Welcome to everyone who is joining us. Today we plan to cover the Group's Q2 2026 operating results and the duration of this call is expected to be around 45 minutes. The 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 risk and uncertainty mentioned on page two of today's presentation and the call will be governed by this language with that time i'd like to turn the call over to benedetto thank you thank you nicoletta and thank you to everyone joining us we are pleased to share with you the result of another important quarters for our company the key message is clear ferrari continues to execute its plan with focus discipline and
consistency keeping the client and center and blending heritage and innovation in a distinctive way in this call we will address three key achievements i would like to sincerely thank all the stakeholders for. One, we delivered another strong set of results. Two, the man remains solid with an order book that covers the entire 2027. And three, we continue to evolve our product offering through a consistent commitment to innovation. An innovation process that starts from human emotions, not from technology push we are a strong believer of emotion driven innovation but let's go step by step let's start with our financial performance in the quarter we delivered revenues at 1.94 billion evda of 755 million and industrial fee cash flow generation of 275 million this performance was supported by strong mix and personalizations which once again performed very well and allowed us to raise our full year guidance and Antonio will provide you more detail shortly moving to the second point the order book we continue to experience a healthy demand across all geographies with an order book that covers the entire 27. This gives us strong visibility and confidence. Across the portfolio, several models, including the 296 Speciale and the 12 Cilindri families, are already sold out for their production run, underscoring the strength of demand. And now the third key achievement. Our product offering. as anticipated at the beginning of the year and during the agm a few months ago 26 2026 is proving to be a key years for product innovation at ferrari with the presentation of amalfi spiders puro sangue handling speciale ferrari luce and dodici cilindri manuale today we have the most complete and diversified product offering ever it includes combustion engine cars natural aspirated and turbo hybrid six and eight cylinder motors and ferrari luce this makes our product offering unique we are the only luxury company able to offer sports car able to deliver any kind of propulsion that the client is willing to experience we can address different client desires from collectors repeaters new clients and future generation of ferrari space and expand our offering in terms of product architecture performance design and driving experience from now onward ferrari is able to offer all the three power train technologies full in line with our technology neutrality and the horizontal product diversification strategy we committed we committed to this path and we have delivered consistently and allow me to be very proud of the team and all the partners in the world that helped us to make it possible In Q2, we unveiled our first electric Ferrari, Ferrari Luce. It represents a milestone in the history of the passing horse. A true sports car and an addition, I repeat, an addition to our product portfolio. It is a statement of innovation and design, a car conceived to be forward-looking in every respect. It is a masterpiece of engineering and technology with more than 60 new patents testifying to Ferrari's technical excellence across electric propulsion, vehicle dynamics and system integration. They are all combined with a distinctive design language and a human-centric way to interact with the cars, including the traditional pedal shift for torque shift engagement and authentic sound of our four electric traction engines. Every choice we made served a single purpose to deliver a true Ferrari driving experience. The Ferrari Luce is a sports car in every sense with Ferrari performance handling and emotion behind the wheel while being the most versatile model in our range, extending Ferrari ownership into different moments with its five-seaters configuration. Two months after the world premiere in Rome and we can share three clear points. We are very much satisfied with orders that are coming in, in line with our plans. 2. Initial orders are currently coming from repeaters and new clients. 3. We are engaging those who are genuinely interested in Ferrari Luce according to our commercial and marketing plan. But Ferrari Luce is only one example of how our line-up continues to evolve on july 3rd at the culmination of our cavalcade event we presented the ferrari 12 cilindri manuale a limited edition special series of the 12 cilindri produced in only 1499 units each fully allocated to our clients after the 599 gtb fiorano 2006 we even reintroduced the manual transmission, bringing back an even more direct interaction between the driver and the car. This was made possible thanks to the new Manuale by Wires system designed in-house, patented and inspired by the Winch by Wires system developed in our Hypersail racing project. Yes, it may seem strange, but open innovation goes hand-in-hand with lateral thinking and cross-pollination between worlds apparently completely disconnected. It combines the driving emotion of a manual gearbox and the precision of electronics. The Dodici Cidindri Manuale isn't about recreating the past for the sake of nostalgia. It's about recognizing that the greatest Ferraris have always been defined by the relationship between the driver and the car and finding a modern way of preserving that connection, that conversation. It is a celebration of engagement rather than a celebration of nostalgia. In a single quarter, Ferrari Luce and 12 Cilindri Manuale have provided two clear examples of how Ferrari combines traditional innovation in a distinctive way. they demonstrate the strength of our strategy and our commitment to technology neutrality but most importantly to our emotion driven innovation where emotion matters much more than numbers but more is yet to come two more models are to be unveiled by the end of this year and before that let me also highlight the successful activation delivered by our lifestyle team during the quarters indeed leveraging the emotional resonance of our racing heritage we continue to nurture our clients through unique experience and events just think at the 24 hours of le man in the good good goodwood festival as well as the capsule collection developed for monaco in silverstone grand prix to conclude the progress we are making in racing thanks to both our drivers and the entire team continue to remind us what makes ferrari stronger focus determination and team spirit these values guide us every day every day while keeping the four wheels on the ground and on this note i like now to end over to antonio to review the q2 results Grazie Benedetto and good morning or afternoon to everyone.
On page 4 we show the highlights of the second quarter, another quarter with solid revenues and profitability growth, coupled with significant industrial free cash flow generation and remarkable shareholders remuneration. We continue to benefit from a strong sports car mix, personalization exceeded our expectations and racing revenues increased their contribution. Let's look at the result in more detail. On page 5, we will present the Q2 shipment breakdown and model changeover that we are continuing to execute as planned. In the quarter, the Amalfi, the 849 Testarossa and the 296 Speciale family increased their contribution, continuing the ramp-up. The deliveries of the 12-cylindri Coupe and Spider and the Puro Sangue continued steadily. The F80 increased just very modestly, as per our plans, while the 296 GTS and the Roma Spyder decreased in line with their phase-out path. Lastly, the SF90XX family also decreased as we are approaching the conclusion of their limited series run. The overall model phasing i have just mentioned supported the richer product mix which we'll discuss in a moment from a geographic mix perspective emia experienced the strongest growth during the quarter consistent with our usual cadence closer markets are served first while deliveries of the new models to the other geographies will ramp up progressively in the coming months on page six net revenues grew 11% at cost and currency, and 8% including the ad win from currency, mainly related to the US dollar and Japanese yen. The increase in cars and spare parts was driven by the richer product mix and higher personalization. Personalizations were higher than expected, above 20% of total revenues from cars and spare parts, and were particularly relevant for the 296 Speciale family. The adoption of carbon and paint continued to drive revenues growth. Sponsorship commercial and brand also increased thanks to higher sponsorships, which were partially upset by lower commercial revenues linked to last year's Formula 1 rankings. Other revenues were also positive, mainly in relation to the rental of engines to other Formula 1 racing teams. It is worth noting that the recent strengthening of the US dollar mitigated the negative currency impact compared to our previous expectations. Moving to page 7, the increase in EBIT was driven by the very strong mixed price variance, which includes the positive product mix and the strong personalizations that we just commented. In detail, the product mix was sustained by the increased contribution of the F80 and 12-cylindry family and the lower deliveries of the 296 range family, partially upset by lower derivatives of the SF90XX and the ramp-up of the Amalfi. The mixed price variance was only marginally upset by volumes deliberately planned lower as required to effectively manage the model changeover, higher industrial cost and marketing expenses, and higher cost implied by the better formula one in season ranking assumptions compared to last year the latter are including the other variant in the quarter dna was temporarily lower in line with the ongoing model changeover since the decrease implied by the phasing out of certain models is only partially upset by the gradual addition from the models that are entering the start of production in h2 we expect dna to grow progressively. Percentage margin stood at remarkable levels, including the Edwin from FX, with EBIT margin at 31.2%, slightly up versus last year, and EBITDA margin at 39%, slightly down, mainly as a consequence of the better Formula 1 ranking assumption. On page 8, our industrial free cash flow in the quarter was strong, driven by the increase in profitability partially set by a negative change in working capital mainly linked to the inventory increase implied by the seasonal production planning. Cash taxes and capital expenditures which were mostly focused on product and infrastructure development mainly the new paint shop whose construction is proceeding apace. Net industrial debt at the end of June was 131 million euro reflecting the dividend payment which occurred in May and the share repurchases executed in the quarter. Turning to page 9 we increase our guidance for the year thanks to the continuing strong trend of personalization and a more favorable effects environment. More specifically our updated assumptions include personalizations accounting for more than 20% of cars and spare parts revenues and the US dollar euro to euro exchange rate of around 116 and the contribution of all additional edges now in place looking ahead we remain focused on the execution of our plan the confidence in the strength of our strategy and our ability to deliver long-term value remains the foundation of everything we do thanks for your attention and i turn the call over to nicoletta thank you antonio nadia we are now ready to open the q a session thank you very much
Thank you so much. Dear participants, as a reminder, if you wish to ask a question, please press star 1-1 on your telephone keypad and wait for your name to be announced. To withdraw a question, please press star 1-1 again. Please, Timbal will compile the Q&A QDs. We'll take a few moments. And now we're going to take our first question. And it comes to the line of Helen Cosman from Barclays. Your line is open. Please ask your question.
Oh, hi. Good afternoon. Good morning, everybody. Thanks for taking the question. The first question, perhaps slightly philosophical one, would you share the observation that you enjoy more pricing power in the more traditional type of vehicle? So obviously the manuale by Y are now really strong showing the special 50% price above the range. But just in general, do you feel there's more enthusiasm and by extension pricing power on these types of models? And would that affect your propensity as to which models you would launch going forward? And if you could remind us what your flexibility there is for how far in the future is your product cycle plan set already? Or would you let yourself be influenced by customer desire and pricing power for these, if you want more traditional type of models? That's the first question. Second question on volume growth. If you could just, I know you don't like to talk about volume, but if you could just conceptually discuss, if I'm not mistaken, we were expecting broadly stable volumes for this year. That now implies a bit of growth in the second half. Perhaps you could confirm if you share that. Is that a function of just the product cycle? You have the Amalfi now ramping up, 296 special series. So would you always allow yourself to have more volume growth based on the product cycle plan? Or do other things play into that as well, like stabilization of residual values, for example? Is it just phasing? You always have periods of expansion and consolidation. Where do we stand there? If you could at all talk about volume just a little bit. And then finally, if I can squeeze one on the margin, right, where we're getting now and your midterm margin ambition of a floor of 30%, There's obviously not much in between. Looks like there's going to be a lot of F80s next year. Testa Rossa, Manuela by Wire, all looks like it's driving the mix up and probably the margin. So we could see a margin exceeding 30% next year, which technically would imply margin contraction for the rest of the plan. And if you could just remind us your thinking about the margin trajectory, 27 to 30. Sorry, that was a lot, but thank you very much.
Thank you. The ink of the pen almost finished. That's okay. I'll take the first two questions, and then Antonio will elaborate on your third question about the margin. So the first question, the philosophical one, I would like to say this. that our clients understand fully what does it mean emotion-driven innovation and I think that when in one quarter our company unveiled two products very innovative one more in the future one reading the past with the eyes of the future I think it's a demonstration that one we listen to them two we are also able to delight and surprise them i was with them and the cavalcade in athens when we unveiled the the dodici cilindri manuale as well as i was with them in rome for the luce premieres and they were literally uh gonna say happy astonished about the ability of our company to put together traditional innovation but always putting them at the centers but most importantly their emotion driving an emotion at the centers so this is about the first philosophical question because the rest the forces in power what you were referring to is a consequence of two things number one our ability to innovate number two our ability to delight to surprise them the second question is about scarcity and exclusivity 26 is a year where we have a significant changeover model we have a lot of new models we have the ramp up of a very innovative model for which we have a very high degree of personalization but we always keep one thing in mind the Henning is a scarcity and explosivity for us what is important is that we deliver unique unique product to our clients and our not first task is it being always is being it is it will always be scarcity and exclusivity the third question about the margin Antonio yeah and with respect to that question and the the capital market targets are unchanged as a great they were presented and based on the assumption we outline
at that time so on that we are proceeding apace according to the smooth and linear development that we already and outlined since that time okay thank you thank you now we're going to take our next question and the question comes line of edward urban from Morgan Stanley your line is open please ask your question.
Yeah, good afternoon. Thank you for taking my question. So first of all, in terms of the mix, so your share of special series was, I think, about 13% in the first half, which is obviously substantially higher than the recent history. What do you have in mind in terms of the second half, in terms of the contribution to the percentage of shipment from the special series? So that would be number one. Number two, in terms of the Americas and the U.S., So shipments were down year over year quite a bit. And obviously, Antonio, you explained why in terms of the rollout of newness and all of that. But I think still that was down more than expected by the market. Is there any issue with demand in the U.S. or is it really, you know, exclusively a supply issue in the U.S. and shipments should normalize pretty soon? So that would be question number two. And then, Antonio, question number three, in terms of could you just help us model the impact of FX on EBIT for H2 and your first thoughts about what could be the impact on 2027? Thank you so much.
Thank you, Edward. I take the second one. So, the reason you are referring to, we don't have, one, no issue of supply chain. two we have a significant model changeover as we have been highlighting in the chart number four i think and the other point is that when you have cars with high degree of innovation and high personalization degree okay then this is having clearly an impact on the number of cars that you deliver because there are some cars as we have said at the beginning the personalization content of our car keeps increasing and this has clearly some uh some effect on what is the
the number of cars you deliver so this is the question number two one and three antonio on the mix of special series um it is true that this year is there is a bit more than we were used to uh we follow the life cycles of the car so i don't expect anything it can change for the second up but as I said is driven by the product life cycle impact of FX for h2 is based on the assumption I just outline and the fact that in addition to that we have edging in place already for approximately 8% of the exposure on 20 27 is far less covered by hedging and with very much depends on where the
spot exchange rate will stay thank you now we're going to take our next question and the next question comes on of michael binezzi from evercore isi your line is open please ask a question hey guys congrats on a great quarter really happy to see it um and really exciting launches in the quarter really fun to watch um just maybe a couple for the model you i think you said um last call that asp would be similar in second the first half antonio but it was up a lot in the second quarter would you just help us understand you know what happened what happened there how to think about that in the second half and then um on the um on the asps you know it sounds like you only shift maybe 30 40 f80s not at least not many more than what you shift in first quarter but the average price per car that we watch accelerated a lot it seems you know especially and pick down to it and take out the currency it see it seems like the average selling price for the fleet excluding the supercar improved quite a bit that's with the sf90xx declining as you told us could you talk a little bit more about what some of the biggest drivers were of the of the underlying acceleration in the fleet and and maybe connect that to your comment last quarter that
profitability would be the same in second half as first half michael this is a question for Antonio that is uh will give you an answer yeah Michael in terms of the ESP if you feel true that H2 is similar to H1 just maybe slightly better and better than we have previously anticipated considering the penetration of personalization they also explain why the ESP for the fleet including the supercar has improved actually we see the trend of personalization improving across the board better than improving staying high across the board even higher than we expected as far as the number of the FAT and we shifting the quarter as you know we do not go into the details I just said really modestly higher compared to two one is there something about the remaining fleet that's seeing better personalization than prior generation maybe just help us click into what's helping yeah okay and then I didn't hear I thought the question came up earlier but is is it still fair to think about units flat for the year or is that is that assumption I've been a letter from language before we don't want to go into that discussion on volumes we are managing the manufacturing for the year considering the complex changeover and
increased level of personalization and doesn't make a big difference very on okay i appreciate it guys thank you and congrats again thank you max we'll pass to the team thank you and now we're going to take our next question and the question comes line of michael tindall from hsbc your line is open please ask your question yeah afternoon gentlemen uh thanks for taking my question um i'm going to mess the name up here but mamuele um given the success of that model would it make sense to do similar across the rest of the range or is there a particular reason why it wouldn't make sense and then the second question and you're probably going to tell me nothing's changed but with your upgraded guidance you're now talking to us at an eight percent growth in EPS and if I go back to last year the CAGO was six percent to 2030 so we are moving above that line. I know Henning's asked this in a different way, but I mean, where are we on that roadmap to 2030? I wonder if you could talk about what's going as planned, what's going better, what's going worse, because it certainly feels as if personalization is going better. Thanks.
The question number one is simple. We don't disclose what we are going to do in the future. We do not even disclose what will happen in the remaining of the year when I said two other model will be unveiled. So the manuale, as you know, we have this limited edition, the original manuale. We'll discover altogether at a due time what is the future of this important technology. For the second one, for the guidance, Antonio is here ready to go.
Yeah, you touched the point. Actually personalization is doing better than we had assumed for the rest of the plan. and the second element you should not disregard that the assumption with respect to the currency that that in terms of the nominal development of the eps compared to the what the category implied in the in the guidance so just to be clear currency is better yeah yeah and the the last point i should mention is obviously the buyback program that is proceeding at pace and is reducing the number of shares over which you divide the the net profit yeah of course thank you welcome
thank you so much and now we're going to take our next question and the question comes line of jose also mendy from jp morgan your line is open please ask a question thank you very much and congrats from the strong quarter two questions can you speak a bit about what is driving the personalization to be a little bit better than maybe initially expected some examples when you're you know from your customers and products and until you can use also maybe some color with regards to second half how should we think about SG&A and industrial costs thank you thank you say the personalization let's say there are I would like to say that the value of the personality the average
value of the personalization for the car that we have in the production increased and increased because the option that the client are selecting these tires so they have been selecting more let's say they've been personalizing more the painting the use of carbon the use also of rim dispute the use of special letters so there are there is not a specific item that is driving the increase of personalization content as well as there is not a specific pattern in terms of client from different geography there is a general trend that we have seen of clients that want to personalize more and more the cash and i think in this sense it has been it's good what we plan and what we shared with you with capital market day a few months ago when we said we are open a tailor-made in tokyo one in la and we are also expanding the ability for us to make tailor-made atelier and tailor-made here in maranello so that's the personalization the kind of percentages is driving the uh the increase for h2 sgna and r d industrial cost and yes all the numbers think of sgna and r d for the second quarter higher compared to H1 on a number of events we are working on in terms of
the DNA and R&D simply in line with the pace of development of our innovation programs and and formula one for next year the the other element you need to take into account is DNA that is going to grow in H2 as it is implied in the guidance for more than 700 million euro of DNA full year. Thank you. Welcome.
Thank you. Now we'll proceed with the next question. And the question comes line of Horst Schneider from Bank of America. Your line is open. Please ask a question.
Yes, hello. Thank you for taking my question, the source from Bank of America. The first question that I have relates to the comments that you made on your order book because you say you have got now full visibility until end 2027 so I'm interested in any particular trend by model and if a statement does also refer to the LUCHA or if it is an average number that you point to and maybe you can say on which models we have got longer visibility than 2027 maybe the The second question relates a little bit again to the question about the EBIT margin outlook for H2 that is implied in your full year forecast. I realize you remain tight-lipped on that. You gave some items on R&D and DNA. That's helpful. But can you also maybe comment what the price mix outlooks and maybe for H2? It seems that this is getting weaker. And maybe you can explain again why that is.
I think it has got to do with the regional split and we see product mix development thank you thank you also the order book as I said is covering the full year 27 just consider one important thing that here in this order book we don't have yet the numbers over the manually because manual is something that is belongs let me say in Q3 and we are working on it so that's an important point we are proceeding as planet in all the models, let me say, that we are producing or we will start to produce. I don't want to look like arrogant, but considering what our clients were asking us since a while on the manuale, we were expecting also for manuale to have something very robust like it has been the case so we have we are very satisfied because we are the things that are going as as we planned for the margin a bit Antonio here is all the elements on the table just two elements in terms of the mixed price by and compared to last year as I said already in May this is expected to be not lower
I would say higher compared to the first half, and the language we use on the margins is not lower than.
Technically, if I calculate your guidance, it means you do 29.7% margin, but I think it's just rounding error, right?
No, it depends. I mean, if you take the lower end of the guidance, you're right. That is just the rounding. Okay, thank you.
Thank you. Now we're going to take our next question. And the question comes from the line of Martino D'Ambraghi from Aquita. Your line is open. Please ask your question.
Good afternoon. Thank you for taking my question. My focus is on the hybrid. The weight of hybrid in the last three quarters was in the region of 30%, much lower than in the last couple of years.
So my question is, is it just a matter of changeover of model, or it's your decision and should we expect this portion to remain going ahead and always on the hybrid is there a big difference between the coverage of the backlog between eyes and hybrid thank you martino you you understood clearly it's just a matter of changeover consider that there are two hybrid models that are out of production is the 296 GT BNS and also the SF90XX these are two hybrid we are ramping up the other so it's not related to any choice to slow down one model or another it's just a matter of model changeovers and let me say personalization decline that has So, do not extract any model, any trend in your model.
Okay. In terms of backlog, it's fully for both.
See, the backlog is, let's say, it's, let's say, consider that the hybrid we have now, that is basically sold out as well, is the 296 Speciale. So, you know, you will see how it will change in the future, but just think about this. We have three models, three technologies that we will keep offering our client that is ICE, that is hybrid and is Luce, the electric traction. So that's what we did and that's what we said and what we are doing, Martino.
Okay. And on the Luce, I clearly understand you will never disclose the order intake, how it's going and so on. But could you provide us an idea because you mentioned we have orders from both existing clients and new ones.
What is the ratio between the two? and in the previous question someone asked about the order book covering 27 so also Luce is fully covering what you were expecting but look I would like to say this one the Luce we are very much satisfied as I told also because we are proceeding as planet we are receiving order from repeat booth from repeaters and new clients and the very important point is that there is a genuine interest of the people to buy the cars that is very very important this is very very important because the customer understand that for us ferrari luce is like any other ferrari we will take care of the car forever because we have all the capability in house to take care of this car in house and forever like it is for the other models yes martino we do not disclose the number of any specific model because otherwise we have to start to disclose the number of any model and the model excel that you are building it would be very easy so we want to leave some you know some blur so you can guess you can make some question otherwise you will not get any more question martino so bear with us there are always questions.
Yeah, that's good. Thank you, Benedetto. Ciao, ciao.
Thank you. Now we're going to take our next question. And the next question comes from a line of Tom Narayan from RBC. Your line is open. Please ask your question.
Hi, thanks for taking the questions. Antonio, a question on the 26 guidance. I guess the revenue floor was raised by 100 million, but the EBIT floor was raised by 40 million i guess i would have thought personalization would have a bigger drop through to ebit i know fx has some hedging so maybe that didn't drop down as much but maybe some just commentary on the drop through of the revenue guide to ebit and then a follow-up on the america's volumes being down in q2 um and i know you commented on why that happened but is any of it related to the middle east uh situations that may have created some pull forward from q2 to q1 and then lastly on luce a follow-up to the last question you're satisfied repeat clients orders
coming in into an interest but what about new customers um to the ferrari brand maybe those that were uh specific to ev ev buyers thanks thank you i start from the last one three and and the first one is antonio so luce you got it well we have a client in this luce in the order book of luce that never bought a ferrari in their life and they are buying luce because finally ferrari is also able to provide a car that they like to drive so we have repeaters and we have uh clients that that's also one of the the things that we have been following when looking also for new client client that like electric electric traction so this is question number three number two there has been not any let's say a pool order between one quarter between one region and others the the story of middle east lasted if you remember well we told you a couple of weeks And then, thanks to the dealer's support and thanks also to our logistic partners, we've been able easily to avoid any problem, not easily, with a lot of effort, but we've been able to, let me say, in a short time, to find a way to have the car reaching the client because, maybe you were not in the previous call, but we also said that is incredibly high the numbers of a test drive that our client existing in you are doing in the region so there is no the two events are completely uncorrelated maybe there is only one thing that told you before is the degree of personalization and the mix of the products that the clients want because the personalization has clear an impact on the manufacturing time and on the time to to realize the cash. For the first one, the Guidance 26 and the operating leverage.
First of all, in terms of margin from personalization, this is absolutely unchanged in line with the first half, so the entire difference is related to our forecast of cost increase in the second half across the three lines of SG&A, R&D, and most of all, D&A.
And do not forget that we are maintaining the assumption of ranking first in the Formula One Championship okay thank you thank you thank you Tom and now we're going to take our next question and the comes line of Monica Bossio from Intesa San Paolo the line is open please ask a question yes good afternoon and thanks for taking my questions I have to the first one is on the manual and as it is a limited edition. What is the life cycle? So can we model the shipments in two, three years? If you can, any color could be helpful. And my Excel model will thank you. And another question is on the new customers. Can you share with us some indication on the new customers? My question is, in which country do you see the major growth in terms of new customers? And are these new customers somewhat different in terms of country for the Amalfi and for the Luce?
And ultimately, let's assume that Luce could attract new customers more in China. would you be willing to increase the weight of shipments in China maybe above the usual levels thank you very much so thank you Monica so all the customer new client of Luce have two eyes two years two hands no joke aside there is not a clear pattern of age or geographic pattern there is let's say the interest that maybe for the new client the common factor is that they like to drive electric cars okay so to be very specific when we have been talking and approaching the prospect a new client we have been looking at the people that are driving and are very acquainted with electric cars but I can also tell you really that when you think about our client think about unique people There is not, we tried many times, also for other models, IC, whatever. Really, the common factor is the passion they have for our brand. The willingness to have unique driving experience. Now, we said also that for this model, we will move ourselves in a FIFO mode, where either new client or repeater will have the same priority. So, this comes back to your question. would you increase penetration depending on the region or we will follow the order intake because for us it's an opportunity to show once again that we respect on one side the people the client willingness to drive a new kind of car on the other side is also the level of innovation that we brought in our cars so that's it that's important now the story of the life cycle of the manual at the first question I understand that your Excel file would be much easier but yeah you know you okay you won't do in the call got it okay thank you thank you Monica thank you very much thank you dear participants thank you very much for all your questions and now at this moment I would like to hand over the conference to your speaker Benedetto Vino for any close remarks so So thanks to all of you, thanks for your time today and I wish you a good morning, good afternoon and also for the people that go on vacation, also have a good relaxing vacation with your beloved ones and thank you again for your attention and meet you soon in a couple of, in a few months, ciao!
