Slides
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H1 2026 Results, 29 July 2026 Interim results for the second quarter and six months ended 30 June 2026 H1 2026 Results
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H1 2026 Results, 29 July 2026 CEO Review 3 Financial Review 7 Appendix 17 Agenda
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H1 2026 Results, 29 July 2026 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 2026 Results, 29 July 2026 • Materially improved financial performance in H1 2026 Supported by over 220 Valhalla deliveries, an 11% increase in core wholesale volumes and transformation benefits which delivered a 68% increase in gross profit with gross margin up to 34% • Core retail volumes significantly ahead of wholesales Reflecting ongoing stock optimisation and move towards a more balanced core production cadence • Significantly reduced Q2 2026 free cash outflow Improving trend in line with guidance, and approaching breakeven free cash flow in Q2 after excluding half yearly interest payment • New £550m debt financing enhancing pro forma liquidity to c. £340m Strengthens the Group’s financial position, providing further flexibility to execute on our long-term growth ambition • FY 2026 operational guidance remains unchanged* Driven by an enhanced product mix and benefits from the ongoing transformation programme and disciplined approach to operations H1 2026 Summary H1 2026 continues to demonstrate that we are on track to deliver material financial improvement this year compared with 2025 On track to deliver material improvement in financial performance in FY26 * Slight revision to expected FY26 net cash interest following new debt financing increasing to c. £160m from c. £150m 4
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H1 2026 Results, 29 July 2026 V ALHALLA MASTERY . DRIVEN. H1 2026 Results, 29 July 2026 5 “As a driving experience there’s no doubt that the Valhalla is an overwhelming triumph” Top Gear “Valhalla drives like no Aston I’ve been in before” Car Magazine “No mistake, the new Valhalla is a special, special thing” Pistonheads “The Valhalla is a thoroughly impressive machine, worthy of comparison with cars from any established mid-engined marque” EVO Magazine “The best Aston Martin I have ever driven” Chris Harris
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H1 2026 Results, 29 July 2026 V ANT AGE S DBX S V ANQUISH 25 DB12 S Continued product range refresh with thrilling, high-performance core derivatives 6
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H1 2026 Results, 29 July 2026 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 2026 Results, 29 July 2026 H1 2026 financial summary Material improvement reflecting over 220 Valhalla deliveries, an 11% increase in core wholesale volumes and transformation benefits. Total Wholesales1 (Units) H1’26: 2,331 Q2’26: 1,392 Revenues (£m) H1’26: 629 Q2’26: 358 Adjusted EBIT (£m) H1’26: (109) Q2’26: (52) • H1 2026 total wholesales increased 21% compared to the prior year period • Reflects higher Specials deliveries and progress towards achieving a more balanced core production cadence • FY26 guidance unchanged – expect broadly similar volumes to prior year • H1 2026 revenue increased by 38% reflecting increased Specials deliveries and wholesale volumes • H1 2026 total ASP increased 17% benefitting from higher Specials deliveries • Options driving strong contribution to core revenue at c. 17% • H1 2026 adjusted EBIT improved by 10%; reflecting 68% increase in gross profit partially offset by higher adjusted operating expenses largely relating to the increased D&A associated with Specials 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, DB12, DBS and Vanquish Last twelve months 8 6,620 6,030 5,448 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 1,633 1,584 1,258 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 (80) (83) (189) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Last twelve months Last twelve months
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H1 2026 Results, 29 July 2026 184 180 192 182 H1 2023 H1 2024 H1 2025 H1 2026 Core Total Wholesale volumes & Average Selling Prices (ASP) H1 2026 volumes increased 21% compared to the prior year; Total ASP benefits from increased Specials while Core ASP reflects, as guided, targeted dealer support Total H1 2026 wholesales1: 2,331, up 21% By model (units); YoY % change Sport/GT2: 1,560 12% Specials: 225 % n/m (18u) SUV: 546 7% Total ASP: £241k, up 17% Core ASP: £182k, down 5% £k 212 274 206 241 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, DB12, DBS and Vanquish 9
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H1 2026 Results, 29 July 2026 H1 2026 wholesales1 by region Volumes remained well balanced with all regions increasing compared to the prior year period 10 29% 28% 12% 6% YoY change in wholesales by region 647 378 539 358 837 422 691 381 Americas UK EMEA ex. UK APAC H1 2025 H1 2026 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 2026 Results, 29 July 2026
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H1 2026 Results, 29 July 2026 27.9% 0.0% 5.7% 0.1% (1.7%) 1.8% 33.8% H1 2025 Core Wholesales Specials Wholesales M&L FX Other H1 2026 H1 2026 gross margin Gross margin improvement reflecting impacts of Valhalla and core volumes, partially offset by targeted dealer support and FX headwinds Core Wholesales • Increase in core wholesales (+202 units) • Transformation benefits including reduction in investments in product quality and customer satisfaction YoY • Offset by targeted dealer support to reduce aged stock FX & Other • Foreign exchange headwinds predominantly due to GBP strengthening YoY against the US dollar • Offset by other gross margin Manufacturing & Logistics Costs • Improvement in manufacturing efficiency offsetting higher logistics costs related to Valhalla Specials Wholesales • Increase in Specials wholesales (+207 units) due to Valhalla 11 (%) 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 2026 Results, 29 July 2026 Financing expenses • Current year includes an £11m non-cash FX loss on revaluation of $-denominated debt • Prior year included a £72m non-cash FX gain on revaluation of $-denominated debt (122) (109) 97 14 (13) (12) (20) (53) H1 2025 Wholesales Margin & Mix Net Pricing FX Other Gross Margin Adjusted Net OpEx D&A H1 2026 H1 2026 adjusted EBIT £m H1 2026 H1 2025 Adjusted EBITDA 62.7 (3.0) Adjusted D&A (171.6) (118.5) Adjusted EBIT (108.9) (121.5) Net adjusted financing expense (98.5) (8.6) Adjusted EBT (207.4) (130.1) Adjusting items1 53.2 (10.7) EBT (154.2) (140.8) EBT Analysis Wholesales & mix • Increase in core wholesales (+202 units) • And increase in Specials wholesales (+207 units) due to Valhalla Adjusted Net OpEx • Increased 16%, primarily due to £11m benefit from revaluation uplift of secondary warrants associated with the sale of AMR GP investment in H1 2025 • £150m adjusted net operating expenses in H1 2026, in-line with FY guidance of below £300m D&A • Increased 45% primarily reflecting higher deliveries of Specials YoY • £172m D&A in H1 2026, in-line with FY guidance of £375-£400m (26.7)% margin (17.3)% margin 10% improvement in adjusted EBIT due to YoY impacts of Valhalla and core volumes, partially offset by increased D&A, adjusted Net OpEx and FX headwinds 12 Certain financial data within this presentation has been rounded. See Appendix for more detail on APMs; (1) Adjusting items include a £48m gain from the proceeds of disposal of internally generated brand, net of disposal costs, a £5m release of a 2025 adjusting charge, £(1)m of non-recurring legal fees and £1m related to gains on financial instruments recognised at fair value through the income statement £m
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H1 2026 Results, 29 July 2026 (154) 43 (198) 201 (4) (45) (120) (75) 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 £172m • Net financing expense £98m • Less net adjusting other operating income EBT Includes increased YoY finance expense on loan note revaluation (£11m adverse in H1 2026 vs £72m favourable in H1 2025) Net Interest Cash interest items: • Interest paid £(77)m • Interest received £2m Working Capital Inventory £(27)m Receivables £(17)m Payables +£27m Deposits £(28)m Free cash outflow YoY materially improved, driven by improved cash from operating activities and a reduction in capital expenditure H1 2026 free cash flow 13 Certain financial data within this presentation has been rounded; See Appendix for more detail on APMs; (1) EBT of £(154)m after adjusting items; (2) Operating cashflow less investing activities (excl. interest) and net cash interest; cash interest payments on the Senior Secured Notes are made in Q2 and Q4 with the new financing being on a quarterly basis from Q4 2026 onwards. 1 2 (£m)
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H1 2026 Results, 29 July 2026 (198) 250 115 61 2 Cash Balance 31-Dec-25 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-26 Total liquidity* of £145m, with total pro forma liquidity of c. £340m at the end of H1 2026 following completion of new debt financing in July £m H1 2026 H1 2025 Loan notes** (1,345.2) (1,310.6) Inventory financing (39.1) (38.0) Bank loans and overdrafts (168.8) (58.7) Committed facility (18.3) - Lease liabilities (89.7) (94.0) Gross debt (1,661.1) (1,501.3) Cash balance 114.9 123.6 Cash not available for short-term use 1.5 - Net debt (1,544.7) (1,377.7) ** H1 2026 includes an £11m non-cash FX loss of $-denominated debt (H1 2025: £72m gain) H1 2026 cash & debt 14 Certain financial data within this presentation has been rounded. See Appendix for more detail on APMs * Liquidity includes cash of £115m and available facilities of £30m from YTC committed facility; following completion of the new financing the RCF and YTC facility have been simultaneously cancelled. (£m)
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H1 2026 Results, 29 July 2026 2025 adj. EBIT margin Core Specials Transformation D&A 2026 adj. EBIT guidance margin Total wholesale volumes Similar to prior year (FY 2025: 5,448) Gross margin Improving into high 30s% (FY 2025: 29%) Adj. OpEx (ex. D&A) Below £300m D&A £375m-£400m Adj. EBIT margin Material improvement towards breakeven (FY 2025: (15)%) Net cash interest1 c. £160m (previously: c. £150m) Capex c. £300m (FY 2025: £341m) Free cash flow Material full year improvement in outflow vs FY25; material cumulative YoY improvement from Q2 onwards • Wholesale volumes benefitting from an enhanced product mix including c. 500 Valhalla deliveries in 2026 • More balanced production cadence from Q2 onwards • Global macroeconomic and geopolitical environment facing the wider automotive industry remains challenging. The recent conflict in the Middle East has presented the latest macroeconomic and geopolitical uncertainty, and whilst there has been no material direct impact to the business in H1 2026, the Group continues to monitor the evolving situation and its potential impact on global demand, customer confidence and supply chains. FY 2026 operational guidance unchanged (slight revision to net cash interest) Certain financial data within this presentation has been rounded; see Appendix for more detail on APMs 1 Assuming current exchange rates prevail for 2026 Driven by an enhanced product mix and benefits from the ongoing transformation programme and disciplined approach to operations Expect to deliver a material improvement in FY 2026 financial performance 2026 adjusted EBIT margin improving towards breakeven Expect to: • Continue delivering year-on-year improved financial performance • Focus on margin expansion and cash flow generation, benefiting from the ongoing transformation programme initiatives and an enhanced product mix from the future portfolio of core and Special models • Invest c. £1.7bn over 2026-2030 in support of future product cycle plan (previously c. £2.0bn) Short-mid-term outlook unchanged Indicative – not to scale 15
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H1 2026 Results, 29 July 2026 Q&A
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H1 2026 Results, 29 July 2026 Income statement 18 Cashflow, Balance Sheet & Net Debt 19 Alternative performance measures 20 Racing. Green. sustainability strategy overview 21 Employee Engagement 22 Unique Strengths 23 Product Cycle Plan 24 Disclaimer 25 Contacts 26 Appendix
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H1 2026 Results, 29 July 2026 Income Statement 18 H1 2026 vs H1 2025 and Q2 2026 vs Q2 2025 £m H1 2026 H1 2025 Q2 2026 Q2 2025 Revenue 628.6 454.4 358.2 220.5 Cost of sales (416.1) (327.8) (239.6) (159.1) Gross profit 212.5 126.6 118.6 61.4 Gross margin % 33.8% 27.9% 33.1% 27.8% Adjusted operating expenses (321.4) (248.1) (170.6) (118.4) of which depreciation & amortisation 171.6 118.5 91.5 58.4 Adjusted EBIT (108.9) (121.5) (52.0) (57.0) Adjusting operating items 4.7 (13.2) 4.7 (10.4) Adjusting other operating income 47.7 - (0.3) - EBIT (56.5) (134.7) (47.6) (67.4) Net financing (expense)/income (97.7) (6.1) (41.1) 6.2 of which adjusting financing items 0.8 2.5 0.0 (0.5) EBT (154.2) (140.8) (88.7) (61.2) Tax credit/(charge) 1.1 (7.9) (1.4) (7.5) Loss for the period (153.1) (148.7) (90.1) (68.7) Adjusted EBITDA 62.7 (3.0) 39.5 1.4 Adjusted EBITDA margin 10.0% (0.7)% 11.0% 0.6% Adjusted EBT (207.4) (130.1) (93.1) (50.3) See Appendix for more detail on APMs
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H1 2026 Results, 29 July 2026 Cashflow, Balance Sheet & Net Debt 19 £m H1 2026 H1 2025 Q2 2026 Q2 2025 Cash used in operating activities (2.3) (81.0) 50.9 (49.9) Cash used in investing activities (excl. interest) (120.2) (170.6) (59.2) (80.8) Net cash interest (paid)/received (75.1) (69.4) (72.5) (70.0) Free cash outflow (197.6) (321.0) (80.8) (200.7) Cash inflow from financing activities and other investing activities (excl. interest) 60.8 91.0 18.7 95.9 Decrease in net cash (136.8) (230.0) (62.1) (104.8) Effect of FX on cash / cash equivalents 1.8 (6.0) (0.4) (4.7) Cash balance 114.9 123.6 114.9 123.6 Cash not available for ST use 1.5 - 1.5 - Borrowings1 (1,571.4) (1,407.3) (1,571.4) (1,407.3) Lease Liabilities (89.7) (94.0) (89.7) (94.0) Net debt (1,544.7) (1,377.7) (1,544.7) (1,377.7) See Appendix for more detail on APMs; (1) H1 2026 includes £11m non-cash FX loss on evaluation of $-denominated notes, H1 2025 includes £72m non-cash FX gain on evaluation of $-denominated notes H1 2026 vs H1 2025 and Q2 2026 vs Q2 2025
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H1 2026 Results, 29 July 2026 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 adjusted amortisation from adjusted EBIT Adjusted operating margin is adjusted EBIT (as defined above) 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 cashflow is represented by cash (outflow)/inflow from operating activities plus the cash used in investing activities (e xcluding interest received, proceeds from disposal of investments and gross proceeds from the disposal of internally generated assets less cash settled fees in the period) plus interest paid in the period less interest received Alternative Performance Measures 20
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H1 2026 Results, 29 July 2026 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 progress across key ratings 21 Annual Report Covering company strategy with ESG performance section, including full or partial disclosure against all 11 TCFD recommendations Sustainability Report Covering our ambitious sustainability strategy Racing. Green. and performance against our goals and targets 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 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 BBB Sustainalytics 27.3 Medium risk 27.5 Medium risk CDP Climate, B Water, B Forest, C Climate, C Water, B- Forest, C S&P CSA 45 40 FTSE4Good 4.0 3.8
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H1 2026 Results, 29 July 2026 Employee Engagement Our People Strategy has been developed to accelerate progress towards a world-class employee experience 22
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H1 2026 Results, 29 July 2026 Supporting our transformation from a high potential to high performing business Aston Martin’s unique strengths Iconic Brand 23 Customer Focused Relentless Innovation High Performance Limited Edition Our People
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H1 2026 Results, 29 July 2026 An assertive and clear product proposition which puts the customer at the heart of everything we do Future product cycle plan to strengthen Aston Martin’s ultra-luxury high performance status 24 Specials Core models Positioning for future success 2025 • Strongest and most diverse product range in the history of the Group 2026-2030 • Extend existing model-line coverage before commencing next full refresh combining combustion-based powertrains with electrical assistance • Review implementation of an efficient electrification strategy aligned to regulatory requirements and customer needs • Delivered within a reduced capex framework of c. £1.7bn (previously c. £2bn) 2030-2035 • Incrementally add all-electric drivetrains alongside efficient combustion powertrain vehicles • Coincide with the introduction of next step change in innovative battery technology Building on Valhalla, continue to launch exclusive limited-edition Specials that attract a global community of automotive collectors and enthusiasts
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H1 2026 Results, 29 July 2026 This presentation has been prepared by Aston Martin Lagonda Global Holdings PLC (“AML”) solely for use at the H1 2026 results analyst and investor meetings being held on 29th July 2026 in connection with a discussion of its H1 2026 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 2026 Results, 29 July 2026 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 Maddie Herborn – Investor Relations Analyst Madeleine.herborn@astonmartin.com Tel: +44 (0) 7345 000730