Ferrari NV (RACE) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Ferrari 2025 Q2 results conference call. (Operator Instructions). Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加法拉利 2025 年第二季業績電話會議。（操作員指令）。請注意，今天的會議正在錄音。

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

現在，我想將會議交給今天的發言人、投資者關係主管 Nicoletta Russo。請繼續。

Thank you, Maggie, and welcome to everyone who's joining us. Today, we plan to cover the group's second 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 CFO, Mr. Antonio Picca Piccon. 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.

謝謝你，瑪吉，歡迎大家加入我們。今天我們計劃討論集團2025年第二季的經營業績，預計電話會議時長約為60分鐘。今天的電話會議將由集團執行長 Benedetto Vigna 先生和集團財務長 Antonio Picca Piccon 先生主持。所有相關資料均可在法拉利公司網站的「投資者」部分找到。演示結束後，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 risks and uncertainties mentioned in the safe harbor statement included on Page 2 of today's presentation and the call will be governed by this language.

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). Thank you, everyone, for joining us today. Despite an uncertain macroeconomic environment, ongoing geopolitical tensions and market volatility at Ferrari, we continue to execute our business plan with a focus, discipline and confidence. We base this confidence on the solidity and uniqueness of our business model, the remarkable level of visibility that we enjoy and the continued loyalty of our community.

（用外語說）。感謝大家今天加入我們。儘管宏觀經濟環境不確定、地緣政治緊張局勢持續存在以及法拉利市場波動，我們仍將繼續專注、自律、充滿信心地執行我們的業務計劃。我們的信心源自於我們商業模式的穩固性和獨特性、我們享有的卓越知名度以及社區的持續忠誠度。

We remain confident and well prepared to navigate potential macro threats, including trade tensions, currency fluctuation and financial market volatility, which require an increased level of cautiousness. And while we can't say that we are completely immune to global events we might encounter, our ability to adapt has been remarkable. Among all factors that underscore our solidity and continuous progress, there are five I would like to underline with all of you.

我們仍然有信心並做好充分準備來應對潛在的宏觀威脅，包括貿易緊張、貨幣波動和金融市場動盪，這些都需要我們提高警覺。雖然我們不能說我們完全不受可能遇到的全球事件的影響，但我們的適應能力是驚人的。在所有鞏固我們堅實基礎和不斷進步的因素中，有五個我想與大家一起強調。

One, we are on track with our product development, in particular with the Ferrari Elettrica, which I had the pleasure to drive a couple of weeks ago on the race track. And I can (inaudible) you how excited we are for the upcoming launch. Two, we continue to evolve our stunning offering.

首先，我們的產品開發進展順利，特別是法拉利 Elettrica，幾週前我有幸在賽道上駕駛了它。我可以（聽不清楚）告訴您我們對即將發布的產品有多興奮。二、我們將繼續改進我們令人驚嘆的產品。

In July, we introduced the Ferrari Amalfi, 11th model of the 15-model road map that we announced in 2022 during our last Capital Markets Day, and our third launch of this year after the two special series, the 296 Speciale and Speciale Aperta.

7 月，我們推出了法拉利 Amalfi，這是我們在上一次資本市場日上宣布的 2022 年 15 款車型路線圖的第 11 款車型，也是繼 296 Speciale 和 Speciale Aperta 兩個特別系列之後我們今年推出的第三款車型。

Such a number of new model launches and technology advancements require an incredible team effort and effective management of complexity and utmost agility, something we should all be proud of, especially in the current context.

如此多的新車型發布和技術進步需要令人難以置信的團隊努力以及對複雜性和最大靈活性的有效管理，這是我們都應該感到自豪的，特別是在當前的情況下。

Three, we continue to hold a strong order book entering 2027 without considering the new launched cars, and with all the range models currently in production substantially sold out. Indeed, the newly launched Ferrari Amalfi is at the initial stage of the order collection, and the demand for the 296 Speciale family is significantly high, nearly reaching full coverage of the life cycle.

第三，不考慮新推出的車型，進入 2027 年，我們的訂單量依然強勁，目前生產的所有系列車型均已基本售罄。確實，新推出的法拉利Amalfi正處於訂單收集的初始階段，而296 Speciale系列的需求相當高，幾乎達到了生命週期的完全覆蓋。

Fourth, we continue to invest in what makes us Ferrari: client centricity, product excellence, technology advancement. And it is especially thanks to the ideas of our people that we can continue to evolve and innovate. Proof of this are the 341 colleagues who were internally awarded for developing patent ideas in 2024.

第四，我們將繼續投資法拉利的特色：以客戶為中心、產品卓越、技術進步。正是由於我們人民的想法，我們才能不斷發展和創新。證明這一點的是，2024 年有 341 名同事因開發專利創意而獲得內部獎勵。

And last but not least, in line with our plans, the production ramp-up of our e- building is proceeding at pace, as is the construction of the new paint shop, where we have just finished the walls, and we are about to install the equipment. In addition, during the quarter, we began the construction of a new track near our facilities dedicated to sports car testing.

最後但同樣重要的一點是，按照我們的計劃，我們的電子大樓的生產提升正在快速進行，新油漆車間的建設也在進行中，我們剛剛完成了牆壁的施工，即將安裝設備。此外，在本季度，我們開始在設施附近建造一條專門用於跑車測試的新賽道。

This will enhance the accuracy and repeatability of road car testing, a further effort to ensure product excellence. Equally important is that we continue to deliver strong financial results. Indeed, Q2 '25 saw continued growth on all key metrics. A few key numbers to share with you and to highlight.

這將提高道路車輛測試的準確性和可重複性，進一步確保產品的卓越性。同樣重要的是，我們持續取得強勁的財務表現。事實上，2025 年第二季所有關鍵指標持續成長。一些關鍵數字想與大家分享並強調一下。

One, total revenues reached approximately EUR1.8 billion, a 4.4% growth year- over-year with flat deliveries. Two, strong profitability with EBITDA in excess of EUR700 million. And three, the industrial cash flow at EUR230 million. At the beginning of July, we hosted over 1,500 guests from all over the world on Amalfi Coast for the spectacular premieres of the new Ferrari Amalfi, our latest V8 range models.

一、總收入達約18億歐元，較去年同期成長4.4%，交付量持平。二、獲利能力強勁，EBITDA超過7億歐元。三、產業現金流2.3億歐元。7 月初，我們在阿馬爾菲海岸接待了來自世界各地的 1,500 多位嘉賓，參加我們最新的 V8 系列車型——法拉利阿馬爾菲的盛大首發式。

The Ferrari Amalfi redefines the concept of contemporary sportiness, combining high performance, versatility and refined aesthetics. The name of the new model is a tribute to Southern Italy and one of the most fascinating coast lines in the world. Amalfi was chosen to once again associate Ferrari with Italian beauty and a place that symbolizes our country.

法拉利阿馬爾菲重新定義了當代運動的概念，融合了高性能、多功能性和精緻的美學。新款車型的名稱是對義大利南部和世界上最迷人的海岸線之一的致敬。選擇阿馬爾菲，是為了讓法拉利再次與義大利的美麗聯繫起來，並成為我們國家的象徵。

I was there for the first of three incredible evenings of the World Premiere, where we achieved unprecedented client engagement and brand visibility. Indeed, this new model was also displayed in the town's main square for all residents of the Amalfi Coast, the tourist and the enthusiast to enjoy.

我參加了世界首映三個令人難以置信的夜晚中的第一個夜晚，我們實現了前所未有的客戶參與和品牌知名度。事實上，這款新車型也在城鎮的主廣場上展出，供阿馬爾菲海岸的所有居民、遊客和愛好者欣賞。

This model will allow us to nurture existing clients and attract new ones, enlarging the Ferrari community, and the initial feedback has been extremely encouraging. Moments like this always remind us of the importance of human relations. Such moments strengthen the sense of community and unite people with the company and with our Ferrariste.

這種模式將使我們能夠培養現有客戶並吸引新客戶，擴大法拉利社區，初步回饋非常令人鼓舞。這樣的時刻總是提醒我們人際關係的重要性。這樣的時刻增強了社區意識，使人們與公司以及我們的法拉利車主更加團結。

From our Ferrari Cavalcades to our Racing Days and Racing Challenges to our World Premiere, each of these exceptional events is designed to create unique memories and experiences, which are essential to nurture our community's passion and elevate our brand follow. Within client events, also racing activities play a key role.

從我們的法拉利遊行到我們的賽車日和賽車挑戰賽，再到我們的世界首映，每一個特別的活動都旨在創造獨特的回憶和體驗，這對於培養我們社區的熱情和提升我們的品牌追隨者至關重要。在客戶活動中，賽車活動也扮演關鍵角色。

At the circuit of Spa-Francorchamps last June, we presented the new 296 GT3 Evo, a race car that will make its debut in 2026 season. The 296 GT3 Evo perfectly fits within the array of our activities and is instrumental to enrich the experience on track of our racing clients.

去年 6 月，我們在斯帕-弗朗科爾尚賽道展示了新款 296 GT3 Evo，這款賽車將於 2026 年賽季首次亮相。296 GT3 Evo 完美契合我們的一系列活動，並有助於豐富我們的賽車客戶的賽道體驗。

And on the subject of racing, I will once again express my personal congratulations to the Ferrari team who secured the third consecutive win at the 24 Hours of Le Mans. This is an incredible achievement and an encouraging reminder of our ambitions. Thanks to this extraordinary result, Ferrari will now keep the winners trophy forever, a right granted to those who secure victory in three consecutive editions. And in the same spirit, we are making good progress in Formula 1. We know that the season started below expectation, but in recent races, the team is constantly fighting for podiums and wins.

談到賽車，我要再次向法拉利車隊表達我個人的祝賀，他們連續第三次獲得勒芒 24 小時耐力賽的冠軍。這是一個令人難以置信的成就，也鼓舞人心地提醒著我們的雄心壯志。憑藉這一非凡的成績，法拉利將永遠保留冠軍獎杯，這是連續三屆奪冠的車手所享有的權利。本著同樣的精神，我們在 F1 賽事中也取得了良好的進展。我們知道本賽季的開局低於預期，但在最近的比賽中，車隊一直在為頒獎台和勝利而戰。

Lastly, in line with our racing heritage and spirit of innovation, we have presented the Ferrari Hypersail project. This revolutionary boat is currently under construction in Italy, and it will see us take on an unprecedented new sporting challenge in the world of sailing, allowing us to keep on pushing the limits of possible in a new arena.

最後，本著我們的賽車傳統和創新精神，我們推出了法拉利 Hypersail 專案。這艘革命性的船隻目前正在義大利建造，它將讓我們在帆船界接受前所未有的全新運動挑戰，讓我們在新的領域中不斷突破可能的極限。

Moreover, open innovation and two-way technological transfer between the sports car and nautical sector are key in this project. Aerodynamics, energy efficiency, power management and flight control system are just a few examples in this respect. All these challenges remind us that we have to continue to improve in everything we do with focus, determination and four wheels on the ground.

此外，跑車和航海領域之間的開放式創新和雙向技術轉移是該專案的關鍵。空氣動力學、能源效率、電源管理和飛行控制系統只是這方面的幾個例子。所有這些挑戰都提醒我們，我們必須集中精力、下定決心、腳踏實地地做好每一件事。

And now, I would like to hand over to Antonio to review in detail the Q2 2025 results.

現在，我想交給安東尼奧來詳細回顧 2025 年第二季的業績。

(spoken in foreign language) Benedetto, and good morning or afternoon to everyone joining us today. Starting on Page 5, we provide the highlights of the second quarter, which represents a solid continuation of the year. First of all, the second quarter was basically not impacted by the incremental tariff in the US as we leverage the inventory already present in the country.

（以外語講話）貝內代托，今天參加我們會議的各位早安或下午好。從第 5 頁開始，我們介紹了第二季的亮點，這代表今年的穩健延續。首先，由於我們利用了美國現有的庫存，第二季基本上沒有受到美國增量關稅的影響。

Compared to the same quarter of last year, revenues and profitability grew single digits with flat deliveries. Mix and personalization were the main drivers of growth, along with rising revenues, which led to particularly strong percentage margins and a solid industrial free cash flow generation.

與去年同期相比，營收和獲利均成長個位數，交付量持平。混合和個人化是成長的主要驅動力，加上收入的成長，帶來了特別強勁的百分比利潤率和穩健的工業自由現金流。

On Page 6, we deep dive into our Q2 2025 deliveries. Shipments in the quarter were driven by the 296 GTS, the Purosangue and the Roma Spider. The SF90 XX family increased its contribution. The 12Cilindri family continued its ramp-up phase, while the 296 GTB decreased and the SF90 Spider approached the end of its life cycle.

在第 6 頁，我們深入探討了 2025 年第二季的交付情況。本季的出貨量主要由 296 GTS、Purosangue 和 Roma Spider 推動。SF90 XX家族貢獻增加。12Cilindri 系列繼續其成長階段，而 296 GTB 則減少，SF90 Spider 接近其生命週期的末期。

Shipments of the Daytona SP3 were lower than the prior year and sequentially decreasing in line with our plans to conclude deliveries in the third quarter of 2025. In the quarter, we had a significant changeover of models. And despite the gradual phaseout of the Daytona SP3, the product mix was sustained by the higher end of our product offering, namely the SF90 XX family and the 12Cilindri family.

Daytona SP3 的出貨量低於上年，並且根據我們計劃在 2025 年第三季完成交付而連續下降。在本季度，我們進行了重大的模型轉換。儘管 Daytona SP3 逐漸被淘汰，但我們的產品組合仍然由高端產品支撐，即 SF90 XX 系列和 12Cilindri 系列。

As customary, the geographic breakdown reflects the different product cycle as well as the company deliberate allocation strategy. On Page 7, the net revenues bridge shows a 5.1% growth versus the prior year at constant currency. (inaudible) cars and spare parts was driven by the richer product and country mix as well as higher personalizations.

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。第 7 頁，淨收入橋顯示以固定匯率計算，與前一年相比成長了 5.1%。 （聽不清楚）汽車和零配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。

Personalizations keep on being very strong, accounting for approximately 20% of total revenues from cars and spare parts, supported by the Daytona SP3 and the SF90 XX family in terms of model and mainly by the adoption of carbon and paintings in terms of offering.

個人化客製化業務持續保持強勁勢頭，約佔汽車及零配件總收入的 20%，在車型方面，由 Daytona SP3 和 SF90 XX 系列提供支持，在供應方面，主要採用碳纖維和噴漆。

Sponsorship, commercial and brand increased, thanks to the additional sponsorship we have this year and improved performance of the lifestyle activities, as well as higher commercial revenues linked to the better prior year Formula 1 ranking. Currency, net of hedges in place, had a slightly negative impact in the quarter, mainly related to the US dollar dynamic.

贊助、商業和品牌收入均有所增長，這得益於我們今年獲得的額外贊助和生活方式活動表現的提升，以及與上一年一級方程式賽車排名提高相關的更高商業收入。在扣除現有對沖後，貨幣在本季產生了輕微的負面影響，主要與美元動態有關。

Moving to Page 8. The change in EBIT is explained by the following variances. First, mix and price, positive; thanks to the enriched product mix sustained by the SF90 XX and the 12Cilindri families, increased contribution from personalization and a positive country mix, supported by the Americas. These were only partially offset by lower deliveries of the Daytona SP3.

移至第 8 頁。EBIT 的變化可用以下差異來解釋。首先，產品組合和價格表現積極；得益於 SF90 XX 和 12Cilindri 系列所維持的豐富的產品組合、個性化貢獻的增加以及美洲支持的積極的國家組合。這些只是 Daytona SP3 交付量的降低部分抵消。

Second, industrial costs and R&D, mainly due to racing and sports cars R&D costs expensed with flat D&A. Third, higher SG&A, reflecting racing expenses and brand investments.

第二，工業成本和研發，主要是因為賽車和跑車的研發成本與平攤折舊攤提前費用化。第三，銷售、一般及行政費用增加，反映了賽車費用和品牌投資。

And fourth, other, was positive; mainly thanks to racing and lifestyle activities, lower cost due to the Formula 1 in- season ranking assumptions that we revised downward, partially offset by the comparison with last year's release of car environmental provisions. Percentage margins were very strong in the quarter with the EBITDA margin at 39.7% and EBIT margin close to 31%, also benefiting from flat D&A determined by the model changeover.

第四，其他方面呈現積極態勢，主要得益於賽車和生活方式活動，以及我們向下修正的 F1 賽季內排名假設導致的成本降低，但與去年發布的汽車環保條款相比，這一變化有所抵消。本季的百分比利潤率非常強勁，EBITDA 利潤率為 39.7%，EBIT 利潤率接近 31%，同時也受益於模型轉換確定的平穩折舊及攤銷前利潤。

Turning to Page 9. Our industrial free cash flow generation for the quarter was strong at EUR232 million, and reflected the increase in profitability, partially offset by the negative change in working capital provisions and others, mainly linked to higher inventory in line with our production plan. This quarter, the net impact of advances was positive, but far less significant than in Q1.

翻到第 9 頁。本季我們的工業自由現金流產生強勁，達到 2.32 億歐元，反映了盈利能力的增長，但部分被營運資本撥備和其他方面的負面變化所抵消，這主要與符合我們生產計劃的庫存增加有關。本季度，預付款的淨影響為正，但遠不如第一季那麼顯著。

Capital expenditures were mainly focused on product development and the progress in the new paint shop construction, and finally, the seasonal payment of taxes. Net industrial debt was EUR338 million at the end of June 2025, also reflecting the dividend payment occurred at the beginning of May. Lastly, in relation to our multiyear share repurchase program of EUR2 billion, we intend to resume the repurchases, aiming to complete the program by year-end.

資本支出主要集中於產品開發和新塗裝車間建設的進度，最後是季節性稅。2025 年 6 月底，工業淨債務為 3.38 億歐元，這也反映了 5 月初發生的股息支付。最後，關於我們 20 億歐元的多年期股票回購計劃，我們打算恢復回購，目標是在年底前完成該計劃。

Moving to Page 10. We confirm the 2025 guidance with stronger confidence on all metrics and removed the 50 basis point risk on percentage margins following the recent agreement on US tariffs as well as lower industrial costs in H2 compared to our initial expectations. All this based on current information despite the remaining uncertainty with respect to the timeline of application of the lower US duties on cars and other products manufactured in the European Union, which should impact the second part of the year.

移至第 10 頁。我們對所有指標都更有信心地確認了 2025 年的指引，並消除了最近美國關稅協議以及下半年工業成本低於我們最初預期後百分比利潤率的 50 個基點風險。儘管美國對歐盟生產的汽車和其他產品實施較低關稅的時間表仍存在不確定性，但這將對今年下半年產生影響，所有這些都基於當前的資訊。

Bearing in mind that for the rest of 2025, we anticipate deliveries deliberately reduce compared to 2024 to prioritize quality of revenues over volume, softer product mix versus the first half of the year, mainly linked to the Daytona SP3 phaseout in Q3 and the first units of the F80 shipped in Q4, higher SG&A linked to corporate and commercial activities planned for the remaining part of the year, higher D&A in line with the development of our portfolio and considering the start of production of new models.

請記住，在 2025 年剩餘時間內，我們預計交付量將與 2024 年相比有所減少，以優先考慮收入品質而非數量，產品組合較上半年更為疲軟，主要與第三季度 Daytona SP3 的淘汰和第四季度第一批 F80 的出貨有關，銷售、一般攤銷前費用 (SG&A) 公司與剩餘時間計劃的新費用 (D.A)較高與我們產品組合的發展一致，並考慮到新車型的生產開始。

And finally, greater headwind from FX, assuming that the current weakness of the US dollar against the euro persists for the remainder of the year. The first half of 2025 reminded us of the world's unpredictability and importance of agility and flexibility. In this context, we continue to execute our strategy with discipline and focus. And today's strong results mark continued progress on our growth path, backed by our unique business model and the remarkable visibility that we enjoy.

最後，假設美元兌歐元的疲軟態勢在今年剩餘時間內持續，那麼外匯市場將面臨更大的阻力。2025 年上半年提醒我們世界的不可預測性以及敏捷性和靈活性的重要性。在此背景下，我們將繼續嚴格而專注地執行我們的策略。今天的強勁業績標誌著我們在成長道路上繼續取得進展，這得益於我們獨特的商業模式和我們所享有的卓越知名度。

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. Maggie, we are now ready to open the Q&A session. Over to you.

謝謝你，安東尼奧。Maggie，我們現在準備開始問答環節。交給你了。

(Operator Instructions)

（操作員指示）

Stephen Reitman, Bernstein.

史蒂芬‧雷特曼，伯恩斯坦。

Yes, thank you. I have a few questions, please. First of all, could you comment on residual value developments in key markets? Secondly, could you give us a bit more detail about why these industrial costs in the second half are expected to be lower than originally expected?

是的，謝謝。我有幾個問題請問。首先，您能否評論一下主要市場的剩餘價值發展？第二，您能否更詳細地介紹一下，為什麼預計下半年這些工業成本會低於最初的預期？

And third, could you talk about why there has been -- why we're seeing now the change in the R&D capitalization versus amortization, so the lower benefit from this in what we saw in the second quarter?

第三，您能否談談為什麼我們現在看到研發資本化與攤銷的變化，以及為什麼第二季由此帶來的收益較低？

Thank you, Stephen. So the residual value in key market, we told you last time that there were -- there was UK, that was a market a little bit under pressure. And we put in place some actions that are showing good trends. We are working also on some models in US, but nothing strange, I would like -- I would say. The second one was about the industrial costs, why it's lower. And here, Antonio can comment about that.

謝謝你，史蒂芬。因此，我們上次告訴您關鍵市場的剩餘價值——英國是一個有點壓力的市場。我們採取的一些行動正在呈現良好的趨勢。我們也在美國研究一些模型，但我想說，這並不奇怪。第二個問題是關於工業成本，為什麼它較低。安東尼奧可以在此對此發表評論。

Hi, Stephen, as far as the actual is concerned, this is mainly due to an easy comp versus last year. Since last year, we had -- I wouldn't call them seasonal, but we had significantly higher costs for racing in the second quarter. And this year, these costs are not there. And on top of this, we have a better reduced quality cost compared to what we had last year.

你好，史蒂芬，就實際情況而言，這主要是因為與去年相比比較容易。自去年以來，我們——我不會稱其為季節性的，但第二季度我們的賽馬成本明顯更高。而今年，這些成本已經不存在了。除此之外，與去年相比，我們的品質成本也有所降低。

If we look forward to the second half of the year, the better expectations are now related to the fact that in terms of supply chain costs, what we have experienced in the first half of this year is better than we had originally anticipated. So call it, lower inflation.

如果我們展望下半年，現在更好的期望與以下事實有關：就供應鏈成本而言，我們今年上半年所經歷的情況比我們最初預期的要好。所以稱之為降低通貨膨脹。

Third, R&D capitalization in the quarter and why? This is simply due to the overlap of our project. You know that we capitalize the spending for models -- for the development of models that have been internally approved. So it very much depends on that. And obviously, the portion -- the remaining portion that is expensed to the P&L is otherwise related to racing. So it very much depends on the pace of development of our car, both in Formula 1 and World Endurance Championship.

第三，本季研發資本化情況如何？原因是什麼？這只是因為我們的項目重疊。您知道我們將模型支出資本化—用於開發已經內部批准的模型。所以很大程度上取決於此。顯然，計入損益表的剩餘部分與賽車有關。因此，這很大程度上取決於我們的賽車的發展速度，無論是在一級方程式賽車還是世界耐力錦標賽中。

Thank you. So to be clear, the reduction in industrial cost doesn't reflect maybe postponements or delays to any programs?

謝謝。因此需要明確的是，工業成本的降低並不意味著任何專案的延遲或延遲？

No, absolutely no.

不，絕對不是。

Great, thank you very much.

太好了，非常感謝。

Susy Tibaldi, UBS.

瑞銀的 Susy Tibaldi。

Hi, thanks for taking my questions. So first one, regarding your cars and spare parts growth at 3%. This is lower growth than we have seen in quite some time. So it seems that the ASP was weaker than maybe some people in the market expected. And was that something to do also with personalization? Or how do you expect this ASP to then evolve for the rest of the year?

你好，謝謝你回答我的問題。首先，關於你們的汽車和零件成長率為 3%。這是我們相當長一段時間以來所見的最低成長率。因此，平均售價似乎比市場上某些人的預期要低。這也與個性化有關嗎？或者您預計今年剩餘時間內 ASP 將如何發展？

Because my impression was that Q3 was meant to be, let's say, the weakest part of the year, whereas Q2 also ended up being quite weak. So it would be helpful to get bit more clarity there. And secondly, regarding your COGS. The gross margin was extremely strong, stronger than we have seen in a very long time. And it was somewhat surprising given that your ASP ended up being a bit weaker than expected.

因為我的印像是，第三季應該是今年最弱的時期，而第二季也相當疲軟。因此，獲得更清晰的認識將會很有幫助。其次，關於您的 COGS。毛利率非常高，比我們很長一段時間以來看到的都要高。考慮到您的 ASP 最終比預期要弱一些，這有點令人驚訝。

So what were the moving parts in the COGS that really led to this sort of strength on gross margin? And how should we think about it going forward? And lastly, regarding the US So now the tariffs have been lowered. I suppose that you will choose to not -- no longer increase prices to the same extent.

那麼，銷貨成本中的哪些變動因素真正導致了毛利率如此強勁呢？我們該如何看待這個問題？最後，關於美國，現在關稅已經降低。我想你們會選擇不再以同樣的幅度提高價格。

But is there going to be maybe in Q3, some sort of friction because some cars were shipped that were affected by these higher tariffs. So how does it work, right? Some clients will get a different price compared to other clients. Can you just elaborate on that?

但在第三季度，是否會出現某種摩擦，因為一些汽車的運輸受到了更高關稅的影響。那麼它是如何運作的呢？有些客戶會得到與其他客戶不同的價格。能詳細說明一下嗎？

Thank you.

謝謝。

Okay. Susy, I'll take the third one. And then the first two, Antonio will comment. As you remember, we were very timely in announcing the commercial policy, 27th March when the tariffs were in place -- when the tariff get in place at 27.5%. So we will not change the commercial policy till this new 15% tariff will really become -- will be implemented. Because as of now, it is not yet implemented, it will take some time.

好的。蘇西，我要第三個。然後安東尼奧將對前兩個問題發表評論。大家還記得，我們及時宣布了商業政策，3 月 27 日關稅開始實施，稅率為 27.5%。因此，在新的 15% 關稅真正實施之前，我們不會改變商業政策。因為截至目前，它還沒有實現，還需要一些時間。

But you may remember also that when last time we talked here in this event, we said that the invoice of the -- when the client will receive an invoice, you will have separated the tariff in a specific box. Because it's something that we want to make it clear to the client that one part is the price of what we do, another part is instead the tariff that depends on the country where, let's say, the car gets sold. So when the 15% will become really effective and implemented, then we will adapt our commercial policy. Item one and two, Antonio please.

但您可能還記得，上次我們在此活動中討論時，我們說過，當客戶收到發票時，您會將關稅分開放在特定的框中。因為我們想向客戶明確說明，一部分是我們所做工作的價格，另一部分是取決於汽車銷售國家的關稅。因此，當 15% 真正生效並實施時，我們就會調整我們的商業政策。第一點和第二點，請安東尼奧發言。

Thanks, Susy. For the first one, it is very much overlap to the question Stephen asked me before, meaning it has to do with the cost of goods. So first of all, cars and part growth 3%. Why? It only depends on the development of the product mix based on our plans. I don't know how an analyst are making their forecast. But basically, this is (inaudible) in line with our plan of deliveries in terms of model.

謝謝，蘇西。對於第一個問題，它與 Stephen 之前問我的問題非常重疊，也就是說它與商品成本有關。首先，汽車和零件成長3%。為什麼？這僅取決於根據我們的計劃開發的產品組合。我不知道分析師是如何做出預測的。但基本上，這（聽不清楚）符合我們模型方面的交付計畫。

And as far as personalization is concerned, as I said before, penetration is at 20%, and we actually see a continuing very strong trend. So that encourages us significantly. With respect to cost of goods sold, very strong in Q2. I think I already answered, I replied to Stephen before.

就個人化而言，正如我之前所說，滲透率達到了 20%，而且我們實際上看到了持續強勁的趨勢。這給了我們很大的鼓舞。就銷售成本而言，第二季非常強勁。我想我已經回答過了，我之前回覆過史蒂芬。

It's not just for the sports car business, we have also racing, and that depends on how costs for racing, not just in Formula 1, but even World Endurance Championship evolve over the course of the year. For the rest is better efficiency, if you want to like that or lower inflation, including for quality. So I mean, that's the main drivers. Does it answer?

這不僅適用於跑車業務，我們還有賽車業務，這取決於賽車成本（不僅僅是一級方程式賽車，甚至世界耐力錦標賽）在一年中的變化。其餘的都是更高的效率（如果你願意的話）或更低的通貨膨脹，包括品質。所以我的意思是，這是主要驅動因素。它回答了嗎？

Yes. But when we then think about the rest of the year because especially in terms of mix and so on, the expectation was that Q3 was going to be the bottom for this year. So that's still the case. So Q3 could still be weaker than --

是的。但當我們考慮今年剩餘時間的情況時，尤其是在組合等方面，我們預計第三季將是今年的底部。情況仍然如此。因此第三季可能仍弱於--

If I look at the sports car business, I mean, it goes without saying that Daytona will be lower because it will be the last quarter we sell it. We don't have the F80 yet. And we just have a few units of the F80 in the last quarter. Then the overall development of our margins depends also on the racing activity and the development in the racing activity as far as cost of goods sold is concerned.

如果我看一下跑車業務，我的意思是，Daytona 的銷量毫無疑問會更低，因為這將是我們銷售它的最後一個季度。我們還沒有 F80。上個季度我們只推出了幾台 F80。那麼，就銷售成本而言，我們利潤率的整體發展也取決於賽車活動以及賽車活動的發展。

Adam Jonas, Morgan Stanley.

摩根士丹利的亞當喬納斯。

Hi everybody. My first question is on the Elettrica. And I'm not trying to get you to share any real significant details ahead of things. But remind us, is this product positioned for -- given it's your first electric vehicle, all-electric vehicle, is it positioned as more of a halo type of vehicle that would be offered to existing Ferrariste as like a very desired kind of -- obviously, it will be desired, but more for the

大家好。我的第一個問題是關於 Elettrica 的。我並不是想讓你提前分享任何真正重要的細節。但提醒我們，這款產品的定位是——考慮到這是你的第一輛電動車，全電動汽車，它是否定位為一種光環型汽車，提供給現有的法拉利車主，就像一種非常理想的——顯然，它會被渴望，但更多的是針對

existing family, the club, the members of the club, existing members of the club, who you can kind of trust, who will appreciate the engineering and the effort you put into it and also be a good source of feedback when you -- given it's such a big leap.

現有的家庭、俱樂部、俱樂部的成員、俱樂部的現有成員，你可以信任他們，他們會欣賞你的工程和你為之付出的努力，同時也會成為你良好的回饋來源——因為這是一個巨大的飛躍。

Or is it kind of designed to kind of expand and bring in new Ferrariste right away, right off the bat? How do you -- and I realize it can be both of those things, but I just wanted to ask that question to see where you took it in terms of kind of more controlled environment, trusted family members, a member of the House of Maranello? Or is it kind of a little more ambitious than that before you then launch into the future generations of electric cars? And then I have a follow-up.

或者它的設計是為了立即擴大規模並引入新的 Ferrariste？您如何——我知道這兩者可能兼而有之，但我只是想問這個問題，看看您在更受控制的環境、值得信賴的家庭成員、馬拉內羅家族成員方面如何看待它？或者在推出未來幾代電動車之前，你們的計畫會比這更宏偉一些嗎？然後我有一個後續問題。

Thank you, Adam, for the question. I can tell you that we are -- about Elettrica definitely is a good try for you to understand how the car is positioned, but you still have to bear with us a few more weeks, and then October will be more clear. Sorry about that. I know you are curious, I would be curious already in your shoes. But it's a good try. You did well. I can tell you that this car is meant for the people that want it.

謝謝亞當提出的問題。我可以告訴你，關於 Elettrica 的資訊絕對是一個很好的嘗試，可以讓你了解這款車的定位，但你仍然需要再忍耐幾週，到 10 月就會更加清楚了。很抱歉。我知道你很好奇，如果我是你，我也會很好奇。但這是一個很好的嘗試。你做得很好。我可以告訴你，這輛車是為想要它的人而設計的。

As I said, we don't want to push the car, we want the people to have -- to be in love with the car. And it's for, let's say, people that are already in the community as well as for people that will join the community because of this addition, not transition, addition to our offering.

正如我所說，我們不想推銷汽車，我們希望人們能夠愛上汽車。它是為那些已經加入社區的人準備的，也是為那些因為我們提供的服務的增加（而不是過渡）而加入社區的人準備的。

So it's a PV, you cannot try it. Me and Antonio keep trying sometimes with the test drivers on the track on different places where nobody can see during the night. So bear with us a few more weeks, 8th of October is close.

所以這是一個PV，你不能嘗試它。我和安東尼奧有時會與測試車手一起在夜間無人看見的不同地方的賽道上進行嘗試。所以再忍耐幾週吧，10 月 8 日快到了。

Okay. Well, I thought it was a very good try if I say so myself, but you did better. You got me. Okay. My second question would be, are there enough changes? There have been some significant changes from key governments, especially in the United States, but also possibly in Europe on kind of the timing and some of the rules around CO2 emissions. And I understand Ferrari, you don't design products for CO2 rules. You design compelling beautiful products that people want, but can't get.

好的。好吧，如果我自己這麼說的話，我認為這是一次非常好的嘗試，但你做得更好。你抓住我了。好的。我的第二個問題是，變化夠多嗎？主要政府，尤其是美國政府，在二氧化碳排放的時間安排和一些規則方面做出了一些重大改變，歐洲政府可能也做出了一些重大改變。我理解法拉利，你們不會根據二氧化碳規則來設計產品。您設計出引人注目的精美產品，人們想要但無法獲得。

But I'm just wondering if there's any impact from -- I mean, it seems like we don't have an EPA anymore in the United States. Some of those factors, do they at least affect some of the timing or medium or longer-term product rollouts in any way of your more electric products? Or is your answer, I think, predictably going to be, Adam, we do our own thing. We can't control the rules and it has nothing to do with us?

但我只是想知道這是否會產生任何影響——我的意思是，似乎美國不再有環保署了。其中一些因素是否至少會以某種方式影響你們更多電子產品的推出時間或中期或長期產品推出？或者我認為你的回答可以預見地是，亞當，我們做自己的事情。我們無法控制規則並且它與我們無關？

Adam, I think that for sure, I don't think there is any company in the world that can control how the things are moving outside their wall. So we control what we do. We proceed, as Antonio said, and I said as well, focus, determination, discipline and with agility. I think that in time of this, in these days, when things can change for whatever reason, the advantage to have a company such as Ferrari that is not big, that is more or less in the same place, it helps because we can take decision pretty fast.

亞當，我確信這一點，我認為世界上沒有任何一家公司能夠控制牆外物品的移動方式。因此我們可以控制自己的行為。正如安東尼奧所說，我們繼續前進，集中精力，堅定決心，紀律嚴明，行動敏捷。我認為，在當今這個時代，當事情因為某種原因而改變時，擁有像法拉利這樣規模不大、或多或少處於同一位置的公司的優勢是有幫助的，因為我們可以相當快地做出決定。

I think you know that I think we are being the only one that ahead of the 2nd of April, we updated our commercial policy because I think we know what we want to do and how we -- the best way to proceed. I think the time is of the essence. When it comes to regulation, the regulation are important also for us, are important for us, and this is why we are working on the sustainability.

我想你知道，我們是唯一一家在 4 月 2 日之前更新商業政策的公司，因為我認為我們知道我們想要做什麼以及我們如何以最佳方式進行。我認為時間至關重要。說到監管，監管對我們也很重要，這就是我們致力於永續發展的原因。

So just to make you an example, I can remember what I said a couple of conference calls ago when I said that the 12Cilindri is a car that is compliant with the current regulation, but we did already some innovation that can help us to make this car also compliant with -- this kind of car can make us compliant with the future regulations.

舉個例子，我記得幾次電話會議之前我說過，12Cilindri 是一款符合現行法規的汽車，但我們已經做了一些創新，可以幫助我們使這款車也符合——這種汽車可以讓我們符合未來的法規。

So allow me to say in this way. When the boundary conditions change, it's a good push for us. It's an opportunity for us to keep challenging us, to keep learning and to keep redefining the limit. So I think this is -- I mean, we keep in consideration, and we know what is in our hand, we can control and what is instead what must be managed. And the external condition, we are managing them. And I think that we are managing pretty well with agility. And we have to be always, like I say, with the four wheels on the ground. We'll take when they come, we'll manage.

所以請容許我這樣說。當邊界條件改變時，這對我們來說是一個很好的推動力。這是我們不斷挑戰自我、不斷學習、不斷重新定義極限的機會。所以我認為這是——我的意思是，我們不斷考慮，我們知道我們手中有什麼，我們可以控制什麼，以及什麼是必須管理的。而外在條件，我們正在管理它們。我認為我們管理得相當靈活。正如我所說，我們必須始終腳踏實地。他們來了我們就接受，我們會設法解決。

Thanks, Benedetto.

謝謝，貝內代托。

Monica Bosio, Intesa SanPaolo.

莫妮卡·博西奧，聯合聖保羅銀行。

Hi, yes, good afternoon and thanks for taking my questions. I hope you can hear me. My first question is on the Amalfi. So I'm just curious what the company aims to achieve with Amalfi. So do you expect to attract new customers at (inaudible) Roma? My second question is on the 296 Speciale.

嗨，是的，下午好，感謝您回答我的問題。我希望你能聽到我的聲音。我的第一個問題是關於阿馬爾菲的。所以我只是好奇該公司希望透過阿馬爾菲實現什麼目標。那麼，您希望在（聽不清楚）羅馬吸引新客戶嗎？我的第二個問題是關於 296 Speciale 的。

Benedetto, you already said that there is an overwhelming demand, and basically the order are approaching the completion of the life cycle. But any color in terms of regions or customers could be very useful. And my last question is on the Dodici Cilindri. I remember that in the last call, you said that Dodici Cilindri gets less traction in China because of the tax. So I'm just wondering what models do you see gaining more traction in China?

Benedetto，您已經說過需求非常旺盛，而且訂單基本上都接近生命週期的完成。但就地區或客戶而言，任何顏色都可能非常有用。我的最後一個問題是關於 Dodici Cilindri 的。我記得在上次通話中，您說過由於稅收原因，多迪奇·西林德里在中國的吸引力下降了。所以我只是想知道您認為哪些模式在中國會更受歡迎？

Thank you very much.

非常感謝。

Okay. Thank you, Monica. I'll start from the last one. Last year -- last call, I was also generic telling Dodici Cilindri not only as a car, but as a motorization because usually, the tax on the Dodici Cilindri is higher in China. So the number of people that are willing to pay more or less 2.7 times the price you pay in Italy is lower. So that's the reason why I said we will have a new car, and Amalfi is one of this, that will make -- that is more suitable for the Chinese market.

好的。謝謝你，莫妮卡。我先從最後一個開始。去年——最後一次，我還籠統地講，Dodici Cilindri 不僅是一種汽車，而且是一種機動車，因為通常情況下，中國的 Dodici Cilindri 稅較高。因此，願意支付義大利價格 2.7 倍或多或少的人數較少。這就是我說我們將推出一輛新車的原因，阿馬爾菲就是其中之一，它將更適合中國市場。

So the Amalfi, and I go back to the first of your questions, if you want two key messages. One, it offer us the possibility to improve the offering in countries such as China because over there, the offering was a little bit limited with the model we had before.

因此，阿馬爾菲，如果您想要兩個關鍵訊息，我回到您的第一個問題。首先，它為我們提供了改進中國等國家/地區產品服務的可能性，因為在那裡，我們先前的模式提供的服務有些有限。

And two, is a car that is meant that by putting together the sportiness and the comfort and elegance and the price that is meant also to bring in our world, in our community, clients from other brands. So this is -- I can tell you that -- I mean, we are starting to take orders. Delivery will start in first semester next year.

其次，這款車將運動性、舒適性、優雅性和價格融為一體，旨在吸引其他品牌的客戶進入我們的世界和社區。所以這是——我可以告訴你——我的意思是，我們開始接受訂單了。將於明年第一學期開始交付。

And I can tell you that we have a decent amount of clients that are joining our community from other brands. And the other question you had, the number two was about the 296 Speciale. The demand is very strong. We do not have any color or any, I would say, pattern -- geographical pattern. We have people from Middle East as well from Japan or US or Europe that are extremely happy and anxious, let's say, to get a car like this.

我可以告訴你，我們有相當數量的客戶從其他品牌加入了我們的社群。您提出的另一個問題，第二個問題是關於 296 Speciale 的。需求非常強勁。我們沒有任何顏色或任何圖案——我想說，地理圖案。我們有來自中東、日本、美國或歐洲的人，他們非常高興且急切地想要擁有一輛這樣的汽車。

The commentary about the design that is completely new. It's about also the color offering. There are some color like the green Nürburgring, for example, that are making and attracting attention across the globe. So, so far, I would say that the model we selected are in line with our expectation in terms of appreciation and also in terms of, let's say, how the order book is moving.

關於全新設計的評論。這也與顏色供給有關。有些顏色，例如綠色的紐柏林賽道，正在引起全球的關注。所以，到目前為止，我想說，我們選擇的模型符合我們的預期，無論是在升值方面，還是在訂單簿的變動方面。

Thank you, Benedetto. Very clear. If I may, a follow-up housekeeping. Susy asked about the third quarter. The last quarter, I'm referring to the last quarter, Daytona will no longer be there, but we will have the few deliveries of the F80 and a much more visible impact from SF90 XX and Dodici Cilindri. Can we say that this could compensate -- could offset the lack of the Daytona, Antonio?

謝謝你，貝內代托。非常清楚。如果可以的話，我會進行後續整理。蘇西詢問了第三季的情況。最後一個季度，我指的是最後一個季度，Daytona 將不再存在，但我們將獲得幾輛 F80 的交付，並且 SF90 XX 和 Dodici Cilindri 的影響將更加明顯。我們可以說這可以彌補——可以抵消 Daytona 的缺失嗎，安東尼奧？

Okay. In terms of mix, we expect the second half to be pretty neutral compared to last year, as a result of the changeover of lower Daytona disappearing in Q4 and the initial sales of the F80, and the ramp-up of the XX and Dodici Cilindri.

好的。就產品組合而言，我們預計下半年與去年相比將相當中性，這是由於第四季度低端 Daytona 的消失、F80 的初始銷售以及 XX 和 Dodici Cilindri 的增加。

Perfect, thank you very much, very clear, thank you.

非常好，非常感謝，非常清楚，謝謝。

Thomas Besson, Kepler Cheuvreux.

湯瑪斯貝松、開普勒舍夫勒。

Thank you very much. I have a few questions as well, please. I'd like to start with the share of hybrids in the quarter was the lowest in a couple of years. Could you give us some indications of what we should expect for the next six, 12 months on that front? I guess it's linked with the lower volumes of the Speciale versus the regular versions, but I just wanted to hear your thoughts on that.

非常感謝。我也有幾個問題，請問一下。首先，本季混合動力車的份額是幾年來的最低水準。您能否向我們透露一下未來 6 個月、12 個月在這方面的預期？我猜這與 Speciale 的音量比普通版低有關，但我只是想聽聽您對此的看法。

Second question, you said you're more confident on the guidance and you removed the 50 bps cautious element of it. But at the same time, you say you're going to align the pricing to the evolution of tariffs. So could you explain why you don't keep this 50 bps element of caution?

第二個問題，您說您對指導更有信心，並且刪除了其中 50 個基點的謹慎因素。但同時，您說您將根據關稅的變化調整定價。那你能解釋為什麼不保留這 50 個基點的謹慎因素嗎？

And lastly, on the bridge, the other line was higher than usual for the second quarter in a row. You explained why. Can you tell us whether we should expect that other line to stay at a relatively high level and partly offset the lower mix in the second half of the year?

最後，在橋樑上，另一條線連續第二季高於正常水平。你解釋了原因。您能否告訴我們，我們是否應該預期另一條線路將保持在相對較高的水平，並部分抵消下半年的較低組合？

Thank you.

謝謝。

Thank you, Thomas. I'll take the first one. The share of hybrid, you should not take, let's say, punctual quarter-by-quarter. What I can tell you is that it depends a lot what is offered. Today, if you see what we have in our offering, we have some, let's say, higher volume cars that are reducing. And we have -- I mean, so far, we announced in this year, three models, two hybrid, six-cylinder hybrid, 296 and one eight cylinder [turbo].

謝謝你，托馬斯。我要第一個。混合份額，你不應該採取，比方說，按季度準時。我可以告訴你的是，這很大程度上取決於所提供的內容。今天，如果你看看我們提供的產品，你會發現我們有一些正在減少的銷售大汽車。到目前為止，我們今年已經發布了三款車型，兩款混合動力車型，六缸混合動力車型，296 和一款八缸車型[渦輪]。

So we are -- I would say that this demand, the ratio depends also on the volume of this car we want to produce. Clearly, 296 Speciale has a lower volume than 296. So we may have a slight decrease of the percentage of the hybrid cars because we have more IC to sell. The confidence and the EBIT, I think Antonio can comment in detail.

所以，我想說的是，這個需求、這個比例也取決於我們想要生產的車的數量。顯然，296 Speciale 的音量比 296 小。因此，由於我們有更多的積體電路可供銷售，混合動力汽車的比例可能會略有下降。關於信心和息稅前利潤，我認為安東尼奧可以詳細評論。

Sure. Thomas, on this confidence on the guidance and removal of the 50 basis points, the main reason is that we added in my explanation, meaning we expect now industrial costs for the second half of the year lower than we had originally anticipated. That helps us to compensate together obviously with the fact that the assumptions on the ranking in Formula 1 is now different compared to the beginning of the year.

當然。湯瑪斯，對於這項指引和取消 50 個基點的信心，主要原因是我們在我的解釋中補充道，這意味著我們現在預計下半年的工業成本將低於我們最初的預期。這顯然有助於我們彌補這一事實，因為與年初相比，一級方程式賽車的排名假設已經有所不同。

Those are the main -- then within industrial cost, we see there are a number of items going up and down, but the main trend is downward compared to expectations. Other in the EBIT line in the second half, I haven't done the math, honestly.

這些是主要的——然後在工業成本中，我們看到有許多項目正在上升和下降，但與預期相比，主要趨勢是下降的。說實話，下半年其他的息稅前利潤我還沒計算過。

I would expect the growth in terms of contribution of new sponsors to be lower compared to what we have seen in the first half because last year, we had already a number of sponsor or new sponsors in, still positive, but I would expect it to a lower extent. Better contribution from the Formula 1 commercial right holder should stay there. So I would expect positive, but not necessarily to the same extent as it was in the first half.

我預期新贊助商貢獻的成長會低於上半年的水平，因為去年我們已經有了一些贊助商或新贊助商，雖然仍然是正數，但我預計增幅會較低。一級方程式商業權利持有者應該做出更好的貢獻。因此我預期會出現正面結果，但不一定會達到上半年的水平。

Thank you. Thank you very much.

謝謝。非常感謝。

Flavio Cereda, GAM.

弗拉維奧·塞雷達（Flavio Cereda），GAM。

Thank you. A question for Benedetto. A very quick question. Can you -- as you're aware, the story is about you guys delaying the launch of the second electric vehicle due to perceived lack or lower levels of demand. I find that quite incomprehensible. So given that you're on the line, can you clarify exactly what the position is, please?

謝謝。向貝內代托提問。一個非常簡單的問題。你能嗎——正如你所知，這個故事是關於你們由於感知到的需求缺乏或需求水平較低而推遲推出第二款電動車的。我覺得這實在令人難以理解。那麼既然您接通了電話，您能否明確說明具體情況呢？

Thank you.

謝謝。

Thank you, Flavio. That's a good question. I think that we said in 2022 that in Q4 '25, we were going to unveil our electric car, and that's what we will do. We are keeping, delivering on promise. So we are perfectly in line with what we said. We are trying the car. The car is proceeding as planned. There is not an hour of delay, single hours of delay on this project. It's very important.

謝謝你，弗拉維奧。這是個好問題。我想我們在 2022 年就說過，我們將在 2025 年第四季推出我們的電動車，這就是我們將會做的。我們信守承諾。所以我們完全符合我們所說的。我們正在試車。車輛正按計畫行駛。這個項目沒有耽擱一小時，只有一個小時的耽擱。這非常重要。

So it's -- we never talked about the second car or the third electric cars. So we are very confident, okay? And 8th October, when there will be the unveil of this car, of the engineering of this car, you will see what's behind the article and our words, let's put it this way. You will see it.

所以——我們從未談論過第二輛汽車或第三輛電動車。所以我們非常有信心，好嗎？10 月 8 日，我們將揭曉這款車的面紗，了解這款車的工程技術，屆時您將會看到這篇文章和我們的言論背後的含義，就這麼說吧。你會看到它。

So you have to be a little bit more weeks of patience and then we will see. We are having a nice evening with Antonio and other colleague in a place with a lot of mosquitoes because we have to try the car during night, otherwise people see it, can take pictures. Unfortunately, there are a lot of mosquitoes, so it's not easy. But it's on track.

所以你必須再耐心等待幾週，然後我們就會看到結果。我們與安東尼奧和其他同事在一個蚊子很多的地方度過了一個愉快的夜晚，因為我們必須在晚上試車，否則人們會看到並拍照。可惜蚊子比較多，不太容易。但一切仍在按計劃進行。

I feel sorry for you, but thank you.

我為你感到難過，但還是謝謝你。

Thank you. Bye.

謝謝。再見。

Anthony Dick, ODDO BHF.

安東尼·迪克（Anthony Dick），ODDO BHF。

Yes, hi, thanks for taking the questions. A couple of ones on tariffs. Firstly, I'm just wondering if you saw in the past couple of months, any signs of client cancellations or postponing orders and if this has changed at all since we've had more clarity on the tariff environment. And then secondly, more on the kind of modeling and cost side, but could you maybe help clarify how you expect tariff costs to evolve over Q3 and Q4?

是的，你好，感謝您回答這些問題。一些關於關稅的問題。首先，我只是想知道在過去的幾個月裡，您是否看到客戶取消或推遲訂單的跡象，以及自從我們對關稅環境有了更多的了解之後，這種情況是否有所改變。其次，更專注於建模和成本方面，但您能否幫助澄清您預計關稅成本在第三季和第四季將如何變化？

I know sometimes you batch your orders for the different regions. So I'm just wondering if we should expect a large share of volumes at the 27.5% rate in Q3? Or if there's kind of a way to work around that? And maybe just a final one is on the Daytona SP3. I'm just wondering if you could share the shipments that you had in Q3 -- in Q2, sorry.

我知道有時您會針對不同地區大量處理訂單。所以我只是想知道我們是否應該預期第三季的交易量將以 27.5% 的速度成長？或者有沒有辦法解決這個問題？也許最後一個是在 Daytona SP3 上。我只是想知道您是否可以分享您在第三季度（第二季度）的發貨情況，抱歉。

Thank you.

謝謝。

Antonio can manage all these questions with all the detail.

安東尼奧 (Antonio) 可以詳細地處理所有這些問題。

Sure. Starting from the last one, shipment for Q3, we do not provide -- sorry, Q3 shipment for the Daytona. Q3 shipments overall, we do not provide in advance, as you may imagine. As far as Daytona is concerned, it will be around 40% tariffs expected in Q3 and Q4. Well, it all depends.

當然。從最後一批開始，第三季的發貨，我們不提供——抱歉，第三季的 Daytona 發貨。正如您可能想像的那樣，我們不會提前提供 Q3 整體出貨量。就Daytona而言，預計第三季和第四季的關稅將在40%左右。嗯，這得看情況。

The political agreement -- if you meant US tariff, the political agreement has been reached. The question that I mentioned is it's still uncertain from when it will actually apply, meaning when there would be an executive order to make tariffs lower compared to today. As of now, we have a certain amount -- certain number of cars that have been imported at 27.5%.

政治協議——如果你指的是美國關稅，那麼政治協議已經達成。我提到的問題是，它何時會真正實施還不確定，也就是說，何時會有行政命令使關稅比現在更低。截至目前，我們已經進口了一定數量的汽車，佔比為 27.5%。

From then on, we'll keep on -- we will start importing at 15%. Third -- your first question, cancellations, postponement for the tariff environment. We do not have the sense that tariffs have an implication in terms of customers' behavior, at least not a clarity in this respect. It's more -- perhaps if I had to mention, I did it to Benedetto, if you tell -- it's different, it's more somewhere the uncertainty that may have created a sort of wait and see in some areas of this world related to the uncertainty.

從那時起，我們將繼續進行——我們將開始以 15% 的比例進口。第三——您的第一個問題，取消、延後關稅環境。我們不認為關稅會對消費者的行為產生影響，至少在這方面並不明確。更重要的是 — — 也許如果我不得不提一下，我對貝內代託也做過同樣的事情，如果你告訴我 — — 情況有所不同，更多的是某種不確定性，這種不確定性可能在世界某些地區造成了一種等待和觀望的局面。

But it's very difficult to judge because it's also -- the order intake very much depends on the cars that we have available for order. And since we are close to the end of life cycles of several of our models and the others are sold out, we can't really measure what's the overall sentiment in respect of introduction of a new car, at least for now.

但這很難判斷，因為訂單量很大程度取決於我們可供訂購的汽車數量。而且由於我們的幾款車型的生命週期已接近尾聲，其他車型也已售罄，因此我們無法真正衡量人們對推出新車的整體情緒，至少目前是如此。

I think it's a good point. I think that on one side, we have, let's say, a model, let's say, portfolio with more or less all the models sold out and the new model joining our offering now. On the other side, we have -- we reached -- if you look at our order book that is -- it's entering into 2027, well, and it's not even considering all the order of the car we launched recently.

我認為這是一個很好的觀點。我認為，一方面，我們有一個模型，可以說，產品組合中所有模型或多或少都已售罄，現在新模型加入了我們的產品線。另一方面，如果你看一下我們的訂單簿，你會發現我們已經達到了 2027 年的訂單量，這甚至還沒有考慮到我們最近推出的汽車的所有訂單。

We have, for example, a record backlog in Asia, if you consider all Asia with the exclusion of Mainland China because we account it under different region, where we have this really record backlog for this region. So it's what Antonio said. We may have some wait and see that is confounded also with the fact that there are not enough model we can sell.

例如，如果考慮到中國大陸以外的整個亞洲地區，我們在亞洲的積壓訂單量創下了紀錄，因為我們將其歸類為不同的地區，所以我們在這個地區的積壓訂單量確實創下了紀錄。安東尼奧就是這麼說的。我們可能需要等待一段時間才能看到結果，因為我們無法銷售足夠的型號。

So the client -- the offering is not as rich as it is becoming now with the announcement of the three models we did and also with the announcement of the other model that we will do in the second half of this year. Remember that this year, we unveiled six -- we announced six models, three have been done, three others will be done from now until end of this year.

因此，隨著我們宣布推出三種型號以及我們將在今年下半年推出另一種型號，為客戶提供的產品並不像現在這樣豐富。請記住，今年我們推出了六款車型——我們宣布了六款車型，其中三款車型已經完成，另外三款將從現在到今年年底完成。

That's okay, thank you.

沒關係，謝謝你。

Thank you.

謝謝。

Henning Cosman, Barclays.

巴克萊銀行的亨寧·科斯曼。

Yes, hi, thank you. If I could ask a similar related question to Flavio's earlier, but I'll try a different way. You also have this 40% electrification ratio for -- in your 2030 targets from the last CMD. And I'm just wondering, I appreciate you've never talked about an actual second electric vehicle. But just if there's any chance, maybe premature to ask this now, but is there any chance to revisit that in the upcoming CMD? That's the first question.

是的，你好，謝謝你。如果我可以問一個與 Flavio 之前類似的問題，但我會嘗試不同的方式。在上一屆 CMD 中，你們也設定了 2030 年電氣化率達到 40% 的目標。我只是好奇，我很感激您從未談論過真正的第二輛電動車。但如果有任何機會，現在問這個問題可能為時過早，但是否有機會在即將到來的 CMD 中重新討論這個問題？這是第一個問題。

And Benedetto, just because you mentioned now the remaining launches of the year, we're quite pleased to see the confidence and the resilience and the pricing of the launches so far. For example, Amalfi 10% above outgoing Roma, 20% above the original Roma price. Is there any reason to suspect that the upcoming launches may not follow that confident and constructive pricing strategy?

貝內代托，正如您現在提到的，今年剩下的發布會，我們很高興看到迄今為止發布的產品的信心、彈性和定價。例如，阿馬爾菲比羅馬高出 10%，比羅馬原價高出 20%。是否有理由懷疑即將推出的產品可能不會遵循這種自信和建設性的定價策略？

And if I can squeeze a final one just to clarify. I think, Antonio, you said there's 40 Daytonas left or so for Q3, which I suppose means you had delivered about 60 or so in Q2. But if you could just give us the exact number as customary, that would be great.

如果我可以擠出最後一個來澄清一下的話。安東尼奧，我想你說過 Q3 還剩下 40 輛 Daytona，我想這意味著你在第二季度交付了大約 60 輛 Daytona。但如果您能按照慣例給我們一個確切的數字，那就太好了。

Thank you so much.

太感謝了。

Thank you, Henning. You remember well, 40% of our offering in 2030, that's what we said it was going to be electric. And it's a good try, but we will show you in a few weeks at Capital Markets Day what we are aiming to for the future. We will show with you and all other colleagues in the call as well as others all the detail of what this company intends to do for the next five years. Fact number one.

謝謝你，亨寧。您還記得嗎，我們說過，到 2030 年，我們產品的 40% 將是電動車。這是一次很好的嘗試，但我們將在幾週後的資本市場日向您展示我們未來的目標。我們將與您以及電話會議中的所有其他同事和其他人一起展示該公司未來五年打算做的所有細節。事實一。

Fact number two. Usually, I mean, as we do not talk about the specificity of the model because it's important to keep them secret. Also the price is another important factor that we will disclose when it's time. We will have -- from now until end of the year, we will have this car launched and then we'll disclose what is the price also.

第二個事實。通常，我的意思是，我們不會談論模型的特殊性，因為保密很重要。價格也是另一個重要因素，我們會在適當的時候披露。從現在到年底，我們將推出這款車，然後我們也將公佈其價格。

Because imagine that you have to disclose first the price to our dealers, and then we can disclose it publicly. Otherwise, would not be fair with some people that are playing an important role in our community. For the Daytona, I think --

因為想像一下你必須先向我們的經銷商揭露價格，然後我們才能公開揭露。否則，對於在我們的社區中發揮重要作用的一些人來說是不公平的。對於 Daytona，我認為--

On the first one, I can answer. You did the math right. So we were approximately 60 in the second quarter.

第一個問題，我可以回答。你算得對。因此，第二季我們的數字大約是 60。

Nicolai Kempf, Deutsche Bank.

德意志銀行的尼古拉‧肯普夫（Nicolai Kempf）。

Yeah, hi, it's, Nicolai from Deutsche Bank. Thank you for taking my question. Not many left, but coming back to CMD, and I don't want to steal your thunder, but we are all very excited. Can you just give us some ideas what we should look for in terms of the announcement?

是的，你好，我是德意志銀行的 Nicolai。感謝您回答我的問題。剩下的不多了，但回到了 CMD，我不想搶你的風頭，但我們都非常興奮。您能否給我們一些建議，讓我們知道在公告方面我們應該關注什麼？

What does it mean announcement or what, of the car? No.

汽車的公告或什麼的是什麼意思？不。

On everything, on what should be focused on at the event.

關於一切事情，關於在活動中應該專注於什麼。

Look, I can tell you that at the Capital Markets Day, we'll disclose you in detail what this company intends to do in terms of marketing strategy, product strategy, financial strategy, the business plan. I mean, expect from us to get the same kind of transparency and clarity that we got -- we did and we shared with all the world three years ago.

你看，我可以告訴你，在資本市場日，我們會向你詳細揭露這家公司在行銷策略、產品策略、財務策略、商業計劃方面打算做什麼。我的意思是，希望我們能夠獲得與三年前相同的透明度和清晰度——我們已經做到了，並且與全世界分享了這一點。

I think for us, transparency clarity is key also because it's key for you, it's key also internally because we will use this material also to do the deployment of our strategy for all the people in the company. So if I understand well, Nicolai, this is the answer to your question. So if you can -- I don't know what is your plan. You will see the same detail. You will see what we commit to do till end of this decade.

我認為對我們來說，透明度清晰度也是關鍵，因為它對您來說很重要，對公司內部來說也很重要，因為我們也將使用這些材料為公司所有員工部署我們的策略。如果我理解正確的話，尼古拉，這就是你的問題的答案。所以如果可以的話——我不知道你的計劃是什麼。您會看到相同的細節。您將會看到我們承諾在本世紀末實現的目標。

Yeah, sounds good. Yeah, looking forward to it. Thank you.

是的，聽起來不錯。是的，很期待。謝謝。

Thank you.

謝謝。

Jose Asumendi from Jose Asumendi.

何塞·阿蘇門迪 來自何塞·阿蘇門迪。

Thank you so much, Jose Asumendi from JPMorgan. Antonio, can you please comment on the second half? When you look at the balance between mix price and then industrial cost, R&D and SG&A, do you think there's a chance that the balance of both categories are going to be a bit more in the positive territory or more neutral?

非常感謝摩根大通的 Jose Asumendi。安東尼奧，你能評論一下下半場嗎？當您觀察混合價格與工業成本、研發和銷售、一般及行政費用之間的平衡時，您是否認為這兩個類別的平衡有可能更加偏向正值還是更加中性？

I know you commented on each of the different buckets for Q3, Q4. But just wondering for the second half, how should we think about that? And then second, Benedetto, probably also a question for the Capital Markets Day.

我知道您對第三季、第四季的每個不同時間段都發表了評論。但我只是想知道對於下半場，我們該如何看待它？其次，貝內代托，這也可能是資本市場日的一個問題。

But can you comment on CapEx a little bit where we stand on the cycle and medium term, how do we think about CapEx, especially in the light of all the special projects you have, right? You have a lot of I think super interesting projects like Elettrica, et cetera. When do we start on CapEx? How do we see this two years out?

但是，您能否對我們在周期和中期內的資本支出進行一些評論，我們如何看待資本支出，特別是考慮到您擁有的所有特殊項目，對嗎？我認為你們有很多非常有趣的項目，例如 Elettrica 等等。我們什麼時候開始資本支出？我們如何看待兩年後的狀況？

Thank you.

謝謝。

So I take the second one and Antonio. So you may remember that many times I said that one important things for a company to be innovative and sustainable is to define clearly the boundary within which innovation must happen. Two, to keep on delivering what the company is committing to do in front of everyone.

所以我選擇第二個和安東尼奧。所以你可能記得，我多次說過，對一家公司來說，創新和永續發展的一個重要的事情就是明確定義創新必須發生的界線。二、繼續履行公司向大家承諾的各項工作。

So what I can tell you that what we told you three years ago and the entire world, well, we are fully on track with that. I mean we -- I believe that the best source of innovation in the company is to define the boundary condition and then the people will find a solution.

因此我可以告訴你們，我們三年前告訴你們以及全世界的事情，我們現在完全按照這個計劃進行。我的意思是——我相信公司創新的最佳來源是定義邊界條件，然後人們就會找到解決方案。

So if you want, yes, we are in line what we said we were going to do with the CapEx. So there is no deviation. You will see more detail during the Capital Markets Day and how we intend to proceed for the future. But as of now, I can tell you that we are on track with everything we committed to all the shareholder community on all the fronts, CapEx included.

所以如果你願意的話，是的，我們會按照我們所說的方式使用資本支出。所以不存在偏差。您將在資本市場日期間看到更多細節以及我們未來的發展計畫。但截至目前，我可以告訴你們，我們在各方面（包括資本支出）向全體股東所做的承諾都在按計畫進行。

Yes. And as far as your first question, I answer on a yearly basis. We expect mix and price to contribute positively to the development of the earnings for the year. Industrial costs and R&D are generally a negative. But as I said before, because of a lighter second half of the year, I expect it to be lower negative than we originally anticipated but for the impact of tariffs, of course.

是的。至於您的第一個問題，我按年回答。我們預計產品組合和價格將對今年的獲利成長做出積極貢獻。工業成本和研發通常都是負面的。但正如我之前所說，由於下半年經濟狀況較差，我預期實際降幅將低於我們最初的預期，當然，這要歸功於關稅的影響。

SG&A, I expect it to be a negative, and this is for a number of reasons, including the fact that this year is full of events, of launches of cars. And we keep on working on the infrastructure of the company. And I think I mentioned it all.

銷售、一般及行政費用，我預計它會是負數，這是出於多種原因，包括今年有很多活動，有很多汽車發布。我們將繼續致力於公司的基礎設施建設。我想我都提到了。

Tom Narayan, RBC.

加拿大皇家銀行的湯姆·納拉揚。

Hey yeah, Tom Narayan RBC, thanks for taking the questions. Tom Narayan, RBC. I wanted just to clarify, I think you said this, sorry, I missed it. Daytona's -- sorry, did you say it was 40 in Q2 or 60? Then next question was -- it's really a response to Stephen's question. I wonder if this is impacting the stock price right now because I'm getting questions on it.

嘿，是的，Tom Narayan RBC，感謝您回答這些問題。加拿大皇家銀行的湯姆·納拉揚。我只是想澄清一下，我想你說過這個，對不起，我錯過了。Daytona 的——抱歉，您說的是 Q2 中的 40 還是 60？那麼下一個問題是──這其實是對史蒂芬問題的回答。我不知道這是否會影響目前的股價，因為我對此有疑問。

Did you mention something about residual values being contemplated in the US? Maybe you could just put that to bed. It sounds like that's not what you're seeing.

您是否提到美國正在考慮的剩餘價值？也許你可以就此打住。聽起來這不是你所看到的。

And then third, on the guidance, Antonio. I know you said to expect mix in H2 '25 to be similar to H2 '24. I know this is just a mix comment. If I just use H2 '24 numbers, it feels like it implies '25 numbers close to the guidance floor. Just curious how you think of the order of magnitude of what greater than means.

第三，關於指導，安東尼奧。我知道您說過預計 2025 年下半年的混合情況將與 2024 年下半年相似。我知道這只是一個混合評論。如果我只使用 H2 '24 數字，感覺它意味著 '25 數字接近指導底線。只是好奇您如何看待大於的數量級。

Thanks.

謝謝。

So Antonio can go through this question.

所以安東尼奧可以解答這個問題。

Yeah. Yes. So first, maybe just to take out the point from the table. On the stock price, we haven't discussed anything in respect to residual value in the US I don't know what you were referring to, at least not in the call. Okay. If there is any doubt in this respect, please ask. I'd go through the other two questions.

是的。是的。因此首先，也許只是從表格中取出這一點。關於股票價格，我們還沒有討論有關美國剩餘價值的任何內容，我不知道您指的是什麼，至少在電話會議中不知道。好的。如果對此有任何疑問，請詢問。我會回答另外兩個問題。

On Daytona, sorry if I spread it wrongly. But basically, in Q2, there were 60, 6-0. And in Q3, there will be approximately 40, 4-0. Mix in H2 '25 versus H2 '24, I said they rather neutral. Honestly, I don't want to go into the details of how much greater than compared to. Okay? Let's see the signs of the --

關於 Daytona，如果我散播錯誤，請見諒。但基本上，在 Q2 中，有 60 個，6-0。在 Q3 中，大約會有 40、4-0。將 H2 '25 與 H2 '24 混合，我說它們相當中性。老實說，我不想詳細談論相較之下究竟有多大。好的？讓我們看看--

I think for the first question -- on the second -- the third, what was it? Residual value? For the second one, correct me, Tom, to my comment when I said that UK and US There is UK yes. UK that was we said already was a little bit under pressure, and we took some commercial action like to reduce the number of cars we are putting over there.

我認為對於第一個問題、第二個問題、第三個問題，它是什麼？殘值？對於第二個問題，湯姆，請糾正我的評論，當我說英國和美國時，有英國。我們說過，英國已經承受了一點壓力，我們採取了一些商業行動，例如減少在那裡投放的汽車數量。

And then I said that in US, we have some models that are a little bit under pressure for which we took some commercial actions that are showing some results. So this is what I was saying, Tom. It was not said in my speech, but it was said in the first question to Stephen.

然後我說，在美國，我們的一些車型面臨一些壓力，為此我們採取了一些商業行動，並取得了一些成果。這就是我要說的，湯姆。我在演講中沒有提到這一點，但在向史蒂芬提出的第一個問題中提到了這一點。

Okay. So there's nothing to be concerned about for the US residual?

好的。那麼，美國剩餘的債務就沒什麼好擔心的嗎？

We do not have any specific concern about this. What I can tell you is that we -- for example, we said in a couple -- in a few conference calls ago that for some model, the hybrid, let's say, the aging of the battery was seen as a kind of concern. And that's reason why we put in place a kind of warranty scheme in terms of the battery that is having an adoption depending on the state from 20% -- from 15% to 20%.

我們對此並沒有什麼特別的擔憂。我可以告訴你們的是，例如，我們在幾次電話會議之前就說過，對於某些車型，例如混合動力車型，電池老化被視為一個令人擔憂的問題。這就是我們針對電池實施某種保固計畫的原因，該計畫的採用率根據具體情況從 20% 到 15% 不等。

So basically, this was a concern that over the time, the battery can get -- can expire. And then we put in place since September last year, that is having a kind of warranty, that is having a good traction. Just today, we are around 15%, 20%, depending on the state. While for other usual guarantee, we are below 10%.

所以基本上，這是一個令人擔心的問題，隨著時間的推移，電池可能會失效。然後我們從去年九月開始實施，這是一種保修，具有良好的牽引力。就在今天，我們的比例大約是 15% 或 20%，具體取決於具體情況。而對於其他通常的擔保，我們的擔保利率低於 10%。

Thank you for all the questions. This concludes the Q&A session. And I will now turn the conference back to Benedetto Vigna, CEO of Ferrari for closing remarks.

謝謝大家的提問。問答環節到此結束。現在，我將會議交還給法拉利執行長貝內代托·維尼亞 (Benedetto Vigna) 並請他致閉幕詞。

So thank you for your time today and also for all your questions and for trials to get more information, but you have to bear a little bit more till the Capital Markets Day. We are really looking forward to see you here, back here in Maranello for the Capital Markets Day. It will be October 9, so a few weeks more.

所以感謝您今天的時間，也感謝您提出的所有問題以及嘗試獲取更多信息，但您必須再忍耐一下，直到資本市場日。我們非常期待在馬拉內羅資本市場日活動上再次見到您。時間是 10 月 9 日，還有幾週。

So the next appointment will be that one. And then I wish you a good morning, good afternoon, wherever you are on this globe. And thanks again for your questions, for your attention. Thanks from all the people here in Maranello. And if you have a rest, have a good rest in August. Thank you.

所以下一次約會就是那次。無論您身在何處，我都祝您早安、下午好。再次感謝您的提問與關注。馬拉內羅的所有人都向你表示感謝。如果你休息的話，八月好好休息吧。謝謝。

Thank you.

謝謝。

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

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。