX rates?
Speaker #2: So the impact is clearly much more negative . Hope this helps .
Speaker #14: Just to Okay . confirm . So that means does that mean that the hedging piece is a greater negative impact than just the the FX rates .
Benedetto Vigna: Yes. Compared to 2025, yes. It does not offset the negative coming from the spot rate.
Antonio Piccon: Yes. Compared to 2025, yes. It does not offset the negative coming from the spot rate.
Tom Narayan: Got it. Okay. Thank you.
Tom Narayan: Got it. Okay. Thank you.
Speaker #2: Compared compared to 2025 ? Yes . It does not offset the negative coming from the spot rate .
Benedetto Vigna: Not the 110. Okay. Thanks.
Antonio Piccon: Not the 110. Okay. Thanks.
Operator: Thank you. Now we're going to take our next question. It comes to the line of Michael Tyndall from HSBC. Your line is open. Please ask your question.
Operator: Thank you. Now we're going to take our next question. It comes to the line of Michael Tyndall from HSBC. Your line is open. Please ask your question.
Speaker #14: Got it . Okay .
Speaker #9: Thank
Speaker #9: you .
Speaker #2: Thanks Okay . .
Speaker #4: Thank you . Now we're going to take our next question . And it comes line of Michael Tindall from HSBC . Your line is open .
Michael Tyndall: Yeah. Thanks very much. Michael Tyndall from HSBC. Two questions, if I may. I guess the first, sort of touching on what Tom was talking about in terms of 2030. Antonio, when you think about from here to 2030, is 2026 the toughest year in the plan? You don't have the full allocation of F80. You've got lots of model changeovers. You've got F1 cost inflation. You've got FX. In your mind, is this the toughest year, or are you seeing something later on that we're not seeing? And then the second question I'm going to ask, but I suspect I'll get told I have to wait. Benedetto, have the repeaters already seen the Luce in its full glory? And if so, any indications on what their thoughts are, their indications?
Michael Tyndall: Yeah. Thanks very much. Michael Tyndall from HSBC. Two questions, if I may. I guess the first, sort of touching on what Tom was talking about in terms of 2030. Antonio, when you think about from here to 2030, is 2026 the toughest year in the plan? You don't have the full allocation of F80. You've got lots of model changeovers. You've got F1 cost inflation. You've got FX. In your mind, is this the toughest year, or are you seeing something later on that we're not seeing? And then the second question I'm going to ask, but I suspect I'll get told I have to wait.
Speaker #4: Please ask your question .
Speaker #15: Yeah . Thanks very much . Mike Tindall from HSBC . Two questions , if I may . I guess the first , it's sort of touching on what Tom was talking about in terms of 2030 .
Speaker #15: Antonio , when you think about from here to 2030 , is 2026 , the toughest year in the plan ? You don't have the full allocation of fat .
Speaker #15: You've got lots of model changeovers . You've got F1 cost inflation , you've got FX does in your this mind , is this the toughest year or are we looking at something ?
Speaker #15: Are you seeing something that we're later on not seeing? And then the second question I'm going to ask, but I suspect I'll get told I have to wait.
Michael Tyndall: Benedetto, have the repeaters already seen the Luce in its full glory? And if so, any indications on what their thoughts are, their indications? Because I'm guessing, the way you operate, you've done it in fairly close communication with them. So fascinated to know what the die-hards are thinking about that product. Thanks.
Speaker #15: Benedetto the repeat is , have already seen . The Lucia its full glory , and if so , you know any indications on what their thoughts are ?
Michael Tyndall: Because I'm guessing, the way you operate, you've done it in fairly close communication with them. So fascinated to know what the die-hards are thinking about that product. Thanks.
Speaker #15: Their indications ? Because I'm guessing the way you operate , you've in done it fairly close communication with them . So fascinated to know what the die are hards about thinking .
Antonio Picca Piccon: Thank you. I like to comment that the client did not yet see the Ferrari Luce in full glory. They see only the internal glory, let's say, the interiors. To see the full glory, I think we have to wait 25 May, as I said before. So the unveil process will be complete 10 May. What I can tell you is that the indications are very positive. The people were, as I said, some of them said, "We are." Some people attending over there said, "We are extremely happy because we are the only one to have all the motorization." And what I like is the "we." They were talking about them being part of the community.
Benedetto Vigna: Thank you. I like to comment that the client did not yet see the Ferrari Luce in full glory. They see only the internal glory, let's say, the interiors. To see the full glory, I think we have to wait 25 May, as I said before. So the unveil process will be complete 10 May. What I can tell you is that the indications are very positive. The people were, as I said, some of them said, "We are." Some people attending over there said, "We are extremely happy because we are the only one to have all the motorization." And what I like is the "we." They were talking about them being part of the community.
Speaker #15: product . Thanks That .
Speaker #1: Thank you . I like to comment that the client did not yet see the Ferrari in full glory . They see only the internal glory .
Speaker #1: Let's say the interiors—to see the full glory, I think we have to wait until the 25th of May, as I said before.
Speaker #1: So the unveil process will be complete end of May . What I can tell you is that the indications are very positive . The people were , as I said , the some of them said we are some people attending over there said we are extremely happy because you because we only one to the have all the motorization .
Antonio Picca Piccon: They were not saying "you." For the price, clearly, we have a price in mind, but this will be shared after the complete unveil process, like we are doing for all the models since ever. The other question, to complete what I told Tom before, you said in the first part of your sentence, you gave for granted that 2026 is the toughest year in the plan, and then you made us a question. I think that what we have been always saying, and Antonio was very clear also in his part in the presentation of Capital Markets Day, that the business plan is stable and linear. So, Mike, don't take this hypothesis that 2026 is the toughest year in the plan.
Benedetto Vigna: They were not saying "you." For the price, clearly, we have a price in mind, but this will be shared after the complete unveil process, like we are doing for all the models since ever. The other question, to complete what I told Tom before, you said in the first part of your sentence, you gave for granted that 2026 is the toughest year in the plan, and then you made us a question. I think that what we have been always saying, and Antonio was very clear also in his part in the presentation of Capital Markets Day, that the business plan is stable and linear. So, Mike, don't take this hypothesis that 2026 is the toughest year in the plan.
Speaker #1: I like And what is the we they were talking about them being part of the community . No , they were not saying you .
Speaker #1: For the price, clearly we have a price in mind, but this will be shared after the complete unveil in the unveiling process.
Speaker #1: Like we are doing for all the model . Since since ever the other question to complete what I told Tom before you said in the first part of your sentence , you gave for granted .
Speaker #1: The 2026 is the toughest year in the plan , and then you you made us a question . I think that what we have been always saying , and Antonio was very clear also in this part in the presentation , capital Market Day , that the the business plan is stable and linear .
Speaker #1: So , Mike , don't don't take this hypothesis . The 2026 is the toughest year in the plan .
Michael Tyndall: Got it. Thank you.
Michael Tyndall: Got it. Thank you.
Antonio Picca Piccon: 2026 is a year of growth. Remember this.
Antonio Piccon: 2026 is a year of growth. Remember this.
Operator: Thank you.
Operator: Thank you.
Antonio Picca Piccon: Got it. Thank you.
Michael Tyndall: Got it. Thank you.
Speaker #15: Got Thank it . you .
Operator: Now we're going to take our next question. It comes to the line of Anthony Dick from Oddo BHF. Your line is open. Please ask your question.
Operator: Now we're going to take our next question. It comes to the line of Anthony Dick from Oddo BHF. Your line is open. Please ask your question.
Speaker #1: of growth . 2026 is a year Remember this .
Speaker #4: Thank
Speaker #4: you . Thank you
Speaker #4: going to take . And now we're our next question . And it comes line of Anthony Dick from Adobe . Your line is open .
Anthony Dick: Yes. Hello. Thanks for taking the questions. The first one is a quick technical one on the Q4. You mentioned two tailwinds on the R&D side, the government grants and the lower F1 ranking. Could you please give us the magnitude of those two impacts? And do you still expect to receive a government grant in 2026 also? My second question is on something else you mentioned and I hadn't heard before, was the spare parts business. Could you just remind me, actually, what that represents for you and what is driving the increase on the spare parts and how relevant it is for your business? And the last one I would have is on the cost side. You also mentioned lower costs here, so just trying to kind of understand the drivers. And maybe, actually, just a quick last one on ASP.
Anthony Dick: Yes. Hello. Thanks for taking the questions. The first one is a quick technical one on the Q4. You mentioned two tailwinds on the R&D side, the government grants and the lower F1 ranking. Could you please give us the magnitude of those two impacts? And do you still expect to receive a government grant in 2026 also? My second question is on something else you mentioned and I hadn't heard before, was the spare parts business. Could you just remind me, actually, what that represents for you and what is driving the increase on the spare parts and how relevant it is for your business? And the last one I would have is on the cost side. You also mentioned lower costs here, so just trying to kind of understand the drivers.
Speaker #4: Please ask your question .
Speaker #9: Yes .
Speaker #16: Thanks for the hello and for taking the questions. The first one is a quick technical one on the Q4. You mentioned two tailwinds on the R&D side.
Speaker #16: The government grants and the lower F1 ranking . Could you please give us the magnitude of those two impacts ? And do you still to expect receive a government grant in 2026 ?
Speaker #16: Also , my second question is on something else you mentioned , and I hadn't heard before , was the spare parts business . Could you just remind me actually , what that represents for you and what is driving the the increase on the spare parts and how relevant it is for for your business ?
Anthony Dick: And maybe, actually, just a quick last one on ASP. So I know you won't provide the F80 deliveries, but I was wondering if there was anything also else that drove the ASP increase in Q4 other than the SF90 XX and the 12-cylinder, maybe tariffs impact, or also if the F80 contribution offset or was larger than the Daytona SP3 contribution last year. Thank you.
Speaker #16: And the last one I would have is on the cost you side , mentioned also lower costs here . So just trying to to kind of understand the drivers and actually just a maybe quick last one on ASP .
Anthony Dick: So I know you won't provide the F80 deliveries, but I was wondering if there was anything also else that drove the ASP increase in Q4 other than the SF90 XX and the 12-cylinder, maybe tariffs impact, or also if the F80 contribution offset or was larger than the Daytona SP3 contribution last year. Thank you.
Speaker #16: you won't provide So I know the fatty deliveries , but I was wondering if there was anything also else that drove the ASP increase in Q4 other than the Sf90 , XX and the 12 cylinder maybe tariffs impact or also if you know the fatty contribution offset or was larger than the Daytona SP3 contribution last year .
Antonio Picca Piccon: Thank you, Antonio. I take the second one for the spare part. The answer, when you say what drives the increase of this part, is because the people are we have more and more people that are enjoying the car that are when you use more the car, clearly, you need more spare parts. So this is the reason why we have an increase in spare parts. There was also a price increase last year, but there was also a clear trend of our client to use more the car. For the other three questions, Antonio will be very specific.
Benedetto Vigna: Thank you, Antonio. I take the second one for the spare part. The answer, when you say what drives the increase of this part, is because the people are we have more and more people that are enjoying the car that are when you use more the car, clearly, you need more spare parts. So this is the reason why we have an increase in spare parts. There was also a price increase last year, but there was also a clear trend of our client to use more the car. For the other three questions, Antonio will be very specific.
Speaker #16: Thank you .
Speaker #1: Thank you Anthony . I take the second one for the spare part and the answer when you say what drive the the increase of of this part is because the people are we have more and more people that are enjoying the cars that are .
Speaker #1: use more , When you the cars , clearly you need more spare parts . So this is the reason why we have an increase in in was also spare parts .
Speaker #1: a price There increase last year the , but there was also a clear trend of our client to use more . The cars .
Benedetto Vigna: Yeah. With respect to Q4, the R&D tailwind that you mentioned, this is a grant that is related to the development contract that we announced back in 2022, I guess. So yes, there will be other grants expected in the future years. R&D and CapEx altogether account for a bit more than half of the positive change compared to our latest guidance. Lower costs in 2025, I mentioned, compared to our expectations. Okay? So it all ended up being better in terms of industrial cost and even slightly in terms of SG&A. As far as Q4, once again, with respect to Q4, yes, tariffs, obviously, compared to Q3, were slightly more benign because most of them were based on the 15% rate that was applicable after August 1st. I think we have flagged it all with this question.
Antonio Piccon: Yeah. With respect to Q4, the R&D tailwind that you mentioned, this is a grant that is related to the development contract that we announced back in 2022, I guess. So yes, there will be other grants expected in the future years. R&D and CapEx altogether account for a bit more than half of the positive change compared to our latest guidance. Lower costs in 2025, I mentioned, compared to our expectations. Okay? So it all ended up being better in terms of industrial cost and even slightly in terms of SG&A. As far as Q4, once again, with respect to Q4, yes, tariffs, obviously, compared to Q3, were slightly more benign because most of them were based on the 15% rate that was applicable after August 1st. I think we have flagged it all with this question.
Speaker #1: other three questions , Antonio will be For the very specific .
Speaker #2: Yeah . With respect to Q4 , the R&D tailwind that you mentioned . This grant , that is related to the development contract that we announced back in 2022 , I guess .
Speaker #2: So , yes , there will be other grants expected in future years . R&D and ranking altogether account for a bit more than half of the of the positive change compared to our initial guidance , latest guidance , lower cost in 2025 .
Speaker #2: I mentioned compared to our expectations. Okay, so it all ended up being better in terms of industrial cost, and even slightly in terms of G&A.
Speaker #2: You as far as Q4 , once , with respect to again Q4 , tariffs , obviously yes , , compared to Q3 more slightly benign because the most of them were based on the 15% rate that was applicable after August .
Anthony Dick: Thank you. Maybe just on the spare parts one, could you give a sense of what it represents as a part of the car and spare parts business revenue?
Anthony Dick: Thank you. Maybe just on the spare parts one, could you give a sense of what it represents as a part of the car and spare parts business revenue?
Speaker #2: The first , I think we have flagged all in with this question .
Antonio Picca Piccon: It's a good try, Antonio, but we don't share this detail. What I can tell you is that, really, the people are enjoying more and more the Ferrari. The product portfolio is going in that direction to let them enjoy more and more. Thus, they have to buy more spare parts. I would stick to this, really.
Benedetto Vigna: It's a good try, Antonio, but we don't share this detail. What I can tell you is that, really, the people are enjoying more and more the Ferrari. The product portfolio is going in that direction to let them enjoy more and more. Thus, they have to buy more spare parts. I would stick to this, really.
Speaker #16: Thank you . Maybe just on the on the spare parts , one , could you give a sense of what it represents as a part of the car and spare parts business revenue ?
Speaker #1: Is it good ? Anthony . But we don't share this detail . What I can tell you is that really the people are enjoying more and more the Ferrari , the product portfolio is going in that direction to let them enjoy more and more , and thus they are they have to buy more , spare parts .
Anthony Dick: Okay. Understand. Thank you very much.
Anthony Dick: Okay. Understand. Thank you very much.
Antonio Picca Piccon: Thank you, Antonio.
Benedetto Vigna: Thank you, Antonio.
Operator: Thank you. And now we're going to take our next question. And it comes to the line of Christian Frenes from Goldman Sachs. Your line is open. Please ask your question.
Operator: Thank you. And now we're going to take our next question. And it comes to the line of Christian Frenes from Goldman Sachs. Your line is open. Please ask your question.
Speaker #1: I would stick to this really ?
Speaker #16: Okay, understood. Thank you very much.
Speaker #1: Thank you . Anthony .
Speaker #4: you Thank going to take . And now we're our next question . And it comes line of Frenette Christiane from Goldman Sachs . Your line is open .
Christian Frenes: Yeah. Hi, everyone. Thanks for taking my question. Most of my questions have been asked, but two more from my side. Your R&D capitalization ratio was a bit lower than I anticipated. Can you comment a little bit about what we should anticipate going forwards for R&D capitalization? Is this the new run rate, or should we think about longer-term mean reversion there? And my second question, just going back to residual values, can you just comment outside of the UK? Just if I understood you correctly, you have not taken any additional actions, right, in terms of addressing softening residual values. Is that the correct understanding? Thank you.
Christian Frenes: Yeah. Hi, everyone. Thanks for taking my question. Most of my questions have been asked, but two more from my side. Your R&D capitalization ratio was a bit lower than I anticipated. Can you comment a little bit about what we should anticipate going forwards for R&D capitalization? Is this the new run rate, or should we think about longer-term mean reversion there? And my second question, just going back to residual values, can you just comment outside of the UK? Just if I understood you correctly, you have not taken any additional actions, right, in terms of addressing softening residual values. Is that the correct understanding? Thank you.
Speaker #4: Please ask a question .
Speaker #17: Yeah . Thanks for everyone . taking my question . questions Most of my have been but asked , two more from my side .
Speaker #17: Your R&D capitalization ratio was a bit small , lower than I anticipated . Can you comment a little bit about what we should anticipate going for forward R&D capitalization ?
Speaker #17: Is this new run rate , or should we think about , longer term mean reversion ? There ? My second question , just going back to residual values .
Speaker #17: Can you just comment outside of the UK ? Just if I understood you correctly , you have not taken any additional actions , right ?
Antonio Picca Piccon: The second one, what we said and also in the past and what I said a few minutes ago, is that in UK, the residual value is stabilizing also because we reduced the number of cars we gave in that part of the world. And this is the action, basically, that was put in place. It's nothing new on this front. For the capitalization ratio, Antonio?
Benedetto Vigna: The second one, what we said and also in the past and what I said a few minutes ago, is that in UK, the residual value is stabilizing also because we reduced the number of cars we gave in that part of the world. And this is the action, basically, that was put in place. It's nothing new on this front. For the capitalization ratio, Antonio?
Speaker #17: terms In of addressing softening , residual values . Is that the correct understanding ? Thank you .
Speaker #1: one , The second what we said and what also in the past and what I said a few is that minutes ago in in UK , the residual value is stabilizing .
Speaker #1: Also because we reduced the the number of cars we we gave in that part of the world and this is Basically it was put in the place is an nothing nothing new on this for the front capitalization ratio .
Benedetto Vigna: Yeah. It actually depends on the ability.
Antonio Piccon: Yeah. It actually depends on the ability.
Antonio Picca Piccon: Sorry. If I just may.
Christian Frenes: Sorry. If I just may.
Benedetto Vigna: Sorry.
Martino De Ambroggi: Sorry.
Antonio Picca Piccon: The question was for outside of the UK, not for the UK.
Christian Frenes: The question was for outside of the UK, not for the UK.
Speaker #1: Antonio .
Speaker #9: Yeah .
Benedetto Vigna: No, no. The action was specific to UK. There is nothing ongoing for the rest of the world. Sorry. Yeah. With respect to the capitalization ratio, this very much depends on the overall capital expenditure by year and the development of the expenses for innovation that, as you know, are mostly related to or significantly related to our racing activity. So it very much depends on that moving part that, in turn, depends on the financial regulation from the FIA. I would bet on a relative stabilization of the ratio going forward.
Benedetto Vigna: No, no. The action was specific to UK. There is nothing ongoing for the rest of the world. Sorry.
Speaker #2: It actually depends on .
Speaker #9: The . So sorry .
Speaker #17: The question was for outside of the UK, not for the UK.
Antonio Piccon: Yeah. With respect to the capitalization ratio, this very much depends on the overall capital expenditure by year and the development of the expenses for innovation that, as you know, are mostly related to or significantly related to our racing activity. So it very much depends on that moving part that, in turn, depends on the financial regulation from the FIA. I would bet on a relative stabilization of the ratio going forward.
Speaker #1: No , no , there is a the action was specific to UK . There is nothing . Ongoing for the rest of the world .
Speaker #1: Sorry .
Speaker #9: Thank Yeah . .
Speaker #2: We expect to the capitalization relation . This is very much depends on the overall capital expenditure . But here and the development of the expenses for innovation that as you know , are mostly related to a significant related to our racing activity .
Speaker #2: So it's very much depends on on that moving part . That in turn depends on the financial regulation from the FIA . I would bet on a relatively stabilization of the going ratio forward .
Antonio Picca Piccon: Okay. Thank you very much.
Christian Frenes: Okay. Thank you very much.
Operator: Thank you. And now we're going to take our next question. Just give us a moment. And the question comes to the line of Henning Cosman from Barclays. Your line is open. Please ask your question.
Operator: Thank you. And now we're going to take our next question. Just give us a moment. And the question comes to the line of Henning Cosman from Barclays. Your line is open. Please ask your question.
Speaker #17: very Okay . Thank you much .
Speaker #4: Thank you . And now we're going to take our next question . Just give us a moment . And the question comes line of Helen Cosman from Barclays .
Henning Cosman: Oh, hi. Thank you for taking my question. Congrats on the results. I was hoping to come back to the shape of the plan through to 2030 again. I'm just conscious that you're guiding above 29.5 now. The guide for 2030 is above 30. I'm just wondering what you're seeing in the back half of the plan because if the top-line growth keeps on coming through, I suppose, already through the operating leverage, we would expect to be above. So I think you're now seeing 20% personalization, 26.
Henning Cosman: Oh, hi. Thank you for taking my question. Congrats on the results. I was hoping to come back to the shape of the plan through to 2030 again. I'm just conscious that you're guiding above 29.5 now. The guide for 2030 is above 30. I'm just wondering what you're seeing in the back half of the plan because if the top-line growth keeps on coming through, I suppose, already through the operating leverage, we would expect to be above. So I think you're now seeing 20% personalization, 26.
Speaker #4: Your line is open . Please ask a question .
Speaker #18: Oh hi . Thank you for taking my question . I'm congrats on the results . I was hoping to come back to the shape of the of the plan through to 2030 .
Speaker #18: Again . I'm just conscious that we're guiding above 29.5 now . The guide for 2030 is above 30 . I'm just wondering what you what you're seeing in the in the back half of the plan because of the top line growth keeps on coming through .
Speaker #18: I suppose already through the through the operating leverage . to be above . you're now seeing 20% personalization , 26 six . I think you might have expected that to decline a little bit it sooner as the high mostly that and sensitivity to , because you personalization still think that's go .
Henning Cosman: I think you might have expected that to decline a little bit sooner, as it mostly depends on the high sensitivity to personalization, because you still think that's going to go down closer to 19 or something like that later on in the plan or anything at all, because I think most of us are sort of wondering, are you now on a steeper trajectory, and will you perhaps decline in the latter half of the plan? Is that at all conceivable? If we could just discuss that in as much color as you can. Thank you.
Henning Cosman: I think you might have expected that to decline a little bit sooner, as it mostly depends on the high sensitivity to personalization, because you still think that's going to go down closer to 19 or something like that later on in the plan or anything at all, because I think most of us are sort of wondering, are you now on a steeper trajectory, and will you perhaps decline in the latter half of the plan? Is that at all conceivable? If we could just discuss that in as much color as you can. Thank you.
Speaker #18: Down closer to 19 or something like that later on in the plan or anything at all , because I think most of us are sort of wondering , are you now on a steeper trajectory , and will you perhaps decline in the in the latter half of the plan ?
Speaker #18: Is that at all conceivable ? If we could just discuss that as in , you color as you can . Thank you .
Antonio Picca Piccon: Thank you. Also, thanks for making the compliment to the team for what has been achieved. Really, I appreciate it. When it comes to the shape of the plan, I think I understand what you are saying, and also other colleagues of yours have been asking us before. But I believe it's important that a company is consistent and it delivers the result with focus and discipline. As I said before to the colleague, if after 4 months, we change the target that we set for 60 months, and I agree with you, we gave a threshold, well, I think that we wouldn't be consistent. I think that what we have shared with you is what we believe is a threshold that we can deliver to you with confidence. We have been assuming we're making some assumption.
Benedetto Vigna: Thank you. Also, thanks for making the compliment to the team for what has been achieved. Really, I appreciate it. When it comes to the shape of the plan, I think I understand what you are saying, and also other colleagues of yours have been asking us before. But I believe it's important that a company is consistent and it delivers the result with focus and discipline. As I said before to the colleague, if after 4 months, we change the target that we set for 60 months, and I agree with you, we gave a threshold, well, I think that we wouldn't be consistent. I think that what we have shared with you is what we believe is a threshold that we can deliver to you with confidence. We have been assuming we're making some assumption.
Speaker #1: Thank you . And also thanks for making the compliment to the team for what has been achieved . Really appreciate it . When it comes to the shape of the plan , I think I what understand you are saying and also other colleague of yours has been asking us before , but I believe it's important that a company is consistent and it's it delivers a result .
Speaker #1: We focus and discipline . As I said before to the colleague , if after four months change the we target that we set for 60 months , and I agree with you , we gave a threshold .
Speaker #1: think that Well , I we wouldn't we wouldn't be consistent . I think that the , the what we have shared with you is what we believe is a threshold that we can deliver to you with confidence .
Antonio Picca Piccon: I don't think it's time now, after only 4 months, to change something that will happen in 50, 60 months. It would not be sorry. I think that, starting from myself, Antonio, and all the company, we wouldn't be credible if after a spike in a quarter, then you change the view. So we thank for the compliment. We thank for the, if you want, the way I see, increased confidence in us, but let us work with focus and discipline. And then if and when we have to change, for sure, it is not after a few quarters. Okay? But let us work on this direction ending, and we stick to the plan we share with you.
Benedetto Vigna: I don't think it's time now, after only 4 months, to change something that will happen in 50, 60 months. It would not be sorry. I think that, starting from myself, Antonio, and all the company, we wouldn't be credible if after a spike in a quarter, then you change the view. So we thank for the compliment. We thank for the, if you want, the way I see, increased confidence in us, but let us work with focus and discipline. And then if and when we have to change, for sure, it is not after a few quarters. Okay? But let us work on this direction ending, and we stick to the plan we share with you.
Speaker #1: have been assuming We we're making some assumptions and I don't think it's time now , after only four months , to something change that will happen in 56 months , it would not be sorry .
Speaker #1: I think that starting from myself , Antonio and all the company , we wouldn't be credible if after , you know , a spike in a quarter , then you change the view .
Speaker #1: So we we thank for the compliment . We thank for the if you want the way I see increased confidence in us , but us let work .
Speaker #1: We focus if on and when discipline and we have to change , for sure it is not . After a few quarters . Okay , but let us work on this direction ending and and we stick to the plan we share with you .
Benedetto Vigna: Thank you, Benedetto. I appreciate that. Can I ask one more on the Luce? I think I read an interview with your director of marketing, and I believe the wording was something like, "You'll be quite selective, and you'll only give it to people who appreciate it." I believe what I read into that is that you're going to be quite sort of restrictive with the number of unit sales. I think we all still remember that you deliberately or explicitly said it's not going to be a special, but I was wondering if we could perhaps talk a bit about, again, if it could be a range model but with quite low unit sales, considering what your colleague said in this interview.
Henning Cosman: Thank you, Benedetto. I appreciate that. Can I ask one more on the Luce? I think I read an interview with your director of marketing, and I believe the wording was something like, "You'll be quite selective, and you'll only give it to people who appreciate it." I believe what I read into that is that you're going to be quite sort of restrictive with the number of unit sales. I think we all still remember that you deliberately or explicitly said it's not going to be a special, but I was wondering if we could perhaps talk a bit about, again, if it could be a range model but with quite low unit sales, considering what your colleague said in this interview.
Speaker #18: Thank you . Benedetto . Appreciate that . And can I ask one more on the on the Lucia ? Yeah , I think I read an your interview with director of marketing , and I believe the wording was something like , you'll be quite selective and you'll only give it to people who appreciate it .
Speaker #18: And I believe what I read into that is that you're going to be quite sort of restrictive with the number of unit sales .
Speaker #18: I think we're still remember that you deliberately or explicitly said it's not going to be a special , but I was wondering if we could perhaps talk a bit about , again , if it could be a , you know , a range model .
Antonio Picca Piccon: I think that, okay, Ferrari Luce is the car that we unveiled the second step last week. What I can tell you, I can guarantee you, is that we will not sell this car to people that do not want the car. I mean, if the people, the client, existing and new, mostly existing, have to buy this car because they love the car, because they desire the car, because this is a car, Ferrari Luce, that is also electric, is not an electric car. You know what I mean? So if the people, if the client like, love the car, and want to buy it, they buy. We will never force our client that to have, let's say, 849 Testarossa or whatever it's going to be called, the next car, they have to buy an electric car. This has been said loud and clear already to many clients.
Benedetto Vigna: I think that, okay, Ferrari Luce is the car that we unveiled the second step last week. What I can tell you, I can guarantee you, is that we will not sell this car to people that do not want the car. I mean, if the people, the client, existing and new, mostly existing, have to buy this car because they love the car, because they desire the car, because this is a car, Ferrari Luce, that is also electric, is not an electric car. You know what I mean? So if the people, if the client like, love the car, and want to buy it, they buy. We will never force our client that to have, let's say, 849 Testarossa or whatever it's going to be called, the next car, they have to buy an electric car. This has been said loud and clear already to many clients.
Speaker #18: But with with quite low unit sales , considering what the , what your colleague said in this interview .
Speaker #1: I think okay , that Ferrari Lucia is the car that we unveiled . The What week . second step last I , what I you , I can tell guarantee is can you that we will not sell this car to people that do not want the car .
Speaker #1: I mean , if the people , the client existing a new , mostly existing have to buy this car because they love the car , because they desire the car , because this is a car , Ferrari Luce , that is also electric .
Speaker #1: It's not an electric car . You know what I mean ? So if the people , if the client like , love the car and want to buy it , they buy .
Speaker #1: We will never force our client that to have , let's say eight , four , nine Testarossa or whatever is going to be called the next car .
Antonio Picca Piccon: It has been shared also with the board of the company, this approach. And it is said; also, I said personally, like also the chief of marketing, to several dealers. In these days, the colleagues are having different meetings in Japan, in the US, in China. And one of the key messages is this: you do not have to force clients to buy something that they don't like. This would be the biggest mistake, and I think we have to learn from what we do wrong and what the market is doing wrong. Okay? So that's what I can say ending.
Benedetto Vigna: It has been shared also with the board of the company, this approach. And it is said; also, I said personally, like also the chief of marketing, to several dealers. In these days, the colleagues are having different meetings in Japan, in the US, in China. And one of the key messages is this: you do not have to force clients to buy something that they don't like. This would be the biggest mistake, and I think we have to learn from what we do wrong and what the market is doing wrong. Okay? So that's what I can say ending.
Speaker #1: They have to buy an electric car. This has been said loud and clear already to many clients. It has been shared also with the board of the company.
Speaker #1: approach the This and it is said also I personally said , like also the chief of marketing to several dealers in these days , the colleague are having different meeting in Japan , in US , in China and the message , one of the key message is this you do not have to force client to buy something that they don't like .
Speaker #1: Some this would be the biggest mistake and I think we have to learn from what we do wrong and what the market is doing wrong .
Benedetto Vigna: Yes. Thank you. Sorry, just maybe a very short follow-up. So if you were to discover in the course of the plan that people want combustion engine vehicles a lot more than hybrids or electric vehicles, would you rather sell fewer but stick to the 40, 40, 20? Or I suppose Horst has asked in a way, but I'm trying again. Would you be able to change the 40, 40, 20, or would you still go through with that but just sell fewer of them only to the ones who really want it?
Henning Cosman: Yes. Thank you. Sorry, just maybe a very short follow-up. So if you were to discover in the course of the plan that people want combustion engine vehicles a lot more than hybrids or electric vehicles, would you rather sell fewer but stick to the 40, 40, 20? Or I suppose Horst has asked in a way, but I'm trying again. Would you be able to change the 40, 40, 20, or would you still go through with that but just sell fewer of them only to the ones who really want it?
Speaker #1: Okay , so that's what I can say . Anything .
Speaker #18: Yes . Thank you and sorry , just maybe a very short follow up . So so if you were to discover in the course of the plan that people want combustion engine vehicles a lot more than hybrids or electric vehicles , would you rather sell fewer but stick to the 40 , 40 , 20 ?
Speaker #18: Or is , I suppose Horst has asked in a way . But . But I'm trying again . you be you would Would able to change the 40 , 40 , you still 20 , or would go through with that but just sell fewer of them only to the really want ones who to .
Antonio Picca Piccon: Thank you for this question. Maybe what I said in the Capital Markets Day, there was a question also about this, and maybe I was not clear. What I said is that today, the visibility we have is 20, 40, 40. This is the split in terms of product offering. If something will happen, I think we are a company that has the big benefit to have a small, agile, nimble call as you want. And then we may review in 2028, maybe. We'll see. I think that one important point, and I appreciate you underlining it, that our offering split will be 20, 40, 40. So I think that when the situation is changing, when the things are uncertain, I think the company has been always showing in the past that we are nimble and we are adapting to what is coming.
Benedetto Vigna: Thank you for this question. Maybe what I said in the Capital Markets Day, there was a question also about this, and maybe I was not clear. What I said is that today, the visibility we have is 20, 40, 40. This is the split in terms of product offering. If something will happen, I think we are a company that has the big benefit to have a small, agile, nimble call as you want. And then we may review in 2028, maybe. We'll see. I think that one important point, and I appreciate you underlining it, that our offering split will be 20, 40, 40.
Speaker #1: Thank you for this question ? Maybe what I said in the capital market day , there was a question also about this , and maybe I was not clear .
Speaker #1: said is What I that today the visibility we have is 20 , 40 , 40 . This is the split in terms of product offering .
Speaker #1: If something will happen, I think we are a company that has the big benefit to be small, agile, and nimble. As you want.
Speaker #1: And then we may review in 28 , maybe we see I think that one important point , and I appreciate you underlining it , that our offering split will be 20 , 40 , 40 .
Benedetto Vigna: So I think that when the situation is changing, when the things are uncertain, I think the company has been always showing in the past that we are nimble and we are adapting to what is coming. At the end of the story, at the center of what we do, there is only one thing: the client. That's it.
Speaker #1: So I think that when the situation is changing , when the things are uncertain , I think the company has been always showing in the past that we are and we nimble are what is adapting to coming at the end of the story , at the center of what we do .
Antonio Picca Piccon: At the end of the story, at the center of what we do, there is only one thing: the client. That's it.
Benedetto Vigna: Thank you so much, Benedetto. I appreciate it.
Henning Cosman: Thank you so much, Benedetto. I appreciate it.
Antonio Picca Piccon: Thank you, Henning.
Benedetto Vigna: Thank you, Henning.
Speaker #1: There is only one thing the client . That's it .
Operator: Thank you. Now we're going to take our next question. The question comes to the line of Nicolai Kempf from Deutsche Bank. Your line is open. Please ask your question.
Operator: Thank you. Now we're going to take our next question. The question comes to the line of Nicolai Kempf from Deutsche Bank. Your line is open. Please ask your question.
Speaker #18: Thank you so much . I appreciate it .
Speaker #1: Thank you . Henning .
Speaker #4: Thank you . Now we're going to take our next question . And the question comes line of Nikolai Kampf from Deutsche Bank . Your line is open .
Nicolai Kempf: Yeah. Good afternoon. It's Nicolai from Deutsche Bank. And also from my side, well done for a strong finish. First question would be also on revenues in Q4. And can you share how many 499P Modificata you've been sold in the last quarter? Because I think that's also quite an impact on the ASP. And then the second one, a bit more long-term, we've seen a strong rise in revenues per unit. Also, you've stated that the residual values are under control and stable. So does it make sense to go long-term a bit more for higher volumes, given that volumes have been down last year and probably flat this year? Thanks.
Nicolai Kempf: Yeah. Good afternoon. It's Nicolai from Deutsche Bank. And also from my side, well done for a strong finish. First question would be also on revenues in Q4. And can you share how many 499P Modificata you've been sold in the last quarter? Because I think that's also quite an impact on the ASP. And then the second one, a bit more long-term, we've seen a strong rise in revenues per unit. Also, you've stated that the residual values are under control and stable. So does it make sense to go long-term a bit more for higher volumes, given that volumes have been down last year and probably flat this year? Thanks.
Speaker #4: Please ask your question .
Speaker #18: Yeah .
Speaker #16: Good afternoon .
Speaker #17: It's Nikolai from Deutsche Bank and my side . also from Well done for strong finish . First question would be also on revenues in Q4 and do you can you share how many 4.99 Modificata you've been sold in the last quarter ?
Speaker #17: Because I think this also has quite an impact on the ASP. And then the second one, a bit more long term—we've seen a strong rise in per unit.
Speaker #17: Also , you've stated that the residual values are control . So under stable and does it make sense to go long term a bit more for higher volumes , given that have been down last year volumes and probably flat this year ?
Antonio Picca Piccon: No, no. I thought you'd go. No, I was sorry. I was laughing with Antonio because I was saying we take it as a positive appreciation, as appreciation, and more confidence in us, and we want to thank you. I think that we need to make sure that we respect the client. As I told before, the client is the most important asset. I think we need to make sure that the people, when they own a Ferrari, they feel exclusive, and they own something that not so many other people can have. So we don't disclose the number of the volume, neither at Capital Market Day nor today. I mean, we are a company that is looking at the business with the goal of having a marathon, not a sprint race.
Benedetto Vigna: No, no. I thought you'd go. No, I was sorry. I was laughing with Antonio because I was saying we take it as a positive appreciation, as appreciation, and more confidence in us, and we want to thank you. I think that we need to make sure that we respect the client. As I told before, the client is the most important asset. I think we need to make sure that the people, when they own a Ferrari, they feel exclusive, and they own something that not so many other people can have. So we don't disclose the number of the volume, neither at Capital Market Day nor today. I mean, we are a company that is looking at the business with the goal of having a marathon, not a sprint race.
Speaker #17: Thanks .
Speaker #9: No , no . I'm sorry .
Speaker #1: go . No You , I will . no , I I was sorry laughing with Antonio I because was saying it's a we take it as a positive appreciation as appreciation and more confidence in us .
Speaker #1: And we want to thank you . I think that we need to make sure that we respect the client . As I told before , the client is the most important asset think we , and I need to make sure that the people , when they own a Ferrari , they feel exclusive and they own something that not so many other people can it .
Speaker #1: have So we don't disclose the number of the volume , neither at Market Day Capital nor today . Let's I mean , we are a company that is looking at the business with the goal of having a marathon , not a sprint race .
Antonio Picca Piccon: Number two, we want to look at the quality of the revenues, not at the volume. Ferrari is not a volume business. We are a luxury company. We want to make sure that when the client owns something, a Ferrari, they are sure that not so many other people can have it. And the first one on revenues in Q4 and the 499.
Benedetto Vigna: Number two, we want to look at the quality of the revenues, not at the volume. Ferrari is not a volume business. We are a luxury company. We want to make sure that when the client owns something, a Ferrari, they are sure that not so many other people can have it. And the first one on revenues in Q4 and the 499.
Speaker #1: And number two , we want to look at the quality of the revenues , not volume . the So Ferrari is not a volume business .
Speaker #1: a We are luxury company . We sure that want to make when the owns client something , Ferrari , they are sure that not so many other people can have it .
Benedetto Vigna: Yeah. The 499P Modificata, fewer units in Q4, very much in line with the average of the previous quarter. Just have in mind for next year that we'll lower the number of the 499P Modificata in 2026. This is in our numbers compared to 2025.
Antonio Piccon: Yeah. The 499P Modificata, fewer units in Q4, very much in line with the average of the previous quarter. Just have in mind for next year that we'll lower the number of the 499P Modificata in 2026. This is in our numbers compared to 2025.
Speaker #1: And the first one on revenues in Q4 and for .
Speaker #9: The .
Speaker #2: Hundred 90 Modificata , a few units in Q4 , very much in line with the average of the previous quarter , have in just for next year .
Speaker #2: That will lower the number of the 490 Modificata in 2026 . And this is in our numbers compared to 2025 .
Antonio Picca Piccon: Understood. Thank you.
Nicolai Kempf: Understood. Thank you.
Operator: Thank you. And now we're going to take our next question. Just give us a moment. And the question comes to the line of Michael Binetti from Evercore ISI. Your line is open. Please ask your question.
Operator: Thank you. And now we're going to take our next question. Just give us a moment. And the question comes to the line of Michael Binetti from Evercore ISI. Your line is open. Please ask your question.
Speaker #17: Understood . Thank you .
Speaker #4: Thank you . And now we're going to take our next question . Just give us a moment . question And the comes line of Michael Binetti from Evercore ISI .
[Analyst 1]: Hey, guys. Thanks for all the detail here. I appreciate you taking our question. Congrats on a nice Q4 from me. Personalization and Formula One, I think those are the two lines that you put in the description of the revenue drivers for 2026 that look a little different from how you were talking about 2026 over the past few months in the pre-close call. I think you were assuming that personalization would start to move towards that 19% long-term number. Then F1, I think, is now assumed to be higher. Maybe just a quick thought on what's changed in the last few months around your assumptions for those two. Then on the order book, Benedetto, I might be reading it wrong, but maybe the description of the length of the order book seems a little bit shorter. I don't know if that's right.
Michael Binetti: Hey, guys. Thanks for all the detail here. I appreciate you taking our question. Congrats on a nice Q4 from me. Personalization and Formula One, I think those are the two lines that you put in the description of the revenue drivers for 2026 that look a little different from how you were talking about 2026 over the past few months in the pre-close call. I think you were assuming that personalization would start to move towards that 19% long-term number. Then F1, I think, is now assumed to be higher. Maybe just a quick thought on what's changed in the last few months around your assumptions for those two. Then on the order book, Benedetto, I might be reading it wrong, but maybe the description of the length of the order book seems a little bit shorter. I don't know if that's right.
Speaker #4: Your line is open. Please ask a question.
Speaker #19: Hey guys . Thanks for all the detail here . Appreciate you taking our And question . nice congrats on a next fourth quarter for me .
Speaker #19: formula Personalization and one . I think those are the two lines that you put in description of the revenue the drivers for little 2026 that look a different from how you were talking about 2026 over the past few months in the Pre-close call , I think you were assuming that personalization would start to move towards that 19% long term number , and then F1 , I think is now assumed to be higher , maybe just a quick thought on on what's changed in the last few months around your for assumptions those two .
Speaker #19: And then on on the order book that Benedetto , you're I might be reading it wrong , but maybe the description of the length of the order book seems a little shorter .
[Analyst 1]: But regardless of whether it is, I'm curious how you're operating it and if there's any changes because you're operating more efficiently, or changes in customer preference, or experience, or just better, faster personalization. I guess the bigger picture question is I'm thinking about how much capacity and, in your words, flexibility you added with the E-building. One message that we've heard from some of the dealers and clients is that some have been on a waitlist for a long time for some of the models like Purosangue. I wonder if perhaps there's some operational improvements that have helped speed some of those things up to look ahead too.
Michael Binetti: But regardless of whether it is, I'm curious how you're operating it and if there's any changes because you're operating more efficiently, or changes in customer preference, or experience, or just better, faster personalization. I guess the bigger picture question is I'm thinking about how much capacity and, in your words, flexibility you added with the E-building. One message that we've heard from some of the dealers and clients is that some have been on a waitlist for a long time for some of the models like Purosangue. I wonder if perhaps there's some operational improvements that have helped speed some of those things up to look ahead too.
Speaker #19: bit And I don't know if that's right , but regardless of whether it is , I'm curious how you're operating it and if there's any changes because you're operating more efficiently or changes in customer preference or experience or just better , faster at personalization , I guess the bigger picture question is , I'm thinking about how much capacity , in your flexibility .
Speaker #19: added E the words , with building . we've we've One message that dealers heard from some of the and clients is that some have been on a wait list for a long time the models , .
Speaker #19: like For some of Pro Song , I wonder if perhaps there's some operational improvements that have helped speed some of those things up to look ahead to ?
Antonio Picca Piccon: Thank you. Thank you, Mike. Yeah. I think that, as I said, the order book is strong, and then it extends toward the end of 2027. That's what I said today. In the past, we also said that, and you remember well, the E-building guarantees us some flexibility that allows us the possibility to offer more personalization. And you also remember what I told, that we don't want to be caught anymore by surprise as it was the case of the Purosangue at the beginning. You remember a couple of years ago, there was a strong demand of some personalization we were not ready for. So what we agreed is that to put this capacity in place so to accommodate swing in the personalization demand that clearly it's difficult to plan and to foresee.
Benedetto Vigna: Thank you. Thank you, Mike. Yeah. I think that, as I said, the order book is strong, and then it extends toward the end of 2027. That's what I said today. In the past, we also said that, and you remember well, the E-building guarantees us some flexibility that allows us the possibility to offer more personalization. And you also remember what I told, that we don't want to be caught anymore by surprise as it was the case of the Purosangue at the beginning. You remember a couple of years ago, there was a strong demand of some personalization we were not ready for.
Speaker #1: Thank you . Thank you Mike . I think that as I said , the order book is strong and then extends toward the end of 2027 .
Speaker #1: That's what I said today . In the past , we also said that and you remember well the building guarantees us some flexibility that allows us to possibility to offer more personalization .
Speaker #1: And you also remember or what I told you that we don't want to be caught anymore by surprise , as it was the case of the Purosangue at the beginning , you remember a couple of years ago there was a strong demand of some personalization .
Benedetto Vigna: So what we agreed is that to put this capacity in place so to accommodate swing in the personalization demand that clearly it's difficult to plan and to foresee. So for sure, the E-building, as our increased capacity at some of our suppliers for some personalization that we believe can be more appealing, is helping a lot. Okay?
Speaker #1: We were not ready for . So what we agreed is that to put this capacity in place . So to accommodate swing in the clearly , that demand personalization is difficult to plan and to foresee .
Antonio Picca Piccon: So for sure, the E-building, as our increased capacity at some of our suppliers for some personalization that we believe can be more appealing, is helping a lot. Okay?
Speaker #1: So the for sure , the building as our increased capacity at our some of our suppliers for some personalization that we believe be can more appealing .
Benedetto Vigna: Okay. Ciao, Michael. And with respect to your first question in respect of the revenues from personalization and from racing, I think you are pointing to two areas where our visibility is shorter compared to what we have for cars and parts. Personalization, as we repeatedly mentioned, is usually finalized four to five months before delivery of the car. So it's quite normal that we adjust as we see it. That's why if you compare, for example, the 20% we are giving you as a guidance now with the 19% we may have mentioned previously, maybe see a difference. Similarly, even for the revenues from racing sponsorship, particularly, it obviously depends also on the development of the contract with our partners.
Antonio Piccon: Okay. Ciao, Michael. And with respect to your first question in respect of the revenues from personalization and from racing, I think you are pointing to two areas where our visibility is shorter compared to what we have for cars and parts. Personalization, as we repeatedly mentioned, is usually finalized four to five months before delivery of the car. So it's quite normal that we adjust as we see it. That's why if you compare, for example, the 20% we are giving you as a guidance now with the 19% we may have mentioned previously, maybe see a difference. Similarly, even for the revenues from racing sponsorship, particularly, it obviously depends also on the development of the contract with our partners.
Speaker #1: This is helping a lot . Okay .
Speaker #9: Okay .
Speaker #2: So Michael , and with respect to your first , first question , in respect of the revenues from personalization and from racing , I think you are pointing to two areas where our visibility is shorter compared to what we have for cars and parts personalization .
Speaker #2: As we repeatedly mentioned , is usually finalized for five months before delivery of the car . So it's quite normal that we adjust as we see it .
Speaker #2: That's why, if you compare, for example, the 20% we are giving you as a guidance now with the 19% we may have mentioned previously, maybe you see a difference.
Speaker #2: The second . Similarly , even from for the revenues from from racing sponsorship , particularly , it obviously depends also on the development of the contract our with partners .
[Analyst 1]: Antonio, just to follow that, given that you don't have a lot of visibility out very far in personalization, but you do assume that it'll come down over the course of the plan to 19%, if your answer is just like, "Let's have some conservatism in the guidance because it's not way that fine.
Michael Binetti: Antonio, just to follow that, given that you don't have a lot of visibility out very far in personalization, but you do assume that it'll come down over the course of the plan to 19%, if your answer is just like, "Let's have some conservatism in the guidance because it's not way that fine.
Speaker #19: And Antonio , just to follow that , given that you don't have a lot of visibility out very far in personalization , but you do assume that it'll come the course down over of the to 19% .
Speaker #19: And Antonio , just to follow that , given that you don't have a lot of visibility out very far in personalization , but you do assume that it'll come the course down over of the to 19% . plan If your answer is just like , let's have some conservatism in the guidance because it's .
Antonio Picca Piccon: No, no, no. Not just that. Obviously, the ratio depends also on the denominator. So take that into account as well.
Antonio Piccon: No, no, no. Not just that. Obviously, the ratio depends also on the denominator. So take that into account as well.
Speaker #19: okay .
Speaker #9: fine .
[Analyst 1]: Is there something in the baseline that just can't move higher? We have peak Carbon Fiber, or is there something that can't move higher that makes us think that Personalization?
Michael Binetti: Is there something in the baseline that just can't move higher? We have peak Carbon Fiber, or is there something that can't move higher that makes us think that Personalization?
Speaker #2: Not just that, that's that. Obviously, the ratio depends also on the denominator. So take that into account as well.
Speaker #19: Is there is there something in the baseline that just can't move higher . We have peak carbon fiber . Or is there any is there something that can't move higher that makes us think that .
Benedetto Vigna: Nothing on the top line. Nothing on the top line, meaning, in terms of what we are actually working on, personalization to enrich it and to be able to serve our clients better and with diversified product. However, even the cars base is different, and the level of personalization may depend on the mix of cars and on the size of the revenues from cars.
Antonio Piccon: Nothing on the top line. Nothing on the top line, meaning, in terms of what we are actually working on, personalization to enrich it and to be able to serve our clients better and with diversified product. However, even the cars base is different, and the level of personalization may depend on the mix of cars and on the size of the revenues from cars.
Speaker #2: Nothing on the top line , nothing on the top line , meaning in terms of what we are actually working on , personalization to enrich it and to be able to serve our clients better .
Speaker #2: And with diversified however , even products , the the car's base is different and the level of may personalization depend on the mix of cars and on the size of the revenues .
Antonio Picca Piccon: I think it is also important to add one point. Also, on some personalization, clearly, we put some capacity in place. But for some personalized items, we don't want to go beyond a limit also because we have always in mind this story of exclusivity. Okay? There are some specific personalization items that, it's true, increase the capacity, but there are some models that we don't want to personalize all with this. Otherwise, we'll be not anymore personalized or special. Let's put it this way. Okay? So it's a choice. It's a deliberate choice.
Benedetto Vigna: I think it is also important to add one point. Also, on some personalization, clearly, we put some capacity in place. But for some personalized items, we don't want to go beyond a limit also because we have always in mind this story of exclusivity. Okay? There are some specific personalization items that, it's true, increase the capacity, but there are some models that we don't want to personalize all with this. Otherwise, we'll be not anymore personalized or special. Let's put it this way. Okay? So it's a choice. It's a deliberate choice.
Speaker #1: it is I think also important to add one point . Also , in some personalization . Clearly we put some capacity in place , but for some personalized items we don't want to go beyond the limit .
Speaker #1: Also , because we have always in mind that this story of exclusivity . Okay , there are some specific personalization items that is true .
Speaker #1: Increasing capacity . But there are some models that we don't want to personalize all with this . Otherwise will be not any more personalized or special .
[Analyst 1]: Okay. Understood. Thanks again. Appreciate it.
Michael Binetti: Okay. Understood. Thanks again. Appreciate it.
Speaker #1: Let's put it this way . Okay , so it's a choice . It's a deliberate choice .
Antonio Picca Piccon: Thank you, Mike. Thank you.
Benedetto Vigna: Thank you, Mike. Thank you.
Operator: Thank you. Now we're going to take our next question. The question comes to the line of Michael Filatov from Berenberg. Your line is open. Please ask your question.
Operator: Thank you. Now we're going to take our next question. The question comes to the line of Michael Filatov from Berenberg. Your line is open. Please ask your question.
Speaker #19: Okay. Understood. Thanks again.
Speaker #9: Appreciate it .
Speaker #1: Thank you Mike .
Speaker #9: Thank you .
Speaker #4: Thank you . Now we'll go and take next our question . And the question comes line of Michael Filatov from Berenberg . Your line is open .
[Analyst 1]: Hi. Thank you for taking my questions. I just wanted to double down on one of the questions asked earlier around some of the assumptions baked into the 2026 guidance around the Luce. Maybe you could speak more broadly about where you expect this to sit with relation to the range models in terms of volumes. And then a follow-up to that is, where do you see white space in terms of your geographic mix? Are there certain regions you feel like you have more room for growth? For example, as you reduce volumes to the UK, where do you see room to shift that volume as we go forward? Thank you.
Michael Filatov: Hi. Thank you for taking my questions. I just wanted to double down on one of the questions asked earlier around some of the assumptions baked into the 2026 guidance around the Luce. Maybe you could speak more broadly about where you expect this to sit with relation to the range models in terms of volumes. And then a follow-up to that is, where do you see white space in terms of your geographic mix? Are there certain regions you feel like you have more room for growth? For example, as you reduce volumes to the UK, where do you see room to shift that volume as we go forward? Thank you.
Speaker #4: Please ask your question .
Speaker #20: Hi . Thank you for taking my questions . I just wanted to double down on on one of the questions asked earlier around some of the assumptions baked into the 2026 guidance around the loose .
Speaker #20: speak more Maybe you could broadly about where you expect this to sit . With . Relation to the range models . In terms of volumes , and then a follow up to that is , where do you see whitespace in terms of your geographic mix ?
Speaker #20: Are there certain regions you feel like you have more room for growth ? For example , as you reduce volumes to the UK , where do you see room to to shift that volume as we go forward ?
Antonio Picca Piccon: I think that I don't want to specify which model is it. I think that it's clear that it will be a sports car. We said we have four doors. In terms of geographic mix, we don't have any, we see interest from people of different regions. So we don't have a specific mix. Clearly, there will be some dealers where we will put more attention, also because we have 200 dealers, and we don't want to push all these 200 dealers all together. So we will go also there with focus. But there is interest from people, from clients of different geographies. And the car is done to address different geographies.
Benedetto Vigna: I think that I don't want to specify which model is it. I think that it's clear that it will be a sports car. We said we have four doors. In terms of geographic mix, we don't have any, we see interest from people of different regions. So we don't have a specific mix. Clearly, there will be some dealers where we will put more attention, also because we have 200 dealers, and we don't want to push all these 200 dealers all together. So we will go also there with focus. But there is interest from people, from clients of different geographies. And the car is done to address different geographies.
Speaker #20: Thank you .
Speaker #1: I think that I don't want to specify which model it is. I think that it's clear it will be a sports car.
Speaker #1: We said with four doors . In terms of geographic mix , we don't have any . We see we see interest of from people different regions .
Speaker #1: So we don't have a specific mix . Clearly , there will be some dealers where we will put more attention . Also because we , you know , we have 200 dealers and we don't we don't want to push all these 200 dealers or together .
Speaker #1: So we will go also there with focus . But there are there are , there is interest from people , from clients of different geographies .
[Analyst 1]: Understood. Just in terms of where you think volumes could be for the Luce, where it sits in terms of the volume allocation within the range lineup. I know you haven't disclosed what the exact segment will be, but anything around assumptions in the guidance.
Michael Filatov: Understood. Just in terms of where you think volumes could be for the Luce, where it sits in terms of the volume allocation within the range lineup. I know you haven't disclosed what the exact segment will be, but anything around assumptions in the guidance.
Speaker #1: car is And the done to address different geographies .
Speaker #20: Understood . And just just in terms of where you think volumes could be for the Lucha , where it sits in terms of the volume allocation within the range lineup , I know you haven't disclosed what the exact segments will be , but .
Antonio Picca Piccon: You can make up your own model. You know what? I think there was a similar question in Capital Markets Day. And if you want to be a true high-performance sports car with a lot of high performance over a long time, we said in the Capital Markets Day, the battery performance, whatever is the technology in this world at this time, is not such to maintain those performances for a long time. So when we decided which car model we want to do, we considered the limit of the current electric cell battery, and we stick to that. I think this is one bit of information you can use also, and we deliberately shared with you at the Capital Markets Day.
Benedetto Vigna: You can make up your own model. You know what? I think there was a similar question in Capital Markets Day. And if you want to be a true high-performance sports car with a lot of high performance over a long time, we said in the Capital Markets Day, the battery performance, whatever is the technology in this world at this time, is not such to maintain those performances for a long time. So when we decided which car model we want to do, we considered the limit of the current electric cell battery, and we stick to that. I think this is one bit of information you can use also, and we deliberately shared with you at the Capital Markets Day.
Speaker #9: This is why I .
Speaker #20: Think . you .
Speaker #1: , you , you you can make up your own model . You know what I think ? You there was a similar question in Capital Market Day and don't if you want to be a true high sports performance car with a lot of high performance over long time .
Speaker #1: We said in the capital market day , the battery performance , whatever is the technology in world at this this time is not such to maintain those performances for a long time .
Speaker #1: So, when we decided which car model we did, we—we want to do, we considered the limit of the current electric cell battery, and we stick to that.
Benedetto Vigna: Thank you.
Michael Filatov: Thank you.
Speaker #1: I think this is one bit of information you can use also . And we we shared with you at the Capital Market Day .
Antonio Picca Piccon: Thank you.
Antonio Piccon: Thank you.
Operator: Thank you so much. Now we're going to take our next question. The question comes to the line of Sam Perry from BNP Paribas. Your line is open. Please ask your question.
Operator: Thank you so much. Now we're going to take our next question. The question comes to the line of Sam Perry from BNP Paribas. Your line is open. Please ask your question.
Speaker #20: Thank you .
Speaker #1: Thank you .
Speaker #4: Thank you so much . Now we're going to take our next question . And the question comes line of Sam Perry from BNP Paribas .
[Analyst 1]: Hi. Thanks for taking my questions. So you've given some guidance on mix of specials over 10% cumulative to 2030. Can you give any indication of where that could get to in 2026? And then a clarification question. On slide 7, you show the models being phased out. Is that end of production or last sales? I guess I'm specifically talking here about the 296, which is coming from quite high volumes at the moment. Could you expect shipments to continue into maybe the start of 2027, or is that meaning last sales in 2026? Thanks.
Michael Binetti: Hi. Thanks for taking my questions. So you've given some guidance on mix of specials over 10% cumulative to 2030. Can you give any indication of where that could get to in 2026? And then a clarification question. On slide 7, you show the models being phased out. Is that end of production or last sales? I guess I'm specifically talking here about the 296, which is coming from quite high volumes at the moment. Could you expect shipments to continue into maybe the start of 2027, or is that meaning last sales in 2026? Thanks.
Speaker #4: Your line is open . Please ask your question .
Speaker #21: Thanks for Hi . taking my questions . So you've given some on guidance , of specials over 10% to cumulative to 2030 . Can you give any indication of where that could get to in 2026 ?
Speaker #21: And then a clarification question on slide seven , you show the models being phased out . Is that end of production or last sales ?
Speaker #21: I guess I'm specifically talking here about the 296 , which is coming from quite high volumes at the moment . Could you expect shipments to continue into maybe the start of 27 , or is is that is that or meaning last sales in 26 ?
Benedetto Vigna: Hi, Sam. Phase out means phase out, meaning stop of deliveries. With respect to guidance on mix, there is no specific difference compared to the average guidance for the planned period.
Benedetto Vigna: Hi, Sam. Phase out means phase out, meaning stop of deliveries. With respect to guidance on mix, there is no specific difference compared to the average guidance for the planned period.
Speaker #21: Thanks .
Speaker #2: Sam Hi , . Phase out means phase out meaning the stop of deliveries and with respect to guidance on mix , there is no specific difference compared to the average guidance for the plan period .
[Analyst 1]: Thanks.
Michael Binetti: Thanks.
Operator: Thank you. Now we're going to take our next question for today. It comes to the line of Gianluca Bertuzzo from Intermonte. Your line is open. Please ask your question.
Operator: Thank you. Now we're going to take our next question for today. It comes to the line of Gianluca Bertuzzo from Intermonte. Your line is open. Please ask your question.
Speaker #21: Thanks .
Speaker #4: Thank you . Now we're going to take our next question for today . And of line it comes Gianluca Bertuzzo from Inter Monte .
Alberto Villa: Hello, Benedetto. Antonio, thank you for taking my question. I think I made the same question to you about the Purosangue, and you have been very kind for the answer. But when you think about the Ferrari Luce and the exclusivity, where do you see it playing? Less than the Purosangue, 20%? Any thoughts are helpful. And second one, on geographical perspective, should we expect some positive impact from India lowering the tariffs? Do you see this as an opportunity to improve there? Thank you.
Alberto Villa: Hello, Benedetto. Antonio, thank you for taking my question. I think I made the same question to you about the Purosangue, and you have been very kind for the answer. But when you think about the Ferrari Luce and the exclusivity, where do you see it playing? Less than the Purosangue, 20%? Any thoughts are helpful. And second one, on geographical perspective, should we expect some positive impact from India lowering the tariffs? Do you see this as an opportunity to improve there? Thank you.
Speaker #4: Your line is open . Please ask a question .
Speaker #22: Hello Benedetto Antonio and thank you for taking my question . I think I made the same question to you about the Purosangue and you have been very kind for the for the answer , but when you think about the Ferrari and the exclusivity , where do you see it playing ?
Speaker #22: Less than the Purosangue with 20% . Any thoughts ? Are helpful . And second one on geographical perspective , should we expect some positive impact from India ?
Antonio Picca Piccon: To India, it is an opportunity. We want to focus more and more over there. Clearly, it will take some time. Clearly, I mean, the new economic deal between Europe and India is facilitating. But to develop a market, it is not something that you go from one day to another. In terms of Luce, I would like to tell I mean, I remember that you asked the same question for the story of Purosangue. But at that time also, I told you that it will be something that we will share in due time in the right way. One of the things when you do luxury products and I think here we are a luxury company, we have to manage properly the information in a way that they are delivered at the right time. Just think about also Luce, the three-phase unveil process. I think this is important, Gianluca.
Antonio Piccon: To India, it is an opportunity. We want to focus more and more over there. Clearly, it will take some time. Clearly, I mean, the new economic deal between Europe and India is facilitating. But to develop a market, it is not something that you go from one day to another. In terms of Luce, I would like to tell I mean, I remember that you asked the same question for the story of Purosangue. But at that time also, I told you that it will be something that we will share in due time in the right way. One of the things when you do luxury products and I think here we are a luxury company, we have to manage properly the information in a way that they are delivered at the right time. Just think about also Luce, the three-phase unveil process. I think this is important, Gianluca.
Speaker #22: Lowering the tariffs ? Do you see this as an opportunity to improve there ? Thank you .
Speaker #9: To .
Speaker #1: The India is an opportunity . We want to focus more and more over there . Clearly it will take some time . Clearly the lower I mean the new economic deal is India Europe and between facilitating know to to develop .
Speaker #1: a market , But you it is not something that you go from one day to another in terms of lucha . I would like to I would like to tell I mean , I remember that you asked the same question for the story of Purosangue , but at that time also , I told you that it will be something that we will chase a due time in the right way .
Speaker #1: One of the things when you do luxury products and I think here we are doing , we are a luxury company . We have to manage properly the information in a way that they are delivered at the right time .
Antonio Picca Piccon: I'm sure you know, and I'm sure also that you tried your best to model, but I'm sure also you were expecting this kind of answer. Thank you.
Antonio Piccon: I'm sure you know, and I'm sure also that you tried your best to model, but I'm sure also you were expecting this kind of answer. Thank you.
Speaker #1: Just to think about . Also , the three phase unveil process . I think this is important . Gianluca , and I'm sure you know , and I'm sure also that you tried your best to model , but I'm sure also you were expecting this kind of answers .
Alberto Villa: Yeah, yeah. I tried. Thank you very much for the answer.
Alberto Villa: Yeah, yeah. I tried. Thank you very much for the answer.
Operator: Thank you. There are no further questions for today. I would like now to hand the conference over to Mr. Vigna for any closing remarks.
Operator: Thank you. There are no further questions for today. I would like now to hand the conference over to Mr. Vigna for any closing remarks.
Speaker #1: Thank you .
Speaker #9: Yeah .
Speaker #22: I tried thank you very much for the answer .
Speaker #4: Thank you so much for your questions today. I would now like to hand the conference over to Mr. Vigna for any closing remarks.
Antonio Picca Piccon: So I would like really to appreciate all of you also for the time we spend. We spend more time. We want to spend more time together to take all of your questions and also to thank Dear Lead for following us. I think that what I would like you to remember is that the year 2025 is a remarkable year. This is the adjective that I would like to remember about this year. And this represents and underscores once again the strength of our business model. And with this, we continue to execute our business plan with discipline and confidence. With discipline and confidence, remaining true to our identity, forward-looking, and defined by our will to progress. And with this, I would like to wish all of you good morning, good afternoon, and thanks again for your time, for your question, and for all your support. Grazie.
Antonio Piccon: So I would like really to appreciate all of you also for the time we spend. We spend more time. We want to spend more time together to take all of your questions and also to thank Dear Lead for following us. I think that what I would like you to remember is that the year 2025 is a remarkable year. This is the adjective that I would like to remember about this year. And this represents and underscores once again the strength of our business model. And with this, we continue to execute our business plan with discipline and confidence. With discipline and confidence, remaining true to our identity, forward-looking, and defined by our will to progress. And with this, I would like to wish all of you good morning, good afternoon, and thanks again for your time, for your question, and for all your support. Grazie.
Speaker #1: So I would like really to appreciate all of you also , for the time we spent , we spend more time we want to spend more time together to take all of your questions and also to thank for your to follow us .
Speaker #1: I think that what I would like you to remember is that the year '25 is a remarkable year. This is the adjective that I would like to remember about this year.
Speaker #1: And this represents and underscore again , once the strength of our business model . And with this we continue to execute our business plan with discipline and confidence , with discipline and confidence remaining true to our identity , forward looking and defined by our will to progress .
Speaker #1: And with this , with this , I would like to wish all of you good morning . Good afternoon and thanks again for your time , for your question and for all your Grazie support .
Operator: This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.
Operator: This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.
