Aston Martin Lagonda Global Holdings plc

In H1 2026, revenue was GBP 629 million, up 38% year over year; gross profit was GBP 213 million, up 68%; gross margin was 34% versus 28% a year ago; and adjusted EBIT was a GBP 109 million loss, improving 10% year over year. Total wholesale volumes increased 21% to 2,331, retail volumes outpaced wholesales by over 30%, and total ASP rose 17% to GBP 241,000. Free cash outflow improved to GBP 198 million from GBP 321 million, with capital expenditure of GBP 120 million and working capital outflow of GBP 45 million. For the full year, management still expects total wholesale volumes to be similar to 2025, including around 500 Valhalla deliveries, gross margin to improve into the high 30s, and full-year operational guidance to remain unchanged. Net cash interest guidance was revised to around GBP 160 million from around GBP 150 million after the new financing.

Adrian Hallmark said 2026 is about delivering material financial improvement through better product mix, the transformation program, and tighter operating discipline, and he said the company is on track to do that. He highlighted over 220 Valhalla deliveries, stronger core derivatives, and a deliberate effort to reduce stock, with retail outpacing wholesales. His tone was confident and constructive, emphasizing improving quality, stronger customer satisfaction, and more flexibility from the new financing.

Douglas Lafferty said H1 performance reflected over 220 Valhalla deliveries, an 11% increase in core wholesale volumes, and transformation benefits. He cited revenue of GBP 629 million, gross profit of GBP 213 million, gross margin of 34%, adjusted EBIT of a GBP 109 million loss, and free cash outflow of GBP 198 million; excluding net cash interest, Q2 free cash flow approached breakeven. He also noted total liquidity of GBP 145 million at half-year, pro forma liquidity of around GBP 340 million after the GBP 550 million financing, net debt of GBP 1.5 billion, and adjusted net leverage of 8.9x. He said CapEx will be heavier in H2 because of one-off technology access fee payments and ongoing product-platform investment, while working capital should be broadly flat with perhaps a small Q3 outflow.

Analysts focused on the pace of free cash flow improvement, the path to higher second-half gross margin, and how much dealer stock reduction and support remain. Management said cash outflow should not be far from the half-year level for the full year and that margin should improve as dealer support, quality costs, and variable marketing normalize, with stock alignment largely close except for residual DBX stock in the U.S. Questions also probed the new financing; management said the GBP 550 million package includes a GBP 450 million senior secured term loan and a GBP 100 million delayed draw term loan, plus a junior GBP 100 million facility basket, but declined to disclose detailed conditions or collateral specifics. On Valhalla and core ASP, management said Specials ASP remains above GBP 1.1 million, around GBP 1.15 million, and expects it to trend up as the mix enriches.