Aston Martin Lagonda Global Holdings plc

H1 2026 revenue was GBP 629 million, up 38% year over year. Gross profit rose 68% to GBP 213 million, gross margin improved to 34% from 28%, and adjusted EBIT improved 10% year over year to a GBP 109 million loss. Total wholesale volumes increased 21% to 2,331, total ASP increased 17% to GBP 241,000, and free cash outflow narrowed to GBP 198 million versus GBP 321 million in H1 2025. Net debt increased to GBP 1.5 billion and adjusted net leverage was 8.9x. For the full year, management reiterated that total wholesale volumes should be similar to 2025, including around 500 Valhalla deliveries, gross margin should improve into the high 30s, and operational guidance remains unchanged. Net cash interest guidance was revised to around GBP 160 million from around GBP 150 million after the new financing.

Adrian Hallmark said H1 reflected the company’s plan to deliver material improvement through better mix, the transformation program, and more disciplined operations. He highlighted Valhalla as the key driver, with over 220 deliveries already completed, plus improving quality and customer satisfaction trends, and he said the business is seeing a more balanced production cadence as stock is normalized. His tone was constructive and confident, emphasizing that the company is on track for 2026 guidance and that the new liquidity gives flexibility for current and future product plans.

Douglas Lafferty focused on the financial bridge from Valhalla, stronger core 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, which he said improved materially year over year. He also noted total liquidity of GBP 145 million at H1, pro forma liquidity of around GBP 340 million after the new GBP 550 million financing, net debt of GBP 1.5 billion, and adjusted net leverage of 8.9x. On the outlook, he said core ASP should still grow toward 5%, gross margin should expand further in H2 as dealer support and cost of quality normalize, and full-year free cash outflow should materially improve versus last year.

Analysts pressed management on second-half free cash flow, the implied jump in H2 gross margin, and whether the previously guided core ASP improvement to about 5% still holds. Lafferty said H2 cash flow should be broadly not far from the half-year level and reiterated the 5% core ASP outlook, driven by richer product mix, lower dealer support, normalization in quality costs, and the remaining Valhalla deliveries. Questions on the new financing centered on structure, collateral, and shareholder impact; management said the deal consisted of a GBP 450 million senior secured term loan and a GBP 100 million delayed draw term loan, with a separate GBP 100 million junior facility as an available basket, and said the financing was for the company as a whole. Management also acknowledged aged-stock reduction took longer than expected, especially in the U.S. DBX inventory, but said the issue was manageable and should wash through by the end of Q3.