Ferrari NV (RACE) 2024 Q3 法說會逐字稿

Thank you for standing by. Welcome to the Ferrari Q3 results. 2024 conference call and webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and answer-session. (Operator Instructions) Please note that today's conference is being recorded.

謝謝你的支持。歡迎查看法拉利 Q3 成績。 2024 年電話會議及網路廣播。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to turn the conference over to your speaker, Nicoletta Russo, Head of Investor Relations. Please go ahead.

現在我想將會議交給您的發言人，投資者關係主管 Nicoletta Russo。請繼續。

Thank you Rosie and welcome to everyone who is joining us today. We plan to cover the group's operating results of the third quarter of 2024 and the duration of the call is expected to be around 60 minutes. Today's call will be hosted by the Group CEO, Mr. •Benedetto Vigna; and Group CFO, Mr. Antonio Piccon.

謝謝羅西，歡迎今天加入我們的所有人。我們計劃介紹集團2024年第三季的經營業績，預計通話時間約60分鐘。今天的電話會議將由集團執行長 Benedetto Vigna 先生主持；和集團財務長 Antonio Piccon 先生。

All relevant materials are available in the investors section of the Ferrari Corporate website. And at the end of the presentation, we will be available to answer your questions.

所有相關資料均可在法拉利公司網站的投資者部分取得。在演示結束時，我們將回答您的問題。

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 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 side. I'd like to turn the call over to Benedetto.

在我們開始之前，請允許我提醒您，我們在今天的電話會議中可能做出的任何前瞻性聲明均受到今天演示文稿第2 頁所包含的安全港聲明中提到的風險和不確定性的影響。並且呼叫將由該語言與 side 來管理。我想把電話轉給貝內代托。

Graco and thank you everyone for joining us today. Before we begin, I would like to extend my gratitude to the incredible team at Ferrari for their hard work and dedication to all our client collectors, for their ongoing trust in our brand and to all our partners, suppliers and dealers for the strong collaborations. We have continued to build together.

Graco，感謝大家今天加入我們。在我們開始之前，我要向法拉利令人難以置信的團隊表示感謝，感謝他們的辛勤工作和對我們所有客戶收藏家的奉獻，感謝他們對我們品牌的持續信任，感謝我們所有的合作夥伴、供應商和經銷商的密切合作。我們繼續共同建設。

The stability of the Ferrari COSYS resides on the spirit of cooperation, share the passion and sense of belonging. Grazia Ati. Thanks to all. We are continuing to execute our business plan in line with our trajectory. And Q3 was once again a quarter reach in achievements and strong financial results.

法拉利COSYS的穩定性在於合作精神、分享熱情和歸屬感。格拉齊亞·阿蒂.感謝大家。我們將繼續按照我們的軌跡執行我們的業務計劃。第三季的成就和強勁的財務表現再次達到四分之一。

Let's begin with a brief summary of these financial results and then Antonio will provide all other details, revenues EUR1.6 billion, up 7% versus the previous years. A double-digit growth in profitability, we have ABI at approximately EUR470 million and debit margin of 28.4% sustained by the strength of the product mix and the continuing solid trend of personalization.

讓我們先簡要概述這些財務業績，然後 Antonio 將提供所有其他詳細信息，收入為 16 億歐元，比前幾年增長 7%。憑藉強大的產品組合和持續強勁的個人化趨勢，我們的獲利能力實現了兩位數的成長，ABI 約為 4.7 億歐元，借方利潤率為 28.4%。

A remarkable net profit of EUR375 million and industrial free cash flow generation of more than EUR360 million, such figures continue to demonstrate strong execution and sustained growth.

淨利潤高達 3.75 億歐元，工業自由現金流超過 3.6 億歐元，這些數字繼續展現出強勁的執行力和持續的成長。

These results were accompanied by a continuous brand momentum. The order book, our order book has evolved as expected with the new Dod Chile and Recoupe Spider guiding the order intake providing us with a remarkable rolling visibility well into 2026.

這些成果伴隨著持續的品牌動力。訂單簿，我們的訂單簿已經按照預期發展，新的 Dod Chile 和 Recoupe Spider 引導訂單量，為我們在 2026 年提供了卓越的滾動可見性。

The same positive sentiment has been confirmed by many of our dealers who attended the dealer annual meeting a couple of weeks ago here in Maranello in our newbuilding. All our 170 plus dealers from all over the world came to this important event. And immediately after it during the dinners, they reported a very favorable feedback across the board from recent product unveiling to customer engagement from a clear and consistent product and industrial strategy to increased openness and transparency and of course, unique brand experiences.

我們的許多經銷商也證實了同樣的正面情緒，他們幾週前在馬拉內羅的新建築中參加了經銷商年會。我們來自世界各地的 170 多名經銷商都參加了這項重要活動。在晚宴期間，他們立即報告了從最近的產品發佈到客戶參與、從清晰一致的產品和行業策略到增加的開放性和透明度，當然還有獨特的品牌體驗的全面積極的反饋。

In this same location in the building, during those days, we arranged the bespoke previews of the new supercars, the F80 for our collectors before displaying it to our brother racing community at FM. All this model opens a new chapter in the history of our legendary supercars. The F80 will be produced in a limited run of just 799 examples which have already been fully allocated to our collectors. It joins iconic 288 GTO launched 40 years ago in 1,984 F40, F50 Enzo and La Ferrari and showcasing the very pinnacle of technology and performance.

在那個日子裡，我們在大樓的同一地點為我們的收藏家安排了新款超級跑車 F80 的定制預覽，然後將其展示給 FM 的兄弟賽車社區。所有這些模型都開啟了我們傳奇超級跑車歷史的新篇章。 F80 將限量生產 799 輛，並已全部分配給我們的收藏家。它與 40 年前推出的 1,984 F40、F50 Enzo 和 La Ferrari 標誌性 288 GTO 一起，展示了技術和性能的巔峰。

The F80 is the most powerful road car ever to come out of the factory gate with a combined maximum power of 1,200 horse power. It has become the new benchmark for innovation and engineering excellence from the latest generation V six hybrid power train with the introduction of the turbo to the four wheel driving capability enabled by the electric front axle from the ultra light carbon fiber chassis to the extreme aerodynamic solutions.

F80 是有史以來最強大的公路車，最大綜合功率為 1,200 匹馬力。從引入渦輪增壓的最新一代V六混合動力傳動係到電動前軸實現的四輪驅動能力，從超輕碳纖維底盤到極限空氣動力學解決方案，它已成為創新和卓越工程的新標竿。

Indeed, I would like to praise the entire team here in Ferrari for this incredible masterpiece. Marking the eighth model unveiled out of the 15, we promised it that the 2022 capital market day. So what is most striking about F80?

事實上，我要讚揚法拉利整個團隊的這一令人難以置信的傑作。這是 15 款車型中推出的第八款車型，我們承諾在 2022 年資本市場日推出。那麼F80最引人注目的是什麼呢？

Firstly, it symbolizes our technological evolution, the significant transfer of technology from our racing world to the road today. Both our formula one and our 499 P hyper cars have turbo six engines with an hybrid system. So it was a choice for us to transfer this powerful and advanced architecture into our newly born F-18.

首先，它像徵著我們的技術進步，即技術從賽車世界到當今道路的重大轉移。我們的一級方程式賽車和 499 P 超級賽車均配備帶有混合動力系統的渦輪增壓六缸引擎。因此，我們選擇將這種強大而先進的架構轉移到我們新誕生的 F-18 上。

Secondly, we are making a clear technology statement. More specifically, I refer to the following three key components of our fa all developed and manufactured in our newly inaugurated building. One, the electric motors, the first to be developed, tested and manufactured entirely by us.

其次，我們正在做出明確的技術聲明。更具體地說，我指的是我們的FA的以下三個關鍵組件都是在我們新落成的建築中開發和製造的。一是電動機，第一個完全由我們開發、測試和製造的電動馬達。

Two, the voltage battery module conceived for very high power density and adopting a patented carbon fiber housing system to save weight and three, the front axle designed for high efficiency and incorporating two electric motors and inverters using silicon carbide transistors and integrated that advance the cooling system.

第二，電壓電池模組專為極高功率密度而設計，並採用專利碳纖維外殼系統以減輕重量；第三，前軸專為高效率而設計，並採用碳化矽晶體管整合兩台電動馬達和逆變器，以促進冷卻系統。

What I just mentioned above underlines the progress that we are making in our electrification journey and our willingness to internalize core components after the first hybrid F one car of 2009, La Ferrari of 2013. And our six hybrid models F80 represents a key milestone in our electrification journey.

我剛才提到的內容強調了我們在電氣化進程中所取得的進展，以及繼2009 年第一輛混合動力F one 汽車、2013 年的La Ferrari 之後我們願意內部化核心部件。動力車型F80 代表了我們的一個重要里程碑。

And now after hours, amazingly beautiful and I performance Ferrari, let's switch gears to client activities. Q3 has been also a quarter reaching many unique experiences such as our presence in Pebble Beach where the T One hosted many Classic and New Ferraris, the Cavalcade Classic, which attracted over 60 historic Ferraris and their owners to Italy, Friuli Venezia Julia region and Slovenia and the legacy tour dedicated to owners of the iconic 288 GT and our first supercar and the final me which saw the participation of more than 35,000 Motorsport enthusiasts, clients dio sponsors suppliers and employees with their friends and families.

現在，下班後，我駕駛著法拉利，令人驚嘆的美麗，讓我們切換到客戶活動。第三季也實現了許多獨特的體驗，例如我們在圓石灘舉辦的T One 舉辦了許多經典和新款法拉利，Cavalcade Classic，吸引了60 多輛歷史悠久的法拉利及其車主來到義大利、弗留利·威尼斯朱利亞地區和斯洛維尼亞以及專門為標誌性288 GT 和我們的第一輛超級跑車以及最後的我的車主舉辦的遺產之旅，吸引了超過35,000 名賽車運動愛好者、客戶、供應商和員工及其朋友和家人的參與。

Each event, each event has been a resounding success, bringing together our community to celebrate the Ferrari legacy and extraordinary experiences that define our brand, these opportunities for our international community to gather together offer a unique platform for enthusiasts to immerse themselves in the Ferrari experience, they foster connection and create unforgettable memories that resonate with the true essence of the prancing horses.

每場活動都取得了巨大成功，將我們的社區聚集在一起慶祝法拉利的傳統和定義我們品牌的非凡體驗，這些讓我們的國際社區聚集在一起的機會為愛好者提供了一個獨特的平台，讓他們沉浸在法拉利的體驗中，它們促進聯繫並創造難忘的回憶，與躍馬的真正本質產生共鳴。

A shared passion and a strong sense of belonging. A finale. Me is a good launch pad to our racing and lifestyle world. So let's start with the racing world. September 1st is a date that we will always remember because for the first time in Ferrari's history, we secured the two victories in the two championship WC and F one in a single day. As our victory in Austin came just a few hours after our, with Mona the Grand Prix with the Ferrari HP.

共同的熱情和強烈的歸屬感。結局。我是我們賽車和生活方式世界的一個很好的發射台。讓我們從賽車世界開始。 9 月 1 日是我們永遠銘記的日子，因為在法拉利歷史上，我們第一次在一天之內獲得了 WC 和 F 兩項冠軍賽的兩場勝利。就在我們在奧斯汀取得勝利的幾個小時後，莫娜駕駛法拉利 HP 贏得了大獎賽。

I was in Monza and I can tell you that you cannot describe those emotions. You can only leave them and you will never forget in formula one. The recent victories and improvements in Austin and Mexico City have provided us with the boost. We need to continue to fight in the last few races of the championship. Always with the four wheels on the ground, the road, the road till the end of Abu Dhabi is we will make all we can to fight till the very last lap.

我在蒙扎，我可以告訴你，你無法形容這些情緒。你只能離開它們，在一級方程式賽車中你將永遠不會忘記。最近在奧斯汀和墨西哥城的勝利和進步為我們提供了動力。我們需要在錦標賽的最後幾場比賽中繼續戰鬥。始終將四個輪子放在地上，在路上，在阿布達比終點前的路上，我們將竭盡全力戰鬥到最後一圈。

The recent racing and sport caravan, there have also been occasions to showcase our renewed lifestyle dimension among the main activities. Let me highlight our last collection shown during the Milan Fashion Week and that has been very, very well received. The strength of our brand is further demonstrated by the record attendance at our museums. Two months in Q3, both so well above 100,000 visitors and year-to-date, we already passed the record of attendees of last year.

最近的賽車和運動大篷車，在主要活動中也有機會展示我們新的生活方式維度。讓我重點介紹一下我們在米蘭時裝週期間展示的上一個系列，該系列受到了非常非常多的好評。我們博物館創紀錄的參觀人數進一步證明了我們品牌的實力。第三季的兩個月，今年迄今的參觀人數均遠超過 10 萬人次，我們已經超過了去年的參觀人數記錄。

And lastly, I want to mention another very important achievement of this quarter. Actually, it's a quantum leap toward our carbon neutrality target. For 2030. We have switched off our three generation plant here in Maranello and we manage to do this three months earlier than we had previously planned. This means we no longer use gas to produce electricity.

最後，我想提一下本季的另一項非常重要的成就。事實上，這是朝著我們的碳中和目標邁出的一大步。到 2030 年。我們已經關閉了馬拉內羅的三代工廠，並且比之前計劃提前了三個月。這意味著我們不再使用天然氣來發電。

Maranello replacing a significant proportion of our methane gas consumption with renewable energy sources. This will ensure us a 60% annual reduction in Scope 1 and Scope 2 co two emission compared to the 2021 base year. To conclude, we are conscious of the macro environment around us and we continue to monitor it very carefully. We are all fully committed to execute our strategy with focus and determination, confident in our clients, our direction and the opportunities that lie ahead of us and always keeping in mind the importance to be well grounded. And on this note, I hand over to Antonio to review the Q324 financial result, Antonio.

馬拉內羅用再生能源取代了很大一部分甲烷氣體消耗。這將確保我們的範圍 1 和範圍 2 二氧化碳排放量與 2021 年基準年相比每年減少 60%。總而言之，我們意識到我們周圍的宏觀環境，並將繼續非常仔細地監控它。我們全心全意專注、堅定地執行我們的策略，對我們的客戶、我們的方向和擺在我們面前的機會充滿信心，並始終牢記紮根的重要性。就此而言，我將把 2024 年第 3 季的財務結果交給 Antonio 來審查，Antonio。

Benedetto and good morning or afternoon to everyone joining us today. I start on page 6 with a quick glance at the highlights of the third quarter. The quarter posted strong financial results aligned with our targets. Once again, affirming this year's main drivers, product mix and personalizations as previously communicated volumes and mix also reflected our decisions to facilitate the company's transition to a new P in this respect. I want to take this opportunity to extend my thanks to all the colleagues in the support company with this transition.

貝內代托，今天加入我們的每個人都早安或下午好。我從第 6 頁開始快速瀏覽了第三季的亮點。本季公佈的財務業績強勁，符合我們的目標。再次確認今年的主要驅動力、產品組合和個人化，如之前傳達的數量和組合，也反映了我們在這方面促進公司向新 P 過渡的決定。我想藉此機會向支持這項轉變的公司所有同事表示感謝。

In summary, shipments were a few units less than prior year. While revenues were up 7% adjusted debit, up 10% with a 28.4% margin, adjusted EBIT increased 7% with a 38.8% margin. And such economic results led to a strong industrial freak generation of more than EUR360 million.

總而言之，出貨量比去年少了一些。調整後借方收入成長 7%，成長 10%，利潤率 28.4%，調整後息稅前利潤成長 7%，利潤率 38.8%。這樣的經濟成果催生了超過 3.6 億歐元的強勁工業怪胎。

Moving to page 7, we review our shipments for the third quarter. The Puro Sangu, the Roma Spider and the 296 GTs drove the deliveries in the quarter. We also commenced the first deliveries of the SF90 XX Spider and increased deliveries of the SF90 XX Stradale allocations of the Daytona sp three grew in the quarter compared to prior year in line with our plans and slightly sequentially lower than in the second quarter.

轉到第 7 頁，我們回顧了第三季的出貨量。 Puro Sangu、Roma Spider 和 296 GT 推動了本季的交付量。我們也開始了SF90 XX Spider 的首批交付，並增加了SF90 XX Stradale 的交付量。第二季略有下降。

Shipments of the A competition a decreased and were approaching the end of its life cycle. While the A 12 competition and the Roma phased out. As a result, the ivory share reached 55% in line with product cards and mainly driven by the 296 GTs.

A 類競爭產品的出貨量有所下降，並且已接近其生命週期的終點。而A 12比賽則與羅馬隊逐步淘汰。結果，象牙份額達到了 55%，與產品卡一致，主要是由 296 GT 推動的。

As usual, our protyle locations across the different regions were consistent with the product cycle and the developments observed in each respective market.

像往常一樣，我們在不同地區的 protyle 位置與每個市場觀察到的產品週期和發展保持一致。

On page 8, you can see the net revenues bridge. We show a 7% growth versus prior year at constant currency.

在第 8 頁，您可以看到淨收入橋。以固定匯率計算，我們顯示與前一年相比成長了 7%。

The increase in cars and spare parts was driven by the richer product and country mix as well as higher personalizations in the quarter, personalizations were approximately 20% of total revenues from cars and spare parts significantly supported by the Puro San and the day to P three sponsorship, commercial and brand increased mainly thanks to new sponsorships related to our racing activities and largely driven by the new title sponsor with a sponsorship with HP.

汽車和零配件的成長是由更豐富的產品和國家組合以及本季度更高的個性化推動的，個性化約佔汽車和零配件總收入的20%，這在Puro San 和日到P 3 的大力支持下贊助、商業和品牌的成長主要得益於與我們的賽車活動相關的新贊助，並且主要是由惠普贊助的新冠名贊助商推動的。

Currency net of edges in place had a negative net impact mainly due to the adverse dynamics of the US dollar and JPY versus the EURU. Moving to page 9, the change in adjusted EBIT is explained by the following variances first volume, slightly negative reflecting the lower deliveries, second mix and price strongly positive. Thanks to the enriched product mix sustained by the one P three and the shade of 2,499 P modificata.

扣除優勢的貨幣產生了負面的淨影響，主要是由於美元和日圓兌歐元的不利動態。轉到第 9 頁，調整後息稅前利潤的變化可以透過以下差異來解釋：第一卷略有負值，反映出交付量較低；第二組混合和價格則非常積極。得益於 1 P 3 和 2,499 P modificata 的色調所維持的豐富產品組合。

The increased contribution for personalizations and a positive country mix mainly supported by Americas third, industrial and R&D expenses positively contributed to lower DNA in line with certain models. Phase out D A increased and reflected the continuous initiatives in software and digital infrastructure, organizational development, as well as brand investments.

根據某些模型，個人化貢獻的增加以及主要由美洲第三、工業和研發支出支持的積極國家組合對較低的 DNA 做出了積極貢獻。淘汰 D A 的增加反映了在軟體和數位基礎設施、組織發展以及品牌投資方面的持續舉措。

Other had a positive impact of EUR14 million, thanks to the combined effect of new sponsorships and lower costs due to revised formula one in season ranking assumptions in line with current constructor standings.

其他產生了 1,400 萬歐元的積極影響，這要歸功於新贊助商的綜合效應以及由於根據當前車隊排名修改一級方程式賽季排名假設而降低的成本。

Lastly, the total net impact of currency was negative for EUR8 million. The EBITDA margin was 38.8% while the EBIT margin reached 28.4% and benefited from flattish DNA. Turning to page 10, in the third quarter, our industrial free flow generation reached EUR364 million reflecting the increase in profitability, a positive contribution from networking, capital provision and other primarily driven by the inventory reduction at quarter end, partially upset by increased capital expenditures in line with the pace of development of our product and the new infrastructure in Maranello and largely driven by the new paint shop, higher taxes due to a different kind of balance payment.

最後，貨幣的總淨影響為負 800 萬歐元。 EBITDA 利潤率為 38.8%，而 EBIT 利潤率則達到 28.4%，受益於 DNA 持平。翻到第10 頁，第三季度，我們的工業自由流動發電量達到3.64 億歐元，反映出盈利能力的增長、網絡、資本供應和其他方面的積極貢獻，這主要是由季度末庫存減少推動的，部分原因是資本支出增加與我們產品的發展速度和馬拉內羅的新基礎設施相一致，很大程度上是由新塗裝車間推動的，由於不同類型的餘額支付而導致更高的稅收。

And the end of September, the net industrial deposition was EUR246 million after share repurchase of EUR147 million. Moving to page 11. Thanks to increased visibility. We look at 2024 guidance with increased confidence on all metrics. To conclude this quarter's strong financial results. The exceptional reception of the new Supercar F80 the I client attendance at our events and our fast order intake on the Cinre family along with the strong order book, all reinforce our confidence in executing our future plans with success.

截至9月底，回購股份1.47億歐元後，工業淨沉積為2.46億歐元。移至第 11 頁。我們對 2024 年指導方針的所有指標都更有信心。總結本季強勁的財務業績。新款超級跑車 F80 的出色接待、參加我們活動的 I 客戶以及我們對 Cinre 系列的快速訂單接收以及強勁的訂單，都增強了我們成功執行未來計劃的信心。

These achievements underscore the momentum we are building in our continued commitment to delivering value to our clients and stakeholders. I thank you for your attention and I now turn the call over to Nicoletta.

這些成就凸顯了我們持續致力於為客戶和利害關係人提供價值的勢頭。感謝您的關注，我現在將電話轉給 Nicoletta。

Thank you, Antonio Razia. We are now ready to open the Q&A session. Thank you.

謝謝你，安東尼奧·拉齊亞。我們現在準備開始問答環節。謝謝。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Thomas Besson, Kepler Cheuvreux.

湯瑪斯‧貝松，開普勒‧舍弗勒。

Sorry for that. It's Thomas. Thanks for taking my question. I'll have to please. I, I'd like to start with the 80. Can you give us an idea about the timeline for the first deliveries of the, of this product? And over which time period or how many quarters you intend to deliver it? Given it's a substantial price point and the likely contribution. That's my, my first question.

對此感到抱歉。是托馬斯。感謝您提出我的問題。我必須請。我，我想從 80 開始。您打算在哪個時間段或幾季交付？考慮到它的價格點很高並且可能做出貢獻。這是我的第一個問題。

And the second question, I'd like to come back on the, the mixed gains in Q3. Could you discuss why it declined? Sequentially that much. Is it mainly due to sequentially lower data now or is there something else that explains the relatively low mix game, please? Thank you.

第二個問題，我想回顧一下第三季的好壞參半的收益。能談談為什麼拒絕嗎？依序就這麼多。主要是因為現在的數據連續下降還是有其他原因可以解釋混合遊戲相對較低的原因？謝謝。

Automatic take the first one. The second Antonio will be more specific. So F80 we start deliveries Q425 and we will go ahead for 2 to 3 years.

自動取第一個。第二個安東尼奧會更具體。因此，F80 我們從 425 年開始交付，我們將持續 2 到 3 年。

So that's about A T and the number of cars we will ship is 799. The second one about the mix.

這就是 A T 的情況，我們將運送的汽車數量是 799 輛。

Yeah.

是的。

Antonio will call me.

安東尼奧會打電話給我。

The, the sequential decline is due to the fact that the comparison with last year was based on the fact that both for IP three and mix impact and personalization last year was already high in in Q3.

環比下降的原因是與去年的比較是基於去年第三季的 IP 3 和組合影響力和個人化已經很高的事實。

Okay. Thank you very much.

好的。非常感謝。

John Murphy from Bank of America.

美國銀行的約翰‧墨菲。

Good afternoon everybody. But just, just a question as you look at sort of the upcoming product launches, I mean, you got the F 80 which is you're very impressive. The DCE in, I would imagine a successor to the Icona the Daytona the Poona successor that will come in the next, you know, couple of years and the EV Hyper Car there, there's a lot at the high end here. You know, it seems like it's, you know, very strong and will be well received. I I mean, how do you think about positioning all this with, with your customers and particularly, you know, the F 80 as we kind of look at it sort of somewhere between the Icono and the, the EV Hyper car that, that, that's coming.

大家下午好。但只是，只是一個問題，當你看到即將推出的產品時，我的意思是，你得到了 F 80，它令人印象深刻。 DCE，我想像的是 Icona 的後繼者，Daytona 的後繼者，Poona 的後繼者，你知道，幾年後就會出現，還有 EV 超級汽車，這裡有很多高端產品。你知道，看起來它非常強大並且會受到好評。我的意思是，您如何考慮將這一切與您的客戶一起定位，特別是 F 80，因為我們認為它介於 Icono 和 EV Hyper 汽車之間，那是未來。

But I think the question, look, the supercar, as we said, is coming as the pinnacle of technology and performance.

但我認為問題是，正如我們所說，超級跑車正在成為技術和性能的頂峰。

As I said, also during a few minutes ago, this is the represent an important step in our electrification journey because it shows how this company Ferrari can manage some key components for the electric vehicle. So I think that in fa there are a couple of important messages. One Ferrari is able to do in IBD world as well in IC world is con continues to be able to make you with very high level performances. Two, the road map, our product road map is such that there is a a continuous between continuum between what we were doing in the past and what we are planning in the future. And I would say that this is a unique strength for our company, putting together the tradition and innovation. So F 80 we are learning something in manufacturing that will be very beneficial. Also not only for electric car of the future, but also for all other electric, all other cars.

正如我在幾分鐘前所說，這是我們電氣化之旅中的重要一步，因為它展示了法拉利公司如何管理電動車的一些關鍵部件。所以我認為 fa 有幾個重要的資訊。一輛法拉利能夠在 IBD 世界以及 IC 世界中做到這一點，並且繼續能夠為您提供非常高水準的性能。第二，路線圖，我們的產品路線圖使得我們過去所做的事情和我們未來計劃的事情之間存在著一個連續體。我想說，這是我們公司的獨特優勢，將傳統與創新融為一體。因此，我們在 F 80 製造領域學到了一些非常有益的東西。不僅適用於未來的電動車，也適用於所有其他電動車。

So that is the importance of a in our in our road map.

這就是我們路線圖中的重要性。

But maybe just I thought that if you think about the, the EV Hypercar supercar, however, you want to use the terminology, will it be positioned above the F 80 or adjacent to it? Or, or, or, or below it as far as.

但也許我只是想，如果你想到 EV Hypercar 超級跑車，你想使用這個術語，它會定位在 F 80 之上還是與之相鄰？或者，或者，或者，或者低於它為止。

I am very curious, I would be in your shoes. I would be equally curious, but you know, we are a luxury company and we want to keep the secrets in the set a little bit. You know, for the future, let's say, you know, Q3, we already did the A. Let's wait a little bit. John, I understand you but let's wait a little bit.

我很好奇，我會站在你的立場。我同樣好奇，但你知道，我們是一家奢侈品公司，我們希望保守一些秘密。你知道，對於未來，我們可以說，你知道，Q3，我們已經完成了 A。約翰，我理解你，但讓我們等一下。

Okay. We love product. Just 11 follow up. Is there the potential? There's a hyper focus right now in this quarter about volume declining. A lot of concerns in the luxury market. Looking at all this great product coming but is it possible that you run this company with little to no volume growth and drive mix and scarcity to be even more Ferrari like to drive that would drive profits and margins higher in the future as opposed to needing volume growth? I mean, I think there's this real concern in the short run here around the decline.

好的。我們熱愛產品。僅 11 次跟進。有潛力嗎？本季目前的焦點是銷量下降。奢侈品市場存在著許多擔憂。看著所有這些即將推出的偉大產品，但你是否有可能在銷量增長很少甚至沒有的情況下經營這家公司，並推動混合和稀缺性變得更加法拉利喜歡駕駛，這將在未來推動利潤和利潤率更高，而不是需要銷售生長？我的意思是，我認為短期內確實存在著關於衰退的擔憂。

This is a good question. I will take both points. Number one, I would like to remember to you and everyone that this is a company that is putting together two important dimensions. One is luxury and one is technology.

這是一個好問題。我會採納這兩點。第一，我想提醒您和所有人，這是一家將兩個重要維度結合在一起的公司。一是奢華，一是科技。

And the second important point is that we always said that we give a priority to the quality of revenues not to the quantity. And this is also the way you have to read the evolution of our business plan.

第二個重要的一點是，我們總是說我們優先考慮收入的品質而不是數量。這也是您閱讀我們商業計劃演變的方式。

We don't want to push too much on the top line, but we want and we always as we always did and we plan to do, we want to give priority to the quality of the P&L Perfect. Thank you very much.

我們不想在營收上投入太多，但我們希望並且始終像我們一直在做的那樣和我們計劃做的那樣，我們希望優先考慮 P&L Perfect 的品質。非常感謝。

Thank you John.

謝謝約翰。

George Galliers, Goldman Sachs.

喬治‧加利爾斯，高盛。

Yeah, good afternoon. And thank you for taking my questions. The first question I wanted to ask was just with respect to the guidance. Obviously you stated that you're increasingly confident in it. But at the low end and I'm sure you'll do better than the low end. The implied EBIT for Q4 would be about EUR400 million. So lower sequentially than Q3. Could you just walk us through a few of the puts and takes as we think about the evolution of Q4 relative to Q3.

是的，下午好。感謝您回答我的問題。我想問的第一個問題是關於指導的。顯然你表示你對此越來越有信心。但在低端，我相信你會比低端做得更好。第四季的隱含息稅前利潤約為 4 億歐元。因此依序低於第三季。當我們思考第四季相對於第三季的演變時，您能否向我們介紹一些看跌期權和看跌期權。

The second question I had was with respect to some of the residual value developments we're seeing in certain used markets. I think it's quite notable that low mileage relatively young 29 sixes are actually trading at lower values than older FH rbus with higher mileage.

我的第二個問題是關於我們在某些​​二手市場看到的一些剩餘價值的發展。我認為值得注意的是，相對年輕的低里程 29 六缸車的交易價格實際上比里程數較高的老式 FH rbus 低。

Why do you think that is and is that leading you to reconsider at all your pricing strategy or powers to change strategy as we go forward? Thank you.

您認為為什麼這會導致您重新考慮您的所有定價策略或在我們前進的過程中改變策略的權力？謝謝。

So I think the second one on residual values and the first one, Antonio will elaborate, I would like to make a to clarify a few things here about the residual value. Okay. First of all, the dynamics are not the same in all the countries you are right. There is a one country UK that is a little bit softer, but this is not true for, for other countries. What I can tell you that we keep monitoring what is happening on the residual value. And we noticed that let me say when there is a degree of personalization a little bit too high. Well, to clear the following buyer is not in some cases not willing to buy for personalization that play a lot, the first buyers.

所以我認為關於剩餘價值的第二個和第一個，安東尼奧將詳細闡述，我想在這裡澄清一些關於剩餘價值的事情。好的。首先，你所說的所有國家的動態都不相同。英國是一個單一國家，稍微軟一些，但對其他國家來說並非如此。我可以告訴你的是，我們一直在監控剩餘價值的變化。我們注意到，讓我說，當個人化程度有點過高時。那麼，要明確的是，下面的買家是不是在某些情況下不願意購買個人化，玩很多，第一個買家。

So that's I think the two things you have to keep in mind the number one, the pattern is not the same all over the world. And two, it depends a little bit on the degree of personalization that the first buyers put on the Ferrari. And that's the second one is not willing to pay for something they do not choose.

所以我認為你必須記住兩件事，第一，世界各地的模式並不相同。第二，這在某種程度上取決於第一批買家對法拉利的個人化程度。第二個是不願意為他們不選擇的東西付出代價。

So this is about value. Yeah, the second one is I.

所以這是關於價值的。是的，第二個就是我。

I George on the guidance, please do not disregard the fact that the guidance uses the greater than language that is, is open upward. Okay? Then in Q4, we are anyway planning higher deliveries of the Daytona SP three compared to prior year, but sequentially lower than the pre previous quarters. While in Q4, we have incremental OpEx particularly related to racing activities and lifestyle. And we are encompassing the expectation of persisting inflation and incremental DNA related to digital initiatives and, and lifestyle. So these are the main drivers for Q4 even if you look at that at the floor of the guidance end. But please do not disregard the language that we use on purpose.

我在喬治的指導下，請不要忽視這個指導使用大於語言的事實，也就是向上開放。好的？然後在第四季度，無論如何，我們計劃與去年相比，增加 Daytona SP 3 的交付量，但環比低於前幾季度。在第四季度，我們的營運支出有所增加，特別是與賽車活動和生活方式相關的營運支出。我們正面臨著持續的通貨膨脹和與數位化措施和生活方式相關的增量 DNA 的預期。因此，即使您從指導端的底部來看，這些也是第四季度的主要驅動因素。但請不要忽視我們故意使用的語言。

And it. Thank you.

還有它。謝謝。

Adam Jonas, Morgan Stanley.

亞當‧喬納斯，摩根士丹利。

Hi, good afternoon, everybody. I'm going to follow up on the implied four Q guide but for industrial free cash flow where your language says up to EUR950 million, which would imply if I use 950 a fourth quarter year on year decline of industrial free cash flow of about 36%. So in addition to the factors, you already mentioned, driving e bid for the fourth quarter, didn't Antonio, could you comment on maybe your outlook for a change of working capital or CapEx that might be driving that type of year on year decline in free cash flow and I have a follow up.

嗨，大家下午好。我將跟進隱含的四個 Q 指南，但對於工業自由現金流，您的語言說高達 9.5 億歐元，這意味著如果我使用 950，第四季度工業自由現金流同比下降約 36 %。因此，除了您已經提到的因素之外，推動第四季度的電子投標，安東尼奧不是嗎，您能否評論一下您對營運資本或資本支出變化的前景，這可能會推動這種同比下降在自由現金流方面，我有一個後續行動。

Thank you, Adam for this question. I think it's important to the, I think I fli already in the past few quarters, this is a year will be particularly strong in terms of capital expenditure. And I also said that the spending is more linear compared to what we were previously used to. And this is essentially because our expenditure for infrastructural development including the EBU in the first part of the year and then the new paint shop from the second quarter on is going to have an impact. So this is biting into the the cash flow for the for the full year. And the second element is obviously that in in these conditions, I do not expect working capital to help generating significantly while we obviously have a higher taxes in consideration of the higher results that we expect to achieve.

謝謝亞當提出這個問題。我認為這很重要，我認為我已經在過去的幾個季度中度過了，今年在資本支出方面將特別強勁。我還說過，與我們以前習慣的相比，支出更加線性。這主要是因為我們的基礎設施開發支出，包括今年上半年的 EBU 以及從第二季開始的新塗裝車間，將會產生影響。因此，這會影響全年的現金流。第二個因素顯然是，在這種情況下，我預期營運資金不會顯著幫助創收，而考慮到我們期望實現的更高成果，我們顯然有更高的稅收。

Oh, it does Antonio. Thank you. And just as a follow up on SG&A increased two times faster than revenue this quarter. Again, you highlighted some of the reasons including the the digital journey P integration, etcetera. I just any outlook on on forward SGN A of how, how much farther this this temporarily is this a temporary bulge in SG and A which kind of reversed a multiyear decline in SG and a the percentage of sales, how much longer that might continue if you want to describe that in either dollar terms? Or percentage terms. Thanks.

哦，是安東尼奧。謝謝。正如本季 SG&A 的後續成長速度是營收成長速度的兩倍。您再次強調了一些原因，包括數位化旅程 P 整合等。我只是對遠期 SGN A 的展望，即 SG 和 A 的暫時性增長，這在某種程度上扭轉了 SG 和銷售百分比多年來的下降趨勢，這種情況可能會持續多久，如果您想用美元術語來描述嗎？或百分比術語。謝謝。

Now, there is an element which is structural, the fact that with the current accounting principle expenditure for digital infrastructure, particularly for software and when we use cloud is going to be expensed to the P&L directly. So this is a change that occurred a couple of years ago already. And as we grow in this respect, with updating our digital infrastructure is going to be an addition to the to the S DNA spending that we are used to.

現在，有一個結構性因素，即根據當前的會計原則，數位基礎設施的支出，特別是軟體的支出，以及當我們使用雲端時，將直接計入損益表。所以這是幾年前就已經發生的改變。隨著我們在這方面的發展，更新我們的數位基礎設施將成為我們習慣的 S DNA 支出的補充。

Does it make sense?

有道理嗎？

Thanks. And Daniel Grats.

謝謝。還有丹尼爾·格拉茨。

Monica Bosio, Intesa Sanpaolo.

莫妮卡·博西奧，聯合聖保羅銀行。

Yes, good afternoon. And thanks for taking my question. The first one is on the 80. Are you going to collect advances on the Super car? And if yes, when do you expect to account them? My second question is on the personalization rate which was a 20% in the third quarter. I'm just curious, what is the average price increase embedded in your personalization compared to the previous year?

是的，下午好。感謝您提出我的問題。第一個是在 80 號公路。如果是，您預計什麼時候會對它們進行核算？我的第二個問題是關於個人化率，第三季為 20%。我只是好奇，與前一年相比，你們的個人化服務平均價格上漲了多少？

And the third question is on the shipments. Obviously, you can allocate the shipments as you wish. It's a liberated strategy in China. Shipments decreased a lot. I know that you keep it below the 10%. But I'm just wondering if you can give us a flavor on the, on the consumer spending or on the willing, willing to buy in China as of now, if you can give us any color, it could be very helpful. Thank you.

第三個問題是關於出貨的。顯然，您可以根據需要分配發貨。這是中國的解放策略。出貨量減少很多。我知道你把它控制在 10% 以下。但我只是想知道你是否可以給我們一些關於消費者支出或願意在中國購買的信息，如果你能給我們任何顏色，這可能會很有幫助。謝謝。

Okay. So I will take the third one also because I was in China until a few hours ago and Antonio will navigate you through, through two other questions. First of all, I'd like to, I, I appreciate when you underline the deliberate objective that we are using in our presentation that's very, very important.

好的。所以我也會選擇第三個問題，因為幾個小時前我還在中國，安東尼奧將透過另外兩個問題引導您完成。首先，我想，我，我很欣賞您強調我們在演示中使用的深思熟慮的目標，這是非常非常重要的。

Then coming specifically more to China, I think we have two different we met, I met all the five owners of the dealership that we have in China. And I can tell you that let's say in China, they agree that the growing China Ferrari must be done in the right way with the right pace in the sense that the strategy we highlighted of staying below 10% is the right one because they need to get acquainted with our brand. They do not see any particular negative signal signal because the order book is still around 55 quarters.

然後更具體地來到中國，我想我們遇到了兩個不同的人，我遇到了我們在中國擁有的經銷商的所有五位業主。我可以告訴你，比方說在中國，他們同意不斷增長的中國法拉利必須以正確的方式以正確的速度進行，從某種意義上說，我們強調的保持在10% 以下的策略是正確的，因為他們需要熟悉我們的品牌。他們沒有看到任何特別的負面訊號，因為訂單量仍在 55 個季度左右。

We have some areas that are a little bit stronger than others.

我們有一些領域比其他領域稍強。

I can tell you that in that region that is reported as a greater China, we have some different dynamics. One it's going a little bit down, that is China, the other one is going up, that is Taiwan.

我可以告訴你，在那個被報導為大中華的地區，我們有一些不同的動態。一個在下降一點，那就是中國，另一個在上升，那就是台灣。

So if you see we have two different different pattern over there but clearly, I mean, we are we see attraction of some model in China and we have to, to make sure that we provide to the chinese market. Also the cars that are more fitting with their let's say the tax structure over there because the 12 cylinders is not so well, you know, it's a little bit not so cheap in China, it can cost up to three times what the client will pay in in Europe.

因此，如果你看到我們在那裡有兩種不同的模式，但顯然，我的意思是，我們看到某些模式在中國的吸引力，我們必須確保我們向中國市場提供產品。還有更適合他們的車，比如說那邊的稅收結構，因為12缸的不太好，你知道，在中國有點不便宜，它的成本可能高達客戶支付的三倍在歐洲。

Yes. So this is about China the first two.

是的。這是關於中國的前兩者。

Antonia Monica. Yes. On the F-18. Yes, we will. We'll collect advances on the F-18 and this will start in 2025 on personalization. 20% in Q3. The average price increase of personalizations that we applied for this year was in line with inflation.

安東妮亞莫妮卡.是的。在F-18上。是的，我們會的。我們將收集 F-18 的預付款，這將從 2025 年開始進行個人化。第三季為 20%。我們今年申請的個人化服務的平均價格上漲與通貨膨脹一致。

Oh, okay. Thank you very much. Thank you Benedetto and thank you Antonio.

哦好的。非常感謝。謝謝貝內代托，謝謝安東尼奧。

You're welcome.

不客氣。

Michael Binetti, Evercore.

邁克爾·比內蒂，Evercore。

Hey guys. Good morning. Thanks for taking our question. I guess with the Daytona moving into the later part of its life cycle over the next few quarters. If I if I assume, you know, make some assumptions around how many units left to sell and generally spread those out, now that the now that the units are starting to decelerate on a quarter over quarter basis as we look out past the end of this year, into the first half of next year. You'll have Daytona as a lower impact to the the all important average selling price per car before you start to get the F 80 in the fourth quarter.

嘿夥計們。早安.感謝您提出我們的問題。我想迪通拿將在接下來的幾個季度進入其生命週期的後期。如果我假設，你知道，對剩餘的待售單位數量做出一些假設，並將這些單位分散開來，現在，隨著我們展望年底，這些單位開始逐季度減速。在第四季開始購買 F 80 之前，Daytona 對每輛車最重要的平均售價的影響較小。

I'm, I'm wondering how you would tell us to think that you guys will strategically approach fighting that sale, that revenues per car compression in the first half of next year. With those dynamics and then Benedetto as you move more into electrification and the eventual full electric vehicle next year. How do you see the margins on an expanding portfolio of electrified cars influencing some of the historical targets you've given us like the 40% ebida margin you laid out at the 2026 Capital Markets Day.

我想知道你們會如何告訴我們你們將在明年上半年策略性地應對銷售，也就是每輛車的收入壓縮。有了這些動力，然後貝內代托（Benedetto）將更多地轉向電氣化以及明年最終的全電動汽車。您如何看待不斷擴大的電動車產品組合的利潤率對您給我們設定的一些歷史目標的影響，例如您在 2026 年資本市場日制定的 40% 的稅前利潤率。

Thank you, Michael. I think the second, the first one, Antonio. So look what we have been doing what we said since the beginning we intend and our plan call it a combustion engine is in line with our, with our plan. So you can you can use a different objective. But the the the the what we are doing is in line with our plan on.

謝謝你，麥可。我認為是第二個，第一個，安東尼奧。所以看看我們一直在做什麼，我們從一開始就說過我們打算這樣做，我們的計劃稱之為內燃機，這符合我們的計劃。所以你可以使用不同的目標。但我們正在做的事情符合我們的計劃。

The first one. You're right, the Daytona is going to decelerate until say the third quarter of next year or less that what we could expect as of now. In terms of development of the mix though, it also depends on the range cars and the specials that we have in Q3, you've seen a few initial units of, of the XXF 90 XX starting this will grow and the dory will be added to the pan. So overall, the, the mix will be less dependent on the Daytona and a bit more diversified in terms of the proto.

第一個。你是對的，代托納將會減速，直到明年第三季或更短時間，這是我們目前所預期的。不過，就混合開發而言，這也取決於我們在第三季度擁有的系列汽車和特價產品，您已經看到了XXF 90 XX 的一些初始單位，從這開始，這將會增長，並且將添加多莉到鍋子裡。因此，總體而言，該組合將減少對迪通拿的依賴，並且在原型方面更加多樣化。

Okay. Thanks a lot.

好的。多謝。

Welcome. Thank you.

歡迎。謝謝。

Tom Narayan, RBC.

湯姆·納拉揚，加拿大皇家銀行。

All right, thanks for taking the question. The first one is just a housekeeping one. The P volume impact, just make confirming that was pretty much done in Q3 and won't happen in Q4. And then did you guys disclose how many Daytonas were delivered in Q3? And then my second question is a follow up to George's question on residual values.

好的，感謝您提出問題。第一個只是一個家事服務。 P 量影響，只需確認這在第三季已經完成，並且不會在第四季度發生。然後你們有透露第三季交付了多少代托納嗎？我的第二個問題是喬治關於剩餘價值問題的後續。

The, the one that comes up a lot is, is pure Sanwei, obviously it's probably too early to tell, but the fear here obviously is that it's, it's a very different type of vehicle to be used for different purposes, more kind of utility as opposed to you know what other Ferraris are used for so that potentially could impact the residual value. I'm sure it's something you consider. Just love to hear any thoughts you have on how you plan to maintain the residual value of pure segue. Thank you.

經常出現的一個是純粹的三威，顯然現在下結論可能還為時過早，但這裡的擔憂顯然是，它是一種非常不同類型的車輛，用於不同的目的，更多的實用性相反，您知道其他法拉利的用途，因此可能會影響剩餘價值。我確信這是您考慮的事情。只是想聽聽您對計劃如何保持純 Segue 的剩餘價值的任何想法。謝謝。

So thank you, I take one and three and Antonio will take the second. So, P transition is being concluded. So there is no impact in in, in Q4. And by the way, you may remember that in the previous call, Antonio said that we anticipated some shipment just to make sure that the transition would have been a little, I mean smoother, this was done always within the three months of Q3 when it comes to residual value. If I take the boros San, your observation is right that what we see is that some clients are using the boros San with more than other cash.

所以謝謝你，我拿一和三，安東尼奧拿第二。至此，P過渡即將結束。因此，第四季沒有受到影響。順便說一句，您可能還記得，在之前的電話中，安東尼奧說我們預計會有一些發貨，只是為了確保過渡會稍微，我的意思是更順利，這總是在第三季度的三個月內完成的。如果我拿 boros San，你的觀察是正確的，我們看到的是一些客戶使用 boros San 的金額比其他現金更多。

And I think that this is fitting also with if you want the original position of the car to, to allow the people to enjoy more the car together with more friends with the family. So we, we do not have yet a lot of data coming from the the client, but we expect to see a little bit more increased mileage of the, of the, of the po on the other side, we see that the the demand on the poros Sangu is very, very strong, keeps very strong and I can tell you that we receive more or less daily request of of people from all over the world that want to have fun with our pos San.

我認為這也符合如果你想讓汽車保持原來的定位，讓人們與更多的朋友和家人一起享受更多的汽車。因此，我們還沒有來自客戶的大量數據，但我們預計另一邊的郵政里程會增加一些，我們看到對poros Sangu 非常非常強大，保持非常強大，我可以告訴你，我們每天或多或少都會收到來自世界各地的人們的請求，他們想和我們的pos San 一起玩。

The second is yeah.

第二個是啊

I think the only one remaining is the how many data on in Q32 units less than the previous quarter? So around 70 but I mean is, is not really the this the specific number that matters. As I said, it all depends also on the mix and Q3 was particularly heavy in terms of the entry levels of, of our range cars.

我想剩下的唯一問題就是Q32單位的資料比上一季少了多少？所以大約 70，但我的意思是，這並不是真正重要的具體數字。正如我所說，這一切還取決於組合，而第三季度在我們系列車的入門級方面尤其重要。

Alright, thank you.

好的，謝謝。

Welcome.

歡迎。

Henning Cosman, Barclays Capital.

亨寧·科斯曼，巴克萊資本。

Good afternoon. Thank you very much. Perhaps the first one for Antonio, I'm I'm still trying to reconcile Antonio. That's deliberately, softer language with respect to the third quarter. I think by, by more, it's been a pretty strong quarter in, in terms of margin in terms of mix. So, you know, I suppose I'm trying to get to what that implies for Q4. I mean, some of my colleagues have asked this already. But you know, and any more color you can give us on, did it actually better than you expect or it does this still determine a soft quarter, in your opinion? I'm I'm still a little bit confused. It ended up as weak as you thought it would be or if it, if it actually turned out to be better.

午安.非常感謝。也許是安東尼奧的第一個，我仍在努力與安東尼奧和解。對於第三季度，這是故意的、更溫和的語言。我認為，就混合利潤率而言，這是一個相當強勁的季度。所以，你知道，我想我正在努力了解這對第四季意味著什麼。我的意思是，我的一些同事已經問過這個問題了。但你知道，你可以給我們更多的信息，它實際上比你預期的要好，還是你認為這仍然決定了一個疲軟的季度？我還是有點困惑。它最終會像你想像的那樣脆弱，或者如果它實際上變得更好的話。

I if you, if I can just on this one, then I don't know if you have other but maybe you try and clean the table of the question. I started explaining already in Q2 that in terms of unit Q3 would have been software, software. And this is because with the P we you basically remain with your production and delivery stopped for some weeks. So in order to ease the transition, we decided to sell some few units more in the previous quarter and some less in Q3. Does it matter overall? H1stly?

如果你，如果我只能解決這個問題，那麼我不知道你是否還有其他問題，但也許你會嘗試清理問題表。我在第二季就開始解釋，就單位而言，第三季將是軟體，軟體。這是因為對於 P，我們基本上會停止生產和交付幾週。因此，為了緩和過渡，我們決定在上一季多銷售一些單位，在第三季少銷售一些單位。整體重要嗎？ H1stly？

No, obviously, we and also the mix in order to have the quarter soic strong overall from a revenue and margin perspective, it was just flagged because if you look at the units, you see that the those are lower than last year, but the the units are in no in, in, in no, in no way related to demand or whatever that is read as comments in, in Fy.

不，顯然，我們以及混合是為了使本季度從收入和利潤率的角度整體表現強勁，它只是被標記了，因為如果你看單位，你會發現這些單位低於去年，但這些單位與需求或任何在財政年度中被解讀為評論的內容沒有任何關係。

Okay. So deliberate decision.

好的。如此深思熟慮的決定。

Okay. Thank you and, and maybe one for Benedetto or, or perhaps both of you, but just because Benedetto said it in his opening remarks that you are executing in line with the trajectory. Now, I think it's the first time we have the opportunity to speak to you again after the F 80 release. And at least compared to my expectations, the economics seem to be even stronger.

好的。謝謝你們，也許也謝謝貝內代托，或者也許你們倆，但只是因為貝內代託在他的開場白中說，你們正在按照軌跡執行。現在，我想這是我們在 F 80 發布後第一次有機會再次與您交談。至少與我的預期相比，經濟似乎更強勁。

And obviously 26 is going to be a year where you already take a lot of advantage of that vehicle. So in the context of the targets and '24 we already being in the, in the end of the, the 26 range, it's sort of put a bit more color around that again to, to what extent that is now, in fact, well ahead of, of the plan trajectory, or in, in, in what way you would say this is still in line with trajectory or at what point you, you may be considering to update us around these things. Thank you.

顯然，26 歲將是你已經充分利用該車輛的一年。因此，在目標和 24 的背景下，我們已經處於 26 範圍的末尾，它再次圍繞這個範圍添加了更多的色彩，事實上，現在的程度是多少提前，在計劃軌跡之前，或者在，在，以什麼方式，你會說這仍然符合軌跡，或者在什麼時候你，你可能會考慮向我們通報這些事情的最新情況。謝謝。

Thank you. Thank you. And is a good question. Yes, for sure. Let me say when we did the capital market day in June of 22 we were not expecting such high level of personalization, especially on something, the carbon, the carbon finish. That was that is that is highly appreciated by the client on one side. And also let me say a good, a good personalization option for us to sell. So, in that sense, if you want the bigger difference between what we planned and what we have seen is, is this one now for us to give a longer term, a long term view of where the company is heading in the next years. Well, H2 next year, we will have the capital market day and we will update all of you.

謝謝。謝謝。這是一個好問題。是的，當然。讓我說一下，當我們在 6 月 22 日舉辦資本市場日時，我們並沒有期待如此高水準的個人化，特別是在碳、碳飾面等方面。一方面，這是客戶高度讚賞的。我還要說一個很好的個人化選項供我們銷售。因此，從這個意義上說，如果您希望我們的計劃與我們所看到的之間存在更大的差異，那麼現在我們是否可以對公司未來幾年的發展方向給出更長遠的看法。嗯，明年下半年，我們將有資本市場日，我們將向大家通報最新情況。

But clearly, you know, you hear me always thanking the team as well as the client because all this has been possible thanks to the personalization that the client has been willing to take from us.

但顯然，你知道，你聽到我總是感謝團隊和客戶，因為這一切之所以成為可能，要歸功於客戶願意從我們這裡獲得的個人化服務。

Thank you, Bob.

謝謝你，鮑伯。

Thank you, Anning.

謝謝你，安寧。

Stephen Reitman, Bernstein.

史蒂芬‧雷特曼，伯恩斯坦。

Yes, good afternoon. Thank you very much. I have a question about the F 80 sort of like special cars that you can do. We heard that when on the October 17, we heard that demand for the F 80 had been about three times the level that you're actually going to be delivering so very strong demand from your best customers and you can only satisfy a certain number of them.

是的，下午好。非常感謝。我有一個關於 F 80 的問題，就像您可以做的特殊汽車一樣。我們聽說，在10 月17 日，我們聽說對F 80 的需求大約是您實際要滿足的水平的三倍，來自您最好的客戶的非常強烈的需求，而您只能滿足一定數量的客戶。

We also know that with the E factory, the idea is not to increase the altitude level of production capacity, but to give you more flexibility and it strikes me that the timescale that you're producing, the F 80 is going to be quite, quite, quite small in 22 and a bit years, maybe to deliver 799 cars. Does the EBU give you, is it because the EBU gives you more flexibility to do these kind of complex cars? And what does that say about your ability to make other kind of vehicles like this in the future?

我們也知道，對於 E 工廠，我們的想法不是要提高生產能力的高度水平，而是要給你更多的靈活性，讓我印象深刻的是，你生產 F 80 的時間範圍將會相當長，相當非常小，22 年多一點的時間裡，也許可以交付799 輛汽車。 EBU 能為你帶來更多的彈性嗎？這對你們未來製造其他類似車輛的能力有何影響？

My second question is about the battery warranty that you're going to be in that you're introducing on the on the hybrids plug in hybrids and obviously for the BEV as well. Can you update us on what the take up has been on this so far? Has it already been rolled out? Thank you very much.

我的第二個問題是關於電池保修，您將在混合動力車上介紹插電式混合動力車，顯然也適用於純電動車。您能否向我們介紹一下迄今為止對此的進展？已經推出了嗎？非常感謝。

Thank you, Stephen Bennette. I will take the two points. So the 80 as I said is an important milestone for our electrification journey because for the first time in our history, we are going to do internal some component for all our electrification journey as of today. If you look at our hybrid car where we are buying from outside the some components, while for fa the key component, the axle, the motors, as well as the battery will be done in our EBU.

謝謝你，史蒂芬貝內特。我將採取兩點。因此，正如我所說，80 是我們電氣化之旅的一個重要里程碑，因為從今天開始，我們將在我們的歷史上第一次為我們所有的電氣化之旅做一些內部組件。如果你看看我們的混合動力車，我們從外部購買一些零件，而對於 fa 來說，關鍵部件、車軸、馬達以及電池將在我們的 EBU 中完成。

And the EBU, you said it well is not meant to increase the capacity, but it is meant to increase the technology flexibility because we want to leave the ultimate choice of the motorization of the pro to the client. So I think this is very, very important. This is goes end in end with our strategy to push to keep alive the three platform, the I see the hybrid and to add the electric because you know, Steven for us is not electric transition for us. It's electric addition. We want to add also the electric platform and the EBU is the tool that will allow us to master to give this flexibility and to leave the ultimate choice to our client. So this is about, let's say the F 80 about our electrification journey.

EBU，你說得很好，不是為了增加容量，而是為了增加技術靈活性，因為我們希望將專業人士的機動化的最終選擇權留給客戶。所以我認為這是非常非常重要的。這最終與我們推動保持三個平台活力的策略有關，我看到混合動力並添加電動，因為你知道，史蒂文對我們來說不是電動轉型。是電加法。我們還想添加電動平台，而 EBU 是讓我們能夠掌握這種靈活性並將最終選擇權留給客戶的工具。所以這就是關於我們的電氣化之旅的 F 80。

The, the second question was about the battery warranty. Well, we can tell in this way that the people are always worried about something they don't know and the battery is something that usually people don't know yet with the same level of death, like any other component of the car we wanted. And we want with this, you know, warranty that we started in July, we want to give the peace of mind to the client. It's still a little bit too early to see how many people are activating it.

第二個問題是關於電池保固的。好吧，我們可以這樣說，人們總是擔心他們不知道的事情，而電池通常是人們不知道的東西，其死亡程度與我們想要的汽車的任何其他組件一樣。我們希望透過 7 月開始的保固服務，讓客戶安心無憂。現在判斷有多少人啟動它還為時過早。

But I can tell you that the people that are taking it and there was with people in China as well as people in the US in Pebble Beach or during last week trip. They all appreciated the fact that we give them the peace of mind and we take care of the battery. That's a key point because the battery starts to become something that, you know, more and more clients start to know. And I think this was a good, a good they appreciate because they lis we listen to them. So this is good, but we can provide you more data in the next quarters.

但我可以告訴你，正在服用它的人以及在圓石灘或上週旅行期間與中國人和美國人一起服用的人。他們都讚賞我們讓他們安心並照顧電池。這是一個關鍵點，因為電池開始成為越來越多的客戶開始了解的東西。我認為這是一件好事，他們欣賞的一件好事，因為我們傾聽他們的意見。所以這很好，但我們可以在接下來的幾季為您提供更多數據。

Thank you.

謝謝。

Thank you, Stephen.

謝謝你，史蒂芬。

Anthony Dick, Oddo BHF.

安東尼·迪克，奧多·BHF。

Yes. Hi. Thanks for taking the questions. So just some follow ups on on the shipments and the mix. I know shipments is not the, the main criteria but still with, with all the impacts in Q3, the P the factories shut down in the summer. Is it fair to assume that should go up in Q4 or is Q3 the the kind of new normal here? And then on the mix and you mentioned the lower mix on the series cards in Q3 with, with more entry models. How do you think about this for Q4?

是的。你好。感謝您提出問題。所以只是對發貨和組合進行一些跟進。我知道出貨量不是主要標準，但考慮到第三季的所有影響，工廠在夏季關閉。假設第四季應該會上漲是否公平，或第三季是否是新常態？然後在混合方面，您提到了第三季系列卡上較低的混合，以及更多入門型號。您如何看待第四季度的這個問題？

And also how do you think about data owner SB three deliveries in in Q4? Should we still remain above the, the 60 unit run rate or is that you know, normalizing from next quarter and then maybe just the last one on, on China. So obviously, the market is a bit different here. I was just wondering if the current level of volumes for you is acceptable in China. Do you think, you know, supply and demand are well adjusted for for you or could you see further downside in, in the quarters to come? Thank you.

您如何看待資料所有者 SB 在第四季度的三輪交付？如果我們仍然保持在 60 台運行率之上，或者你知道，從下個季度開始正常化，然後可能只是中國的最後一個季度。顯然，這裡的市場有點不同。我只是想知道你們目前的銷量水準在中國是否可以接受。您認為供應和需求是否已針對您進行了良好的調整，或者您會在未來幾季看到進一步的下行趨勢？謝謝。

I think the third one, Anthony, I leave the first and the second to Antonio. I believe that the level of volumes it is acceptable. Okay. And let's say this is something that we've been discussing in in detail with the dealers. So we don't see any, any strange pattern over there for the future.

我認為第三個，安東尼奧，我把第一個和第二個留給安東尼奧。我認為數量水準是可以接受的。好的。假設這是我們一直在與經銷商詳細討論的事情。所以我們沒有看到未來有任何奇怪的模式。

On Q1.

關於第一季。

We expect.

我們期待。

Q4 Q4 unit Q4 units deliver to be higher than last year and most likely lower than than the previous quarter of this year. And on Q4, the TOA delivery, those will be lower in line with what we commented about in a, in a previous, in a previous answer given to one of your colleagues and it will be way higher than last year Did I?

第四季 第四季的單位交付量高於去年，而且很可能低於今年上一季。在第四季度，TOA 交付量將低於我們在先前給您一位同事的答覆中所評論的內容，並且將比去年高得多，是嗎？

Michael Tindo, HSBC.

麥可廷多，匯豐銀行。

Yeah, hi there. Thanks for taking my question. Just two. If I may. The first one just related to the F one provision release. I just wonder if you can give us some context around the scale of that just trying to understand what it means for the underlying business. And then the second one is, is a little bit more longer term. I'm guessing when you did the new P system, there was a cost benefit analysis. Can you talk a bit about the benefits? I mean, I'm wondering perhaps what it means for working capital and what, what's, what's the positive side of this P story? Thanks.

是的，你好。感謝您提出我的問題。只有兩個。如果可以的話。第一個與 F one 條款發布有關。我只是想知道您是否能為我們提供一些有關其規模的背景信息，只是想了解這對基礎業務意味著什麼。第二個是更長期的。我猜當你做新的 P 系統時，有一個成本效益分析。能談談好處嗎？我的意思是，我想知道這對營運資金意味著什麼，以及這個 P 故事的正面方面是什麼？謝謝。

I think the second one and the first for F one, Antonio will will give an answer. Well, I think, you know Miguel, the we added two P system in the company and when you added to pass the data from production, sorry, from sales to production, there was a little bit too much you know, and the workload. So we will find for them for sure some efficiencies in the in SGA because believe me, there were two system not talking the same language. So we expect some efficiencies. And one of the reason why it took some weeks, several weeks to, to fix it is because really we were talking about two different generation of P with two different languages.

我想第二個和第一個F的，安東尼奧都會給答案。嗯，我想，你知道米格爾，我們在公司添加了兩個P 系統，當你添加從生產傳遞數據時，抱歉，從銷售到生產，你知道的東西有點太多了，工作量也很大。因此，我們肯定會在 SGA 中找到一些效率，因為相信我，有兩個系統不使用同一種語言。所以我們期望有一些效率。花了幾週、幾週的時間才修復它的原因之一是因為我們實際上正在談論使用兩種不同語言的兩代不同的 P。

And the second question. So the first question is.

第二個問題。所以第一個問題是。

Formula one provision is around 10 million, the impact. So it is not huge.

一級方程式撥款約1000萬左右，有影響。所以它並不大。

Okay, brilliant. Thank you very much.

好吧，太棒了。非常感謝。

Daniel Schwarz, Stifel.

丹尼爾·施瓦茨，史蒂菲爾。

Thank you very much for taking my question. One is on potential tariffs if the US would impose a 20% import tariff and the client already ordered the car. I assume the 20% would be need to be fully paid by the customers.

非常感謝您回答我的問題。一是如果美國徵收 20% 的進口關稅並且客戶已經訂購了汽車，則可能產生關稅。我認為這 20% 需要由客戶全額支付。

I I guess that I guess it's difficult to say, but do you expect any impact on the order book? Maybe you're prepared to reallocate some products to other regions.

我想這很難說，但是您預計會對訂單簿產生任何影響嗎？也許您準備好將一些產品重新分配到其他地區。

And the second question is on R&D accounting. So in Q3 amortization declined and capitalization increased with a positive impact on earnings based on your launch schedule. You expect this to reverse or to continue in coming quarters.

第二個問題是關於研發會計的。因此，根據您的發佈時間表，第三季攤銷下降，資本增加，對收益產生了積極影響。您預計這種情況會在未來幾季扭轉或持續下去。

Maybe the first one, it is still difficult to say, it depends on the dimension of the tariff increase, whether there is an impact on the order book or no and how this can be shared among the various parties in in the in the game on the capitalization, capitalization rate increase. I think we commented already several times. This very much depends on the fact that expenses for innovation and formula one are rather flat during the year with some seasonality in in specific quarters. And while most of our the expenditure now is on development of new products, so it's quite normal that we have a capitalization rate that is going to grow.

也許是第一個，現在還很難說，這取決於關稅增加的幅度，是否對訂單有影響，以及如何在博弈中各方之間共享。我想我們已經評論過好幾次了。這在很大程度上取決於這樣一個事實：創新和一級方程式的支出在一年中相當平穩，特定季度存在一些季節性。雖然我們現在的大部分支出都用於新產品的開發，所以我們的資本化率將會成長，這是很正常的。

Does it help?

有幫助嗎？

Yeah. Yeah. Thank you.

是的。是的。謝謝。

Thank you. We will now end the question-and-answer session here. I will now hand back to Benenato via for closing remarks.

謝謝。我們現在的問答環節就到此結束。現在我將請貝內納托進行閉幕致詞。

Thank you for your time today. And also for all your questions, this strong acute result and the continuous progress in our journey provide us with further confidence for the development of the years and the future. If you were here, I would invite you to take the cake of for Antonio birthday on the cake is written greater than and then I wish you a good afternoon. Good morning and thanks again for your attention.

感謝您今天抽出時間。對於你們提出的所有問題，這強大的尖銳結果和我們旅程中的持續進步為我們對未來幾年和未來的發展提供了進一步的信心。如果你在這裡，我會邀請你為安東尼奧的生日買一個蛋糕，蛋糕上寫著“大於”，然後祝你下午好。早安，再次感謝您的關注。

This concludes today's conference call. Thank you. All for participating. You may now disconnect your lines. Thank you.

今天的電話會議到此結束。謝謝。一切為了參與。現在您可以斷開線路。謝謝。