管理層發言
Good day, and thank you for standing by. Welcome to the Ferrari 2026 Second Quarter Conference Call and webcast. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Nicoletta Russo, Head of Investor Relations. Please go ahead.
Thank you, Nadia, and welcome to everyone who is joining us. Today, we plan to cover the group's Q2 2026 operating results, and the duration of this call is expected to be around 45 minutes. The call will be hosted by the Group CEO, Mr. Benedetto Vigna, and Group CFO, Mr. Antonio Piccon. All relevant materials are available in the Investors section of the Ferrari corporate website. And at the end of the presentation, we will be available to answer your questions. Before we begin, let me remind you that any forward-looking statements we might make during today's call are subject to the risks and uncertainties mentioned on Page 2 of today's presentation, and the call will be governed by this language. With that said, I'd like to turn the call over to Benedetto.
Thank you. Thank you, Nicoletta, and thank you to everyone joining us. We are pleased to share with you the results of another important quarter for our company. The key message is clear. Ferrari continues to execute its plan with focus, discipline and consistency, keeping the client at the center and blending heritage and innovation in a distinctive way. In this call, we will address three key achievements I would like to sincerely thank all the stakeholders for. One, we delivered another strong set of results. Two, demand remains solid with an order book that covers the entire 2027; and three, we continue to evolve our product offering through a consistent commitment to innovation, an innovation process that starts from human emotions, not from technology push. We are strong believers in emotion-driven innovation. But let's go step by step. Let's start with our financial performance. In the quarter, we delivered revenues at EUR 1.94 billion, EBITDA of EUR 755 million and industrial free cash flow generation of EUR 275 million. This performance was supported by strong mix and personalizations, which once again performed very well and allowed us to raise our full year guidance, and Antonio will provide you more detail shortly. Moving to the second point, the order book. We continue to experience healthy demand across all geographies with an order book that covers the entire '27. This gives us strong visibility and confidence. Across the portfolio, several models, including the 296 Speciale and the 12Cilindri families are already sold out for their production run, underscoring the strength of demand. And now the third key achievement, our product offering. As anticipated at the beginning of the year and during the AGM a few months ago, 2026 is proving to be a key year for product innovation at Ferrari. With the presentation of Amalfi Spider, Purosangue Handling Speciale, Ferrari Luce and 12Cilindri Manuale, today, we have the most complete and diversified product offering ever. It includes combustion engine cars, naturally aspirated and turbo, hybrid 6- and 8-cylinder models and Ferrari Luce. This makes our product offering unique. We are the only luxury company able to offer sports cars able to deliver any kind of propulsion that the client is willing to experience. We can address different client desires from collectors, repeaters, new clients and future generations of Ferraris and expand our offering in terms of product architecture, performance, design and driving experience. From now onward, Ferrari is able to offer all three powertrain technologies fully in line with our technology neutrality and horizontal product diversification strategy. We committed to this path, and we have delivered consistently. Allow me to be very proud of the team and all the partners in the world that help us to make it possible. In Q2, we unveiled our first electric Ferrari, Ferrari Luce. It represents a milestone in the history of the Prancing Horse, a true sports car and an addition, I repeat, an addition to our product portfolio. It is a statement of innovation and design, a car conceived to be forward-looking in every respect. It is a masterpiece of engineering and technology with more than 60 new patents, testifying to Ferrari's technical excellence across electric propulsion, vehicle dynamics and system integration. These are all combined with a distinctive design language and a human-centric way to interact with the car, including the traditional paddle-shift for torque-shift engagement and authentic sound of our four electric traction engines. Every choice we made served a single purpose: to deliver a true Ferrari driving experience. The Ferrari Luce is a sports car in every sense with Ferrari performance, handling and emotion behind the wheel while being the most versatile model in our range, extending Ferrari ownership into different moments with its five-seater configuration. Two months after the world premiere in Rome, we can share three clear points: one, we are very much satisfied with orders that are coming in, in line with our plans. Two, initial orders are currently coming from repeaters and new clients. Three, we are engaging those who are genuinely interested in Ferrari Luce according to our commercial and marketing plan. But Ferrari Luce is only one example of how our lineup continues to evolve. On July 3, at the culmination of our Cavalcade event, we presented the Ferrari 12Cilindri Manuale, a limited edition special series of the 12Cilindri producing only 1,499 units, each fully allocated to our clients. After the 599 GTB Fiorano in 2006, we reintroduced the manual transmission, bringing back an even more direct interaction between the driver and the car. This was made possible thanks to the new Manuale by-wire system designed in-house, patented and inspired by the Winch-by-Wire system developed in our Hypersail racing project. It may seem strange, but open innovation goes hand-in-hand with lateral thinking and cross-pollination between worlds apparently completely disconnected. It combines the driving emotion of a manual gearbox and the precision of electronics. The 12Cilindri Manuale isn't about recreating the past for the sake of nostalgia. It's about recognizing that the greatest Ferraris have always been defined by the relationship between the driver and the car and finding a modern way of preserving that connection, that conversation. It is a celebration of engagement rather than a celebration of nostalgia. In a single quarter, Ferrari Luce and 12Cilindri Manuale have provided two clear examples of how Ferrari combines tradition and innovation in a distinctive way. They demonstrate the strength of our strategy and our commitment to technology neutrality, but most importantly, to our emotion-driven innovation where emotion matters much more than numbers. More is yet to come. Two more models are to be unveiled by the end of this year. And before that, let me also highlight the successful activation delivered by our lifestyle team during the quarter. Indeed, leveraging the emotional resonance of our racing heritage, we continue to nurture our clients through unique experiences and events, such as the 24 Hours of Le Mans and the Goodwood Festival as well as the capsule collection developed for the Monaco and Silverstone Grand Prix. To conclude, the progress we are making in racing, thanks to both our drivers and the entire team, continue to remind us what makes Ferrari stronger: focus, determination and team spirit. These values guide us every day while keeping our four wheels on the ground. And on this note, I'd like now to hand over to Antonio to review the Q2 results.
Grazie, Benedetto, and good morning or afternoon to everyone. On Page 4, we show the highlights of the second quarter: another quarter with solid revenues and profitability growth, coupled with significant industrial free cash flow generation and remarkable shareholders' remuneration. We continue to benefit from a strong sports car mix. Personalization exceeded our expectations and racing revenues increased their contribution. Let's look at the results in more detail. On Page 5, we present the Q2 shipment breakdown and model changeover that we are continuing to execute as planned. In the quarter, the Amalfi, the 849 Testarossa and the 296 Speciale family increased their contribution, continuing the ramp-up. The deliveries of the 12Cilindri Spider and the Purosangue continued steadily. The F80 increased just very modestly as per our plans, while the 296 GTS and the Roma Spider decreased in line with their phase-out path. Lastly, the SF90 XX family also decreased as we are approaching the conclusion of their limited series run. The overall model phasing I have just mentioned supported a richer product mix, which we will discuss in a moment. From a geographic mix perspective, EMEA experienced the strongest growth during the quarter. Consistent with our usual cadence, closer markets are served first, while deliveries of the new models to the other geographies will ramp up progressively in the coming months. On Page 6, net revenues grew 11% at constant currency and 8% including the headwind from currency, mainly related to the U.S. dollar and Japanese yen. The increase in cars and spare parts was driven by the richer product mix and higher personalization. Personalizations were higher than expected, about 20% of total revenues from cars and spare parts, and were particularly relevant for the 296 Speciale family. The adoption of carbon and paints continued to drive revenue growth. Sponsorship, commercial and brand also increased, thanks to higher sponsorships, which were partially offset by lower commercial revenues linked to last year's Formula 1 ranking. Other revenues were also positive, mainly in relation to the rental of engines to other Formula 1 racing teams. It is worth noting that the recent strengthening of the U.S. dollar mitigated the negative currency impact compared to our previous expectations. Moving to Page 7. The increase in EBIT was driven by the very strong mix and price variance, which includes the positive product mix and the strong personalizations that we just commented on. In detail, the product mix was sustained by the increased contribution of the F80 and the 12Cilindri family and the lower deliveries of the 296 family, partially offset by lower deliveries of the SF90 XX and the ramp-up of the Amalfi. The mix and price variance was only marginally offset by volumes deliberately planned lower as required to effectively manage the model changeover, higher industrial costs and marketing expenses and higher costs implied by the better Formula 1 in-season ranking assumptions compared to last year. The latter are included in the other variance. In the quarter, D&A was temporarily lower in line with the ongoing model changeover since the decrease implied by the phasing out of certain models is only partially offset by the gradual additions from the models that are entering the start of production. In H2, we expect D&A to grow progressively. Percentage margin stood at remarkable levels, including the headwind from FX, with EBIT margin at 31.2%, slightly up versus last year, and EBITDA margin at 39%, slightly down mainly as a consequence of the better Formula 1 ranking assumptions. On Page 8, our industrial free cash flow in the quarter was strong, driven by the increase in profitability, partially offset by a negative change in working capital, mainly linked to the inventory increase implied by the seasonal production planning. Cash taxes and capital expenditures were mostly focused on product and infrastructure development, mainly the new paint shop whose construction is proceeding at pace. Net industrial debt at the end of June was EUR 131 million, reflecting the dividend payment, which occurred in May, and the share repurchases executed in the quarter. Turning to Page 9. We increased our guidance for the year, thanks to the continued strong trend of personalization and a more favorable FX environment. More specifically, our updated assumptions include personalizations accounting for more than 20% of cars and spare parts revenues and the U.S. dollar to euro exchange rate of around 1.16 and the contribution of all additional hedges now in place. Looking ahead, we remain focused on the execution of our plan. The confidence in the strength of our strategy and our ability to deliver long-term value remains the foundation of everything we do. Thanks for your attention, and I turn the call over to Nicoletta.
Thank you, Antonio. Nadia, we are now ready to open the Q&A session. Thank you very much.
分析師問答
And now we're going to take our first question, and it comes from the line of Henning Cosman from Barclays.
First question, perhaps a slightly philosophical one. Would you share the observation that you enjoy more pricing power in the more traditional type of vehicles? So obviously, the Manuale by-wire is now really strong showing the special 50% priced above the range. But just in general, do you feel there's more enthusiasm and, by extension, pricing power on these types of models? And would that affect your propensity as to which models you would launch going forward? And if you could remind us what your flexibility is for how far in the future your product cycle plan is set already? Or would you let yourself be influenced by customer desire and pricing power for these, if you want more traditional type of models? That's the first question. Second question on volume growth. I know you don't like to talk about volume, but if you could just conceptually discuss: if I'm not mistaken, we were expecting broadly stable volumes for this year. That now implies a bit of growth in the second half. Perhaps you could confirm if you share that. Is that a function of just the product cycle? You have the Amalfi now ramping up, 296 Speciale series. So would you always allow yourself to have more volume growth based on the product cycle plan? Or do other things play into that as well, like stabilization of residual values, for example? Is it just a phasing — you always have periods of expansion and consolidation — where do we stand there? If you could at all talk about volume just a little bit. And then finally, on the margin, where we're getting now and your midterm margin ambition of a floor of 30%. There's obviously not much in between. It looks like there's going to be a lot of F80s next year, Testaross, Manuale by-wire all looks like it's driving the mix up and probably the margin. So we could see a margin exceeding 30% next year, which technically would imply margin contraction for the rest of the plan. If you could just remind us your thinking about the margin trajectory from 27% to 30%. Sorry, that was a lot.
Thank you. I'll take the first two questions, and then Antonio will elaborate on your third question about the margin. Regarding the first, the philosophical one: our clients fully understand what it means to be emotion-driven in innovation. When in one quarter our company unveiled two products, one looking to the future and one reinterpreting the past with modern eyes, it's a demonstration that, one, we listen to them and, two, we are able to delight and surprise them. I was with clients at the Cavalcade in Athens when we unveiled the 12Cilindri Manuale and also in Rome for the Luce premiere, and they were literally astonished by our ability to combine tradition and innovation while keeping them, and their emotions, at the center. On purchasing power, what you refer to is a consequence of two things: our ability to innovate, and our ability to delight and surprise clients. On the second question about scarcity and exclusivity: 2026 is a year of significant model changeover. We have many new models and the ramp-up of very innovative cars with a high degree of personalization. But we always keep one thing in mind, Henning — scarcity and exclusivity. For us, what is important is that we deliver unique products to our clients. Our North Star has been, is and will always be scarcity and exclusivity. The third question about the margin, I'll hand over to Antonio.
With respect to that question, the capital market targets are unchanged as they were presented and based on the assumptions we outlined at that time. We are proceeding at pace according to the smooth and linear development that we already outlined.
Now we're going to take our next question. And the question comes from the line of Edouard Aubin from Morgan Stanley.
First, in terms of the mix, your share of special series was, I think, about 13% in the first half, which is obviously substantially higher than recent history. What do you have in mind in terms of the second half in terms of the contribution to the percentage of shipments from special series? Second, in terms of the Americas and the U.S., shipments were down year-over-year quite a bit. Antonio, you explained why in terms of the rollout of newness and all of that, but that was down more than expected by the market. Is there any issue with demand in the U.S.? Or is it really exclusively a supply issue in the U.S. and shipments should normalize pretty soon? And third, Antonio, could you help us model the impact of FX on EBIT for H2 and your first thoughts about what could be the impact on 2027?
I'll take the second one. There is no issue of demand. The reasons are: one, no supply chain issues; two, we have a significant model changeover as we have been highlighting. When you have cars with high degrees of innovation and high personalization, that clearly impacts the number of cars you deliver because personalization increases manufacturing time. So that's the explanation for the U.S. shipments. For the FX and mix questions, Antonio will respond.
On the mix of special series, it is true that this year there is a bit more than we were used to. We follow the life cycles of the cars, so I don't expect a significant change for the second half; it's driven by the product life cycle. Impact of FX for H2 is based on the assumptions I outlined and the fact that, in addition to that, we have hedging in place already for approximately 80% of the exposure. For 2027, it is far less covered by hedging and will very much depend on where the spot exchange rate stays.
And the next question comes from the line of Michael Binetti from Evercore ISI.
Congrats on a great quarter. Really happy to see it and really exciting launches in the quarter, really fun to watch. Maybe a couple on the model side: I think you said last call that ASP would be similar in the second half to the first half, Antonio, but ASP was up a lot in the second quarter. Would you help us understand what happened there and how to think about that in the second half? On the ASPs, it sounds like you only shipped maybe 30–40 F80s, at least not many more than in the first quarter, but the average price per car accelerated a lot. Especially when we strip out currency, it seems the average selling price for the fleet, excluding the Supercar, improved quite a bit. That's with the SF90 XX declining as you told us. Could you talk a little bit more about some of the biggest drivers of the underlying acceleration in the fleet and maybe connect that to your comment last quarter that profitability would be the same in the second half as the first half?
In terms of ASP, it is still true that H2 is similar to H1, just maybe slightly better and better than we had previously anticipated, considering the penetration of personalization. That also explains why the ASP for the fleet, excluding the supercar, has improved. We see the trend of personalization staying high across the board, even higher than we had expected. As far as the number of F80s shipped in the quarter, as you know, we do not go into details. I just said it was modestly higher compared to Q1.
Is there something about the remaining fleet that's seeing better personalization than prior generation? Maybe just help us click into what's helping with personalization.
That's probably a fair assessment.
Okay. And then I didn't hear — I thought the question came up earlier, but is it still fair to think about units flat for the year? Or is that assumption...
As Benedetto commented before, we don't want to go into that discussion on volumes. We are managing manufacturing for the year considering the complex changeover and increased level of personalization and it doesn't make a big difference, very honestly.
And the question comes from the line of Michael Tyndall from HSBC.
I'm going to mess the name up here but, Manuale — given the success of that model would it make sense to do similar across the rest of the range or is there a particular reason why it would or would not make sense? And then second, with your upgraded guidance, you're now talking to us at an 8% growth in EPS. If I go back to last year, the CAGR was 6% to 2030. So we are moving above that line. I know Henning has asked this differently, but where are we on that roadmap to 2030? Could you talk about what's going as planned, what's going better, what's going worse, because it certainly feels personalization is going better.
On the first question: we don't disclose what we are going to do in the future. We don't even disclose what will happen in the remaining part of the year beyond saying two other models will be unveiled. The Manuale is a limited edition, the 12Cilindri Manuale. We'll discover together at the appropriate time what the future of this technology is. On the guidance and roadmap, Antonio will respond.
You touched on an important point. Personalization is doing better than we had assumed for the rest of the plan. The second element is currency: you should not disregard the assumption with respect to currency, which helps in terms of the nominal development of EPS compared to what the CAGR implied in the guidance. The buyback program is also proceeding at pace and is reducing the number of shares over which you divide net profit.
And now we are going to take our next question. And the question comes from the line of Jose Asumendi from JPMorgan.
Congrats on the strong quarter. Two questions: Benedetto, can you speak a bit about what is driving personalization to be a little bit better than maybe initially expected? Some examples from your customers and products. Antonio, can you give us also maybe some color with regards to second half? How should we think about SG&A and industrial costs?
On personalization: the average value of personalization per car in production increased because clients are selecting more options. They are personalizing paint, carbon, rims, and special leather, among other items. There isn't a single item driving the increase, nor a specific geographic pattern; it's a general trend of clients wanting to personalize more of their cars. This trend is consistent with what we discussed at Capital Markets Day where we announced expanding tailor-made capabilities in Tokyo, Los Angeles, and in Maranello. That expansion supports the higher personalization penetration.
Think of SG&A and R&D for H2 as higher compared to H1, reflecting a number of events we are working on in terms of SG&A and the pace of development of our innovation programs and Formula 1 for next year. The other element to take into account is D&A, which is going to grow in H2 as implied in the guidance for more than EUR 700 million of D&A full year.
And the question comes from the line of Horst Schneider from Bank of America.
My first question relates to your comments on the order book because you say you have full visibility until end 2027. I'm interested in any particular trend by model. Does that statement also refer to Luce, or is that an average number you point to? Maybe you can say on which models we have longer visibility than 2027, if any. The second question relates a little to the EBIT margin outlook for H2 implied in your full year forecast. I realize you remain tight-lipped on that. You gave items on R&D and D&A, which is helpful. But can you also comment on what the price/mix outlook is for H2? It seems that this is getting weaker — maybe related to regional split and product mix development. Can you explain?
The order book covers the full year 2027. One important point: the Manuale is something that belongs to Q3 and we are still working on allocations, so its numbers are not yet embedded in the figure I referenced. We are proceeding as planned across the models we are producing or will start to produce. Regarding margin, Antonio has the detailed elements.
Two elements: in terms of the mix and price variance compared to last year, this is expected to be higher compared to the first half. The wording we used on the margin is that it is not lower than the first half.
Technically, if I calculate your guidance, it implies you do 29.7% margin. But I think that's just rounding, right?
It depends on the point you take. If you take the lower end of the guidance, you're right, but it's mostly rounding.
And the question comes from the line of Martino De Ambroggi from Equita.
My focus is on hybrid. The weight of hybrid in the last three quarters was around 30%, much lower than in the last couple of years. Is this just a matter of model changeover or a deliberate decision? Should we expect this portion to remain going forward? And on hybrid, is there a big difference between the coverage of the backlog for ICE and hybrid?
This is just a matter of model changeover. Two hybrid models are out of production: the 296 GTS family and the SF90 XX. We are ramping up other hybrid models. This is not related to any choice to slow down hybrids; it's the product life cycle. Regarding backlog: the 296 Speciale, a hybrid, is basically sold out, so you will see how the composition will change. Remember we offer three technologies to clients: ICE, hybrid, and Luce (electric).
On Luce, I understand you won't disclose order intake, but could you provide an idea of the ratio of orders from existing clients versus new ones? And does the order book cover 2027 for Luce as well?
We are very satisfied with Luce. We are receiving orders from both repeaters and new clients. The important point is genuine interest from people to buy the car. Clients understand that Ferrari Luce is like any other Ferrari: we will take care of the car and the owners over time. We do not disclose numbers by model because then we'd need to disclose every model; we prefer to keep some blur so you can continue to ask questions.
And the next question comes from the line of Tom Narayan from RBC.
Antonio, a question on the 2026 guidance: I guess revenue floor was raised by EUR 100 million, but the EBIT floor was raised by EUR 40 million. I would have thought personalization would have a bigger drop-through to EBIT. I know FX and hedging play a role, so maybe could you comment on the drop-through of the revenue guide to EBIT? Follow-up on Americas volumes being down in Q2: is any of it related to the Middle East situation that may have created some pull-forward from Q2 to Q1? Lastly, on Luce: you mentioned satisfied repeat client orders and genuine interest. What about new customers to the Ferrari brand, maybe those specific to EV buyers?
On Luce: we do have clients in the Luce order book who never bought a Ferrari before and they are buying Luce because they like to drive electric cars. So we have both repeaters and new clients attracted by electric traction. On the Middle East point: there was not a pull-forward between regions; while we faced some logistical challenges a few weeks ago, dealer support and logistics helped avoid broader disruption. Again, personalization increases manufacturing time and can affect deliveries and cash timing. For the guidance and leverage question, Antonio will explain.
In terms of margin from personalization, this is unchanged and in line with the first half. The difference in guidance is related to our forecast of cost increases in the second half across SG&A, R&D and most of all D&A. Also remember we maintain the assumption of ranking first in the Formula 1 Championship.
And now we're going to take our next question, and it comes from the line of Monica Bosio from Intesa Sanpaolo.
Two questions. First, on the Manuale: as it is a limited edition, what is the life cycle? Can we model shipments in two or three years? Any color would be helpful. Second, on new customers: can you indicate in which country you see the major growth in terms of new customers? Are these new customers different by country for Amalfi versus Luce? Ultimately, if Luce attracts new customers more in China, would you be willing to increase the weight of shipments in China above usual levels?
On new clients for Luce: there's no clear pattern of age or geography. A common factor is that many new clients are familiar with driving electric cars and are interested in Ferrari's take on electric propulsion. Our customers are unique and passionate about the brand. For Luce, we will allocate in a FIFO mode where new clients and repeaters have the same priority, so regional allocation will follow order intake. Regarding the life cycle of the Manuale, we don't provide detailed shipment phasing for a limited edition beyond the fact that it is a 1,499-unit series allocated to clients.
Dear participants, thank you very much for all your questions. And now at this moment, I would like to hand over the conference to your speaker, Benedetto Vigna, for any closing remarks.
Thanks to all of you. Thank you for your time today. I wish you a good morning or good afternoon and to those going on vacation, a good and relaxing holiday with your loved ones. Thank you again for your attention and we look forward to meeting you again in a few months. Ciao.
This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.