Slides
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H1 2025 Results, 30 July 2025 Interim results for the second quarter and six months ended 30 June 2025 H1 2025 Results
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H1 2025 Results, 30 July 2025 CEO Review 3 Financial Review 9 Appendix 19 Agenda
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H1 2025 Results, 30 July 2025 C H I E F E X E C U T I V E O F F I C E R Adrian Hallmark
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H1 2025 Results, 30 July 2025 H1 2025 Summary • H1 performance reflected fewer Specials and a disciplined approach to production and deliveries – Retail volumes materially outpacing wholesales by over 40% – Core Average Selling Price (ASP) remained strong increasing 7% to £192k benefiting from next generation vehicles and stable options uptake at 18% of core revenue – DBX S, Vantage S, Vantage Roadster and Vanquish Volante now launched with full benefit expected in H2 – Robust demand resulting in stable orderbook for core vehicles extending up to 5 months; Valhalla orderbook extending to c.12 months with customers completing specification ahead of deliveries in Q4’25 • Navigating a complex global operating environment – U.S. deliveries withheld during April and May awaiting clarity on UK -U.S. trade deal activation – 10% U.S. tariff rate effective from 30 June with incremental U.S. price increases being applied from June – Continuing dialogue with U.K. government as first come first served quota mechanism creates uncertainty and impact’s our ability to accurately forecast for current financial year and quarterly from 2026 onwards – China macroeconomic weakness resulting in extremely subdued demand with no signs of recovery • Forthcoming sale of AMR GP shares in Q3 2025 – Expect to realise c. £110m from sale of AMR GP shares, further enhancing liquidity – Maintaining Aston Martin’s long-term F1 sponsorship agreement, in addition to other global motorsport series Continued focus on disciplined operational performance ahead of significant ramp up in H2 volumes supported by further Core product innovation and new groundbreaking Specials Expect positive FCF generation in H2’25 and improving FY25 adjusted EBIT towards breakeven
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H1 2025 Results, 30 July 2025 V ANT AGE ROADSTER THRILL.DRIVEN. ENGINEERED FOR PURIST DRIVERS V ANQUISH VOLANTE ZENITH.DRIVEN. VENI VIDI VANQUISH DBX S POWER.DRIVEN. V ANT AGE S THE SUPERCAR OF SUVs THRILL. DRIVEN. Ongoing core product innovation supporting H2’25 UNRELENTING THRILL
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H1 2025 Results, 30 July 2025 Exclusive Specials from Q4’25 V ALHALLA MASTERY .DRIVEN. V ALKYRIE LM IMPOSSIBLE.DRIVEN.
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H1 2025 Results, 30 July 2025 Transitioning to a high-performance company Phase 2 advancing well with new initiatives identified to support operational and financial improvements in the future 7 Repositioning Performing Realising full potential of the brand Transforming Transition to a high-performance company I n f o c u s Establishing foundation for winning business model P h a s e 1 P h a s e 2 C o m p l e t e d F u t u r e P h a s e 3
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H1 2025 Results, 30 July 2025 Demonstrable transformation progress made in 2025 Strengthening the position of the Company through strong discipline operational excellence Transforming to unlock our future potential Brand awareness and demand generation • Developing a broader array of value driven options to enrich personalisation and content opportunities, to enhance the current 18% contribution to core revenue • Converting recent increases in customer satisfaction levels to increased retention Cost base optimisation and productivity enhancements • c. £25m annualised savings following organisational changes ensuring business is appropriately resourced for future plans • Deliver operating leverage with FY25 SG&A falling to below £300m • ERP rollout completed across production sites 8 Excellence in quality and product launch cycles • Advancing towards initial Valhalla deliveries, our first mid-engined PHEV • Right-first-time rate up from c.65% during H2’24 to 95% • Additional £20m spend on warranty costs and other investments in product quality delivering improvements in customer satisfaction Product innovation throughout the lifecycle • Launched four new derivatives expanding the core model range and giving customers greater choice, improving customer retention levels • New DBX S and Vantage S derivatives introduce lighter weight and higher performance vehicles
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H1 2025 Results, 30 July 2025 C H I E F F I N A N C I A L O F F I C E R Doug Lafferty
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H1 2025 Results, 30 July 2025 H1 2025 financial summary Performance reflects fewer Specials mix and disruption caused by U.S. tariff implementation Total Wholesales1 (Units) H1’25: 1,922 Q2’25: 972 Revenues (£m) H1’25: 454 Q2’25: 221 Adjusted EBIT (£m) H1’25: (122) Q2’25: (57) • As guided, H1 2025 volumes broadly in line with prior year period reflecting disciplined approach to production and deliveries • H1 2025 revenue decreased by 25%; reflecting fewer Specials ahead of Valhalla deliveries commencing in Q4’25 • H1 2025 core ASP increased 7% benefitting from next generation models including V12 Vanquish; options driving strong contribution to core revenue at 18% • H1 2025 adjusted EBIT decreased by 22%; reflecting fewer Specials and additional investment in quality and warranty to enhance customer satisfaction Certain financial data within this presentation has been rounded; See Appendix for more detail on APMs; (1) Wholesales are company sales to dealers (some Specials are direct to customer); Sport/GT includes Vantage, DB11, DB12, DBS and Vanquish Last twelve months 10 6,412 6,620 6,030 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 1,382 1,633 1,584 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 (118) (80) (83) Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Last twelve months Last twelve months
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H1 2025 Results, 30 July 2025 164 184 180 192 H1 2022 H1 2023 H1 2024 H1 2025 Core Total Wholesale volumes & Average Selling Prices (ASP) Volumes reflect disciplined approach to production and stock optimisation; Total ASP impacted by fewer Specials while Core ASP benefits from next generation models Total H1 2025 wholesales1: 1,922, down 4% By model (units); YoY % change Sport/GT2: 1,395 2% Specials: 18 (85%) SUV: 509 0% Total ASP: £206k, down 25% Core ASP: £192K, up 7% £k 186 212 274 206 Certain financial data within this presentation has been rounded; See Appendix for more detail on APMs; (1) Wholesales are company sales to dealers (some Specials are direct to customer); (2) Sport/GT includes Vantage, DB11, DB12, DBS and Vanquish 11
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H1 2025 Results, 30 July 2025 H1 2025 wholesales1 by region Balanced delivery across regions with contribution from across the core range of next generation models, ahead of H2 volume ramp up from new Vantage Roadster, Vanquish Volante, DBX S, Vantage S and Valhalla 12 2% (20%) 28% (9%) Ex. China (10%) YoY change in wholesales by region 635 295 674 394 647 378 539 358 Americas UK EMEA ex.UK APAC H1 2024 H1 2025 Certain financial data within this presentation has been rounded; See Appendix for more detail on APMs; (1) Wholesales are company sales to dealers (some Specials are direct to customer) H1 2025 Results, 30 July 2025
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H1 2025 Results, 30 July 2025 38.6% (4.2%) (6.3%) 0.9% 0.5% (1.6%) 27.9% H1 2024 Core Wholesales Specials Wholesales M&L FX Other H1 2025 H1 2025 gross margin Gross margin decline reflecting fewer Specials, investment in quality improvements and U.S. tariffs Core Wholesales • Increase in core wholesales (+24u) and improved mix • Offset by warranty costs and product investment with ongoing focus on excellence in product quality and customer satisfaction, and additional U.S. tariff duties FX & Other • Foreign exchange tailwinds as a result of GBP strengthening against major currencies • Offset by other gross margin Manufacturing & Logistics Costs • Improvement in manufacturing efficiency more than offsetting inflationary pressures Specials Wholesales • Decrease in Specials wholesales (-100 units) • First deliveries of Valhalla expected in H2’25 13 (%) 1 Certain financial data within this presentation has been rounded; See Appendix for more detail on APMs; (1) Wholesales are company sales to dealers (some Specials are direct to customer) 1
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H1 2025 Results, 30 July 2025 Financing expenses • Prior year included a £6m non-cash FX loss on revaluation of $-denominated debt • Current year included a £72m non-cash FX gain on revaluation of $-denominated debt • H1’24 included accelerated amortisation of fees related to the prior loan notes as a result of the refinancing (100) (122) 1 41 44 (100) 0 (8) H1 2024 Wholesales Margin & Mix Net Pricing FX Other Gross Margin Adjusted Net OpEx D&A H1 2025 H1 2025 adjusted EBIT £m H1 2025 H1 2024 Adjusted EBITDA (3.0) 62.2 D&A (118.5) (162.0) Adjusted EBIT (121.5) (99.8) Net adjusted financing expense (8.6) (88.3) Adjusted EBT (130.1) (188.1) Adjusting items1 (10.7) (28.6) EBT (140.8) (216.7) EBT Analysis Wholesales & mix • Increase in Core wholesales (+24 units) and mix • Offset by decrease in Specials volumes (-100 units), warranty costs and product investment, and U.S. tariff impacts Adjusted Net OpEx • Decreased 24% aligned with focus on optimising cost base as part of ongoing transformation programme • Includes £11m benefit from revaluation uplift of secondary warrants associated with the forthcoming sale of AMR GP investment D&A • Decreased 27% primarily reflecting fewer Specials YoY (16.6)% margin (26.7)% margin 22% decrease in adjusted EBIT YoY reflecting fewer Specials, partially offset by favourable core mix and a reduction in Net OpEx and D&A 14 Certain financial data within this presentation has been rounded. See Appendix for more detail on APMs; (1) Adjusting items include a £7m charge relating to Company restructuring, a £4m charge relating to ERP implementation, £2m of non-recurring legal fees and £3m related to gains on financial instruments recognised at fair value through the income statement (£m)
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H1 2025 Results, 30 July 2025 (141) (321) 109 (4) (36) (45) (171) (69) EBT Add back D&A/other non cash/financing expense Tax paid Cash generated after tax Working Capital Investing activities excluding interest Net interest paid FCF Add backs Key items include: • D&A £119m • Net financing expense £6m EBT Includes increased YoY finance expense on loan note revaluation (£72m favourable in H1 2025 vs £6m adverse in H1 2024), and £11m benefit from revaluation uplift of secondary warrants associated with the forthcoming sale of AMR GP investment Net Interest Cash interest items: • Interest paid £(72)m • Interest received £3m Working Capital Inventory £(47)m Receivables £8m Payables £(34)m Deposits £28m Free cash broadly stable YoY; reflects lower EBIT and higher net interest, partially offset by a reduction in capital expenditure and working capital outflow H1 2025 free cash flow 15 Certain financial data within this presentation has been rounded; See Appendix for more detail on APMs; (1) EBT of £141m after adjusting items; (2) Operating cashflow less investing activities (excl. interest) and net cash interest; cash interest payments are made in Q2 and Q4, with the exception of early interest payment in Q1 2024 following the Company’s successful refinancing 1 2 (£m)
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H1 2025 Results, 30 July 2025 (321) 360 124 91 (6) Cash Balance 31-Dec-24 Free cashflow Cash inflow from financing activities and other investing activities (excl. interest) Effect of ex. rates on cash and cash equivalents Cash Balance 30-Jun-25 Total liquidity* of £228m to be enhanced by c. £110m from forthcoming sale of AMR GP shares and ahead of positive free cash flow generation in H2 2025 £m H1 2025 H1 2024 Loan notes** (1,310.6) (1,140.5) Inventory financing (38.0) (38.9) Bank loans and overdrafts (58.7) (88.1) Lease liabilities (94.0) (99.0) Gross debt (1,501.3) (1,366.5) Cash balance 123.6 172.7 Net debt (1,377.7) (1,193.8) ** H1 2025 includes a £72m non-cash FX gain of $-denominated debt (H1 2024: £6m loss) H1 2025 cash & debt 16 Certain financial data within this presentation has been rounded. See Appendix for more detail on APMs * Liquidity includes cash of £124m and available facilities of £104m (£m)
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H1 2025 Results, 30 July 2025 Total wholesale volumes Modest growth vs FY 2024 Gross margin Broadly in line with FY 2024 Adj. OpEx (ex. D&A) Below £300m D&A c. £340m Adj. EBIT Improving towards breakeven Net cash interest1 c. £145m Capex c. £400m Free cash flow Material full year improvement vs FY24; positive FCF in Q4’25 driving positive H2 FCF Slight revision to FY 2025 Guidance Revenue c. £2.5bn Gross margin In the mid-40s% Adj. EBIT c. £400m2 Adj. EBIT margin c. 15%2 Free cash flow Sustainably positive Net leverage ratio below 1.0x • Expect to invest c.£2bn over 2023-2027 in long-term growth and transition to electrification FY 2027/28 Targets Unchanged 17 Expecting positive FCF generation in H2 2025 and FY 2025 adjusted EBIT improving towards breakeven Continue to expect significantly stronger H2 2025 performance compared with H1 2025 Reflects increased uncertainty and headwinds • The Group continues to expect to deliver a significantly stronger H2 2025 performance compared with H1 2025. • Commencing with a quarterly sequential improvement in performance in Q3’25, it is expected that Q4 2025 will be the primary driver of H2 2025. • Whilst the impact of the recently announced U.S. tariffs on the global economy remains uncertain, several factors have been reflected in a slight revision to some of the Group’s FY 2025 guidance. These include the impact from foreign exchange rates movements, increased investment in software and infotainment and support for dealers in China. • For UK automotive manufacturers, the introduction of a U.S. quota mechanism, published in the Federal Register on 23rd June 2025, and coming into effect on 30th June 2025, adds a further degree of complexity and limits the Group’s ability to accurately forecast for this financial year and potentially quarterly from 2026 onwards. • The Company continues to closely monitor global events and will remain agile in responding to changes in the external environment. The Group also remains vigilant regarding broader risk factors that could influence its plans. These include, but are not limited to, further changes in customs duties (tariffs and quota mechanisms), political and macroeconomic volatility, including fluctuations in key foreign exchange rates, supply chain disruptions and delays to major car launches such as Valhalla. Note: Certain financial data within this presentation has been rounded; see Appendix for more detail on APMs 1 Assuming current exchange rates prevail for 2025 2 Updated to reflect alignment with FY 2025 guidance on positive adjusted EBIT generation, with previous mid-term targets unchanged: adjusted EBITDA of c. £800 million and adjusted EBITDA margin of c. 30%.
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H1 2025 Results, 30 July 2025 Q&A
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H1 2025 Results, 30 July 2025 Income statement 20 Cashflow, Balance Sheet & Net Debt 21 Alternative performance measures 22 Racing. Green. sustainability strategy overview 23 Employee Engagement 24 Disclaimer 25 Contacts 26 Appendix
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H1 2025 Results, 30 July 2025 Income Statement 20 H1 2025 vs H1 2024 and Q2 2025 vs Q2 2024 £m H1 2025 H1 2024 Q2 2025 Q2 2024 Revenue 454.4 603.0 220.5 335.3 Cost of sales (327.8) (370.1) (159.1) (202.1) Gross profit 126.6 232.9 61.4 133.2 Gross margin % 27.9% 38.6% 27.8% 39.7% Adjusted operating expenses (248.1) (332.7) (118.4) (175.9) of which depreciation & amortisation 118.5 162.0 58.4 85.0 Adjusted EBIT (121.5) (99.8) (57.0) (42.7) Adjusting operating items (13.2) (6.3) (10.4) (4.7) EBIT (134.7) (106.1) (67.4) (47.4) Net financing (expense)/income (6.1) (110.6) 6.2 (30.5) of which adjusting financing items 2.5 (22.3) (0.5) 4.4 EBT (140.8) (216.7) (61.2) (77.9) Tax (charge)/credit (7.9) 9.1 (7.5) 9.2 Loss for the period (148.7) (207.6) (68.7) (68.7) Adjusted EBITDA (3.0) 62.2 1.4 42.3 Adjusted EBITDA margin (0.7)% 10.3% 0.6% 12.6% Adjusted EBT (130.1) (188.1) (50.3) (77.6) See Appendix for more detail on APMs
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H1 2025 Results, 30 July 2025 Cashflow, Balance Sheet & Net Debt 21 £m H1 2025 H1 2024 Q2 2025 Q2 2024 Cash used in operating activities (81.0) (71.9) (49.9) (10.4) Cash used in investing activities (excl. interest) (170.6) (200.1) (80.8) (113.8) Net cash interest (paid)/received (69.4) (40.6) (70.0) 2.0 Free cash outflow (321.0) (312.6) (200.7) (122.2) Cash inflow from financing activities and other investing activities (excl. interest) 91.0 93.8 95.9 65.9 Decrease in net cash (230.0) (218.8) (104.8) (56.3) Effect of FX on cash / cash equivalents (6.0) (0.9) (4.7) (0.6) Cash balance 123.6 172.7 123.6 172.7 Borrowings1 (1,407.3) (1,267.5) (1,407.3) (1,267.5) Lease Liabilities (94.0) (99.0) (94.0) (99.0) Net debt (1,377.7) (1,193.8) (1,377.7) (1,193.8) See Appendix for more detail on APMs; (1) H1 2025 includes £72m non-cash FX gain on evaluation of $-denominated notes, H1 2024 includes £6m loss H1 2025 vs H1 2024 and Q2 2025 vs Q2 2024
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H1 2025 Results, 30 July 2025 In the reporting of financial information, the Directors have adopted various Alternative Performance Measures ("APMs"). APMs should be considered in addition to IFRS measurements. The Directors believe that these APMs assist in providing useful information on the underlying performance of the Group, enhance the comparability of information between reporting periods, and are used interna lly by the Directors to measure the Group's performance. Adjusted EBT is the loss before tax and adjusting items as shown on the Consolidated Income Statement Adjusted EBIT is loss from operating activities before adjusting items Adjusted EBITDA removes depreciation, loss/(profit) on sale of fixed assets and amortisation from adjusted EBIT Adjusted operating margin is adjusted EBIT divided by revenue Adjusted EBITDA margin is adjusted EBITDA (as defined above) divided by revenue Adjusted Earnings Per Share is loss after income tax before adjusting items, divided by the weighted average number of ordina ry shares in issue during the reporting period Net Debt is current and non-current borrowings in addition to inventory financing arrangements, lease liabilities, less cash and cash equivalents and cash held not available for short -term use Adjusted net leverage is represented by the ratio of Net Debt to the last twelve months (‘LTM’) Adjusted EBITDA Free cash flow is represented by cash inflow/(outflow) from operating activities less the cash used in investing activities ( excluding interest received and cash generated from disposals of investments) plus interest paid in the year less interest received. Alternative performance measures 22
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H1 2025 Results, 30 July 2025 Racing. Green. sustainability strategy overview Aston Martin is embracing a new, driving ambition: to be a world-leading sustainable ultra-luxury automotive business. This ambition is the central objective of our sustainability strategy, Racing. Green. Aston Martin Lagonda Sustainability Team sustainability@astonmartin.com www.astonmartin.com/corporate/sustainability Sustainability reports and disclosures ESG ratings 23 Annual Report Covering company strategy with ESG performance section Sustainability Report Covering our ambitious sustainability strategy Racing. Green. and performance against our goals and targets, including full or partial disclosure against all 11 TCFD recommendations (refer to pages 67-73) Responsible Procurement Policy Sets out our commitment to the application of ethical and environmental principles in our supply chain and our requirements for our suppliers and sub-suppliers. Gender Pay Gap Report The findings from our GPG report help to enable us to continue to drive and evolve our initiatives to ensure we are able to promote diversity across the business, ensuing we are able to recruit, develop and retain talented people. Current Rating Previous Rating MSCI BBB A Sustainalytics 28.8 Medium risk 30.5 High risk CDP Climate, C Water, B- Forest, C Climate, C Water, C Forest, D S&P CSA 40 37 Modern Slavery Act Statement Sets out the steps Aston Martin Lagonda has taken to prevent acts of modern slavery and human trafficking from occurring in its business and supply chain. Human Rights Policy Statement Defines our human rights commitments and the standards we strive to meet, and is intended to give our workforce, business partners and other stakeholders direction on our expectations and approach to human rights management.
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H1 2025 Results, 30 July 2025 Employee Engagement Our People Strategy has been developed to accelerate progress towards a world-class employee experience 24
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H1 2025 Results, 30 July 2025 This presentation has been prepared by Aston Martin Lagonda Global Holdings PLC (“AML”) solely for use at the H1 2025 results analyst and investor meetings being held on 30th July 2025 in connection with a discussion of its H1 2025 results. For the purposes of this notice, this “presentation” shall include these slides and any question-and answer session that follows oral briefings by AML’s executives. This presentation is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy AML securities. Furthermore, this presentation does not constitute a recommendation to sell or buy AML securities. No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fair ness or completeness of the information presented or contained in this presentation. This presentation contains certain forward-looking statements, which are based on current assumptions and estimates by the management of AML. Past performance cannot be relied upon as a guide to future performance and should not be taken as a representation that trends or activities underlying past performance will continue in the future. Such statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from any expe cted future results in forward-looking statements. These risks may include, for example, changes in the global economic situation, and changes affecting individual markets and exchange rates. AML provides no guarantee that future development and future results actually achieved will correspond to the forward-looking statements included here and accepts no liability if they should fail to do so. We undertake no obligation to update these forward-looking statements, which speak only as at the date of this presentation and will not publicly release any revisions that may be made to these forward-looking statements, which may result from events or circumstances arising after the date of this presentation. This presentation is confidential and is being delivered to selected recipients only. It may not be reproduced (in whole or in part), distributed or transmitted to any other person. By attending the meeting at which this presentation is being given, you will be deemed to have represented, warranted and undertaken that you have read and agree to comply with the contents of this notice. Disclaimer
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H1 2025 Results, 30 July 2025 Aston Martin Lagonda Investor Relations Team investor.relations@astonmartin.com www.astonmartinlagonda.com James Arnold – Head of Investor Relations james.arnold@astonmartin.com Tel: +44 (0) 7385 222347 Ella South – Investor Relations Analyst ella.south@astonmartin.com Tel: +44 (0) 7776 545420