Ferrari N.V. (RACE) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Ferrari 2026 first quarter conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎收聽法拉利 2026 年第一季財報電話會議與網路直播。(接線員指示) 請注意，今天的會議將被錄音。

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

現在我想把會議交給今天的第一位講者，投資人關係主管 Nicoletta Russo。

Thank you, Nadia, and welcome to everyone who is joining us. Today, we plan to cover the Group's Q1 2026 operating results, and the duration of the call is expected to be around 45 minutes. Today's call will be hosted by the Group's CEO, Mr. Benedetto Vigna; and Group's CFO, Mr. Antonio Picca Piccon.

謝謝你，Nadia，也歡迎所有加入我們的朋友。今天我們將說明本集團 2026 年第一季的營運成果，本次電話會議預計約 45 分鐘。今天的會議將由本集團執行長 Benedetto Vigna 先生，以及本集團財務長 Antonio Picca Piccon 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.

所有相關資料皆可於法拉利公司網站的投資人專區取得；在簡報結束後，我們也將回答各位的提問。

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，提醒各位：我們在今天電話會議中可能提出的任何前瞻性陳述，均受今日簡報第 2 頁「安全港」聲明所述之風險與不確定性影響，本次電話會議亦以該等措辭為準。

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

話不多說，我想把電話會議交給 Benedetto。

Thank you, Nicoletta, and good morning, or afternoon to everyone listening to us today. Three are the key messages I would like to highlight in the current uncertain environment. One, we delivered strong and growing Q1 earnings, supported by mix. Two, our order book further extended. And three, we confirm our guidance for the years.

謝謝你，Nicoletta，也向今天收聽的各位道早安或午安。在目前不確定的環境中，我想強調三個關鍵訊息。第一，我們在第一季交出強勁且持續成長的獲利表現，並由產品組合所支撐。第二，我們的訂單能見度（order book）進一步延長。第三，我們確認維持全年指引不變。

How do we navigate the uncertainty of our present times? Well, we rely on three fundamental pillars of our behavioral model: a clear focus and strong discipline; second, a nimble and flexible approach; and third, a united and cohesive team with four wheels on the ground.

我們如何在當前的不確定性中前行？我們依靠行為模式的三大基本支柱：第一，明確聚焦與嚴謹紀律；第二，敏捷且具彈性的做法；第三，一個團結一致、四輪著地的團隊。

In volatile times, priorities can shift quickly with the risk of losing focus of what truly matters in the long-term. At Ferrari, we continue to execute according to our plans. Whether we are launching a new model, opening a new store, or competing on track, we keep four wheels on the ground and focus on what makes our brand stronger over the long-term.

在波動的時期，優先順序可能迅速改變，並有失去長期真正重要事項焦點的風險。在法拉利，我們仍依照既定計畫持續執行。無論是推出新車型、開設新門市，或是在賽道上競逐，我們都保持四輪著地，專注於長期強化品牌的要素。

Dealing with the current context requires a nimble and flexible approach. This has been particularly true in managing the Middle East situation. Since the beginning of tensions, our utmost priority has been the safety of our clients, dealers, partners, and employees.

面對當前情勢需要敏捷且具彈性的做法。在處理中東局勢時尤其如此。自緊張情勢開始以來，我們最優先的考量一直是客戶、經銷商、合作夥伴與員工的安全。

In the region, we have an office with 11 Ferrari colleagues, and we serve seven markets through seven dealers, which employ more than 200 people. We provided the full support and maintained strong relationships with our community. We kept the showrooms and workshops open, and we continued to organize test drives for all our eager clients.

在該地區，我們設有一個由 11 位法拉利同仁組成的辦公室，並透過 7 家經銷商服務 7 個市場；這些經銷商雇用超過 200 名員工。我們提供全力支援，並與我們的社群維持緊密關係。我們讓展示間與維修工坊持續營運，並持續為所有熱切的客戶安排試駕。

In the last two months, we did more than 500 test drives. Indeed, in the region, our deliveries have been flat year over year despite the conflict.

在過去兩個月，我們完成了超過 500 次試駕。事實上，儘管衝突持續，該地區的交車量仍與去年同期持平。

In light of temporary logistic challenges, thanks to the precious support of our dealers and logistic partners, we have identified alternative solutions to continue serving clients in the region while promptly delivering to other markets. This was possible, thanks to the visibility and flexibility granted by our business model, as well as our global presence and careful allocation strategy. A special grazie to all the people in the Ferrari ecosystem, not only Ferrari colleagues, who are supporting us daily.

鑑於暫時性的物流挑戰，在經銷商與物流合作夥伴的寶貴支持下，我們已找出替代方案，以持續服務該地區客戶，同時也能迅速交付至其他市場。這得以實現，仰賴我們商業模式所帶來的能見度與彈性，以及我們的全球佈局與審慎的配額分配策略。特別向法拉利生態系中的所有人致上「grazie」，不僅是法拉利同仁，還包括每天支持我們的每一位夥伴。

Our clients from all over the world have continued to attend our events and to show interest in our brand. This translates into a continued order intake that puts us in a very solid position with an order book that further extends towards the end of 2027.

來自世界各地的客戶持續參與我們的活動，並對品牌展現興趣。這反映在持續的接單表現，使我們處於非常穩健的位置，訂單能見度進一步延伸至 2027 年底。

We posted strong financial results in this quarter, with revenues and profitability both up year over year and in line with the trajectory of the 2026 guidance. Antonio will give you the full details in a moment, but let me highlight three key numbers.

本季我們繳出強勁的財務成果，營收與獲利能力皆較去年同期成長，並符合 2026 年指引的發展軌跡。Antonio 稍後會提供完整細節，但我先強調三個關鍵數字。

The revenues were close to EUR1.85 billion. EBITDA surpassed the EUR75 million. And industrial free cash flow was more than EUR650 million. None of this -- none of this -- would have been possible without a united and cohesive team. And this is the spirit with which we are approaching the final step of the reveal of the Ferrari Luce.

營收接近 18.5 億歐元。EBITDA 超過 7,500 萬歐元。工業自由現金流超過 6.5 億歐元。這一切——這一切——若沒有一個團結一致的團隊，是不可能達成的。而我們正以這樣的精神，迎接法拉利 Luce 發表揭曉的最後一步。

On May 25, a select group of Ferraristi and prospects will have the opportunity to experience the world premiere in Rome. It was exactly in Rome on May 25, 1947, when our first car, the 125S, won the first race with Franco Cortese, who said, “This car revs such much quicker than the four and six cylinders. It looks like it has an electric motor”.

5 月 25 日，一小群 Ferraristi 與潛在客戶將有機會在羅馬體驗全球首發。正是在 1947 年 5 月 25 日的羅馬，我們的第一部車 125S 在 Franco Cortese 駕駛下贏得首場比賽；他曾說：「這部車的轉速攀升比四缸與六缸快得多。看起來就像有一具電動馬達。」

Ferrari Luce is far more than a new model, and it's far more than electric. It's the perfect materialization of the purpose that motivates us at Ferrari every day to audaciously redefine the limits of possible, blending together tradition and innovation in a unique way. It is the convergence of so many incredible technologies and the passion of so many people.

Ferrari Luce 遠不只是一款新車型，也遠不只是電動化。它完美體現了每天驅動我們的法拉利使命：以大膽精神重新定義可能性的界限，並以獨特方式融合傳統與創新。它匯聚了眾多令人驚嘆的技術，以及無數人的熱情。

For the Ferrari Luce, we registered over 60 patents in many different areas, from electric engines to inverters, vehicle dynamics, and battery integration into the chassis, from steering wheel to OLED displays and simpler user interface, from car glass windows to wipers. There is not a single dimension of the car that has not been rethought by the team in an innovative way. Still a few weeks of patience, and then it will be visible to the entire world.

針對 Ferrari Luce，我們在多個不同領域申請並註冊了超過 60 項專利，涵蓋電動馬達、逆變器、車輛動態，以及電池與底盤的一體化整合；從方向盤到 OLED 顯示器與更簡化的使用者介面；從車窗玻璃到雨刷。車輛沒有任何一個面向不是由團隊以創新方式重新思考過的。再耐心等幾週，屆時它將向全世界揭曉。

But even the most innovative technology is meaningless without purpose. Ours is to create emotions. This is where we started when we first imagined the Ferrari Luce, and we believe that we succeeded, as we are fully aware that the clients will be the ultimate judges. There is much anticipation and curiosity from clients, both long-standing and prospects, and we are very eager to begin this new chapter at the end of this month.

但即便是最創新的技術，若沒有目的也毫無意義。我們的目的，是創造情感。這正是我們最初想像 Ferrari Luce 時的起點；我們相信我們已經做到了，同時也清楚客戶將是最終的評審。無論是長期客戶或潛在客戶，都充滿期待與好奇；我們也非常期待在本月底開啟這個新篇章。

This launch follows the unveil of the Amalfi Spider in March, which was the first of four launches we have committed to do for this year, in line with our strategic plan. The Amalfi Spider exemplifies the Ferrari sporting lifestyle in an open-top configuration. It's a seamless blend of performance, elegance, driving pleasure, ease of use, and versatility. Another model with a lot of innovation, because for us, innovation is key in everything we do. Innovation means also listening to our clients' preferences.

此次發表緊接著 3 月 Amalfi Spider 的亮相；這是我們依照策略計畫承諾在今年進行的四次發表中的第一個。Amalfi Spider 以敞篷形式展現法拉利的運動生活風格。它無縫融合性能、優雅、駕馭樂趣、易用性與多功能性。這也是一款充滿創新的車型，因為對我們而言，創新是我們所做一切的關鍵。創新也意味著傾聽客戶的偏好。

A perfect example is the reintroduction of the physical button on the steering wheel, a feature we are making available for all models. And talking about unique features, a few days ago, we presented the Handling Speciale package for the Purosangue. This exclusive personalization package will contain several vehicle dynamic enhancements and design elements for the Ferraristi who desire to further enhance its sporty nature.

一個完美例子是重新引入方向盤上的實體按鍵；這項功能我們將提供於所有車型。談到獨特配置，幾天前我們也為 Purosangue 發表了 Handling Speciale 套件。這款專屬個人化套件將包含多項車輛動態強化與設計元素，提供給希望進一步強化其運動特質的 Ferraristi。

But before turning to racing, I would also like to confirm that since last March, we are testing all our production cars on our recently built e-Vortex with clear advantages for our clients in terms of quality, for our test drivers and local community in terms of safety, and for the environment in terms of sustainability.

但在談到賽車之前，我也想確認，自去年三月以來，我們一直在近期建成的 e-Vortex 上對所有量產車進行測試，這在品質方面為客戶帶來明顯優勢，在安全方面為我們的測試車手與當地社區帶來明顯優勢，並在永續性方面為環境帶來明顯優勢。

And just remember that one year ago, the e-Vortex was only a beautiful project on a piece of paper. I mention it as a further demonstration of our agility and nimbleness stemming from our relatively small dimension and geographical co-location in one place.

也請記得，就在一年前，e-Vortex 還只是一張紙上的美好專案。我提到這點，是為了進一步證明我們的敏捷與靈活性，源自於相對精簡的規模，以及在同一地點的地理共址。

And now turning to racing, we have kicked off the 2026 seasons with podium finishes both in Formula 1, where we see the initial encouraging signs of our progress under the new regulations, and in the World Endurance Championship, which began in Imola, our home race.

接著談到賽車，我們已以登上頒獎台的成績揭開 2026 賽季序幕：在一級方程式方面，我們在新規則下的進展已出現令人鼓舞的初步跡象；在世界耐力錦標賽方面，賽季於我們的主場賽事——伊莫拉——開跑。

And talking about new beginnings, we recently unveiled the livery of Hypersail, a project in which innovation, performance, and design research come together to define a new frontier in ocean sailing.

談到新的開始，我們近期揭曉了 Hypersail 的塗裝；這是一個將創新、性能與設計研究匯聚一體的專案，旨在定義海洋帆船運動的新前沿。

In lifestyle, we are continuing to execute our strategy with consistency and sophistication. The opening of the new flagship store in London's Old Bond Street is a testament to this. When you enter the store in London, you enter the Ferrari world.

在生活風格（lifestyle）領域，我們持續以一致性與精緻度推進策略落地。倫敦 Old Bond Street 全新旗艦店的開幕正是明證。當你走進倫敦的店鋪，你就走進了法拉利的世界。

We continue to look ahead with the focus, discipline, and energy that are required in the current context and confidence in the long-term opportunities ahead of us while always keeping the four wheels on the ground.

我們將持續以前瞻視角前行，在當前環境下保持所需的專注、紀律與能量，並對長期機會充滿信心，同時始終腳踏實地。

And now, I hand over to Antonio to review the Q1 results before our session of Q&A. Thank you.

現在，我把時間交給 Antonio，在問答環節之前回顧第一季（Q1）業績。謝謝。

Grazie, Benedetto, and good morning or afternoon to everyone. On page 4, we show the highlights of the first quarter, which represent another strong start to the year.

謝謝你，Benedetto，各位早安或午安。在第 4 頁，我們展示第一季的重點，這代表今年再一次強勁開局。

All our business dimensions contributed positively with a sports car mix particularly robust and a visible contribution from both racing and lifestyle activities. We achieved these results in the current geopolitical and macroeconomic environment, also leveraging the flexibility and visibility of our business model, as Benedetto mentioned.

我們所有業務面向皆有正向貢獻，其中跑車產品組合尤其強勁，賽車與生活風格活動也帶來可見的貢獻。正如 Benedetto 所提，我們是在當前地緣政治與宏觀經濟環境下取得這些成果，同時也運用我們商業模式的彈性與可視性。

Let's look at the results in more detail. Page 5 presents the Q1 shipments breakdown and model changeover that we are executing as planned and in line with what we commented at the beginning of the year. The cadence of our deliveries throughout the year has been deliberately designed to ease the model changeover. This has resulted in Q1 deliveries being slightly lower than last year when, in contrast, they were particularly high.

讓我們更詳細地看看結果。第 5 頁呈現第一季出貨拆分，以及我們按計畫執行的車型切換，並與我們年初的說明一致。我們刻意設計全年交付節奏，以緩解車型切換。因此，第一季交付量略低於去年；相較之下，去年第一季交付量特別高。

In any case, total Q1 deliveries were not impacted by the outbreak of the geopolitical crisis in the Middle East as we leveraged our allocation flexibility. Indeed, we tackled the logistics challenges in the region acting on two different fronts. First, during the first weeks, we brought forward certain shipments to other regions. And second, we identified alternative logistics solutions, including the rerouting of sea freight and the use of air freight to keep on serving the region as we are currently doing. Thanks to such actions, our shipments for the quarter were in line with our plans.

無論如何，第一季總交付量未受中東地緣政治危機爆發影響，因為我們運用了配額分配的彈性。事實上，我們從兩個面向應對該地區的物流挑戰。第一，在最初幾週，我們將部分出貨提前轉往其他地區。第二，我們找到了替代物流方案，包括海運改道以及使用空運，以便持續服務該地區——目前我們也正如此執行。透過這些行動，我們本季出貨符合既定計畫。

In the quarter, deliveries of the 12Cilindri family, the Purosangue, and the SF90 XX family increased. The 296 family and the Roma Spider decreased in accordance with their lifecycles, and the F80 was in ramp-up phase as per our program. Finally, we commenced the first shipments of the 296 Speciale family, the Amalfi and the 849 Testarossa.

本季 12Cilindri 車系、Purosangue 與 SF90 XX 車系的交付量增加。296 車系與 Roma Spider 依其產品生命週期而下降，而 F80 依照我們的計畫處於爬坡增產階段。最後，我們也開始首批交付 296 Speciale 車系、Amalfi 以及 849 Testarossa。

On page 6, the net revenues bridge shows a 6% growth versus the prior year at constant currency and a 3% 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 sports car mix, including personalizations, and a robust country mix supported by Americas.

在第 6 頁，淨營收橋接顯示：以固定匯率計較去年成長 6%；若包含匯率逆風則成長 3%，主要與美元與日圓相關。汽車與零件營收的增加，來自更高端的跑車產品組合（包含客製化）以及強勁的地區組合，其中美洲地區提供支撐。

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

以固定匯率計，客製化約占汽車與零件總營收的 20%，其中對 SF90 XX 車系與 Purosangue 尤其重要，主要由碳纖維選配與特殊車漆的採用所帶動。

Sponsorship, commercial, and brand also increased, thanks to higher sponsorships and lifestyle activities, mainly driven by licences and a positive one-time effect on commercial revenues.

贊助、商業與品牌收入亦有所增加，受惠於更高的贊助與生活風格活動，主要由授權（licences）以及商業收入的一次性正面影響所帶動。

Other revenues were also positive and were driven by the rental of engines to other Formula 1 racing teams, according to the renewed agreement with Haas and the new one with Cadillac.

其他收入同樣表現正向，主要由向其他一級方程式車隊出租引擎所帶動，這符合與 Haas 續約以及與 Cadillac 新簽的協議。

Moving to page 7. The increase in EBIT was mostly driven by the very strong mix price variance, which included the already discussed personalizations and country mix, as well as a positive product mix, net of the higher US import tariffs introduced in Q2 '25.

接著看第 7 頁。EBIT 的增加主要由非常強勁的組合/價格差異所驅動，其中包含前述的客製化與地區組合，以及正向的產品組合；並已扣除 2025 年第二季引入的較高美國進口關稅影響。

In detail, the product mix was sustained by the ramp-up of the F80 and higher deliveries of the SF90 XX and 12Cilindri families, and lower deliveries of entry-level models, namely the 296 family, partially offset by the phase out of the Daytona SP3 and the SF90 Spider, as well as lower units of the 499P Modificata.

具體而言，產品組合受惠於 F80 的增產爬坡、SF90 XX 與 12Cilindri 車系交付增加，以及入門車型（即 296 車系）交付減少；部分被 Daytona SP3 與 SF90 Spider 的退場（phase out），以及 499P Modificata 較低交付量所抵銷。

Other was positive, mainly thanks to racing. Both were partly compensated by the planned lower volumes, higher D&A in line with the start of production of new models, and higher SG&A to reflect marketing activities organized in the quarter, including, among others, the second step of the Ferrari Luce reveal, the launch of Amalfi Spider, and the opening of the London flagship store for our lifestyle activities.

其他項目表現正向，主要歸功於賽車。上述因素部分被以下項目抵銷：按計畫較低的銷量、新車型開始生產所帶來的折舊與攤銷（D&A）增加，以及為反映本季舉辦的行銷活動而提高的銷售、一般及行政費用（SG&A），其中包括 Ferrari Luce 發表的第二階段、Amalfi Spider 上市，以及生活風格業務的倫敦旗艦店開幕等。

Percentage margins stood at remarkable levels, including the headwind from FX, with EBITDA margin at 39.1% and EBIT margin at 29.7%, and they were even stronger at constant currency.

百分比利潤率維持在顯著水準，即使包含匯率逆風：EBITDA 利潤率為 39.1%，EBIT 利潤率為 29.7%；若以固定匯率計則更為強勁。

As per page 8, our industrial free cash flow in the quarter was very strong and supported by the increase in profitability and a positive change in working capital, including a still positive net effect from advances. This was partially offset by capital expenditures, which were mainly focused on product and infrastructure development. In this respect, let me note that the construction of the new paint shop is progressing as planned. We have completed the external walls, and we have started to install the equipment.

如第 8 頁所示，我們本季工業自由現金流非常強勁，受惠於獲利能力提升以及營運資金的正向變動，其中包含預收款仍為正面的淨影響。這部分被資本支出所部分抵銷，資本支出主要聚焦於產品與基礎設施開發。在此我也補充，新塗裝車間的建設正按計畫推進。我們已完成外牆，並已開始安裝設備。

At the end of March, the company was in a net industrial cash position for approximately EUR390 million, also including the share repurchases which occurred in the quarter. As a reminder, the net financial position at the end of Q2 will also reflect the dividend distribution of approximately EUR640 million following the approval by the AGM and the ongoing new tranche of the share buyback.

截至三月底，公司工業淨現金部位約為 3.9 億歐元，亦包含本季進行的庫藏股回購。提醒一下，第二季末的淨財務部位也將反映在股東常會（AGM）核准後約 6.4 億歐元的股利發放，以及正在進行的新一輪庫藏股回購。

Turning to page 9. We confirm our guidance for the year, also reflecting the current visibility related to the Middle East situation. Being flexible is a key distinctive asset of our business, and it is exactly in these situations that we can leverage it. As such, compared to our initial estimates, we have adapted our planning for the year, resulting in a more evenly spread profitability between H1 and H2, following the stronger country mix determined in Q1.

接著看第 9 頁。我們確認全年財測指引，同時也反映目前對中東局勢的可視性。彈性是我們商業模式的關鍵差異化資產，而正是在這類情況下，我們能夠加以運用。因此，相較於最初估計，我們已調整今年規劃，使上半年（H1）與下半年（H2）的獲利分布更為均衡，這是因第一季更強的地區組合所致。

Today's strong results testify once again the uniqueness of our business model. Despite the ongoing challenges posed by the global scenario, we continue to look ahead with full confidence.

今天的強勁成果再次證明我們商業模式的獨特性。儘管全球局勢帶來的挑戰仍在持續，我們依然對未來保持十足信心。

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

感謝各位的關注，我把電話交給 Nicoletta。

Thank you, Antonio. Nadia, we're now ready to start the Q&A session. Over to you.

謝謝你，Antonio。Nadia，我們現在準備開始問答環節。交給你了。

(Operator Instructions) Ed Aubin, Morgan Stanley.

(接線員指示) Ed Aubin，摩根士丹利。

Yeah. Good afternoon, guys. Just one question for me. If I understood correctly, Benedetto, I think you said that the deliveries in the Middle East were flat year over year, which is quite an achievement. But when I look at deliveries in total in EMEA, I think they were down by 243 units. So I guess my question is, could you please provide a bit more color on the European markets in Q1 in terms of units? And then in Q2, what do you expect for Europe and I guess the Middle East? Middle East might be a bit difficult to predict, but just your sense. Thank you.

是的。各位下午好。我這邊只有一個問題。如果我理解正確的話，Benedetto，我想你說中東的交付量年比持平，這相當了不起。但我看 EMEA 的總交付量，我認為下滑了 243 輛。所以我的問題是，你能否就第一季歐洲市場的單位數（交付量）提供更多說明？另外第二季，你對歐洲以及我想還有中東的展望是什麼？中東可能比較難預測，但想聽聽你的看法。謝謝。

Thank you, Edouard. So the first one, yes, we have been able to keep the delivery flat year over year in the Middle East, and this is one that you can see easily outside. But there are also other important points that I would like to highlight. Number one, the number of test drives that the people were eager to do in the seven countries of the Middle East. As I said, the more than 500 test drives have been done and this testifies, once again, the strong attachment to our brand.

謝謝你，Edouard。第一點，是的，我們確實能讓中東交付量年比持平，這一點你在外部也很容易看到。但還有其他幾個重要重點我想強調。第一，在中東七個國家，人們非常踴躍進行試駕。如我所說，已完成超過 500 次試駕，這再次證明大家對我們品牌的強烈認同。

The other point is that if you go to see the order book, it has a good pace over there, and there is nothing strange, nothing abnormal on the cancellation. So the situation over there is pretty much under control. And I have to say that this is also because of the -- thanks to the support of our logistic partners that have been able to keep -- to deliver the cars to the client. So this is for the Middle East.

另一點是，如果你去看訂單簿，那邊的節奏良好，取消訂單也沒有任何奇怪或不正常的情況。所以那邊的情勢基本上在掌控之中。我必須說，這也要歸功於——也感謝我們物流合作夥伴的支持，他們能夠維持——把車交付給客戶。以上是關於中東。

For EMEA, well, I think that -- you may remember in the last call, Antonio said that we have different models in ramp-up phase. So there are different dynamics, a different kind of demand from different clients in different parts of the world. So there is nothing, let me say, that was not planned, if not the fact that we are ramping up a lot of new models, the ones that we launched last year.

至於 EMEA，我想——你可能記得在上次電話會議中，Antonio 提到我們有不同車型正處於產能爬坡階段。因此，不同地區、不同客戶的需求動態各不相同。所以可以說沒有什麼——沒有什麼是未在規劃之內的，除了我們正在為去年推出的多款新車型進行大幅爬坡。

So everything is proceeding as planned, and again, thanks to a lot of partners around us. So this is, for me, important to underline because we are keeping alive all the logistics over there. And this morning, I got a WhatsApp from a client that was extremely happy to have received a car for his birthday. So this makes us very proud. And also, they understand that we put the client at the center of what we do.

因此一切都按計畫推進，再次感謝周邊許多合作夥伴。對我而言，這點很重要要強調，因為我們在那邊維持所有物流運作不中斷。而且今天早上，我收到一位客戶的 WhatsApp，他非常開心在生日當天收到車。這讓我們非常自豪。同時，他們也理解我們把客戶放在我們所做一切的核心。

Okay, thank you. Benedetto Vigna: Thank you Edouard.

好的，謝謝。Benedetto Vigna：謝謝你，Edouard。

Michael Binetti, Evercore ISI.

Michael Binetti，Evercore ISI。

All right. Thanks, guys, for taking our questions here. Antonio, could you speak a little bit more about your last comment there that relative to where we were 90 days ago, the spread and profitability has moved more even for 1H versus 2H? Maybe what's moved a little bit there? Our understanding coming off the pre-close call that the adjustments you guys made to pull some of the units into the US to help in the quarter didn't come out of the second quarter, or hopefully out of 2H. Maybe just some understanding there of what the moving parts were.

好的。謝謝各位回答我們的問題。Antonio，你能否再多談一下你剛才最後的評論：相較於 90 天前，我們看到利差與獲利在上半年與下半年之間分布更平均了？可能是哪些因素有些變化？我們從預先收盤電話會議的理解是，你們為了支援本季而把部分車輛提前拉到美國的調整，並沒有從第二季、或希望也沒有從下半年挪走。能否請你說明一下其中的變動因素？

And then if you could confirm, is the second half still higher price mix than the first half for the year?

另外你能否確認，今年下半年在價格/產品組合上仍然高於上半年嗎？

And then I guess, backing up, Benedetto, on electrification, there's a new push in Formula 1 and with the FIA to go back to V8 engines with a very small electric and hybrid component by 2030. It's a bit of a 180 from the current engines that are 50-50. Some of the other manufacturers are on board at this point. I'm curious to get your view on how that influences your hybridization and electrification thoughts for the road cars at Ferrari longer term.

然後我想再往回問，Benedetto，關於電動化：F1 與 FIA 現在有新的推動方向，打算在 2030 年回到 V8 引擎，僅搭配非常小的電動與混合動力組件。這與目前引擎 50-50 的配置相比可說是 180 度轉向。目前一些其他製造商也支持。我想了解你怎麼看這件事，長期而言它會如何影響法拉利道路車在混合動力化與電動化方面的想法？

Mike, let's wait for Antonio, and then I'll come back to you.

Mike，我們先等 Antonio 回答，然後我再回覆你。

Michael, I just said that we expect now profitability to be a bit more evenly spread between H1 and H2. So we're talking about absolute value of EBIT or EBITDA, better.

Michael，我剛才只是說，我們現在預期獲利能力在上半年與下半年之間會分布得更平均一些。所以我們談的是 EBIT 或 EBITDA（更準確地說是 EBITDA）的絕對金額。

And with respect to the reasons why, is just that in order to adjust for the initial difficulties in delivering to the Middle East, we have been bringing forward to other regions some cars, so there has been an impact in terms of product mix and overall and country mix. And that obviously has an implication, we still see H2 slightly better in terms of mix compared to last year, but we'll see as we go. That's a bit more, bit better, the first half compared to what we said at the beginning.

至於原因，主要是為了因應最初在中東交付上的困難，我們把部分車輛提前調往其他地區，因此在產品組合、整體組合以及國別組合上產生了影響。這顯然會帶來一些影響；我們仍然認為下半年在組合方面會比去年略好一些，但我們會邊走邊看。相較於年初我們所說的，上半年會稍微——稍微好一些。

And obviously, on that, it is not just the redirection to other countries, but even the fact that these models were more personalized compared to others, so it's a mix of country and personalization that matters.

而且顯然，這不只是重新導向到其他國家，還包括這些車型相較於其他車型有更高程度的客製化，所以關鍵在於國別與客製化的組合。

And just to follow that before we go to the other question, Antonio, is 1Q still the low point on units for the year -- on the year-over-year decline?

在我們進入下一個問題前再追問一下，Antonio：第一季是否仍是今年在交付量上——就年比下滑而言——的低點？

No. I would not go into those details, Michael.

不是。Michael，我不會深入到那些細節。

Okay. And then Benedetto, on the electrification?

好的。那 Benedetto，關於電動化呢？

Look, I think that we believe in the three propulsion going ahead. We already knew about this discussion with FIA. I mean, this is not something that -- maybe you read now, but this is a discussion that is ongoing since a while.

你看，我認為我們相信未來會並行三種動力系統。我們也早就知道 FIA 的這個討論。我的意思是，這不是——也許你現在才看到，但這個討論已經持續一段時間了。

So in October, we don't change our view over the last October, okay? I think that there is a need for sure to review a little bit every five years like they do, the regulations in FIA, but there is no implication. There is no implication for the road cars and not at all for our strategy.

所以到了十月，我們不會改變相較於去年十月的看法，好嗎？我認為確實有需要像 FIA 那樣每五年檢視一次規則，但這沒有任何影響。這對道路車沒有影響，對我們的策略也完全沒有影響。

Okay. Thank you very much.

好的。非常感謝。

Benedetto Vigna: Thank you Michael.

Benedetto Vigna：謝謝你，Michael。

Monica Bosio, Intesa SanPaolo.

Monica Bosio，Intesa SanPaolo。

Yes, good afternoon. Thanks for taking my question. I will ask one at a time. The first one is on the supply chain. I was wondering whether the company has seen some supply chain shortages. And on the back of this, there is a mounting inflation. I was wondering if the company can give me an update on the industrial cost and also on the ForEx impact that was expected to be EUR200 million this year. And this is the first question, sorry.

是的，下午好。謝謝讓我提問。我會一次問一題。第一題是關於供應鏈。我想了解公司是否看到一些供應鏈短缺。在此背景下，通膨正在升溫。我想請公司更新一下工業成本的情況，以及今年原本預期約 2 億歐元的外匯（ForEx）影響。抱歉，這是第一個問題。

On the FX, Antonio will --

在外匯方面，Antonio 會--

We still see that level of headwind because of the FX, Monica.

Monica，我們仍然看到因外匯帶來的那個程度的逆風。

For the other thing, Monica, we don't have problems for the supply chain, and we don't see this inflationary force moving up. So that's where we are.

至於另一點，Monica，我們的供應鏈沒有問題，而且我們也沒有看到這股通膨力量在上升。所以目前就是這樣。

I would like to say also that this is important because we always take care, I would say, of the suppliers. And this is also one of the reasons why they are supporting us when things require strong cooperation and unity among all of us. I think that this is important. When we say we believe in shared prosperity, we mean it. We don't just say for the brand activism or whatever. We believe in it, and we act coherently with what we say.

我也想補充說，這點很重要，因為我們一向都會照顧供應商。這也是為什麼當事情需要我們所有人之間強力合作與團結時，他們會支持我們的原因之一。我認為這很重要。當我們說我們相信共享繁榮時，我們是認真的。我們不是只為了品牌倡議之類的而說說而已。我們相信它，並且以與我們所說一致的方式去行動。

Perfect. Thank you very much. And on the industrial side, on the order book evolution, I was wondering if there's a model which is mainly driving the order book increase.

很好。非常感謝。另外在工業端、在訂單簿的演變上，我想請教是否有某一款車型主要在推動訂單簿的增加。

And about the model changeover, the first quarter was impacted by a relatively low weight of entry models. I was wondering if there is a quarter that could be more impacted by the entry models, maybe the second quarter? Just some flavor. Thank you.

再關於車型切換，第一季受到入門車型占比較低的影響。我想請問是否有某一季可能會更受入門車型影響，也許是第二季？想聽聽一些看法。謝謝。

Antonio, you will --

Antonio，你會--

Well, maybe I comment on the fact that there are some models phasing out and others phasing in. So in terms of the lowest number of deliveries of new models, I would say that Q1 is certainly the one where we have the lowest impact, and then they are going to grow over the rest of the year.

嗯，也許我先評論一下，有些車型正在退場，另一些正在導入。因此就新車型交付量最低的影響而言，我會說第一季肯定是影響最小的一季，之後在今年剩餘時間會逐步增加。

I'm not sure about your first question. Were you asking about the Luce or --?

我不太確定你的第一個問題。你是在問 Luce 還是--？

No, about the order book evolution, if there is a model which is mainly driving the order intake and if you get additional clients, if I may add.

不是，是關於訂單簿的演變，是否有某一款車型主要在帶動接單；如果我可以再補充，也想問是否有新增客戶。

Actually all models are growing the order book as of now. There are some that are already sold out and others that are growing as we go, in terms of introduction of the model.

其實目前所有車型都在推升訂單簿。有些已經售罄，另一些則隨著車型導入而持續成長。

Maybe what we can add, Monica, is the colors about the -- we have a lot of new clients that are coming on the Ferrari Amalfi, and let me say out of this, there are some clients coming from some specific brands, but that's nothing more than this.

Monica，也許我們可以補充的是一些細節——在 Ferrari Amalfi 上，我們有很多新客戶加入；我想說的是，其中有些客戶來自某些特定品牌，但也就僅此而已。

No other pattern, if not what Antonio was telling, that we see a strong -- a very good reaction from all the models we unveiled last year.

沒有其他特別的模式；如 Antonio 所說，我們看到去年發表的所有車型都獲得強勁——非常好的反應。

Excellent. Thank you very much.

非常好。非常感謝。

Stephen Reitman, Bernstein.

Stephen Reitman，Bernstein。

Yes, good afternoon. Thank you very much, Benedetto and Antonio. I have two questions. First of all, just some clarification again on the comments about the H1, H2. Now, obviously, I know that you think very much more in long term and for the year as a whole, but obviously, the comment that was made that the year is going to be more balanced between H1 and H2 has caused quite a reaction on the share price. So just to get some clarification on this, are we suggesting that Q1 was certainly better than it had originally been anticipated? And we'll see what happens with Q2. But you're not necessarily suggesting that we were taking away growth from H2 and putting it into H1, considering that the cadence of the increase in ramp-up of F80, the launch of 849, and obviously these vehicles hitting the US market. So some clarification on that would be very helpful.

是的，下午好。非常感謝，Benedetto 和 Antonio。我有兩個問題。首先，想再釐清一下你們對上半年、下半年的評論。當然，我知道你們更著眼於長期以及全年整體，但你們提到今年上半年與下半年會更均衡，這顯然引發股價相當大的反應。所以想請你們再說明一下：是否表示第一季確實比原先預期更好？而第二季則再觀察？但你們並不是在暗示把原本下半年的成長挪到上半年，考量到 F80 的爬坡增速、849 的上市，以及這些車款進入美國市場的節奏。因此若能釐清會非常有幫助。

My second question is about Luce. We're always very much looking forward to seeing this vehicle. Can you talk about the people you've invited among your collectors to this event? Have any people actually refused to come along to this, are not interested in electric cars? Or is it that you're seeing interest right across the board among the collectors and other people you've invited to this event? Thank you very much.

第二個問題是關於 Luce。我們一直非常期待看到這款車。你能談談你們邀請哪些收藏家參加這個活動嗎？是否有人實際上拒絕參加、對電動車不感興趣？還是說你們看到收藏家以及其他受邀人士普遍都有興趣？非常感謝。

I'll take the second one, Stephen. And so the Ferrari Luce actually, we are overbooked. We have clients, new clients, and we have also some clients of Ferrari. We invited the new clients and existing clients. I'm telling you this is overbooked because just this morning, we found, we had a request for additional 100 people, but I mean, we are literally overbooked. I think that what the team did in explaining the cars through different episodes, the three episodes that you may see on the internet have been very teasing and explaining in detail what this car is doing.

Stephen，我來回答第二個問題。Ferrari Luce 的活動其實已經超額預訂。我們有新客戶，也有一些 Ferrari 的既有客戶。我們邀請了新客戶與既有客戶。我說超額預訂是因為今天早上我們又收到額外 100 人的申請，但我們真的已經是字面上的超額預訂。我認為團隊透過不同篇章來解說這款車——你們可能在網路上看到的三個篇章——非常吊人胃口，也很詳細地說明了這款車在做什麼。

So in Rome, we'll have a lot of people that are eager, looking forward. You cannot imagine how many messages we are getting if they can get something ahead of time. But we still need to wait two, three weeks, 20 days, and then the entire world will see what this car looks like.

所以在羅馬，我們會有很多人非常期待、引頸期盼。你無法想像我們收到多少訊息，問能不能提前看到一些內容。但我們仍需要再等兩、三週，大約 20 天，然後全世界就會看到這款車長什麼樣子。

With respect to your first question, Stephen, still within the guidance that we have given for the year, we just adapted our planning in terms of product mix and country mix allocations.

至於你的第一個問題，Stephen，我們仍在先前給出的全年指引範圍內；我們只是就產品組合與國家組合的配置，調整了我們的規劃。

So it's a matter of, I think I said, slightly in more balance between H1 and H2. If not, this is the meaning anyway. So that's simply the result of having favored Q1 in terms of country mix because of the adaptation that we had to take in respect of the initial weeks of the conflict in the Middle East. Hope that helps.

所以這是——我想我說的是——上半年與下半年之間會稍微更均衡。不然的話，意思也就是如此。這單純是因為我們在國家組合上偏向第一季，原因是我們必須因應中東衝突最初幾週的情勢而做出調整。希望這能解答你的問題。

But in general principle just the cadence of launches of these vehicles, like, for example, the 849 Testarossa, obviously has an impact in the second half of the year simply because of the normal delay it takes to get to the US market.

但一般而言，這些車款的上市節奏——例如 849 Testarossa——確實會對下半年造成影響，單純是因為進入美國市場通常需要一定的正常延遲時間。

Antonio Picca Piccon: Yes.

Antonio Picca Piccon：是的。

Thank you very much. Antonio Picca Piccon: Thank you.

非常感謝。Antonio Picca Piccon：謝謝。

Henning Cosman, Barclays.

Henning Cosman，Barclays。

Yeah. Hi. Good afternoon, team. Thanks for taking the question. Congratulations on what I think is a very strong result.

是。嗨。各位下午好。謝謝讓我提問。恭喜你們，我認為這是一份非常強勁的業績。

First question, perhaps on the underlying assumptions, you've already confirmed FX. Can I ask perhaps about order book? You said it's further extended. You still talk about end 2027. I believe you also said end 2027 at the full-year results stage three months ago. So perhaps you can just comment about, you know, is the further extension in line with your expectations? And can you perhaps talk a bit about the Amalfi Spider and Testarossa specifically?

第一個問題，可能是關於一些基本假設，你們已經確認了外匯。我能否問一下訂單簿？你們說訂單簿進一步延長。你們仍提到延伸到 2027 年底。我記得你們在三個月前的全年業績發布時也提到 2027 年底。所以也許你們可以評論一下：這次進一步延長是否符合你們的預期？另外能否特別談談 Amalfi Spider 和 Testarossa？

And also on personalization, it's again holding in very strong 20%. We had expected for it to perhaps come down a little bit, but it isn't. Perhaps you can comment a bit on the visibility. I think you have around three months. Is it still holding in nicely in the order book as far as you can see? That's the first question.

另外，關於個人化配置，仍然非常強勁地維持在 20% 的水準。我們原本預期它可能會稍微下降一些，但並沒有。也許你可以談談可見度。我想你們大概有三個月的能見度。就你所見，訂單簿裡是否仍然維持得很好？這是第一個問題。

And then secondly, perhaps you could, Antonio, just comment on that one-timer that you mentioned in the revenue bridge. If you could please quantify that and say what it was and if there was an impact in the EBIT bridge as well and how much or how large that might have been. Thank you very much, and looking forward to seeing you in Rome.

第二，Antonio，也許你可以就你在營收橋中提到的那個一次性項目做個說明。如果可以的話，請量化一下，說明那是什麼，以及在 EBIT 橋中是否也有影響、影響多少或規模多大。非常感謝，也期待在羅馬見到你。

Thank you, Henning. So I'll take the first one. The order book is holding very nicely. It further extended toward the end of '27. It has been extending. If I compare where we were and where we are, there is an additional extension. So it's drifting ahead. So that's good.

謝謝你，Henning。我先回答第一個。訂單簿維持得非常好。它在 27 年底附近又進一步延伸。一直在延伸。如果我比較我們之前的位置和現在的位置，確實又多延伸了一段。所以它在往前推移。所以這很好。

Coming back to your observation and question about Testarossa and Amalfi Spider and personalization, Testarossa and Amalfi Spider are proceeding as planned. The one that is a little bit more difficult to plan, but we see that many clients like to personalize more and more the cars. And this is a little bit more difficult to plan because usually, the client decides in the last quarter before, let me say, they are called to finalize everything when the car is entering the production cycle.

回到你對 Testarossa、Amalfi Spider 以及個人化配置的觀察與問題，Testarossa 和 Amalfi Spider 都按計畫推進。比較難規劃的是個人化配置，但我們看到很多客戶越來越喜歡把車做更多個人化。而這比較難規劃，因為通常客戶會在最後一季才決定——也就是在他們被通知來完成所有最終確認、車輛即將進入生產週期時。

So everything is planned, but the personalization is per se are not plannable because we want to leave, obviously, the freedom to the client to personalize. You may remember that what we do on the supply side is to make sure that we are able to accommodate some swing on the personalization of the client so that they can -- they have more freedom. So the customer, the client are at the center for all what we do.

所以一切都已規劃好，但個人化配置本身是不可規劃的，因為我們當然希望保留客戶進行個人化的自由。你可能記得，我們在供應端所做的是確保我們有能力因應客戶個人化需求的一些波動，讓他們——擁有更大的自由度。因此，客戶、車主是我們所有作為的核心。

The second is Antonio.

第二個問題交給 Antonio。

Yes. And the size is less than EUR10 million.

是的。規模小於 1,000 萬歐元。

Okay, great. Thank you. Would you allow me to squeeze one on US tariffs? I think last time, you were very quick to obviously update your commercial policy. We haven't talked about it today. There's that threat of an additional 10% to 25%. I don't know if it's too sensitive a subject or if you could comment at all what you would be waiting for to do something there or you don't expect it to materialize. Just maybe some color if you could.

好的，很好。謝謝。我可以再擠一個關於美國關稅的問題嗎？我記得上次你們很快就更新了商業政策。我們今天沒有談到這個。現在有額外 10% 到 25% 的威脅。我不知道這是不是太敏感，或你是否能評論一下，你們會在什麼情況下採取行動，或者你們不預期它會成真。如果可以的話，請給一點顏色。

Henning, in three words, we are ready. As soon as the things are defined, as soon as the timing is defined, we are ready. We were ready, let me say, one year ago, where we did not have the experience we have now. So, since usually we learn from the past, we are ready.

Henning，用三個字：我們準備好了。一旦事情被定義清楚、一旦時點被定義清楚，我們就準備好了。我們可以說，一年前我們就準備好了，當時還沒有現在這些經驗。所以，既然我們通常會從過去學習，我們已經準備好了。

So we are waiting for the final decision, and then we will proceed accordingly, keeping always the client at the center of what we do. That's fundamental. What we do today, and we'll do in the future.

所以我們在等待最終決定，然後我們會相應地推進，並始終把客戶放在我們所做一切的中心。這是根本。我們今天所做的，以及未來會做的。

Thank you. Benedetto Vigna: Thank you Henning.

謝謝。Benedetto Vigna：謝謝你，Henning。

Thomas Besson, Kepler Cheuvreux.

Thomas Besson，Kepler Cheuvreux。

Thank you very much. Good afternoon. Could you share with us if you already take orders for the Luce or you're waiting for the public unveiling in 20 days?

非常感謝。下午好。你們能否分享一下，是否已經開始接受 Luce 的訂單，還是要等 20 天後的公開亮相？

We wait for the 25th, Thomas, the 25th of May.

Thomas，我們等到 25 號，5 月 25 號。

Okay, so it hasn't been shown yet to some of your traditional top collectors for -- to give you the ability to say that it's already very well received at this time?

好的，所以目前還沒有先向你們一些傳統的頂級收藏家展示，讓你們能夠說它現在已經獲得非常好的反響？

We are preparing well. The people that need to know we are prepared, but the car will be officially launched the 25th of May. We will have two days, 25th and 26th, because otherwise, we are not able to accommodate all the people, so we are on for two days, during which we will show the detail of the car, and then we will start to take orders.

我們正在充分準備。需要知道的人都已經準備就緒，但這款車將在 5 月 25 號正式發表。我們會有兩天，25 號和 26 號，否則我們無法接待所有人，所以我們安排兩天，在這兩天我們會展示車輛的細節，然後我們就會開始接受訂單。

So in the next call, let’s say I make a promise. This is the last call where we will not reply in detail the question about Luce. I'm sorry, just 21 days more of patience, Thomas. Bear with us, and we'll be very clear next time.

所以在下一次電話會議上，姑且說我做個承諾。這將是最後一次我們不會詳細回答關於 Luce 的問題。抱歉，Thomas，再耐心等 21 天。請多包涵，下次我們會講得非常清楚。

Understood. Thank you very much.

了解。非常感謝。

In the meantime, look at the episodes. I think there is a lot of things you can get from there. The three episodes.

同時，去看看那些集數。我想你可以從那裡得到很多資訊。那三集。

Yeah, yeah. I've seen that. Thank you very much.

是，是。我看過了。非常感謝。

Grazie.

Grazie。

Horst Schneider, Bank of America.

Horst Schneider，美國銀行。

Yes, thank you. Good afternoon. Thanks for taking my questions. I have got two left. One relates a little bit to top line. When we think of the current strong increase of oil prices, and I'm aware that the Ferrari driver maybe does not care about oil price that much because you can just afford it, but nevertheless, has it changed in any sense maybe the mindset of your customers?

是的，謝謝。下午好。謝謝讓我提問。我還有兩個問題。第一個跟營收端有點關係。當我們想到目前油價大幅上漲——我知道法拉利車主可能不太在意油價，因為你負擔得起——但即便如此，這是否在任何意義上改變了你們客戶的心態？

So when you, for example, look at residual value trends, if you look at orders, if you look at initial reactions to the Luce, is there increased awareness now for this product or among customers? That would be number one.

例如你看殘值趨勢、看訂單、看對 Luce 的初步反應，現在對這個產品或在客戶之間是否有更高的意識？這是第一點。

And number two, I want to get back to this seasonality question. You have been clear on the EBIT split. I'm still wondering what that implies for the top line, because my understanding is still that product mix is up because you phase F80 and you phase also the Speciales with the 296. So that means ASP should go up in H2 versus H1. Does that imply then that the unit sales are lower in H2 than H1? Thank you.

第二點，我想回到季節性這個問題。你們對 EBIT 的分布已經說得很清楚。我仍然想知道這對營收端意味著什麼，因為我的理解仍然是產品組合會上升，因為你們會逐步導入 F80，也會逐步導入搭配 296 的 Speciale 車型。所以這表示下半年相較上半年 ASP 應該會上升。那是否意味著下半年的銷量（台數）會低於上半年？謝謝。

I'll take the first one, Horst. So I have been in the last quarter, let me say -- or March and April, let's say, I've been talking with clients from different regions in different parts of the world. We have talked a lot about the model, about their eagerness to get to the model as soon as possible, about Luce, obviously, because there is a lot of interest, but we never ever talked about oil price.

Horst，我先回答第一個。所以在上一季——或者說 3 月和 4 月——我和來自不同地區、世界各地不同地方的客戶都有交流。我們談了很多關於車型、他們希望盡快拿到車型的迫切程度，當然也談到 Luce，因為大家興趣很高，但我們從來沒有談過油價。

I think that the miles they use the car is very marginal, and, it never came out during any discussion. Let's say, we are talking about different kinds of products, different kinds of cars, and that's it. If you ask me about what they think about the new model, and then I can tell, but about the oil price, no.

我認為他們用車的里程其實非常有限，而且在任何討論中都從未被提及。比方說，我們在談的是不同種類的產品、不同種類的車，就這樣而已。如果你問我他們對新車型的看法，那我可以說，但關於油價，不會。

Okay, no that's clear. Thank you.

好的，這很清楚。謝謝。

Grazie. Antonio, that's yours, the second one --

Grazie。Antonio，輪到你了，第二個--

And with respect to the ASP, there is a slight difference with H2, very much in line with H1 on average.

至於ASP，與H2相比有些微差異，平均而言與H1非常一致。

You say deliveries?

你是說交付量？

You asked about the ASP, right? About deliveries?

你問的是ASP，對吧？關於交付量？

Yeah, ASP, yes. Okay, ASP unchanged, H2 versus H1. Okay. All right. That implies then that the F80 is not increasing a lot anymore from here, or we have now kind of hit the run rate already or?

對，ASP，是的。好的，ASP不變，H2對比H1。好的。好。那這是否意味著F80從現在起不會再大幅上升了，或者我們現在某種程度上已經達到既定的運行水準了，對嗎？

It all depends on the overall mix of the cars that we deliver.

這完全取決於我們交付車款的整體組合。

Okay. Okay. All right. Thank you.

好的。好的。好。謝謝。

Thank you.

謝謝。

Jose Asumendi, JPMorgan.

JPMorgan 的 Jose Asumendi。

Thank you very much. Jose from JPMorgan. Benedetto, Antonio, I’m looking forward to the Luce. And a couple of questions, please. The first one, just on a full-year basis, when you look at the headwinds from industrial costs, R&D, SG&A, and FX, are you on track to offset those headwinds with mix and price? It definitely does look like in Q1 you've managed to achieve that, but I'm just thinking on a full-year basis perspective, how do you think about this trend? And can you provide maybe a bit of a split on the impact of mix and pricing, if possible?

非常感謝。我是JPMorgan的Jose。Benedetto、Antonio，我很期待Luce。我有幾個問題。第一個，從全年角度來看，當你們觀察工業成本、研發、SG&A以及匯率帶來的逆風時，你們是否仍在按計畫透過產品組合與定價來抵消這些逆風？看起來在第一季你們確實做到了，但我想從全年角度來看，你們如何看待這個趨勢？如果可以的話，能否提供一下組合與定價影響的大致拆分？

And then second, just to come back to this -- to the phasing of 296 and F80, is the impact on deliveries likely going to be stronger in the second half versus the first half?

第二個，回到296和F80的節奏安排：對交付量的影響是否可能在下半年比上半年更強？

The impact on deliveries about what? The deliveries in the Middle East, what is - no?

交付量的影響是指什麼？中東的交付量，是——不是嗎？

The deliveries on 296 and F80, those of the phasing, that's likely to be stronger, the impact, in the second half versus the first half.

指296和F80的交付量，這種節奏安排帶來的影響，是否可能在下半年比上半年更強。

The 296 Speciale is going to grow over the course of the year, and the F80 should grow as it is going to global distribution.

296 Speciale會在全年過程中逐步增加，而F80也應該會隨著進入全球分銷而成長。

For the other question instead, Jose -- for the other question is as I said before in the previous question, we don't see any specific pressures on the supply side.

至於另一個問題，Jose——如我在前一個問題中所說，我們在供應端沒有看到任何特定壓力。

Got it. But the question was more that you do plan to offset the fixed costs with mix and pricing on a full-year basis in 2026?

了解。但我的問題更是：在2026全年層面，你們確實計畫用組合與定價來抵消固定成本嗎？

That's already baked in our guidance.

這已經納入我們的指引之中。

Sorry, that is embedded in the guidance. Is that the message?

抱歉，這已經包含在指引裡。這就是要傳達的訊息嗎？

Correct.

正確。

Yes. Got it. Thank you so much. Thank you.

是的。了解。非常感謝。謝謝。

Benedetto Vigna: Thank you.

Benedetto Vigna：謝謝。

Antonio Picca Piccon: You're welcome.

Antonio Picca Piccon：不客氣。

Anthony Dick, ODDO BHF.

ODDO BHF 的 Anthony Dick。

Yes. Good afternoon. Thanks for taking the questions. Just a couple remaining. First, just to come back on the Middle East a little bit. So thanks for the comments provided on the order book, the activity, and the logistics, but I'm just wondering, could you comment also on the showroom traffic that you've seen in Q1 and the order intake development and basically where that brings you in terms of order book length in the Middle East?

是的。下午好。謝謝讓我提問。還有兩個問題。第一個，想再回到中東一點。謝謝你們對訂單簿、活動情況與物流的評論，但我想請問，你們能否也談談第一季看到的展間來客量，以及接單的發展情況，基本上這讓你們在中東的訂單簿長度處於什麼水準？

And then I had a second question on the Handling Speciale version of the Purosangue that you've just unveiled. If you could just provide a bit of context into this upgrade or package that you're providing. The Purosangue is already about three years in its delivery cycle, if I'm not mistaken. Should we assume that this is also a kind of an upgrade to make it a bit more fresh and to extend maybe the lifecycle versus the usual four years that you have for your cars? Thank you.

第二個問題是關於你們剛發布的Purosangue Handling Speciale版本。如果可以，請提供一些關於這次升級或套件的背景。如果我沒記錯，Purosangue的交付週期已經大約三年了。我們是否應該假設，這也是一種讓產品更「新鮮」並可能延長產品生命週期的升級，超過你們車款通常的四年週期？謝謝。

Okay, the first one, Anthony, the order book, I have to say that in Middle East, let's say, the order book is very strong. And we keep collecting additional orders from clients. That’s a fact. And I told you also that we have a lot of people that want to try our car, and we had more than 500 test drives in the last 50 days.

好的，第一個問題，Anthony，關於訂單簿，我必須說在中東，訂單簿非常強勁。而且我們持續從客戶那裡收集到更多新增訂單。這是事實。我也告訴過你，我們有很多人想試駕我們的車，過去50天我們做了超過500次試駕。

The other point is that why, I mean, Purosangue Handling Speciale. I think that it's important. It is important for our company. It will be always important that we listen to our clients. And there was a request from our clients to have some kind of more sporty personalization. So Handling Speciale is a sportive personalization that we thought it would make sense for us to offer to our clients. That's it.

另一點是，為什麼是Purosangue Handling Speciale。我認為這很重要。這對我們公司很重要。我們始終重視傾聽客戶的聲音。客戶提出希望有更運動化的個人化選項。因此Handling Speciale是一種運動化的個人化配置，我們認為提供給客戶是合理的。就是這樣。

It's a way to show the clients, like we did also in the past for other things, to show the clients that we are listening to them and we put them at the center of what we do.

這是一種向客戶表達的方式，就像我們過去在其他事情上做過的一樣，讓客戶知道我們在傾聽他們，並把他們放在我們所做一切的核心。

Thank you very much.

非常感謝。

Thank you, Anthony. Yeah, analysts, thank you very much for all your questions today. I would now like to hand the conference over to our speaker, Benedetto Vigna, for any closing remarks.

謝謝你，Anthony。各位分析師，今天非常感謝大家的所有提問。我現在想把電話會議交回給我們的講者Benedetto Vigna，請他做結語。

Thank you, Nadia. Thank you for your time today and for all your questions. Looking forward to the reveal of the Ferrari Luce on May 25, so that next time, we'll take all the questions. I wish you a good morning, afternoon, and thank you again for your attention. Grazie.

謝謝你，Nadia。謝謝大家今天撥冗以及提出的所有問題。期待5月25日Ferrari Luce的揭幕，這樣下次我們就能回答所有問題。祝各位早安、午安，再次感謝各位的關注。Grazie。

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。感謝各位參與。各位現在可以掛線。祝您有美好的一天。