Aston Martin Lagonda Global (AML) investor relations material

Executive summary

• H1 2026 saw material financial improvement, with a 68% increase in gross profit and gross margin up to 34%, driven by over 220 Valhalla deliveries, transformation program benefits, and a more balanced production cadence.

• Revenue rose 38% year-over-year to £629m, with total wholesale volumes up 21% and core retail volumes outpacing wholesales by over 30%.

• Free cash outflow in Q2 2026 was significantly reduced, approaching breakeven after adjusting for half-yearly interest payments.

• New £550m debt financing completed in July 2026, enhancing pro forma liquidity to approximately £340m and strengthening financial flexibility.

• Positive trends in quality and customer satisfaction, with significant improvements over the past year.

Financial highlights

• H1 2026 revenue: £628.6m (+38% YoY); gross profit: £212.5m (+68% YoY); gross margin: 33.8% (up from 27.9%).

• Adjusted EBITDA reached £62.7m (10% margin), up from a loss in H1 2025.

• Adjusted EBIT loss improved by 10% to £108.9m loss.

• Free cash outflow for H1 2026: £197.6m (improved from £321.0m YoY); capital expenditure: £120.2m (down from £170.6m YoY).

• Operating loss narrowed to £56.5m (from £134.7m YoY); loss before tax increased to £154.2m due to higher net finance costs.

Outlook and guidance

• FY 2026 operational guidance unchanged: total wholesale volumes expected to be similar to FY 2025, with c.500 Valhalla deliveries.

• Gross margin expected to improve into the high 30s%; adjusted EBIT margin to move towards breakeven.

• Core ASP growth expected to reach 5% for the full year, with normalization of dealer support and quality costs in H2.

• Capex guidance reduced to c.£300m, with material improvement in free cash flow anticipated for the full year.

• Net cash interest guidance revised to c.£160m for FY 2026.