Susy Tibaldi: Perfect. Thank you.
Benedetto Vigna: Thank you.
Operator: Thank you for your question. We are now taking the next question. Please stand by. The next question is from Giulio Pescatore from BNP Paribas. Please go ahead. Your line is open.
Giulio Pescatore: Hi. Thanks for taking my question. The first one for Antonio on the guidance. Why should we expect a decline in margin sequentially in [indiscernible] of about 350 bps compared to the first half? Especially if we consider the model momentum that you have in the second-half with I guess higher around shipments of the Purosangue, higher shipments of the Competizione, higher shipments of the GTS, so, I mean your modern momentum seems to be improving in second-half and you’re guiding for a very steep decline in margin. Then the second one on the Purosangue delivery, is it, it feels like deliveries in the second quarter weren’t very elevated. Can you maybe confirm or give us an indication of where you stand in terms of the ramp up?
And if you could also give us an indication of what percentage of the full-year shipments roughly will be made up of the Purosangue this year? Sorry, the last question on the margins in Q2, you were not far from 30% on the EBIT level. I mean that’s the upper end of your 2026 targets. And while I know that it’s just one quarter and we shouldn’t extrapolate, that’s what you’re going to tell me, but I was wondering if you’re planning to maybe invite us back to Maranello potentially for the unveil of the of the new plant next year for an update on the business plan? Thank you.
Antonio Picca Piccon: So the last one, you are invited to come to see the plant, but we will not have the Capital Market Day in June next year. And I’ll comment about the, the percentage, okay, the Purosangue sorry, we started to delivers Purosangue in Q2 as planned. So we will have ramp up basically in the second-half of the year. I can tell you that the volume of the Purosangue this year will be below 10% in terms of the annual production volume. And with respect to your first question, Giulio, thanks for that. I’ll try and explain through the review of the slide how we see the rest of the year and but yes and how we Q2, basically performed. I think there are two elements. Q2 was designed to be the stronger quarter of the year.
I think we mentioned a couple of times in previous calls and this happened actually and the margin for the quarter was already higher than the guidance for the full year, but it was enhanced by a couple of elements, one some timing effects meaning positives that were already in our numbers expected for Q3 and that happened to come earlier. Some other there were adjustments, unexpected adjustments to our assumption that will not be repeated. And the third element is of course the strong flow of personalization that was also a surprise. And at the same time if we, if I take out the timing impact and the, let me call it non repeatable element and I look at the second part of the year, I think the and then take into consideration also the inflation that is containing stronger than we would have expected honestly in our original numbers, it’s difficult for us to guide you to a level of margins that is strongly above the levels that we guided at the very beginning of the year.
That’s why we confirmed 38% because obviously the cost base is higher because of the inflation and that’s basically taking a part of the positive impact from the additional revenues from personalization responses.
Giulio Pescatore: Okay. Thank you. And just following up on that, is it safe to say that the reversal of the bonuses from Formula One which normally happens in Q3 and this time happened in Q2, is it fair to say that it should be around €10 million to €15 million, maybe €20 million? Can give us maybe an order of magnitude on this element?
Antonio Picca Piccon: Yes, obviously, hopefully it should not happen not in the second, no in the third quarter or [indiscernible]. But anyway it happened we recognized in the second quarter the fact that we cannot win this year mathematically is impossible. So we basically adjusted our estimate to the assumptions to get second and the impact is approximately €10 million in the quarter.
Giulio Pescatore: Perfect. Thank you very much and good luck.
Antonio Picca Piccon: Thank you.
