Interim results for the half-year ended 30 June 26

About this update from Aston Martin Lagonda Global Holdings Plc

[{"type":"text","content":"\n \n Aston Martin Lagonda Global Holdings plc \n (\"Aston Martin\", or \"AML\", or the \"Company\", or the \"Group\") \n Interim results for the six months ended 30 June 2026 \n                                                                                                                                                                                                                                                 \n   \n   \n ·      Materially improved H1 2026 performance compared with prior year; including 68% increase in gross profit and gross margin improving to 34% (H1 2025: 28%) supported by over 220 Valhalla deliveries \n ·      Significantly reduced Q2 2026 free cash outflow at £81m (Q2 2025: £201m free cash outflow); approaching free cash flow breakeven after adjusting for half yearly interest payment \n ·      New £550m debt financing completed in July 2026 strengthens the Group's financial position and enhances pro forma liquidity to c. £340m at the end of H1 2026 \n ·      FY 2026 operational guidance unchanged whilst remaining mindful of the broader macroeconomic and geopolitical backdrop \n   \n \n \n \n \n £m \n \n \n H1 2026 \n \n \n H1 2025 \n \n \n % change \n \n \n Q2 2026 \n \n \n Q2 2025 \n \n \n % change \n \n \n \n \n Total wholesale volumes 1 \n \n \n 2,331 \n \n \n 1,922 \n \n \n 21% \n \n \n 1,392 \n \n \n 972 \n \n \n 43% \n \n \n \n \n Revenue \n \n \n 628.6 \n \n \n 454.4 \n \n \n 38% \n \n \n 358.2 \n \n \n 220.5 \n \n \n 62% \n \n \n \n \n Gross profit \n \n \n 212.5 \n \n \n 126.6 \n \n \n 68% \n \n \n 118.6 \n \n \n 61.4 \n \n \n 93% \n \n \n \n \n Gross margin (%) \n \n \n 33.8% \n \n \n 27.9% \n \n \n 590 bps \n \n \n 33.1% \n \n \n 27.8% \n \n \n 530 bps \n \n \n \n \n Adjusted EBIT 2 \n \n \n (108.9) \n \n \n (121.5) \n \n \n 10% \n \n \n (52.0) \n \n \n (57.0) \n \n \n 9% \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Operating loss \n \n \n (56.5) \n \n \n (134.7) \n \n \n 58% \n \n \n (47.6) \n \n \n (67.4) \n \n \n 29% \n \n \n \n \n Loss before tax \n \n \n (154.2) \n \n \n (140.8) \n \n \n (10%) \n \n \n (88.7) \n \n \n (61.2) \n \n \n (45%) \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Net debt 2 \n \n \n (1,544.7) \n \n \n (1,377.7) \n \n \n (12%) \n \n \n (1,544.7) \n \n \n (1,377.7) \n \n \n (12%) \n \n \n \n \n 1 Number of vehicles including Specials; 2 For definition of alternative performance measures please see Appendix  \n   \n   \n Adrian Hallmark, Aston Martin Chief Executive commented: \n \"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. \n \"Valhalla deliveries in H1 2026 supported the improved financial performance including gross profit increasing by 68% from £127m to £213m with gross margin up to 34%. We expect an even stronger second half, as transformation benefits flow through and Specials deliveries continue. \n \" The new £550m 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.\" \n   \n Aston Martin's management team will host a webcast presentation and live Q&A at 8am (BST) today. Details can be found on page 7 of this announcement and online at https://www.astonmartin.com/corporate/investors/results-and-presentations \n \n \n   \n FINANCIAL REVIEW \n Wholesale volume summary \n \n \n \n \n Number of vehicles   \n \n \n H1 2026 \n \n \n H1 2025 \n \n \n % change \n \n \n Q2 2026 \n \n \n Q2 2025 \n \n \n % change \n \n \n \n \n Total wholesale \n \n \n 2,331 \n \n \n 1,922 \n \n \n 21% \n \n \n 1,392 \n \n \n 972 \n \n \n 43% \n \n \n \n \n Core (excluding Specials) \n \n \n 2,106 \n \n \n 1,904 \n \n \n 11 % \n \n \n 1,270 \n \n \n 968 \n \n \n 31% \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n By region: \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n UK 3 \n \n \n 422 \n \n \n 378 \n \n \n 12 % \n \n \n 291 \n \n \n 202 \n \n \n 44 % \n \n \n \n \n Americas \n \n \n 837 \n \n \n 647 \n \n \n 29% \n \n \n 483 \n \n \n 328 \n \n \n 47% \n \n \n \n \n EMEA ex. UK 3 \n \n \n 691 \n \n \n 539 \n \n \n 28% \n \n \n 424 \n \n \n 281 \n \n \n 51% \n \n \n \n \n APAC \n \n \n 381 \n \n \n 358 \n \n \n 6% \n \n \n 194 \n \n \n 161 \n \n \n 20% \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n By model: \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Sport/GT \n \n \n 1,560 \n \n \n 1,395 \n \n \n 12 % \n \n \n 902 \n \n \n 670 \n \n \n 35% \n \n \n \n \n SUV \n \n \n 546 \n \n \n 509 \n \n \n 7% \n \n \n 368 \n \n \n 298 \n \n \n 23% \n \n \n \n \n Specials \n \n \n 225 \n \n \n 18 \n \n \n n/m \n \n \n 122 \n \n \n 4 \n \n \n n/m \n \n \n \n \n Note: Sport/GT includes Vantage, DB12, DBS and Vanquish; 3 Includes UK and South Africa \n   \n In line with our FY 2026 guidance for total wholesale volumes to be similar to FY 2025 levels including c. 500 Valhalla deliveries, H1 2026 volumes increased 21% compared to the prior year (H1 2025: 1,922), reflecting a more balanced production cadence. The current range of core models and new derivatives, the most recent additions being DB12 S and the Vanquish 25 limited edition, represents one of the most modern and broadest ranges in the ultra-luxury high performance market. Specials complemented the core range, with H1 2026 deliveries of 225 units (H1 2025: 18), almost entirely representing Valhalla. Both Valhalla and Vanquish were recently named Robb Report 2026 \"Best of the Best\" in their respective classes, continuing the strong trend of positive media reviews across the range. \n Core retail volumes in H1 2026 significantly outpaced wholesale volumes by over 30% as the Company continued to maintain a disciplined approach to managing the balance between production and demand. Currently, the core orderbook remains stable and Valhalla orders take deliveries into the back end of Q4 2026. \n Aston Martin's volumes remained well balanced in H1 2026 with volumes across all regions increasing compared to the prior year period. \n Revenue and Average Selling Price (ASP) summary \n \n \n \n \n £m \n \n \n H1 2026 \n \n \n H1 2025 \n \n \n % change \n \n \n Q2 2026 \n \n \n Q2 2025 \n \n \n % change \n \n \n \n \n Sale of vehicles \n \n \n 563.2 \n \n \n 399.2 \n \n \n 41% \n \n \n 325.4 \n \n \n 193.5 \n \n \n 68% \n \n \n \n \n          Total ASP (£k) \n \n \n 241 \n \n \n 206 \n \n \n 17% \n \n \n 233 \n \n \n 197 \n \n \n 18% \n \n \n \n \n          Core ASP (£k) \n \n \n 182 \n \n \n 192 \n \n \n (5%) \n \n \n 184 \n \n \n 191 \n \n \n (4%) \n \n \n \n \n Sale of parts \n \n \n 49.1 \n \n \n 44.7 \n \n \n 10% \n \n \n 24.7 \n \n \n 22.8 \n \n \n 8% \n \n \n \n \n Servicing of vehicles \n \n \n 7.7 \n \n \n 5.7 \n \n \n 35% \n \n \n 3.8 \n \n \n 1.9 \n \n \n 100% \n \n \n \n \n Brand and motorsport \n \n \n 8.6 \n \n \n 4.8 \n \n \n 79% \n \n \n 4.3 \n \n \n 2.3 \n \n \n 87% \n \n \n \n \n Total revenue \n \n \n 628.6 \n \n \n 454.4 \n \n \n 38% \n \n \n 358.2 \n \n \n 220.5 \n \n \n 62% \n \n \n \n \n H1 2026 revenue increased by 38% to £629m (H1 2025: £454m) compared to the prior year period, as guided, due to the increase in Specials, driven by Valhalla deliveries, and core volumes. H1 2026 total ASP increased by 17% compared to the prior year period, reflecting higher Specials deliveries. H1 2026 core ASP decreased by 5% compared to the prior year period, reflecting targeted dealer support to reduce aged stock which, as previously guided, remained elevated during H1 2026 before expecting to revert towards normalised levels in H2 2026. \n Demand for unique product personalisation continued to drive strong contribution to core revenue of c. 17%, broadly in line with the prior year period. \n Income statement summary \n \n \n \n \n £m \n \n \n H1 2026 \n \n \n H1 2025 \n \n \n Q2 2026 \n \n \n Q2 2025 \n \n \n \n \n Revenue \n \n \n 628.6 \n \n \n 454.4 \n \n \n 358.2 \n \n \n 220.5 \n \n \n \n \n Cost of sales \n \n \n (416.1) \n \n \n (327.8) \n \n \n (239.6) \n \n \n (159.1) \n \n \n \n \n Gross profit \n \n \n 212.5 \n \n \n 126.6 \n \n \n 118.6 \n \n \n 61.4 \n \n \n \n \n    Gross margin % \n \n \n 33.8% \n \n \n 27.9% \n \n \n 33.1% \n \n \n 27.8% \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Adjusted operating expenses \n \n \n (321.4) \n \n \n (248.1) \n \n \n (170.6) \n \n \n (118.4) \n \n \n \n \n of which depreciation & amortisation \n \n \n 171.6 \n \n \n 118.5 \n \n \n 91.5 \n \n \n 58.4 \n \n \n \n \n Adjusted EBIT 2 \n \n \n (108.9) \n \n \n (121.5) \n \n \n (52.0) \n \n \n (57.0) \n \n \n \n \n Adjusting operating items \n \n \n 4.7 \n \n \n (13.2) \n \n \n 4.7 \n \n \n (10.4) \n \n \n \n \n Adjusting other operating income \n \n \n 47.7 \n \n \n - \n \n \n (0.3) \n \n \n - \n \n \n \n \n Operating loss \n \n \n (56.5) \n \n \n (134.7) \n \n \n (47.6) \n \n \n (67.4) \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Net financing (expense)/income \n \n \n (97.7) \n \n \n (6.1) \n \n \n (41.1) \n \n \n 6.2 \n \n \n \n \n of which adjusting financing income/(expense) \n \n \n 0.8 \n \n \n 2.5 \n \n \n - \n \n \n (0.5) \n \n \n \n \n Loss before tax \n \n \n (154.2) \n \n \n (140.8) \n \n \n (88.7) \n \n \n (61.2) \n \n \n \n \n Tax credit/(charge) \n \n \n 1.1 \n \n \n (7.9) \n \n \n (1.4) \n \n \n (7.5) \n \n \n \n \n Loss for the period \n \n \n (153.1) \n \n \n (148.7) \n \n \n (90.1) \n \n \n (68.7) \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Adjusted EBITDA 2 \n \n \n 62.7 \n \n \n (3.0) \n \n \n 39.5 \n \n \n 1.4 \n \n \n \n \n    Adjusted EBITDA margin 2 \n \n \n 10.0% \n \n \n (0.7)% \n \n \n 11.0 % \n \n \n 0.6% \n \n \n \n \n Adjusted loss before tax 2 \n \n \n (207.4) \n \n \n (130.1) \n \n \n (93.1) \n \n \n (50.3) \n \n \n \n \n 2 Alternative Performance Measures are defined in Appendix \n   \n H1 2026 gross profit increased 68% to £213m (H1 2025: £127m) supported by higher revenue as a result of the increase in Specials deliveries and core wholesales, and transformation benefits including lower manufacturing costs and investments in product quality and customer satisfaction which were elevated in the prior year period relating to software enhancements. These improvements were partially offset by the impact of targeted dealer support and FX. This resulted in gross margin improving to 34% (H1 2025: 28%), with further improvement expected in H2 2026 driven by continued benefits from the ongoing transformation programme and Specials deliveries. \n Adjusted EBITDA increased by £66m in H1 2026 to £63m (H1 2025: £(3)m). This reflected the higher gross profit and a 16% increase in adjusted operating expenses (ex. D&A) at £150m (H1 2025: £130m), in line with guidance. As a result, adjusted EBITDA margin increased to 10% (H1 2025: (1)%). \n Adjusted EBIT improved by 10% in H1 2026 to £(109)m (H1 2025: £(122)m) again benefiting from the higher gross profit primarily reflecting the increased deliveries of Specials, partially offset by the 45% increase in adjusted depreciation and amortisation to £172m (H1 2025: £119m). \n Adjusted net financing costs of £99m (H1 2025: £9m), increased primarily due to an £11m loss on the FX movement from the impact of non-cash U.S. dollar debt revaluations (H1 2025: £72m gain). H1 2026 net adjusting finance income of £1m (H1 2025: £3m), relates to movements in the fair value of outstanding warrants. The £450m Senior Secured Term Loan component of the recently announced new debt financing results is expected to result in a slight increase to the FY 2026 net finance cost guidance to c. £160m (previously c. £150m). \n The adjusted loss before tax was £207m (H1 2025: £130m loss), largely reflecting the increase in adjusted net finance costs. \n On a reported basis, H1 2026 operating loss of £57m (H1 2025: £135m loss) decreased primarily due to the increase in gross profit and the adjusting other operating income relating to the gain on the sale of the Aston Martin F1 naming rights to AMR GP, which was partially offset by an increase in depreciation and amortisation. This was offset by the increase in net finance expenses resulting in an increase in loss before tax at £154m (H1 2025: £141m loss). \n Cash flow and net debt summary \n \n \n \n \n £m \n \n \n H1 2026 \n \n \n H1 2025 \n \n \n Q2 2026 \n \n \n Q2 2025 \n \n \n \n \n Cash (used in)/generated from operating activities \n \n \n (2.3) \n \n \n (81.0) \n \n \n 50.9 \n \n \n (49.9) \n \n \n \n \n Cash used in investing activities \n \n \n (120.2) \n \n \n (170.6) \n \n \n (59.2) \n \n \n (80.8) \n \n \n \n \n Net cash interest paid \n \n \n (75.1) \n \n \n (69.4) \n \n \n (72.5) \n \n \n (70.0) \n \n \n \n \n Free cash outflow 2 \n \n \n (197.6) \n \n \n (321.0) \n \n \n (80.8) \n \n \n (200.7) \n \n \n \n \n Cash inflow from financing and other investing activities \n \n \n 60.8 \n \n \n 91.0 \n \n \n 18.7 \n \n \n 95.9 \n \n \n \n \n Decrease in net cash \n \n \n (136.8) \n \n \n (230.0) \n \n \n (62.1) \n \n \n (104.8) \n \n \n \n \n Effect of exchange rates on cash and cash equivalents \n \n \n 1.8 \n \n \n (6.0) \n \n \n (0.4) \n \n \n (4.7) \n \n \n \n \n Cash balance \n \n \n 114.9 \n \n \n 123.6 \n \n \n 114.9 \n \n \n 123.6 \n \n \n \n \n Available facilities \n \n \n 30.3 \n \n \n 104.1 \n \n \n 30.3 \n \n \n 104.1 \n \n \n \n \n Total cash and available facilities (\"liquidity\") \n \n \n 145.2 \n \n \n 227.7 \n \n \n 145.2 \n \n \n 227.7 \n \n \n \n \n 2 Alternative Performance Measures are defined in Appendix \n   \n H1 2026 net cash outflow from operating activities improved compared to the prior year period, decreasing by £79m to £2m (H1 2025: £81m outflow), largely reflecting a £66m increase in adjusted EBITDA, as explained above. Working capital outflow of £45m remained in line with the prior year period (H1 2025: £45m outflow) with the largest drivers being: \n ·      £27m increase in inventories (H1 2025: £47m increase) reflecting the timing of production and deliveries of new core derivatives and Valhalla \n ·      £28m decrease (H1 2025: £28m increase) in deposits held, due to deposit outflows relating to Special deliveries \n ·      £17m increase in receivables (H1 2025: £8m decrease) following the improved cash collection at year end 2025 \n ·      Partially offset by a £27m increase in payables (H1 2025: £34m decrease) associated with timing of payments related to future product rollout plans   \n As guided, capital expenditure of £120m was below the comparative period (H1 2025: £171m), with investment focused on the future product pipeline with an acceleration in spend expected in H2 2026. \n As previously guided, free cash outflow is expected to materially improve in FY 2026 compared with the prior year (£410m outflow) supported by an enhanced product mix and more balanced production cadence from Q2 2026 onwards. Free cash outflow in H1 2026 of £198m materially improved compared to the prior year period (H1 2025: £321m outflow), driven by improved cash from operating activities and lower capital expenditure. After adjusting for Q2 2026 net cash interest paid of £73m (Q2 2025: £70.0m), free cash flow excluding net cash interest paid approached breakeven for the quarter. \n \n \n \n \n £m \n \n \n   \n \n \n 30 Jun-26 \n \n \n 31 Dec-25 \n \n \n 30 Jun-25 \n \n \n \n \n Loan notes \n \n \n \n \n \n (1,345.2) \n \n \n (1,329.8) \n \n \n (1,310.6) \n \n \n \n \n Inventory financing \n \n \n \n \n \n (39.1) \n \n \n (39.6) \n \n \n (38.0) \n \n \n \n \n Bank loans and overdrafts \n \n \n \n \n \n (168.8) \n \n \n (170.4) \n \n \n (58.7) \n \n \n \n \n Committed facility \n \n \n \n \n \n (18.3) \n \n \n - \n \n \n - \n \n \n \n \n Lease liabilities (IFRS 16) \n \n \n \n \n \n (89.7) \n \n \n (91.8) \n \n \n (94.0) \n \n \n \n \n Gross debt \n \n \n   \n \n \n (1,661.1) \n \n \n (1,631.6) \n \n \n (1,501.3) \n \n \n \n \n Cash balance \n \n \n \n \n \n 114.9 \n \n \n 249.9 \n \n \n 123.6 \n \n \n \n \n Cash not available for short-term use \n \n \n \n \n \n 1.5 \n \n \n 1.4 \n \n \n - \n \n \n \n \n Net debt \n \n \n   \n \n \n (1,544.7) \n \n \n (1,380.3) \n \n \n (1,377.7) \n \n \n \n \n \n Compared with 31 December 2025, gross debt marginally increased to £1,661m (31 December 2025: £1,632m), largely reflecting the drawn element of the Yew Tree Consortium £50m committed facility and the £11m loss on the FX movement from the impact of non-cash U.S. dollar debt revaluations. Total cash and available facilities (\"liquidity\") was £145m on 30 June 2026 (30 June 2025: £228m). \n On 22 July 2026, the Group announced the closing of a new £550m debt financing (the \"Financing\") which strengthens the Group's financial position and provides further flexibility to execute on its long-term growth ambition. The Financing consists of a £450m Senior Secured Term Loan (\"SSTL\") and a £100m Delayed Draw Term Loan, priced at 6.75% over the prevailing SONIA base rate and maturing July 2031, with lead lenders being investment funds and accounts managed by HPS Investment Partners (\"HPS\"). There is an additional £100m permitted debt incurrence capacity, junior to the Financing. \n The £450m gross proceeds from the SSTL have been used to repay both the Group's fully utilised £170m super senior revolving credit facility (\"RCF\") and the £20m drawn under the £50m facility committed by members of the Yew Tree Consortium (\"YTC Facility\") and to pay transaction costs, with the balance for general corporate purposes. The existing RCF commitments and the YTC Facility were simultaneously cancelled. The SSTL enhances the Group's pro forma liquidity as at 30 June 2026 to c. £340m (as if those net proceeds were held as at that date). \n Net debt of £1,545m as at 30 June 2026 increased from £1,380m as at 31 December 2025 primarily due to a decrease in the cash balance, an increased drawing on available facilities and an £11m loss on the FX movement from the impact of non-cash U.S. dollar debt revaluations. The adjusted net leverage ratio of 8.9x (31 December 2025: 12.8x) reflects the increase in net debt partially offset by an increase in the last 12-month adjusted EBITDA. \n Outlook \n Expect to deliver material improvement in FY 2026 financial performance driven by an enhanced product mix and benefits from the ongoing transformation programme and disciplined approach to operations \n The global macroeconomic and geopolitical environment facing the wider automotive industry remains challenging. This dynamic landscape includes uncertainties over the economic impact from the unpredictable threat or introduction of additional U.S. tariffs, changes to China's ultra-luxury car taxes and the continued reliance on a stable network of global suppliers. The recent conflict in the Middle East has presented the latest macroeconomic and geopolitical uncertainty. The Group has managed to limit the direct impact to the business in H1 2026 and continues to monitor the evolving situation and its potential impact on global demand, customer confidence and supply chains. \n Given this landscape, the Group will maintain its disciplined approach to operations, deliver benefits from its transformation programme including cost optimisation, focus on improved cash flow generation and liquidity management. Progress on these fronts will be underpinned by the Group's previously announced revision to its future product cycle plan, which has the dual aim of optimising costs and capital investment whilst continuing to deliver innovative products that meet customer demands and regulatory requirements. \n For UK automotive manufacturers, the introduction of a U.S. tariff quota mechanism in 2025 adds a further degree of complexity and limits the Group's ability to accurately forecast quarterly from 2026 onwards. This was evidenced in H1 2026 as the Group was required to carefully manage U.S. imports towards the end of each quarter. The Group continues to engage with both the U.S. and UK governments to secure greater clarity and certainty on the specific automotive tariff. \n 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. Where possible, the Group will try to optimise production schedules to reduce risk associated with the quota mechanism and prioritise working capital management. \n   \n FY 2026 operational guidance remains unchanged (slight revision to net interest) : \n ·    Total wholesale volumes in FY 2026 are expected to be similar to the prior year (FY 2025: 5,448), with retail volumes again outpacing wholesales, whilst financial performance will benefit from: \n o  An enhanced product mix including c. 500 Valhalla deliveries in FY 2026 \n o  A more balanced production cadence on both core and Valhalla from Q2 2026 onwards \n o  Operational efficiencies as a result of the ongoing transformation programme \n ·     Gross margin is expected to improve into the high 30s% (FY 2025: 29%), benefitting from more efficient production, an expanded range of core model derivatives, a full year of Valhalla deliveries and a continued focus on maximising the value in every vehicle sold \n ·    Adjusted operating expenses (excluding D&A), with an ongoing focus on cost optimisation, is expected to remain below £300m (FY 2025: £262m), whilst delivering improved operating leverage \n ·      Adjusted depreciation and amortisation is expected to be £375m-£400m, with the increase from FY 2025 (£297m) reflecting c. 500 Valhalla deliveries previously \n ·      Adjusted EBIT margin is expected to materially improve (FY 2025: (15.0)%), towards breakeven \n ·    Net cash interest is expected to be c.  £160m 3 (previously c. £150m 3 ) \n ·      Capital investment in new product developments and technology access fees to support our growth strategy is expected to reduce to c. £300m (FY 2025: £341m) as part of the reduced c. £1.7bn Capex programme between FY 2026-FY 2030 (previously c. £2bn) \n ·     Free Cash Outflow is expected to materially improve in FY 2026 compared with the prior year (£410m outflow) supported by an enhanced product mix and more balanced production cadence from Q2 2026 onwards. Following positive free cash flow in Q4 2025 due to the benefit of improved cash collections at year end, the Group expects the majority of free cash outflow for the year to occur in Q1 2026, with a material cumulative year-on-year improvement from Q2 onwards \n Short-mid-term outlook unchanged: \n The Group expects to continue delivering year-on-year improved financial performance over the short-mid-term, with a focus on margin expansion and cash flow generation, benefiting from the ongoing transformation programme initiatives and an enhanced product mix from the future portfolio of core and Special models. \n   \n 3 Net cash interest assuming current exchange rates prevail for FY 2026 \n   \n The financial information contained herein is unaudited. \n All metrics and commentary in this announcement exclude adjusting items unless stated otherwise and certain financial data within this announcement have been rounded. \n   \n Enquiries \n   \n Investors and Analysts \n James Arnold                        Head of Investor Relations                                 +44 (0) 7385 222347 \n                                                                                                                                                 [email protected] \n Maddie Herborn  Investor Relations Analyst                                                   +44 (0) 7345 000370 \n                                                                                                                                                 [email protected]  \n Media \n Kevin Watters                       Director of Communications                                 +44 (0) 7764 386683 \n                                                                                                                                                 [email protected] \n FGS Global \n James Leviton and Jenny Bahr                                                                                    +44 (0) 20 7251 3801 \n   \n   \n   \n Results presentation and Q&A details \n                                                                                                                 \n ·      There will be a webcast presentation and Q&A for today at 08.00 BST: https://app.webinar.net/OGXE1log2Nq \n ·      The presentation and Q&A can be accessed live via the corporate website: https://www.astonmartin.com/en/corporate/investors/results-and-presentations \n ·      A replay facility will be available via the above links later in the day \n   \n 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. \n These risks may include, for example, changes in the global economic situation, and changes affecting individual markets and exchange rates. \n 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. \n 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. \n   \n   \n \n   \n   \n   \n   \n   \n     \n   \n APPENDICES \n Dealerships \n \n \n \n \n   \n \n \n 30 Jun-26 \n \n \n 31 Dec-25 \n \n \n 30 Jun-25 \n \n \n \n \n UK 3 \n \n \n 17 \n \n \n 18 \n \n \n 20 \n \n \n \n \n Americas \n \n \n 44 \n \n \n 44 \n \n \n 44 \n \n \n \n \n EMEA ex. UK 3 \n \n \n 57 \n \n \n 56 \n \n \n 55 \n \n \n \n \n APAC \n \n \n 37 \n \n \n 38 \n \n \n 37 \n \n \n \n \n Total \n \n \n 155 \n \n \n 156 \n \n \n 156 \n \n \n \n \n Number of countries \n \n \n 55 \n \n \n 53  \n \n \n 53 \n \n \n \n \n 3 Includes UK and South Africa \n Alternative Performance Measure \n \n \n \n \n £m \n \n \n H1 2026 \n \n \n H1 2025 \n \n \n \n \n Loss before tax \n \n \n (154.2) \n \n \n (140.8) \n \n \n \n \n Adjusting operating items \n \n \n (4.7) \n \n \n 13.2 \n \n \n \n \n Adjusting other operating income \n \n \n (47.7) \n \n \n - \n \n \n \n \n Adjusting finance income \n \n \n (0.8) \n \n \n (2.5) \n \n \n \n \n Adjusted EBT \n \n \n (207.4) \n \n \n (130.1) \n \n \n \n \n Adjusted finance income \n \n \n (1.6) \n \n \n (75.4) \n \n \n \n \n Adjusted finance expense \n \n \n 100.1 \n \n \n 84.0 \n \n \n \n \n Adjusted EBIT \n \n \n (108.9) \n \n \n (121.5) \n \n \n \n \n Reported depreciation \n \n \n 45.4 \n \n \n 35.2 \n \n \n \n \n Reported amortisation \n \n \n 126.2 \n \n \n 83.3 \n \n \n \n \n Adjusted EBITDA \n \n \n 62.7 \n \n \n (3.0) \n \n \n \n \n   \n 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. \n -      Adjusted EBT is the loss before tax and adjusting items as shown on the Consolidated Income Statement \n -       Adjusted EBIT is loss from operating activities before adjusting items \n -      Adjusted EBITDA removes depreciation, loss/(profit) on sale of fixed assets and adjusted amortisation from adjusted EBIT \n -      Adjusted operating margin is adjusted EBIT (as defined above) divided by revenue \n -      Adjusted EBITDA margin is adjusted EBITDA (as defined above) divided by revenue \n -      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 \n -     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 \n -      Adjusted net leverage is represented by the ratio of Net Debt to the last twelve months ('LTM') Adjusted EBITDA \n -   Free cash flow is represented by cash (outflow)/inflow from operating activities plus the cash used in investing activities (excluding interest received, proceeds from disposal of investments and gross proceeds from the disposal of internally generated assets less cash settled fees in the period) plus interest paid in the period less interest received \n About Aston Martin Lagonda: \n Aston Martin's vision is to be the world's most desirable, ultra-luxury British brand, creating the most exquisitely addictive performance cars. \n 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 Vantage, DB12, Vanquish, DBX and its first mid-engined PHEV, Valhalla. Aligned with its Racing. Green. sustainability strategy, Aston Martin is developing alternatives to the Internal Combustion Engine through a blended drivetrain approach, and plans to have a line-up of electrified sports cars and SUVs. \n 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. \n 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. \n   \n \n \n   \n   \n PRINCIPAL RISKS AND UNCERTAINTIES \n   \n The principal risks and uncertainties that could substantially affect the Group's business and results were previously reported on pages 72 to 76 of the 2025 Annual Report and Accounts.  The Group's risk environment has been reassessed as of 30 June 2026 to consider any significant changes to the Group's previous risk assessment including any new and emerging risks and opportunities. \n   \n There have not been any significant changes to the principal risks previously disclosed within the 2025 Annual Report and Accounts and the principal risks and uncertainties that the Group faces for the second half of the year are consistent with those previously reported as summarised below. \n   \n Strategic risks   \n   \n Macroeconomic and geopolitical instability:  Exposure to multiple political and economic factors could impact customer demand or affect the markets in which we operate. \n   \n 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 considerable 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. \n   \n The Group continues to be susceptible to volatility associated with US import tariffs on vehicles manufactured outside of North America. 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 continues to actively engage with policy and industry stakeholders, while also reviewing contingency plans, including supply chain adjustments and pricing strategies, to mitigate the potential impacts. \n   \n 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 macroeconomic 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. \n   \n Brand/reputational damage:  Damage to our brand or reputation could significantly affect customer demand or market perception of the Group. \n   \n The Group's success depends on the preservation and enhancement of our brand and reputation with ultra-luxury consumers. 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. \n   \n Technological advancement:  Failure to maintain pace with technological development to meet evolving customer expectations, remain competitive and stay ahead of regulatory requirements could significantly affect the Group's ability to meet its objectives. \n   \n To remain competitive the Group needs to incorporate the latest technologies (e.g. electrification, active safety, connected car, autonomous driving) into its products and keep pace with the transition to electrified and lower emission powertrains. Strategic agreements with key suppliers, including Lucid, Geely and Mercedes Benz AG provide access to technology that may otherwise be too costly to develop internally. \n   \n Operational risks   \n   \n Talent acquisition and retention:  We may face challenges in retaining, engaging, and developing a productive workforce while identifying and nurturing key talent to meet strategic goals. \n   \n 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 advanced 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 \n   \n The Group remains focussed on building an agile, inclusive, and high-performance culture. We continue to monitor workforce sentiment through regular listening mechanisms, including employee surveys, and maintain focus on strengthening strategic workforce planning to ensure the organisation is positioned to meet future capability needs. \n   \n Quality: Poor quality could damage our brand and reputation and adversely affect our ability to generate demand or achieve our financial targets. \n   \n 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 Process. \n   \n Programme delivery:  Failure to implement major programmes on time, within budget and to the right technical specification and quality could jeopardise delivery of our strategy and have significant adverse financial and reputational consequences. \n   \n 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 employs vehicle line Project Management teams to deliver significant programmes using our Product Creation Process. \n Demand generation: Failure to generate sufficient retail and wholesale demand could significantly inhibit the Group's ability to meet its strategic targets. \n   \n The Group's ability to generate and sustain demand is fundamental to delivering its growth objectives and preserving the exclusivity of its ultra-luxury brand. Demand may be affected by economic volatility, fluctuations in wealth creation and consumer sentiment among high-net-worth individuals, evolving regulatory environments and competitive market dynamics. Failure to maintain brand desirability, product relevance or customer loyalty could adversely affect volumes, pricing, and financial performance. The Group mitigates this risk through disciplined brand stewardship, continued investment in product development and targeted customer relationship management. \n   \n 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. \n   \n The Group is exposed to risks related to cyber security 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. \n   \n The Group is committed to maintaining a robust cyber security framework, improving threat detection and response capabilities, and ensuring compliance with evolving regulatory standards. \n   \n Supply chain disruption:  Supply chain disruption could result in production stoppages, delays, quality issues, and increased costs. \n   \n The Group faces significant risks associated with the potential disruption to its global supply chain. Factors such as geopolitical instability including the current conflict affecting logistics routes through the Straits of Hormuz, 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 ultra-luxury automotive 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. \n   \n The Group continues to invest in procedures and controls to monitor its supply chain and develop resilience. \n   \n Compliance risks   \n   \n Compliance with laws and regulations:  Non-compliance with local laws or regulations could damage our corporate reputation and subject the Group to significant financial penalties and/or trading sanctions or restrictions. \n   \n 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. \n   \n The Group continues to invest in compliance activities, including experienced personnel, and the development of its risk management systems. \n   \n Health and Safety: Inadequate procedures could result in incidents causing harm to employees, customers or other third parties which could also have a significant impact on business continuity, brand, and reputation. \n   \n The Group's manufacturing, engineering, product development, and vehicle testing activities expose employees, contractors and third parties to health and safety risks. Any significant safety incident, failure of control effectiveness, or non-compliance with applicable legislation could result in serious injury, loss of life, operational disruption, regulatory action, financial loss and reputational damage. \n   \n The Group maintains a comprehensive health and safety management system, supported by governance oversight, continuous monitoring, training, and targeted risk reduction initiatives. \n   \n Climate Change risks \n Climate change : 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. \n 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. \n 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. \n However, the ongoing uncertainty and volatility surrounding future climate-related policies and environmental risks represents an ongoing challenge to the business's long-term performance and competitiveness. \n Financial risks \n   \n Liquidity: The Group may not be able to generate sufficient cash to fund its capital expenditure, service its debt, sustain its operations or meet its financial covenants. \n   \n 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 over the medium term, 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 the sale of the Aston Martin naming rights to AMR GP for consideration of £50m, and agreement of a new £50m committed facility with certain members of the Yew Tree Consortium. \n   \n On 22 July 2026 the Group announced the closing of a new £550m debt financing consisting of a £450m Senior Secured Term Loan (\"SSTL\") and a £100m Delayed Draw Term Loan, priced at 6.75% over the prevailing SONIA base rate and maturing July 2031, with lead lenders being investment funds and accounts managed by HPS Investment Partners (\"HPS\"). There is an additional £100m permitted debt incurrence capacity, junior to the Financing. The £450m gross proceeds from the SSTL have been used to repay both the Group's fully utilised £170m super senior revolving credit facility (\"RCF\") and the £20m drawn under the £50m facility committed by members of the Yew Tree Consortium (\"YTC Facility\") and to pay transaction costs, with the balance for general corporate purposes. The existing RCF commitments and the YTC Facility were simultaneously cancelled. \n   \n   \n Consolidated Statement of Comprehensive Income \n \n \n \n \n \n \n \n \n \n \n 6 months ended \n 30 June 2026 \n \n \n 6 months ended \n 30 June 2025 \n \n \n 12 months ended \n 31 December 2025 \n \n \n \n \n \n \n \n Notes \n \n \n Adjusted \n \n \n Adjusting items* \n \n \n Total \n \n \n Adjusted \n \n \n Adjusting items* \n \n \n Total \n \n \n Adjusted \n \n \n Adjusting items* \n \n \n Total \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Revenue \n \n \n 2 \n \n \n 628.6 \n \n \n - \n \n \n 628.6 \n \n \n 454.4 \n \n \n - \n \n \n 454.4 \n \n \n 1,257.7 \n \n \n - \n \n \n 1,257.7 \n \n \n \n \n Cost of sales \n \n \n \n \n \n (416.1) \n \n \n - \n \n \n (416.1) \n \n \n (327.8) \n \n \n - \n \n \n (327.8) \n \n \n (887.9) \n \n \n - \n \n \n (887.9) \n \n \n \n \n Gross profit \n \n \n   \n \n \n 212.5 \n \n \n - \n \n \n 212.5 \n \n \n 126.6 \n \n \n - \n \n \n 126.6 \n \n \n 369.8 \n \n \n - \n \n \n 369.8 \n \n \n \n \n Selling and distribution expenses \n \n \n \n \n \n (67.3) \n \n \n - \n \n \n (67.3) \n \n \n (54.1) \n \n \n - \n \n \n (54.1) \n \n \n (108.6) \n \n \n - \n \n \n (108.6) \n \n \n \n \n Administrative expenses \n \n \n 3 \n \n \n (254.1) \n \n \n 4.7 \n \n \n (249.4) \n \n \n (194.0) \n \n \n (13.2) \n \n \n (207.2) \n \n \n (450.4) \n \n \n (70.0) \n \n \n (520.4) \n \n \n \n \n Other operating income \n \n \n 3 \n \n \n - \n \n \n 47.7 \n \n \n 47.7 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Operating loss \n \n \n \n \n \n (108.9) \n \n \n 52.4 \n \n \n (56.5) \n \n \n (121.5) \n \n \n (13.2) \n \n \n (134.7) \n \n \n (189.2) \n \n \n (70.0) \n \n \n (259.2) \n \n \n \n \n Finance income \n \n \n 3, 4 \n \n \n 1.6 \n \n \n 0.8 \n \n \n 2.4 \n \n \n 75.4 \n \n \n 2.5 \n \n \n 77.9 \n \n \n 61.7 \n \n \n 4.2 \n \n \n 65.9 \n \n \n \n \n Finance expense \n \n \n 5 \n \n \n (100.1) \n \n \n - \n \n \n (100.1) \n \n \n (84.0) \n \n \n - \n \n \n (84.0) \n \n \n (170.6) \n \n \n - \n \n \n (170.6) \n \n \n \n \n Loss before tax \n \n \n   \n \n \n (207.4) \n \n \n 53.2 \n \n \n (154.2) \n \n \n (130.1) \n \n \n (10.7) \n \n \n (140.8) \n \n \n (298.1) \n \n \n (65.8) \n \n \n (363.9) \n \n \n \n \n Income tax credit/(charge) \n \n \n 3, 6 \n \n \n 1.1 \n \n \n - \n \n \n 1.1 \n \n \n (7.9) \n \n \n - \n \n \n (7.9) \n \n \n (129.1) \n \n \n - \n \n \n (129.1) \n \n \n \n \n Loss for the period \n \n \n   \n \n \n (206.3) \n \n \n 53.2 \n \n \n (153.1) \n \n \n (138.0) \n \n \n (10.7) \n \n \n (148.7) \n \n \n (427.2) \n \n \n (65.8) \n \n \n (493.0) \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Loss)/profit for the period attributable to: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Owners of the group \n \n \n \n \n \n \n \n \n \n \n \n (153.3) \n \n \n \n \n \n \n \n \n (148.8) \n \n \n \n \n \n \n \n \n (493.2) \n \n \n \n \n     Non-controlling interests \n \n \n \n \n \n \n \n \n \n \n \n 0.2 \n \n \n \n \n \n \n \n \n 0.1 \n \n \n \n \n \n \n \n \n 0.2 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (153.1) \n \n \n \n \n \n \n \n \n (148.7) \n \n \n \n \n \n \n \n \n (493.0) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive income/(loss) \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Items that will never be reclassified to the Income Statement \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Remeasurement of defined benefit pension liability (note 14) \n \n \n   \n \n \n 21.7 \n \n \n   \n \n \n   \n \n \n 0.1 \n \n \n \n \n \n \n \n \n - \n \n \n \n \n Change in fair value of investments in equity instruments (note 11) \n \n \n   \n \n \n - \n \n \n   \n \n \n   \n \n \n 25.0 \n \n \n \n \n \n \n \n \n 25.1 \n \n \n \n \n Taxation on items that will never be reclassified to the Income Statement \n \n \n (5.4) \n \n \n   \n \n \n   \n \n \n (6.3) \n \n \n \n \n \n \n \n \n (6.3) \n \n \n \n \n Items that are or may be reclassified to the Income Statement \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreign exchange translation differences \n \n \n   \n \n \n (0.3) \n \n \n   \n \n \n   \n \n \n (1.6) \n \n \n \n \n \n \n \n \n (1.6) \n \n \n \n \n Fair value adjustment on cash flow hedges \n \n \n  (2.3) \n \n \n   \n \n \n   \n \n \n 15.6 \n \n \n   \n \n \n   \n \n \n 14.4 \n \n \n \n \n Amounts recycled to the Income Statement in respect of cash flow hedges \n \n \n 2.4 \n \n \n   \n \n \n   \n \n \n (1.0) \n \n \n   \n \n \n   \n \n \n (11.8) \n \n \n \n \n Taxation on items that may be reclassified to the Income Statement \n \n \n - \n \n \n   \n \n \n   \n \n \n (3.7) \n \n \n   \n \n \n   \n \n \n (0.7) \n \n \n \n \n Other comprehensive income for the period, net of income tax \n \n \n 16.1 \n \n \n   \n \n \n   \n \n \n 28.1 \n \n \n \n \n \n \n \n \n 19.1 \n \n \n \n \n Total comprehensive loss for the period \n \n \n (137.0) \n \n \n   \n \n \n   \n \n \n (120.6) \n \n \n \n \n \n \n \n \n (473.9) \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total comprehensive (loss)/income for the period attributable to: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Owners of the group \n \n \n \n \n \n   \n \n \n   \n \n \n (137.2) \n \n \n   \n \n \n   \n \n \n (120.7) \n \n \n \n \n \n \n \n \n (474.1) \n \n \n \n \n     Non-controlling interests \n \n \n \n \n \n   \n \n \n   \n \n \n 0.2 \n \n \n   \n \n \n   \n \n \n 0.1 \n \n \n \n \n \n \n \n \n 0.2 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n (137.0) \n \n \n   \n \n \n   \n \n \n (120.6) \n \n \n \n \n \n \n \n \n (473.9) \n \n \n \n \n Earnings per ordinary share \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Basic loss per share \n \n \n 7 \n \n \n   \n \n \n   \n \n \n (15.2p) \n \n \n \n \n \n \n \n \n (15.6p) \n \n \n \n \n \n \n \n \n (50.2p) \n \n \n \n \n     Diluted loss per share \n \n \n 7 \n \n \n   \n \n \n   \n \n \n (15.2p) \n \n \n \n \n \n \n \n \n (15.6p) \n \n \n \n \n \n \n \n \n (50.2p) \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n *    Adjusting items are detailed in note 3. \n \n \n   \n   \n Consolidated Statement of Changes in Equity \n   \n \n \n \n \n   \n   \n \n \n Share Capital \n \n \n Share Premium \n \n \n Merger Reserve \n \n \n Capital Redemption \n Reserve \n \n \n Capital Reserve \n \n \n Translation Reserve \n \n \n Hedge Reserve \n \n \n Retained Earnings \n \n \n Non-controlling Interest \n \n \n Total Equity \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n At 1 January 2026 \n \n \n 101.2 \n \n \n 2,192.6 \n \n \n 187.6 \n \n \n 9.3 \n \n \n 6.6 \n \n \n 1.7 \n \n \n - \n \n \n (2,182.7) \n \n \n 12.9 \n \n \n 329.2 \n \n \n \n \n Total comprehensive (loss)/profit for the period \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Loss)/profit for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (153.3) \n \n \n 0.2 \n \n \n (153.1) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreign currency translation differences \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.3) \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.3) \n \n \n \n \n Fair value movement - cash flow hedges \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (2.3) \n \n \n - \n \n \n - \n \n \n (2.3) \n \n \n \n \n Amounts recycled to the Income Statement - cash flow hedges \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 2.4 \n \n \n - \n \n \n - \n \n \n 2.4 \n \n \n \n \n Remeasurement of defined benefit liability (note 14) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 21.7 \n \n \n - \n \n \n 21.7 \n \n \n \n \n Tax charge on movements in other comprehensive income \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (5.4) \n \n \n - \n \n \n (5.4) \n \n \n \n \n Total other comprehensive income \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.3) \n \n \n 0.1 \n \n \n 16.3 \n \n \n - \n \n \n 16.1 \n \n \n \n \n Total comprehensive income/(loss) for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.3) \n \n \n 0.1 \n \n \n (137.0) \n \n \n 0.2 \n \n \n (137.0) \n \n \n \n \n Transactions with owners, recorded directly in equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issue of shares to Share Incentive Plan (notes 7, 15) \n \n \n 0.2 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.2) \n \n \n - \n \n \n - \n \n \n \n \n Credit for the period under equity settled share-based payments \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 2.5 \n \n \n - \n \n \n 2.5 \n \n \n \n \n Vested LTIP \n \n \n 0.1 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.1) \n \n \n - \n \n \n - \n \n \n \n \n Tax on items credited to equity \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.1) \n \n \n - \n \n \n (0.1) \n \n \n \n \n Total transactions with owners \n \n \n 0.3 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 2.1 \n \n \n - \n \n \n 2.4 \n \n \n \n \n At 30 June 2026 \n \n \n 101.5 \n \n \n 2,192.6 \n \n \n 187.6 \n \n \n 9.3 \n \n \n 6.6 \n \n \n 1.4 \n \n \n 0.1 \n \n \n (2,317.6) \n \n \n 13.1 \n \n \n 194.6 \n \n \n \n \n   \n   \n   \n   \n   \n   \n   \n   \n Consolidated Statement of Changes in Equity \n \n \n \n \n   \n   \n \n \n Share Capital \n \n \n Share Premium \n \n \n Merger Reserve \n \n \n Capital Redemption \n Reserve \n \n \n Capital Reserve \n \n \n Translation Reserve \n \n \n Hedge Reserve \n \n \n Retained Earnings \n \n \n Non-controlling Interest \n \n \n Total Equity \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n At 1 January 2025 \n \n \n 93.6 \n \n \n 2,192.6 \n \n \n 143.9 \n \n \n 9.3 \n \n \n 6.6 \n \n \n 3.3 \n \n \n (1.9) \n \n \n (1,707.2) \n \n \n 12.7 \n \n \n 752.9 \n \n \n \n \n Total comprehensive (loss)/profit for the period \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Loss)/profit for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (148.8) \n \n \n 0.1 \n \n \n (148.7) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreign currency translation differences \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.6) \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.6) \n \n \n \n \n Fair value movement - cash flow hedges \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 15.6 \n \n \n - \n \n \n - \n \n \n 15.6 \n \n \n \n \n Amounts recycled to the Income Statement - cash flow hedges \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.0) \n \n \n - \n \n \n - \n \n \n (1.0) \n \n \n \n \n Remeasurement of defined benefit liability \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.1 \n \n \n - \n \n \n 0.1 \n \n \n \n \n Change in fair value of investments in equity instruments (note 11) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 25.0 \n \n \n - \n \n \n 25.0 \n \n \n \n \n Tax charge on movements in other comprehensive income \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (3.7) \n \n \n (6.3) \n \n \n - \n \n \n (10.0) \n \n \n \n \n Total other comprehensive (loss)/income \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.6) \n \n \n 10.9 \n \n \n 18.8 \n \n \n - \n \n \n 28.1 \n \n \n \n \n Total comprehensive (loss)/income for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.6) \n \n \n 10.9 \n \n \n (130.0) \n \n \n 0.1 \n \n \n (120.6) \n \n \n \n \n Transactions with owners, recorded directly in equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issue of new shares (note 15) \n \n \n 7.5 \n \n \n - \n \n \n 43.7 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 51.2 \n \n \n \n \n Credit for the period under equity settled share-based payments \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 1.2 \n \n \n - \n \n \n 1.2 \n \n \n \n \n Tax on items credited to equity \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Total transactions with owners \n \n \n 7.5 \n \n \n - \n \n \n 43.7 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 1.2 \n \n \n - \n \n \n 52.4 \n \n \n \n \n At 30 June 2025 \n \n \n 101.1 \n \n \n 2,192.6 \n \n \n 187.6 \n \n \n 9.3 \n \n \n 6.6 \n \n \n 1.7 \n \n \n 9.0 \n \n \n (1,836.0) \n \n \n 12.8 \n \n \n 684.7 \n \n \n \n \n   \n   \n \n \n   \n   \n Consolidated Statement of Changes in Equity \n   \n \n \n \n \n \n \n \n Share \n capital \n £m \n \n \n Share premium \n £m \n \n \n Merger reserve \n £m \n \n \n Capital redemption reserve \n £m \n \n \n Capital reserve \n £m \n \n \n Translation reserve \n £m \n \n \n Hedge reserves \n £m \n \n \n Retained earnings \n £m \n \n \n Non-controlling interest \n £m \n \n \n Total \n Equity \n £m \n \n \n \n \n At 1 January 2025 \n \n \n 93.6 \n \n \n 2,192.6 \n \n \n 143.9 \n \n \n 9.3 \n \n \n 6.6 \n \n \n 3.3 \n \n \n (1.9) \n \n \n (1,707.2) \n \n \n 12.7 \n \n \n 752.9 \n \n \n \n \n Total comprehensive (loss)/profit for the year \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Loss)/profit for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (493.2) \n \n \n 0.2 \n \n \n (493.0) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreign currency translation differences \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.6) \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.6) \n \n \n \n \n Fair value movement - cash flow hedges \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 14.4 \n \n \n - \n \n \n - \n \n \n 14.4 \n \n \n \n \n Amounts recycled to the Income Statement - cash flow hedges \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (11.8) \n \n \n - \n \n \n - \n \n \n (11.8) \n \n \n \n \n Remeasurement of defined benefit liability \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Change in fair value of investments in equity instruments (note 11) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 25.1 \n \n \n - \n \n \n 25.1 \n \n \n \n \n Tax charge on movements in other comprehensive income \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.7) \n \n \n (6.3) \n \n \n - \n \n \n (7.0) \n \n \n \n \n Total other comprehensive (loss)/income \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.6) \n \n \n 1.9 \n \n \n 18.8 \n \n \n - \n \n \n 19.1 \n \n \n \n \n Total comprehensive (loss)/income for the year \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.6) \n \n \n 1.9 \n \n \n (474.4) \n \n \n 0.2 \n \n \n (473.9) \n \n \n \n \n Transactions with owners, recorded directly in equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issuance of new shares (note 15) \n \n \n 7.5 \n \n \n - \n \n \n 43.7 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 51.2 \n \n \n \n \n Issue of shares to Share Incentive Plan (notes 7, 15) \n \n \n 0.1 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.1) \n \n \n - \n \n \n - \n \n \n \n \n Credit for the year under equity-settled share-based payments \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.9) \n \n \n - \n \n \n (0.9) \n \n \n \n \n Tax on items credited to equity \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.1) \n \n \n - \n \n \n (0.1) \n \n \n \n \n Total transactions with owners \n \n \n 7.6 \n \n \n - \n \n \n 43.7 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.1) \n \n \n - \n \n \n 50.2 \n \n \n \n \n At 31 December 2025 \n \n \n 101.2 \n \n \n 2,192.6 \n \n \n 187.6 \n \n \n 9.3 \n \n \n 6.6 \n \n \n 1.7 \n \n \n - \n \n \n (2,182.7) \n \n \n 12.9 \n \n \n 329.2 \n \n \n \n \n \n \n   \n \n \n \n \n   \n   \n Consolidated Statement of Financial Position \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Notes \n \n \n   \n \n \n As at \n 30 June \n 2026 \n \n \n As at \n 30 June \n 2025 \n \n \n As at \n 31 December 2025 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Non-current assets \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Intangible assets \n \n \n \n \n \n   \n \n \n 1,608.1 \n \n \n 1,692.2 \n \n \n 1,644.8 \n \n \n \n \n Property, plant and equipment \n \n \n \n \n \n   \n \n \n 316.4 \n \n \n 374.1 \n \n \n 351.5 \n \n \n \n \n Other financial assets \n \n \n 12 \n \n \n   \n \n \n - \n \n \n 34.7 \n \n \n - \n \n \n \n \n Right-of-use assets \n \n \n \n \n \n   \n \n \n 62.1 \n \n \n 66.7 \n \n \n 64.3 \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n   \n \n \n 11.9 \n \n \n 8.5 \n \n \n 10.5 \n \n \n \n \n Deferred tax asset \n \n \n \n \n \n   \n \n \n - \n \n \n 113.4 \n \n \n - \n \n \n \n \n \n \n \n \n \n \n   \n \n \n 1,998.5 \n \n \n 2,289.6 \n \n \n 2,071.1 \n \n \n \n \n Current assets \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n \n \n \n   \n \n \n 312.9 \n \n \n 353.7 \n \n \n 277.7 \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n   \n \n \n 225.9 \n \n \n 197.8 \n \n \n 201.7 \n \n \n \n \n Income tax receivable \n \n \n \n \n \n   \n \n \n 0.6 \n \n \n - \n \n \n - \n \n \n \n \n Other financial assets \n \n \n 12 \n \n \n   \n \n \n 2.5 \n \n \n 11.5 \n \n \n 3.0 \n \n \n \n \n Investments in equity interests - asset held for sale \n \n \n 11 \n \n \n   \n \n \n - \n \n \n 75.9 \n \n \n 2.1 \n \n \n \n \n Cash and cash equivalents \n \n \n 9 \n \n \n   \n \n \n 114.9 \n \n \n 123.6 \n \n \n 249.9 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n 656.8 \n \n \n 762.5 \n \n \n 734.4 \n \n \n \n \n Total assets \n \n \n   \n \n \n   \n \n \n 2,655.3 \n \n \n 3,052.1 \n \n \n 2,805.5 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Current liabilities \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Borrowings \n \n \n 9 \n \n \n   \n \n \n 23.8 \n \n \n - \n \n \n 7.4 \n \n \n \n \n Trade and other payables \n \n \n \n \n \n   \n \n \n 644.7 \n \n \n 671.0 \n \n \n 652.1 \n \n \n \n \n Income tax payable \n \n \n \n \n \n   \n \n \n 1.8 \n \n \n 2.6 \n \n \n 4.3 \n \n \n \n \n Other financial liabilities \n \n \n 12 \n \n \n   \n \n \n 1.8 \n \n \n 2.5 \n \n \n 2.4 \n \n \n \n \n Lease liabilities \n \n \n 9 \n \n \n   \n \n \n 12.4 \n \n \n 9.8 \n \n \n 12.4 \n \n \n \n \n Provisions \n \n \n 13 \n \n \n   \n \n \n 19.7 \n \n \n 19.7 \n \n \n 38.6 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n 704.2 \n \n \n 705.6 \n \n \n 717.2 \n \n \n \n \n Non-current liabilities \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Borrowings \n \n \n 9 \n \n \n   \n \n \n 1,508.5 \n \n \n 1,369.3 \n \n \n 1,492.8 \n \n \n \n \n Trade and other payables \n \n \n \n \n \n   \n \n \n 141.0 \n \n \n 129.2 \n \n \n 134.9 \n \n \n \n \n Lease liabilities \n \n \n 9 \n \n \n   \n \n \n 77.3 \n \n \n 84.2 \n \n \n 79.4 \n \n \n \n \n Other financial liabilities \n \n \n 12 \n \n \n   \n \n \n - \n \n \n 23.2 \n \n \n - \n \n \n \n \n Provisions \n \n \n 13 \n \n \n   \n \n \n 29.7 \n \n \n 30.5 \n \n \n 29.9 \n \n \n \n \n Employee benefits \n \n \n 14 \n \n \n   \n \n \n - \n \n \n 25.4 \n \n \n 22.1 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n 1,756.5 \n \n \n 1,661.8 \n \n \n 1,759.1 \n \n \n \n \n Total liabilities \n \n \n   \n \n \n   \n \n \n 2,460.7 \n \n \n 2,367.4 \n \n \n 2,476.3 \n \n \n \n \n Net assets \n \n \n   \n \n \n   \n \n \n 194.6 \n \n \n 684.7 \n \n \n 329.2 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Capital and reserves \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share capital \n \n \n 15 \n \n \n   \n \n \n 101.5 \n \n \n 101.1 \n \n \n 101.2 \n \n \n \n \n Share premium \n \n \n \n \n \n   \n \n \n 2,192.6 \n \n \n 2,192.6 \n \n \n 2,192.6 \n \n \n \n \n Merger reserve \n \n \n \n \n \n   \n \n \n 187.6 \n \n \n 187.6 \n \n \n 187.6 \n \n \n \n \n Capital redemption reserve \n \n \n \n \n \n   \n \n \n 9.3 \n \n \n 9.3 \n \n \n 9.3 \n \n \n \n \n Capital reserve \n \n \n \n \n \n   \n \n \n 6.6 \n \n \n 6.6 \n \n \n 6.6 \n \n \n \n \n Translation reserve \n \n \n \n \n \n   \n \n \n 1.4 \n \n \n 1.7 \n \n \n 1.7 \n \n \n \n \n Hedge reserve \n \n \n \n \n \n   \n \n \n 0.1 \n \n \n 9.0 \n \n \n - \n \n \n \n \n Retained earnings \n \n \n \n \n \n   \n \n \n (2,317.6) \n \n \n (1,836.0) \n \n \n (2,182.7) \n \n \n \n \n Equity attributable to owners of the group \n \n \n   \n \n \n   \n \n \n 181.5 \n \n \n 671.9 \n \n \n 316.3 \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n   \n \n \n 13.1 \n \n \n 12.8 \n \n \n 12.9 \n \n \n \n \n Total shareholders' equity \n \n \n   \n \n \n   \n \n \n 194.6 \n \n \n 684.7 \n \n \n 329.2 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n   \n   \n Consolidated Statement of Cash Flows \n \n \n \n \n \n \n \n Notes \n \n \n 6 months ended \n 30 June \n 2026 \n \n \n 6 months ended \n 30 June \n 2025 \n \n \n 12 months ended \n 31 December 2025 \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Operating activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss for the period \n \n \n \n \n \n (153.1) \n \n \n (148.7) \n \n \n (493.0) \n \n \n \n \n Adjustments to reconcile loss for the period to net cash outflow/(inflow) from operating activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Tax (credit)/charge on operations \n \n \n 6 \n \n \n (1.1) \n \n \n 7.9 \n \n \n 129.1 \n \n \n \n \n Net finance costs \n \n \n 4, 5 \n \n \n 97.7 \n \n \n 6.1 \n \n \n 104.7 \n \n \n \n \n Depreciation of property, plant and equipment \n \n \n \n \n \n 40.2 \n \n \n 29.9 \n \n \n 78.0 \n \n \n \n \n Depreciation of right-of-use lease assets \n \n \n \n \n \n 5.2 \n \n \n 5.3 \n \n \n 10.9 \n \n \n \n \n Amortisation of intangible assets \n \n \n \n \n \n 126.2 \n \n \n 83.3 \n \n \n 251.0 \n \n \n \n \n Loss on sale/scrap of property, plant and equipment \n \n \n \n \n \n - \n \n \n - \n \n \n 0.1 \n \n \n \n \n Gains on sale of internally generated assets net of disposal costs \n \n \n \n \n \n (47.7) \n \n \n - \n \n \n - \n \n \n \n \n Difference between pension contributions paid and amounts recognised in the Consolidated Income Statement \n \n \n \n \n \n (1.0) \n \n \n (4.0) \n \n \n (8.0) \n \n \n \n \n (Increase)/decrease in inventories \n \n \n \n \n \n (26.6) \n \n \n (46.5) \n \n \n 14.8 \n \n \n \n \n (Increase)/decrease in trade and other receivables \n \n \n \n \n \n (17.2) \n \n \n 8.1 \n \n \n 1.8 \n \n \n \n \n Increase/(decrease) in trade and other payables \n \n \n \n \n \n 27.0 \n \n \n (33.9) \n \n \n (13.4) \n \n \n \n \n (Decrease)/increase in advances and customer deposits \n \n \n \n \n \n (28.0) \n \n \n 27.8 \n \n \n 2.6 \n \n \n \n \n Movement in provisions \n \n \n \n \n \n (19.4) \n \n \n 4.8 \n \n \n 23.7 \n \n \n \n \n Other non-cash movements - Movements in translation reserve and other exchange related items \n \n \n \n \n \n - \n \n \n (1.5) \n \n \n (1.3) \n \n \n \n \n Movements in hedging position and foreign exchange derivatives \n \n \n \n \n \n 0.8 \n \n \n (1.6) \n \n \n (2.1) \n \n \n \n \n Increase in other derivative contracts \n \n \n \n \n \n - \n \n \n (11.4) \n \n \n (11.4) \n \n \n \n \n Movements in deferred tax relating to RDEC credit \n \n \n \n \n \n (3.6) \n \n \n (3.6) \n \n \n (6.5) \n \n \n \n \n Other non-cash movements - Movement in LTIP Reserve \n \n \n \n \n \n 2.3 \n \n \n 1.2 \n \n \n (1.0) \n \n \n \n \n Cash inflow/(outflow) from operations \n \n \n \n \n \n 1.7 \n \n \n (76.8) \n \n \n 80.0 \n \n \n \n \n Increase in cash held not available for short term use \n \n \n \n \n \n (0.1) \n \n \n - \n \n \n (1.4) \n \n \n \n \n Income taxes paid \n \n \n \n \n \n (3.9) \n \n \n (4.2) \n \n \n (4.5) \n \n \n \n \n Net cash (outflow)/inflow from operating activities \n \n \n \n \n \n (2.3) \n \n \n (81.0) \n \n \n 74.1 \n \n \n \n \n Cash flows from investing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest received \n \n \n \n \n \n 1.6 \n \n \n 3.2 \n \n \n 4.8 \n \n \n \n \n Gross proceeds on the disposal of internally generated assets \n \n \n \n \n \n 50.0 \n \n \n - \n \n \n - \n \n \n \n \n Transaction fees paid on the disposal of internally generated assets \n \n \n \n \n \n (0.5) \n \n \n - \n \n \n - \n \n \n \n \n Payments to acquire property, plant and equipment \n \n \n \n \n \n (24.6) \n \n \n (37.4) \n \n \n (69.6) \n \n \n \n \n Cash outflow on development expenditure \n \n \n \n \n \n (95.6) \n \n \n (133.2) \n \n \n (271.4) \n \n \n \n \n Proceeds from disposal of investments in equity instruments \n \n \n \n \n \n 2.1 \n \n \n - \n \n \n 108.5 \n \n \n \n \n Net cash used in investing activities \n \n \n \n \n \n (67.0) \n \n \n (167.4) \n \n \n (227.7) \n \n \n \n \n Cash flows from financing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest paid \n \n \n \n \n \n (76.7) \n \n \n (72.6) \n \n \n (147.8) \n \n \n \n \n Proceeds from equity share issue \n \n \n 15 \n \n \n - \n \n \n 52.5 \n \n \n 52.5 \n \n \n \n \n Principal element of lease payments \n \n \n 10 \n \n \n (5.1) \n \n \n (4.7) \n \n \n (10.0) \n \n \n \n \n Proceeds from inventory repurchase arrangement \n \n \n 10 \n \n \n 38.0 \n \n \n 37.8 \n \n \n 37.8 \n \n \n \n \n Repayment of inventory repurchase arrangement \n \n \n 10 \n \n \n (40.0) \n \n \n (40.0) \n \n \n (40.0) \n \n \n \n \n Proceeds from new borrowings \n \n \n 10 \n \n \n 25.5 \n \n \n 50.0 \n \n \n 161.1 \n \n \n \n \n Repayment of existing borrowings \n \n \n 10 \n \n \n (7.5) \n \n \n - \n \n \n - \n \n \n \n \n Transaction fees paid on issuance of shares \n \n \n 15 \n \n \n - \n \n \n (3.0) \n \n \n (3.2) \n \n \n \n \n Transaction fees paid on financing activities inclusive of fees prepaid in relation to future financing \n \n \n \n \n \n (1.7) \n \n \n (1.6) \n \n \n (1.6) \n \n \n \n \n Net cash (outflow)/inflow from financing activities \n \n \n \n \n \n (67.5) \n \n \n 18.4 \n \n \n 48.8 \n \n \n \n \n Net decrease in cash and cash equivalents \n \n \n \n \n \n (136.8) \n \n \n (230.0) \n \n \n (104.8) \n \n \n \n \n Cash and cash equivalents at the beginning of the period \n \n \n \n \n \n 249.9 \n \n \n 359.6 \n \n \n 359.6 \n \n \n \n \n Effect of exchange rates on cash and cash equivalents \n \n \n \n \n \n 1.8 \n \n \n (6.0) \n \n \n (4.9) \n \n \n \n \n Cash and cash equivalents at the end of the period \n \n \n \n \n \n 114.9 \n \n \n 123.6 \n \n \n 249.9 \n \n \n \n \n   \n \n   \n   \n Notes to the Interim Condensed Financial Statements \n 1.     Basis of preparation \n 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 2025. \n 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 2026 comprise the Company and its subsidiaries (together referred to as the 'Group'). \n The results for the 6-month period ended 30 June 2026 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 2025 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 2025 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 2025 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 2026 will be prepared in accordance with UK adopted international accounting standards. \n Material accounting policies \n 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 2025. 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 2025. \n Going Concern \n During the six months ended 30 June 2026, the Group met 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 was due to mature on 31 December 2028, a £50m Committed Facility which was due to mature in May 2027, facilities to finance inventory, a bilateral RCF, working capital loans in China and a wholesale vehicle financing facility. \n The Group has complied with its covenant requirements for the period ended 30 June 2026. As noted in the Group's Annual Report & Accounts 2025, given the ongoing macro-economic and industry volatility, the Group had pro-actively agreed an amendment to the terms of its RCF with its lending banks resulting in the next financial covenant test due to be March 2027. \n After the period end, on 22 July 2026, the Group has contracted into new debt financing consisting of a £450m Senior Secured Term Loan (and a £100m Delayed Draw Term Loan), maturing July 2031, priced at 6.75% over the prevailing SONIA base rate. Under the Senior Secured Term Loan, the Group will be required to comply with a minimum liquidity covenant tested monthly from August 2026, whereby the Group must hold certain minimum levels of liquidity. The Group expects to be compliant with covenant requirements for the remainder of the going concern review period through to 30 September 2027. \n The Group has used the proceeds from the new Senior Secured Term Loan to repay the RCF drawn position of £163.0m and the £20m drawn position of the £50m Committed Facility. Both of these commitments have now been cancelled post the period end and therefore the Group is no longer required to test the RCF leverage covenant. \n The directors have developed trading and cash flow forecasts for the period from the date of approval of these Interim Condensed Financial Statements through to 30 September 2027 (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 going concern assessment includes the receipt in July 2026 of the Senior Secured Term Loan and outlined use of proceeds to repay other financing facilities. \n The forecasts reflect the Group's ultra-luxury performance-oriented strategy, balancing supply with 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 which the Group 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 realisation of material risks, including the impact of a 25% reduction in Valhalla volumes, 15% reduction in DBX volumes and a 10% reduction in sports volumes from forecast levels, operating costs higher than the base plan, 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. \n 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. \n To a certain extent such expenditure is discretionary and, in the event of risks occurring, including but not limited to a crisis management incident or a severe but plausible downside, which could have a particularly severe effect on the Group, actions to constrain capital spending, as well as working capital management, reduction in marketing expenditure and the continuation of strict and immediate expense control would be taken to safeguard the Group's financial position. \n In addition, the Group also considered the circumstances which would be needed to exhaust the Group's liquidity over the assessment period, a reverse stress test (without mitigating actions). This would indicate that during the going concern period total core vehicle volumes (DBX and GT/Sports) would need to reduce by more than 55% from forecast levels to result in having no liquidity, and more than 25% to result in a breach of covenants. The likelihood of management not taking substantial controllable mitigating actions over such a long period (such as reducing capital spending to preserve liquidity and covenant compliance) together with these circumstances occurring is considered remote. \n 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 going concern period to 30 September 2027 and to comply with its financial covenants and, therefore, the directors continue to adopt the going concern basis in preparing the Interim Condensed Financial Statements. \n   \n \n   \n   \n 2.     Segmental information \n   \n 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. \n   \n \n \n \n \n   \n \n \n 6 months ended \n 30 June \n 2026 \n \n \n 6 months ended \n 30 June \n 2025 \n \n \n 12 months ended \n 31 December 2025 \n \n \n \n \n Revenue \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Analysis by category \n \n \n \n \n \n \n \n \n \n \n \n \n \n Sale of vehicles \n \n \n 563.2 \n \n \n 399.2 \n \n \n 1,142.7 \n \n \n \n \n Sale of parts \n \n \n 49.1 \n \n \n 44.7 \n \n \n 90.3 \n \n \n \n \n Servicing of vehicles \n \n \n 7.7 \n \n \n 5.7 \n \n \n 12.1 \n \n \n \n \n Brands and motorsport \n \n \n 8.6 \n \n \n 4.8 \n \n \n 12.6 \n \n \n \n \n \n \n \n 628.6 \n \n \n 454.4 \n \n \n 1,257.7 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n 6 months ended \n 30 June \n 2026 \n \n \n 6 months ended \n 30 June \n 2025 \n \n \n 12 months ended \n 31 December 2025 \n \n \n \n \n Revenue \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Analysis by geographic location \n \n \n \n \n \n \n \n \n \n \n \n \n \n United Kingdom \n \n \n 112.6 \n \n \n 100.5 \n \n \n 261.9 \n \n \n \n \n The Americas \n \n \n 242.3 \n \n \n 149.2 \n \n \n 426.2 \n \n \n \n \n Rest of Europe, Middle East & Africa \n \n \n 177.8 \n \n \n 127.7 \n \n \n 374.4 \n \n \n \n \n Asia Pacific \n \n \n 95.9 \n \n \n 77.0 \n \n \n 195.2 \n \n \n \n \n \n \n \n 628.6 \n \n \n 454.4 \n \n \n 1,257.7 \n \n \n \n \n   \n 3.     Adjusting items \n \n \n \n \n \n \n \n 6 months ended \n 30 June \n 2026 \n \n \n 6 months ended \n 30 June \n 2025 \n \n \n 12 months ended \n 31 December 2025 \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Adjusting operating expenses: \n \n \n \n \n \n \n \n \n \n \n \n \n \n Restructuring costs 1 \n \n \n 5.4 \n \n \n (7.3) \n \n \n (18.7) \n \n \n \n \n Legal costs 2 \n \n \n (0.7) \n \n \n (2.3) \n \n \n (3.2) \n \n \n \n \n Legal settlement income 2 \n \n \n - \n \n \n - \n \n \n 0.3 \n \n \n \n \n ERP implementation costs 3 \n \n \n - \n \n \n (3.6) \n \n \n (8.1) \n \n \n \n \n Impairment of assets 4               \n \n \n - \n \n \n \n \n \n \n \n \n \n \n                 Development costs \n \n \n - \n \n \n - \n \n \n (42.7) \n \n \n \n \n                 Research and development expenditure tax credit deferral unwind \n \n \n - \n \n \n - \n \n \n 4.6 \n \n \n \n \n Transactions fees paid on the disposal of investments in equity instruments 5 \n \n \n - \n \n \n - \n \n \n (2.2) \n \n \n \n \n \n \n \n 4.7 \n \n \n (13.2) \n \n \n (70.0) \n \n \n \n \n Adjusting Other operating income: \n \n \n 47.7 \n \n \n - \n \n \n - \n \n \n \n \n Proceeds from disposal of internally generated brand, net of disposal costs 6 \n \n \n \n \n \n \n \n 47.7 \n \n \n - \n \n \n - \n \n \n \n \n Adjusting finance income: \n \n \n \n \n \n \n \n \n \n \n \n \n \n      Gain on financial instruments recognised at fair value through Consolidated Income Statement 7 \n \n \n 0.8 \n \n \n 2.5 \n \n \n 4.2 \n \n \n \n \n   \n \n \n 0.8 \n \n \n 2.5 \n \n \n 4.2 \n \n \n \n \n Adjusting items before tax \n \n \n 53.2 \n \n \n (10.7) \n \n \n (65.8) \n \n \n \n \n Tax charge on adjusting items 8 \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Adjusting items after tax \n \n \n 53.2 \n \n \n (10.7) \n \n \n (65.8) \n \n \n \n \n   \n   \n     \n     \n Summary of adjusting items \n 1.     On 26 February 2025 it was announced that the Group was commencing a process to make organisational adjustments which ultimately saw the departure of around 100 valued colleagues from the Group. As at 30 June 2025 £2.3m of the costs had been realised with the remaining £5.0m held as a provision for expected future costs. \n On 6 October 2025 the Group issued a Trading Update which highlighted challenges in the global macroeconomic environment due to economic uncertainties surrounding the economic impact of U.S. tariffs and the implementation of the quota mechanism, changes to China's ultra-luxury car taxes and the increased potential for supply chain pressures. In response, the Group commenced an immediate review of cost and capital expenditure. As part of this review, it was announced that the business would commence a further global consultation process on proposals to reduce the workforce by up to 20 percent. The Group recognised further costs of £11.4m for the expected costs of employee restructuring, with a further £2.9m of these costs realised in the year (costs realised for the full year ended 31 December 2025: £5.2m) to leave a provision as at 31 December 2025 of £13.5m for costs expected to be settled in 2026. \n During the 6 months ended 30 June 2026, the Group completed further assessments of the workforce and restructuring required which have resulted in members of the workforce remaining in the business in restructured roles rather than exiting the business at a cost to the Group. Cost savings not realised from restructuring activity have been achieved in other areas of the business. In the 6 months ended June 2026, the Group has realised £6.8m of the provision held at 31 December 2025, with £5.4m of provision no longer expected to be utilised released to the Consolidated Income Statement. As at 30 June 2026 a remaining provision of £1.3m is held for costs expected to be settled in the second half of the year.    \n 2.     During the 6 months ended 30 June 2026, 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 £0.7m (30 June 2025: £2.3m; 31 December 2025: £3.2m) 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. \n 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 which took place in September 2025. The High Court found in favour of the Group and awarded certain of its legal costs to the value of £0.3m. In line with the associated costs relating to the legal matter, which have been considered as non-recurring in nature above, the associated judgment income has been deemed as non-recurring in nature. \n Costs incurred in the 6 months ended 30 June 2026 are in relation to preparatory work for the next hearing date expected to be February 2027. This hearing is for a damages counterclaim against the distributor.   \n 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 2026 (note 17). \n 3.     During the year ended 31 December 2025 the Group incurred further implementation costs (6 months ended 30 June 2025: £3.6m, 12 months ended 31 December 2025: £8.1m) for a cloud-based Enterprise Resource Planning (ERP) system for which the Group will not own any Intellectual Property. During the year, the Group completed the migration of the second manufacturing site with the business and completed the post go-live optimisation phase. Due to the infrequent recurrence of such costs and the expected quantum during the implementation phase, these costs were separately presented as adjusting. The cash impact of this item was a working capital outflow at the time of invoice payment. Given the completion of major go-live implementations in 2025 and shift toward business as usual operations of the ERP systems, no further costs have been presented as adjusting items in the 6 months ended 30 June 2026.  \n 4.     In response to the aforementioned Trading Update issued by the Group on 6 October 2025, a full review of the future product cycle plan was performed with revised capital expenditure targets put in place. As part of the review and to deliver lower overall capital expenditure over the coming 5-year period, specific vehicle programmes with previously capitalised development spend were discontinued, resulting in an impairment of £42.7m of capitalised development spend in the 12 months ended 31 December 2025. There was no cash impact of this adjustment. Research and development tax relief in the form of the Research and Development Expenditure Credit (\"RDEC\") is recognised in the Consolidated Income Statement over the periods in which the qualifying expenditure giving rise to the RDEC claim is recognised. Certain expenses within the scope of RDEC are capitalised as part of the Group's development costs. Where this is the case, the Group defers the income associated with the claim to deferred income and releases it to the Consolidated Income Statement in line with the amortisation profile of the associated asset. Given £4.6m of RDEC claims made by the Group related to development spend which was impaired as part of the Group's product cycle plan, the associated one‑time impact of the unwind of previously deferred RDEC income has also been treated as non-recurring in nature in the 12 months ended 31 December 2025. There was no cash impact of this adjustment. No further impairments of development spend have been recognised in the 6 months ended 30 June 2026.  \n 5.     On 29 September...

View stock analysis, news, and events for Aston Martin Lagonda Global Holdings Plc