Benedetto Vigna: So I take the second one. So let me make an introduction, George. I think that you have to look at the way you use the technology. The technology may be the same, but what is making the difference between one company and another is the way you use the technologies. Today there are many objects, I don’t mention which one, beyond the cars that are all using the same technology, but at the end of the story, one is more successful than the others. It depends how close, how that product is addressing the real, in that case, needs of the final client. What I can tell you, what I can tell you and is one of the question also, I am asking the client what is their feedback when they ask some other electric cars. Well, it’s clear 2 things.
One, we in our company did well in 2022 during the Capital Market Day to tell that we will make the 3 kind of propulsion: the red I see, the blue, rather than the green. Why? Because we want to leave this freedom to the client. And 2, we have a client and that’s what they are telling me. Some of them, they will not take the electric car. Some other will take both. Okay? Some other will get into Ferrari World, Ferrari Family I would like to say, because of electric car. I have in mind 3 clients, okay, with whom I had a dinner. They were saying I’m pushing up for sustainability. I’m pushing a lot in my family. I have a company. I created a company in this direction. For me, the way to get in this beautiful, fantastic family is through the electric Ferrari.
I cannot get in without electric Ferrari. So we will have 3 kind of people. And that is the reason why the recent development on technology landscape, I think it’s giving — is a good confirmation of our strategy. And I have to say that if you want the expert I had in the other business to manage technology transition has been helping and it will help in this direction. The first one, the product mix.
Antonio Piccon: Yes, sure. George, I think it’s maybe too early to speak about 2024 in such a detail since we haven’t finalized the allocations. But if you ask me gut feeling where we should be considering the product range that we have and obviously assuming same level of personalization, I should bet at least on having the same similar mix to this year. So not such a jump that we are witnessing in 2023, compared to 2022. We know that last year was mainly a volume here. The product mix this year is much richer. Next year will be too, but not at the same distance as we witnessed from last year to this one.
Operator: And the next question comes from the line of Martino De Ambroggi from Equita.
Martino De Ambroggi: I have one short-term and one long-term question. The first is on the full year guidance because you revised upwards by more or less €100 million this year your EBITDA guidance. And considering the drivers you commented, I don’t know if I’m right, but I suppose Formula 1, okay, was positive, but a small personalization is by far the most important contributor because, in my view, the mix was already predefined at the beginning of the year. So you know exactly more or less what to produce. So am I right in assuming that the personalization is the big difference between the starting guidance and the current one? And still on the margin is the Purosangue now is in ramp-up phase, probably finalized the ramp up. Should we assume is accretive in terms of margins? And if you have an update on the volumes that you expect? Last time you guided for less than 10% of total. I don’t know if there is a more precise indication at this point of the year.
Benedetto Vigna: So, Martino, I’ll take the second one and the first, Antonio. So first of all, we said 20% over the year, that’s the limit of the Purosangue. Yes, we are in a ramp-up phase, but we expected that the margin are in line with the rest of the family. Okay?
Antonio Piccon: And on the first one, Martino. Yes, I think you mentioned, personalization is probably the main positive surprise that we had. We it’s also fair to acknowledge the fact that we had a positive support also and it is right, compared to our initial expectations. That obviously helped.
Martino De Ambroggi: Okay. So I was referring on the volumes for the current year for the Purosangue because this year obviously is by far less than 20%.
Antonio Piccon: Okay. Thank you, Martino. I misunderstood, because for the year to count the limit is 20%, yes. This year will be lower because it’s a ramp-up, yes.
Martino De Ambroggi: Okay. And the long-term question is I know you do not want to comment on your 2026 guidance, but consensus is already in the region of €2.9 billion at €3 billion EBITDA. So what are your thoughts about these projection for consensus, both second Bloomberg at both FactSet and I suppose all other providers?
Benedetto Vigna: Look, I think I have to reply in the same way I replied to your colleague. So we will upgrade and review the messaging, let’s say, the plan in ’25. I think that now we are fully — I’d like to say, Martino, that we are 4 wheels on the ground to make it happen the plan that we shared with you. So let’s keep going. We’ve 4 wheels on the ground.
