Aston Martin Lagonda Global (AML) Q1 2026 earnings summary

Executive summary

• Q1 2026 performance aligned with guidance, with core retail volumes significantly ahead of wholesale and 102 Valhalla deliveries.

• Enhanced product mix and transformation program drove a 17% increase in ASP and improved gross margin to 35%.

• Revenue rose 16% year-over-year to £270m, primarily due to increased Specials volumes.

• Operating loss narrowed to £8.9m from £67.3m year-over-year, with adjusted EBIT loss improving 12%.

• FY 2026 guidance remains unchanged despite macroeconomic and geopolitical uncertainties.

Financial highlights

• Total revenue grew 16% year-over-year, driven by a 17% increase in ASP to GBP 252,000.

• Gross margin improved to 35% from 28% in the prior year period.

• Adjusted EBITDA improved to £23.2m from a loss of £4.4m, with margin rising to 8.6%.

• Adjusted EBIT loss reduced to £56.9m from £64.5m year-over-year.

• Free cash outflow marginally improved versus prior year, with most outflow in Q1.

Outlook and guidance

• Full-year guidance and short- to mid-term outlook remain unchanged.

• Gross margin expected to improve into the high 30% range for the year.

• Material improvement in free cash outflow anticipated for 2026 compared to 2025.

• Q2 expected to complete stock realignment, with smoother operations in H2.

• Adjusted operating expenses (excl. D&A) to remain below £300m; adjusted D&A expected at £375m–£400m.