Aston Martin Lagonda Global Holdings plc (A5SA) Q3 2026 Earnings Report

The call was broadly positive. Management highlighted substantial improvements in revenue, ASP, gross margin, adjusted EBITDA, adjusted EBIT, free cash outflow, liquidity, and product demand, while maintaining full-year guidance. These positives outweighed challenges involving the macroeconomic environment, the Middle East, China, a still-short core order book, ongoing dealer normalization, and tariff allocation constraints.

Full year 2026 guidance remains unchanged: wholesale volumes are expected to be similar to last year on the core portfolio, with 500 Valhalla Coupe deliveries; gross margin is expected to increase into the high 30s percentage range, adjusted EBIT margin to improve towards breakeven, and free cash outflow to materially improve. Core ASP growth is expected to be low to mid-single-digit percentage on a year-over-year basis, with 2026 ending with a sort of low to mid-single-digit ASP improvement from a core perspective versus 2025 and 2027 expected to be about the same year-over-year, a low to mid-single-digit improvement on 2026. Full year free cash flow is expected to end up at a very similar level to that, that we saw in the half year, while Valhalla volumes are expected to be slightly more than the 999 initially indicated, with the Spider representing around about 1 in 4, pricing around about 20% higher than the Coupe, and personalization around about 20%; a shade over 50% of the total Spider volume is expected in the second half of 2027. In the U.K.-U.S. tariff arrangement, the U.K. can ship 100,000 cars with a tariff of 10%, anything above that is 27.5%, with an allowance of 25,000 cars every quarter.