Ferrari N.V. Common Shares

Good day and thank you for standing by. Welcome to Ferrari 2025 Q2 results conference call. 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'll need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To offer your question, please press star 1 and 1 again. please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Nicoletta Rosso, Head of Investor Relations. Please go ahead.

Thank you, Maggie, and welcome to everyone who is joining us. Today we plan to cover the Group Second 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 Group CFO, Mr. Antonio Picapicon. All relevant materials are available in the investor section of the Ferrari Corp 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 2 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, Vanessa, and thank you, everyone, for joining us today. Despite an uncertain macroeconomic environment, ongoing geopolitical tensions and market volatility, ex Ferrari, we continue to execute our business plan with focus, discipline, and confidence. We base this confidence on the solidity and uniqueness of our business model, the remarkable level of visibility that we enjoy, and the continued loyalty of our community. We remain confident and well prepared to navigate potential macro threats, including trade tensions, currency fluctuations, and financial market volatility, which require an increased level of cautiousness. And while we can say that we are completely immune to global events we might encounter, our ability to adapt has been remarkable. Among those factors that underscore our solidity and continuous progress, there are five I would like to underline with all of you. One, we are on track with our product development, in particular with the Ferrari Elettrica, which I had the pleasure to drive a couple of weeks ago on the racetrack. And I can already tell you how excited we are for that coming launch. Two, we continue to evolve our standing offerings. In July, we introduced the Ferrari Amati, the 11th model of the 15th model roadmap that we announced in 2022 during our last Capital Market Days. And our third launch of this year after the two special series, the 296 Speciale and Speciale Presta. Such a number of new model launches and technology advancements require an incredible team effort, an effective management of complexity and utmost agility, something we should all be proud of, especially in the current context. Three, we continue to hold a strong order book entering 2027 without considering the new launched cars. and with all the range models currently in production substantially sold out. Indeed, the newly launched Ferrari Amalfi is at the initial stage of the order collection, and the demand for the 296 Speciale family is significantly high, nearly reaching full coverage of the life cycle. Fourth, we continue to invest in what makes us Ferrari. Client-centricity, product excellence, technology advancement. And it is especially thanks to the ideas of our people that we can continue to evolve and innovate. Proof of this are the 341 colleagues who were internally awarded for developing patent ideas in 2024. And last but not least, in line with our plans, the production ramp-up of our rebuilding is proceeding at pace, as is the construction of the new paint shop. where we have just finished the walls and we are about to install the equipment in addition during the quarter we began the construction of a new track near our facilities dedicated to sport car testing this will enhance the accuracy and repeatability of road car testing a further effort to ensure product excellence equally important is that we continue to deliver strong financial results indeed Q2 2025, so continue to grow on all key metrics. A few key numbers to share with you and to highlight. 1. Total revenues reached approximately €1.8 billion, a 4.4% growth year-over-year, with flat derivatives. 2. Strong profitability, with EBITDA in excess of €700 million. 3. And three, the industrial cash flow at 230 million euros. At the beginning of July, we hosted over 1,500 guests from all over the world on Amalfi Coast for the spectacular premieres of the new Ferrari Amalfi, our latest V8 range models. The Ferrari Amalfi redefines the concept of contemporary sportiness, combining high performance, versatility, and refined aesthetics. The name of the new model is a tribute to southern Italy and one of the most fascinating coastlines in the world. Amalfi was chosen to once again associate Ferrari with Italian beauty and a place that symbolizes our country. I was there for the first of three incredible evenings of the world premiere, where we achieved unprecedented client engagement and brand visibility. Indeed, this new model was also displayed in the town's main square for all residents of the Amalfi Coast, the tourists and enthusiasts to enjoy. This model will allow us to nurture existing clients and attract new ones, enlarging the Ferrari community, and the initial feedback has been extremely encouraging. Moments like this always remind us of the importance of human relations. Such moments strengthen the sense of community and unite people with the company and with our Ferraristi. From our Ferrari cavalcades to our racing days and racing challenges to our world premieres, each of these exceptional events is designed to create unique memories and experiences, which are essential to nurture our community's passion and elevate our brand halo. Within client events, Also, racing activities play a key role. At the circuit of Spa-Francorchamps last June, we presented the new 296 GT3 EVO, a race car that will make its debut in the 2026 season. The 296 GT3 EVO perfectly fits within the array of our activities and is instrumental to enrich the experience on track of our racing clients. And on the subject of racing, I will once again express my personal congratulations to the Ferrari team who secured the third consecutive win at the 24 Hours of Le Mans. This is an incredible achievement and an encouraging reminder of our ambitions. Thanks to this extraordinary result, Ferrari will now keep the winner's trophy forever, a right granted to those who secure victory in three consecutive editions. And in the same spirit, we are making good progress in Formula 1. We know that the season started below expectations, but in recent races, the team is constantly fighting for podiums and wins. Lastly, in line with our racing heritage and spirit of innovation, we have presented the Ferrari HyperSail project. This revolutionary boat is currently under construction in Italy and it will see us take on an unprecedented new sporting challenge in the world of sailing, allowing us to keep on pushing the limits of possible in a new arena. Moreover, open innovation and two-way technological transfer between the sport cars and nautical sectors are key in this project. Aerodynamics, energy efficiency, power management and flight control system are just a few examples in this respect. All these challenges remind us that we have to continue to improve in everything we do, with focus, determination and four wheels on the ground. And now I would like to hand over to Antonio to review in detail the Q2 2025 results.