Aston Martin Lagonda Global Holdings PLC

Latest Results (28.09.2026):

Aston Martin Lagonda Global Holdings PLC — Q2 2026 (reporting H1 2026): the company delivered materially improved H1 2026 results with revenue up 38% to £628.6m, gross profit up 68% to £212.5m and gross margin rising to 33.8% (H1 2025: 27.9%). Adjusted EBITDA turned positive at £62.7m (H1 2025: £(3)m) and operating loss narrowed to £56.5m, though loss before tax widened to £154.2m due to substantially higher net finance costs. Free cash outflow improved materially to £197.6m and, after a post-period £550m financing (closed July 2026), pro forma liquidity was strengthened to c. £340m.

Revenue and margins

H1 2026 revenue £628.6m (+38% y/y). Gross profit £212.5m (+68% y/y) and gross margin 33.8% (+590 bps y/y). Management attributes margin improvement to Specials (notably Valhalla) deliveries, production cadence smoothing and manufacturing cost benefits, with further margin uplift expected in H2 2026.

Volumes and ASP

Total wholesale volumes H1 2026 2,331 cars (+21% y/y); Q2 2026 wholesale +43% y/y to 1,392 units. Specials rose sharply (225 in H1 2026 vs 18 in H1 2025), driven almost entirely by Valhalla. Total ASP £241k (+17% y/y) driven by Specials; core ASP down ~5% as dealer support reduced aged stock.

Profitability metrics

Adjusted EBITDA improved to £62.7m (from £(3)m). Adjusted EBIT loss narrowed to £(108.9)m (vs £(121.5)m). Reported operating loss improved to £(56.5)m (H1 2025: £(134.7)m). Reported loss before tax was £(154.2)m, impacted by a large increase in net financing expense (£97.7m in H1 2026 v £6.1m in H1 2025), including FX revaluation effects.

Cash flow and balance sheet

H1 2026 free cash outflow £197.6m (improved from £321.0m). Cash used in investing was lower (£120.2m v £170.6m). Cash balance at 30 June 2026 £114.9m; net debt £1,544.7m. Adjusted net leverage improved (LTM adjusted EBITDA higher) but absolute net debt increased versus prior year end.

Financing update

Post-period the Group closed a new £550m debt package (22 July 2026): £450m Senior Secured Term Loan + £100m Delayed Draw Term Loan, priced at 6.75% over SONIA, maturing July 2031. Pro forma liquidity as at 30 June 2026 would be c. £340m assuming proceeds held; proceeds were used to repay the RCF and certain facilities.

Guidance and outlook

FY 2026 operational guidance unchanged: total wholesale volumes expected similar to FY 2025 (c.5,448) with c.500 Valhalla deliveries for the year, gross margin expected to improve into the high 30s%, adjusted opex (ex D&A) expected below £300m, adjusted D&A £375–£400m, net cash interest ~£160m and capex targeted around £300m. Management remains cautious about macro and geopolitical risks (tariffs, China taxes, Middle East conflict) but expects material year-on-year improvement in 2026.