Aston Martin Lagonda Global (AML) investor relations material

Executive summary

• YTD performance improved on higher Valhalla deliveries and transformation benefits; gross margin reached 35.2% and free cash outflow nearly halved YoY.

• Core retail demand exceeded wholesale volumes by over 20% YTD; the core order book was stable as production was aligned with underlying demand.

Financial highlights

• YTD revenue rose 38% to £1,017.3m; gross profit increased 71% to £358.0m and gross margin rose 690 bps to 35.2%.

• YTD adjusted EBITDA was £132.6m versus £7.7m, with margin at 13.0% versus 1.0%; adjusted EBIT loss narrowed 22% to £133.8m.

• Q3 revenue rose 36% to £388.7m; gross margin increased 840 bps to 37.4%, and adjusted EBIT loss narrowed to £24.9m from £50.6m.

• YTD adjusted loss before tax widened to £283.0m from £237.0m, mainly due to higher adjusted net finance costs and non-cash US dollar debt revaluation effects.

• YTD free cash outflow was £225.2m versus £415.0m; Q3 outflow was £27.6m versus £94.0m.

Outlook and guidance

• FY2026 wholesale volumes expected to be similar to FY2025's 5,448, including ~500 Valhalla Coupe deliveries; retail volumes expected to outpace wholesales.

• FY2026 gross margin expected in the high 30s%; adjusted operating expenses excluding D&A below £300m and adjusted D&A of £375m–£400m.

• FY2026 adjusted EBIT margin expected to materially improve towards breakeven; net cash interest forecast at ~£160m, assuming current exchange rates.

• FY2026 capital investment expected at ~£300m; FY2026–FY2030 capex programme reduced to ~£1.7bn from ~£2bn.

• FY2026 free cash outflow expected to materially improve YoY; core ASP expected to rise low-to-mid single digits YoY in 2026 and 2027.