Aston Martin delivered 5,448 vehicles in 2025 (2024: 6,030). This includes 152 Valhalla deliveries in the final quarter, in line with the group’s prior guidance.
US tariffs and fewer higher margin Special deliveries have negatively impacted the group’s performance. As a result, full-year underlying operating losses are now expected to fall short of the lower end of market expectations, pointing to losses of at least £184mn.
Aston Martin is also selling its brand naming rights for use by the Formula 1 team for £50mn in cash.
The group still expects a “material improvement” in financial performance in 2026, driven by an uplift in Valhalla deliveries to around 500.
The shares fell 1.7% in early trading.
Our view
Aston Martin delivered another profit warning ahead of its full-year results next week. This comes as US tariffs weigh on performance, and total deliveries continue to decline.
The group’s road to redemption looks increasingly challenging. The second half was meant to bring relief, driven by deliveries of the high-priced Valhalla supercar. But the ramp-up has been slower than originally planned. And with the Valhalla only 50% sold at the last count, there could be room for further disappointments in the new year if buyers aren’t found.
In the meantime, Aston Martin continues to burn through cash. As a result, asset sales are continuing, with news that it’s selling its brand naming rights to the Formula 1 team to raise £50mn to shore up the balance sheet. That’s helping provide a short-term buffer, but it’s not a viable longer-term plan.
We also see scope for tariffs to cause further pain. The current regime allows the first 25,000 UK cars to be exported to the US each quarter to be subject to a basic tariff of 10%, on a first-come, first-served basis. Anything over that in each quarter will be subject to a much higher tariff of 27.5%. Given the lack of control, and the fact that around a third of Aston Martin’s revenue comes from the US, this is a significant trip hazard.
The current high level of debt and the associated financing costs are also a big problem. Double-digit interest rates show that lenders need to be compensated heavily for the high level of risk they’re taking on.
To make matters worse, the group still wasn’t generating positive cash flows last we heard. That could spell real trouble if it runs out of funds to meet these obligations. As a reminder, debt investors are in the driving seat when it comes to claims on assets if Aston Martin fails to meet scheduled debt payments.
Given the group’s lack of scale (it made only 5,448 cars in 2025), even a small dip in volumes can have a big negative impact on profits and vice versa. Returning to profitability will require Aston Martin to grow volumes again, especially its higher-priced specials like the Valhalla, benefitting from the improved efficiencies that greater scale brings.
If management can deliver the expected improvements this year, there could be upside on offer. However, we’re quite concerned given the recent tariffs, struggling demand, production delays, and high rate of cash burn. As a result, we see scope for 2026 profit expectations to drop from here.
Environmental, social and governance (ESG) risk
Most of the auto industry falls into the medium risk category in terms of ESG. Product governance, particularly around safety, and the carbon emissions from companies’ products and services are key risk drivers. Business ethics, labour relations and operational carbon emissions are also contributors to ESG risk.
According to Sustainalytics, Aston Martin’s management of ESG risks is strong.
ESG issues are overseen by the board and overall disclosure is strong. There’s a robust environmental policy in place, with a commitment to net zero for scope 1 and 2 emissions by 2030 and scope 3 emissions by 2039 and has interim targets in place. However, AML doesn’t divulge sustainability-linked revenue and environmental impact isn’t systematically considered in the design phase. Although some of AML’s facilities are externally certified, scope is unclear and its product and safety programme needs improvement.
Aston Martin key facts
All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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