Ferrari NV (RACE) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Ferrari Q3 2025 results conference call and webcast. (Operator Instructions) Please note that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加法拉利2025年第三季業績電話會議及網路直播。（操作員說明）請注意，今天的會議正在錄音。

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

現在我謹將會議交給你們的發言人，投資人關係主管尼可萊塔·魯索。請繼續。

Thank you, Raja, and welcome to everyone who is joining us. Today, we plan to cover the group's third-quarter 2025 operating results, and the duration of the call is expected to be around 45 minutes. Today's call will be hosted by the Group CEO, Mr. Benedetto Vigna; and Group CFO, Mr. Antonio Picca Piccon.

謝謝拉賈，也歡迎各位的到來。今天，我們計劃介紹集團 2025 年第三季的經營業績，預計電話會議時長約為 45 分鐘。今天的電話會議將由集團首席執行官貝內德托·維尼亞先生和集團首席財務官安東尼奧·皮卡·皮孔先生主持。

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

所有相關資料均可在法拉利公司網站的投資者關係部分查閱。演講結束後，我們將解答您的問題。

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 covered by this language.

在開始之前，請允許我提醒各位，我們在今天的電話會議中可能作出的任何前瞻性陳述都受到今天演示文稿第 2 頁所附“安全港聲明”中提到的風險和不確定性的影響。通話內容將受此語言約束。

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

接下來，我想把電話交給貝內德托。

Grazie, Nicoletta. Thank you, everyone, for joining us today. The past few months have been rich of important milestones for our company, among which the launch of the Ferrari Amalfi, the 849 Testarossa family, the first step of the reveal of the Ferrari Elettrica, and the Capital Markets Day.

謝謝你，尼可萊塔。謝謝各位今天蒞臨。過去幾個月對我們公司來說充滿了重要的里程碑，其中包括法拉利 Amalfi 的發布、849 Testarossa 系列的推出、法拉利 Elettrica 的首次亮相以及資本市場日。

Let's start from the Capital Markets Day. On October 9, in Maranello, we gathered together and we shared our ambitions and plans for the future with investors, journalists, and the entire world. In this current uncertain world, we shared an ambitious financial floor for the end of this decade: EUR9 billion of revenues, 40% EBITDA margin, and 30% EBIT margin.

讓我們從資本市場日開始。10 月 9 日，我們在馬拉內羅齊聚一堂，與投資者、記者和全世界分享了我們的雄心壯志和未來計劃。在當前充滿不確定性的世界中，我們為本十年末設定了一個雄心勃勃的財務目標：90億歐元的收入，40%的EBITDA利潤率和30%的EBIT利潤率。

What did we say at the Capital Markets Day exactly? Two things. We highlighted that Ferrari is a unique company which combines three dimensions: heritage, technology, and racing. It has a dual identity, both inclusive and exclusive, capable to engage with tifosi, Ferrari's team and brand lovers across generations and geographies. We have set ambitions for each show with the unwavering goal to keep our brand strong for the longer term, well beyond 2030.

我們在資本市場日上究竟說了什麼？兩件事。我們強調，法拉利是一家獨特的公司，它融合了三個維度：傳承、技術和賽車。它具有雙重身份，既包容又排他，能夠與法拉利車迷、法拉利車隊以及跨越世代和地理的品牌愛好者互動。我們為每一屆展會都設定了目標，堅定不移地致力於維持品牌長期強勁發展，直到 2030 年以後。

In racing, we aim to win -- we want to continue to be successful in endurance and come back to victory in Formula 1. We owe this to our tifosi, to fuel the passion and the inclusive side of our brand. In sports cars, we continue to focus on managing and crafting the exclusivity of our products through a horizontal product diversification strategy which ensures scarcity for each single model. We confirm our innovation pace. We will continue to offer our clients an average of four new models per year between '26 and 2030 across the three different powertrains -- ICE, hybrid, and electric -- to address different clients and different client needs.

在賽車運動中，我們的目標是勝利——我們希望繼續在耐力賽中取得成功，並在F1賽場上重返勝利。我們對我們的車迷負有這樣的責任，以激發我們品牌的熱情和包容性。在跑車領域，我們繼續專注於透過橫向產品多元化策略來管理和打造我們產品的獨特性，從而確保每款車型的稀缺性。我們確認了我們的創新步伐。從 2026 年到 2030 年，我們將繼續每年平均為客戶提供四款新車型，涵蓋內燃機、混合動力和電動三種不同的動力系統，以滿足不同客戶的不同需求。

In 2022, we told you that the 2030 breakdown of powertrain offerings would have been 20% ICE, 40% hybrid, and 40% electric. Our plans were based on the environment in 2022 and our expectations about its evolution. Today, in 2025, we have deliberately recalibrated our powertrain offers to be 40% ICE, 40% hybrid, and 20% electric.

2022 年，我們曾預測，到 2030 年，動力系統產品將有 20% 的內燃機、40% 的混合動力和 40% 的電動。我們的計劃是基於 2022 年的環境以及我們對環境發展趨勢的預期而製定的。如今，到了 2025 年，我們特意調整了動力系統產品組合，使其為 40% 內燃機、40% 混合動力和 20% 電動。

Why did we decide this? Two are the main reasons. One, market dynamics. We have always believed in electrification as an addition, not as a transition. Overall market adoption of electric technology has been more gradual than anticipated in 2022. At the same time, demand for thermal and hybrid models has been more sustained.

我們為什麼做出這個決定？主要原因有二。第一，市場動態。我們始終認為電氣化是一種補充，而不是一種過渡。2022年，電動技術的整體市場普及速度比預期慢。同時，對熱力型和混合動力車型的需求也更加穩定。

Two, client centricity. We put our clients always at the center of what we do. We are very flexible and agile to adapt our current plans to the evolving environment, developing and offering models that best address our client needs and meet their preferences.

第二，以客戶為中心。我們始終將客戶放在工作的中心。我們非常靈活敏捷，能夠根據不斷變化的環境調整現有計劃，開發並提供最能滿足客戶需求和偏好的模式。

Regardless of the powertrain, we will keep on harnessing each technology in a unique and distinctive way, enhancing the driving emotions and staying true to our belief that we have to be innovative, adapting to the changing times. That is what our founder did since 1947 when he dared to develop our first 12-cylinder engine, although nobody believed in it.

無論採用何種動力系統，我們都將繼續以獨特的方式利用每項技術，增強駕駛樂趣，並始終秉持創新精神，適應時代的變化。自 1947 年以來，我們的創辦人一直勇於研發第一台 12 缸發動機，儘管當時沒有人相信它。

It's our responsibility. It's our responsibility to keep alive this will to progress. This technology-neutrality approach is something we have chosen. We have planned for a new master building also from an infrastructure point of view. The e-building, our new facility in Maranello, capable of manufacturing the three powertrains, is the perfect example of this flexible approach. Our research and development efforts will not only focus on powertrain performance, but also on vehicle dynamics, experience on board, and new materials, all of which make our product unique.

這是我們的責任。我們有責任維持這種進步的意願。我們選擇了這種技術中立的做法。從基礎設施的角度來看，我們也計劃建造一座新的主樓。我們在馬拉內羅的新工廠——電子大樓，能夠生產三種動力總成，是這種靈活方法的完美例證。我們的研發工作不僅會專注於動力系統性能，還會專注於車輛動力學、車載體驗和新材料，所有這些都使我們的產品獨一無二。

Moving to clients, we will continue to grow our Ferrari family, which today counts 90,000 active clients, and to foster their sense of belonging and community through an ecosystem of unique experiences, from track to road to brand.

對於客戶而言，我們將繼續壯大我們的法拉利大家庭（目前擁有 90,000 名活躍客戶），並透過從賽道到公路再到品牌的獨特體驗生態系統，培養他們的歸屬感和社群意識。

Lastly, lifestyle. This is the soul that is instrumental to enrich the client experience and to widen our audience beyond our tifosi and Ferrari. I personally believe the team did a great job in bringing brand consistency. We then translated everything I just said with the help of Antonio, and let me underline a couple of elements.

最後，生活方式。正是這種精神，豐富了客戶體驗，並將我們的受眾群體擴展到法拉利車迷和法拉利之外。我個人認為團隊在保持品牌一致性方面做得非常出色。然後，在安東尼奧的幫助下，我們翻譯了我剛才說的所有內容，讓我專注於幾個要點。

One, we continued to grow our business to new heights in an organic and consistent way. We look at the 2030 target as a floor of our ambitions, always acting in the long-term interest of our brand, safeguarding exclusivity above all. The macroeconomic environment remains uncertain and extremely volatile. However, the visibility and solidity of our business model allowed us to commit to an ambitious plan of six years of growth, which we will execute with focus and discipline as we did for the previous two (inaudible) We will continue to deliver on our promises.

第一，我們以穩健、持續的方式，不斷將業務發展到新的高度。我們將 2030 年的目標視為我們雄心壯志的底線，始終以品牌的長期利益為出發點，並將獨特性放在首位。宏觀經濟環境仍充滿不確定性，且波動性極大。然而，我們商業模式的可見性和穩健性使我們能夠制定一項雄心勃勃的六年增長計劃，我們將像過去兩年一樣，以專注和自律的態度來執行該計劃。我們將繼續履行我們的承諾。

And then we concluded the Capital Markets Day with our renewed decarbonization commitment. We have already achieved approximately 30% reduction in our Scope 1 and Scope 2 emissions and approximately 10% reduction per car in Scope 3 emissions in 2024 versus 2021. We will capitalize on this achievement with the clear target to reduce our Scope 1 and Scope 2 emissions by 10 times in 2030 versus '21 and to decrease by 25% the absolute Scope 3 emissions in 2030 versus the past year, 2024.

最後，我們重申了脫碳承諾，為資本市場日畫上了圓滿的句點。到 2024 年，我們已實現範圍 1 和範圍 2 排放量減少約 30%，範圍 3 排放量每輛車比 2021 年減少約 10%。我們將充分利用這項成就，明確目標是到 2030 年將範圍 1 和範圍 2 的排放量比 2021 年減少 10 倍，到 2030 年將範圍 3 的絕對排放量比上一年（2024 年）減少 25%。

Moreover, the day before the Capital Markets Day, we unveiled the technology hub of our Ferrari Elettrica. This represents the first step of the reveal, which will be followed by the look and feel of the interior design concept in Q1 '26 and the completed cars in Q2 2026.

此外，在資本市場日的前一天，我們揭幕了法拉利電動跑車的技術中心。這標誌著揭幕的第一步，接下來將在 2026 年第一季展示內裝設計概念的外觀和感覺，並在 2026 年第二季展示成品車。

As a leader -- Ferrari, as a leader, takes its innovation responsibility very seriously. The Ferrari Elettrica is a new opportunity to reaffirm our will to progress. As it has happened many times in the past with the introduction of innovative concepts, such as with turbo engines, hybrid powertrains, and most recently with the Purosangue, there is great anticipation to experience the driving emotions of the Elettrica.

身為產業領導者，法拉利非常重視其創新責任。法拉利Elettrica為我們重申進取精神提供了新的機會。就像過去多次推出創新概念時一樣，例如渦輪增壓引擎、混合動力系統，以及最近的 Purosangue，人們對體驗 Elettrica 的駕駛熱情充滿了期待。

After the Capital Markets Day, I met several clients in USA, in Korea, in China, and in Italy. And all of them appreciated the way we present the model. This is what they told me. Electric cars are generally behaving as elephants and not fun to drive. You did well to invest in an active electronic system to transform the elephant into a horse and to engage the drivers with a pedal shift like in old Ferraris. We are looking forward to driving it. We can continue to be innovative if we keep the pace of change. And having the three powertrains in our portfolio is a clear advantage, especially in front of younger generations.

在資本市場日之後，我與來自美國、韓國、中國和義大利的幾位客戶會面。他們都很欣賞我們展示模型的方式。這是他們告訴我的。電動車通常像大像一樣笨重，駕駛起來沒什麼樂趣。你投資一套主動式電子系統，將大象變成駿馬，並讓駕駛者像老式法拉利一樣透過踏板換檔，這真是明智之舉。我們很期待試駕這輛車。如果我們保持改變的步伐，就能繼續保持創新。我們擁有三種動力系統，這是一個明顯的優勢，尤其是在年輕一代眼中。

With the first step of the reveal of the Ferrari Elettrica and our mailing in September of the 849 Testarossa, Coupe and Spider, we have concluded the six launches we had announced one year ago for the entire '25. I met many clients in Europe, in USA, and in China who are in love with the Testarossa. Last week in China, I met a young female client, younger than 40 years old, and she told me, Testarossa is the perfect harmonious blend of design and engineering, elegance, and craftsmanship. I'm eager to own one and drive it.

隨著法拉利 Elettrica 的亮相以及我們在 9 月寄出的 849 Testarossa、Coupe 和 Spider 的到來，我們完成了一年前宣布的 2025 年六款新車發布計劃。我在歐洲、美國和中國都遇過很多客戶，他們都非常喜歡Testarossa。上週我在中國遇到了一位不到 40 歲的年輕女客戶，她告訴我，Testarossa 是設計與工程、優雅與工藝的完美和諧結合。我非常渴望擁有一輛並駕駛它。

In the past few months, almost all Range models in production were substantially sold out. The launches of the Testarossa family and Amalfi and their great traction among clients are initially contributing to the order intake. Indeed, the order book extends well into 2027. Over the next few quarters, we will have a significant changeover of models. Indeed, in January '25, only 15% of our lineup was in ramp-up phase for production, while we will close the year with 35% of the lineup in ramp-up phase. And this is the result of all the activities of development that we did in the past years.

在過去的幾個月裡，幾乎所有在產的攬勝車型都基本上已售罄。Testarossa 系列和 Amalfi 的推出及其在客戶中的巨大吸引力，初步促進了訂單量的成長。事實上，訂單已經排到 2027 年了。接下來的幾個季度，我們將迎來車型的重大更新換代。事實上，2025 年 1 月，我們只有 15% 的產品線處於量產準備階段，到年底，我們將有 35% 的產品線處於量產準備階段。這是我們過去幾年開展所有發展活動的成果。

Moving to the quarters, Q3 '25 saw continuous growth. Just a few key numbers to highlight. One, total revenues reached approximately EUR1.8 billion at 7.4% growth year over year with flat deliveries. Two, strong profitability, with EBIT of over EUR500 million. And last, but not least, industrial free cash flow at EUR365 million. These are solid business performance.

從季度來看，2025 年第三季實現了持續成長。僅列舉幾個關鍵數字。第一，總收入達到約 18 億歐元，較去年同期成長 7.4%，而交付量持平。第二，獲利能力強勁，息稅前利潤超過 5 億歐元。最後，工業自由現金流為 3.65 億歐元。這些都是穩健的業務表現。

These solid business performance allowed us to revise upward the '25 guidance during the Capital Markets Day in October. Our revised guidance exceeds the profitability target we had originally set for '26 in the previous business plan one year in advance. Moreover, the decision to complete the current share repurchase program within this year, once again one year earlier than planned, also reflects such progress and strong confidence that we have in the future.

這些穩健的業務表現使我們能夠在 10 月的資本市場日上調 2025 年的業績預期。我們修訂後的業績指引超過了我們一年前在上一個商業計劃中為 2026 年設定的盈利目標。此外，決定在今年內完成目前的股票回購計劃，比原計劃提前一年，也反映了我們所取得的進展以及對未來的強大信心。

And now, I will leave the stage to Antonio to explain the quarter in more depth.

現在，我將把舞台交給安東尼奧，讓他更深入地解釋這個季度。

Grazie, Benedetto. And good morning or afternoon to everyone joining us today.

謝謝你，貝內德托。各位早安/下午好，歡迎今天收看節目的各位。

Starting on page 4, we provide the highlights of the third quarter which, once again, delivered consistent growth and demonstrated solid progress. Product mix and personalization, along with rising revenues, were the main drivers of revenue and profitability growth, with shipments in line with the previous year. This resulted in a strong industrial free cash flow generation in the field. Let me underline that such results were accomplished notwithstanding the impact of the incremental US import tariff, which became visible in Q3, a greater foreign exchange rate headwind, and lower deliveries of the Daytona SP3, which was phased out in the quarter.

從第 4 頁開始，我們將介紹第三季的亮點，該季度再次實現了持續成長，並取得了穩步進展。產品組合和個人化，以及收入的成長，是收入和獲利能力成長的主要驅動力，出貨量與前一年持平。這使得該領域產生了強勁的工業自由現金流。我要強調的是，儘管美國在第三季開始徵收額外的進口關稅，外匯匯率面臨更大的不利影響，以及Daytona SP3的交付量減少（該車型已在本季度停產），我們仍然取得了這樣的成績。

On page 5, we dive into our shipments. They were driven by the 296 GTS, the Purosangue, the 12Cilindri family, which continued its ramp-up phase, and the Roma Spider. The SF90 XX family increased its contribution. The 296 GTB decreased, approaching the end of its drive cycle, and the SF90 Spider phased out. Deliveries of the Daytona SP3 were lower than the prior year and concluded their limited series run.

第 5 頁，我們將深入探討我們的出貨情況。它們由 296 GTS、Purosangue、12Cilindri 系列（該系列繼續處於產能提升階段）和 Roma Spider 推動。SF90 XX 系列增加了貢獻。296 GTB 的產量下降，接近其生產週期的尾聲，而 SF90 Spider 則逐步停產。Daytona SP3 的交付量低於上一年，其限量系列生產也已結束。

As anticipated by Benedetto, in the quarter, we started a significant changeover of models, which will be also visible in the next quarter. The SF90 family and the Roma were already phased out, and the 296 family is approaching the end of its drive cycle. Indeed, those models will be progressively replaced starting from next year by the 849 Tessarosa family, the Amalfi, and the 296 Special Series, respectively, a record number of new models introduced at the same time.

正如貝內德託所預料的那樣，本季我們開始對車型進行重大調整，下個季度也會有所體現。SF90 系列和 Roma 已經停產，而 296 系列也即將結束其動力循環。事實上，從明年開始，這些車型將分別被 849 Tessarosa 系列、Amalfi 和 296 特別系列逐步取代，同時推出的新車型數量創下紀錄。

On page 6, the net revenues bridge shows a 9.3% growth versus the prior year at constant currency. This translates into a 7.4% growth, including the headwind from currency, mainly related to the US dollar dynamics. The increase in cars and spare parts was driven by the richer product mix, as well as higher personalizations, despite the lower deliveries of the Daytona SP3, which followed our plan.

第 6 頁的淨收入對比顯示，以固定匯率計算，淨收入比上年增長了 9.3%。這相當於 7.4% 的成長，其中包括匯率波動帶來的不利影響，主要與美元走勢有關。儘管 Daytona SP3 的交付量較低（這符合我們的計劃），但由於產品組合更加豐富以及個性化程度更高，汽車和零配件的增加仍然得以實現。

Personalizations accounted for approximately 20% of total revenues from cars and spare parts and were particularly relevant for the SF90 family and the Purosangue, also supported by the adoption of carbon and special paint. Sponsorship, commercial and brand also increased, thanks to higher sponsorships and the improved performance of the lifestyle activities, as well as higher commercial revenues linked to the better prior-year Formula 1 rankings.

個人化訂製約佔汽車和零配件總收入的 20%，對於 SF90 系列和 Purosangue 車型來說尤其重要，碳纖維和特殊塗料的採用也為此提供了支持。由於贊助增加、生活方式活動表現改善，以及與上一年一級方程式賽車排名提高相關的商業收入增加，贊助、商業和品牌也隨之增加。

Moving to page 7, the change in EBIT is explained by the following variances. Mix and price was positive, thanks to the enriched product mix. Indeed, despite the phase-out of the Daytona SP3, the product mix was sustained by the higher end of our product offerings, namely the SF90 XX and the 12Cilindri families. The mix was also supported by the increased contribution from personalizations.

翻到第 7 頁，EBIT 的變化可以用以下差異來解釋。由於產品組合更豐富，產品組合和價格均呈現正態勢。事實上，儘管 Daytona SP3 被逐步淘汰，但產品組合仍然依靠我們高端產品，即 SF90 XX 和 12Cilindri 系列來維持。個性化需求的增加也對這種組合起到了促進作用。

Please note that the impact from incremental US import tariffs, as well as from the update of our commercial policy in response, are included in the mix and price variance. This resulted in a margin dilution at constant currency, particularly visible in the third quarter, since the majority of our shipments in the United States were represented by models whose prices were protected under the updated policy.

請注意，美國進口關稅的增加以及我們為應對關稅而更新的商業政策的影響都已計入產品組合和價格差異。這導致以固定匯率計算的利潤率被稀釋，尤其在第三季更為明顯，因為我們在美國的大部分出貨量都是根據更新後的政策受到價格保護的型號。

Industrial costs and G&A were lower year over year, in line with model life cycles, partially offset by higher development costs for racing. SG&A were higher, reflecting the racing expenses and brand investment. Other was positive, mainly thanks to racing and lifestyle activities. Percentage margins continued to be strong in the quarter, despite the dilution from the increased import duties, with EBITDA margin at 37.9% and EBIT margin at 28.4%.

與車型生命週期一致，工業成本和一般管理費用年減，但賽車研發成本較高，部分抵消了下降趨勢。銷售、一般及行政費用較高，反映了賽馬支出和品牌投資。其他方面則較為積極，這主要得益於賽車和生活方式活動。儘管進口關稅增加導致利潤稀釋，但本季利潤率依然強勁，EBITDA 利潤率為 37.9%，EBIT 利潤率為 28.4%。

Turning to page 8, our industrial free cash flow generation for the quarter was strong at EUR365 million and reflected the increase in profitability, partially offset by capital expenditures, which were mainly focused on product development and the progress in the new phase of construction and the negative change in working capital, provisions and others, mainly due to the reversal of the advances collected in previous quarters. Net industrial debt was EUR116 million at the end of September, also reflecting the share purchase program executed in the quarter, which is approaching its completion by year-end, as reminded by Benedetto, one year in advance compared to our plan as announced in June 2022.

翻到第 8 頁，本季度工業自由現金流強勁，達到 3.65 億歐元，反映了盈利能力的提高，但部分被資本支出所抵消，這些支出主要集中在產品開發和新階段建設的進展，以及營運資本、準備金和其他方面的負面變化所抵消，這主要是由於前幾個季度收取的預付款的衝回。截至 9 月底，淨工業債務為 1.16 億歐元，這也反映了本季執行的股份購買計劃，該計劃將於年底前完成，正如 Benedetto 提醒的那樣，比我們在 2022 年 6 月宣布的計劃提前了一年。

Moving to page 9, we confirm our 2025 guidance, which was revised afterwards during the Capital Markets Day on October 9, on the back of the choice business performance and reflecting improved sports car revenues, including personalization, a lighter-than-expected cost base, despite a greater headwind from foreign exchange rates, and increased US tariffs. And with this in mind, for Q4, we project lower deliveries year over year, as we already told you in the second-quarter call, and this is in connection with the changeover of models that I mentioned earlier on; a positive product mix, although sequentially tighter, in line with the phase-out of the Daytona and the first unit of the F80; higher G&A and a seasonal step-up in racing R&D expenses; as well as higher G&A dictated by the start of production of new models.

翻到第 9 頁，我們確認了 2025 年的業績指引，該指引隨後在 10 月 9 日的資本市場日進行了修訂，主要得益於選裝車業務的良好表現，並反映了跑車收入的改善（包括個性化定制），以及成本基礎低於預期（儘管受到匯率波動和美國關稅增加等不利因素的影響）。考慮到這一點，正如我們在第二季度電話會議上告訴大家的那樣，我們預計第四季度交付量將同比下降，這與我之前提到的車型換代有關；產品組合雖然環比收窄，但總體良好，這與Daytona的停產和首輛F80的交付相符；管理費用增加以及賽車研發支出增長；此外，新車型投產季節性管理費用增加。

Looking at 2026 and beyond, let me remind you that the introduction of the F80 will be gradual. As usual, it will take a couple of quarters to ramp up the production, and the life cycle is expected to be around three years. The guidance of the F80 and the model changeover will imply a more back-end-loaded 2026 and will shape the product and company mix throughout the year. Such developments are consistent with our plan to deliver in the year to come a smooth and as linear as possible expansion of our profitability in absolute terms. Be assured that we continue to execute on this plan with discipline and focus, and today's strong results provide, once again, the evidence of our continued commitment.

展望 2026 年及以後，我想提醒大家，F80 的推出將會是一個循序漸進的過程。與往常一樣，需要幾個季度才能提高產量，預計生命週期約為三年。F80 的指導方針和車型換代意味著 2026 年的業績將更加側重於下半年，並將影響全年的產品和公司組合。這些發展與我們在未來一年內實現盈利能力絕對值平穩、盡可能線性增長的計劃相一致。請放心，我們將繼續以嚴謹的態度和專注的精神執行這項計劃，而今天取得的優異成績再次證明了我們一如既往的承諾。

Thank you for your attention, and I'll turn the call over to Nicoletta.

謝謝大家的關注，接下來我將把電話轉給尼可萊塔。

Thank you, Antonio. Raja, we are now ready to take the questions. Please go ahead.

謝謝你，安東尼奧。拉賈，我們現在可以開始回答問題了。請繼續。

(Operator Instructions) Michael Binetti, Evercore ISI.

（操作說明）Michael Binetti，Evercore ISI。

Hey, guys. Thanks for taking our question here. Just a couple for me. Antonio, I think you're saying that the mix impact in the second half will be a little bit better than what you anticipated. I saw that mix added about EUR25 million in the quarter. I think last call, you said mix would be neutral for the second half. So can you just help us think what's driving a little bit of that upside and maybe how much we can think about in fourth quarter from mix relative to the third quarter?

嘿，夥計們。感謝您接受我們的提問。就我一個人用。安東尼奧，我想你的意思是說，下半場的混合進攻效果會比你預期的要好一些。我看到該組合在本季度增加了約 2500 萬歐元的收入。我記得上次你說，下半場的配樂會保持中性。那麼，您能否幫我們思考一下，是什麼因素推動了這種上漲趨勢，以及相對於第三季度，我們可以從產品組合的角度對第四季度做出哪些展望？

And then, I guess, just as we think about the personalization comments you made about 20% now, you got into it, personalization being closer to 19% longer term. It's a little counterintuitive to us with the new tailor-made studios and the paint shop coming online next year. Maybe just walk us through what drives the moderation there.

然後，我想，就像我們之前提到的個人化評論（目前佔比約為 20%）一樣，從長遠來看，個人化佔比可能接近 19%。考慮到明年即將投入使用的全新訂製工作室和油漆車間，這對我們來說有點違反直覺。或許您可以給我們解釋一下，是什麼因素導致了這種克制局面。

Yeah. Antonio?

是的。安東尼奧？

Thank you, Michael. On the first question, yes, the mix in the second --

謝謝你，麥可。關於第一個問題，是的，第二個問題中的混合--

Can you hear well, Michael?

邁克爾，你聽力好嗎？

I'm sorry. What was that, Benedetto?

對不起。貝內德托，那是什麼？

I was saying, can you hear well?

我剛剛問的是，你聽力好嗎？

Not very well, no.

不太好，不。

That's why I asked you because we understood that someone was not able to listen that we hear well. I don't know if you see that.

所以我才問你，因為我們明白有人聽不清楚我們說的話。我不知道你是否看到了這一點。

Okay. I'll try to answer. I hope you can hear me. The mix impact in the second half of the year has been slightly better than anticipated. So I remember I answered you in the second-quarter call that we would have expected the mix more neutral in the second half. Now, this has slightly improved, at least based on the third-quarter results. And this is mainly due to personalization that remains very, very strong.

好的。我會盡量回答。希望你能聽到我說話。下半年的成分股影響略優於預期。所以我記得我在第二季電話會議上回答過你，我們預計下半年的市場組合會更加中性。現在情況略有改善，至少從第三季的業績來看是如此。這主要歸功於個人化服務依然非常非常強大。

With respect to your second question, we said we have prepared the plan on the basis of a 19% longer-term penetration of personalization. In this respect, the contribution of tailor-made and particularly the tailor-made center, bear in mind that they have been taken into consideration mostly to come closer to our clients. So the overall consideration on the penetration of personalization takes that into account with a view to be close to our clients also in countries where such tailor-made personalization are particularly relevant, such as Japan and the western coast of USA.

關於您的第二個問題，我們表示，我們制定該計劃是基於個人化長期滲透率達到 19% 的預期。在這方面，客製化服務，特別是客製化中心，所發揮的作用，請記住，我們主要考慮的是如何更貼近我們的客戶。因此，在考慮個人化滲透的整體考慮中，我們考慮到了這一點，以便即使在像日本和美國西海岸這樣對量身定制的個人化服務特別重要的國家，也能與我們的客戶保持密切聯繫。

Okay. And can I just ask you one clarifying comment? You said the F80 will roll out over three years. Is that -- am I wrong or is that a little longer than the normal cadence for one of the strictly limited or supercar models like this? Is that -- and is there a strategy behind stretching that out a little longer? I would think normally, you'd see the bulk of those shipments in maybe 8 or 10 quarters.

好的。我可以再問您一個澄清性的問題嗎？你說過F80將分三年推出。是我理解錯了嗎？這是否比這類限量版或超級跑車的正常節奏稍長？是這樣嗎？ ——而且，把這種情況再延長一段時間背後有什麼策略嗎？我估計正常情況下，這些貨物的大部分會在 8 到 10 個季度內到貨。

This is very much aligned with what we've been doing on the Icona as recently, considering the overall number of cars involved and the startup phase that is in stage by -- in order to get to run rate of production.

考慮到涉及的汽車總數以及分階段啟動階段，為了達到正常生產速度，這與我們最近在 Icona 上所做的工作非常一致。

Okay. Thank you, guys. I appreciate it.

好的。謝謝大家。謝謝。

Flavio Cereda, GAM.

Flavio Cereda，GAM。

Yeah, hi. Benedetto, Antonio, good afternoon. So my question is -- I'm taking you back to the Capital Markets Day and your projections of top-line growth to 2030. So a very simple question. Volume, price, mix. Volume, you got to control it. Mix, to a point. And I was just wondering, on price, your pricing power, given all that's been done and the great results that we've seen in recent years, Benedetto, where do you think you stand on this? Do you think you're coming to an end here? Or do you think there's more to come?

嗨，你好。貝內德托，安東尼奧，下午好。所以我的問題是——我要帶您回顧資本市場日以及您對 2030 年營收成長的預測。這是一個非常簡單的問題。銷量、價格、組合。音量，你得控制它。混合，但要適度。我想知道的是，關於價格，考慮到近年來我們所取得的成就和巨大成功，貝內德托，你的定價權是什麼？你覺得你的旅程就要到此結束了嗎？還是你認為後面還會有更多？

Thank you, Flavio, for the question. It's not at all at an end. Actually, we feel confident that with all the innovation that we have to delight our clients, we do not see any weakening in our pricing power. We will continue to offer, Flavio, cars with different positioning.

謝謝你的提問，弗拉維奧。事情遠未結束。事實上，我們有信心，憑藉我們為取悅客戶而進行的所有創新，我們的定價能力不會有任何削弱。弗拉維奧，我們將繼續提供不同定位的汽車。

All of them will benefit from the pricing power because this pricing power, just to be clear, is not coming because we will just increase the price for the same, let me say, product as it is. No. We will make it richer and richer, innovative, more and more innovative in the product, so that by delighting the client, we are confident that we will keep our pricing power.

他們都將從定價權中受益，因為需要明確的是，這種定價權的獲得並非因為我們會簡單地提高同一產品的價格。不。我們將持續豐富產品，使其更具創新性，從而讓客戶滿意，我們有信心維持我們的定價權。

And this is what we are working on. And this is the goal of all the money that we invest in R&D, in innovation, with all the team here.

這就是我們正在努力的方向。這就是我們和我們整個團隊在研發和創新方面投入所有資金的目標。

So aligned to more models, fewer volumes?

所以是多型號、少產量嗎？

Yeah.

是的。

Okay. Perfect. Thank you. Ciao.

好的。完美的。謝謝。你好。

Thank you, Flavio.

謝謝你，弗拉維奧。

Thomas Besson, Kepler Cheuvreux.

Thomas Besson，開普勒舍夫勒。

Thank you very much. I have two questions, please. First, on hybrid, I think the share was lost in a couple of years. Is it linked with the changeover of product? Or is it driven by willingness to reduce overall hybrid share to eventually address excess deliveries in certain markets and residual values? That was the first question.

非常感謝。請問我有兩個問題。首先，就混合動力車而言，我認為其市場份額在短短幾年內就失去了。這是否與產品換代有關？或者，這是出於降低混合動力汽車整體份額以最終解決某些市場交付過剩和殘值問題的意願嗎？這是第一個問題。

And the second, could you give us the delivery figures, please, for the Q3 data and how many F80 you are already going to launch in Q4, please?

第二個問題，請問能否提供第三季的交付數據，以及第四季計畫推出多少輛F80？

Okay. So the first one, Thomas, depends on the offer that we have on the line-up we are offering to our clients. The number of hybrid cars that we are offering is reducing because there is a change in the model. So there is no, if you will, surprise there. It's a consequence of the way we launched the cars. No, that's it. Don't extrapolate any trend over there, and it's not related to the propulsion.

好的。所以第一個問題，托馬斯，取決於我們向客戶提供的產品陣容。由於車型有所改變，我們提供的混合動力汽車數量正在減少。所以，這並不令人意外。這是我們汽車上市方式的後果。不，就是這樣。不要將那邊的任何趨勢推斷出去，而且這與推進系統無關。

The second is how many F80 we are planning to launch to sell in Q4?

第二個問題是，我們計劃在第四季推出多少輛F80進行銷售？

Just the initial Q units, Thomas, not this number. And Daytona is [140] in the report.

湯瑪斯，只需要最初的 Q 單位，不是這個數字。報告中，Daytona 排名第 [140]。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Stephen Reitman, Bernstein.

Stephen Reitman，伯恩斯坦。

Yes, good afternoon. Apologies. I had a problem with connection. And I apologize also if the question has been asked before because I was cut off, so I had to redial in again. Thank you for your comments about contribution of the 849 extending the coverage of your order book into 2027. I'd like to know if demand is similar for both the Coupe and for the Spider. And I know you don't comment on the order intake on a model-by-model basis, but could you talk about the level of interest you're seeing in the Amalfi? Is demand strong for the entry products as it is for your higher-end products?

是的，下午好。抱歉。我的網路連線出了問題。如果這個問題之前有人問過，我也深表歉意，因為我的通話被切斷了，所以我不得不重新撥入。感謝您對 849 號列車將訂單簿的覆蓋範圍延長至 2027 年的貢獻所作出的評論。我想知道硬頂版和敞篷版的需求是否相似。我知道您不會逐一評論訂單量，但您能否談談您對Amalfi的興趣程度？入門級產品的需求是否像高階產品一樣強勁？

And my second question is regarding also on the hybrids. You've given us some detail in the past about the penetration rates you're seeing for your extended warranty program, for the battery program, and the like. And I think the last figure that we had was running at about 15% to 20%. Obviously, that's a very good way of improving the residual values of these vehicles and making these a Ferrari's lost being -- car's last forever, as is your intention. So could you update us on where you are with that program? How well is it understood? Thank you.

我的第二個問題也與雜交品種有關。您之前曾向我們詳細介紹過您的延保計劃、電池計劃等的滲透率。我認為我們上次得到的數據大約是 15% 到 20%。顯然，這是提高這些車輛殘值的好方法，可以讓這些法拉利成為永恆的經典——正如你所期望的那樣。那麼，您能否向我們介紹一下該專案目前的進展？人們對它的理解程度如何？謝謝。

Thank you, Stephen. And I understand that electronics is not always working well before. That is why we manage to get electronics in our cars. Having said that, how is it going, the Amalfi? I think Amalfi is proceeding better than the previous model. So this is very encouraging.

謝謝你，史蒂芬。我知道電子設備以前並非總是運作良好。這就是為什麼我們能在汽車裡安裝電子產品的原因。話說回來，阿馬爾菲那邊情況如何？我認為阿馬爾菲的進展比之前的模式更好。這非常令人鼓舞。

The second point I can tell you is that I saw -- I was in China October 21 and I saw the first two Amalfi sold over there to a new client, the youngest, then 40 years old. I can also share with you that in order book, more than 50% of the new clients, of the -- 40% of the people that want to buy the Amalfi are coming -- are new to the brand. And this is -- we are pleased because one of the objectives of this car was to bring on board the new brand. So that's the comment on Amalfi.

我可以告訴你的第二點是，我親眼看到——10 月 21 日我在中國，我親眼看到前兩輛阿瑪菲帆船在那裡賣給了一位新客戶，其中最年輕的一位當時 40 歲。我也可以告訴大家，在訂單簿中，超過 50% 的新客戶（也就是想要購買 Amalfi 的顧客中 40% 的人）都是該品牌的新客戶。我們很高興，因為這款車的目標之一就是引進這個新品牌。以上就是對阿馬爾菲的評論。

The story of hybrid, the hybrid warranty, I think that -- I mean, it's picking up, continues to pick up, it's more than 20%. But we see one simple thing. We have dealers that are able to explain it well while we still see some dealers that have not yet explained it properly. So we are in the process to retrain some of our dealers because some of them are not able to explain properly the advantage of this warranty scheme. So we see improvement, but I think there is more if all the dealers are able to explain it properly.

關於混合動力汽車的故事，混合動力汽車的保修，我認為——我的意思是，它正在發展，並且持續發展，已經超過 20%。但我們看到了一件很簡單的事。有些經銷商能夠解釋得很清楚，但我們也看到有些經銷商還沒有解釋清楚。因此，我們正在對部分經銷商進行再培訓，因為他們中的一些人無法正確解釋這項保固計劃的優勢。所以我們看到有所改進，但我認為如果所有經銷商都能正確解釋，還有更大的改進空間。

So that's what I would like to -- thank you, Stephen.

這就是我想說的話——謝謝你，史蒂芬。

Thank you.

謝謝。

Thomas Besson, Kepler Cheuvreux.

Thomas Besson，開普勒舍夫勒。

Thank you. I think I've already asked my question, so I think you can pass on to the next speaker.

謝謝。我想我的問題已經問過了，所以你可以把問題交給下一位講者了。

In fact, I was surprised.

事實上，我感到很驚訝。

Yeah, me too. But thank you.

是啊，我也是。不過，謝謝你。

Robert Krankowski, UBS.

Robert Krankowski，瑞銀集團。

Hello. Just two questions for me, please. And just maybe starting with the Q3, I think we're expecting that it's going to be the weakest quarter in the year. So obviously something went better, and maybe we heard that it was personalization, but maybe you could talk specifically about the US. Back in Q2, you mentioned that there is some change in consumer behavior because of the tariffs. Have you seen it normalizing right now after we have more clarity on tariffs?

你好。請容許我問兩個問題。或許從第三季開始，我們預計這將是今年最疲軟的一個季度。顯然有些方面有所改進，我們聽說可能是個人化方面的改進，但也許您可以具體談談美國的情況。在第二季度，您曾提到由於關稅，消費者的行為發生了一些變化。在關稅問題更加明朗之後，您是否看到價格正在恢復正常？

And maybe the second one also related to the US, obviously, there is a lot of conversation about residuals, and there is some kind of concern about potential increasing order cancellations. Have you seen any unusual or any pickup in order cancellations in the US as consumers are a bit worried about potential change in residual values in the market? Thanks.

第二個問題可能也與美國有關，顯然，現在有很多關於剩餘收益的討論，而且人們也擔心訂單取消的數量可能會增加。您是否注意到美國市場出現任何異常情況或訂單取消數量增加，因為消費者有點擔心市場上的殘值可能會改變？謝謝。

I'll take this question, Robert. So one, in the US, the business proceeds as usual, number one. Number two, the only difference we see in the US, if you compare today versus the previous call, at that time, the tariffs were still at 25%. Now, they are at 15%. Now, it's carved out in the stone, it's 15%. So that's the only difference we see.

羅伯特，我來回答這個問題。所以，第一，在美國，商業活動照常進行，這是第一點。第二，我們在美國看到的唯一區別是，如果你將今天的情況與上次通話進行比較，當時的關稅仍然是 25%。現在，他們的佔比是 15%。現在，它被刻在了石頭上，是 15%。這就是我們看到的唯一區別。

And we have been -- you remember last time, we told you when it will become, how can I say, blessed by papers, then we will update the commercial policy. And that's what we did. Before, we said the price increased up to 10% when the tariffs were at 25%. And now, we say price increased up to 5%. That's the only difference we see in the US, then the business proceeds as usual.

我們一直──你還記得上次嗎？我們告訴過你，當它獲得，怎麼說呢，文件批准之後，我們將更新商業政策。我們就是這麼做的。之前我們說過，當關稅為 25% 時，價格上漲了 10%。現在，我們說價格上漲了5%。這就是我們在美國看到的唯一差別，之後一切照舊。

And with respect to Q3 being originally thought as the weakest quarter in the year, I think the reason is simple. We were -- the level of personalization was higher than we were expecting. So that happened in the top line. And in terms of the cost base, a point that I highlighted when we revised the guidance upward, the cost base actually ended up being lower compared to our initial expectation.

至於第三季度最初被認為是全年最弱的季度，我認為原因很簡單。個性化程度比我們預期的要高。所以，第一行就發生了這種情況。至於成本基礎方面，正如我在上調業績指引時所強調的那樣，實際成本基礎比我們最初的預期要低。

Tom Narayan, RBC.

Tom Narayan，RBC。

Hey. Thanks for taking the questions. My first one, Antonio, I think I didn't hear it, man, and you said it, but could you please review the bridge again from Q3 to Q4? I know the Daytonas are zeroed out, but then maybe review the R&D and SG&A, and then I will follow up.

嘿。謝謝您回答問題。安東尼奧，我的第一個問題，我想我沒聽到，夥計，雖然你說了，但你能再複習一下從 Q3 到 Q4 的過渡部分嗎？我知道 Daytona 的預算已經清零了，但是或許可以審查一下研發和銷售、管理及行政費用，之後我會跟進。

Yeah. With respect to Q4, Tom, I said that there will be lower deliveries year over year. That's a point that we already made in the Q2 call. This is to be right in connection with the changeover of models that we discussed. Then, I said there will be a positive product mix, although we expect it's sequentially lighter, in line with the phase-out of the Daytona and the first unit of the F80. And the last point is that we expect higher G&A and a seasonal step-up in racing expenses for development of the applications for the car, as well as higher G&A that are dictated by the start of production of the new models.

是的。關於第四季度，湯姆，我說過交付量會比去年同期下降。這一點我們在第二季財報電話會議上已經提到過了。這與我們討論過的模型變更密切相關。然後，我說，雖然我們預計產品組合會逐漸減輕，但將會呈現積極的態勢，這與 Daytona 的逐步淘汰和 F80 的首款車型上市相一致。最後一點是，我們預計 G&A 費用會更高，賽車應用開發的支出也會季節性增加，此外，由於新車型開始生產，G&A 費用也會更高。

Got it. Okay, that's very helpful. And then, I have a kind of high-level question. I think in the past, you said that when there's a new kind of form factor -- like the Purosangue was a very different vehicle than you had ever made in the past. Initially, obviously, there is a margin headwind relative to if it was a standard product that you've done before at the same price point.

知道了。好的，這很有幫助。然後，我還有一個比較高層次的問題。我記得你以前說過，當出現一種新的外形特徵時——比如 Purosangue 就是一款與你過去製造的任何車輛都截然不同的車型。顯然，一開始，相對於你以前以相同價格推出的標準產品而言，利潤率會受到一定影響。

How do we think about the Elettrica from this standpoint, given that it's a completely different form factor? Is it safe to say that there's a similar kind of margin headwind relative to models that you make at a much larger volume, requiring less incremental new spend? Is that a safe assumption to make? Thanks.

從這個角度來看，鑑於 Elettrica 的外形完全不同，我們應該如何看待它？可以這樣說嗎？與產量更大、新增投入更少的車型相比，這種車型也面臨類似的利潤率劣勢？這樣的假設是否合理？謝謝。

I think, Tom, you have a good memory. That's what we said about Purosangue. But we said it when everything was announced and everything was clarified. So I don't want to look impolite, but if you are patient a little bit, then we will be more precise on that. But Purosangue, you remember, we told you everything when the shape was visible, and not only the shape, also the performance. Thank you.

湯姆，我覺得你的記憶力很好。我們之前也是這麼評價 Purosangue 的。但是，我們是在一切都公佈、一切澄清之後才說的。我不想顯得不禮貌，但如果您能稍微耐心一點，我們就能更準確地處理這個問題。但是 Purosangue，你還記得嗎？當形狀顯現出來的時候，我們把一切都告訴了你，不只是形狀，還有表現。謝謝。

Understood. Thank you.

明白了。謝謝。

James Grzinic, Jefferies International.

James Grzinic，傑富瑞國際。

Yes. [Buon giorno], Benedetto, Antonio, and team. I guess I have really a philosophical question for Benedetto, just to follow up on Flavio's. I think, Benedetto, you have made it very clear that you expect a higher rate of innovation to continue to really support your pricing power for the brand. But when I consider your 2030 plan, you seem to assume that that price mix lever is going to be much less important than in the past. Is that -- should we be thinking that the rate of innovation in the next five years reduces to go hand in hand with that price mix lever being less important than in the past four years? Thank you.

是的。 [Buon giorno]、貝內代托、安東尼奧和團隊。我想問貝內德託一個哲學問題，算是弗拉維奧問題的補充。貝內德托，我認為你已經非常明確地表示，你希望更高的創新速度能繼續真正支持你對品牌的定價權。但是，當我考慮你的 2030 年計畫時，你似乎認為價格組合槓桿的作用將遠不如過去那麼重要。我們是否應該認為，未來五年創新速度會放緩，同時價格組合槓桿的重要性也會低於過去四年？謝謝。

No, I think that innovation rate does not slow down, honestly. I think we have several innovations in the pocket that we plan to apply to the different cars, each one for its own positioning. And I mean, if we would sit on innovation, I don't think we would be calling it Ferrari.

不，說實話，我認為創新速度並沒有放緩。我認為我們手頭上有幾項創新技術，計劃將其應用到不同的車型上，每款車型都針對其特定的市場定位。我的意思是，如果我們阻礙創新，我想我們就不會把它命名為法拉利了。

So the reason why I was very clear with the answer to the question of Flavio Cereda is because we have several levers of innovation that go beyond the traction. There is the vehicle dynamics, there is the user interface, there is architecture, there is the driving trails. We feel confident that once we apply this to the different models, we will be able to delight the client and, thus, to use properly the pricing power.

我之所以能非常明確地回答弗拉維奧·塞雷達提出的問題，是因為我們擁有超越牽引力的多種創新槓桿。車輛動力學、使用者介面、架構、駕駛路線，這些都是需要考慮的因素。我們相信，一旦將此方法應用於不同的模型，我們將能夠讓客戶滿意，從而正確地運用定價權。

Because we are not -- I would like to maybe underline one point, we are not a company that is increasing the price of the same object just because time goes on. No. We increase the price of what we do because we put something more innovative in it and because this innovation is going to delight our clients. I think this is important.

因為我們不是——我想強調一點，我們不是一家僅僅因為時間推移就提高同一商品價格的公司。不。我們提高產品價格，是因為我們在產品中融入了更多創新元素，而這些創新元素將會讓我們的客戶感到滿意。我認為這很重要。

If you see also the way we increase the price in the past years, well, Ferrari has been unique in the sense that we have not increased the price of the same object, but we have put innovation in the product. And thus, because of the high degree of innovation, high degree of delightment of the client, we exerted properly the pricing power. That has been and that is going to be in this way, James.

如果你看看我們過去幾年提價的方式，你會發現法拉利是獨一無二的，因為我們並沒有提高同一產品的價格，而是在產品中加入了創新。因此，由於高度的創新性和客戶的高度滿意，我們適當地運用了定價權。詹姆斯，過去是這樣，將來也會是這樣。

That's very clear. Grazie.

這一點很清楚。謝謝。

Grazie. Thank you.

謝謝。謝謝。

Jose Asumendi, JPMorgan.

Jose Asumendi，摩根大通。

Thank you very much. Thank you, Benedetto. Just one question, please. I guess, frequently asked the question after the Capital Markets Day with regards to, I think, very exciting future, bright progress of launching to the market. But it also requires some investments such as the launch of Elettrica. I think some necessary investments like the paint shop. I know I think all the great facilities we saw during the Capital Markets Day.

非常感謝。謝謝你，貝內德托。請容許我問一個問題。我想，在資本市場日之後，人們常問到這個問題，我認為，未來前景非常令人興奮，公司進軍市場的進展也十分光明。但這同時也需要一些投資，例如推出 Elettrica。我認為有些投資是必要的，例如油漆店。我知道，我認為我們在資本市場日期間看到的所有一流設施都很棒。

The question is, to create a stability of margins in the business model, how can we think about the offsetting elements, the positive contributions you're going to have in the medium term to create that margin stability? And there might be some doubts in the market about the margin stability of the business model. How can we think about that balance between investments and then the opportunities you have to maintain and create that margin stability that you've shown, I think, in the past years? Thank you.

問題是，為了在商業模式中創造穩定的利潤率，我們應該如何考慮抵銷因素，以及您在中期內將做出的正面貢獻，以創造這種利潤率穩定性？市場可能對該商業模式的利潤穩定性有一些疑慮。我們如何看待投資與您所擁有的機會之間的平衡，從而保持並創造您在過去幾年中所展現的利潤率穩定性？謝謝。

Let me see because there was some noise. Just to make sure that I understood properly, Jose. I think that if you want this question for me, the answer is very close to the previous one.

讓我看看，因為剛才有點噪音。何塞，我只是想確認一下我是否理解正確。我認為，如果你想問我這個問題，答案與上一個問題的答案非常接近。

The only way -- first of all, we are living in uncertain times, yes. There is no difference if you want many other cases in the history. Now, the only thing we can do is to make sure that we keep innovating, so to offer something that is unique to our client: unique in the performance, in engineering, unique in the design, unique in the way we do it.

唯一的辦法──首先，我們生活在一個充滿不確定性的時代，沒錯。如果你想了解歷史上的其他許多案例，那就沒有差異了。現在，我們唯一能做的就是確保我們不斷創新，從而為客戶提供獨一無二的產品：性能獨特、工程獨特、設計獨特、做事方式獨特。

Because why are we doing the paint shop? Why are we doing it? Why did we do the e-building? Because we want to be unique in the way we manufacture our cars, whatever they are. I see hybrid and green electric. Why are we showing in a multi-step way the innovation of Elettrica? Because we want to make sure that all the work done by the engineers, well, it's not going to be lost. Because there are so many new things in these cars, as well as in other cars, that we will make sure that innovation is properly explained to our client.

我們為什麼要進行油漆工作呢？我們為什麼要這樣做？我們為什麼要建造電子大樓？因為我們希望在汽車製造方式上獨樹一幟，無論是什麼類型的汽車。我看到了混合動力和綠色電動車。為什麼我們要分步驟展現 Elettrica 的創新？因為我們想確保工程師所做的所有工作都不會白費。因為這些汽車以及其他汽車中有很多新東西，所以我們將確保向客戶正確解釋這些創新之處。

We noticed -- let's put it this way, we noticed that for some cars in the past, there was a lot of innovation content, or there were several innovation content, that were not properly explained. And this is another improvement we have. When we do something new, either in technology, on design, on engineering, we have the responsibility to explain well to the world. Because beyond that, there is the work of many people, blue-collar and white-collar.

我們注意到——這麼說吧，我們注意到過去有些汽車有很多創新內容，或者說有好幾項創新內容，但這些內容並沒有得到適當的解釋。這是我們取得的另一項改進。當我們在技術、設計或工程領域做出創新時，我們有責任向世界解釋清楚。因為除此之外，還有許多人的工作，包括藍領和白領。

So this is -- the philosophical question, or the goal of this question, of this company, is to make sure that on the innovation side, whatever we do is unique. And this is, if you want, the best guarantee of the long-term sustainability of what we do. That's it. I mean, only if you are unique, we can do something that guarantees the long-term sustainability. That is why we gave you a floor for the end of this decade. And we feel confident for that because of the uniqueness of what we do.

所以，這個問題——或者說這家公司的目標——就是要確保我們在創新方面所做的一切都是獨一無二的。如果你願意的話，這可以算是我們工作長期可持續性的最佳保證。就是這樣。我的意思是，只有當你獨一無二時，我們才能做一些能夠保證長期可持續發展的事情。這就是為什麼我們為你們留出了這十年末的緩衝空間。我們對此充滿信心，因為我們所做的事情獨一無二。

Michael Tyndall, HSBC.

麥可‧廷德爾，匯豐銀行。

Yes, good afternoon. Thank you very much. Two questions, if I can. One for Antonio. Can we talk about the F1 budget for next year? So headline number, if I'm not wrong, is USD215 from a current USD135. From where you're sitting, is that just an incremental $18 million of cost? Or does the scope change mean that actually the impact on your P&L is considerably lower than that headline number?

是的，下午好。非常感謝。如果可以的話，我想問兩個問題。給安東尼奧一個。我們可以談談明年F1的預算嗎？所以，如果我沒記錯的話，頭條新聞的預測價格是從目前的 135 美元漲到了 215 美元。從你的角度來看，這只是增加了 1800 萬美元的成本嗎？或者，範圍變更是否意味著實際對損益表的影響遠低於表面數字？

And then the second one is just around -- can you talk a bit about FX on the order backlog? What scope do you have? And how much do you really want to push in terms of trying to offset what's going on with currencies on a backlog that now runs into 2027? Thanks.

第二個問題就差不多是──您能談談外匯市場對訂單積壓的影響嗎？你們的射程是多少？那麼，你究竟想在多大程度上努力抵銷目前積壓到 2027 年的貨幣問題呢？謝謝。

Thanks, Michael. The first one, we really have fewer cost increase. That's an element we need to take into account. If the F1 budget grows, this is going to our cost, and this is going to be taken as a cost increase.

謝謝你，麥可。第一種方案，我們的成本增加確實較少。這是我們需要考慮的因素。如果F1預算增加，這將增加我們的成本，這將被視為成本增加。

On FX on the order backlog, based on the agreement that we have with dealers, in principle, we could change pricing. We have 90 days anticipation, I guess. So it's something that in principle is possible. We decide on a country-by-country basis and depending also on the movement and the rate on the size of the move.

關於外匯訂單積壓，根據我們與經銷商達成的協議，原則上我們可以更改價格。我想我們大概還要等90天。所以，從原則上講，這是有可能的。我們根據每個國家的具體情況，並根據搬遷規模和費率來決定。

Got it. Thank you.

知道了。謝謝。

Welcome.

歡迎。

Thank you. Given the time constraint, this concludes the question-and-answer session. I will now hand back to Benedetto Vigna, CEO, for closing remarks.

謝謝。由於時間有限，問答環節到此結束。現在我將把發言權交還給執行長貝內德托·維尼亞，請他作總結發言。

Thanks for your time today and also for all your interesting questions. Thanks a lot.

感謝您今天抽出時間，也感謝您提出的所有精彩問題。多謝。

We remain focused on executing our plans throughout the rest of these years. And also, with confidence, we begin to build the next phase of our new business plan. It's a business plan that is ambitious, and we are highly confident that this is going to happen. We will deliver on our promises, as we already did so far.

在接下來的幾年裡，我們將繼續專注於執行我們的計劃。同時，我們充滿信心地開始建立新商業計劃的下一階段。這是一個雄心勃勃的商業計劃，我們對此充滿信心，相信它一定會實現。我們將履行我們的承諾，就像我們迄今為止所做的那樣。

And this -- after this, I wish you a good morning or afternoon. And I thank you again for your attention and your questions. Grazie.

最後，祝您早安/午安。再次感謝各位的關注與提問。謝謝。

This concludes today's conference call. Thank you all for participating. You may now disconnect your lines. Thank you, and have a good rest of your day.

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路了。謝謝，祝您今天餘下的時間過得愉快。