Investing.com -- Aston Martin held its full-year targets on Wednesday after in-line third-quarter results, in which Valhalla hypercar deliveries masked a 9% drop in core-model volumes and higher debt costs left its adjusted pre-tax loss wider than analysts expected.
Adjusted loss before tax was £75.6 million, against an average analyst estimate of £60 million and a loss of £106.9 million a year earlier.
Adjusted EBIT, or earnings before interest and tax, was a loss of £24.9 million versus £50.6 million a year earlier and an estimate of £27 million.
For the first nine months, adjusted net financing costs rose to £149 million from £65 million, mainly due to an £11 million non-cash loss from revaluing U.S. dollar debt, versus a £58 million gain a year earlier, and extra interest on a new £450 million term loan.
Core-model volumes fell to 1,304 vehicles from 1,428 a year earlier, reflecting a more balanced production pace the company had flagged from the second quarter.
Total wholesale volumes were 1,431 versus 1,430 a year earlier and an estimate of 1,433, including 127 Valhalla deliveries.
SUV volumes fell 14% and sales in Europe, the Middle East and Africa excluding Britain fell 20%.
Revenue rose 36% to £388.7 million, against an estimate of £392 million. Gross margin was 37.4% versus 29% a year earlier and an estimate of 37.5%.
Free cash outflow was £27.6 million versus £94 million a year earlier and an estimate of £28 million.
A £550 million debt financing comprises a £450 million term loan and a £100 million delayed-draw loan, priced at 6.75% over the SONIA base rate and maturing in July 2031. Net debt was £1.57 billion at Sept. 30, up from £1.38 billion at the end of December, mainly because of higher gross debt.
Targets include total wholesale volumes similar to 2025's 5,448, with about 500 Valhalla Coupe deliveries, and a gross margin in the high 30s percent versus 29% in 2025.
Adjusted EBIT margin is expected to improve "towards breakeven" from -15% in 2025, and free cash outflow to be materially better than 2025's £410 million.
Capital spending is seen at about £300 million versus £341 million in 2025, and the 2026-2030 spending plan is about £1.7 billion, previously about £2 billion.
Chief executive Adrian Hallmark cited "tangible and consistent progress" and said "we expect this momentum to continue into Q4 and beyond."
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