REG - Aston Martin Lagonda - Interim results
Wed 07:02
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RNS Number : 0781T Aston Martin Lagonda Glob.Hldgs PLC 30 July 2025
Aston Martin Lagonda Global Holdings plc
("Aston Martin", or "AML", or the "Company", or the "Group")
Interim results for the six months ended 30 June 2025
· H1'25 performance reflects, as expected, fewer Specials
deliveries in addition to disruption caused by U.S. tariff implementation
· Maintained a disciplined approach to production and deliveries
ahead of a planned H2'25 ramp up
· H1'25 Core ASP remained strong increasing 7% to £192k
· Delivering benefits of transformation programme through
improvements in SG&A, production and customer satisfaction
· Total liquidity of c.£230m set to increase by c.£110m following
forthcoming sale of AMR GP shares
· Expect positive FCF generation in H2'25 and FY25 adjusted EBIT
improving towards breakeven
£m H1 2025 H1 2024 % change Q2 2025 Q2 2024 % change
Total wholesale volumes(1) 1,922 1,998 (4%) 972 1,053 (8%)
Revenue 454.4 603.0 (25%) 220.5 335.3 (34%)
Gross profit 126.6 232.9 (46%) 61.4 133.2 (54%)
Gross margin (%) 27.9% 38.6% (1,070 bps) 27.8% 39.7% (1,190 bps)
Adjusted EBIT(2) (121.5) (99.8) (22%) (57.0) (42.7) (33%)
Operating loss (134.7) (106.1) (27%) (67.4) (47.4) (42%)
Loss before tax (140.8) (216.7) 35% (61.2) (77.9) 21%
Net debt(2) (1,377.7) (1,193.8) (15%) (1,377.7) (1,193.8) (15%)
(1) Number of vehicles including Specials; (2) For definition of alternative
performance measures please see Appendix
Adrian Hallmark, Aston Martin Chief Executive commented:
"As guided, H1 2025 wholesale volumes were broadly in line with the prior
year. Our financial performance reflected fewer planned Specials deliveries as
we advance towards commencing initial customer deliveries of Valhalla, our
first-ever mid-engine PHEV supercar, in Q4 2025. Retail volumes materially
outpaced wholesales by over 40%, reflecting our disciplined approach to
production and deliveries. We were encouraged by a strong core average selling
price in H1 2025, increasing 7% compared to the prior year period. This
demonstrates the positive impact of our recently launched range of models,
including our V12 Vanquish, and ongoing strong demand for personalisation from
our customers driving an 18% contribution to core revenue.
"The evolving and disruptive U.S. tariff situation was unhelpful to our
operations in Q2. In response, we adjusted production and limited imports
through April and May while awaiting confirmation of a trade agreement between
the UK and the U.S., leveraging existing inventory held by our U.S. dealers in
that period. We resumed shipments to the U.S. in June in anticipation of a
finalised agreement which came into effect on 30 June 2025. We continue to
actively engage the UK government to urge them to improve the quota mechanism
to ensure fair access for the whole UK car industry to the 10% rate on an
ongoing basis.
"Whilst we continue to navigate a complex operating environment, we are
excited about the potential of our recently launched Vantage S which joins the
DBX S, Vantage Roadster and Vanquish Volante. This gives customers even
greater choice across our core range, in addition to our Specials, Valhalla
and Valkyrie LM. The volume growth these new models will deliver in H2,
combined with the benefits from our transformation programme, unlocking new
revenue opportunities and enhancing operational performance, are expected to
drive significantly improved financial performance in H2 compared with H1."
Aston Martin's management team will host a webcast presentation and live
Q&A at 8am (BST) today. Details can be found on page 6 of this
announcement and online at www.astonmartin.com/corporate/investors
(http://www.astonmartin.com/corporate/investors)
FINANCIAL REVIEW
Wholesale volume summary
Number of vehicles H1 2025 H1 2024 % change Q2 2025 Q2 2024 % change
Total wholesale 1,922 1,998 (4%) 972 1,053 (8%)
Core (excluding Specials) 1,904 1,880 1% 968 980 (1%)
By region:
UK(3) 378 295 28% 202 141 43%
Americas 647 635 2% 328 332 (1%)
EMEA ex. UK(3) 539 674 (20%) 281 391 (28%)
APAC 358 394 (9%) 161 189 (15%)
By model:
Sport/GT 1,395 1,373 2% 670 723 (7%)
SUV 509 507 0% 298 257 16%
Specials 18 118 (85%) 4 73 (95%)
Note: Sport/GT includes Vantage, DB11, DB12, DBS and Vanquish; (3)Includes UK
and South Africa
As guided, H1 2025 total wholesale volumes of 1,922 were broadly in line with
the prior year period (H1 2024: 1,998), despite the disruption caused by the
U.S. tariff implementation. This reflected a disciplined approach to
production and deliveries at the start of 2025, ahead of a planned ramp up in
volumes in H2 2025. The limited number of Specials reflects the completion of
previous programmes ahead of the eagerly awaited commencement of Valhalla
deliveries expected in Q4 2025. Retail volumes in H1 2025, significantly
outpaced wholesale volumes by over 40%.
Aston Martin expects to realise the benefits from its full range of new core
models and future derivatives as it progresses through H2 2025. These include
Vantage Roadster, with deliveries recently commencing in Q2 2025, Vanquish
Volante with deliveries commencing in Q3 2025 and the new DBX S and Vantage S
with deliveries commencing in Q4 2025. This expanded range of core models is
expected to enhance the quality and duration of the order book over time.
Currently, the orderbook is stable for core vehicles, extending for up to five
months. In addition, the orderbook for Valhalla extends for 12 months with
customer specifications ongoing. A strong pipeline of future orders is
building following extensive activation events at Monaco, Silverstone and
Goodwood in recent weeks ahead of test drives commencing in October.
Aston Martin's volumes remained well balanced across all regions in H1 2025,
with the Americas and EMEA excluding UK collectively representing 62% of total
wholesales. This was despite the challenges associated with the lower 10% U.S.
tariff implementation only coming into effect on 30 June 2025, providing very
limited time to wholesale U.S. vehicles. Volumes in APAC decreased 9%, with
volumes in China broadly flat compared with H1 2024 reflecting a continued
weak macroeconomic environment which is leading to supressed demand and is
expected to continue at least in the near-term. UK wholesale volumes increased
by 28% which was more than offset by a 20% decline in EMEA due to the timing
of model transitions and deliveries.
Revenue and Average Selling Price (ASP) summary
£m H1 2025 H1 2024 % change Q2 2025 Q2 2024 % change
Sale of vehicles 399.2 548.8 (27%) 193.5 309.2 (37%)
Total ASP (£k) 206 274 (25%) 197 293 (33%)
Core ASP (£k) 192 180 7% 191 183 4%
Sale of parts 44.7 42.8 4% 22.8 21.9 4%
Servicing of vehicles 5.7 6.3 (10%) 1.9 2.7 (30%)
Brand and motorsport 4.8 5.1 (6%) 2.3 1.5 53%
Total revenue 454.4 603.0 (25%) 220.5 335.3 (34%)
H1 2025 revenue decreased by 25% to £454m (H1 2024: £603m), primarily, as
guided, due to the decrease in Specials volumes compared to the prior year
period. While total ASP decreased by 25%, again reflecting fewer Specials,
core ASP increased 7%, benefitting from the next generation core range of
vehicles, including the V12 Vanquish. Demand for unique product
personalisation continued to drive strong contribution to core revenue of 18%,
broadly in line with the prior year period.
Income statement summary
£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(2) (121.5) (99.8) (57.0) (42.7)
Adjusting operating items (13.2) (6.3) (10.4) (4.7)
Operating loss (134.7) (106.1) (67.4) (47.4)
Net financing (expense)/income (6.1) (110.6) 6.2 (30.5)
of which adjusting financing income/(expense) 2.5 (22.3) (0.5) 4.4
Loss before tax (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(2) (3.0) 62.2 1.4 42.3
Adjusted EBITDA margin(2) (0.7)% 10.3% 0.6% 12.6%
Adjusted loss before tax(2) (130.1) (188.1) (50.3) (77.6)
(2) Alternative Performance Measures are defined in Appendix
The lower revenue in H1 2025 as a result of the decrease in Specials
deliveries impacted gross profit which decreased to £127m (H1 2024: £233m).
In addition, H1 2025 gross profit was impacted by warranty costs and other
investments made in product quality increasing by £20m to £38m (H1 2024:
£18m). This includes the previously communicated investment in software and
infotainment enhancements, which has resulted in recently elevated customer
satisfaction. The combined effects of these meant that gross margin decreased
to 28% (H1 2024: 39%).
Adjusted EBITDA decreased by £65m in H1 2025 to £(3)m (H1 2024: £62m) with
adjusted EBITDA margin declining to (1)% (H1 2024: 10%). This reflects the
lower gross profit, which was partially offset by a 24% decrease in adjusted
operating expenses (excluding D&A) to £130m (H1 2024: £171m). The £41m
improvement in adjusted operating expenses (excluding D&A) aligns with the
Group's focus on optimising the cost base as part of its ongoing
transformation programme. The Group's previously announced organisational
adjustments, to ensure the business is appropriately resourced for its future
plans, are progressing as planned, with the Group on track to deliver a
reduction in adjusted operating expenses (excluding D&A) in FY 2025. In
addition, operating expenses benefited by £11m from the revaluation uplift of
the secondary warrant option associated with the forthcoming sale of the
Group's AMR GP investment.
Adjusted EBIT decreased by 22% in H1 2025 to £(122)m (H1 2024: £(100)m) with
depreciation and amortisation decreasing by 27% to £119m (H1 2024: £162m),
primarily reflecting the fewer Specials.
Adjusted net financing costs of £9m (H1 2024: £88m), decreased primarily due
to the £78m year-on-year impact of non-cash U.S. dollar debt revaluations due
to the weaker U.S. dollar. H1 2025 net adjusting finance income of £3m
relates to movements in the fair value of outstanding warrants. The prior year
period net adjusting finance expense of £22m comprised of a redemption
premium associated with the refinancing of senior secured notes, partially
offset by movements in fair value of outstanding warrants.
The adjusted loss before tax reduced by £58m to £130m (H1 2024: £188m
loss), largely reflecting the decrease in adjusted net finance costs.
Cash flow and net debt summary
£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(2) (321.0) (312.6) (200.7) (122.2)
Cash inflow from financing 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 exchange rates on cash and cash equivalents (6.0) (0.9) (4.7) (0.6)
Cash balance 123.6 172.7 123.6 172.7
Available facilities 104.1 74.1 104.1 74.1
Total cash and available facilities ("liquidity") 227.7 246.8 227.7 246.8
(2) Alternative Performance Measures are defined in Appendix
Net cash outflow from operating activities increased by £9m in H1 2025 to
£81m (H1 2024: £72m outflow), largely reflecting a £65m decrease in
adjusted EBITDA, as explained above, offset by a reduced working capital
outflow of £45m (H1 2024: £119m outflow). The largest drivers of working
capital outflow in H1 2025 were:
· £34m decrease in payables following reduction from peak
production volumes in Q4 2024 (H1 2024: £39m decrease)
· £47m increase in inventories (H1 2024: £51m increase) ahead of
commencing new core derivatives and Valhalla production
· which were partially offset by a £28m increase (H1 2024: £84m
decrease) in deposits held, due to Valhalla deposit collections more than
offsetting the deposit outflow from Valiant deliveries and a decrease in
receivables of £8m (H1 2024: £55m decrease) relating to Q4 2024 wholesales
Capital expenditure of £171m was slightly below the comparative period (H1
2024: £200m), with investment focused on the future product pipeline set to
accelerate in H2 2025.
Free cash outflow was broadly stable at £321m in H1 2025 (H1 2024: £313m
outflow), reflecting the increase in net cash interest paid and increase in
net cash outflow from operating activities more than offsetting the reduction
in capital expenditure. Q2 2025 net cash interest paid of £70m compared with
a £2m receipt in the prior year period, reflects the timing of interest paid
earlier in Q1 2024 as part of the Group's refinancing.
£m 30 Jun-25 31 Dec-24 30 Jun-24
Loan notes (1,310.6) (1,378.9) (1,140.5)
Inventory financing (38.0) (38.4) (38.9)
Bank loans and overdrafts (58.7) (8.4) (88.1)
Lease liabilities (IFRS 16) (94.0) (96.6) (99.0)
Gross debt (1,501.3) (1,522.3) (1,366.5)
Cash balance 123.6 359.6 172.7
Net debt (1,377.7) (1,162.7) (1,193.8)
Compared with 31 December 2024, gross debt marginally decreased to £1,501m
(31 December 2024: £1,522m) reflecting the translation benefit of GBP
sterling strengthening compared to the U.S. dollar in relation to the
Company's U.S. dollar denominated loan notes. As expected, total cash and
available facilities decreased to £228m on 30 June 2025 (30 June 2024:
£247m). In Q3 2025, the Group expects to enhance its liquidity position
through the c.£110m gross proceeds from the forthcoming sale of its
investment in the Aston Martin Aramco Formula One™ Team.
Net debt of £1,378m as at 30 June 2025 increased from £1,163m as at 31
December 2024 primarily due to a decrease in the cash balance. The adjusted
net leverage ratio of 6.7x (30 June 2024: 4.2x) reflects the increase in net
debt and H1 2025 decline in adjusted EBITDA, as the Group prepares to deliver
a significantly stronger H2 2025 performance. Through disciplined strategic
delivery and profitable growth in the future, the Group expects to deleverage
in line with its medium-term target.
Outlook:
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 2025, it is expected that Q4 2025 will be the
primary driver of H2 2025. This is due to the benefits from initial Valhalla
and Valkyrie LM deliveries and the contribution from the full range of core
models including Vantage Roadster, Vanquish Volante, DBX S and Vantage S.
Performance in Q3 2025, is expected to reflect broadly similar wholesale
volumes with the negative mix impact of fewer Special deliveries compared to
the prior year period.
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
enhancements and the Group's decisive action to support its dealers in China
to reduce stock levels prior to future market improvements.
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. Under this mechanism, up to 100,000 UK vehicles
can be imported into the U.S. at a 10% tariff in a calendar year, with volumes
above that threshold subject to a 27.5% tariff. The quota is currently based
on a "first come first served" basis with 25,000 UK made vehicles able to
qualify for the lower tariff rate each quarter from Q1 2026 and the equivalent
amount pro-rated for the 2025 calendar year since being instated.
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.
FY 2025 Guidance:
· Continue to expect to deliver modest wholesale volume growth in FY
2025 compared with the prior year
· Gross margin now expected to be broadly in line with FY 2024
· Adjusted EBIT now expected to improve towards breakeven
· Adjusted operating expenses (excluding D&A) now expected to
be below £300m
· Capital investment in new product developments and technology
access fees to support our growth strategy is still expected to be c. £400m
· Free Cash Outflow still expected to materially improve in FY 2025
compared with the prior year (£392m outflow), with positive free cash flow
generation in Q4 2025 driving positive H2 free cash flow generation
· Net interest still expected at c. £145m(4)
· Depreciation and amortisation now expected to be c. £340m
The Group's medium-term outlook for FY 2027/28 remains unchanged:
· Revenue: c. £2.5 billion
· Gross margin: mid-40s%
· Adjusted EBIT: c. £400 million
· Adjusted EBIT margin: c. 15%
· Free cash flow: to be sustainably positive
· Net leverage ratio: below 1.0x
· Expect to invest: c. £2bn over FY 2023-2027 in long-term growth
and transition to electrification
4 Assuming current exchange rates prevail for 2025
The financial information contained herein is unaudited.
All metrics and commentary in this announcement exclude adjusting items unless
stated otherwise and certain financial data within this announcement have been
rounded.
Enquiries
Investors and Analysts
James Arnold Head of Investor
Relations +44 (0) 7385
222347
james.arnold@astonmartin.com
Ella South Investor Relations
Analyst +44 (0) 7776
545420
ella.south@astonmartin.com
Media
Kevin Watters Director of Communications
+44 (0) 7764 386683
kevin.watters@astonmartin.com
FGS Global
James Leviton and Jenny Bahr
+44 (0) 20
7251 3801
Results presentation and Q&A details
· There will be a webcast presentation and Q&A for today at
08.00am BST: https://app.webinar.net/6NDLVEXqb3o
(https://app.webinar.net/6NDLVEXqb3o)
· The presentation and Q&A can be accessed live via the
corporate website:
https://www.astonmartin.com/en/corporate/investors/results-and-presentations
(https://www.astonmartin.com/en/corporate/investors/results-and-presentations)
· A replay facility will be available via the above links later in
the day
No representations or warranties, express or implied, are made as to, and no
reliance should be placed on, the accuracy, fairness or completeness of the
information presented or contained in this release. This release contains
certain forward-looking statements, which are based on current assumptions and
estimates by the management of Aston Martin Lagonda Global Holdings plc
("Aston Martin Lagonda"). 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 expected 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.
Aston Martin Lagonda provides no guarantee that future development and future
results achieved will correspond to the forward-looking statements included
here and accepts no liability if they should fail to do so. Aston Martin
Lagonda undertakes no obligation to update these forward-looking statements
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 release.
This release is for informational purposes only and does not constitute or
form part of any invitation or inducement to engage in investment activity,
nor does it constitute an offer or invitation to buy any securities, in any
jurisdiction including the United States, or a recommendation in respect of
buying, holding or selling any securities.
APPENDICES
Dealerships
30 Jun-25 31 Dec-24 30 Jun-24
UK(3) 20 20 20
Americas 44 45 44
EMEA ex. UK(3) 55 55 54
APAC 37 43 41
Total 156 163 159
Number of countries 53 53 53
(3)Includes UK and South Africa
Alternative Performance Measure
£m H1 2025 H1 2024
Loss before tax (140.8) (216.7)
Adjusting operating expense 13.2 6.3
Adjusting finance expense 0.0 35.7
Adjusting finance (income) (2.5) (13.4)
Adjusted EBT (130.1) (188.1)
Adjusted finance (income) (75.4) (4.1)
Adjusted finance expense 84.0 92.4
Adjusted EBIT (121.5) (99.8)
Reported depreciation 35.2 45.4
Reported amortisation 83.3 116.6
Adjusted EBITDA (3.0) 62.2
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 internally 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 ordinary 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.
About Aston Martin Lagonda:
Aston Martin's vision is to be the world's most desirable, ultra-luxury
British brand, creating the most exquisitely addictive performance cars.
Founded in 1913 by Lionel Martin and Robert Bamford, Aston Martin is
acknowledged as an iconic global brand synonymous with style, luxury,
performance, and exclusivity. Aston Martin fuses the latest technology, time
honoured craftsmanship and beautiful styling to produce a range of critically
acclaimed luxury models including the Vantage, DB12, Vanquish, DBX and its
first hypercar, the Aston Martin Valkyrie. Aligned with its Racing. Green.
sustainability strategy, Aston Martin is developing alternatives to the
Internal Combustion Engine with a blended drivetrain approach between 2025 and
2030, with a clear plan to have a line-up of electrified sports cars and SUVs.
Based in Gaydon, England, Aston Martin Lagonda designs, creates, and exports
cars which are sold in more than 50 countries around the world. Its sports
cars are manufactured in Gaydon with its luxury DBX SUV range proudly
manufactured in St Athan, Wales.
Lagonda was founded in 1899 and came together with Aston Martin in 1947 when
both were purchased by the late Sir David Brown, and the company is now listed
on the London Stock Exchange as Aston Martin Lagonda Global Holdings plc.
Principal risks and uncertainties
The principal risks and uncertainties that could substantially affect the
Group's business and results were previously reported on pages 58 to 60 of the
2024 Annual Report and Accounts. The Group's risk environment has been
reassessed as of 30 June 2025 to consider any significant changes to the
Group's previous risk assessment including any new and emerging risks and
opportunities.
The only change to the principal risks previously disclosed within the 2024
Annual Report and Accounts is the removal of the 'achieving financial and
cost-reduction targets' risk. This reflects the fact that this risk is
directly linked to the other principal risks with all mitigating controls and
activities encapsulated within the risk mitigation plans of the remaining
principal risks.
Strategic risks
Macro-economic and political instability: Exposure to multiple political and
economic factors could impact customer demand or affect the markets in which
we operate.
The Group operates in the ultra-luxury segment (ULS) vehicle market and
accordingly its performance is linked to market conditions and consumer demand
in that market. Sales of ULS vehicles are affected by general economic
conditions and can be materially affected by the economic cycle. Demand for
luxury goods, including ULS vehicles, is volatile and depends to a large
extent on the general economic, political, and social conditions in a given
market. Furthermore, economic slowdowns in the past have significantly
affected the automotive and related markets. Periods of deteriorating general
economic conditions may result in a significant reduction in ULS vehicle
sales, which may put downward pressure on the Group's product and service
prices and volumes and negatively affect profitability. These effects may have
a more pronounced effect on the Group's business, due to the relatively small
scale of its operations and its limited product range.
During the first half of the year the implementation of increased U.S. import
tariffs on vehicles manufactured outside of North America became a material
risk. Increased tariffs can adversely affect demand for certain models,
disrupt established distribution flows and increase the Group's cost base in a
strategically critical market. To mitigate this the Group is actively engaging
with policy and industry stakeholders, while also reviewing contingency plans,
including supply chain adjustments and pricing strategies, to mitigate the
potential impacts.
The Group is also exposed to changes in Government policy in areas such as
vehicle electrification, trade and the environment, for example in relation to
the trade between the United Kingdom and the European Union or through changes
in emissions legislation. We continue to monitor macro-economic indicators and
geopolitical development closely, maintaining a disciplined approach to
scenario planning, cost and liquidity management. Whilst these external
conditions remain uncertain, the Group is well positioned to respond with
agility and resilience.
Brand / reputational damage: Our brand and reputation are critical in
securing demand for our vehicles and in developing additional revenue streams.
The Group's success depends on the preservation and enhancement of our brand
and reputation with ultra-luxury consumers. In the first half of the year,
heightened public and regulatory scrutiny across ESG performance, AI ethics
and supply chain transparency has intensified reputational risk exposure.
Negative sentiment can amplify quickly across global media and social
platforms, with potential to influence consumer behaviour and investor
sentiment.
The Group continues to invest in brand stewardship, customer engagement, and
ESG governance, while reinforcing internal controls and crisis response
protocols. We also promote brand awareness and identity through our marketing
activity, leveraging the global reach of the Aston Martin Aramco Formula
One(TM) Team. We continue to pursue our 'build to order' strategy, which
combined with the positive impact of our fixed marketing activity is driving
brand exclusivity.
Technological advancement: It is essential to maintain pace with
technological development to meet evolving customer expectation, remain
competitive and stay ahead of regulatory requirements.
To remain competitive the Group needs to consider the latest technologies
(e.g. electrification, active safety, connected car, autonomous driving) for
future use in its products and keep pace with the transition to electrified
and lower emission powertrains. Strategic agreements with key suppliers,
including Lucid and Mercedes Benz AG provide access to technology that may
otherwise be too costly to develop internally.
Operational risks
Talent acquisition and retention: We may fail to attract, retain, engage and
develop a productive workforce or develop key talent.
Attracting, developing and retaining world-class talent remains critical to
delivering our strategic objectives, particularly as the industry undergoes
rapid transformation across electrification, digitalisation, and AI
integration. The global competition for specialist skills, notably in
software, battery technology, and advance manufacturing continues to
intensify, placing upward pressure on talent costs and increasing the risk of
capability gaps. Failure to attract or retain the right talent could impact
our innovation pipeline, execution pace, and cultural alignment
The Group remains focussed on building an agile, inclusive, and
high-performance culture. We continue to monitor workforce sentiment through
regular listening mechanisms, including the Great Place to Work survey, and
maintain focus on strengthening strategic workforce planning to ensure the
organisation is positioned to meet future capability needs.
Quality: Poor quality could damage our brand and reputation and adversely
affect our ability to generate demand or achieve our financial targets.
The Group is committed to the highest standards of engineering, craftsmanship,
and customer satisfaction. As an ultra-luxury automotive OEM, any deviation in
quality, whether in vehicle components, software functionality, or aftersales
performance, can materially impact brand reputation, customer loyalty, and
financial performance. The increasing complexity of drivetrains connected
systems and software updates increases the risk associated with quality. To
mitigate this the Group continues to invest in quality governance which
includes the Customer Perception Audit process, AML Parts Approval Process and
a Quality led production ramp-up for new vehicle programmes managed through
the Product Creation Delivery System.
Programme delivery: Failure to implement major programmes on time, within
budget and to the right technical and quality specification could jeopardise
delivery of our strategy and have significant adverse financial and
reputational consequences.
The Group faces significant risk related to the successful and timely delivery
of its strategic and product development programmes. Given the complexity of
designing and manufacturing ultra-luxury vehicles, delays, cost overruns, or
performance failures could result from a variety of factors, including but not
limited to, supply chain disruptions, unforeseen technological challenges,
regulatory changes, and resource constraints. Additionally, the pace of
innovation in the automotive industry, including the transition to electric
vehicles and evolving consumer preferences, presents both opportunities and
risks to our programmes timelines. Any significant deviation from projected
delivery schedules or cost estimates could impact the Group's financial
performance, reputation, and market position. The Group employ vehicle line
Project Management teams to deliver significant programmes using our 'Mission'
Product Creation and Delivery System.
Cyber security and IT resilience: Breach of cyber security could result in a
system outage, impacting core operations and / or result in a major data loss
leading to reputational damage and financial loss.
The Group is exposed to risks related to cybersecurity and the resilience of
its IT systems, which are critical to both daily operations and long-term
strategic objectives. Increasingly sophisticated cyber-attacks, data breaches,
and system failures could result in significant disruption to business
activities, financial loss, or damage to brand and reputation. As the
automotive industry becomes more interconnected, with a growing reliance on
digital platforms, connected vehicles, and advanced technologies, the risk of
cyber threats escalates.
The Group is committed to maintaining a robust cybersecurity framework,
improving threat detection and response capabilities, and ensuring compliance
with evolving regulatory standards.
Supply chain disruption: Supply chain disruption could result in production
stoppages, delays, quality issues and increased costs.
The Group faces significant risks associated with the potential disruption to
its global supply chain. Factors such as geopolitical instability, natural
disasters, trade barriers, and fluctuations in demand can create
vulnerabilities in the procurement of critical components and raw materials.
These disruptions may result in delays, increased costs, and reduced
flexibility, impacting production schedules and customer deliveries. The
automotive sector, particularly in the luxury market, is heavily dependent on
high-quality, specialised suppliers, and any disruption in the supply of these
components could have a material impact on product quality and brand
reputation.
The Group continues to invest in procedures and controls to monitor its supply
chain and develop resilience.
Compliance risks
Compliance with laws and regulations: Non-compliance with laws or regulations
could damage our corporate reputation and subject the Group to significant
financial penalties and / or trading sanctions / restrictions. Non-compliance
with product technical regulations and supply chain due diligence regulations
could prevent the Group from competing in certain markets.
The Group is exposed to the risk of non-compliance with evolving laws,
regulations, and standards across multiple jurisdictions in which it operates.
This includes, but is not limited to, environmental, health and safety,
product safety, data privacy, and anti-bribery regulations. As the automotive
industry faces increasing regulatory scrutiny, particularly with regard to
sustainability and emissions standards, the risk of failing to comply with
these requirements could result in significant fines, penalties, legal costs,
and reputational damage. Additionally, non-compliance may also hinder the
Group's ability to operate in certain markets or impact product approvals.
The Group continues to invest in compliance activities, including experienced
personnel, and the development of its risk management systems.
Climate Change risks
Climate change: The impact of climate change could significantly affect demand
for our vehicles, our ability to sell within certain markets or have financial
consequences through increased carbon pricing, taxes and other regulatory
restrictions on Internal Combustion Engine vehicles.
The luxury automotive industry is exposed to risks arising from climate change
and the transition to a low-carbon economy. Increasing regulatory pressures
and global commitments to reduce carbon emissions may require substantial
investment in sustainable technologies, such as electric vehicle development,
alternative fuel systems, and carbon neutral manufacturing processes.
Additionally, climate-related physical risks, such as extreme weather events
or disruptions to supply chains due to environmental factors, could affect
production capacity and operational efficiency.
As consumer expectations shift towards more sustainable products, failure to
adapt to these changes may impact brand reputation and market share. The Group
is committed to integrating climate-related considerations into its strategic
and operational decisions, focussing on reducing carbon emissions, enhancing
energy efficiency, and innovating within the alternative powertrain space.
However, the ongoing uncertainty surrounding future climate-related policies
and environmental risks represents an ongoing challenge to the business's
long-term performance and competitiveness.
Financial risks
Liquidity: The Group may not be able to generate sufficient cash to fund its
capital expenditure, service its debt or sustain its operations.
The Group's significant leverage and existing levels of debt may make it
difficult to obtain additional debt financing should the need arise due to
unforeseen economic shocks. Failure to collect planned deposits could place
additional stress on the Group's liquidity. The Group's liquidity requirements
arise primarily from its need to fund capital expenditure for product
development, including the electrification of its product portfolio, and to
service debt. The Group is also subject to foreign exchange risks and
opportunities and manages its exposure in accordance with the Group Hedging
Policy. During the last six months the Group raised additional liquidity
through an Equity Placing which raised c.£52.5m of liquidity and it has
proposed to further enhance liquidity in H2 through the intended sale of its
minority shareholding in the Aston Martin Aramco Formula One™ Team.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months ended 6 months ended 12 months ended
30 June 2025 30 June 2024 31 December 2024
Notes Adjusted Adjusting items* Total Adjusted Adjusting items* Total Adjusted Adjusting items* Total
£m £m £m £m £m £m £m £m £m
Revenue 3 454.4 - 454.4 603.0 - 603.0 1,583.9 - 1,583.9
Cost of sales (327.8) - (327.8) (370.1) - (370.1) (1,000.0) - (1,000.0)
Gross profit 126.6 - 126.6 232.9 - 232.9 583.9 - 583.9
Selling and distribution expenses (54.1) - (54.1) (66.9) - (66.9) (135.4) - (135.4)
Administrative expenses 4 (194.0) (13.2) (207.2) (265.8) (6.3) (272.1) (531.3) (16.7) (548.0)
Operating loss (121.5) (13.2) (134.7) (99.8) (6.3) (106.1) (82.8) (16.7) (99.5)
Finance income 4, 5 75.4 2.5 77.9 4.1 13.4 17.5 7.1 18.8 25.9
Finance expense 4, 6 (84.0) - (84.0) (92.4) (35.7) (128.1) (179.8) (35.7) (215.5)
Loss before tax (130.1) (10.7) (140.8) (188.1) (28.6) (216.7) (255.5) (33.6) (289.1)
Income tax (charge)/credit 4, 7 (7.9) - (7.9) 9.1 - 9.1 (34.4) - (34.4)
Loss for the period (138.0) (10.7) (148.7) (179.0) (28.6) (207.6) (289.9) (33.6) (323.5)
(Loss)/profit for the period attributable to:
Owners of the group (148.8) (207.8) (323.5)
Non-controlling interests 0.1 0.2 -
(148.7) (207.6) (323.5)
Other comprehensive income
Items that will never be reclassified to the Income Statement
Remeasurement of defined benefit pension liability (note 15) 0.1 0.3 10.2
Change in fair value of investments in equity instruments (note 12) 25.0 51.4 51.4
Taxation on items that will never be reclassified to the Income Statement (6.3) (12.9) (11.9)
Items that are or may be reclassified to the Income Statement
Foreign exchange translation differences (1.6) (0.3) 0.8
Fair value adjustment on cash flow hedges 15.6 3.8 -
Amounts recycled to the Income Statement in respect of cash flow hedges (1.0) 0.2 (3.6)
Taxation on items that may be reclassified to the Income Statement (3.7) (1.0) 0.9
Other comprehensive income for the period, net of income tax 28.1 41.5 47.8
Total comprehensive loss for the period (120.6) (166.1) (275.7)
Total comprehensive (loss)/income for the period attributable to:
Owners of the group (120.7) (166.3) (275.7)
Non-controlling interests 0.1 0.2 -
(120.6) (166.1) (275.7)
Earnings per ordinary share
Basic loss per share 8 (15.6p) (25.3p) (38.9p)
Diluted loss per share 8 (15.6p) (25.3p) (38.9p)
* Adjusting items are detailed in note 4.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital Share Premium Merger Reserve Capital Redemption Capital Reserve Translation Reserve Hedge Reserve Retained Earnings Non-controlling Interest Total Equity
Reserve
£m £m £m £m £m £m £m £m £m £m
At 1 January 2025 93.6 2,192.6 143.9 9.3 6.6 3.3 (1.9) (1,707.2) 12.7 752.9
Total comprehensive (loss)/profit for the period
(Loss)/profit for the period - - - - - - - (148.8) 0.1 (148.7)
Other comprehensive income
Foreign currency translation differences - - - - - (1.6) - - - (1.6)
Fair value movement - cash flow hedges - - - - - - 15.6 - - 15.6
Amounts recycled to the Income Statement - cash flow hedges - - - - - - (1.0) - - (1.0)
Remeasurement of defined benefit liability - - - - - - - 0.1 - 0.1
Change in fair value of investments in equity instruments held for sale (note - - - - - - - 25.0 - 25.0
12)
Tax charge on movements in other comprehensive income - - - - - - (3.7) (6.3) - (10.0)
Total other comprehensive (loss)/income - - - - - (1.6) 10.9 18.8 - 28.1
Total comprehensive (loss)/income for the period - - - - - (1.6) 10.9 (130.0) 0.1 (120.6)
Transactions with owners, recorded directly in equity
Issue of new shares (note 16) 7.5 - 43.7 - - - - - - 51.2
Credit for the period under equity settled share-based payments - - - - - - - 1.2 - 1.2
Tax on items credited to equity - - - - - - - - - -
Total transactions with owners 7.5 - 43.7 - - - - 1.2 - 52.4
At 30 June 2025 101.1 2,192.6 187.6 9.3 6.6 1.7 9.0 (1,836.0) 12.8 684.7
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital Share Premium Merger Reserve Capital Redemption Capital Reserve Translation Reserve Hedge Reserve Retained Earnings Non-controlling Interest Total Equity
Reserve
£m £m £m £m £m £m £m £m £m £m
At 1 January 2024 82.4 2,094.5 143.9 9.3 6.6 2.5 0.8 (1,437.7) 20.8 923.1
Total comprehensive (loss)/profit for the period
(Loss)/profit for the period - - - - - - - (207.8) 0.2 (207.6)
Other comprehensive income
Foreign currency translation differences - - - - - (0.3) - - - (0.3)
Fair value movement - cash flow hedges - - - - - - 3.8 - - 3.8
Amounts recycled to the Income Statement - cash flow hedges - - - - - - 0.2 - - 0.2
Remeasurement of defined benefit liability - - - - - - - 0.3 - 0.3
Change in fair value of investments in equity instruments (note 12) - - - - - - - 51.4 - 51.4
Tax charge on movements in other comprehensive income - - - - - - (1.0) (12.9) - (13.9)
Total other comprehensive (loss)/income - - - - - (0.3) 3.0 38.8 - 41.5
Total comprehensive (loss)/income for the period - - - - - (0.3) 3.0 (169.0) 0.2 (166.1)
Transactions with owners, recorded directly in equity
Issue of shares to Share Incentive Plan (notes 8, 16) 0.1 - - - - - - (0.1) - -
Credit for the period under equity settled share-based payments - - - - - - - 4.3 - 4.3
Tax on items credited to equity - - - - - - - (0.2) - (0.2)
Total transactions with owners 0.1 - - - - - - 4.0 - 4.1
At 30 June 2024 82.5 2,094.5 143.9 9.3 6.6 2.2 3.8 (1,602.7) 21.0 761.1
Group Share Share premium Merger reserve Capital redemption reserve Capital reserve Translation reserve Hedge reserves Retained earnings Non-controlling interest Total
capital £m £m £m £m £m £m £m £m Equity
£m £m
At 1 January 2024 82.4 2,094.5 143.9 9.3 6.6 2.5 0.8 (1,437.7) 20.8 923.1
Total comprehensive (loss)/profit for the year
Loss for the year - - - - - - - (323.5) - (323.5)
Other comprehensive income
Foreign currency translation differences - - - - - 0.8 - - - 0.8
Fair value movement - cash flow hedges - - - - - - - - - -
Amounts reclassified to the Income Statement - cash flow hedges - - - - - - (3.6) - - (3.6)
Remeasurement of Defined Benefit liability - - - - - - - 10.2 - 10.2
Change in fair value of investments in equity instruments (note 12) - - - - - - - 51.4 - 51.4
Tax credit/(charge) on movements in other comprehensive income - - - - - - 0.9 (11.9) - (11.0)
Total other comprehensive income/(loss) - - - - - 0.8 (2.7) 49.7 - 47.8
Total comprehensive (loss)/income for the year - - - - - 0.8 (2.7) (273.8) - (275.7)
Transactions with owners, recorded directly in equity
Issuance of new shares (note 16) 11.1 98.1 - - - - - - - 109.2
Issue of shares to Share Incentive Plan (notes 8, 16) 0.1 - - - - - - (0.1) - -
Dividend paid to non-controlling interest - - - - - - - - (8.1) (8.1)
Credit for the year under equity-settled share-based payments - - - - - - - 4.8 - 4.8
Tax on items credited to equity - - - - - - - (0.4) - (0.4)
Total transactions with owners 11.2 98.1 - - - - - 4.3 (8.1) 105.5
At 31 December 2024 93.6 2,192.6 143.9 9.3 6.6 3.3 (1.9) (1,707.2) 12.7 752.9
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Notes As at *As at As at
30 June 30 June 31 December 2024
2025 2024 (restated)
£m £m £m
Non-current assets
Intangible assets 1,692.2 1,599.9 1,659.1
Property, plant and equipment 374.1 356.8 351.4
Investments in equity interests 12 - 69.6 50.9
Other financial assets 13 34.7 - 23.2
Right-of-use assets 66.7 72.8 69.9
Trade and other receivables 8.5 5.4 7.3
Deferred tax asset 113.4 156.7 126.4
2,289.6 2,261.2 2,288.2
Current assets
Inventories 353.7 337.1 303.0
Trade and other receivables 197.8 263.8 209.7
Income tax receivable - 0.5 -
Other financial assets 13 11.5 6.6 1.0
Investments in equity interests - asset held for sale 12 75.9 - -
Cash and cash equivalents 10 123.6 172.7 359.6
762.5 780.7 873.3
Total assets 3,052.1 3,041.9 3,161.5
Current liabilities
Borrowings 10 - - -
Trade and other payables 671.0 756.5 658.2
Income tax payable 2.6 1.9 5.7
Other financial liabilities 13 2.5 12.1 10.6
Lease liabilities 10 9.8 8.2 9.4
Provisions 14 19.7 21.1 19.7
705.6 799.8 703.6
Non-current liabilities
Borrowings 10 1,369.3 1,228.6 1,387.3
Trade and other payables 129.2 97.3 151.5
Lease liabilities 10 84.2 90.8 87.2
Other financial liabilities 13 23.2 - 23.2
Provisions 14 30.5 22.1 27.1
Employee benefits 15 25.4 42.2 28.7
1,661.8 1,481.0 1,705.0
Total liabilities 2,367.4 2,280.8 2,408.6
Net assets 684.7 761.1 752.9
Capital and reserves
Share capital 16 101.1 82.5 93.6
Share premium 2,192.6 2,094.5 2,192.6
Merger reserve 187.6 143.9 143.9
Capital redemption reserve 9.3 9.3 9.3
Capital reserve 6.6 6.6 6.6
Translation reserve 1.7 2.2 3.3
Hedge reserve 9.0 3.8 (1.9)
Retained earnings (1,836.0) (1,602.7) (1,707.2)
Equity attributable to owners of the group 671.9 740.1 740.2
Non-controlling interests 12.8 21.0 12.7
Total shareholders' equity 684.7 761.1 752.9
* Detail on the restatement is disclosed in note 2.
CONSOLIDATED STATEMENT OF CASH FLOWS
Notes 6 months ended 6 months ended 12 months ended
30 June 30 June 31 December 2024
2025 2024
£m £m £m
Operating activities
Loss for the year (148.7) (207.6) (323.5)
Adjustments to reconcile loss for the year to net cash inflow from operating
activities
Tax charge/(credit) on operations 7 7.9 (9.1) 34.4
Net finance costs 6.1 110.6 189.6
Depreciation of property, plant and equipment 29.9 40.6 74.3
Depreciation of right-of-use lease assets 5.3 4.8 10.1
Amortisation of intangible assets 83.3 116.6 269.3
Loss on sale/scrap of property, plant and equipment - - 0.1
Difference between pension contributions paid and amounts recognised in the (4.0) (7.5) (12.1)
Consolidated Income Statement
Increase in inventories (46.5) (51.0) (12.8)
Decrease in trade and other receivables 8.1 54.9 106.7
Decrease in trade and other payables (33.9) (39.4) (33.8)
Increase/(decrease) in advances and customer deposits 27.8 (83.7) (177.7)
Movement in provisions 4.8 (0.8) 2.7
Other non-cash movements - Movements in translation reserve and other exchange (1.5) 0.4 0.3
related items
Movements in hedging position and foreign exchange derivatives (1.6) 0.2 2.2
Increase in other derivative contracts (11.4) - -
Movements in deferred tax relating to RDEC credit (3.6) (4.2) (9.8)
Other non-cash movements - Movement in LTIP Reserve 1.2 4.3 4.8
Cash (outflow)/inflow from operations (76.8) (70.9) 124.8
Income taxes paid (4.2) (1.0) (0.9)
Net cash (outflow)/inflow from operating activities (81.0) (71.9) 123.9
Cash flows from investing activities
Interest received 3.2 4.0 7.1
Payments to acquire property, plant and equipment (37.4) (48.8) (88.7)
Cash outflow on development expenditure (133.2) (151.3) (311.9)
Proceeds from disposal of investments in equity instruments - - 18.7
Net cash used in investing activities (167.4) (196.1) (374.8)
Cash flows from financing activities
Interest paid (72.6) (44.6) (122.0)
Proceeds from equity share issue 16 52.5 - 111.2
Proceeds from financial instrument utilised during refinancing transactions 4 - 0.7 0.7
Dividend paid to non-controlling interest - - (8.0)
Principal element of lease payments 11 (4.7) (4.8) (9.5)
Proceeds from inventory repurchase arrangement 11 37.8 37.7 75.4
Repayment of inventory repurchase arrangement 11 (40.0) (40.0) (80.0)
Proceeds from new borrowings 11 50.0 1,243.1 1,394.6
Repayment of existing borrowings 11 - (1,084.9) (1,084.9)
Premium paid upon redemption of borrowings 11 - (35.7) (35.7)
Transaction fees paid on issuance of shares (3.0) (1.7) (1.7)
Transaction fees paid on financing activities 11 (1.6) (20.6) (24.3)
Net cash inflow from financing activities 18.4 49.2 215.8
Net decrease in cash and cash equivalents (230.0) (218.8) (35.1)
Cash and cash equivalents at the beginning of the period 359.6 392.4 392.4
Effect of exchange rates on cash and cash equivalents (6.0) (0.9) 2.3
Cash and cash equivalents at the end of the period 123.6 172.7 359.6
Notes to the Interim Condensed Financial Statements
1. Basis of preparation
The results for the 6 month period ended 30 June 2025 have been reviewed by
Ernst & Young LLP, the Group's auditor, and a copy of their review report
appears at the end of this interim report. The financial information for the
year ended 31 December 2024 does not constitute statutory accounts as defined
in section 435 of the Companies Act 2006. The auditor's report on the
statutory accounts for the year ended 31 December 2024 was not qualified and
did not draw attention to any matters by way of emphasis and did not contain a
statement under section 498(2) or (3) of the Companies Act 2006. A copy of the
statutory accounts for the year ended 31 December 2024 prepared in accordance
with UK adopted international accounting standards have been delivered to the
Registrar of Companies. The annual report for the year ended 31 December 2025
will be prepared in accordance with UK adopted international accounting
standards.
Aston Martin Lagonda Global Holdings plc (the "Company") is a company
incorporated and domiciled in the UK. The Consolidated Interim Condensed
Financial Statements of the Company as at the end of the period ended 30 June
2025 comprise the Company and its subsidiaries (together referred to as the
'Group').
Going Concern
The Group meets its day-to-day working capital requirements and medium-term
funding requirements through a mixture of $1,050.0m Senior Secured Notes
("SSNs") at 10.0% and £565.0m of SSNs at 10.375% both of which mature in
March 2029, a revolving credit facility ("RCF") (£170.0m) which matures on 31
December 2028, facilities to finance inventory, a bilateral RCF facility and a
wholesale vehicle financing facility. Under the RCF, the Group is required to
comply with a leverage covenant tested quarterly. Leverage is calculated as
the ratio of adjusted EBITDA to net debt, after certain accounting adjustments
are made. Of these adjustments, the most significant is to account for lease
liabilities under "frozen GAAP", i.e. under IAS17 rather than IFRS 16. The
Group has complied with its covenant requirements for the period ended 30 June
2025 and expects to do so for the going concern review period.
The directors have developed trading and cash flow forecasts for the period
from the date of approval of these Interim Condensed Financial Statements
through 30 September 2026 (the "going concern review period"). These forecasts
show that the Group has sufficient financial resources to meet its obligations
as they fall due and to comply with covenants for the going concern review
period.
The forecasts reflect the Group's ultra-luxury performance-oriented strategy,
balancing supply and demand, and the actions taken to improve cost efficiency
and gross margin. The forecasts include the costs of the Group's
environmental, social and governance ("ESG") commitments and make assumptions
in respect of future market conditions and, in particular, wholesale volumes,
average selling price, the launch of new models, and future operating costs.
The nature of the Group's business is such that there can be variation in the
timing of cash flows around the development and launch of new models. In
addition, the availability of funds provided through the vehicle wholesale
finance facility changes as the availability of credit insurance and sales
volumes vary, in total and seasonally. The forecasts take into account these
factors to the extent that the Directors consider them to represent their best
estimate of the future based on the information that is available to them at
the time of approval of these Interim Condensed Financial Statements.
The Group Directors have considered a severe but plausible downside scenario
that includes considering the impact of a 20% reduction in DBX volumes and a
10% reduction in sports volumes from forecast levels covering, although not
exclusively, operating costs higher than the base plan, margin headwinds
arising from tariff legislation changes, incremental working capital
requirements such as reduced deposit inflows or increased deposit outflows and
the impact of the strengthening of the sterling-dollar exchange rate.
The Group plans to make continued investment for growth in the period and,
accordingly, funds generated through operations are expected to be reinvested
in the business mainly through new model development and other capital
expenditure. To a certain extent such expenditure is discretionary and, in the
event of risks occurring which could have a particularly severe effect on the
Group, as identified in the severe but plausible downside scenario, actions
such as constraining capital spending, working capital improvements, reduction
in marketing expenditure and the continuation of strict and immediate expense
control would be taken to safeguard the Group's financial position.
In addition, the Group Directors also considered the circumstances which would
be needed to exhaust the Group's liquidity over the assessment period; a
reverse stress test. This would indicate that vehicle sales would need to
reduce by more than 30% from forecast levels without any of the above
mitigations to result in having no liquidity. The likelihood of these
circumstances occurring is considered remote both in terms of the magnitude of
the reduction and that over such a long period, management could take
substantial mitigating actions, such as reducing capital spending to preserve
liquidity.
Accordingly, after considering the forecasts, appropriate sensitivities,
current trading and available facilities, the Directors have a reasonable
expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future and to comply with its financial
covenants, therefore, the Directors continue to adopt the going concern basis
in preparing the Interim Condensed Financial Statements.
Statement of compliance
These Interim Condensed Financial Statements have been prepared in accordance
with UK adopted International Accounting Standard 34, "Interim Financial
Reporting". They do not include all the information required for full annual
financial statements and should be read in conjunction with the Consolidated
Financial Statements of the Group for the year ended 31 December 2024.
Material accounting policies
These Interim Condensed Financial Statements have been prepared applying the
accounting policies and presentation that were applied in the preparation of
the Group's published Consolidated Financial Statements for the year ended 31
December 2024. A number of new or amended standards became applicable for the
current reporting period and the Group did not have to change its accounting
policies or make retrospective adjustments as a result of adopting these
standards. The Group has not early adopted any standard, interpretation or
amendment that has been issued but is not yet effective. The significant
judgements made by management in applying the Group's accounting policies and
the key sources of estimation uncertainty were the same as those that applied
to the consolidated financial statements for the year ended 31 December 2024.
2. Prior period restatement
The Consolidated Statement of Financial Position as at 30 June 2024 has been
restated to reflect a prior period adjustment in respect of the presentation
of the RCF from current to non-current. The carrying amount of the RCF at 30
June 2024 was £88.1m net of unamortised arrangement fees of £1.9m. At 30
June 2024 £90.0m of the £170.0m RCF was drawn as cash. The Group has a
contractual right to rollover the RCF such that contractual repayment is not
required until at least 12 months after the balance sheet date and therefore
the Group has restated the RCF as a non-current liability in line with IAS 1.
There is no change to the Consolidated Statement of Cash Flows as there is no
change to the timing of the cash movements.
Where the notes included in these Consolidated Financial Statements provide
additional analysis in respect of amounts impacted by the above restatement,
the comparative values presented have been restated on a consistent basis. The
following table details the impact on the Consolidated Statement of Financial
Position as at 30 June 2024.
As previously reported 30 June 2024 Adjustment Restated balance 30 June 2024
£m £m £m
Current liabilities
Borrowings 88.1 (88.1) -
Non-Current liabilities
Borrowings 1,140.5 88.1 1,228.6
There is no impact arising from the above restatement on the Consolidated
Income Statement for the period ended 30 June 2024. As there is no adjustment
to the Consolidated Income Statement and no change in the income tax position,
there is no impact on earnings per share.
As the RCF was presented as a non-current borrowing in the Consolidated
Statement of Financial Position as at 31 December 2024, there is no impact on
the Consolidated Financial Statements as presented for the year ended 31
December 2024.
3. Segmental information
Operating segments are defined as components of the Group about which separate
financial information is available and is evaluated regularly by the chief
operating decision-maker in assessing performance. The Group has only one
operating segment, the automotive segment, and therefore no separate segmental
report is disclosed. The automotive segment includes all activities relating
to design, development, manufacture and marketing of vehicles including
consulting services; as well as the sale of parts, servicing and automotive
brand activities from which the Group derives its revenues.
6 months ended 6 months ended 12 months ended
30 June 30 June 31 December 2024
2025 2024
Revenue £m £m £m
Analysis by category
Sale of vehicles 399.2 548.8 1,477.9
Sale of parts 44.7 42.8 84.4
Servicing of vehicles 5.7 6.3 11.0
Brands and motorsport 4.8 5.1 10.6
454.4 603.0 1,583.9
6 months ended 6 months ended 12 months ended
30 June 30 June 31 December 2024
2025 2024
Revenue £m £m £m
Analysis by geographic location
United Kingdom 100.5 103.6 262.1
The Americas 149.2 196.1 629.2
Rest of Europe, Middle East & Africa 127.7 202.9 434.7
Asia Pacific 77.0 100.4 257.9
454.4 603.0 1,583.9
4. Adjusting items
6 months ended 6 months ended 12 months ended
30 June 30 June 31 December 2024
2025 2024
£m £m £m
Adjusting operating expenses:
ERP implementation costs(1) (3.6) (4.5) (10.0)
Legal costs(2) (2.3) (4.2) (8.1)
Legal settlement income(2) - 2.4 2.9
Director settlement and change costs(3) - - (1.5)
Restructuring costs(4) (7.3) - -
(13.2) (6.3) (16.7)
Adjusting finance income:
Gain on financial instruments recognised at fair value through 2.5 12.7 18.1
Consolidated Income Statement(5)
Gain on financial instrument utilised during refinance - 0.7 0.7
transactions(6)
Adjusting finance expenses:
Premium paid on the early redemption of SSNs(6) - (35.7) (35.7)
2.5 (22.3) (16.9)
Adjusting items before tax (10.7) (28.6) (33.6)
Tax charge on adjusting items(7) - - -
Adjusting items after tax (10.7) (28.6) (33.6)
Summary of adjusting items
1. In the 6 months ended 30 June 2025 the Group incurred further
implementation costs for a cloud-based Enterprise Resource Planning (ERP)
system for which the Group will not own any Intellectual Property. During the
period £3.6m (6 months ended 30 June 2024: £4.5m, 12 months ended 31
December 2024: £10.0m) of costs have been incurred and expensed to the Income
Statement. During the period, the Group completed the migration of the second
manufacturing site with the business currently in post go-live optimisation
phase. Due to the infrequent recurrence of such costs and the expected quantum
during the implementation phase, these have been separately presented as
adjusting. The cash impact of this item is a working capital outflow at the
time of invoice payment.
2. During the six months ended 30 June 2025, the Group incurred legal
costs in relation to a number of disputes and claims with entities ultimately
owned by a former significant shareholder of the Group. The Group has incurred
legal costs of £2.3m (30 June 2024: £4.2m; 31 December 2024: £8.1m)
associated with its defence of such claims and pursuit of its counterclaims.
AMMENA, Aston Martin's distributor in the Middle East, North Africa and Turkey
region has brought various claims, which the Group denies. Certain aspects of
these claims, and Aston Martin's counterclaims, were heard in a confidential
arbitration in September 2024. The Tribunal made a partial award in November
2024. In May 2025, the counterparty was granted permission to appeal a
specific part of the award and that appeal is expected to be heard by the High
Court in September 2025.
Separately, on 1 March 2024 a court order was issued quantifying the amounts
payable to the Group from the judgment of a previous case involving claims
against a retail dealership, which is ultimately owned by entities that are
shareholders in one of the Group's subsidiary entities, including for unpaid
debts relating to two agreements from 2015 and 2016. The Group was awarded
certain of its legal costs, including some on an indemnity basis. Following
challenge by the counterparty, the overall amount received by the Group was
£2.9m. All remaining amounts due in relation to this dispute have now been
resolved.
Whilst disputes and legal proceedings pending are often in the normal course
of the Group's business, in all these cases the opposing party has links to
companies that were former significant shareholders of the Group. On that
basis the Group has classified these costs as non-recurring in nature.
The Group has disclosed a contingent liability in respect of ongoing claims
with former significant shareholders of the Group at the period ended 30 June
2025 (note 18).
3. On 22 March 2024 it was announced that Amedeo Felisa would be
retiring from the business and Adrian Hallmark would be joining the Group as
Chief Executive Officer. In addition, Marco Mattiacci, the Group's Chief
Commercial Officer, left the Group on 31 December 2024. The total costs
associated with these changes was £1.5m, all of which represents severance
costs and payments in lieu of notice. Due to the nature and quantum, these
items have been separately presented. The cash impact of such changes was a
working capital movement in the six months ended 30 June 2025.
4. On 26 February 2025 it was announced that the Group was commencing
a process to make organisational adjustments which is expected to ultimately
see the departure of around 170 valued colleagues from the Group, representing
circa 5% of the global workforce. During the six months ended 30 June 2025 the
Group recognised a provision of £7.3m in relation to restructuring costs. As
at 30 June 2025 £2.3m of the costs have been realised with the remaining
£5.0m expected to be settled in the second half of the year.
5. During 2020 the Group issued second lien Senior Secured Notes which
included detachable warrants classified as a derivative option liability. The
movement in fair value of the warrants between 31 December 2024 and 30 June
2025 resulted in a gain of £2.5m being recognised in the Income Statement (6
months ended 30 June 2024: gain of £12.7m; 12 months ended 31 December 2024:
gain of £18.1m). This item has no cash impact.
6. During the 6 months ended 30 June 2024 the Group undertook a
refinancing exercise whereby new SSNs of $960.0m at 10.0% and £400.0m at
10.375% repayable 31 March 2029 were issued, and all outstanding First Lien
and Second Lien SSNs issued by the Group were repaid. To facilitate the
repayment of the outstanding SSNs, the Group placed a forward currency
contract to purchase US dollars. Due to favourable movements in the exchange
rates, a gain of £0.7m was recognised in the Consolidated Income Statement at
the transaction date. There is no cash impact of this adjustment.
Additionally, in repaying the notes prior to their redemption date, a
redemption premium of £35.7m was incurred, of which the cash impact was
incurred in the period ended 30 June 2024.
7. In the period to 30 June 2025, a Nil tax charge has been recognised
on Adjusting items (6 months ended 30 June 2024: Nil tax charge; 12 months
ended 31 December 2024: Nil tax charge). This is on the basis that the
adjusting items generate net deferred tax assets, specifically tax losses,
which have not been recognised to the extent that sufficient taxable profits
are not forecast in the foreseeable future to which the tax losses would be
utilised.
5. Finance income
6 months ended 6 months ended 12 months ended
30 June 30 June 31 December 2024
2025 2024
£m £m £m
Bank deposit and other interest income 3.3 4.1 7.1
Foreign exchange gain on borrowings not designated as part of a hedging 72.1 - -
relationship
Finance income before adjusting items 75.4 4.1 7.1
Adjusting finance income items:
Gain on financial instruments recognised at fair value through Income 2.5 12.7 18.1
Statement (note 4)
Gain on financial instrument utilised during refinance transactions - 0.7 0.7
(note 4)
77.9 17.5 25.9
6. Finance expense
6 months ended 6 months ended 12 months ended
30 June 30 June 31 December 2024
2025 2024
£m £m £m
Interest on bank loans, overdrafts and SSNs 78.7 79.1 151.4
Interest on lease liabilities 2.0 2.1 4.2
Net interest expense on the net defined benefit liability (note 15) 0.7 1.0 2.0
Interest on contract liabilities held 0.4 2.2 3.7
Foreign exchange loss on borrowings not designated as part of a hedging - 6.3 14.1
relationship
Effect of discounting on long term liabilities 2.2 1.7 4.4
Finance expense before adjusting items 84.0 92.4 179.8
Adjusting finance expense items:
Premium paid on the early redemption of SSNs (note 4) - 35.7 35.7
Total adjusting finance expense - 35.7 35.7
Total finance expense 84.0 128.1 215.5
7. Income tax credit
The Group's total income tax charge for the period to 30 June 2025 is £7.9m
(period ended 30 June 2024: £9.1m tax credit) which represents an effective
tax rate of (5.6)% (period ended 30 June 2024: 4.2%). The difference between
the total effective tax rate of (5.6)% and the UK statutory tax rate of 25% is
predominantly due to net prior year deferred tax assets no longer
recognised. Net deferred tax assets have been recognised to the extent that
it is considered probable that future taxable profits will be available
against which the deductible temporary differences or unused tax losses or
credits can be recovered or utilised. In evaluating the level of probable
future taxable profits the Group reviews the same underlying assumptions and
future forecasts used for going concern and business planning. Tax on other
comprehensive income of £9.9m is predominantly related to the fair value
movement of investments recognised at fair value through other comprehensive
income.
The future forecasts cover an extended period, which inherently increases the
level of significant estimation uncertainty in the later periods. Specifically
in this context, for the deferred tax assets held by the main UK trading
entity, a defined look-out period for Internal Combustion Engine ('ICE') and
Plug-In Hybrid Vehicle ('PHEV') to 31 December 2030 was selected on the basis
that this timeframe correlates to existing vehicle life cycles and the prior
year look-out period end date. All other methodologies used in determining
deferred tax balances are consistent with those used at 31 December 2024.
An increase/decrease of £50m in forecast taxable UK profits by 2030 would
increase/decrease the level of deferred tax asset that would be recognised on
losses by £6.3m under current UK tax legislation. A 20% decrease in DBX
volumes, a 10% decrease in sports volumes and an £82m non-achievement of
cost-saving initiatives, adverse movements in foreign exchange and headwinds
from tariffs to the base forecasts results in a potential decrease in
recognition of £62m, equivalent to 5 years of additional recognition under
current UK tax legislation.
Pillar Two legislation has been enacted or substantively enacted in certain
jurisdictions in which the Group operates. The legislation is effective from
the Group's financial year commencing 1 January 2024. The Group has performed
an assessment of the Group's potential exposure to Pillar Two income taxes.
The assessment of the potential exposure to Pillar Two income taxes is based
on the most recent tax filings, country-by-country reporting and financial
statements for the constituent entities in the Group. Based on the assessment,
the Pillar Two Transitional Safe Harbour provisions are expected to apply in
each jurisdiction the Group operates in, and management is not aware of any
circumstance under which this might change. Therefore, there is no tax expense
associated with the Pillar Two legislation for the financial period ended 30
June 2025. The Group has applied the exception in IAS 12 'Income Taxes' to
recognising and disclosing information about deferred tax assets and
liabilities related to Pillar Two income taxes.
8. Earnings per ordinary share
In calculating the basic weighted average number of ordinary shares for the 6
months ended 30 June 2025, a total of 2,301,201 ordinary shares issued to the
Employee Benefit Trust are excluded owing to the control the Group has over
the Trust (6 months ended 30 June 2024: 2,301,201 ordinary shares excluded; 12
months ended 31 December 2024: 2,301,201 ordinary shares excluded).
Continuing and total operations 6 months ended 6 months ended 12 months ended
30 June 30 June 31 December 2024
2025 2024
Basic earnings per ordinary share
Loss available for equity holders (£m) (148.8) (207.8) (323.5)
Basic weighted average number of ordinary shares (million) 955.5 822.6 832.4
Basic earnings per ordinary share (pence) (15.6)p (25.3)p (38.9p)
Diluted earnings per ordinary share
Loss available for equity holders (£m) (148.8) (207.8) (323.5)
Diluted weighted average number of ordinary shares (million) 955.5 822.6 832.4
Diluted earnings per ordinary share (pence) (15.6)p (25.3)p (38.9p)
The impact of ordinary shares issued as part of the Long-term incentive plans
("LTIP") and the potential number of ordinary shares issued as part of the
2020 issue of share warrants have been excluded from the weighted average
number of diluted ordinary shares as including them is anti-dilutive in
arriving at diluted earnings per share.
9. Research and Development expenditure
6 months ended 6 months ended 12 months ended
30 June 30 June 31 December 2024
2025 2024
£m £m £m
Total research and development expenditure 123.2 158.4 333.3
Capitalised research and development expenditure (117.9) (146.5) (312.1)
Research and development expenditure recognised as an expense during the 5.3 11.9 21.2
period
10. Net debt
30 June *30 June 31 December 2024
2025 2024 (restated)
£m £m £m
Cash and cash equivalents 123.6 172.7 359.6
Inventory repurchase arrangements(1) (38.0) (38.9) (38.4)
Loans and other borrowings - non-current(2) (1,369.3) (1,228.6) (1,387.3)
Lease liabilities - current (9.8) (8.2) (9.4)
Lease liabilities - non-current (84.2) (90.8) (87.2)
(1,377.7) (1,193.8) (1,162.7)
* Detail on the restatement is disclosed in note 2.
1. At 30 June 2025 a repurchase liability of £38.0m including accrued
interest of £0.1m (30 June 2024: £38.9m including accrued interest of
£1.3m; 31 December 2024: £38.4m including accrued interest of £0.7m) was
included within accruals and other payables and Net Debt relating to parts for
resale, service parts and production stock which were sold in 2025 and
subsequently repurchased. Under the repurchase agreement, which has a
repayment date of February 2026, the Group will repay £40.0m gross of
indirect tax. As part of this arrangement legal title to the parts was
surrendered, however control remained with the Group. The arrangement which
existed as at 30 June 2024 was fully settled during the six months ended 30
June 2025.
2. Included within loans and other borrowings is the balance drawn on
the Group's £170.0m RCF. At 30 June 2025 £60.0m of the £170.0m RCF was
drawn down in cash (30 June 2024: £90.0m of £170.0m facility, 31 December
2024: £10.0m of £170.0m facility). £5.9m of the RCF has been reserved for
the issuance of letters of credit and guarantees (30 June 2024: £5.9m of the
revolving credit facility was reserved; 31 December 2024: £5.9m was
reserved). The loan is presented net of amortised transaction fees of £1.3m
(30 June 2024: £1.9m; 31 December 2024: £1.6m).
11. Movement in net debt
30 June 30 June 31 December 2024
2025 2024
£m £m £m
Movement in net debt
Net decrease in cash and cash equivalents (236.0) (219.7) (32.8)
Add back cash flows in respect of other components of net debt:
New borrowings (50.0) (1,243.1) (1,394.6)
Proceeds from inventory repurchase arrangement (37.8) (37.7) (75.4)
Repayment of existing borrowings - 1,084.9 1,084.9
Repayment of inventory repurchase arrangement 40.0 40.0 80.0
Lease liability payments 4.7 4.8 9.5
Transaction fees paid on financing activities 1.6 20.6 24.3
Increase in net debt arising from cash flows (277.5) (350.2) (304.1)
Non-cash movements:
Foreign exchange gain/(loss) on SSNs 72.1 (6.3) (14.1)
Interest added to debt (1.6) (1.5) (4.6)
Movement in transaction fee accruals (1.6) 1.2 1.7
Borrowing fee amortisation (4.1) (16.1) (18.5)
Lease liability interest charge (2.0) (2.1) (4.2)
Lease modifications (0.8) (1.5) (1.6)
New leases (1.8) (5.3) (7.7)
Exchange and other adjustments 2.3 2.3 4.7
Increase in net debt (215.0) (379.5) (348.4)
Net debt at beginning of the period/year (1,162.7) (814.3) (814.3)
Net debt at the end of the period/year (1,377.7) (1,193.8) (1,162.7)
12. Investments in equity interests - Assets held for sale
On 15 November 2023, the Group subscribed for shares in AMR GP Holdings
Limited by exercising its primary warrant option and subscribing for reward
shares it was entitled to under the initial sponsorship term. The primary
warrant became exercisable following the Group entering an agreement with AMR
GP for a second sponsorship term running from 2026 to 2030.
As at 30 June 2024 the Group had measured the fair value of its holding in
line with the equity value implied by investments into AMR GP by a number of
third parties.
The Group made the election to carry the investment at fair value through
other comprehensive income and will continue to fair value the investment in
line with the requirements of IFRS 9 at future balance sheet dates. This
election was made to reduce volatility due to movements in fair value within
the Consolidated Income Statement.
On 31 March 2025 the Group announced its intention to dispose of its entire
shareholding in AMR GP Holdings Limited. The shareholding is available for
sale in its current condition and there is an active sale process underway. As
the Group is committed to selling the shareholding, the asset has been classed
as held for sale as at 30 June 2025.
As there is an active sale process underway, the Group has uplifted the fair
value of its shareholding by £25.0m in line with the valuation in the
proposed sale agreement.
Investments - asset held for sale* 30 June 30 June 31 December 2024
2025 2024
£m £m £m
Opening 50.9 18.2 18.2
Fair value change 25.0 51.4 51.4
Disposals - - (18.7)
Closing 75.9 69.6 50.9
* At 30 June 2024 and 31 December 2024 the investment is presented in the
Consolidated Statement of Financial Position as "Investments in equity
interests" within non-current assets due to the lack of an active plan to
dispose of the shareholding on those dates.
13. Financial Instruments
The following tables provide an analysis of financial instruments grouped into
Levels 1 to 3 based on the degree to which the value is observable.
30 June 2025 30 June 2024 31 December 2024
Nominal Value Book Value Fair Value Nominal Value Book Value Fair Value Nominal Value Book Value Fair Value
Included in assets £m £m £m £m £m £m £m £m £m
Level 2
Forward foreign exchange contracts - 11.6 11.6 - 6.6 6.6 - 1.0 1.0
Investments held for sale - 75.9 75.9 - 69.6 69.6 - 50.9 50.9
Other derivative contracts - 34.6 34.6 - - - - 23.2 23.2
- 122.1 122.1 - 76.2 76.2 - 75.1 75.1
30 June 2025 30 June 2024 31 December 2024
Nominal Value Book Value Fair Value Nominal Value Book Value Fair Value Nominal Value Book Value Fair Value
Included in liabilities £m £m £m £m £m £m £m £m £m
Level 1
$1,050.0 10% US dollar Notes (30 June 2024: $960.0m 10% US dollar Notes) 765.7 756.0 716.0 759.4 747.0 746.5 837.7 826.2 820.0
£465.0m 10.375% GBP Notes (30 June 2024: £400.0m 10.375% GBP Notes) 464.6 459.2 434.5 400.0 393.5 398.5 464.6 458.0 458.4
£100.0m 10.375% GBP Notes 97.1 95.4 92.5 - - - 96.6 94.7 97.6
Level 2
Forward foreign exchange contracts - - - - 1.7 1.7 - 5.6 5.6
Derivative option over own shares 33.1 2.5 2.5 33.1 10.4 10.4 33.1 5.0 5.0
Other derivative contracts - 23.2 23.2 - - - - 23.2 23.2
1,360.5 1,336.3 1,268.7 1,192.5 1,152.6 1,157.1 1,432.0 1,412.7 1,409.8
Under IFRS 7, such assets and liabilities are classified by the way in which
their fair value is calculated. The interest bearing loans and borrowings are
considered to be level 1 liabilities. Forward foreign exchange contracts are
considered to be level 2 assets and liabilities. Derivative options are
considered to be level 2 liabilities.
IFRS 13 defines each level as follows:
· level 1 assets and liabilities have inputs observable
through quoted prices;
· level 2 assets and liabilities have inputs observable,
other than quoted prices, either directly (i.e. as prices) or indirectly (i.e.
derived from prices); or
· level 3 assets and liabilities as those with inputs not
based on observable market data.
The forward currency contracts are carried at fair value based on pricing
models and discounted cash flow techniques derived from assumptions provided
by third party banks.
Other derivative contracts represent the secondary warrant option which
entitles the Group to subscribe for additional equity in AMR GP for a fixed
value. The secondary warrant option, an embedded derivative, was not
recognised upon entering the initial sponsorship contract in March 2020 due to
insufficient certainty over the conditions attached to the warrant being
achieved. During 2024, the Group further extended its sponsorship contract
with AMR GP for a period from 2031 to 2045 giving the Group sufficient
certainty to recognise the derivative as a financial asset. A corresponding
liability was recognised on recognition of the derivative which represents an
accrual for that element of future sponsorship payments. The fair value of the
option was assessed in the same manner as the Group values its existing
investment in AMR GP (see note 12) resulting in an increase in the fair value
of the derivative asset of £11.4m during the six months ended 30 June 2025.
The option is exercisable from 1 January 2031. The Group is currently in
negotiations to amend its rights in relation to the exercise period of the
option as part of the wider sale of interests in AMR GP (see note 12). As the
amendments have not concluded as at 30 June 2025 the derivative option has not
been classified as held for sale due to not being available for immediate sale
in its present condition.
The Senior Secured Notes are all valued at amortised cost retranslated at the
year-end foreign exchange rate where applicable. The fair value of these Notes
at the current and comparative period ends are determined by reference to the
quoted price on The International Stock Exchange Authority in St. Peter Port,
Guernsey. The fair value and nominal value exclude the impact of transaction
costs.
The derivative option over own shares reflects the detachable warrants issued
alongside the 2020 second lien SSNs enabling the warrant holders to subscribe
for a number of Ordinary Shares in the Company. The fair value is calculated
using a binomial model and updated at each period end reflecting the latest
market conditions. The inputs used in the valuation model include the quoted
share price, market volatility, exercise ratio, and risk-free rate. The fair
value movement in the option for the period ended 30 June 2025 was a gain of
£2.5m (30 June 2024: gain of £12.7m; 31 December 2024: gain of £18.1m) and
is recognised within the Consolidated Income Statement in interest income as
an adjusting item.
14. Provisions
30 June 30 June 31 December
2025 2024 2024
£m £m £m
Warranty provision 45.2 43.2 46.8
Restructuring provision 5.0 - -
50.2 43.2 46.8
Current 19.7 21.1 19.7
Non-current 30.5 22.1 27.1
50.2 43.2 46.8
On 26 February 2025 it was announced that the Group was commencing a process
to make organisational adjustments which is expected to ultimately see the
departure of around 170 valued colleagues from the Group, representing circa
5% of the global workforce. During the six months ended 30 June 2025 the Group
recognised a provision of £7.3m in relation to restructuring costs. As at 30
June 2025 £2.3m of the costs have been realised with the remaining £5.0m
expected to be settled in the second half of the year.
15. Pension Obligations
The net liability for defined benefit obligations of £28.7m at 31 December
2024 has decreased to a net liability of £25.4m at 30 June 2025. The movement
of £3.3m comprises an underlying charge to the Income Statement of £0.8m
offset by an actuarial gain of £0.1m in addition to contributions of £4.0m.
Following the High Court ruling in the case of Virgin Media Limited v NTL
Pension Trustees II Limited and others in June 2023, it was held that section
37 of the Pension Schemes Act 1993 operates to make void any amendment to the
rules of a contracted out pension scheme without written actuarial
confirmation under Regulation 42(2) of the Occupational Pension Schemes
(Contracting Out) Regulations 1996, in so far that the amendment relates to
members' section 9(2B) rights. The Department for Work and Pensions' made an
announcement on 5 June 2025 outlining the Government's proposed legislation to
allow retrospective actuarial confirmation of benefit changes to deal with
issues arising from the Virgin Media v NTL Pension Trustees judgment. The
Trustees of the Scheme and the Plan (collectively the "Pension Schemes") have
confirmed that; - The Pension Schemes were contracted out of the additional
state pension between 1997 and 2016; and - It was possible that amendments
were made to the Pension Schemes that may have impacted on the members'
section 9(2B) rights. The Trustees of the Pension Schemes and the Directors
work closely together and take appropriate legal and professional advice when
making amendments to the Pension Schemes.
An initial assessment has been undertaken to determine whether any amendments
to section 9(2B) rights were made to the Pension Schemes that were not in
accordance with section 37 of the Pension Schemes Act 1993 requirements,
however as at 30 June 2025, the assessment is ongoing and no final conclusions
have been reached. Further, it is not currently possible to reliably estimate
any potential impact to the defined benefit obligations of the Pension Schemes
if these amendments were not in accordance with section 37 of the Pension
Schemes Act 1993 requirements. The Directors continue to assess the extent of
procedures required to confirm if there is any indication of historic
non-compliance.
16. Share capital
30 June 30 June 31 December
2025 2024 2024
Number £m Number £m Number £m
Ordinary shares 1,011,274,947 101.1 825,025,531 82.5 936,274,947 93.6
Movement in Ordinary shares:
On 6 March 2024, the Company issued 78,050 ordinary shares to satisfy the
vesting of the Company's 2021 Long Term Incentive Plan and a buy-out award.
On 13 May 2024, the Company issued 1,283,696 ordinary shares under the
Company's Share Incentive Plan at nominal value. A transfer from retained
earnings of £0.1m took place, with £0.1m recognised in share capital.
On 29 November 2024, the Company issued a total of 111,249,416 ordinary shares
comprising 109,000,000 placing shares, 1,249,416 retail offer shares and
1,000,000 Director subscription shares by way of a non-pre-emptive placing.
The shares were issued at 100p, raising gross proceeds of £111.2m, with
£11.1m recognised as share capital and the remaining £100.1m recognised as
share premium. Transaction fees of £2.0m were deducted from share premium.
On 9 May 2025 the Company issued 75,000,000 ordinary shares through a
non-pre-emptive placing and retail offer. The shares were issued at 70p
raising gross proceeds of £52.5m, with £7.5m recognised as share capital and
the remaining £45.0m recognised as merger reserve. Transaction fees of £1.3m
were deducted from the gross proceeds recognised in the merger reserve. The
merger reserve is used where more than 90% of the shares in a subsidiary are
acquired and the consideration includes the issue of new shares by the
Company, thereby attracting merger relief under the Companies Act 2006.
17. Related party transactions
Transactions during 2025
During the six months ended 30 June 2025, a net marketing expense amounting to
£8.8m of sponsorship has been incurred in the normal course of business with
AMR GP Limited ("AMR GP"), an entity indirectly controlled by a member of the
Group's Key Management Personnel ("KMP"). AMR GP and its legal structure is
separate to that of the Group and the Group does not have control or
significant influence over AMR GP or its affiliates. £0.9m remains due from
AMR GP at 30 June 2025 relating to these transactions. Under the terms of the
sponsorship agreement the Group is required to provide one fleet vehicle to
each of the two AMR GP racing drivers free of charge. This arrangement is
expected to continue for the life of the contract and is not expected to
materially affect the financial position and performance of the Group. One of
the racing drivers is an immediate family member of one of the Group's KMP.
In addition, the Group incurred costs of £2.3m associated with engineering
design on two upcoming vehicle programmes from Aston Martin Performance
Technologies Limited ("AMPT") of which £1.5m is outstanding to AMPT at 30
June 2025. AMPT is an associated entity of AMR GP.
During the six months ended 30 June 2025, the Group incurred a rental expense
of £0.6m from Michael Kors (USA), Inc., a Company which is owned by Capri
Holdings Limited. A member of the Group's KMP and Non-Executive Director is
also a member of Capri Holdings Limited KMP.
During six months ended 30 June 2025, the Group incurred expenses of £1.1m
from Lucid, Inc relating to the implementation work for the technology
purchased in 2023. £1.0m was outstanding as at 30 June 2025. An outstanding
cash liability of £71.7m relating to the technology supply arrangement
entered in 2023 remains as at 30 June 2025, all of which is due in 2025 or
later. The supply arrangement commits to an effective future minimum spend
with Lucid on powertrain components of £177.0m. The arrangement is considered
a Related Party Transaction owing to the substantial ownership of Lucid by the
Public Investment Fund ("PIF"). PIF are a substantial shareholder of the
Group, and two members of the Group's KMP & Non-Executive Directors are
members of PIF's KMP.
During the six months ended 30 June 2025, the Group incurred costs of £0.1m
for safety testing services from companies within the Geely Holding Group of
companies. A member of the Group's KMP and Non-Executive Director is also a
member of Zhejiang Geely Holding Group Co., Limited KMP. Less than £0.1m is
outstanding as at 30 June 2025.
Transactions during 2024
During the year ended 31 December 2024, a net marketing expense amounting to
£18.9m of sponsorship has been incurred in the normal course of business with
AMR GP Limited ("AMR GP"), an entity indirectly controlled by a member of the
Group's Key Management Personnel ("KMP"). AMR GP and its legal structure is
separate to that of the Group and the Group does not have control or
significant influence over AMR GP or its affiliates. £0.9m remains due from
AMR GP at 31 December 2024 relating to these transactions. Under the terms of
the sponsorship agreement the Group is required to provide one fleet vehicle
to each of the two AMR GP racing drivers free of charge. This arrangement is
expected to continue for the life of the contract and is not expected to
materially affect the financial position and performance of the Group. One of
the racing drivers is an immediate family member of one of the Group's KMP.
In addition, the Group incurred costs of £5.1m associated with engineering
design on two upcoming vehicle programmes from Aston Martin Performance
Technologies Limited ("AMPT") of which £1.3m is outstanding to AMPT at 31
December 2024. AMPT is an associated entity of AMR GP.
During the year ended 31 December 2024, Classic Automobiles Inc. purchased a
vehicle for £3.3m of which £nil was outstanding at 31 December 2024. Classic
Automobiles Inc. is controlled by a member of the Group's KMP.
During the year ended 31 December 2024, the Group incurred a rental expense of
£1.3m from Michael Kors (USA), Inc., a Company which is owned by Capri
Holdings Limited. A member of the Group's KMP and Non-Executive Director is
also a member of Capri Holdings Limited KMP.
During the year ended 31 December 2024, the Group incurred expenses of £3.8m
from Lucid, Inc relating to the implementation work for the technology
purchased in 2023. £0.6m was outstanding as at 31 December 2024. An
outstanding cash liability of £71.7m relating to the technology supply
arrangement entered in 2023 remains as at 31 December 2024, all of which is
due in 2025 or later. The supply arrangement commits to an effective future
minimum spend with Lucid on powertrain components of £177.0m. The arrangement
is considered a Related Party Transaction owing to the substantial ownership
of Lucid by the Public Investment Fund ("PIF"). PIF are a substantial
shareholder of the Group, and two members of the Group's KMP &
Non-Executive Directors are members of PIF's KMP.
During the year ended 31 December 2024, the Group incurred costs of £0.4m for
safety testing services from companies within the Geely Holding Group of
companies. A further £0.6m of expense was incurred relating to a feasibility
study for vehicle development. Owing to the nature of such a study, there is
no comparable market offering. A member of the Group's KMP and Non-Executive
Director is also a member of Zhejiang Geely Holding Group Co., Limited KMP.
£nil is outstanding as at 31 December 2024.
Terms and conditions of transactions with related parties
Sales and purchases between related parties are made at normal market prices
unless otherwise stated. Outstanding balances with entities other than
subsidiaries are unsecured, interest free and cash settlement is expected
within 60 days of invoice. Terms and conditions for transactions with
subsidiaries are the same, with the exception that balances are placed on
intercompany accounts. The Group has not provided or benefited from any
guarantees for any related party receivables or payables.
18. Contingent liabilities
In the normal course of the Group's business, claims, disputes, and legal
proceedings involving customers, dealers, suppliers, employees or others are
pending or may be brought against Group entities arising out of current or
past operations. In particular, there is presently a dispute between the Group
and the other shareholders of one of its subsidiary entities, which is ongoing
and from which a future obligation may arise. The Group denies the claims made
and is working to resolve the matter.
19. Alternative performance measures
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 internally by the directors to measure the Group's performance.
The key APMs that the Group focuses on are as follows:
i) Adjusted EBT is the loss before tax and adjusting items as shown in
the Consolidated Income Statement.
ii) Adjusted EBIT is operating (loss)/profit before adjusting items.
iii) Adjusted EBITDA removes depreciation, loss on sale of fixed assets
and amortisation from adjusted EBIT.
iv) Adjusted operating margin is adjusted EBIT divided by revenue.
v) Adjusted EBITDA margin is adjusted EBITDA (as defined above) divided
by revenue.
vi) Adjusted Earnings Per Share is loss after tax before adjusting items
as shown in the Consolidated Income Statement, divided by the weighted average
number of ordinary shares in issue during the reporting period.
vii) Net Debt is current and non-current borrowings in addition to inventory
repurchase arrangements and lease liabilities, less cash and cash equivalents
and cash held not available for short-term use as shown in the Consolidated
Statement of Financial Position.
viii) Adjusted leverage is represented by the ratio of Net Debt to the last
twelve months ('LTM') Adjusted EBITDA.
ix) Free cashflow is represented by cash (outflow)/inflow from operating
activities plus the cash used in investing activities (excluding interest
received) plus interest paid in the year less interest received.
Income Statement
6 months ended 6 months ended 12 months ended
30 June 30 June 31 December 2024
2025 2024
£m £m £m
Loss before tax (140.8) (216.7) (289.1)
Adjusting operating expenses 13.2 6.3 16.7
Adjusting finance income (2.5) (13.4) (18.8)
Adjusting finance expense - 35.7 35.7
Adjusted loss before tax (EBT) (130.1) (188.1) (255.5)
Adjusted finance income (75.4) (4.1) (7.1)
Adjusted finance expense 84.0 92.4 179.8
Adjusted operating loss (EBIT) (121.5) (99.8) (82.8)
Adjusted operating margin (26.7%) (16.6%) (5.2%)
Reported depreciation 35.2 45.4 84.4
Reported amortisation 83.3 116.6 269.3
Loss on sale/scrap of property, plant and equipment - - 0.1
Adjusted EBITDA (3.0) 62.2 271.0
Earnings per share
6 months ended 6 months ended 12 months ended
30 June 30 June 31 December 2024
2025 2024
£m £m £m
Adjusted earnings per ordinary share
Loss available for equity holders (£m) (148.8) (207.8) (323.5)
Adjusting items
Adjusting items before tax (£m) 10.7 28.6 33.6
Tax on adjusting items (£m) - - -
Adjusted loss (£m) (138.1) (179.2) (289.9)
Basic weighted average number of ordinary shares (million) 955.5 822.6 832.4
Adjusted loss per ordinary share (pence) (14.5p) (21.8p) (34.8p)
Adjusted diluted earnings per ordinary share
Adjusted loss (£m) (138.1) (179.2) (289.9)
Diluted weighted average number of ordinary shares (million) 955.5 822.6 832.4
Adjusted diluted loss per ordinary share (pence) (14.5p) (21.8p) (34.8p)
Net debt
30 June 30 June 31 December 2024
2025 2024
£m £m £m
Opening cash and cash equivalents 359.6 392.4 392.4
Cash (outflow)/inflow from operating activities (81.0) (71.9) 123.9
Cash outflow from investing activities (167.4) (196.1) (374.8)
Cash inflow from financing activities 18.4 49.2 215.8
Effect of exchange rates on cash and cash equivalents (6.0) (0.9) 2.3
Cash and cash equivalents at the end of the period 123.6 172.7 359.6
Inventory repurchase arrangement (38.0) (38.9) (38.4)
Lease liabilities (94.0) (99.0) (96.6)
Borrowings (1,369.3) (1,228.6) (1,387.3)
Net Debt (1,377.7) (1,193.8) (1,162.7)
Adjusted LTM EBITDA 205.8 287.5 271.0
Adjusted leverage (LTM) 6.7x 4.2x 4.3x
Free Cashflow
30 June 30 June 31 December 2024
2025 2024
£m £m £m
Net cash (outflow)/inflow from operating activities (81.0) (71.9) 123.9
Net cash used in investing activities less interest received (170.6) (200.1) (400.6)
Interest paid less interest received (69.4) (40.6) (114.9)
Free cashflow (321.0) (312.6) (391.6)
RESPONSIBILITY STATEMENT
The Interim consolidated financial information has been prepared in accordance
UK adopted International Accounting Standard 34, "Interim Financial
Reporting". We confirm that to the best of our knowledge that the Interim
Management Report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the financial statements; and a
description of the principal risks and uncertainties for the remaining six
months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related
party transactions that have taken place in the first six months of the
current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
By order of the Board
Adrian Hallmark
Doug Lafferty
Chief Executive Officer
Chief Financial Officer
29 July 2025
29 July 2025
Independent review report to Aston Martin Lagonda Global Holdings plc
Conclusion
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
June 2025 which comprises the Consolidated Statement of Comprehensive Income,
the Consolidated Statement of Changes in Equity, the Consolidated Statement of
Financial Position, the Consolidated Statement of Cash Flows and notes 1 to
19. We have read the other information contained in the half yearly financial
report and considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed set of
financial statements.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 June 2025 is not prepared, in
all material respects, in accordance with UK adopted International Accounting
Standard 34 and the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements 2410 (UK) "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" (ISRE) issued by the Financial
Reporting Council. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 1, the annual financial statements of the group are
prepared in accordance with UK adopted international accounting standards. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statements in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
This report is made solely to the company in accordance with guidance
contained in International Standard on Review Engagements 2410 (UK) "Review of
Interim Financial Information Performed by the Independent Auditor of the
Entity" issued by the Financial Reporting Council. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other
than the company, for our work, for this report, or for the conclusions we
have formed.
Ernst & Young LLP
London
29 July 2025
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