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Highlights
Aston Martin now expects FY 2025 wholesale volumes to decline by a mid-to-high single-digit percentage from FY 2024 levels.
FY 2025 adjusted EBIT is anticipated to be below the lower end of market consensus, with no positive free cash flow expected in H2 2025.
Around 150 Valhalla deliveries are forecast for Q4 2025, with steady delivery progression expected in 2026.
Aston Martin (LSE:AML) has issued a trading update for the third quarter of 2025 and revised its full-year guidance ahead of its Q3 2025 results announcement scheduled for 29 October 2025. The company cited continued macroeconomic challenges and the impact of global tariffs as key factors affecting performance expectations.
The company now expects total wholesale volumes for FY 2025 to fall by a mid-to-high single-digit percentage compared to the previous year’s 6,030 units. The revision is aligned with its focus on balancing wholesales and retail demand amid ongoing market pressures.
Q3 Performance Below Expectations
In Q3 2025, Aston Martin delivered approximately 1,430 wholesale units, below its previous guidance of matching prior-year levels (Q3 2024: 1,641 units). The shortfall was primarily driven by weaker demand in North America and the Asia-Pacific region, including Greater China, both affected by tariff-related challenges. Retail volumes were broadly in line with wholesale performance for the quarter.
The financial results for Q3 will reflect the lower wholesale volumes and an unfavourable mix impact from fewer Special deliveries.
Product Launches and Valhalla Update
During the quarter, Aston Martin continued the rollout of its new core derivatives, including customer deliveries of the Vanquish Volante. Deliveries of the new Vantage S and DBX S are expected to commence in Q4 2025 following positive initial media feedback.
The Valhalla entered production in Q3 2025, with initial deliveries scheduled to begin in Q4. Around 150 Valhalla units are forecast to be delivered during the quarter. However, the timeline has been slightly adjusted due to final engineering and homologation processes. The company also noted potential risks from the ongoing U.S. federal government shutdown and tariff quota uncertainties, which could affect homologation schedules.
Aston Martin completed the sale of shares in AMR GP during Q3, generating gross proceeds of approximately £108 million. The company’s total liquidity at the end of the period stood at around £250 million.
Revised FY 2025 Outlook
The company anticipates FY 2025 adjusted EBIT to be below the lower end of market consensus, with the low end estimated at £(110) million. It also no longer expects to achieve positive free cash flow in the second half of 2025. Capital expenditure is now forecast at approximately £375 million, down from the previous £400 million guidance, while SG&A expenses are expected to fall by around 10% year-on-year.
Aston Martin expects improved sequential financial performance in Q4, supported by higher core volumes and Valhalla contributions. Looking ahead, the company forecasts a material improvement in profitability and free cash flow generation in FY 2026, driven by Valhalla deliveries and continued cost-reduction initiatives.
Management has begun a review of future costs, capital expenditure, and product cycle plans, which is expected to result in lower investment levels over FY 2025–FY 2029 than the previously guided £2 billion.
