Ferrari N.V. (RACE) Q2 2023 Earnings Call Transcript

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day and thank you for standing by, and welcome to Ferrari 2023 Q2 Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions]

I will now like to hand the conference over to your speaker today, Nicoletta Russo, Head of Investor Relations. Please go ahead.

Nicoletta Russo

Thank you Roberto, and welcome to everyone who is joining us. Today we plan to cover the Group's Q2 2023 operating results and the duration of the call is expected to be around 60 minutes. Today's call will be hosted by the Group's CEO, Mr. Benedetto Vigna; and Group's CFO, Mr. Antonio PiccaPiccon.

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 in the Safe Harbor statement, included 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.

Benedetto Vigna

Gracias, Nicoletta. Thank you everyone for joining us today. I would like to start by thanking all the women and men at Ferrari for their passion, dedication, and sense of belonging. Without them, without their agility and nimbleness, the exceptional result of the first quarter would not have been possible, gracias.

Definitely Q2 was a quarter dense of many positive milestones on all fronts. Four are the key messages of this call that Antonio and I intend to pass to you. One, record high exceptional results driven by product mix and personalizations, stronger than expected personalization led us to increase the full year guidance on all fronts. Two, our order book remains stunningly high across all geographies in the full product range thanks to our robust order intake.

Three, the geographical pattern of our shipment in the last quarter as in all the other quarters reflects our deliberate allocation plans along with the controlled growth trajectory and they are not at all correlated with respective market trends. In the first semesters, our shipments grew by 4% year-over-year with all regions up, remarkable 14% up of Mainland China, Hong Kong and Taiwan, a 7% up of the Americas. Four, we are on track with our product strategy in Carbon Neutrality Journey.