Ferrari N.V. (RACE) Q3 2026 Earnings Call Transcript

Inside the new dealership, at the center of this dealership, we have a piazza hosting clients. underline even further that we always put clients at the center of what we conceive and what we do.

Order Book

And now let’s talk about order book. We continue to experience a healthy demand across all geographies with an order book that enters ’28. And more is yet to come.

We will launch in the physical world 2 new models before the end of the year. And we look forward to sharing them with you. Just wait a few more weeks and you will have a better understanding of what we are planning to do.

Racing and Ferrari Hypersail

Moving on to racing, last Sunday in Mexico marked a historic moment for Formula 1 and Italian motorsport. And here I would like to congratulate Kimi Antonelli on becoming world champion.

Competition is what drives us. It raises the bar, fuels our determination, and reminds us every day why Ferrari races. To win. We remain fully focused on Formula 1 and World Endurance Championship, pushing to the very end of the season while already working relentlessly towards next year.

Beyond the track, our sailing adventure is progressing farther with the announcement of a few weeks ago of the crew and the new operational hub in Livorno that will launch the Hypersail by the end of this year.

Innovative 100-foot flying monohull designed to challenge the oceans entered the final construction phase. A truly technological masterpiece with more than 20 patents registered.

Lifestyle

And last but not least, lifestyle. The quarter was equally rich in activity from the capsule collection for the Monza Grand Prix to the increasingly tailored experiences offered through Casa Ferrari at Pebble Beach and our fan zones. And the launch of the Sketch Body.

This project brings together art, innovation, and tradition, and it enriches our collectible offer, meeting strong interest from our clients and already sold out for the next year. If you haven’t seen it yet, I really invite you to take a look.

Across all these initiatives, we have continued to express our brand with the same consistency and sophistication, preserving our identity and DNA. And it is With this same approach that we are now preparing after the London opening in Q1 ’26 for our next flagship store opening in New York, where we will unveil our new lifestyle collection.

To conclude, we continue to execute our plans with innovation, focus, and determination. Making steady progress on the path outlined in our business plan.

Today we are raising our guidance for the year, and Antonio will provide you with more details and colors about it. And on this note, I hand over to Antonio. Thank you.

Q3 2026 Financial Results Review

ANTONIO PICCA PICCON, Chief Financial Officer – Ferrari N.V.: Grazie, Benedetto, and good morning or afternoon to everyone.

On page 5, we present the highlights of the 3rd quarter. It was a strong one with remarkable profitability growth and supported by the business trends we have seen throughout the year. A strong sports car mix and personalizations, which continue to exceed our expectations.

Industrial free cash flow generation was also strong, almost achieving our full-year guidance in the first 9 months. Let’s review the results in more detail.

Shipments and Model Changeover

Turning to page 6, you can see the breakdown of our Q3 shipments and the ongoing model changeover, which continues to progress in line with our plans.

During the quarter, the 849 Testarossa and the 296 Speciale Aperta continued to ramp up together with the first deliveries of the 849 Testarossa Spider.

The Amalfi and the 296 Speciale Coupé increased their contribution and entered the global distribution phase, joining the 12Cilindri family and the Purosangue. Deliveries of the F80 progressed in line with our plans. While the 296 GTS, the Roma Spider, and the SF90 XX family reached the end of their respective life cycles.

The geographic mix of our deliveries reflects the usual rationale. When a new model is launched, we serve closer markets first, followed by a progressive rollout across other geographies.

Revenues

On page 7, net revenues increased by almost 10% at constant currency and 7% including the headwind from currency. Mainly related to the US dollar and Japanese yen.

The increase in cars and spare parts was driven by the richer product mix and higher personalizations. Personalization surpassed 21% of total revenues from cars and spare parts and was particularly relevant for the 296 Speciale family. The adoption of carbon and paints continue to drive revenue growth.

Sponsorship, commercial and brand increased thanks to higher sponsorships and lifestyle activities, which were partially offset by lower commercial revenues linked to last year’s Formula 1 ranking.

Other revenues also positively contributed. Mainly in relation to the rental of engines to other Formula 1 racing teams.

It is worth noting that while the comparison against the US dollar spot rate is becoming more favorable, we continue to record a negative variance from prior year hedges.

EBIT and Margins

Moving to page 8, the remarkable increase in EBIT was driven by the very strong mix price variance, reflecting the positive product mix and the strong personalizations previously highlighted.

In detail, the product mix is the result of the positive contribution of the F80, the 849 Testarossa, and the 12Cilindri families, as well as lower deliveries of 296 range family. Partially offset by lower deliveries of the SF90 XX family and the ramp-up of the Amalfi.

The positive volume variance is due to spare parts, while shipments were deliberately planned slightly lower to allow for the smooth completion of the model changeover.

These positive variances were only marginally offset by higher depreciation and amortization, in line with the start of production of new models, and higher marketing expenses.

The higher costs implied by the better Formula 1 in-season ranking assumptions compared to last year, included in the other variance, were substantially offset by the positive contribution from racing and lifestyle activities.

Percentage margins remained at very strong levels despite the foreign exchange headwind. With both the EBIT margin and the EBITDA margin increasing compared with last year.

Industrial Free Cash Flow

On page 9, our industrial free cash flow was strong in the quarter, driven by the increase in profitability and supported by a positive change in working capital, mainly reflecting the advances collection.

This was partially offset by capital expenditures, primarily focused on product and infrastructure development, with a new paint shop approaching its completion.

At the end of the quarter, we were in a net cash position of €219 million, even after the share repurchases executed during the period.

Full-Year 2026 Guidance Upgrade

Turning to page 10, we upgrade our guidance for the year.

Our updated assumptions for Q4 include a stronger contribution from personalizations, in line with the Q3 trend, which is supported by the higher concentration of special versions planned in the 4th quarter.

A further improved US dollar to euro exchange rate compared to Q3, including hedges, and lower Formula 1 costs reflecting the current second position in the championship. Championship ranking, while we assume that all 4 remaining races will be confirmed.

Looking ahead, we remain firmly focused on executing our plans along the guidelines outlined at our last Capital Markets Day. Our confidence in the strength of our strategy and in our ability to preserve and nurture our brand over the long term continues to guide us every day.

Thank you for attention, and I turn the call over to Nicoletta.

NICOLETTA RUSSO, Head of Investor Relations – Ferrari N.V.: Thank you, Antonio. Nadia, we are now ready to open the Q&A session.

Question-and-Answer Session

OPERATOR: Yes, of course. Dear participants, as a reminder, if you wish to ask a question, please press *11 on your telephone and wait for your name to be announced. To withdraw a question, please press *1 and 1 again. Please stand by while we compile the Q&A roster. This will take a few moments.

And now we’re going to take up the first question. And it comes line of Edouard Aubin from Morgan Stanley. Your line is open. Please ask your question.

EDOUARD AUBIN, Analyst – Morgan Stanley: Yeah, good afternoon. Thank you for taking my questions. So 3 quick ones for me.

The first one is the F80. I think doing the math, you’re anywhere between 17 and 50 units shipped in the third 3rd quarter. So I think for the first half, people had assumed around 40 units per quarter in Q1, Q2. Are you more or less in that kind of range, or is there any significant or material acceleration or increase sequentially between H1 and Q3? So that would be question number 1.

Question number 2 is, as you just mentioned, Antonio, you now Assume second place in Formula One Championship. Can you regarding the release of provision for Formula One Championship? Are you will you take this release in Q four? And can you just give us an idea of what roughly is the amount you expect to release in Q4, if that’s the case?

And then lastly, Antonio, it’s an impact on the hedging on kind of top Line and profit. What do you have in mind for kind of Q4 and 2027?

BENEDETTO VIGNA, Chief Executive Officer – Ferrari N.V.: Thank you so much, Edouard. These are all questions for Antonio. Yeah, he will manage the first one.

ANTONIO PICCA PICCON, Chief Financial Officer – Ferrari N.V.: Yeah, the first one. F80, we have been growing just slightly quarter over quarter. And therefore, we were still within the— in the region of 50 units.

With respect to the second quarter, which was on championship Formula One Championship bond release, we already adjusted some of our assumptions in Q3. And the one in relation to the Constructors’ Championship, as we said, is encompassed in the full-year guidance. And we don’t go into the details of the size, but it’s not very material. Some few millions.

Hedging, what are you expecting in Q4? I think I commented some while ago as to the fact that we were expecting a negative foreign exchange rate impact of around €200 million. Considering where the spot rate is there, it would be lower than that. But still, this is the reference. So between €150 and €200 million. Overall full-year basis.

EDOUARD AUBIN, Analyst – Morgan Stanley: Okay, thank you.

ANTONIO PICCA PICCON, Chief Financial Officer – Ferrari N.V.: Welcome.

EDOUARD AUBIN, Analyst – Morgan Stanley: Thank you.

OPERATOR: Now we’re going to take our next question. And the question comes line of Monica Bosio from Intesa Sanpaolo. Your line is open. Please ask your question.

MONICA BOSIO, Analyst – Intesa Sanpaolo: Yes, good afternoon, and thanks for taking my questions. I would have 3.

The first one is on the shipments. They are reflecting the model changeover. But I was wondering if you can give us any feeling, any colors on the 4th quarter, because last year, the 4th quarter was very negative. And so I would expect a positive trend this year on the back of the completion of the models changeover, but also on the back of the comparison base. So any colors could be useful. I know that you do not comment on volumes, but it could be useful this time.

And my second question is on the country mix. As many models are approaching the global distribution, should we expect a better country mix in the 4th quarter and above? Or what do you see in terms of country mix for 2027?

And that’s— I would say If I can squeeze another one, is on the shipments in mainland China, Hong Kong, and Taiwan. They were down. Is this due to the model changeover, or are there any other particular reasons? Thank you very much.

BENEDETTO VIGNA, Chief Executive Officer – Ferrari N.V.: Thank you, Monica. I think you did— 2 deductions that you did are very right. Number one is what you said. It’s because of the model changeover in China that we have this swing in mainland China.

And the second, let’s say your deduction is also correct. Q4 year over year will increase. So congratulations for your right deduction.

Country mix-wise, you also read it well. We are— yes, all the models are approaching the global distribution. And this is embedded in what is the updated guidance that we are providing you also, because the personalization that we have over there are basically start to be fully defined for the year end.

MONICA BOSIO, Analyst – Intesa Sanpaolo: Thank you. Okay. Thank you. Thank you very much.

BENEDETTO VIGNA, Chief Executive Officer – Ferrari N.V.: Grazie, Monica.

MONICA BOSIO, Analyst – Intesa Sanpaolo: Thank you.

OPERATOR: Now we’re going to take our next question. And the question comes line of Henning Cosman from Barclays. Your line is open. Please ask a question.

HENNING COSMAN, Analyst – Barclays: Yeah, hi, good afternoon everybody. Benedetto and Antonio.

First question is on the revenue growth acceleration implied by the flow of the guidance, I think it sort of implied to accelerate to at least 9% from about 6% so far year-to-date. So I’m just wondering what that might imply in terms of volume and in terms of ASP. I think we had already said ASP is broadly stable H1, H2. Now you’ve upgraded the So just to clarify that we’re looking at broadly stable volume in Q4 but probably quite a bit higher ASP year-over-year in Q4. If you could just confirm if that’s broadly the right thing to support that revenue growth acceleration?

The second question is if I could please ask about the very high share of specials in the 3rd quarter, 22%. I thought after the about 13% in the first half, we were sort of saying we expect broadly stable half over half, and now it’s much higher again. Could you just say if you Do you think this will drop very materially in Q4, or is it going to stay elevated? And what might be behind that?

And just finally, again on the FX, Antonio, if you could just say what your EUR/USD assumption is now for the full year and what it is for 2027, please. Thank you so much.

ANTONIO PICCA PICCON, Chief Financial Officer – Ferrari N.V.: So Henning, I’ll take the first one. Yeah. And then I think In terms of volume and ASP for adjusting the guidance, I think we have been clear we have not been adjusting volumes. Volumes benefit from any recommissioning with last year, as Benedetto commented before. And we expect to have ASP slightly higher, in line with the indication I gave some quarters ago about the fact that the second half would have been slightly better compared to the first one.

I share a special series. Even this one, I think we have already commented in the past. This year is very special. There is a concentration of special series. We expect this to normalize going forward.

And assumption personalization for the year, we started the year with guiding for approximately 20% personalization rate. We are currently above that level. And we assume that the last quarter will not make any sense. So we’ll be in continuation.

HENNING COSMAN, Analyst – Barclays: Sorry, Antonio. The question was on FX, the euro-dollar exchange rate, not the—

ANTONIO PICCA PICCON, Chief Financial Officer – Ferrari N.V.: Oh, sorry. Sorry. The current spot rate. But for us, what really matters is not just that, but even the hedges in place.

HENNING COSMAN, Analyst – Barclays: And you’re willing to share the euro-dollar number that you’re assuming for this year now?

ANTONIO PICCA PICCON, Chief Financial Officer – Ferrari N.V.: Approximately more than 115 blended between Spot and hedges.

HENNING COSMAN, Analyst – Barclays: Both this year and next year, yeah?

ANTONIO PICCA PICCON, Chief Financial Officer – Ferrari N.V.: No, no, we’re talking about 4th quarter. We’re not talking about 2027. 2027, you have to wait, Henning.

HENNING COSMAN, Analyst – Barclays: Okay. All right. Gotcha.

ANTONIO PICCA PICCON, Chief Financial Officer – Ferrari N.V.: Okay.

HENNING COSMAN, Analyst – Barclays: Thank you.

OPERATOR: Now we’re going to take our next question. And the question comes to the line of Martino De Ambroggi from Equita. Your line is open. Please ask your question.

MARTINO DE AMBROGGI, Analyst – Equita: Thank you very much. Good afternoon, everybody.

The first question is on the ASP again because +9% in the first 9 months year-on-year. Should we expect at least mid-single-digit growth also next year just for ASP?

And the second is on the Luce that you already fulfilled the orders for ’27. Could you elaborate on where they come from in terms of region, kind of customers, and what are the areas you are not tested yet which could be an upside going ahead? Thank you.

BENEDETTO VIGNA, Chief Executive Officer – Ferrari N.V.: Thank you, Martino. For the first question, the ASP trend next year, I have to repeat myself or Antonio what he told to Henning. So let’s wait for February when we meet the next time.

For the Luce, I think that there are 4 important things that I would like to underline. The number one is that the Luce is in production as planned. The second is that by end of this year, we will have a few units on the road. The third is that in Q1, we will have international media test drive first and then test drive for the client.

And then all the Luce that we plan to sell next year basically are all allocated. So if someone comes, he has to wait 1 year to get the cars.

So where do we see the potential today? I think there are some areas where the dealers are doing a fantastic job. So there are some areas where the dealers can have some more opportunities than others.

For sure, what we have seen is that there are 2 things that help the people to understand the better the car. Number one, when they see in 3D physically. And number two, also we see when and how the perception change when the people change, drive the car. So yes, We see opportunities in some places, but also thanks to the experience and the interaction the people will have with the car.

MARTINO DE AMBROGGI, Analyst – Equita: Thank you, Benedetto.

BENEDETTO VIGNA, Chief Executive Officer – Ferrari N.V.: Thank you, Martino. Thank you.

OPERATOR: Now we’re going to take our next question. And the next question comes to the line of Michael Binetti from Evercore ISI. Your line is open. Please ask your question.

MICHAEL BINETTI, Analyst – Evercore ISI: Hey, Benedetto, Antonio. Great quarter. Thanks for taking our questions here.

Antonio, just a quick clarification on the ASP. I think it was up 8% in the quarter. You said— you reminded us that ASP would be a little higher in second half than in first half. And that’s in terms In terms of euros, the level, I think to be flat, just to orient ourselves, to be flat in the second half versus last year, fourth quarter would need to be down about 1%. That seems unlikely. Would you mind just helping us think about what you assume for 4Q and maybe some of the moving puts and takes around that.

And then on the EBIT bridge for 4th quarter, the mix was €119 million positive in 3rd quarter. I’m trying to— maybe you could help us think about the tailwinds and headwinds 4th quarter relative to that number? Because I think you previously told us the second half mix would be above first half.

So if we can orient our models around that, maybe €85 million or more coming from mix in the 4th quarter. Maybe you could just help us think about the other items in the EBIT bridge that change in 4th quarter.

ANTONIO PICCA PICCON, Chief Financial Officer – Ferrari N.V.: Sure. The answer to both your questions, Michael, is that it’s still the same I gave you the previous call of last end of July, meaning In terms of ASP, we still expect to target to have H2 slightly better compared to H1. So you can do the math, and I said slightly better.

And in terms of the mix price variance, even there we said we expect it to be slightly better in H2 compared to H1. So no change in this respect.

Where we do expect to have a— in the last quarter different is that in terms of cost, we’ll have an incidence of expenses for marketing and events higher compared to Q3. And we still expect to have D&A further growing compared to the previous part of the year. There is an acceleration which is consistent with introduction of new models.

MICHAEL BINETTI, Analyst – Evercore ISI: Okay. If I could sneak one in, Benedetto. You guys have called out paint and carbon as drivers for the really nice personalization we’ve seen for a while. How do we think about What the paint shop, I think, is still planned to open in 2027, what that means for the business as you guys take in-house more capability to drive what’s been one of your best inputs to the personalization lines.

BENEDETTO VIGNA, Chief Executive Officer – Ferrari N.V.: So Mike, we thank you for the congratulations you gave us and all the team. We don’t like so much because you put— you believe that we are not keeping the pace to open the paint shop. Yes, we will open the paint shop. If you come here, you see a nice paint shop.

No, I think that that’s very important for the personalization. It shows that we believe in the personalization. Also because we put at the center our client.

I can tell you that we had a deep analysis with Antonio and the team. I would like to share with you some things. Number one, when you Talk about the personalization. One third is coming from the material client are selecting. One third in value. One third is coming from the exterior. Including the painting, the color. And one third is coming from what the clients select in the cabin. So it’s equally spread.

We have an interesting outcome that I would say we are very proud of. Because all the personalization that we are developing are finding the right, let’s say, they are pleased by our clients.

MICHAEL BINETTI, Analyst – Evercore ISI: Thank you very much, guys.

BENEDETTO VIGNA, Chief Executive Officer – Ferrari N.V.: Thank you, Mike. Thank you.

OPERATOR: Now we’re going to take our next question. And the question comes line of Horst Schneider from Bank of America. Your line is open. Please ask your question.

HORST SCHNEIDER, Analyst – Bank of America: Good afternoon. Thank you for taking also my questions.

I try again the first one on 2027, even though you said you don’t answer many questions about 2027. But I looked up the Q3 ’26 call transcript, and when we asked you there about the next year, basically you said you want to have a smooth and as aligned as possible expansion of profitability in absolute terms.

So it seems from today’s perspective, when I count the various levers, we have got the 12Cilindri Manuale, a higher 296 Speciale share, F80 should sell higher. It seems to be a pretty strong year. It seems to be anything but smooth and linear. So therefore, maybe you can share thoughts why it should be just smooth and linear next year.

The second question is maybe a standard question about residual value trends. If you can share any update. I have seen that maybe the 12Cilindri is weakening a bit. Maybe you have got a comment on that.

And the third question is more towards the split between ASP growth and volume growth going forward. At the moment, we see ASP growing a lot. Going forward, you want to normalize that again and how you aim to achieve that? Thank you.

BENEDETTO VIGNA, Chief Executive Officer – Ferrari N.V.: Thank you, Horst. I will take a couple of questions and then Antonio will elaborate on the mathematical linearity.

So the residual value, see that they’re very sound across different models and across different countries. And we are very pleased because we see that the value, the reserve value is very good. Okay, that’s important. And this is through also, let’s say, different models, either the recent one or the less recent one.

When it comes to the question, how much should you expect in mix and volume, if the question is about ’27, you have to bear with us. said also to your colleague in February, we will tell you ’27 and then we will tell you all the drivers that we see for the growth. And on this, I would like to give the word to Antonio. For the mathematical linearity. Thank you.

ANTONIO PICCA PICCON, Chief Financial Officer – Ferrari N.V.: Thank you, Benedetto. But maybe I start from the first one where you just— I just want to make a comment. Last year we said that we would have expected the development smooth and linear. That is what we said at the Capital Markets Day.

What went differently, if I look at 2026 compared to our initial expectations, is basically 2 elements. The first one is the level of personalizations. We guided for 20%. We are above that level, obviously.

And on that, I repeat myself, We have a shorter visibility compared to the order book because we allow our clients to define the level of their personalization until 3 to 4 months before delivery. So it’s something, it’s kind of discovery. And this has been supported by the concentration of specialty units this year.

The second element which makes a difference is the foreign exchange rate. The Capital Markets Day, we said we would have expected 120. We are lower than that. We are benefiting from this. And obviously the hedges that we adjust from time to time may have a carry-forward effect depending on where the spot rate will go. So that is what I can tell you.

But the Capital Markets Day assumptions remain intact in terms of how we think about the development or introduction of new models. No change about that.

Mix and volume only with respect to Q4. We expect to have still a relevant mix. I said in my commentaries to the guidance that we expect personalization rate to be in line with the recent months. And this is due— and this is the same also in terms of product mix. So my expectation is this is still the main component in guiding the results for the rest of this year.

HORST SCHNEIDER, Analyst – Bank of America: Thank you. My question was more relating to volume mix in general, not ’27, also beyond ’27. So for example, you could stretch F80 deliveries, right? I’m not sure if you can comment or want to comment on that, but I could just give it a try.

ANTONIO PICCA PICCON, Chief Financial Officer – Ferrari N.V.: I can stick only to the 4th quarter of this year.

HORST SCHNEIDER, Analyst – Bank of America: Okay, that’s great. Thank you.

ANTONIO PICCA PICCON, Chief Financial Officer – Ferrari N.V.: Thank you.

HORST SCHNEIDER, Analyst – Bank of America: Thank you.

OPERATOR: Now we’re going to take our next question. And the question comes line of Tom Narayan from RBC. Your line is open. Please ask your question.

TOM NARAYAN, Analyst – RBC: Hi. Yes, thanks for taking the questions. I also have 3.

So the first one, personalization, did exceed your initial expectations at 21%. I remember at the Capital Markets Day last year, I think we were shown personalization at work and we were told that the carbon fiber supply was a kind of a resistance factor. And it limited, I think, how much you could do. Is this now less of a headwind?

And then the second question, we are hearing about some affordability risks creep in. I know in the auto industry, Now I know Ferrari is not an auto company, it’s a luxury company, but just curious if you’re seeing any demand impacts on maybe more lower-priced offerings like Amalfi.

And then lastly, residual values, plug-in hybrids are now a much bigger portion of deliveries than they were a couple of years back. Are the issues that you saw a couple of years ago on plug-in hybrids now in the rearview mirror? Was this just a function of getting the dealers to educate consumers on these products?

BENEDETTO VIGNA, Chief Executive Officer – Ferrari N.V.: Thank you, Tom. I think that we are not a luxury company. We are a unique company that is luxury and technology. So I think it’s important this because we care about this uniqueness that was also underlined in different messages through the Capital Market Day.

Coming to the— I got this through the question you gave us. The first one, I think you said it well, you understood well the story of residual Values on hybrid is changing because of two reasons. Number one, the dealers are getting more used also to explain how to use the hybrid. 2, the people are getting more and more in love with the hybrid technology because of the advantage that the combination of electric engine and thermal engine are giving.

So You saw it. And I have to say that we have been visiting several dealers that they’ve been developing very simple and clear educational material to explain to people how to use it.

The story of the personalization, you remember well. There was in the past a shortage on the carbon. We have been able to nail down some good, let me say, contract on the supply side. So that is not the limiting factor. So we don’t see it as a headwind. We are obviously, since this does not depend on us, we are always looking what is happening. That’s clear.

The story of the second question, we see healthy demand. Across all the models. And across all the geographies, there are some areas where, for example, the hybrid is preferred to ICE and vice versa, or the 6-cylinder to 8-cylinder. But We see a healthy demand across all the models. And I would say we are very pleased about the offer, the product we are able to offer, we can offer our clients.

This does not mean that it is complete because you will see other things getting out pretty soon. We have always to keep delighting our clients.

TOM NARAYAN, Analyst – RBC: Thank you.

BENEDETTO VIGNA, Chief Executive Officer – Ferrari N.V.: Thank you.

TOM NARAYAN, Analyst – RBC: Thank you.

OPERATOR: Now we’re going to take our next question. And the question comes to the line of Thomas Besson from Kepler Cheuvreux. Your line is open. Please ask your question.

THOMAS BESSON, Analyst – Kepler Cheuvreux: Thank you very much, Jürgen. Good afternoon and congratulations on the quarter. 3 questions, please.

First, have you been able to hedge in the proportions for ’27-’28, taking advantage of the exchange rates below 1.15, or not yet?

Second question on the Luce. Could you give us a profile of who bought it so far? Is it 50/50 existing customers, new customers, as you saw it, or different? And give us some idea of the geographies. And maybe how many units, broadly speaking, you plan to ship in ’27?

And last question, small thing in terms of financial impact, but I’m not So spare parts contributed to volumes. Is there any acceleration in this, or is that just an accident that we see it in the bridge this time around? Thank you.

BENEDETTO VIGNA, Chief Executive Officer – Ferrari N.V.: Okay, I think so. Luce, we cannot, we don’t want, we know, but we cannot provide you the split between the repeaters and the new client. What I can tell you that we have a good mix. It’s a good mix in terms of clients. It’s a good mix also in terms of geography. And let me say, there is not a specific pattern. We see the interest coming from people of different age and different countries.

The other part is about the spare parts. Clearly, there is a growth in Q3 also because you said it well. There is an increased use of the cars. So when you use more cars, there is a probability that you need a little bit more spare parts. That’s the only reason. It’s nothing strange.

For the hedging for ’27?

ANTONIO PICCA PICCON, Chief Financial Officer – Ferrari N.V.: Yeah, thank you, Benedetto. Yes, we already covered, we use a 12-month rolling foreign exchange rate policy. Therefore, every month we hedge for the next 12 months with a view to be approximately 70% hedged.

So clearly, the more you go ahead to 2027, the more you benefit from the reduction of the spot rate that we’ve been enjoying last few months, and there is a portion of that in every single quarter, future quarter.

THOMAS BESSON, Analyst – Kepler Cheuvreux: Thank you very much.

ANTONIO PICCA PICCON, Chief Financial Officer – Ferrari N.V.: Thank you.

THOMAS BESSON, Analyst – Kepler Cheuvreux: Thank you.

OPERATOR: Now we’re going to take our next question. And the question comes to the line of Anthony Dick from ODDO BHF. Your line is open. Please ask your question.

ANTHONY DICK, Analyst – ODDO BHF: Yes, hi. Thank you for taking the questions. I had also 3.

The first one is on the follow-up on the Special Series. I know this year is a special year with the 296, but still, in terms of the pace of the release of the new Special Series, We had the 12Cilindri Manuale this year and maybe one coming in the next couple of weeks. It also seems there’s more special series being released more frequently. So I was just wondering if that’s purely a function of the lifecycle and the model planning, or if it’s also a sort of conscious decision by yourself that these are the segments where you see the most demand and you can expand the most.

The second question is on the F80. So you mentioned around 50 units delivered, which is also still quite a bit below what we saw in the data on SP3. I think it was up 70, 80 units per quarter. Do you also intend to reach that level at some point, or do you see a more smoother delivery cycle? Do you feel you’ve already reached the current run rate, basically?

And the last question I had is on D&A, which increased quite substantially in Q3. And I think you also increased the full-year guidance a little bit. Just wondering if that was purely linked to the new models, or there’s also some fixed assets in there, maybe some accelerated depreciation on some, or if it’s just really also the model planning and model lifecycle that we see there. Thank you.

BENEDETTO VIGNA, Chief Executive Officer – Ferrari N.V.: Thank you, Anthony. These are all for Antonio.

ANTONIO PICCA PICCON, Chief Financial Officer – Ferrari N.V.: I’ll take the 3 of them. Special Series, the concentration is just a result of the model phasing. Is there by design?

Do you expect to reach Daytona level at some point? We do not disclose. We said, however, that we want to grow smoothly the delivery pace of the F80.

With respect to D&A, I think it’s there the assumption since the beginning of the year that we commented a number of times, and this is entirely due to the new model introductions. As soon as we start production of a new model, then we start having D&A accruing to the P&L.

ANTHONY DICK, Analyst – ODDO BHF: Thank you very much.

ANTONIO PICCA PICCON, Chief Financial Officer – Ferrari N.V.: You’re welcome.

ANTHONY DICK, Analyst – ODDO BHF: Thank you.

OPERATOR: Now we’re going to take our final question for today. And it comes to the line of José Asumendi from J.P. Morgan. Your line is open. Please ask your question.

JOSÉ ASUMENDI, Analyst – J.P. Morgan: Thank you very much. Very kind. And congrats on the strong quarter, I think, in the light of the model changeovers and the higher costs.

And the topic of higher industrial costs and R&D, not for the 26, 24, 27, just end of the decade capital markets day targets. How do you see this trend, this industrial cost basically becoming more of a neutral impact, which obviously would enhance margins for the business?

And then second, a bit more shorter term, please. How do you think about geographical mix into the end of the year? Thank you.

BENEDETTO VIGNA, Chief Executive Officer – Ferrari N.V.: So for the— you want to go for the first one?

ANTONIO PICCA PICCON, Chief Financial Officer – Ferrari N.V.: First one, I think is— I take it more as a question on development of R&D. I just remind you that there we see the R&D expense to the P&L, in the variance. We have D&A that is dictated by the model lifecycle. We have R&D expenses for innovation for the sports car business. And the other piece is the development of expenses from Formula 1.

The area that obviously we have less control on is development for Formula 1, because that is dictated by the budget cap evolution that has been growing the level of expenses in the last few years.

As far as what we are concerned in terms of sports cars, so the portion that is related to innovation, we think of that as a rather smoothly growing line of expenses. But very smoothly and lightly.

BENEDETTO VIGNA, Chief Executive Officer – Ferrari N.V.: The second one, you’ll say the geo mix is moving aligned with the change, the model change. And so everything is moving, I would say, according to the plan.

Closing Remarks

And we are— this was the last question. I would like to say a couple of things. One, I would like to thank you for the congratulations that you did to the team. There is A lot of work behind that. Thanks for appreciating that.

And I would like also to congratulate for you because I have to say that all the questions that you did are clearly showing that you have been listening and studying the material. We are very— we like it because there is someone reading what we do. Thank you.

And also thanks for the time and for all your questions. They are very useful for us and to do a better job, to continue to do a better job for you, for all the shareholders.

And I wish you a good morning, good afternoon, and thanks again for your attention. Thanks to Nadia. Thanks to all the team. Grazie, and good evening.

OPERATOR: This concludes today’s conference call. Thank you for participating. You may now all disconnect. Have a nice day.

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