Aston Martin Lagonda Global Holdings PLC

Latest Results (09.07.2026):

Aston Martin Lagonda Global Holdings PLC — Q1 2026: The company reported Q1 2026 results largely in line with guidance, with total wholesale volumes broadly flat year‑on‑year, stronger product mix (notably 102 Valhalla deliveries) driving higher average selling prices and a material gross margin improvement. Revenue increased, adjusted EBITDA turned positive, but the group remains loss‑making on an adjusted EBIT basis and carries elevated net debt while announcing liquidity enhancements.

Volumes

Total wholesale volumes were 939 vehicles in Q1 2026 (Q1 2025: 950, -1%). Core wholesale fell 11% to 836 as core retail outpaced wholesale by over 50%. Specials increased substantially (103 vs 14), supporting ASP and margins. Regional mix: Americas and EMEA ex‑UK made up 66% of wholesales; UK volumes down 26%, Americas up 11%.

Revenue and ASP

Revenue was £270.4m (Q1 2025: £233.9m, +16%). Total ASP rose 17% to £252k, driven by Valhalla and Specials; core ASP fell 7% to £179k (dealer support to clear aged stock). Parts, servicing and brand/motorsport also contributed to revenue growth.

Profitability and margins

Gross profit improved to £93.9m (+44%) and gross margin to 34.7% (27.9% prior, +680bps) from the enhanced product mix and transformation benefits. Adjusted EBITDA was positive £23.2m (Q1 2025: -£4.4m). Adjusted EBIT was a loss of £56.9m (improved 12%) and operating loss narrowed to £8.9m. Loss before tax was £65.5m (improved 18%).

Cash flow, capex and working capital

Free cash outflow in Q1 was £116.8m (Q1 2025: £120.3m). Cash used in operations increased to £53.2m due to a working capital outflow of £63m (inventories +£42m, receivables +£14m, deposits down £10m). Capex was £61m (down from £90m), focused on future product pipeline.

Liquidity and financing actions

Cash and available facilities at 31 Mar 2026 were £177.7m. The company completed a £50m sale of F1 naming rights and agreed a new £50m committed facility with members of the Yew Tree Consortium, taking pro‑forma liquidity to ~£230m (subject to closing conditions).

Debt and leverage

Gross debt was £1,641.7m and net debt £1,459.2m at 31 Mar 2026 (up from £1,267.4m YoY). Adjusted net leverage rose to 10.8x LTM adjusted EBITDA (31 Mar 2025: 5.1x), driven by higher net debt and the timing of EBITDA recognition.

Key drivers of finance costs

Adjusted net financing costs increased to ~£57m in Q1, largely due to non‑cash US dollar debt revaluations. Movements in fair value of warrants and other one‑offs were relatively small in the quarter.

Guidance and risks

FY 2026 guidance remains unchanged: total wholesale volumes expected similar to FY 2025 (~5,448), gross margin expected to improve into the high‑30s%, adjusted operating expenses (ex D&A) to stay below £300m, adjusted D&A £375–400m, net interest ~£150m, capex ~£300m and materially improved free cash flow versus FY 2025. Management warns of macro/geopolitical risks (including Middle East conflict, US tariff quota, China tax changes and supplier exposures) that could affect demand and supply.

Management commentary

CEO Adrian Hallmark and the board highlight the positive impact of Valhalla deliveries and the transformation programme on margins and expect further financial improvement through the year, while maintaining operational discipline given external uncertainties.