Good day, and thank you for standing by. Welcome to the Ferrari 2025 Q1 Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Nicoletta Russo, Head of Investor Relations. Please go ahead.
Thank you, Sharon, and welcome to everyone who's joining us. Today, we plan to cover the group's first quarter 2025 operating results, and the duration of the call is expected to be around 60 minutes. Today's call will be hosted by the group CEO, Mr. Benedetto Vigna; and the group CFO, Mr. Antonio Picca 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 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.
Thank you, Nicoletta. Thank you, everyone, for joining us today. While the macroeconomic environment remains uncertain, with ongoing geopolitical tensions and market volatility, we at Ferrari have a clear view of our priorities and we are continuing to execute our business plan with discipline, focus and four wheels on the ground.
The solidity of our business model, along with the relentless drive of all our partners and employees and the continuous trust of our clients enable us to navigate the current context. We look ahead with confidence being vigilant of the situation that surrounds us as we have always been in the last few years.
In this spirit, we have kicked off this year with good progress on several fronts. Our product offering continues to evolve. Our new paint shop is proceeding according to plans. We won the much anticipated podiums in the World Endurance Championship in Qatar and in Italy, and we launched our new Lifestyle collectibles.
Most importantly, we have delivered a strong set of financial results. So let's start from here. Q1 '25 saw double-digit growth on all key metrics, led by product mix and the continued solid trend in personalizations.
A few key numbers to highlight. One, total revenues reached approximately EUR 1.8 billion with very few incremental deliveries year-over-year. This confirms once again our strategy of quality of revenues over quantity; two, we enjoyed a strong profitability with EBITDA close to EUR 700 million; three, industrial free cash flow generation reached more than EUR 600 million in the quarter.
In Q1, we have also witnessed continued strong brand momentum. Indeed, the order book on current models has evolved as expected and it covers the whole of 2026 with the Dodici Cilindri coupe Spider guiding the order intake. This leaves me on to the very positive reception that we have witnessed for our recently unveiled two special version, the Coupe and the Spider of the 296 GTB and 296 GTS.
This new Ferrari are based on the current berlinetta in our range, the 296 GTB and 296 GTS. However, they mark further progress in both performance [indiscernible]. With hybrid engine delivering a total of 880 horsepower, these cars offer an unprecedented driving experience, but it's not just their sheer power that makes them special.
They are also distinguished by meticulous attention to detail, technology -- in technological innovation and refined design. And that is characteristic of our sports cars, they embody solutions derived from our racing cars, the 499P, the 296 GT3, the 296 Challenge and the Formula 1. These two newly born are the latest expression of our hybrid offering, and they have been enthusiastically greeted by our clients.
One important client of ours paid deposits to its dealers right after the presentation of last Tuesday and another one told me, "This is truly a brand new car, not just a special edition. It is beautiful, it is very elegant and highly performing and I love the new gear change experience. The new physical commands, moreover, on the steering wheel are incredibly interactive. Now it is much more comfortable to drive."
As you can see, we are progressing in our product development plan and reaching our offering with exciting new models that allow us to tap into different client needs and the size. But the launch of 296 Speciale, Coupe Spider represents just the first of many milestones to look forward to these years.
Among this, as we have told you in February, there will be the unveiling of much-anticipated Ferrari elettrica. It will be carried out in a unique, innovative way that befits a unique and innovative Ferrari. What does it mean? It means that this is a massive piece of technology designed in unique features. It will be an exciting journey of discovery, it is the first of its kind, yet rich in every aspect that makes a true Ferrari.
For these reasons, we want it to be fully appreciated in every single detail. And there is no better way to do this than by revealing it step by step. Three will be the unveiling steps. The first one, starting in October at our Capital Market Day, we will show you the technological hub of the Ferrari elettrica.
And then in early 2026 we will give you a glimpse into the look and feel of the interior design concept. And a few months later, in spring next year, the journey will culminate with world premiere where we will reveal the harmonious blend of technology and design. As planned, deliveries of the Ferrari elettrica will commence just months after that in October 2026.
Moving on from road to track. Let me congratulate the entire team for the historic 1-2-3 in Qatar at the opening round of the 2025 FIA World Endurance Championship and the following victory at the 6 Hours of Imola, more than half a century after our latest win in Italy. We couldn't have started the racing year in a better way. I was in Imola and I can guarantee you that sharing those unique emotions with a lot of passionate people in Ferrari is an unforgettable experience.
In Formula 1, the team is more focused than ever on fighting for victories and podium places. The beginning has not been easy, we all know that. On the other side, we are all fueled by deeply rooted grit and relentless determination to continue to progress.
But racing is not the only means we have of channeling the world's passion for Ferrari. Here, I refer to our Lifestyle strategy, which has made significant progress in recent years. In early April, during the world renowned Milan Design Week, we presented our new collection of exclusive Ferrari collectibles. Blending timeless Ferrari design with exquisite craftmanship, these are not mere objects. In fact, each model allows our community of enthusiasts to own and treasure a symbol of the Prancing Horse's history.
And speaking of community, we have maintained our focus on giving back to our local area with Enzo Ferrari Memorial Half Marathon of Italy on 30th of March. We shared these special moment at our home in Maranello. We have over 10,000 runners from all over Italy and several countries across the globe, which reinforces our community ties and underline the importance of sports and health.
Through the proceeds from registration and partner contributions, the event will leave a tangible legacy on our region, enabling the creation of a new multi-sports field in the Maranello sports park by early 2026.
Last but not least, I would like to share another remarkable achievement with you. Our e-building, the one that we inaugurated last year, has been awarded the prestigious LEED, L-E-E-D, platinum certificate, a globally recognized sustainability rating system.
And now I hand over to Antonio to review the Q1 2025 result in detail.
[Foreign Language], Benedetto, and good morning or afternoon to everyone joining us today. Starting on Page 5, we show the highlights of the first quarter, which represents another strong start to the year. Please bear in mind that Q1 '25 results were not impacted in any way by the recent introduction of higher tariffs on EU cars imported in the U.S.
Revenues and profitability grew double digits with shipments slightly higher than the previous year and product mix and personalizations as the main drivers of growth. Percentage margins were particularly strong in the quarter, thanks to the solid business performance, lower D&A in line with model life cycle, partially offset by higher racing expenses and brand investments.
Net profit reached EUR 412 million and corresponded to a diluted EPS of EUR 2.3, up 17.9% versus the prior year. Such an improvement also encompass increased financial charges and the higher tax rate now projected at 22% in light of the benefits from new patent box regime only. Industrial free cash flow generation was very strong and above EUR 600 million, and I will highlight the main drivers later on.
On Page 6, we deep dive into our Q1 deliveries, which increased by 33 units. This increase was driven by the Ferrari Roma Spider, the 296 GTS, the SF90 XX family and the Purosangue. In the quarter, the Dodici Cilindri continued its ramp up phase and the first deliveries of the Dodici Cilindri Spider commenced. In line with model life cycles, deliveries of the 296 GTB decreased as well as the ones of the Daytona SP3 in line with plans. The SF90 Spider approached the end of its life cycle while the 812 Competizione A phased out.
As customary, the geographic breakdown reflects the different product cycles as well as the company's deliberate allocation strategy. As a result, EMEA and Americas were up versus the prior year, representing 3/4 of our total shipments. Rest of APAC was almost flat at 18% and Mainland China, Hong Kong and Taiwan reduced their share to 7%.
On Page 7, the net revenue bridge shows a remarkable double-digit growth up 12.2% versus the prior year at constant currency. The increase in cars and spare parts was driven by the richer product and country mix as well as higher personalizations.
Personalizations accounted for more than 19% of total revenues from cars and spare parts, just a couple of decimals higher than last year [Technical Difficulty] exchange rate mainly supported by the Daytona SP3, Purosangue and the SF90 XX family.
Sponsorship, commercial and brand increased, thanks to new sponsorship among which the HP title partnership of Scuderia Ferrari, which was signed in May '24 and therefore, provides the quarter with an easy comp and Lifestyle activities as well as higher commercial revenues linked to the better prior year Formula 1 ranking. Currency, net of hedges in place, had a positive net impact in the quarter.
Moving to Page 8. The change in adjusted EBIT is explained by the following variances. Mix/price strongly positive, thanks to the enriched product mix, sustained by the deliveries of the SF90 XX family, the Dodici Cilindri and the 7 units of the 499P Modificata, the increased contribution from personalizations and a positive country mix supported by the Americas.
Let me remind here that throughout the year, the enrichment of the product mix will be less reliant on Daytona SP3 and rather sustained by special series and range models along with few initial deliveries of the F80 in Q4.
The remaining variances were due to substantially flat industrial and R&D expenses, largely driven by higher racing and innovation activities, but lower G&A in line with model life cycles, higher SG&A, reflecting racing expenses and brand investments as well as our continuing organizational development. And finally, other was positive, mainly thanks to new sponsorship partially offset by the comparison with the prior year's release of cars environmental provision in the U.S.
Lastly, we had a positive net impact from currency. Percentage margins strengthened in the quarter with EBITDA margin at 38.7% and EBIT margin above 30%, also benefiting from the lower D&A.
Turning to Page 9. Our industrial free cash flow generation for the quarter was strong at EUR 620 million and reflected the increase in profitability and the positive change in working capital provision and other, mainly supported by the initial collection of the F80 advances and certain nonrecurrent cash proceeds related to the signing of the new Concorde agreement, partially offset by capital expenditures.
Net industrial debt was EUR 49 million at the end of March, reflecting the share repurchase program executed in the quarter. As a housekeeping note, please bear in mind that in the second quarter, we are required to pay our income taxes and the net financial position will reflect dividend distribution of approximately EUR 530 million and the 2025 euro bond repayment for roughly EUR 450 million, both falling due during this month of May.
Moving to Page 10. We confirm the 2025 guidance with 50 basis points reduction risk on EBIT and EBITDA margins flagged as of March end when we updated our commercial policy for the U.S. market following the introduction of higher import tariffs on EU car. Clearly, we remain vigilant on the global business environment, and we are mindful of the many changes occurred in the last few weeks.
Besides the U.S. tariffs that we have addressed with the update of our commercial policy, I refer to the swift change in the foreign exchange rate, mainly the U.S. dollar, which we continue to take out through our hedging policy that provide us with a partial support over the rest of the year, the potential effect of the overall macroeconomic uncertainty and financial market volatility that we keep on monitoring thanks to the visibility we enjoy.
Looking more closely at the development of the year, we continue to project a positive product mix and support from racing revenues and Lifestyle activities along with continued brand investments and higher racing expenses. Given the above, the first half of 2025 is expected to be stronger than the second, in line with the development of the mix and the seasonality of SG&A, racing expenses as well as D&A.
To conclude, today's strong results represent further progress in the execution of our business plan and in our growth path. Despite the surge of the uncertainty and volatility, our distinctive business model provides us with solid confidence and the necessary agility for our future.
Thanks for your attention, and I turn the call over to Nicoletta.
Thank you, Antonio. Sharon, we are now ready to open the Q&A session. Thank you.
[Operator Instructions] And your first question comes from the line of Susy Tibaldi from UBS.
First one, you mentioned about being vigilant in the situation. Can you talk a bit about the differences in trends you're seeing between new customers to Ferrari, existing customers and your top collectors? Given the very mixed macro picture, are you seeing differences? Of course, your customer is much more resilient than the average customer, but I'm sure there is also some nuances that maybe you can share.
And then secondly, on the 296 Speciale, when you say it's limited in time, is it fair to think maybe 2, 3 years? And in terms of volumes, so without -- obviously, you don't provide volumes, but should we think similar to the 488 Pista?
Okay, Thanks, Susy, thanks for the question. So second one, it will be limited in time, yes. It will be a special version. Like all special version, is limited in time, it's -- you got it well. It's similar to the 488 Pista, okay? So this is question #2.
Question #1, as I said and also Antonio said that we are very vigilant on the situation because as of end of Q1, with all the data that we got from all the dealership, we don't see any -- an impact on our order book and on the cancellation trend. So we are -- let's say, the situation is well under control, but we want to be vigilant because we want to see what's happening.
We don't see any difference in trends between new clients, collectors and, let me say, new clients and repeaters, we don't see any difference. We have been digging in different specific places in the world to see in search of this difference, but we did not see.
I think that we should -- when we talk about Ferrari, we should not talk about clients, we should talk about single client, each one has its own specificity. So it's always difficult to find a partner. We look for that because we have a lot of nice tool now for data analysis, but we don't see any specific pattern.
Your next question comes from the line of Henning Cosman from Barclays.
Could I please ask about seasonality between Q1 and Q2 within the H1? Just conscious that over the last couple of years, Q1 has been quite a bit weaker than Q2. I'm wondering if that could be similar again? Or if we're expecting more stable, that's probably one for Antonio.
And perhaps one for Benedetto on the U.S. Do you have any elevated inventories at all in the U.S. from potentially pre-shipping ahead of tariffs? And do you envisage any impact on the volume cadence at all going forward in the course of the year into next year?
Q1 was obviously pretty strong in the U.S. Do you expect anything at all there in terms of phasing? Have you seen anything at all in terms of order cancellations at all in context of the tariffs?
And if I can squeeze in a third one very quickly, if you could just confirm how many Daytonas you shipped in Q1 and how many you have left for Q2 and Q3?
Thank you, Henning, I'll pick your second one and the first one, Antonio will elaborate. So we don't see -- we have all the data and we get it by dealers, obviously, from all over the world and with a specific focus on the U.S. We don't see any specific trend. Actually, we don't see any impact on the tariff. But despite this, as we said, we remain vigilant because, let's say, we need to be careful to catch if there is any small signal picking up.
I can tell you also that last week, I mean, I was in Florida in that specific case, okay? And the market is very strong. It's been always very strong, and it continues to be very strong with a strong demand across all our models. So I think that as soon as we have some difference, for sure, we'll make you aware, but we don't see any impact also because I think that at least from what we hear from several clients, new and repeaters, that they appreciated our -- two things of our new commercial policy over there.
Number one, that we've been clarifying right away what we intend to do; and two, that we contribute, okay? We contribute to this price increase. We don't ask them to pay all the bills. But we were very clear telling that some models will have no price increase. Some others up to the remaining, up to a maximum 10%. So they appreciated a lot the way we behave, the way we put them at the center of what we do, and also the timely communication on the new terms.
Talking about Q1 and Q2...
Yes. Directionally, please take Q2 lighter than Q1. And this is also in line with the fact during Q1 we delivered less than 80 Daytona. So lower than last year but not that far away. While in Q2 and Q3, Daytona will go down and will be zero in Q4.
And your next question comes from the line of Stephen Reitman from Bernstein.
You made a comment that the order book is being led by the Dodici Cilindri. Could you comment on the personalization trend you're seeing right across the board, but also specifically on that vehicle and also the Purosangue, particularly with the Dodici Cilindri already having a quite elevated price against the 812 Superfast that it succeeded?
And secondly, looking at the bridge, on the EBIT bridge, and you specifically pointed out in the other line that there was the EUR 18 million reflected the sponsorship, the HP offset by some other factors. Does that give us sort of like a reasonable idea of the run rate of the HP sponsorship deal, which suggests that's in the region of about EUR 100 million or so?
Thank you, Stephen. I'll take the first one and the second one, Antonio. So what we see the personalization of the 12Cilindri, both the Dodici Cilindri and the Purosangue, is in line with what we have seen before. So we see a strong traction on the three main factors that are driving our personalization. It means some functional components and then on the painting and on the carbon finish.
I think these are the three trends we see on this cars as we have seen also in the past. I can tell you that the cars -- I mean the clients are looking more and more at personalization, and we are preparing ourselves to be able to offer them more and more personalized offers. So this is for the second -- the first question. The second one...
Stephen, with respect to the EBIT bridge, the EUR 18 million comes basically from the net of the positive that is related to the sponsorship of Scuderia. And on that portion, obviously, the fact that we have the HP sponsorship and the IBM sponsorship coming in represent the bulk of it together with the increase in the positive from the commercial revenues related to the F1.
And as a negative -- sorry, and there is another point, which is the easy comp with last year when we had CO2 penalties released, less than EUR 10 million. On the negative side, in terms of comparison, there is a sort of seasonal effect in comparison with the expenditure of last year on WEC, so on the racing, not related to Formula 1.
I'm sorry, and going forward, in general, is it difficult to project overall, but I do not expect to be a big contributor. The positive one should be related to sponsorship. Then we had some positive last year that should help in terms of adding in Q2 and will further fade away during the rest of the quarter.
Yes, Stephen, in the light of -- to further clarify, as a reminder, we signed HP last year in April. So clearly, after that time, it has an easy comp. So it's not sort of as you project...
Yes, you cannot do it. Sorry, I didn't get this question, this part of the question.
Your next question comes from the line of Michael Binetti from Evercore.
Congrats on a great quarter. Can you just clarify the exact -- could you just clarify the exact number of Daytonas that you had in the quarter? I know you said it was below 80. But then if I just -- I guess one for Antonio, if we back out the first quarter results from the year, it looks like -- if I look at the rest of the year, there's this scenario where EBITDA margins could be anywhere from down 10 or 15 basis points to up 50 basis points. I'm just curious what are the inputs to the scenario that could lead to EBITDA margin being negative in the rest of the year?
And then, Benedetto, on the EV launch, as you think about it and you described it as a masterpiece of technology. Ferrari has always been -- buying a Ferrari has always been a relationship with a timeless car. And I'm curious if you think about the EV and the focus on technology and how technology ages differently than luxury cars. How do you protect the timeless element of a Ferrari and you think about what drives residual values of these cars over time as you move into cars with a bigger technology component?
Thank you, Michael. I think the first one will -- Antonio will elaborate, I'll take the second one about elettrica. I would like that -- I agree with what you said but one thing that it's not a focus on technology. We focus on the emotion we deliver to our clients. So when we inaugurated the e-building 1 year ago, we said and when we also presented the F80, the supercars, we made it clear that all the strategic components of electrified cars, hybrids and in the future electric will be done in-house in a way that we can guarantee what you are telling that is this timeless feature of our car. I think this is important. And that's the reason why also we did this investment because we want to have the flexibility and the ability to maintain and to offer our clients the technology that are needed for the future.
When it comes to the invertor, the battery, the axle, all these things that are distinguishing features of electric cars. And then consider also that our elettrica, our Ferrari elettrica will not be -- it's much more than digital and electric. And you will see [Technical Difficulty]. So this is the first -- the second part and then Antonio is about the number of Daytonas...
On the precise number of Daytona, they were 77. And with respect to the EBITDA margin down during the course of the year, we projected on the basis that the mix will be lower, and this is -- goes hand in hand with reduction of the number of Daytonas and the development of the mix of the rest of the range. And the increase in expenditure, particularly SG&A and R&D, and partly related to the development of our racing activities.
Your next question comes from the line of John Murphy from Bank of America.
This is actually John Babcock on the line for John Murphy. Just first of all, I wanted to touch on the tariffs. I know you cited about a 50 basis point EBITDA-EBIT margin risk from that. Could you just provide some clarity? I mean it seems like you're maintaining guidance, but you're highlighting the risks. So should we think about that as the maximum potential impact here? Or do you expect to offset it? Any additional clarity you might be able to provide on that front would be useful.
John, maybe I answer this one first. Yes, it's a risk we see. I mean there might be opportunities to offset it. That's why we described it as a risk. However, it depends on a number of moving parts as of now. So I think the outcome is the one that we have outlined.
And then just my other question, and this is a quick one. If you could just talk about the consumer reception so far for the Dodici Cilindri, that would be useful. And then also, are you finding demand as consistent across the geographies for that product?
The reception of this car has been very, very good across all the geographies. Clearly, in some geographies, there is more appeal because of the tax impact is lower. For example, the Dodici Cilindri impact, let's say, traction in countries like China is lower because the tax rate is higher. But so far, I mean, we see a good traction with, let's say, in different countries, it's used from Scandinavia to U.S. to Latin America to Italy, I mean south of Europe. So it's very good traction.
Your next question comes from the line of Monica Bosio from Intesa Sanpaolo.
I have, I think, three. The first one is on the initial collection from the F80. Should we expect further impacts across the year? And if yes, Antonio, can you help us model the impact? Because I'm just wondering what's the weight of the collection on the working capital in the first quarter.
The second question is on the residual values. You announced pricing actions in U.S.A. How do you see, if any, this could impact on the residual values in U.S.? Any comments on this would be useful.
And the very last, maybe it's a stupid question, but it's on personalization. So you are implanting pricing actions on the final price on the value of the imported car. And what about personalization? Maybe I missed something. Are we going to modify also the pricing for personalization for those cars that would be delivered in U.S.?
Monica, this will be Antonio taking care of all the three questions.
Initial collection on F80. I think it has been important in Q1. We do not expect the same impact over the rest of the quarter also because there are deposit that has been anticipated in the previous year that will fade away. So another positive but not of the same size is expected around Q4. So the portion of working capital is related to one that got a big bulk in Q1, and there will be a lower one in Q4.
Residual values of pricing action in the U.S. and principally, it could drive residuals up. We'll see. That's the potential expectations. About personalization, well, last year, we intervened already on personalizations in terms of price increase. We haven't taken -- when we talk about the overall price increases, we refer to the price increases of the cars overall.
Your next question comes from the line of Thomas Besson from Kepler Cheuvreux.
It's Thomas from Kepler Cheuvreux. I'd like to come back to somehow Stephen's question on the non-car revenues. Historically, I think you were suggesting they were dilutive to profitability and it feels like they might become even relative to profitability. Could you comment on that concept for Q1 and for the rest of the year? The first question.
The second, I understand what you say about the time line of deposits, Q1, Q4, but you've already generated half of the guidance for free cash flow. So should we think that your guide is for the full year conservative or an important part of the EUR 620 million was effectively working capital?
And lastly, just a housekeeping question. Could you confirm the tax rate for the year? And broadly speaking, the direction for CapEx for the year?
Antonio?
Yes. The third question, the tax rate, as I said before, approximately 22%, and this is because this year, we'll enjoy the benefits only on the new patent box regime. Last year, just to remind you, we had the overlap of the new and the previous one that brought the tax rate down.
Industrial free cash flow. Given the Q1 generation, is the guidance conservative? We are never conservative. So well, in principle, there might be chances in that direction. But as I said, there are still several moving parts.
Non-car revenues impacted the activities for Q1 and the rest of the year. In terms of development of the sponsorship, I think all of the agreements that we -- the relevant agreements are in place already now. So I do not expect this to change dimensionally significantly over the course of the year. Obviously, the comparison with last year maybe a bit more uneven. But the run rate is the one that we expect similarly for Lifestyle. CapEx guidance between EUR 900 million and EUR 950 million, that's probably the best guidance I can give you as of now.
Your next question comes from the line of Tom Narayan from RBC.
Tom Narayan, RBC. The first one I have is at the '22 Investor Day, you guys shared a target of powertrain split of 40-40-20 with 40% being full electric models by 2030. I know you guys may update this on October 9. But given the first Ferrari electric is only going to start deliveries in October 2026, is there enough time to get to 40% of models being full electric just 3 years later?
And then the next question, we've had some time now with Purosangue sales. Just curious if we have data now that suggests residual values are holding up? And also any demographic information, who's buying the Purosangue, is it more -- is it different than the regular Ferrari customer, female versus male, daily users versus collectors, et cetera?
Okay. So thank you. Thank you, Tom. First one, 40-40-20, remember that during the Capital Market Day, when we provide the split of the PU, the powertrain, we always talk about our offers, not the split of sales, you remember? Because when we talked at that time our road map offers any kind of traction to the client.
We said, we want to leave the freedom of choice in the hand of the clients. So that split was a split of the model we were offering. In terms of update, if any, I'm afraid that you have to wait, let me say, in October this year, where we will provide you and all the colleagues a full update.
The second one is about the residual values and the demographics of Purosangue. Well, demographics of Purosangue clients, I think it's not -- let's say, we have a new client, yes, we have in the range of...
10%.
10% of new clients. This was what we planned. Posterior, I think we could have been pushing more, 15%, 20%. This is a lesson learned for us for the future. But coming also in terms of male and female, what we see is that a lot of times is the -- you have the name of the repeaters buying the cars and the partners, female that is driving the cars. And then also, it's true that with this car, usually people do a little bit more kilometers than others.
In terms of residual values, I think that there is a lot of traction for this car. We are collecting order also for end of '27, delivery in '28. And there are some areas, for example, where these cars have turned within 1 week, the preowned, and there is an increase on the sticker price. So I think that today, there are -- this year is important because we have some model like Purosangue entering '27, '28 and some other -- '26, '27, '28, some other models that are ending in 2026.
Your next question comes from the line of Martino De Ambroggi from Equita.
Changing the subject, my first question is on Greater China because deliveries are decreasing since second quarter '23 quarter after quarter. So what is the right or the ideal size that you see for this region going ahead?
And the second is on the warranty program for hybrid customers. How is progressing the choice of customers to get your warranty program?
And the last one, I clearly understand you will probably not provide any answer but am I right in assuming that the increase in prices that you announced in the U.S. could worth roughly EUR 100 million on a consolidated basis?
I take the second one -- second -- because the second -- last one, Antonio will take care of it. I think that -- I take the first two. The hybrid, we are very precise. It's more -- it's close to 550 contract for the hybrid warranty programs, clients start to appreciate it because they see value. And also, I believe in the first communication we were not so clear. Now we are improving the clarity of the communication. So we are around the 550 contracts about this hybrid warranty.
China. China, on one side, we see the region now is moving. On the other side, we always said that the Mainland China plus Taiwan will be in the range of 8% to 10%. And let me say, today, the car we are having mostly 12 -- Dodici Cilindri, 12Cilindri, are having a little bit too much impacted by tax. And this one of the car we will launch this year is meant also to fit better the portfolio for that region. So that's the picture on the China.
For the last one...
I do not provide that level of granularity. We said up to 10% for the model that we will be updated, but we reserve the right to intervene and we're actually moving already.
Thank you. There are no further questions. I will hand the call back to Benedetto Vigna.
Thank you. Thank you all for the time and for all your questions. The strong Q1 '25 result and the continuing desirability of the Ferrari brand fuel our confidence for our year ahead and also for the future. I wish you good morning, good afternoon, and thank you again for your attention.
Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.
