Ferrari N.V. Common Shares

for a discussion on their contribution to sustainable innovation, which is increasingly central to our supply chain. And then a weekend was dedicated to Ferrari's employees, their families and friends, A record presence of more than 30,000 people visiting our factory. Such a great emotion. I spent there the full Saturday, and it was for me the first time. And I will never forget this beautiful, unique experience. And during that intense week, we also inaugurated the new E building, where E stands for energy, evolution, and environment. And based on the concept of technological neutrality and flexibility, this new facility will house the development and production of ICE hybrid and full electric models. Here, let me remark once again our belief. We believe that there is no single solution to future automotive powertrains. And this is particularly true during the current technology transition. Technological neutrality is a key principle for us, and consistent with our strategy, and we continue to invest in the three power trains. In telecombustion engine, hybrid, and full electric, to provide our client with maximum freedom of choice. In V-building, we will also engineer and handcraft the strategic electrical components that are highly relevant to differentiating Ferrari's technology and performance. high-voltage batteries, electric motors, and axles. Indeed, the full electric Ferrari requires new technologies, new components and processes, and e-building will enable us to keep our critical know-how in-house and maintain our competitive advantage in the years to come. The advantages of new e-building do not end here. It will also enable us to decouple, people-wise, the production of limited edition cast, such as Daikona, from the development of new models. And this will allow us to place the research and development team closer to manufacturing, shortening the product development phase and time to market. And here, I would like to be very clear on one point. We did not realize the building with the aim of growing our volumes. our ethos remains the same quality quality of revenues over quantity on june 21 we completed the skeleton rebuilding and installed the equipments now we are focusing on testing the processes and debugging the lines to start production of hybrid and ice models from the beginning of 2025. for this achievement a special thanks goes to all the colleagues We've been able to maintain the building schedule despite all the difficulties that we experienced during these times. It has been not easy, but they made it happen by acting nimbly with focus and determination. During the quarter, we made further progress both in racing and lifestyle, creating stronger cohesion across our company's three souls. Let's start with the racing world. In our second season in the top class of the World Endurance Championship, we achieved an extraordinary success with our 499P at the 24 hours of Le Mans. And this is the second Le Mans victory for our repercussions. This outstanding result deserves huge praise and is a testament to the exceptional teamwork of all colleagues and their perseverance. The same spirit and will to progress is vivid among our Formula One team. Scuderia Ferrari HP approached the 2024 Formula One season with the aim of always fighting at the front. We entered the summer break with encouraging signs. We scored two wins versus zero last year and 50% more points per race compared to last year. The team remains focused and united and is pushing hard to continue to improve the performance of the cars. Our recent racing and sports car events have also been the perfect stage to gather our most loyal clients and showcase our lifestyle dimension. And this brings me on to my last point for today. We have recently been much more deliberate about including our lifestyle collections at our exclusive events and sharing our latest creations with our community. The successful activation in Pebble Beach and Las Vegas last year were a first step. This year, at the beginning of May, we took a further step forward. We organized a series of engaging and unique experiences in Miami for our community. These encapsulated the elegance of our sports cars, the allure of Ferrari lifestyle, and the excitement of racing. This was more than just hosting events. It created a coherent, coordinated, and inclusive narrative across each of our three souls. A similar approach was also taken during the most iconic endurance race at Le Mans, with the creation of a pop-up store at Tower Casa Ferrari, which received very positive feedback from clients, resulting in improved sales and encouraging signs for the future. We are aware that Ferrari is an incredible, powerful, and unique brand, being extremely exclusive on one side when you think of our sports cars, at the same time being very inclusive. If you think of our racing DNA and the millions of T4C and brand enthusiasts that we inspire all over the world. Among them, during the Formula One Grand Prix at Imola, two Ferrari enthusiasts had a once-in-a-lifetime opportunity to spend the night inside our iconic museum in Maranello, which was the setting for a unique Airbnb stay and experience not usually available to the public. We were able to create this activation by leveraging our existing assets our museums in maranello in modena and here for the first time we passed we passed the threshold of 100 000 visitors in may alone the fiorano restaurant and our historic cavallino restaurant to conclude this second quarter of 2024 has been full of significant milestones And I believe this achievement marked the continuation of our journey as we are driven on by our will to progress and the drive for excellence in everything we do. Always, always keeping four wheels on the ground. And on this note, I hand over to Antonio to review the Q2 2024 financial results.

Please, Antonio. Thank you, Benedetto. And good morning or afternoon to everyone joining us today. I'll start on page six, where we present the highlights of the second quarter. Continuing the trends from the first quarter, the growth rate of revenues and profitability outpaced that of our deliveries, mainly thanks to the enriched product mix and increased personalizations. Therefore, while shipments grew by less than 3%, revenues were up 16%, adjusted EBIT up 17% with a 29.9% margin, adjusted EBITDA increased 14% with a 39.1% margin, and such economic results led to a remarkable industrial free cash flow generation, despite higher capital expenditure and tax payments. Moving to page seven, We review our shipments for the second quarter, which increased by 92 units. As already mentioned by Benedetto, we leverage our order book visibility and production flexibility to design our product allocation across the different regions consistently with the developments observed in each respective market. As a result, deliveries increased in EMEA, Americas, and the rest of APAC, while decreased by roughly 60 units in mainland China, Hong Kong, and Taiwan. The increase in deliveries was driven by the Puro Sangue, the Roma Spider, and the 296 GTS. Additionally, we commenced the first deliveries of ESF90XX Stradale, the special series hybrid with a limited production run of 799 units. The allocation of the Daytona SP3 grew in the quarter compared to the prior year, but were lower than in Q1, in line with our plans. The shipments of the Roma and the Special Series A12 Competizione decreased, approaching the end of their life cycle, while the SF90 Stradale and the A12 GTS phased out. In the quarter, the hybrid share reached 48% in line with product cadence and mainly driven by the 296 GTS. On page 8, you can see the net revenues bridge, which shows a 19% growth versus prior year at constant currency. The increase in cars and spare parts was the most relevant contributor, driven by the richer product mix and country mix, as well as higher personalizations. In the quarter, personalization further strengthened at almost 20% of total revenues from cars and spare parts, mainly supported by the Puro Sangue and Daytona SP3. Sponsorship, commercial, and brand increased thanks to new sponsorships related to our racing activities and improvement in lifestyle. The increasing sponsorships reflect the latest sponsor's additions, including HP, as the new title sponsor of Scuderia Ferrari in F1. Other revenues were almost flat, with the improved contribution from financial services activities substantially offset by the Maserati contract expiration. Currency, net of edges in place, has a negative net impact, mainly due to the adverse dynamics of the US dollar, the Japanese yen, and the Chinese yuan versus the euro. Moving to page nine, the change in adjusted EBIT is explained by the following variances. Volume, positive and reflecting the unit's increase versus the prior year. Mix and price strongly positive thanks to the robust product mix sustained by the Daytona SP3 and the few 499P modificata saved, the increased contribution from personalizations, and the positive country mix mainly supported by the increased weight of the Americas. Industrial and energy expenses were almost flat in the quarter. As DNA increased and reflected marketing and brand investment and the ongoing development of our digital infrastructure and organization. The events we held in Miami and Le Mans exemplify our brand investments perfectly integrating the sports car, lifestyle, and racing souls. HADER was almost flat in the quarter. The increased contribution of a new sponsorship and a new release of car environmental provisions worth approximately 10 million euros were mostly offset by higher costs for racing, also due to better Formula 1 in-season rankings. Lastly, the total net impact of currency was negative for 35 million euros. As a result, the EBITDA margin stood at 39.1%. As a reminder, the exceptional ABDA margin of 40% in Q2 2023 was supported by certain timing and other positive effects, which in part took place also this quarter. The EBIT margin reached 29.9% and benefited from flat-ish depreciation and amortization compared to the prior year as a result of the production cadence of current models. Turning to page 10, In the second quarter, our industrial free cash flow generation was 121 million euro, reflecting the increase in profitability, partially offset by capital expenditure that are higher than last year and in line with the pace of development of our product, as well as of the new infrastructure in Maranello. As previously mentioned, capital expenditure this year are progressing more linearly compared to our usual cadence, due to advanced development of the product pipeline and the ongoing spending for the new paint shop. Tax payments and an increase in networking capital provisions and other, primarily driven by higher inventory, which reflects both our production plans and the enriched product mix. And the end of June, the company was in a net industrial debt position for 441 million euro, since the dividend payment and the share repurchases occurred in the quarter more than offset the positive industrial pre-cash flow. Moving to page 11, we revised upward the 2024 guidance, mainly to reflect the improved visibility on stronger personalization, following the very solid results of the first six months. We are also projecting higher and the expenses for racing and other innovation activities as well as for marketing and brand initiatives for the rest of the year. This leads us to confirm the EBITDA margin target for the year while upgrading the EBIT margin to reflect the operating leverage on DNA. The improved EPS also reflects the new estimate on the tax rate for 2024, now in the region of 19.5%, which benefits from the temporary coexistence of the two different patent box regimes. The strong profitability also turns into higher industrial free cash flow, notwithstanding the increased phase of our capital expenditure above the initial 950 million euro target. also reflecting the updated timeline for the new paint shop, which has been accelerated compared to our plans as per the last capital market day. To sum up and focus on the second half of the year, we therefore expect a positive product mix, even though to a lesser extent compared to the first half, given the lower Daytona deliveries in line with our plans, the mentioned increase in R&D OPEX and SG&A, and IRDNA in line with the start of production of new models and the digital infrastructure. With respect to the quarterly pace, we confirmed the already flagged software Q3, intentionally designed in terms of volume, model, and country mix allocation to ease the whole company in its transition to the new ERP, the enterprise resource planning software for order collection, production, and sale management that will go live at the end of August. To conclude, the financial results that we present today underscore the solid fundamentals of our business and a flawless execution. Such results and the visibility that we enjoy give us renewed confidence to sustain this positive momentum and keep on delivering on our commitment. I thank you for your attention, and I now turn the call over to Aldo.

Thank you, Antonio. Ivan, we are now ready to start the Q&A session.

Thank you. As a reminder, to ask a question, you will need to press star 11 on your telephone and wait for your name to be announced. Please stand by while we compile a Q&A roster. Our first question comes from the line of John Murphy of B of AS. Please go ahead. Your line is open.

Good afternoon, everybody. I do want to ask two maybe kind of relatively simple but important questions. When you talk about the order book being full through 2026, that's sort of an indication that you know what your units are going to be or planning on what your units are going to be through the next two and a half years. I'm just curious, as you know that and you plan for that, is there just a much greater focus on price and mix with very slow growth in units? Or could we see maybe a little bit of an acceleration in unit growth and a slightly less emphasis on price and mix. I mean, how do you think about balancing those and really the volume growth for the next two and a half years?

And the second question?

And the second question is the margins are bumping up against sort of the high end of the range of the 2026 outlook. You know, is there a way to maybe potentially think about recasting margin potential in the company really in light of the first question?

Okay, so I think the first one, the second that will, Antonio will have, John, thanks for your question. Coming to the first one is, we'll give, let's say, what we see is an advantage in terms of mix and price and the slower growth.

okay coming back to your first question the second johnny if i got your question right in terms of the guidance and margin this is very much driven by the development of our mix going forward and obviously the incidence of expenses so If you look at Q2, I think the rationale for that is clear. But if we look forward to the second half of the year, I think there is additional costs that are partly seasonal that are denting into the continuation of the similar level of profitability. As to 2025 and 2026, 2026 is out there in terms of guidance and remains there. And 2026 will speak later on beginning of next year.

Thank you. We will now take our next question. Please stand by.

Our next question comes from the line of Michael Benetti of Evercore ISI. Please go ahead. Your line is open.

Hey, guys. Emma, congratulations on a great execution quarter. A couple, just two questions for me, one on personalization. Can you help us understand The increase in personalization, I think you said almost 20%, maybe break down what's helping move that higher, any headwinds. And I'm curious how much the mix of cars is influencing that and if the early shipments of the SF90XX special models are suggesting that personalization will be in line with averages or above as we move past 2Q. And then the second question is, as we sink ahead to the EV next year, it's interesting to look back and see how the company has rolled out new technologies in the past. The LaFerrari introduced the Kurz hybrid system, and you guys chose to bring that out at a very high price, €1 million plus supercar price point. Conversely, the Persang, you brought that out as a premium price road car with a higher unit count than the strictly limited LaFerrari. If you think about those two examples, what are the most important elements of the strategy that you think about in launching the EV?

I think let's start with the first one, the personalization. Michael, thanks for your question and the compliment to go to all the team. The story of the personalization, we have these questions several times. What we see and we are focusing in supporting the demand of increased personalization from our client, I would like you all to remember a couple of things. One, the personalization level does not depend too much on the model. It's about 20%. Clearly, in absolute terms, when you sell something that is more expensive, in absolute terms, it's bigger. But in any case, it's around 20%. And the second thing that I would like to share with you is that the dimension of the personalization that our clients like a lot is the carbon finish. We keep analyzing what is the take rate of the different optionals that we offer, and we see a clear dominance. of everything that is carbon finish. And we have been looking at this both inside in the car and outside the car. So we are putting our supply, we are strengthening support, strengthening the supply chain in a way that we can accommodate the different client needs. So this is about the personalization. These are the two facts that are supported by data analysis of what we see in terms of behaviors of our clients. The second instead is about EV strategy. Here I would like to remind that it was May 2022 before the CMD when we had several discussions in the company. It was clear at that time that it wouldn't make sense to push only one kind of propulsion. Technological neutrality is a key when you have, let's say, the market does not know where to go. So for us, making the EV is a way to show our client that whatever is the technology, we can harness in a unique way to deliver them unique driving trails. One message that I said when I made the introduction is that we continue to believe in technology neutrality. We are acting in that direction. And our plan, let's say our plan of EV introduction is as it was. We unveiled the car in Q4 2025. And we believe we are able, we will be able to deliver unique driving experience to our customers with any kind of cars that we are going to make in the eBuilding.

Thank you very much, guys.

Thank you.

Thank you. We will now take our next question. Please stand by.

Our next question comes from the line of George Galliers from Goldman Sachs. Please go ahead. Your line is open.

Yes, thank you very much for taking my question. Obviously, it sounds like you are seeing very strong demand still for all of your products, and obviously, you have a very healthy order book. Obviously, just mindful of what we're hearing other luxury companies talk about, as you've built up the order book of the Duodice Cilindre, have you seen any areas where perhaps the market has not been as strong as you might have expected, and potentially any areas where that's been more than compensated for by very high demand. Is there any sort of geographic development there that has caused you to sort of raise an eyebrow? And then the second question I had was just with respect to the very strong price mix during the quarter, can you give us any insights into how much of that was from the contribution from Daytona SP3 and the 499? And with respect to the 499, if you're able to provide any sort of insight around the volume in the quarter, the volumes we should expect over the remainder of the year, I think that would be very helpful. Thank you.

Thank you, George. I think the first one, the second, Antonio, will reply. So the first one, maybe the question is about the 12-cylinder order book, right? That's what you said, 12-cylinder. Right. I can tell you that the traction of both models is very strong across all the countries. There is only one country, but we knew already by design, one country where the order book is not so strong like in other countries because it's because there is, let me say, additional tax burden, that is China. But remember that when we show you when we shared with you the capital market, during capital market day, the plan for the four years, together with the technological neutrality, we said another important thing, because of the product pipeline we were developing, we said that China would have been always lower than 10%, greater China. So I would say no surprise in this respect. I would say instead, one thing that the traction of the Dodici Cilindri has been stronger I would say even much stronger than the two predecessors in the same category. I'm talking about the 812 GTS and the 812 Superfast. So we are happy about the traction of this model with the different clients that I've seen. And the second is for you, Antonio.

Hi, George. During the quarter, we shipped 74 Daytona. That's why I said less than in Q1 and obviously higher than last year. And going forward, you remember we said the decline over the course of the second half in order to have a sort of average for the year, which is likely about 60 per quarter. The 499P, sorry, we shipped five in the quarter. There is not to be expected an even pace of delivery going forward, but more or less that would be the region, I mean, four to five, depending on the quarter, the clients.

Fantastic. Thank you very much.

Thank you. We will now take our next question. Please stand by.

Our next question comes from the line of Thomas Besson of Kepler Chevro. Please go ahead. Your line is open.

Thank you very much for taking my questions and congratulations on the numbers. I'd like to discuss with you the possibility of seeing your averaging prices moving even higher or not in the second half. I was impressed by the step up in Q2 versus Q1. With what you've said, we should expect a substantially lower number of SP3, but a much higher level of Daytona and XX, I guess. Could you help us assess whether the average selling price in the second half could be higher than the first half or not? And also mention the impact of the declining China share on that calculation. That's the first question. And the second, the SF is finished now. Could you talk about the expected evolution of the hybrid share in the coming quarters? It has reached a high level driven by now the 2060 TS. What should we expect in the coming quarters and when should we expect you to release a new hybrid car?

i think the second uh antonio will take the first year maybe i would like to to to share with you one important uh point today when we you see the number of the share of the cars hybrid as i see more or less we are around 50 50. well i think that there is a continues to be a strong traction for our hybrid model And just yesterday I was with a few clients that were extremely happy about the 296 GTB compared with the 458 that was thermal. And so what I want to say is that we expect the traction of the hybrid going forward in the same level as it has been so far. and we start to see also some uh positive comment about the initiative we launched at the beginning of this month sorry the past month in july when we extend also the warranty to the high voltage battery of the hybrid hybrid car so we don't see any any let's say strange sign on hybrid. On the contrary, we see a strong positive interest and attention in driving trails that our clients are experiencing when they drive this hybrid car. So that's, I think, the second, and then Antonio.

Yeah, the trivial numbers. Anyway, in terms of ASP for the second half of the year, I would expect it to be not very different, maybe slightly lower compared to the first half. While with respect to the, and this is mainly due to the fact that Daytona is going down in terms of number of shipments, through there will be some more S90XX, this will be growing. We have delivered until now a few tenths of this car. There will be in the region of 100 or slightly more of this in the second half. But overall, the net impact should be the one that I mentioned.

Thank you very much. Thank you. We will now take our next question. Please stand by. Our next question comes from the line of Henning Kosman of Barclays. Please go ahead. Your line is open.

Yeah, thanks so much for taking my question. I have one question on personalization, please. I believe at Q1 stage, we talked about a level of slightly higher than 19%. And at the time, you said it was above average, what you're expecting going forward. We're now talking, I believe, more like 20%. And you are not talking about above average anymore. So is it fair to say that at this point the expectations for personalization have shifted up and you're now expecting more sustainably a level of 20%? And the second question perhaps on residuals. I know we've been talking about residual normalization. if you could just share your latest observations and thoughts. I know you think that residual value should start to normalize to a greater degree than they have perhaps during the COVID and semiconductor period. Do you think at all that could affect your ability going forward to price successor models at as large a markup as you have currently done once your buyers start to consider perhaps a more normalized development in residual values. But also more broadly, any considerations you would share around residuals would be greatly appreciated. Thank you very much.

Henning, so the first one, personalization. I mean, the forecasting, the behavior of the client, you know very well, is not easy. What we can, the only thing, allow me to say, The best antidote or the best way to manage this is to become, to be agile, to accommodate their needs, to have some flexibility. That's the reason why we are so much proud about our e-building, because of the flexibility that it allows us. So for the rest of the year, we expect, in any case, something that is in the range of 19. It can go up a little bit, 19.5%, but that 19% is what you can consider also for the rest of the year. That's what we are planning for. The second question is a good occasion to clarify a couple of points. The first one, the residual value remains strong. There are some geographies, okay? I can mention, for example, UK. Well, they say they're a little bit weaker, but I can tell you that we have been analyzing 20,000 transactions, 20,000 transactions that have been happening in the last years, and we have seen that there are the functional personalization that are keeping their value. Then there are some personalizations, like the painting, some spatial painting, something that is not, let's say, maybe not so appreciated by the second client, that are a little bit impacted. But I can tell you that, let's say, the trend remains strong. Maybe this is a good occasion to clarify everyone. Sometimes you keep reading that the people are afraid about the residual value of the hybrid cars. Well, we have been investigated. We have been working and listening to our clients. We have been working in the last seven, eight months, and we announced this warranty program that starts in July this year for all our hybrid cars in a way that we gave the peace of mind to all the clients that have the hybrid. So basically, The battery is like many others, let me say, objects in the cars and is protected by warranty. So thanks for your question.

May I squeeze a follow-up question?

Sure.

To Antonio, please. Sorry, Antonio, you said some of the positive one-off effects in the bridge in the other bucket at the time of Q2 2023. I think it was when you were talking about EBITDA. You said some of these were also present this quarter. Could you be a little bit more concrete on that, please?

Absolutely. Sorry, I thought you remembered. Anyway, last year in the second quarter, we had a release of current environmental provisions. and also we adjusted our expectations for the ranking of the year to the second place, while this year we had a similar release of environmental provisions, and we maintained for a time being our assumption in terms of being first in Formula One. Thank you so much.

Thank you. Thank you. We will now take our next question. Please stand by. Our next question comes from the line of Steven Reitman of Bernstein. Please go ahead. Your line is open.

Yes, thank you. And also congratulations on your results. I had a question on personalization. I think you've said in the past that Pura Sangue surprised you in the sense that demand was much stronger than you'd anticipated. And you closed the order book and then had to reopen it again. And it stretches out very fast. You said that I think in the first quarter the personalization rate was very heavily influenced by collectors who were personalizing at a very high level and maybe I had the impression you were thinking maybe this rate of personalization would not continue once these collectors have been satisfied. Maybe you could comment on what the personalization rate is looking like on the Curriculum rate as we go through as we're into the second quarter and the rest of the year. And secondly, again, congratulations. I think it's a very good idea with the extended warranty program for the hybrid components addressing that concern. What is actually the feedback you've actually been getting from that already? It's obviously not many cars yet at the end of their warranty on the vehicle yet. But have you already seen some take up of the plan? Thank you.

Thank you, Steve. And as I said, also, the compliments go to all the team here. So let's start with personalization. You are right. In Q1, we see the collectors, let's say, pushing out the personalization. What I can tell you, I don't know if it is a sign also for the future or not. We'll see. But we see also that the new clients are particularly keen in personalization. So the good point is that we're collecting a lot of data. We are analyzing them. While we can say with certainty that the carbon finish is definitely something together with the painting. It's a personalization that shows a clear trend, a clear appeal for the client. We start to see also that the new client in Q2, we start to see the new client. are appreciating and want to personalize more and more the cars. But we don't feel confident yet to say that this is a trend like it is for collectors. We need to collect more data. This is why I told you before that we expect personalization to be always in the range of 19%. We'll see. We will update you as soon as we understand and we pick up a signal. The second is that you know, we've been working around seven months to set up this idea of a high voltage battery warranty and As you can understand, I mean this is online since 27 days and we I can tell you that the feedback of the client is Some feedback from the client were very positive because they understand that in the cars, there is something that is a limited life and we, Ferrari, realize it and we apply this warranty. So the first feedback are positive. We'll see what is the take rate in the quarters to come also because the first cars that are approaching the end of the five years are SF90. 19 plus five is 24. So we'll keep you updated, Steven. The first feedback are very, very positive because the people understand that we understand and we care about the peace of mind of our clients.

Can I just ask one more question, please, as well? And that is, obviously, there have been concerns about the general luxury market. But we saw last week very strong results from Hermes in their iconic leather and saddlery business, which really defines the brand. What are you seeing, what feedback you're getting from your dealers in terms of footfall, people visiting the showroom and duties of interest? How would you say that compares to any period you prefer to compare it against?

Look, we don't see any sign of weakness. We see there is no trend at all in reduction of visits. I can tell you that after the 12-cylinder announcement in Miami, We had a lot of events all over Europe. I've been attending personally several of them because we organized them close to the racetrack in Fiorano. And they were full, full of clients. The clients we were inviting were in the range of 100 per night. And we were offering also dinners. Most of the time they were spending close to the cars. They did not care about what we were offering for dinners. And so there is no weakness sign. that is perceived either by us directly or by our dealers. I can tell you that there are also some clients that want, that are pushing us to have two, both, both . So, let's say we keep monitoring, obviously, but we don't see any sign of weakness in this respect.

Very clear. Thank you very much.

Thank you. We will now take our next question. Please stand by. Our next question comes from the line of Martino D'Ambrogio from Africa. Please go ahead. Your line is open.

Thank you. Good afternoon, everybody. Martino D'Ambrogio from Equita. Again, on mix. Am I right in estimating that probably one-third, if not more, of the mix effect in the first half this year came from the growing personalization?

this is my first question well I'm not able to give you confirmation I think it is I probably is not far away from from reality but I'm not able to confirm as of now we'll follow up on this okay and I understand you do not provide future guidance for the weight of personalization but I

I was wondering if you had, you suffered any kind of a constraint and you were not able to satisfy all the customers demand in the past because you are increasing the flexibility with the new way building. So presumably you are ready or you expect, I don't know, maybe both to catch more than 20%.

Look, I understand you're trying to understand what is the futures. What I can tell you is that if someone had the right recipe in the world, it would be much richer. Today, we are planning based on the data we have. What I can assure you, Martino, is that we have been working with our suppliers for the personalizations that are more, let's say, appreciated by our clients, and we put them in place to be agile. Okay? Because, I mean, just yesterday, for example, we were analyzing in detail with the commercial team and also the production team what is the take rate. And the carbon, the carbon is clearly an area that the carbon finish is an area of interest. We are sometimes, you know, in the past, the carbon, the client, the supplier, sorry, were not ready and agile like they were like the client wants, now we are improving and strengthening their capability of delivering us what we need, what the client needs. This is what we can tell you. For the future is what I said before.

That's what we are planning for. In the meantime, I just checked the number, and actually you're not far away from reality, assuming one-third of the price mix effect in H1 comes from personalization.

Okay, thank you very much.

Thank you. We will now take our next question. Please stand by. Our next question comes from the line of Anthony Dick of OdoBHF. Please go ahead. Your line is open.

Yes, hello, and again, congrats for the amazing results. My first question is on the Dodici cylindry. Great to hear your comments on the Odo Momentum versus previous generations. I was just wondering if you might share the length of the order book of that car. You haven't said it's sold out, so I'd assume it's less than two years, but if you can confirm that, that would be very useful. And then related to this question, during Q1 results, you mentioned order book normalization because most of your cars were sold out. So now with this new car, is the order book higher than Q1, broadly the same or lower? And then if I have time, I could squeeze a second question on ASP. I'm also very impressed by the sequential ASP increase, even despite lower Daytonas and even stripping out the 499T. So to put this in the context of your previous comments, you expected a 10% ASP increase for the full year. Is this still your expectation, or should we expect something higher? Thank you.

Look, the first question is, the order book depends a little bit if it is Dodigy-Gylindri, the coupe, or the Dodigy-Gylindri, the Spyder. because we started already the production of the legendary uh coop and this one is more than let's say 20 months consider also one point that for the decision spider it's more than two years we consider that usually we did you may remember we said that With this launch of the cars, we did an experiment because we wanted, we launched it together for the first time in our history. We launched it together, the Spider and the Coupe. And we see that the ratio between Coupe and Spider, the Spider is winning more around 60, 65% for the order that we have in the books already. So this is the first question. The second question is, we see... uh let me say yes for sure the the orders are coming from the model that are not sold out so the model that are not sold out are these two so these two will continue to grow the order book and order book portfolio And then you said the ASP, what is it?

Yeah, whether the ASP, the first one on the order book, I think it's fair to say that it remained flat because basically we had the expected decline of the orders on the previous portfolio since we are delivering the new, we are delivering the cars. And at the same time, we are growing in terms of these OTC cylinders. I mean, please consider that depending on the model that we launch, the order book may go up or down. If it is a limited volume car, obviously it does not add too many volumes to a portfolio where we keep on delivering at the same pace. To the opposite, if we add a volume car, it's going to be different. different direction. In terms of the ASP plus 10% versus in H2, I think we keep on confirming what the expectation for the four years is having an average ASP in the region of 10% over last year.

Okay.

Thank you very much.

Thank you. We will now take our next question. Please stand by. Our next question comes from the line of Monica Bosia of Intesa San Paolo. Please go ahead. Your line is open.

Good afternoon, everyone. Most of my questions have been already answered, but I have two left. One is a general curiosity. In the previous conference call, Benedetto, you said that 74% of new cars were sold to existing clients. That's fine. I'm curious about the new Ferraristi. Any color on the pattern of the new Ferraristi could be helpful. How is the distribution by country, age, powertrain? You already told us that the personalization appeal is quite high. So any colors would be helpful. And the second question is for the housekeeping. In the second quarter... and there was no impact from the financial charges. I was wondering if Antonio can give us a rough indication by year end. Thank you very much.

Monica, thank you. So I can tell you this. I think that the share among new clients and repeaters, let me say, does not change so much, especially when you talk quarter over quarter. If you want... I mean, we keep analyzing what is the demographic, how is changing the client profile that are approaching. One thing that we see is that also the new client like to personalize a little bit more the cars. But also here, Monica, depends on the geography. It depends a little bit on the geography. There are some places where the personalization level is higher, some others where instead it's lower. So also the ratio of a repeater and new client depends a little bit on the model. Maybe just as a colors, I can tell you that there are some cars that are in higher percentage of women. Okay, they go to five, even to 7%, some other cars that are a little bit lower. But there is not a clear sign.

Okay. And in terms of country distribution and the powertrain requirements?

No sign. No sign in terms of country, no sign in terms of age also.

Okay, cool.

No sign in terms of age, no, because one thought was the following. Maybe we have been analyzing the correlation between the preference of the model, the powertrain, and the age. Zero. Because we thought that maybe the people that are 55, they prefer the IC instead of hybrid. Not at all true. I mean, there is no correlation.

Very clear. Thank you.

On the second one, Monica, you may assume a number not far away from that of last year. Okay.

Very small.

Perfect. Thank you, Antonio.

You're welcome. Thank you. There are no further questions. I will now hand over to Benedetto Vigna for closing remarks.

Thanks all. Thanks for your time today and also for your questions. These strong Q2 results and also the continuing desirability of our brand all over the world fuel our confidence for the development of the year and for the year to come. And I wish you a good afternoon and also a relaxing summer break for the ones who are going to have it. Thanks again. Thanks for your attention. Grazie.

This concludes today's conference call. Thank you for participating. You may now disconnect.