Ferrari N.V. (RACE) 2026 Q2 法說會逐字稿

welcome to everyone who is joining us. Today, we plan to cover the group's Q2 2026 operating results, and the duration of this call is expected to be around 45 minutes. The call will be hosted by the Group CEO, Mr. Benedetto Vigna, and Group CFO, Mr. Antonio Piccon. All relevant materials are available in the Investors section of the Ferrari corporate website.

歡迎所有加入我們的各位。今天，我們計畫說明本集團 2026 年第二季的營運結果，本次電話會議預計約 45 分鐘。本次會議將由集團執行長 Benedetto Vigna 先生與集團財務長 Antonio Piccon 先生主持。所有相關資料皆可於法拉利公司官網的投資人專區取得。

And at the end of the presentation, we will be available to answer your questions. 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 on page 2 of today's presentation, and the call will be governed by this language.

在簡報結束後，我們也將回答各位的提問。在開始之前，提醒各位：我們在今日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。

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

話不多說，我把電話交給 Benedetto。

Thank you. Thank you, Nicoletta, and thank you to everyone joining us. We are pleased to share with you the results of another important quarter for our company. The key message is clear. Ferrari continues to execute its plan with focus, discipline and consistency, keeping the client at the center and blending heritage and innovation in a distinctive way.

謝謝。謝謝你，Nicoletta，也謝謝所有加入我們的各位。我們很高興與各位分享公司又一個重要季度的成果。核心訊息很清楚。法拉利持續以專注、紀律與一致性執行其計畫，以客戶為中心，並以獨特方式融合傳承與創新。

In this call, we will address three key achievements I would like to sincerely thank all the stakeholders for. One, we delivered another strong set of results. Two, demand remains solid with an order book that covers the entire 2027, and three, we continue to evolve our product offering through a consistent commitment to innovation, an innovation process that starts from human emotions, not from technology push. We are a strong believer of emotion-driven innovation. But let's go step by step.

在本次電話會議中，我們將談到三項關鍵成就，我想在此由衷感謝所有利害關係人。第一，我們再次交出一組強勁的成績。第二，需求仍然穩健，訂單能見度已覆蓋整個 2027 年。第三，我們持續透過對創新的長期承諾來演進產品組合；我們的創新流程始於人類情感，而非技術推動。我們堅信以情感驅動的創新。

Let's start with our financial performance. In the quarter, we delivered revenues at EUR1.94 billion, EBITDA of EUR755 million and industrial free cash flow generation of EUR275 million. This performance was supported by strong mix and personalization's, which once again performed very well and allowed us to raise our full year guidance, and Antonio will provide you more detail shortly.

先從財務表現談起。本季我們實現營收 19.4 億歐元、EBITDA 7.55 億歐元，以及工業自由現金流 2.75 億歐元。此表現受惠於強勁的產品組合與客製化（personalization），後者再次表現非常出色，並使我們得以上調全年指引；Antonio 稍後將提供更多細節。

Moving to the second point, the order book. We continue to experience a healthy demand across all geographies with an order book that covers the entire '27. This gives us strong visibility and confidence. Across the portfolio, several models, including the 296 Speciale and the 12Cilindri families are already sold out for their production run, underscoring the strength of demand.

接著談第二點：訂單。我們在所有地區持續看到健康的需求，訂單能見度已覆蓋整個 2027 年。這讓我們具備高度可視性與信心。在產品組合中，多款車型（包括 296 Speciale 與 12Cilindri 車系）其整個生產週期已售罄，凸顯需求的強勁。

And now the third key achievement, our product offering. As anticipated at the beginning of the year and during the AGM a few months ago, 2026 is proving to be a key year for product innovation at Ferrari. With the presentation of Amalfi Spider, Purosangue Handling Speciale, Ferrari Luce and 12Cilindri Manuale, today, we have the most complete and diversified product offering ever. It includes combustion engine cars, natural aspirated and turbo, hybrid six and eight cylinder models and Ferrari Luce.

現在來到第三項關鍵成就：我們的產品陣容。如同我們在年初以及數月前股東常會（AGM）所預告，2026 年正逐步成為法拉利產品創新的關鍵一年。隨著 Amalfi Spider、Purosangue Handling Speciale、Ferrari Luce 與 12Cilindri Manuale 的發表，如今我們擁有史上最完整且最多元的產品陣容。其中包含內燃機車款（自然進氣與渦輪增壓）、六缸與八缸油電混合車型，以及 Ferrari Luce。

This makes our product offering unique. We are the only luxury company able to offer sports car able to deliver any kind of propulsion that the client is willing to experience. We can address different client desires from collectors, repeaters, new clients and future generation of Ferraris and expand our offering in terms of product architecture, performance, design and driving experience. From now onward, Ferrari is able to offer all the three powertrain technologies fully in line with our technology neutrality and horizontal product diversification strategy.

這使我們的產品陣容獨一無二。我們是唯一能提供跑車、並能滿足客戶願意體驗之各種動力形式的奢華品牌。我們能滿足不同客戶需求，涵蓋收藏家、回購客、新客戶與未來世代的法拉利車主，並在產品架構、性能、設計與駕馭體驗方面擴展我們的供給。自此之後，法拉利能夠提供三種動力系統技術，完全符合我們的技術中立與橫向產品多元化策略。

We committed. We committed to this path, and we have delivered consistently and allow me to be very proud of the team and all the partners in the world that help us to make it possible. In Q2, we unveiled our first electric Ferrari, Ferrari Luce. It represents a milestone in the history of the Prancing Horse, a true sports car and an addition, I repeat, an addition to our product portfolio. It is a statement of innovation and design, a car conceived to be forward-looking in every respect.

我們承諾。我們承諾走這條路，並且持續穩健交付成果；請允許我為團隊以及全球所有協助我們實現這一切的合作夥伴感到非常自豪。在第二季，我們揭示了首款純電法拉利——Ferrari Luce。這是躍馬歷史上的里程碑：一款真正的跑車，並且是對我們產品組合的補充——我再強調一次，是補充。它是創新與設計的宣言，這是一款在各方面都以前瞻視角打造的車。

It is a masterpiece of engineering and technology with more than 60 new patents, testifying to Ferrari's technical excellence across electric propulsion, vehicle dynamics and system integration. They are all combined with a distinctive design language and a human-centric way to interact with the car, including the traditional paddle-shift for torque-shift engagement and authentic sound of our four electric traction engines. Every choice we made served a single purpose to deliver a true Ferrari driving experience.

它是工程與科技的傑作，擁有超過 60 項新專利，證明法拉利在電動推進、車輛動態與系統整合方面的技術卓越。這些都與獨特的設計語彙，以及以人為本的車輛互動方式相結合，包括用於扭矩換檔（torque-shift）介入的傳統撥片換檔，以及我們四具電動牽引馬達的真實聲浪。我們所做的每一項選擇，都只有一個目的：提供真正的法拉利駕馭體驗。

The Ferrari Luce is a sports car in every sense with Ferrari performance, handling and emotion behind the wheel while being the most versatile model in our range, extending Ferrari ownership into different moments with its five seaters configuration two months after the world premiere in Rome, and we can share 3 clear points: one, we are very much satisfied with orders that are coming in, in line with our plans. Two, initial orders are currently coming from repeaters and new clients. Three, we are engaging those who are genuinely interested in Ferrari Luce according to our commercial and marketing plan.

Ferrari Luce 在各方面都是一款跑車：具備法拉利的性能、操控與駕馭情感；同時它也是我們產品線中最具多用途的車型，透過五座配置，讓法拉利的擁有體驗延伸至更多不同情境。自羅馬全球首發兩個月後，我們可以分享三個明確重點：第一，我們對目前湧入的訂單非常滿意，符合我們的規劃。第二，初期訂單目前來自回購客與新客戶。第三，我們正依照商業與行銷計畫，與真正對 Ferrari Luce 有興趣的客群互動。

But Ferrari Luce is only one example of how our lineup continues to evolve. On July 3, at the culmination of our Cavalcade event, we presented the Ferrari 12Cilindri Manuale, a limited edition special series of the 12Cilindri producing only 1,499 units, each fully allocated to our clients. After the 599 GTB Fiorano 2006, we reintroduced the manual transmission, bringing back an even more direct interaction between the driver and the car. This was made possible, thanks to the new Manuale by-wire system designed in-house, patented and inspired by the Winch-by-Wire system developed in our Hypersail racing project.

但 Ferrari Luce 只是我們產品陣容持續演進的一個例子。7 月 3 日，在我們 Cavalcade 活動的高潮時刻，我們發表了 Ferrari 12Cilindri Manuale——12Cilindri 的限量特別系列，僅生產 1,499 輛，且每一輛都已全數分配給客戶。繼 2006 年的 599 GTB Fiorano 之後，我們重新引入手排變速箱，帶回駕駛與車輛之間更直接的互動。這得以實現，歸功於全新 Manuale by-wire 系統：由我們內部設計、已申請專利，並受到我們 Hypersail 賽事專案所開發的 Winch-by-Wire 系統啟發。

Yes, it may seem strange, but open innovation goes hand-in-hand with lateral thinking and cross-pollination between worlds apparently completely disconnected. It combines the driving emotion of a manual gearbox and the precision of electronics. The 12Cilindri Manuale isn't about recreating the past for the sake of nostalgia. It's about recognizing that the greatest Ferraris have always been defined by the relationship between the driver and the car and finding a modern way of preserving that connection, that conversation.

是的，這看起來或許有些奇妙，但開放式創新與橫向思考，以及在看似完全不相干的領域之間進行交叉借鑑，是相輔相成的。它結合了手排變速箱的駕馭情感與電子系統的精準度。12Cilindri Manuale 並不是為了懷舊而重現過去。它是在承認：最偉大的法拉利，始終由駕駛與車之間的關係所定義；並尋找一種現代方式來保留那份連結、那段對話。

It is a celebration of engagement rather than a celebration of nostalgia. In a single quarter, Ferrari Luce and 12Cilindri Manuale have provided two clear examples of how Ferrari combines tradition and innovation in a distinctive way. They demonstrate the strength of our strategy and our commitment to technology neutrality, but most importantly, to our emotion-driven innovation where emotion matters much more than numbers but more is yet to come. Two more models are to be unveiled by the end of this year.

這是一場對投入感的禮讚，而非對懷舊的禮讚。在單一季度內，Ferrari Luce 與 12Cilindri Manuale 提供了兩個清楚例證，展現法拉利如何以獨特方式結合傳統與創新。它們證明了我們策略的力量與對技術中立的承諾；但更重要的是，我們對以情感驅動的創新之堅持——情感遠比數字更重要，而更多精彩仍將到來。今年年底前還將揭示另外兩款車型。

And before that, let me also highlight the successful activation delivered by our lifestyle team during the quarter. Indeed, leveraging the emotional resonance of our racing heritage, we continue to nurture our clients through unique experience and events, just seeing the 24 hours of Le Mans and the Goodwood Festival as well as the capsule collection developed for Monaco and Silverstone Grand Prix.

在此之前，也請讓我強調一下，我們生活風格團隊在本季度所帶來的成功行銷啟動成果。確實，憑藉我們賽車傳承所引發的情感共鳴，我們持續透過獨特的體驗與活動來培育客戶關係，例如利曼24小時耐力賽與古德伍德速度節，以及為摩納哥與銀石大獎賽打造的膠囊系列。

To conclude, the progress we are making in racing, thanks to both our drivers and the entire team, continue to remind us what makes Ferrari stronger, focus, determination and team spirit. These values guide us every day, every day while keeping the four wheels on the ground.

總結來說，我們在賽車領域所取得的進展，歸功於車手與整個團隊，持續提醒我們是什麼讓法拉利更強大：專注、決心與團隊精神。這些價值觀每天都在引導我們——每天都如此，同時也讓我們始終腳踏實地。

And on this note, I'd like now to hand over to Antonio to review the Q2 results.

基於此，我現在想把時間交給 Antonio，請他回顧第二季的業績。

Grazie, Benedetto, and good morning or afternoon to everyone. On page 4, we show the highlights of the second quarter, another quarter with solid revenues and profitability growth, coupled with significant industrial free cash flow generation and remarkable shareholders' remuneration. We continue to benefit from a strong sports car mix. Personalization exceeded our expectations and racing revenues increased their contribution.

Grazie，Benedetto，各位早安或午安。在第4頁，我們展示第二季的重點：又是一個營收與獲利穩健成長的季度，同時伴隨顯著的工業自由現金流創造，以及可觀的股東報酬。我們持續受惠於強勁的跑車產品組合。個人化訂製超出我們預期，賽車相關營收的貢獻也有所提升。

Let's look at the results in more detail. On page 5, we present the Q2 shipment breakdown and model changeover that we are continuing to execute as planned. In the quarter, the Amalfi, the 849 Testarossa and the 296 Speciale family increased their contribution, continuing the ramp-up. The deliveries of the 12Cilindri Spider and the Purosangue continued steadily. The F80 increased just very modestly as per our plans, while the 296 GTS and the Roma Spider decreased in line with their phase-out path.

讓我們更詳細地看看結果。在第5頁，我們呈現第二季出貨拆解與車型切換（model changeover）的進度，我們正按計畫持續執行。本季度，Amalfi、849 Testarossa 與 296 Speciale 車系提高了貢獻度，並持續爬坡。12Cilindri Spider 與 Purosangue 的交付持續穩定。F80 依照我們的計畫僅小幅增加，而 296 GTS 與 Roma Spider 則依其退場（phase-out）路徑而下降。

Lastly, the SF90 XX family also decreased as we are approaching the conclusion of their limited series run. The overall model phasing I have just mentioned supported a richer product mix, which we will discuss in a moment. From a geographic mix perspective, EMEA experienced the strongest growth during the quarter. Consistent with our usual cadence, closer markets are served first, while deliveries of the new models to the other geographies will ramp up progressively in the coming months. On page 6, net revenues grew 11% at constant currency and 8%, including the headwind from currency, mainly related to the US dollar and Japanese yen.

最後，SF90 XX 車系也有所下降，因為我們正接近其限量系列生產的尾聲。我剛提到的整體車型更迭節奏，支撐了更豐富的產品組合，我們稍後會再討論。從地理區域組合來看，EMEA 在本季度呈現最強勁的成長。依照我們一貫的節奏，較近的市場會優先供應，而新車型對其他地區的交付將在未來幾個月逐步放量。在第6頁，淨營收以固定匯率計成長 11%，若包含匯率逆風則成長 8%，主要與美元與日圓相關。

The increase in cars and spare parts was driven by the richer product mix and higher personalization. Personalizations were higher than expected, about 20% of total revenues from cars and spare parts and were particularly relevant for the 296 Speciale family. The adoption of carbon and paints continue to drive revenues growth. Sponsorship, commercial and brand also increased, thanks to higher sponsorships, which were partially offset by lower commercial revenues linked to last year Formula 1 ranking.

汽車與零配件的成長，主要由更佳的產品組合與更高的個人化訂製所帶動。個人化訂製高於預期，約占汽車與零配件總營收的 20%，且對 296 Speciale 車系尤為重要。碳纖維與塗裝的採用持續推動營收成長。贊助、商業與品牌相關收入也有所增加，受惠於更高的贊助收入，但部分被因去年 F1 排名所致的較低商業收入所抵銷。

Other revenues were also positive, mainly in relation to the rental of engines to other Formula 1 racing teams. It is worth noting that the recent strengthening of the US dollar mitigated the negative currency impact compared to our previous expectations. Moving to page 7. The increase in EBIT was driven by the very strong mix price variance, which includes the positive product mix and the strong personalization's that we just commented.

其他收入亦呈正向，主要與向其他一級方程式車隊出租引擎有關。值得注意的是，近期美元走強，相較於我們先前的預期，緩解了匯率帶來的負面影響。接著看第7頁。EBIT 的增加主要由非常強勁的組合/價格差異（mix price variance）所驅動，其中包含正向的產品組合效應，以及我們剛提到的強勁個人化訂製。

In detail, the product mix was sustained by the increased contribution of the F80 and the 12Cilindri family and the lower deliveries of the 296 range family, partially offset by lower deliveries of the SF90 XX and the ramp-up of the Amalfi. The mix price variance was only marginally offset by volumes deliberately planned lower as required to effectively manage the model changeover, higher industrial costs and marketing expenses and higher costs implied by the better Formula 1 in-season ranking assumptions compared to last year.

具體而言，產品組合受惠於 F80 與 12Cilindri 車系貢獻提升，以及 296 車系交付量下降；部分被 SF90 XX 交付量下降與 Amalfi 的爬坡所抵銷。組合/價格差異僅被些微抵銷：包括為有效管理車型切換而刻意規劃較低的銷量、更高的工業成本與行銷費用，以及相較去年因對 F1 賽季內排名假設更佳而隱含的較高成本。

The latter are included in the other variance. In the quarter, D&A was temporarily lower in line with the ongoing model changeover since the decrease implied by the phasing out of certain models is only partially offset by the gradual additions from the models that are entering the start of production. In H2, we expect D&A to grow progressively. Percentage margin stood at remarkable levels, including the headwind from FX, with EBIT margin at 31.2%, slightly up versus last year and EBITDA margin at 39%, slightly down mainly as a consequence of the better Formula 1 ranking assumptions.

後者包含在其他差異（other variance）中。本季度折舊與攤銷（D&A）因持續的車型切換而暫時較低，因為部分車型退場所帶來的下降，僅被進入量產初期車型的逐步增加所部分抵銷。在下半年（H2），我們預期 D&A 將逐步成長。利潤率百分比維持在亮眼水準，儘管受到匯率逆風影響：EBIT 利潤率為 31.2%，較去年略升；EBITDA 利潤率為 39%，略降，主要因對 F1 排名假設更佳所致。

On page 8, our industrial free cash flow in the quarter was strong, driven by the increase in profitability, partially offset by a negative change in working capital, mainly linked to the inventory increase implied by the seasonal production planning. Cash taxes and capital expenditures, which were mostly focused on product and infrastructure development, mainly the new paint shop whose construction is proceeding at pace.

在第8頁，本季度我們的工業自由現金流表現強勁，主要由獲利提升所帶動，但部分被營運資金的負向變動所抵銷，這主要與季節性生產規劃所導致的庫存增加有關。現金稅負與資本支出主要聚焦於產品與基礎設施開發，尤其是新塗裝廠，其建設正按進度推進。

Net industrial debt at the end of June was EUR131 million, reflecting the dividend payment, which occurred in May and the share repurchases executed in the quarter. Turning to page 9. We increased our guidance for the year, thanks to the continued strong trend of personalization and a more favorable FX environment.

截至6月底，淨工業負債為 1.31 億歐元，反映了5月進行的股利發放，以及本季度執行的庫藏股回購。接著看第9頁。由於個人化訂製持續強勁的趨勢，以及更有利的匯率環境，我們上調了全年指引。

More specifically, our updated assumptions include personalization's accounting for more than 20% of cars and spare parts revenues and the US dollar to euro exchange rate of around 1.16 and the contribution of all additional hedges now in place. Looking ahead, we remain focused on the execution of our plan. The confidence in the strength of our strategy and our ability to deliver long-term value remains the foundation of everything we do.

更具體而言，我們更新後的假設包括：個人化訂製占汽車與零配件營收超過 20%；美元兌歐元匯率約為 1.16；以及目前已到位的所有新增避險所帶來的貢獻。展望未來，我們仍專注於計畫的執行。對我們策略強度與交付長期價值能力的信心，仍是我們一切作為的基礎。

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

感謝各位的聆聽，我把電話會議交給 Nicoletta。

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

謝謝你，Antonio。Nadia，我們現在準備開始 Q&A 問答環節。非常感謝。

(Operator Instructions)

（接線員指示）

Henning Cosman, Barclays.

Henning Cosman，巴克萊（Barclays）。

Oh, hi. Good afternoon. Good morning, everybody. Thanks for taking the question. First question, perhaps slightly philosophical one. Would you share the observation that you enjoy more pricing power in the more traditional type of vehicles?

喔，嗨。午安。各位早安。謝謝讓我提問。第一個問題，可能稍微偏哲學一點。你們是否同意這樣的觀察：在較傳統類型的車款上，你們享有更強的定價能力？

So obviously, the Manuale by-wire are now really strong showing the special 50% priced above the range. But just in general, do you feel there's more enthusiasm and by extension, pricing power on these types of models? And do you -- would that affect your propensity as to which models you would launch going forward?

顯然，Manuale by-wire 目前表現非常強勁，特別版的定價比該車系高出 50%。但更一般地說，你們是否覺得市場對這類車型的熱情更高，進而帶來更強的定價能力？而這是否會影響你們未來推出哪些車型的傾向？

And if you could remind us what your flexibility there is for how far in the future is your product cycle plan set already? Or would you let yourself be influenced by customer desire and pricing power for these, if you want more traditional type of models? That's the first question.

另外，能否請你們提醒我們：在產品週期規劃方面，你們對於已經排定到多遠的未來，具有多大的彈性？或者說，如果客戶偏好與定價能力顯示更想要這些較傳統的車型，你們是否會因此受到影響、調整方向？這是第一個問題。

Second question on volume growth. If you could just I know you don't like to talk about volume, but if you could just conceptually discuss if I'm not mistaken, we were expecting broadly stable volumes for this year. That now implies a bit of growth in the second half. Perhaps you could confirm if you share that. Is that a function of just the product cycle?

第二個關於銷量成長的問題。如果可以的話，我知道你不喜歡談銷量，但能否從概念上討論一下：如果我沒記錯，我們原本預期今年銷量大致持平。那現在就意味著下半年會有一些成長。也許你可以確認你是否同意這個看法。這是否只是產品週期所致？

You have the Amalfi now ramping up 296 Speciale series. So would you always allow yourself to have more volume growth based on the product cycle plan? Or do other things play into that as well, like stabilization of residual values, for example?

你們現在有 Amalfi，並且 296 Speciale 系列正在爬坡放量。所以你們是否會一向允許自己基於產品週期規劃而有更多的銷量成長？還是也有其他因素會影響，例如二手殘值的穩定等？

Is it just a phasing you always have periods of expansion and consolidation, where do we stand there? If you could at all talk about volume just a little bit. And then finally, if I can squeeze one on the margin, right, where we're getting now and your midterm margin ambition of a floor of 30%. There's obviously not much in between. It looks like there's going to be a lot of F80s next year.

這是否只是節奏安排——你們總是會有擴張與整固的時期，我們目前處於哪個階段？如果可以的話，能否稍微談一點銷量。最後，如果我可以再擠一個關於利潤率的問題：就我們現在的水準，以及你們中期利潤率目標下限 30%。顯然中間空間不大。看起來明年會有很多 F80。

Testaross, Manuale by-wire all looks like it's driving the mix up and probably the margin. So we could see a margin exceeding 30% next year, which technically would imply margin contraction for the rest of the plan. If you could just remind us your thinking about the margin trajectory '27% to '30. Sorry, that was a lot.

Testaross、Manuale、線控（by-wire）看起來都在推升產品組合，可能也推升利潤率。因此我們可能在明年看到利潤率超過 30%，而這在技術上將意味著在計畫其餘期間利潤率會收縮。如果可以的話，請你提醒我們你對於利潤率走勢從 27% 到 30% 的想法。抱歉，問題有點多。

Thank you. The ink of the pen, I almost finished, nut that's. I'll take the first two questions, and then Antonio will elaborate on your third question about the margin. So the first question, the philosophical one, I would like to say this that our clients understand fully what does it mean, emotion-driven innovation. And I think that when in one quarter, our company unveiled two products very innovative, one more in the future, one reading the past with the eyes of the future.

謝謝。筆尖的墨水，我差不多寫完了，但那個……我先回答前兩個問題，然後 Antonio 會就你第三個關於利潤率的問題補充說明。第一個問題是哲學層面的。我想說的是，我們的客戶完全理解「以情感驅動的創新」意味著什麼。我認為，在一個季度內，我們公司發表了兩款非常創新的產品——一款更面向未來，一款以未來的眼光回望過去——這就是一個證明。

I think it's a demonstration that, one, we listen to them. Two, we are also able to delight and surprise them. I was with them at the Cavalcade in Athens when we unveiled the 12Cilindri Manuale as well as I was with them in Rome for the Luce Premiere, and they were literally, can I say, happy, astonished about the ability of our company to put together traditional innovation, but always putting them at the center, but most importantly, their emotion, driving their emotion at the center.

我認為這證明了：第一，我們傾聽他們。第二，我們也能讓他們感到愉悅並帶來驚喜。我在雅典的 Cavalcade 與他們在一起，當時我們發表了 12Cilindri Manuale；我也在羅馬參加 Luce Premiere 與他們在一起。他們真的——我可以這麼說——很開心、很驚訝，因為我們公司能把傳統與創新結合起來，同時始終把他們放在核心位置，更重要的是，把他們的情感、驅動他們情感放在中心。

So this is about the first philosophical question because the rest, the purchasing power, what you were referring to is a consequence of two things number one, our ability to innovate. Number two, our ability to delight and surprise them.

所以這是對第一個哲學問題的回答；至於你提到的購買力，那是兩件事的結果：第一，我們的創新能力。第二，我們讓他們感到愉悅並帶來驚喜的能力。

The second question is about scarcity and exclusivity. '26, is a year where we have a significant changeover model. We have a lot of new models. We have the ramp-up of a very innovative model for which we have a very high degree of personalization. But we always keep one thing in mind, Henning, is scarcity and exclusivity.

第二個問題是關於稀缺性與獨特性。2026 年是我們車型大幅換代的一年。我們會有很多新車型。我們也會讓一款非常創新的車型進入爬坡放量，而這款車具有非常高程度的個人化訂製。但我們始終牢記一件事，Henning，那就是稀缺性與獨特性。

For us, what is important is that we deliver unique product to our clients. And our North Star is been always has been -- it is and will always be scarcity and exclusivity. The third question about the margin, Antonio.

對我們而言，重要的是向客戶交付獨一無二的產品。而我們的北極星一直都是——現在是、未來也永遠會是——稀缺性與獨特性。第三個關於利潤率的問題，交給 Antonio。

Yeah. With respect to that question, I mean, the capital market targets are unchanged as a way they were presented and based on the assumption we outlined at that time. So on that, we are proceeding at pace according to the smooth and linear development that we already outlined since that time.

好的。關於那個問題，我的意思是，資本市場目標維持不變，仍如當時所呈現，並且基於我們當時所概述的假設。因此在這方面，我們正按照自那時起已經說明的平順且線性的發展路徑，以既定節奏推進。

Okay, thank you.

好的，謝謝。

Edouard Aubin, Morgan Stanley.

Edouard Aubin，摩根士丹利。

Good afternoon. Thank you for taking my question. So first of all, in terms of the mix, so your share of special series was, I think, about 13% in the first half, which is obviously substantially higher than the recent history. What do you have in mind in terms of the second half in terms of the contribution to the percentage of shipment from the special series?

下午好。謝謝讓我提問。首先，關於產品組合：我認為上半年特別系列的占比大約是 13%，這顯然大幅高於近年的歷史水準。你們對下半年特別系列在出貨占比上的貢獻，有什麼想法？

So that would be number one. Number two, in terms of the Americas and the US, so shipments were down year-over-year quite a bit. And obviously, Antonio, you explained why in terms of the rollout of newness and all of that.

這是第一個問題。第二個問題，關於美洲與美國：出貨量同比下降了不少。而且顯然，Antonio，你已解釋了原因，與新品導入節奏等有關。

But I think still that was down more than expected by the market. Is there any issue with demand in the US? Or is it really exclusively a supply issue in the US and shipment should normalize pretty soon? So that would be question number two. And then Antonio, question number three, in terms of could you just help us kind of model the impact of FX on EBIT for H2 and your first thoughts about what could be the impact on 2027? Thank you so much.

但我認為這仍比市場預期下降得更多。美國的需求是否有任何問題？還是說這完全只是美國的供給／供應端問題，出貨很快就會恢復正常？這是第二個問題。第三個問題，Antonio：你能否協助我們大致建模外匯（FX）對下半年 EBIT 的影響，以及你對 2027 年可能影響的初步看法？非常感謝。

Thank you, Edouard. I'll take the second one. So the reason you are referring to, we don't have, one, no issue of supply chain. Two, we have a significant model changeover as we have been highlighting in the chart number four, I think. And the other point is that when you have cars with high degree of innovation and high personalization degree, okay, then this is having clearly an impact on the number of cars that you deliver because there are some cars as we have said at the beginning, the personalization content of our car keeps increasing, and this has clearly some effect on what is the number of cars you deliver. So this is the question number one and three, Antonio.

謝謝你，Edouard。我來回答第二個。針對你提到的原因：第一，我們沒有供應鏈問題。第二，如同我們在我想是第 4 張圖表中一直強調的，我們正處於顯著的車型換代期。另外一點是，當你有高度創新、且個人化程度很高的車款時，這顯然會影響你能交付的車輛數量；因為如同我們一開始所說，我們車輛的個人化內容持續提高，這對交付數量會有明顯影響。以上。第一與第三個問題交給 Antonio。

On the mix of special series, it is true that this year, there is a bit more than we were used to. We follow the life cycles of the car. So I don't expect a significant change for the second half. But as I said, it's driven by the product life cycle. Impact of FX for H2 is based on the assumption I just outlined and the fact that in addition to that, we have hedging in place already for approximately 80% of the exposure. On 2027, it is far less covered by hedging and will very much depend on where the spot exchange rate will stay.

關於特別系列的組合占比，今年確實比我們以往習慣的水準高一些。我們遵循車款的生命週期。因此我不預期下半年會有顯著變化。但如我所說，這是由產品生命週期所驅動。下半年外匯對業績的影響，是基於我剛才概述的假設；此外，我們已就約 80% 的曝險建立避險部位。至於 2027 年，避險覆蓋就少得多，將在很大程度上取決於即期匯率會維持在什麼水準。

Michael Binetti, Evercore ISI.

Michael Binetti，Evercore ISI。

Hey guys, congrats on a great quarter. Really happy to see it and really exciting launches in the quarter, really fun to watch. Just maybe a couple for the model. I think you said last call that ASP would be similar in second to first half, Antonio, but it was up a lot in the second quarter. Would you just help us understand what happened there, how to think about that in the second half?

嗨，各位，恭喜這是一個很棒的季度。很高興看到這樣的表現，而且本季度的發表真的很令人興奮，也很有趣可看。我可能有幾個關於模型（預測）的問題。我記得你在上次電話會議說過，下半年 ASP 會與上半年相近，Antonio，但第二季 ASP 大幅上升。你能否幫我們理解發生了什麼，以及下半年該如何看待？

And then on the ASPs, it sounds like you only shipped maybe 30, 40 F80s, at least not many more than what you shipped in the first quarter, but the average price per car that we watch accelerated a lot. It seems -- especially when we pick down to it and take out the currency, it seems like the average selling price for the fleet, excluding the Supercar, improved quite a bit.

然後關於 ASP（平均售價），聽起來你們可能只交付了大約 30、40 輛 F80，至少沒有比第一季多出太多，但我們追蹤的單車平均價格卻大幅加速上升。看起來——尤其當我們把它拆開來看並剔除匯率因素時——不含 Supercar 的車隊平均售價改善了不少。

That's with the SF90 XX declining as you told us. Could you talk a little bit more about what some of the biggest drivers were of the underlying acceleration in the fleet and maybe connect that to your comment last quarter that profitability would be the same in second half as first half?

而這是在你們告訴我們 SF90 XX 下滑的情況下。你能否再多談一點，車隊（不含超跑）底層 ASP 加速的最大驅動因素是什麼？並且能否把這點連結到你們上季提到的：下半年獲利能力會與上半年相同的評論？

Michael, this is a question for Antonio that he is -- he will give you an answer.

Michael，這個問題是問 Antonio 的——他會回答你。

Yeah, Michael. In terms of the ASP, it is still true that H2 is similar to H1, just maybe slightly better and better than we had previously anticipated, considering the penetration of personalization. That also explains why the ASP for the fleet, excluding the supercar has improved.

是的，Michael。就 ASP 而言，下半年與上半年仍然相近，只是可能略好一些，也比我們先前預期的更好，考量到個人化（personalization）的滲透率。這也解釋了為何不含超跑的車隊 ASP 有所提升。

Actually, we see the trend of personalization improving across the Board, better than improving, staying high across the board, even higher than we had expected. As far as the number of the F80 we shipped in the quarter, as you know, we do not go into the details. I just said, really modestly higher compared to Q1.

其實我們看到個人化的趨勢在各方面都在改善——甚至不只是改善，而是整體維持在高檔，且比我們預期的還要高。至於本季 F80 的交付數量，如你所知，我們不會提供細節。我只能說，相較第一季只是非常溫和地增加。

Is there something about the remaining fleet that's seeing better personalization than prior generation? Maybe just help us click into what's helping.

剩餘的車隊產品是否有什麼因素，使其個人化程度比上一代更好？也許幫我們更具體理解一下，究竟是什麼在提供助力。

Yeah

是的。

With the personalization.

就個人化而言。

That's probably a fair assessment.

這樣的判斷大概是合理的。

Okay. And then I didn't hear I thought the question came up earlier, but is it still fair to think about units flat for the year? Or is that assumption.

好的。另外我沒聽清楚，我以為這個問題先前有人問過：今年的交付量仍可視為持平嗎？還是這個假設……

As Benedetto commented before, we don't want to go into that discussion on volumes. We are managing the manufacturing for the year, considering the complex changeover and increased level of personalization and doesn't make a big difference, very honestly.

如 Benedetto 先前所說，我們不想就銷量（volume）展開討論。我們是在管理今年的製造安排，考量到複雜的換線（changeover）以及更高程度的個人化；老實說，這並不會造成很大的差異。

Thank you, Mike. We'll pass to the team.

謝謝你，Mike。我們把問題交給下一位。

Michael Tyndall, HSBC.

HSBC 的 Michael Tyndall。

Yeah. Afternoon, gentlemen. Thanks for taking my question. I'm going to mess the name up here but, Manuale, given the success of that model would it make sense to do similar across the rest of the range or is there a particular reason why it would make sense?

是的。各位先生下午好。謝謝回答我的問題。我可能會把名字念錯，但 Manuale 這個車型很成功，是否有道理把類似做法擴展到其他車系？或是有什麼特定原因使得這樣做有其合理性？

And then the second question, and you're probably going to tell me nothing's changed but with your upgraded guidance, you're now talking to us at an 8% growth in EPS. And if I go back to last year, the CAGR was 6% to 2030.

第二個問題，你們可能會告訴我沒什麼改變，但在上調指引後，你們現在對我們談的是 EPS 成長 8%。如果我回看去年，指引中到 2030 年的 CAGR 是 6%。

So we are moving above that line. I know Henning has asked this in a different way, but where are we on that roadmap to 2030? I wonder if you could talk about what's going as planned, what's going better, what's going worse, because it certainly feels as if personalization is going better.

所以我們正在高於那條線。我知道 Henning 用不同方式問過，但我們在通往 2030 的路線圖上目前處於什麼位置？能否談談哪些按計畫進行、哪些進展更好、哪些較不如預期？因為看起來個人化確實進展得更好。

The question number one is simple. We don't disclose what we are going to do in the future. We do not even disclose what will happen in the remaining of the year when I said the two other model will be embedded. So the Manuale, as you know, we have this limited edition, the 12Cilindri Manuale. We'll discover altogether at a due time what is the future of this important technology. For the second one, for the guidance, Antonio is here ready to go.

第一個問題很簡單。我們不會揭露未來要做什麼。甚至當我說今年剩餘時間還會有另外兩個車型納入時，我們也不會揭露今年剩下時間會發生什麼。至於 Manuale，如你所知，我們有這個限量版：12Cilindri Manuale。關於這項重要技術的未來，我們會在適當時機一起揭曉。第二個問題關於指引，Antonio 在這裡，準備回答。

Yes. You touched the point. Actually, personalization is doing better than we had assumed for the rest of the plan. And the second element, you should not disregard the assumption with respect to the currency. That helps in terms of the nominal development of the EPS compared to the -- what the CAGR implied in the guidance.

是的。你點到重點了。其實，個人化的表現比我們在計畫其餘期間所假設的更好。第二個因素是，你不應忽視我們對匯率的假設。這有助於 EPS 的名目成長，相較於指引中 CAGR 所隱含的水準。

Sorry, just to be clear, currency is better, yeah?

抱歉，確認一下，意思是匯率更有利，對嗎？

Yeah. And the last point I should mention is obviously the buyback program that is proceeding at pace and is reducing the number of shares over which you divide the net profit.

對。最後一點我應該提到的是，顯然回購計畫正按進度推進，並且正在降低用來分攤淨利的流通股數。

Jose Asumendi, JPMorgan.

JPMorgan 的 Jose Asumendi。

Thank you very much and congrats on the strong quarter. Two questions, Benedetto, can you speak a bit about what is driving the personalization to be a little bit better than maybe initially expected? Some examples from your customers and products. And Antonio, can you give us also maybe some color with regards to second half? How should we think about SG&A and industrial costs?

非常感謝，也恭喜本季表現強勁。兩個問題：Benedetto，你能否談談是什麼在推動個人化表現比最初預期更好一些？能否舉一些客戶與產品的例子？另外 Antonio，你也能否就下半年提供一些說明？我們應該如何看待 SG&A 與工業成本？

Thank you, Jose. The personalization, let's say, there are -- I would like to say that the value of the personalization -- the average value of the personalization for the car that we have in the production increased and increased because the option that the client are selecting is higher.

謝謝你，Jose。關於個人化，我想說的是：個人化的價值——也就是我們正在生產的車款，其單車個人化的平均價值——一直在上升，因為客戶所選擇的選配更高階。

So they have been selecting more, let's say, they have been personalizing more the painting, the use of carbon, the use also of rim, the use of special leather. So there are -- there is not a specific item that is driving the increase of personalization content as well as there is not a specific pattern in terms of clients from different geography.

他們選得更多——也就是在車輛塗裝、碳纖維的使用、輪圈的選擇，以及特殊皮革的使用上，個人化程度更高。因此，並沒有某一個特定項目單獨驅動個人化內容的提升；同樣地，也沒有在不同地理區域客戶之間出現某種特定模式。

There is a general trend that we have seen of clients that want to personalize more and more of the car. And I think in this sense, it has been -- it's good. What we planned and what we shared with you at Capital Market Day a few months ago when we said we are opening a tailor-made in Tokyo, one in LA, and we are also expanding the ability for us to make tailor-made in Italy and tailor-made here in Maranello. So that's the personalization, the kind of personalization driving the increase. For H2, SG&A and R&D industrial cost, Antonio has all the numbers.

我們看到的是一個普遍趨勢：客戶希望把車子個人化得越來越多。我認為從這個角度來看，這是好事。這也符合我們的規劃，以及幾個月前在資本市場日與各位分享的內容：我們將在東京開設一個 tailor-made（量身訂製）中心，在洛杉磯也開一個，同時也會擴充我們在義大利以及在馬拉內羅這裡提供 tailor-made 的能力。所以，這就是推動個人化提升的那類個人化需求。至於下半年 SG&A、研發與工業成本，Antonio 手上有所有數字。

Yes. Think of SG&A and R&D for the second quarter higher compared to H1. On a number of events we are working on in terms of SG&A and R&D is simply in line with the pace of development of our innovation programs and Formula 1 for next year. The other element you need to take into account is D&A that is going to grow in H2 as it is implied in the guidance for more than EUR700 million of D&A full year.

是的。下半年 SG&A 與研發費用會高於上半年。我們在 SG&A 與研發方面推進的多項活動，基本上與我們創新計畫的研發節奏，以及明年一級方程式（Formula 1）的準備一致。你還需要考量的另一個因素是折舊與攤銷（D&A），下半年將會增加；這也反映在指引中：全年 D&A 超過 7 億歐元。

Horst Schneider, Bank of America.

美國銀行的 Horst Schneider。

Yes, hello. Thank you for taking my question, This is Horst from Bank of America. The first question that I have relates to your -- the comments that you made on your order book because you say you have got now full visibility until end 2027. So I'm interested in any particular trend by model? And if the statement does also refer to the Luce or if that is an average number that you point to? And maybe you can say on which models we have got longer visibility than 2027 maybe.

是的，你好。感謝讓我提問，我是美國銀行的 Horst。我的第一個問題與你們——你們對訂單簿所做的評論有關，因為你們說現在已經能完全掌握到 2027 年底的能見度。所以我想了解是否有任何按車型區分的特定趨勢？以及這個說法是否也涵蓋 Luce，還是你們指的是一個平均數？另外，也許你們可以說明哪些車型的能見度可能長於 2027 年。

The second question relates a little bit again to the question about the EBIT margin outlook for H2 that is implied in your full year forecast. I realize you remain tight-lipped on that. You gave some items on R&D and D&A, that's helpful. But can you also maybe comment what the price, mix outlook is and maybe for H2? It seems that this is getting weaker. And maybe you can explain again why that is. I think it has got to do with the regional split and with the product mix development.

第二個問題再次與你們全年預測中所隱含的下半年 EBIT 利潤率展望有點相關。我知道你們對此仍然守口如瓶。你們提到了一些研發與折舊攤銷（D&A）的項目，這很有幫助。但你們是否也能評論一下價格與組合（mix）的展望，尤其是下半年？看起來這部分正在轉弱。也許你們可以再解釋一下原因。我認為這與區域分布以及產品組合的變化有關。

Thank you, Horst. The order book, as I said, is covering the full year '27. Just consider one important thing that here in this order book, we don't have yet the numbers of the Manuale because Manuale is something that is -- belongs, let me say, in Q3, and we are working on it. So that's an important point. We are proceeding as planned in all the models, let me say, that we are producing or we will start to produce.

謝謝你，Horst。如我所說，訂單簿覆蓋到 2027 全年。請注意一個重要點：在這份訂單簿中，我們尚未納入 Manuale 的數字，因為 Manuale 是——可以說——屬於第三季的事情，我們正在推進中。所以這是一個重要重點。我們正按計畫推進所有車型——也就是我們正在生產或即將開始生產的車型。

I don't want to look like arrogant, but considering what our clients were asking us since a while on the Manuale, we were expecting also for Manuale to have something very robust like it has been the case. So we have -- we are very satisfied because we have -- the things are going as we planned. For the margin EBIT, Antonio here has all the elements on the table.

我不想顯得傲慢，但考量到我們的客戶一段時間以來對 Manuale 的需求，我們也預期 Manuale 會像目前這樣非常強勁，而事實也確實如此。因此我們——我們非常滿意，因為一切都如我們所規劃地進行。至於 EBIT 利潤率，Antonio 這裡已經把所有要素都攤在桌面上了。

Just two elements. In terms of the mix price variance compared to last year, as I said already in May, this is expected to be not lower, I would say, higher compared to the first half. And the language we used on the margin is not lower than.

就兩點。就價格/組合差異（mix price variance）相較去年而言，如我在 5 月已說過，預期不會更低，我會說，相較上半年會更高。而我們在利潤率上的用語是「不低於」。

Technically, if I calculate your guidance, it means you do 29.7% margin. But I think it's just rounding error, right?

技術上，如果我用你們的指引來計算，代表你們會做到 29.7% 的利潤率。但我想這只是四捨五入的誤差，對吧？

No. I mean it depends. I mean if you take the lower end of the guidance, you're right, but it's just the rounding.

不是。我的意思是，這要看怎麼算。如果你取指引區間的下緣，你說得對，但那只是四捨五入。

Okay, thank you.

好的，謝謝。

Martino De Ambroggi, Equita.

Martino De Ambroggi，Equita。

Good afternoon and thank you for taking my question. My focus is on hybrid. The weight of hybrid in the last three quarters was in the region of 30%, much lower than in the last couple of years. So my question is it just a matter of changeover of model or it's your decision? And should we expect this portion to remain going ahead? And always on hybrid, is there a big difference between the coverage of the backlog between ICE and hybrid?

下午好，感謝讓我提問。我想聚焦在混合動力。過去三個季度混合動力的占比約在 30% 左右，明顯低於過去幾年。所以我的問題是：這只是車型換代的因素，還是你們的決策？未來我們是否應預期這個占比會維持？另外同樣關於混合動力，ICE 與混合動力在訂單積壓（backlog）覆蓋度上是否有很大差異？

Thank you, Martino. You understood clearly. It's just a matter of changeover. Consider that there are two hybrid models that are out of production, the 296 GT, B and S, and also the SF90 XX. These are two hybrids. We are ramping up the others. So it's not related to any choice to slow down one model or another. It's just a matter of model changeover and let me say, personalization decline the client has asked for. So it's -- do not extract any model, any trend in your model.

謝謝你，Martino。你理解得很清楚。這只是換代的問題。請注意，目前有兩款混合動力車型已停產：296 GT 的 B 與 S，以及 SF90 XX。這兩款都是混合動力。我們正在拉升其他車型的產能。所以這與我們選擇放慢某一款車型無關。這只是車型換代，以及可以說，客戶所要求的個性化（personalization）下降所致。所以——不要從你們的模型中解讀出任何車型趨勢。

Okay. And in terms of backlog, it's fully for both.

好的。那在訂單積壓方面，兩者都已完全覆蓋嗎？

See, the backlog is, let's say, it's, let's say, consider that the hybrid we have now that is basically sold out as well is the 296 Speciale. So it's -- you will see how it will change in the future. But just think about this. We have three model -- sorry, three technologies that we will keep offering our clients that is ICE, that is hybrid, and is Luce, the electric traction. So that's what we did, and that's what we said and what we are doing, Martino.

你看，訂單積壓——可以這麼說——請注意，我們目前的混合動力車型中，基本上也已售罄的是 296 Speciale。所以——你會看到未來它會如何變化。但請想一下這點。我們會持續向客戶提供三種——抱歉，三種技術：ICE、混合動力，以及 Luce（電動驅動）。所以這就是我們所做的、所說的，以及我們正在做的事情，Martino。

Okay. And on the Luce, I clearly understand you will never disclose the order intake, how it's going and so on. But could you provide us an idea because you mentioned we have orders from both existing clients and new ones. What is the ratio between the two? And in the previous question, someone asked about the order book covering '27. So also Luce is fully covering what you were expecting?

好的。至於 Luce，我很清楚你們永遠不會披露接單量、進展如何等等。但你們能否給我們一個概念：你們提到訂單同時來自既有客戶與新客戶。兩者的比例大概是多少？另外，前一個問題有人問到訂單簿覆蓋到 2027 年。那麼 Luce 也已完全覆蓋你們原先的預期嗎？

Look, I would like to say this one. The Luce, we are very much satisfied, as I told also, because we are proceeding as planned. We are receiving order from both from repeaters and new clients. And the very important point is that there is a genuine interest of the people to buy the car. That is very, very important. This is very, very important because the customer understand that for us, Ferrari Luce is like any other Ferrari.

聽著，我想這麼說。Luce 我們非常滿意，我也說過，因為我們正按計畫推進。我們同時收到回購客戶與新客戶的訂單。而非常重要的一點是，人們對購買這台車有真實且強烈的興趣。這非常、非常重要。這非常、非常重要，因為客戶理解，對我們而言，Ferrari Luce 就像任何其他 Ferrari 一樣。

We will take care of the car forever because we have all the capability in-house to take care of this car in-house and forever like it is for the other models. Yes, Martino, we do not disclose the number of any specific model because otherwise, we have to start to disclose the number of any model and the model Excel that you are building, it would be very easy. So we want to leave some blur so you can guess, you can make some questions. Otherwise, we will not get any more question, Martino. So bear with us.

我們會永遠照顧這台車，因為我們具備所有能力在內部照顧這台車，而且是永久地，就像其他車型一樣。是的，Martino，我們不披露任何特定車型的數量，否則我們就必須開始披露每一個車型的數量，而你正在建立的那個車型 Excel 模型就會變得非常容易。所以我們想保留一些模糊空間，讓你可以猜、可以提一些問題。不然的話，我們就不會再有任何問題了，Martino。所以請多包涵。

Yeah, there are always questions.

是的，總是會有問題的。

Yeah, that's good.

是的，這很好。

Thank you, Benedetto.

謝謝你，Benedetto。

Tom Narayan, RBC.

Tom Narayan，RBC。

Thanks for taking the questions. Antonio, a question on the '26 guidance. I guess the revenue floor was raised by EUR100 million, but the EBIT floor was raised by EUR40 million. I guess I would have thought personalization would have a bigger drop-through to EBIT. I know FX has some hedging, so maybe that didn't drop down as much, but maybe some just commentary on the drop-through of the revenue guide to EBIT.

謝謝讓我提問。Antonio，我有一個關於 2026 年指引的問題。我想營收下限上調了 1 億歐元，但 EBIT 下限只上調了 4,000 萬歐元。我原本以為個性化（personalization）對 EBIT 的穿透（drop-through）會更大。我知道外匯（FX）有一些避險，所以可能沒有那麼多落到 EBIT，但也想請你們評論一下，營收指引上調對 EBIT 的穿透情況。

And then a follow-up on the Americas volumes being down in Q2. And I know you commented on why that happened. But is any of it related to the Middle East situation that may have created some pull-forward from Q2 to Q1?

接著追問一下，美洲地區第二季的銷量下滑。我知道你已經評論過原因。但其中是否有任何部分與中東局勢有關，可能導致部分需求從第二季提前到第一季？

And then lastly, on Luce, a follow-up to the last question. You're satisfied, repeat clients orders coming in, genuine interest. But what about new customers to the Ferrari brand, maybe those that were specific to EV buyers? Thanks.

最後，關於 Luce，延續上一題的追問。你對回購客戶的訂單進來、真實的興趣感到滿意。但新加入法拉利品牌的客戶呢？也許是那些特別偏好電動車的買家？謝謝。

Thank you. I start from the last one, three and two and the first one is Antonio. So Luce, you got it well. We have a client in this Luce in the order book of Luce that never bought a Ferrari in their life, and they are buying Luce because finally, Ferrari is also able to provide a car that they like to drive. So we have repeaters, and we have clients that's also one of the things that we have been following when looking also for new clients, clients that like electric traction. So this is question number three.

謝謝。我先從最後一題開始，第三題、第二題，第一題由 Antonio 回答。所以關於 Luce，你理解得很到位。在 Luce 的訂單簿裡，我們有客戶一生從未買過法拉利，而他們購買 Luce，是因為法拉利終於也能提供一台他們喜歡駕駛的車。所以我們有回購客戶，也有新客戶；這也是我們在尋找新客戶時一直在追蹤的事情之一——喜歡電動驅動的客戶。這是第三題。

Number two, there has been not any, let's say, pull order between one quarter, between one region and others. The story of Middle East lasted, if you remember well, we told you a couple of weeks. And then thanks to the dealer support and thanks also to our logistic partners, we've been able easily to avoid any problem in, not easily, with a lot of effort, but we have been able to, let me say, in a short time, to find a way to have the car reaching the clients. Because maybe you were not in the previous call, but we also said that it is incredibly high, the number of test drive that our clients, existing and new are doing in the region.

第二題，並沒有出現任何所謂在季度之間、或在不同區域之間的提前拉貨。中東事件的情況，如果你記得，我們在幾週前就跟你們說過。然後在經銷商的支持以及我們物流夥伴的協助下，我們能夠避免任何問題——不是很輕鬆，是付出了很大努力——但我們確實能在很短時間內找到方法，讓車輛送達客戶。因為也許你沒參加上一通電話，但我們也提到，該地區現有與新客戶的試駕次數高得驚人。

So there is no -- the two events are completely uncorrelated. Maybe there is only one thing I told you before is the degree of personalization and the mix of the product that the clients want because the personalization has clearly an impact on the manufacturing time and on the time to realize the cash. For the first one, the guidance '26, and the leverage.

所以兩件事完全沒有關聯。也許只有一點我之前提過：客戶想要的個人化程度與產品組合，因為個人化會明顯影響製造時間，以及實現現金回收的時間。至於第一題，關於 2026 年指引，以及營運槓桿。

First of all, in terms of margin from personalization, this is absolutely unchanged and in line with the first half. So the entire difference is related to our forecast of cost increase in the second half across the three lines of SG&A, R&D and most of all, D&A. And do not forget that we are maintaining the assumption of ranking first in the Formula 1 Championship.

首先，就個人化帶來的毛利而言，這完全沒有改變，且與上半年一致。因此，所有差異都與我們對下半年成本上升的預估有關，涵蓋三條線：SG&A、R&D，尤其是 D&A。另外別忘了，我們仍維持「在一級方程式錦標賽中排名第一」的假設。

Okay, thank you.

好的，謝謝。

Monica Bosio, Intesa Sanpaolo.

Monica Bosio，Intesa Sanpaolo。

Yes, good afternoon and thanks for taking my questions. I have two. The first one is on the Manuale. As it is a limited edition, can what is the life cycle? So can we model the shipments in two, three years? If you can -- any color could be helpful. And my Excel model will thank you. And another question is on the new customers. Can you share with us some indication on the new customers?

是的，午安，謝謝讓我提問。我有兩個問題。第一個是關於 Manuale。既然它是限量版，它的產品生命週期是多久？也就是說，我們是否可以把出貨量建模在兩到三年內？如果你能提供任何補充說明都會很有幫助。我的 Excel 模型也會感謝你。另一個問題是關於新客戶。你能否與我們分享一些關於新客戶的指標？

My question is, in which country do you see the major growth in terms of new customers? And are these new customers somewhat different in terms of country for the Amalfi and for the Luce? And ultimately, let's assume that Luce could attract new customers more in China. Would you be willing to increase the weight of shipments in China maybe above the usual levels? Thank you very much.

我的問題是：你們在哪些國家看到新客戶成長最大？而這些新客戶在 Amalfi 與 Luce 之間，是否在國別上有些不同？最後，假設 Luce 可能在中國吸引更多新客戶。你們是否願意把中國的出貨占比提高到高於以往的常態水準？非常感謝。

So thank you, Monica. So all the customer -- new client of Luce have two eyes, two years, two hands. Joke aside, there is not a clear pattern of age or geographic pattern. There is, let's say, the interest maybe for the new client, the common factor is that they like to drive electric cars, okay? So to be very specific, when we have been talking and approaching the prospect, a new client, we have been looking at the people that are driving and are very acquainted with electric cars.

謝謝你，Monica。所以所有 Luce 的新客戶都有兩隻眼睛、兩年、兩隻手。玩笑話先放一邊，年齡或地理位置並沒有明顯的模式。可以說，新客戶的共同因素是他們喜歡開電動車，好嗎？更具體地說，當我們與潛在客戶（新客戶）溝通並接觸時，我們會鎖定那些正在駕駛、且非常熟悉電動車的人。

But I can also tell you really that when you think about our clients, think about unique people. There is not -- we tried many times also for other model, ICE, whatever. Really, the common factor is the passion they have for our brand, the willingness to have unique driving experience. Now we said also that for this model, we will move ourselves in a FIFO mode where either new client or repeater will have the same priority.

但我也可以很坦白地告訴你，當你想到我們的客戶時，要把他們視為獨特的個體。我們也多次嘗試過用其他車型（燃油車等）去找規律。真的，共同因素是他們對我們品牌的熱情，以及追求獨特駕駛體驗的意願。我們也說過，對於這個車型，我們會採用 FIFO（先進先出）的方式，無論新客戶或回購客戶都享有相同優先順序。

So this comes back to your question, would you increase the penetration depending on the region or we will follow the order intake because for us, it's an opportunity to show once again that we respect. On one side, the people, the client willingness to drive a new kind of car. On the other side is also the level of innovation that we brought in our car. So that's important.

所以回到你的問題：我們是否會依地區提高滲透率？我們會跟隨訂單的承接情況，因為對我們而言，這也是再次展現我們尊重的一個機會。一方面，是尊重客戶想要駕駛一種全新類型車款的意願。另一方面，也是在展現我們在車上帶來的創新程度。所以這很重要。

Now the story of the life cycle of the Manuale, the first question, I understand that your Excel file would be much easier, but yeah, you won't do the call.

至於 Manuale 的生命週期這個故事，也就是第一個問題，我理解你的 Excel 檔會因此容易很多，但對啊，你就不會打這通電話了。

Got it. Okay. Thank you.

了解。好的。謝謝。

Dear participants, thank you very much for all your questions. And now at this moment, I would like to hand over the conference to your speaker, Benedetto Vigna, for any closing remarks.

各位與會者，非常感謝大家的提問。現在此刻，我想把會議交回給我們的講者 Benedetto Vigna，請他做結語。

So thanks to all of you. Thanks for your time today. And I wish you a good morning, good afternoon and also for the people that go on vacation, also have a good, relaxing vacation with your beloved ones. And thank you again for your attention and meet you soon in a couple of in a few months. Ciao.

感謝各位。謝謝大家今天撥冗。祝大家早安、午安；也祝要去度假的朋友，與摯愛親友一起度過愉快、放鬆的假期。再次感謝各位的關注，幾個月後我們很快再見。Ciao。