Ferrari N.V. Common Shares

Good day and thank you for standing by. Welcome to the Ferrari 2026 first quarter conference call and webcast. At this time all participants are in listen only mode. After the speaker's presentation there will be the question and answer session. To ask a question during the session you need to press star 1 1 on your telephone keypad. You will hear an automatic message advising your hand is raised. To withdraw a question please press star 1 and 1 again. Please be advised that this conference has been recorded. I would now like to hand the conference over to our first speaker today, Nicoletta Rousseau, Head of Investor Relations.

Thank you, Nadia, and welcome to everyone who is joining us. Today, we plan to cover the Group's Q1 2026 operating results, and the duration of the call is expected to be around 45 minutes. Today's call will be hosted by the Group's CEO, Mr. Benedetto Vigna, and Group's CFO, Mr. Antonio Piccapicon. 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 having said that i'd like to turn the call over to benedetto thank you nicoletta a good morning afternoon to everyone listening to us today three are the key messages i would like to highlight in the current uncertain environment one

We delivered strong and growing Q1 earnings supported by MIX. Two, our order book further extended. And three, we confirmed our guidance for the years. How do we navigate the uncertainty of our present times? Well, we rely on three fundamental pillars of our behavioral model, a clear focus and strong discipline, second, a nimble and flexible approach, and third one, a united and cohesive team with four wheels on the ground. In volatile times, priorities can shift quickly, with the risk of losing focus of what truly matters in the long term. At Ferrari, we continue to execute according to our plans. Whether we are launching a new model, opening a new store, or competing on track, we keep four wheels on the ground and focus on what makes our brand stronger over the long term dealing with the current context requires a nimble and flexible approach this has been particularly true in managing the middle east situation since the beginning of tensions our utmost priority has been the safety of our clients dealers partners and employees In the region, we have an office with 11 Ferrari colleagues, and we serve seven markets through seven dealers, which employ more than 200 people. We provided full support and maintained a strong relationship with our community. We kept the showrooms and workshops open, and we continue to organize test drivers for all our eager clients. In the last two months, we did more than 500 test drives. Indeed, in the region, our deliveries have been flat year over year, despite the conflict. In light of temporary logistic challenges, thanks to the precious support of our dealers and logistic partners, we have identified alternative solutions to continue serving clients in the region, while promptly delivering to other markets. This was possible thanks to the visibility and flexibility granted by our business model, as well as our global presence and careful allocation strategy. A special grazie to all the people in the Ferrari ecosystem, not only Ferrari colleagues, who are supporting us daily. Our clients from all over the world have continued to attend our events and to show interest in our brand. This translates into continued order intake that puts us in a very solid position with an order book that further extends towards the end of 2027. We posted strong financial results in this quarter, with revenues and profitability both up year over year and in line with the trajectory of the 2026 guidance. Antonio will give you the full details in a moment, but let me highlight three key numbers. The revenues were close to €1.85 billion, EBITDA surpassed 75 million euros and industrial free cash flow was more than 650 million euros. None of this would have been possible without a united and cohesive team. And this is the spirit with which we are approaching the final step of the reveal of the Ferrari Luce. On May 25, a selected group of Ferraristi and Prospect will have the opportunity to experience the world premiere in Rome. It was exactly in Rome on May 25, 1947, when our first car, the 125S, won the first race with Franco Cortese, who said, this car revs much quicker than the four and six cylinders. It looks like it has an electric motor. Ferrari Luce said, is far more than a new model, and it's far more than electric. It's the perfect materialization of the purpose that motivates us at Ferrari every day to audaciously redefine the limit of possible, blending together tradition and innovation in a unique way. It is the convergence of so many incredible technologies and the passion of so many people. For the Ferrari Luce, we registered over 60 patents in many different areas, from electric engines to inverters, vehicle dynamics, and battery integration into the chassis, from steering wheel to OLED displays and simpler user interface, from car glass windows to wipers. There is not a single dimension of the car that has not been refilled by the team in an innovative way. Still a few weeks of patience, and then it will be visible to the entire world. But even the most innovative technology is meaningless without purpose. Ours is to create emotions. This is where we started when we first imagined the Ferrari Lucci, and we believed we succeeded, as we are fully aware that the clients will be the ultimate judges. There is much anticipation and curiosity from clients, both longstanding and prospect, and we are very eager to begin this new chapter at the end of this month. Launch follows the unveil of the Amalfi Spider in March, which was the first of four launches we have committed to do for this year, in line with our strategic plan. The Amalfi Spider exemplifies the Ferrari's sporting lifestyle in an open-top configuration. It's a seamless blend of performance, elegance, driving pleasure, ease of use and versatility. Another model with a lot of innovation, because for us, innovation is key in everything we do. Innovation means also listening to our clients' preferences. A perfect example is the reintroduction of the physical button on the steering wheel, a feature we are making available for all models. And talking about unique features, a few days ago, we presented the Handling Speciale package for the Puro Sangue. This exclusive personalization package will contain several vehicle dynamic enhancements and design elements for the Ferrari who decides to further enhance its sporty nature. But before turning to racing, I would also like to confirm that since last March, we are testing all our production cars on our recently built E-Vortex with clear advantages for our clients in terms of quality, for our test drivers and local community in terms of safety, and for the environment in terms of sustainability. And just remember that one year ago the E-Veo vortex was only a beautiful project on a piece of paper. I mention it as a further demonstration of our agility and nimbleness stemming from our relatively small dimension and geographically co-location in one place. And now Turning to racing, we have kicked off the 2026 season with podium finishes both in Formula 1, where we see the initial encouraging signs of our progress under the new regulations, and in the World Endurance Championship, which began in Imola, our home race. And talking about new beginnings, we recently unveiled the delivery of Hypersail, a project in which innovation, performance and design research come together to define a new frontier in ocean sailing in lifestyle we are continuing to execute our strategy with consistency and sophistication the opening of the new flagship store in london's old bond street is a testament to this when you enter the store in london you enter the ferrari world we continue to look ahead with the focus, discipline and energy that are required in the current context, and confidence in the long-term opportunities ahead of us, while always keeping the four wheels on the ground. And now, I hand over to Antonio to review the Q1 results before our session of Q&A. Thank you.