Operator

接线员

Good 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 will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded.

您好，感谢您的耐心等待。欢迎参加法拉利 2025 年第一季度业绩电话会议。目前，所有参会者都处于静音收听模式。在演讲者演示结束后，将进行问答环节。[操作员说明]。请注意，今天的会议正在录音。

I would now like to hand the conference over to our first speaker today, Nicoletta Russo, Head of Investor Relations. Please go ahead.

现在我想把会议交给今天的第一位发言人，投资者关系主管 Nicoletta Russo。请讲。

Nicoletta Russo

尼科莱塔·鲁索

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 Picca Piccon.

谢谢 Sharon，欢迎各位加入我们。今天我们计划讨论集团 2025 年第一季度的经营业绩，通话时长预计约为 60 分钟。今天的电话会议将由集团首席执行官 Benedetto Vigna 先生和集团首席财务官 Antonio Picca Piccon 先生主持。

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 2 of today's presentation and the call will be governed by this language.

所有相关材料均可在法拉利公司网站的投资者部分找到，在演示结束时，我们将回答您的问题。在开始之前，请允许我提醒您，我们在今天通话中所做的任何前瞻性陈述均受今天演示文稿第 2 页所含安全港声明中提及的风险和不确定性的影响，并且通话将受此语言的约束。

With that said, I'd like to turn the call over to Benedetto.

话虽如此，我想把电话转给 Benedetto。

Benedetto Vigna

贝内代托·维尼亚

Grazie, 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.

谢谢，Nicoletta。感谢大家今天加入我们。尽管宏观经济环境仍然不确定，地缘政治紧张局势持续，市场波动，但我们法拉利对我们的优先事项有清晰的认识，我们正继续以纪律、专注和脚踏实地的精神执行我们的商业计划。

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.

我们商业模式的稳固性，以及所有合作伙伴和员工不懈的努力，以及客户持续的信任，使我们能够驾驭当前的环境。我们满怀信心地展望未来，同时像过去几年一样，对周围的局势保持警惕。本着这种精神，我们今年在几个方面都取得了良好进展。

Our product offering continues to evolve, our new paint shop is proceeding according to plan, we won the much-anticipated podiums in the World Endurance Championships 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.

我们的产品供应不断发展，我们的新涂装车间按计划进行，我们在卡塔尔和意大利的世界耐力锦标赛中赢得了备受期待的领奖台，并且我们推出了新的生活方式收藏品。最重要的是，我们取得了强劲的财务业绩。那么，让我们从这里开始。

Q1 '25 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. Three, industrial free cash flow generation reached more than €600 million in the quarter.

25 年第一季度，在产品组合和个性化定制持续稳健趋势的带动下，所有关键指标均实现两位数增长。有几个关键数字需要强调。第一，总收入达到约 18 亿欧元，同比交付量增幅很小。这再次证实了我们重收入质量而非数量的战略。第二，我们实现了强劲的盈利能力，EBITDA 接近 7 亿欧元。第三，本季度工业自由现金流产生超过 6 亿欧元。

In Q1, we have also witnessed a continuing strong brand momentum. Indeed, the order book on current models has evolved as expected and covers the World 2026 with the 12-cylinder coupe and spiders 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 spiders, of the 296 GTB and 296 GTS.

在第一季度，我们也见证了持续强劲的品牌势头。事实上，当前车型的订单情况正如预期发展，并覆盖至 2026 年，其中 12 缸硬顶跑车和敞篷跑车引领订单接收。这让我想到了我们最近几个小时见证的对 296 GTB 和 296 GTS 两款特别版车型（硬顶版和敞篷版）非常积极的反响。

These new Ferraris are based on the current berlinetta in our range, the 296 GTB and 296 GTS. However, they mark far more progress in both performance and managers. With hybrid engines delivering a total of 880 horsepower, these cars offer an unprecedented driving experience.

这些新款法拉利基于我们产品系列中现有的 berlinetta 车型，即 296 GTB 和 296 GTS。然而，它们在性能和管理方面都取得了更大的进步。凭借总输出功率达 880 马力的混合动力发动机，这些汽车提供了前所未有的驾驶体验。

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 499P, the 296 GT3, the 296 Challenge, and the Formula One.

但让它们与众不同的不仅仅是其强大的动力。它们还以对细节、技术和技术创新以及精致设计的精益求精而著称。而且，作为我们跑车的特点，它们体现了源自我们赛车（499P、296 GT3、296 Challenge 和一级方程式赛车）的解决方案。

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.

这两款新生车型是我们混合动力产品的最新体现，并受到了客户的热烈欢迎。我们的一位重要客户在上周二的发布会后立即向经销商支付了定金，另一位客户告诉我，这真是一辆全新的汽车，而不仅仅是一个特别版。它很漂亮，非常优雅，性能卓越，我喜欢新的换挡体验。

The new physical commands, 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 clients' needs and desires.

此外，方向盘上的新物理控制按键互动性极强。现在驾驶起来更加舒适。正如您所见，我们正在推进我们的产品开发计划，通过激动人心的新车型丰富我们的产品系列，从而满足不同客户的需求和愿望。

But the launch of the 296 Speciale Coupe and Spider represents just the first of many milestones to look forward to this year. 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.

但 296 Speciale Coupe 和 Spider 的发布仅仅是今年众多值得期待的里程碑中的第一个。其中，正如我们在二月份告诉过您的那样，备受期待的法拉利 Elettrica 将会亮相。它将以一种独特、创新的方式进行，这与独特、创新的法拉利相称。

What does it mean? It means that this is a masterpiece of technology designed in 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.

这是什么意思？这意味着这是一项技术杰作，设计独特。这将是一次激动人心的发现之旅。这是同类产品中的首创，但在构成真正法拉利的各个方面都非常丰富。因此，我们希望它的每一个细节都能得到充分的欣赏。没有比逐步揭示更好的方法了。

Three will be the unveiling steps. The first one, starting in October, at 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 world premieres, where we will reveal this harmonious brand of technology and design.

将有三个揭幕步骤。第一个，从 10 月份开始，在我们的资本市场日，我们将向您展示法拉利 Elettrica 的技术核心。然后，在 2026 年初，我们将让您一睹内饰设计概念的外观和感觉。几个月后，也就是明年春天，这段旅程将在全球首发式上达到高潮，届时我们将揭示这个技术与设计和谐统一的品牌。

As planned, deliveries of the Ferrari Elettrica 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.

按计划，法拉利 Elettrica 将于此后数月，即 2026 年 10 月开始交付。从公路转向赛道，请允许我祝贺整个团队在 2025 年国际汽联世界耐力锦标赛揭幕战卡塔尔站取得历史性的前三名，以及随后在伊莫拉六小时耐力赛中获胜，这是我们时隔半个多世纪再次在意大利获胜。

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 1, the team is more focused than ever on fighting for victories and podium places.

我们不可能以更好的方式开始这个赛车年。我当时在伊莫拉，我可以向你保证，与法拉利众多充满激情的人们分享那些独特的情感是一次难忘的经历。在一级方程式赛车中，车队比以往任何时候都更加专注于争取胜利和领奖台位置。

The beginning has not been easy, we all know that. On the other side, we are all fuelled 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.

开始并不容易，我们都知道。另一方面，我们都充满了根深蒂固的勇气和不懈的决心，继续前进。但是赛车并不是我们引导世界对法拉利热情的唯一途径。

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.

这里我指的是我们的生活方式战略，近年来取得了重大进展。四月初，在举世闻名的米兰设计周期间，我们展示了我们全新的法拉利独家收藏品系列。这些藏品融合了永恒的法拉利设计和精湛的工艺，不仅仅是物品。

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 30 March. 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.

事实上，每个模型都让我们的爱好者社区能够拥有并珍藏跃马历史的象征。说到社区，我们一直致力于通过 3 月 30 日在意大利举行的恩佐·法拉利纪念半程马拉松回馈当地。我们在马拉内罗的家中与来自意大利各地和全球多个国家的 10,000 多名跑步者分享了这一特殊时刻，这加强了我们的社区联系，并强调了体育和健康的重要性。

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 Platinum Certificate, a globally recognized sustainability rating system.

通过报名费和合作伙伴的捐款，该活动将为我们地区留下宝贵的遗产，促成 2026 年初在马拉内罗体育公园新建一个多功能运动场。最后但同样重要的是，我想与大家分享另一项卓越的成就。我们的电子大楼，也就是我们去年启用的那座，获得了著名的 LEED 白金认证，这是一个全球公认的可持续发展评级体系。

And now, I hand over to Antonio to review the Q1 2025 results in detail.

现在，我把时间交给 Antonio，详细回顾 2025 年第一季度的业绩。

Antonio Picca Piccon

安东尼奥·皮卡·皮肯

Grazie, Benedetto, and good morning or afternoon to everyone joining us today. Starting on page 5, we show the highlights of the first quarter, which represents another strong start to the year. Please bear in mind that Q1 2025 results were not impacted in any way by the recent introduction of higher tariffs on EU cars imported in the U.S.

谢谢 Benedetto，也祝今天加入我们的各位早上好或下午好。从第 5 页开始，我们展示了第一季度的亮点，这代表着今年又一个强劲的开端。请记住，2025 年第一季度的业绩丝毫未受近期美国对欧盟进口汽车征收更高关税的影响。

Revenues and profitability grew double digits, with shipments slightly higher than the previous year, and product mix and personalization as the main drivers of growth. Percentage margins were particularly strong in the quarter, thanks to the solid business performance, lower DNA in line with model life cycle, partially offset by higher rating expenses and brand investment. ‘

收入和盈利能力均实现两位数增长，出货量略高于上年，产品组合和个性化是增长的主要驱动力。本季度利润率尤为强劲，这得益于稳健的业务表现、与车型生命周期一致的较低 DNA（折旧和摊销），部分被较高的评级费用和品牌投资所抵消。

Net profit reached €412 million and corresponded to a diluted EPS of €2.3, up 17.9% versus the prior year. Such an improvement also encompassed increased financial charges and the higher tax rate, now projected at 22% in light of the benefits from new patent box regime only. Industrial ticker store generation was very strong, and about €600 million, and I will highlight the main drivers later on.

净利润达到 4.12 亿欧元，摊薄后每股收益为 2.3 欧元，同比增长 17.9%。这一改善还包括财务费用增加和税率提高，目前预计税率为 22%，这仅考虑了新专利盒制度带来的好处。工业自由现金流产生非常强劲，约为 6 亿欧元，我稍后将重点介绍主要驱动因素。

On page 6, we deep dive into our Q1 deliveries, which increased by 33 units. This increase was driven by the Ferrari Roma Spider, the 296 GTS, the SF90 XF family, and the Purosangue. In the quarter, the 12Cilindri continued its ramp-up phase, and the first deliveries of the 12Cilindri Spider commenced. In line with model life cycle, deliveries of the 296 GTB decreased, as well as the ones of the Daytona SP3, in line with plan.

在第 6 页，我们深入分析了第一季度的交付量，增加了 33 辆。这一增长主要由法拉利 Roma Spider、296 GTS、SF90 XF 系列和 Purosangue 推动。本季度，12Cilindri 继续处于产能提升阶段，12Cilindri Spider 开始首次交付。与车型生命周期一致，296 GTB 的交付量有所下降，Daytona SP3 的交付量也按计划减少。

The SF90 Spider approached the end of its life cycle, while the A12 Competizione A phased out. As customary, the geographic breakdown reflected different product cycles, as well as the company's deliberate allocation strategy. As a result, EMEA and Americas were up versus the prior year, representing three quarters of our total shipments. The price of FX was almost flat at 18%, and mainland China, Hong Kong, and Taiwan reduced their share to 7%.

SF90 Spider 已接近其生命周期末期，而 A12 Competizione A 则已逐步淘汰。按照惯例，地理分布反映了不同的产品周期以及公司深思熟虑的分配策略。因此，EMEA（欧洲、中东和非洲）和美洲地区的出货量均较上年有所增长，占我们总出货量的四分之三。外汇价格几乎持平于 18%，中国大陆、香港和台湾的份额则降至 7%。

On page 7, the net revenues breed showed a remarkable double-digit growth, up 12.2% versus the prior year at constant currency. The increase in cars and spare parts was driven by the richer product and country mix, as well as higher personalisation. Personalisations accounted for more than 19% of total revenues from cars and spare parts, just a couple of decimals higher than last year's foreign exchange rate, mainly supported by the Daytona SP3 full carbon and the SF90 FX family.

在第 7 页，按固定汇率计算，净收入实现了显著的两位数增长，同比增长 12.2%。汽车和零部件收入的增长得益于更丰富的产品和国家组合，以及更高的个性化定制水平。个性化定制占汽车和零部件总收入的 19% 以上，仅比去年的外汇汇率高出几个小数位，主要得益于 Daytona SP3 全碳纤维版和 SF90 FX 系列。

Sponsorship, commercial, and brand increased thanks to new sponsorship, among which the HP title partnership of Scuderia Ferrari, which was signed in May 24th, and therefore provides the quarter with an easy come and lifestyle activities, as well as higher commercial revenues linked to the better prior year Formula One ranking. Currency, net of exit in place, had a positive net impact in the quarter.

赞助、商业和品牌收入有所增长，这得益于新的赞助，其中包括法拉利车队的惠普冠名赞助（于 5 月 24 日签署），因此为本季度带来了轻松的收入和生活方式活动，以及与上一年一级方程式锦标赛排名提升相关的更高商业收入。剔除现有对冲后的货币因素在本季度产生了积极的净影响。

Moving to page 8, the change in adjusted EBIT is explained by the following variances. Mixed price strongly positive, thanks to the enriched product mix, sustained by the deliveries of the SF90 FX family, the Dodge Cylindri, and the seven units of the 499P Modificata. The increased contribution from personalization, and the positive country mix supported by the Americas.

转到第 8 页，调整后息税前利润的变化可由以下差异解释。混合价格表现强劲，这得益于丰富的产品组合，主要由 SF90 FX 系列、Dodge Cylindri 以及七辆 499P Modificata 的交付所支撑。个性化定制的贡献增加，以及美洲市场带来的积极国家组合。

Let me remind here that throughout the year, the enrichment of the product mix will be less reliant than a Daytona SP3, and rather sustained by special series and range models, along with few initial deliveries of the F80 in Q4. The remaining variances were due to substantially flat industrial energy expenses, largely driven by higher racing and innovation activities, but lower DNA in line with model life cycles.

在此提醒一下，在全年当中，产品组合的丰富将减少对 Daytona SP3 的依赖，而是更多地依靠特别系列和常规车型，以及第四季度 F80 的少量初步交付。其余的差异主要是由于工业能源支出基本持平，这在很大程度上是由赛车和创新活动增加所致，但与车型生命周期一致的折旧和摊销 (DNA) 有所降低。

Higher DNA reflecting racing expenses and brand investments, as well as our continuing organizational development. And finally, other was positive, mainly thanks to new sponsorship, partially offset by the comparison with the prior year's release of car environmental provision in the U.S. Lastly, we had a positive net impact from currency. Percentage margin strengthened in the quarter, with EBITDA margin at 38.7%, and EBIT margin above 30%, also benefiting from the lower DNA.

较高的折旧摊销费用反映了赛车支出和品牌投资，以及我们持续的组织发展。最后，其他项为正，主要得益于新的赞助，部分被与上一年美国汽车环保拨备的释放相比所抵消。最后，我们受到了汇率的积极净影响。本季度利润率有所增强，EBITDA 利润率为 38.7%，EBIT 利润率超过 30%，这也得益于较低的折旧摊销费用。

Turning to page 9, our industrial free cash flow generation for the quarter was strong at €620 million, and reflected the increase in profitability, and the positive change in working capital provision and others, mainly supported by the initial collection of the F80 advances, and certain non-recurrent cash proceeds related to the signing of the new concord agreement, partially offset by capital expenditures.

转到第 9 页，本季度我们的工业自由现金流产生强劲，达到 6.2 亿欧元，反映了盈利能力的提高以及营运资本拨备和其他方面的积极变化，主要得益于 F80 预付款的初步回收，以及与签署新协和协议相关的某些非经常性现金收益，部分被资本支出所抵消。

Net industrial debt was €49 million at the end of March, reflecting the share purchase program executed in the quarter. As a housekeeping note, please bear in mind that in the second quarter, we are required to pay our income taxes, and the net financial position will reflect dividend distribution of approximately €530 million, and the 2025 euro bond repayment for roughly €450 million, both falling due during this month of May.

截至 3 月底，净工业负债为 4900 万欧元，反映了本季度执行的股票回购计划。作为一项内部管理提示，请注意，在第二季度，我们需要支付所得税，净财务状况将反映约 5.3 亿欧元的股息分配，以及约 4.5 亿欧元的 2025 年欧元债券偿还，这两项都将在今年 5 月到期。

Moving to page 10, we confirmed the 2025 guidance with the 50 basis points reduction risk on EBITDA and EBITDA margins flagged as of March end, when we updated our commercial policy for the U.S. market, following the introduction of higher import tariffs on EU cars. Clearly, we remain vigilant on the global business environment, and we are mindful of the many changes occurred in the last few weeks.

转到第 10 页，我们确认了 2025 年的指导目标，其中 EBITDA 和 EBITDA 利润率存在 50 个基点的下调风险，该风险已于 3 月底在我们更新美国市场商业政策（在美国对欧盟汽车征收更高进口关税之后）时标记。显然，我们对全球商业环境保持警惕，并注意到过去几周发生的许多变化。

Besides the U.S. tariffs that we have addressed with the update of our commercial policy, I refer to the swift change in the foreign exchange rate, mainly the U.S. dollar, which we continue to tackle through our hedging policy that provides us with a partial support over the rest of the year. The potential effect of the overall macroeconomic uncertainty and financial market volatility that we keep on monitoring thanks to the visibility we enjoy.

除了我们通过更新商业政策来应对的美国关税外，我还指的是外汇汇率的迅速变化，主要是美元，我们将继续通过我们的对冲政策来应对，该政策为我们在今年剩余时间内提供部分支持。我们凭借所享有的可见性，持续监控整体宏观经济不确定性和金融市场波动带来的潜在影响。

Looking more closely at the development of the year, we continue to project a positive product mix and support from racing revenues and lifestyle activities, along with continuous brand investments and higher racing expenses. Given the above, the first half of 2025 is expected to be stronger than the second, in line with the development of the mix and the seasonality of SG&A, racing expenses, as well as DNA.

更仔细地审视今年的发展，我们继续预计积极的产品组合以及来自赛车收入和生活方式活动的支持，同时持续进行品牌投资和增加赛车费用。鉴于上述情况，预计 2025 年上半年将强于下半年，这与产品组合的发展以及销售管理费用、赛车费用和折旧摊销的季节性相符。

To conclude, today's strong results represent further progress in the execution of our business plan and in our growth path. Despite the surge of the uncertainty and volatility, our indistinctive business model provides us with solid confidence and the necessary agility for our future. Thanks for your attention, and I turn the call over to Nicoletta.

总而言之，今天的强劲业绩代表了我们在执行商业计划和增长道路上取得的进一步进展。尽管不确定性和波动性激增，但我们独特的商业模式为我们未来的发展提供了坚实的信心和必要的敏捷性。感谢您的关注，现在我把电话转给 Nicoletta。

Nicoletta Russo

尼科莱塔·鲁索

Thank you, Antonio. Sharon, we are now ready to open the Q&A session. Thank you.

谢谢，Antonio。Sharon，我们现在准备开始问答环节。谢谢。

Question-and-Answer Session

问答环节

Operator

接线员

Thank you. [Operator Instructions]. We will now go to your first question. One moment, please. And your first question comes on the line of Susy Tibaldi from UBS. Please go ahead.

谢谢。[操作员说明]。我们现在开始回答您的第一个问题。请稍等。您的第一个问题来自瑞银集团的 Susy Tibaldi。请讲。

Susy Tibaldi

苏西·蒂巴尔迪

Hi, thanks for taking my question. First one, you mentioned about being vigilant in the situation. Can you talk a bit about the differences in trends you are seeing between new customers to Ferrari, existing customers, and your top collectors? Given the very mixed macro picture, are you seeing differences? Of course, your customer is much more resilient than the average customer, but I'm sure there's also some nuances that maybe you can share. And then secondly, on the 296 Speciale, when you say it's limited in time, is it fair to think maybe two, three years? And in terms of volumes, obviously you don't provide volumes, but should we think similar to the 488 Pista?

嗨，感谢您回答我的问题。第一个问题，您提到要对当前形势保持警惕。您能谈谈在法拉利的新客户、现有客户和顶级收藏家之间，您观察到的趋势差异吗？鉴于宏观经济形势非常复杂，您是否看到了差异？当然，您的客户比普通客户更具韧性，但我相信其中也存在一些细微差别，或许您可以分享一下。然后第二个问题，关于 296 Speciale，当您说它是限时推出时，我们是否可以理解为大约两三年？在产量方面，显然您不提供具体数字，但我们是否可以认为它与 488 Pista 类似？

Benedetto Vigna

贝内代托·维尼亚

Okay, thanks for the question. So second one, it will be limited in time. Yes, it is Speciale version, like all Speciale version is limited in time. You got it well, it's similar to the 488 Pista. Okay. So this is question number two. Question number one, as I said, and also Antonio said, we are very vigilant on the situation because as of end of Q1, with all the data that we got from all the dealership, we don't see any impact on our order book and on the cancellation trend. So we are, let's say the situation is well under control, but we want to be vigilant because we want to see what's happening. We don't see any difference in trend between new client, collector, and let me say new client and repeaters. We don't see any difference. We have been digging in different specific places in the world to see in search of this difference, but we did not see. I think that we should -- when we talk about Ferrari, we should not talk about clients. We should talk about single clients. Each one has its own specificity. So it's always difficult to find a pattern. We look for that because we have a lot of nice tool now of data analysis, but we don't see any specific pattern.

好的，谢谢你的问题。那么第二个问题，它将会是限时发售。是的，它是 Speciale 版本，像所有 Speciale 版本一样是限时发售的。你理解得很对，它和 488 Pista 类似。好的。这是第二个问题。第一个问题，正如我所说，Antonio 也说了，我们对形势非常警惕，因为截至第一季度末，根据我们从所有经销商处获得的数据，我们没有看到对我们的订单簿和取消订单趋势有任何影响。所以，我们，可以说情况得到了很好的控制，但我们希望保持警惕，因为我们想看看正在发生什么。我们没有看到新客户、收藏家，以及我所说的新客户和回头客之间的趋势有任何差异。我们没有看到任何差异。我们已经在世界各地不同的特定地点进行了深入调查，以寻找这种差异，但我们没有发现。我认为我们——当谈论法拉利时，我们不应该谈论客户群体。我们应该谈论单个客户。每个人都有其自身的特殊性。所以总是很难找到一种模式。我们寻找这种模式，因为我们现在有很多很好的数据分析工具，但我们没有看到任何特定的模式。

Susy Tibaldi

苏西·蒂巴尔迪

Thank you.

谢谢。

Operator

接线员

Thank you. Your next question comes from the line of Henning Cosman from Barclays. Please go ahead.

谢谢。您的下一个问题来自巴克莱银行的 Henning Cosman。请讲。

Henning Cosman

亨宁·科斯曼

Yes, thank you so much. Good afternoon, everybody. Could I please ask about seasonality between Q1 and Q2 within the H1? I'm just conscious that over the last couple of years, Q1 has been quite a bit weaker than Q2 and wondering if that could be similar again or if we're expecting more stable. That's probably one point for you. And perhaps one for Benedetto on the U.S. Do you have any elevated industries at all in the U.S. from potentially pre-shipping ahead of the tariffs? Do you envisage any impact on the volume cadence at all going forward in the course of the year into next year? Q1 was obviously pretty strong in the U.S. Do you expect anything at all there in terms of paving? Have you seen anything at all in terms of order cancellations at all in context of the tariffs? And if I can squeeze the third one very quickly, if you could just confirm how many Daytona’s you shipped in Q1 and how many you have left for Q2 and Q3. Thank you so much.

是的，非常感谢。大家下午好。请问关于上半年第一季度和第二季度之间的季节性问题？我注意到在过去几年中，第一季度通常比第二季度弱一些，想知道今年是否会类似，还是说我们预计会更稳定。这可能是给您的一个问题。另外，也许有一个问题给 Benedetto，关于美国市场。在美国，是否存在由于可能在关税实施前提前发货而导致库存增加的行业？您预计未来一年到明年，销量节奏会受到任何影响吗？第一季度美国市场显然非常强劲。您预计在铺垫方面会有什么情况吗？在关税背景下，您是否看到任何订单取消的情况？如果可以的话，我想快速问第三个问题，您能否确认一下第一季度交付了多少辆 Daytona，以及第二季度和第三季度还剩下多少辆？非常感谢。

Benedetto Vigna

贝内代托·维尼亚

Thank you, Henning. I'll take the second one and the first one, Antonio, will elaborate. We don't see -- we have all the data. We deal it by dealer, obviously, from all over the world. And we have a specific focus on the U.S. We don't see any specific trend, actually. We don't see any impact on the tariffs. But despite this, as we said, we remain vigilant because, let's say, we need to be careful to catch if there is any small signal picking up. I can tell you also that last week, I mean, I was in Florida in that specific case. And the market is very strong, it's been always very strong, and it continues to be very strong with a strong demand across all our models. So I think that as soon as we have some difference, for sure, we'll make you aware, but we don't see any impact. Also, because I think that, at least from what we hear from several clients, new and repeaters, that they appreciated our two things of our new commercial policy over there. Number one, that we've been clarifying right away what we intend to do. And two, that we contribute, okay? We contribute to this price increase. We don't ask them to pay all the bill, but we were very clear telling that some models will have no price increase, some others up to – the remaining up to a maximum 10%. So they appreciate it a lot. The way we behave, the way we put them at the center of what we do, and also the timely communication on the new terms. Talking about Q1 and Q2 cadence…

谢谢你，Henning。我来回答第二个问题，第一个问题 Antonio 会详细说明。我们没有看到——我们拥有所有数据。我们显然是通过世界各地的经销商来处理这些数据的。我们特别关注美国市场。实际上，我们没有看到任何特定的趋势。我们没有看到关税带来的任何影响。但是尽管如此，正如我们所说，我们保持警惕，因为，可以说，我们需要小心捕捉任何微小的信号。我还可以告诉你，上周，我是说，在那个特定的情况下，我当时在佛罗里达州。市场非常强劲，一直都非常强劲，并且在我们所有车型中都保持着强劲的需求。所以我认为，一旦我们发现任何差异，我们肯定会告知大家，但我们目前没有看到任何影响。另外，我认为，至少从我们从一些新老客户那里听到的情况来看，他们很欣赏我们那边新商业政策中的两点。第一，我们立即阐明了我们打算做什么。第二，我们做出了贡献，好吗？我们为这次价格上涨做出了贡献。我们没有要求他们支付全部账单，但我们非常清楚地告知，某些车型不会涨价，其他车型最高——其余车型最高涨价 10%。所以他们非常欣赏这一点。我们的行为方式，我们将他们置于我们工作的中心的方式，以及就新条款进行的及时沟通。谈到第一季度和第二季度的节奏……

Antonio Picca Piccon

安东尼奥·皮卡·皮肯

Directionally, please, take Q2 lighter than Q1. And this is also in line with the fact that in Q1, we delivered less than 80 Daytona, so lower than last year, but not that far away. While in Q2 and Q3, Daytona will go down and will be zero in Q4.

方向性而言，请将第二季度视为略逊于第一季度。这也与我们在第一季度交付了不到 80 辆 Daytona 的事实相符，因此低于去年，但相差不远。而在第二季度和第三季度，Daytona 的交付量将会下降，到第四季度将为零。

Operator

接线员

Thank you. Thank you. We will now go to the next question. And your next question comes from the line of Stephen Reitman from Bernstein. Please go ahead.

谢谢。谢谢。我们现在进行下一个问题。您的下一个问题来自伯恩斯坦的 Stephen Reitman。请讲。

Stephen Reitman

斯蒂芬·瑞特曼

Yes, good afternoon. You made the comment that the order book is being led by the 12Cilindri. Could you comment on the personalization trends you're seeing right across the Board, but also specifically on that vehicle and also the Purosangue, particularly with the 32-Cilindri [ph] already having a quite elevated price against the 812 Superfast that it succeeded? And secondly, looking at the bridge, on the EBIT bridge and you specifically pointed out on the other line that there was the 18 million reflected the sponsorship, the HP offset by some other factors. Does that give us sort of like a reasonable idea of the run rate of the HP sponsorship deal, which suggests this in the region of about 100 million or so?

是的，下午好。您提到订单主要由 12Cilindri 带动。您能否评论一下您在所有车型中看到的个性化趋势，特别是针对该车型以及 Purosangue 的个性化趋势，尤其是考虑到 32-Cilindri [ph] 相对于其前身 812 Superfast 已经有了相当高的价格？其次，关于 EBIT 桥接，您特别指出在其他项目中，有 1800 万反映了赞助，惠普的赞助被其他一些因素所抵消。这是否能让我们对惠普赞助协议的运行率有一个合理的了解，即大约在 1 亿左右的区域？

Benedetto Vigna

贝内代托·维尼亚

Thank you, Stephen. And I think the first one and the second, Antonio. So what we see the personalization of the 12-cylinder, both the 12-Cilindri and the Purosangue is in line with what we've seen before. So we see a strong traction on the three main factors that are driving our personalization. It means some functional components and then on the painting and on the carbon finish. I think these are the three trends we see on this car, as we have seen also in the past. I can tell you that the cars, I mean the clients are looking more and more at personalization and we are preparing ourselves to be able to offer them more and more personalized offers. So this is for the first question. The second one?

谢谢你，Stephen。我想第一个问题和第二个问题，Antonio 来回答。我们看到的 12 缸车型，包括 12Cilindri 和 Purosangue 的个性化趋势与我们之前看到的一致。因此，我们看到推动我们个性化的三个主要因素具有强大的吸引力。这意味着一些功能性组件，然后是涂装和碳纤维饰面。我认为这是我们在这款车上看到的三个趋势，就像我们过去看到的一样。我可以告诉你，汽车，我是说客户越来越注重个性化，我们正在做准备，以便能够为他们提供越来越多个性化的选择。这是第一个问题。第二个呢？

Antonio Picca Piccon

安东尼奥·皮卡·皮肯

Hi, Stephen. With respect to the EBIT Bridge, the 18 million comes basically from the net of the positive that is related to the sponsorship of Scuderia. And on that portion, obviously the fact that we had the HP sponsorship and the IBM sponsorship coming in represent the bulk of it, together with the increase in the positive from the commercial revenues related to the F1. And as a negative, sorry, and there is another point which is the Easy Comp with last year, when we had the CO2 penalties released less than 10 million. On the negative side, in terms of comparison, there is a sort of seasonal effect in comparison with the expenditure of last year on WEC, so on the racing not related to Formula 1. Does it help?

嗨，Stephen。关于 EBIT 桥接，这 1800 万基本上来自于与法拉利车队赞助相关的正向净值。在这部分中，显然我们获得的惠普赞助和 IBM 赞助占据了大部分，再加上与 F1 相关的商业收入带来的正向增长。抱歉，还有一个负面因素，那就是与去年的简易比较，当时我们释放的二氧化碳罚款不到 1000 万。在负面方面，就比较而言，与去年在 WEC（世界耐力锦标赛）上的支出相比，存在一种季节性效应，即与 F1 无关的赛事支出。这有帮助吗？

Stephen Reitman

斯蒂芬·瑞特曼

Yes, thank you very much.

是的，非常感谢。

Antonio Picca Piccon

安东尼奥·皮卡·皮肯

I am sorry and going forward, I mean, in general, it's difficult to project overall, but I do not expect it to be a big contributor. The positive one should be related to sponsorship. Then we had some positive last year that should help in terms of adding the Q2 and will pay the way during the rest of the quarter.

我很抱歉，展望未来，我的意思是，总的来说，很难进行整体预测，但我预计它不会是一个主要的贡献因素。积极的因素应该与赞助有关。然后我们去年有一些积极的因素，这应该有助于增加第二季度的收入，并为本季度剩余时间铺平道路。

Nicoletta Russo

尼科莱塔·鲁索

Just, Stephen, in the latter to further clarify, as a reminder we signed HP last year in April. So clearly after that time, it's not an Easy Comp. So it's not the right project.

Stephen，关于后者需要进一步澄清的是，提醒一下，我们是去年四月与惠普签约的。所以很明显，在那之后，这就不是一个简单的比较了。所以这不是一个正确的预测。

Antonio Picca Piccon

安东尼奥·皮卡·皮肯

Yes, you cannot do it. Sorry, I didn't get this question. That's part of the question.

是的，你不能这样做。抱歉，我没理解这个问题。那是问题的一部分。

Operator

接线员

Thank you. Your next question comes from the line of Michael Binetti from Evercore. Please go ahead.

谢谢。您的下一个问题来自 Evercore 的 Michael Binetti。请讲。

Michael Binetti

迈克尔·比内蒂

Hi, guys, congrats on a great quarter. Could you just clarify the exact number of Daytona’s that you had in the quarter? I know you said it was below 80, but then if I just, I guess, Antonio, if we back out the first quarter results from the year, it looks like, if I look at the rest of the year, there's a scenario where EBITDA margin could be anywhere from down 10 or 15 basis points to up 50 basis points. I'm just curious, what are the inputs to the scenario that could lead to EBITDA margin being negative in the rest of the year? And then, Benedetto, on the EV launch, as you think about it, you described it as a masterpiece of technology. You know Ferrari has always been – buying a Ferrari is always been a relationship with a timeless car. And I'm curious if you think about the EV and the focus on technology and how technology ages differently than luxury cars. How do you protect the timelessness element of a Ferrari? And you think about what drives residual values of these cars overtime as you move into cars with a bigger technology component?

嗨，各位，恭喜你们取得了出色的季度业绩。您能否澄清一下本季度 Daytona 的确切数量？我知道您说过低于 80 辆，但是，我想，Antonio，如果我们从年度中剔除第一季度的业绩，那么看起来，如果我审视今年余下的时间，EBITDA 利润率可能会下降 10 或 15 个基点，也可能上升 50 个基点。我只是好奇，导致今年余下时间 EBITDA 利润率为负的情景中，有哪些影响因素？然后，Benedetto，关于电动汽车的发布，在您看来，您将其描述为技术的杰作。您知道法拉利一直以来——购买法拉利始终是与永恒经典汽车之间的一种联系。我很好奇，当您考虑电动汽车以及对技术的关注，以及技术与豪华汽车的老化方式有何不同时，您如何保护法拉利汽车的永恒性元素？当您转向技术含量更高的汽车时，您如何看待随着时间的推移，这些汽车的剩余价值是由什么驱动的？

Benedetto Vigna

贝内代托·维尼亚

Thank you, Michael. I think the first one will, Antonio, we'll elaborate and take the second one about Elettrica. I would like that you agree with what you said, but one thing that it's not a focus on technology. We focus on the emotion we deliver to our clients. So, when we inaugurated the E-Building one year ago, we said and when we also represented the F80 the supercar, we made it clear that all the strategic components of electrified cars, hybrid and in the future electric will be done in-house in a way that we can guarantee what you are telling that is this timeless feature of our cars. I think this is important and that's the reason why also we did this investment because we want to have the flexibility and the ability to maintain and to offer our clients the technology that are needed for the future when it comes to the inverter, the battery, the axle, all these things that are distinguishing features of electric cars. And then consider also that our Elettrica, our Ferrari Elettrica, will not be -- it's much more than digital and electric and you will see that close. So, this is the second part and then Antonio is about the number of Daytona.

谢谢你，Michael。我想第一个问题，Antonio 会详细说明，然后我会回答关于电动汽车的第二个问题。我希望您同意您所说的，但有一点，我们的重点并非技术。我们专注于为客户提供情感体验。所以，一年前我们为 E-Building 揭幕时，以及我们展示 F80 超级跑车时，我们都明确表示，电气化汽车（混合动力以及未来的纯电动汽车）的所有战略组件都将在内部完成，这样我们就能保证您所说的我们汽车的这种永恒特性。我认为这很重要，这也是我们进行这项投资的原因，因为我们希望拥有灵活性和能力，来维护并为我们的客户提供未来所需的技术，涉及到逆变器、电池、车桥，所有这些都是电动汽车的显著特征。然后还要考虑到，我们的 Elettrica，我们的法拉利 Elettrica，将不仅仅是——它远不止是数字化和电动化，您很快就会看到。所以，这是第二部分，然后 Antonio 会谈谈 Daytona 的数量。

Antonio Picca Piccon

安东尼奥·皮卡·皮肯

On the precise number of Daytona, they were 77. And with respect to the EBITDA margin down during the course of the year, we projected on the basis that the mix will be lower and this goes hand-in-hand with the reduction of the number of Daytona’s, and the development of the mix of the rest of the range and the increasing expenditure, particularly as G&A and R&D and partly related to the development of our racing activities.

关于 Daytona 的确切数量，是 77 辆。至于年内 EBITDA 利润率下降，我们的预测是基于产品组合将会降低，这与 Daytona 数量的减少、其余产品系列组合的发展以及支出的增加（特别是管理费用和研发费用，部分与我们赛车活动的发展有关）密切相关。

Michael Binetti

迈克尔·比内蒂

Okay. Thanks a lot, guys. I appreciate all the detail.

好的。非常感谢各位。我很感谢所有的细节。

Benedetto Vigna

贝内代托·维尼亚

You're welcome.

不客气。

Michael Binetti

迈克尔·比内蒂

Thank you.

谢谢。

Operator

接线员

Thank you. Your next question comes from the line of John Murphy from Bank of America. Please go ahead.

谢谢。您的下一个问题来自美国银行的 John Murphy。请讲。

Unidentified Analyst

身份不明的分析师

This is actually [indiscernible] on the line for John Murphy. Just first of all, I wanted to touch on the tariffs. I know you cited about a 50 basis point EBITDA-EBIT margin risk from that. Could you just provide some clarity? I mean, it seems like you're maintaining guidance, but you're highlighting the risks. So, do we think about that as the maximum potential impact here, or do you expect to offset it? Any additional clarity you might be able to provide on that front would be useful.

实际上，我是替 John Murphy 发言的[听不清]。首先，我想谈谈关税问题。我知道您提到由此可能带来约 50 个基点的 EBITDA-EBIT 利润率风险。您能澄清一下吗？我的意思是，你们似乎在维持业绩指引，但同时又强调了风险。那么，我们是否应该将其视为这里的最大潜在影响，还是说你们期望能够抵消它？如果您能在这方面提供任何额外的澄清，那将非常有帮助。

Antonio Picca Piccon

安东尼奥·皮卡·皮肯

Hi, John. Maybe I didn't answer this one first. Yes, it's a risk we see. I mean, there might be opportunities to offset it. That's why we describe it as a risk. However, it depends on a number of moving parts as of now. So, I think the outcome is the one that we have outlined.

嗨，John。也许我没有先回答这个问题。是的，这是我们看到的风险。我的意思是，可能存在抵消风险的机会。这就是为什么我们将其描述为风险。然而，截至目前，这取决于许多变动因素。因此，我认为结果就是我们已经概述的那样。

Unidentified Analyst

身份不明的分析师

And then just my other question, and this is a quick one. If you could just talk about the consumer reception so far for the 12Cilindri, that'd be useful. And then also, are you finding demand is consistent across the geographies for that product?

然后是我的另一个问题，这是一个简短的问题。如果您能谈谈迄今为止消费者对 12Cilindri 的反响，那将很有帮助。另外，您是否发现该产品在不同地区的需求是一致的？

Benedetto Vigna

贝内代托·维尼亚

The reception of this car has been very, very good across all the geographies. Clearly, in some geographies, there is more appeal because of the tax impact is lower. For example, the 12Cilindri impact and its attraction in countries like China is lower because the tax rate is higher. But so far, I mean, we see a good traction with, let's say, in different countries. It goes from Scandinavia to the U.S., to Latin America, to Italy, I mean, it's up for Europe. So, it's very good traction. Very good.

这款车在所有地区的反响都非常好。显然，在一些地区，由于税收影响较低，它的吸引力更大。例如，12Cilindri 在像中国这样的国家的影响力和吸引力较低，因为税率较高。但到目前为止，我的意思是，我们看到在不同国家都有良好的吸引力。从斯堪的纳维亚到美国，到拉丁美洲，到意大利，我的意思是，它在欧洲很受欢迎。所以，吸引力非常好。非常好。

Unidentified Analyst

身份不明的分析师

Thank you. That's all I have.

谢谢。我就这些问题。

Operator

接线员

Thank you. Your next question comes from the line of Monica Bosio from Intesa SanPaolo. Please go ahead.

谢谢。您的下一个问题来自 Intesa SanPaolo 的 Monica Bosio。请讲。

Monica Bosio

莫妮卡·博西奥

Good afternoon, everyone, and thanks for taking my questions. I have, I think, three. The first one is on the initial collection from the FAT. Should we expect further impacts across the year? And if yes, Antonio, can you help us model the impact? Because I'm just wondering what's the weight of the collection on the working capital in the first quarter? The second question is on the residual values. You announced pricing actions in USA. How do you see, if any, this could impact on the residual values in USA? Any comments on this would be useful. And the very last, maybe it's a stupid question, but it's on personalization. So, you are implementing pricing actions on the final price, on the value of the imported car. And what about personalization? Maybe I missed something. Are you going to modify also the pricing for personalization for those cars that would be delivered?

大家下午好，感谢您回答我的问题。我想我有三个问题。第一个是关于从 FAT 收到的初期款项。我们是否应该预期今年全年都会有进一步的影响？如果是，Antonio，您能帮我们模拟一下影响吗？因为我只是想知道第一季度收款对营运资本的影响有多大？第二个问题是关于剩余价值。你们宣布了在美国的定价行动。您认为这会对美国的剩余价值产生什么影响（如果有的话）？对此有任何评论都会很有用。最后一个问题，也许有点傻，但它是关于个性化定制的。所以，你们正在对最终价格、进口汽车的价值实施定价行动。那么个性化定制呢？也许我错过了什么。你们是否也会修改那些即将交付汽车的个性化定制价格？

Benedetto Vigna

贝内代托·维尼亚

Monica, this will be Antonio taking care of all the three questions.

Monica，这三个问题都将由 Antonio 来回答。

Antonio Picca Piccon

安东尼奥·皮卡·皮肯

Initial collection on FAT. I think it has been important in Q1. We do not expect the same impact over the rest of the quarter, also because there are deposits that have been anticipated the previous year that will fade away. So, another positive, but not of the same size, is expected around Q4. So, the portion of working capital is related to one that got a big bulk in Q1, and then there will be a lower one in Q4. Residual values, pricing action in US, in principle, it could drive residuals up. We'll see where that's the potential expectations. About personalization, well, last year we intervened already on personalization in terms of price increase. We haven't taken, I mean, when we talk about the overall price increases, we refer to the price increases of the car overall.

关于 FAT 的初期收款。我认为它在第一季度很重要。我们预计本季度余下时间不会有同样的影响，也是因为去年已经预收了一些定金，这些定金会逐渐消失。所以，预计在第四季度左右会有另一个积极因素，但规模不同。因此，营运资本的部分与第一季度收到的大额款项有关，然后在第四季度会有一个较小的数额。关于剩余价值，在美国的定价行动，原则上可能会推高剩余价值。我们将看看潜在的预期如何。关于个性化定制，嗯，去年我们已经针对个性化定制在价格上涨方面进行了干预。我们没有采取，我的意思是，当我们谈论整体价格上涨时，我们指的是汽车整体价格的上涨。

Monica Bosio

莫妮卡·博西奥

Okay. Thank you.

好的。谢谢。

Antonio Picca Piccon

安东尼奥·皮卡·皮肯

Welcome.

不客气。

Operator

接线员

Thank you. Your next question comes from the line of Thomas Besson from Kepler Cheuvreux. Please go ahead.

谢谢。您的下一个问题来自 Kepler Cheuvreux 的 Thomas Besson。请讲。

Thomas Besson

托马斯·贝松

Thank you very much. It's Thomas at Kepler Sovereign. I'd like to come back to, somehow, Steven's question on the non-car revenues. Historically, I think you were suggesting they were dilutive to profitability, and it feels like they might become even relative to profitability. Could you comment on that concept for Q1 and for the rest of the year? That's the first question. The second, I understand what you say about the timeline of deposits Q1, Q4, but you've already generated half of the guide for free cash flow. So should we think that your guide is for the full year conservative, or an important part of the 620 was effectively working up? Lastly, just a housekeeping question. Could you confirm the tax rate for the year, and broadly speaking, the direction for CapEx for the year? Thank you very much.

非常感谢。我是 Kepler Sovereign 的 Thomas。我想在某种程度上回到 Steven 关于非汽车业务收入的问题。从历史上看，我认为你们曾暗示它们会稀释盈利能力，但现在感觉它们甚至可能与盈利能力相关。您能评论一下第一季度和今年剩余时间这个概念吗？这是第一个问题。第二个问题，我理解您关于第一季度、第四季度存款时间表的说法，但你们已经产生了一半的自由现金流指引。那么，我们是否应该认为你们全年的指引是保守的，或者 620 的重要组成部分实际上是在增加？最后，只是一个常规问题。您能确认今年的税率吗？以及，大致上，今年的资本支出方向？非常感谢。

Benedetto Vigna

贝内代托·维尼亚

Antonio? Yes.

Antonio？是的。

Antonio Picca Piccon

安东尼奥·皮卡·皮肯

The third question, the tax rate, as I said before, approximately 22%. And this is because this year we'll enjoy the benefit only on the new patent box regime. Last year, just to remind you, we had the overlap of the new and the previous one that brought the tax rate down. Industrial free cash flow, given the Q1 generation, is the guidance conservative? We are never conservative. So, well, in principle, there might be chances in that direction. But as I said, there are still several moving parts. Non-car revenues impact the activities for Q1 and the rest of the year. In terms of development of the sponsors, I think all of the agreements that we – the relevant agreements are in place already now. So, I do not expect this to change in dimensionally, significantly over the course of the year. Obviously, the comparison with last year may be a bit more uneven. But the run rate is the one that we expect, similarly for lifestyle. CapEx guidance between 900 and 950, that's probably the best guidance I can give you as of now.

第三个问题，税率，如我之前所说，大约是 22%。这是因为今年我们将仅享受新专利盒制度带来的好处。去年，提醒一下大家，我们有新旧制度的重叠，从而降低了税率。工业自由现金流，鉴于第一季度的产生情况，指引是否保守？我们从不保守。所以，嗯，原则上，可能存在朝那个方向发展的机会。但正如我所说，仍然存在几个变动因素。非汽车业务收入影响第一季度和今年剩余时间的活动。在赞助商发展方面，我认为我们所有的协议——相关协议现在都已经到位。所以，我不认为这在维度上、在年内会有重大变化。显然，与去年的比较可能有点不均衡。但运行率是我们预期的，生活方式业务也是如此。资本支出指引在 900 到 950 之间，这可能是我目前能给你的最佳指引。

Thomas Besson

托马斯·贝松

Thank you. Thank you very much.

谢谢。非常感谢。

Antonio Picca Piccon

安东尼奥·皮卡·皮肯

You're welcome.

不客气。

Operator

接线员

Thank you. Your next question comes from the line of Tom Narayan from RBC. Please go ahead.

谢谢。您的下一个问题来自 RBC 的 Tom Narayan。请讲。

Tom Narayan

汤姆·纳拉扬

Hi. Yes. Thanks for taking the question, Tom Narayan, RBC. The first one I have is, you know, at the 22 Investor Day, you guys shared a target of a powertrain split of 40-40-20, with 40% being full electric of models by 2030. I know you guys may update this on October 9th, but given the first Ferrari electric is only going to start deliveries in October 2026, is there enough time to get to 40% of models being full electric just three years later? And then the next question, we've had some time now with Purosangue sales. Just curious if we have data now that suggests residual values are holding up and also any demographic information, you know, who's buying the Purosangue's and more, you know, is it different than the regular Ferrari customer, female versus male, daily users versus collectors, et cetera? Thank you.

嗨。是的。感谢您提出问题，我是 RBC 的 Tom Narayan。我的第一个问题是，你们知道，在 22 年的投资者日，你们分享了一个动力总成组合的目标，即 40-40-20，其中 40% 是到 2030 年的全电动车型。我知道你们可能会在 10 月 9 日更新这个目标，但考虑到第一款法拉利电动车要到 2026 年 10 月才开始交付，仅三年后就有足够的时间让 40% 的车型实现全电动吗？然后是下一个问题，我们现在已经有一段时间的 Purosangue 销售数据了。只是好奇我们现在是否有数据表明剩余价值保持良好，以及任何人口统计信息，你们知道，谁在购买 Purosangue，更重要的是，它与普通的法拉利客户是否不同，例如女性与男性，日常用户与收藏家等等？谢谢。

Benedetto Vigna

贝内代托·维尼亚

Okay. So thank you. Thank you, Tom. First one, 40-40-20. Remember that during the Capital Market Day, when we provide the split of the PU, the powertrain, we always talk about our offer, not the split of sales. You remember? Because when we talk at that time, our roadmap to offer any kind of traction to the client, we said we want to leave the freedom of choice in the end of the client. So that split was a split of the model we were offering. In terms of updates, if any, I'm afraid that you have to wait, let me say, in October this year, where we will provide you and all the colleagues a full update. The second one is about the residual values and the demographics of Purosangue. Well, the demographics of Purosangue clients, I think it's not - let's say we have a new client. Yes. We have in the range of...

好的。所以谢谢你。谢谢你，Tom。第一个问题，40-40-20。请记住，在资本市场日，当我们提供动力单元（PU），即动力总成的分配时，我们总是谈论我们提供的产品，而不是销售的分配。你还记得吗？因为当我们当时谈论我们为客户提供各种牵引力选择的路线图时，我们说过我们希望最终把选择的自由留给客户。所以那个分配是我们提供的车型的分配。至于更新（如果有的话），恐怕你得等到，这么说吧，今年 10 月，届时我们将向你和所有同事提供全面的更新。第二个问题是关于 Purosangue 的剩余价值和客户人口统计数据。嗯，Purosangue 客户的人口统计数据，我认为不是——这么说吧，我们有新客户。是的。我们的范围在……

Antonio Picca Piccon

安东尼奥·皮卡·皮肯

10%.

10%。

Benedetto Vigna

贝内代托·维尼亚

10% of new clients. This was what we planned. A posterior, I think we could have been pushing more, 15%, 20%. This is a lesson learned for us, for the future. But coming also in terms of male and female, what we see is that a lot of times is, you know, you have the name of the repeaters buying the cars and the partners, female, that is driving the cars. And then also, it's true that with this car, usually people do a little bit more kilometers than others. In terms of residual values, I think that there is a lot of traction for these cars. We are collecting order also for end of '27, delivery '28. And there are some areas, for example where these cars are turned within one week, the pre-owned, and there is an increase on the sticker price. So, I think that today, there are - this year is important because we have some models like Purosangue entering '27, '28, and some other models '26, '27, '28, some other models that are ending in 2026.

10% 的新客户。这是我们计划的。事后看来，我认为我们本可以争取更多，15%，20%。这对我们来说是未来的一个教训。但就男性和女性而言，我们看到很多时候是，你知道，回头客的名字购买了汽车，而他们的伴侣，女性，在驾驶这些汽车。而且，确实，开这款车的人通常比其他人行驶的公里数多一点。就剩余价值而言，我认为这些汽车有很大的吸引力。我们也在收集 27 年底、28 年交付的订单。在某些地区，例如，这些二手车在一周内就能转手，而且标价还有所上涨。所以，我认为今天，存在——今年很重要，因为我们有一些像 Purosangue 这样的车型会在 27 年、28 年进入市场，还有一些其他车型会在 26 年、27 年、28 年进入市场，还有一些其他车型会在 2026 年停产。

Tom Narayan

汤姆·纳拉扬

Got it. Thank you.

明白了。谢谢。

Benedetto Vigna

贝内代托·维尼亚

Thank you.

谢谢。

Operator

接线员

Thank you. Your next question comes from the line of Martino de Ambroggi from Equita. Please go ahead.

谢谢。您的下一个问题来自 Equita 的 Martino de Ambroggi。请讲。

Martino de Ambroggi

马蒂诺·德·安布罗吉

Thank you. Thank you. Good evening. Good morning, everybody. Changing the subject, my first question is on Greater China because deliveries are decreasing since second quarter '23, quarter-after-quarter. So, what is the right or the ideal size that you see for this region going ahead? And the second is on the warranty program for hybrid customers. How is progressing the choice of customers to get your warranty program? And the last one, I clearly understand you will probably not provide any answer, but am I right in assuming that the increasing prices that you announced in the US could worth roughly €100 million on a consolidated basis? Thank you.

谢谢。谢谢。晚上好。大家早上好。换个话题，我的第一个问题是关于大中华区的，因为自 23 年第二季度以来，交付量逐季下降。那么，您认为该地区未来的合适或理想规模是多少？第二个问题是关于混合动力客户的保修计划。客户选择你们保修计划的进展如何？最后一个问题，我清楚地知道你们可能不会提供任何答案，但我是否可以正确地假设，你们在美国宣布的涨价在合并基础上可能价值约 1 亿欧元？谢谢。

Benedetto Vigna

贝内代托·维尼亚

So, I think the second one - one second, because the second, the last one, Antonio will take care of it. I think that, I think the first two. The hybrid, we are very precise. It's more - it's close to 550 contract for the hybrid warranty programs. Clients start to appreciate it because they see a value. And also, I believe in the first communication, we were not so clear. Now we are improving the clarity of the communication. So, we are around 550 contract about this hybrid warranty. China, China on one side, we see the region now is moving. On the other side, we always said that the mainland China plus Taiwan will be in the range of 8% to 10%. And let me say today, the cars we are having, mostly 12Cilindri, 12 cylinders, are having a little bit too much impacted by tax. And this one of the cars we will launch this year is meant also to fit better the portfolio for that region. So, that's the picture on the China.

所以，我认为第二个问题——等一下，因为第二个，最后一个问题，Antonio 会处理。我想，我想是前两个问题。混合动力，我们非常精确。混合动力保修计划的合同数量更多——接近 550 份。客户开始欣赏它，因为他们看到了价值。而且，我相信在最初的沟通中，我们表达得不够清楚。现在我们正在提高沟通的清晰度。所以，我们大约有 550 份关于这种混合动力保修的合同。中国，一方面，我们看到该地区现在正在发展。另一方面，我们一直说中国大陆加上台湾将占 8% 到 10% 的份额。而且，恕我直言，我们目前拥有的汽车，主要是 12Cilindri，12 缸发动机，受税收影响有点过大。而我们今年将推出的其中一款汽车也旨在更好地适应那个地区的产品组合。所以，这就是中国的情况。

Antonio Picca Piccon

安东尼奥·皮卡·皮肯

For the last one, I will not provide that level of granularity. We said up to 10% for the model that we will be updated. But we reserve the right to intervene and we're actually moving already.

对于最后一个问题，我不会提供那么详细的信息。我们说过，对于将要更新的车型，最高可达 10%。但我们保留干预的权利，而且我们实际上已经在行动了。

Martino de Ambroggi

马蒂诺·德·安布罗吉

Okay, thank you.

好的，谢谢。

Benedetto Vigna

贝内代托·维尼亚

Thank you.

谢谢。

Operator

接线员

Thank you. There are no further questions. I will hand the call back to Benedetto Vigna.

谢谢。没有其他问题了。我将把电话转回给 Benedetto Vigna。

Benedetto Vigna

贝内代托·维尼亚

Thank you. Thank you all for the time and for all your questions. The strong Q1 '25 result in the continuing desirability of the Ferrari brand that fueled our confidence for our year ahead and also for the future. I wish you good morning or afternoon and thank you again for your attention.

谢谢。感谢大家的时间和所有问题。25 年第一季度的强劲业绩以及法拉利品牌持续的吸引力，增强了我们对未来一年乃至更远未来的信心。祝大家早上好或下午好，再次感谢大家的关注。

Operator

接线员

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

谢谢。今天的电话会议到此结束。感谢您的参与。您现在可以挂断电话了。