Aston Martin - comment
AML will have >GBP300m of liquidity after the F1 transaction, but 2025 has ended even weaker than expected. 2026 is expected to see some improvement, with high-value Valhalla cars now being delivered. However, AML needs the US market to improve, as China is not showing many signs of returning to strength.
The company undershot the low end of volume guidance; at 5,448, deliveries were 10% down, against guidance of “mid to high single digits” lower. Since Q3, consensus EBIT has fallen from (GBP110m) to (GBP184m), but AML is expecting EBIT to be a little worse than this. The FY call is on 25th February.