Aston Martin: 1H‘26 Results and Model Update Post Earnings Call

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Aston Martin: 1H‘26 Results and Model Update Post Earnings Call

J P M O R G A N Europe Equity Research

29 July 2026

Aston Martin Neutral

AML.L, AML LN

1H’26 Results and Model Update Post Earnings Call Price (28 Jul 26):36p

Price Target (Dec-27):51p

Following the earnings call, we are raising our earnings estimates for FY26/27 by an European Autos & Auto Parts

ACaverage of 17% for adjusted EBITDA and 46% for adjusted EBIT. Our current Jose M Asumendi

estimates are 2% below BBG consensus for adjusted EBITDA and 10% below (44-20) 7742-5315

consensus for adjusted EBIT in 2026. We believe that 2026 will deliver material jose.m.asumendi@jpmorgan.com

improvements in financial performance, underpinned by an enhanced product mix, J.P. Morgan Securities plc

ongoing transformation initiatives, and a more disciplined approach to operations. Piyush Singla

Key actions include a disciplined focus on inventory optimization, resulting in retail (91-22) 6157-3324

piyush.singla@jpmorgan.com

volumes significantly outpacing wholesale, as well as continued investment in quality J.P. Morgan India Private Limited

and customer satisfaction, both of which are trending positively. Looking ahead to the

second half of 2026 and into 2027, we expect further improvements in free cash flow, Specialist Sales contact details:

supported by stronger EBITDA, lower capital expenditures, an improved product Sam Edmunds - Specialist Sales -

mix, and a more balanced production cadence. Operational improvements are likely European Industrials

to be driven by reductions in variable marketing spend, normalization of dealer (44-20) 7742-8733

support, and substantial progress in quality, which should help reduce actual costs and sam.edmunds@jpmorgan.com

future provisions. Key Changes (FYE Dec)

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