Aston Martin holds 2026 targets as Q3 revenue jumps 36% on Valhalla deliveries

Aston Martin has maintained its full-year targets following a strong third-quarter performance, despite a 9% drop in core-model volumes and higher debt costs. Adjusted pre-tax loss widened to £75.6 million, exceeding analysts' estimate of £60 million, with adjusted EBIT also falling to a loss of £24.9 million, higher than the previous year's £50.6 million loss.

For the first nine months, adjusted net financing costs increased to £149 million, up from £65 million a year earlier, primarily due to a £11 million non-cash loss from revaluing U.S. dollar debt. Total wholesale volumes slightly decreased to 1,431 units, with Valhalla hypercar deliveries accounting for 127 units out of the total.

SUV sales fell by 14%, while sales in Europe, the Middle East, and Africa (excluding Britain) dropped by 20%. However, revenue rose by 36% to £388.7 million, surpassing the estimated £392 million. Gross margin improved to 37.4%, up from 29% a year earlier, and free cash outflow decreased to £27.6 million, a significant improvement from £94 million the previous year.

Aston Martin plans to issue a £550 million debt financing comprising a £450 million term loan and a £100 million delayed-draw loan, with a repayment scheduled for July 2031. The company aims to maintain total wholesale volumes similar to 2025's 5,448 units, with about 500 Valhalla Coupe deliveries and a gross margin in the high 30s percent.

Adjusted EBIT margin is expected to approach breakeven from the current -15% in 2025, and free cash outflow to be substantially better than 2025's £410 million. Capital spending is forecasted to be around £300 million, a decrease from £341 million in 2025, with a total spending plan of £1.7 billion for the period 2026-2030, slightly lower than the previously estimated £2 billion.

CEO Adrian Hallmark highlighted tangible and consistent progress and expressed confidence that the momentum would continue into Q4 and beyond.