Aston Martin - comment

After last week’s release, the bad news is already out there. Given the liquidity concerns, the full drawing of the RCF (an additional £60m) was not a surprise. The banks will want to see some headroom restored. Guidance for volumes of around 5,500 is disappointing and points to continued challenges in the US and China into 2026. More Valhalla deliveries (500 expected in 2026) will drive higher gross margins; however, to generate FCF, AML needs the volumes in its GT/Sports and SUVs to start increasing. We will update our view after today’s call.