McLaren (MHL) investor relations material

Executive summary

• Revenue for the nine months to September 2024 rose 80% year-over-year to £618 million, driven by higher volumes, a refreshed product lineup, and strong demand for models like 750S and Artura, especially in North America and Europe.

• Wholesale volumes increased 55% year-over-year to 2,429 units, with stable production supporting a full-year forecast of around 3,200 vehicles, the highest since 2019.

• The W1 supercar was launched as a limited edition, all 399 units fully allocated at $2 million each, with deliveries starting in 2026.

• Operating loss before depreciation and amortisation improved to £18.1m from £142.6m, and net loss reduced to £85.5m from £279.5m year-over-year.

• Liquidity position strengthened to £185 million at September 2024, supported by a £135 million share issue and a new $200 million term loan facility.

Financial highlights

• Revenue for the nine months to September 2024 reached £618 million, up over 80% from 2023.

• Gross profit rose to £159 million (26% margin) from £14 million (4% margin) year-over-year.

• EBITDA improved by £129 million year-to-date, with EBITDA loss reduced to £(19)m from £(148)m.

• Net finance costs fell to £11.8 million, mainly due to FX retranslation of USD bonds.

• Operating cash flow turned positive at £48.3 million, up by over £300 million year-over-year, driven by EBITDA improvement and working capital gains.

Outlook and guidance

• Full-year 2024 vehicle volumes expected around 3,200, up 50% year-over-year, with revenue growth outpacing volume growth due to a stronger product mix.

• Q4 EBITDA expected to rebound to levels seen in Q1 and Q2.

• CapEx for the full year projected at around £200 million, focused on new model development.

• Continued focus on working capital efficiency and sustainable profitability into 2025.

• Deliveries of the W1 hypercar to commence in 2026, with all units already allocated.