Ferrari NV (RACE) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Ferrari 2025 Q1 results conference call.

您好，感謝您的支持。歡迎參加法拉利 2025 年第一季業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

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

現在，我想將會議交給今天的第一位發言者，投資者關係主管 Nicoletta Russo。請繼續。

Thank you, Sharon, and welcome to everyone who is joining us. Today, we plan to cover the group's first quarter, 2025 operating results, and the duration of the call is expected to be around 60 minutes. Today's call will be hosted by the group CEO, Mr. Benedetto Vigna; and the group's CFO, Mr. Antonio 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.

謝謝你，莎倫，歡迎大家加入我們。今天我們計劃討論集團2025年第一季的經營業績，預計電話會議時長約60分鐘。今天的電話會議將由集團執行長 Benedetto Vigna 先生主持；以及該集團的財務長 Antonio Piccon 先生。所有相關資料均可在法拉利公司網站的投資者部分找到，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 statement 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.

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陳述都受到今天演示文稿第 2 頁中的安全港聲明中提到的風險和不確定性的影響，並且電話會議將受此語言的約束。

With that said, I'd like to turn the call over to Benedetto.

話雖如此，我想把電話轉給貝內代托。

(spoken in foreign language)

（用外語說）

Thank you everyone for joining us today. While the macroeconomic environment remains uncertain, with ongoing geopolitical tensions and market volatility, we at Ferrari have a clear view of our priorities, and we are continuing to execute our business plan with discipline, focus, and four wheels on the ground.

感謝大家今天的參與。儘管宏觀經濟環境依然不確定，地緣政治緊張局勢和市場波動持續存在，但法拉利對我們的優先事項有著清晰的認識，我們將繼續以紀律性、專注力和腳踏實地的態度執行我們的業務計劃。

The solidity of our business model, along with the relentless drive of all our partners and employees and the continuous trust of our clients enable us to navigate the current context. We look ahead with confidence, being vigilant of the situation that surrounds us as we have always been in the last years.

我們穩固的商業模式、所有合作夥伴和員工的不懈努力以及客戶的持續信任使我們能夠應對當前的情況。我們滿懷信心地展望未來，並像過去幾年一樣對周圍的情況保持警惕。

In this spirit, we have kicked off this year with good progress on several fronts. Our product offering continues to evolve. Our new paint shop is proceeding according to plans. We won the much anticipated podiums in the World Endurance Championship in Qatar and in Italy, and we launched our new lifestyle collectibles. Most importantly, we have delivered a strong set of financial results. So let's start from here. Q1 '25, so double digits grow on all key metrics led by product mix and the continued solid trend in personalization’s.

本著這種精神，我們今年在許多方面都取得了良好進展。我們的產品供應不斷發展。我們的新噴漆車間正在按計劃進行。我們在卡達和義大利舉行的世界耐力錦標賽上贏得了備受期待的頒獎台，並推出了新的生活方式收藏品。最重要的是，我們取得了強勁的財務表現。那我們就從這裡開始吧。25 年第一季度，所有關鍵指標均達到兩位數成長，主要得益於產品組合和個人化持續穩固的趨勢。

A few key numbers do I like? One, total revenues reached approximately EUR1.8 billion with very few incremental deliveries year over the years. This confirms once again, our strategy of quality of revenues over quantity. Two, we enjoy the strong profitability with EBITDA close to EUR700 million. Three, industrial free cash flow generation reached more than EUR600 million in the quarters. In Q1, we have also witnessed continuous strong brand momentum. Indeed, the other book on current models has evolved as expected and covers the whole 2026 with the 12Cilindri Spider guiding the order intake.

我喜歡幾個關鍵數字？一是總收入達到約18億歐元，多年來每年的交付量增量很少。這再次證實了我們的收入品質重於數量的策略。二是獲利能力強勁，EBITDA接近7億歐元。三是季度工業自由現金流產生量超過6億歐元。在第一季度，我們也見證了持續強勁的品牌動能。事實上，另一本關於當前車型的書已經按照預期發展，涵蓋了整個 2026 年，其中 12Cilindri Spider 引領訂單量。

This leads me on to the very positive reception that we have witnessed for our recently unveiled the two special versions, the coup and the spiders of the 296 GTB, 296 GTS.

這讓我想到，我們最近發布的兩個特別版車型，即 296 GTB、296 GTS 的 coup 版和 spider 版，都獲得了非常積極的反響。

These new Ferrari are based on the current Berlinetta in our range, the 296 GTB and 296 GTS. However, they mark forward progress in both performs with hybrid engines delivering a total of 880 horsepower. These cars offer an unprecedented driving experience, but it's not just the sheer power that makes them special. They are also distinguished by meticulous attention to detail. Technology in technological innovation and refined design.

這些新款法拉利基於我們系列中的現有 Berlinetta，即 296 GTB 和 296 GTS。然而，它們標誌著兩項性能的進步，混合動力引擎總共可提供 880 匹馬力。這些汽車提供了前所未有的駕駛體驗，但它們的特別之處不僅僅在於其強大的動力。他們也因對細節的細緻關注而出名。技術體現在技術創新和精緻設計。

And this is characteristic of our sports cars. They embody solution derived from our racing cars. The 499P, the 296 GTB, the 296 Challenge, and the Formula1.

這就是我們的跑車的特點。它們體現了源自我們的賽車的解決方案。499P、296 GTB、296 Challenge 和 Formula1。

These two newly born are the latest expression of our hybrid offering, and they have been enthusiastically greeted by our clients. One important client of ours paid deposit to the dealer right after the presentation of last Tuesday, and another one told me this is truly a brand new car, not just a special edition. It is beautiful. It is very elegant and highly performing, and I love the new gear change experience. The new physical commands, moreover, on the steering wheel are incredibly interactive. Now it is much more comfortable to drive.

這兩款新產品是我們混合動力產品的最新體現，受到了客戶的熱烈歡迎。我們的一個重要客戶在上週二的展示會後立即向經銷商支付了定金，另一個客戶告訴我這確實是一輛全新的車，而不僅僅是一個特別版。它很漂亮。它非常優雅且性能卓越，我喜歡新的換檔體驗。此外，方向盤上的新實體命令具有令人難以置信的互動性。現在駕駛起來舒適多了。

As you can see, we are progressing in our product development plan reaching our offering with exciting new models that allow us to tap into different client needs and desires.

如您所見，我們的產品開發計劃正在取得進展，我們提供令人興奮的新模型，使我們能夠滿足不同客戶的需求和願望。

But the launch of 296 Speciale coup and spiders represents just the first of many milestones to look forward to this year. Among these, as we have told you in February, there will be the unveiling of the much anticipated Ferrari Electric. It will be carried out in a unique, innovative way that befits a unique and innovative Ferrari. What does it mean? It means that this is a masterpiece of technology, design and unique features. It will be an exciting journey of discovery. It is the first of its kind, yet rich in every aspect that makes a true Ferrari. For these reasons, we want it to be fully appreciated in every single detail. And there is no better way to do this than by revealing it step by step. 3 will be the unveiling steps.

但 296 Speciale 轎跑車和 Spiders 的推出只是今年值得期待的眾多里程碑中的第一個。其中，正如我們在二月份告訴過您的那樣，備受期待的法拉利電動車即將亮相。它將以一種獨特、創新的方式進行，以適應獨特、創新的法拉利。這是什麼意思？這意味著這是技術、設計和獨特功能的傑作。這將是一次令人興奮的探索之旅。它是同類車型中的首款，但卻具備了真正法拉利的所有特徵。基於這些原因，我們希望它的每一個細節都能得到充分的讚賞。沒有比一步步揭示這一點更好的方法了。 3 將是揭幕步驟。

The first one starting in October is our capital market day. We will show you the technological heart of the Ferrari electric.

第一個活動從十月開始，是我們的資本市場日。我們將向您展示法拉利電動車的技術核心。

And then in early 2026. We will give you a glimpse into the look and feel of the interior design concepts. And a few months later in spring next year, the journey will culminate with the world premieres where we will reveal this harmonious brand of technology and design. As planned, deliveries of the Ferrari electrical will commence just months after that in October 2026.

然後是 2026 年初。我們將帶您一睹室內設計理念的外觀和感覺。幾個月後的明年春天，這段旅程將以全球首發而告終，屆時我們將揭曉這項技術與設計和諧統一的品牌。按照計劃，法拉利電動車將於幾個月後的 2026 年 10 月開始交付。

Moving on from road to truck. Let me congratulate the entire team (inaudible) in Qatar and the opening round of the 2025 FIA World in Euro Championship. And the following victory of the 6 hours of Imola, more than half-century after our latest win in Italy. We couldn't have started the race year in a better way. That was in Imola I can guarantee you that sharing those unique emotions with a lot of passionate people in Ferrari is an unforgettable experience.

從公路轉向卡車。我要向卡達的全體人員（聽不清楚）和 2025 年國際汽聯歐洲世界盃開幕賽表示祝賀。隨後，我們在伊莫拉 6 小時耐力賽中獲勝，距離我們上次在義大利獲勝已經過了半個多世紀。我們不可能以更好的方式開始新的比賽年。那是在伊莫拉，我可以向你保證，與法拉利的許多熱情人士分享那些獨特的情感是一次難忘的經歷。

In Formula1, the team is more focused than ever on fighting for victories and podium places. The beginning has not been easy, we all know that. On the other side, we are all fueled by deeply rooted grid and relentless determination to continue to progress. But racing is not the only means we have of channelling the world's fashion for Ferrari. Here, I refer to our Lifestyle strategy, which has made significant progress in recent years.

在一級方程式賽車中，車隊比以往任何時候都更加專注於爭奪勝利和頒獎台位置。我們都知道，開始並不容易。另一方面，我們都受到根深蒂固的動力和不懈的決心的激勵，不斷進步。但賽車並不是我們向法拉利傳遞世界時尚的唯一方式。這裡我指的是我們的生活方式策略，近年來取得了重大進展。

In early April, during the World renowned Milan the same week we presented our new collection of exclusive Ferrari collectibles. Blending timely Ferrari design with explicit partnership, these are not near objects. In fact, this model allows our community of enthusiasts to own and treasure a symbol of the pricing horses history.

四月初，在世界聞名的米蘭，同一週我們推出了全新獨家法拉利收藏品系列。將及時的法拉利設計與明確的合作關係融為一體，這些都不是近在咫尺的物體。事實上，這種模式讓我們的愛好者社群能夠擁有並珍惜定價馬匹歷史的象徵。

Speaking of community, we have maintained our focus on giving back to our local area with Enzo Ferrari Memorial as Marathon of Italy on March 3. We shared the special moment that our area home in Maranello, we have over 10,000 lenders from all over Italy and several countries across the globe, which reinforces our community types and underlined the importance of sports and health. Through the proceeds from registration and partner contributions, the event will leave a tangible legacy on our region, enabling the creation of a new multi-sports field in the Maranello sports park by early 2026.

說到社區，我們一直致力於回饋當地社區，並將於 3 月 3 日舉辦恩佐法拉利紀念義大利馬拉松。我們分享了我們在馬拉內羅的總部這一特殊時刻，我們擁有來自義大利各地和全球多個國家的 10,000 多名貸款人，這加強了我們的社區類型並強調了體育和健康的重要性。透過註冊收益和合作夥伴捐款，該活動將為我們地區留下切實的遺產，並預計在 2026 年初在馬拉內羅體育公園創建一個新的多功能運動場。

Last but not least, this I would like to share another remarkable achievement with you. Our rebuilding, the one that we inaugurated last year has been awarded the prestigious LEED Platinum certificate, a globally recognized sustainability rating system.

最後但同樣重要的一點是，我想與大家分享另一個了不起的成就。我們去年開始的重建工程已榮獲享有盛譽的 LEED 白金認證，這是一個全球公認的永續性評級系統。

And now I hand over to Antonio to review the Q1 2025 results in detail.

現在我把任務交給安東尼奧，讓他詳細檢視 2025 年第一季的表現。

(spoken in foreign language)

（用外語說）

And good morning or afternoon to everyone joining us today. Starting on page 5, we show the highlights of the first quarter, which represents another strong start to the year. Please bear in mind that Q1 '25 results were not impacted in (inaudible) by the recent introduction of higher tariffs on EU cars imported in the US. Revenues and profitability grew double digits with shipments slightly higher than the previous year and product mix and personalization as the main drivers of growth. Percentage margins were particularly strong in the quarter, thanks to the solid business performance, lower D&A in line with model life cycle partially offset by higher rating expenses and brand investments.

向今天參加我們會議的各位早安、下午好。從第 5 頁開始，我們展示了第一季的亮點，這代表著今年又一個強勁的開端。請記住，2025 年第一季的業績並未受到美國最近對進口到美國的歐盟汽車徵收更高關稅的影響（聽不清楚）。收入和獲利能力均達到兩位數成長，出貨量略高於上年，產品組合和個人化成為成長的主要動力。本季的百分比利潤率尤其強勁，這得益於穩健的業務表現、與模型生命週期相符的較低折舊及攤銷成本，但較高的評級費用和品牌投資部分抵消了這一影響。

Net profit reached EUR412 million and corresponded to a diluted EPS of EUR2.3, up 17.9% versus the prior year. Such an improvement also encompass increased financial charges and the higher tax rate now projected at 22% in light of the benefits from new patent box regime only. Industrial free cash flow generation was very strong and about EUR600 million, and I will highlight the main driver later on.

淨利達4.12億歐元，相當於每股攤薄收益2.3歐元，較上年成長17.9%。這種改進還包括增加財務費用和更高的稅率，僅考慮到新專利盒制度帶來的好處，目前預計稅率為 22%。工業自由現金流產生非常強勁，約 6 億歐元，稍後我將重點放在主要驅動因素。

On page 6, we did dive into our Q1 deliveries, which increased by 33 units. This increase was driven by the Ferrari Roma Spider, the 296 GTS, SF90 XX family and the Purosangue. In the quarter, the 12Cilindri continued to ramp up phase and the first deliveries of the Spider commenced. In line with model life cycles, deliveries of the 296 GTB decrease as well as the ones of the Daytona SP3 in line with plans. The SF90 Spider across the end of its lifecycle while the 812 Competizione A phased out.

在第 6 頁，我們深入研究了第一季的交付量，交付量增加了 33 個單位。這一成長主要得益於法拉利 Roma Spider、296 GTS、SF90 XX 系列和 Purosangue。本季度，12Cilindri 繼續處於加速階段，首批 Spider 開始交付。隨著車型生命週期的推進，296 GTB 的交付量將有所減少，Daytona SP3 的交付量也將按計畫減少。SF90 Spider 的生命週期已接近尾聲，而 812 Competizione A 也已逐步停產。

As customary, the geographic breakdown reflects the different product cycles as well as the company's deliberate allocation strategy. As a result, EMEA and Americas were up versus the prior year, representing 3/4 of our total shipments. Rest of APAC was almost flat at 18% and Mainland China, Hongkong and Taiwan reduced their share to 7%.

按照慣例，地理分佈反映了不同的產品週期以及公司深思熟慮的分配策略。因此，歐洲、中東和非洲地區以及美洲地區的出貨量較上年有所上升，占我們總出貨量的 3/4。亞太地區其他地區的市佔率幾乎持平於 18%，而中國大陸、香港和台灣的市佔率則降至 7%。

On page 7, the net revenue bridge shows a remarkable double-digit growth up 12.2% versus the prior year at constant currency. The increase in cars and spare parts was driven by the richer product and country mix as well as higher personalization. Personalization accounted for more than 19% of total revenues from cars and spare parts. Just a couple of decimals higher than last year's for exchange rates mainly supported by the Daytona SP3 full carbon and SF90 XX Family.

第 7 頁，淨收入橋顯示出顯著的兩位數成長，以固定匯率計算比上年增長了 12.2%。汽車和零件的成長是由更豐富的產品和國家組合以及更高的個人化所推動的。個人化客製化佔汽車及零配件總收入的19%以上。匯率僅比去年高出幾位小數，主要由 Daytona SP3 全碳和 SF90 XX 系列支持。

Sponsorship, commercial and brand increased, thanks to new sponsorships, among which the HP title partnership of Scuderia Ferrari, which was signed in May 24 and therefore, provides the quarter with an easy count and lifestyle activities as well as higher commercial revenues linked to the better prior year for 1 ranking. Currently, net of hedges in place, has a positive net impact in the quarter.

贊助、商業和品牌收入均有所增長，這要歸功於新的贊助商，其中包括 5 月 24 日簽署的法拉利車隊的 HP 冠名合作夥伴關係，因此為本季度提供了輕鬆的計數和生活方式活動，以及與去年更好的排名相關的更高的商業收入。目前，扣除對沖措施後，本季產生了積極的淨影響。

Moving to page 8. The change in adjusted EBIT is explained by the following variances. Mixed price strongly positive, thanks to the rich product mix, sustained by the deliveries of the SF90 XX family, the 12Cilindri and the seven units of the Modificata, the increased contribution from personalization and positive country mix supported by the Americas.

翻到第 8 頁。調整後的息稅前利潤 (EBIT) 變化可用以下差異來解釋。混合價格強勁上漲，得益於豐富的產品組合，SF90 XX 系列、12Cilindri 和 7 台 Modificata 的交付、個性化貢獻的增加以及美洲支持的積極國家組合。

Let me remind here that throughout the year, the enrichment of the product mix will be less reliant than the Daytona SP3 and rather sustained by special series and range models along with few initial deliveries of the F80 in Q4. The remaining variances were due to substantially flat industrial and energy expenses, largely driven by higher rating and innovation activities, but lower G&A in line with model life cycles.

讓我在這裡提醒一下，全年產品組合的豐富將不像 Daytona SP3 那樣依賴，而是依靠特殊系列和範圍模型以及第四季度 F80 的少量初始交付來維持。其餘差異是由於工業和能源費用基本持平，這主要是由於評級和創新活動增加，但根據模型生命週期，G&A 費用降低。

Higher SG&A, reflecting rising expenses and brand investments as well as our continuing organizational development. And finally, other was positive, mainly thanks to new sponsorship partially offset by the comparison with the prior year's release of car environmental provision in the US.

銷售、一般及行政費用增加，反映了費用和品牌投資的增加以及我們持續的組織發展。最後，其他方面都是正面的，主要得益於新的贊助商，但與前一年美國發布的汽車環保條款相比，這一正面影響被部分抵消。

Lastly, we had a positive net impact from currency. Percent margins strengthened in the quarter with EBITDA margin at 38.7% and this margin above 30%, also benefiting from the lower D&A.

最後，我們獲得了貨幣帶來的正向淨影響。本季利潤率增強，EBITDA 利潤率為 38.7%，而該利潤率超過 30%，這也受益於折舊及攤銷前利潤的降低。

Turning to page 9. Our industrial free cash flow generation for the quarter was strong at EUR620 million and reflected the increase in profitability and the positive change in working capital provision and other, mainly supported by the initial collection of the F80 advances and certain nonrecurring cash proceeds related to the signing of the new concord agreement partially offset by capital expenditures.

翻到第 9 頁。本季我們的工業自由現金流生成強勁，達到 6.2 億歐元，反映了盈利能力的提高以及營運資本撥備及其他方面的積極變化，這主要得益於首次收取的 F80 預付款以及與簽署新協議有關的某些非經常性現金收益，但部分被資本支出所抵消。

Net industrial debt was EUR49 million at the end of March, reflecting the share repurchase program executed in the quarter. As a housekeeping note, please bear in mind that in the second quarter, we are required to pay our income taxes and the net financial position reflected dividend distribution of approximately EUR530 million and the 2025-euro bond repayment for roughly EUR450 million, both filing due during this month of May.

3 月底，工業淨債務為 4,900 萬歐元，反映了本季執行的股票回購計畫。作為內部說明，請記住，在第二季度，我們需要繳納所得稅，並且淨財務狀況反映了約 5.3 億歐元的股息分配和約 4.5 億歐元的 2025 年歐元債券償還，這兩項申報均應於 5 月到期。

Moving to page 10. We confirm the 2025 guidance with a 50 basis points reduction rate on EBIT and EBITDA margins flagged as of March end when we updated our commercial policy for the US market following the introduction of higher import tariffs on [Ucar]. Clearly, we remain vigilant on the global business environment, and we are mindful of the many changes occurred in the last few weeks. Besides the US tariffs that we have addressed with the update of our commercial policy, I refer to the swift change in the foreign exchange rate, mainly the US dollar, which we continue to take through our hedging policy that provides us with a facial support over the rest of the year, the potential effect of the overall macroeconomic uncertainty and financial market volatility that we keep on monitoring thanks to the visibility we enjoy.

翻到第 10 頁。我們確認了 2025 年的指導方針，EBIT 和 EBITDA 利潤率的下調幅度為 50 個基點，這是在我們於 3 月底更新美國市場商業政策後，對美國實施更高的進口關稅後做出的。[尤卡]。顯然，我們對全球商業環境保持警惕，並且我們注意到過去幾週發生的許多變化。除了我們透過更新商業政策應對的美國關稅之外，我還提到了外匯匯率（主要是美元）的快速變化，我們將繼續透過對沖政策來應對這一變化，這為我們在今年剩餘時間內提供了面部支持，以及整體宏觀經濟不確定性和金融市場波動的潛在影響，得益於我們享有的透明度，我們將繼續監控這些影響。

Looking more closely at the development of the year, we continue to project a positive product mix and support from rating revenues and Lifestyle activities along with continued brand investments and higher racing expenses. Given the above, the first half of 2025 is expected to be stronger than the second, in line with the development of the mix and the seasonality of SG&A resting expenses as well as D&A.

更仔細地觀察今年的發展，我們繼續預測積極的產品組合和評級收入和生活方式活動的支持以及持續的品牌投資和更高的賽車費用。鑑於上述情況，預計 2025 年上半年將強於下半年，與組合的發展以及銷售、一般及行政費用和折舊及攤銷前費用的季節性相一致。

To conclude, today's strong results represent further progress in the execution of our business plan and in our growth path. Despite the surge of the uncertainty and volatility, our distinctive business model provides us with solid confidence and the necessary agility for our future.

總而言之，今天的強勁業績代表著我們在執行業務計劃和成長道路上取得了進一步的進展。儘管不確定性和波動性激增，我們獨特的商業模式為我們的未來提供了堅定的信心和必要的靈活性。

Thanks for your attention, and I turn the call over to Nicoletta.

感謝您的關注，我將電話轉給 Nicoletta。

Thank you, Antonio, Sharon, we are now ready to open the Q&A session. Thank you.

謝謝安東尼奧、莎倫，我們現在準備開始問答環節。謝謝。

(Operator Instructions)

（操作員指示）

Susy Tibaldi, UBS.

瑞銀的 Susy Tibaldi。

Hi, thanks for taking my questions. First one, you mentioned about being vigilant in the situation. Can you talk a bit about the differences in trends you're seeing between new customers to Ferrari, existing customers and your top collectors? Given the very mixed macro picture, are you seeing differences? Of course, your customer is much more resilient than the average customer, but I'm sure there is also some nuances that maybe you can share. And then secondly, on the [296 Speciale], when you say it's limited in time, is it fair to think two, three years?

你好，謝謝你回答我的問題。首先，您提到要對這種情況保持警惕。您能否談談法拉利新客戶、現有客戶和頂尖收藏家之間的趨勢差異？鑑於宏觀形勢複雜多變，您是否看到了差異？當然，您的客戶比一般客戶更有韌性，但我相信您或許可以分享一些細微差別。其次，關於 [296 Speciale]，當您說它有時間限制時，考慮兩三年是否公平？

And in terms of volumes, without -- obviously, you don't provide volumes, but should we think similar to (inaudible)?

就數量而言，顯然你沒有提供數量，但我們是否應該考慮（聽不清楚）？

Okay, Thanks Susy, thanks for the question. So second one, it will be limited in time. Yes, it is special version like old special version is limited in time is -- you got it well. It's similar to the 488 Pista, okay? So this is question number two.

好的，謝謝 Susy，謝謝你的提問。因此，第二個，它將受到時間的限制。是的，它是特殊版本，就像舊的特殊版本一樣，時間有限——你明白了。它和 488 Pista 很相似，好嗎？這是第二個問題。

Question number one, as I said and also Antonio said that we are very vigilant on the situation because as of end of Q1, with all the data that we got from all the dealership, we don't see an impact our order book and on the cancellation trends. So we are, let's say, the situation is well under control, but we want to be vigilant because we want to see what's happening.

第一個問題，正如我和安東尼奧所說，我們對情況非常警惕，因為截至第一季末，根據我們從所有經銷商獲得的所有數據，我們沒有看到訂單和取消趨勢受到影響。因此，我們可以說，情況已經得到很好的控制，但我們希望保持警惕，因為我們想看看到底發生了什麼。

We don't see any difference trends between new clients, collectors and lets me say, new clients and repeaters. We don't see any difference. We have been digging in different specific places in the world to see in search of this difference, but we did not see.

我們沒有看到新客戶、收藏家以及新客戶和重複者之間的任何差異趨勢。我們沒有看到任何區別。我們一直在世界各地不同的特定地方進行挖掘，尋找這種差異，但我們沒有發現。

I think that we should -- when we talk about Ferrari, we should not talk about clients, we should talk about single client, each one has its own specificity. So it's always difficult to find a partner. We look for that because we have a lot of nice tool now of an update analysis, but we don't see any specific pattern.

我認為我們應該——當我們談論法拉利時，我們不應該談論客戶，而應該談論單一客戶，每個客戶都有自己的特殊性。因此尋找伴侶總是很困難。我們尋找這一點是因為我們現在有很多很好的更新分析工具，但我們沒有看到任何特定的模式。

Henning Cosman, Barclays.

巴克萊銀行的亨寧·科斯曼。

Yes. Thank you so much. Good afternoon, everybody. Could I please ask about seasonality between Q1 and Q2 within the H1. Just conscious that over the last couple of years, Q1 has been quite a bit weaker than Q2.

是的。太感謝了。大家下午好。我可以問一下上半年 Q1 和 Q2 之間的季節性嗎？只是意識到在過去幾年裡，第一季的表現比第二季弱很多。

I'm wondering if that could be similar again? Or if we're expecting more scale, that's probably for Antonio. And as [H1] for Benedetto on the US. Do you have any elevated inventory at all in the US from potentially pre-shipping ahead of tariffs?

我想知道這是否會再次類似？或者如果我們期待更大的規模，那可能就是安東尼奧了。這與美國的 Benedetto 的 [H1] 相同。由於關稅上調前可能進行預裝運，你們在美國是否有庫存增加？

And do you envisage any impact on the volume cadence at all going forward in the course of the (inaudible), Q1 was obviously pretty strong in the US. Do you expect anything at all there in terms of phasing? Have you seen anything at all in terms of order cancellations at all in context of the tariffs.

您是否預期這會對未來的銷售節奏產生任何影響（聽不清楚），第一季在美國顯然非常強勁。您對分階段實施有什麼期待嗎？在關稅方面，您是否看到任何有關訂單取消的情況？

And if I can squeeze the third one very quickly, if you could just confirm how many Daytona's you shipped in Q1 and how many you have left for Q2 and Q3? Thank you so much.

如果我可以很快地擠出第三個問題，您是否可以確認您在第一季度運送了多少輛 Daytona，以及您為第二季度和第三季度還剩下多少輛？太感謝了。

Thank you Henning, I'll take your second one. And the first one, Antonio will elaborate. So we don't see -- we have all the data and we dealt it by dealers, obviously, from all over the world and with a specific focus on the US. We don't see any specific actually, we don't see any impact on the tariff. But despite this, as we said, we remain vigilant because let's say, we need to be careful to catch if there is any small signal picking up.

謝謝 Henning，我接受你的第二個問題。第一個問題，安東尼奧將進行詳細說明。所以我們看不到——我們擁有所有的數據，我們透過來自世界各地的經銷商來處理這些數據，並且特別關注美國。實際上，我們沒有看到任何具體影響，也沒有看到對關稅的任何影響。但儘管如此，正如我們所說，我們仍然保持警惕，因為我們需要小心捕捉是否有任何微弱的信號出現。

I can tell you also that last week, I mean, I was in Florida in that specific case, okay? And the market is very strong. It's been always very strong, and it continues to be very strong, with a strong demand across all our models.

我還可以告訴你，上週，我去佛羅裡達處理那個具體案件，好嗎？而且市場非常強勁。它一直非常強勁，並且繼續保持強勁，我們所有型號都有強勁的需求。

So I think that as soon as we have some difference for sure, we'll make you aware, but we don't see any impact also because I think that at least from what we hear from several clients, new and repeaters that they appreciated our two things of our new commercial policy [Verdes], number one, that we've been clarifying right away what we intend to do; and two, that we contribute, okay?

所以我認為，一旦我們確實發現了一些變化，我們就會讓你知道，但我們也沒有看到任何影響，因為我認為至少從我們從幾個客戶（新老客戶）那裡聽到的情況來看，他們對我們的新商業政策 [Verdes] 的兩件事表示讚賞，第一，我們一直在立即澄清我們打算做什麼；第二，我們要做出貢獻，好嗎？

We contribute this price increase. We don't ask them to pay all the bills. But we were very clear telling that some others, we have no price increase. Some others up to the remaining up to a maximum 10% so they appreciate it a lot.

我們為此次價格上漲做出了貢獻。我們不會要求他們支付所有帳單。但我們非常明確地告訴其他一些人，我們沒有漲價。其他一些人將剩餘部分提高至 10%，因此他們非常感激。

The way we behave, the way we put them at the center of what we do, and those are the timely communication on the new terms.

我們的行為方式、我們將他們置於我們工作的中心的方式以及對新條款的及時溝通。

Talking about Q1--

談論第一季——

There are actually, please take Q2 lighter than Q1. And this is also in line with the fact in Q1 we delivered less than 80 Daytona. So lower than last year but not that far away. While in Q2 and Q3, Daytona will go down and will be 0 in Q4.

其實有的，請把Q2拿得比Q1輕一些。這也與我們第一季交付的 Daytona 不到 80 輛的事實相符。因此比去年低，但也不算太遠。而在Q2和Q3中，Daytona將會下滑，並在Q4為0。

Stephen Reitman, Bernstein.

史蒂芬‧雷特曼，伯恩斯坦。

Yes, good afternoon. You made a comment that the order book is being led by the 12Cilindri. Could you comment on the personalization trend you're seeing right across the board but is this also specifically online vehicle and also the Purosangue, particularly with the 12Cilindri already having a quite price against the (inaudible) that has exceeded. And secondly, looking at the bridge, on the EBIT bridge, and you specifically pointed out the other line that there was the 18 million reflected the sponsorship, the HP offset by some other factors. Does that give us sort of like a reasonable idea of the run rate of the HP sponsorship deal, which suggests that's in the region of about 100 million or so?

是的，下午好。您評論說訂單簿由 12Cilindri 主導。您能否評論一下您所看到的全面個人化趨勢，但這是否也特別適用於線上車輛和 Purosangue，尤其是 12Cilindri 已經擁有相當的價格，而（聽不清楚）已經超過了。其次，看一下橋樑，在 EBIT 橋樑上，您特別指出另一行，其中 1800 萬美元反映了贊助，HP 被其他一些因素抵消了。這是否讓我們對惠普贊助協議的運作率有合理的了解，即該協議的運作率約為 1 億美元左右？

Thank you, Stephen and I'll take the first one and the second, Antonio. So what we see personalization of the 12Cilindri, both the [Doc Chile] and the Purosangue is in line with what we have seen before. So we see a strong traction on the three main factors that are driving our personalization. It means some functional components and then on the painting on the carbon finish. I think these are the three trends we see on this cash as we have seen also in the past.

謝謝你，史蒂芬，我會選擇第一個，安東尼奧，我會選擇第二個。因此，我們看到的 12Cilindri、[Doc Chile] 和 Purosangue 的個人化與我們之前看到的一致。因此，我們看到推動個人化的三個主要因素具有強大的吸引力。這意味著一些功能組件，然後在碳飾面上進行噴漆。我認為這是我們在過去看到的現金的三種趨勢。

I can tell you that the cash, I mean the clients are looking more and more at personalization, and we are preparing ourselves to be able to offer them more and more personalized offers. So this is for the first one, the first question.

我可以告訴你，我的意思是客戶越來越注重個人化，我們正在準備為他們提供越來越多的個人化服務。這是第一個問題。

The second one.

第二個。

With respect to the EBITDA, the 18 million comes basically from the net of the positive that is related to the sponsorship of [Cutera]. And on that portion, obviously, the fact that we had the HP sponsorship and the IBM sponsorship coming in, represent the bulk of it together with the increase in the positive from the commercial revenues related to the F1.

就 EBITDA 而言，1,800 萬基本上來自與贊助相關的正淨收益[可愛]。而就這部分而言，顯然，我們獲得了 HP 和 IBM 的贊助，加上與 F1 相關的商業收入的增加，佔據了大部分份額。

And as a negative -- sorry, and there is another point, which is the easy comp with last year when we had the CO2 penalty is released less than 10 million. On the negative side, in terms of comparison, there is a sort of seasonal effect in comparison with the expenditure of last year (inaudible) on so the rating not related to Formula1 (inaudible)?

而作為負面因素 — — 抱歉，還有另一點，那就是與去年相比很容易，當時我們的二氧化碳排放量不到 1000 萬。從消極的一面來看，與去年的支出相比，存在某種季節性效應（聽不清楚），因此評級與一級方程式賽車無關（聽不清楚）？

I'm sorry. And going forward, I mean, in general, is it difficult to project overall, but I do not expect to be a big contributor the positive one should be related to sponsorship. Then we had some positive last year that should help in terms of adding in Q2 and will further pave the way during the rest of the quarter.

對不起。展望未來，我的意思是，總的來說，很難進行整體預測，但我不希望成為一個大的貢獻者，積極的貢獻應該與贊助有關。去年我們取得了一些積極進展，這應該有助於增加第二季度的業績，並為本季剩餘時間的業績鋪平道路。

(inaudible) in the (inaudible) to further clarify. As a reminder, we signed HP last year in April. So clearly, after that time, it starts an easy comp. So it's not (inaudible) project?

（聽不清楚）在（聽不清楚）進一步澄清。提醒一下，我們去年四月與 HP 簽約。因此很明顯，在那之後，它就開始變得容易了。所以這不是（聽不清楚）項目？

Yes, you cannot do it. Sorry, I didn't get this question. That's part of the question.

是的，你做不到。抱歉，我沒聽懂這個問題。這是問題的一部分。

Michael Binetti, Evercore.

邁克爾·比內蒂 (Michael Binetti)，Evercore。

Hey guys, congrats on a great quarter. Can you just clarify the -- could you just clarify the exact number of Daytona that you had in the quarter. I know you said it was below 80. But then if I just -- I guess (inaudible) back out the first quarter results from the year it looks like -- if I look at the rest of the year, there's a scenario where EBITDA margin could be anywhere from down 10 basis points or 15 basis points to up 50 basis points. I'm just curious what are the inputs of scenario that could lead to EBITDA margin being negative in the rest of the year?

嘿夥計們，恭喜你們取得了一個出色的季度業績。您能否澄清一下——您能否澄清一下 Daytona 本季的具體數量。我知道您說過溫度低於 80。但是，如果我只是——我想（聽不清楚）回顧今年第一季的業績——如果我看看今年剩餘時間的業績，就會發現 EBITDA 利潤率可能會下降 10 個基點或 15 個基點，也可能上升 50 個基點。我只是好奇，什麼樣的情境輸入可能導致今年剩餘時間內 EBITDA 利潤率為負數？

And then (inaudible) -- on the EV launch, as you think about it and you described it as a masterpiece of technology. Ferrari has always been buying for (inaudible) been a relationship with a timeless car. And I'm curious if you think about the EV and the focus on technology and how technology ages differently than luxury cars, how do you protect the timeless most elements of Ferrari and you think about what drives residual values of these cars over time as you move into cars with a bigger technology component?

然後（聽不清楚）——關於電動車的發布，您認為它是技術的傑作。法拉利一直在購買（聽不清楚）與永恆汽車有著密切的關係。我很好奇，您是否考慮過電動車和對技術的關注，以及技術與豪華車有何不同，您如何保護法拉利永恆的元素，以及當您轉向具有更大技術組件的汽車時，是什麼推動了這些汽車的剩餘價值？

Thank you, Michael. I think the first one will -- Antonio will elaborate and take the second one about eletrica. I would like that I agree with what you said, but one thing that it's not a focus on technology. We focus on the motion we deliver to our clients. So when we inaugurated the e-building one year ago, we said and when we also represented the F80 supercars, we made it clear, we made it clear that all the strategic components of electrified cars, hybrids and in the future electric will be done in-house in a way that we can guarantee what you are telling that is the timeless features of our cash.

謝謝你，麥可。我認為第一個問題——安東尼奧將詳細闡述並討論電力的第二個問題。我希望我同意你所說的，但有一點，那就是重點不是技術。我們專注於為客戶提供的動議。因此，當我們一年前為電動車大樓揭幕時，我們說過，當我們展示 F80 超級跑車時，我們明確表示，電動車、混合動力車以及未來電動車的所有戰略部件都將在內部完成，我們可以保證您所說的是我們現金的永恆特徵。

I think this is important. And that's the reason why also we did this investment because we want to have the flexibility and the ability to maintain and to offer our clients the technology that are needed for the future.

我認為這很重要。這也是我們進行這項投資的原因，因為我們希望擁有靈活性和能力來維護並為客戶提供未來所需的技術。

When it comes to the investor, the battery, the axle, all these things that are distinguishing features of the electric cars. And then consider all that our eletrica -- our Ferrari Electrica will not be -- it's much more than digital and electric. And you will see the (inaudible). So this is the first -- the second part and then Antonio is about the--

說到投資者、電池、車軸，所有這些都是電動車的顯著特徵。然後考慮我們的電動化——我們的法拉利電動化將不再是——它不僅僅是數位和電動的。你會看到（聽不清楚）。這是第一部分，第二部分，安東尼奧講的是——

On the precise number of Daytona, they were 77. And with respect to the EBITDA margin down during the course of the year, we project on the basis that the mix will be lower, and this is good and in line with reduction of the number of Daytona and the development of the mix of the rest of the range. And the increase in expenditure particularly SG&A and R&D and partly related to the development of our racing activities

Daytona 的準確數量為 77。至於年內 EBITDA 利潤率的下降，我們預計產品組合將會降低，這是好事，並且與 Daytona 數量的減少以及其餘產品組合的發展相一致。支出增加，特別是銷售、行政及行政費用和研發費用，部分與我們的賽車活動的發展有關

Okay, thanks a lot guys. I appreciate all the detail.

好的，非常感謝大家。我感謝所有的細節。

You're welcome.

不客氣。

John Murphy, Bank of America.

美國銀行的約翰‧墨菲。

This is actually John Babcock on for John Murphy. Just first I wanted to touch on the tariffs. I know you cited about a 50 basis point EBITDA-EBIT margin risk from that. Could you just provide some clarity? I mean it seems like you're maintaining guidance, but you're highlighting the risks.

這實際上是約翰·巴布科克 (John Babcock) 為約翰·墨菲 (John Murphy) 表演。首先我想談談關稅問題。我知道您提到了約 50 個基點的 EBITDA-EBIT 利潤率風險。您能否提供一些解釋？我的意思是，看起來你在維持指導，但你也在強調風險。

So should we think about that as the maximum potential impact here? Or do you expect to offset it? Any additional clarity you might be able to provide on that front would be useful.

那麼我們是否應該將其視為這裡的最大潛在影響？或者你希望抵消它嗎？您在這方面提供的任何額外說明都將很有用。

Hi John, maybe I answer this one first. Yeah, it's a risk we see -- I mean there might be opportunities to offset it. That's why we describe it as a risk. However, it depends on a number of moving parts as of now. So I think the outcome is the one that we have outlined.

嗨，約翰，也許我先回答這個問題。是的，我們看到了風險——我的意思是可能有機會抵消它。這就是我們將其描述為風險的原因。然而，目前它還取決於許多活動部件。所以我認為結果就是我們所概述的。

And then just my other question, and this is a quick one. If you could just talk about the consumer reception for the 12Cilindri, that would be useful. And then also, are you finding demand is consistent across the geographies for that product?

然後是我的另一個問題，這是一個簡短的問題。如果您能談談消費者對 12Cilindri 的接受程度，那將會很有幫助。而且，您是否發現該產品在不同地區的需求是一致的？

The reception of this car has been very, very good across all the geographies. Clearly, in some geographies, there is more appeal because of the tax impact is lower. For example, the 12Cilindri impacted traction in countries like China is over because the tax rate is higher. But so far, I mean, we see a good traction with, let's say, in the country, used from Scandinavia to US to Latin America to Italy -- I mean South Europe. So it's a very good traction.

這款車在各地區的接受度都非常非常好。顯然，在某些地區，由於稅收影響較低，因此更具吸引力。例如，由於稅率較高，12Cilindri 在中國等國家受到的衝擊已經結束。但到目前為止，我們看到了良好的發展勢頭，例如在從斯堪的納維亞到美國到拉丁美洲到義大利——我的意思是南歐。所以這是一個非常好的牽引力。

That's all I have.

這就是我所擁有的一切。

Monica Bosio, Intesa SanPaolo.

莫妮卡·博西奧，聯合聖保羅銀行。

Good afternoon everyone, and thanks for taking my questions. I have, I think, three. The first one is on the initial collection from the (inaudible). Should we expect further impacts across the year? And if you as Antonio, can you help us model the impact? Because I'm just wondering what's the weight of the collection on the working capital in the first quarter.

大家下午好，感謝您回答我的問題。我認為我有三個。第一個是關於（聽不清楚）。我們是否應該預期全年還會有進一步的影響？如果您是安東尼奧，您能幫助我們模擬影響嗎？因為我只是想知道收款對第一季營運資金的權重是多少。

The second question is on the residual values. You announced the pricing actions in USA. How do you see, if any, this could impact on the residual values in US. Any comments on this would be useful. And the very last, maybe it's a stupid question, but it's on personalization.

第二個問題是關於殘值。您宣布了美國的定價行動。您如何看待這會對美國的剩餘價值產生影響？對此的任何評論都是有用的。最後，也許是一個愚蠢的問題，但它是關於個人化的。

So you are implanting pricing actions on the final price on the value of the imported car. And what about personalization? Maybe I missed something. Are we going to modify also the pricing for personalization for those cars that would be delivered in US?

因此，您正在對進口汽車的最終價格實施定價行動。那麼個性化又如何呢？也許我錯過了什麼。我們是否也要修改在美國交付的汽車的個人化定價？

This will be Antonio taking care of all the three questions here.

安東尼奧將負責解答這三個問題。

Initial collection (inaudible). I think it has been important in Q1. We do not expect the same impact over the rest of the quarter also because there are deposit has been anticipated in the previous year that will fade away. So another positive but not the same size is expected in Q4. So the portion of working capital is related to one has got a big bulk in Q1, and there will be over one in Q4.

初始收集（聽不清楚）。我認為這在第一季非常重要。我們預計本季剩餘時間不會出現同樣的影響，因為去年預計的存款將會減少。因此，預計第四季將出現另一個積極成長，但幅度不會相同。因此，營運資本的比例與第一季的大量資金有關，第四季的大量資金也會超過這一比例。

Residual values pricing action in the US and principally, it could drive residuals up. We'll see where that's the potential expectations. About personalization well, last year, we already on personalization in terms of price increase. We have taken -- I mean when we talk about the overall price increases, we refer to the price increases of the cars.

美國的殘值定價行為主要會導致殘值上漲。我們將看看潛在的期望是什麼。關於個人化，去年我們已經在個人化方面提高了價格。我們已經採取了——我的意思是，當我們談論整體價格上漲時，我們指的是汽車價格的上漲。

Okay. Thank you.

好的。謝謝。

Thomas Besson, Kepler Cheuvreux.

湯瑪斯貝松、開普勒舍夫勒。

Thank you very much. It's Thomas from Kepler Cheuvreux. I'd like to come back to somehow Stephen's question on the non-care revenues. Historically, I think you were suggesting they were dilutive to profitability and it feels like they might become even relative to profitability. Could you comment on that concept for Q1 and for the rest of the year? The first question.

非常感謝。我是 Kepler Cheuvreux 的 Thomas。我想以某種方式回到史蒂芬關於非醫療收入的問題。從歷史上看，我認為您說的是它們會稀釋盈利能力，而且感覺它們甚至可能相對於盈利能力而言。您能否對第一季以及今年剩餘時間的這一概念發表評論？第一個問題。

The second, I understand what you say about the time line of deposits Q1, Q4, but you've regenerated half of the guidance for free cash flow. So should we think that your guide is for the full year conservative or an important part of the (inaudible) working cap. And lastly, just a housekeeping question. Could you confirm the tax rate for the year? And broadly speaking, the direction for CapEx for the year? Thank you very much.

第二，我理解您所說的第一季、第四季存款的時間線，但您重新產生了自由現金流指引的一半。那麼，我們是否應該認為，您的全年指南是保守的，還是（聽不清楚）工作上限的重要組成部分。最後，還有一個基本問題。能確認一下今年的稅率嗎？整體來說，今年的資本支出方向如何？非常感謝。

Antonio?

安東尼奧？

Yeah. The third question, the tax rate, as I said before, approximately 22% and this is because this year, we'll enjoy the benefits only on the new patent box regime. Last year, just to remind you, we had the overlap of the new and the previous one that brought the tax rate down. Industrial free cash flow, given the Q1 generation is the guidance conservative, we are never conservative. So well, in principle, there might be chances in that direction. But as I said, there are still several moving parts.

是的。第三個問題，稅率，正如我之前所說，大約是22％，這是因為今年我們只能享受新專利盒制度的優惠。需要提醒大家的是，去年，新稅法和舊稅重疊，降低了稅率。工業自由現金流，鑑於第一季的指導保守，我們從不保守。那麼，原則上，這個方向可能有機會。但正如我所說，仍有幾個活動部件。

Non-car revenues impacted the activity for Q1 and the rest of the year. In terms of development of the sponsor, I think all of the agreement that we -- the relevant agreements are in place already now. So I do not expect this to change in dimensionally significantly over the course of the year. Obviously, the comparison with last year maybe a bit more uneven. But the run rate is the one that we expect similarly for Lifestyle.

非汽車收入影響了第一季及今年剩餘時間的業務活動。在贊助商的發展方面，我認為我們達成的所有協議——相關協議現在已經到位。所以我預計這一情況在今年內不會有顯著變化。顯然，與去年相比可能更加不平衡。但我們對 Lifestyle 的運行率也有類似的預期。

CapEx guidance between 900 and 950, that's probably the best guidance I can give you for now.

資本支出指導在 900 到 950 之間，這可能是我目前能給你的最佳指導。

Thank you very much.

非常感謝。

Tom Narayan, RBC.

加拿大皇家銀行的湯姆·納拉揚。

Oh yeah, thanks for taking the question, Tom Narayan, RBC. The first one I have is at the '22 Investor Day, you guys shared a target of powertrain split of 40-40-20 with 40% being full electric of models by 2030. I know you guys may update this on October 9. But given the first Ferrari electric is only going to start deliveries in October 2026. Is there enough time to get to 40% of models being full electric just three years later?

哦，是的，感謝 RBC 的 Tom Narayan 回答這個問題。我的第一個想法是在 2022 年投資者日，你們分享了 40-40-20 的動力系統分配目標，到 2030 年 40% 的車型將實現全電動化。我知道你們可能會在 10 月 9 日更新此內容。但考慮到第一輛法拉利電動車將於 2026 年 10 月開始交車。僅僅三年時間，是否就有足夠的時間讓 40% 的車型實現純電動化？

And then the next question, we've had some time now with Purosangue sales, just curious if we have data now that suggests residual values are holding up? And also any demographic information, who's buying the Purosangue, is it more -- is it different than the regular for a customer female versus male, daily users versus collectors, et cetera? Thank you.

然後下一個問題，我們已經花了一些時間研究 Purosangue 的銷售情況，只是好奇我們現在是否有數據表明剩餘價值保持穩定？還有任何人口統計信息，誰在購買 Purosangue，它是否與普通顧客（女性與男性）、日常用戶與收藏家等有所不同？謝謝。

Thank you, Tom. First 40-40-20 remember that during the Capital Market Day, when we provide the split of the PU, the powertrain, we always talk about our offers, not the split of sales. You remember, because when we talked at that time our road map to offers any kind of traction to the client.

謝謝你，湯姆。首先 40-40-20 請記住，在資本市場日期間，當我們提供 PU、動力系統的分割時，我們總是談論我們的報價，而不是銷售的分割。你記得，因為當我們當時談話時，我們的路線圖為客戶提供了任何形式的牽引力。

We said, we want to leave the freedom of choice in the clients. So that split was a split of the model we were offering.

我們說，我們想把選擇的自由留給客戶。所以這種分割是我們所提供的模型的分割。

In terms of update, if any, I'm afraid that you have to wait, let me say, in October this year, where we will provide you a (inaudible) a full update. The second one is about the residual values and the demographics of Purosangue. Well, demographics of Purosangue clients, I think it's not -- let's say, we have a new client, yes, we have in the range of 10%. 10% of new clients this was what we planned. [Posterior], I think we could have been pushing more 15%, 20%.

至於更新，如果有的話，恐怕您必須等到今年 10 月，屆時我們將為您提供（聽不清楚）完整更新。第二個是關於 Purosangue 的剩餘價值和人口統計。嗯，我認為 Purosangue 客戶的人口統計數據不是 - 假設我們有一位新客戶，是的，我們有 10% 左右的客戶。 10% 的新客戶，這就是我們的計畫。 [後部]，我認為我們本來可以推動 15%、20% 以上。

This is a lesson learned for us for the future. But coming also in terms of male and female, what we see is that a lot of times is the -- you have the name of the repeaters, buying the cars and the partners, female that is driving the cars. And then also, it's true that with this car, usually we discover a people do a little bit more kilometers than others.

這是我們今後要學習的教訓。但從男性和女性的角度來看，我們看到很多時候是 - 你有中繼器的名字，購買汽車和合作夥伴，駕駛汽車的女性。而且，我們確實發現，駕駛這種車時，有些人行駛的里程數通常比其他人多一點。

In terms of residual values, I think that there is a lot of traction for this cars. We are collecting order also for end of '27 delivering '28. And there are some areas, for example, where discussed have turned within 1 week, the (inaudible) and there is an increase on the single price. So I think that today, there are this year is important because we have some model like Purosangue entering '27, '28, a matter both '26, '27, '28, some other models that are ending in 2026.

就殘值而言，我認為這款車具有很大的吸引力。我們也正在收集 27 年底交付 28 年的訂單。例如，有些地區在一週內就發生了變化，（聽不清楚）而且單價有所上漲。所以我認為今天，今年很重要，因為我們有一些模型，例如 Purosangue，將在 2027 年、2028 年進入，還有一些其他模型將在 2026 年結束。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Martino de Ambroggi, Equita.

馬蒂諾·德·安布羅吉 (Martino de Ambroggi)，Equita。

Thank you. Good evening, good morning, everybody. Changing the subject, my first question is on Greater China because delivery is increasing since second quarter '23 quarter after quarter, so what is the right or the ideal size that you see for this region ahead? And the second is on the warranty program for hybrid customers. How is progressing, the choice of customers to get your warranty program. And the last one, I clearly understand you will probably not provide any answer but, am I right in assuming that the increase in prices that you announced in the US could worth roughly EUR100 million on a consolidated basis? Thank you.

謝謝。大家晚上好，早安。換個話題，我的第一個問題是關於大中華區的，因為自 2023 年第二季以來，交付量逐季增加，那麼您認為未來這個地區的正確或理想規模是多少？第二個是關於混合動力客戶的保固計畫。進展如何，客戶選擇獲得您的保固計劃。最後一個問題，我清楚地知道您可能不會給出任何答案，但是，我是否可以假設，您在美國宣布的價格上漲在合併基礎上可能價值約 1 億歐元？謝謝。

I take the second one, one second because the last one, Antonio will take care of it. I think that -- I think the first two, the hybrid, we are very precise. It's more -- it's close to 550 contract for the avid warranty programs, clients start to appreciate it because they see value. And also, I believe in the first communication we were not so clear. Now we are improving the clarity of the communication.

我選擇第二個，因為最後一個，安東尼奧會處理好。我認為──我認為前兩種，也就是混合型，我們非常精確。更重要的是——它接近 550 份熱心保固計劃的合同，客戶開始欣賞它，因為他們看到了價值。而且，我相信在第一次溝通中我們的表達還不是那麼清楚。現在我們正在提高溝通的清晰度。

So we are around the 550 contracts about this hybrid warranty. China, on one side, we see the region now is moving. On the other side, we always said that the Mainland China plus Taiwan will be in the range of 8% to 10%. And let me say, today, the car we are having mostly 12Cilindri are having a little bit too much impacted by tax. And this one of the car, we will launch this year is meant also to fit better the portfolio for that region.

因此，我們大約有 550 份有關混合保固的合約。一方面，我們看到該地區正在改變。另一方面，我們一直說中國大陸加上台灣的比例將在8%到10%之間。我要說的是，今天，我們擁有的汽車大多是 12Cilindri，受到的稅收影響有點太大了。我們今年推出的這款車也是為了更好地適應該地區的產品組合。

So that's the picture on the China. For the last one.

這就是中國的圖片。對於最後一個。

I do not provide that level of granularity. We said up to 10% for the model that we will be updated, but we reserve the right to intervene and we're actually moving already.

我沒有提供那種級別的粒度。我們表示，我們將對模型進行最多 10% 的更新，但我們保留幹預的權利，實際上我們已經在採取行動了。

Okay, thank you.

好的，謝謝。

Thank you. There are no further questions. I will hand the call back to Benedetto Vigna.

謝謝。沒有其他問題了。我會把電話交還給 Benedetto Vigna。

Thank you. Thank you all for the time and for all your questions. The strong Q1 '25 result and the continuing savability of the Ferrari brand full our confidence for our year ahead and also for the future. I wish you good morning, good afternoon, and thank you again for your attention.

謝謝。感謝大家抽出時間和提出的所有問題。2025 年第一季的強勁業績和法拉利品牌的持續獲利能力讓我們對來年以及未來充滿信心。祝大家早安，下午好，再次感謝大家的關注。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。