Aston Martin Lagonda Global Holdings plc Q3 2026 Earnings Recap

Aston Martin shares fell 1.8% after earnings, a roughly flat reaction. The company reiterated its 2026 guidance, while results benefited from Valhalla Coupe deliveries and lower capital expenditure; free cash outflow remains a key focus, with management expecting the full-year figure to be not far from the H1 level.

Key Takeaways

• Year-to-date revenue rose 38% year over year, primarily driven by Valhalla Coupe deliveries; total ASP increased 25%.
• Year-to-date gross margin improved to 35%. Adjusted EBITDA rose £125 million year over year, and adjusted EBIT improved 22% despite a 48% increase in D&A.
• Free cash outflow nearly halved year to date versus the same period in 2025, mainly reflecting stronger operating performance and lower capex. Liquidity entering Q4 was around £320 million.
• 2026 guidance is unchanged: core wholesale volumes similar to last year, 500 Valhalla Coupe deliveries, gross margin in the high 30s, adjusted EBIT margin improving towards breakeven, and materially improved free cash outflow.
• Valhalla Coupe is nearly sold out. Management expects the combined Coupe and Spider total to be slightly above 999 cars, with the Spider around one-quarter of the total and priced about 20% above the Coupe.