Ferrari NV (RACE) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Ferrari 2025 full year results conference call and webcast. (Operator Instructions) Please be advised 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年全年業績電話會議及網路直播。（操作人員指示）請注意，今天的會議正在錄音。

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

現在，我謹將會議交給今天的第一位發言人，投資者關係主管尼可萊塔·魯索。請繼續。

Thank you, Nadia, and welcome to everyone who is joining us. Today, we plan to cover the group's full year 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 Group CFO, Mr. Antonio Picca Piccon.

謝謝娜迪亞，也歡迎各位的到來。今天，我們計劃介紹集團 2025 年全年營運業績，預計電話會議時長約 60 分鐘。今天的電話會議將由集團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 governed 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均受今天演示文稿第 2 頁所附安全港聲明中提及的風險和不確定性的影響，並且本次電話會議將受該聲明的約束。

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

接下來，我想把電話交給貝內德托。

Thank you, Nicoletta, and good morning and afternoon to all of you. We just came back from San Francisco. Why is this opening chart showing the Transamerica building of San Francisco with the red tip and the bright light on the dome? Well, it was exactly this building where we have been showing to journalists from all over the world the interiors of the Ferrari Luce. This is the name of our visionary new full electric sports cars.

謝謝你，尼可萊塔，也祝各位早安/下午好。我們剛從舊金山回來。為什麼這張開篇圖顯示的是舊金山泛美大廈，它的頂部是紅色的，圓頂上有明亮的燈光？沒錯，我們正是在這棟大樓裡向來自世界各地的記者展示了法拉利 Luce 的內部。這是我們極具遠見的新型全電動跑車的名稱。

It testifies to Ferrari's determination to go beyond expectations: to imagine the future and to dare, because leading means illuminating the path ahead, and Luce embodies that mindset.

這證明了法拉利決心超越預期：想像未來並敢於冒險，因為領導意味著照亮前路，而 Luce 正是這種心態的體現。

We picked this place for three reasons. The first one is because of the tight link between San Francisco and Italy. This building was the headquarter of Transamerica, a company founded by the Italian Amadeo Peter Gianninithat was also the founder of Bank of America. And this building is located in Little Italy in San Francisco.

我們選擇這個地方有三個原因。第一個原因是舊金山和義大利之間緊密的聯繫。這棟建築曾是泛美銀行的總部，該公司由義大利人阿馬迪奧·彼得·詹尼尼創立，他也是美國銀行的創始人。這棟建築位於舊金山的小義大利區。

Second, because of the closeness to our partner LoveFrom, whose headquarters is just a few steps away from the Transamerica building. And the last one, the connection with the name of our Ferrari Luce. Indeed, the crown jewel that you see at the top of the building is a strong 6,000-watt light that turns on only on special occasions, and this was definitely a special occasion. Everyone, everyone over there appreciated a lot the specific focus on this second step of the Ferrari Luce reveal, so that all the innovation could be properly valued and understood.

其次，因為我們的合作夥伴 LoveFrom 距離 Transamerica 大樓只有幾步之遙。最後一點，它與我們法拉利 Luce 的名字有關。的確，您在大樓頂部看到的璀璨明珠是一盞功率高達 6000 瓦的燈，它只在特殊場合才會亮起，而這絕對是一個特殊場合。那邊的每個人都非常讚賞法拉利 Luce 發布會第二階段的重點關注，這樣才能正確地評估和理解所有的創新之處。

2025 has been a remarkable year for our company. It has been a year of consistent execution and a year of new beginnings, a year of new commitments and a year of strong innovation, during which we launched six new sports cars, a clear testament to our horizontal product diversification and technology neutrality strategy. This included the long-awaited Ferrari Luce, which marks a new chapter in our history and allows us to look confidently towards the future.

2025年對我們公司來說是意義非凡的一年。過去一年，我們穩步推進各項工作，並開啟了新的篇章；我們做出了新的承諾，並進行了強有力的創新。在這一年中，我們推出了六款全新跑車，這充分證明了我們橫向產品多元化和技術中立策略的正確性。其中包括期待已久的法拉利 Luce，它標誌著我們歷史的新篇章，並使我們能夠充滿信心地展望未來。

So let's go in order. 2025 marks the conclusion of our previous business plan, with all financial targets, including share buyback plan, achieved one year ahead of schedule. And it marks also the outline of our new strategic plan. On October 9, at our Capital Markets Day here in Maranello, we shared with you our plans for the future, underlining once more the uniqueness of our brand. And we presented all the initiatives designed to drive our brand's success until the end of this decade and beyond.

那麼，讓我們按順序來。 2025年標誌著我們先前的商業計劃的結束，所有財務目標，包括股票回購計劃，都提前一年完成。它也標誌著我們新的戰略計劃的輪廓。10 月 9 日，在馬拉內羅舉行的資本市場日上，我們與大家分享了我們未來的計劃，再次強調了我們品牌的獨特性。我們展示了所有旨在推動我們品牌在本十年末及以後取得成功的舉措。

In sports cars, in 2025, on top of the Ferrari Luce, we have further enriched our product line up with five new models encompassing internal combustion engine and hybrid powertrain. Just think about the eight cylinder Ferrari Amalfi, a blend of elegance and power, the hybrid high-performing 849 Testarossa Coupe and Spider and the hybrid 296 Speciale and Speciale Aperta, a new benchmark for driving thrills.

在跑車領域，2025 年，除了法拉利 Luce 之外，我們還推出了五款新車型，涵蓋內燃機和混合動力系統，進一步豐富了我們的產品陣容。想想看，優雅與力量完美融合的八缸法拉利Amalfi，高性能混合動力849 Testarossa Coupe和Spider，以及混合動力296 Speciale和Speciale Aperta，駕駛樂趣的新標竿。

Clients are at the center of what we do, and they represent the most important asset of our business model. Indeed, client centricity starts with the craftmanship and quality of our products, continues through the high level of tailoring we are able to offer and comes to life in the unique experiences we design and deliver for our clients all over the world.

客戶是我們工作的核心，也是我們商業模式中最重要的資產。事實上，以客戶為中心的理念始於我們產品的精湛工藝和卓越品質，貫穿我們能夠提供的高水準客製化服務，並體現在我們為世界各地的客戶設計和交付的獨特體驗中。

Our client centricity approach also resulted in the reintroduction of a more physical interface, a steering wheel with mechanical buttons, which leads to an enhanced driver experience. Indeed, we believe that humanism of technology is key for all our sports cars to deliver an enhanced experience for our clients, and this is also evidenced by the interiors of our Ferrari Luce.

我們以客戶為中心的理念也促使我們重新引入了更具物理性的介面，即具有機械按鈕的方向盤，從而提升了駕駛體驗。事實上，我們相信科技的人性化是我們所有跑車為客戶提供更佳體驗的關鍵，這在我們的法拉利 Luce 的內裝中也得到了體現。

In racing, the 499P Hypercar secured us the 2025 FIA World Endurance Championship. Ferrari won both the World Manufacturer's and Driver's titles 53 years after our last World title and after only three years since our return to the top class of endurance racing. I was in Bahrain with the team, and I will always remember the emotions of winning such championship. This is a demonstration that when we, in Ferrari, work united and cohesive, we can achieve extraordinary results.

在賽車領域，499P 超級跑車為我們贏得了 2025 年 FIA 世界耐力錦標賽。法拉利在上次獲得世界冠軍頭銜 53 年後，以及重返耐力賽頂級賽事僅三年後，再次贏得了世界製造商冠軍和車手冠軍。我當時和球隊一起在巴林，我永遠不會忘記贏得那場冠軍的激動心情。這證明，在法拉利，當我們團結一致、齊心協力工作時，就能取得非凡的成就。

In Lifestyle, 2025 has been a year of solid progress and commitment to provide our clients with an exceptional luxury experience. Client activations continued to be successful and a critical driver for engagement and acquisition. And also, the growing desire for experiences is confirmed by new attendance records at our museums. In 2025, the museum that we have in Maranello and Modena welcomed almost 900,000 visitors.

在生活方式領域，2025 年是穩步發展和致力於為客戶提供卓越奢華體驗的一年。客戶激活活動持續成功，是提升客戶參與度和客戶獲取率的關鍵驅動因素。此外，博物館不斷刷新參觀人數紀錄也證實了人們對體驗式學習日益增長的需求。2025年，我們在馬拉內羅和摩德納的博物館接待了近90萬名遊客。

What we achieved together with all our stakeholders is also translated into our strong financial results reaching new records across all metrics. One, revenues over EUR7.1 billion; two, double-digit growth in EBIT, which reached over EUR2.1 billion; and three, an industrial cash flow generation surpassing EUR1.5 billion. Everything I've mentioned so far has been made possible thanks to the passion and dedication of all the colleagues in Maranello, in Modena, and all over the world.

我們與所有利害關係人共同取得的成就也轉化為強勁的財務業績，各項指標均創下新紀錄。第一，營收超過 71 億歐元；第二，息稅前利潤達到兩位數成長，超過 21 億歐元；第三，工業現金流超過 15 億歐元。我目前所提到的一切，都離不開馬拉內羅、摩德納以及世界各地所有同事的熱情和奉獻。

And to reward their achievements and is a direct reflection of the Company's performance, and strong alignment with its people, I'm pleased to announce the yearly competitive award of up to EUR14,900 for our employees in Italy.

為了獎勵員工的成就，並直接體現公司的業績以及與員工的緊密合作，我很高興地宣布，我們將為義大利的員工設立年度最高可達 14,900 歐元的競爭性獎勵。

The solidity of our business is underpinned by the demand dynamics and the visibility we have. The momentum of our brand remains strong with a solid order book, which extends toward the end of 2027 and the net order intake supporting further visibility, notwithstanding the persistent uncertainty in the global environment. In addition, residual values are stable and solid, as evidenced by the recent auctions which achieved strong valuations. They keep on being for us a structural foundation of value and brand discipline.

我們業務的穩健性得益於市場需求動態和我們所掌握的市場資訊。儘管全球環境持續存在不確定性，但我們的品牌發展動能依然強勁，訂單儲備充足，一直延續到 2027 年底，淨訂單量也進一步增強了市場可見度。此外，殘值穩定且穩健，最近的拍賣會也取得了很高的估值，證明了這一點。它們一直是我們價值和品牌紀律的結構基礎。

And now, let's look ahead to 2026 and let me outline our priorities for this year. In sports cars, a key focus will be the complete introduction of the Ferrari Luce in our product range. In San Francisco, we made further progress with the reveal of the interior concepts that offer a tangible insight into the design philosophy behind the model, where innovation meets craftmanship and cutting-edge design.

現在，讓我們展望2026年，讓我概述一下我們今年的工作重點。在跑車方面，我們的重點將是全面引進法拉利 Luce 車型。在舊金山，我們進一步展示了內裝概念，這些概念切實展現了該車型背後的設計理念，即創新與工藝和前沿設計的完美結合。

You can read many positive comments of journalists from all over the world who were with us. But there is one in particular I will always remember. He said: “You have blown all of us away, and you couldn't have selected a better name for this car and a better place for it”. In May, the journey will culminate with the third step, the world premiere of Ferrari Luce.

您可以閱讀許多與我們同行的來自世界各地記者的正面評價。但其中有一件事我永遠不會忘記。他說：’你讓我們所有人都驚艷不已，你不可能為這輛車選擇更好的名字，也不可能為它選擇更好的地方了’5 月，這段旅程將迎來第三步，即 Ferrari Luce 的全球首發。

We selected Rome, May 25, as the day for the final reveal of Ferrari Luce, as on the same day in 1947, the Ferrari 125S, the first Ferrari of our founder, secured its first victory with driver Franco Cortese, who by the way, said: “If you were used to four and six cylinders, these 12 cylinders feel like an electric motor. It revs very easily”.

我們選擇 5 月 25 日在羅馬正式發布 Ferrari Luce，因為在 1947 年的同一天，我們創始人的第一輛 Ferrari 125S 由車手 Franco Cortese 駕駛，贏得了它的首場勝利。順便一提，他曾說過：“如果你習慣了四缸和六缸發動機，這 12 個氣缸感覺就像一台電動機。”它很容易就能加速。

And beyond the completion of unveil of Ferrari Luce, in 2026, we will continue to enrich our product offering with four exciting model launches. On the industrial side, the construction of the new paint shop will continue as planned, and all our sports cars will be tested on the e-Vortex.

除了完成 Ferrari Luce 的發布之外，我們還將在 2026 年推出四款令人興奮的新車型，繼續豐富我們的產品陣容。在工業方面，新噴漆車間的建設將按計劃繼續進行，我們所有的跑車都將在 e-Vortex 上進行測試。

In racing, here, we confirm our commitment and effort in the World Endurance Championship with our 499P Hypercar. In Formula One, building on the lessons learned from a tough past season, we face the challenge posed by the new regulation with unity and confidence in the team. We step into this new phase with a very clear mindset: to be realistic, to be disciplined and to improve continuously.

在賽車領域，我們用我們的 499P 超級跑車來證明我們對世界耐力錦標賽的承諾和努力。在F1賽場上，我們吸取了上個賽季艱難教訓，團結一致，充滿信心地面對新規則帶來的挑戰。我們以非常清晰的心態進入這個新階段：腳踏實地，嚴於律己，不斷進步。

In 2026, we will also continue to progress in our sailing adventure. With Hypersail, we are preparing a revolutionary boat for an unprecedented new sporting arena. Our boat will touch water before year-end. In lifestyle, in 2026, we will continue to execute our strategy with consistency and sophistication.

2026年，我們的航海探險之旅也將繼續前進。憑藉 Hypersail，我們正在打造一艘革命性的帆船，迎接前所未有的全新體育賽事。我們的船將在年底前下水。在生活方式領域，2026年，我們將繼續以一致和精湛的技能執行我們的策略。

Here, the team will be focused on the opening of two new flagship stores in iconic locations: in London in the first part of the year; in New York in the second part of the year, conceived as immersive backdrops for client activation and designed to further enrich the Ferrari offering of products and experiences.

在此，團隊將專注於在標誌性地點開設兩家新的旗艦店：今年上半年在倫敦；今年下半年在紐約，這兩家旗艦店將作為客戶互動體驗的沉浸式背景，旨在進一步豐富法拉利的產品和體驗。

On the financial side, Antonio will be very clear about our targets for 2026. Let me emphasize that 2026 represents a further milestone in our journey toward 2030, another year of growth which will mark continued progress in line with the ambition presented at our Capital Markets Day.

在財務方面，安東尼奧會非常明確地闡述我們 2026 年的目標。我要強調的是，2026 年是我們邁向 2030 年征程中的又一個里程碑，是另一個成長之年，這將標誌著我們將繼續朝著在資本市場日上提出的目標取得進展。

We look ahead with discipline that is required in the current context and with confidence in the long-term opportunities that lie ahead of us.

我們以當前情況下所需的自律精神展望未來，並對擺在我們面前的長期機會充滿信心。

And now I hand over to Antonio to review the fiscal year 2025-year results. Thank you.

現在我把時間交給安東尼奧，讓他來回顧2025財年的表現。謝謝。

Grazie, Benedetto. And good morning or afternoon to everyone joining us today. In 2025, we posted solid growth, expanded our margins and kept on investing in our future while navigating the complexities of today's world.

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。2025年，我們實現了穩健成長，擴大了利潤率，並在應對當今世界複雜局面的同時，不斷投資於未來。

All our business dimensions positively contributed to growth. Within sports cars, the overall mix continued to improve compared to the prior year despite the gradual phase out of the Daytona SP3 and allowed us to manage the US tariff evolution, limiting its dilutive impact. We grew our revenues from racing, thanks to new partnership and leveraging the extensive work on both the composition and contribution of our sponsors.

我們所有業務環節都對成長做出了積極貢獻。儘管 Daytona SP3 逐漸停產，但跑車整體組合仍比前一年有所改善，這使我們能夠應對美國關稅的變化，限制其稀釋影響。由於建立了新的合作夥伴關係，並充分利用了我們在贊助商組成和貢獻方面的大量工作，我們的賽車收入有所增長。

For lifestyle, the growth pace was the right one as we continued to invest on its development. In Q4, a cost base lower than anticipated and a better product mix drove us to exceed our 2025 guidance. The cost base was further improved by an R&D government grant received before year-end and the reduced racing expenses related to the fourth position in the Formula 1 2025 championship ranking.

就生活方式而言，我們持續投資於其發展，因此成長速度是合適的。第四季度，成本基礎低於預期，產品組合更合理，促使我們超額完成了 2025 年的業績預期。成本基礎進一步改善，這得益於年底前收到的政府研發撥款，以及在 2025 年一級方程式錦標賽排名中位列第四所帶來的賽車費用減少。

Finally, it's worth reiterating that we reached the 2026 financial targets outlined at the Capital Markets Day of 2022 one year in advance, along with the conclusion of the EUR2 billion share buyback program.

最後，值得重申的是，我們提前一年實現了在 2022 年資本市場日上製定的 2026 年財務目標，同時完成了 20 億歐元的股票回購計畫。

On page 7, we give an overview of our shipments in 2025, which were deliberately kept flat year-over-year and our product portfolio evolution as we enter 2026.

在第 7 頁，我們概述了 2025 年的出貨量（我們特意保持了與前一年持平），以及我們進入 2026 年後的產品組合演變。

To be noted that in the year just ended, the 12Cilindri family ramped up and reached global distribution. The SF90 XX family reached its peak and the Daytona SP3 concluded its limited series run in Q3, while the first few units of the F80 were delivered in Q4.

值得注意的是，在剛剛過去的一年裡，12Cilindri 系列產品迅速發展，實現了全球分銷。SF90 XX 系列達到了巔峰，Daytona SP3 在第三季度結束了其限量系列生產，而 F80 的首批幾台汽車在第四季度交付。

We anticipated in the last earnings call that in the second half of 2025, we started a significant changeover of models, which will be evident over the next quarters. Indeed, this year, we have seven new models, a record number, which entered the production and distribution phases and will shape the pace of our deliveries and their geographic allocations throughout 2026.

我們在上次財報電話會議上預計，2025 年下半年我們將開始對產品進行重大調整，這將在接下來的幾季中顯現出來。事實上，今年我們有七款新車型進入生產和分銷階段，創下歷史新高，並將影響我們 2026 年的交付速度和地理分配。

Namely, the families of the 296 Speciale and the 849 Testarossa will take the place of the 296 and the SF90 families, while the Amalfi will succeed the Roma. In addition to that, the F80 has started its ramp-up phase, and the Ferrari Luce will begin its deliveries in Q4.

具體來說，296 Speciale 和 849 Testarossa 的車系將取代 296 和 SF90 的車系，而 Amalfi 將取代 Roma。除此之外，F80 已開始量產，法拉利 Luce 將於第四季開始交車。

On page 8, the net revenues bridge shows an 8% growth versus the prior year at constant currency. This translates into a 7% growth, including the headwind from currency, mainly related to the US dollar and the Japanese yen. The increase in cars and spare parts was driven by the richer product and country mix, as well as higher personalizations, partially offset by lower deliveries of the Daytona SP3.

第 8 頁的淨收入對比顯示，以固定匯率計算，淨收入比上一年增長了 8%。這意味著成長了 7%，其中包括匯率帶來的不利影響，主要與美元和日圓有關。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程度推動的，但Daytona SP3的交付量下降部分抵消了這一增長。

Personalizations accounted for approximately 20% of total revenues from cars and spare parts and were particularly relevant for the SF90 XX family and the Purosangue, driven by the adoption of carbon and special paints.

個人化訂製約佔汽車和零配件總收入的 20%，對於 SF90 XX 系列和 Purosangue 車型來說尤其重要，這主要得益於碳纖維和特殊塗料的採用。

Sponsorship, commercial and brand also had a relevant increase, thanks to higher sponsorship and the improved performance of the lifestyle activities as well as higher commercial revenues linked to the better prior year Formula 1 ranking. Other revenues were positive and driven by sports-related activities and financial services.

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、商業和品牌也出現了顯著增長。其他收入為正，主要來自體育相關活動和金融服務。

Moving to page 9, the change in EBIT is explained by the following variances. Volume contribution was substantially flat with a slightly positive change being due to spare parts. Mix and price was visibly positive, thanks to product and country mix, supported by Americas, increased personalization and higher sales of the 499P Modificata. In detail, regardless of the tough comparison base and the phase out of the Daytona SP3, the product mix was strong and sustained by the higher end of our product offering, with the SF90 XX and the 12Cilindri families.

翻到第 9 頁，EBIT 的變化可以用以下差異來解釋。銷量貢獻基本持平，備品銷量略有成長。由於產品和國家組合的合理性，以及美洲地區的支持，499P Modificata 的個人化程度提高，產品組合和價格明顯呈現正面態勢。具體來說，儘管面臨嚴峻的比較情況以及 Daytona SP3 的停產，但產品組合依然強勁，這主要得益於我們高端產品系列，例如 SF90 XX 和 12Cilindri 系列。

Industrial costs and D&A were both lower, partially offset by higher racing and sports car innovation expenses. SG&A increased as a result of higher racing expenses and brand investments as well as of our organizational and digital infrastructure development. Other was also positive, mainly thanks to racing and lifestyle activities.

工業成本和折舊費用均有所下降，但部分被賽車和跑車創新費用的增加所抵消。由於賽馬費用和品牌投資增加，以及組織和數位基礎設施的發展，銷售、一般及行政費用也隨之增加。其他方面也表現積極，這主要得益於賽車和生活方式活動。

Percentage margins strengthened in the year despite the dilutive impact of the increased US import duties and the headwind from the US dollar and the Japanese yen devaluation with EBITDA margin of 38.8% and EBIT margin at 29.5%.

儘管美國進口關稅增加以及美元和日圓貶值帶來的不利影響導致利潤率下降，但今年利潤率仍有所提高，EBITDA 利潤率為 38.8%，EBIT 利潤率為 29.5%。

Turning to page 10. Our industrial free cash flow for the year surpassed EUR1.5 billion, an increase of roughly 50% versus last year. This was supported by the increase in profitability and a positive change in working capital, thanks to the collection of F80 advances.

翻到第10頁。本年度工業自由現金流超過 15 億歐元，比去年成長約 50%。由於收回了 F80 預付款，盈利能力提高，營運資金也發生了積極變化，這為上述情況提供了支持。

A partial offset came from capital expenditures focused on product and infrastructural development, with the latter being mainly represented by the ongoing construction of the new paint shop and the completion of the new e-Vortex track, and net cash interest and tax payments reflecting the evolution of the patent box regimes.

部分抵銷來自專注於產品和基礎設施開發的資本支出，其中基礎設施開發主要體現在正在建設的新噴漆車間和新 e-Vortex 賽道的完工，以及反映專利盒制度演變的淨現金利息和稅款支付。

The remarkable industrial free cash flow generation for the year allowed us to increase the shareholders remuneration by roughly 30% to over EUR1.3 billion between dividends and share repurchases.

本年度工業自由現金流的顯著成長使我們能夠將股東回報提高約 30%，達到 13 億歐元以上，其中包括股息和股票回購。

Moving to Page 11, we outline our 2026 targets. We expect 2026 to be another year of consistent growth based on the following assumptions. On sports cars, we will execute our planned model change-over through the year, which will lead to a further positive product mix supported by the F80 and new models ramp-up regardless of the lower deliveries of the SF90 XX family and the 499P Modificata. On a comparison basis with 2025, we anticipate a stronger product mix variance in the second half of the year.

接下來翻到第 11 頁，我們將概述我們的 2026 年目標。基於以下假設，我們預期 2026 年將是另一個持續成長的年份。在跑車方面，我們將在年內執行計劃中的車型換代，這將帶來更積極的產品組合，F80 和新車型的逐步增加將對此起到支撐作用，儘管 SF90 XX 系列和 499P Modificata 的交付量較低。與 2025 年相比，我們預計今年下半年產品組合的變化幅度會更大。

Personalizations are currently expected to stay around 20% of cars and spare parts revenues. The evolution of sponsorships and lifestyle activities will further support the top line growth. The increase in investments in developing the brand and the lifestyle retail network as well as racing and digital transformation expenses will drive higher SG&A. And finally, depreciation and amortization will also be higher, in line with the start of production of new models.

預計目前個人化客製化業務將佔汽車及零件收入的 20% 左右。贊助和生活方式活動的演變將進一步促進營收成長。品牌和生活風格零售網路發展以及賽車和數位轉型支出的投資增加，將推高銷售、一般及行政費用。最後，隨著新車型的投產，折舊和攤提也會增加。

As to the bottom line, we expect the effective tax rate to be around 23% as we keep on benefiting from the current patent box regime only. The underlying assumption for the US dollar exchange rate is of about 1.20 against the Euro, resulting in a headwind compared to 2025, including hedges.

歸根結底，由於我們繼續受益於目前的專利盒制度，我們預計實際稅率將在 23% 左右。美元兌歐元匯率的基本假設約為 1.20，這將對 2025 年的匯率構成不利影響，即使包括對沖措施在內。

The industrial free cash flow generation will be sustained by our profitability, partially offset by CapEx slightly higher than in 2025. Today's strong results testify the uniqueness of our business model and the flexibility inherent in it, which continue to provide us with strong visibility and confidence in our future despite the ongoing challenges posed by the global scenario.

工業自由現金流的產生將由我們的獲利能力維持，但部分會被略高於 2025 年的資本支出所抵銷。今天的強勁業績證明了我們商業模式的獨特性和其固有的靈活性，儘管全球局勢不斷帶來挑戰，但這仍然讓我們對未來充滿信心和清晰的願景。

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

謝謝大家的關注，現在我把電話交給尼可萊塔。

Thank you, Antonio. Nadia, we are now ready to take all the questions. Thank you very much.

謝謝你，安東尼奧。娜迪亞，我們現在可以回答所有問題了。非常感謝。

(Operator Instructions) Ed Aubin, Morgan Stanley.

（操作說明）摩根士丹利 Ed Aubin。

I have two questions. The first one, please, on the margin beat in Q4. Antonio, you talked about the guidance for '26, which you expect your operating margin to be flat to up. And you gave some brief indication on the phasing. So should we understand that your operating margin should be flat to down year-over-year in H1 and then up in the second half? And related to that, if you can come back on the gross and net impacts on the FX?

我有兩個問題。請先回答第一個問題，即第四季業績略微超出預期的問題。安東尼奧，你談到了 2026 年的業績指引，你預計營業利潤率將持平或有所成長。你也簡要地說明了相位方面的情況。所以我們可以理解為，貴公司上半年的營業利潤率將與去年同期持平或下降，而下半年則會上升嗎？另外，您能否談談這對匯率的毛影響和淨影響？

And then my second question would be on the ramp-up of the F80. Are we right in understanding that it could kind of follow a similar pattern than the Daytona? And if that's the case, I think on my calculation, I think we implied about 200 units, year one and 360 and then 240 in year three. If you could comment on that, that would be very helpful.

那我的第二個問題是關於F80的產能提升情況。我們是否可以理解為，它的模式可能與 Daytona 類似？如果情況真是如此，我認為根據我的計算，第一年大約是 200 個單位，第三年是 360 個單位，然後是 240 個單位。如果您能就此發表意見，那將非常有幫助。

Thank you, Edouard. So Antonio?

謝謝你，愛德華。那麼，安東尼奧呢？

Yes. As to the margins, I think what we can tell you is that the -- first of all, margin beat in Q4, I think I have explained. Lower cost base, and I mentioned what is driving that. And then the positive impact of the product mix that has been slightly better, driven by the number of the 12Cilindri and the SF90 XX that have been delivered in the last quarter.

是的。至於利潤率，我認為我們可以告訴大家的是——首先，第四季的利潤率超出了預期，我想我已經解釋過了。成本基礎降低，我已經提到導致成本降低的原因。此外，產品組合略有改善也帶來了正面影響，這主要得益於上個季度交付的 12Cilindri 和 SF90 XX 的數量。

What we can tell you about 2026 is that we expect the mix to be compared to [2025] (corrected by company after the call) to be stronger as a variance in the second half of the year. And the F80 cycle is clearly next year not yet at full global distribution, but we expect to have a steady improvement over the course of the quarters.

關於 2026 年，我們可以告訴大家的是，我們預計與 2025 年相比（公司在電話會議後進行了更正），下半年的市場結構將更加強勁。顯然，F80 週期要到明年才會全面在全球範圍內推出，但我們預計在接下來的幾個季度中會穩步改善。

Jose Asumendi, JPMorgan.

Jose Asumendi，摩根大通。

Thank you very much and congratulations, Benedetto, Antonio, for a strong end of the year. Two questions, please. Can you comment on '26 in your guidance? Are you expecting mix and pricing to offset higher SG&A and higher industrial costs and R&D as a bucket, basically mix and pricing to offset the other headwinds, which include SG&A, industrial costs and R&D? And then the second question, can you comment please on CapEx and R&D expenditure in '26?

非常感謝，並祝賀貝內德托和安東尼奧，為這一年畫上了圓滿的句號。請問兩個問題。您能否就指導意見中的「26」發表一些看法？您是否預期透過產品組合和定價來抵銷更高的銷售、管理及行政成本、更高的工業成本和研發成本？基本上，您是否預期透過產品組合和定價來抵銷其他不利因素，包括銷售、管理及行政成本、工業成本和研發成本？第二個問題，請問您能否談談 2026 年的資本支出和研發支出狀況？

Yes. We do expect mix and price to more than offset costs. With respect to CapEx, I think we expect it to be slightly higher compared to 2025, as I just mentioned before. And with respect to R&D, we expect R&D expensed to the P&L. Once again, we expect them to be pretty stable with maybe an element of volatility that might be related to the expenditures in Formula 1.

是的。我們預計產品組合和價格優勢將足以抵消成本。關於資本支出，我認為我們預計它會比 2025 年略高，正如我剛才提到的那樣。至於研發方面，我們預期研發費用將計入損益表。我們預計它們將相當穩定，可能會出現一些波動，這可能與一級方程式賽車的支出有關。

So these innovation expenses, due to the new technical regulations and the allowances that are granted to the teams with respect to the financial regulations for 2026.

因此，這些創新支出是由於新的技術法規以及根據 2026 年財務法規給予車隊的津貼而產生的。

Monica Bosio, Intesa Sanpaolo.

莫妮卡·博西奧，聯合聖保羅銀行。

Good afternoon, everyone, and thanks for taking my questions. The first one is if you can share with us which are the models that are driving your order book the most, if you can share with us? And if you have already seen an impact in terms of new clients from the Amalfi? Thank you very much.

各位下午好，感謝各位回答我的問題。第一個問題是，您能否與我們分享一下，哪些車型是您訂單量最大的？如果您已經看到阿瑪菲地區為貴公司帶來了新客戶，那您覺得怎麼樣？非常感謝。

Thank you, Monica. So the models that are driving the order book are the models that we announced, that we unveiled last year. So this is true for the 296 Speciale, for the Testarossa and the Amalfi. Number two, yes, we see that for the Marci, we see a new client, new to the brand, approaching us. So we have done a deep analysis and we see that several clients are coming from some specific brands that like the performance and the elegance of our cars.

謝謝你，莫妮卡。因此，目前訂單量最大的車型是我們去年發布、推出的那些車型。所以，296 Speciale、Testarossa 和 Amalfi 都是如此。第二，是的，我們看到 Marci 有一位新客戶，一位對該品牌不熟悉的客戶主動與我們聯繫。因此，我們進行了深入分析，發現一些客戶來自特定品牌，他們喜歡我們汽車的性能和優雅外觀。

Perfect. Is there any differences in terms of geographical distribution as for these new clients?

完美的。這些新客戶在地理分佈上是否有差異？

There is a difference. That’s a good point. There is a difference because we are showing the Amalfi with some time delay in the different countries. So where the car has been already shown, clearly, the people could see in reality the car. And when you see in reality the car, and this is true for all the cars we make, it is much different than when you see on the display. So it's a matter of, I would say, as the time goes and we show the car, we see more and more interest from the people.

兩者是有差別的。你說得有道理。之所以會有差異，是因為我們在不同國家放映《阿馬爾菲海岸》時會有一定的延遲。所以，在汽車已經展出過的地方，人們顯然可以親眼看到這輛車。當你真正看到實車時（我們生產的所有汽車都是如此），你會發現它與你在展位上看到的樣子截然不同。所以，我認為隨著時間的推移，當我們展示這款車時，我們會發現人們對它的興趣越來越濃厚。

Stephen Reitman, Bernstein.

Stephen Reitman，伯恩斯坦。

Two questions, please. Could you give a bit more detail on the level of F80 shipments in the final quarter of last year? And secondly, on residual value trends and also the used market and just dealer attitudes, could you comment on what's been going on? I understand that there's been quite a noticeable pickup in used vehicle sales in the UK after you throttled back shipments by about 30% of the UK market of new cars in 2025. And also, you are constantly, obviously monitoring your dealers, what is their level of confidence in the brand?

請問兩個問題。能否詳細介紹去年第四季F80的出貨量？其次，關於殘值趨勢、二手車市場以及經銷商的態度，您能否就目前的情況發表一些看法？我了解到，在您將2025年英國新車市場出貨量削減約30%之後，英國二手車銷量出現了相當明顯的回升。此外，您顯然也在不斷監控您的經銷商，以了解他們對品牌的信心程度？

Okay. I'll start from the last one. The level of confidence on the brand is very strong. We see the strength of this confidence, I mean is strong as it was. So actually, I have to say that in the second part of the year, there has been even a strengthening of it because there's a lot of innovation coming with different products.

好的。我從最後一個開始。消費者對該品牌的信心非常強。我們看到了這種信心的力量，我的意思是，它和以前一樣強大。所以實際上，我必須說，在今年下半年，這種情況甚至有所加強，因為有許多創新產品湧現。

When it comes to residual value, well, I would like to say to remember, Stephen, two things: it is stable and solid, okay? The residual value is stable and solid. We said that already the UK, the residual value is stabilizing. Also because, you remember well, we reduced the shipments.

至於殘值，我想說的是，史蒂芬，請記住兩件事：它穩定可靠，好嗎？殘值穩定可靠。我們說過，在英國，殘值已經趨於穩定。還有一點，你一定記得，我們​​減少了出貨量。

When it comes to the detail of F80, I would like to underline one point: one, we started the production as planned. Two, we shipped a few units in Q4, and these units ended in the hands of customers all over the world. But we don't want to be specific to tell how many units have been shipped to whom. What I can tell you that in Asia, in US, in UK and in Middle East, there are people that are enjoying our F80.

關於F80的細節，我想強調一點：第一，我們就按計畫開始了生產。第二，我們在第四季度出貨了一些產品，這些產品最終到達了世界各地的客戶手中。但我們不想透露具體有多少台設備已經出貨給了哪些客戶。我可以告訴大家的是，在亞洲、美國、英國和中東，都有人喜歡我們的 F80。

And we know because there are actually, some people even enjoying on the snow.

我們知道這一點，因為確實有些人甚至在雪地裡玩得很開心。

If we look at, you just gave some guidance, you said that Supercars and Icona were about 1% of your overall shipments. So if we simply do the maths and even take into account rounding errors or something like that, that still takes us maybe potentially to probably at most, 200 units, including, obviously, about 177 of the Daytona SP3. Would that be a correct way of thinking about things?

我們來看，正如您剛才給出的指導意見，您提到 Supercars 和 Icona 約佔您總出貨量的 1%。所以，即使我們簡單地計算一下，甚至考慮到舍入誤差之類的因素，最終的數量可能也最多只有 200 台，其中顯然包括大約 177 台 Daytona SP3。這種思考方式正確嗎？

Look, I don't want to comment about specific numbers. I think that the percentages are a good representation of the reality. But I think you know what is the pattern of our Supercar and Icona, you can make some assumptions, but I don't want to be specific on the number of cars we shipped and where we are going to ship F80-wise exactly.

我不想對具體數字發表評論。我認為這些百分比很好地反映了實際情況。但我認為你們了解我們的超級跑車和 Icona 的模式，你們可以做出一些假設，但我不想具體說明我們交付了多少輛車，以及我們將把 F80 確切地交付到哪裡。

Horst Schneider, Bank of America.

霍斯特·施耐德，美國銀行。

Yes. Thank you. Good afternoon. Thanks for taking my questions. First one is on foreign exchange rates. So maybe you can provide some indication what's going to be the impact on the bottom line this year? And my question would be also if you consider maybe pricing FX to customers, I know you don't do that so far. But maybe you consider doing that?

是的。謝謝。午安.謝謝您回答我的問題。第一個是關於外匯匯率的。那麼，您能否預測今年的業績會受到怎樣的影響呢？我的問題是，您是否考慮過向客戶收取外匯費用？我知道您目前還沒有這樣做。但或許你可以考慮這樣做？

And the second question would be about the CO2 targets. We had this proposal from the EU Commission in December, and they maybe relaxed the target. There's no ICE ban anymore, maybe in Europe. Does that change any of your planning maybe on projects that you say maybe in two or three years, you can have again fewer BEVs and instead, you have more PHEV or more ICE vehicles even? I mean, de facto, just in Europe there is emission regulation left. In the US even we do not have any CO2 regulation anymore. So therefore, I think it comes back to the ratio also you guided for at the CMD. Thank you.

第二個問題是關於二氧化碳目標的。歐盟委員會去年 12 月提出了這項提案，他們或許會放寬目標。ICE禁令已經取消了，或許在歐洲是這樣。這是否會改變你們的一些計劃，例如在兩三年內，你們可能會減少純電動車的數量，轉而增加插電式混合動力車甚至內燃機汽車的數量？我的意思是，事實上，只有歐洲仍保留排放法規。即使在美國，我們也已經沒有任何二氧化碳排放管制了。所以，我認為這最終還是要回到您在 CMD 指導下所設定的比例上來。謝謝。

Thank you, Horst. Let me be a little bit straight. We had an introduction in this speech talking about Bank of America. You are from Bank of America.

謝謝你，霍斯特。我就直說了。我們在演講開頭談到了美國銀行。您是美國銀行的。

Exactly. Thank you for that.

確切地。謝謝。

You did not say even a word!

你一句話都沒說！

I should have mentioned it.

我應該提一下的。

In any case, we will give you the answer, okay? I will take the second one, Antonio will manage the first one. Jokes aside.

總之，我們會給你答案的，好嗎？我負責第二個，安東尼奧負責第一個。玩笑歸玩笑。

I think that when we have all these meetings on EU Commission whatever, there is a person in this company called Elisa, that me, Antonio and all the people talk to because she can tell us exactly what is the story behind. Because if we read the newspaper or whatever, we do not understand it correctly.

我認為，當我們開會討論歐盟委員會的種種事宜時，我們公司裡有個叫Elisa的人，我和Antonio還有所有人都會跟她談話，因為她能準確地告訴我們事情的來龍去脈。因為如果我們讀報紙或其他什麼書，我們並不能正確地理解它。

As of now, now there is no change for us. There is no change in terms of regulations for us, fact number one. Fact number two, we did not change anything on our plans. So we stick to the plan that we have been showing with you.

目前，對我們來說沒有任何變化。第一，就我們的規章制度而言，沒有任何變化。事實二：我們的計劃沒有任何改變。所以我們會堅持之前向你們展示的計劃。

For the FX, Antonio will.

至於FX，安東尼奧會。

Based on the assumptions I outlined before, meaning with the US dollar at 1.20 against the Euro, and with the current spot rate for the Japanese yen, we are assuming, as of now, considering the hedges that we have in place that we have built over the last 12 months on a rolling basis, to have a headwind of about EUR200 million that is already in the numbers we have been given to you.

根據我先前概述的假設，即美元兌歐元匯率為 1.20，以及日圓目前的即期匯率，考慮到我們在過去 12 個月中滾動建立的對沖措施，我們目前假設存在約 2 億歐元的逆風，這已經包含在我們提供給你們的數字中。

And do you consider pricing that? Because you don't do that in general?

你會考慮定價嗎？因為你通常不會那樣做？

That is a flexibility that we have contractually, we haven't assumed to use it in the numbers we gave you.

這是我們在合約中賦予的靈活性，我們並沒有假設會在我們給你的數字中使用這種靈活性。

Thomas Besson, Kepler Cheuvreux.

Thomas Besson，開普勒舍夫勒。

Thank you very much. I have two questions as well, please. The first one, coming back to your Q4 average selling prices that were high. I understand you don't want to give the exact number of F80. Can you help us maybe with the share of XX products or the 12Cilindri that were there explaining the strength of ASP? Given that I also know that your hybrid share was, I think, the lowest in two or three years in Q4. And typically, they tend to have higher prices than the average car.

非常感謝。我還有兩個問題，請問。首先，回到你們第四季平均售價偏高的問題。我知道你不想透露F80的確切數量。您能否幫我們分析一下 XX 產品或 12Cilindri 的市場份額，並解釋一下 ASP 的優勢？鑑於我還了解到，你們的混合型汽車市佔率在第四季應該是兩三年來的最低水準。而且通常情況下，它們的價格往往比普通汽車更高。

That's the first question. And the second, could you please talk about the F1 related headwinds for 2026 because of both the new regulation and last year's ranking? Thank you so much.

這是第一個問題。第二個問題，您能否談談由於新規則和去年的排名，2026 年 F1 賽事面臨的不利因素？太感謝了。

Antonio, I think you can manage both.

安東尼奧，我覺得你可以兼顧兩者。

Absolutely. Q4 ASP, in terms of the impact of the XX and 12Cilindri, I just mentioned that these were higher compared to our expectations, and this has been managed in relation to the changeover. Honestly, I don't want to give you -- I don't want to go into the details of the percentage of the units that we sold. Not extraordinary though, just higher compared to what we had previously expected.

絕對地。第四季平均售價，就 XX 和 12Cilindri 的影響而言，我剛才提到過，這些都高於我們的預期，並且已經透過轉換解決了這個問題。說實話，我不想透露——我不想詳細說明我們售出的單元數量百分比。雖然不算特別出眾，但比我們之前預期的要高一些。

F1 headwind: we have put in the numbers the assumption that we know as of now based on current budget caps, both for chassis and power units. We usually expect to have a seasonality that is stronger in Q1 and Q4, but being the year completely new in terms of technical regulation, we retain a bit of flexibility in this respect. And this is the volatility I mentioned before with respect to the application of the financial regulations in 2026.

F1 逆風：我們根據目前的預算上限，對底盤和動力單元都做出了假設，並將這些假設納入了計算中。我們通常預期第一季和第四季的季節性會更強，但由於今年的技術法規完全是新的一年，我們在這方面保留了一些彈性。這就是我之前提到的，關於 2026 年金融法規實施的波動性。

Andrea Balloni, Mediobanca.

Andrea Balloni，Mediobanca。

Yes. A couple. The first one is about geographies. If my math is correct, deliveries to the US declined a little bit more materially in Q4. That was a measure put in place in order to address any potential decline in residual value, but now you've mentioned to be pretty solid. Or is something else about this market?

是的。一對夫婦。第一部分是關於地理的。如果我的計算沒錯，第四季對美國的交付量下降幅度更大一些。那是為了應對殘值可能下降而採取的措施，但你現在提到它相當穩固。或者說，這個市場還有其他問題？

And my second question is about sponsorships, which were quite supportive last year. What should we expect in 2026?

我的第二個問題是關於贊助商的，去年他們給了我們很大的支持。2026年我們該期待什麼？

I think these are two questions that Antonio can manage.

我認為安東尼奧可以應付這兩個問題。

Geographic mix, the Americas going down has nothing to do with the strength of the demand. It's just models change over, and you will see it further in 2026. The second one, sponsorships in 2026, we expect, as I mentioned before, to have a further support to revenues and EBIT growth.

從地域構成來看，美洲地區的下滑與需求的強弱無關。這只是車型換代而已，2026年你會看到更多。第二點，即 2026 年的贊助，正如我之前提到的，我們預計這將進一步促進收入和息稅前利潤的成長。

Martino De Ambroggi, Equita.

Martino De Ambroggi，Equita。

Thank you. Good afternoon, everybody. One question on the free cash flow. So clearly, I understand the CapEx slightly higher, I suppose, below EUR1 billion. But net working capital is expected to have a positive contribution for down payments also in '26 or not? Just to understand the strength of the free cash flow.

謝謝。大家下午好。關於自由現金流的一個問題。所以很明顯，我理解資本支出會略高一些，我想，應該低於10億歐元。但淨營運資本預計在 2026 年也會對首付款做出正面貢獻嗎？只是為了了解自由現金流的強度。

And the second is on the EBIT bridge because in '25, the block referring to other items was up 110. If you could elaborate on what is your expectation for '26 on this block? Although it is probably more difficult and a mix of different drivers?

第二個原因是 EBIT 橋，因為在 2025 年，其他項目相關的部分上漲了 110。您能否詳細說明一下您對2026年這個街區的預期？雖然這可能更困難，而且是由不同類型的司機駕駛的？

Thank you. Yes, on free cash flow. CapEx higher, you're right. Net working capital, we expect it to be more neutral compared to 2025 because this year, we had the very important impact of the advances collected on the F80.

謝謝。是的，就自由現金流而言。資本支出增加，你說得對。淨營運資本方面，我們預計與 2025 年相比將更加中性，因為今年我們受到了 F80 預付款收款的非常重要的影響。

On the EBIT bridge for 2025, I would expect this to be positive once again due to the support that I mentioned before from both the -- but mostly, I would say, from sponsorship and racing revenues generally speaking.

展望 2025 年的 EBIT，我預計這將再次為正，這得益於我之前提到的來自贊助和賽車收入的支持——但總的來說，我認為主要來自贊助和賽車收入的支持。

Okay. So net working capital, in any case, not negative. There is not a reversal of the trend?

好的。所以，無論如何，淨營運資本都不會是負數。這種趨勢沒有逆轉的跡象嗎？

There is a reversal, but we would expect other components to come to compensate.

雖然情況有所逆轉，但我們預期其他因素會起到補償作用。

Okay. And the very last Q1 and Q2, should we expect a flattish year-on-year performance? Or in any case --

好的。那麼，在最後一個季度（第一季和第二季），我們是否應該預期年比業績將基本持平？或者無論如何--

I am not going to go into that level of detail as of now. We'll see as we go.

目前我並不打算深入探討這些細節。我們走一步看一步吧。

We were thinking with Antonio to give a yearly update.

我們和安東尼奧商量過，每年做一次狀況報告。

Okay, so we stay with the second half better than first half. Okay, thank you.

好的，所以我們認為下半場比上半場好。好的，謝謝。

Tom Narayan, RBC.

Tom Narayan，RBC。

Tom Narayan, RBC. I wanted to drill down on the FX, if I could, the guidance for 2026 EBIT. I think you said EUR200 million impact. The Q4 bridge had a negative EUR25 million impact. I think the dollar saw its biggest depreciation in Q4 '25.

Tom Narayan，RBC。我想深入了解外匯市場，如果可以的話，還要了解 2026 年息稅前利潤的預期。我想你說過影響金額2億歐元。第四季橋樑工程造成了2500萬歐元的負面影響。我認為美元在2025年第四季經歷了最大幅度的貶值。

If I annualize that, I get EUR100 million. Yes, I know the yen is another factor, as is the reversal of those hedges. But it just seems like EUR200 million is really high, considering those. Maybe we could just drill down that a little bit to better understanding that?

如果按年計算，我將得到 1 億歐元。是的，我知道日圓匯率是另一個因素，對沖策略的逆轉也是如此。但考慮到這些因素，2億歐元似乎真的太高了。或許我們可以深入探討一下，以便更好地理解？

And then, I realize it's a floor, but how should we think about the long-term guidance you guys provided at the October Capital Markets Day. Is it, I mean, now more likely you feel you'll exceed that floor? You're calling for 7% EBIT growth for '26. Even with those FX headwinds, the Capital Markets Day called for a floor from EBIT growth of 6%.

然後，我意識到這是一個底部，但是我們應該如何看待你們在10月份資本市場日上提供的長期指導意見呢？我的意思是，現在你是不是更有可能覺得自己能超過那個最低標準了？你預測2026年息稅前利潤將成長7%。即使面臨外匯逆風，資本市場日仍預測息稅前獲利成長率將達到 6%。

Tom, I'll take the second one, and then for the FX, Antonio will be very precise. When we gave the visibility for 2030, we gave visibility after 60 months. If I go from October 9 until February 10, it's only four months. So if we change visibility because four months are gone after 60, in your shoes, I would be worried. So we stick to what we gave you on October 9, and we feel comfortable about the number that we shared with you at that time.

湯姆，我來做第二個，至於特效，安東尼奧會非常精準。當我們給出 2030 年的展望時，我們給出的展望時間是 60 個月後。如果從10月9日算起，到2月10日算起，只有四個月。所以，如果因為 60 歲之後過了四個月就改變可見度，那麼站在你的角度，我會感到擔憂。因此，我們堅持10月9日給出的答复，並且對當時與大家分享的數字感到滿意。

For FX, Antonio can comment about the EUR200 million impact.

對於外匯市場，安東尼奧可以就 2 億歐元的影響發表評論。

Hi Tom, when we speak about the foreign exchange impact on the EBIT, we always take into account the element of hedging that obviously, you cannot see, but that we built in terms of positions over time, so on a monthly basis and having in mind an horizon of 12 months. So when you look at Q4 2025, we have the positive impact coming from the hedges put in place basically between the end of 2024 and the beginning of 2025.

嗨，湯姆，當我們談到外匯對息稅前利潤的影響時，我們總是會考慮到對沖因素，這顯然是你看不到的，但我們隨著時間的推移，以月為單位，並考慮到 12 個月的期限，逐步建立起對沖頭寸。因此，展望 2025 年第四季度，我們可以看到，在 2024 年底至 2025 年初期間實施的對沖策略帶來了正面影響。

When we look at 2026, we do not have the benefit of hedges put in place at that rate. At the time it was 1.05 or in that region. Nowadays, during the course of this year, we've been starting building position from 1.15 on. So the impact is clearly much more negative. Hope this helps.

當我們展望 2026 年時，我們無法享受當時利率下已實施的對沖措施帶來的好處。當時是 1.05 左右。今年以來，我們已經開始從 1.15 開始建倉。因此，其影響顯然是負面的。希望這能幫到你。

Okay. So just to confirm, so that means -- does that mean that the hedging piece is a greater negative impact than just the FX rates?

好的。所以我想確認一下，這是否意味著──對沖因素的負面影響比單純的外匯匯率波動更大？

Compared to 2025? Yes, it does not offset the negative coming from the spot rate.

與 2025 年相比？是的，這並不能抵銷即期匯率帶來的負面影響。

Michael Tyndall from HSBC.

匯豐銀行的麥可‧廷德爾。

Yeah, thanks very much. Mike Tyndall from HSBC. Two questions, if I may. I guess the first, sort of touching on what Tom was talking about in terms of 2030. Antonio, when you think about from here to 2030, is 2026 the toughest year in the plan? You don't have the full allocation of F80, you've got lots of model changeovers.

是的，非常感謝。來自匯豐銀行的麥克·廷德爾。請問兩個問題。我想第一點，有點像湯姆談到的 2030 年的情況。安東尼奧，當你展望從現在到 2030 年時，2026 年是否是計畫中最艱難的一年？你們沒有全部的F80配額，而且有很多車型需要更換。

You've got F1 cost inflation, you've got FX. In your mind, is this the toughest year? Or are we looking at something -- are you seeing something later on that we're not seeing?

你既要面對F1賽事成本上漲，又要面對外匯波動。你覺得今年是最艱難的一年嗎？或者，我們是不是看到了什麼──你之後是不是看到了我們沒看到的東西？

And then the second question, I'm going to ask, but I suspect I'll get told I have to wait. Benedetto, have the repeaters already seen the Luce in its full glory? And if so, any indications on what their thoughts are, their indications? Because I'm guessing the way you operate, you've done it in fairly close communication with them. So fascinated to know what the die-hards are thinking about that product.

接下來我要問的第二個問題是，但我估計會被告知需要等待。貝內德托，那些復讀機已經見識過盧斯的全部輝煌了嗎？如果真是如此，能否從中看出他們的想法或暗示？因為我猜想，以你的行事方式，你與他們保持了相當密切的溝通。非常想知道鐵粉對這款產品的看法。

Thank you. I'd like to comment that the clients did not yet see the Ferrari Luce in full glory. They see only the internal glory, let's say, the interiors. To see the full glory, I think we have to wait May 25, as I said before. So the unveil process will be complete end of May.

謝謝。我想指出的是，客戶們還沒有真正見識法拉利 Luce 的全貌。他們看到的只是內部的輝煌，比如說，內部裝飾。正如我之前所說，我想我們得等到5月25日才能看到它的全部輝煌。因此，揭幕過程將於5月底完成。

What I can tell you is that the indications are very positive. The people who were, as I said, some people attending over there said “we are extremely happy because we are the only one to have all the motorizations”. And what I like is the “we”. They were talking about them being part of the community. They were not saying “you”.

我可以告訴你的是，種種跡象顯示情況非常樂觀。正如我所說，那邊的一些參加的人說「我們非常高興，因為我們是唯一擁有所有機動設備的人」。而我喜歡的是â插圖我們â插圖。他們當時在談論如何成為社區的一份子。他們並沒有說「你」。

For the price, clearly, we have a price in mind, but this will be shared in the unveil, process like we are doing for all the models since ever. The other question to complete what I told Tom before. You said in the first part of your sentence, you gave for granted that 2026 is the toughest year in the plan. And then you made us a question.

至於價格，我們顯然已經有了心中的價格，但我們會像以往所有車型一樣，在發布會上公佈具體價格。另一個問題是用來補充我之前告訴湯姆的事情。你在句子的前半部提到，你理所當然地認為 2026 年是這個計畫中最艱難的一年。然後你向我們拋出了一個問題。

I think that what we have been always saying, and Antonio was very clear also in his part in the presentation at Capital Markets Day that the business plan is stable and linear. So Mike, don't take this hypothesis that 2026 is the toughest year in the plan.

我認為我們一直以來所說的，也是安東尼奧在資本市場日演講中非常明確地表達的，那就是商業計劃是穩定且線性的。所以麥克，不要接受「2026 年是計畫中最艱難的一年」這種假設。

Got it.

知道了。

2026 is a year of growth. Remember this.

2026年是成長之年。記住這一點。

Anthony Dick, ODDO BHF.

Anthony Dick，ODDO BHF。

Yes. Hello. Thanks for taking the questions. The first one is a quick technical one on the Q4. You mentioned two tailwinds on the R&D side, the government grants and the lower F1 ranking. Could you please give us the magnitude of those two impacts? And do you still expect to receive a government grant in 2026 also?

是的。你好。謝謝您回答問題。第一個是關於第四季的簡短技術問題。你提到了研發方面的兩個有利因素：政府撥款和F1排名下降。請問這兩次衝擊的程度分別是多少？您是否仍預期在2026年也能獲得政府撥款？

My second question is on something else you mentioned that I hadn't heard before with the spare parts business. Could you just remind me actually what that represents for you and what is driving the increase on the spare parts and how relevant it is for your business? And the last one I would have is on the cost side. You also mentioned lower costs here. So just trying to kind of understand what are the drivers.

我的第二個問題是關於您提到的另一件事，我以前從未聽說過，是關於備件行業的。您能否提醒我一下，這對您來說意味著什麼？是什麼因素導致了備件價格的上漲？這對您的業務有多重要？最後一點是關於成本方面的。您也提到了這裡成本較低。所以，我只是想了解背後的驅動因素是什麼。

And maybe actually, just a quick last one on ASP. So I know you won't provide the F80 deliveries. But I was wondering if there was anything also else that drove the ASP increase in Q4 other than the SF90 XX and the 12Cilindri, maybe tariffs impact? Or also, if the F80 contribution offset or was larger than the Daytona SP3 contribution last year?

或許，最後再快速補充一點關於ASP的內容。所以我知道你們不會提供 F80 的交付服務。但我很好奇，除了SF90 XX和12Cilindri之外，是否還有其他因素推動了第四季ASP的上漲，例如關稅的影響？或者，F80 的貢獻是否抵消或大於去年 Daytona SP3 的貢獻？

Thank you, Anthony. I'll take the second one for the spare part. And the answer when you say what drives the increase of this part is because the people -- we have more and more people that are enjoying the cars, that when you use more of the car, clearly, you need more spare parts. So this is the reason why we have an increase in spare parts.

謝謝你，安東尼。第二個我留著當備用零件。至於是什麼推動了這一部分需求的成長，答案是：越來越多的人開始享受汽車帶來的樂趣，而汽車使用越頻繁，顯然需要更多的備用零件。這就是我們備件數量增加的原因。

There was also a price increase last year. But there was also a clear trend of our clients to use more the cars. For the other three questions, Antonio will be very specific.

去年價格也有漲。但我們的客戶也明顯傾向於更多地使用汽車。對於其他三個問題，安東尼奧會給出非常具體的答案。

Yes. With respect to Q4, the R&D tailwind that you mentioned. This is a grant that is related to the development contract that we announced back in 2022, I guess. So yes, there will be other grants expected in future years. R&D and ranking all together accounted for a bit more than half of the positive change compared to our latest guidance.

是的。關於您提到的第四季研發順風。我想，這項撥款與我們在 2022 年宣布的開發合約有關。是的，未來幾年預計還會有其他撥款。研發投入和排名加起來占到我們最新預期正面變化的一半多一點。

Lower costs in 2025, I mentioned compared to our expectations, okay? So it all ended up being better in terms of industrial costs and even slightly in terms of SG&A. As far as Q4, once again, with respect to Q4, yes, tariffs obviously compared to Q3 were slightly more benign because most of them were based on the 15% rate that was applicable after August 1. I think we have flagged all insights with this question.

我之前提到過，與我們的預期相比，2025 年的成本會更低，懂嗎？因此，就工業成本而言，最終一切都變得更好了，就銷售、一般及行政費用而言，甚至略有改善。至於第四季度，再次強調，就第四季度而言，是的，與第三季度相比，關稅顯然略微寬鬆一些，因為其中大部分是基於 8 月 1 日之後適用的 15% 的稅率。我認為這個問題已經包含了所有值得探討的見解。

Thank you. Maybe just on the spare parts one. Could you give us a sense of what it represents as a part of the current spare parts business?

謝謝。或許只是備用零件那一個。您能否介紹一下它在當前備件業務中扮演的角色？

It's a good try, Anthony, but we don't share this detail. What I can tell you is that really, the people are enjoying more and more, the Ferrari. The product portfolio is going in that direction to let them enjoy more and more. And thus, they have to buy more spare parts. I would stick to this, really.

安東尼，你的想法不錯，但我們不會透露這個細節。我可以告訴你的是，人們確實越來越喜歡法拉利了。產品組合正朝著這個方向發展，讓他們享受越來越多的產品。因此，他們不得不購買更多備件。我真的會堅持這樣做。

Christian Frenes, Goldman Sachs.

克里斯蒂安·弗雷內斯，高盛。

Yeah. Hi, everyone. Thanks for taking my questions. Most of my questions have been asked, but two more from my side. Your R&D capitalization ratio was a bit lower than I anticipated. Can you comment a little bit about what we should anticipate going forward for R&D capitalization? Is this the new run rate? Or should we think about longer-term mean reversion there?

是的。大家好。謝謝您回答我的問題。我的大部分問題都已經被問過了，但我還有兩個問題。你的研發資本化率比我預期的低。您能否就未來研發資本化方面我們應該預期的情況稍作評論？這是新的運作率嗎？或者我們應該考慮更長期的均值回歸嗎？

And my second question, just going back to residual values. Can you just comment outside of the UK? Just if I understood you correctly, you have not taken any additional actions, right, in terms of addressing softening residual values. Is that the correct understanding? Thank you.

我的第二個問題，還是回到殘差值的問題。能否在英國境外發表評論？如果我理解正確的話，您還沒有採取任何額外的措施來解決殘值下降的問題，對嗎？我的理解正確嗎？謝謝。

The second one, what we said and what also in the past, and what I said a few minutes ago is that in UK, the residual value is stabilizing also because we reduced the number of cars we gave in that part of the world. And this is the action basically that was put in place. There is nothing new on this front. For the capitalization ratio, Antonio?

第二點，正如我們過去所說，以及我幾分鐘前所說，在英國，殘值趨於穩定，也是因為我們減少了在世界那個地區提供的汽車數量。這就是基本上採取的行動。這方面沒有什麼新進展。關於資本化率，安東尼奧？

Yes, it actually depends on --

是的，這實際上取決於--

Sorry, the question was for outside of the UK, not for the UK.

抱歉，這個問題是針對英國以外的地區，而不是英國本土。

No, no. The action was specific to UK. There is nothing ongoing for the rest of the world, sorry.

不，不。該行動僅針對英國。抱歉，世界其他地區目前沒有任何正在進行的事情。

With respect to the capitalization ratio, this very much depends on the overall capital expenditure by year and the development of the expenses for innovation that, as you know, are mostly related to significantly related to our racing activity. So it very much depends on that moving part, that in turn depends on the financial regulations from the FIA. I would bet on a relatively stabilization of the ratio going forward.

至於資本化率，這很大程度上取決於每年的總資本支出和創新支出的發展情況，而您也知道，這些支出大多與我們的賽車活動密切相關。所以這很大程度取決於這個動態因素，而這個動態因素又取決於國際汽聯的財務規定。我預計未來這一比例會相對穩定。

Henning Cosman, Barclays.

亨寧·科斯曼，巴克萊銀行。

Thank you for taking my question. Congrats on the results. I was hoping to come back to the shape of the plan through to 2030 again. I'm just conscious that you're guiding about 29.5. Now, the guide for 2030 is above 30. I'm just wondering what you're seeing in the back half of the plan because if the top line growth keeps on coming through, I suppose, already through the operating leverage, we would expect to be above. So I think you're now seeing 20% personalization in '26. I think you might have expected that to decline a little bit sooner? Is it mostly that and the high sensitivity to personalization because you still think that's going to go down closer to 19 or something like that later on in the plan? Or anything at all because I think most of us are sort of wondering are you now on a steeper trajectory and will you perhaps decline in the latter half of the plan? Is that at all conceivable. If we could just discuss that in as much color as you can.

感謝您回答我的問題。恭喜取得好成績。我原本希望能夠恢復到 2030 年的計畫架構。我注意到你們的指導值大約是 29.5。而 2030 年的指導值則超過了 30。我只是想知道你對計劃後半部分的看法，因為如果營收成長持續下去，我想，透過營運槓桿，我們預計會高於預期。所以我認為，2026 年的個人化程度已經達到了 20%。我想你可能預料到它會更早下降一些吧？主要是因為這個原因，以及對個人化的高度敏感，因為你仍然認為在計劃後期，這個數字會下降到接近 19 歲或類似的水平嗎？或者說，任何事，因為我認為我們大多數人都想知道，你現在的發展軌跡是否更加陡峭，你是否會在計劃的後半段出現下滑？這有可能嗎？如果我們能盡可能用色彩來討論這個問題就好了。

Thank you, Henning. Also, thanks for making the compliment to the team for what has been achieved, really appreciated. When it comes to the shape of the plan, I think I understand what you are saying and also other colleague of yours has been asking us before. But I believe it's important that a company is consistent and it delivers results with focus and discipline.

謝謝你，亨寧。另外，感謝您對團隊所取得成就的讚揚，非常感謝。關於計劃的具體形式，我想我明白你的意思，你的其他同事之前也問過我們這個問題。但我認為，一家公司保持穩定，並以專注和自律的態度取得成果，這一點非常重要。

As I said before to the colleagues, if after four months, we change the targets that we set for 60 months -- and I agree with you, we gave a threshold -- well, I think that we wouldn't be consistent. I think that what we have shared with you is what we believe is a threshold that we can deliver to you with confidence. We have been making some assumptions and I don't think it's time now after only four months to change something that will happen in 50, 60 months. I think that starting from myself, Antonio and all the company, we wouldn't be credible after a spike in a quarter, and then you change the view.

正如我之前對同事所說，如果四個月後，我們改變之前設定的 60 個月的目標——我同意你的看法，我們設定了一個門檻——那麼我認為我們就無法保持一致性。我認為我們已經與您分享的內容，是我們相信能夠自信地交付給您的最低標準。我們做了一些假設，我認為現在才過了四個月，就去改變50、60個月後才會發生的事情，還為時過早。我認為，從我、安東尼奧以及整個公司來看，如果一個季度業績出現飆升，我們就不會再有信譽可言，然後人們就會改變看法。

So we thank you for the compliment, we thank you for the, if you want, the way I see increased confidence in us. But let us work with focus and discipline. And then if and when we have to change, for sure, it is not after a few quarters, okay? But let us work on this direction, Henning, and we stick to the plan we shared with you.

所以，我們感謝您的讚揚，也感謝您讓我們看到了自信心的提升。但讓我們集中精力，嚴於律己地工作。如果將來我們必須做出改變，那肯定不會是在幾個季度之後，好嗎？但是，亨寧，讓我們朝著這個方向努力，並堅持我們之前和你分享的計劃。

Thank you, Benedetto, I appreciate that. And can I ask one more on the Luce?

謝謝你，貝內德托，我很感激。我可以再問一個關於 Luce 的問題嗎？

Yes.

是的。

I think I read an interview with your Director of Marketing. And I believe the wording was something like you'll be quite selective and you only give it to people who appreciate it. And I believe what I read into that is that you're going to be quite sort of restrictive with the number of unit sales.

我好像有讀過你們市場總監的訪問。我記得措詞大概是這樣的：你會非常挑剔，只會把它送給懂得欣賞的人。我相信我從中解讀出的意思是，你們會對銷售量進行相當嚴格的限制。

I think we all still remember that you deliberately or explicitly said it's not going to be a Special, but I was wondering if we could perhaps talk a bit about again, if it could be a range model that with quite low unit sales, considering what your colleague said in this interview?

我想我們都還記得你曾明確表示它不會是一款特別版車型，但考慮到你同事在這次採訪中所說的話，我想問問我們是否可以再討論一下，它是否有可能是一款銷量相當低的系列車型？

I think that, okay, Ferrari Luce is the car that we unveiled the second step last week. What I can tell you, I can guarantee you is that we will not sell this car to people that do not want the car. I mean, if the people, the clients, existing and new, mostly existing, have to buy this car because they love the car, because they desire the car. Because this is a car, Ferrari Luce, that is also electric. It's not an electric car.

我認為，好吧，法拉利 Luce 就是我們上週發布的第二款車型。我可以向你保證，我們絕對不會把這輛車賣給不想要這輛車的人。我的意思是，如果人們，客戶，包括現有客戶和新客戶，主要是現有客戶，必須購買這輛車，因為他們喜歡這輛車，因為他們想要這輛車。因為這是一輛法拉利 Luce，它同時也是一款電動車。它不是電動車。

You know what I mean? So if the people, if the client like, love the car and want to buy it, they buy. We will never force our client that to have, let's say, 849 Testarossa or whatever is going to be called the next car, they have to buy an electric car. This has been said loud and clear already to many clients. It has been shared also with the Board of the company, this approach.

你知道我的意思？所以如果人們，如果客戶喜歡這輛車，並且想買它，他們就會買。我們絕對不會強迫我們的客戶，如果想要擁有，比如說，849 Testarossa 或下一款車叫什麼名字，就必須購買電動車。這一點我們已經向很多客戶明確表達過了。這項方案也已提交給公司董事會。

And it is said also, I said personally, like also the Chief of Marketing to several dealers in these days, the colleague are having different meetings in Japan, in US, in China. And the message, one of the key messages is this: you do not have to force clients to buy something that they don't like. This would be the biggest mistake, and I think we have to learn from what we do wrong and what the market is doing wrong, okay? So that's what I can say, Henning.

據說，我也曾親自告訴幾位經銷商，最近幾位行銷主管也表示，他的同事們正在日本、美國和中國參加各種會議。其中一個關鍵訊息是：你不必強迫客戶購買他們不喜歡的東西。這將是最大的錯誤，我認為我們必須從我們做錯的事情以及市場做錯的事情中吸取教訓，好嗎？這就是我能說的，亨寧。

Yes. Thank you. And sorry, just maybe a very short follow-up. So if you were to discover in the course of the plan that people want combustion engine vehicles a lot more than hybrids or electric vehicles, would you rather sell fewer but stick to the 40-40-20? Or I suppose, Horst has asked in a way, but I'm trying again. Would you be able to change the 40-40-20? Or would you still go through with that just sell fewer of them only to the ones who really want it?

是的。謝謝。抱歉，可能只有一條非常簡短的後續訊息。所以，如果在計劃實施過程中發現人們更想要燃油車而不是混合動力車或電動車，你會寧願少賣一些燃油車，但堅持 40-40-20 的比例嗎？或者說，霍斯特已經以某種方式問過了，但我再試一次。您能把 40-40-20 的比例改成別的嗎？還是你還是會繼續這樣做，只是減少銷量，只賣給真正想要的人？

Thank you for this question. Maybe what I said at the Capital Markets Day, there was a question also about this, and maybe I was not clear. What I said is that today, the visibility we have is 20-40-40. This is the split in terms of product offering. If something will happen, I think we are a company that has the big benefit to have a small, agile and nimble, call as you want. And then we may review in '28, maybe, we see.

謝謝你的提問。也許我在資本市場日上說的話，也有人問過這個問題，也許我沒有說清楚。我剛才說的是，今天我們的能見度是 20-40-40。這是產品供應方面的劃分。如果有任何事情發生，我認為我們公司最大的優勢在於規模小、靈活敏捷，可以隨時依照需求調整。然後我們可能會在 2028 年進行回顧，也許吧，我們拭目以待。

I think that one important point, and I appreciate you underlining it that our offering split will be 20-40-40. So I think that when the situation is changing, when the things are uncertain, I think the company has been always showing in the past that we are nimble, and we are adapting to what is coming. At the end of the story, at the center of what we do, there is only one thing, the client. That's it.

我認為這一點很重要，感謝您強調，我們的產品組合比例將是 20-40-40。所以我認為，當情勢變化、充滿不確定性時，公司過去展現出我們的靈活性，我們能夠適應未來。故事的結尾，我們工作的核心，只有一件事，就是客戶。就是這樣。

Nicolai Kempf, Deutsche Bank.

尼古拉‧肯普夫，德意志銀行。

It's Nicolai from Deutsche Bank. And also from my side, well done for a strong finish. First question would be also on revenues in Q4. And do you kind of share how many 499 Modificata you've been sold in the last quarter? Because I think there's also quite an impact on the ASP.

我是德意志銀行的尼古拉。我也要說，你們表現出色，完美收官。第一個問題是關於第四季的收入。你們能否透露一下上個季度賣出了多少輛 499 Modificata？因為我認為這對平均售價也有相當大的影響。

And then the second one, a bit more long term. We've seen a strong rise in revenues per unit. Also, you have stated that the residual values are under control and stable. So does it make sense to go long term a bit more for higher volumes, given that volumes have been down last year and probably flat this year?

然後是第二個，一個更長期的計劃。我們看到單位收入大幅增加。此外，您還提到殘差值處於控制之中且穩定。鑑於去年銷量下降，今年可能持平，那麼採取更長期的投資策略，追求更高的銷售是否合理？

No, sorry, I was laughing with Antonio because I was saying we take it as a positive appreciation and more confidence in us, and we want to thank you. I think that we need to make sure that we respect the client, as I told before, the client is the most important asset. And I think we need to make sure that the people, when they own a Ferrari, they feel exclusive and they own something that not so many other people can have it.

不，抱歉，我和安東尼奧笑了，因為我在說我們把這看作是一種正面的讚賞，也讓我們更有信心，我們想謝謝你們。我認為我們需要確保尊重客戶，正如我之前所說，客戶是最重要的資產。我認為我們需要確保人們在擁有法拉利時，會覺得自己是獨一無二的，擁有一些其他人無法擁有的東西。

So we don't disclose the number of the volume, neither at the Capital Markets Day, not today. I mean, we are a company that is looking at the business with the goal of having a marathon, not a sprint race. And number two, we want to look at the quality of the revenues, not at the volume. So Ferrari is not a volume business. We are a luxury company.

因此，我們不透露交易量數字，無論是在資本市場日，還是今天。我的意思是，我們是一家著眼於長遠發展而非短跑的公司。第二，我們要關注的是收入的質量，而不是數量。所以法拉利並非以銷售取勝的企業。我們是一家奢侈品公司。

We want to make sure that when the client owns something, a Ferrari, they are sure that not so many other people can have it. And the first one on revenues in Q4 and 499.

我們希望確保當客戶擁有某樣東西時，例如一輛法拉利，他們確信不會有很多其他人也能擁有它。第一個是關於第四季營收和 499。

Yes, the 499P Modificata, a few units in Q4, very much in line with the average of the previous quarters. Just have in mind for next year that will lower the number of 499P Modificata, in 2026, and this is in our numbers compared to 2025.

是的，499P Modificata 在第四季度只生產了幾台，與前幾季的平均值非常吻合。請注意，到 2026 年，499P Modificata 的數量將會減少，這是我們與 2025 年相比的數據。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Hey guys, thanks for all the detail here. Appreciate you taking our question. And congrats on nice fourth quarter for me. Personalization and Formula One, I think those are the two lines that you put in the description of the revenue drivers for 2026 that look a little different from how you were talking about 2026 over the past few months. In the pre-close call, I think you were assuming that personalization would start to move towards that 19% long-term number.

各位，謝謝你們提供的所有細節。感謝您回答我們的問題。恭喜你第四季表現出色。個人化和一級方程式賽車，我認為這是你對 2026 年收入驅動因素描述中​​的兩點，與你過去幾個月對 2026 年的描述略有不同。在收盤前的電話會議中，我認為您當時假設個人化服務將開始朝 19% 的長期目標邁進。

And then F1, I think, is now assumed to be higher. Can you maybe just a quick thought on what's changed in the last few months around your assumptions for those two? And then on the order book, Benedetto, I might be reading it wrong, but maybe the description of the length of the order book seems a little bit shorter.

然後，我認為現在人們普遍認為F1的等級更高。您能否簡單談談在過去幾個月裡，您對這兩個問題的假設發生了哪些變化？還有，貝內德托，關於訂單簿，我可能理解錯了，但訂單簿的長度描述似乎有點短。

And I don't know if that's right, but regardless of whether it is, I'm curious how you're operating it and if there's any changes because you're operating more efficiently or changes in customer preference or experience or just better, faster at personalization. I guess the bigger picture question is I'm thinking about how much capacity in your words, flexibility you added with the e-building.

我不知道這是否正確，但無論如何，我很好奇你們是如何運作的，以及是否因為營運效率提高、客戶偏好或體驗發生變化，或者僅僅是因為個性化做得更好、更快而有所改變。我想，更重要的問題是，正如你所說，你透過電子建築增加了多少容量和靈活性。

One message that we've heard from some of the dealers and clients is that some have been on the waitlist for a long time for some of the models like Purosangue. I wonder if perhaps there's some operational improvements that have helped speed some of those things up to look ahead to?

我們從一些經銷商和客戶那裡聽到的一個消息是，像 Purosangue 這樣的一些車型，有些人已經在等候名單上等了很長時間。我想知道是否有一些營運方面的改進加快了這些事情的進展，值得我們展望未來？

Thank you, Mike. I think that, as I said, the order book is strong and then it extends towards the end of 2027. That's what I said today. In the past, we also said that -- and you remember well, the e-building guarantees us some flexibility that allows us the possibility to offer more personalization. And you also remember or what I told that -- we don't want to be caught anymore by surprise as it was the case of the Purosangue at the beginning.

謝謝你，麥克。我認為，正如我所說，訂單量很大，而且一直持續到 2027 年底。這就是我今天說的話。過去我們也說過—您一定還記得—電子建築保證了我們一定的靈活性，使我們能夠提供更多個人化服務。你還記得我說過的話嗎？我們不想再像當初 Purosangue 那樣措手不及了。

You remember a couple of years ago, there was a strong demand of some personalization we were not ready for. So what we agreed is that to put this capacity in place so to accommodate swings in the personalization of demand that clearly, it's difficult to plan and to foresee.

你還記得幾年前，市場對個人化服務有很強的需求，但我們當時並沒有做好準備。因此，我們一致認為，要建立這種能力，以適應個人化需求的波動，而這種波動顯然很難計劃和預見。

So for sure, the e-building, as our increased capacity, as some of our suppliers, for some personalization that we believe can be more appealing. This is helping a lot, okay?

所以可以肯定的是，隨著我們產能的提高，以及一些供應商提供的個人化服務，我們認為電子建築會更具吸引力。這很有幫助，好嗎？

Ciao, Michael. And with respect to your first question in respect of the revenues from personalization and from racing, I think you are pointing to two areas where our visibility is shorter compared to what we have for cars and parts. Personalization, as we repeatedly mentioned, is usually finalized four to five months before delivery of the car.

你好，麥可。至於你提出的第一個問題，即個性化定制和賽車運動的收入，我認為你指出的兩個領域，與我們在汽車和零件方面的收入相比，我們的可見性較差。正如我們反覆提到的，個人化客製化通常在車輛交付前四到五個月最終確定。

So it's quite normal that we adjust as we see it. That's why if you compare, for example, the 20% we are giving you as a guidance, now with the 19% we may have mentioned previously, you maybe see a difference.

所以，我們根據所見所聞做出調整是很正常的。所以，如果你比較一下，像是我們現在給的 20% 作為指導，和我們之前可能提到的 19%，你可能會發現一些差異。

Similarly, even for the revenues from racing sponsorship particularly, it obviously depends also on the development of the contracts with our partners.

同樣，即使是賽車贊助收入，也顯然取決於與合作夥伴的合約進度。

And Antonio, just to follow that, given that you don't have a lot of visibility out very far in personalization, but you do assume that it will come down over the course of the plan to 19%. If your answer is just like have some conservatism in the guidance because it's far away, that's fine.

安東尼奧，接著剛才的話題，鑑於你對個人化的未來了解不多，但你確實認為在計畫實施過程中，這一比例會降至 19%。如果你的答案是“因為距離遙遠，所以指導方針要保守一些”，那也行。

Not just that, obviously the ratio depends also on the denominator. So, take that into account as well.

不僅如此，顯然該比率還取決於分母。所以，也要把這一點考慮進去。

Is there something in the baseline that just can't move higher, we have peak carbon fiber? Or is there any -- is there something that can't move higher that makes us think that?

基準線是否有無法提升的因素，例如碳纖維的極限？或者說，是否存在某種無法向上移動的東西，讓我們產生這種想法？

Nothing on the top line, meaning in terms of what we are actually working on personalization to enrich it and to be able to serve our clients better and with diversified products. However, even the cars base is different, and the level of personalization may depend on the mix of cars and on the size of the revenues.

目前還沒有任何實質進展，也就是說，我們正在努力實現個人化，以豐富產品和服務，更好地服務客戶，並提供多樣化的產品。然而，即使是汽車基礎也各不相同，個人化程度可能取決於汽車組合和收入規模。

I think it is also important to add one point. Also, on some personalizations. Clearly, we put some capacity in place. But for some personalized items, we don't want to go beyond the limit also because we have always in line in mind that this story of exclusivity, okay? There are some specific personalization items that, it is true, we increased in capacity, but there are some models that we don't want to personalize all with this. Otherwise, we'll be not any more personalized or special. Let's put it this way. Okay? So it's a choice. It's a deliberate choice.

我認為還有一點需要補充。此外，還有一些個人化設定。顯然，我們已經投入了一些產能。但對於某些個人化商品，我們也不想突破限制，因為我們始終牢記這種獨特性，好嗎？確實，我們增加了某些特定個人化項目的產能，但有些型號我們並不想全部採用這種個人化方式。否則，我們將不再具有個人化或特殊性。這麼說吧。好的？所以，這是一種選擇。這是經過深思熟慮的選擇。

Michael Filatov, Berenberg.

Michael Filatov，貝倫貝格。

I just wanted to double down on one of the questions asked earlier around some of the assumptions baked into the 2026 guidance around the Luce. Maybe you could speak more broadly about where you expect this to sit with relation to the range models in terms of volumes?

我只是想就之前提出的一個問題，即 2026 年 Luce 指南中一些假設所引發的問題，再補充一點。或許您可以更廣泛地談談您預計這款車型在銷量方面與現有車型相比會處於什麼位置？

And then a follow-up to that is, where do you see white space in terms of your geographic mix? Are there certain regions you feel like you have more room for growth? For example, as you reduce volumes to the UK, where do you see room to shift that volume as we go forward?

那麼，接下來的問題是，您認為在地理分佈方面還有哪些空白區域？您覺得在某些領域還有哪些方面有更大的發展空間？例如，隨著你們減少對英國的出口量，你們認為未來應該把這些出口量轉移到哪裡？

I think that I don't want to specify which model is it. I think that it's clear that will be a sport car. We said with four doors. In terms of geographic mix, we see interest from people of different regions. So we don't have a specific mix.

我覺得我最好還是不要具體說明是哪個型號。我認為很明顯，那將是一款跑車。我們說有四扇門。從地域組成來看，我們看到了來自不同地區的人們的興趣。所以我們沒有特定的配比。

Clearly, there will be some dealers where we will put more attention also because we have 200 dealers, and we don't want to push all these 200 dealers altogether. So we will go also there with focus, but there is interest from people, from clients of different geographies. And the car is done to address different geographies.

顯然，我們會對某些經銷商給予更多關注，因為我們有 200 家經銷商，我們不想同時推動這 200 家經銷商。所以我們也會專注在那裡，因為來自不同地區的客戶都對此很感興趣。這款車的設計旨在適應不同的地理環境。

Understood. And just in terms of where you think volumes could be for the Luce, where it sits in terms of the volume allocation within the range line up? I know you haven't disclosed what the exact segments will be, but anything in around assumptions to guide us?

明白了。那麼，就您認為 Luce 的銷量會達到什麼水平，以及它在整個產品線中的銷售分配情況如何？我知道你們還沒有透露具體的細分市場是什麼，但是能否提供一些大致的假設來指導我們呢？

This is why I think you can make up your own model. You know what? I think there was a similar question in Capital Markets Day and if you want to be a true high-performance sports car with a lot of high performance over a long time we said in the Capital Markets Day, the battery performance, whatever is the technology in this world at this time is not such to maintain those performances for a long time. So when we decided which kind of model, we want to do, we considered the limit of the current electric cell battery, and we stick to that.

這就是為什麼我認為你可以創建自己的模型。你知道嗎？我認為在資本市場日上也出現過類似的問題，如果你想打造一輛真正的高性能跑車，能夠在很長一段時間內保持高性能，我們在資本市場日上說過，電池的性能，無論目前世界上的技術如何，都無法長時間維持這種性能。所以，當我們決定要做哪種型號的電池時，我們考慮到了當前電動車電池的局限性，並且我們堅持這樣做。

I think this is one bit of information you can use also and we deliberately shared with you at the Capital Markets Day.

我認為這也是您可以利用的資訊之一，我們特意在資本市場日與您分享了這些資訊。

Sam Perry, BNP Paribas.

Sam Perry，法國巴黎銀行。

So you've given some guidance on mix of specials over 10% cumulative to 2030. Can you give any indication of where that could get to in 2026? And then a clarification question on slide 7, you show the models being phased out. Is that end of production or last sales? I guess I'm specifically talking here about the 296, which is coming from quite high volumes at the moment. Could you expect shipments to continue into maybe the start of '27? Or is that meaning last sales in '26?

所以，您已經就到 2030 年累計超過 10% 的特殊項目組合給了一些指導意見。您能否預測一下到 2026 年可能會達到什麼程度？然後在第 7 張投影片上提出了一個澄清問題，你展示了正在逐步淘汰的模型。這是停產還是最後銷售？我這裡特別指的是 296，它目前的產量相當高。預計出貨會持續到 2027 年初嗎？或者說，那是指2026年的最後一次銷售？

Hi, Sam. Phase out means phase out, meaning stop of deliveries. And with respect to guidance on mix, there is no specific difference compared to the average guidance for the planned period.

嗨，山姆。逐步淘汰就是逐步停止交付。至於產品組合方面的指導意見，與計畫期間的平均指導意見相比，並無具體差異。

Gianluca Bertuzzo, Intermonte.

吉安盧卡·貝爾圖佐，因蒙特。

Hello, Benedetto, Antonio and thank you for taking my question. I think I made the same question to you about the Purosangue, and you've been very kind for the answer. But when you think about the Ferrari Luce and exclusivity, where do you see it playing less than the Purosangue with 20%? Any thoughts are helpful. And the second one on geographical perspective. Should we expect some positive impact from India lowering the tariffs? Do you see this as an opportunity to improve there?

您好，Benedetto，Antonio，感謝您們回答我的問題。我想我之前也問過你關於 Purosangue 的問題，你的回答非常友善。但當你考慮到法拉利 Luce 的獨特性和稀有性時，你覺得它在哪裡的表現會比 Purosangue 低 20% 呢？任何想法都很有幫助。第二點是從地理角度來看的。印度降低關稅是否會帶來一些正面影響？你認為這是一個改進的機會嗎？

India is an opportunity. We want to focus more and more over there. Clearly, it will take some time. Clearly, the new economic deal between Europe and India is facilitating. But you know, to develop a market, it is not something that you go from one day to another.

印度是一個機會。我們想把更多精力放在那邊。顯然，這需要一些時間。顯然，歐洲和印度之間的新經濟協議正在發揮促進作用。但你知道，開拓市場不是一朝一夕就能完成的事。

In terms of Luce, I remember that you asked the same question for the story of Purosangue. But at that time also, I told you that it will be something that we will share at due time in the right way. One of the things when you do luxury products, and I think here, we are a luxury company, we have to manage properly information in a way that they are delivered at the right time. Just think about also Luce, the three-phase unveil process.

關於 Luce，我記得你也曾就 Purosangue 的故事問過同樣的問題。但當時我也告訴你，我們會在適當的時候以適當的方式分享這件事。做奢侈品，我認為我們是一家奢侈品公司，就必須妥善管理訊息，確保訊息在正確的時間傳遞出去。再想想 Luce，它的三階段揭幕過程。

I think this is important Gianluca, I'm sure you know, and I'm sure also that you tried your best to model, but I'm sure also you were expecting this kind of answers.

吉安盧卡，我認為這很重要，我相信你也知道，我也相信你已經盡力示範了，但我同樣相信你也預料到了這樣的答案。

There are no further questions for today, and I would like now to hand the conference over to Mr. Vigna for any closing remarks.

今天沒有其他問題了，現在我想把會議交給維尼亞先生，請他作總結發言。

So I would like really to appreciate all of you also for the time we spent. We spend more time, we want to spend more time together to take all of your questions, and also to thank dearly for following us. I think that what I would like you to remember is that the year '25 is a remarkable year. This is the objective that I would like to remember about this year. And this represents and underscores once again the strength of our business model. And with this, we continue to execute our business plan with discipline and confidence remaining true to our identity forward-looking and defined by our will to progress. And with this, I would like to wish all of you, good morning, good afternoon, and thanks again for your time, for your questions and for all your support. Grazie.

所以，我也想真誠地感謝大家抽空陪伴我們。我們想花更多時間，也希望花更多時間與大家在一起，回答你們所有的問題，並衷心感謝你們的關注。我想讓大家記住的是，2025年是個非凡的年份。這是我今年想要記住的目標。這再次體現並凸顯了我們商業模式的優勢。秉持著這樣的信念，我們將繼續以嚴謹的態度和十足的信心執行我們的商業計劃，始終保持前瞻性，並以不斷進取的決心為指引。在此，我謹向各位致以早安、午好的問候，並再次感謝各位抽出時間、提出問題以及給予我的所有支持。謝謝。

This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.

今天的電話會議到此結束。感謝您的參與。現在你們都可以斷開連結了。祝你今天過得愉快。