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 Picca Piccon. All relevant materials are available in the investor section of the Ferrari corporate website, and at the end of the presentation, we will be available to answer your questions.

Before we begin, let me remind you that any forward-looking statements we might make during today's call are subject to the risks and uncertainties mentioned on page two 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. 1.

We delivered another strong set of results. 2.

Demand remains solid, with an order book that covers the entire 2027. And 3.

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 a strong believer of emotion-driven innovation.

Let's go step by step. Let's start with our financial performance.

In the quarter, we delivered revenues at €1.94 billion, EBITDA of €755 million, and industrial free cash flow generation of €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 a 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.

Now the third key achievement, our product offering. As anticipated at the beginning of the year and during the AGM a few months ago, 26, 2026, is proving to be a key year for product innovation at Ferrari.

With the presentation of Amalfi Spiders, 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 six- and eight-cylinder models, and Ferrari Luce.

This makes our product offering unique. We are the only luxury company able to offer sports car able to deliver any kind of propulsion that the client is willing to experience.

We can address different clients' desires, from collectors, repeaters, new clients, and future generation of Ferraristi, and expand our offering in terms of product architecture, performance, design, and driving experience. From now onwards, Ferrari is able to offer all the three powertrain technologies fully in line with our technology neutrality and the horizontal product diversification strategy.

We committed, 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 helped 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.

They are all combined with a distinctive design language in the human-centric way to interact with the car, including the traditional paddle shift for torque shift engagement and the 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-seaters configuration. Two months after the world premiere in Rome, and we can share three clear points: 1.

We are very much satisfied with orders that are coming in line with our plans. 2.

Initial orders are currently coming from repeaters and new clients. 3.

We are engaging those who are genuinely interested in Ferrari Luce, according to our commercial and marketing plan. Ferrari Luce is only one examples of how our line-up continues to evolve.

On July 3rd, at the culmination of our Cavalcade event, we presented the Ferrari 12Cilindri Manuale, a limited edition special series of the 12Cilindri produced in only 1,499 units, each fully allocated to our clients. After the 599 GTB Fiorano 2006, we've 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 wings-by-wire system developed in our Hypersail racing project. Yes, 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 emotions matter much more than numbers.

More is yet to come. Two more models are to be unveiled by the end of this year.

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 experience and events, just think at the 24 Hours of Le Mans and the Goodwood, Goodwood Festival, as well as the capsule collection developed for 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, every day while keeping the four wheels on the ground.

On this note, I like now to hand over to Antonio to review the Q2 results.

Grazie, Benedetto, and good morning or afternoon to everyone. On page four, 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 continued 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 five, we present the Q2 shipments 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 Coupe and 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 the richer product mix, which we'll 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 six, net revenues grew 11% at constant currency and 8% including the headwind from currency, mainly related to the US dollar and Japanese yen.

The increase in cars and spare parts was driven by the richer product mix and higher personalization. Personalizations were higher than expected, above 20% of total revenues from cars and spare parts, and were particularly relevant for the 296 Speciale family.

The adoption of carbon and paint continued to drive revenues growth. Sponsorship, commercial and brand also increased, thanks to higher sponsorships, which were partially offset by lower commercial revenues linked to last year 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 US dollar mitigated the negative currency impact compared to our previous expectations.

Moving to page seven, the increase in EBIT was driven by the very strong mix/price variance, which includes the positive product mix and the strong personalizations that we just commented. 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 range family, partially offset by lower deliveries of the SF90 XX and ramp-up of the Amalfi.

The mix/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 cost 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 margins 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 eight, 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, which were mostly focused on product and infrastructure development, mainly the new paint shop whose construction is proceeding apace.

Net industrial debt at the end of June was €131 million, reflecting the dividend payment which occurred in May and the share repurchases executed in the quarter. Turning to page nine, we increase our guidance for the year thanks to the continuing 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 a US dollar-euro, 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.

hi. Good afternoon, good morning, everybody.

Thanks for taking the question. First question, perhaps slightly philosophical one.

Would you share the observation that you enjoy more pricing power in the more traditional type of vehicle, obviously the manuale-by-wire now really strong showing, the Speciale 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? Would that affect your propensity as to which models you would launch going forward?

If you could remind us what your flexibility there is for how far in the future is your product cycle plan 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 first question. Second question on volume growth.

If you could just, 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 special series, 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 the 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.

Then finally, if I can squeeze one on the margin, right, where we're getting now and your mid-term margin ambition of a floor of 30%. There's obviously not much in between.

Looks like there's going to be a lot of F80s next year, Testarossa, manuale-by-wire, all looks like it's driving the mix up and probably the margin, 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 '27 to '30.

Sorry, that was a lot, but thank you very much.

Thank you. The ink of the pen almost finished, but it's okay.

I'll take the first two questions, and then Antonio will elaborate on your third question about the margin. The first question, the philosophical one, I would like to say this: that our client understand fully what does it mean emotion-driven innovation.

I think that when in one quarter our company unveiled two product very innovative, one more in the future, one reading the past with the eyes of the future, I think it's a demonstration that, 1, we listen to them; 2, we are also able to delight and surprise them. I was with them at the Cavalcade in Athens when we unveiled the 12Cilindri Manuale, as well as I was with them in Rome for the Luce premiere, and they were literally, how can I say, happy, astonished about the ability of our company to put together tradition and innovation, but always putting them at the center, but most importantly, their emotion, driving and emotion at the center.

This is about the first philosophical question, because the rest, the purchasing power, what you are referring to, is a consequence of two things. Number one, our ability to innovate; number two, our ability to delight and surprise them.

The second question is about scarcity and exclusivity. '26 is a year where we have a significant changeover model, we have a lot of new model, we have the ramp-up of very innovative model for which we have a very high degree of personalization.

We always keep one thing in mind, Henning, is scarcity and exclusivity. For us, what is important is that we deliver unique, unique product to our client.

Our north star is been always, if been, it is and will always be scarcity and exclusivity. The third question about the margin, Antonio.

With respect to that question, the capital market targets are unchanged as the way as they were presented and based on the assumptions we outlined at that time. On that, we are proceeding apace according to the smooth and linear development that we already and outlined since that time.

Thank you.

Thank you. Now

Good afternoon, thank you for taking my questions. 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 the 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 the special series? That would be number one.

Number two, in terms of the Americas and the US, shipments were down year-over-year quite a bit, and obviously, Antonio, you explain why in terms of the roll-out of newness and all of that, but I think still that was down more than expected by the market. Is there any issue with demand in the US or is it really exclusively a supply issue in the US and shipments should normalize pretty soon?

That would be question number two. Then, Antonio, question number three in terms of could you just help us model the impact of FX on EBIT for H2, and your first thought about what could be the impact on 2027?

Thank you so much.

Thank you, Edouard, I take the second one. The reason you are referring to, we don't have, 1, no issue of supply chain.

2, we have a significant model changeover, as we have been highlighting in the chart number four, I think. The other point is that when you have cars with high degree of innovation and high personalization degree, okay, then this is having clearly an impact on the number of car that you deliver, because there are some cars, as we have said at the beginning, the personalization content of our cars keeps increasing, and this has clearly some effect on what is the number of car you deliver.

This is the question number two. 1 and 3, Antonio.

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 car, I don't expect a significant change for the second half.

As I said, it is driven by the product life cycle. Impact of FX for H2 is based on the assumption I just outlined and the fact that, in addition to that, we have hedging in place already for approximately 80% of the exposure.

On 2027, is far less covered by hedging and it very much depends on where the spot exchange rate will stay.

Hey, guys. Congrats on a great quarter, really happy to see it, and really exciting launches in the quarter, really fun to watch.

Just maybe a couple for the model. I think you said last call that ASP would be similar in second to the first half, Antonio, but it was up a lot in the second quarter.

Would you just help us understand what happened there, how to think about that in the second half? Then on the ASPs, it sounds like you only shipped maybe 30, 40 F80s, at least not many more than what you shipped in first quarter, but the average price per car that we watch accelerated a lot.

Especially when we peg down to it and take out the currency, it seems like the average selling price for the fleet, excluding the supercars, improved quite a bit, that's with the SF90 XX declining as you told us. Could you talk a little bit more about what some of the biggest drivers were of the underlying acceleration in the fleet and maybe connect that to your comment last quarter that profitability would be the same in second half as first half?

Michael, this is a question for Antonio that will give you an answer.

Michael. In terms of the 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 personalizations.

That also explained why the ASP for the fleet, excluding the supercar, has improved. Actually, we see a trend of personalization improving across the board, better than improving, staying high across the board, even higher than we had expected.

As far as the number of the F80 we shipped in the quarter, as we do not go into the details. I just said really modestly higher compared to Q1.

Is there something about the remaining fleet that's seeing better personalization than prior generation? Maybe you can just help us click into what's helping

drive

for the fleet.

That's probably a fair assessment.

Okay. 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 the manufacturing for the year considering the complex changeover and increased level of personalizations, and doesn't make a big difference, very honestly.

Okay. I appreciate it, guys.

Thank you, and congrats again.

Thank you, Mike. We'll pass to the team.

Afternoon, gentlemen. Thanks for taking my question.

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 any particular reason why it wouldn't make sense? Then the second question, and you're probably going to tell me nothing's changed,

but

with your upgraded guidance, you're now talking to an 8% growth in EPS, and if I go back to last year, the CAGR was 6% to 2030, we are moving above that line. I know Henning's asked this in a different way, but where are we on that roadmap to 2030?

I wonder if you could talk about what's going as planned, what's going better, what's going worse, because it certainly feels as if personalization is going better. Thanks.

The question number one is simple. We don't disclose what we're going to do in the future.

We do not even disclose what will happen in the remaining of the year when I said the two other model will be unveiled. The Manuale, as we have this limited edition, the 12Cilindri Manuale, we'll discover all together at due time what is the future of this important technology.

For the second one, for the guidance, Antonio is here ready to go.

Yeah. You touched the point.

Actually, personalization is doing better than we had assumed for the rest of the plan, and the second element you should not disregard are the assumptions with respect to the currency that helped in terms of the nominal development of the EPS compared to what the CAGR implied in the guidance.

Sorry, just to be clear, currency is better, yeah?

The last point I should mention is obviously the buyback program that is proceeding apace and is reducing the number of shares over which is divided the net profit.

Of course. Thank you.

Welcome.

Hi, good afternoon, and congrats on the strong quarter. Two questions.

Benedetto, can you speak a bit about what is driving that 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 the second half, how should we think about SG&A and industrial costs?

Thank you.

Thank you, Jose. I would like to say that the average value of the personalization for the car that we have in the production increased, and increased because the option that the client are selecting is higher.

They have been personalizing more the painting, the use of carbon, the use also of rim, the use of special leather. There is not a specific item that is driving the increase of personalization content, as well as there is not a specific pattern in terms of client from different geography.

There is a general trend that we have seen of client that want to personalize more and more the car. I think, in this sense, it's good what we planned and what we shared with you at Capital Market Day a few months ago when we said we are open a tailor-made in Tokyo, one in LA, and we are also expanding the ability for us to make tailor-made atelier and tailor-made here in Maranello.

The kind of personalization is driving the increase. For H2, SG&A and R&D, industrial cost, Antonio has all the numbers.

Yeah.

Think of SG&A and R&D for the second quarter higher compared to H1. On a number of events we are working on in terms of SG&A, and R&D is simply in line with the pace of development of our innovation programs and Formula 1 for next year.

The other element you need to take into account is D&A that is going to grow in H2 as it is implied in the guidance for more than €700 million of D&A full year.

Thank you.

Welcome.

Yes, hello. Thank you for taking my questions, Horst from Bank of America.

The first questions that I have relates to the comments that you made on your order book because you say you have got now full visibility till end 2027. I'm interested in any particular trend by model, and if the statement does also refer to the Luce or is it an average number that you point to, and maybe you can say on which models you have got longer visibility than 2027 maybe?

The second question relates a little bit again to the question about the EBIT margin outlook for H2 that is implied in your full-year forecast. I realized you remain tight-lipped on that.

You gave some items on R&D and D&A, that's helpful. Can you also maybe comment what's the price mix outlook then maybe for H2?

It seems that this is getting weaker, and maybe you can explain again why that is. I think it has got to do with regional split and the product mix development.

Thank you.

Thank you, Horst. The order book, as I said, is covering the full year '27.

Just consider one important thing, that here in this order book, we don't have yet the numbers of the Manuale, because Manuale is something that belongs, let me say, in Q3, and we are working on it. That's an important point.

We are proceeding as planned in all the models, let me say, that we are producing or we will start to produce. I don't want to look like arrogant, but considering what our client were asking us since a while on the Manuale, we were expecting also for Manuale to have something very robust, like it has been the case.

We are very satisfied because the things are going as we planned. For the margin EBIT, Antonio here has all the elements on the table.

Just two elements. In terms of the mix/price variance compared to last year, as I said already in May, this is expected to be not lower, I would say higher compared to the first half.

The language we use in the margins is not lower than.

Technically, if I calculate your guidance, it means you do 29.7% margin, but I think it's just rounding error, right?

No, it depends. If you take the lower end of the guidance, you're right, but it's just the rounding.

Okay. Thank you.

Good afternoon, and thank you for taking my question. My focus is on the hybrid.

The weight of hybrid in the last three quarters was in the region of 30%, much lower than in the last couple of years. My question is, is it just a matter of changeover of model or it's your decision?

Should we expect this portion to remain going ahead? Always on the hybrid, is there a big difference between the coverage of the backlog between ICE and hybrid?

Thank you, Martino. You understood clearly.

It's just a matter of changeover. Consider that there are two hybrid model that are out of production, is the 296 GTB and S and also the SF90 XX, these are two hybrid.

We are ramping up the other. It's not related to any choice to slow down one model or another, it's just a matter of model changeovers and let me say personalization the clients are asking for.

Do not extract any model, any trend in your model.

In terms of backlog, it's fully for both—

See, consider that the hybrid we have now that it is basically sold out as well is the 296 Speciale. You will see how it will change in the future, but just think about this: we have three technologies that we will keep offering our client, that is ICE, that is hybrid, and is Luce, the electric traction.

That's what we did, and that's what we said and what we are doing, Martino.

Okay. On the Luce, I clearly understand you will never disclose the order intake and how it's going and so on, but could you provide us an idea, because you mentioned we have orders from both existing clients and new ones, what is the ration between the two?

In the previous question, someone asked about the order book covering '27, also Luce is fully covering what you were expecting? Look,

I would like to say this one. The Luce, we are very much satisfied, as I told also, because we are proceeding as planned.

We are receiving order both from repeaters and new client. The very important point is that there is a genuine interest of the people to buy the car, that is very, very important.

This is very, very important, because the customer understand that for us, Ferrari Luce is like any other Ferrari. We will take care of the car forever, because we have all the capability in-house to take care of this car in-house and forever, like it is for the other models.

Yes, Martino, we do not disclose the number of any specific model because otherwise we have to start to disclose the number of any model, and the model Excel that you are building, it will be very easy, we want to leave some blur, you can guess, you can make some questions, otherwise we will not get any more question, Martino. Bear with us.

There are always questions, so—

That's good. Grazie, Martino.

Thank you, Benedetto.

Ciao, ciao.

thanks for taking the questions. Antonio, a question on the '26 guidance.

I guess the revenue floor was raised by €100 million, but the EBIT floor was raised by €40 million. I guess I would have thought personalization would have a bigger drop-through to EBIT.

I know FX has some hedging, maybe that didn't drop down as much, but maybe some just commentary on the drop-through of the revenue guide to EBIT. Then a follow-up on the Americas volumes being down in Q2.

I know you commented on why that happened, but is any of it related to the Middle East situations that may have created some pull-forward from Q2 to Q1? Then lastly, on Luce, a follow-up to the last question.

You're satisfied, repeat clients orders coming in, genuine interest, but what about new customers to the Ferrari brand, maybe those that were specific to EV buyers? Thanks.

Thank you. I start from the last one, 3 and 2, and the first one is Antonio.

Luce, you got it well. We have client in this Luce, in the order book of Luce, that never bought a Ferrari in their life, and they are buying Luce because finally Ferrari is also able to provide a car that they like to drive.

We have repeaters and we have clients that, and that's also one of the the things that we have been following when looking also for new client, client that like electric electric traction. This is question number three.

Number two, there has been not any, let's say, pull order between one quarter between one region and another. The the story of Middle East lasted, if you remember well, we told you a couple of weeks, and then thanks to the dealer support and thanks also to our logistic partners, we've been able easily to avoid any any problem in not easily, with a lot of effort, but we've been able to, let me say, in a short time, to find a way to have the car reaching the clients, because maybe you were not in the previous call, but we also said that it's incredible incredibly high the number of test drive that our client, existing and new, are doing in the region.

There is no, the two events are completely uncorrelated. Maybe there is only one thing that I told you before is the degree of personalization and the mix of the product that the client want, because the personalization has clearly an impact on the manufacturing time and on the time to to realize the the car.

For the first one, the guidance '26 and the operating leverage—

In terms of margin from personalization, this is absolutely unchanged, in line with the first half. The entire difference is related to our forecast of cost increase in the second half across the three lines of SG&A, R&D, and most of all, D&A.

Do not forget that we are maintaining the assumption of ranking first in the Formula 1 Championship.

Okay. Thank you.

Thank you, Tom.

Yes, good afternoon, and thanks for taking my questions. I have two.

The first one is on the Manuale. As it is a limited edition, what is the life cycle?

Can we model the shipments in two, three years, if you can? Any color could be helpful, and my Excel model will thank you.

Another question is on the new customers. Can you share with us some indication on the new customers?

My question is, in which country do you see the major growth in term of new customers, and are these new customers somewhat different in term of country for the Amalfi and for the Luce? Ultimately, let's assume that Luce could attract new customers more in China.

Would you be willing to increase the weight of shipments in China maybe above the usual level? Thank you very much.

Thank you, Monica. New client of Luce have two eyes, two ears, two hands, no?

Jokes aside, there is not a clear pattern of age or geographic pattern. There is, let's say, interest, maybe for the new client, the common factor is that they like to drive electric car, okay?

To be very specific, when we have been talking and approaching the prospect, the new client, we have been looking at the people that are driving and are very acquainted with electric car. I can also tell you, really, that when you think about our client, think about unique people.

We tried many times also for other model, ICE, whatever. Really, the common factor is the passion they have for our brand, the willingness to have unique driving experience.

Now, we said also that for this model, we will move ourselves in a FIFO mode, where either new client or repeater will have the same priority. This comes back to your question.

We will follow the order intake, because for us it's an opportunity to show, once again, that we respect, on one side, the people, the client, willingness to drive a new kind of car, on the other side is also the level of innovation that we brought in our car. That's important.

Now, the story of the life cycle of the Manuale, the first question, I understand that your Excel file would be much easier, but— Yeah, we won't do in the call.

Got it. Thank you.

Thank you, Monica.

Thank you very much.

Thanks to all of you. Thanks for your time today.

I wish you a good morning, good afternoon, and also for the people that go on vacation, also have a good, relaxing vacation with your beloved ones. Thank you again for your attention, and meet you soon in a few months.

Ciao.