Ferrari N.V. Common Shares

Good day and thank you for standing by. Welcome to the Ferrari 2026 second 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 then hear an automatic message advising your hand is raised. To withdraw a question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Nicoletta Russo, Head of Investor Relations. Please go ahead.

Thank you, Nadia, and welcome to everyone who is joining us. Today we plan to cover the Group Q2 2026 operating results and the duration of this call is expected to be around 45 minutes. The call will be hosted by the Group CEO, Mr. Benedetto Vigna, and Group CFO, Mr. Antonio Picca Piccon. 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 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.

Thank you, Nicoletta, and thank you to everyone joining us. We are pleased to share with you the result of another important quarter for our company. The key message is clear. Ferrari continues to execute its plan with focus, discipline and consistency, keeping the client at the center and blending heritage and innovation in a distinctive way. In this call, we will address three key achievements I would like to sincerely thank all the stakeholders for. One, we delivered another strong set of results. Two, the man remains solid with an order book that covers the entire 2027. And three, we continue to evolve our product offering through a consistent commitment to innovation, an innovation process that starts from human emotions, not from technology push. We are a strong believer of emotion-driven innovation. But let's go step by step. Let's start with our financial performance. In the quarter, we delivered revenues at 1.94 billion, EBITDA of 755 million, and industrial free cash flow generation of 275 million. This performance was supported by strong mix and personalizations, which once again performed very well and allowed us to raise our full year guidance and Antonio will provide you more detail shortly. Moving to the second point, the order book. We continue to experience a healthy demand across all geographies. We have an order book that covers the entire 27. This gives us strong visibility and confidence. Across the portfolio, Several models including the 296 Speciale and the 12 cilindri families are already sold out for their production run, underscoring the strength of demand. And now the third key achievement. Our product offering as anticipated at the beginning of the year and during the AGM a few months ago, 2026 is proving to be a key year for product innovation at Ferrari. With the presentation of Amalfi Spiders, Urosangue Handling Speciale, Ferrari Luce, and 12 Cilindri Manuale, today we have the most complete and diversified product offering ever. It includes combustion engine, cars, naturally aspirated and turbo, hybrid six and eight cylinder models, and Ferrari Luce. This makes our product offering unique. We are the only luxury company able to offer sports car able to deliver any kind of propulsion that the client is willing to experience. We can address different client desires from collectors, repeaters, new clients and future generation of Ferraristi and expand our offering in terms of product architecture, performance, design and driving experience. From now onward, Ferrari is able to offer all the three powertrain technologies fully in line with our technology neutrality and the horizontal product diversification strategy. We committed. We committed to this path and we have delivered consistently and allow me to be very proud of the team and all the partners in the world that helped us to make it possible. In Q2, we unveiled our first electric Ferrari, Ferrari Luce. It represents a milestone in the history of the Prancing Horse, a true sports car and an addition, I repeat, an addition to our product portfolio. It is a statement of innovation and design, a car conceived to be forward-looking in every respect. It is a masterpiece of engineering technology, with more than 60 new patents testifying to Ferrari's technical excellence across electric propulsion, vehicle dynamics, and system integration. They are all combined with a distinctive design language and a human-centric way to interact with the car, including the traditional pedal shift for torque shift engagement and the authentic sound of our four electric traction engines. Every choice we made served a single purpose, to deliver a true Ferrari driving experience. The Ferrari Luce is a sports car in every sense, with Ferrari performance, handling and emotion behind the wheel, while being the most versatile model in our range, extending Ferrari ownership into different moments with its five-seaters configuration. Two months after the world premiere in Rome. And we can say three clear points. One, we are very much satisfied with orders that are coming in, in line with our plans. Two, initial orders are currently coming from repeaters and new clients. Three, we are engaging those who are genuinely interested in Ferrari, Luce, according to our commercial and marketing plan. But Ferrari Luce is only one example of how our lineup continues to evolve. On July 3rd, at the culmination of our cavalcade event, we presented the Ferrari 12 cilindri manuale, a limited edition special series of the 12 cilindri produced in only 1,499 units each fully allocated to our clients. After the 599 GTB Fiorano 2006, we reintroduced the manual transmission, bringing back an even more direct interaction between the driver and the car. This was made possible thanks to the new manuale-by-wise system designed in-house Patented and inspired by the winch-by-wire system developed in our Hypersail racing project. Yes, it may seem strange, but open innovation goes hand-in-hand with lateral thinking and cross-pollination between worlds apparently completely disconnected. It combines the driving emotion of a manual gearbox and the precision of electronics. The Dodici Cisindri Manuale isn't about Recreating the Past for the Sake of Nostalgia. It's about recognizing that the greatest Ferraris have always been defined by the relationship between the driver and the car and finding a modern way of preserving that connection, that conversation. It is a celebration of engagement rather than a celebration of nostalgia. In a single quarter, Ferrari Luce and 12 Cilindri Manuale have provided two clear examples of how Ferrari combines traditional innovation in a distinctive way. They demonstrate the strength of our strategy and our commitment to technology neutrality, but most importantly, to our emotion-driven innovation, where emotion matters much more than numbers. But more is yet to come. Two more models are to be unveiled by the end of this year. And before that, let me also highlight the successful activation delivered by our lifestyle team during the quarter. Indeed, leveraging the emotional resonance of our racing heritage, we continue to nurture our clients through unique experience and events. Just think of the 24 Hours of Le Mans and the Goodwood Festival, as well as the capsule collection developed for Monaco and Silverstone Grand Prix. To conclude, the progress we are making in racing, thanks to both our drivers and the entire team, continue to remind us what makes Ferrari stronger. Focus, determination and team spirit. These values guide us every day, every day while keeping the four wheels on the ground. And on this note, I'd like now to hand over to Antonio to review the Q2 results.