Aston Martin reported revenue of £628.6 million for the first half of 2026, an increase of 38% from £454.4 million during the same period last year.
Gross profit increased 68% to £212.5 million, while gross margin improved to 33.8% from 27.9%. The stronger performance was supported by more than 220 deliveries of the Valhalla plug-in hybrid supercar, increased core vehicle volumes and benefits from the company’s ongoing transformation program.
Adjusted EBITDA improved to £62.7 million from a £3 million loss during the first half of 2025. The adjusted EBITDA margin reached 10%, compared with negative 0.7% a year earlier.
Adjusted EBITDA excludes interest, taxes, depreciation, amortization and certain other items. Aston Martin uses the measure to show the operating performance of its vehicle business before financing costs and major noncash expenses.
Adjusted EBIT remained negative at £108.9 million but improved from a loss of £121.5 million. The benefit from higher gross profit was partly offset by a 45% increase in adjusted depreciation and amortization to £171.6 million as newer vehicle programs entered production.
The reported operating loss narrowed substantially to £56.5 million from £134.7 million.
The result included £47.7 million of other operating income associated with the sale of Aston Martin Formula One naming rights to AMR GP. The gain and higher gross profit were partly offset by increased depreciation and amortization.
However, the company’s loss before tax widened to £154.2 million from £140.8 million because of significantly higher financing expenses.
Net financing costs increased to £97.7 million from £6.1 million. The change included an £11 million foreign-exchange loss associated with the noncash revaluation of U.S. dollar-denominated debt, compared with a £72 million gain in the prior-year period.
Aston Martin recorded a net loss of £153.1 million, compared with £148.7 million in the first half of 2025. Basic and diluted losses were 15.2 pence per share, compared with 15.6 pence a year earlier.
Total wholesale volumes increased 21% to 2,331 vehicles, including 2,106 core vehicles and 225 Specials.
Specials deliveries increased from only 18 vehicles during the prior-year period and consisted almost entirely of Valhalla models.
Sport and grand touring vehicle volumes increased 12% to 1,560, while SUV volumes rose 7% to 546.
Aston Martin said the increase reflected a more balanced production cadence and a broader core lineup that now includes the DB12 S and the limited-edition Vanquish 25.
Wholesale volumes increased across every major geographic region.
Volumes in the Americas rose 29% to 837 vehicles, while Europe, the Middle East and Africa excluding the U.K. increased 28% to 691.
U.K. and South Africa volumes rose 12% to 422 vehicles, while Asia-Pacific increased 6% to 381.
The second quarter showed stronger growth, with total wholesale volumes rising 43% to 1,392 vehicles. Core wholesale volumes increased 31%, while Specials deliveries rose to 122 from four during the prior-year quarter.
Core retail volumes exceeded wholesale volumes by more than 30% during the first half.
Retail volumes represent vehicles sold to end customers, while wholesales generally measure vehicles delivered by Aston Martin to dealers. Retail demand running ahead of wholesale supply may help reduce dealer inventory and support a more disciplined production strategy.
The company said its core order book remained stable, while existing Valhalla orders extended deliveries into the latter part of the fourth quarter of 2026.
Revenue from vehicle sales increased 41% to £563.2 million.
The total average selling price increased 17% to £241,000 because of the greater contribution from higher-priced Specials. However, the average selling price for core vehicles declined 5% to £182,000.
Aston Martin attributed the lower core average selling price to targeted financial support provided to dealers to reduce older inventory. The company expects inventory levels and dealer support to move toward more normal levels during the second half.
Customer personalization continued to contribute approximately 17% of core revenue, broadly matching the previous year.
Parts revenue increased 10% to £49.1 million, servicing revenue rose 35% to £7.7 million, and brand and motorsport revenue increased 79% to £8.6 million.
Second-quarter revenue increased 62% to £358.2 million, while gross profit rose 93% to £118.6 million.
The quarterly gross margin improved to 33.1% from 27.8%. Adjusted EBITDA increased to £39.5 million from £1.4 million, producing an adjusted EBITDA margin of 11%.
The second-quarter operating loss narrowed to £47.6 million from £67.4 million. However, the quarterly loss before tax widened to £88.7 million from £61.2 million because of higher financing expenses.
Aston Martin also reported substantial improvement in cash generation.
Free cash outflow declined to £197.6 million during the first half from £321 million a year earlier. The improvement reflected better operating cash flow and lower capital spending.
Net cash used in operating activities declined to £2.3 million from £81 million, while capital expenditure fell to £120.2 million from £170.6 million.
Second-quarter free cash outflow improved to £80.8 million from £200.7 million. Excluding £72.5 million of net cash interest payments, the company approached free cash flow breakeven during the quarter.
Working capital produced a £45 million outflow during the first half.
This included a £27 million increase in inventory related to production and deliveries of new core derivatives and Valhalla, a £28 million reduction in customer deposits following Specials deliveries and a £17 million increase in receivables.
Those outflows were partly offset by a £27 million increase in payables associated with the timing of spending on future vehicle programs.
Aston Martin ended June with £114.9 million of cash and £30.3 million of available facilities, giving it total liquidity of £145.2 million.
Gross debt increased to £1.66 billion from £1.63 billion at the end of 2025. Net debt rose to £1.54 billion from £1.38 billion as cash declined and the company drew on available facilities.
Adjusted net leverage improved to 8.9 times from 12.8 times because the increase in debt was partly offset by stronger trailing adjusted EBITDA.
In July, Aston Martin completed £550 million of new debt financing led by funds and accounts managed by HPS Investment Partners.
The financing consists of a £450 million senior secured term loan and a £100 million delayed-draw term loan. The facilities carry interest of 6.75% above the SONIA benchmark rate and mature in July 2031.
Aston Martin used proceeds from the senior secured loan to repay its fully drawn £170 million revolving credit facility, repay £20 million borrowed through a Yew Tree Consortium facility, cover transaction costs and provide additional capital for general corporate purposes.
The financing increased Aston Martin’s pro forma liquidity at the end of June to approximately £340 million. The structure also permits the company to incur another £100 million of junior debt.
Aston Martin maintained its principal operating guidance for 2026.
The company continues to expect total wholesale volumes to be similar to the 5,448 vehicles delivered during 2025, including approximately 500 Valhalla deliveries.
Gross margin is expected to improve into the high-30% range, supported by a more profitable product mix, manufacturing efficiencies, core model derivatives and a full year of Valhalla deliveries.
Adjusted operating expenses excluding depreciation and amortization are expected to remain below £300 million. Adjusted EBIT margin is forecast to improve materially toward breakeven.
Capital investment is expected to decline to approximately £300 million from £341 million in 2025. Aston Martin has reduced its planned capital expenditure program for 2026 through 2030 to approximately £1.7 billion from £2 billion.
The company continues to expect free cash outflow to improve materially from the £410 million outflow recorded in 2025.
The only significant change to the outlook involved financing costs. Aston Martin now expects net cash interest expense of approximately £160 million, compared with its previous forecast of approximately £150 million, following completion of the new senior secured financing.
Management expects a stronger second half as transformation benefits continue, production becomes more balanced and additional Specials are delivered.
The company nevertheless highlighted continuing risks from geopolitical instability, supply-chain disruptions, changes to Chinese taxes on ultra-luxury vehicles and uncertainty surrounding U.S. automotive tariffs.
Under the current U.S. tariff quota system, up to 100,000 U.K.-manufactured vehicles can enter the United States at a 10% tariff annually. Volumes above that limit face a 27.5% tariff.
The quota operates on a first-come, first-served basis, with 25,000 U.K.-made vehicles eligible for the lower tariff during each quarter. Aston Martin said the structure makes quarterly planning more difficult and requires the company to carefully manage U.S. imports, production schedules and working capital.
KEY QUOTE:
“H1 2026 demonstrates that we are on track to deliver material financial improvement this year compared with 2025. Q2 2026 total wholesale volumes increased by 43% compared to the prior year period as our focus on smoothing production cadence materialised, with core retail volumes continuing to run ahead of supply.”
“Valhalla deliveries in H1 2026 supported the improved financial performance including gross profit increasing by 68% from £127 million to £213 million with gross margin up to 34%. We expect an even stronger second half, as transformation benefits flow through and Specials deliveries continue.”
“The new £550 million debt financing announced last week significantly strengthens our liquidity, providing us with both additional resilience and further flexibility to execute our current and future product plans.”
Adrian Hallmark, Chief Executive of Aston Martin
