Ladies and gentlemen, please welcome on stage Ferrari Executive Chairman John Elkann. Buongiorno a tutti, good morning, welcome once again to Maranello, our home and the heart of Ferrari. Every time we have gathered here for Capital Markets Day, it is an occasion both to reflect and to commit. In 2018, when I stood here with you, I spoke about the spirit of Ferrari, a spirit born from Enzo Ferrari and kept alive by all of us in the company. In 2022, as we marked Ferrari's 75th anniversary, I underlined how we would face the transformations of the decade with ambition and humility. Today, I stand before you to say that what we declared then remains true. When Ferrari went public on October 21, 2015, the world took a closer look at us. Many wondered whether a company built on passion, innovation, and craftsmanship could also thrive under the discipline of the capital markets. Ten years later, the answer is clear: Ferrari is a stronger company. Since the IPO, we have invested EUR 6.5 billion in capital expenditures, building the foundations for our growth and our future. The building is a proof of it. We have launched 41 new sports cars in this decade, each one of them being a unique expression of Ferrari's DNA. We have doubled our workforce from just under 3,000 people in 2015 to around 6,000 people today. We have innovated. We have accelerated at a breathtaking pace: 883 patents filed since the IPO, and already 144 this year. These achievements are not just numbers; they are proof of commitment. They are the result of the passion and dedication of the people of Ferrari. Metrics tell part of the story, but they do not define Ferrari. Ferrari is unique. It is unique because of three dimensions: heritage, technology, and racing. It is exactly the perfect blend of these three dimensions that define the three souls of Ferrari: racing, a story started on the track almost a hundred years ago, which defines who we are; sports cars, which embody performance, design, and emotions; lifestyle, where Ferrari transcends the car, inspiring a community and a culture that reaches across the world. I would encourage all of you to go visit our museums this afternoon and shop. I was very pleased last night at my table that I had one very nice surprise of seeing one of our investors who had a nice burgundy bag, and I want to thank her for that. These three souls are the essence of Ferrari. To remain unique, Ferrari must keep nurturing and growing its people. As Enzo Ferrari once said, every factory should have a training center to prepare its technicians for their future work. This is what he did by starting the Scuola di Perfezionamento Professionale Alfredo Ferrari in 1945, which then became the Istituto Tecnico Alfredo Ferrari in 1963. Today, we are proud to announce the creation of a pioneering educational hub here in Maranello, which will provide technical knowledge for a new era, training and inspiring generations of engineers, technicians, and innovators. The M-Tech Alfredo Ferrari, M for Maranello, Tech for Technology, and Alfredo Ferrari, the names of the father, the brother, and the eldest son of our founder, Enzo Ferrari, will come alive in 2029 when we celebrate the 100th anniversary of the foundation of Scuderia Ferrari. The M-Tech Alfredo Ferrari will pave the way for future innovation in the interest of the entire Moto Valley. It will welcome people from all corners of the world here in Maranello. This is very much at the core of what we believe in. Our founder entrusted us to keep alive the will to progress that inspires the M-Tech Alfredo Ferrari and finds its boldest expression in the Ferrari Elettrica. With the new Ferrari Elettrica, we once again affirm our will to progress by uniting the discipline of technology, the creativity of design, and the craft of manufacturing. As you were able to see yesterday, its architecture is revolutionary: four independent electric engines delivering full active corners and agility that are consistent with Ferrari's DNA. A unique experience behind the wheel, born of our unmatched vehicle integration know-how, will create new driving thrills. The technology and innovation workshop of yesterday gave you a glimpse of what is in sight, and you will be surprised as the unveil continues. In 2018, I told you that what was behind Ferrari was fundamental, that our founder's story was the decisive factor in everything we do. That is still true today. In 2022, I told you that passion is the thread that connects us with the world, uniting colleagues and tifosi as one family. That is still true today. Today, I tell you this: commitment is the force that carries Ferrari forward. Commitment to our people, commitment to Italy, and commitment to being unique. I want to be clear: this is personal. I am committed as Chairman, as the largest shareholder, and above all, as someone who has lived Ferrari as a passion my entire life. I am committed to ensuring that every decision we take strengthens Ferrari's uniqueness. I am committed to our people, whose talent and dedication are the greatest guarantee of our future. I am committed to our beloved Ferraristi, who entrust us with their dreams. I am committed to our loyal tifosi, who are eager to see us winning in Formula One as we are winning in endurance. It is with pride that we brought the trophy after three consecutive wins in Le Mans this year. I hope you had time to see the trophies before coming in, and if you haven't, please do so walking out. I am committed to you, our partners, and our Ferrari community, who share with us the belief that Ferrari is not just a company, but a living, irrepressible force. Ferrari has never chosen the easy path. We chose the meaningful path. We will keep investing, innovating, and building. We will keep attracting and training extraordinary people. We will keep proving, year after year, that Ferrari is unique. We carry this forward together, all of us working for Ferrari. It is a responsibility we embrace with pride, and with that pride, we continue writing our uniquely Ferrari story. Reminded by the Médici family motto, "Festina lente," which means "Make haste slowly." We know that everything that grows must do so steadily to last. I now invite Benedetto to begin the presentation and want to take the opportunity to thank him and all our Ferrari colleagues on behalf of our Vice Chairman Piero Ferrari, who is here with us, and all our board members who are here, for what they have done and what they will continue to do. Forza Ferrari, sempre! Thank you. Good morning, everyone. Buongiorno, benvenuti to people that were not with us yesterday, and to all the people that have had the opportunity to enjoy a nice dinner in a place that was not displaced by a storm like it happened a few years ago. The main reason why we did this e-building was to make sure that when you were coming here, you could have a safe place. Having said that, it's really a pleasure to have all of you here, because if there is a way to define this place, I would say this is a place where grit, determination, curiosity, passion, with an Italian sense of elegance and craft of manufacturing, help us to make something unique. It is helping us to follow the purpose of our company, audaciously, to define the limit of possible. I would like to start from two sentences that I share with you. You may not remember, but I remember well, because what we say and we commit to you, for us, it's something that we keep repeating every day. The last Capital Markets Day, at the end of the meeting, I said, "The plan is ambitious, it's challenging, but we commit to do that." We did it. We did it. Yesterday, when I concluded the introduction of the presentation of Ferrari Elettrica, I told you this is a place where we do what we say, either infrastructure, e-building, e-or on product, and I add today on financial, but this is Antonio that will show you what we did. These are two sentences that, if you want, it's a kind of summary of what we did in these years. We do this keeping in mind three important things: consistency, agility, and respect. Consistency is important. It's important, extremely, in a world where things keep changing, where the uncertainty level keeps very, let's say, changing day by day. The consistency with the values, the DNA of our company, is key. Together with what? The agility. One thing is clear. Three years ago, when we met, we had nobody, I'm sure nobody of us was envisioning what is the reality today, and I think the company has been able to manage thanks to agility. Always, always keeping clear the value of respect and attention for all the people around us, because Ferrari is not only the people coming in this place or another Ferrari site. Ferrari is all the community around us. It's four years I'm in this company. The time goes too fast. I think with the team and 6,000 people that every day cross the threshold of the main gate, we have been working to reach, to make possible what we are going to show you today. I have to say that without the tireless effort of all the colleagues, without their straight feedback, without open dialogue, what we did wouldn't have been possible. This is something that is very important for this foundation. Cultural foundation is very important for our company, because it helps us do things. One, focus. Two, to keep the will on the ground. Let's start to see what is this company, how this company is, what is the essence of this company, the source of this company. John said clearly that we have three souls. We have the racing, we have the sports car, and we have the lifestyle. It's the interplay, the coexistence, the overlapping of these three souls that define uniquely our essence. Our essence is unique because we have a dual nature. We are inclusive and exclusive. We are inclusive because we talk to many people. We nurture the dream of a lot of people, the tifosi, the brand lovers. We are also exclusive because we fulfill the dream of a few. I think that being inclusive and exclusive, especially in the world of today, makes us more and more unique. Uniqueness does not only mean to be inclusive and exclusive. It means also that we, as a company, have three dimensions that make us unique. We have the racing, the heritage, we have the technology, and we have the racing. When we talk about heritage, imagine 1947. The Second World War had just ended. The asphalt was still missing. A person said, "I want to do a 12-cylinder engine." He did it. Many people were telling him, "You will not make it." He was a visionary. He believed with grit, determination, passion, optimism. He made something that today is still on the road, the 12-cylinder. It's this sense of this will to progress, this grit, this determination that is with us. That is what we call today heritage. In the past, it was innovation. Heritage and innovation go hand in hand. This brings us to the technology dimension, because technology is fundamental in our company to continue to do innovation. In our company, we don't like technology push. We don't like market pull. We anticipate the market, the client needs, the Ferraristi needs. We want to delight them. We like to say that time to market is important. In our company, we follow emotion-driven innovation. You will see this later in the presentation of Ernesto. There is also another important point. I have been spending more than 25 years in the technology space, in high tech, and I can assure you that the level of innovation, the way that the deep passion, the way that people read the technology here is really unique. There is a third dimension. This company started with racing. Racing, what does it mean? To compete every day, to show that you can improve every day, you can learn every day, you can try, learn, and adapt quickly. It was in this way Scuderia was born in 1929. It is the first car that left the main gate, the 125 S, that was a sports car. These are the three dimensions that make our company unique. Today, I will share the presentation. We'll show you where we are heading to. We'll show you also what we did. I will share the presentation with another colleague. I will have the pleasure to have Enrico and Ernesto that will explain more in detail the sports car world. In this sports car world, what we are unique, unique proposition for unique clients. Ernesto will drive you to the innovation that we are doing that goes beyond the surface that you can see on public news or on the web. There is much more there. Wait for his presentation. Then there is Carla. Carla will show you what we are doing in the lifestyle world. Very important for us with remarkable progresses, and Carla will show you. Then there is Antonio. We'll convert, we'll translate everything into numbers. I will close with decarbonization. I'm sorry if someone of you will be upset because I was outside, and some people were telling me, "I hope you don't spend time to talk about ESG." I think this is not a matter of spending time. We are a company, we are a leader. We don't have to do only great product. We don't have to deliver only unique experiences. We have also to take care of all the ecosystems around us. You will see that what we are doing there is also on track. Let's start. One chart. What we did. One, I would say one year in advance. We've been able, thanks to clients, thanks to what we did in the company, thanks to also what all the people around us, the supplier, the dealer, the sponsor, we've been able to achieve our goal one year in advance. You will see the detail in the presentation of Antonio. Two, 14. What is 14? It's the number of car models we've been unveiling in these three years. John told you that the number of models we announced that we unveiled in the last 10 years was 41. 14 has been done in the last three years, in line with our commitment of 15. E-building, this place is a demonstration that this company does what it commits to do. Three years ago, this was not existing. The team led by David and other colleagues did it in two years, six months ahead of time, because we believe that agility today is very important, and this building gives us the agility that we need on the manufacturing side to follow our product strategy. Last but not least, we committed last time to win in racing. We did it with the 499P in endurance, and we in Formula One, we have to improve. Also there, we have to win because we owe it to our loyal tifosi all over the world. We have three souls, which are the ambition for each one of these. In the field of racing, we want to win. It's important, this dimension, because being unique, as I told you, we have to be inclusive and exclusive. The racing world helps to nurture, to feed the inclusiveness dimension. Then we have the second part, that is a sports car and a lifestyle. In sports car and in lifestyle, we want to continue to grow. We want to continue to grow, having in mind that we need to be unique. To be unique, we have to master scarcity in everything we do. Because it's only the blend of scarcity, the proper management of scarcity, and of all these dimensions that makes us more and more unique. In the sports car in particular, we want to continue to be exclusive. Our business, you will see later, is not a story of volume, also because we want to fulfill the dream of few. There, you will see in the presentation of Enrico, you will see all what we are doing to nurture the community, what we are doing for our Ferraristi, the people that own our beautiful cars. In the field of lifestyle, the ambition is very simple. We want to enrich the client experience and to enlarge the audience. We want to entice more men, more women to be part of our family. These are the ambitions, and I would like to drive you through each one of these ambitions. In the racing, we want to continue to redefine the limit of possible. That's where we are born. Racing for us means we have to do constantly, daily review what we think and challenge ourselves, because that's the only way you can really do something unique. We did it in 1929. Enzo Ferrari did it in 1929. Nobody of us was there. It started with endurance and with Formula One in 1949, 1950. I think this is important because what we developed over there is migrating, is going to the sports car. You will see later that our electrification journey is not something that pops up from nothing. It's something that started in 2009. When I got here, I was surprised at how much the company was advancing in the electrification journey. Since we don't want to stop to what our founders started, means racing, competing on the road and on the track, it was two years ago, 2022, end of 2022, when we decided to also compete on a new field, on the ocean. We started this hyperscale project. Some of you have been attending yesterday the presentation of Matteo and Marco. Basically, we show you what we want to do over there. We want to do this because we believe in the value of performance, innovation, sustainability, and we want to compete in offshore races, in oceanic regattas. You will hear something interesting from Ernesto, because when you look at the reality with different eyes, when you have the cross-pollination of different worlds, innovation can really pop up. This is something that we have already practical demonstration in that respect. Open innovation can come only when you see the reality with different eyes. In the sports car, we have been a strong believer since the last time we met of the importance of technology neutrality. We told you clearly that our product strategy was different Ferrari for different clients, different Ferrari for different moments. We are working, we are selling our car in more than 60 countries. On one side, we have to comply with all the regulatory, in all the countries. On the other side, we want to make sure that we are the same available technology that is now present to make sure that we deliver unique emotion to our client. Basically, we wanted to make sure that either on the culture of the company or in the infrastructure, we have the agility that is needed to have that fast response to what the client is asking for. At that time, the e-building was not existing. I'm sure you noticed it yesterday evening during dinner, that the cars around us were IC or hybrid. You could not see electric, because it's very secret in some places, but you see different kinds of cars. There were not two equal cars, one after another. I think agility is important, and this e-building gives us the opportunity to have a lot of new technology to become more agile, to become more compliant with the environment, and to master well our technology neutrality roadmap. In 2022, we told you, by 2030, we expect 20% of our offer to be IC, 40% hybrid, 40% electric. It's today, October 25, where we say that the three numbers changed. The 20% IC became 40%. That's what we see for 2030. The 40% of electric becomes 20%. On one side, we realized, thanks to the strong need of personalization of the car, that for us, for our company, for our client, it's important to pursue a horizontal diversification, product diversification strategy. It's better to have more models with limited volume than a few models with higher volume. That's our strategy. It means that in this period, we understood that it is important to increase more the number of IC and to limit a little bit the number of electric. This is 2025. We are an agile company. We'll see in a few years how the world is changing. It's important for us, the client is at the center of what we do, and we have to follow what on one side we believe, on the other side, what the clients are thinking. I can tell you that during these years, we talked with several clients, and it's clear there are some of our clients that will not take electric, other clients that will take the electric, and there are clients that are telling us, "I will become a Ferrarista if, and only if, you have an electric." This is a chart talking about the evolution of the powertrain, but it's not only about this. It's also about other dimensions that people today tend to disregard, because everyone is just talking about electrification and software. In the car, there are many other things. There are the materials. There is aerodynamics that are giving emotion. You will see in the presentation also more information, presentation of Ernesto, more information about what we are doing on the traditional innovation direction of cars. One side the product, the other side infrastructure. I told you last time that we were doing two big investments. One is the building completed. The second one was the paint shop. This is a picture that we took recently. You see something over there that we announced. The paint shop is the one that you see on top of this chart. The paint shop is something, it's a bigger building than this. Maybe the next Capital Markets Day will be over there. We'll see. In that paint shop, we will have the opportunity to do in-house a lot of personalization on the painting. Among the personalization, the painting is one of the most important. It's easy to understand because one of the ways you interact with the car is through the eyes. There is something else. That is, if you want a demonstration of the agility of the company. There is something on the left part of this chart. What is it? It's another truck. We call it e-Vortex. We announced it this Monday, October 6. The decision was taken in April with Antonio and all the community. What is that truck? It's a two-kilometer-long truck that will allow us to enhance, to test, to test all the production cars in a controlled environment so we can enhance more and more quality. Because when you talk about a unique car, quality is mandatory. This is a demonstration, if you want a further demonstration, what does it mean for us to be unique? Four months. I got a phone call yesterday from the CEO and owner of a company close to the track. He said, "I cannot believe you are even planting the trees already." I said, "That's Ferrari. We are agile." We have the last chart about the lifestyle. The lifestyle we told you. Why do we do lifestyle? We want to enrich the client experience. We want to widen the audience, also because not all the people that love our brand are in a race track or in a sports car. You can also, you want to be close to Ferrari also when you are not there. We want to entice more men, more women, the new generation. We want to continue to be relevant. We want to do it in three specific fields: personal luxury goods, collectibles, and experience. We did what we said. We did a lot of progress. Today, we decided to give more space to this activity. Carla will guide us through this. Before I leave the stage to Enrico for a unique proposition, product, and experience, there is one point. The audience is the most important part because this company is made by people. A lot of people, a lot of companies may claim that the people are the most important thing, but I can tell you that this company is really made by people. The people that are coming in this place in Maranello or in other facilities of Ferrari, but also all the people around us. I'm talking about the client, 180,000, 0.2% of the ultra-net-worth individuals in the world. I'm talking about the tifosi, 400 million. I'm talking about all the people that share this sense of attachment, belonging, love for our brand. This is also a way to say, without them, what we did would not have been possible. Without them, what we did would not have been possible. This is why I like to say thanks to all the colleagues that are with us now and that were with us before, because this company now is the result of what has been done so far. Thanks to our client. Thanks to the trust of our client. Thanks to the supplier, the dealer, the sponsor. Thanks to you for your trust in us, in what we do. Also thanks to the local community, to the Maranello community, to whom we owe a lot. On this note, I would like to leave the stage to Enrico, who will guide us through the unique proposition of what we do for our unique client with unique product, unique experience. Grazie, Enrico. Grazie, Enrico. Grazie, Benedetto. Buongiorno a tutti and welcome also from my side. Benedetto, in his speech, has been using the word consistency. I'm happy to underline in my presentation how consistency has been driving our commercial activities, confirming and developing many of the commitments that we took during our last Capital Markets Day back in 2022. My objective is to take you through the main projects and opportunities from the commercial side. The best way is to start from this sentence, which well represents the core of the commercial activities. Our community is united by a shared passion, the prancing horse, an unforgettable experience. You will hear me repeat several times the word unique. Uniqueness is one of the main elements that connects the dots of all the commercial activities. In fact, we always like to underline the fact that we have a unique proposition, well represented by the concept of Ferrari forever. I will come back on this subject, which is very important. We have unique clients and a unique way to manage our clients through unforgettable experiences. Let's start from the first uniqueness, which is well represented by the concept of Ferrari forever. You will hear me repeating this concept, Ferrari forever. We'll deep dive on four main areas: our product range, our design approach, our engineering and manufacturing approach, and last but not least, our people. This slide is probably showing one of the most important elements of uniqueness of the Ferrari business model, because we are probably one of the few companies in the world that is still having in the market most of its production. Since the start of our activities back in 1947, we have been introducing 330,000 cars in the market. We know that much more than 90% are still alive in the market and require our constant attention. Another element of uniqueness is connected to our design approach. Every single new model is a piece of art and remains very unique and contemporary, never getting old from a design standpoint. This is a choice the company made since the very beginning to make sure that every single model, every single car that is introduced in the market has a specific soul and remains modern always, today and tomorrow. Images that you see on the screen represent some of the most iconic models that clearly show how much we were able to blend tradition and innovation to keep every single model alive till today. The same approach has been applied on the technology and manufacturing side. Since ever, and even now and in the future, we have been very careful to identify what are the core components of the car that we need to develop and produce internally. This is extremely important because it gives us the possibility to develop a competitive advantage, but at the same time, to be able to grant the availability of the main components in the future. This is becoming extremely important, even more than in the past, because we are entering a new era of technology. As already mentioned in the previous Capital Markets Day, we work to identify the new components that we consider relevant for our future. Electric engine, e-axle, and high-voltage batteries are some of the key components we decided to develop and manufacture internally in order to make sure to create a strategic advantage for our product, but most of all, to ensure our clients that every single component will be available in the future. Every single component will be available in the future. This is extremely important to reassure our clients. Despite the introduction of a new technology, we'll be able to grant them the pleasure to drive their Ferrari also in the years to come without any concern, knowing that every single component inside their car will be replaced by a new one manufactured by us. To underline this commitment, in addition to the normal warranty, we have developed a strong set of additional warranty programs, the extended hybrid warranty, the power warranty, that basically ensures the availability of every single component in the future, giving our clients the possibility to achieve what we call peace of mind when you purchase, own, and drive a Ferrari. Last but not least, it is important to talk about people and how we make sure this uniqueness is well managed and maintained in the future. To nurture our Ferrari culture and people quality, we put in place a strict process of assessment in the recruitment. We are probably one of the few players that make sure that every single person working with us directly or through our network is directly assessed in terms of competence and capabilities to ensure the right messages and service for our clients. A strong training commitment is requested. We have been mentioning that since the very beginning, our founder was considering training a key factor. Our Chairman mentioned it. Now, we made sure that this is going to be deployed also to our employees. We created a long list of courses in after-sales, sales, marketing, communication that are developed and delivered through an internal academy that continuously develops tailored courses for our people. About 50 tailored courses are offered on different topics, which translate in an average of 9,000 people trained in the classroom and 40,000 online courses delivered. Quite impressive for a small company like Ferrari. Finally, we make sure that we have strict rules to assess the performance of our team through activities that allow us to measure how much we are achieving our overall objective to be unique. Yes, training, but checking point. Now, let's move to the second chapter and let's talk about our clients. You know how important our clients are. Here we have some specificity. The uniqueness is the key word. As every single person, when buying a Ferrari, we believe it becomes a member of the Ferrari family, which triggers the need for a personalized and tailored offer. Client segmentation and specificity, product strategy, product offer, emotion delivered, and personalization offer are all key components of this strategy. In the last year, we have been able to further expand the family of Ferraristi. You always ask us, "What happened in terms of recruiting new Ferrari clients?" Today, we have around 90,000 active clients, which means clients that bought a car in the last five years, meaning + 20% versus 2022, which is a relevant number. New to the brand clients acquired since 2022 were over 32,000. We are not just expanding the family, which is very important. We are also expanding the garage of our collectors. The number of cars in their garage in only a few years increased by more or less 20%. Out of our top collectors, 45% are new, which means that we have been able to rejuvenate and bring on board new people that like to collect our cars. All these new clients allowed us to enlarge the Ferrari family, but also gave us the possibility to maintain the average age of our clients stable. The uniqueness of the Ferrari business model is even more evident when we look at the age distribution of our clients. This is what this chart is showing, which is extremely important in our commercial strategy. Why? Because we are not targeting only a specific client target in terms of age. Each client is unique, and we like to talk to clients across all generations. On one extreme, the Ferraristi of the future, the future Ferrari collectors. On the other extreme, people with time and resources to enjoy the pleasure of driving a Ferrari and joining the Ferrari family. All this has been achieved thanks to the success of our product strategy. Here again, I'd like to mention the word consistency, and also Benedetto mentioned this before. Our product strategy hasn't changed in the last years. You may remember we used a similar chart back in 2022, which represents our aim to create different Ferrari for different Ferraristi and different Ferrari for different moments. What does it mean? It's simple. It means that on one side, we develop products that are targeting new-to-Ferrari potential clients, different Ferrari for different Ferraristi. On the other hand, once they get on board and once they own and drive a Ferrari, there is no reason why they shouldn't own more than one in order to have the possibility to use the car that is perfectly fitting with the specific need of the specific moment, hence becoming collectors. This approach is creating a product range allowing us to attract different client profiles. That's very important if we want to be successful. The chart is clearly representing this concept. On the left side, there is what we call the sports car driver. Every single Ferrari is a true sports car, but the offer on the left is targeting clients looking for performance, Ferrari, but also comfort on board, the Amalfi. On the extreme right, we have the so-called pilot models, which means that our aim for clients that are not compromising on performance and that are looking for the most extreme technology. We just launched the Testarossa. Now, we are happy to say that very soon, we'll also have a new model enriching our product offering, the new Ferrari Elettrica. We believe that an electric vehicle will be the ideal addition for the specification we had in mind in terms of driving thrills, experience on board, and usability. It will allow us to attract and satisfy a different client profile. Benedetto was clear in saying that. We have people willing to enter the Ferrari family thanks to the electrification journey. You will know more in the future, and after the presentation of yesterday, also Ernesto will deep dive in this incredible technology we developed for the new Elettrica Ferrari. The end results of this incredible journey are that our team has created probably the most incredible and complete product lineup ever of the company. Look at this. All these models and the constant add-on to our portfolio are allowing us to attract and satisfy new and different client segments while maintaining the exclusivity per model. All these new products are designed with a clear objective in mind, which is to create unique emotion for our clients. This chart is very important because it shows you how we develop a new model. When we start developing a new model, we always start looking at the five technology foundations: powertrain, aerodynamics, vehicle dynamics, architecture, and human interface. Later on, you will hear more about that. All these elements allow us to define the main characteristics of the car that are then design, performance, and driving thrills, which represent the three pillars of our competitive advantage. Our job when developing a new car is not finished yet, as we need to find the perfect combination, delivering what we call the Ferrari emotion. You keep talking about Ferrari emotion. Now, the Ferrari emotion is something that our engineers are able to measure with clear KPIs. When we sit and we discuss, they come with clear demonstration of the level of driving thrills delivered by a car. I prefer to say that the Ferrari emotions are something that we can simply measure looking at the smile of our clients when they sit and drive one of our models. It's very simple. You see the pleasure in their face. The uniqueness comes also through the opportunities we offer our clients to personalize their car. It's a very important piece of our commercial strategy. We like to say that there is no one single client car equal to another in the market. 100% are different. Every single model delivered goes through a structured and complete program of personalization that goes up to the tailor-made or even to the one-off in order to make sure that every single car entering the market is designed by the client who creates a unique piece of collectible for his garage. Now, let's come to the third chapter, which are the experiences. This, again, is a very important piece of our commercial strategy, because when you own a Ferrari, it's very important to make sure you have the opportunity to enjoy it and enjoy the fact that you are part of a community, the community of Ferraristi, which means to be part of a passionate group of people, and even more important, to have the possibility to enjoy your car with people with your passion. That's why when we talk about experiences, we have been very focused in creating a long list of opportunities that go from activities on track to satisfy clients that want to have the thrill of driving and reaching the peak of performance in a safe environment like the track. Brand activities, which are opportunities for our clients to stay together, to share the passion, either to a lifestyle presentation or to a race or to a presentation of a new product. Of course, all the activities in order to give them the possibility to drive their car on the road and to share the passion with other Ferraristi. Now, it's difficult to explain all this. Maybe the best way is to show together a short video. I have to say we are privileged to have the possibility to work on this incredible event and most of all, to have the possibility to share this incredible moment with our client. Now, making another step in the experience side, any family requires a home. That's why we have been very careful in working together with our partners on our network coverage. Here we took a few but very important actions. Number one, we don't want to be everywhere. We want to make sure that if you decide to enter the Ferrari family, you can have the best possible experience. That's why we have been very selective in identifying where to open a sales showroom. Indeed, in the past four years, we opened only 13 showrooms despite our growth. On the other side, when you own a Ferrari, you want to have the best possible service. You don't want to drive three hours to get to the closest service. We have been working with our partner to increase the service coverage and proximity. Every single activity which is happening in our network is highly personalized. Coming back to the point of Benedetto, something we have been putting a lot of attention to, also following the desire of our clients that are still asking for, is to work on the decarbonization of our network. It's still true. We established a Green Dealer Award that is awarding the dealer that has been achieving the best results in terms of the decarbonization journey, which is still something we are working a lot. A critical point then is to offer an outstanding welcome when you enter a Ferrari facility. We don't want our clients to enter a normal sales showroom. Here we have been working extensively on a new corporate identity whose first execution was already presented in Via Pinciana in Rome. As you can see from the picture, the main objective was to put the client at the center, which means that our showroom is not only a place where you go and purchase a car. Of course, it's also a place for that, but it's mainly a place where you can feel at home, sharing the passion together with other Ferraristi, getting the possibility to reach exclusive destinations and where the digital experience enriches the physical one, doesn't substitute. The physical touch and the physical presence remain extremely important for us. To tell you more about it, again, let's see another video. A new home for uniqueness. Needless to say that the first reaction from our clients has been extremely positive. We already talked about personalization, but we also plan to leverage on the constantly growing requests of our clients so that our focus will go also in creating places directly managed by Ferrari that allow our clients to live the experience of designing the car of their desire. That's why, together with Maranello, New York, and Shanghai, which will be completely renovated, we are already working to expand our tailor-made centers to get closer to our clients, working on the opening of Tokyo and Los Angeles in order to better serve the clients living far away from the already existing one. So far, I tried to summarize some of the key activities of focus for us, what's next in terms of product launches? As you see from the chart, in the next business plan, we will have the confirmation of the speed of innovation that we've been following so far, with around four launches per year to capture the opportunity to target new segments and/or new clients' needs. We believe, as Benedetto said, in an horizontal product diversification strategy, and this is going to be also in the future, our direction. As you heard already us repeating several times, among our future lineup, a special place is taken by our new Ferrari Elettrica, which is going to be the main add-on to our product range, allowing us again, I repeat it, to reach and target new clients particularly interested in this technology. Yesterday, we presented the main technical elements of this new model. Here, you can read the product manifesto. I would just highlight a few words which are underlining the core elements of the new Ferrari: Reframe, Reimagine, Reinvent. The Ferrari Elettrica is a completely new breed! Thank you very much for your attention. Now, I leave the floor to Ernesto. Grazie. Grazie. Thank you, Enrico, and good morning to everyone. Let me start with a sentence that I believe perfectly captures our approach in Ferrari. As part of the Research & Development team, it is our duty to dream about the future, to envision new technologies that could enhance performance and driving thrills of our car. At the same time, we must remember to keep all four wheels on the ground, ensuring that what we see and imagine for the future becomes our present through a continuous and scientific learning process. As Enrico already said, we start from our diversified client base and their needs. All our models are designed, engineered to satisfy different client needs in a unique way. For this reason, we believe that agility and technology neutrality are two fundamental factors. We offer and we will continue to offer our clients cars with different powertrains and unique positioning, with the addition of the Ferrari Elettrica. Here in the slide, you can see where we are positioning the Ferrari Elettrica, which is the result of a deep research about a new sports car concept. The Ferrari Elettrica enlarged our range model in terms of driving thrills, experience on board, and usability to create a unique driving experience. Three different powertrains: IC, hybrid, and electric, each one able to provide unique emotion to our clients. How do we achieve this? As you can see on the slide, focusing on three different pillars. The agility and the technology neutrality give us the opportunity to mix different features as we like and in such a different way to deliver specific driving thrills and unique cars. Three of the most crucial features are powertrain, body style, and body frame. Regarding the powertrain, clients find and will find thermal, hybrid, and electric in our offering. On the thermal side, we continue to develop our V6, V8, and V12 engines with the goal to continuously improve their performance and efficiency, and at the same time, being compliant with the new worldwide regulations. On the electric side, we have a clear electrification roadmap for the engine, for the inverter, and the battery. From the merge of the best thermal and electric technologies, we have our future generation of hybrids. The key components of thermal, electric, and hybrid powertrains are handcrafted in-house. Moving now to the second feature, the body style. We started from the coupe and the spider, and we expanded our offering. We introduced the Purosangue to provide our clients more room for comfort on board. We plan to keep these three body styles in our product portfolio also in our future. Last but not least, the body frame, where the search for new materials, such as aluminum and carbon fiber, is instrumental to increase the performance and reduce the weight. After our unique product development strategy, I will address the two most important pillars. As a first step, I will show you why the racing activities are so important to us, as the what kind of technologies we can derive from them. I will then move to how we innovate, and in conclusion, I will tell you what we plan for the future. Let's start from the technology transfer from the racing activities. Racing is part of our DNA. As you can see, for racing means Formula One, World Endurance Championship, and Hypersail, our new sailing adventure. Formula One and WEC are our advanced laboratories, from which we can derive new technical solutions and innovative materials. We go a step further because we transfer this technology on the sports car, maintaining the extreme racing performance. From Formula One, we derive solutions to develop the best thermal engine, as the V6, the electric engine. The high voltage battery used in the F80, and the main components of the power electronics. From endurance, we derive technologies such as the aerodynamics of the F80, the braking system, and the carbon fiber chassis, which is the lightest in the world. To this world, we have recently added the Hyper sail, our new adventure in racing over the seas. Here, the know-how flows both ways, as it is not restricted by racing regulation. This gives us the opportunity to read the technical solution in a different way, leveraging on the creativity of our engineers. Very, very soon, you will see in our sports car innovation coming from Hypersai l. The internal combustion engine has always been part of our DNA. We will continue to offer thermal engines in our product portfolio and bring innovation on V6, V8, V12 engines by keeping on increasing the specific power. Racing plays a crucial role in our innovation activities. We will also invest to make our thermal engines compliant with future regulation. In addition to that, we will make sure our engines perform with alternative fuel, such as e-fuel, being ready if or when this technology should spread on a global scale. Let's move to electrification and tell you in detail the progress made so far and the key feature of our technology. Our electrification path started in 2009 in Formula One, while our first hybrid sports car was the Ferrari, launched in 2013. At the beginning, we co-designed with our industrial partner the electric engine, the electric components, and the battery, with the goal to study the technology and to acquire know-how as much as possible. The F80 represents an important milestone, a key milestone for us. The electric engine, the power electronic, and the high voltage battery are designed, engineered, and crafted for the first time internally in Ferrari, here in the building where we are today. As we do for the internal combustion, also for the electric technology, we remain consistent with the strategy of designing, developing, and crafting our core and strategic components internally. Cells are the only component not crafted internally. However, even if we purchase them externally, we have developed a deep expertise to select the best technology available. For this reason, in April 2024, we created a research center in collaboration with the Bologna University and NXP, with the aim of gaining more expertise on the cell technology. Let me be clear on this point, very, very clear. We do not plan to start manufacturing cells ourselves. However, we believe it is important to get enough know-how to talk the same language as our industrial partners to develop together the best technology possible. Let me now better explain our distinctive technology of the Ferrari Elettrica. I will focus on five elements: the chassis, the axle, the inverter, the high voltage battery, and the active suspension. First, the chassis. The battery system is fully integrated into the chassis to reduce the weight and moment of inertia, keep the battery as low as possible while adding structural rigidity. Second, the electric axle, which is composed of the electric engine plus the mechanical transmission. Those are designed to maximize power density and efficiency. The design of the electric engine was inspired by motorsport to maximize torque and reduce weight. We then industrialize it without compromising on performance. Third, the inverter is designed in-house and integrated into the axle with the goal to be compact and light. We use the most advanced semiconductor technology existing today on the market, such as the silicon carbide for better performance. Fourth, the high voltage battery pack that was designed to have the best energy density and the minimum weight. The integrated cooling system keeps the cell temperature uniform and ensures consistent performance. It is also designed with clients in mind, so it can be updated and replaced to ensure, as Enrico already said, that the Ferrari will be forever. Lastly, the third generation of active suspension, which controls the vertical force on each wheel in real time, improving ride, comfort, stability, and cornering performance. The next chapter is about innovation. Innovation is key to redefine the limit of possible, always keeping in mind our client's needs. Today, to conceive and to develop a sports car, a multidisciplinary know-how is needed. For this reason, innovation is focusing not only on mechanical, but also on software, electronics, chemistry, and much, much more. Due to that, over the past few years, we have reinforced our open innovation approach, both to internal activities and external cooperation. As a result of this, internally, we have filed five more patents, while externally, we have doubled the number of active projects with the university and expanded the collaboration with suppliers, startups, and research centers, working more and more on a global scale. Let's dive into how we created added value for our clients with controlled investments. In two words, in two simple words, technology epiphany. We do not always have to start from scratch to develop new technologies. We could use available technology, also not related to cars, in a different way, looking for further application beyond the first natural use. In fact, it is possible to bring technology born from not automatic application into a car, as I explained before, with Hyper sail. Another possible way is to work on the software, to make the hardware operate differently compared to the reason why it was initially designed. An example, let's have a look at the Ferrari active suspension we discussed back in 2022. We used the active suspension technology on the Purosangue with the aim to make the vehicle agile in every conditioning, lowering the center of gravity and improving the driving trace. Later, the same technology was used in our supercar, the F80, and by modifying the software, we made the second generation of active suspension part of the aerodynamics. Instead of lowering the center of gravity, the suspension system modulates the distance from the ground and improves the downforce when needed. What about the next application? As I said before, we have already created the third generation of active suspension technology used in the Ferrari Elettrica. In the car, there are four types of software, but for us, not all of them are equally strategic. The three softwares at the bottom of the slide are not a focus for us. We could either decide not to develop the future, as in the case of autonomous driving, or we could co-develop them with our industrial partners, as in the case of infotainment software. This approach will allow us to focus our investment. For the vehicle dynamics software, which plays a crucial role in the driving trace, we will continue to develop it internally, as it brings added value to the client. We leverage here over 75 years of expertise, and it is really a unique asset of Ferrari. We combine the deep technical know-how of our engineers with the experience of our test driver. What are the innovations in vehicle dynamics we are bringing with the Ferrari Elettrica? First of all, we have developed a new electronic vehicle dynamics control called the Full Active Corner, where every wheel is independent, is driven, steers, and has an active suspension. With all these systems integrated and connected in real time, the result is a unique car, agile in turn, stable exiting on the corner, and giving an unbelievable sensation of guidance and precision. We are introducing two manettinos on the steering wheel to create a tailored driving experience for our client. An e-manettino offers three electric drive modes: range, tour, and performance, which set the maximum power available. Another manettino controls the vehicle dynamics. The result is that you can choose from driving a silent and comfortable Ferrari or an extreme one. The sound of Ferrari Elettrica is real, is very, very real. It is picked up from the mechanical and electromechanical components of the powertrain by a precision sensor. This authentic singer is transmitted for two different reasons: when it is functional to provide the feedback to the driver or to increase the sense of dynamic performance. The Ferrari Elettrica, we have also pedals that will not change gears, but will control the level of torque and power, which gives a thrilling sensation of progressive acceleration and the familiar feeling of engine braking with the downshift function. I tried it several times, and trust me, it's really, really unbelievable. We are also working on the next generation of human interface, as Enrico said before, together with our industrial partners. When it comes to innovation, the goal is to provide our clients the best experience on board. For this reason, we are adopting a phygital approach for the user interface. This blend of digital and physical will combine functionality and beauty. In the past, we have introduced touch sensors on our steering wheel. However, based on the feedback of our clients, we understood that this technology did not provide them a real added value, and then we decided to come back to a physical one. All our new cars in production have a physical button steering wheel, an option we also make available to clients of past models. We have already said that we do not plan to develop the human interface software in-house, so this will mainly be provided externally, but we are defining features and architecture internally. A simple, modern, and intuitive human interface requires powerful hardware, and we make sure to source the latest and most performing technology available on the market. Before I tell you what we plan for our future, I want to talk about the carbon emission project we have been working on. Reducing CO2 emissions is a priority for Ferrari, and when it comes to scope three, one of our most relevant projects is to use recycled aluminum for certain parts of the engine and chassis. The first Ferrari sports car with chassis fully in aluminum was in 1999, the 360 Modena. Since then, we upgraded the alloy, and today we are making another step forward by using more and more recycled. This will allow us to reduce the CO2 emissions by at least 75% compared to using virgin aluminum, and it will contribute to reduce by around 6% the overall scope three emissions in 2030 compared to 2024. What about the future? When it comes to the future, we are working on the next generation of sports cars on five fronts. On thermal propulsion, with the F80, we reached a new peak of specific power, but this is not the end. We want to improve more and more using racing technology, new material, and innovative engine architecture. On electrification, our ambition is to constantly improve all performance related to electric powertrains. We are leveraging on Formula One, exploring new architectures, looking for new technologies. On vehicle dynamics, the introduction of bi-wire technology in combination with digital twin will allow us to conceive innovative functions. On the experience on board, our focus is on a phygital approach and the beauty of the interior to make the human interface even more intuitive for our clients. We are asking for materials, which are important for three different reasons: sustainability, weight, and performance. For example, cooling that can benefit a lot from metal materials. Looking beyond the plan of the next decade, there are some disruptive and very exciting projects. I'll give you just a couple of examples. The use of superconductors, such as in the electric engine. On the aerodynamic side, we anticipate an evolution from 3D to 4D, with surfaces that can transform themselves in real time to optimize aerodynamic performance under different conditions. It is an innovation stream started in 1961, when Ferrari was the first to use a tail spoiler in a racing car. All these functions will be developed and used to maximize the Ferrari emotion. Thank you very much for the attention. I will now leave the stage to Carla, who will show you how we have innovated the Ferrari product under a different light. Grazie. Good morning, everyone. It's a real pleasure to meet you all. We are now going to talk about lifestyle, and specifically we're going to see what are the choices we made, what is the ambition for the future, and most importantly, the journey, the evolution of the journey. The choice of the lifestyle is not casual. As you can see on the back of my screen, this is actually encapsulated what the brand is all about. In fact, this is what the Ferrari universe is all about. From the very beginning, in fact, it was absolutely necessary to start from the brand. Powerful, unique, with its unique duality. On one side, as Benedetto was saying, inspiring the dream of many, with its racing DNA, it is fulfilling the passion of many tifosi. On the other side, fueling the dream of very few with its sports car business. Sports cars, at the end of the day, give us a much driving thrill combined with a unique design, and these make our sports car an undisputable object of desire. A desire that provokes emotion, evokes emotion, the emotion that Enrico was talking about before, but emotions that are intrinsically linked to the values of the brand. In fact, at Ferrari, we sell so much more than cars. We sell a way of life. Arguably, no other brands have built such a strong legacy, and the personality or icons, the few ones we picked, you see on my back, are genuine ambassadors of the brand. Making and making they made, and they continue to make Ferrari a brand that is about culture. This has always translated into a widespread desire of Ferrariness, which we only marginally fueled over the years, offering something which was more suited for our tifosi. This is where the lifestyle role comes into play. Let's start. We honed over the past few years into our lifestyle mission, and we've actually been very deliberate in what we wanted to accomplish. Three choices. Number one, brand enrichment. We exist to fuel the evocative power of the brand, enhancing its cultural relevance and its creative excellence. Number two, it's about experience enrichment. We obviously aim to leave memories to our clients, reinforcing that sense of belonging to the Ferrari community, a sense of belonging which is so important for any brand these days. Last, we are about growing our community, acquiring new customers while pampering existing ones by simply giving us access to different facets of the brand. With this in mind, lifestyle strategy can be summarized as follows. The why is actually quite straightforward. Linked to the mission, we have untapped opportunity to expand the brand while preserving our DNA. More importantly, we can leverage our unique assets, our community, and the multiple touch points where we meet them. Think about Grand Prix, think about Cavalcade. These are unique occasions for us to actually fulfill that desire of Ferrariness I was mentioning before and reinforce a sense of belonging. The what? It's simply a differentiated expression of our brand. I'll get into this in more detail in a second. The who is an incredibly captive audience. These are real Ferrari lovers. These are our Ferraristi and our tifosi. Last but not least, the how. The how we are into deliberate journeying to brand, product, and experience elevation and uniqueness. No matter what is the price point and no matter what is the category we are talking about, this is a mindset. All of this, it is not an opportunistic exercise. This is rather a long-term choice that the company has taken. Let's go a bit more into detail on the whats. We have three pillars: personal luxury goods, which encompass our own collection, apparel, and accessories, and also some strategic partnerships with selected licensors: watches, glasses, games. We also have the collectible pillar, bringing to life our racing legacy and our sports car craftsmanship, where an iconic engine, one-off artifact, or component gets a meaning, becomes an exclusive object to collect. Last, we have our experience. Our museum in Maranello and in Modena, as well as our theme park in Abu Dhabi and Barcelona, are attracting millions of visitors over the years. 2024 was a record year, and in 2025, we are on track to beat it. We are competing with Uffizi and Colosseum, being one of the top 10 most visited museums in the world. This is what the power of a brand is about and its duality. Let's go now into the who and the how. This is actually probably an important message important to get. We have a customized approach for our audience, customized approach for our audience, unified by one creative creation. The who, as I was mentioning before, is actually made of real brand lovers. This is clearly a big competitive advantage we have, and we go from 180,000 Ferraristi to over 400 million tifosi. Both segments are important, and both segments are unified by one thing: the incredible passion and affinity they have for the brand. Naturally, Ferraristi will gravitate towards exclusiveness, while tifosi obviously are more inclusive. With such a broad and diverse audience, it was critically important to understand what we were going to offer them, how our architecture would be structured. We put quite some time to get clear on that, and the approach is actually what we call a tiered approach. What we are doing, we are consciously designing against their needs to nourish brand elevation on one side and uniqueness on the other. Moving from an exclusive world of high quality and manufacturer excellence, that Ferrari is always represented with our tailor-made atelier, to a more inclusive approach with our fun offer. Obviously, this is not a static picture. In fact, our customers will move up and down, exclusive or inclusive, depending on what is the needs, what is the occasion, and ultimately what is their purchasing power, obviously. If we go a bit more into the detail on what tailor-made is, this is the pinnacle of our offer. This is for our most discerning Ferrari customer. This is where you find one of a kind, made to order, limited edition. This is where our craftsmanship is glorified. In here, you have our Maranello clutch, our Nello the Toolbox, our handmade patterns, all requiring superior quality and special care. We are going to style collection. Style collection is where Ferrari aesthetics and codes merge with artisan values. This is where you find the central shape of our car. This is where you find sculptural volume. This is where you find a choice of strong chromatic colors and incredible material development. This is where you find our iconic leather bomber, our reinvented jumper, our bags, small leather goods, all for a lifestyle in motion. There is a data point which I want to share with you. In 2023, when I arrived, the number one category we would sell was caps. The number two category was t-shirt. The number three category was jumper. Here today, our number one category is bag. Our number two and three categories are outerwear and jumper. I say this with no arrogance whatsoever because I know exactly that it will take time and effort. It just means that we are on the right track to progress towards that brand elevation I was mentioning before. Brand elevation, as I said before, is not just about price point. We also look with very important care. Our Creative Director looked at it very, very carefully. We look at our fan offer. Our fan offer is obviously for our racing community. This is the most accessible assortment. Still, there is some insight that I want to share with you. Number one, every single fan wants to go back at home with memories. The more distinctive we are, the more unique we are in our offer for that specific occasion, the happier we'll be. We started creating some limited editions. Whether this is a different color, different graphic, or simply different fit, these are incredibly sought-after items. This is an environment very interesting for us because today there is an incredible contamination between fashion and sport, and this is definitely something we're going to develop further in the future as we move forward. If we look at the tiered approach, the tiered approach is also relevant for all categories we talk about. Here you can see our collectible. From the left, we have the most iconic piece, the engine, to the most accessible reproduction in scale of our cars. Same approach. This is just to give us some coherency and some consistency versus what we are trying to do. After having gone through, let's say, key strategic choices on the who, what, and how, we wanted to share with you the journey. How did we get here? What choices did we make? The first one is about focus. We drastically reduced our licensing agreement, terminating approximately half of them versus 2019, when the product offer and distribution were not in line with the position of the brand. A similar exercise was done with our network, closing all concepts and locations that were not appropriate. The second choice was about driving made-in-Ferrari culture. This is actually pretty important, where you don't produce yourself. Driving a made-in-Ferrari culture, where made-in-Ferrari means excellence, was absolutely critical. Of course, we did it first and foremost by creating an in-house team, very lean, but very talented, an in-house team that makes this all possible, and by giving ourselves some criteria. Push creativity, ensure coherence, and most importantly, governance. Governance from A to Z, from the time there is a drawing to the time these things arrive on shelves. That was critically important for us. Obviously, without the right people, all I'm saying will just remain words on paper. The last piece was brand elevation. Brand elevation at all costs, no compromise, no matter what we're talking about, product, offer, channel. With all of this, I'm now going to share with you in a very simplistic way, and forgive me because we have the time we have, a few pictures to show where we were and where we are. If we look at the product offer, we look at material, we look at design, we look at look and feel, we look at distribution, we look at everything, and we move from here to here. I'm sure there is much more we can do. The same was done with our stores, where obviously it was important to gather the right client in the right environment, sending the right message. Our collectible, we gave them back some dignity. These are pieces of history. These are pieces of legacy, and they need to be glorified. Last but not least, our most ambitious endeavors from our first show in Maranello only four years ago, in June 2021, to the latest one. Here, I have to say, and again, with humility, the recognition that we are getting from external, it's quite positive. It means that we are making progress, collection after collection, year after year. With all of this, I just want to say that I hope you see a relentless effort towards three things across all axes: effort towards elevation, effort to go towards coherence, and obviously, uniquely Ferrari. We also made some effort, put some effort to drive quality and innovation. Drive quality and innovation in our material. Here you have just a few examples. Our Q-CYCLE certified fabric. This is directly tied to the automotive world. This revolutionary recycling technology basically transforms end-of-life tires into fiber, applicable to different categories of textile. Leather, our leather, our material. We are experimenting in all ways with patent leather bodywork, rubberized effect, etc., etc., etc. Last, our iconic Maranello clutch. Probably the most representative example in how we can drive made-in-Ferrari synergy, inspired by the Daytona SP3. Each single piece is entirely made in Maranello. I'm going to show you a video that explains this so much better. We're We're almost at the end of it, I promise. Before concluding, I wanted to give you a sense of why we are encouraged by the results, and they are consistent with the progress we observed. Our offer actually resonates quite well with our Ferraristi. Over 50% of our sales are made by our Ferraristi. We are attracting new to the Ferrari world. Over 80% of our clients are new, implying that there is some interest to see and buy some different assets, some different facets of the brand. Last, which is the most interesting piece as well, is over 35% of our clients are women, aged 30, 40, and they tend to buy more than one piece, women, the whole look. Lastly, I think it's important to recognize that we are getting clearer and clearer on how to segment our tifosi, because when we talk about 400 million people, as you can imagine, there is a universe. What is evident is that there are tifosi which are incredibly interested in what the pilotti wear. Great. We are going to do what we are going to do, and we'll get it better and more unique and better quality. There is also another part of our tifosi which are more interested in the most refined items. We're raising DNA. We launched the Charles Leclerc capsule in May 2025 in Monte Carlo, and it was a proof that actually both for men and women, there is an interest in that market, in that refinement for very sporty items, just a little bit less literal. We're going to obviously look into this, and next time we'll give you an update. Before I conclude, I'm going to summarize what's next. What are we going to do next? Our number one priority is to continue to nourish our customers, which means focus first on our Ferraristi through top-of-the-line pyramid offer and immersive experience, memory experience, leaving them a memory, reinforcing that sense of belonging that Enrico was talking about before. Our number two priority is to fuel the passion of our tifosi. Here are two words: uniqueness and coolness. Our number three priority is build, scale, at the right pace. This is actually quite an important point because we're going to have, in the next few years, a right mix between temporary activation, pop-up, and so on, and permanent expansion. 2026 is going to be an important year for us because we're going to open two beautiful stores, one in London, Bond Street, and another one in New York. This is not a number game. We are going to expand only when it's right for Ferrari, both from an image point of view as well as from a financial point of view. The third thing is we're going to manage our portfolio. Our portfolio is actually one of the key differentiating factors. We're going to manage it strategically by nourishing and strengthening strategic partnerships where we don't have capability, or better said, to complement our capability. I'm talking watches, I'm talking glasses, I'm talking games. Lastly, we're going to nourish brand narratives with immersive and memorable experiences in any interaction, really, whether it's a fashion show or a tour in our museum. In conclusion, I hope you got a sense of the uniqueness of our journey towards brand elevation and customization, and also the consistency of the progress we made with the customer at the center of everything we do. This is a long-term journey, obviously. We have the ambition to grow at the right pace and to deliver operating margins in line with the rest of the company. Vi ringrazio per l'attenzione. Thank you very much, and I now leave the floor to Antonio. Grazie, Carla. Buongiorno e benvenuti a Maranello anche da parte mia. My role is to translate into numbers the ambitions outlined so far by my colleagues. Let me start with this sentence. No matter how many finish lines we cross, Ferrari is never finished. We have found it appropriate because for us, the finish lines are not just the checkered flags on a race track, but also the track record of our financial results that we have the ambition to keep on improving year after year. Because at Ferrari, each achievement is not an end point, but a new starting line in everything we do. Before looking at our future, let's take a step back and review our achievements of the past 10 years, 10 years since our IPO of 2015. Here you see a few key numbers that well illustrate the uniqueness of our business model, also from a financial standpoint. Strict control of production and deliveries to our clients, revenues growing faster than deliveries, and profitability growing faster than revenues, with a solid cash conversion continuously improving our free cash flow. Such performance allowed us to reinvest in our future with appropriate capital expenditures, as recalled by John, and concurrently to increase over time shareholders' rewards up to a total of EUR 4.7 billion, almost equally split between dividends and share repurchases. The strength of this track record and the solidity of our current demand, with an order book which enters 2027, represent very strong foundations for our future and a much higher starting point for this new business plan compared to the past. Let me start from the near term with this chart. We revise upward the 2025 guidance on the back of the solid business performance and reflecting the improved contribution of sports cars' revenues, including personalizations, and a lighter than expected cost base, despite a greater headwind from foreign exchange rates and increased U.S. tariffs. In this respect, the official confirmation that U.S. import duties on European cars and parts are set at 15% from the 1st of August removes an important element of uncertainty. Our new 2025 guidance actually surpasses one year in advance the profitability targets we had originally set for 2026 in the previous business plan and speaks well for the speed of achievement of the Industrial Free Cash Flow Objective 2. The decision to complete the current share repurchase program within the end of this year, once again one year earlier, also reflects such progress. As already introduced by Benedetto, from 2026 onward, our business plan has been deliberately designed consistent with our scarcity model by encompassing exclusivity in both deliveries and client experiences, protecting and possibly expanding our gross margin through a wise management of both product mix and pricing as a function of the emotional and technological content of our products, focusing investments on product development and manufacturing agility to adapt to the evolving macro context. Clearly, we also continue to carefully look at experiential and geographical opportunities whose benefits would be more visible beyond this planned period. Let's go. As described by Enrico, we have an exciting product pipeline ahead of us. This allows us to cover different client needs and profiles while also nurturing our existing collectors. To preserve exclusivity per model through our four product pillars, volume growth has been designed to remain very limited throughout the planned period. On an accumulated basis, we expect to maintain Icona and Supercar well below 5%, Special Series at around 10%, and Range models above 85%. Being a Range model, as we have learned from Enrico and Ernesto, deliveries of the Ferrari Elettrica in the next five years will represent a limited portion of this 85% that we have deliberately planned in line with its positioning. In addition, we target a well-balanced development of our offering over time. This means that every year we aim to offer our clients the widest choice with the most suitable powertrain for the different model mission and positioning. As usual, the real challenge is to design a product portfolio evolution for a smooth and linear development of our profitability, despite the natural cadence of model launches and phase-outs. Across the business plan, we also assume substantially unchanged allocations by geography, with the NIEAs and Americas over 70%, the rest of EPAC close to 20%, and the overall weight of mainland China, Hong Kong, and Taiwan below 10%. As already anticipated, we also continue to work on emerging opportunities for the longer term in geographies where today we are less present. Moving to our net revenues bridge, you see that once again, the bulk of our growth in the next five years is driven by sports car revenues, also sustained by the visibility granted by our order book. More precisely, we target sports cars, including cars, spare parts, and car-related activities, to generate approximately EUR 2 billion revenues over the planned period, driven by the enrichment of the product mix, along with the contribution of personalizations. In this business plan, revenues from personalizations are expected to grow in absolute terms and are projected to represent approximately 19% of total revenues from cars and spare parts. This percentage also reflects the richer product mix, which increases total revenues and therefore dilutes the personalization share in percentage terms compared to the current 20%. Racing and lifestyle revenues are also projected to positively contribute to our group's performance. In racing, the assumption is always to win, which supports both commercial and sponsorship revenues. In lifestyle, we expect to elevate the offering while continuing to expand it, as explained by Carla. All in all, we target to achieve total group net revenues of approximately EUR 9 billion in 2030, with a compounded annual growth rate in the region of 5%. Such objective is based on the current regulatory framework, including import duties, and the assumption of an exchange rate of the U.S. dollar floating around the current levels against the euro, which implies an increasing headwind over time as the edges currently in place will gradually fade away. Based on this, we aim to reach an EBIT of at least EUR 2.75 billion in 2030, with the key drivers being the strong product mix, including limited editions models, the enrichment of product range, as well as personalizations. Such increase in profitability is related to the positioning of our products, regardless of their powertrain. Volumes, as mentioned before, are intentionally designed to have a very limited contribution. Industrial costs and R&D will grow, mainly reflecting the increase in DNA linked to product and infrastructure developed, racing activities, and other industrial costs. In this number, we are factoring in the expected increase in Formula One racing expenses dictated by the F1 financial regulations. As a result, we project expense to R&D to trend downward to 7% of revenues over the planned period. As DNA will also grow, reflecting our communication and marketing plans for sports car lifestyle and racing, including model launches and a wide range of client and partner engagement initiatives, as well as the overall organization and the development of our company. As DNA will therefore remain in the region of 9% of our yearly revenues. The contribution from others, mainly racing and lifestyle, is expected to be positive throughout the plan. However, this benefit is assumed to be largely offset by our foreign exchange rate assumptions. As a result of the above, we aim to strengthen our profitability metrics over the plan, with EBIT and EBITDA in 2030 growing approximately 1.5 x compared to our baseline of 2024. We target to consolidate our percentage margins in 2030, of at least 30% for the EBIT margin and 40% for the EBITDA margin. Innovation is and will always be our priority. Cumulated capital expenditures over the planned period will amount to a total of EUR 4.7 billion, covering everything that makes us unique. Approximately 80% of our investments will be focused on broadening and innovating the product range, and the remaining 20% will be devoted to the infrastructural development of Ferrari in its wider meaning, with the main projects being the completion of the new paint shop, as well as the renovation and upgrade of key strategic facilities. Let me remind you once again that in Ferrari, capital expenditures are not aimed at pursuing economies of scale, nor standardized solutions. We invest in product differentiation through advanced technology and design in very limited volume to continuously enhance the distinctive Ferrari emotions. Our product CapEx will be allocated to the continuous development of ICE, hybrid, and electric models in alignment with our technology neutrality strategy. We are not investing only in the product pipeline that we will see the light during the current business plan. As always, more is yet to come, and as you can see, about 40% of the product CapEx that we are deploying today is devoted to the next generation of sports cars and will generate revenues after 2030. During the current plan, we project the incidence of total capital expenditure over revenues to decrease and stay below 12% on a yearly basis, hence lowering the capital intensity of our business. The ratio of CapEx to DNA is set to stabilize slightly above one to one on average through the business plan. We target a cumulated industrial free cash flow of approximately EUR 8 billion over the planned period. That is what we have generated in 10 years since our IPO. Also, the cumulated cash conversion ratio from EBITDA is set to improve by 10 percentage points to more than 50%. The industrial free cash flow generation will be mostly sustained by the growing profitability net of capital expenditure. Working capital, including advances on the selected model, is rather neutral over the planned period, while taxes are a net drag since our tax rate is assumed to increase from 22% to 24% as a consequence of the expected lower benefit from the current patent box regime. Such levels of industrial free cash flow generation allow us not only to reinvest in our future but also to increase shareholders' remuneration, and I'll come back to this in a minute. Our unique business model and the visibility it grants allow us to present today a consistent growth over the longer term that starts from a stronger and higher baseline, along with the commitment to execution that has always characterized us. In summary, moving into our 2030 guidance, we target net revenues of approximately EUR 9 billion, adjusted EBITDA of at least EUR 3.6 billion, with an EBITDA margin of 40% +, adjusted EBIT of at least EUR 2.75 billion, with an EBIT margin of 30% +, adjusted EPS diluted of at least EUR 11.5, and lastly, industrial free cash flow reaching an accumulated amount of approximately EUR 8 billion. As mentioned before, we aim at a consistent increase in profitability throughout the plan, sustained by the balanced timing of model introduction and phase-outs. With all of this in mind, we target to return to our shareholders approximately 85% of the industrial cash flow generated throughout the plan. We will therefore propose an increase of our dividend payout to a steady 40% of adjusted net profit, starting from the 2025 annual results. This increase implies accumulated dividend distribution of approximately EUR 3.5 billion from 2027 to 2031. The dividend distribution will be accompanied by a EUR 3.5 billion share repurchase program to be executed from 2026 till the end of the plan, in line with the progress of our free cash flow generation. Under these assumptions, and with the cash generation that we aim at, we expect to achieve a net cash position well before the end of the plan, and this clearly represents an opportunity for further shareholders' reward. To conclude, let me recap the main takeaways of our business plan. It rests on a solid foundation and unique visibility, underpinned by the consistency and the agility ensured by our business model. It includes a significant degree of product innovation and appropriate investments to fuel our growth trajectory even beyond this plan. It targets another phase of consistent growth to new highs over the longer term, with strong profitability and increasing free cash flow generation. Lastly, it enhances shareholders' return. With that said, we thank you all for your continued trust and support in our long-term exciting journey. I now hand over to Benedetto for our decarbonization targets and closing remarks. Thank you. I'll be quick because I'm sure you have a lot of questions. Let's go with the decarbonization because we believe that a company is a leader, not because it does only great products, but because it shows respect and attention for all the people around us. When we met last time, we told you we take seriously decarbonization because I think we as a leader have to show that working together with the people around us, with the supplier, we can achieve things that people believe are not feasible. Today, how much is the carbon footprint of this company? 1,000 kilotons. How much of this is coming from the wall of Maranello? 6%. How much is coming from outside? We have almost 60%, 57% upstream and 37% downstream. You see, there is a cross on a small tower over there. This is the cross coming from what Enrico said, that most of the 90%, more than 90% of our cars are still alive because Ferrari is forever. What we did so far, we cut 24 over 21. We cut, we reduce the scope one and scope two, the emission in our factory by 30%. Consider that in Q4 last year, we have been shutting down the three generators. If I see the target for the end of this decade, we are going to shrink the carbon footprint of our operation by 10 x. It means that we will go to less than a kiloton. I think this is a remarkable progress that has been done. One, installing solar panels. If you see with a drone, now the drones are pretty much common to be used, but if you see with a drone, you'll see a lot of things here. Number two, we bought green electricity. Number three, we've been working a lot on the process efficiency. You've seen before by Ernesto, 75% of aluminum is going to be recycled. This means that we will reduce, we will reduce a lot this impact. On scope three, we did the two important things. Scope three is something that requires people that understand how to develop a product, how to reduce it. I still remember two years ago, I asked a colleague that has been doing product development for many years, and I asked him, "We need you to drive this decarbonization." I remember that at the beginning, the reaction was, "Okay, you are giving me this job because you believe I'm not good in developing the product." No, I'm making this job because you are good in developing the product, and I want you to help this company, everyone, to understand not only the time, not only the quality, not only the cost, but also the carbon footprint. If you go around in the company here and you ask engineers, when we have an innovation meeting, there is a carbon footprint of everything we develop. I think this is a big achievement. Today, where are we? Today, we did some progress because if you see in this chart, we've been able to offset the carbon footprint increase because of the volume, but we wanted to give a more challenging target. The last time we told you, we are going to reduce the carbon footprint per car. That was the parameter. Today, based on what we see with the effort we do in our company and the collaboration, precious collaboration of all our partners and suppliers, we commit to reduce the absolute carbon footprint of Ferrari by 25%. When you leave this company, this room, there are two numbers I would like you to remember. On scope one and scope two, we will reduce by 10 x the carbon footprint that is emitted by the Maranello facility. The absolute value of carbon footprint emitted by all our partners for everything we do outside is going to have a cut of 25% on what we do. These are the two numbers. We raise our own bar because we saw in these years that we can do better than what we thought and because we see a strong collaboration from all our suppliers. Before I leave the session to the Q&A, I would like to share one important consideration for you. What is key in this company is written here, is the relentless, relentless drive for new things. Innovation is in our DNA. You have seen in different ways, in all the presentations, there is a key word that is innovation. Internal innovation, open innovation, external innovation, you heard many times. I think that the world as it is today, nobody three years ago, even one year ago maybe, would have been able to master it. I told you clearly that there is one important asset in this company that is agility. I made you also the examples of e-Vortex. We started the e-Vortex in April, in May actually. We finished it in September. We gave a challenging target to show you completed the e-Vortex before this event. This is an agile company. We have our target. We have our own white line to follow on the highway. We can reassure you. We are committed. As John said, this is a time of commitment that, one, we will continue to be consistent with our DNA. Two, we will continue to be agile, because never as today, the nimbleness is key. Three, we will continue to be innovative. Four, we will continue to be well-grounded. You said, you heard, four wheels on the ground. It's important we understand that the past success does not imply the future one, and we need to make, we have always to have that kind of level of will to progress that is in the DNA of this company. Last but not least, we are committed to have always respect and attention for all our stakeholders, because only in this way we can continue to be the unique company we are. Only in the future, we need to continue to be unique. I'm also glad because I got some messages while I was sitting there from some of you that the message of uniqueness gets out pretty well, because this is the key message we want to pass in this Capital Markets Day. Thank you. Now the session is for Q&A. Grazie. What is it about this brand that captures the passion and imagination of so many around the world? It's groundbreaking innovation and the world's most advanced automotive technologies. Its drivers dressed in red atop podiums. It's a driving thrill, a symphony of speed and emotion igniting all the senses. It is the car. It's a way of life. At Ferrari, we do what others only dare dream. We always will. Because no matter how many finish lines we cross, we are never finished. Together, we audaciously redefine the limits of possible. Benvenuti, now we are ready for the Q&A session. I kindly invite on the stage Carla, Ernesto, Enrico, Antonio, Benedetto. Ecco, ho già usato le risette. Quando hai cambiato questa cosa? As customary, I would like for you to state your name and your firm name before we begin. We can now start, and we can take the first question on this side, please. Stephen, you are the first. Thank you very much. Stephen Reitman from Bernstein in London. Regarding the targets and particularly the landing date of 2030, you made it very clear that the growth is being driven primarily by price and by mix, with volume having a very little part of that. When we look at the products that we know about that are coming out in 2026, 2027, and we can speculate about beyond that, we know it is quite heavily influenced by the new F80, which has obviously set new record levels in terms of pricing for these supercars. Could you comment a bit more again about how I... What are the factors really that are still keeping the margin at over 30% EBIT compared to maybe the set? Because it's pretty similar to where the landing point was put for the current plan. Thank you. Just one, thank you Stephen for the question. I think it's all about the evolution of the product mix and therefore its product positioning. I try and explain in my speech that when we think about the new product and we think about their positioning and the price it commands, and every single product is basically approved as an investment case whenever it commands a level of margin that is satisfactory to us in terms of comparison with the previous model. The difficulty is really to look at what happens in five-year times and how the product lineup would evolve considering all the constraints that we have in terms of timing to develop new cars. The other constraint is to be able to offer our clients in each single moment in time the widest possible choice and basically build the economics on top of that. When we look at a level of margins that are growing from now to then, from 2024 to 2030, it clearly assumes that we have a complete lineup with a similar level of strictly limited cars available in 2030, with a product with a price that reflects the improvement that we are committed to bring to the market. Ultimately, of course, there is an idea about the cost of reducing these cars. It's all depending on this product evolution. In addition to that, there is also an element of assumption in respect of the level of product enrichment. I explicitly mentioned personalization because this has been one of the core elements that drove the development of our margins in the last few years, even more and faster than we had expected. We have been very clear and public on that. On that, we have taken an assumption that you could consider prudent if you wish, not to maintain the same level of penetration of personalization, but to bring it back to a slightly lower element, which takes into account the fact that the product mix will be rich in 2030 and therefore it inevitably dilutes the overall penetration of the revenues from personalization. We can now move to the next question. I can see Michael. Thank you very much. Michael Binetti with Evercore. Thanks for taking our question. Thanks for all the information today. I guess I'll ask a similar question, Antonio. The revenue CAGR at 5% is obvious. Obviously, you're a much bigger company today than last time we got a long-term plan, but it's a little lower than the 9% in 2022. The investors in this room have become accustomed to quickly starting to think about upside scenarios as we see your plans after you've beaten every single one since the IPO. As we think about this, you have the F80 next year, very expensive price point. You've targeted electric. You've said additional as a new segment, new clients several times last night and today. You've targeted personalization lower at 19% than we've seen it in a few quarters. It's been around 20%. We've got the paint shop coming online, a couple of new Tailor Made shops in Los Angeles and Tokyo. Can you help us understand some of the important takes or headwinds that this group should understand or think about a little bit more and perhaps where you think there's opportunity to outperform the plan that you gave us today, like you have the other three plans since the IPO? Thank you. If you had asked me the same question in 2022, I would have told you, look, the objectives are the ones that are on the table. Reality surprised us for the positive. In terms of the opportunity that might be not being considered here, and I think it's prudent not to do that, in terms of demand, we see more. I mean, we are actually planning on the basis of our experience in terms of our models. I already commented in terms of personalizations and pricing also reflect our view of today. In 2022, we did not expect what actually happened, meaning the impact of inflation. Therefore, even our pricing reflected what happened in between. This is a plan. This is something that takes into consideration duly the responsibility that we have towards this company in terms of its ability to develop and be able to offer clients every time distinctive emotions. There is a lot in terms of technology behind these products. There is a lot of thought in terms of client experience that we want to satisfy. You could argue for the positive and add opportunity, or you could even argue for the negative. I think this is the balanced approach that we have tried to put in these numbers. I think, Mike and all, I think that two things. Number one, balance the approach. Number two is the agility. It is important to have because last time we gave you visibility up to three years, basically three, four years. Now we are giving you a long-term visibility, and we want to make sure that, you know, we keep delivering on our promises. If you notice over there, you see two numbers with at least, there are two numbers in the guidance of Antonio Picca Piccon's shared review that he was saying at least, you know, 30% and 40%. I think we need to be always, you know, transparent, clear with all our community, and we need also to factor in that the agility is key in the navigation of the next years. I think there are opportunities on different fronts, but we need to make sure that we deliver on our promises always. Thank you. We can go on the next question to Henning over there, please. Then we'll go back to central stage to Martino. Hi, thank you very much, Henning from Barclays. Thanks so much for having us for the last two days. Perhaps I can ask about the sequence of the growth as you envisage it over the period, because another element that we've become accustomed to is like a smooth upward trajectory, margin expansion, mix accretion, a little bit of volume growth, perhaps less so. I would have also believed that we're looking at the year of quite strong mix accretion from the F80 next year. I would just like to understand how you think about potentially getting to a relatively high level as the F80 ramps up and then perhaps not so much left for the years beyond the large step up after 2026 itself, right? How that fits with what we've become accustomed to in terms of the smooth upward trajectory. Thanks, Henning. I think it's important because once again, when we look at these numbers compared to where we start from, it is clearly evident that we are moving from a very high mixed endpoint in terms of product. This is different compared to what we had back in 2022, where we were moving from a 2021 that was made mostly of range models. I said, I remember on the same occasion, 16th of June 2022, that the plan was more front-loaded because there was a lot to go now. Now we move high, and what you mentioned in terms of target, which is also our challenge on a daily basis, is to be able to provide a smooth development of our growth. That is really something that I try and explain by saying we are targeting consistent growth year after year. We are not geometric in terms of what we are able to do, but clearly that's one of the elements. Providing consistent growth is clearly something which is at the core of our plan from a financial standpoint. Thank you, Henning. We can go back to central stage to Martino, and then we go to Thomas. Thank you, Martino De Ambroggi, EQUITA. On the Elettrica, always referring to the long-term guidance, should we assume, we don't know, we still don't know the price, it's not official, but should we assume, is it detrimental or accretive on margin? Particularly because you are insourcing components, but you are also reducing the expected volumes. This is a mix of two things that are probably one against the other. Just to summarize, Benedetto, you remembered us, you considered ambitious the previous plan. How do you define compared to 2022 today's plan? I consider there are conservative assumptions that you already explicitly talk about. Thank you. I'll take it. I start from the second one. How do I consider it equally ambitious? How we are approaching it with the same will to progress and a strong effort to make it happen. The first one, Elettrica. First of all, I want to clarify one thing. The price is not yet fixed. The price will be discussed with Antonio, with Enrico, before the final third phase. Also, we said something important last time as this time. We never share the split of sales by motorization, by traction. We can only control what is offered, our offer. No, we are not saying we are going to sell 20% or 40% of electric car. We're telling we are offering this kind of model, the number of models percentage-wise. I think that if you were asking us when we did the discussion, we went to review the hypothesis on 2025, on 2025 when we did it in 2022. We were not thinking that the differentiation strategy would have been needed. What I mean is that we can, we have two options in general. We do more volumes, more models, lower volume. Alternatively, you can do lower volumes, lower models, higher volume. We are a believer of a higher number of models with a lower volume because this is what we understood in this year with the takeoff of personalization. The plan is ambitious, like it was last time. As Mike said before, the starting point is different because the starting point at the time was EUR 5 billion. Now the starting point is EUR 7 billion. This is the, if you want, the difference. For the Elettrica, you have to wait still a few months when we disclose the full picture of where this car is aiming to. Thank you. We can move to the question of Thomas. Thank you very much. Two questions, please, for me. Thomas Besson, Kepler Cheuvreux. The first one, the number of potential customers for Ferrari is growing a lot faster than the volumes you're offering them. Could you talk about the potential for mid-term volumes eventually being higher? Or do you stick with that view effectively of having a larger number of horizontal products only sold at small numbers? I think there's some frustration among some people who would like to become customers and who have to wait a very long period of time to be able to do so. The second, I'm going to try again on questions that have been asked before. Could you be a bit more explicit on the number of quarters that you're going to use to deliver the F80 and the plan to effectively, after that bump, address the consequence of the end of that product? Thank you very much. The first one, I take. The second one, the number of quarters you manage, Antonio. I think that it's key for our business model, the scarcity. I mean, there are clients, there are Ferraris in this room. I think that it's important that we manage properly the scarcity of what you do. This is not... There was one chart of Antonio, it's very nice. I mean, story of mix. We need to make sure that there are not too many cars of the same type on the road. This is what we said three years ago. This is what we are saying today. We want to be unique. If we do too many cars, we will not be unique. To be unique, you have to be agile. That's the reason why we are in this building, because this is the building that will give us the manufacturing agility to accommodate different client preferences. For the first one. Yeah. We are not that specific. We cannot be that specific, Thomas, in terms of numbers of quarters. We just said publicly, we'll start selling the F80, delivering the F80 to our clients in the last quarter of this year in a few units. Then you have the benchmark of what we've been doing in the past with strictly limited products. That could be a reference if you wish. Don't be so much, I mean, strict to the flexibility that Benedetto is mentioning, but even the complexity of the car is actually commanding the times of introduction and the speed of deliveries of the car. We can now move to Antonio over there and then go back to Tom. Yes, thank you, Anthony Dick from ODDO BHF. I had a first question around flexibility. It's nice to see that you lowered your BEV penetration target in light of developments in the environment. Benedetto, you also said that you would serve or sell the cars that the clients ask for. When I look at your residuals, it seems that what the client is asking for is more V8 ICE cars. I was just wondering if you have the flexibility both from an emissions regulation standpoint or an industrial standpoint to maybe consider bringing back that form of powertrain. The second question I had is on residuals. There's been quite a bit of debate recently around the residual values across your hybrid range, notably. On our end, we obviously have limited data, public data. You obviously have much more data. I was wondering if you would consider sharing the depreciation rates that you're seeing on your hybrid range in key markets like the U.S., for example. Thank you. I will reply. Number one, flexibility. I think that the manufacturing infrastructure we have in place is highly flexible. The chart that Ernesto was showing, the different motorization, the different body type, it's not a chart to please you. It's the reality. If you go downstairs, you have people that are able to accommodate the swing of the demand that people may have. Though, as he said, we have the big advantage to have a long-term visibility while in 2027. I think this is very important, but we can accommodate. I think we have to pay attention to extrapolate a general pattern from a few cases. The message of Enrico, when he showed the chart unique client, tells one important thing. If you want to apply typical demographic segmentation to our client, to the Ferraris, it does not work well because we are working and we are analyzing all the data of the residual values, for example. We see some pattern, but they are not so specific on a model, but depends on the kind of personalization or the kind of feature the car has. There are functional, for example, functional personalization, like titanium screw fasteners that are appreciated in some parts of the world while in other parts are not appreciated. As well as the residual for some model, the residual value gets confounded also with the real understanding of that technology by the people. Sometimes we associate this with the hybrid. Maybe the hybrid has been associated also with some other things like the touch, the use of the touch. This is why, as Ernesto was saying, on the touch side, we are modifying it. There is not a general pattern. What I can tell you is that, yes, there was one country that was a little bit under pressure. It was the case of the U.K., also because a lot of people are going outside the U.K. for the reason you know better than me. We have been able to stabilize the situation because we reduce the number of cars we are getting over there. It's always coming to the management of scarcity. That is key for us. The management of scarcity is key for us. What is important is to be agile in manufacturing, in listening to our client and anticipating. I can tell you that I think we were here when we had the dealer meeting and we had also some clients with F80. When we said we were switching to a mechanical button, there was a big, big applause because finally we got rid of some features that in the past were nicer, and the people understood and we understood that it's better to be phygital than full digital. This is the place where we are and we keep working. We don't see any specific concern over there. We don't have any specific concern over there. We can now move to the next question to Tom and after to Monica. Thank you on the central stage. Hi, Tom Narayan, RBC. Thanks for taking the questions. These have kind of already been asked, but maybe I can get more color. On the volume point, you know, that bridge from 2024 to 2030, you have this e-building which can produce probably a lot of volume. I totally appreciate what you're saying about scarcity, more models rather than more volume, but you also have to manage the waitlist. Just curious as to how fixed you are. Should the waitlist get much longer? Would you decide to change that strategy? How flexible are you? On residual values on the Elettrica, we've seen questions about the Purosangue residual values and how you can control it perhaps with volume. As it relates to the Elettrica, we don't know what... We We know it's a range model, but we don't know what it is exactly. To what extent can you control the residual value with volumes? Thanks. When it comes to the right length of waiting list, from all our analysis, we believe that the right length of waiting list must be between 20 and 23, 24 months. If it is too long, especially the new client can get a little bit annoyed. 20, 24 months is the right time length. This building here can accommodate what we see the clients are wanting. You may remember when we launched the Purosangue, there was also the case of personalization. The case of the personalization was such that we were not expecting a strong demand of carbon look, let's say, personal items. We have been able to ramp up. I think that the way this building is structured, maybe you have also entered other similar factors, but I don't think you have seen such kind of flexibility and agility allows us that if something happens on electric cars, more than maybe we will foresee, we will have the agility. We have always to keep in mind the scarcity. I think scarcity is important. I was discussing before with John when there was a number of 330,000 cars produced since the beginning of the history. There are some guys that are making those cars in one year, or were making those numbers of cars in one year. I think scarcity is important. The second, one was the flexibility and one the right wait time. I think I replied is between 20 and 24 months. We can now move to Monica, central stage, please. Then we're going to be on the right stage and left side after. Thank you. Yes, thank you for taking my questions. I have two, let's say. One is on the shorter term. I remind that during the last call, Benedetto, you said that some U.S. clients, but overall there was a wait-and-see mode approach. Is it something changed there since our last call on this wait-and-see mode approach? The second question is more on the strategic side across the plan and within this strategy of, let's say, a higher number of models and lower volumes. Are you seeing some white spaces across the plan that Ferrari can occupy as Ferrari did with the Purosangue? If we can expect something in the middle of the plan that can change a bit the family. I know that the geographical location will not change, you said, Antonio, but within the model launches, and there will be a lot, can we see something that can change the perception of the Chinese customers toward Ferrari? Thank you. I take the one in the U.S. We don't see any difference. The only thing that changed is that finally we understand what is the tariff level. That's it. Last time we had a conference call, I remember you were pushing us for this famous 15%, and Antonio rightly said, we don't see yet. We saw it, two weeks ago, when there was officialization. This is the story of the U.S. We don't see, I mean, actually there are some people in this room that yesterday were rightly pushing me to get the cars they're waiting for in the U.S., since several years. I think there is a strong, the demand is there. We don't see any particular weakening signal over there. The second one is the strategy. I think, yes, last time we added the Purosangue. This time, allow me to say that we are talking about Elettrica. We said, you said, Mike, you know, we may have clients that are not yet in the family. They can be part of our family because of electric. I think we have also to be, how can I say, to manage the entry of a new model with scarcity. One of the reasons also why the price of Purosangue was what it is, is also because we have been able to manage properly the scarcity. I think this is important, Monica, to consider always the scarcity. You know us since a while. For the Chinese, I can start, maybe you can add something, but on the Chinese, I think that there are two things. One, the demand dropped for luxury, but for us it was not too much that. I think that for us was the fact that our portfolio, our offer for China was not well fit. The eight cylinder was the Roma Spider, but with a soft cap. The soft hat is not so well appreciated in China. Maybe you can... You said the most important thing. I would just add that every different motor powertrain has different taxation. The current product mix we are selling in the country is subjected to high taxation, the 12 cylinder and the 12 cylinder. The mix will help. I would also add that the current situation that everyone is experiencing in China, which is a slowdown of the market, will not last in the future. The point is just to know when it will revamp. That country will remain an important target for any manufacturer, including Ferrari. Thank you very much. We can go on this left side. Yeah, thank you, [Nicola]. Sorry, just one second, please. He said already, but the target we have for China, Greater China, is less than 10%. Okay, what he said, just... Okay, I can go ahead. It's Horst Schneider from Bank of America. It's the first time I'm attending a Ferrari CMD. I've taken over coverage just this summer. I enjoyed every moment since then. I was thinking when I was looking at the consensus, and I think we see that also today, stock is down a lot. Market expected more. I have to say I'm glad that you don't align your targets according to the consensus expectation, but more that what you think can be achieved. That's more a mission statement. My question is, when you look at the targets, now, or I look at the targets, and I see you target 10% special share. I think at the moment the special sale is kind of 5%. I assume on the back of that, that the number of specials or the volumes of the specials should increase. When I look then in that context to your EV targets and your volume targets, is that telling me that you basically try to approach the EVs more from the perspective that you launch EV specials? I have not yet fully understood if the electric cars now, it seems to me like a small range model. How should we think about the volume evolution of the EVs? In that context, maybe also you can shed some philosophy on the specials on the EVs, for example. Thank you. Thank you very much for the question. I hope I can try and be more specific. What I show here is the average percentage of each single group of models, Icona, supercar, special versions, and range models. This does not mean that this is the level point in time 2030. If you take the average of what we've been doing in the last few years, you would not find significantly different percentages. I remember in 2022, numbers were very similar to these ones. We are not thinking of adding too much volumes on the special series. We are very much in line with what we've been used to till now because special series are either strictly limited in volume or strictly limited in time, but anyway goes to our collectors. No intention to inflate that, to be clear. There is also another consideration. I think we can add that 5% a few years ago was lower than 5% in the year to come. There is also an expansion of that without exaggerating. If you want to see the previous Capital Markets Day, the three numbers, 85%, 5%, and 10%, were the same. We are starting from a higher level and we want always to preserve exclusivity. It is absolutely important that when you talk about special series, then you have to consider even more the scarcity. Otherwise, they are not special. Thank you. We can now move to Sam over there, and then we go to Mike and back central. Hi there, Sam from Exane BNP. First question on the dividend and buyback. I think you're moving to 85% of free cash flow distributed to shareholders, but you still said you expect to move to net cash relatively soon. What prevented you from having that distribution higher? On the sponsorship, commercial, and brand business, you talk about moving up the price and luxury spectrum. How do we think about margin progression within that business? Thanks. Thank you. In terms of the 85% distribution, it is an assumption, which takes into account the fact that we have a balance sheet with a certain level of investments. Once we reach a net cash position, obviously we will be in a better position to take a view on different stands in terms of either the speed of share buyback or any additional remuneration to shareholders. Let me say it could be considered as a prudent assumption considering our business. I think Carla has been clear in terms of where we want to be consistently for the future, meaning a business that with all of its areas of activity within is basically aligned with the rest of the group. Thank you. We can now move to Mike Tyndall over there, and then go back to central. Thanks very much. Mike Tyndall from HSBC. A couple of questions if I can. Sorry, Antonio, the first one's to you, but I'm trying to work my head around the fact that margin looks to be largely flat. Revenue progression, 5% CAGR, volume very small in that. Predominantly price and mix, which I assume is good for margin. We've heard a lot about digitalization over the last few years, changing the ERP system. Presumably the business is getting more efficient. I'm trying to understand why margin is essentially flat against that backdrop. The second question is just around pricing and the headroom on pricing. It's interesting that you raised prices in the U.S. and seen no change in customer behavior. It's interesting that the number of customers is growing faster than the number of vehicles you're producing. How much headroom is there on pricing and how much of that is baked into your assumptions for 2030? Thanks. I think the second one, and then Antonio manages the second, the first one. I think that what we have been doing pricing-wise, we have been for sure having some model that increased a lot. If you take the digital versus the previous one, I think if you have to model in the future, you can model it this way, not as a drift overall, but as a band of prices that are associated to car with different driving emotions. I want to say that we need to give the opportunity to the new client to get in our family, or through the pre-owned, like it is today, or through the new model. Today, the people are entering in our family, if I go to see the numbers, through models that are around $300,000, $350,000, like Roma, if you consider everything. You know, one over two clients is becoming a Ferrarista because of the pre-owned. If you want to model in the future, think about something that is, let's say, changing, but we have a different model that is changing in perspective with a different percentage. That's the way to have to think. Also, the pricing of what we sell depends on the driving emotion that we are able to deliver to our client. Then the first one. On margins, Mike, I would not agree as to the fact that the margins remain flat. We are not at 40% right now. We had an ambition to be between 38% and 40% by 2026. Actually, the guidance for this year is to be above 38.3%. There is a way to go. We said our target is to be above 40% if I look at the EBITDA margin. Similarly, on EBIT, we said greater or equal than 30%. There is improvement in that respect. As I try and explain, this improvement is coming based on the present assumption, in terms of gross margin, while this develops because of product mix and the enrichment of the product that we envisage as of now. We need to take into account also what's below the line of gross margin, meaning there are other costs in this company. There are also costs not necessarily associated with sports cars. Obviously, we have an anticipation. I try and explain, for example, in terms of us being Formula One, there is a Formula One financial regulation that we need to cope with. Obviously, we are taking assumptions in this respect. What we are delivering to you today is a target which is larger, sorry, larger or equal to a certain threshold, 40% or 30%, that takes into account all of these ambitions. Obviously, our day-by-day action is to try and reduce cost as much as possible, considering, however, what we want to achieve in terms of product and the target in terms of effectiveness of each single activity that we run here. Thank you. We are now moving to Nikolai over there. Susanna will follow, and then Andrea. Thank you. It's Nikolai from Deutsche Bank. Two questions from my side. The first one would be, again, on the Chinese market, and you've mentioned that it's challenging for luxury automakers, but overall for the luxury sector. Do you think that the electric car can change this, or what do you think is the dedicated model for the Chinese customer? My second one would be on lifestyle. We had a full presentation, lots of opportunities, but I'm not sure if we've seen that in the financial presentation and that the earnings growth is also reflected there from the lifestyle. Thank you. Elettrica, let me give you, yes, China could be a good opportunity for us. We need to test for sure that the Elettrica offers clients in China to pay less money. Because today, the dodgy cylinder, because of pollution tax, is very expensive. As I told you, we were able to offer a Roma Spider that is eight cylinder with soft hat that is not so much welcome for the Chinese. I think that in China, there are two new cars on top of two recently new cars or close to being announced. One is the [Murphy] that is new, apart from the Speciale, and then there is the Elettrica. What we are doing internally, we are speeding up the homologation processes, the time lag on homologation-wise between the Western world and China. Maybe you noticed that the challenge homologation-wise to get in China is increasing a little bit. We want to shorten by making all the processes, all the paperwork that is needed. I think this is important because, yes, China can be a good opportunity for Elettrica. The clients are already used to electric cars and because there is an appetite for our Ferrari. For the lifestyle, you commented already before. Actually, the impact is visible in our number, if not because of the foreign exchange rate assumptions, as I said. Even if you look back to our financial results of the last few years, the brand-related revenues and margins have been improving recently. This is because also of the contribution of lifestyle, not to mention that of racing revenues that have been growing significantly. Even there, I mean, once you start from a high level, then you are adding to that high level. The speed of growth is not necessarily the, I mean, the ones of a startup. In addition to that, Carla, if you want to complement, there is a strategy that has been built on purpose in terms of speed. Yes, obviously, as I said at the very beginning, our long-term strategy is to grow at the right pace and to achieve an operating margin in line with the rest of the company. At this stage, obviously, the whole thing is not material. Clearly, you won't see it reflected in our numbers. Thank you. We can now move to Zuzanna. Thank you. Andrea, you're next. Thank you so much, Zuzanna Pusz from UBS. Just two questions. Maybe the first one, follow up on OpEx. Can you tell us, is there maybe a bit more opportunity? Is there a chance to bring down OpEx as a percentage of sales? What would be the cost you could potentially optimize? Secondly, on the client telling activities, can you tell us a bit more about those centers you'll be opening in Los Angeles and some other locations? What are you trying to achieve with that? What are the key opportunities you see there? Thank you. On OpEx, opportunity to reduce them. In our OpEx, basically, in terms of R&D expense to the P&L, we have innovation that is at the core of the company. We have what we spend for racing, which once again is at the core of the company. On that, we very much follow the regulations because as of now, Formula One, what we spend is dictated by the financial regulations. The assumption here is to basically fulfill the cap that is allowed us to spend. We also have an assumption that this cap would evolve over time with inflation. Anything in that respect may change the reality going forward, but as a starting point, this is where we are from. In terms of spending for innovation, we have actually predicted something that's very much in line with the past. It's a kind of fixed budget for the best innovation we are envisaging in the company. I think it would not be the right thing to do to cut that because that's really our future. In terms of selling and general expenses, we constantly review that. The growth of the company in terms of its structure that we've been going through in the last few years will not be repeated in the next five years. I think in terms of structure, we are very much where we thought. However, the digitalization of the company is something that is relevant for us to maintain the level of efficiency in a much more complex world compared to where we were 10 years ago. Before I pass to Enrico, replying to your second question, I think it's important to underline also a couple of things that are difficult for us to factor in, but are important. We are a strong believer that, and there are some cases already verified, some others can happen in the next five years, but we have to follow, you know, we have to verify first. We have what we call technology epiphany. Technology epiphany is something where with a small delta OpEx, you can have a bigger increase. It's like you see everywhere. It's not only a matter of a lot of money in the OpEx for a lot of money in revenues. I think this is something that we have something in the pipe, but we have to follow the right approach because we have to verify how this can deliver the expected result. It is like personalization. Personalization is difficult to foresee how the client is going to react to the personalization. If you were asking us in 2022, what is the personalization take rate? You see now a posteriori, there is a gap. There is also one reason why we have been able to deliver one year ahead of time. What we have in the pocket, talking also about your question, we may have some technology epiphany that can make a change. We need to make sure that we refy. I mean, we cannot foresee too many things that are a disruption. This could be some innovative feature that we call technology epiphany. See, very simply, I think the key point is that our clients love to come to Maranello. I guess in this today, I hope you get the reason of this love. Not all of them are so close. If we talk about Asia, if we talk about the United States, especially a coast of the United States, for them it's not so convenient. The idea that we took since a while is to bring Maranello closer to our client. We did some activities, you may remember the universe of Ferrari, where basically we brought all the experience of Ferrari in some locations where clients that cannot fly to Italy can experience exactly what is 360 degrees the experience with Ferrari. We are now also opening two other tailor-made after New York and Shanghai, which is again designed to be closer to our clients. One is going to be in Los Angeles and one is going to be in Tokyo, exactly for this reason. Last but not least, which is another step of the journey, is we want to have a coordinated brand perception and experience. That's why we work a lot with our partner to make sure that every single showroom is representing the Ferrari brand in a proper way and giving the experience that is coordinated all over the world. I hope I answered to the question. Thank you. We are now taking Andrea's question, which will be the last for today's presentation. Yes, hi, good morning, Andrea Balloni, Mediobanca. I'm comparing your new business plan evolution with the one of 2022. Basically, we see that the EBIT path is around half compared to the one presented four years ago. While your value over volume strategy is unchanged, the ASP evolution should offer great visibility thanks to F80 and also thanks to all the new models we have just launched. You have a building that is something that should help you facing the complexity of a business and the larger segmentation. About content enrichment, that is a negative, I guess that was a negative in 2022 as well. My point is, on top of the lower weight of personalization, that is probably a very real difference you have mentioned compared to the past. What am I missing that is justifying this different trend in terms of growth for both sales and EBIT, basically? Thank you. I'll start with the new comment. I think that we have to compare, you are comparing with 2022 when we closed at EUR 5 billion. At that time, the mix was very much unbalanced on a mix on range cars. I think that, yes, it was EUR 5 billion and now it's EUR 7 billion, like you see. This is going to evolve more or less at the same time, EUR 7 billion to EUR 9 billion. The time is different, but also the starting point is different. I think that we have to factor in properly all what we see and what we have, let's say, and the need to have something that gives us the freedom and the possibility to modify easily if something else happened. What I mean is that today we are giving a longer-term visibility. We have a stronger confidence coming from the order book, definitely, like it was in 2022. I think there is a little bit of some uncertainty, okay, for the future. We have to be also prudent, allow me to say in this way, in order that 2030 is not in two years. We have to make sure that we deliver on what we commit. This is important. We have the key message, the key overall message of this presentation is that, one, we want to continue to be unique. Two, we want to embed in our plan the agility that is needed from a manufacturing point of view, from a technology point of view. We want to make sure that if there is a swing in personalization, if there is an electric on what we do, then we have to be ready to accommodate, always preserving the scarcity. We will never, we say today, like we said three years ago, we will not become a company making one model, a lot of volumes on one model. You remember when it was the case of Purosangue, we said, don't expect us to become a Purosangue company. We have clearly understood the plug-in in our strategy, the fact that we need more models to preserve the scarcity and exclusivity. This is the message and this is what we are aiming to. The reason why we put greater than, as you said, on EBITDA and EBIT, because there are some opportunities where you are working with. One is the digitalization you caught perfectly. Another point is also the opportunities you may have on other activities that we are thinking and we are going to deploy and verify. Consider also that with the time to action, the time to reality, allow me to say that this company is able to do and the novelty we are able to bring, we need to see some result before we can plug everything in. We want to give you a number that you can rely on and that has the prudence and allows us to deliver on what we say. Maybe the only further element that I may add is that our ambition is to be here for the longer term. Whatever we do has to be in line with the business model of Ferrari. There could be a simple way to grow revenues and margins. For example, expanding the numbers of Icona and special series would be something that would help immediately. Our business model would be destroyed very, very soon, very rapidly. Considering where we are starting from, the baseline, which is much higher considering where the product mix is, we try and put in the numbers the assumption that the scarcity model is applied consistently for the longer terms of Ferrari, that means 2030 and beyond 2030. We then reserve some opportunities that I try and explain, which I don't think would be safe to put as a given in the plan. The agility they've been trying and passed as a message should allow us to take this opportunity in case we are able and the market allows us to do so and to react or even in case anything goes different in terms of the overall market scenario. You all can be reassured that as we have been clear and transparent so far, we will continue to be clear and transparent. We will continue to work to reach our goal. Maybe this is the last question you said, no? Correct. Now. I would like to conclude with one thing. That is the same word that our John said before. It's the festina lente. We want to make sure that we continue to grow steadily. We are setting an ambitious plan, the same ambitious, but we want also to continue to make sure that we keep and we stay unique in everything we do, and we give the uniqueness to our client always. I'm now happy to thank all the thousands of people connected online. I'm closing the webcast presentation. Thank you all.