Good day, and thank you for standing by. Welcome to the Ferrari 2026 third quarter conference call and webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star, one on your telephone keypad. You will then hear an automatic message advising your hand is raised. To withdraw a question, please press star, one, and one again. 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 Q3 2026 operating results, and the duration of the 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, Nadia. Thank you, Nicoletta. Good morning or good afternoon to everyone joining us today. Today here, we are pleased to share with you three important updates. One, the financial results of the third quarter. Two, the progress in the three sources of our brand. Last but not least, an update on the full-year guidance. Before that, first, on the brand side, Ferrari climbed three places in Interbrand's Best Global Brands 2026, confirming itself as the world's most valuable Italian brand. Second, my sincere thanks go to the teams, to our existing and new clients for their loyalty and trust, and to all our business partners who work alongside us every day. As underlined in previous calls, we remain fully focused on innovation, both in terms of product and experiences we offer, and execution, consistently moving along the trajectory set out at our Capital Markets Day.
This continues to be our North Star, because we believe that only in this way we can continue to be unique in the ultra-luxury space we operate. Our Q3 business performance was characterized by strong product mix and a solid trend in personalizations, which has led to revenues at EUR 1.29 billion, EBIT above EUR 560 million, growing double digits, and industrial Free Cash Flow generation of more than EUR 565 million. We believe that only through emotion-driven innovation, consistent execution, and focused discipline, we can make remarkable progress. Now, let me share with you our progress over the past quarter across each of our three sources. Let's start with sports cars. Q3 has been an intense and engaging quarter. It started with the launch of the 12Cilindri Manuale, and it closed with the digital debut of the track model GT3 Modificata.
It has also been constellated by numerous dynamic marketing activities, which allowed us to engage both repeaters and new clients, further supporting the continued momentum of our brand. There is nothing more experiential than a car, and all Ferrari experiences are a fundamental part of living our brand with all our senses. The experiences on roads and on tracks we offer our Ferraristi all over the continents represent a truly differentiating factor, sustaining our uniqueness. They create memorable moments for our clients to engage with Ferrari beyond our cars. They enlarge the Ferrari community, create new bonds, and further strengthen the sense of belonging to the Prancing Horse. I personally attended the Cavalcade in Europe in July, and recently the Tributo Universo Ferrari in India, where I also had the pleasure to drive from Jaipur to Agra.
I can guarantee you that driving all together amazing cars in beautiful and stunning landscape is really unique, and most importantly, establishes special and unforgettable connection among all the participants. During one of these moments, the first-ever Ferrari Luce has been auctioned for the record amount of $40 million in Pebble Beach, where proceeds will be devolved to an educational project in U.S.A. and in Maranello. A few facts about Luce. One, first few deliveries in Q4. Two, 2027 deliveries are fully allocated. Three, more than 50 local premieres and private views across U.S.A., Europe, Middle East, and Asia-Pac, and five public events, including the temporary exhibition at our museum, they are all done. Each created valuable opportunities to bring the car closer to our audiences in person, expressing its uniqueness better than any digital experience could.
Four, international media test drives are planned for Q1 2027, and right after, test drive for our clients. In the meantime, the global rollout of our new corporate identity is progressing across our dealership network, reflecting our dealers' continued commitment and investment in the brand, and further elevating the way Ferrari is represented across markets. Some of the recent openings include those in Zug, in Switzerland, Pasadena in U.S., and Riyadh in Saudi Arabia, that you can see in the chart. Inside the new dealership, at the center of this dealership, we have a piazza hosting clients to underline even further that we always put clients at the center of what we conceive and what we do. Now let's talk about order book. We continue to experience a healthy demand across all geographies, with an order book that enters 2028. More is yet to come.
We will launch in the physical world two new models before the end of the year, and we look forward to sharing them with you. Just wait a few more weeks, and you will have a better understanding of what we are planning to do. Moving on to racing. Last Sunday in Mexico marked a historic moment for Formula 1 and Italian motorsport. Here, I would like to congratulate Kimi Antonelli on becoming world champion. Competition is what drives us. It raises the bar, fuels our determination, and reminds us every day why Ferrari races: to win. We remain fully focused on Formula 1 and World Endurance Championship, pushing to the very end of the season while already working relentlessly towards next year.
Beyond the track, our sailing adventure is progressing further with the announcement of a few weeks ago of the crew and the new operational hub in Livorno that will host Hypersail by the end of this year. Innovative 100-ft flying monohull designed to challenge the oceans entered the final construction phase, a truly technological masterpiece with more than 20 patents registered. Last but not least, lifestyle. The quarter was equally rich in activity, from the capsule collection for the Monza Grand Prix to the increasingly tailored experiences offered through Casa Ferrari at Pebble Beach and our fan zones, and the launch of the Sketch Body. This project brings together art, innovation, and tradition, and it enriches our collectible offer, meeting strong interest from our clients and already sold out for the next year. If you haven't seen it yet, I really invite you to take a look.
Across all these initiatives, we have continued to express our brand with the same consistency and sophistication, preserving our identity and DNA. It is with this same approach that we are now preparing, after the London opening in Q1 2026, for our next flagship store opening in New York, where we will unveil our new lifestyle collection. To conclude, we continue to execute our plans with innovation, focus, and determination, making steady progress on the path outlined in our business plan. Today, we are raising our guidance for the year, and Antonio will provide you with more details and colors about it. On this note, I hand over to Antonio. Thank you.
[Non-English content] Benedetto, and good morning or afternoon to everyone. On page five, we present the highlights of the third quarter. It was a strong one, with remarkable profitability growth and supported by the business strength we have seen throughout the year, a strong sports car mix, and personalizations, which continue to exceed our expectations. Industrial Free Cash Flow generation was also strong, almost achieving our full-year guidance in the first nine months. Let's review the results in more detail. Turning to page six, you can see the breakdown of our Q3 shipments and the ongoing model changeover, which continues to progress in line with our plans. During the quarter, the 849 Testarossa and the 296 Speciale Aperta continued to ramp up, together with the first deliveries of the 849 Testarossa Spider.
The Amalfi and the 296 Speciale Coupé increased their contribution and entered the global distribution phase, joining the 12Cilindri family and the Purosangue. Deliveries of the F80 progressed in line with our plans, while the 296 GTS, the Roma Spider, and the SF90 XX family reached the end of their respective life cycles. The geographic mix of our deliveries reflects the usual rationale. When a new model is launched, we serve closer markets first, followed by a progressive rollout across other geographies. On page seven, net revenues increased by almost 10% at constant currency and 7% 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 personalizations. Personalizations surpassed 21% of total revenues from cars and spare parts and was particularly relevant for the 296 Speciale family.
The adoption of carbon and paints continue to drive revenue growth. Sponsorship, commercial, and brand increased thanks to higher sponsorships and lifestyle activities, which were partially offset by lower commercial revenues linked to last year's Formula 1 ranking. Other revenues also positively contributed, mainly in relation to the rental of engines to other Formula 1 racing teams. It is worth noting that while the comparison against the U.S. dollar spot rate is becoming more favorable, we continue to record a negative variance from prior year hedges. Moving to page 8, the remarkable increase in EBIT was driven by the very strong mix price variance, reflecting the positive product mix and the strong personalizations previously highlighted.
In detail, the product mix is the result of the positive contribution of the F80, the 849 Testarossa, and the 12Cilindri families, as well as lower deliveries of 296 range family, partially offset by lower deliveries of the SF90 XX family and the ramp-up of the Amalfi. The positive volume variance is due to spare parts, while shipments were deliberately planned slightly lower to allow for the smooth completion of the model changeover. These positive variances were only marginally offset by higher depreciation and amortization, in line with the start of production of new models, and higher marketing expenses. The higher costs implied by the better Formula 1 in-season ranking assumptions compared to last year, included in the other variance, were substantially offset by the positive contribution from racing and lifestyle activities.
Percentage margins remained at very strong levels despite the foreign exchange headwind, with both the EBIT margin and the EBITDA margin increasing compared with last year. On page nine, our industrial Free Cash Flow was strong in the quarter, driven by the increase in profitability and supported by a positive change in working capital, mainly reflecting the advances collection. This was partially offset by capital expenditures, primarily focused on product and infrastructure development, with the new paint shop approaching its completion. At the end of the quarter, we were in a net cash position of EUR 219 million, even after the share repurchases executed during the period. Turning to page 10, we upgrade our guidance for the year. Our updated assumptions for Q4 include a stronger contribution from personalizations in line with the Q3 trend, which is supported by the higher concentration of special versions planned in the fourth quarter.
A further improved U.S. dollar to euro exchange rate compared to Q3, including hedges, and lower Formula 1 costs reflecting the current second position in the championship ranking, while we assume that all four remaining races will be confirmed. Looking ahead, we remain firmly focused on executing our plans along the guidelines outlined at our last Capital Markets Day. Our confidence in the strength of our strategy and in our ability to preserve and nurture our brand over the long term continues to guide us every day. Thank you 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.
Yes, of course. Dear participants, as a reminder, if you wish to ask a question, please press star, one one on your telephone and wait for name to be announced. To withdraw a question, please press star, one, and one again. Please stand by while we compile the Q&A roster. This will take a few moments. We are going to take our first question. It comes line of Edouard Aubin from Morgan Stanley. Your line is open. Please ask the question.
Yeah, good afternoon. Thank you for taking my questions. Three quick ones for me. The first one is the F80. I think, doing the math, you are in anywhere between 17 and 50 units shipped in the third quarter. I think for the first half, people had assumed around 40 units per quarter in Q1, Q2. Are you more or less in that kind of range, or is there any significant or material acceleration or increase sequentially between H1 and Q3? That would be question number one. Question number two is, as you just mentioned, Antonio, you now assume second place in Formula 1 championship. Regarding the release of provision for Formula 1 championship, will you take this release in Q4? Can you just give us an idea of what roughly is the amount you expect to release in Q4, if that is the case?
Lastly, Antonio, the impact on the hedging on top line and profit, what do you have in mind for Q4 and 2027? Thank you so much.
Edouard, these are all questions for Antonio.
Yeah.
You will manage the first one.
Yeah. The first one, on F80, we have been growing just slightly quarter-over-quarter, and therefore, we were still within the region of 50 units. With respect to the second quarter, which was on Formula 1 championship bonus release, we already adjusted some of our assumptions in Q3. The one in relation to the constructors' championship, as we said, is encompassing the full-year guidance. We do not go into the details of the size, but it is not very material, some few millions.
Hedging what you are expecting Q4, I think I commented some while ago as to the fact that we were expecting a negative foreign exchange rate impact of around EUR 200 million. Considering where the spot rate is today, it would be lower than that, but still is the reference. So between EUR 150 million and EUR 200 million, overall full-year basis.
Okay. Thank you.
Welcome.
Thank you. Now we are going to take our next question. The question comes from the line of Monica Bosio from Intesa Sanpaolo. Your line is open. Please ask your question.
Yes. Good afternoon, and thanks for taking my questions. I would have three. The first one is on the shipments. They are reflecting the models changeover, but I was wondering if you can give us any feeling, any colors on the fourth quarter, because last year, the fourth quarter was very negative. I would expect a positive trend this year on the back of the completion of the models changeover, but also on the back of the comparison base. Any colors could be useful. I know that you do not comment on volumes, but it could be useful this time. My second question is on the country mix. As many models are approaching the global distribution, should we expect a better country mix in the fourth quarter? Above all, what do you see in terms of country mix for 2027?
If I can squeeze another one, it is on the shipments in mainland China, Hong Kong, and Taiwan. They were down. Is this due to the model changeover, or are there any other particular reasons? Thank you very much.
Thank you, Monica. I think two deductions that you did are very right. Number one is what you said, is because of the model changeover in China that we had this swing in mainland China. The second, let's say, your deduction is also correct. Q4 year-over-year will increase. So, congratulations for your right deduction. Country mix-wise, you also read it well. Yes, all the models are approaching the global distribution, and this is embedded in what is the updated guidance that we are providing you, also because the personalization that we have over there are basically start to be fully defined for the year end. Thank you.
Okay. Thank you. Thank you very much.
Grazie, Monica.
Thank you. Now we're going to take our next question. The question comes line of Henning Cosman from Barclays. Your line is open. Please ask your question.
Yeah. Hi. Good afternoon, everybody. I am [inaudible] . First question is on the revenue growth acceleration implied by the flow of the guidance. I think it is implied to accelerate to at least 9% from about 6% so far year-to-date. I am just wondering what that might imply in terms of volume and in terms of ASP. I think we had already said ASP is broadly stable H1, H2. Now you have upgraded the guide. Just to clarify that we are looking at broadly stable volume in Q4, but probably quite a bit higher ASP year-over-year in Q4. If you could just confirm if that is broadly the right thinking to support that revenue growth acceleration. The second question is, if I could please ask about the very high share of special series in the third quarter, 22%.
I thought after the about 13% in the first half, we were saying we expect broadly stable half over half, and now it is much higher again. Could you just say if you think this will drop very materially in Q4, or is it going to stay elevated, and what might be behind that? Just finally, again on the FX, Antonio, if you could just say what your euro-dollar assumption is now for the full year and what it is for 2027, please. Thank you so much.
Henning, I think the first one.
Yeah. I take that. In terms of volume and ASP for adjusting the guidance, I think we have been clear. We have not been adjusting volumes. Volumes benefit from an easy comp with last year, as Benedetto commented before, and we expect to have ASP slightly higher, in line with the indication I gave some quarters ago about the fact that the second half would have been slightly better compared to the first one. The share of special series, even this one, I think we have already commented in the past. This year is very special. There is a concentration of special series. We expect this to normalize going forward. The assumption personalization for the year, we started the year with guiding for approximately 20% personalization rate. We are currently above that level, and we assume that the last quarter will not make an exception, so we will be in continuation.
Sorry, Antonio, the question was on FX, the euro-dollar exchange rate, not the-
Oh, I'm sorry. I'm sorry. The current spot rate, but for us what really matters is not just that, but even the hedging in place.
Are you willing to share the euro-dollar number that you're assuming for this year now?
Approximately more than 1.15. Blended between spot and hedges.
Both this year and next year, yeah?
No, no, we are talking about fourth quarter. We are not talking about 2027 yet.
2027, you have to wait, Henning.
Okay. All right. Gotcha.
That is it.
Thank you. Now we are going to take our next question. The question comes from Martino De Ambroggi from Equita. Your line is open. Please ask your question.
Thank you very much. Good afternoon, everybody. The first question is on the ASP again, because +9% in the first nine months year-on-year. Should we expect at least a mid-single -digit growth also next year, just for ASP? The second is on the Luce that you already fulfill the orders for 2027. Could you elaborate on where they come from in terms of region, kind of customers, and what are the areas you are not tested yet, which could be an upside going ahead? Thank you.
Thank you, Martino. For the first question, I mean, ASP trend next year, I have to repeat myself or Antonio, what he told Henning. Let us wait for February when we meet next time. For the Luce, I think that there are four important things that I would like to underline. The number one is that the Luce is in production as planned. The second is that by end of this year, we will have a few units on the road. The third is that in Q1, we will have international media test drive first and then test drive for the client. Then all the Luce that we plan to sell next year basically are all allocated. If someone comes, he has to wait one year to get the cars. Where do we see the potential?
Today, I think there are some areas where the dealer are doing a fantastic job. There are some areas where the dealers can have some more opportunities than others. For sure, what we have seen is that there are two things that help the people to understand better the car. Number one, when they see in 3D physically. Number two, also, we see when and how the perception change when the people drive the car. Yes, we see opportunities in some places, but also thanks to the experience and the interaction the people will have with the car.
Thank you, Benedetto.
Thank you, Martino.
Thank you. Now we are going to take our next question. The next question comes from Michael Binetti from Evercore ISI. Your line is open. Please ask your question.
Hey, Benedetto, Antonio. Great quarter. Thanks for taking our questions here. Antonio, just a quick clarification on the ASP. I think it was up 8% in the quarter. You reminded us that ASP would be a little higher in second half than in first half, and that's in terms of euro, the level. I think to be flat, just to orient ourselves, to be flat in the second half versus last year, fourth quarter would need to be down about 1%. That seems unlikely. Would you mind just helping us think about what you assume for 4Q, and then maybe some of the moving puts and takes around that? On the EBIT bridge for fourth quarter, the mix was EUR 119 million + in third quarter.
Maybe you could help us think about the tailwinds and headwinds for fourth quarter relative to that number, because I think you previously told us the second half mix would be above first half. If we can orient our models around that, maybe EUR 85 million or more coming from mix in the fourth quarter. Maybe you could just help us think about the other items in the EBIT bridge that change in fourth quarter.
Sure. The answer to both your question, Michael, is that it's still the same I gave you the previous call of last end of July. Meaning, in terms of ASP, we still expect to target to have H2 slightly better compared to H1. You can do the math, and I said slightly better. In terms of the mix price variance, even there we said we expect it to be slightly better in H2 compared to H1. No change in this respect. Where we do expect to have in the last quarter different is that in terms of cost, we'll have an incidence of expenses for marketing and events higher compared to Q3, and we still expect to have D&A further growing compared to the previous part of the year. There is an acceleration which is consistent with introduction of new models.
Okay. If I could sneak one in, Benedetto. You guys have called out paint and carbon as drivers for the really nice personalization we've seen for a while. How do we think about what the paint shop, I think, is still planned to open in 2027, what that means for the business as you guys take in-house more capability to drive what's been one of your best inputs to the personalization lines?
Mike, we thank you for the congratulation you give us and all the team. We do not like so much because you believe that we are not keeping the pace to open the paint shop. I mean, yes, we will open the paint shop. Sorry.
Of course.
If you come here, you see a nice paint shop. I think that that is very important for the personalization. It shows that we believe in the personalization also because we put at the center our client. I can tell you that we had a deep analysis with Antonio and the team. I would like to share with you some things. Number one, when you talk about the personalization, one-third is coming from the material client are selecting, 1/3 in value. 1/3 is coming from the exterior, including the painting, the color, and 1/3 is coming from what the client select in the cabin. So it is equally spread. It is interesting outcome that I would say we are very proud of because all the personalization that we are developing are finding the right, let us say, they are pleased by our clients.
Thank you very much, guys.
Thank you, Mike.
Thank you. Now we are going to take our next question. The question comes from the line of Horst Schneider from Bank of America. Your line is open. Please ask your question.
Good afternoon. Thank you for taking my questions. I will try again the first one on 2027, even though you said you do not answer many questions about 2027. I looked up the Q3 2026 call transcript, and when we asked you there about the next year, basically you said you want to have a smooth and as linear as possible expansion of profitability in absolute terms. It seems from today's perspective, when I count the various levers, we have got the 12Cilindri Manuale, a higher 296 Speciale share, F80 should sell higher. It seems to be a pretty strong year. It seems to be anything but smooth and linear. Therefore, maybe you can share thoughts why it should be just smooth and linear next year. The second question is maybe a standard question about residual value trends. If you can share any update.
I have seen that maybe the 12Cilindri is weakening a bit. Maybe you have got a comment on that. The third question is more towards the split between ASP growth and volume growth going forward. At the moment, we see ASP growing a lot. Going forward, you want to normalize that again, and how you aim to achieve that. Thank you.
Thank you, Horst. I will take a couple of questions, and then Antonio will elaborate on the mathematical linearity. The residual value, we see that they are very sound across different models and across different countries. We are very pleased because we see that the residual value is very good. That is important. This is true also, let us say, different models, either the recent one or the less recent one. When it comes to the question, how much should you expect in mix and volume, if the question is about 2027, you have to bear with us. Like we said also to your colleague, in February, we will tell you 2027, and then we will tell you all the drivers that we see for the growth. On this, I would like to give the word to Antonio for the mathematical linearity.
Thank you. Thank you, Benedetto. Well, maybe I start from the first one where I just want to make a comment. Last year, we said that we would have expected development smooth and linear. That is what we said at the Capital Markets Day. What went differently, if I look at 2026 compared to our initial expectations, is basically two elements. The first one is the level of personalizations. We guided for 20%. We are above that level. Obviously, and on that, I repeat myself, we have a shorter visibility compared to the order book because we allow our clients to define the level of their personalization until three, four months before delivery. So it is something, it is kind of discovery. This has been supported by the concentration of special series this year. The second element which makes a difference is the foreign exchange rate.
At the Capital Markets Day, we said we would have expected 120. We are lower than that. We are benefiting from this. Obviously, the hedges that we adjust from time to time may have a carryforward effect depending on where the spot rate will go. That is what I can tell you. But the Capital Markets Day assumptions remain intact in terms of how we think about the development and introduction of new models. No change about that. Mix and volume, only with respect to Q4, we expect to have still a relevant mix. I said in my commentaries to the guidance that we expect personalization rate to be in line with the recent months. This is due, and this is the same also in terms of product mix.
My expectation is this is still the main component in guiding the results for the rest of this year.
Thank you. My question was more relating to volume mix in general, not 2027, also beyond 2027. For example, you could stretch F80 deliveries, right? Not sure if you can comment or want to comment on that, but I could just give it a try.
I can speak only to the fourth quarter of this year.
Okay, that's great. Thank you.
Thank you.
Thank you. Now we are going to take our next question. The question comes from the line of Tom Narayan from RBC. Your line is open. Please ask your question.
Hi. Yes, thanks for taking my questions. I also have three. The first one, personalization did exceed your initial expectations at 21%. I remember at the Capital Markets Day last year, I think we were shown personalization at work, and we were told that the carbon fiber supply was a kind of a resistance factor, and it limited, I think, how much you could do. Is this now less of a headwind? The second question, we are hearing about some affordability risk creep in, I know, in the auto industry. Now, I know Ferrari is not an auto company, it is a luxury company, but just curious if you are seeing any demand impacts on maybe more lower-priced offerings like on Amalfi. Lastly, residual values, plug-in hybrids are now a much bigger portion of deliveries than they were a couple years back.
Are the issues that you saw a couple years ago on plug-in hybrids now in the rear-view mirror? Was this just a function of getting the dealers to educate consumers on these products?
Thank you, Tom. I think that we are not a luxury company. We are a unique company that is luxury and technology. I think it is important this because we care about this uniqueness that was also underlined in different messages through the Capital Markets Day. Coming to the I go this through the question you gave us. The first one, I think you said it well, you understood well. The story of residual values on hybrid is changing because of two reasons. Number one, the dealers are getting more usage also to explain how to use the hybrid. Two, the people are getting more and more in love with the hybrid technology because of the advantage that the combination of electric engine and thermal engine are giving.
You saw it, and I have to say that we have been visiting several dealers that they've been developing very simple and clear educational material to explain to people how to use it. The story of the personalization, you remember well, there was, in the past, a shortage on the carbon. We have been able to nail down some good, let me say, contract on the supply side. That is not the limiting factor. We do not see it as a headwind. We are obviously, since this does not depend on us, we are always looking what is happening. That is clear. The story of the second question, we see healthy demand across all the models and across all the geographies. There are some areas where, for example, the hybrid is preferred to ICE and vice versa, or the six-cylinder to eight-cylinder.
But we see a healthy demand across all the models, and I would say we are very pleased about the offer, let's say, the product we are able to offer, we can offer our clients. This does not mean that it is complete because you will see other things getting out pretty soon. We have always to keep delighting our clients.
Thank you.
Thank you.
Thank you. Now we are going to take our next question. The question comes from the line of Thomas Besson from Kepler Cheuvreux. Your line is open. Please ask your question.
Thank you very much. Good afternoon, and congratulations on the quarter. Three questions, please. First, have you been able to hedge in decent proportions for 2027, 2028, taking advantage of the exchange rates below 1.15, or not yet? Second question, on the Luce, could you give us a profile of who bought it so far? Is it 50/50 existing customers, new customers, as you thought, or different? Give us some idea of the geographies and maybe how many units, broadly speaking, you plan to ship in 2027. Last question, small things in terms of financial impact, but I noticed the spare parts contributed to volumes. Is there any acceleration in this, or is that just an accident that we see in the bridge this time around? Thank you.
Okay, I think, Luce, we cannot, we do not want, we know, but we cannot provide you the split between the repeaters and the new client. What I can tell you is that we have a good mix. It is a good mix in terms of client, it is a good mix also in terms of geography. Let me say, there is not a specific pattern. We see the interest coming from people of different age and different countries. The other part is about the spare part. Clearly, there is a grow in Q3, also because you said it well, there is an increased use of the cars. So when you use more the cars, there is a profitability that you need a little bit more spare part. That is the only reason, it is nothing strange. For the hedging, for 2027-
Yeah, thank you, Benedetto. Yes, we already covered. We use a 12-month rolling foreign exchange rate policy, and therefore every month we hedge for the next 12 months with a view to be approximately 70% hedged. Clearly, the more you go ahead to 2027, the more you benefit from the reduction of the spot rate that we have been enjoying the last few months, and there is a portion of that in every single quarter, future quarter.
Thank you, a lot .
Thank you.
Thank you. Now we are going to take our next question. The question comes from Anthony Dick from ODDO BHF. Your line is open. Please ask your question.
Yes, hi. Thank you for taking the questions. I had also three. The first one is on the follow-up on the special series. I know this year is a special year with the 296 Speciale A, but still, in terms of the pace of the release of the new special series, we had the 12Cilindri Manuale this year and maybe one coming in the next couple of weeks. It also seems there is more special series being released more frequently. I was just wondering if that is purely a function of the life cycle and the model planning, or if it is also a sort of conscious decision by yourself that these are the segments where you see the most demand and you can expand the most. The second question is on the F80.
You mentioned around 50 units delivered, which is also still quite a bit below what we saw on the Daytona SP3. I think it was up 70, 80 units per quarter. Do you also intend to reach that level at some point, or do you see a more smoother delivery cycle? Do you feel you have already reached the current run rate, basically? And the last question I had is on D&A, which increased quite substantially in Q3, and I think you also increased the full-year guidance a little bit. Just wondering if that was purely linked to the new models, or there is also some fixed assets in there, maybe some accelerated depreciation on some, or if it is just really also the model planning and model life cycle that we see there. Thank you.
Thank you, Anthony. These are all for
If you let me, I take the three of them.
Yeah.
Special series, the concentration is just a result of the model phasing, is there by design. Do you expect to reach that kind of level at some point? We do not disclose. We said, however, that we want to grow smoothly the delivery pace of the F80. With respect to D&A, I think it is there, the assumption since the beginning of the year that Stefano commented a number of times, and this is entirely due to the new model introductions. As soon as we start production of a new model, then we start having D&A accruing to the P&L.
Thank you very much.
You are welcome.
Thank you. Now we are going to take our final question for today. It comes from José Asumendi from JP Morgan. Your line is open. Please ask your question.
Thank you very much. Very kind. Congrats on the strong quarter, I think, in the light of the model changeovers and the higher costs. On the topic of higher industrial costs and R&D, not for 2026, 2027, just end of the decade, Capital Markets Day targets, how do you see this trend, this industrial cost basically becoming more of a neutral impact, which obviously would enhance margins for the business? Second, a bit more shorter term, please, how do you think about geographical mix into the end of the year? Thank you.
So for the You want to go for the-
I go for the first one. First one, I think is, I take it more as a question on development of R&D. I just remind you that there we see the R&D expense to the P&L and in the variance. We have D&A that is dictated by the model life cycle. We have R&D expenses for innovation for the sports car business, and the other piece is the development of expenses from Formula 1. The area that obviously we have less control on is development for Formula 1, because that is dictated by the budget cap evolution that has been growing the level of expenses in the last few years. Okay? As far as what we are concerned in terms of sports cars, so the portion that is related to innovation, we think of that as a rather smoothly growing line of expenses. Okay? But very smoothly and lightly.
The second one, I will say, the geo mix is moving aligned with the model change. Everything is moving, I would say, according to the plan. This was the last question. I would like to say a couple of things. One, I would like to thank you for the congratulation that you did to the team. There is a lot of work behind that. Thanks for appreciating that. I would like also to congratulate for you because I have to say that all the question that you did are clearly showing that you have been listening and studying the material. We like it because there is someone reading what we do. Thank you. Also thanks for the time and for all your questions.
They are very useful for us and to do a better job, to continue to do a better job for you, for all the shareholders. I wish you a good morning, good afternoon, and thanks again for your attention. Thanks to Nadia, thanks to all the team. [Non-English content] and good evening.
This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.