Financial Data and Key Metrics Changes - Total revenues reached approximately EUR 1.8 billion, a 4.4% growth year over year with flat deliveries [11] - EBITDA exceeded EUR 700 million, with an EBITDA margin of 39.7% and EBIT margin close to 31% [21] - Industrial cash flow was EUR 230 million, reflecting strong profitability [11][22] Business Line Data and Key Metrics Changes - Shipments were driven by the 296 GTS, Purosangue, and Roma Spider, while the Daytona SP3 saw lower shipments as it approaches the end of its life cycle [18] - Personalizations accounted for approximately 20% of total revenues from cars and spare parts, supported by the Daytona SP3 and SF90XX family [20][42] Market Data and Key Metrics Changes - The geographic breakdown reflects different product cycles and the company's deliberate allocation strategy, with a strong order book entering 2027 [9][19] - Demand for the 296 Speciale family is significantly high, nearly reaching full coverage of its life cycle [9] Company Strategy and Development Direction - The company is on track with product development, particularly with the upcoming Ferrari Electrica [7] - Continued investment in client centricity, product excellence, and technology advancement is emphasized [9] - The company aims to attract new customers with the Ferrari Amalfi, which combines sportiness and comfort [12][65] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic threats, including trade tensions and currency fluctuations [6] - The company anticipates a deliberate reduction in deliveries compared to 2024 to prioritize quality of revenues over volume [24] - Strong results are seen as a continuation of the growth path backed by a unique business model [26] Other Important Information - The company plans to resume its multi-year share repurchase program of EUR 2 billion by year-end [23] - Construction of a new truck dedicated to sports car testing is underway, enhancing product excellence [10] Q&A Session Summary Question: Comments on residual value developments in key markets - Management noted that there are positive trends in the UK market and actions are being taken to address pressures [30] Question: Details on why industrial costs in the second half are expected to be lower - Lower costs are attributed to an easier comparison with last year and reduced quality costs compared to previous expectations [31][32] Question: Clarification on R&D capitalization versus amortization - The change is due to the overlap of project developments and the pace of car development in racing [33] Question: Growth in cars and spare parts at 3% - The lower growth is linked to the product mix and ASP, with strong personalization trends continuing [37][42] Question: Impact of tariffs on pricing and customer behavior - Management indicated that there have been no significant cancellations or postponements due to tariffs, but some uncertainty exists [92] Question: Expectations for hybrid share in the next 6-12 months - The hybrid share is expected to fluctuate based on the models offered and their production volumes [75] Question: Clarification on CapEx and special projects - The company is on track with its CapEx commitments and will provide more details at the upcoming Capital Market Day [118] Question: Future electric vehicle launches - Management confirmed that the unveiling of the electric vehicle is on schedule for Q4 2025, with no delays [82]