Ferrari N.V. Common Shares

Good day and thank you for standing by. Welcome to the Ferrari Q-Free Results 2024 conference call and webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 1 again. Please note that today's conference is being recorded. I would now like to turn the conference over to your speaker, Nicolette Taruso, Head of Investor Relations. Please go ahead.

Thank you, Razia, and welcome to everyone who is joining us. Today, we plan to cover the Group's operating results of the third quarter of 2024, and the duration of the call is expected to be around 60 minutes. Today's call will be hosted by the Group CEO, Mr. Benedetto Vigna, and Group CFO, Mr. Antonio Picapicon. All relevant materials are available in the Investors section of the Ferrari corporate website, and at the end of the presentation, we will be available to answer your questions. Before we begin, let me remind you that any forward-looking statements we might make during today's call are subject to the risks and uncertainties mentioned in the safe harbor statement included on page two of today's presentation, and the call will be governed by this language. With that said, I'd like to turn the call over to Benedetto.

Grazie, Nicoletta, and thank you everyone for joining us today. Before we begin, I would like to extend my gratitude to the incredible team at Ferrari for their hard work and dedication, to all our client collectors for their ongoing trust in our brand, and to all our partners, suppliers, and dealers for the strong collaborations we have continued to build together. The stability of the Ferrari ecosystem resides on their spirit of cooperation, shared passion, and sense of belonging. Grazie a tutti. Thanks to all. We are continuing to execute our business plan in line with our trajectory and q3 was once again a quarter reach in achievements and strong financial results let's begin with a brief summary of these financial results and then antonio will provide all other details revenues 1.6 billion euro up seven percent versus the previous year a double-digit growth in profitability with EBIT at approximately €470 million and EBIT margin of 28.4% sustained by the strength of the product mix and the continuing solid trend of personalization. A remarkable net profit of €375 million and industrial free cash flow generation of more than €360 million. Such figures continue to demonstrate strong execution and sustained growth. These results were accompanied by a continuous brand momentum. The order book, our order book, has evolved as expected with the new 12-cylinder coupe and Spyder guiding the order intake, providing us with a remarkable rolling visibility well into 2026. The same positive sentiment has been confirmed by many of our dealers who attended the dealer annual meeting a couple of weeks ago here in Maranello in our new building. All our 170 plus dealers from all over the world came to this important event and immediately after it, during the dinners, they reported very favorable feedback across the board, from recent product unveiling to customer engagement, from a clear, a consistent product and industrial strategy to increased openness and transparency, and of course, unique brand experiences. In this same location, in the eBuilding, During those days, we arranged the bespoke previews of the new supercars, the F80, for our collectors before displaying it to our broader racing community at Finale Mondiale. This model opens a new chapter in the history of our legendary supercars. The F80 will be produced in a limited run of just 799 examples, which have already been fully allocated to our collectors. It joins the iconic 288 GTO launched 40 years ago in 1984, F40, F50, Enzo, and LaFerrari in showcasing the very pinnacle of technology and performance. The F80 is the most powerful road car ever to come out of the factory's gate with a combined maximum power of 1,200 horsepower. It has become the new benchmark for innovation and engineering excellence from the latest generation V6 hybrid powertrain with the introduction of e-turbo to the four-wheel driving capability enabled by the electric front axle from the ultralight carbon fiber chassis to the extreme aerodynamic solutions. And here I would like to praise the entire team here in Ferrari for this incredible masterpiece marking the eighth model unveiled out of the 15 we promised at the 2022 capital market day so what is most striking about f80 firstly it symbolizes our technological evolution the significant transfer of technology from our racing world to the road today both our formula one and our 499p hypercars have turbo v6 ic engines with an hybrid system so It was our choice for us to transfer this powerful and advanced architecture into our newly born F80. Secondly, we are making a clear technology statement. More specifically, I refer to the following three key components of our F80, all developed and manufactured in our newly inaugurated building. One, the electric motors, the first to be developed, tested, and manufactured entirely by us. The high voltage battery module, conceived for very high power density and adopting a patented carbon fiber housing system to save weight. And three, the front axle, designed for high efficiency and incorporating two electric motors and inverters using silicon carbide transistors and integrated advanced cooling system. What I just mentioned above underlines the progress that we are making in our electrification journey. and our willingness to internalize core components. After the first hybrid F1 car of 2009, the Ferrari of 2013, and our six hybrid models, F80 represents a key milestone in our electrification journey. And now, after our amazingly beautiful and high-performance Ferrari, let's switch gears to client activities. has been also a quarter rich in many unique experiences, such as our presence in Pebble Beach, where the T1 hosted many classic new Ferraris, the Cavalcade Classic, which attracted over 60 historic Ferraris and their owners to Italy, Friuli Venezia Giulia region, and Slovenia, and the legacy tour dedicated to owners of the iconic 288 GTO and our first supercar. And the Finale Mondiale, which saw the participation of more than 35,000 motorsport enthusiasts, clients, T4C sponsors, suppliers, and employees with their friends and families. Each event has been a resounding success, bringing together our community to celebrate the Ferrari legacy and extraordinary experiences that define our brand. These opportunities for our international community to gather together offer a unique platform for enthusiasts to immerse themselves in the Ferrari experience. They foster connection and create unforgettable memories that resonate with the true essence of the Prancing Horse, a shared passion and a strong sense of belonging. A Finale Mondiale is a good launchpad to our racing and lifestyle world. So let's start with the racing world. September 1st is a date that we will always remember because, for the first time in Ferrari's history, we secured the two victories in the two championships, WEC and F1, in a single day, as our victory in Austin came just a few hours after our win at the Grand Prix with the Scuderia Ferrari HP. I was in Monza, and I can tell you that you cannot describe those emotions. You can only live them, and you will never forget. In Formula 1, The recent victories and improvements in Austin and Mexico City have provided us with the boost we need to continue to fight in the last few races of the championship, always with the four wheels on the ground. The road till the end of Abu Dhabi, we will make all we can to fight till the very last lap. The recent racing and sport car event have also been occasions to showcase our renewed lifestyle dimension. Among the many activities, let me highlight our last collection, shown during the Milan Fashion Week, and that has been very, very well received. The strength of our brand is further demonstrated by the record attendance at our museums. Two months in Q3, both so well above 100,000 visitors, and year to date, we already passed the record of attendees of last year. And lastly, I want to mention another very important achievement of this quarter. Actually, it's a quantum leap toward our carbon neutrality target for 2030. We have switched off our three-generation plant here in Maranello, and we managed to do this three months earlier than we had previously planned. This means we no longer use gas to produce electricity in Maranello, replacing a significant proportion of our methane gas consumption with renewable energy sources. This will ensure us a 60% annual reduction in Scope 1 and Scope 2 CO2 emissions compared to the 2021 base years. To conclude, we are conscious of the microenvironment around us, and we continue to monitor it very carefully. We are all fully committed to execute our strategy with a focus and determination, confident in our clients, our direction, and the opportunities that lie ahead of us, and always keeping in mind the importance to be well grounded. And on this note, I hand over to Antonio to review the Q324 financial results.