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's CEO, Mr. Benedetto Vigna, and group's CFO, Mr. Antonio Picca-Piccon. All relevant materials are available in the investment 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. Why is this opening chart showing the Transamerica building 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 cars. 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 pick this place for three reasons. The first one is because of the titling between San Francisco and in Italy. It was that building, this building, it was the headquarter of Transamerica, a company founded by the Italian Amedeo Peter Giannini that was also founder of Bank of America. And this building is located in Little Italy, in San Francisco. Second, because of the closeness to our partner, La Fromm, whose headquarters is just a few steps away from the Transamerica building. 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 occasion. And this was definitely a special occasion. Everyone, everyone over there appreciated a lot of the specific focus on this second step of the Ferrari Luce reveal, so that all, 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, 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 futures. So let's go in order. 2025 marks the conclusion of our previous business plan. we will financial target including share by back plan achieved one year ahead of schedule and it marks also the outline of our new strategic plan on october 9th 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, and we presented all the initiatives designed to drive our brand 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 cylinders ferraria marcy a blend of elegance and powers the hybrid hyperforming 849 testarossa coupe and spiders and hybrid 296 speciale and special avesta 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. Indeed, client-centricity starts with the craftsmanship and quality of our products, continuous 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. 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 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. in racing 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. In Lifestyle, 2025 has been a year of solid progress and commitment to provide our clients with an exceptionally luxury experience. clients. Client activations continued to be successful and a critical driver for engagement and acquisition. And also 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 and 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 7.1 billion euros. Two, double-digit growth in EBIT, which reached over 2.1 billion euros. and three, an industrial cash flow generation surpassing 1.5 billion euro. 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. And to reward their achievements, and as a direct reflection of the company's performance, a strong alignment with its people, I'm pleased to announce the yearly competitive award of up to 14,900 euro for our employees in Italy. The solidity of our business is underpinned by the 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 far verisibility, 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. 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 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. We selected Rome May 25 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 and beyond the completion of unveil of ferrari luce in 2026 we will continue to enrich our product offering with four four exciting model launches on the industrial side the construction of new paint shop will continue as planned and all our sports cars will be tested on the Vortex. In racing, here we confirm our commitment and effort in the World Endurance Championship with our 499P hypercars. In Formula One, 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 hyper sail 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. 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 far more 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. 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 on 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 allowed us to manage the U.S. status 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 on its development. In Q4, a cost base lower than anticipated and a better product mix drove us to exceed our 2025 guidance. The cost base were 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 €2 billion share-by-back program. Then we have an overview of our 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 12 Cilindri family ramped up and reached the global distribution, the SF90XX 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 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 geographic allocation throughout 2026 namely the families of the 296 speciale and the a49 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 8, the net revenues bridge shows an 8% growth versus the prior year at cost and currency. 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 SF90XX 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 9, the change in EBIT is explained by the following variances. Volume contribution was substantially flat with the slightly positive change being due to spare parts. Mix and price was visibly positive thanks to product and country mix supported by Americas, increased personalizations and higher sales of the 499 p modificata in detail regardless of the task comparison base and the phase out of the zaytona sp3 the product mix was strong and sustained by the higher end of our product offering with the sf90 xx and the 12-cylindry families industrial costs and dna were both lower, partially upset by higher racing and sport 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. Percentage margin strengthened in the year, despite the dilutive impact of the increased U.S. import duties and the headwind from the U.S. 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 1.5 billion euros, an increase of roughly 50 percent versus last year. This was supported by the increase in 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 EVORTEX track, and net cash interest and tax payments, 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 euros between dividends and share purchases. Moving to page 11, we outline our 2026 target. We expect 2026 to be another year of consistent growth based on the following assumptions. On Sportcar, we will execute our planned model changeover through the year, which will lead to a further positive product mix supported by the S80 and new models ramp up, regardless of the lower deliveries of the SM90 SX family and the 499 P 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. The increased investment in developing the brand and the lifestyle retail network, as well as racing and digital transformation expenses, will drive 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 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 edges. The industrial pre-cash law generation will be sustained by our profitability, partially obsessed by capex slightly higher than in 2025 today's strong results testify 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 thank you antonio Nadia, we are now ready to take all the questions.

Thank you very much.

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 stand by while we compile the 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 Ed Orbin from Morgan Stanley. Your line is open. Please ask your question.

Yeah, good afternoon, guys. Thanks for taking my question. So I have two questions. The first one, please, on the margin bit in Q4. Antonio, you talked about the guidance for 26, 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? And if that's the case, I think on my calculation, I think implied about 200 units, year one and 360, and then two in year three. If you could comment on that, that would be very helpful. Thank you so much.

Thank you, Edward. so Antonio yeah as to the margin so I think what we can tell you is that the but first of all margin beating 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 and the number of the DC Cilindri and 90 excess that have been delivered in the last quarter and what 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 SA cycles 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.

Thank you, Ed. Now we're going to take our next question. And the question comes to the line of Jose Asumendi from GP Morgan. Your line is open. Please ask your question.

Thank you very much. Congratulations, Fred Antonio, for a strong end of the year. Two questions, please. Can you comment on 26 on your diamonds? Are you expecting mix and pricing to offset high SG&A and high 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 on topics and on the expenditure in 26 thank you 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 and the 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 these innovation expenses due to the new technical regulations and the allowance that are granted to the teams with respect to the financial regulations for 2026 thank you thank you and now we're going to take over next question and the question comes line of Monica Bosia from Intesa San Paolo your line is open please ask a question yes a 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.

Thank you, Monica. So the models that are driving the order book are the models that we announced that we unveiled the last year. So this is true for the 296 Speciale, for the Testarossa and the Amalfi. Number two, yes, we see that for Damalfi, 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.

Perfect. Is there any differences in terms of the geographical distribution for these new clients?

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 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, 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 car, we see more and more interest from the people.

Thank you very much, Benedetto. Thank you.

Grazie, Monica. Thank you. And now we're going to take our next question. And it comes to the line of Stefan Reitman from Bernstein. Your line is open. Please ask your question.

Yes, good afternoon. Thank you. Two questions, please. Could you give a bit more detail on the level of FAT 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.

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, Stefan, two things. It's stable and solid. The residual value is stable and solid. We said that already 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 planet. Two, 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 U.S., in the U.K., 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.

If we look at, you did give some guidance. You said that 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 something like that, it 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?

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 super current Icona, you can make some assumption, but I don't want to be specific on the number of cars we ship and where we are going to ship, FATD-wise. Thank you. 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. Please ask your question.

Yes, okay. Thanks for taking my question. 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 ethics 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 relax the target there's no ice bin anymore maybe in europe does that change any of your plannings maybe on projects that you say maybe in two three years you can have again less deaths and instead you have more phv or more ice vehicles even i mean the fact that 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 ratios you guided for the cmd thank you thank you let me a little bit straight we had an introduction in this speech talking about bank of america you are from bank of america thank you thank you for that thank you you did not say even a word anyway we'll give you the answer okay i think the second one antonio will manage the first one or the joke aside apart i think that when we have all this meeting on new commission whatever there is a person in this company called Elisa that me, Antoni, 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. They 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 that fact, Antonio will...

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 edges that we have in place, that we have built over the last 12 months on a rolling basis, to have an ad wind of about 200 million euros that are already in the numbers we have been given to you well and and do you consider pricing that or because you don't do that in general flexibility that we have contractually we haven't assumed to use it in the numbers we gave you okay excellent thank you thank you and now we're going to take our next question

And the question comes to the line of Thomas Besson from Kepler-Chevron. Your line is open. Please ask your question.

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, and you don't want to give the exact number of F80, can you help us maybe with the share of XX products or Dodici Cylindries that were there explaining the strengths 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. And 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.

Antonio, I think you can manage both.

Absolutely. Q4, ASP, in terms of the impact of the X-X and . I just mentioned that these were higher compared to our expectation. And this has been managed in relation to the changeover. Honestly, 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 number, sorry, in the number yes, the assumption that we know as of now based on current budget caps both 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 and this is the volatility I mentioned before with respect to the application of the financial regulations in 2026.

Thank you Thank you. And now we're going to take our next question. And the question comes to the line of Andrea Baloney from Mediobanca. Your line is open. Please ask a question.

Yes, good afternoon everyone. Thanks for taking my question. A couple. The first one is about geographies. Is my life correct? Deliveries to the U.S. declined a little bit more materially in Q4. that was a measure put in place in order to address any potential decline in reasonable value that now you have mentioned to be pretty solid or is something else about this market and my second question is about sponsorship which were quite supportive last year what should we expect in 2026 thank you i think these are two questions that antonio can manage yeah Geographic mix.

The Americas going down 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, concept shipping in 2026, we expect, as I mentioned before, to have a further support to revenues and EBIT growth. Thank you.

Thank you so much, Andrea. I will proceed with our next question. And it comes to the line of Martino D'Ambrogi from Aquita. Your line is open. Please ask your question.

Thank you. Good afternoon, everybody. One question on the free cash flow. So clearly understand the cap is slightly higher, I suppose, below $1 billion. But networking capital is expected to have a positive contribution for down payment also in 26 or not just understand the strength of the free cash flow and the second is on the EBIT bridge because in 25 the block referring to other items was up 110 if you could elaborate what is your expectation for 26 on this block although it is probably more difficult and and a mix of different drivers thank you yes on the free cash flow capital you're right networking capital we expected to be more neutral compared to

2025 because this year we had the very important impacts of the advances collected on the SAT on the even bridge for 25 and I would expect this to be positive once again due to the support that I mentioned before from both the but mostly I would say from from sponsorship and raising revenues generally speaking okay so networking capital in any case not negative there is not a reverse of the trend there is a reversal but they would expect other components to to come to compensate okay and very last q1 and q2 should we expect a flattish

year-on-year performance or in any case i'm going to the level of detail as of now we'll see as we go okay we were thinking we were going to give a yearly update okay so we stay with the second out for better than first half okay so thank you thank you and now we're going to take over next question and it comes line of Tom Narayan from RBC your line is open please ask a question yes Tom Narayan RBC thanks taking the questions um I wanted to drill down on the FX if I could the guidance for 2026 EBIT I I think you said a 200 million euro impact.

The Q4 bridge had a negative 25 million impact. I think the dollar saw its biggest depreciation in Q4 25. If I annualize that, I get 100 million. Yeah, I know the yen is another factor, as is the reversal of those hedges. But it just seems like 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? Is it now more likely you feel you'll exceed that floor? You're calling for 7% EBIT growth for 26. Even with those FX Edwins, the capital market state called for EBIT growth of 6%. Thanks.

Tom, I'll take the second one, and then for 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 until February 10, it's only four months. so if we change visibility because four 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 the time for FX and Tony can comment about the 200 million impact items 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 an horizon of 12 months. So when you look at the Q4 2025, we have the positive impact coming from the edges put in place and basically between the end of 2024 and the beginning of 2025 when we look at 2026 we do not have the benefit of edges 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 of these heads okay just to confirm so that means does that mean that the hedging piece is a greater negative impact than just the FX rates compared compared to 2025 yes does not get off that the negative coming from the the spot rate got it okay now thank you okay thank you now we're going to take our next question.

And it comes line of Michael Tyndall from HSBC. Your line is open. Please ask a question.

Yeah, thanks very much. Mike Tyndall from HSBC. Two questions, if I may. I guess the first is sort of touching on what Tom was talking about in terms of 2030. And Tony, 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 but this in your mind is this the toughest year or are we looking at something are you seeing something later on that we're not seeing and then the second question um i'm going to ask but i suspect i'll get told i have to wait um benedetto have the repeaters already seen the Lucia in its full glory and if so you know 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 thank you yeah I'd like to comment that the client did not yet see the fair allusion full glory they see only the internal glory let's say the interiors to see the full glory i think we have to wait 25th of may as i said before so the unveil process will be complete end of may uh what i can tell you is that uh that the indication 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 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 no they were not saying you for the the price clearly we have a price in mind but this will be shared after the complete unveiled process in the unveiled process 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 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 Market 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 got it thank you 2026 is a year of growth remember this thank you thank you and now we're going to take our next question and it comes line of Anthony dick from order BHF your line is open please ask your question yes hello thanks for taking the questions the first one is a quick technical one on the Q4 you 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 that I hadn't heard before with 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 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 SF90XX and the 12-cylindry maybe tariffs impact or also if the F80 contribution offset or was larger than the Daytona SP3 contribution last year. Thank you.

Thank you, Anthony. I take the second one for the spare part. And the answer when you say what drives the increase of this part is because the people, we have more and more people that are enjoying the cash. 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 the there was also a clear trend of our client to use more the cars for the other three questions Antonio will be very specific 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 future years um r d and ranking all together account for a bit more than half of the of the positive change compared to our initial guidance because latest guidance lower cost 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 SGA you as far as Q4 once again with respect to Q4 yes that is obviously compared to Q3 we're slightly more benign because there most of them were based on the 15% rate that was applicable after August 1st.

I think we have flagged all in with this question. 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?

It's a good try, 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 i would stick to this really okay i understand thank you very much thank you anthony thank you and now we're going to take our next question and it comes line of christian fernet from goldman sachs your line is open please ask a question yeah hi everyone thanks for taking my question uh most of my questions have been asked but uh two more from my side uh your r d capitalization ratio was a bit uh small lower than i anticipated uh can you

comment a little bit about uh what we should anticipate going forward for r d capitalization is this new run rate or should we think about you know longer term mean reversion there my second question just going back to residual values um 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 uh addressing softening residual values is that the correct understanding thank you the second one what we said and what also in the past what i said a few minutes ago is that in in uk the receiver value stabilizing also because we reduced the the number of car we we

gave in that part of the world and this is the action basically it was put in place isn't nothing nothing new on this front for the capitalization ratio Antonio yeah the question was for outside of the UK not for the UK no no there is a the the action was specific to uk there is nothing ongoing for the rest of the world sorry yeah back to the capitalization duration this very much depends on the overall capital expenditure by here and the development of the expenses for innovation that as you know are mostly

related to significantly related to our racing activity so it very much depends on on that moving part that in turn depends on the financial regulation from the FIA I would bet on this stabilization of duration going forward okay thank you very much thank you and now we're going to take over next question just give us a moment and the question comes line of Helen Cosman from Barclays your line is open please ask a question oh I 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 we're guiding about 29 and a half now. The guide for 2030 is about 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%. I think you might have expected that to decline a little bit sooner. Is it mostly that and 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.

Thank you, Henning. Also, thanks for making the compliment to the team for what has been achieved. I really 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 result with focus and discipline. As I said before to the colleague, if after four months we change the target that we set for 60 months and I agree with you, we give 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, and I don't think it's time now after only four 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 you know a spike in a quarter and then you change the view so we we thank for the compliment we thank for the if you want the way i see increase the confidence in us but let us work we focus on 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.

Thank you, Bernadette. We appreciate that. And can I ask one more on the Luce? Yeah, 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. 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.

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. no i think that okay ferrari luce is the car that we unveiled the second step last week what i what i can tell you i can guarantee you is that we will not sell this car to people that do not want the cash i mean if the people the client existing in 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. 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. We will never force our client that to have, let's say, 849 Testeros or whatever is going to be called, the next car, they have to buy an electric car. This has been said loudly clear already to many clients. 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 leaders. In these days, the colleagues are having different meetings in Japan, in US, in China. And the message, one of the key message is this. You do not have to force clients to buy something that they don't like. Some, this would be a 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, Henning.

Yes. And 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 and just sell fewer of them only to the ones who really want it?

Thank you for this question. Maybe what I said in Capital Market 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 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. 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 thank you so much for that I appreciate it thank you any thank you now we're going to take our next question and the question comes line of Nikolai Kampff from Deutsche Bank your line is open please ask a question yeah good afternoon it's Nikolai from Deutsche Bank and also from my side well done for a strong finish first question would be also on revenues in Q4 and And can you share how many 4.99 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?

No, no, Antonio, you go. No, 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, And 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 in. So we don't disclose the number of the volume, neither at Captain 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. And number two, we want to look at the quality of the revenues, not at the volume. So 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.

Yeah, the 499, the modificata, a few 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, and this is in our numbers compared to 2035. Understood.

Thank you.

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 Benetti from Evercore ISI. Your line is open. Please ask your question.

Hey, guys. Thanks for all the detail here. I appreciate you taking our question, and congrats on the next fourth quarter for 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-closed 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 what's changed in the last few months around your assumptions for those two. And 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, 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 answered is better or faster at 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, you know, some have been on a wait list for a long time for some of the models like ProSong. I wonder if perhaps there's some operational improvements that have helped speed some of those things up to look ahead Thank you.

Thank you, Mike. I think that, as I said, the order book is strong and then 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, or what I told, that we don't want to be caught anymore by surprise, as it was the case of the Purosango 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 to put this capacity in place to accommodate, swing in the personalization demand that clearly is difficult to plan and to foresee. So, for sure, the eBuilding, as our increased capacity at some of our suppliers, for some personalization that we believe can be more appealing, is helping a lot.

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. But personalization, as we repeatedly mentioned, is usually finalized four or 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 percent we are giving you as a guidance now with the 19 percent we may have mentioned previously, it may see a difference. The second, similarly, even for the revenues from raising sponsorship, particularly, it obviously depends also on the development of the contract with our partners.

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 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 a way, that's fine.

No, not just that. The ratio depends also on the denominator. So take that into account as well.

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… 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. But, however, even the car space is different, and the level of personalization may depend on the mix of cars and on the size of the races.

I think it is also important to add one point. Also, 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. There are some specific personalization items that it's through increasing 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. It's a deliberate choice. Okay.

Understood.

Appreciate it. Thank you, Mike.

Thank you. Now we're going to take our next question. And the question comes line of Michael Filato from Berenbeck. Your line is open. Please ask your question.

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 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.

I think that I don't want to specify which model is it. I think that it's clear that we'll 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 altogether. others. 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.

Understood. And 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 disclose what the exact segment will be but anything you you you you can make up your own model uh 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 performance sport car with a lot of high performance over a long time. We said in the capital market, 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 kind of 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 or send with that if we shared with you at the capital market day thank you thank you thank you so much now we're going to take our next question and the question comes line of Sam Perry from PNP Paribas your line is open please ask your question all right thanks for my questions and she's given some guidance on mix and 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 seven, 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 27 or is or is that is that meaning last sales in 26 thanks hi Sam stays out means phase out meaning the stop of delivery and with respect to guidance on mix there is no specific difference compared to the average guidance for the plan team thank you now we're going to take our next question for today and it comes to line of Gianluca Bertuzzo from Intermonte.

Your line is open. Please ask a question.

Hello, Benedetto, Antonio. Thank you for taking my question. I think I made the same question to you about the Puro Sangue, 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 Puro Sangue, 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.

Two, the India is an opportunity. We want to focus more and more over there. Clearly, it will take some time. Clearly, the new economic deal between Europe and India is facilitating. but you know to develop a market if it is not something that you go from one day to another in terms of luce i would like to i would like to tell uh i mean i remember that you asked the same question for the story of puro sangue but at that time also i told you that it will be something that we will chase a new time in the right way one of the things when you do luxury product and 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. Just think about also Luce, 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 answer. Thank you.

Yeah, I tried. Thank you very much for the answer.

Thank you. There are no further questions for today, and I would like now to hand the conference over to Mr. Vinja for any closing remarks.

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 Lee for your to follow us. 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 these years. 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