Aston Martin - comment

Revenue ahead of our expectations on better-than-modelled sales in the GT/Sport category. Adjusted EBITDA margins were up YoY, although at 13% it has a long way to go to meet the 2025 target of 25% let alone the 2027/28 target of 30%. Working capital outflows were £37m vs £99m in Q222, last year supply chain issues pushed up DBX inventory making the comp a fairly easy one. AML has placed a lot of faith in H223 targeting Free Cash Flow generation in H2 (excluding the payments to Lucid relating to the electrical power train agreement signed in Q2). Aston Martin (AML) needs to repeat the successful launch of the DB12 (first deliveries are due in Q3) with five more model launches due over the next 18 months, the omens so far are good (with the success of the DBX, DB12 and the Specials all well received). Web Cast at 0830 BST.