Ferrari N.V. Common Shares

day and thank you for standing by welcome to the ferrari 2025 q1 results conference call at this time all participants are in a listen only mode after the speaker's presentation there'll be a question and answer session to ask a question during the session you will need to press star one and one on your telephone you will then hear an automated message advising your hand is raised to withdraw your question please press star one and one again please be advised that today's conference is being recorded I would now like to have the conference over to your first speaker today, Nicoletta Russo, Head of Investor Relations.

Please go ahead. Thank you, Sharon, and welcome to everyone who is joining us. Today, we plan to cover the Group's first quarter 2025 operating results, 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 the Group's CFO, Mr. Antonio Piccapiccon. All relevant materials are available in the investor 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.

Thank you, Nicoletta. Thank you everyone for joining us today. While the macroeconomic environment remains uncertain, with ongoing geopolitical tensions and market volatility, we at Ferrari have a clear view of our priorities and we are continuing to execute our business plan with discipline, focus and four wheels on the ground. The solidity of our business model, along with the relentless drive of all our partners and employees, and the continuous trust of our clients, enable us to navigate the current context. We look ahead with confidence, being vigilant of the situation that surrounds us as we have always been in the last years. In this spirit, we have kicked off this year with good progress on several fronts. Our product offering continues to evolve. Our new paint shop is proceeding according to plans. We won the much anticipated podiums in the World Endurance Championship in Qatar and in Italy, and we launched our new lifestyle collectibles. Most importantly, we have delivered a strong set of financial results. So let's start from here. Q125 saw double-digit growth on all key metrics. led by product mix and the continued solid trend in personalizations. A few key numbers to highlight. One, total revenues reached approximately €1.8 billion, with very few incremental deliveries year over year. This confirms, once again, our strategy of quality of revenues over quantity. Two, we enjoyed a strong profitability with EBITDA close to €700 million. industry cash flow generation reached more than 600 million euros in the quarter. In Q1, we have also witnessed continuous strong brand momentum. Indeed, the order book on current models has evolved as expected and covers the world 2026 with the Dodici Cilindri Coupe and Spyder guiding the order intake. This leads me On to the very positive reception that we have witnessed for hours recently unveiled the two special versions, the Coupe and the Spyder, of the 296 GTB and 296 GTS. These new Ferrari are based on the current Berlinetta in our range, the 296 GTB and 296 GTS. However, they mark forward progress in both performance managers. With hybrid engine, Delivering a total of 880 horsepower, these cars offer an unprecedented driving experience. But it's not just their sheer power that makes them special. They are also distinguished by meticulous attention to detail, technology and technological innovation and refined design. And as is characteristic of our sports cars, they embody solutions derived from our racing cars. The 4990, the 296 GT3, the 296 Challenge and the Formula One. These two newly born are the latest expression of our hybrid offering, and they have been enthusiastically greeted by our clients. One important client of ours paid the deposit to his dealer right after the presentation of last Tuesday, and another one told me, this is truly a brand new car, not just a special edition. It is beautiful, it is very elegant, and highly performing, and I love the new gear change experience. The new physical comments, moreover, on the steering wheel are incredibly interactive. Now it is much more comfortable to drive. As you can see, we are progressing in our product development plan, enriching our offering with exciting new models that allow us to tap into different client needs and desires. But the launch of 296 Speciale coupe and Spyder represents just the first of many milestones to look forward to these years. Among these, as we have told you in February, there will be the unveiling of the much anticipated Ferrari Elettrica. It will be carried out in a unique, innovative way that befits a unique and innovative Ferrari. What does it mean? It means that this is a masterpiece of technology, design, and unique features. It will be an exciting journey of discovery. It is the first of its kind, yet rich in every aspect that makes a true Ferrari. For these reasons, we want it to be fully appreciated in every single detail. And there is no better way to do this than by revealing it step by step. Three will be the unveiling steps. The first one, starting in October, is our Capital Market Day. We will show you the technological heart of the Ferrari Elettrica. And then in early 2026, we will give you a glimpse into the look and feel of the interior design concept. And a few months later, in spring next year, the journey will culminate with the world premieres, where we will reveal these harmonious brands of technology and design. As planned, deliveries of the Ferrari electrical will commence just months after that, in October 2026. Moving on from road to track, let me congratulate the entire team for the historic 1-2-3 in Qatar at the opening round of the 2025 FIA World Endurance Championship. And the following victory at the six hours of Imola, more than half a century after our latest win in Italy. We couldn't have started the racing year in a better way. I was in Imola and I can guarantee you that sharing those unique emotions with a lot of passionate people in Ferrari is an unforgettable experience. In Formula One, the team is more focused than ever on fighting for victories and podium places. The beginning has not been easy. We all know that. On the other side, we are all fueled by deeply rooted grit and relentless determination to continue to progress. But racing is not the only means we have of channeling the world's passion for Ferrari. Here, I refer to our lifestyle strategy, which has made significant progress in recent years. In early April, during the world-renowned Milan Design Week, we presented our new collection of exclusive Ferrari collectibles. Blending timeless Ferrari design with exquisite craftsmanship, these are not mere objects. In fact, each model allows our community of enthusiasts to own and treasure a symbol of the Prancing Horse's history. Speaking of community, We have maintained our focus on giving back to our local area with the Enzo Ferrari Memorial Half Marathon of Italy on March 3rd. We shared this special moment at our home in Maranello with over 10,000 runners from all over Italy and several countries across the globe, which reinforced our community ties and underlined the importance of sport and health. Through the proceeds from registration and partner contributions, the event will leave a tangible legacy on our region, enabling the creation of a new multi-sport field in the Maranello Sport Park by early 2026. Last but not least, I would like to share another remarkable achievement with you. Our e-building, the one that we inaugurated last year, has been awarded the prestigious LEED LEED Platinum Certificate, a globally recognized sustainability rating system. And now I hand over to Antonio to review the Q1 2025 results in detail.