Aston Martin Lagonda Global Holdings plc (AML) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Morning or good afternoon all, and welcome to the Aston Martin Lagonda Q1 twenty twenty six Results Call. My name is Adam, and I'll be your operator today. I will now hand the floor to Doug Lapiti to begin. So Doug, please go ahead when you're ready. Thanks, Adam. Good morning, everyone. Thanks for joining the call as always this morning for our Q1 twenty twenty six results. As ever, there'll be time for a few questions after I've provided a short summary of our performance for the first three months of this year. Overall, our Q1 twenty twenty six performance was in line with our guidance and we maintain our full year outlook. As you are all aware, we expected Q1 to be the smallest quarter of the year as we continue to focus on realigning stock levels through a disciplined approach to managing production and delivery. This was achieved with total wholesale volumes similar to the prior year period, whilst core retail volumes were significantly ahead of wholesales by over 50%. As a result of the around 100 well, sorry, as a result of the 102 Valhalla deliveries, total ASP increased 17% to £252,000 driving total revenue growth of 16%. As many of you would have seen at the start of the month, the overwhelmingly positive Valhalla driving reviews were published with many giving it five stars and some labeling it the best Aston Martin ever. We're now building on this positive coverage with an extensive program of global customer driving events for this groundbreaking supercar through until the end of July. We expect the benefits of these to prove further boost to the order book in the coming months. Backhaler deliveries, in addition to the benefits from the ongoing transformation program, drove an increase in gross margin to 35% from 28% in the prior year period. This demon...