SergeFerrari Group S.A.

gentlemen, and welcome to the Ferrari Group PLC half year 2025 results call. At this time, all participants are in listen only mode. After the presentation, there will be a question and answer session. I'll now hand over to Paola Mantovani, Head of IR to begin the meeting. Paola, please go ahead.

Good morning, everyone. Thank you for joining our first half 2025 financial results presentation. With me today are Marco Deiana, our CEO, and Alessandro Ugo, our CFO. They will take you through the operational and financial performance during the period. After the presentation, we will open the floor to questions. Please note that our results material are available for download on our IAR website under the results and presentation section. With that, I will now hand over to Marco to begin the presentation.

Thank you, Paola. Good morning, everyone. We are pleased to report a robust performance in the first half of the year with revenue growth across our service portfolio. We believe that this reflects the resilience of our business model in a challenging market environment and effectiveness of our deeply shippling growth strategy. In terms of external development, we have seen considerable volatility across our footprint. The most important external factor affecting our performance was the continued weakness in China, which we will elaborate on shortly. Our net profit in the first half was affected by increased provision linked to the previously disclosed investigation by Italian customs. Our decision to voluntarily settle was made after careful considerations and in the best interest of the group and its stakeholders, also taking into account a pipeline opportunity, we were able to accelerate to offset the impact. In this context, We expect no effect on fully year net profit. Despite the headwinks, we continued to execute our growth strategy, generating a healthy pipeline of new branch openings and progressing our warehouse expansion. In the coming months, we will be starting direct operation in Indonesia, the Philippines, Vietnam, and New Zealand. Our new offices in Saudi Arabia will be fully operational by the fourth quarter of this year, when we also be opening a new warehouse in Thailand dedicated to a watch manufacturer. At the same time, I am pleased to report that our new warehouse in London is now fully operational, while the development of a warehouse in Paris is also underway. To facilitate this growth and further strengthen our leadership team, we have continued to invest in people and adapt our governance model to empower regional teams to build on our success. I will now hand over to Alessandro for a more detailed analysis of our financial performance before we give you an opportunity to ask questions.