Aston Martin Q2 2026: Small P&L miss, FCF in line and FY guidance maintained

研报英文原文证据摘录

Aston Martin Q2 2026: Small P&L miss, FCF in line and FY guidance maintained

NSTEIN FLASHMAIL

29 July 2026

Harry Martin, CFA

+44 20 7676 8965

European Automobiles & Components harry.martin@bernsteinsg.com

Aston Martin Lagonda Steve Pereira Fernandes, CFA

+44 20 7676 7254

Rating steve.pereira-fernandes@bernsteinsg.com

Market-Perform Gali Salvatorelli Naraghi

Price Target +44 20 7676 6741

gali.salvatorelli-naraghi@bernsteinsg.com

AML.LN 50.00 GBp

Stephen Reitman

+44 20 7762 5535

stephen.reitman@bernsteinsg.com

Aston Martin Q2 2026: Small P&L miss, FCF in line and FY

guidance maintained

Aston Martin reported Q2 results this morning. There is a conference call at 8:30am UK time.

Overall take. Core numbers (ASP, gross margin, EBIT) were a small miss to consensus with dealer support to clear unsold inventory

the main driver still weighing on the financials. We do note that retail sales 30% above wholesales in H1 implies 100s units have

been cleared and the company expects minimal dealer support in H2. The Valhalla special is almost fully sold for 2026 (500 units) but

somewhat concerningly still 350 units remain unsolved of the full 999 run. This meant there were deposit outflows again, but FCF

outflow was in-line with consensus on lower capex, which was largely known to market as could be backsolved from the recent bond

issue. The FCF beat and FY guidance unchanged means limited incremental damage to a stock down 43% YTD but likely there will be

more to get excited on about the turnaround much later in the year than today.

• The quarter. Aston Martin reported revenue of £358m, a 4% beat to consensus, but gross profit of £119m was a 5% miss to

consensus, with gross margin of 33% being below the “high 30s” full year guide. Although volumes beat 16%, ASP was weaker than