Aston Martin Lagonda Global Holdings

AML · Main Market · Automobiles and Parts · mcap £356m · 38.2p 2 open situations →

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202420252026 Balance sheet and cash burn Valhalla and Specials programme Lawrence Stroll towards control Profit warning 2 directors buying Lawrence Stroll towards control 1 director buying 5 directors buying

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Balance-sheet stress / refinancing◷ in 118 days

Balance sheet and cash burn

Refinanced in July; still cash-negative, net debt £1,572m

A new £550m debt financing from HPS closed on 22 July 2026, replacing the RCF. At 30 Sept 2026 liquidity was £322m and net debt £1,572m (31 Dec 2025: £1,380m). YTD free cash outflow was £225m against £415m a year earlier. Management guides to a materially better FY 2026 outflow than the prior year's £410m.

New financing: £550m: £450m SSTL plus £100m delayed draw term loan, closed 22 July 2026 28 Oct 2026 ↗
Pricing: 6.75% over SONIA, maturing July 2031 28 Oct 2026 ↗
Liquidity: £321.6m at 30 Sept 2026 28 Oct 2026 ↗
Net debt: £1,572.3m at 30 Sept 2026 vs £1,380.3m at 31 Dec 2025 28 Oct 2026 ↗
Free cash outflow: £225.2m YTD 2026 vs £415.0m YTD 2025 28 Oct 2026 ↗
Next milestone: FY 2026 results expected 24 Feb 2027 28 Oct 2026 ↗

Next: FY 2026 free cash outflow and net debt at results · 24 Feb 2027

28 Oct 2026 Refinanced in July; still cash-negative, net debt £1,572m

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Transformational contract / build-out◷ in 244 days

Valhalla and Specials programme

Coupe deliveries ongoing; Spider and Valen launched

Valhalla Coupe deliveries (c. 350 YTD 2026, 127 in Q3) lifted YTD revenue, ASP and gross margin to 35%. The Valhalla Spider was launched on 28 Oct 2026, with deliveries from Q3 2027 and orders already into Q4 2027. Valen was launched in Q3 2026, with deliveries from Q2 2027. FY 2026 guidance is c. 500 Coupe deliveries.

Coupe deliveries: 352 Specials YTD 2026; c. 500 Valhalla Coupes guided for FY 2026 28 Oct 2026 ↗
Coupe completion: Remaining Coupes due to be delivered by end H1 2027 28 Oct 2026 ↗
Valhalla Spider: Deliveries from Q3 2027; order book already into Q4 2027 28 Oct 2026 ↗
Valen: Launched Q3 2026; deliveries expected from Q2 2027 28 Oct 2026 ↗
Gross margin: 35.2% YTD 2026 vs 28.3% YTD 2025 28 Oct 2026 ↗

Next: Valhalla Coupe deliveries complete by end H1 2027; Valen deliveries start · 30 Jun 2027

28 Oct 2026 Coupe deliveries ongoing; Spider and Valen launched

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Closed · 6

Stake building towards controlLawrence Stroll towards control no bid within a year · 12 May 2025 – 12 May 2026 −25% Upgrade / downgrade cycleProfit warning profit warning · second in 12 months · 6 Oct 2025 – 27 Jan 2026 −54% Insider conviction2 directors buying £180k in 2 buys · 7 May 2025 – 25 Aug 2025 −11% Stake building towards controlLawrence Stroll towards control no bid within a year · 3 Oct 2023 – 2 Oct 2024 Insider conviction1 director buying £50k in 1 buy · 2 May 2024 – 31 Jul 2024 −17% Insider conviction5 directors buying £22,469k in 5 buys · 3 Oct 2023 – 1 Feb 2024

Company filings. Not investment advice.