Buongiorno a tutti. Good morning. We're very happy to have all of you here in Maranello for our 2022 Capital Markets Day. It's really wonderful to see many of you who have made it, and it's nice to be physically together. But also to who is joining us remotely, we hope it won't be long before you are also able to be here with us in Maranello, our home for 75 years. If we are here today, it is precisely because of those 75 years. In these 75 years, we have become the makers and creators, not only of the most beautiful, the most competitive, and the most evocative cars in the world, but also the source of endless stories and memories that have moved and inspired a following from one generation to the next of passionate collectors, clients, and supporters, and all because of the vision, the passion, and the extraordinary determination of one man, our founder, Enzo Ferrari. From the day I became chairman of our company, I was able to add to my lifelong passion for Ferrari a much deeper appreciation of the uniqueness of our company. This was taken to a new level when, at the end of 2020, fate led me to also take on the role of Chief Executive. The months I spent as CEO were an immense privilege and also an intense learning experience. They were an opportunity for me to spend precious time close to the exceptional men and women who make up the entire Ferrari team across all aspects of our business. It reconfirmed everything that I knew and felt about our company, and it also gave me a far better understanding of the huge opportunities that lie ahead. First and foremost, those months reinforced my conviction that Ferrari is, at its core, a luxury company, the creator of the world's highest value, highest performance, highest quality products with real opportunity of developing further in the lifestyle space. The strength of our spirit of racing, which is part of the atmosphere in Maranello, and I feel you can breathe it, gives us competitiveness, urgency, appetite for innovation, and its demand for total teamwork. That's why Ferrari's story is, and will always be, inextricably linked to the world of motorsport. Finally, everything we do will always focus on being distinctively Ferrari. We believe the opportunity set by electrification and electronics will allow us to make even more unique cars. That is why we were convinced that we needed a CEO with a deep understanding of the technologies that are changing not just the automotive industry, but also the wider world. Benedetto Vigna, with whom we share the same values, has the profound technological knowledge required, but even more importantly, is an entrepreneur and innovator who created a multi-billion euro business from scratch in a hypercompetitive industry. As an Italian, he instinctively understands the emotion and the passions that sets Ferrari apart. Today, as I mentioned during my last analyst call last August, we set out the path we will take during this decade, but it will be much more than this. It will provide the foundations on which we will build the continuing long-term success of Ferrari as the world's most distinctive and most innovative luxury brand, moving swiftly to create continuing growth opportunities from the changes of a fast-transforming world, but never compromising on our commitment to be the unmatched expression of Italian excellence. I would like to end with the importance of passion, which is the thread that connects us with the world, cutting across cultural and language barriers, bringing together our colleagues, customers, and tifosi as one family. It comes directly from our founder, who in his final speech to his fellow workers, entrusted them. With you, Ferrari will become an irreplaceable reality. With Piero and our Ferrari colleagues, we strongly feel this responsibility and are committed to it, as you will learn today. Without any further delay, I'd like to invite Benedetto to begin today's presentation. Grazie. Good morning, everyone. Grazie, John. Grazie. Thank you for your kind words, and benvenuti a tutti. It's a pleasure for me to have all of you here in person. It's always much better than the flat screen we are getting too much used. Benvenuti in a place that I have the privilege to live every day. To breathe that atmosphere John was talking about. It's the place where 75 years ago, the first Ferrari was getting out of the door here in Maranello. It's a place where it's nine months I'm breathing this kind of passion, deep sense of belonging. This continuous strive for excellence that are the base for the teamwork, and this is. This teamwork you will see today, also in our presentation, that is, at the base of our willingness and commitment to push the boundaries farther than ever. I joined Ferrari nine months ago. It was first of September. I have to say that I'm an Italian. Like many Italians, they are always in love with Ferrari. I remember when I was child playing with the model Ferrari in the built road track in the middle of the stone from the place where I am. I remember also my first Grand Prix when I get out at 14 years old to go to see this Grand Prix in Imola, and my parents did not know exactly where I was. They know that I was with someone, some friends, but they did not know I was there. I also, you know, I studied physics at university, and one of the reason was that because I had to fix the problem of antenna, because during the Sundays, the race days, I was not able to see correctly the race. At that time, there were not so many Ferrari on the roads, and so it is today. The global appetite of luxury product in the world has grown, but we want always Ferrari to provide unique cars, and this is our commitment. Unique product. We have seen also in the video before what our colleague was saying. Ferrari will always deliver one car less than the market demand. This is well summarized in what Enzo Ferrari, our founder, said, and I can assure you that this will never change. This is a key point for our company. Since my first day here in Maranello, I invested a lot of time to talk with many stakeholders, in particular with all the women and the men here in the company. Our founder captured very well this important sentence that you see on the screen: "Factories are made of machines, are made of walls and people. Ferrari is made most of all by people." Our people relentless dedication that you have seen in the video a few minutes ago, together with agility and flexibility, well, these are the key to transform the challenge into opportunities. This is very important. The challenge for us have been and will always be opportunities. Our brand is powered by passion and the will to win. Our racing heritage tells us every day that the constant pursuit of excellence comes from paying attention to every small detail. We have always to pay attention to the details because that's the way you reach the excellence. We are using in this company a lot of leading-edge technologies, and we do this because we want to provide distinctive Ferrari cars. We want to make a difference with the technologies. This is very important. I also spend in this nine months a lot of time with all engineering community. We have many technical people in this company because we have a strong technical background, and I in particular am spending also a lot of time with electronic engineers and software engineers. I can tell you, I mean, I know pretty well this world, that this has been passing well above my expectation. The competence there is in this company in that world is really unique. I cannot invite you to join me in the laboratories. It's a privilege I have for the time being. You will see later when we'll deliver our electric car. Well, but this is something that is really unique. There are many technologies, there is a lot of competence, and today, together with the colleague Enrico, Gianmaria, Ernesto and Antonio, we'll outline the priorities for the future. This is a company that before to go to the agenda, I would like to highlight the six key ingredients of our DNA. We are a company that is looking a lot at uniqueness. We are committed to create unique cars. The second is the people. They are who that make this unique product. There is the racing. The racing is embedded, deeply embedded in our DNA. Then there is the technological leadership that goes hand in hand with the craftsmanship, and these are unlike any other. I have seen many technologies in my life, but I can tell you these here are unlike any other. Then there is the continuous learning approach. The continuous learning approach in a scientific way. You need to understand to make a difference. Then last but not least, this is very important, especially for most of the guests we have here, our financial strength and predictability. With the team and powered by this DNA, we entered this new and challenging, exciting chapter in the Ferrari story, ready to push the boundaries farther. How we wanna do it? It's five ways, and that's what you will see together with the colleague. First, by elevating the customer experience. Second, by enriching the driving emotion. Third, by always staying true to the racing spirit. Fourth, by enhancing value, and by taking the necessary action to reduce our climate impact, because the planet is very important. In our company, the people and the planet are very, very important. Let's start from what has been done in the last four years since the previous Capital Market Day, September eighteenth. Today, I mean, we have the team, the company has been delivering basically on all the promises, and there are three things that are highlighted in this chart. The first one you see the accumulated industrial free cash flow that we are confident to reach by year-end. It's about EUR 2.5 billion out of accumulated EBITDA of more than EUR 5 billion, and this has been done despite the global pandemic that we have been living all over the world. The second, the team said that fifteen new models were gonna be launched. We did it. We launched fifteen new models. They now, in our portfolio, we have the most innovative, the broadest portfolio, and this is really a unique asset. I was talking with some of you, one of you before, and this is something that many of you have been noticing. Now, four years ago, we said we will also have our hybrid Ferrari. We have four hybrid Ferrari in our portfolio. We have two coming from the V8, SF90 Stradale, SF90 Spider, and we have two coming from V6. I'm talking about 296 GTB and one that we announced in April, 296 GTS. Another important delivery is we expanded our customer base by 25%. I think this is a good summary of what we have been able to deliver in the last four years. What is ahead of us? With our customer base today, we just touch a very small part of high-net-worth individuals. We touch 0.3%. The enlargement of this base, the rejuvenation of this customer base is also one of our many opportunities while always staying true to the scarcity that is core to our philosophy. Now, this is, I think, one of the most important chart of my introduction. Here, I put two important things, the trend of Ferrari, of the luxury world, and the trend of automotive. I mean, we, as Ferrari, we are the guardian of an incredible brand that is really uniquely positioned to provide unique product, luxury product, accelerating experiences and also memorable emotion. All the luxury trend that you see on the left of this chart are really ingrained in our DNA. I'm talking about personal, I'm talking about sustainable, experiential, and culturally relevant. Personal because we always put the customer at the center of everything we do because we leverage state-of-the-art technologies combined with a human touch. We humanize technologies so that they can deliver the best emotion, and we enrich constantly the touch point so that the, our customer can feel part of the family. It's sustainable because it's the quality and the durability of all the material we select that make our cars last for the life, forever. Sustainability is a priority for us, and you will see in the last part of this presentation what is our plan to become carbon neutral by end of this decade, by end of 2030. It's also experiential because a Ferrari, on one side, we craft timeless icons that are nice to behold. On the other side, these cars, you've seen some here, are able to deliver unique experiences. Let's remember the Finali Mondiali, the Cavalcade event. These are the Fiorano experience, just to mention a few of them. Then there is the last dimension that is very important, is the cultural relevance. Why? I'm referring also to the cultural roots of our brand that is committed to constantly enhance, nurture, and make the brand even stronger in a world that is changing so fast. Think about what we do with our exhibition in the museum. In this way, we highlight the value of our Italian excellence, Italian heartfulness, and the deep sense of limitless achievement. Now let's see a little bit on the right side of this chart, which are the trends of automotive. I think you can see many pages nowadays. There is the company, the cars in the future are gonna be more shared, more autonomous, more connected and more electric. There is a reason why some letter are full black or full red or partially red and black. First of all, let's start with the shared. We are not a mobility company. We want to continue to provide unique experience. This is key. In future, more when more and more cars will be shared, owning a Ferrari will be even more unique. This is very important. Let's see the second trend, autonomous. It's clear for us, we will stop L2 plus level. We will not go L4, L5. We will have Ferrari with a lot of new technologies. I'm talking about sensor, I'm talking about processor, but this will be always used to enhance the driving experience. We don't want a car to go alone. We want to put always the humans at the center of experience. There is connectivity. Connectivity is more interesting. Clearly, we will, I mean, we will use some of the connectivity enabled function also because we want to get closer and enhance the relation with the customer. You see always the customer at the center. Now, what is really important is electrification. You have been asking me in the quarterly call many questions about this, and we will start to unveil what we plan to do on the electrification. This is very important for us. It's important because on one side, we have to cope with emissions regulations, but most importantly, it's because we see electrification as a way, as a technology that can enhance the performance of what we do. I mean, think about the hybrid car. Hybrid car have been done also with the goal to enhance the performances. Gianmaria later will show you more in detail what we intend to do. I would say that we, Ferrari, as a specialist and crafted maker company, we have all the skills, we have all the capital, human and financial, to make, to harness this technology, this electric technology like we are doing with other technologies and like we did. All this will be done with a disciplined use of our CapEx. Antonio will show you later how this will happen. Why am I saying that the electric technology is being used? It's a way to enhance the performances. Well, this is something that I let you guess, if you want, during the quarterly call, and I also really want to thank for all the patience you had to wait till today. If you see this chart, it's clear that our electrification journey started in 2009. We are not entering this transition. We entered. We decided to enter. Like all the transition I managed in my professional life, it's important the transition are sound and well-paced. It's important. In the period like this, it's important to build on what the company has, to look at what is happening outside and to use and to read with different eyes. The journey, as I said, started with Formula One experience in 2009, and then it found a way in our supercar in 2013, LaFerrari. Then, let's say, it takes a big step forward with the four hybrid cars because we move these technologies from, let's say, the supercar to the range car. Four cars that are using this technology that is racing derived. The performance of this technology are really unique, and you will see in the presentation later. It's important that this combination and this, let's say, link and the possibility to access a set of technologies that are coming from the racing team. We, based on this journey and our experience, the 2025, like it had been said already one year ago, we will unveil our first electric Ferrari. We will access the technology reservoir in our company. We will access the technology reservoir that I am bringing from outside together with partner. I'm so glad to see here in the audience. Today, together, we will have really a car that is unique, that is leveraging at the best all this experience from the racing world. I would like to give you more detail, specific detail about this electric Ferrari, but I have to resist this temptation. What I can tell you is this will be unique and, when developing this car, we are developing obviously since a while this car, we are looking at all the dimension without any bias, in a scientific way, but with the Ferrari lens. This is important. Just some highlight. First, we are looking at energy efficiency, looking at both the traction and also the losses because of aerodynamics. Here we will use the highest power density electric engine that is derived from our racing world. We will also look how to reduce the losses coming from the aerodynamics world. Aerodynamics and traction are just two examples of the transfer of technologies that is vivid and fluent between the racing world and the range, the road car. Second, the emotional side. We will always use leading-edge technologies because we want to embed exciting driving emotion in every model. Electric engines are not silent. Each one of them has its own signature, and Ernesto will tell you a little bit more later. Third, our environmental focus. The planet is very important. We have to pay close attention to the impact of what we do, and we are looking at all the sustainable material because we are committed for carbon neutrality by 2030. Another kind of question I get during all the speeches, what will you do on the manufacturing side? I think here we will follow exactly what we are doing on the ICE world. Our approach is the same. The engine remains make. The engine will speak the language of Maranello. Together with other core component that we believe are critical in differentiating our product and guarantee the competitive advantage. The existing solution instead that are available on the market will be tailored, read with different eyes, with our own eyes, in a way that our cars continue to be unique and authentic. The full Ferrari, the full electric Ferrari will be a Ferrari. This is something that we are working on. You also heard about what we are doing on the investment side. Clearly, to deliver what I described to you, the engine, but not all, you will have to be a little bit more patient for the presentation later. We are building the e-building. Okay? This is important. What we will do in this e-building? We will handcraft. We will continue to make unique electric engine and batteries that are key for our car. This plant development will assure us a technical capacity in excess of our needs for the years to come. On top of the capacity, all the capability that we need for some years in front of us. This is very important. We will also add to this e-building, to this factory, also a new paint shop because we want to provide always more and more unique car. The personalization, we have seen how much is important in the luxury space. E-building and paint shop. We are clearly makers. Do we want to do everything in-house? No. We started in 1947. Our founder started in 1947 working with partners. SKF was one of them. We are in a world where open innovation is important. I have also in my professional life, I have been always looking at working together with partners on non-core features, and then working with the partners that have state-of-the-art technologies, how to tailor, how to adapt, how to read these technologies in a way that we, Ferrari, remain focused on our value-added solution. We will have the right blend between what we make and what instead we do partnering with other friends outside, let's say, Ferrari wall. Finally, we unveil what is the split of our offering in the years to come. In 2021, you see in this chart, we had a split between ICE and hybrid 80/20. Our product portfolio will evolve like this chart is showing, and we will keep the three distinct powertrain alive because we want to fulfill our clients' dream in line with the strategy that was already laid a few years ago, different Ferrari for different Ferraristi and different Ferrari for different moments. Enrico will tell you more about the product strategy. In addition, you see here the ICE and hybrid engine, well, we will have also the full electric in 2025. Today, 80/20. In 2026, the 80 will become 40% in terms of offering, and the remaining 60% will be split between hybrid and full electric. I believe that ICE has a lot to give, and I believe that we can take a technology that is very efficient, and we can work with some partners on e-fuels so that we can continue to develop unique solution, distinctive solution, so that we can contribute to the reduction of CO₂ emission. Innovation flows in our blood. I mean, it's part of our DNA. You have seen it. The challenge to build Ferrari for a low emission future is one we are embracing with all the enthusiasm that you can see that I can bring every day. By 2030, the ICE contribution in terms of offering will go down to 20%, and you will have 40% full electric and 40% hybrid. This is the plan that we have for this decade. Now, after clarified the electrification strategy, I would like to spend this chart about the racing spirit, because this is a part of our DNA. Having and working in a company like Ferrari that has this racing heritage has three major advantage. The first one, it allows us to develop leading-edge technologies that can be applied also exclusively to road car. The second, it provides a unique platform where we can enlarge our partnership portfolio, not only on the technical side, but also on the commercial side. Finally, and this is very important, this is something that you need, you brief it. It reminds us of the importance of speed, agility, and perfection, and the need to pay attention to all the single detail. This is what keeps alive the continuous striving spirit for victory. Our Formula One racing team has returned to the front of the grid and also to the top of the podium. Thanks to the team, thanks to the F1-75, and thanks to the talent of the drivers we have. It is also a great satisfaction of all of us, and we are very delighted when we see the hard work starting to pay off. But we also know that we have to continue to fight race by race, always with passion, always with the ambition and the humility that comes from continuous learning. This is very, very important. Also, after some success here in Formula One, there is also, you know, very important work that the team is doing in FIA WEC. Here, I think we are well on track for our return to Le Mans next year in 2023 with our hypercar. It's really thrilling to think that in a little bit under one year, we will compete for the outright victory at Le Mans. It is a place where many important chapters of our company have been written. This is also a way to continue to push ahead our technology boundaries so that we can really continue to have some unique distinctive emotions. I think that there is also another important pillar that is where I will spend some time. I will touch it. The colleague will not talk about that later. I think it's very important. This has been a little bit touched also by our chairman before. Ferrari is racing, Ferrari is car, but is also lifestyle. Since 1947, 75 years ago, we also stand. We stand for Italian artfulness, for iconicity, limitless achievement, and imagination. These are all elements that resonate very well with the business of luxury, which Ferrari is playing, where we have a strong legitimacy. That's why soon after I arrived here, I took interim responsibility for these activities. I want really to understand properly where we are and where it makes sense to go. My conclusion is simple. We touched only the surface. There is this lifestyle pillar, a way that we can use to delight customers also in different moments, in different ways. We can enhance the way people live Ferrari in terms of product, in terms of experience, but always remaining in a consistent way. We will entice more women, more men. We will entice those who will engage a new generation, new kind of clients, because we want is a unique opportunity to make this brand relevant for a wider audience. The Ferrari brand halo consists what I show you before, but is expressed itself in imagination, limitless achievement, Italian artfulness, iconicity. These are the things that are important in a world like the luxury one that is in search of authentic emotion and shared values. Through our cars, we are currently serving only a fraction of our target audience. You have seen before how small it is. We have also an opportunity in front of us, around $300 billion, with a compound annual growth rate 6%-8%. These are the estimates that we are seeing, and in which personal luxury goods play an important role. Into this market we have a unique chance to enhance, to enrich the conversation we have with the millennials. We can tap and pull all the emotion that our brand excites around the world, not least in Asia. At our last Capital Markets Day, you heard the word brand diversification. From now on, 16 June 2022, we were talking about lifestyle pillar. Our soul is inclusive, but there is a common core, a distinctive why, how, and what that we will leverage to drive the growth of this pillar. What did we do since last Capital Markets Day? Here you see. We did five things. We reduced by 40% the license agreement because we want to protect our brand equity. We also rationalize the retail network in Europe, and we opened two new stores in USA. We launched our first two fashion collections, reaching a new target audience for the company. We continued to fuel our enthusiast passion through our Ferrari Theme Park and our museum in here in Maranello and in Modena. We opened the new Cavallino restaurant not far away from where we are. Finally, we hired also talented people, both on the business side and on the technical side, on the creative side, on the design side. I'm really happy and delighted to have both Rocco and Carla. Carla Liuni joined us. We did an announcement a few days ago. Carla will be the head of a lifestyle pillar and also the Chief Brand Officer of all Ferrari. Now, are we satisfied with what we did? We are never satisfied. We are always pushing for the limitless achievement. We have always to challenge ourselves. We have to be paranoid, as someone in the tech industry is saying. We have an ambitious and realistic plan. By 2026, we aim to double our revenue in this pillar by a factor two, by focusing on three areas. We will focus on luxury goods, and this we already started to. We focus on the experiential side with Theme Park and Museum, and also we work on the collectibles. Collectible is a way where the enthusiasm and the passion of the people that conceive, design, craft a car, will express itself in something that is different from a car. This is very, very important. I think that now to talk about the cars and to transition to Enrico, it deserves some attention. This next chart, it is about the Purosangue, is an important achievement for all the team. It's also, I would say, something that I had the pleasure, like several other colleagues I see in the room, to drive in the hills around here. It's a really sports car. Yesterday also, I have seen some feedback of customers. It's really sports car. It's unlike any other. Now, if you want to see all the detail, you have to wait for September. This is 100% Ferrari that is bringing all unique features. Also here, we decided to go with our iconic V12 natural aspirated engine because this is for the most passionate customers and for the members of the family. I am confident it will meet and exceed expectation of the customer in terms of performance, innovation, and design. Finally, really, we will make sure that we will maintain the highest possible level of exclusivity. Antonio and Enrico will be very clear about this. Purosangue will not be our most relevant product. It is a very interesting add-on to our product line-up. On this note, I really would like to have Enrico joining here and go and bring you more on the detail of our product strategy. Thank you, Benedetto, and good morning and welcome to this, very important day for the company. My presentation will be focused on describing the way we interact with, the members of the Ferrari family, as, clients like to consider themselves. This represent one of the key characteristic of, our company, which is not only delivering, unique and performing car, but also the opportunity of being part of something special, something that, we like to call the Ferrari family. Now, my presentation will be divided into three chapters. First, we aim to give you a full perspective of what our efforts and achievements have been with regard to our last plan. The second chapter will focus on our future product strategy and how we plan to achieve our targets following a specific product development strategy. Last but not least, we'll dive into the activities that will surround our cars and that will enable us to strengthen our community. This will give me a chance to talk about our omni-touchpoint strategy and the way we plan to engage with our clients or our member of the family. Now, let's start with the outcomes of our strategy. With the focus on the execution of our plan, I think it is quite interesting to mention a few point. The first one is the number of launches. In the previous capital market day, we have been quite aggressive in communicating 15 new products that we plan to introduce in the market by 2022. Now, I'm happy to say that we were able to utterly confirm this number despite all the effects, among other the pandemic, that have affected our all the previous years. We have been able to maintain our commitment and to deliver what we have promised in terms of new product. The second important message I would like to deliver to you is that we have been able to design the most iconic, most beautiful, and widest product lineup so far. It's interesting to mention this specific point since when we presented our plan, we were asked whether this range wasn't too wide. Whether we were creating too many products. Since then, we have been repeating that every single product is designed to create a unique positioning and to target a specific customer base, and so far, this strategy proved to be quite effective. I'm happy to show you some of the main achievements of our previous plan that we are very proud of. The first numbers show that we have been able to achieve one of the main objectives of our previous plan, increase the number of the Ferrari family. We have engaged with more than 15,000 new clients that were added to our customer base with a +25%. The second number is again quite impressive. We were aiming at decreasing the average age, essentially rejuvenating our customer base. Once again, as you can see, we have been able to decrease the average age by eight years during the plan. Last but not least, we have been able to focus on our top collectors, which are now 60% new, younger than before, and most of all, with a much higher numbers of models in their garage, up almost 25%. Everything was done and achieved while delivering the widest ever portfolio in our history. This is to say that our strategy was quite new, innovative, and has been delivering even more than what we had expected. Now we are sitting on a portfolio of orders and the number of family members that allow us to plan for the future. Now, let's talk about the future, and let's focus on the product strategy. From this slide, you can immediately see that we are confirming our product strategy, which is based on two very simple pillars. On one hand, we have what we call different Ferrari for different Ferraristi, which was the base of our strategy. Every single product we introduce in the market is designed to satisfy the different customer profile from a more aggressive sports car to a more versatile sports car. I will come back to this later in the presentation. Then having such a wide product portfolio and product range, we can act on the second part of our product strategy that is named different Ferrari for different moments. It simply means that even if I enter the Ferrari family buying a Portofino M or an SF90 Stradale, there is no reason why I shouldn't have more than one Ferrari in my garage or become a collector to enjoy in different situation our Ferrari and above all, to have a great lineup in my garage. Now, building on this strategy, we have been able to increasingly refocus on how to segment clients and how to satisfy them with different products, always keeping in mind something that is even stronger than in the past. The main reason to be for every single Ferrari are performance and driving thrills. We are selling sports car. Whatever the declination of the product, the starting point is that they are true sports car. In that perspective, we have been trying to polarize our clients to find two extremes. We can say that on one extreme, we can find the sports car driver looking for an elegant, sporty, understated design, client that love to drive their car everywhere, in every condition, both by themselves and with friends. These clients use their Ferrari for long journeys or frequently. On the other extreme, you can find the pilot. Again, clients looking for a high-performing sports car, but here they are more extreme and very sporty. They love to drive their car on track or on challenging roads. Adrenaline is what they are chasing after, and essentially, they want to maximize their performance. Now, this simple client segmentation allow us to easily position every single Ferrari model on a map, where at the two extreme, we have the two types of Ferraristi, the pilot and the sports car driver. All our models are designed to satisfy a different need. On one extreme, you find the SF90 Stradale and Spider, our supercar in the range, to satisfy the most demanding Ferrarista. On the other side, the Portofino M, designed for clients looking for the Ferrari performance, but with additional features. In between, then we can position the Roma, the 812 Superfast and GTS, I like to mention them in Italian, and the 296 GTB and GTS, each of them with a completely different positioning. Now we have a big news, the Purosangue. What about the Purosangue? The Purosangue will be another model, further enlarging the sports car offer in the Ferrari range, and I repeat it, the sports car offer in the Ferrari range. As Benedetto already mentioned, it will be another sports car because it will only open a new segment designed to attract different Ferraristi in the sports car arena. It will also let our existing Ferraristi enjoy another model to be used in different moment and further enriching their collection. The Purosangue is, of course, the big news in our product lineup. At this moment, we are not disclosing any technical details about performance and the rest, so you will have again to wait until September when everything will be unveiled. However, there are some key elements that we want to underline, which lie behind the choice of this iconic name, Purosangue, thoroughbred. It's because it's 100% Ferrari, and this is one of the reason why we decided to have it with the most iconic engine in the Ferrari history, our V12 engine, normally aspirated, which is designed and targeted to our most passionate clients and members of the family. The key drivers are always the same when we develop a sports car: design, performance, and driving thrills. We also made sure, as Benedetto said, but I want to re-underline it, to maintain the highest possible level of exclusivity. By this, we mean that the Purosangue won't be our most relevant model from a volume standpoint. The Purosangue will be an additional product that will provide an additional benefit to our client base. Punto. Now, the next chart is designed to describe the concept of different Ferrari for different moments and the implication for the collectors. As I was mentioning before, there's no reason why if someone decide to join the family by buying a Ferrari, they shouldn't grow the number of Ferrari in their garage and ultimately become collectors. The parameters we are showing here illustrate our current situation. We have been nurturing our prospect, the number of people that are considering buying a Ferrari. We have been expanding a lot, you have seen the number before, the number of people that currently owns a Ferrari, they have a Ferrari in their garage, and we have been inviting our client to become collectors. The whole range of products, of our products, is designed for this reason, different Ferrari for different moment. You buy an SF90 to have fun on track, and you buy a Purosangue in the future to have fun with your family, hence allowing clients to grow in the pyramid. In order to further reward the commitments of our clients, we have been designing other product lineups. Together with the range, we have what we call the collector's reward. On one side, the special series, whose objective is to award the top level of the pyramid, and more exclusively with the other two pillars, the Icona, of which we introduced recently the second chapter, the Daytona SP3, and the next supercar. These are going to be our four strategic product pillar in the future. First, we have the full lineup of our range product, with all of them being sports car focused on performance and driving thrill, but with a level of versatility and design that vary between one model and the other. We have the special series that again focus on extreme performance, driving thrills, and design, which are addressed to our passionate collectors. The third refers to the Icona projects, one of the most exclusive project designed to identify iconic concept, not iconic car, iconic concept of our history, of our past, but reinterpreted with a modern twist and modern materials. Last but not least, the highly awaited new supercar, which will further enrich an already stunning lineup of models, which started many years ago with the 288 GTO and up to the most recent LaFerrari. Well, four years ago in the same meeting, we announced that we were starting to develop this segment, and now we are happy to confirm that it will arrive soon. Now, another important point. As anticipated by Benedetto, we also made another important announcement. Together with the Purosangue, another exciting project, and together with the supercar, we are already working on another important milestone for the company, the first full electric Ferrari. Of course, it's early to talk about it, but my colleagues will share a few insights about our electrification strategy. I just want to underline that, number one, it will further enrich our product range. Number two, it will have several unique features. Number three, it will leverage on the experience developed by our racing team. In other words, as every Ferrari, it will be a sports car, and it will be another model which will leverage on different powertrain to offer a true Ferrari driving experience. All of this will drive us to our next commitment, and I'm happy to say that, over the next plan, we are committed to unveiling 15 new products in order to keep our product range up to the level where Ferrari has always been. Let's now move to the third chapter. This chapter is about how we communicate and engage with our clients. We are talking about our omni touchpoint strategy as we try to identify a clear way to maximize the effectiveness of all the main contact points during the customer journey. Let's review our main activities divided into three core touchpoints. Number one, the physical touchpoint. Number two, the digital one. Number three, the experiential touchpoint. As far as the physical touchpoints are concerned, we have been investing with our partners to create a luxury environment where to meet our clients with a consistent execution throughout the world, which brought us to the current footprint, present in 60 markets with 191 points of sale and 240 workshops. We'll complete the implementation of the new corporate identity, adding a further component to the hospitality of our showroom in order to offer the possibility to use them as community center, not just to sell car, but to engage and invite clients, all the one that share the same passion for the prancing horse. Last but not least, our people. Since the very beginning, as Benedetto said, our founder has always said that Ferrari is done by people, mainly by people. This is going to be one of the core asset for us and for the market because they have to properly represent our company, its history, its present, also its future. That's why we are further enriching our proprietary courses developed by our Ferrari Academy, which are delivered not only to our people, but to more than 3,500 dealer staff that represent Ferrari all over the world. Now, let's move to another important chapter of our commercial strategy. We want our clients to be happy, to smile, but through the whole life cycle of the car. When they buy the car and throughout the owner experience. It means that the after-sales support, whether for spare part availability or workshop capability, is extremely important. There are three pillars that are key. First of all, when a Ferrari is delivered, it enters the market forever. We are talking about a car that will last into history, and we are committed to keeping it alive for the next 20, 50, 100 and more years. Second, we want our clients to enjoy the journey. They have to know that they are driving a very reliable car that can bring you wherever you want. For this reason, we are able to offer a warranty coverage up to 15 years, something unique in this market that prove how we trust our product. Last but not least, we are working to make our relationship with clients even stronger, faster, thanks to digitalization. Which is aimed at improving customer service as well as ultimately increasing the level of satisfaction of our clients by delivering the best-in-class service. This is a core objective for our entire team because we want our car to be driven. We strongly believe also, now talking about the digital touchpoint, still, we strongly believe that our clients want to keep a direct and physical connection with Ferrari. At the same time, in order to make our relation even more connected and modern, we have been investing on our digital strategy, which is going to be another major focus for the future. Together with creating a direct communication channel with our clients, we also aim at reinforcing the bond with them. Our system will allow us to reach them in order to offer tailored proposal and opportunity designed to maximize their engagement with Ferrari. Also offering them the opportunity to stay connected with us wherever they are and whenever they want. And last but not least, our experience touchpoint. I often mention the desire of our client to become part of a community, the famous Ferrari family, offering them the opportunity to participate to moments where they can share with other Ferraristi the passion for Ferrari and drive their Ferrari. Now, there are many ways to explain what I mean, but I think that the best way is to show you some examples, watching together this short video. Together for a special moment in time. A Cavalcade of shared emotions. A race amongst friends. Bonded by experience. By a true sense of belonging. One family united through passion. Well, adding words to this video would only dilute the concept, but we just ended the first Cavalcade Icona dedicated to the owner of the Monza SP1 and SP2, and the smile that you've seen in the face of some of the people in the video were exactly the best and most important reward for our job. Because we want to make sure that whoever buy a Ferrari and keep a Ferrari in his garage is having the possibility to become part of something special, what we call the famous Ferrari family. Now, I'm approaching the end of my presentation, and I would like to come back to the very beginning because I started my speech again talking about the Ferrari family, and I just concluded it talking again about the Ferrari family. I think it is key for me to mention again the founder of the Ferrari family, Enzo Ferrari, and one of his famous statement that still represent the foundation of our current and future strategy. Ferrari ‹«consegnerà sempre un'auto in meno della domanda di mercato››. Thank you for your attention, and now I hand over to Gianmaria. Grazie. Okay. Grazie, Enrico, and good morning to everyone also from my side. I am happy to be here for the first time and to contribute to the product development, leveraging all my long experience in Ferrari, both in racing and in road car development. Enrico left some important inputs for me for my presentation, but above all for my work. These four. The first was the request to have different Ferrari for different Ferraristi and different Ferrari for different moments. The second was to consciously increase the car's performance and the driving thrills. All these inputs have direct impacts on the product and technological developments. Today, I would like to explain how we are approaching these developments and what we are doing. I'll share with you the unique Ferrari way to develop a car. Obviously, I cannot go too much in detail, but I will do my best to explain to you the concept, the framework in which we are developing cars, and what we mean when we say the unique Ferrari way. You can see on the slide the key elements representing the product DNA. First, we continuously share expertise, technologies, material, and processes with the racing departments. We always push forward innovation on core vehicle areas, including both hardware and software, as well as tailoring existing technologies in Ferrari way and considering distinctive and iconic components, some of which will be explained by Ernesto in a few minutes. The most important one is our people, that with passion and competencies, develop and then craft all of our cars. All these key elements linked constantly together are the core of the Ferrari way. Having said that, as you can see on the slide, the Ferrari way lies upon three main pillars: the design, the performance, and the driving thrills. We carefully balance these three pillars in our cars to a different degree to achieve the ultimate goal of offering a different Ferrari for different Ferraristi on different moments. I would like to drive you through these pillars in a little bit more detail. Firstly, I will focus on design because since sight is the first sense to enjoy a Ferrari. All the Ferraris have to be beautiful. For us, the design of a car is a structural part of our innovation process, and everything we do to develop the lines of our car is functional to increase the performance and the driving thrills, as this video will explain it to you. Please enjoy the video. Wow. It's amazing. It's incredible what you are able to do. Let me switch now on the second pillar of the car development, the performance. Performance is the easiest to explain, and it can be summarized in the lap time of the Fiorano track. Also to have a car that is so comfortable to drive. Let's take, for example, the plug-in hybrid SF90, a production supercar with more than 1,000 horsepower, V8 turbocharged with three electrical motors. It is possible to use the car as a monster of power by pushing and accelerating dramatically, but it is also possible to drive the car comfortably, silently, and in total safety in 8th gear at 50 km/h while talking to the passenger. Furthermore, being a plug-in, it's possible to use the car in electric mode to enter city centers in total silence. Our car product range is capable of satisfying all the different Ferraristi, but also satisfying the same Ferrarista in a different moment. I would like to share with you our approach and our path to defining the perfect balance of the key elements that shape our product range. Of course, power. Power, specific power is one of our excellences. It always been. Enzo Ferrari said that the engine is the soul of the car. We are pushing forward this concept, always maintaining a strong connection with our roots. We are becoming closer to the engine by developing a profound knowledge in aerodynamics, control, weight, as well as the gearbox. All these elements are needed to achieve the Ferrari DNA. Aerodynamics is essential to achieve the load, to have the correct grip in turns, and reduce the drag on the straight. Mechatronics. That is the control integration of mechanics, electronics and software is key to pushing the car when on the edge, not only to achieve the performance, but also to push forward the driving emotion. Weight is fundamental to design different Ferrari because lower weights means performance. Last but not least, the driveline is fundamental to gain acceleration needed for the lap time targets, but also for the versatility that I just described. Now, I would like to drive you through our journey into performance. Only 10 years ago, we had the V8 and V12 engine, where the V12 was the highest performing one. Already back then, we knew that the hybrid engine was the right technology to increase even more performance, and we developed LaFerrari V12 hybrid with that purpose. To build the hybrid range, we first started to develop the new V8 family using the turbocharging technology, the foundation on which to build hybridization. We created one of the most acclaimed engine in the world, the one that on the two, on the 488 GTB. Based on this achievement, we pushed the V8 towards hybridization, and we developed the SF90, as I said, the first range supercar, V8 turbocharger with three electric engine, becoming our most performing car. We weren't satisfied, and we continued to push for electrification, developing the new V6 engine on the 296 GTB, the apex of the driving thrill. In our product range, the V8 and V6 are the internal combustion engines that perfectly match with the electric ones to create unique power units to increase performance and the driving thrills. The V12 is an essential part of our heritage, and we'll keep on pushing its evolution forward to create unique cars with a very special soul. The 812 Competizione, the Daytona, the Purosangue are simply our latest expression, and many more will come in Ferrari's future. Do you think we are happy to rest with what we have achieved so far? The answer is no, not at all. We strongly believe the hybrid to be the current technology that can further increase performance. Also, Formula One is adopting a V6 hybrid engine and looking at the future. We plan to extend this technology to other racing activities. This technological progress will continue to be transferred to our road cars with the many cars we have in our pipeline for the years and years to come. Now, after design and performance, I will focus on the driving thrills. What does it mean? We also call it the visceral driving emotion that drivers feel at the wheel. It's the adrenaline and endorphin rush that starts from the brain, pass to the stomach, and explode in the heart. It's a physical and mental experience that create a big smile on the driver's face and pushes the driver to experience it more and more. How can it happen? Why is Ferrari unique in this driving emotion? The answer is simple in one way and challenging in another. Simple because you can easily experience it when you're driving a Ferrari. Challenging because we must bring together all our expertise and competencies to reach this goal. This occurs every time and with all the Ferrari that leaves the Maranello gates. Let me introduce now a short but very impressive video to show you what Ferrari means in terms of driving thrills. Enjoy the video. That's incredible. Okay. Now, we are able to integrate the five main attributes of the car into one total immersive dynamic experience. What the main elements that convey this experience? As you can see on the slide, the longitudinal and lateral acceleration, the braking, the gear change, and of course the sound. Let's start with the longitudinal acceleration, the feeling of being pushing back into the seat. For this experience of course, power density is needed, and we always has been the best in class. But also the throttle response is key, and our engineer have shaped the perfect curve to achieve this, ensuring that the pressure you put on the pedal is precisely translating the car response that you receive. I wouldn't suggest you to put all your strength on the pedal unless you have the stomach able to manage the exciting acceleration you'll get from a Ferrari. Second, the lateral acceleration, which means going through the turns and increasing constantly the speed from in to out. Thanks to the perfect balance, grip, control integration, stiffness, power delivery, and weight reduction. Having the perfect safety feeling depending on the driver's competencies with the manettino position. Which means that from a maximum control setup on through to having the total control off, every driver can have the same enjoyment and happiness when driving into the turns. The response of the turning steering wheel is the key. Turn the steering wheel to put the car in a precise position, and magically the car will do exactly what the driver wants. Third, the brake response. Like the throttle and the steering wheel, the braking response is the key for driving thrills. The car has to brake with a huge deceleration, thanks to the carbon ceramic brake components and their perfect integration with the car. It's a unique feeling to brake very, very close to the turn and experience the tight deceleration load. Fourth, the gear and the response of the gearshift. For every upshift and downshift, the gear will give you extra acceleration or deceleration to increase the shift feeling. Fifth, the sound. The engine sound. It is the part of the experience that link together everything that I just described. During the longitudinal and lateral acceleration, the engine sound increases with the RPM, as well in the upshift and the downshift to increase visceral driving emotion. The unique Ferrari way is the ability to seamlessly conceive and achieve all these elements while perfectly shaping and balancing them to reach unique visceral driving emotion and brings out a big smile on the drivers and passenger faces. As mentioned multiple times, we never rest, and we are moving forward exploring new technology. The next for sure will be the electric powertrain. What does it mean to make an electric Ferrari? It means that the electric Ferrari will be a Ferrari. That taking up the product development pillar seen previously, driving thrill, performance, and design, it must be capable of generating visceral driving emotion, and it must have unique performance and of course, a unique design. How we will do it? With the following elements. We derive the electric technology from the racing department. I mean design, material, and production capabilities. We use all our manufacturing and assembling expertise to create unique electric components, optimizing the specific power to enhance the performance and to guarantee the driving thrills. We deploy all our skills in aerodynamics and mechatronics to increase the range of the car without sacrificing the design of a car. Finally, we integrate the electric technologies with other vehicle dynamics capabilities to achieve the Ferrari driving emotion and, as Benedetto has anticipated, creating a unique sound. Everything is being designed to respond to our different Ferraris for different ferraristi and different market strategy. To guarantee this tailored car differentiation, we have developed different architecture. We have so far our widest architecture differentiation ever, as you can see on the slide. Internal combustion engine V6, V8, and V12. Hybrid engine V6 and V8 and full electric engines. The driveline can be two-wheel drive or four-wheel drive, and we can offer, of course, from two to four seats and even more in the future. To conclude, I would like to underline that we are managing all the technologies to continue to exceed customer expectation. As I detailed many times, we will never rest, and we will stay true to our founder's belief that «La migliore Ferrari che sia mai stata costruita è la prossima.» I'm now happy to leave the stage to Ernesto, who will explain the component development path to achieve the technologies that I just mentioned. Thank you. Thank you, Gianmaria. Together with an amazing engineering team, I'm happy to contribute to the technology transition, leveraging on my past experience in analog, power, and sensor chips. Gianmaria has explained where our vehicles will be positioned in respect to design, performance, and driving thrills. Now, I would like to share some insight on how we will do all of this. The engines for performance, focusing on power density. Then the Ferrari dynamics. Here, tailored mechanics component, sensor, and our performance software developed over decade of experience are key. I will then provide a glimpse of our relentless innovation where innovative materials, alternative fuel, lubricants, and coolants are fundamental. Let's start from the engines. Ferrari engines were, are, and will always be the best in class for what is its key parameter, specific power. In the engine manufacturing team, we have been working on Ferrari engines for three generations. This is what I mean when we say that the engine is in our DNA. For Ferrari, the internal combustion engine continues to be a priority in our development roadmap. All engines are not conceived in Maranello. They are also designed and crafted and assembled in Maranello. The powertrain offering will become wider in the future, including full electric, hydrogen, and other technologies. The world of electric and combustion engine has many similarities. They both require multiple set of expertise that intersect with significant commonalities. We have identified four of them. The first commonality is the racing world. This has been the case in the past. However, it is even stronger with the electrification transition. The architecture of our electric engine is racing derived, but the challenge has been to industrialize this engine to move from unitary production to thousands of units. A challenge that we have met also thanks to the precision mechanics know-how already existing in Maranello. A third similarity between these two worlds is the cooling system, and on this, we can leverage on our fluid dynamics know-how. A further factor that makes our engines unique for a performance point of view is the software. Once again, we are applying everything we have learned over the years in the combustion world to the new challenge of electrification era. We can now do a parallel between these two worlds. The combustion chamber corresponds to the inverter, and Ferrari's plan is to have the best-in-class inverter based on silicon carbide technology. This technology will allow us to manage, at the same time, high voltage, high power, and to work at high frequencies, leading to higher power density for our electric engine. The piston corresponds to the magnets, which will be racing derived with some modification to enable the industrialization. The fuel is the battery. For Ferrari, the battery is a strategic component, and for this reason, as in the case of the electric engine, it will be made here in Maranello. Today, all electric cars have great longitudinal acceleration. However, the same cannot be said for the driving thrills. The full electric Ferrari will combine performance with driving thrills. This is our goal, and this is what will differentiate the full electric Ferrari from all others. The make approach will also apply to our electric engine, which will be designed and crafted and assembled in Maranello. They will be unique. They will be Ferrari engines. We have been working on batteries for years, witnessed by our patent portfolio that has been growing in this regard. Cells are obviously a commodity, and by purchasing them, we can constantly have access to the highest quality possible and the latest technology. Our differentiating factor is how the cell will be assembled to handcraft these batteries. This give us a differentiating factor because we can effectively integrate our battery into the chassis of our cars, reducing the weight of the vehicles, increasing the performance, and creating a unique driving experience that is possible only with the Ferrari. What is our electric engine roadmap? At Ferrari, we believe that it's possible to define a law for the electric e-engine development. This will guide our future development to further improve the power density and, as a consequence, to transform it into performance and driving thrills. We will work on the cooling strategy, on materials, and in the future, on superconductors. All the elements we are working on now and in the years to come will allow us to increase our power density by 10% every two years. Sound is one of the essentials that characterize a Ferrari. One of the distinctive signatures that conveys emotion, as described by Gianmaria. This is because the sound is not artificial, but originates from the engine. Each one is unique and therefore, each engine has its own sound, its own signature, and for this reason, it conveys great emotion to those driving a Ferrari. Our electric cars will have also their signatures. Internal combustion and electric engines will have different signatures. However, they will both stir the feelings and emotion of those driving the car. Let's now move on to the Ferrari dynamics. As of today, on Ferrari, you have multiple sensor: accelerometer, gyroscope, microphone, and much more. All of these improves vehicle dynamics, as well as performance and driving thrills. Sensors will play a fundamental role on the battery management, increasing the life of the battery, as well as the safety. The first sensor was adopted in 1980 on the Ferrari 308 GTB. It was a position sensor. Now, on our Ferraris, we can count tens and tens, almost 100 of different sensor. In the near future, our car will be equipped with a new sensor that will allow us to further improve the existing feature and enable new functions. Longer term, new sensor technology will come up in the market, allowing for new applications and step up in performance. An example, just think about quantum sensors. The performance software found in cars is becoming a fundamental element to improve performance and introduce new functions. The future will bring more of this and in new ways. This is really great news for Ferrari. Ferrari has been a pioneer. Just to recall a couple of examples, the paddle shift on the F355 F1 in 1995, and the manettino introduced on the F430. Two iconic elements that are still present in every model of our range. Once again, racing has allowed us, and will allow us again, to be at the edge of innovation. In the following slide, you will see some examples of how combining sensors and software, it will be possible to further improve the performance and the driving thrills of our cars. Driving thrills is not just acceleration, it is also the braking experience, stopping distance, and much more. Before the ABS introduction, it was the driver's ability to reach the limit in braking. The ABS has made the experience easier, but we managed to improve on it. Thanks to the information we have from the many accelerometers, gyroscopes, and the deep vehicle control software knowhow existing in Ferrari, we have reduced our braking distance by approximately 10% when you compare a Ferrari with 60 sensors or without it. In addition to the reduction of the stopping distance, braking will become much more repeatable and precise, further increasing the driving experience, the safety feeling, and above all, the driving thrills. Now we can see a video to explain what Ferrari active suspension technology is about. As we have just seen in the video, this will enable our car to apply the best suspension for every driving condition by keeping the vehicle body at the best ride height. An example is what our car will do while cornering. There will not only be a rotational movement, but a real lowering of the car's center of gravity. This will allow to generate higher lateral acceleration. That means to corner at a higher speed. Once again, will result in an increase in performance and driving thrills. Now, I would like to share with you a first glimpse of the Ferrari dynamics control, and as is usually done in Ferrari, this innovative feature will further enhance the driving thrills. On a straight, you will have maximum speed stability, while entering a bend, you will experience the optimum balance between stability and agility, reaching maximum lateral acceleration while cornering, and you will have maximum traction and stability exiting from the bend. This is yet another reason why Ferrari's electric car will be a Ferrari. Not only because it will have the best-in-class engine, with all that follow from a performance point of view, our car will convey unique emotion to the driver. When it comes to innovation, our goal is to enhance the performance and the driving thrills. As you can see on the chart, this is the result of a special combination of various elements I have briefly touched on today. This is just a glimpse of what we are working on. Performance and driving thrills will improve. However, what we improve more than anything is the emotion that our customer will experience when driving a Ferrari. Be prepared for change is part of our DNA, and for this reason, climate change is a further stimulus to do what we have been doing for years, innovate. We have been concentrating on new materials, and an example of this is the recycled aluminum, from which CO2 emissions could be reduced by up to 90%. We are also working with partners on alternative fuel, such as e-fuels, coolants, lubricants, which will allow us to reduce emissions also with our IC engines, building on our heritage. A further stimulus to innovation are the regulations that more than ever in these years are rapidly evolving and that are not always aligned between different countries. The goal here is to find solutions that will allow us to be compliant with every regulation without penalizing the performance and the driving thrills. To conclude, I want to underline that for us, the technology transition is a unique opportunity to enhance our car performance even further. We start to develop our high-performance electric engine well before the world was regulating this transition. Thus, I would like to end with this quote from our founder, which in Ferrari will always be true. "Il motore è l'anima di una vettura." I will now hand over to Antonio. Grazie, Ernesto. Buongiorno e benvenuti a Maranello. I'm really glad to welcome you here in person. As you may expect, I will explain how all that we have said so far translates into financial performance and outline our targets for the next four years. Before looking at our future, let's take a step back and review our track record since listing. Ferrari's key financial strengths have historically been growth, margin expansion, and solid industrial free cash flow generation. In the last six full years, we were able to grow our top line by almost 7% annually compared to 2015, while preserving exclusivity through a strict control on shipments by model and by geography. We doubled our EBITDA and expanded our EBITDA margin by almost 10 percentage points to close to 36% in 2021. We generated approximately EUR 2.45 billion of industrial free cash flow with a sound cash generation ratio of 34.4% on average. Over the same period, we prioritize the capital allocation towards capital expenditure to fuel the future development of the company while rewarding our shareholders through EUR 930 million in dividends and share purchases worth approximately EUR 800 million-EUR 850 million. y The COVID-19 pandemic implied for us an 8% decrease in revenues. However, our EBITDA margin softened by only 70 basis points, which compares very favorably even in the luxury brands arena, and was more than offset by a positive jump of almost three percentage points in 2021. As already recalled by Benedetto, despite COVID, we confirm our confidence to meet in 2022 our accumulated industrial free cash flow target, as disclosed in the context of our capital markets day of September 2018. I may also add that this year we'll end up just a touch below the cumulated EBITDA target. As described by Enrico, we have a very exciting product pipeline ahead of us. We'll be able to play all levels offered by our widened range of powertrain, whether ICE, hybrid, or full electric. We'll keep on applying very carefully our scarcity model and maintain the offer of Iconas and supercars far below 5% of total volumes, special series at around 10%. We'll be very disciplined in applying such philosophy also to our Purosangue, for which we currently plan to maintain the yearly average contribution to our shipments below 20% over its life cycle. That perfectly fits with our vision to go for value and not for volume. Finally, the financial ambition I'll outline in a minute are predicated upon the assumption that the extremely buoyant demand we've been witnessing in the last 12 months will gradually normalize. Over the five-year plan period, therefore, volume growth is expected to be front-loaded and within our current production capacity. Let's now review the evolution of our revenues. Car-related activities will generate the bulk of our growth in the next four years. In this representation, they also include the sales of engines to Maserati, whose contribution will cease in 2023, and the financial services activities. We target to grow such revenues at a yearly pace of roughly 10% compounded. This implies an increase of more than EUR 2 billion over the plan period, with the rich product portfolio being the main driver, along with the contribution of personalizations, whose weight is assumed to remain within our historical experience in relation to revenues from cars and spare parts. Other revenue streams are also projected to positively contribute to our group's performance, both from our racing and lifestyle activities, which include the ambition to double lifestyle sales by 2026 versus pre-pandemic levels. All in all, we target to achieve total group net revenues up to EUR 6.7 billion in 2026, with a compounded annual growth rate of 9%. Based on such top-line growth, we aim to reach an EBIT of approximately EUR 1.8 billion-2 billion by 2026. The two end drivers will be price mix, that will be the main contributor and evolve according to the product cadence. In addition, personalization will also further enrich the mix with percentage margins in line with last year's. Volume, albeit to a lesser extent. Our targets and this analysis assume only limited changes in the allocation of our sales by geographies, with the overall weight of China, Hong Kong, and Taiwan on our total yearly shipments expected to grow and remain above 10%. It is worth noting that sales in China are the most profitable in absolute terms, while the least in percentage terms, since duties and indirect taxes inflate average selling prices. Opportunities to grow our customer base in China therefore imply an upside in terms of EBIT and EBITDA at the expense of their margins. Industrial costs and R&D will grow mainly due to G&A, our full CapEx required to develop the product range, as well as to expenses incurred to further enhance Ferrari's technological edge. In these numbers, we are factoring the expected cost cap from the F1 financial regulations related to the chassis and the development of the power unit. As a reminder, the current F1 regulatory framework is subject to renewal in 2026. G&A will grow close to 9% annually and will not exceed 8% of our yearly revenues, reflecting mainly communication and marketing activities to support product range, lifestyle, network, and organizational development. Our assumptions with respect to foreign exchange rates beyond 2022 is that the US dollar will float against the euro around 1.15, which is not significantly different from what we had on average in 2021. We acknowledge that this is weaker than today's rate, but much closer to medium-term consensus. As a result of the above, we aim to strengthen our profitability metrics over the planned period at a pace of 11% annually. That is faster than revenues, and we target to achieve a remarkable EBITDA margin in 2026 of approximately 38%-40%. Cumulated CapEx spending over the planned period will amount to a total of EUR 4.4 billion, with approximately 75% of our investments focused on broadening and innovating the product range, aiming at the just-announced 15 new launches over the next four years. Twenty-five percent will be devoted to infrastructure in order to foster our competitive advantage and increase the vertical integration of key components such as the battery, the inverters, and the engines, which will be designed and crafted and assembled here in Maranello. As a result of our plans, by 2026, the allocation of CapEx by powertrain will be approximately 25% ICE, 40% hybrid, and 35% full electric, with CapEx devoted to full electric, leveraging also previous year investments on the hybrid components. After 2022, we project the incidence of capital expenditure over revenues not to exceed 15% on a yearly basis, and the ratio of CapEx to D&A to stabilize at around 1.2. Between 2021 and 2026, CapEx are therefore growing by 5% annually. We target accumulated industrial free cash flow of approximately EUR 4.6 billion-EUR 4.9 billion over the planned period. That is to double what we generated in the 2016-2021 time frame. Also, the cumulated cash conversion ratio is improved by almost 10 percentage points to 44%. The industrial free cash flow generation will be mostly sustained by the growing profitability net of capital expenditure. All other cash components are a net drag. The advances on our limited series models will significantly benefit certain years at the expense of the following ones, but are seen almost neutral on accumulated basis over the planned period. Our tax rate is assumed to keep on benefiting of the patent box regime and remain slightly above 20%, even under the new rules that we will start applying from 2025 onwards. On this line, you can find the summary of the financial targets we have set for 2026. Net revenues up to EUR 6.7 billion. Adjusted EBITDA EUR 2.5 billion-EUR 2.7 billion, with the EBITDA margin to further improve to 38%-40% at the end of the plan. Adjusted EBIT EUR 1.8 billion-EUR 2 billion, with an EBIT margin 27%-30%. Adjusted EPS diluted in the range of EUR 7.2-EUR 8, growing annually by a compounded rate of more than 11%. Finally, industrial free cash flow, reaching the cumulated amount of EUR 4.6 billion-EUR 4.9 billion, including the 2022 base year. This compares with our guidance for 2022, which we are confident to meet at the high end of its ranges. We also confirm the 2023 targets of EUR 1.8 billion-EUR 2 billion of EBITDA and its margin above 38%, as previously disclosed. With these targets in mind, an appropriate consideration of the self-financing capabilities of Ferrari over the planned period, the company decided to proceed with the proposal of a dividend payout for the following years, raised to a steady 35% of adjusted net income from fiscal year 2022 onward, and a roughly EUR 2 billion share repurchase program to be executed from now to the end of the planned period, in line with the progress of our free cash flow generation. Under these assumptions and with the cash generation that we target, we expect to achieve a net cash position before the end of the plan, and this clearly represents an opportunity for further favorable adjustment to our policy to reward our shareholders going forward. With that said, let me recap. First, our plan rests on a solid and comprehensive ground, underpinned by the visibility granted by our unique business model. It privileges revenue over volume, and therefore entails stronger price mix contribution, made possible by an exciting model pipeline. Second, the plan also includes a significant degree of innovation and appropriate investment to fuel our growth trajectory even beyond this plan period. Third and final, we are determined to enhance shareholders' value through the judicious return of our free cash flow to you, our shareholders. Here at Ferrari, we are committed to flawlessly execute this plan and to grasp all the opportunities that lie ahead for our company and further grow its value. On this ambition, let me conclude by quoting our founder, Enzo Ferrari, and recall our own responsibilities. "Un buon sessantacinque, settanta per cento del valore di qualsiasi impresa commerciale sta nella sua ricchezza umana." Grazie per l'attenzione. I will now leave the floor to Benedetto. The last effort, and then we'll have the Q&A. Okay, now we talk about something that is very important for our company. Before I spoke about uniqueness, the people, the profitability, but I also underlined the seriousness of our commitment to ESG. We will see a brief video now, and in this video, you will see all the deliberate action that we do in ESG space. Later, I will make a specific focus on the environment. Let's see this video, and then we talk about the environment. What defines luxury today? For Ferrari, it is a commitment. A commitment to our founder, to his relentless pursuit of innovation, to looking ahead in the pursuit of a clear objective. It's a commitment to our community, delivering exceptional experiences for our owners, inspiring and rewarding our fans' devotion. Enriching the society around us with altruistic initiatives that lead to positive change and share skills and knowledge. It's a commitment to our people, the heart and soul of our company. Providing an environment that empowers them to continue delivering excellence, caring for their well-being and their families, and rewarding their sense of belonging. It's staying true to the values that make us uniquely us as we continue to evolve. Last week the management of Ferrari was with more or less 100 sons and daughters of our employees. They got an award for being excellent in the study they do. I can tell you that it's a truly unique experience. I mean, you can feel the thrills. Let's focus now on this chart that will appear. On this chart that is talking about the environment. Here, as I told you at the beginning, in our DNA, there is this continuous learning approach through a scientific way. Antonio helped me to get used with numbers. Here we don't talk about dollar, we talk about kiloton of CO2. We choose to put some numbers, some chart with numbers, because we want also to be unique in this sense. We want to show you clearly which is our carbon footprint and which are the action that we are taking and we plan to take. Two numbers in this chart. The unit is always kiloton. In the world, we have 58 million kilotons per year. This is the CO2 equivalent footprint we have, we are doing, the humankind is doing every year. Ferrari is doing 58,622 kilotons. The Ferrari impact is very small. We are talking about 0.001% of the global manmade emission. Well, this does not mean that since we are small, we don't care. This is exactly the opposite. We want to be a catalyst for change. We feel this responsibility, and we want to show that things can be done because of limitless achievement of humankind. The emissions we have, we are doing every year, are falling in different categories. You see different colors in this chart. There are emissions that are coming from a tailpipe of the car, but there are also emissions that are coming from other parts of the industry and the energy. This is true for all automotive companies. We here in Ferrari want to follow a holistic and scientific way. We don't want to limit only from on the emissions from tank to wheel. This is very, very important, and that's what I will show you now, today, one by one what we want to do. We, first of all, have mapped our carbon footprint through all the Scope 1, 2, and 3 that we are doing. Basically, all these numbers I'm showing you have been certified by ISO 14064 through a scientific way. Our CO2 emissions cover three streams. Number one, indirect upstream. This accounts more or less for 45% of the total emissions and relates to our supply chain and procurement process. The majority of this stream comes from raw material extraction and component, basic component production. The second, the direct one, is what we are doing in the operation here in Maranello, and this accounts for 15% of the total emissions. The third one is the one that most of the people limit to, is the tailpipe, is the downstream, it is related to vehicle use phase. In our calculation, we do not take into account the CO2 footprint related to the end of life because, as we said, Ferrari is forever. Now, if you look at this figure, this commitment is really to go beyond the decarbonization of the use phase. We want to look overall, and we want to focus on the green energy. We want to focus also on the recycled materials and the development of innovative technologies capable of disrupting the present while designing the future. This is very important. Technologies is gonna be used for the car as well as for what is needed to make the car. Now, let's see the core action that we are planning to do. Let's see Scope 1 and Scope 2, okay? So what are we doing in our a few hundred meters away from here? Number one, we installed a 1-megawatt power of hydrogen-ready fuel cell. Number two, we are building, it will be completed by end of next year, and we are installing 37 MW of photovoltaic system. Number three, we will generate 77 MW from newly introduced biomethane for our three generators. This will be enough to absorb all the peaks that we have on our plant. This is Scope 1 and Scope 2. This action, and the fact that since 2014, 100% of the electricity we use comes from renewable sources means we will decarbonize all our facilities by 2030. We'll be zero. We don't want to wait till end of this decade. We want to act now, and this is why we are starting to purchase certified carbon avoidance and sequestration credits that will help us to be compliant since time zero. Over time, you see the black curve will go down, will go up with the Scope 1 and Scope 2 activities and action that I described with you before, with clear carbon reduction neutrality operation. Now let's look at what is happening instead on Scope 3. Again, sorry if I bother you with these numbers, but I think it's important in a company like us to be scientific and also to be specific, okay? Not only percentage. Let's look at what is the upstream. We will reduce clearly the vehicle use phase because we will go electric. If you have seen before, we will increase the percentage of car that will use electric traction. By 2030, at least an average of 50% of the CO2 emission per car will be reduced. This, however, will increase the raw material emission because to produce one kilo of aluminum or steel, it's producing less kilogram of CO2 than one kilo of lithium or cobalt or manganese. We have to go to look upstream. We are looking already recycling, the use of recycled aluminum, the using of recycled steel, and this to reduce by 2030 at least by 30% the CO2 footprint of each car. We will keep constant, a constant dialogue with our partners in the supply chain. If you see here on the supply chain, we take some margin. You see that it's flat. We believe there is something to do. We don't see yet, we don't have yet a clear plan over there. We will work with the partners to see how we can reduce them. We will look carefully at all technologies to reduce that. While we are looking for all these new ideas for decarbonization, well, we will also, as I said, engage ourselves for the production, for the use of, for the purchase of certified carbon credit. Here in Ferrari, what does it mean climate contribution? Well, there are two distinct and transparent pillars. The first one is the purchase of this carbon avoidance and sequestration credits. Here we have started a partnership with ClimateSeed. That is, an impact-driven company that is, pushing for innovative project also with a positive impact on the climate and the social contribution. The second one is to create Bosco Ferrari. This is an Italian reforestation project with the aim to act locally. These are the two ways we refer to when we talk about the global climate contribution in our company. Ferrari is committed to go carbon neutral by 2030. Our contribution to achieving the target set in 2015 by the Paris Agreement is threefold. Number 1, the carbon neutrality in all our operation. Number two, we reduce at least by 40% our scope three emission per car, focusing mainly on material and vehicle use phase. Three, engaging in high-quality project with climate and social contribution. I'm really proud to say that we will do all this being committed to set science-based target. Galileo was not far from here, was from Pisa, and we want to do in a scientific way. Wanted to recap this before your question. We started with our employees. You said you saw, you heard many times how employees are important, and they are the most precious asset of our company. I want to thank them, all of them, for their invaluable and tireless contribution to the result that you have seen, and also most importantly, to what we will all do together. Ferrari is a maker. Ferrari is here, it is the people that make what you have seen. One of my most important job is to empower them to make sure that from all my colleagues, we can get the best as we build day by day the future that we have been laying the foundation in all our presentations. This is a company that is dedicated to uniqueness in all that we produce, in how we produce, and also to the unique emotion, to unique experience that I think you can see briefly in the video, but also in the presentation of the colleague. To fulfilling the dreams of our growing customer base. This extends well beyond the track and the road to our Ferrari lifestyle, values, and heritage in the wider world of luxury. We also addressed extensively in detail all the electrification journey that we started and we intend to do till end of this decade. This technology transition is an opportunity for us. This is an opportunity for us, and we are addressing in a way to enhance the performance of the car and the driving thrills. Our electric engine is racing-derived. Our timing is deliberate, and we have all the financial and human capital and skill to do what you have seen. We are all fully committed to go along this plan. How? We will look at also the emission. This is important. We will look at the planet environment. We will look at emission Scope 1, Scope 2, and Scope 3, and we will do in a holistic and scientific way. Of course, as a company, we are, and we will be always committed to the owners of our share as well as to the owners of our product, our beloved customers. The target we have unveiled today are ambitious. We are fully aware of that, but they are also achievable. We have a plan. We do what we say. You have seen at the beginning of my presentation and also in the chart of Antonio, we maintain our commitment. As in all other aspects of the company, what we have also shared openly with you, our earnings speak to the quality of the finance, to creating value, and to our commitment to sharing with you the information you need to do your job. Of course, our earnings speak to our determination always to push the boundaries farther of what we do day by day in every single moment. Our founder said in an interview in 1980. We are very proud to be the inheritors of this challenge. Every day we wake up, we feel this privilege and this responsibility. I will now leave you with a brief video before we move to the Q&A with all the team. Thanks a lot for your attention. What does it take to create a Ferrari? The skills and craft passed on through generations. The knowledge. The teamwork. The courage to explore and innovate. The belief that even the best can be bettered. All these and something more. Running deep in every one of us. The passion that connects us all. The passion that makes us Ferrari. Ladies and gentlemen, the Q&A session will begin shortly. Please remain seated. Thank you. Thank you everyone for your patience. We kindly ask you to raise your hand, wait for the microphone, and once you receive your microphone to state your name and your company name in order to allow also for those on the webcast to follow correctly. Please, we can now move to the first question. To Thomas Besson. Thank you. Thank you very much, Nicoletta. It's Thomas Besson with Kepler Cheuvreux. I have two questions, please. The first one is on the midterm volume ambition. The first BEV is 2025 for the unveiling, so we're only gonna see a little bit of that. Could you help us understand whether the new e-building means that Ferrari's midterm volume ambitions might be more like 20,000-25,000 units than the 14,000-15,000 we could think with ICE only? So is it incremental to the existing ICE and hybrid business? The second question is, I think there's been a fear before this event about CapEx at Ferrari. Can you confirm that there is no step up for CapEx after 2025? I mean, we're gonna stay at or below 15% of revenues with depreciation to CapEx ratio staying around 1.2. Thank you very much. Thank you. I start from the e-building. As I said in the presentation, the electric car is an integral part of our strategy. We will unveil it in 2025, and by that time, we will be ready with the e-building. Everything that has been shown up here in the presentation is consistent. The top line, the split of the offering, as well as the production capacity, they are all consistent. The second important point is the CapEx, and here I would like to refer to the chart that I was telling you is one important chart from my presentation, the trend in automotive sector. You may remember that I said that we have all the human and financial skills to make it happen. The reason why I'm saying that is that there are some trends that are typical of large, automotive suppliers that are not touching us, but for which a lot of CapEx is needed. The CapEx figure that you have seen in the presentation of Antonio, again, are consistent with what we need to do in a unique way. Also, because this electric, let me say, electrification of the thermal engine started a few years back, 12 years ago. We believe that the numbers that you have seen over there are what is needed to make happen what has been shown to all of you in the presentation. We can now move to the next question, Giulio Pescatore. Hi, everyone, Giulio Pescatore from BNP Paribas. Sure. Thanks for taking my question. The first one on the Purosangue, thank you very much for the sneak peek yesterday, for the teaser. It was very interesting. Can you maybe share your thoughts on the. Have you opened the order intake, first of all? Can you maybe share what you've seen in terms of reaction from customers for this model? The second question, the previous assembly line allowed you to produce around 15,000 units and you're now building a new one. Where does the ceiling go? I'm not saying that you wanna get there in the next 10 years, but where does the new ceiling move? Maybe last one, I found the decision to do your own assembly of battery modules quite interesting. Can you maybe share your thoughts on why do you need to do that, and why do you think that differentiates you, given all the investments that the industry is putting in place for that type of technology? Thank you. I'm tempted to ask you how was the Purosangue, but I will first answer your question. I will take the third one, and I would like, Enrico, you manage the Purosangue because you can comment about the feedback you get from the client. The battery. The battery is an important part of our electric car. We want to make sure that the battery is done in a way that is using, if you want, a commodity, the cell, in a unique way. You have heard before in the presentation of Ernesto the battery management, the weight for the dynamics. I mean, these are all things that you can do in the right way, if and only if you know how to use it. We don't make aluminum by ourselves. We use aluminum. We don't make... We will not make cells by ourselves. We will pack them in a way that the driving emotion and the performance of the car and the design of the car can be fit in the right way. This is the reason why we said in the e-building we make also the battery for this reason. We need to master something to exploit at the best the technology and to extract the biggest part of the value that that technology can bring to the customer experience. While on the Purosangue, I would like, Enrico, if you can comment about, the two questions. I think there's a simple word to answer your question, which is it's going to be a big problem for the company, a positive problem. Why I'm saying that, because, as we mentioned, we are trying to deliver something unique, and as always, when we deliver something unique, there is a high expectation from our clients. Already today, before the official presentation which will happen in September, we have been contacting at first our important clients, the one at the top of the pyramid that we showed before. Correct. Most all of them are willing to buy, which means that it is going to create two problems. Number one, the expectation for delivery, because we won't be able to deliver all of them immediately. The second, the additional opportunity that we want to fully exploit, which is to bring new members of the family. In a nutshell. The car is already and the reaction we are receiving are overwhelming, and most of our client base are willing to have the car. Yeah, we already have a big order bank, which we are not disclosing, but maybe in September we'll give you a glimpse of what is the coverage we already have in front of us, which is not going to be a few months. We're talking about years. There's also the second part. No, the second part of the question, if I understand well, Giulio, was, I mean, this is gonna be, like all the car we make, exclusive. We do not want to double the production volume. We want always to preserve the uniqueness of this car, and we set clear target in terms of. This is an, as I said, as we said, is an add-on to our product line now. It's not a multiplier by two. This is important. Thank you. We can now move to the next question. George, please go ahead. Thank you. George Galliers from Goldman Sachs. Thank you for your very detailed and insightful presentations. I just wanted to start with the battery cell, which you referred to as a commodity. Can you give us any insight into what chemistries you're looking at, potentially what suppliers with respect to the cell? The second question I had was for Ernesto. In your presentation, you did mention hydrogen as a powertrain of the future. Was that a sort of generic term with regards to the industry, or is hydrogen something Ferrari is actively looking at? And then thirdly, with respect to weight, do you see weight as an area where Ferrari can really differentiate itself in the battery electric vehicle world, given your expertise in motorsport? Thank you. Thank you for your question. Three interesting questions. I will take one and three that are related. When I said that the cell is a commodity, I mean that there are several companies working startups, a lot of startups working on that. If you want, it's funny to see that a lot of IP for the cell is coming from companies that are making display. Because at the end of the story, you are talking about processes that are going by square kilometers. I'm not saying square meters. Now, what are we looking at? I would claim, maybe this is not a scientific term, that the cells that today we are using are liquid polymer cells, and this is a fact. Clearly, we are looking and we are working with some partners also in the next generation. That is SSB, solid state battery. Here, if you know, there is an advantage maybe sometimes coming from the high tech world, that you have a lot of previous coworker that are working for these companies or a lot of previous customer that are working for this company. I think this kind of network is also important, apart from obviously attractiveness of the brand of Ferrari, to have also some access to unique technologies that we offer them the technology to bring first on the market. The last question was the weight, no? You were saying the story of the weight. Because as I said before to Giulio, we want to develop the battery pack by ourselves because this helps a lot in the dynamics of the car. There is another important thing, actually two other important things that help the dynamics, and you can reduce the weight, is the sensors and the software. I think that these are all they play. There is a nice interplay among all these factors that is fundamental for one of the key factors of the driving dynamics that at the end of the story is giving the driving thrills Gianmaria was telling you before. This is question one and three. H2, hydrogen. I would say the following: we do not see clear cars getting out with hydrogen in this decade, we would have been showing you. It's also true that we are in a situation where there is a technology transition. There are a lot of people all over the world looking at different dimension. We as a leader, I mean, as a company that is always pushing on leading-edge technology, have the responsibility to look also what can happen in the following decade. Yes, we are looking, we are working with partners. When I say partner, I talk about industrial and academic partners. We believe that hydrogen is an important path to explore for the second decade in front of us. Very clear. Thank you. Thank you. Thank you. We can now move to the next question. Please, Michael, the floor is yours. Hi, Michael Binetti with Credit Suisse. Thanks for all the detail today. A lot of great topics to touch on here, but maybe one for Antonio for the boring finance people like myself in the room. I think the prior plan you laid out in 2018 was 7%-8% revenue growth, 12%-14% EBITDA growth. This algo looks like 9% revenue growth, 10%-12% EBITDA growth. The plan looks like it's driven by licensing and sponsorship growing faster than the total company, which should be a very high margin part of the business, driven by pricing and mix again. It seems like there's some underlying assumption of profitability on the cars business that's a little bit lower to result in a slower EBITDA margin guidance. Or would you characterize it as conservatism? Maybe just walk us through some of the breakpoints on EBITDA that might be different from the prior plan. Yeah. Well, I think the main difference compared to previous plan is that this one is front-loaded in terms of volume, so we are not betting and extrapolating on the current demand. While the development of margins is mainly driven by mix and price, as has been shown in the chart in the EBIT walk. Actually, the contribution of revenues from racing and lifestyle is positive, but as you may see, it does not represent the bulk of the areas of improvement of the company. So when you look at the overall profitability, I think the sound development of the mix is the one that really matters. On top of that, we believe we can be cost efficient, meaning we keep having overall costs both at the SG&A and at the R&D level, which now grow at the same pace overall as the revenues. Overall, they are improving margins. Thank you. We can now move to the next question. Please, Susy, over to you. Hi, Susy Tibaldi from UBS. Thank you so much for the presentation. Just to follow up on the question on the EBITDA guide, I think given the state of the world and the fears about the macro and everything, I was wondering if there is a certain degree of cautiousness already baked into it, and if you are seeing any sign at all of any change in the demand pattern so far. My second question is a little bit more qualitative. We've spoken a lot about the technical aspects, and as a luxury analyst, I struggle a little bit to fully comprehend. I wanted to ask, when it comes to your customer base, you gave some very interesting stats. You enlarged the customer base. It is becoming younger. When it comes to these new product launches that you're planning, how are you working to attract the new customer? When you're thinking about the EV, are you thinking about a completely new customer category, or are you thinking of a product that you're going to first offer to the loyal Ferrari customers? It'd be very interesting if you can explain a little bit, more on the brand and customer side. Thank you. Okay. Maybe I take the first one, Suzy. Do we have contingencies backing the plan? The answer is obviously yes. It all depends on what happens. I mean, we are living through uncertain times, but it's also true that on one end, we work on ranges, and to some extent this provides for cautiousness. The other end, I mean, if something unpredictable happens, I think the history of Ferrari can give you a sense of what the level of resilience of this company may be. I start on the customer side, Suzy, and then Enrico will complete. I was having a dinner with several customers in this Cavallino event that Enrico was referring to. I was the oldest one. They had indifferently hybrid and ICE cars. It's clear that if we do the analysis of our customer base by age. We do not see a clear pattern toward the, you know, the powertrain they select. Instead, the common trait is the passion and the driving emotion that they want to experience. It was funny to see also. Interesting to see their comment. This is, I think, the best way to reply your answers. I think also in terms of, you were making another question about the change in demand. We do not see any change. Basically, we do not see any change. You want to add something, Enrico? Yes. Yeah, maybe just leverage, you know, what Benedetto is saying and give you some further insight. Maybe another interesting number that we can share is that now almost 40% of our clients has less than 40 years. Why I'm saying that? Because there is a nice maybe story I can tell to answer your question. The biggest gift we give to our clients recently was the Daytona SP3. You know why? Because it's a normally aspirated engine. So our clients are petrolheads. They are connected, linked to this technology. When we came with the SF90, that was our first hybrid car, at first reaction were, "Oh, maybe it's not the car for me, batteries, weight." Till the time they saw the car and they tried the car, because they learn that through the electrification, we were able to deliver even better performance and even an additional benefit that was the possibility to drive the car in a full electric, silent, to go out of the city center and then swap the engine, turning on the engine and enjoy the driving. Our clients are used to what we used to offer them, but they are very quick in jumping on what we are offering because they trust Ferrari. There is a strong bonding with them, and they know that whatever we bring in the market will be 100% Ferrari. If you ask me what is going to be the future target for the BEV, and we had this discussion several times, we believe it will further enlarge the reach to people that are looking for this new technology, but it will be extremely interesting also for our existing customer base. I'm 100% convinced about that. We can now move to the next question, please. We can open the microphone to Martino, please. Good morning. Thank you. Martino De Ambroggi, Equita. The first is a general question for Benedetto. You are adding families, you are adding new models, but after nine months, what's the level of volumes you consider the threshold to preserve the exclusivity? You also remind the rule of selling one car less or what the market requires. The second is on the free cash flow, in two parts. On CapEx, in the previous call, Benedetto, you reminded us you are looking for partnerships. So the figure for the CapEx is a fixed number, or there is a possibility to revise it downwards because of future partnerships? Sorry, Thomas already asked before, but is there a minimum level for CapEx after 2026? The second part on the free cash flow, sorry, the Daytona will collect EUR 200 million of down payments. Is it embedded a similar rule for the forthcoming fiscal years for the new models? We should expect down payments also going forward as a sort of rule of always valid. Thank you. I suggest you start with the payment of Daytona, last question, and then I'll take the three together before. It's, The answer is yes, Martino. We embedded in the plan the assumption that on the Icona and some special cars, the rule will be the same. We also said when you look at the entire plan, this is basically neutral. There will be some years where the cash flow will be significantly helped and others where this will be reversed. All in all, the contribution is very minimal. I think the other two. The numbers. I think that when we talk about exclusivity, we talk about something that is unique so that we don't dilute the value of what we sell. We have also to refer what is the total demand. To be very specific to your question, yes, we have a clear number in mind, but we cannot disclose. I discussed the number of CO2. I cannot disclose everything. The other question instead, you were talking about the CapEx and partnership, no? I think it is important to clarify two points. When you are working in a situation like this with many different players all around the world, in a more interconnected world with a lot of technologies, and when you are doing something unique like a Ferrari that needs a lot of technologies, you need to make a choice. You need to select what is core, and you make it. What is not core, you have to rely on others. I will never think to put a single penny to develop a specific operating system. I will never do an FOS, Ferrari operating system. I would be foolish. While we have to invest to make something that is key, it is core, and it is what we were saying this morning. That's the reason why we have to balance the make and the partners, like Ferrari's been doing since time zero. I also did in my previous life, because if you pretend to do everything, then the CapEx is skyrocketing, and it's impossible that you can have. You can be the best on all the things. You have to choose where you want to be the best. That's where you have to focus. That's where you want to make something different. The partnership is important to make sure that we don't waste money, and we don't have. We tackle the challenge with the right humility, because otherwise we would forget one important element of our D&A. We can now move to the next question to John Murphy, please. Great. Thank you very much. John Murphy from Bank of America. I have three quick questions. First, you said the family expanded 25% since the last capital markets day. I think if we fast-forward to the next four years, do you think you're gonna grow the family 25% again? And can you give us some, maybe more profile on that family growth? I mean, you said they were a lot younger, but are they likely to become collectors over time? Is there a high propensity there through collectors? That's the first one. The second one, Gianmaria, I think you may have slipped when you're talking about product in a good way that gave us some information. You said two seats, four seats and maybe more. I'm just curious what that maybe more means as far as the product portfolio, and something maybe larger than what we're seeing in the Purosangue already. Then third, Antonio, you mentioned that you would be net cash positive by 2026. Why do you need to be net cash positive? Where should we think about the toggle of that, sort of that safety in finance going? Is that the kind of thing where you're like, "Hey, listen, we might need to spend a little bit more on R&D and CapEx than we're talking about today"? Or is that just a cushion for potential financial stress in the economy or potentially more return of value to shareholders directly? I mean, that's. You don't need to be net cash positive. So why would you be there, and what are you gonna do with it? I'll take the second about the good observation you did, and then Enrico will manage the customer base, and you, Antonio, take. The second, you were very attentive. Yes, we wanted to remove all the details. Yes, because we want to keep always the suspense like we are doing already now with the Purosangue that you will have all the detail in September, and it's June, so 90 days before, and we cannot disclose everything. I cannot. It would not be, I think, smart to disclose what we wanna do also for some competitive reasons. We will disclose at the right time. Thank you. On the other two-point +25% is what we did in this plan. Is it going to happen in the next plan? I have to be honest, I don't think it will happen, but simply because today we are facing a fantastic situation where basically we have been forced even to take orders for most of our product range. All the F8 ranges now we stopped taking orders. All the 812 range we stopped taking orders. Even the SF90 Stradale is basically we're stopping taking orders. On the 296, both GTB and GTS, we had this fastest and most performing net order intake performance in the history of the company. Our portfolio is already covering most of our future volume performance. I cannot disclose exactly the number of months. We already have this number in our pocket, and honestly, to be able to further attack a higher number of will be one of our target because we will keep working to bring people close to the Ferrari, trying to have them knowing what is Ferrari about, which is not only a car, and having them in our prospect base, which means that are people that we can get in contact if we have the need to. The second point I think is also interesting, which is about how to make them collectors and what about the age of the collectors. I was mentioning that 60% of our top collectors are new, not because the other left, but because simply the level has been increasing, and that's why we have new, because many of them bought a lot of car and now they have much higher number of car in their garage in order to become collector. Most of them or many of them are young. Here is interesting. Young generation are certainly more sensitive to the digitalization. They work on the digital world. Metaverse is the place where they live. They are very sensitive to emotion. When you sit in a car, and when you sit in a Ferrari, whatever is your age, you experience an emotion. Even for the young generation, we do a lot of activities that we call father and son, where our clients come with their son, very young, and as soon as they put themselves on the car in one of our event, they become immediately potential collectors. This is the beauty of our job, that we can add to the digital world where the whole world is moving, a part of physical emotion that likely our car still deliver. I think we can add also, Enrico, that having such a strong relationship, a link with the customers, we know pretty well them, and we can see also which are the trends of this customer, of our customers, it is selecting different kind of cars. I think this is also a unique asset that the company has, deep knowledge of the customers. On the cash flow, John, I think that answers your question. We assume almost 80% of the free cash flow generation over the planned period will be distributed either through an increased dividend payout or through the share repurchase program. I also added, in the end, this will leave a net cash position, and this also opens the opportunity for further actions in the future. The answer is yes, we try and be prudent as we finance guys prefer to do, and have options in front of us later. Hope this answered. Thank you. We can now move to the next question, please. Go ahead. Hi. I'm Carlos Moreno from Premier Miton. I had a couple of questions around the Purosangue. First of all, I missed the sneak peek last night. Is it a four-door car, and is it actually designed to go off road, or is it an on-road car? The thing that really interests me about it is it seems to be a very different type of vehicle. If you think about luxury goods, if you sell handbags and then you launch a perfume range, you don't say, "Well, I'm only gonna sell, you know, one in five people who've bought the handbag is going to be allowed to buy the perfume." It's a kind of new category, you sell at least one to one. If I think about anyone I know owns a Ferrari, they also own a luxury SUV, so they might own a top-of-the-range Range Rover or whatever, a price point below yours. It's almost a one-to-one ratio. That 20% seems a baby step. I'd be very interested to know that over the five years, do you see yourself launching like a baby Purosangue or a larger one or one with smaller engines? Is this the beginning of a development? Finally, there's a lot of questions here on the Purosangue. In your modeling, do you presume the maximum sale? You're basically in those targets to 2026, do you presume that in 2026, the Purosangue will be precisely that 20% volume cap? Thank you. It's just a fascinating vehicle for me in the Ferrari story. Thank you. I believe all these questions are coming because seriously interested in a Purosangue because no, I think, I would like to reply with some feedback I got yesterday from a customer that saw the Purosangue. Then, the comment was from two customers actually, one that is a customer of Ferrari since 13 years. Another one that is customer, recent customer is 3 years. The comment he said, "You are very true. What Enrico told me is very true. This is a sport car." Because when you think about a utility vehicle, you think about something that is big, that is heavy. The comment of both these gentlemen was that this is a sport car. You can perceive already when you see it. I can tell you that also when you go in it and when you drive it's even more true. This is not yet done. This will be in September. The Purosangue, as we said, will be an add-on to our portfolio. We do not multiply by two the volumes. The other two, three questions that you made, the baby Purosangue, the whatever, well, we disclose what is the split our offering by powertrain. We don't go into detail of what we are gonna do with the cars because we believe this is for two reason. It's a competitive advantage, but it also is important to keep alive the dream. This will not be a high volume car. It is a sports car, and if you remember the chart, it was sitting there as a sports car. It was not sitting on a different chart. It was fitting together with our product portfolio. Thank you. I kindly ask you to raise your hands. We can now move to the next question, please. Thank you. Stephen, go ahead. Thank you. Stephen Reitman, Société Générale in London. I have two questions. First of all, on technology, you've talked about developing your electric motor in-house. It looks from the picture, or it suggests it's axial flux. Does this differ tremendously from what you're doing at the moment with YASA? And how much IP have you already banked in terms of the development of your engine that you said has been developed through your former activities? A second question is about pricing. In the past, when I've looked at some of the transitions from one model to the next, if I take, for example, the Portofino coming after the California T or the 488, or the other vehicles, the price increases on the series cars have been quite modest, 4 or 5% sometimes, although there's been a substantial increase, for example, in performance on those vehicles. When we saw the launch of the 296 GTB, obviously with hybridization, the price increase relative to the F8 Tributo, which it ultimately replaces, is about 14%-15%. Now, you can explain a bit of that, of course, by the extra cost of hybridization, but does it suggest a greater confidence in Ferrari's ability to improve increased pricing on its range vehicles, which I said has been rather modest up until now, and I think that's maybe a part of the mix improvement going forward and the pricing? Thank you. Okay, I start with the electric motors, and then I will answer you the question about the pricing. I'm glad that you paid a lot of attention. It's true, we put some motors. Clearly, we don't put on the chart the motor that we are gonna use. Yes, you noticed that there are some motors. I can tell you that there are some detail here and there, but we could not put all the detail of the engine. You understand there is also some competitive advantage. What I can tell you, that is an engine that is racing derived, is an engine that has the highest, the state-of-the-art power density, specific power density, because I think this is important. Also, you can make it compact, and this has a big positive impact on the dynamic of the full vehicle. We are using a unique configuration, and as Ernesto said, we are also working on the electronics to make it work at the right frequency by using, extracting the best from the technology such as silicon carbide. Don't think that we'll make that kind of motor as it is on the chart. Coming to the second question, the story of the pricing. I think, and this has been also my guideline always since I do business, the price is dictated by the value that you provide. You are right, with all these calculations, 4%, 5%, 15%. The price that we applied to 296 GTB is consequence of the value we deliver and not of the cost of the engine or whatever. It's important. This is very important. For sure, I mean, in Ferrari, we have to look what is the value we deliver. This is very important. I can tell you also that this has been also, as I said, my guiding principle. In the previous life where it was not a luxury company, but when you do new things, when you deliver performance, you need to value properly, and the customer understand it because there is a lot of effort of many people behind it, the one that you have seen on the video. Thank you. We can now move to the next question. Monica, up to you. Thank you. Monica Bosio from Intesa Sanpaolo. My first question is on the 2022 CapEx. How much of the 2022 CapEx is already dedicated to the electrification strategy? Going forward, looking at the price mix, you are going to launch the first electric vehicles in 2025. The pricing, I can imagine, would be very interesting. Should we expect a higher contribution of pricing toward the end of the plan and a higher contribution of mix at the beginning, or is it equally split? The second question is on the residual values of ICE models, with the ban of ICE models in 2036. How do you see the evolution of the residual values of the ICE models going forward? The very last is for Antonio. Maybe I didn't catch before, but should we expect a change in the R&D capitalization going forward? Thank you. Antonio, you take this one, CapEx, and also the first one, the CapEx. No change in the capitalization ratio, so pretty much in line with our usual 38% or 39% over the plan period. The second one, with respect to the portion of CapEx dedicated to the electrification journey, in the chart that I've shown, I think you have 2021 and 2026. You should imagine a gradual improvement from that level to get to 2026. We already have some. Coming to the story of residual value, you have noticed that we were talking about e-fuel, synthetic fuel, why we do that. Because the problem is not only what you will produce after 2035, is what you will do with what has been already done. This is why, because we are conscious of our responsibility, because we want to be a catalyst for change. Because we want to go really from the purpose to action, that we want to develop solution that allow also the cars in future to be used. That is why we are working with partners on the e-fuel side, and consider that also here, as a company, we have unique advantage because in 2026, our cars on the racing track will start to use E-100. It means 100% e-fuel. This is the best answer, and this is the reason why we are looking seriously in a scientific way and with partners in this case, because it's out of our core competence on e-fuels. Thank you. We can now move to the next question. Philippe, up to you. Thank you. Yes. Thank you. Philippe Houchois at Jefferies. Okay. I have two questions. First one is simple for Antonio. You carefully said that in your projections, you built in the Concorde Agreement on capping the cost of engines. Can we hope that Ferrari might be profitable in F-One at some point in the five-year plan? Would that be incremental to your targets? That's first question. Second one is more. I listen carefully to what you say about the CO2 footprint of Ferrari, what you're doing, also trying to do offsets, quickly. I look at this and I think that you should be able as a company and given your pricing power to have a negative carbon footprint. If that's the case, then this whole debate about killing ICE and not having, you know, combustion engines in 10 years, 15 years is a moot point. Of course, there's a move to electrification, but there's no reason for Ferrari to stop selling ICE cars to aficionados if you're gonna have a negative carbon footprint. I'd love to have your views if I'm just dreaming or if that's something that's reasonable. Thank you. I start with the second Concorde Agreement. Antonio will reply. I think it's important as a company that we offer and we leave the freedom to choose to our customer. When I said before, I mean, we have the responsibility always to deliver unique emotional experience to our customers, and we want to deliver this unique emotion through the different technologies. Our goal is not to develop technology per se. It's to develop leading edge technologies that can be used always looking at the human. The human, the customer is the center. It's the humanization of the technologies that make the difference between the different players, and we are there. That's the reason why we want to offer this and the customer will pick up what is the best solution. Now, for the Concorde Agreement, you may go ahead, Antonio. Yep. I think the question has two parts. The first one are the rules. Not all the rules are already clear and defined, so we're baking in the plan what we know about the next budget cap on development costs for the power unit. The second one is on revenues, and for that, we always race to win. This is the assumption that we have in the plan. Thank you. We can now move to the next question. Adam, please. Thank you, everybody. Adam Jonas from Morgan Stanley. Okay. I don't know if this question is for Benedetto or Antonio, but similar to the 2018 targets, this target may include the costs of the EV, but none of the benefit. Kind of similar to how the Purosangue was in your cost, but clearly an insignificant portion of revenue. Can you confirm that your 2026 EBITDA margin target, for example, of 38%-40% does not have any material benefit from a contribution of EV, but in fact might actually have all the costs related to that? As a follow-up, help us think about how you see the BEV mix, which will be very significant. You gave the 2030 target. How does that is that additive to profitability? Do you think, given your line of sight now, that this can be enhancing to your capital returns and margin, or is it meant to stabilize? Thank you. For the first question, and then the 26, I mean, it's clear the contribution of EV starts to happen because you remember now the percentage is relatively small. For the second phase, clearly the contribution will be stronger. If you remember, the offering is wider. We are talking about 40% electric. What I can tell you is the following, that the techno- some. What is the most expensive technology in a car, in electric car? It's the battery. What is a battery? In a technology that goes by square meters. How many technologies that are going by square meters didn't reduce significantly cost over time? Think about the display. Nothing. All of them, they go strong, fast. Clearly, at the beginning, you have the new technologies. The trick, and I would say the wisdom, is always to get there with the right partners, with the right technologies, with the right cost reduction roadmap, and most importantly, to price. To price the value of your innovation in the right way. Because at the end of the story, the profit, there are two things, the price and the cost. The cost here is something you have to work with the right partners, and you have also to look at all the, let me say, the opportunities that the technology offers you and with industrial view. I mean, many technologies 15 years ago, would you have said that today you would have the phone in the pocket with, I don't know, 16 processors and whatever? This is a typical roadmap of the most, if you want, the most expensive object in the car, that is the battery. Because that is making the difference in terms of cost. We have, I think, defined also an ambition after 2026. You have seen the Ferrari law. The Ferrari law is 10% power density increase every two years. That means also, if you want, lowering the total amount of battery that you need. In the second phase, we will look at the right cost with the right partner, at the better exploitation or a wiser exploitation, smarter exploitation of the technology. Clearly, we will look also at the price because the experience you have driving a Ferrari with an electric hybrid as Enrico was saying, it's very unique. This is what we are planning to do, and this is the reason why when we talk about partnership, we look also at something that is more or less existing, but something where we are also looking ahead. You also heard what other innovative materials on the cooling, on the superconductor, on isolation. Because don't forget, at the end of the story, you know, the electric engine may seem simple if you make for a washing machine, but if you want to make it serious, if you want to make it long-lasting, if you want to make it very efficient, then you have to look at all the dimension. That's what we are doing, and we will continue to do. Thank you. Shall I take the other piece on the- Yeah. Cost and revenues, I guess? On cost, being under IFRS and not U.S. GAAP, it's true we incurred the CapEx spending for BEV, but this is mostly a cash impact baked in the number that I've discussed. While in terms of cost, it will come as the cars will start being sold, produced and sold. With respect to revenues, we see that as a further opportunity in terms of product development and enlargement, and also ability to tap into a potentially large customer base. Thank you, everyone. This closes today's Q&A session. The AR team will be available over the next days to answer all your follow-up questions. We are also thanking those connected online, and we are now closing the webcast. Thank you, everyone, and especially those being with us.