Ferrari N.V. Common Shares

and thank you for standing by. Welcome to the Ferrari Q3 2025 results conference call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, please 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 have a conference over to your speaker, Nicoletta Russo, Head of Investor Relations. Please go ahead.

Thank you, Radja, and welcome to everyone who is joining us. Today we plan to cover the Group Third Quarter 2025 operating results, and the duration of the call is expected to be around 45 minutes. Today's call will be hosted by the Group CEO, Mr. Benedetto Vigna, All relevant materials are available in the ambassador section of the Ferrari corporate website. And at the end of the presentation, you 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 covered by this language. With that said, I would like to turn the call over to Benedetto. Grazie, Nicolette.

Thank you, everyone, for joining us today. The past few months have been rich of important milestones for our company, among which the launch of the Ferrari Amati, the 849 Terrasa family, the first step of the build of the Ferrari Elettrica, and the capital market space. Let's start from the capital mapping day. On October 9, in Maranello, we gathered together and we shared our ambitions and plans for the future with investors, journalists and the entire world. In this current uncertain world, we shared an ambitious financial floor for the end of the decade. 9 billion euros of revenues, 40% EBITDA margin and 30% EBITMA. What did we say? What did we say at the Capital Market Day, exactly? Two things. We highlighted that Ferrari is a unique company which combines three dimensions, heritage, technology and racing. It has a dual identity, both inclusive and exclusive, capable to engage with people, Ferrari and brand lovers across generations and geographies. We accept ambitions for each show with the unwavering goal to keep our brand strong for the longer term, well beyond 2030. In racing, we aim to win, we want to continue to be successful in endurance and come back to victory in Formula 1. We owe this to our people here, to fuel the passion and the inclusive side of our brand. In Sport Cars, we continue to focus on managing and crafting the exclusivity of our products through an horizontal product diversification strategy, which ensures scarcity for each single model. We confirm our innovation pace. We will continue to offer our clients an average of 4 new models per year between 2026 and 2030, across the three different powertrains, ICE, Hybrid and Electric, to address different clients' and different clients' needs. In 2022, we told you that the 2030 breakdown of powertrain offerings would have been 20% ICE, 40% Hybrid and 40% Electric. Our plans were based on the environment in 2022 and our expectations about its evolution. Today, in 2025, we have deliberately recalibrated our power train offer to be 40% IC, 40% dihedral and 20% electric. Why did we decide this? Two are the main reasons. One, market dynamics. We have always believed in electrification as an addition, not as a transition. Overall market adoption of electric technology has been more gradual than anticipated in 2022. At the same time, demand for thermal and hybrid models has been more sustained. Two, client integrity. We put our clients always at the center of what we do. We are very flexible and agile to adapt our product plans to the evolving environment, developing and offering models that best address our client needs and meet their preferences. Regardless of the power trade, we will keep on harnessing each technology in a unique and distinctive way, enhancing the driving emotions and staying true to our belief that we have to be innovative, adapting to the changing times. That is what our founder did since 1947, when he dared to develop our first 12-cylinder engine, although not only built in it. It's our responsibility. It's our responsibility to keep alive this will to progress. This technology neutrality approach is something we have chosen, we have planned for and invested in, also from an infrastructure point of view. The eBuilding, our new facility in Maranello, capable to manufacture the three powertrains, is the perfect example of this flexible approach. Our research and development efforts will not only focus on powertrain performance, but also on vehicle dynamics, experience on board and on new materials, all of which make our product unique. Moving to clients, we will continue to grow our Ferrari family, which today counts 90,000 active clients, and to foster their sense of belonging in community through an ecosystem of unique experiences from truck to road to brand. Lastly, LIFESTYLE. This is the soul that is instrumental to enrich the client experience and to widen our audience beyond our defaults and favoritism. I personally believe the team did a great job in bringing brand consistency. We then translated everything I just said With the help of Antonio, let me underline a couple of elements. One, we continue to grow our business to new heights in an organic and consistent way. We look at the 2030 target as a floor of our ambitions, all impacting in the long-term interest of our brand, safeguarding exclusivity above all. The macroeconomic environment remains uncertain, and extremely volatile. However, the receivability and solubility of our business model allowed us to commit to an ambitious plan of six years of growth, which we will execute with focus and discipline as we did for the previous one. We will continue to deliver on our promises. And then we concluded the capital market day with our renewed decarbonization commitment. We have already achieved approximately 30% reduction in our scope 1 and scope 2 emissions and approximately 10% reduction per car in scope 3 emissions in 2024 versus 2021. We will capitalize on this achievement with the clear target to reduce our Scope 1 and Scope 2 emissions by 10 times in 2030 versus 21, and to decrease by 25% the absolute Scope 3 emissions in 2030 versus the past year, 2024. Moreover, the day before the Capital Market Day, we unveiled the technology hub of our Ferrari electric car. This represents the first step of the reveal, which will be followed by the look and feel of the interior design concept in Q1-26 and the complete cast in Q2-26. As a leader, Ferrari as a leader takes its innovation responsibility very seriously. The Ferrari Elettrica is a new opportunity to reaffirm our will to progress. As it has happened many times in the past, with the introduction of innovative concepts such as turbo engines, electric power trains and most recently with the Puro Sangue, there is great anticipation to experience the driving emotion of the ELECTRICA. After the capital market day, I met several clients in USA, in Korea, in China and in Italy. And all of them appreciated the way we presented the model. This is what they told me. Electric cars are generally heavy as elephants and not fun to drive. You did well to invest in active electronic systems to transform the elephant in a horse and to engage the drivers with peg-door shift, like in old Ferrari. We are looking forward to driving it. We can continue to be innovative if we keep the pace of change and leaving the three power trains in our portfolio is a clear advantage, especially in front of younger generations. With the first step of the review of the Ferrari Elettrica and unveiling in September of the 849 Testarossa Coupe and Spyder, we have concluded the six launches we had announced one year ago for the entire 25. I met many clients in Europe, in the USA and in China who are in love with Castarossa. Last week in China, I met a young female client, younger than 40 years old, and she told me Testa Rossa is the perfect harmonious blend of design and engineering, elegance and craftsmanship. I am eager to own one and drive it. In the past few months, almost all range models in production were substantially sold out. The launches of the Testa Rossa February and the Amalfi and their great traction among clients are, initially, contributing to the order intake. Indeed, the order book extends well into 2027. Over the next few quarters, we will have significant changeovers of models. Indeed, in January 2025, only 15% of our line-up was in ramp-up phase of production, while we will close the years with 35% of the line-up in ramp-up phase, and this is the result of all the activities of development that we did in the past years. Moving to the quarters, Q3-05 saw continued growth, just a few key numbers to highlight. 1. Total revenues reached approximately €128 billion at 7.4% growth year-over-year with fair deliveries. 2. Strong profitability, with Egypt for over €500 million. And, last but not least, industrial leakage flow at €365 million. These are solid business performance. These solid business performance allowed us to revise upward the 2025 guidance during the Capital Amateur Day in October. Our revised guidance exceeds the profitability target we had originally set for 2006 in the previous business plan, one year in advance. Moreover, the decision to complete the current sales and purchase program within these years, once again one year earlier than planned, also reflects such progress and strong confidence that we have in the future. And now I will leave the stage to Antonio to explain the quarter in more depth.