AA (AA) H1 2026 earnings summary

Executive summary

• Achieved record customer holdings of 17 million, up 6% year-over-year, reinforcing market leadership and strong financial health.

• Delivered growth across all key financial metrics, including net revenue, EBITDA, and profit before tax.

• Net revenue increased 5% year-over-year, driven by customer growth and higher ARPU.

• Maintained excellent customer service, with Trustpilot rating rising to 4.7 and Net Promoter Score up 7 points.

• Continued investment in AI, data, and technology to drive efficiency, digital engagement, and growth.

Financial highlights

• Net revenue up 5% to £623 million compared to the same period last year.

• Adjusted EBITDA up 8% to £243 million; margin improved to 39%.

• Profit before tax increased by 54% to £60 million, driven by reduced finance costs.

• Adjusted operating cash flow grew 5% to £200 million; free cash flow up 82% to £60 million.

• Group net debt reduced to £1,921 million from £1,976 million at FY25; liquidity at £181 million.

Outlook and guidance

• Confident outlook for the remainder of the year and beyond, with ambitions to maintain group leverage below 4.0x and senior leverage below 5.0x.

• Well positioned to deliver strong performance for the full year, with continued focus on growth and debt reduction.

• Continued investment in digitalization, AI, and customer service to drive future growth.

• Insurance business expected to be a key growth driver through product diversification and digital innovation.