ASTON MARTIN LAGONDA

ANNUAL REPORT AND ACCOUNTS 2025

DESIGNED FOR DISTINCTION, DRIVING TRANSFORMATION

DRIVING TRANSFORMATION

FORWARD

We are driven by a clear vision and an enduring commitment to excellence.

With purpose and momentum, we continue to advance our transformation.

Designed for success, we remain focused on performance, precision

and progress – building a future defined by strength, clarity and

enduring achievement.

ASTON MARTIN LAGONDA

Strategic Report

02 At a glance

12 Executive Chairman’s Statement

14 Chief Executive Officer’s Statement

18 Our strategy

20 Our business model

22 Our market

24 Our stakeholders

28 Key performance indicators

30 Chief Financial Officer’s Statement/

Financial Review

38 Environmental, social and governance

57 Task Force on Climate-related

FinancialDisclosures

68 Principal risks and risk management

78 Viability Statement

79 Non-financial and sustainability

informationstatement

Corporate Governance

84 Governance at a glance

85 Executive Chairman’s introduction

togovernance

86 Board of Directors

90 Executive Committee

91 Leadership and governance

96 Board discussions during the year

98 Section 172 statement

100 Board, culture and workforce engagement

102 Investor engagement

104 Nomination Committee Report

111 Audit and Risk Committee Report

120 Sustainability Committee Report

122 Directors’ Remuneration Report

151 Directors’ Report

159 Statement of Directors’ Responsibilities

Financial Statements

162 Independent Auditor’s Report

170 Consolidated Financial Statements

175 Notes to the Financial Statements

226 Parent Company Statement of

FinancialPosition

228 Notes to the Parent Company

FinancialStatements

Further information

238 Glossary

240 Shareholder information

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

ANNUAL REPORT AND ACCOUNTS 2025

01 CONTENTS

UNLOCKING OUR

POTENTIAL TO DELIVER

SUSTAINABLE

GROWTH

Our values steer us

Our values are Unity, Openness, Trust, Ownership,

and Courage. At the core of our values is one

single guiding tenet: No one buildsan Aston

Martin on their own.

Our purpose guides us

Our purpose is to create vehicles with the ultimate

technology, precision and craftsmanship that

deliver thrilling performance and a bespoke,

class‑leading experience.

Our vision lights the way

Our vision is to be the world’s most desirable,

ultra-luxury British performance brand, creating

the most exquisitely addictive performance cars.

Our strategy drives us

Our strategy is focused on market demand,

product creation, culture and change, quality,

operations and cost optimisation to drive our

future growth ambitions.

Our positioning in the market

and product portfolio

Aston Martin is an iconic, globally recognised

brand, with a unique position transcending

ultra-luxury and high performance. For over

113years our brand has symbolised exclusivity,

elegance, power, beauty, sophistication,

innovation, performance, and an exceptional

standard of styling and design. Our rich and

prestigious heritage of delivering beautiful,

awe‑inspiring vehicles defines Aston Martin

assomething truly unique within the

automotiveindustry.

ASTON MARTIN LAGONDA

AT A GLANCE

1,032

Dealers2

Wholesale

Volume

1,868

Dealers2

Wholesale

Volume

1,580

Dealers2

Wholesale

Volume

968

Dealers2

Wholesale

Volume

Wholesale Volume

Dealers

Our 2025 business summary

TOTAL SCOPE 1 & 2

EMISSIONS (tCO

8,029

2024: 9,174

ACCIDENT FREQUENCY

RATE (AFR)

0.30

2024: 0.35

REVENUE

£1,258m

2024: £1,584m

ADJUSTED EBIT

£(189)m

2024: £(83)m

OPERATING LOSS

£(259)m

2024: £(100)m

WHOLESALE

VOLUMES

5,448

2024: 6,030

CORE AVERAGE

SELLING PRICE (ASP)

£185k

2024: £177k

NET DEBT

£1,380m

2024: £1,163m

Where we operate

Americas

EMEA

APAC

1 EMEA includes Europe, Middle East and Africa (excluding the UK and South Africa)

2 All dealers are third-party dealers, with the exception of one in the UK

STRATEGIC

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ANNUAL REPORT AND ACCOUNTS 2025

03 AT A GLANCE CONTINUED

INNOVATION IN MOTION.

DEFINED IN

ASTON MARTIN LAGONDA

ASTON MARTIN SHOWCASE

3.7s

0-62 MPH

202MPH

Top speed

This is no mere GT. An icon reborn and reinvented.

Smoothed and chiselled into the shape of a Volante

and given free rein to cut through continents,

eraseexpectations and completely redefine the

open‑top category. This is DB12 Volante.

ICON.

DRIVEN.

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05 ASTON MARTIN SHOWCASE CONTINUED

214MPH

Top speed

3.4s

0-62MPH

The captivating Vanquish Volante. The fastest, most

powerful open‑top production Aston Martin to

date. The pinnacle of top‑down driving. Masterful

poise meets merciless power. Harness the

formidable front mid-mounted 5.2-litre twin-turbo

V12. Immerse yourself in effortless elegance.

ZENITH.

DRIVEN.

ASTON MARTIN LAGONDA

06 ASTON MARTIN SHOWCASE CONTINUED

202MPH

Top speed

3.6s

0-62MPH

The Vantage Roadster. The definitive front-engine,

rear-wheel, convertible sports car. Exuding

dynamic ability, visceral drama and the sleekest

ofprofiles. A hand‑crafted all‑aluminium 4.0 litre

twin-turbo V8 producing class-leading outputs of

680PS and 800Nm. A roof that opens seamlessly

in just 6.8 seconds.

THRILL.

DRIVEN.

STRATEGIC

GOVERNANCE

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INFORMATION

ANNUAL REPORT AND ACCOUNTS 2025

07 ASTON MARTIN SHOWCASE CONTINUED

3.4s

0-62MPH

202MPH

Top speed

More edge. More dominance. More thrill. Vantage

S stands at the peak of Aston Martin performance.

Raw, agile, and unrelenting. Bold aero features

from bonnet blades to a full-width decklid spoiler

amplify the aggressive stance. Beneath the

sculpted skin, a hand-built 4.0-litre twin-turbo V8

unleashes 680PS and 800Nm.

THRILL.

DRIVEN.

ASTON MARTIN LAGONDA

08 ASTON MARTIN SHOWCASE CONTINUED

3.3s

0-62MPH

193MPH

Top speed

DBX S. The fastest, most powerful SUV in its class.

More aggressive, more assertive, more attitude.

Afusion of blistering performance, supreme

dynamics, iconic style and benchmark luxury.

POWER.

DRIVEN.

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09 ASTON MARTIN SHOWCASE CONTINUED

2.5s

0-62MPH

217MPH

Top speed

Aston Martin’s first‑ever mid‑engine PHEV

supercar, with true hypercar performance.

Infusedwith Formula 1® technologies. Combining

unprecedented aerodynamics with race-derived

engineering, striking form and exquisite detailing.

Conceived to deliver unparalleled performance

and a revolution in driver engagement, Valhalla is

the extreme edge of technological advancement.

MASTERY.

DRIVEN.

ASTON MARTIN LAGONDA

10 ASTON MARTIN SHOWCASE CONTINUED

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

ANNUAL REPORT AND ACCOUNTS 2025

11 ASTON MARTIN SHOWCASE CONTINUED

LAWRENCE STROLL

Executive Chairman

ASTON MARTIN LAGONDA

12 EXECUTIVE CHAIRMAN’S STATEMENT

remain immensely proud to serve as Executive Chairman

ofAston Martin. For more than 113 years, this iconic

Britishmarque has embodied craftsmanship, engineering

excellence, and a distinctive design language that has

produced some of the world’s most recognisable sports cars.

My commitment is to ensure that Aston Martin continues to

thrive while remaining true to its vision: to be the world’s

most desirable ultra-luxury British performance brand,

creating the most exquisitely addictive performance cars.

The Executive Committee has established a clearand

disciplined strategy to drive the business forward, fully

endorsed by the Board. This strategy is reflected in

thesuccessful refresh of our entire portfolio of sports cars

and sports utility vehicles (‘SUVs’), supported by an exciting

pipeline of current and future derivatives designed to

captivate and expand our customer base. A significant

milestone this year was the commencement of deliveries

ofValhalla, Aston Martin’s first mid‑engined Plug‑in Hybrid

Electric Vehicle (‘PHEV’). This groundbreaking supercar –

anexperience I have personally enjoyed – will play a pivotal

role in the Company’s financial performance in the years

ahead, complemented by our programme of other limited

editionSpecials.

The year also presented several unexpected macroeconomic

and tariff related challenges. Under Adrian Hallmark’s

leadership in his first full year as Chief Executive Officer

(‘CEO’), the Company has responded decisively. Some of these

external pressures required Management totake difficult but

necessary decisions to restructure parts of the organisation,

optimising our cost base and aligning resources with our

strategic priorities. Such actions are never taken lightly, and

the Board is grateful for the professionalism and commitment

shown across the business as these changes are implemented.

DRIVING STRATEGIC

TRANSFORMATION TO

DELIVERFUTURE SUCCESS

“MY COMMITMENT IS TO ENSURE THAT

ASTON MARTIN CONTINUES TO THRIVE

WHILE REMAINING TRUE TO OUR

VISION: TO BE THE WORLD’S MOST

DESIRABLE ULTRA-LUXURY BRITISH

PERFORMANCE BRAND”

To further strengthen liquidity and support ongoing

investment, the Group undertook two important actions

earlier in the year. The first was facilitated by my Yew Tree

Consortium through a placing of shares. My partners and I

having already invested extensively in the Company,

furtherincreasing our shareholding in March 2025, when

weannounced a proposed additional investment of

c.£52.5m. Following shareholder approval in May 2025, this

increased the Consortium’s shareholding to c. 33%, through

the acquisition of 75 million new shares at a c. 7% premium to

the closing price on 28 March 2025.

The second liquidity enhancing action was the sale

oftheGroup’s investment in the Aston Martin F1®Team,

AMRGP Holdings Ltd (‘AMR GP’). As anticipated, the

transaction achieved a premium to book value and delivered

c.£106m of net proceeds to the Group in Q3 2025.

Importantly, our long-term sponsorship agreement ensures

that Aston Martin’s presence at the pinnacle ofmotorsport

will continue for many years, maintaining the powerful

brandassociation withFormula 1®.

The Company acknowledges that it hasn’t yet delivered the

performance it set out to achieve a couple of years ago.

However, as we look ahead, I am confident that the strength

of our model line-up including Valhalla, combined with the

disciplined execution of our strategy by the Executive

Committee, positions us to deliver sustainably profitable

growth and improved financial performance over the

coming years.

I would like to express my appreciation to my fellow Board

members for their valuable contributions throughout the year.

Finally, I would like to thank all our shareholders, suppliers,

dealer network partners and employees for your continued

engagement, efforts and support and we remain committed

to delivering long-term value for all our stakeholders.

| LAWRENCE STROLL

| Executive Chairman

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

ANNUAL REPORT AND ACCOUNTS 2025

13 EXECUTIVE CHAIRMAN’S STATEMENT CONTINUED

ADRIAN HALLMARK

Chief Executive Officer

ASTON MARTIN LAGONDA

14 CHIEF EXECUTIVE OFFICER’S STATEMENT

welve months ago, at the start of my first full year as

CEO, I communicated a strategy that built on the

ongoing business transformation undertaken since

2020. It was one that sought to turn a high potential business

with an iconic and globally recognised brand into a high

performing one, becoming a sustainably profitable business,

acknowledged and rewarded for displaying operational

excellence and discipline. In 2025, we further evolved the

strategy to capture six focus areas and have made positive

progress on many fronts across the business. Despite this,

unexpected challenges impacted our ability to fully execute

on our plans this year which was reflected in the financial

performance of the business. I believe we have a more robust

2026 plan in place, which better enables us to navigate a

dynamic market environment.

In 2025, the global luxury automotive market faced one of

itsmost turbulent years in recent times. Consumer demand

was impacted by escalating geopolitical uncertainties and

macroeconomic challenges, the most notable being the

introduction of increased tariffs in both the United States

andChina. Instead of competing on innovation and brand

strength, Aston Martin was forced to navigate an

unpredictable policy landscape and supply chain challenges

that ultimately impacted volumes, efficiency and margins.

The year made one reality impossible to ignore: even the

most resilient luxury brands are not insulated from

geopolitical friction, and the headwinds created by these

trade barriers have reshaped the competitive environment in

ways that require us to adapt and take difficult decisions to

ensure the long-term success of the business and to benefit

all our stakeholders.

AN UNPRECEDENTED YEAR OF

GEOPOLITICAL UNCERTAINTIES AND

MACROECONOMIC CHALLENGES

“ASTON MARTIN TODAY HAS ONE OF

THE MOST THRILLING AND DIVERSE

LINE UP OF MODELS IN ITS 113-YEAR

HISTORY. THIS HAS BEEN ACHIEVED

THANKS TO THE DEDICATION AND

SKILLS OF THE COMPANY’S EMPLOYEES”

A thrilling and diverse line up of models

Despite this backdrop, what remains true is that Aston Martin

today has one of the most thrilling and diverse line up of

models in its 113-year history. This has been achieved thanks

to the dedication and skills of the Company’s employees and

significant investment over recent years.

In 2025, our focus remained on refreshing and expanding

thecore range of models. Over the 12‑month period we

commenced deliveries of seven new models or derivatives.

Aston Martin has a long‑standing tradition of applying the ‘S’

suffix to high performance derivatives of core models, a

tradition which we were proud to continue this year with the

introduction of the Vantage S, DBX S and DB12 S. We now have

convertible models for all our core range of sports cars and we

celebrated the 60

Anniversary of the iconic Volante name,

with the release of limited‑edition Q by Aston Martin DB12 and

Vanquish models. There will be more to come in 2026 as we

keep the core range fresh for current and future customers.

Undoubtedly, the highlight of the year was the

commencement of Valhalla deliveries in Q4 2025. Valhalla has

been a monumental project for Aston Martin with the first 152

units wholesaled in 2025, and a further c. 500 units expected

tobe delivered in 2026. Uniquely designed from the ground

upat our Gaydon Headquarters in the UK, this supercar, the

firstmid‑engined PHEV the company has developed, is an

important component of our future plans, with the financial

benefits already evidenced in our Q4 2025 performance.

Thereception from customers and the media has been

overwhelmingly positive, following extensive global driving

events during Q4 2025, with much more to come in 2026.

ANNUAL REPORT AND ACCOUNTS 2025

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GOVERNANCE

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INFORMATION

CHIEF EXECUTIVE OFFICER’S STATEMENT CONTINUED

Adapting the business to the current

marketenvironment

With the backdrop of this exquisite line up of models, we

nowneed to further optimise the business to drive margin

improvement as we strive to deliver profitability and positive

free cash flow generation in the coming years. We need to

achieve this in the context of a more challenging market

backdrop, with evolving regulatory and tariff related

requirements, whilst ensuring we are aligned with the

demands of our customers.

In response to these market dynamics, and the impact on our

expectations, we announced in October 2025 that we would

take proactive steps to strengthen the Company’s overall

position. This commenced with a review of our future product

cycle plan with the dual aim of optimising costs and capital

investment whilst continuing to deliver innovative products

that meet customer demands and regulatory requirements.

We will continue to build on our current strengths of

exquisitely designed, high performance sports cars, GTs and

SUV’s across our range of V8 and V12 engines. This is at the

heart of Aston Martin, and we need to embrace this whilst

ensuring we drive for greater engine efficiency and reduced

emissions as we build a business fit for the future. Changes to

the cycle plan will not limit the opportunities for the business

over the coming years, as they primarily shift out the timing

of investment into our future electric vehicle platform. Due to

these changes, our 5-year Capex plan from 2026 has reduced

to c. £1.7bn from c. £2.0bn previously.

Having undertaken, at the start of 2025, a process to make

organisational adjustments to ensure the business was

appropriately resourced for its future plans, we had to take

the difficult decision at the end of 2025 to implement further

changes. This latest programme will ultimately see the

departure of up to 20% of our valued workforce. Linked

directly to this necessary action, we expect associated

annualised operating expenditure and Capex savings of

c.£40m of which the majority will be realised in FY 2026, with

associated transformation cash costs expected to be c. £15m.

Strategic priorities to unlock our

futurepotential

In 2025, alongside our product cycle plan review, we

implemented a business transformation program spanning

all areas of the organisation. Designed to drive top‑line

growth and operating efficiencies, the program is centred

around six strategic focus areas that, combined, are expected

to unlock our future potential:

¤ Market Demand – Following a demand‑led strategy,

operating as an ultra-luxury high performance brand,

stimulating demand and delivering the ultimate in

ultra-luxury experience.

Enhancing customer engagement and ultra-luxury customer

experience included extensive global driving events in 2025,

with a particular focus on the thrilling Valhalla PHEV supercar.

Our recently created Private Office ensures our top 500

clients are assigned a primary Aston Martin contact

supported by head office VIP specialists with a dedicated

2026 event plan. This will be further supported by the

opening in 2026 of the Q London flagship in Berkeley Square,

adding to the other ultra‑luxury flagship at Q New York.

Throughout 2025, Aston Martin maintained its powerful

association with Formula 1® and successfully completed the

inaugural full‑season campaign of the Valkyrie Hypercar in

the World Endurance Championship®. We also seek to

maximise brand value and commercial benefits to stimulate

demand through our presence at the world’s most

prestigious luxury and automotive events in addition to

collaborating with our ultra-luxury brand partners.

The launch of our new online configurator in October 2025,

drove significant increases in customer leads and

opportunities growing by over 200% in the 9 weeks that

followed, compared with the same period prior to the launch.

¤ Product Creation – Continue to enhance our exhilarating

and compelling portfolio of sports cars, GTs, SUVs and

Specials with an ongoing focus to further expand our

personalisation offering.

As previously referenced, 2025 saw the launch of seven new

core derivatives. This included our high performance ‘S’

derivatives, with the DBX S awarded Top Gear Magazine’s

Super SUV of the year and the Vanquish Volante which

Autocar Magazine called “Utterly divine… the prettiest car

on sale”. Having our first series‑production PHEV, Valhalla,

available to customers was a tremendous milestone and

provides opportunities for future developments.

Additionally, Aston Martin proudly commenced use

oftheRoyal Warrant and became the first global

automotivemanufacturer to integrate Apple CarPlay

Ultrainto its models.

Looking to 2026, a key focus area will be growing the range

of personalisation options for customers to choose from

which supports future ASP growth and margin expansion.

ASTON MARTIN LAGONDA

CHIEF EXECUTIVE OFFICER’S STATEMENT CONTINUED

¤ Culture & Change – Focused on building a collaborative

and cross-functional way of working, in addition to

attracting and retaining sector leading talent.

The Company will continue working towards achieving

30% of women in leadership positions by 2030, currently

at17%, and this year we launched Driving Change, an

employee suggestion scheme with the key focus being

cost optimisation.

Given the Group’s disciplined approach to operations,

theRemuneration Committee has proposed a new

Remuneration policy that seeks to better align incentives

with delivering sustainable profitable growth and

futurevalue.

As part of the organisational changes announced in 2025,

we provided a wealth of HR resources and online materials

to support our colleagues during a difficult and uncertain

time. To demonstrate that we are making changes

throughout the organisation, my Executive Committee,

ayear ago comprising 11 members, will be nearly half the

size by the end of Q1 2026. We recognise the importance

of having a culture that ensures we respect one another,

especially during this period of change, and unite behind

our guiding tenet that no one builds an Aston Martin on

their own.

¤ Quality – Delivering excellence in product quality and

launch cycles, driving improvements to ensure the highest

standards and consistencies across our portfolio as well as

rigour and discipline in the planning and execution of our

product launch cycles.

Improvements have been reflected in our right-first-time

metric, having increased from 65% in the middle of 2024

to95% by the second half of 2025. In addition, we have

successfully launched seven new core derivatives and

Valhalla, with the complexity of this programme

establishing a new benchmark for our product launch

cycles with key learnings transferable to future launches.

Having focused on product quality and warranty related

investments, our customer satisfaction scores improved

inFY 2025 compared with the prior year across all new

core models.

¤ Operations – Driving a disciplined approach to our

operations to future proof the Company in the face

ofadynamic and challenging market environment.

Underpinned by our future product cycle plan, we

continued to optimise product development processes

tomaximise cross‑carline component sharing, reduce

complexity and drive engineering efficiencies. We

continued to optimise our production processes and

facilities, receiving ISO50001 certification in 2025,

highlighting our developments in efficient energy

management at our Gaydon and St Athan sites.

Ensuring our people remain safe in the workplace is

ofparamount importance and in 2025 we reduced

ouraccident frequency rate to 0.30 (FY 2024: 0.35),

progressing towards our goal of zero accidents

acrossthebusiness.

¤ Cost Optimisation – Adjusting the cost base of the

Company to ensure it is fit for the future and to drive

further operating leverage as the Group’s overall financial

performance improves.

Previously announced Capex and Opex reductions, £60m

and £51m lower respectively, compared with FY 2024,

have already helped the business to adapt to the dynamic

and challenging market environment. We will continue to

execute the transformation programme to drive greater

efficiencies and position the business for sustainably

profitable growth.

We expect FY 2026 Selling, General and Administration

(‘SG&A’) costs to be a sustainable base, on an inflation

adjusted basis, over the coming years, which will enable us

to drive future operating leverage. Aligned with this is our

disciplined approach to operations which includes

effectively managing the balance between production and

demand in addition to delivering a smoother production

cadence from Q2 2026 onwards.

2026 – positive momentum across the business

As referenced in the Q3 2025 results, we have constructed

ourFY 2026 plans, in particular relating to wholesale volume

expectations, with a prudent and disciplined mindset. This will

enable us to continue to pursue our goal of driving production

and operational efficiencies in line with our sales forecasts and

optimised stock levels. In addition to the rigour and discipline

instilled across the business to optimise costs, we will enhance

the core portfolio with new derivatives, and we expect to

deliver c. 500 Valhalla’s, more than three times the number of

units delivered in FY 2025. As a result, we expect todeliver

materially improved financial performance and cashflow in

FY 2026 compared with FY 2025.

As I look ahead, I firmly believe we have the right strategy and

product cycle plan to position us well for the future. This path

to unlocking our future potential is set to deliver sustainable

profitable growth over the coming years which will create

long term value for all our stakeholders.

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

CHIEF EXECUTIVE OFFICER’S STATEMENT CONTINUED

Our strategy

Aston Martin is in a phase of

transformation – we have undertaken

afundamental reassessment of

thebrand and product portfolio,

ourteam and culture, and the

wayweoperate as a business.

he combination of our product strategy and our

business transformation aims to future proof the

Company in the face of a dynamic and challenging

market environment. We have defined and are now delivering

a truly exhilarating and compelling portfolio of sports cars

and SUVs, an operational transformation, an organisation

aligned with efficient processes and a dealer network

excellence programme.

Product strategy

In 2025, we completed the launch of our strongest portfolio

of core products, in addition to Valhalla, our first mid-engined

plug-in hybrid Special. Over the coming years, the breadth

ofcharacter within each of our core model-lines will be

further extended with new derivatives which maintain the

freshness of the ranges and offer customers greater choice.

In addition, we will continue to launch exclusive limited

edition Specials that attract a global community of

automotive collectors and enthusiasts.

This portfolio development will take effect throughout this

decade, with a focus on new derivatives to extend customer

choice and drive margin growth. Alongside this, we

willcontinue to review the implementation of an efficient

electrification strategy aligned to regulatory requirements

and customerneeds.

Our strategic vision is to be the world’s most desirable,

ultra-luxury British performance brand, creating the most

exquisitely addictive performance cars. Being true to our

DNA means incorporating lightweight materials and

aerodynamic surfaces derived from racing technology

intobeautifully aesthetic, hand-crafted vehicles. This is

exemplified by the Valhalla. Demonstrating a combination

ofleading-edge technologies, this supercar is capable of

complete composure on public roads, and utter exhilaration

on the track. This technical sophistication and versatility of

intensity ‘on demand’ will be at the heart of our product

development ethos as we efficiently create, engineer and

build highly capable, dynamic ultra-luxury high performance

sports carsand SUVs in the future.

An assertive and clear product proposition which puts

thecustomer at the heart of everything we do will deliver

notonly more choice through the broader product portfolio,

but will include an expanded range of core options. Supporting

this to make the capability for individual personalisation

moreaccessible, we have established a dedicated team

for‘QCommissions’ and Specials development.

Business transformation

Alongside the development of a new product strategy, wehave

also undertaken a comprehensive review and reevaluation of

our business – the processes and organisational effectiveness,

the technologies and organisation competence, and the

business structure that will be needed to underpin the

efficientdelivery of our future portfolio.

We have implemented a business transformation programme

spanning all areas of the organisation. Thishasbeen a

fundamental review of what we do, how wedo it, and how we

need to change and adapt to meet future requirements.

We seek to transform Aston Martin from a high-potential to a

high performance Company. This will be supported byour

drive for topline growth through improved ASP and greater

operating efficiencies. Itisframed by six key strategic focus

areas which will be implemented between 2025 and 2028,

engaging people across the business and strengthening team

spirit in a period of organisational change. The transformation

will drive strongerperformance and a step change in

operational efficiency to deliver sustainably profitable

growth, andsobuild future shareholder value.

Transforming Aston Martin to a high performance company

SUSTAINABLY

PROFITABLE

GROWTH

DRIVE

Top line

growth

ASP focus

Operating

efficiencies

Cost focus

SIX STRATEGIC FOCUS AREAS

Market demand Quality

Product creation Operations

Culture and change Cost optimisation

IMPLEMENTED BETWEEN 2025 – 2028

ASTON MARTIN LAGONDA

18 OUR STRATEGY

Market

demand

Product

creation

Culture and

change

Operating as an ultra-luxury high performance

brand with ademand-led strategy

Continuing to enhance our exhilarating

andcompelling portfolio of sports cars,

SUVsand Specials

Focused on building a collaborative andcross-

functional way of working, attracting and

retaining sector leading talent

Achievements this year

Enhanced customer engagement and ultra-luxury

customer experience, including extensive global

driving events in 2025

Enhanced brand presence, connecting with

dealers and customers through significant

presence at the world’s most prestigious luxury

andautomotive events (F1®, Le Mans, GT World

Challenge, Monterey Car Week, Pebble Beach)

Successfully launched new brand partnerships

and collaborations further expanding the impact

of our brand globally, including BERO,

Champagne Bollinger, Glenfiddich, ELEMIS

Launched our new online configurator which

drove significant increases in customer leads

Achievements this year

Announced S derivatives of the DBX, Vantage and

DB12, utilising the ’S’ suffix to denote a special,

high performance version of the model,

expanding our core offering

Q celebrated the 60

anniversary of the Volante

with a special edition of the V12 Vanquish Volante

DBXS awarded Top Gear’s Super SUV of the Year,

recognising the world-class performance of our

DBX model

Launched a comprehensive update to our

award-winning online configurator, elevating

userexperience to a premium digital presence

Became the first global automotive to integrate

Apple CarPlay Ultra into its models

Achievements this year

Launched ‘Driving Change’, an employee

suggestion scheme with the focus of cost

optimisation (over 150 suggestions)

Continued our journey to become a Great Placeto

Work®, putting people at the centre ofeverything

we do

Formally pledged to support the Armed Forces

community as part of our wider EDIstrategy by

signing the Armed Forces Covenant

To demonstrate that we are making changes

throughout the organisation, the Executive

Committee, a year ago comprising 11 members,

will be nearly half the size by the end of Q1 2026

Focus going forward

Continue building deep understanding and strong

relationships with our loyal customers, including

opening the ultra-luxury Q London flagship in

Berkeley Square later this year

Drive maximum brand value and commercial

benefit from our unique association with

FormulaOne™ and other brand partners

Engage with government and industry

associations to unlock potential market growth

opportunities through trade agreements

Focus going forward

Drive innovation and continue to deliver products

that create desire and excitement, further

developing our portfolio of world-class

performance models

Continue to work with our strong network of

strategic partners to co-develop world-class

technology and vehicle systems

Further expand our personalisation offering with

our dedicated Q Commissions team

Focus going forward

Continue working to achieve 30% of women

inleadership positions by 2030 aligned with

industry commitment

Continue building a workplace and culture where

all our people feel connected to Aston Martin’s

purpose, where they have a voice and can develop

to reach their full potential

The Remuneration Committee has proposed a

new Remuneration policy that seeks to better

align incentives with delivering future value

Quality

Operations

Cost

optimisation

Delivering excellence in product quality

andlaunch cycles

Driving a disciplined approach to our operations

to future proof the Company intheface of a

dynamic andchallenging marketenvironment

Adjusting the cost base of the Company

todrive future operating leverage

Achievements this year

Successful launches of the Valhalla supercar to

customers as well as Vanquish Coupe and the

Volante and Speedster soft top variants of our

two door models

Continued operating to the highest standards,

reflected inthe improvement of our right-first-

time metric from 65% to 95% this year

Having focused on product quality and warranty-

related investments, our customer satisfaction

scores improved in FY 2025 compared with the

prior year across all new core models

Achievements this year

Have improved our safety performance measures

with an accident frequency rate of0.30, better

than our 2025 target

Received ISO50001 certification for energy

management at our Gaydon and St Athan facilities

through improved energy efficiency

Achievements this year

Successfully implemented the first wave

ofourbusiness transformation programme

Completed the first phase of organisational

adjustments announced in February 2025 and

commenced a second wave in Q4 2025

Previously announced Capex reduction has

already helped the business to adapt to the

dynamic and challenging market environment

Achieved a 16% decrease in adjusted operating

expenses (excl. D&A), compared to the prior year

Focus going forward

Relentless focus on quality and continue toinstil

rigour and discipline in the planning and execution

ofour product launch cycles

Use the Valhalla programme as a new benchmark

for our product launch cycles, with key learnings

transferable to future launches

Focus going forward

Continue optimising product development

processes to maximise cross-carline component

sharing, reduce complexity anddrive

engineeringefficiencies

Continue working towards our ambition to

achieve zero accidents across our business

Focus going forward

Continue to execute the second and third

wavesofour business transformation,

drivinggreater performance andsustainably

profitable growth

Complete the second phase of the organisational

adjustments announced inQ42025

Our key performance indicators Principal risks and uncertainties

Revenue

Macroeconomic and geopolitical instability

Programme delivery

Wholesale volumes

Brand/reputational damage

Demand generation

Gross profit

Technological advancement

Cyber security and IT resilience

Gross margin

Climate change

Supply chain disruption

Adjusted EBIT

Liquidity

Net debt

Compliance with laws and regulations

Free cash flow

Health and safety

Quality

Talent acquisition and retention

Health & safety Accident Frequency Rate

Quality

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

OUR STRATEGY CONTINUED

Creating a sustainably profitable business model

todeliver future success

With our award-winning range of model-lines, we seek to transform Aston Martin

from a high-potential to a high performing business that delivers the ultra-luxury

experience our customers expect

Our unique strengths

High performance technology

andmarketing

The Aston Martin Aramco F1® Team provides a

global marketing platform and access to technology

from the pinnacle of motor sports

Our iconic brand

With over 113 years of expertise, our globally

recognised British brand is uniquely positioned to

traverse the ultra-luxury and high performance

automotive sector and is renowned for the use of

V8 and V12 engines

Customer focused

We build close and long-standing relationships

with our customers, listening to their needs and

delivering products and an experience that meets

their ultra-luxury demands

Limited edition Specials

Exclusive vehicles incorporate cutting edge

design and technology, highly sought after by

automotive collectors and enthusiasts

Our relentless pursuit of innovation

We create vehicles incorporating technology,

precision and craftsmanship that deliver thrilling

performance and experience both on the road and

the track through our own teams and industry-

leading partners

Our people

Our brand attracts global talent across the business

including design, technology, engineering,

operations and supply chain with a focus on

collaboration and cross-functional working

Our value chain identifies how we deliver products and services to our customers

Find out more about Our Value Chain in our Sustainability Report

We create value through the design, development, manufacture and delivery of ultra-luxury vehicles to our customers

Upstream – We manufacture our

portfolio of products based on

supplychain relationships

focusedonquality, sustainability

andrisk management

Own operations – We nurture

collaborative and strategic partnerships

to advance technology and engineering

innovation, in addition to deepening

thestrength of our workforce

Downstream – We provide a bespoke,

ultra-luxury customer experience

through our global network of

dealerships that puts the customer

atthe heart of everything we deliver

ASTON MARTIN LAGONDA

20 OUR BUSINESS MODEL

Dealer network

Key partners with 156 locations

across 53 countries that

represent the brand and carry

our brand identity, performing a

critical customer-facing role with

detailed product and options

insights that ensure an

ultra-luxury experience

Racing. Green., accelerating

our journey to a sustainable

ultra-luxury high

performancebusiness

Products

Exquisitely designed and

uniquely personalised models,

handcrafted and built in the UK

by a dedicated team of experts,

supported by a global supply

chain and cutting edge

technology

Customers

Understanding our customer

needs to deliver exhilarating

products and unique Special

editions for a growing ultra-luxury

consumer market

Our values

¤ Unity: Stronger together – The excitement of meeting the

challenge. The exhilaration of meeting it as a team. We achieve

our goals through collaboration and connection.

¤ Openness: Listen, and you will see – Every voice is heard.

Diverseperspectives understood. A willingness to be open

witheach other is our source of strength.

¤ Trust: Believe in the team – Fundamental respect. Recognition.

We put faith in each other’s unique insight and expertise.

No one builds an Aston Martin on their own

¤ Ownership: Take responsibility – Performance, dedication and

passion come from within. We set the standard and hold each

other accountable.

¤ Courage: Towards greater things – To be at the forefront of

innovation requires positivity, bravery, and a dedication to

personal growth and excellence.

Our engine for

value creation

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

ANNUAL REPORT AND ACCOUNTS 2025

21 OUR BUSINESS MODEL CONTINUED

Long-term trends

The Global High Net Worth Individual (‘HNWI’)

population is projected to show robust growth of

6.9% from 2024-2028, with the North America and

Asia regions remaining the largest hubs, and Africa

showing the strongest growth potential.

Within the HNWI population there is a

generational shift, with a younger cohort gaining

importance within the luxury goodsmarket. The

younger generations are projected to account for

85% of global luxury purchases by 2030, and their

core values drivedifferent purchasing criteria,

being motivated by experience rather than status

and recognition.

We expect luxury cars to remain one of the largest

single spending categories, with 28% of ‘Next

Generation Wealth’ (wealthy individuals aged

18-35 years old) identifying luxurycars as the

luxury asset they would most like to own. Our

planned portfolio expansion will cater for a

broader range of requirements and tastes to

meetthehigh-end segment growth.

Customer expectations

Aston Martin is well placed to meet the needs of

the HNWIdemographic change. Our handcrafted

vehicles are purposed for both driver confidence

andenjoyment when in use on public roads, as well

as having the capability to extend this confidence

and enjoyment to track driving –should the

ownerwish to. We offer a model range with

acommanding variety of capabilities, and

abroadexperiential bandwidth.

The freedom for self-expression when specifying

our cars is equally broad. The vast range of colour

and trim combinations, the broad options palette,

and bespoke customisation through the ‘Q

Commissions’ division enables our customers to

bring theirown unique requirements into their

specification. Beyond this the Specials programmes

extend this individuality into unique and highly

collectable cars. We work with our dealer network

partners to ensure the level of customer experience

meets with the needs of the ultra-luxury market.

Our application of technology will retain

theenjoyment gained from the precision

andtactile nature of the best ‘analogue’ controls,

embedding engineering expertise and ingenuity

into our cars in a way that talks toall the senses.

Geopolitical and policy uncertainty

We continue to face dynamic and increasingly fragmented

legislative andpolitical landscapes across our global markets.

Global conflicts, tensions and divisions have emerged with

tariff deployment impacting key markets, including the U.S.

and China.

Our business transformation programme, along with the

aligned Strategic Partner sourcing strategy, will increase our

resilience to external shocks. We will continue to be a strong

voice in industry groups – both in the UK and overseas – and

will engage directly where we consider itto be appropriate.

Policy framework

A firm commitment to decarbonisation and sustainability

isembedded in the development process of our current

andfuture vehicles. Wewill continue to meet legislative

requirements with an agile and efficient approach, remaining

true to our ultra-luxury high performance strategy and

commitment to sustainability where we have continued to

see improvements in our ratings from globally recognised

agencies. We have commenced this journey with the launch

of Valhalla, our first mid-engined plug-in hybrid vehicle.

Futureproducts and propulsion systems will follow a strategy

based on how customers use their cars, including electrically

boosted and assisted combustion drivetrains in efficient and

lightweight vehicle architectures. We will then incrementally

add all-electric drivetrains to coincide with the introduction of

the next step change in innovative battery technology.

Our market

Designed for excellence, addressing demand

for ultra-luxury high performance

ASTON MARTIN LAGONDA

OUR MARKET

acing is an integral part of Aston

Martin’s identity. Since returning to

the Formula One™ grid in 2021, the

marque’s involvement has transfused F1®

methods, materials and minds from the

grid to its road and track vehicles.

F1® is the pinnacle of motorsport

and builds our brand image as a

performance powerhouse, producing

exquisitely addictive performance sports

cars, including the ultimate hypercar,

Valkyrie and the awe-inspiring Valhalla,

which apply F1® materials andknowledge.

With a long-term sponsorship agreement

in place, Aston Martin’s grid presence has

notonly propelled the brand onto

theglobal stage, but also inspired

customers, who are now specifying more

road cars in green than everbefore.

The next few years are pivotal for

theAston Martin Aramco F1® Team,

whowelcomed acclaimed F1® designer,

engineer and aerodynamicist Adrian

Newey in 2025 as part of the team’s

ambition to be a leading force in thesport.

ASTON MARTIN

AND F1®

SPONSORSHIP

BORN OUT OF RACING OVER

113 YEARS AGO, IT IS ONLY

RIGHT THAT ASTON MARTIN

HOLDS IT’S POSITION AT THE

PINNACLE OF MOTORSPORT

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

ANNUAL REPORT AND ACCOUNTS 2025

23 HIGHLIGHTS OF THE YEAR

Engaging our stakeholders

Two-way engagement with

ourstakeholders allows them

tounderstand our business and

us to understand their priorities

so that we can respond to them.

We believe that stakeholder engagement is

essential to deliver a sustainable business, and

weconsistently engage with our stakeholders

throughout our business at all levels of the

organisation. Stakeholder engagement is a

two-way process. By establishing and maintaining

effective relationships with our stakeholders, we

can respond to their changing needs and priorities

and keep them updated on our strategy,

challenges and successes.

A summary of who our key stakeholders are,what

matters to them, how we engage with them and

the outcome of our engagement is set out on the

following pages and is reinforced throughout this

Report. Engagement at Board level is highlighted

with the B symbol.

Our Section 172 statement which sets out howthe

Board has taken into account the interests of the

Company’s stakeholders in its decision-making is

set out on pages 98-99.

Customers and enthusiasts

Customers and enthusiasts are key to our brand and our business

success. Their emotional connection with the brand enables us to

build a strong and loyal customer community.

What matters to them?

¤ Beautiful design, engineering integrity and dynamic

performance

¤ Quality, safety of products and environmental commitment

¤ Brand strength, exclusivity and scarcity

¤ Personalisation

¤ Ultra-luxury customer experience

¤ Cost of ownership

¤ Sense of community

How we engaged in 2025

¤ Bespoke Global Customer Relationship Management strategy

¤ Ultra-luxury customer experiences at Gaydon to support

successful launch programmes

¤ Corporate, brand and product storytelling to engage clients

and fans across Aston Martin’s digital portfolio

¤ Dedicated Aston Martin customer magazine now featuring

aspirational dealer and customer-centric stories

¤ Launch of Aston Martin Experiences featuring tailored events

for Core and Special vehicle owners

¤ Dealership events in collaboration with local specialist brands

and luxury experience partners

¤ Formula One™ hospitality and endurance racing programmes

¤ Executives meeting customers at leading luxury events such as

Goodwood Festival of Speed and Monterey Car Week B

¤ Global editorial communications strategy, driving coverage

across automotive and lifestyle media

¤ Flagship luxury locations in key markets, enabling high-conversion

launches of Special products

Outcomes of engagement

¤ Release of new dealer marketing tools in 2025 has resulted in a

>50% year-on-year increase in sales made from Customer

Relationship Management system and digital dealer marketing

activity

¤ >150% growth in leads generated since launching the new

configurator in October 2025

¤ Leading to >120% growth in opportunities generated for

dealers from our owned digital channels

¤ 1.4 million increase in social media engagements (36.5m vs.

35.1m in FY24)

ASTON MARTIN LAGONDA

OUR STAKEHOLDERS

Dealer network

Our Authorised Dealer Network is the direct contact point

between our brand and our customers. They enable us to

safeguard and ensure consistent brand positioning and customer

experience while operating a scalable and cost-efficient

operating model.

What matters to them?

¤ Brand awareness and strength

¤ Company support

¤ Demand and supply management to ensure exclusive desirability

¤ Programmes to identify and generate sales opportunities

¤ Increasing customer satisfaction and retention targeting

ultra-luxury segment

¤ Ultra-luxury quality product and product life cycle management

¤ Return on investment

How we engaged in 2025

¤ Senior leadership engagement to strengthen new and existing

dealer partner relationships and support the delivery of core

strategy B

¤ Senior leadership attendance (physical or virtual) at local

regional dealer meetings/conferences held during the year

¤ Continued rollout of dealer network programmes and systems

to monitor and drive performance and maximise market

opportunity

¤ Expansion and enhancement of the Global Wings Award

programme to recognise best in class operation and

performance

¤ Continued management of Dealer Operating Standards and

implementation of new Corporate Identity standards driving

consistency in representation and elevation of ultra-luxury

customer experience

¤ Continued development of in-house training team and

programmes

¤ Continued development of digital platforms, supporting

increased engagement and elevated brand representation

Outcomes of engagement

¤ Higher levels of dealer engagement and satisfaction

¤ Increased brand awareness driving greater level of

customerenquiries

¤ Increased enquiries from ultra-luxury automotive groups

wishing to represent Aston Martin

¤ Dealers aligned to the Company’s strategy

¤ Strengthening and alignment of central and regional

seniormanagement, supporting closer dealer relationship

andcommunications

Suppliers and partnerships

Supplier relationships are fundamental to our business and

offerus a source of technical expertise and brand enhancement

whilst allowing partners to showcase innovative products for

long-term benefit.

What matters to them?

¤ Responsible procurement with a focus on trust and ethics

¤ Development of strong, lasting relationships

¤ Commitment to transparency and open dialogue

¤ Reliability in fulfilling agreements

¤ Commercial fairness, continuous operational improvement and

enhanced financialperformance

¤ Building capabilities and expertise within the partnership

¤ Leveraging design and technical know-how

How we engaged in 2025

¤ Sponsorship of Aston Martin Aramco Formula One™ Team

toprovide a direct global marketing platform targeting key

customers and enhancing the brand B

¤ Cross-functional team working closely with suppliers to

mitigate potential risks to production and resolve issues

¤ Collaboration with suppliers to deliver innovation and

economic improvement

¤ Continued use of a leading automotive sustainability

platformcollating validated sustainability and governance

datafrom suppliers

Outcomes of engagement

¤ Best-in-class technologies introduced into our new product

range through engagement with state-of-the-art supply base

¤ Strategically embedding Environmental, Social and

Governance (‘ESG’) into procurement processes enhancing

riskidentification and enabling collaboration with all suppliers

to strengthen their sustainability performance and scoring

¤ Improved Responsible Procurement Policy to redefine

standards and minimum expectations to suppliers

¤ Strong, collaborative relationships with strategic partners to

support long-term strategic roadmap

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

ANNUAL REPORT AND ACCOUNTS 2025

25 OUR STAKEHOLDERS CONTINUED

Our people

Our people are the key to our success. Our performance depends

on their passion, knowledge, experience and creativity.

What matters to them?

¤ Personal development and career opportunities

¤ Health and safety

¤ Engagement, feeling listened to and valued

¤ Reward and benefits

¤ Equity, Diversity and Inclusion

¤ Environmental and social responsibility

How we engaged in 2025

¤ C-Suite roundtables with employees B

¤ Employee Town Halls B

¤ Consultation on proposed organisational changes

¤ Trade union business update

¤ Health and safety review

¤ Listening sessions to support our culture and deep dive

engagement topics B

¤ Early Careers listening sessions

¤ Aston Martin internal communications platform

¤ Enhancing the profile of Aston Martin’s Inclusion Network

¤ Local health and safety committees

¤ Local trade union meetings

Outcomes of engagement

¤ Performance management process, SPARK, introduced in 2024

and further embedded, with first full cycle in 2025

¤ Continued focus on mental health through training,

management workshops and mental health supporters

¤ Further peer recognition programme following its annual

success since2023

¤ Supported our colleagues through the proposed organisational

restructuring process

¤ Continued our journey to become a Great Place to Work®

¤ Employee suggestion scheme pilot

¤ Launch of Agile Working Policy, designed to give employees

flexibility while continuing to meet customer/business needs

¤ International Women’s Day and Women’s Month celebrations

widened through a programme of activities, recognising

achievements and supporting progress

¤ Wider initiatives led by our I AM Inclusion network during 2025,

enhancing the network’s engagement across the business

¤ Offering colleagues the opportunity to grow in critical skill

areas through 100% utilisation rate of the Apprenticeship Levy

for the first time

Equity and debt investors

Continued access to capital is vital to the long-term performance

of our business. Our focus is to ensure investors understand our

strategy and performance, and for us to understand their priorities.

What matters to them?

¤ Consistent delivery of the Company’s strategy

¤ Financial performance relative to expectations

¤ That the Company demonstrates it is a responsible

andeffective steward of capital

¤ Sustainability

¤ Governance and transparency

¤ Confidence in the leadership team

¤ Stability and predictability

How we engaged in 2025

¤ Webcasts, presentations and meetings hosted by the Executive

Directors andtheInvestor Relations team B

¤ Focused investor relations programme delivered both remotely

and in person including conferences, quarterly results and

trading update roadshows and debt-focused conferences B

¤ Retail shareholders engaged via direct communications, our

website, press activities, Annual Reports, and Annual General

Meeting (‘AGM’) B

¤ Credit rating agencies engaged with including meetings with

the Chief Financial Officer and Investor Relations team B

¤ Hosted investors at the Gaydon Head Office to showcase

thefactory operations and meet with Executive Committee

members

¤ Hosted driving events for investors and analysts to experience

the core models

¤ For more information see Investor Engagement on pages

102-103

Outcomes of engagement

¤ In May, received strong support at the General Meeting (‘GM’)

from the Company’s existing shareholders for a c. £52.5m

investment in the Company by the Yew Tree Consortium to

support future growth and enhance liquidity

¤ In Q3, announced the sale of shares in AMR GP Holdings Limited

for net proceeds of c. £106m, providing Aston Martin with

additional liquidity

ASTON MARTIN LAGONDA

OUR STAKEHOLDERS CONTINUED

Local communities and NGOs

We aim to build positive relationships with local communities

andNon-Governmental Organisations (‘NGOs’) interested

inourbusiness.

What matters to them?

¤ Trust and ethics

¤ Safety

¤ Sustainability and non-financial performance including

theenvironmental impact of our products

¤ Career opportunities for members of the local community

¤ Local operational impact

How we engaged in 2025

¤ Pilot STEM partnership with The Smallpeice Trust established

to run outreach programmes with local schools, to promote

Science, Technology, Engineering and Mathematics (‘STEM’)

¤ Careers outreach in schools and at focused careers events

linked to the automotive industry

¤ Philanthropic activities to contribute social and societal benefits

including the launch of our local community funding scheme

¤ Meetings, focus groups, site visits and dialogue with NGOs

including organisations representing industry, social and

environmental interests

¤ Participation in local community forums

¤ Supported the King’s Trust in America to host an event raising

awareness of their work with young people

Outcomes of engagement

¤ Awarded grants to local community groups including for

biodiversity and STEM support

¤ Engagement on a range of matters including new opportunities

for trade and growth, industry challenges, and Aston Martin’s

contribution to local economies and communities

¤ Input into updated sustainability strategy

¤ Over £31,000 raised by employees for our partner charities

¤ As a Royal Warrant Holder, supported Birmingham Children’s

Hospital to obtain funding from the Royal Warrant Holder’s

Charity

¤ Key engagement activities highlighted to the Board, Executive

Committee and senior management through monthly

sustainability report B

Government and regulators

Public policy and regulation impact our business. We aim

toengage constructively and consistently through various

channels. Transparency and political neutrality are at the

heartofour engagement.

What matters to them?

¤ Compliance with regulations and the law

¤ Sustainable operations

¤ Employment and economic impact

¤ Contribution to achieving public policy objectives

¤ Advancing the UK’s innovation and technology capabilities

¤ Contribution to a skilled workforce

How we engaged in 2025

¤ Engaged governments, industry associations, and other

stakeholders globally, to share our specific business priorities

and challenges to be considered in forming new policies with

apotential impact on Aston Martin, including US tariffs and the

quota mechanism

¤ Welcomed numerous senior politicians and government

officials to Gaydon, St Athan and Newport Pagnell

¤ Responded to relevant Government consultations

¤ Participated at the National Apprenticeship Week events

attheUK Parliament with our Early Careers representatives

Outcomes of engagement

¤ Identified public policy-related risks and opportunities,

drafting internal reports for our Executive Committee

ongeopolitical developments

¤ Supported the UK Government at key international events such

as the Expo 2025 in Osaka, Japan, annual King’s Birthday Party

events at British missions in Washington DC, Los Angeles,

Ankara and Istanbul

¤ Collaborated with the UK Government’s GREAT campaign,

increasing brand awareness globally

¤ Supported UK Government events such as the Regional

Investment Summit in Birmingham, helping showcase Britain as

an attractive investment destination

¤ Participated in panels for relevant industry associations

andcharitable foundations raising the profile of Aston Martin

within the sector

¤ Automotive, as part of Advanced Manufacturing, has been

selected as one of the priority industries in the Government’s

Modern Industrial Strategy

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

ANNUAL REPORT AND ACCOUNTS 2025

27 OUR STAKEHOLDERS CONTINUED

Our strategic pillars Revenue

£m

Wholesale volumes

Units

Gross profit

£m

Gross margin

1,584 1,2581,633

2023 2024 2025

6,030 5,4486,620

2023 2024 2025

584 370639

2023 2024 2025

37 2939

2023 2024 2025

Description

Revenue measures the

appeal of our brands and

our ability to build and

sustain brand equity and

increase market share

through product expansion

Description

This measures sales from

the Company to its dealers

and direct customers

Description

Gross profit/(loss)

measures our actual,

reported gross profitability

Description

Gross margin is a measure

of our actual reported

gross profitability

Definition

Revenue is defined in note 2

to the Financial Statements

Definition

Number of vehicles,

including Specials, sold by

the Company to its dealers

and direct customers

Definition

Net revenue, less Cost

ofSales

Definition

Gross profit divided by

revenue

Remuneration linkage

None

Remuneration linkage

None

Remuneration linkage

None

Remuneration linkage

None

2026 Target

Material improvement

compared to 2025

2026 Target

Similar to 2025, with retail

volumes again outpacing

wholesales

2026 Target

Material improvement

compared to 2025

2026 Target

Improve into the high 30s%

Link to strategy:

Our key performance indicators have been updated to reflect the key components of our Targets and Remuneration linkages; deleting Operating profit/(loss), AdjustedEBITDA and Net

debt to Adjusted EBITDA and adding Gross profit/(loss), Gross Margin and Adjusted EBIT

FINANCIAL

Key performance indicators

MARKET DEMAND

QUALITY

COST OPTIMISATION

CULTURE AND CHANGE

OPERATIONS

PRODUCT CREATION

ASTON MARTIN LAGONDA

KEY PERFORMANCE INDICATORS

NON-FINANCIAL

Adjusted EBIT

£m

Net debt

£m

Free cash flow

£m

Quality – Customer

Perception Audit (‘CPA’)

Quality score

Health & safety –

AccidentFrequency Rate

(‘AFR’)

(83) (189)(80)

2023 2024 2025

1,163 1,380814

2023 2024 2025

(392) (410)(360)

2023 2024 2025

ONE OF TWO

TARGETS ACHIEVED

STRETCHING TARGETS

NOT ACHIEVED

STRETCHING TARGETS

NOT ACHIEVED

0.35 0.300.40

2023 2024 2025

Description

This measures our

underlying operating

profitability, stripping out

the impact of adjusting

items from operating

profit/(loss)

Description

Net debt measures

theamount of total

indebtedness at the

Company, net of any

cashand cash equivalents

Description

This measures the

generation and usage

ofcash, including the

impact of all investment

and financing decisions

Description

This is an internal measure

of the quality of each

completed car at the end

ofthe production line

Description

The AFR is the number of

accidents per 100 workers

and measures work-related

recordable injuries or

illnesses (as defined by the

Occupational Health and

Safety Administration

(OHSA))

Definition

Adjusted EBIT is defined in

note 34 to the Financial

Statements

Definition

Total value of all current and

non-current borrowings,

inventory repurchase

arrangements and lease

liabilities, less cash and

cash equivalents and cash

not available for short-

term use (see note 34 to

the Financial Statements)

Definition

Cash inflow/(outflow) from

operating activities plus

the cash used in investing

activities (excluding

interest received) plus

interest paid in the year,

less interest received

(seenote 34 to the

Financial Statements)

Definition

The CPA score is

determined through the

audit of each car at the point

that it has completed all

the production processes

and is intercepted as

itwould be handed

overtothe outbound

transportcompany

Definition

The AFR measure is

calculated by the number

of work-related recordable

injuries or illnesses (defined

by the OHSA definition)

divided by the number of

hours worked over a

12-month period ending on

31 December each year

Remuneration linkage

Represented 50% of the

Group scorecard of

performance measures for

the annual bonus for 2025.

In 2026, adjusted EBIT will

represent 30% ofthe

scorecard for LTIP

performance shares

Remuneration linkage

None

Remuneration linkage

Represented 30% of

theGroup scorecard

ofperformance measures in

2025. For2026, free cash

flow will represent 2/3 of

theGroup bonus scorecard

and 40% of the scorecard

for LTIP performance shares

Remuneration linkage

Quality measures, including

CPA score, represented 15%

of the Group scorecard

measures for the 2025

annualbonus. For 2026,

quality metrics will form

part of the Group Strategic

element of the bonus

Remuneration linkage

Health and safety

represented 5% of the

Group scorecard measures

for the annual bonus. For

2026, safety will form part

of the Group Strategic

element of the bonus.

2026 Target

Material improvement

compared to 2025

2026 Target

Delever over the

medium-term

2026 Target

Material improvement in

free cash outflow

compared to 2025

2026 Target

Ambition for continuous

year-on-year improvement

in CPA scores for GT/

sports cars and DBX

2026 Target

Ambition for continuous

year-on-year reduction

Link to strategy:

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

KEY PERFORMANCE INDICATORS CONTINUED

DOUG LAFFERTY

Chief Financial Officer

ASTON MARTIN LAGONDA

30 FINANCIAL REVIEW

2025 Financial Review

Introduction

his year, we continued to advance our product strategy

with the rollout of our refreshed and expanded model

range, including the launch of our core model

derivatives and the initial deliveries of Valhalla, our first

mid-engined PHEV supercar. We also made progress on our

transformation journey and despite the results of this perhaps

not being immediately evident in 2025, I’m confident that

actions we have taken this year will support performance in

the years to come.

Alongside our peers, the industry experienced a series of

unexpected challenges driven by heightened geopolitical

and macroeconomic uncertainties. Despite these

uncertainties, which impacted our overall financial

performance, we delivered a notable sequential

improvement in Q4, supported by the commencement of

higher-margin Valhalla deliveries and core derivatives.

In addition to managing the operations of the business, which

included taking immediate action to reduce costs and capex

in H2, we also completed the sale of AMR GP shares for net

proceeds of c. £106m. These actions, and improved cash

collections at year-end, supported our liquidity position

ending the year with total liquidity of £250m.

I would like to thank all the teams that have supported the

business through this year, and I look forward to moving into

2026 where we aim to deliver materially improved financial

performance underpinned by both our world class product

portfolio and our ongoing operational transformation. Of

course, we remain alert to the geopolitical and

macroeconomic uncertainty the industry continues to face

but our focus remains on delivering sustainably profitable

growth for all our stakeholders.

£m FY 2025 FY 2024 % change Q4 2025 Q4 2024 % change

Total wholesale volumes

5,448 6,030 (10%) 2,096 2,391 (12%)

Revenue 1,257.7 1,583.9 (21%) 518.1 589.3 (12%)

Gross profit 369.8 583.9 (37%) 160.4 207.0 (23%)

Gross margin (%) 29.4% 36.9% (750 bps) 31.0% 35.1% (410 bps)

Adjusted EBIT (189.2) (82.8) (129%) (17.1) 38.7 n/m

Operating (loss)/profit (259.2) (99.5) (161%) (68.4) 33.3 n/m

Loss before tax (363.9) (289.1) (26%) (111.2) (60.2) (85%)

Net debt (1,380.3) (1,162.7) (19%) (1,380.3) (1,162.7) (19%)

1 Number of vehicles including Specials

“DESPITE THESE UNCERTAINTIES, WHICH IMPACTED

OUR OVERALL FINANCIAL PERFORMANCE, WE

DELIVERED A NOTABLE SEQUENTIAL IMPROVEMENT

IN Q4, SUPPORTED BY THE COMMENCEMENT OF

HIGHER‑MARGIN VALHALLA DELIVERIES AND

COREDERIVATIVES”

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

FINANCIAL REVIEW CONTINUED

2025 full year financial summary

Delivered significantly stronger H2 2025 performance

compared to H1 2025, reflecting the planned timing of

newcore derivatives and initial Valhalla deliveries:

¤ FY 2025 total wholesale volumes decreased 10% to 5,448

(FY 2024: 6,030) impacted by heightened challenges in the

global macroeconomic environment, geopolitical

uncertainties, the delivery of fewer Specials and a

disciplined approach to balancing production and demand

¤ FY 2025 retails volumes outpaced wholesales

– Q4 2025 total wholesale volumes increased sequentially

by 47% to 2,096 (Q3 2025:1,430) reflecting the planned

timing of new core derivatives and initial Valhalla deliveries

FY 2025 revenue decreased 21% to £1,258m (FY 2024: £1,584m)

reflecting lower year-on-year total wholesale volumes and a

decrease in total ASP:

¤ FY 2025 total ASP of £209k, down 15% (FY 2024: £245k)

driven by a lower year-on-year number of Specials in

preparation for commencement of Valhalla deliveries in

Q4 2025

– Q4 2025 total ASP of £232k, was broadly flat

year-on-year (Q4 2024: £236k) and increased by

30%sequentially (Q3 2025: £178k) driven by 152

Valhalla deliveries

¤ FY 2025 core ASP of £185k, up 5% (FY 2024: £177k)

reflects benefits of new core model line up with

contribution to core revenue from options broadly stable

at c. 18% (FY 2024: c. 18%)

– Q4 2025 core ASP of £183k, up 5% (Q4 2024: £175k)

reflects enhanced model mix with initial deliveries of

DBX S and Vantage S derivatives as well as

VanquishV12volumes

FY 2025 gross profit decreased 37% to £370m

(FY2024: £584m) and gross margin decreased to 29%

(FY2024: 37%), reflecting the:

¤ Introduction of increased tariffs in both the U.S. and China

¤ Guided decrease in Specials deliveries and fewer

corewholesales

¤ Impact of previously communicated additional warranty

costs, increased dealer support and other investments

made in product quality amounting to an increase of c.

£65m compared with FY 2024

Adjusted operating expenses (excl. D&A) decreased 16% to

£262m (FY 2024: £313m), which aligns with the Group’s focus

on optimising the cost base, as part of its ongoing

transformation programme

FY 2025 adjusted EBIT loss of £189m (FY 2024: loss £83m)

reflects, as outlined above, lower gross profit, slightly

offsetby a decrease in adjusted D&A of 16% to £297m

(FY2024: £354m)

FY 2025 operating loss increased to £259m

(FY2024: £100mloss)

FY 2025 free cash outflow of £410m

(FY2024: £392moutflow) included:

¤ Net cash inflow from operating activities of £74m

(FY2024: £124m cash inflow), inclusive of a working capital

inflow of £6m (FY 2024: £118m outflow)

¤ Net cash interest paid of £143m (FY 2024: £115m)

¤ Reduced capital expenditure year-on-year of £341m

(FY2024: £401m)

– Q4 2025 free cash inflow of £5m (Q4 2024: £2m)

Total cash and available facilities (‘liquidity’) of £250m on

31 December 2025, stable on Q3 2025 (£248m) supported by

Q4 2025 performance including improved cash collections at

year end:

¤ Further enhanced by the proposed sale of the Aston

Martin naming rights to AMR GP for a consideration of

£50m in cash in Q1 2026

Net debt at 31 December 2025 of £1,380m (31 December

2024: £1,163m) reflects a decrease in the cash balance and

increased drawing on the Revolving Credit Facility; adjusted

net leverage ratio of 12.8x (31 December 2024: 4.3x); the

business remains committed to deleveraging over the

medium-term

ASTON MARTIN LAGONDA

FINANCIAL REVIEW CONTINUED

Revenue and ASP summary

£m FY 2025 FY 2024 % change Q4 2025 Q4 2024 % change

Sale of vehicles 1,142.7 1,477.9 (23%) 488.0 564.5 (14%)

Total ASP (£k) 209 245 (15%) 232 236 (2%)

Core ASP (£k) 185 177 5% 183 175 5%

Sale of parts 90.3 84.4 7% 23.0 19.8 16%

Servicing of vehicles 12.1 11.0 10% 3.0 2.2 36%

Brand and motorsport 12.6 10.6 19% 4.1 2.8 46%

Total revenue 1,257.7 1,583.9 (21%) 518.1 589.3 (12%)

FY 2025 revenue decreased by 21% to £1,258m (FY

2024: £1,584m). This was due to the impact of fewer core

volumes and, as expected, lower Special deliveries compared

to the prior year. While total ASP decreased by 15%, again

reflecting fewer Specials, FY 2025 and Q4 2025 core ASP

both increased 5% compared to the prior year period,

benefiting from the expanded range of core derivatives.

Demand for unique product personalisation continued

todrive strong contribution to core revenue in FY 2025

ofc.18%, broadly in line with prior year period.

Note: Sport/GT includes Vantage, DB11, DB12, DBS and Vanquish

Aston Martin’s performance in FY 2025 reflects the

heightened challenges in the global macroeconomic and

geopolitical environments impacting demand including the

ongoing effect of tariffs, in addition to the delivery of fewer

Specials. FY 2025 total wholesale volumes were down 10%

at5,448 (FY 2024: 6,030), with retail volumes outpacing

wholesales, as the Group maintained a disciplined approach

to managing the balance between production and demand.

As expected, Q4 2025 was the strongest period in 2025. The

Group benefited from both an expanded range of core models

including initial deliveries of DBX S, Vantage S and Volante 60

anniversary limited editions, and the first 152 deliveries of the

Valhalla supercar, Aston Martin’s first mid-engined PHEV. As a

result, Q4 2025 total wholesale volumes of 2,096 increased

sequentially, up 47% on the previous quarter (Q3 2025: 1,430).

During this period of continued product evolution, the

orderbook for core vehicles has remained broadly

unchanged, extending for up to five months. An extensive

global programme of Valhalla customer driving events

continued throughout Q4 2025 with further events scheduled

in 2026. This provides current and prospective customers

with the first opportunity to experience the exceptional

performance of Aston Martin’s first series production

mid-engined PHEV supercar, with current Valhalla orders

taking deliveries into Q4 2026.

Volumes remained relatively well-balanced across the

Group’s four regions. In line with the overall performance in

FY 2025, wholesale volumes across all regions were down

compared to FY 2024 due to the reasons outlined above. In

addition, the timing of various model transitions and

deliveries across the regions over the past year also impacted

volumes when compared to the prior year period. The

Americas and EMEA, excluding UK, were again the largest

regions in FY 2025, collectively representing 63% of total

wholesales. While China remains a market with long-term

growth potential, demand there remained extremely

subdued in line with other luxury automotive peers, due to a

weak macroeconomic environment and changes to the

luxury car tariff effective from July 2025. FY 2025 wholesale

volumes in APAC, excluding China, were also weaker than

expected, down 25%. Volumes in the Group’s home market,

the UK, were reasonably robust, representing 19% of total

wholesale volumes.

Wholesale volume summary

Number of vehicles FY 2025 FY 2024 % change Q4 2025 Q4 2024 % change

Total wholesale 5,448 6,030 (10%) 2,096 2,391 (12%)

Core (excluding Specials) 5,266 5,812 (9%) 1,934 2,331 (17%)

By region:

UK 1,032 1,086 (5%) 404 422 (4%)

Americas 1,868 1,928 (3%) 788 816 (3%)

EMEA ex. UK 1,580 1,796 (12%) 572 695 (18%)

APAC 968 1,220 (21%) 332 458 (28%)

By model:

Sport/GT 3,549 3,925 (10%) 1,155 1,509 (23%)

SUV 1,717 1,887 (9%) 779 822 (5%)

Specials 182 218 (17%) 162 60 170%

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

FINANCIAL REVIEW CONTINUED

The lower FY 2025 revenue, as a result of the decrease in

Specials deliveries and core volumes, also impacted gross

profit, which decreased to £370m (FY 2024: £584m),

resulting in a gross profit margin of 29% (FY 2024: 37%). This

includes the impact of U.S. tariff increases and the previously

communicated warranty costs, dealer support and other

investments made in product quality amounting to an increase

of c. £65m compared with FY 2024. Q4 2025 gross margin

increased sequentially to 31% (Q3 2025: 29%), supported by

core volumes and Specials, whilst ongoing warranty costs and

dealer support to reduce aged stock, still impacted the period.

Adjusted EBITDA decreased by £163m in FY 2025 to £108m

(FY 2024: £271m) with adjusted EBITDA margin declining to

9% (FY 2024: 17%). This reflects the lower gross profit and a

£(15)m FX impact, which was partially offset by a 16%

decrease in adjusted operating expenses (excluding D&A) to

£262m (FY 2024: £313m). This aligns with the Group’s focus

on optimising the cost base, as part of its ongoing

transformation programme and to drive future operating

leverage through disciplined cost management from 2026

onwards. Adjusted operating expenses included the

previously announced £11m benefit from the revaluation

uplift of the secondary warrant option associated with the

disposal of the Group’s AMR GP investment.

Adjusted EBIT decreased in FY 2025 to £(189)m (FY

2024: £(83)m) with adjusted depreciation and amortisation

decreasing by 16% to £297m (FY 2024: £354m), primarily

reflecting fewer Specials.

Adjusted net financing costs of £109m (FY 2024: £173m),

decreased primarily due to the £71m year-on-year gain of

non-cash U.S. dollar debt revaluation due to the weaker U.S.

dollar (FY 2025: £57m gain, FY 2024: £(14)m loss). FY 2025

net adjusting finance income of £4m relates to movements in

the fair value of outstanding warrants. The prior year net

adjusting finance expense of £17m comprised of a £35m

redemption premium associated with the refinancing of

senior secured notes partially offset by an £18m gain in the

fairvalue of outstanding warrants.

The adjusted loss before tax increased to £298m

(FY2024: £256m loss), largely reflecting the weaker

volumesand adjusted EBIT.

On a reported basis, FY 2025 operating loss of £259m (FY

2024: £100m loss) increased primarily due to the decrease in

adjusted EBIT and increase in adjusting items, largely relating

to the net impairment of capitalised development spend of

£38m as part of a full review of the future product cycle plan.

This was partially offset by the decrease in net finance

expenses resulting in a 26% increase in loss before tax

at£364m (FY 2024: £289m loss).

The weighted average share count at 31 December 2025 was

982 million (31 December 2024: 832 million), following the

placing of new ordinary shares in May 2025. 20 million shares

in relation to the warrants remain outstanding and are

exercisable until 2027, giving an adjusted EPS of (43.5)p

(FY2024: (34.8)p).

Income statement summary

£m FY 2025 FY 2024 Q4 2025 Q4 2024

Revenue 1,257.7 1,583.9 518.1 589.3

Cost of sales (887.9) (1,000.0) (357.7) (382.3)

Gross profit 369.8 583.9 160.4 207.0

Gross margin % 29.4% 36.9% 31.0% 35.1%

Adjusted operating expenses (559.0) (666.7) (177.5) (168.3)

of which depreciation & amortisation 297.3 353.8 117.5 119.4

Adjusted EBIT (189.2) (82.8) (17.1) 38.7

Adjusting operating items (70.0) (16.7) (51.3) (5.4)

Operating (loss)/profit (259.2) (99.5) (68.4) 33.3

Net financing expense (104.7) (189.6) (42.8) (93.5)

of which adjusting financing income/(expense) 4.2 (16.9) 1.2 2.3

Loss before tax (363.9) (289.1) (111.2) (60.2)

Tax (charge) (129.1) (34.4) (101.3) (43.6)

Loss for the period (493.0) (323.5) (212.5) (103.8)

Adjusted EBITDA 108.1 271.0 100.4 158.1

Adjusted EBITDA margin 8.6% 17.1% 19.4% 26.8%

Adjusted loss before tax (298.1) (255.5) (61.1) (57.1)

EPS (pence) (50.2) (38.9)

Adjusted EPS (pence) (43.5) (34.8)

ASTON MARTIN LAGONDA

FINANCIAL REVIEW CONTINUED

FY 2025 net cash inflow from operating activities decreased

by £50m to £74m (FY 2024: £124m), largely reflecting a

£163m decrease in adjusted EBITDA, as explained above,

partially offset by improved working capital with a £6m

inflow (FY 2024: £118m outflow). The drivers of the FY 2025

working capital inflow were:

¤ £13m decrease in payables (FY 2024: £34m decrease),

more than offset by:

– £15m decrease in inventories (FY 2024: £13m increase),

due to deliveries of new core derivatives and Valhalla in

Q4 2025

– £3m increase in deposits held (FY 2024: £178m

decrease), due to Valhalla deposit collections offsetting

the deposit outflow from Special deliveries

– £2m decrease in receivables (FY 2024: £107m decrease)

following improved cash collections at year end

Capital expenditure of £341m was below the comparative

period (FY 2024: £401m), in line with the Group’s revised

guidance, (original guidance at the start of the year:

c.£400m) reflecting initial benefits of the cost and Capex

reductions announced at Q3 2025. Further, the Group is

undertaking actions related to its future product cycle plan

that will enable the Group to target a reduction in 5-year

Capex from c. £2.0bn to c. £1.7bn, through a continued

focused on utilising existing platform architecture for internal

combustion engine vehicles, in line with regulatory trends

and customer demand.

FY 2025 free cash outflow increased by £18m compared to

the comparative period to £410m (FY 2024: £392m outflow),

primarily due to the decrease in cash inflow from operating

activities and increased net cash interest paid, partially offset

by the decrease in capital expenditure.

£m 31 Dec-25 31 Dec-24

Loan notes (1,329.8) (1,378.9)

Inventory financing (39.6) (38.4)

Bank loans and overdrafts (170.4) (8.4)

Lease liabilities (IFRS 16) (91.8) (96.6)

Gross debt (1,631.6) (1,522.3)

Cash balance 249.9 359.6

Cash not available for short term use 1.4 0.0

Net debt (1,380.3) (1,162.7)

Compared with 31 December 2024, gross debt increased to

£1,632m (31 December 2024: £1,522m) as a result of an

increase in bank loans and overdrafts. This was partially

offset by a non-cash FX gain on $-denominated loan notes of

£57m (FY 2024: £14m loss).

Total cash and available facilities (‘liquidity’) was £250m on

31 December 2025, marginally improving on Q3 2025 (Q3

2025: £248m) given the strong performance in Q4 2025 and

improved cash collections at year end. The reduction in total

liquidity from 31 December 2024, largely reflects the £410m

free cash outflow in the year, as described above, partially

offset by the c. £106m inflow of net proceeds following the

completed sale of AMR GP shares and £52.5m investment

from the Yew Tree Consortium. This is to be further enhanced

by the proposed sale of the Aston Martin naming rights to

AMR GP for a consideration of £50m in cash in Q1 2026.

Net debt at 31 December 2025 of £1,380m (31 December

2024: £1,163m) reflects a decrease in the cash balance and

increased drawing on the Revolving Credit Facility. The adjusted

net leverage ratio of 12.8x (31 December 2024: 4.3x) reflects

the increase in net debt and decline in adjusted EBITDA.

Cash flow and net debt summary

£m FY 2025 FY 2024 Q4 2025 Q4 2024

Cash generated from operating activities 74.1 123.9 163.5 175.3

Cash used in investing activities (excl. interest) (341.0) (400.6) (87.0) (100.6)

Net cash interest paid (143.0) (114.9) (71.4) (72.5)

Free cash (outflow)/inflow (409.9) (391.6) 5.1 2.2

Cash inflow/(outflow) from financing activities and other investing

activities (excl. interest)

305.1 356.5 (2.8) 193.1

(Decrease)/increase in net cash (104.8) (35.1) 2.3 195.3

Effect of exchange rates on cash and cash equivalents (4.9) 2.3 0.2 7.4

Cash balance 249.9 359.6 249.9 359.6

Available facilities 0.4 154.1 0.4 154.1

Total cash and available facilities (“liquidity”) 250.3 513.7 250.3 513.7

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

FINANCIAL REVIEW CONTINUED

ASTON MARTIN LAGONDA

HIGHLIGHTS OF THE YEAR

Aston Martin’s proud

association with the

RoyalFamily continues

with the granting

ofanew Royal Warrant.

Whilst official confirmation of the

newRoyal Warrant came in May 2024,

in April 2025 Aston Martin formally

applied the prestigious Royal Arms

toits branding, following release

ofthenew Royal Coat of Arms of

KingCharlesIII by the College of Arms.

The granting of a new Royal Warrant

follows Aston Martin being honoured

for innovation with the King’s Award for

Enterprise in 2024. It continues

AstonMartin’s eight-decade long

history with the Royal Family, dating

back to 1954, when Prince Philip, Duke of

Edinburgh, took delivery of a three-litre

Lagonda. The following year, Queen

Elizabeth II’s cousin, the Duke of Kent,

acquired a DB2/4 from the Aston Martin

team that had won the 1955 Monte

Carlo rally. The King’s DB6 Mk2 Volante

that has remained an icon of the Royal

Family’s long association with the

marque and Aston Martin’s hand built

British sports cars. The King has been a

member of the Aston Martin Owners

Club since 1973, with Aston Martin

holding a Royal Warrant as a Motor Car

Manufacturer and Repairer to His Royal

Highness ThePrince of Wales since 1982

and nowcarries the arms of the

sovereign forthe first time.

In more recent times, the DB6 Mk2

Volante took centre stage at the

wedding of the current Prince and

Princess of Wales in 2011, with the sight

of the Royal Couple departing down

The Mall in an Aston Martin thrilling

thousands of cheering onlookers. In

2020, as Prince of Wales, His Majesty

officially opened Aston Martin’s new

state-of-the-art DBX SUV manufacturing

facility in St Athan, Wales, a move that

saw manufacturing commence of the

first production car built in the country

for more than 50 years.

In 2022, the DB6 Mk2 also provided a

grandentrance for The King and Queen

to the Opening Ceremony of the

Commonwealth Games in Birmingham.

While more recently, in 2024, it was

proudly displayed at Sandringham

during a gathering of the Aston Martin

Owners Club, which saw more than

75Aston Martin models grace the

royalresidence. A fitting celebration

fora brand now decorated by royal

appointment to the monarch.

ASTON MARTIN RECEIVES

THE ROYAL

WARRANT

“OUR APPOINTMENT BY HIS MAJESTY

REPRESENTS A TRULY PROUD AND

HISTORIC MOMENT FOR ASTON MARTIN,

REINFORCING THE LONG‑STANDING

AND ESTEEMED RELATIONSHIP WE

HOLD WITH THE ROYAL FAMILY.”

Adrian Hallmark

CEO of Aston Martin

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

HIGHLIGHTS OF THE YEAR CONTINUED

Introduction to ESG

For Aston Martin, sustainability

is about creating a legacy –

delivering the beauty,

performance, and emotion

ourbrand is known for, while

ensuring we do so responsibly

for generations to come.

ston Martin strives to be a responsible business by

protecting the environment, respecting human rights,

and making apositive contribution to society by

driving innovation and opportunity. Werecognise that

progress with sustainability requires an integrated approach

with effort required in all areas of our business and across our

entire value chain.

We have made real progress in building the foundations of

Racing. Green., our sustainability strategy, into our business.

Our governance and data frameworks are stronger, and

sustainability is becoming embedded as part of everyday

decision-making across all functions. There’s still more to do,

but the direction and intent are clear. What stands out to me

is that through Racing. Green. we are creating tangible

business value. The financial benefits of resource

optimisation are clear, but so too are thecultural ones;

people want to work for a company that strives to

operateresponsibly and with purpose.

A proactive focus on sustainability builds resilience. It allows

us to anticipate risks, manage resources prudently, and

maintain trust with customers, investors and society.

Regardless of policy shifts, expectations from society for high

performing responsible businesses continue to rise. We are

far beyond sustainability being a“nice to do” activity and

instead we see strong sustainability performance as a value

adding business imperative.

In terms of our priorities for 2026, ourfocus remains clear

– safety must bethe foundation of our culture and operations,

and we will continue toinvest in our people, promoting

inclusion, wellbeing, and development as we evolve as a

business. We live our mantra, “no one builds an Aston Martin

on their own” because we come together as one team.

Progress towards net zero and accelerating efficiency actions

across both our operations and supply chain remain central

to Racing. Green. and our wider business transformation,

while strengthening our approach to human rights and

responsible sourcing, ensures standards in our supply chain

reflect our values.

Periods of transformation bring challenge, but also

opportunity. Aswelook ahead, sustainability is valued by

our customers and remains central to our strategy, defining

how we create value and shaping Aston Martin for a

successful future. Our goal is unchanged: to become a

world-leading sustainable ultra-luxury high performance

automotive business.

| ADRIAN HALLMARK

| Chief Executive Officer

ASTON MARTIN LAGONDA

INTRODUCTION TO ENVIRONMENTAL, SOCIAL AND GOVERNANCE

Our Racing. Green. strategy

Our sustainability strategy, Racing. Green., outlines our vision

to be a world-leading sustainable ultra-luxury high

performance automotive business. The strategy is based on a

clear understanding of the priorities of our customers,

employees and wider stakeholder groups and represents an

integrated approach focused on three key pillars: ‘Tackling

climate change’, ‘Creating a better environment’, and

‘Investing in people’. Each pillar includes clear targets,

supported by our commitment to operate as a ‘Responsible

business’. Ourperformance against our Racing. Green.

targets is set out on pages 40-42.

Our Racing. Green. strategy contributes to eight of the 17 UN

sustainable development goals (SDGs). These goals were

adopted by the UN in 2015 and seek to address the world’s

biggest challenges, including ending poverty, improving

health, better education, making cities more sustainable, and

tackling climate change. We have highlighted the SDGs we

contribute to throughout this section of the Report.

Performance data can be found on pages 43-45 and

information on methodology and scope can be found in the

Sustainability Report on pages 63-67.

Our vision

To become a world-leading sustainable ultra-luxury high performance automotive business

Tackling climate change Creating a better environment Investing in people

Reduce absolute Scope 1, 2 and 3

GHG emissions (excluding Use of sold

products) 42% by 2030, from a 2022

base year

Reduce absolute Scope 1, 2 and 3 GHG

emissions 90% by 2050, from a 2022

base year

Improve biodiversity year-on-year at

our main manufacturing sites (measured

by Biodiversity Index Score)

30% reduction in water consumption per

car by 2030

Zero waste to landfill

Reduce the amount of waste per car

built by 3% each year

Zero accidents in our business

Aim for women in 30% of leadership

positions by 2030

Improve workplace engagement and

culture, and secure accreditation as a

Great Place to Work® by 2025*

* in 2025 target date extended to 2030

Responsible business

In line with international best practice on business ethics, 100% of employees to complete Aston Martin’s annual Code of Conduct training

OUR SUSTAINABILITY STRATEGY: RACING. GREEN.

ANNUAL REPORT AND ACCOUNTS 2025

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Our targets and progress

Tackling climate change

Our targets Status 2025 performance Progress summary

¤ Reduce absolute Scope 1 and 2

(market-based) GHG emissions 42%

by 2030, from a 2022 baseyear

-42100 -12

2022 20302025

Data in graph: % movement from baseline

In 2025, our total Scope 1 and 2 (market-based) emissions have

decreased 12% from our 2022 base year. This is driven by a 98%

reduction in our Scope 2 market-based emissions due to the

purchase of renewable electricity and verified carbon credits.

Overthe same period, our Scope 1 emissions have decreased by 9%,

driven mainly by a decrease in natural gas consumption at StAthan

and Gaydon through electrification and efficiency initiatives.

To meet our 2030 target, we continue to identify decarbonisation

and efficiency opportunities across our operations and engage with

our Rest of World sites to ensure we get accurate and timely data.

¤ Reduce absolute Scope 3 GHG

emissions (excluding use of sold

products) 42% by 2030, from a 2022

base year

2022 20302025

-42+32100

Data in graph: % movement from baseline

Scope 3 emissions excluding the use of our sold products (Category

11) increased by 32% from our 2022 baseline to 2025. This was

mainly driven by an increase in emissions from the goods and

services (Category 1) that we buy to produce and market our cars.

Our priorities for the next five years include engaging suppliers to

shifttoward product-specific carbon footprint data, requiring them

toimplement environmental management systems to manage GHG

emissions, and transitioning our inbound logistic fleet to

lower-carbon fuels.

¤ Reduce absolute Scope 1 and 2

(market-based) GHG emissions 90%

by 2050, from a 2022 baseyear

2022 20502025

-90100 -12

Data in graph: % movement from baseline

In 2025, our total Scope 1 and 2 (market-based) emissions have

decreased 12% from our 2022 base year, driven by a 98% reduction

inScope 2 market-based emissions and a 9% decrease in Scope 1.

In2025, we purchased verified carbon credits aligned with our2024

Scope 1 and 2 (market-based) emissions.

Our ambition for a 90% reduction by 2050 is consistent with the UK

government’s commitment to net zero. Our Scope 1 and 2

reduction approach includes three key decarbonisation levers, the

first focused on energy efficiency, the second on emission

reduction through renewable electricity purchase and production,

and the third on electrification of our operations.

¤ Reduce absolute Scope 3 GHG

emissions 90% by 2050, from a 2022

base year

-90100 -1

2022 20502025

Data in graph: % movement from baseline

Our total Scope 3 emissions including the use of sold products

(Category 11) has decreased by 1% from our 2022 baseline.

Despitean increase in emissions from our purchased goods and

services (Category 1), emissions from the use of our sold vehicles

havedecreased by 21% from our baseline year, balancing the

increase from Category 1. The decrease in Category 11 emissions is

mainly driven by a decrease in manufacturing volumes.

Our future transition plans will accelerate reductions in our Scope 3

emissions. We expect to see a significant reduction in the emissions

from the use of our cars towards 2050, and benefit from the broader

transition to net zero across society, for example through electricity

grids, decarbonisation of transportation, and technological innovation.

Find out more about our approach on page 46

Complete On Track Of f Track

Key

Baseline

Current year

Target

ASTON MARTIN LAGONDA

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONTINUED

Creating a better environment

Our targets Status 2025 performance Progress summary

¤ Improve biodiversity year-on-year at

our manufacturing sites, Gaydon and

St Athan (measured by Biodiversity

IndexScore)

87.4 6

93.44

86.99

St Athan

Gaydon

’23 ’24 ’25

87.8 3

85.89

86.21

’23 ’24 ’25

87.4 6

93.44

86.99

St Athan

Gaydon

’23 ’24 ’25

87.8 3

85.89

86.21

’23 ’24 ’25

Data in graph: Biodiversity Index Score

In 2025, we successfully met our biodiversity target at

Gaydon, delivering a 6.8% increase on 2024. The was

theresult of various improvement activities including the

creation of insect habitats and ‘hotels’, installation of bird,

bat and butterfly boxes along the nature trail, and targeted

seeding. At our second manufacturing site, StAthan,

biodiversity performance decreased by 2.2% in2025. The

reduction was driven by requirements from the

neighbouring airfield, which necessitated cutting grassed

areas that had previously been maintained as wildflower

meadows, reducinghabitat availability.

¤ 30% reduction in water consumption

(at manufacturing sites) per car built

by2030, against a 2022 base year

2022 20302025

8.58 8.69 6.01

Data in graph: m

/car

In 2025, we have seen a 24% decrease in total water

consumption across all operations and a 17% decrease at our

manufacturing sites since 2022. However, progress against

our water per car target is behind track. At 8.69 m

, water per

car has increased 1% from our 2022 baseline and therefore

not currently in line with our pathway to achieve the 2030

target. This is predominantly driven by a decrease in

production volumes not being matched with subsequent

water efficiencies.

¤ Zero waste to landfill

(from our UKoperations)

99.8%

of waste confirmed

as non-landfill in 2025.

In 2025, a small amount of waste (4.36 tonnes) remained

uncategorised at the time of reporting, therefore we are

unable to claim that 100% of waste from our UK operations

isdiverted from landfill. This is an area we continue to

monitor and work with our specialist waste contractors to

ensure ourwaste is managed in line with our aims to create

abetter environment.

¤ Reduce the amount of waste

(frommanufacturing sites) per

carbuiltby 3% each year

0.49 0.420.35 0.39

2022 2023 2024 2025

Data in graph: tonnes/car

In 2025, there was a 14% decrease in total waste consumption

across all operations and a 2% decrease in waste at our

manufacturing sites since 2022. However, waste per car is

behind the targeted 3% reduction per year, instead up 20%

from 2022. This is partly driven by our drop in production

volumes. Assuming a linear reduction, to align with the target,

waste per car for 2025 is required to be 0.32 tonnes/car.

Find out more about our approach on page 48

Complete On Track Of f Track

Key

Baseline

Current year

Target

Previous year(s)

ANNUAL REPORT AND ACCOUNTS 2025

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Investing in people

Our targets Status 2025 performance Progress summary

¤ Zero accidents in our business

(measured by Accident Frequency

Rate per 100 workers)

0.35 0.300.53 0.40

2022 202 3 2024 2025

Data in graph: Accident Frequency Rate per 100workers

Safety performance continues to improve, with a14%

improvement in accident frequency rate in2025 compared to

2024, and a 43% improvement since 2022, no incidents which

met the UK RIDDOR (Reporting of Injuries, Diseases and

Dangerous Occurrences Regulations) standard reported

in2025.

A continued focus on embedding a health and safety culture

across the business is a key driver inour performance.

¤ Aim for women in 30% ofleadership

positions by2030

30.016.2 16.6

2022 20502025

Data in graph: % of leadership positions filled bywomen

The percentage of women in leadership positions has

remained broadly static from 2022. Limiting factors in

accelerating this representation include slowed external

hiring, resourcing constraints, aswell as broader automotive

market talent constraints and macroeconomic pressures

continuing to impact attractionandinvestment.

¤ Improve workplace engagement

and culture, and secure accreditation

as a Great Place to Work® by 2025

No survey in 2025. Target

date extended to2030.

In light of the scale of organisational transformation, a

decision was taken not to proceed with a Great Place to

Work® survey in 2025. The Company’s focus remains on

delivering change effectively while ensuring we continue to

understand colleague sentiment and take meaningful action

in response. Wehave therefore updated our target with a

revised achievement date of 2030.

Responsible business

Our targets Status 2025 performance Progress summary

¤ In line with international best

practice on business ethics,

100%ofemployees to complete

Aston Martin’s annual Code of

Conduct training

90%81%

2024 2025

Data in graph: % completion

Completion of our annual Code of Conduct training increased

from 81% in 2024, to 90% in 2025. This is driven by a focused

communications plan, improved employee awareness and an

adjustment of the campaign timeline toaccommodate

completion by our manufacturingcolleagues.

Find out more about our approach to ‘Investing in people’

on page 50 and ‘Responsible business’ on page 54

Key

Baseline Current year

Complete On Track Of f Track

Key

Baseline

Current year

Target

Previous year(s)

ASTON MARTIN LAGONDA

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONTINUED

Performance data

Indicates a Racing. Green. KPI

Tackling climate change

Total greenhouse gas emissions (tCO

e) 2022 2023 2024 2025

Scope 1 GHG emissions 8,831.22 7,327.74 8,574.81 8,023.12

Scope 2 GHG emissions – location-based 6,011.58 6,289.76 7,160.25 5,777.16

Scope 2 GHG emissions – market-based 251.63 178.38 599.49 5.70

Total GHG emissions Scope 1 & 2 – location-based 14,842.80 13,617.49 15,735.06 13,800.28

Total UK Scope 1 & 2 – location-based 14,779.22 13,416.81 15,204.15 13,040.46

Total rest of world Scope 1 & 2 – location-based 182.37 260.14* 642.73* 759.82

Total GHG emissions Scope 1 & 2 – market-based

9,082.85 7,506.12 9,174.30 8,028.82

Total Scope 3 GHG emissions

1,089,327.33** 1,107,037.67** 1,185,473.47** 1,076,848.04

Total Scope 3 GHG emissions (excluding Use of sold products)

405,364.47 487,990.74 688,681.55** 536,263.78

Scope 3 Category 1 – Purchased goods and services 334,948.24 404,538.52 591,994.16** 468,659.70

Scope 3 Category 11 – Use of sold products 683,962.86 619,046.92 496,791.92 540,584.26

Greenhouse gas emissions per unit (tCO

e) 2022 2023 2024 2025

Manufactured volume (units) 6,404 6,587 6,442 5,257

Total Scope 1 emissions per unit 1.38 1.11 1.33 1.53

Total Scope 2 location-based emissions per unit 0.94 0.95 1.11 1.10

Total energy consumption within organisation (MWh) 2022 2023 2024 2025

Electricity 30,764.90 30,073.08 33,645.15 31,546.46

Natural gas 40,518.26 32,255.10 38,806.84 33,658.05

Diesel 530.81 512.86 378.35 349.57

Petrol 4,717.14 5,121.31 5,950.36* 6,279.46

LPG 371.28 367.50 381.98 374.80

Propane – – 0.66 13.16

Total UK energy consumption 76,313.45 67,658.44 77,079.51 69,356.79

Total rest of world energy consumption 588.95 955.57* 2,143.54* 2,864.71

Total energy consumption 76,902.39 68,329.85 78,702.04 72,221.50

Renewable electricity consumption

(manufacturingoperations only) 100% 100% 100% 100%

* Figures have been restated as the identification of additional RoW emission sources exceeded our restatement policy. Only metrics exceeding this policy were updated;

therefore, some aggregated values may not equal the sum of the restated sub-metrics

** Figures have been restated

Creating a better environment

Water (m

) 2022 2023 2024 2025

Total water consumption 66,279.99 66,004.90 51,428.79 50,387.95

Total water consumption at manufacturing sites 54,956.17 57,360.75 46,230.73 45,680.86

Water consumption (from manufacturing sites) per car

8.58 8.71 7.18 8.69

Biodiversity 2022 2023 2024 2025

Biodiversity metric for Gaydon

88.87 86.99 87.46 93.44

Biodiversity metric for St Athan

– 86.21 87.83 85.89

ANNUAL REPORT AND ACCOUNTS 2025

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Indicates a Racing. Green. KPI

Waste (tonnes) 2022 2023 2024 2025

Total 2,830.97 2,824.62 3,478.34 2,426.95

UK Operations – non-hazardous

Recycled 1,201.89 1,480.08 1,948.70 1,392.67

Reused – – – 1.52

Recovered – waste to energy 468.14 571.62 662.89 454.82

Incineration – not recovered 0.54 4.63 1.05 3.75

Treatment – – 10.84 –

Landfill – – – –

UK Operations – hazardous

Recycled 189.55 192.35 152.39 55.15

Reused – – 1.30 8.01

Recovered – waste to energy 504.74 465.01 428.69 369.89

Incineration – not recovered 0.85 – – –

Treatment 0.50 31.14 196.98 76.84

Landfill – – – –

Newport Pagnell

Recovered or recycled – – 49.67 59.95

Non-landfill – – 25.83 –

Landfill

– 0.09 – –

Uncategorised – – – 4.36

In 2024, we changed our reporting format for waste and therefore previous year’s data does not fully align. From 2024 onwards, waste data is

reported separately for Newport Pagnell and ‘UK Operations’, which covers all other remaining UK sites to account for the differences in Newport

Pagnell’s waste management provider. See methodology on page 235 for further information on waste data. In 2025, there was 4.36 tonnes of waste

at Newport Pagnell that was uncategorised at time of reporting.

Waste per car (tonnes) 2022 2023 2024 2025

Waste (from manufacturing sites) per car

0.35 0.39 0.49 0.42

Investing in people

Employees by gender (as at 31 December 2025) Male Female % Female

Senior management team 9 0 0

Senior leadership team 68 13 16%

Other leadership 422 86 17%

Other employees 1,865 344 16%

Total 2,364 443 16%

Employees by region (as at 31 December 2025) Male Female % Female

Asia Pacific 29 13 31%

EMEA 88 9 9%

UK 2,210 408 16%

Americas 37 13 26%

Total 2,364 443 16%

Average employee tenure by gender Male Female

Average employee tenure (years) 7.81 6.28

Average employee turnover by gender Male Female Company

Average employee turnover (%) 0.09 0.15 0.10

ASTON MARTIN LAGONDA

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONTINUED

Indicates a Racing. Green. KPI

Newly-hired employees Male Female

Newly-hired employees 61 28

Gender Pay Gap 2023 2024 2025

Mean Gender Pay Gap favouring men (%) 10.3 12.0 8.8

Median Gender Pay Gap favouring men (%) 5.2 4.8 3.4

Women in leadership 2022 2023 2024 2025

Women in leadership roles (%)

16.2 17.1 17.0 16.6

Collective bargaining 2024 2025

Employees covered by collective bargaining agreements (%) 71.7 71.8

Apprentices 2022 2023 2024 2025

New apprentices recruited 20 19 25 0

Apprentices completed training 43 4 0 0

Apprentices are hired periodically based on business requirement and complete a four-year programme. The fall in training completion from 2023

to2025 is due to a recruitment pause during the Covid-19 pandemic.

Graduates 2022 2023 2024 2025

New graduate trainees recruited 23 12 30 0

Students joined on industrial placements 13 6 14 0

Training – Aston Martin employees 2022 2023 2024 2025

Hours of training delivered 19,646 23,515 29,743 15,486

Hours of initial EV-related instructor-led training delivered 3,344 2,377 2,880 2,846

Training – Aston Martin dealerships 2022 2023 2024 2025

Dealer employees trained* 2,757 3,008 2,786 2,796

* In 2025, we updated the scope of this KPI (and rebaselined previous years) to also include e-learning as this is a growing delivery mode. Seemethodology on page 237

for further information.

Health and safety 2022 2023 2024 2025

Accident Frequency Rate (‘AFR’) per 100 workers 0.53 0.40 0.35 0.30

Lost Time Accidents (‘LTAs’) 9 10 13 7

Lost Time Accidents – days lost 185 292 133 21

Reporting of Injuries, Diseases and Dangerous Occurrences (‘RIDDOR’) 9 7 5 0

Responsible business

Training – Code of Conduct 2024 2025

Employees completing Code of Conduct training (%)

81 90

ANNUAL REPORT AND ACCOUNTS 2025

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We recognise the urgent need

todecarbonise in line with the

science and limit global warming

to within 1.5°C above pre-

industrial levels. Aston Martin

takes an integrated approach

tomanaging our impacts on

theworld’s climate, focused

onmitigation, adaptation, and

resilience in our own operations

and our value chain.

To achieve this, we will:

¤ Deliver our net zero plan encompassing the full life cycle

ofour vehicles and our whole value chain

¤ Embed a risk-based approach to identify and assess

climate-related risks and opportunities

Our targets

¤ Reduce absolute Scope 1, 2 and 3 (excluding Category 11

Useofsold products) GHG emissions 42% by 2030, from

a2022 baseyear

¤ Reduce absolute Scope 1, 2 and 3 GHG emissions 90%

by2050, from a 2022 base year*

UN Sustainable Development Goals

Find out more about our approach

in our Sustainability Report

Tackling climate change

* The 2050 target includes Category 11 Use of sold products

ASTON MARTIN LAGONDA

46 ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONTINUED

ur Racing. Green. strategy underscores our

commitment to play our part in accelerating emission

reductions and managing the impacts of climate

change on our business.

In 2025, we made the decision to withdraw from the Science

Based Targets initiative (‘SBTi’) validation process for a

number of reasons, including ongoing updates to the SBTi

Automotive Sector Consultation. Despite this, we remain

committed to achieving net zero by 2050 and have set

ambitious near-term and longer-term Greenhouse Gas

(‘GHG’) emission reduction targets. These targets align

totheParis Agreement and are supported by robust action

plans across our business.

Our Climate Transition Plan

This year we created a Transition Plan to further engage our

employees on our pathway to net zero. The plan sets out how

we will achieve our net zero commitment by 2050, including

decarbonising our operations, collaborating with suppliers to

reduce emissions across our supply chain, and accelerating

the transition to lower-emission vehicles.

Decarbonising our own operations

To achieve our ambition of reducing emissions in our own

operations (Scope 1 and 2) by 42% by 2030 from a 2022

baseline, we have developed an overarching decarbonisation

strategy. We will continue to refine and develop this strategy

through 2026 and beyond.

Our Scope 1 and 2 reduction approach includes three

keydecarbonisation levers, the first focused on energy

efficiency, the second on emission reduction through

renewable electricity purchase and production, and the

third on electrification of our operations. In developing

ournet zero targets, we worked extensively with external

consultants to identify the potential opportunities across

our sites. This gives us an initial view of critical actions

needed to start longer-term electrification projects

aswellas short-term actions.

Decarbonising our value chain

To support reaching our net zero target by 2050, we have a

programme of activities across our upstream and downstream

value chain that align to the core impact areas for our Scope 3

emissions. The following categories together account for

over 98% of our Scope 3 emissions: Use of sold products,

purchased goods and services, capital goods, upstream

transportation and distribution.

Climate risks and opportunities

Climate change is one of the most significant risks that

organisations face. Experts widely recognise that global

warming could lead to damaging economic and social

consequences, although the exact timing and severity of the

physical effects are difficult to estimate. The large-scale and

long-term nature of the problem makes it uniquely challenging,

especially in the context of economic decision-making.

Following our first climate scenario analysis in 2021, we have

reported annually in line with Taskforce on Climate related

Financial Disclosures (‘TCFD’) requirements. In 2024, meeting

with best practice, we refreshed and updated our climate risk

scenarios and developed further our focus on physical risks

and the financial impact of climate risks.

This year we have also taken further action to embed climate

risksin our Enterprise Risk Management Framework

andSystem (‘ERMFS’) with functions across the business

identifying controls, and mitigations for the highest risks

identified. Our TCFD report including a full description

ofkeyrisks and opportunities is included on pages 57-65.

ANNUAL REPORT AND ACCOUNTS 2025

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Creating a better environment

We recognise that alongside

climatechange we have wider

responsibilitiesto protect the

environment. As a responsible

business we are committed

toaddressing challenges in

thenatural world including

arange of interconnected

environmental issues such

asbiodiversity loss, habitat

destruction and deforestation.

Our aim is to maximise resource efficiency, deliver net

positivebiodiversity at our two main manufacturing sites,

andwork to better understand the life cycle impacts of

ourvehicles and operations.

To achieve this, we will:

¤ Make circularity integral to our vehicle and wider

designprocess

¤ Prioritise operational efficiency ensuring we minimise

resource use and reduce waste

¤ Safeguard biodiversity and water in our operations

andbeyond

Our targets

¤ Improve biodiversity year-on-year at our main

manufacturingsites

¤ 30% reduction in water consumption per car by 2030

¤ Zero waste to landfill

¤ Reduce the amount of waste per car built by 3% each year

UN Sustainable Development Goals

Find out more about our approach

in our Sustainability Report

ASTON MARTIN LAGONDA

48 ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONTINUED

t Aston Martin we are constantly exploring new ways

to use materials to manufacture our products, with

new innovations introduced as we develop and launch

new vehicles through ourproduct cycles.

Circular design

A core focus of our sustainable innovation approach

remainsvehicle efficiency, circularity, choice of materials,

anddeveloping the right partnerships to support our pursuit

of innovation.

The development of our new vehicles follows a programme

management approach that takes a vehicle from conception

through to full-scale production. In 2024, we updated this

approach to factor sustainability into the process early on,

this year we have added sustainability as a core attribute

onits own. Our key next steps are to develop KPIs to ensure

sustainability remains truly embedded, supporting our

Scope3 emission reduction targets, as well as exploring

opportunities for the increased use of recycled content

through new technologies and materials.

Operational efficiency

Aston Martin’s Racing. Green. strategy focuses on ensuring

we manage our impacts on the natural world. This includes

eliminating and minimising pollution, waste, and use of

resources in all our operations to reduce the environmental

impact from our products along their life cycle.

Our Environmental and Energy Policy sets out our commitment

to protecting the environment, and to ensure we fulfil our

environmental compliance obligations. Our Policy is available

on our website at www.astonmartin.com/corporate

Waste

We have set a target to reduce the amount of waste per

carbuilt and continue with our long-standing target of zero

waste to landfill. At our Gaydon and St Athan sites we use

aspecialist contractor to manage our waste activities and

thiscontractor also undertakes training with Aston Martin

staff. We have implemented unique QR codes on bins to

serve as identifiers during waste audits. The resulting data is

shared with local teams and reviewed monthly to guide

progress in waste segregation and reduction.

Water

Almost all our water demand is generated by our main

manufacturing sites, St Athan and Gaydon. Although our

operations are not regarded as water-intensive due to our

low production volumes, to ensure we continue to take

ownership of our own water resource management, we have

a target to reduce total water consumption at manufacturing

sites by 30% per car by 2030 against a 2022 baseline. While

we are making progress in reducing our water consumption,

in 2025 our water per car measure has shown a 1% increase

against the baseline.

Biodiversity

Our biodiversity approach at our operations is focused on

Gaydon and St Athan. Together these sites have around 16.4

hectares of green space including our nature trail at Gaydon,

the equivalent of about 22 football pitches. This green space

provides a variety of habitats, including areas of species rich

grassland, hedgerows, mature trees, drainage ditches and

disturbed ground, all of which have wildlife value.

Beyond our operations

Dependency on nature and water scarcity are two key

upstream value chain issues. The automotive sector has

beenranked in the top 20 sectors most dependant on nature

for direct and supply chain gross value added. Recognising

this impacts, we began implementing the LEAP (‘Locate,

Evaluate, Assess, Prepare’) approach recommended by the

Taskforce for Nature-related Financial Disclosures (‘TNFD’)

to identify and assess our nature-related issues, starting with

mapping our upstream high-risk commodities.

We continue to be members of the TNFD Forum, a platform

for organisations to signal their support, contribute to the

further development of guidance, and to learn from others

through pilot testing and focus groups. In 2025, as members

of the TNFD Forum, we were supported by the UK

Consultation Group for TNFD, who work with UK companies

to help with practical steps on integrating nature. We were

able to utilise a number of suggested tools.

ANNUAL REPORT AND ACCOUNTS 2025

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Investing in people

Our aim is to provide a safe,

diverse, equitable and inclusive

workplace. Wesupport our

colleagues to meet their goals

andaspirations and to makea

positive and lasting impact by

collaborating with our local and

international communities to

support wider society.

Our People Strategy has been developed to accelerateprogress

towards a world-class employee experience and is focused on

four pillars: Organisation Capability, Culture, Peopleand Talent

Development, and HR Service Delivery to the Company. Our

approach to our values and promoting a diverse and inclusive

workforce applies across allthese pillars.

To achieve this, we will:

¤ Create an environment that enables a positive work-life

experience, valuing safety, health and mental wellbeing

¤ Provide purposeful employment for all our employees

inadiverse and inclusive workplace

¤ Build skills that support long-term employability and

ourtransition to electrification

¤ Maintain social investment in our communities to support

sustainable development aligned with local needs

Our targets

¤ Zero accidents in our business

¤ Aim for women in 30% of leadership positions by 2030

¤ Improve workplace engagement and culture and secure

accreditation as a Great Place to Work® by 2025 (target

extended to 2030)

UN Sustainable Development Goals

Find out more about our approach

in our Sustainability Report

ASTON MARTIN LAGONDA

50 ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONTINUED

eople are at the heart of our business and the

communities we operate in globally. We are committed

to a workplace and wider society where people are

empowered. Our ambition is to ensure every colleague feels

safe, respected, and proud to work at Aston Martin.

Culture, safety, health and wellbeing

Our aim is to foster a culture where everybody feels valued,

motivated, and rewarded to achieve their best work. Our

values: unity; openness; trust; ownership; and courage set the

tone for how we do things and the culture we want to establish.

At the core of our values is one single guiding tenet: No one

builds an Aston Martin on their own.

This is supported by our Code of Conduct. We have rolled

out values training to over 2,900 people across our business

since 2023. Prioritising safety is a vital part of working as an

ethical organisation and at the core of protecting employee

wellbeing. Aston Martin’s ambition is to achieve zero

accidents across its business. In 2025, the Company’s

Accident Frequency Rate (‘AFR’) was 0.30 and we achieved

certification to ISO 45001:2018 for Occupational Health and

Safety Management at our Gaydon site.

Fundamental to our culture is taking care of ourselves and

each other, providing a working environment that values

health and wellbeing. We have developed different initiatives

to promote health and wellbeing amongst our colleagues.

Our employee assistance programme provides employees,

as well as their immediate families, with free and impartial

support through an external third party.

This year we strengthened our internal mental health

supportat every level. We successfully trained 15 new

MentalHealth Supporters across our UK sites, significantly

expanding our peer-support network and enhancing

colleague-to-colleague signposting capabilities.

Simultaneously, we reinforced management capabilities by

hosting two dedicated mental health awareness workshops,

equipping our leadership team with an enhanced support

toolkit to foster a culture of proactive care.

We utilise a range of channels to engage with and ensure

colleagues feel informed, able to share feedback, and

involved in shaping improvements. Alongside regular

forumsand town hall meetings, our Workvivo platform

provides increased accessibility for production colleagues

and strengthens communication and collaboration across

thebusiness.

Direct dialogue with senior leadership has strengthened

theability of employees to feel informed and listened to.

OurCEO has hosted roundtable sessions to hear directly

from colleagues about what is working well and where

moresupport is needed. In addition, local listening sessions

have taken place across key functions, ensuring feedback is

captured at the point of work. These insights highlight strong

pride in the brand and supportive team environments,

whileindicating opportunities to further improve trust in

leadership, communication consistency, and the experience

of change in day-to-day work.

The Company committed to running a Great Place to Work®

survey in 2025 aligned with our target to achieve Great Place

to Work® certification. Following review, and in light of the

scale of organisational transformation in 2025, adecision was

taken not to proceed with a formal survey. TheCompany’s

focus remains on delivering change effectively while

maintaining strong listening throughout, ensuring we

continue to understand colleague sentiment andtake

meaningful action in response. We have therefore updated

our target with a revised achievement date of 2030.

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONTINUED

Equity, diversity and inclusion

Equity, diversity and inclusion remain central to our

cultureand embedded in our values. We are committed

toaworkplace where everyone feels respected, has a

genuine sense of belonging and enjoys equitable access

todevelopment and career opportunities, irrespective

ofidentity, background, or any characteristic protected

bylaw. Diversity continues to be recognised as a material

focus area due to its strong link with innovation,

performanceand long-term success.

We introduced two key initiatives in 2025 that further

strengthen inclusion in how we work: signing the Armed

Forces Covenant (see page 67) and launching our Agile

Working Policy.

During Women’s Month we launched our Agile Working

Policy, designed to balance flexibility with business needs

while maintaining high performance standards. This initiative

directly responds to feedback raised in surveys and listening

sessions, showing our commitment to acting on what matters

most toour people. The Policy ensures colleagues can agree

agile working arrangements with their managers, aligning

working patterns with contractual expectations, personal

commitments, and operational requirements.

Gender diversity

Women continue to be underrepresented in the automotive

industry, and we are committed to improving gender balance

across our organisation. Our goal remains aligned with the

wider sector ambition of achieving 30% women in our

workforce by 2030, reflecting the importance of diverse

teams in driving innovation and performance.

As of 2025, women represent 16% of our total workforce and

17% of leadership roles. Progress is steady, and we remain

focused on accelerating representation through targeted

improvements in attraction, development, and retention.

This year, we celebrated International Women’s Day and

Women’s Month through a programme of activities designed

to recognise achievements and support progress. Under the

#AccelerateAction theme, we showcased local women-

owned and women-led businesses at street fairs across

Gaydon and St Athan, spotlighting female entrepreneurship

within our communities. At Gaydon, we celebrated the

impact of the Women of Aston Martin network and hosted

our first Hack-a-thon, encouraging diverse perspectives

insolving real business challenges. This was followed

byafireside chat with industry experts, highlighting

careerpathways and the impact of women in mobility

andengineering.

Our mean pay gap (9%) remains in favour of men yet has

positively improved compared to 2024 (12%). Our mean pay

gap is primarily due to two factors – firstly the make-up of the

senior team (which includes significantly more men) and

secondly working patterns, particularly in production roles,

where shifts (that more men than women choose to work)

command shift premium and overtime payments. Our full

Gender Pay Gap Report is available on our corporate website

at www.astonmartin.com/corporate

Skills

The skills required in the automotive sector continue to

evolve rapidly, shaped by technological advancement,

digitalisation, and the transition to electrification.

Stakeholders recognise that investment in skills not only

secures the future of our business, it also delivers positive

socio-economic outcomes through improved employability,

wellbeing and career growth.

We continue to embed our values across recruitment

anddevelopment, reinforcing a culture capable of delivering

our ambition, including the commitment to increase female

representation in leadership to 30% by 2030.

While a priority of 2025 has been on organisational

transformation and operational stabilisation, our emphasis

has remained on quality and critical capability, prioritising

development that enables our people to perform strongly

through change.

ASTON MARTIN LAGONDA

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONTINUED

A key area of focus has been the Manufacturing Excellence

Programme, which includes targeted upskilling within

production teams to improve problem-solving capability,

digital fluency, and continuous improvement skills.

Thissupports immediate operational performance while

building the technical foundation needed for the next phase

of manufacturing.

Every colleague at Aston Martin has access to training

thatsupports both current role performance and future

career aspirations.

We continue to provide a broad curriculum through our

e-learning platform, offering flexible access to learning

across all locations. Courses span a wide range of critical

andcompliance topics including:

¤ Code of Conduct and ethical decision-making

¤ ISO 14001 and other management system standards

¤ EV awareness and electrification-specific safety

¤ Anti-bribery and corruption

¤ GDPR and data protection

¤ Cyber security fundamentals

¤ UN Global Compact, including business and human rights

¤ Leadership at AstonMartin

Training remains an essential enabler of performance and

transformation, supporting colleagues to grow their

capability as we drive operational excellence and prepare

forthe next phase of electrification.

Society

Supporting our local communities and charities is not only

ademonstration of social responsibility but helps achieve

wider sustainability goals by enabling us to build stronger

relationships within our communities, and to work in

partnership, to deliver outcomes related to our sustainability

strategy that we could not on ourown.

We engage with communities in multiple ways to maximise

our positive impact beyond our economic contribution.

Insights from engagement with stakeholders reinforce the

importance of local impact through charitable activities but

also by how we link our strategic aims to our engagement

with the communities in areas where we operate.

Our Community Investment Policy which covers both

philanthropic giving and how we engage with community

organisations to deliver strategic outcomes focuses our

involvement on initiatives related to investing in people (in

particular, causes that champion education, STEM skills, and

social inclusion), creating a betterenvironment, tackling

climate change and innovationand design.

Partnerships with charities are a key enabler in supporting

usto achieve our overarching business aims and ambition,

bethis linked to building our talent pipeline through STEM,

social mobility, or wider environmental outcomes. We have

along-standing partnership with The King’s Trust, a youth

charity that helps vulnerable young people aged 11 to 30

toaccess employment, education, and training. In 2025,

wesupported The King’s Trust in America to host an event

toraise greater awareness of the charity.

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONTINUED

Responsible business

Underpinning the three pillars

ofour sustainability strategy is

our commitment to delivering

the highest standards by

conducting every aspect of our

business with integrity, in

aresponsible, ethical and

sustainable way.

This includes aiming to manage sustainability through effective

governance, risk management, compliance, and transparent and

robust reporting, and building robust processes across the value

chain based on respect forhuman rights.

To achieve this, we will:

¤ Ensure that sustainability is embedded into daily

decision-making through our policies, standards,

andmanagement systems

¤ Identify, prevent, and mitigate potential human rights risks

across our value chain, working closely with our supply chain

Our targets

¤ In line with international best practice on business ethics,

100% of employees to complete Aston Martin’s annual Code

of Conduct training

UN Sustainable Development Goals

Find out more about our approach

in our Sustainability Report

ASTON MARTIN LAGONDA

54 ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONTINUED

elivering the highest standards defines everything

wedo. We are striving to meet international best

practice standards, and operating in a heavily

regulated sector, working hard towards ensuring compliance

with legal obligations in areas from anti-slavery to vehicle

safety as well as embedding sustainability principles across

theorganisation. We have implemented policies, as well as

our Code of Conduct that are designed to ensure high ethical

standards, robust compliance, and best practice across our

operations. These policies are aligned with the Company’s

values and strategic sustainability goals.

Code of Conduct

Our Code of Conduct (‘the Code’) is built on our commitment

to integrity and reflects our values in action. The Code sets

the tone for the Company’s expectations of high ethical

standards in all business conduct, marking what we stand

forand what we expect from each other. Outlining key

policies and behaviours, it is intended to guide the way

thatthe business and our people operate. Our approach

tosustainability is reflected throughout the Code, ensuring

that environmental responsibility, integrity, and respect for

people are at the heart of decision-making. Since the launch

of the Code in 2023, we have run an employee engagement

programme and specific Code of Conduct training is run

annually. For the training period launched in 2025, 90% of

employees completed the training. Because of the importance

we place on the Code sitting at the core of our business, we

have included it as a key performance indicator in our

Racing.Green. strategy.

Policies

The Code is supported by our Group Framework Policies,

implemented across the Company, that are designed to ensure

high ethical standards, robust compliance, and best practice

across its operations in key areas ranging from procurement

tohuman rights. The Internal Audit team investigate possible

violations of the Group Framework Policies as and when they

are reported and conducts periodic audits across the business.

Our public policies are available to download on the corporate

website. During 2025, we launched, updated, or reviewed the

following company policies:

¤ Human Rights (launched)

¤ Confidential Reporting (reviewed)

¤ Health and Safety (reviewed)

¤ Environmental and Energy Policy (updated)

Anti-bribery and corruption

We have a zero-tolerance approach to bribery and

corruption. To ensure the Company and its employees

conduct business in an ethical and transparent way, we

havepolicies in place covering topics such as Anti-Bribery,

Corruption and Fraud, and on Gifts and Hospitality. We train

our employees on bribery prevention and have measures to

support them in speaking up confidentially about any matters

where they have concerns, using mechanisms such as our

confidential reporting system.

We have also introduced training relating to the new failure

to prevent fraud offence under the Economic Crime and

Corporate Transparency Act 2023 which came into force

inthe UK in September 2025. Our Anti-Bribery, Corruption

and Fraud Policy sets out our commitment to addressing

fraud which might be conducted for the benefit ofthe

Company. Our approach to meeting the requirements

mirrors the approach we take to prevent bribery, starting

with a detailed assessment in 2025 of areas of potential fraud

risk, conducted with the support of external specialists, with

control measures enhanced to address higher risk areas,

alongside ongoing monitoring.

Vehicle safety

The safety of drivers and other road users is a top priority

whendeveloping our vehicles. We design safety into vehicles

from the earliest concept stages through to final vehicle

testing and approval, utilising a suite of features, components,

and systems to enhance the safety of each vehicle.

Vehicle compliance with the latest safety requirements in all

markets in which our vehicles are sold is critical. Whilst these

regulations define the minimum safety requirements for our

vehicles, Aston Martin considers all safety standards at the

time of designing our vehicles. Within Aston Martin, safety

engineers maintain and update a comprehensive set of

globalvehicle safety targets in conjunction with our legal

andcertification department, who are responsible for

ensuring Aston Martin conforms with the applicable laws

inworldwide markets.

We engage with regulators to maintain a detailed insight

intothe evolving regulatory landscape. Our colleagues

participate in future legislation sessions with the UK

Government, European Commission, and industry groups

globally, ensuring that the Company can understand

developments in regulatory requirements.

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONTINUED

Responsible supply chain

We are committed to building a responsible supply chain with

our partners. 2025 has seen a strong focus on transforming

our existing processes and policies to promote high

standards of sustainable and ethical sourcing. This

transformation will continue throughout 2026.

Throughout 2025, we continued to be supporters of the

‘Drive Sustainability’ partnership, utilising their Sustainability

Assessment Questionnaires (‘SAQ’) and engaging with other

automotive manufacturers on key topics.

In 2025, we introduced a new supplier sustainability score,

tobe used during our sourcing process and as part of our

continuous supplier performance monitoring. This will enable

us to make clearer and more informed sourcing decisions

based on suppliers’ sustainability credentials. Each supplier’s

score consists of metrics measuring their SAQ score, company

emissions, as well as any social or environmental risks

associated with their geographic location. After trialling the

SAQ with our top 100 production suppliers by spend in 2024,

and reviewing the results through 2025, we are working to roll

the approach out across remaining suppliers.

We aim to further developed our sourcing process to

introduce stricter sustainability requirements, to help drive

our Scope 3 decarbonisation efforts and ensure compliance

throughout our supply chain. We have identified steps

required by Procurement to work towards achieving our

Racing. Green. decarbonisation targets. After the scoping

Life Cycle Assessment conducted in 2024 highlighted the

significant contribution of aluminium to the car’s total carbon

footprint, we have established a new ‘Green Aluminium’

project designed to explore potential opportunities to

reduce embedded carbon emissions and increase the

recycled content of our aluminium parts. This project also

aims to support our work on nature, piloting our approach on

the full aluminium supply chain back to raw material source.

Human rights

Meeting our responsibility to respect human rights is a

keyaspect of the responsible business foundation of our

Racing. Green. strategy. We seek to ensure that the rights

ofpotentially affected stakeholders across our value chain

gounharmed by our own, or our business and supply

chainpartners’ operations.

Our approach to human rights is aligned with the UN Guiding

Principles on Business and Human Rights aswell as the OECD

Guidelines for Multinational Enterprises on Responsible

Business Conduct and stems from a gap assessment

conducted by a specialist business and human rights

consultancy in 2024.

In 2025, we developed and published a comprehensive

Human Rights Policy Statement. The Policy Statement gives

our workforce, suppliers, business partners, and all other

stakeholders direction on Aston Martin’s approach to human

rights management and expectations towards all business

partners within our value chain.

In conjunction with the new Policy Statement, we

strengthened our human rights governance, by updating the

Terms of Reference of our Board Sustainability Committee

and establishing a dedicated Human Rights Steering Group.

The Group is responsible for determining the vision for

human rights, developing and ensuring the implementation

of the human rights strategy, in line with the commitments

set out in the Policy Statement. It comprises representatives

from across the business, was overseen by the Chief People

Officer and is accountable to the Executive Committee and

Board Sustainability Committee.

Based on the significant, and relatively higher, level of risks

associated with our supply chains and partners, and as

identified in our 2024 Gap Assessment, human rights training

including how to identify and assess risks is being rolled out

to our procurement and partnerships teams. The training is

focused on what to look out for when visiting suppliers and

how to have conversations with partners about potential

human rights impacts in their value chains.

ASTON MARTIN LAGONDA

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONTINUED

Taskforce on Climate-related Financial Disclosures

Overview

ston Martin’s Taskforce on Climate-related Financial

Disclosures (‘TCFD’) statement has been produced

tomeet the requirements of the UK’s Mandatory

Climate-related Financial Disclosures Regulations, UK

ListingRule 6.6.6(8) and the TCFD Recommendations and

Recommended Disclosures set out in ‘Implementing the

Recommendations of the Taskforce on Climate-related

Financial Disclosures’ published in October 2021.

This statement details the risks and opportunities that could

result from climate change, the potential impact on

AstonMartin and the action we are taking to respond. We

have also integrated climate-related disclosures throughout

this report including in our ‘Tackling climate change’ update

on pages 46-47. A detailed breakdown of our emissions can

be found on page 43.

We have structured our statement in line with the four key

thematic TCFD pillars:

¤ Governance

¤ Strategy

¤ Risk Management

¤ Metrics and Targets

In meeting the requirements of the UK Listing Rules 6.6.6(8)

we have concluded that we are aligned with the four

recommendations and the 11 recommended disclosures.

Forfurther information see the table on page65.

Governance of climate-related risks

Aston Martin is committed to doing business in an ethical and

transparent manner, supported throughout our organisation

by strong corporate governance. In 2021, the Board of

Directors (‘the Board’) established a Board Sustainability

Committee (‘the Committee’) to oversee and monitor

thedelivery of our sustainability strategy Racing. Green.

TheCommittee also provides wider strategic guidance and

challenges our Senior Leaders’ assessment and management

of climate-related risks and opportunities, as well as other

environment and sustainability matters. The Committee is

chaired by Dr Anne Stevens, an Independent Non-executive

Director, and formally met three times in 2025. The Committee

reports to the Board following each meeting including

strategic recommendations. In 2025, recommendations

included the approval to not continue with external validation

by the Science Based Targets initiative (‘SBTi’) of our net

zerotargets but to maintain commitment to Aston Martin’s

overarching targets to achieve net zero by 2050. See Tackling

climate change on page 47 for further detail.

Other relevant topics on the Committee’s agenda during

2025 included:

¤ Standing item to review progress and KPI

performanceforthe Racing. Green. targets including

Scope 1, 2, and 3 performance

¤ Net zero targets and discontinuation with SBTi validation

¤ Human Rights policy approval updates

¤ Climate Risks review

¤ EMS management and progress

¤ Sustainable procurement update

¤ Logistics (upstream and downstream) update

A more detailed breakdown of the Committee is included

within this report on page 120.

In 2025, the Committee received updates on the focus areas

of the four dedicated Sustainability Working Groups (‘SWGs’)

(see Governance diagram on page 58). The role of these

groups is to develop and execute credible action plans to

achieve clear targets in their respective areas. The frequency

of meetings of the SWGs varied depending on the

governance structure for the topic within the Group.

The Sustainability Committee’s Terms of Reference include

the role of the Committee to review climate risks and

climate-related issues to ensure that they are considered

inrelation to external developments and changes in the

sustainability strategy as well as monitoring Group

performance in achieving its net zero targets.

We also have a specialist Corporate Sustainability Team

(‘CST’) who report directly to the Chief Financial Officer.

TheCST supports the SWGs and wider business functions in

developing relevant sustainability strategies including how to

address climate change whilst also driving external advocacy

and partnerships. In other key areas of the Group, such as

Procurement and Facilities, we have dedicated experts who

are focused on the sustainability agenda including climate-

related matters. Their activities include developing relevant

policies and procedures including responsible sourcing and

metric definitions linked to the Racing. Green. targets and

sustainability materiality assessment outcomes.

The CST is responsible for managing the Group’s

sustainability materiality assessment process. The outcome

of the materiality process is considered against the risks

identified through our climate scenario analysis process

andreviewed by the Enterprise Risk Management Team to

ensure consistency and continuity across Functions. A full

description of our materiality process is included in the

Sustainability Report pages 14 and 15 and indicates that

climate mitigation is ranked as a material topic.

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES

Climate-related risks that are deemed significant are reviewed by

theGroup’s Risk Management Committee and managed using

ourbusinesswide enterprise risk management procedures.

Climate-relatedrisks are also incorporated into the corporate risk

assigned to functional Risk Champions who are responsible for

ASTON MARTIN GLOBAL HOLDINGS PLC

RISK MANAGEMENT

COMMITTEE

Key sustainability issues are listed

on the Company risk register

and reviewed quarterly by the

Risk Management Committee.

BOARD AUDIT AND RISK

COMMITTEE

In addition to formal and transparent

arrangements for reviewing elements

of ESG that fall under the Committee’s

Terms of Reference, the Committee

reviews the governance and assurance

arrangements for climate-related

financial disclosures, including the

disclosures made in connection

withthe Taskforce on Climate-related

Financial Disclosures (‘TCFD’).

BOARD SUSTAINABILITY

COMMITTEE

The Board Sustainability Committee

oversees and monitors on behalf of the

Board the implementation of the

Company’s sustainability strategy,

including reviewing the strategy and

targets and making a recommendation

to the Board for change and approval.

The Committee receives updates on

core sustainability focus areas and

strategic projects, as well as reporting

requirements and changes to

government strategy, policies and laws

impacting sustainability, as well as core

sustainability risks.

EXECUTIVE COMMITTEE

CHIEF EXECUTIVE OFFICER

has overall responsibility for ourHuman

Rights Policy with accountability and

executive sponsorship held by our

ChiefPeopleOfficer.

CHIEF PROCUREMENT OFFICER

is responsible for our Responsible

Procurement Policy and ensuring

it is adhered to by suppliers.

CHIEF INDUSTRIAL OFFICER

is responsible for our Energy and

Environmental Policy and

HealthandSafety Policy.

CORPORATE SUSTAINABILITY TEAM

‘WORKING GROUPS’

NET ZERO

ENERGY AND ENVIRONMENT

(MANUFACTURING)

SAFETY

HUMAN RIGHTS

Working Groups are established for core Racing. Green. areas where an internal governance structure does not already exist within

the business. The aim of the Working Groups is to drive progress and ensure delivery of business action plans with appropriate oversight.

Each ‘Working Group’ may operate with a different governance structure depending on the requirements of the activity.

developing appropriate risk mitigation plans. Functions are responsible

for maintaining their own risk registers which are reviewed periodically

bythe Group’s Risk Management Committee. The Audit and Risk

Committee provides oversight of the corporate climate-related

reporting and other identified corporate risks.

ASTON MARTIN LAGONDA

TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED

Climate-related strategy

Wider-industry action

We recognise that the automotive industry is having to

rapidly respond to regulatory, customer, and stakeholder

demands resulting from the need to address climate change.

Some of the industry solutions being implemented include

shifting to the production of more fuel-efficient vehicles,

theuse of cleaner fuels and a move towards electrified

powertrains amongst other alternatives.

Aston Martin’s strategy

In line with the recommendations of the TCFD we categorise

climate-related risks and opportunities as follows:

Physical risks: Relating to the physical impacts of climate

change over time (e.g., increased rainfall, sea level rise,

prolonged drought, increased frequency and severity of

extreme weather events).

Transition risks: Relating to the transition to a lower carbon

economy over time (e.g. policy, legal, technology and market

changes to address mitigation and adaptation requirements

related to climate change)

Opportunities: Climate change presents opportunities

inseveral areas including resource efficiency, transition

torenewable energy sources, new products and services,

new markets, and customer groups.

The potential impacts of climate change are considered

indeveloping our overall business strategy and supported

byour Racing. Green. strategy which incorporates both

short- and long-term environmental targets, which were

updated in 2024. During 2024, we also refreshed our climate

risk scenarios, identified climate risks were reviewed with

keyinternal subject matter experts to ensure they accurately

reflected business operations, financial implications and

wider global influences and trends. In the short- to medium-

term (the next five years) we face transition risks arising

fromchanging policy and regulations, changing consumer

preferences and accelerated technology change as the move

to electrification and other non-carbon solutions intensifies.

Physical risks, whilst still significant in the short- to medium-

term, become more relevant in the longer-term (beyond five

years) with the potential impact of more severe and frequent

weather events on our supply chain and distribution network.

Through 2025, the identified risks were included within our

Enterprise Risk Management Framework and System

(’ERMFS’) ensuring appropriate mitigation plans are in place

across the Group and the outcome of financial modelling

wasconsidered in relation to the Group’s risk profiles.

Reflecting the increasing growth of climate policy and

resulting legislation we continue to focus on understanding,

minimising, and mitigating our emissions impact across our

value chain. In 2023, we established the baseline inventory

forour Scope 3 emissions and took steps to further refine

thisdata in 2024. We developed and submitted net zero

emissions targets to the SBTi for validation. We discontinued

with this external validation process in 2025, further detail on

this is included on page 47, whilst maintaining our net zero

ambition and continue to have targets aligned with achieving

this by 2050 for both our own emissions as well as those

across our value chain. The full details of our Scope 3

emissions and our decarbonisation targets are included on

pages 40 and 43 and through our wider environmental focus

on pages 41, 43-44 and 49. Our net zero targets will drive key

mitigation actions to address the following transition risks:

¤ Increased prevalence of anti-ICE policies

¤ Access to financing

¤ Divergent customer attitudes

¤ Cost on carbon imposed

The full set of our key material climate risks are included in

the following paragraphs. For detail on the time horizons,

scenarios, and rationale for selection, refer to the risk

management section of this statement.

Physical

Risks arise across warming scenarios 1.5°C and 4°C

As the frequency and severity of extreme weather events

increases, so does the potential impact of these on our business.

This includes an impact through increased delays in delivery of

our vehicles to the dealer network through distribution chain

disruption, and also disruption in the supply chain which may be

further exacerbated by our reliance on single source vendors.

Risk Time horizon and impact Risk type TCFD risk classification Potential financial impact

Supply chain disruption – direct damage

tosuppliers

Upstream Acute Increased costs

Decreased revenue

Supply chain disruption – disruption to

supplier logistics

Upstream Acute

Distribution disruption

Downstream Acute/

Chronic

Disruption to business due to asset and

siteaccess damage

Operations Acute

Time horizon:

Short

Long

Impact:

Low

Moderate

High

Very high

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Risk Time horizon and impact Risk type TCFD risk classification Potential financial impact

Increased prevalence of anti-ICE policies

Operations,

Downstream

Policy and legal Decreased revenue

Increased costs

Policy changes being unpredictable

andvolatile

Operations,

Downstream

Market and legal Decreased revenue

Increased costs

EV technology development

Operations Technology Decreased revenue

Increased costs

Divergent customer attitudes

Operations,

Downstream

Reputation and market Decreased revenue

Disruption in supply chain caused by

increasingly prevalent climate policies

Upstream Market and legal Increased costs

Cost on carbon imposed

Upstream, Operations,

Downstream

Policy and legal Increased costs

Time horizon:

Short

Long Impact:

Low

Moderate

High

Very high

Categorisation key – impact:

Very high – The potential effects on impacted assets may be

long-term (months or permanent), likely to have a significant

impact on the asset’s finances, severe due to a fundamental

link between the asset’s function and the characteristics of

the climate hazard, extensive social and health impact,

national or international reputational impact.

High – The potential effects on impacted assets may be

long-term (to last for months), are likely to have a high

financial significance to the operation of the assets,

extensivesocial and health impact, national or international

reputational impact.

Moderate – The potential effects on impacted assets may

bemedium-term (to last for weeks), are likely to have a

moderate financial significance to the operations of those

assets, minor to medium social and health impact, local

reputational damage.

Low – The potential effects on impacted assets may be

short-term (to last for days), are not likely to be significant

tothe operations of those assets, minimal social and health

impact, limited reputational impact.

Transitional

Risks arise across warming scenarios 1.5°C and 4°C

As we transition to a lower carbon economy, our

technological advancements and ability to remain

competitive will need to keep pace with the change. This links

with the potential need to create a more diverse product

portfolio that is price competitive and manages to convert a

traditional ICE customer base to an electrified Aston Martin

proposition. As regulations move to mitigate and adapt to the

challenges of climate change, the need to respond and

innovate quickly will become key, as well as the ability to

adapt to the potential emergence of carbon markets and

taxes. Brand and reputation damage as a result of not

keeping pace with these changes, and association with

potentially unethical supply chain activities represent core

risks in this changing landscape.

Opportunities

Opportunities arise across warming scenarios

1.5°Cand 4°C

Climate change also presents opportunities for Aston Martin

such as securing operational cost efficiencies through the

reduction and more efficient use of materials, resources, and

reduced waste as well as building the Group’s reputation with

a strong environment, social and governance narrative. The

climate risk scenarios identify the unique opportunities that

the move to electrification presents Aston Martin as a small

volume manufacturer, aligning our offering with customer

attitudes and demand. Providing a diverse range of powertrain

options as we develop alternatives to the ICE, will leverage

our strategic partnerships and cutting-edge high performance

technologies to provide an unparalleled driving experience.

Opportunity

Time

horizon

Opportunity

type

Potential

financial

impact

Divergent customer

attitudes

Operations,

Downstream

Increased

revenue

EV technology

development

Operations,

Downstream

Increased

revenue

Time horizon:

Short

Long

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Risk management

The Board is ultimately responsible for ensuring that the

Group has an ERMFS implemented across the business to

facilitate delivery of our strategic objectives. For further

information on this, refer to the Risk and Viability Report

andthe Audit and Risk Committee Report within this report

(pages 68-78 and 111). The report outlines how risks and

opportunities, including those specifically related to climate

change, are identified, assessed and managed through the

deployment of the Aston Martin ERMFS.

As part of our annual risk assessment activity, we have

considered how the impact of climate change affects our

existing corporate risks, as well as identified any new and

emerging climate-related risks and opportunities. We also

engage with external risk management networks to develop a

broader understanding of the global impact of climate change.

The review and update to our climate scenario analysis

andrelated risks in 2024 was led by our Sustainability and

Risk Teams and included significant input from internal

stakeholders to ensure climate risks were understood and

their relevance to business functions considered.

Key inputs into the model included the physical geographical

footprint of the Group; supply chain and global dealer

network; historical and predicted sales volumes by market;

Scope 1, 2 as well as available Scope 3 GHG emissions data;

and vehicle material content. We used the Representative

Concentration Pathways (‘RCPs’) as our framework for

modelling different emissions pathways and the associated

impact on the climate. To explore the associated market and

customer trends underpinning our commercial resilience, we

also considered different socioeconomic futures, known as

the Shared Socioeconomic Pathways (‘SSPs’).

A ranking process was utilised, starting with the development

of a ‘long list’ of climate risks and opportunities. The top

climate risks and opportunities were then shortlisted to be

explored through scenario analysis. The shortlisting process

involved workshops with internal subject matter experts to

gain their insight and note any historic risks.

Scenario Steady path to sustainability Fossil-fuelled global growth

SSP/RCP* SSP 1/RCP 2.6 SSP 5/RCP 8.5

Description Globally coordinated efforts to reduce emissions to net zero

by2050 and avert the worst effects of climate change

Global collaboration focused on protecting the population from

a changing climate (as opposed to reducing human-induced

climate change)

Societal response Proactive Reactive

Global dynamics Open, collaborative, global Open, collaborative, global

Temperature rise 1.5°C 4°C

Likelihood Low Medium

* SSP – Shared Socioeconomic Pathway, RCP – Representative Concentration Pathway

Scenario pathways

Scenarios, hazards and indicators were identified and the

exposure ratings as used in the ERMFS were applied. Two key

risks were identified for further detailed financial modelling.

The financial modelling was utilised in 2025 to clarify and

help integrate climate-related risks into business strategy

planning activity.

When considering climate-related risks and opportunities

weassess their potential impact over three time horizons,

short-term (covering the years up to 2030), medium-term

(upto 2040), and long-term (up to 2050). We have reported

here the short- and long-term horizons; as in all but

EVtechnology development the medium-term mirrored

theshort-term impact. As detailed in the Governance section

of this statement, all risks included within the corporate risk

periodic likelihood and impact risk assessments and

developing formal documented risk management plans.

A summary of the key significant risks and opportunities

which have been assessed and incorporated within the

scenario analysis has been presented on pages 59 and 60. We

have considered the resilience of our business strategy with

the identified risks and opportunities and have summarised

the key mitigating activities that have been taken or are

planned to be taken to manage these and are disclosed in the

table on page 62.

We further categorise climate-related risks and opportunities

using the TCFD recommended classifications, considering

both transition risks and physical risks:

Transition Risks Physical Risks

¤ Policy and legal risk

¤ Technology Risk

¤ Market Risk

¤ Reputation Risk

¤ Acute

¤ Chronic

Both our key risks and opportunities are grouped according to

these categories. Our transition risks represent the material risks

identified within the short- and medium-term for our Group,

however, we continue to be aware of the risks posed by the

growing impact of physical risks over the longer-term. These

are highlighted in the table on page 62, where a risk sits across

more than one TCFD classification, it is only included once.

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Risks and opportunities Mitigations

Risk

Opportunity

Transition

Policy

Increased prevalence of

anti-ICE policies, cost on

carbon imposed

¤ Research and development investment to develop lower fleet emissions portfolio

¤ Maintenance of small volume derogation status exemptions whereavailable

¤ Establishment of emissions-pooling agreements with third parties to manage

exposure to carbon pricing

¤ Consideration of forward purchasing of carbon offsets to manage exposure

toincreased pricing and reduced capacity

¤ Consideration of increasing carbon policy on tailpipe emissions in business plan

We believe that by paying

close attention to market

trends and policy changes,

developing our business

strategy around a blended

drivetrain approach with a

clear plan to have a line up

ofelectrified sports cars

andSUVS, we have a strong

resilience in the medium-

tolong-term under the

1.5°C and 4°Cscenario

Technology

Electric vehicle

technologydevelopment

¤ Research and development investment in EV technology

¤ Improving energy efficiency in our manufacturing plants

¤ Selection of a strategic partner to provide access to EV powertraintechnology

¤ Investment in use of alternative sustainable materials within vehicles

¤ Addition of innovation team to create new technologies to an appropriate

technology/manufacturing readiness level.

Market

Disruption in supply change

caused by increasingly

prevalent climate policies.

Policy changes being

unpredictable and volatile.

¤ Ensuring our Racing. Green. sustainability strategy remains relevant and aligned

with stakeholder attitudes and expectations

¤ Continued focus on building circularity into our business model including waste

and resource use actions and targets. Development of electrified powertrain

options within the product portfolio and increased use of sustainable materials

to meet customers’ evolving requirements

¤ Working with our supply chain partners to address emissions, waste and

resource use outside of our immediate operational control

¤ Supplier strategy implemented to develop strategic and sustainable

partnerships to improve supply chain resilience

¤ Strategic cooperation agreements in place with various suppliers providing

access to new powertrain technology

Reputation

Divergent customer

attitudes (inability to create

a credible sustainability

proposition as we manage

the transition from ICE to

EV,or brand damage caused

by activist activity).

¤ Implementation of our Racing. Green. sustainability strategy to respond

proactively to climate change

¤ Transparent disclosure of our GHG emissions through publication of our

Sustainability Report

¤ Communication of actions already taken to address climate change

¤ Development and implementation of credible plans to achieve our emission

reduction targets aligned to net zero by 2030 and 2050

¤ Clear strategy to electrify our product portfolio and increase use of sustainable

materials (including green aluminium)

¤ Monitoring global market trends to target areas for future growth

¤ Expanded dealer network and improved training to ensure delivery of

ultra-luxury customer experience

Physical

Acute

Supply chain disruption –

impact on suppliers

Distribution disruption

Disruption to business

¤ Supplier strategy implemented to develop strategic and sustainable

partnerships to improve supply chain resilience

¤ Supply chain and logistics transformation project underway

¤ Cross functional risk reviews with key departments to identify current supply

issues and actions to resolve

Chronic

Distribution disruption

¤ Business plan developed taking account of climate risks

¤ Supply chain and logistics transformation project underway

ASTON MARTIN LAGONDA

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Financial risk quantification

The scenario analysis as discussed on page 61 was conducted

on ten physical and transition risks and opportunities faced

by Aston Martin to assess the materiality of risks identified.

The analysis indicated that transition risks pose the most

significant threat to Aston Martin and as a result, two priority

transition risks were selected for financial risk quantification.

The two risks analysed were:

¤ Policy changes being unpredictable and volatile leading to

inconsistencies with product development

¤ Disruption in supply chain caused by increasingly prevalent

climate policies

As with all modelling, a number of assumptions and

limitations exist within the data and scenarios utilised based

on a ‘future world’. The financial modelling is based on the

business plan at a single point in time (December 2024) and

has continued to evolve. As a result the outcoming financial

risk quantification should be considered indicative. The

approach to modelling and an overview of themodelling

results are included in the table below:

Risk Overview Approach Financial results modelling Outcome *

Policy changes being

unpredictable and

volatile, leading to

inconsistencies with

product development

This risk is caused by climate

policies being volatile and

often unpredictable, leading

to inconsistencies in their

advancement across

markets and across time,

decreasing or increasing

possibilities for EV sales

across markets and

contributing to a high

degree ofuncertainty

The financial impact of

thisrisk is estimated by

modelling the impact of

tariffs and subsidies for

EVsunder two plausible

climate scenarios:

¤ NGFS Fragmented

World,which assumes

new tariffs on EV

importsare introduced;

¤ NGFS Net Zero, which

assumes new subsidies

onEV purchases

areintroduced

Both as developed by the

Network for Greening the

Financial System (NGFS)

¤ The estimated profits from EV sales

are around 10% lower under the

Fragmented World scenario than

under the net zero scenario

¤ The positive impact of subsidies under

the net zero scenario is ~2.5 times

greater than the negative impact of

tariffs under the Fragmented World

scenario. However, even under the

Fragmented World scenario, Aston

Martin’s EV offering remains profitable

¤ The regional variation in implemented

policies may result in a change of

regional distribution of Aston Martin’s

sales, with certain markets becoming

more attractive, and some more

difficult from the perspective of

successfully introducing an EV offering

¤ Recent developments in international

politics suggest that the introduction

of new EV tariffs is more likely than

theintroduction of new subsidies

Increased costs:

Range in

fragmented world

– £390m–£840m

Range in Net Zero

world – £410m –

£920m

Disruptions in supply

chain caused by

increasingly prevalent

climate policies

This risk is caused by climate

policies affecting suppliers

across markets, impacting

production costs, transport

costs, or import costs

(e.g.,through carbon taxes,

cap-and-trade schemes, EU

CBAM), causing disruptions

in supply chain and changes

to costs of supplied

materials andgoods

The financial impact of this

risk is estimated by

modelling the increased raw

material costs for the five

highest-emitting raw

materials used by Aston

Martin under three plausible

climate scenarios:

¤ International Energy

Agency (‘IEA’) Stated

Policies (‘IEA steps’)

¤ IEA Announced Pledges

(‘IEA APS’)

¤ IEA Net Zero

¤ Raw material costs rise over time

underall scenarios, with the highest

increase under the IEA Net Zero

scenario, reaching £17m by 2050, due

to increased carbon pricing

¤ Aluminium is the largest driver of

bothcosts and emissions, contributing

significantly despite its relatively

smaller share of car weight

¤ Structures and chassis categories

showthe highest cost increases,

reflecting their reliance on carbon-

intensive materials

Increased costs:

Range in IEA steps

– £9.0m–£9.7m

Range in IEA APS –

£9.1m–£13.7m

Range in IEA Net

Zero –

£9.5m–£17.0m

(See graph page 64

based onAston

Martin modelling)

* Note: cost impact represents the potential range of impact over a long time horizon through to 2050 as indicated in the graph

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Metrics and targets

Our sustainability strategy Racing. Green. incorporates

anumber of climate-related metrics and targets which

demonstrate the Group’s commitment to tackling climate

change in the short, medium and long-term as well as

assessing and managing these risks.

We engage with our stakeholders and monitor developments

from regulatory and governance bodies to provide input

intoour materiality assessment for climate-related disclosure

purposes. The targets and metrics disclosed have been

identified by the Sustainability Committee as being those

thathave a material impact on our business due to their

nature, size or complexity. Our Scope 1, 2 and 3 metrics as

well as energy consumption data are included on page 43

and form part of this TCFD statement. Progressagainst these

targets is reported quarterly to the Sustainability Committee

through a detailed KPI report.

Increase in costs due to additional carbon costs associated with raw material production emissions (£ million)

2030 2035 2040 2045 2050

9.509.00 9.10 12.309.20 10.90 14.009.40 11.99 15.509.5 12.90 17.009.70 13.70

Key

IEA steps IEA APS IEA Net Zero

In summary, our total market-based Scope 1 and 2 emissions

during 2025 amounted to 8,028.82 tCO

e, reflecting a 6%

decrease in total energy use compared to our 2022 base year

and our total Scope 3 emissions amounted to 1,076,848.04

tCO

e. To provide greater clarity over our actions and the

results of energy saving and efficiency measures, we use

GHG emissions per unit (tCO

e per car manufactured) as a

metric for normalising our emissions data. For 2025, the total

Scope 1 and 2 emissions (location-based) per car

manufactured is 1.53 tCO

e an increase of 7% from 2024.

We are committed to aligning to the SBTi Net-Zero Standard,

and in 2023 developed our full Scope 3 inventory which we

continued to refine in 2024 as we developed near- and

long-term Group-wide emissions reduction targets. In

September 2024, we submitted these targets to the SBTi

forvalidation. We discontinued the validation process during

2025 but have maintained net zero aligned targets across our

Scope 1, 2, and 3 emissions for 2050. Full details are included

on pages 46 and 47.

We continually review our processes and continue to

strengthen our data collection methods working across our

value chain and seek to obtain external assurance to validate

a number of our principal reportable metrics as outlined

inour Independent Assurance Report included on pages

68and 69 of our Sustainability Report.

ASTON MARTIN LAGONDA

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Pillar

Recommended disclosures and

disclosure level Response Disclosure locations

Governance

Disclose the

organisation’s

governance around

climate-related risks

and opportunities

a) Describe the Board’s

oversightofclimate-related risks

and opportunities

The Board is responsible for climate ambition, strategy

and risk and has established the Sustainability Committee

to oversee delivery of the Group’s Racing. Green. strategy.

Pages 68-67, 120-121,

111-113

b) Describe management’s role in

assessing and managing climate-

related risks and opportunities

The Executive Committee members are responsible for

managing risks and opportunities within their functions by

deploying the ERMFS. They are supported by Functional

Risk Champions who attend the Risk Management

Committee on a quarterly basis. The Head of Government

Affairs and Sustainability holds management responsibility

for the Sustainability Committee.

Pages58, 68-77

Strategy

Disclose the actual

andpotential impacts

ofclimate-related risks

and opportunities

onthe organisation’s

businesses, strategy,

and financial planning

where such information

is material

a) Describe the climate-related

risks and opportunities the

organisation has identified over the

short-, medium-, and long-term

We face multiple climate-related risks, primarily arising

from the transition to a low-carbon economy and the

needfor us to address technological, legal, market and

reputational risks. Physical risks pose a lesser threat to our

direct operations, whilst we do recognise their potential

impact on our supply chain.

Pages59-62

b) Describe the impact of

climate-related risks and

opportunities on the

organisation’sbusinesses,

strategy,and financial planning

We are investing in electrification of our product

portfolioto mitigate the technological and regulatory

risks associated with transition to a low carbon economy

together with investment in sustainable materials. We are

also investing in our manufacturing facilities to drive

increased energy efficiency and reduced waste.

Pages59-62

c) Describe the resilience of the

organisation’s strategy, taking into

consideration different climate-

related scenarios, including a 2°C

or lower scenario

Our business plan takes into account planned investment

and capital expenditure to electrify our powertrains and

capital projects to reduce carbon emissions from within

our facilities and operations. We include the perceived

resilience of our strategy to the warming scenarios in the

table on page 62.

Pages59-62

Risk Management

Disclose how the

organisation identifies,

assesses, and manages

climate-related risks

a) Describe the organisation’s

processes for identifying and

assessing climate-related risks

Our ERMFS is used to identify, assess and manage all

typesof risks across the business. This includes specific

consideration of both transitional and physical climate-

related risks.

Pages59-62, 68-77

b) Describe the organisation’s

processes for managing climate-

related risks

Climate change and the need for the business to transition

its product portfolio to electrified powertrains over the

medium-term and reduce our carbon footprint is a

principal Company risk. Refer to the Principal Risk

summary table within this Annual Report.

Pages59-62, 68-77

c) Describe how processes for

identifying, assessing, and

managing climate-related risks are

integrated into the organisation’s

overall risk management

Climate-related risks are considered and managed within

our ERMFS.

Pages57-62, 68-77

Metrics and Targets

Disclose the metrics and

targets used to assess

and manage relevant

climate-related risks

and opportunities

where such information

is material

a) Disclose the metrics used by the

organisation to assess climate-

related risks and opportunities in

line with its strategy and risk

management process

We have identified and disclosed a wide range of

climate-related metrics in order to manage our exposure

to climate risks and opportunities. Disclosures regarding

the financial quantification of the risks and opportunities

are included in this TCFD report.

Pages39-40,43,63

b) Disclose Scope 1, Scope 2, and,

ifappropriate, Scope 3 GHG

emissions, and the related risks

We have disclosed our Scope 1, 2 and 3 emissions. Page 43

c) Describe the targets used by the

organisation to manage climate-

related risks and opportunities and

performance against targets

We have set ambitious near-and long-term net zero

GHGemission reduction targets aligned with the Paris

Agreement.

Pages39-40

Disclosure level:

Full

Partial

Omitted

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ASTON MARTIN LAGONDA

HIGHLIGHTS OF THE YEAR

Supporting the Armed

Forcescommunity

At Aston Martin, we’re proud to

recognise the contributions and

sacrifices of our service personnel and

their families. In April, we reinforced

our commitment by signing the Armed

Forces Covenant – a public pledge to

support the armed forces community,

including veterans, reservists, spouses,

partners and cadet instructors.

TheCovenant is a promise to ensure

fairness and respect for those who

serve or have served in the Armed

Forces, as well as their families.

Bysigning, we’re strengthening

ourcommitment to:

¤ Supporting Armed Forces

community members in

ourworkplace

¤ Welcoming applications from

veterans, reservists, military

spouses/partners and

cadetinstructors

¤ Providing dedicated internal support

through our Armed Forces

Employee Resource Group

¤ Honouring key moments like

Armistice Day to recognise

serviceand sacrifice

Our Armed Forces Network – part of

the Aston Martin Inclusion Network

– plays a key role in creating an inclusive

environment where service leavers

andmilitary families feel supported

and valued. Since launching last year,

the network has brought together

colleagues from across the business

–including those with military

experience and those who want

toshow their support and we

proudlymarked Armed Forces Day,

demonstrating visible appreciation

forthose who serve or have served.

ASTON MARTIN SIGNS

THE ARMED

FORCES

COVENANT

“WE RECOGNISE THE OUTSTANDING

VALUE VETERANS, RESERVISTS

AND MILITARY FAMILIES BRING TO

OUR BUSINESS – FROM TECHNICAL

EXPERTISE TO TEAMWORK AND

LEADERSHIP. THIS PLEDGE IS A

MEANINGFUL STEP IN CREATING

A SUPPORTIVE, INCLUSIVE

ENVIRONMENT WHERE EVERY

COLLEAGUE CAN THRIVE”

Adrian Hallmark, CEO

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67 HIGHLIGHTS OF THE YEAR CONTINUED

Risk management

During the year principal

riskdeepdives, incorporating

bowtieanalysis, have been

performed to identify any potential

control gaps and to support the

identification of Material Controls

for the purpose of Provision 29

Code reporting requirements.

ur Enterprise Risk Management Framework & System

(‘ERMFS’) establishes the foundations and procedures

for how we identify, assess and manage risks across

the Group. The Board is ultimately responsible for oversight

of our risk management and internal control systems and

determines our risk appetite.

The Board, in conjunction with the Audit and Risk Committee,

has full responsibility for monitoring the effectiveness of

theGroup’s risk management and internal control systems.

The Executive Committee, supported by Senior Management

are tasked with managing risk on a day-to-day basis with this

being governed through the quarterly Risk Management

Committee. The Audit and Risk Committee fulfils its’

responsibility by monitoring and overseeing the work of

Executive Management and the key governance functions

within the Group, including the Internal Audit and Risk

Management team (‘IA&RM’) and the Risk Management

Committee. The Chair of the Audit and Risk Committee

updatesthe Board on the Committee’s activities in this

regardas appropriate.

We have strategies in place to promote an effective risk culture

across the Group which includes providing training to Risk

Champions and new Non-executive Directors as required.

How we manage risk

Our IA&RM team maintains the ERMFS and coordinates risk

management activities across the Group, leveraging a

network of functional Risk Champions embedded within

management (our first line of defence). Each principal risk

hasa risk mitigation plan incorporating management’s

assessment of gross, net and target risk together with an

assessment of the effectiveness of mitigating controls and

activities currently implemented, and those which need to

beimplemented in order to reduce the risk to the target

levelcommensurate with the Group’s defined risk appetite.

These plans are updated periodically with any changes being

incorporated into the corporate risk register. Updates to

theGroup’s principal risks are reviewed every six months

bythe Executive Committee before then being reported

tothe Audit and Risk Committee.

ASTON MARTIN LAGONDA

68 PRINCIPAL RISKS AND RISK MANAGEMENT

Changes to Aston Martin’s risk profile

The most significant changes to the Group’s principal

andemerging risks in the year were:

¤ Demand generation – inclusion of a new principal risk

reflecting the fact that generating sufficient retail demand

is fundamental to enabling the Group to achieve its

short- and medium-term targets

¤ Health and Safety – inclusion as a principal risk due

totheimportance of health and safety within a

manufacturingenvironment

¤ Inability to recruit and retain required talent – likelihood

increasing as the Group may find it increasingly difficult

toattract and retain talent due to the recent financial

performance of the Group

¤ Inadequate security to protect against cyber security

threats or poor IT resilience – impact assessment increased

to reflect the potential significance of disruption and costs

for remediation in the event of an incident affecting the

Group. Taking into account the impact reported by other

entities affected by cyber incidents during 2025

¤ Achieving financial and cost reduction targets – removed

from principal risks as this is now considered to be more

anoutcome of failing to manage the other principal

riskseffectively

Our risk management process

The key activities supporting

ourERMFSinclude

¤ Annual review and approval of the ERMFS and Risk

Management Policy by the Audit and Risk Committee

¤ Bi-annual review of principal risks to assess potential

impact and likelihood

¤ Maintenance of corporate and functional risk registers

tosupport a top-down and bottom-up approach to

riskmanagement

¤ Quarterly horizon scanning undertaken by the Risk

Management Committee to identify emerging risks

¤ Creating formal risk mitigation plans for all principal risks

¤ Provision of independent and objective assurance by the

Internal Audit team over the effectiveness of principal risk

mitigation plans to the Audit and Risk Committee

¤ Incorporation of threat and risk assessments in the

development of new products and connected car services

RISK

IDENTIFICATION

RISK

RESPONSE

RISK MONITORING

AND REPORTING

RISK

ASSESSMENT

Bottom-up

Identifying, assessing,

monitoring and reporting

risk at functional level

Corporate and functional risk registers

To prioritise our risk response

Enterprise Risk Management

Framework & System (ERMFS)

Our risk management process

Top-down

Identifying, assessing,

monitoring and reporting

risk at Group level

Principal risks and

uncertainties

Executive oversight

Emerging risks

Horizon scanning

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

PRINCIPAL RISKS AND RISK MANAGEMENT CONTINUED

Risk appetite

The Board determines the amount of risk the Group is

willingto accept in pursuit of the Group’s strategic objectives.

Willingness to tolerate risk varies dependent on the type

ofrisk and may change over time. In assessing risks and

opportunities, we prioritise the interests and safety of

ourcustomers and employees and seek to protect the

long-term value and reputation of the brand, while

maximising commercial benefits to support responsible

andsustained growth.

Our strategy Risk attitude Related principalrisks

Market demand

Operating as an ultra-luxury

highperformance brand with

ademand-led strategy

The Group’s brand and reputation are among our most valuable

strategic assets and are fundamental to sustaining long-term

shareholder value. Brand perception has a direct impact on

customer demand and accordingly the Group has a low risk

appetite for risks that could materially damage the brand or

undermine our reputation with customers.

Product creation

Continuing to enhance our

exhilaratingand compelling portfolio

of sports cars, SUVs and Specials

The Group has a moderate appetite for risk in pursuit of innovation

and technological advancement, recognising this as critical to

competitiveness, growth and long-term value creation.

We are prepared to accept controlled levels of technical,

execution, and investment risk where these are well understood,

aligned to strategy, and subject to disciplined governance,

stage-gating, and oversight.

Culture and change

Focussed on building a collaborative

and cross-functional way of working

and attracting and retaining sector

leading talent

The Board maintains a moderate appetite for risks related to

culture and change, acknowledging competitive labour markets

and evolving workforce expectations. This is supported by

targeted investment in leadership, capability development,

reward and culture, alongside active monitoring of succession,

engagement, andkeytalent risks.

Quality

Delivering excellence in product

qualityand launch cycles

Quality is critical to maintaining customer satisfaction and loyalty.

As such the Board maintains a low risk appetite when it comes

tomatters related to managing the quality of our vehicles and

customer experience.

Operations

Driving a disciplined approach to

ouroperations to future proof the

Company in the face of a dynamic

andchallenging market environment

The Board maintains a low risk appetite for ESG and sustainability

risks, recognising their critical importance to long-term value

creation, stakeholder trust, and the resilience of the Group. We do

not tolerate actions or outcomes that could result in material harm

to the environment, our people, communities, or society, or that

undermine compliance with applicable laws and standards.

This is embedded through clear governance, targets, controls

andactive oversight of ESG-related risks and opportunities

acrossthe business.

Cost optimisation

Adjusting the cost base of the Company

to drive future operating leverage

The Board has a low risk appetite in relation to liquidity risk

andassuch seeks to preserve liquidity through cost optimisation

activities and programmes.

ASTON MARTIN LAGONDA

PRINCIPAL RISKS AND RISK MANAGEMENT CONTINUED

Our principal risks

Our risk management system is designed to identify

abroadrange of risks and uncertainties which could

adversely impact the profitability or prospects of

theGroup.Our principal and emerging risks are those

whichcould have the most significant effect on the

achievement ofour strategic objectives, our financial

performance and ourlong-term sustainability.

A summary of the Group’s principal risks is provided on the

following pages, including how they align to our strategy,

example risk factors and the primary mitigating actions

implemented to manage the risks during the year ended

31 December 2025. Risks are dynamic and change over time

and as such they are reassessed at key points throughout

theyear.

We categorise principal risks within one of the following

categories: Strategic, Operational, Compliance, Climate

Change and Financial, and link each risk to ourstrategic

focusareas that underpin our business plan.

Board and Audit and

Risk Committee

¤ The Board has

delegated oversight of

the ERMFS to the Audit

and Risk Committee

¤ The Board has

ultimateresponsibility

for establishing a

framework of prudent

and effective controls

which enable risk to be

assessed and managed

¤ Determine risk appetite

¤ Review effectiveness of

risk mitigation plans and

assurance activity

¤ Monitor status of risk

management activity

and reporting

¤ Review outputs of

principal risk mitigation

plan reviews

Internal Audit & Risk Management

¤ Co-ordinate deployment of the ERMFS across the Group

¤ Maintain the corporate risk register

¤ Present Board, Audit and Risk Committee and Executive

Committee risk status updates

¤ Provide resources and training to support risk

management activities and support Functional

RiskChampions

¤ Independently evaluate the design and operating

effectiveness of principal risk mitigation plans on

arotational basis

Functional Risk Champions and Risk Owners

¤ Responsible for risk management at a functional level

¤ Maintain functional (bottom-up) risk registers

andmanage and develop risk mitigation plans for

principal risks

¤ Champion adherence to ERMFS principles and guidance

within their functions

¤ Consider emerging risks and escalate to the Risk

Management Committee as appropriate

¤ Ensure mitigating controls are designed and

operatingeffectively

¤ Represent their function within the Risk Management

Committee

Risk Management

Committee

¤ Identify and assess

newand emerging risks

¤ Perform deep-dive

reviews of risk

mitigation plans

¤ Meet quarterly and

report to the Audit and

Risk Committee and

Executive Committee

¤ Representation from

key functions across

thebusiness

¤ Ensure risks are managed

in accordance with

theBoard’s defined

riskappetite

¤ Champion effective

riskmanagement

andcontrol across

thebusiness

Risk management governance

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

PRINCIPAL RISKS AND RISK MANAGEMENT CONTINUED

Strategic risks

Macroeconomic and geopolitical instability Brand/reputational damage Technological advancement

RISK DESCRIPTION

Exposure to multiple political and economic

factors could impact customer demand or

affectthe markets in which we operate

Damage to our brand or reputation could

significantly affect customer demand or

marketperception of the Company

Failure to maintain pace with technological

development to meet evolving customer

expectations, remain competitive and stay ahead

of regulatory requirements could significantly

affect the Company’s ability to meet its objectives

Risk movement

Risk appetite Risk movement

Risk appetite

Link to strategy

Risk owner

Chief Financial Officer

Risk owner

Global Marketing Director

Risk owner

Chief Technology Officer

POTENTIAL CAUSES AND IMPACT ON BUSINESS

¤ Global economic slowdown reducing demand

for vehicles

¤ Unfavourable movement in exchange rates

increasing input costs or affecting price

competitiveness

¤ Adverse economic global conditions could

adversely impact our dealer network or

supplychain

¤ Commodity price increases and other

inflationary pressure

¤ Fragmented policy making in relation to

banning of ICE and transition to EV powertrains

¤ Proliferation of anti-ICE policies and actions

¤ Product recall or quality issues could

impactcustomer confidence and result in

reduced demand

¤ Late delivery of new models/variants could

impact customer confidence and loyalty and

delay sales

¤ Dealer network may not be effective in raising,

maintaining and promoting brand awareness

¤ Inadequate dealer training in new products

andtechnologies could impair the

customerexperience

¤ A slower transition to alternative powertrain

vehicles could affect the Group’s ability to

target new customer groups

¤ Product recall or quality issues could

impactcustomer confidence and result in

reduced demand

¤ Late delivery of new models/variants could

impact customer confidence and loyalty and

delay sales

¤ New vehicle content may not be sufficiently

advanced and undermine the competitiveness

of our vehicles

¤ Inadequate dealer training in new products

andtechnologies could impair the

customerexperience

¤ A slower transition to alternative powertrain

vehicles could affect the Group’s ability to

target new customer groups

RISK MITIGATION

¤ Regular operational and financial reviews

ofthe business

¤ Horizon scanning and external risk

intelligencereview

¤ Business plan reset taking account of

headwinds arising from the macroeconomic

environment

¤ Monitoring global market trends to target

areas for future growth

¤ Routine monitoring of dealer stock levels

tosupport build-to-order strategy

¤ Dealer network development strategy

totarget growth in emerging markets

¤ Standardised embedded quality procedures

(e.g., 300 Call Procedure, Customer Perception

Audit, Parts Approval Process) to maintain

focus on vehicle quality

¤ Dealer Network Performance team

monitordealer adherence to AML Dealer

Operating Standards

¤ Regional marketing plans developed quarterly

to drive sales pipeline

¤ Fixed marketing investment programme to

drive increased brand awareness and salience,

including sponsorship of the Aston Martin

Aramco Formula One® Team

¤ Quality-led production ramp up for new

vehicle programmes

¤ Brand reputation management through

monitoring customer feedback and brand

perception metrics

¤ Public and Social Media sentiment monitoring

¤ Strategic arrangements with key partners,

including Mercedes Benz AG, Lucid and Geely

¤ Development of commodity strategy plans

¤ Investment in Electrical Engineering team

¤ Lifecycle planning and technology integration

in vehicle programmes

¤ Commenced deliveries of Valhalla, the

Company’s first mid-engine supercar, and

itsfirst plug-in-hybrid model

¤ Establishment of Connected Car team to

develop stronger customer proposition for

in-car technology

¤ Creation of an Innovation and Advanced

Technology group with dedicated budget

andprocess to advance innovative technology

in advance of programme requirements

ASTON MARTIN LAGONDA

PRINCIPAL RISKS AND RISK MANAGEMENT CONTINUED

Climate change risks Financial risks

Climate change Liquidity

RISK DESCRIPTION

Climate change could significantly impact

demand for our vehicles, our ability to sell within

certain markets or have financial consequences

through increased carbon pricing,taxes and other

regulatory restrictions onICE vehicles

The Group may not be able to generate sufficient

cash to fund its capital expenditure, service its

debt, sustain its operations or meet its

financialcovenants

Risk movement

Risk appetite Risk movement

Risk appetite

Link to strategy

Risk owner

Chief Financial Officer

Risk owner

Chief Financial Officer

POTENTIAL CAUSES AND IMPACT ON BUSINESS

Transition risks

¤ Policy – new tailpipe emissions reduction

targets or loss of small volume derogation

status could lead to increased carbon taxes

and import tariffs

¤ Market – customer preferences may move

towards non-ICE powertrain options faster

than anticipated

¤ Technology – disruption from new technologies

or new market entrants together with

increased demand for sustainable products

¤ Reputation – inability to create a credible

sustainability proposition as we manage the

transition from ICE to EV powertrains, or

branddamage caused by activist activity

Physical risks

¤ Increased frequency/severity of extreme

weather events causing supply chain or

outbound logistics disruption

¤ Potential increased insurance costs as more

claims are made due to climate-related

physical damage/business disruption

¤ Significant leverage levels may inhibit

ourability to raise additional capital or meet

leverage covenants

¤ Significant debt servicing requirements

reducecash available to support other

operational needs

¤ Liquidity restrictions could impact planned

R&D investment

¤ Delays in payment to suppliers to manage

short-term cash requirements could result

insupply chain disruption

RISK MITIGATION

¤ Sustainability governance and performance

against ESG targets monitored through the

Board Sustainability Committee

¤ Strategic cooperation agreements in place

with various suppliers providing access to

newpowertrain technology

¤ Commenced deliveries of Valhalla, the

Company’s first mid-engine supercar, and

itsfirst plug-in hybrid model

¤ Forward purchase/pooling of carbon credits

toreduce exposure to carbon-related financial

penalties and taxes and carbon offsetting

¤ Sourcing of 100% renewable electricity for

ourmanufacturing operations

¤ Commitment to net zero by 2050 with a 90%

absolute reduction in Scope 1, 2 and 3 emissions

¤ Wholesale financing facilities implemented

tofacilitate faster cash collection

¤ Revolving Credit Facility available with access

to temporary funds up to £170m

¤ Cash flow and funding oversight through

regular management review of cash and

working capital balances

¤ Financial planning implemented through

formal annual budget and periodic

forecastingprocess

¤ Monthly Treasury Committee

¤ Ongoing transformation activity to deliver

targeted cost savings and efficiencies

Key

Risk movement

Increased

Decreased

No change

Risk appetite

Zero

Low

Moderate

High

Link to strategy

Market demand

Product creation

Operations

Quality

Culture and change

Cost optimisation

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

PRINCIPAL RISKS AND RISK MANAGEMENT CONTINUED

Compliance risks Operational risks

Compliance with laws andregulations Health and safety Talent acquisition and retention

RISK DESCRIPTION

Non-compliance with local laws or regulations

could damage our corporate reputation and

subject the Group to significant financial penalties

and/or trading sanctions or restrictions

Inadequate procedures could result in incidents

causing harm to employees, customers or

otherthird parties which could also have

asignificant impact on business continuity

andbrand and reputation

We may face challenges in retaining, engaging

and developing a productive workforce while

identifying and nurturing key talent to meet

strategic goals

Risk movement

Risk appetite Risk movement

Risk appetite Risk movement Risk appetite

Link to strategy

Risk owner

General Counsel

Risk owner

Chief Industrial Officer

Risk owner

Director of HR & Reward

POTENTIAL CAUSES AND IMPACT ON BUSINESS

¤ Non-compliance with product regulations

(including emissions, noise, connected car

security etc.) could inhibit the Group’s ability

tosell in certain markets

¤ Non-compliance with corporate conduct laws

and regulations (including data protection

laws, supply chain laws, human rights laws etc.)

could result in financial penalties and/or brand/

reputational damage

¤ Failure to keep pace with increasing

stakeholder expectations to go beyond

evolving ESG reporting requirements could

result in brand/reputational damage which

could ultimately affect our sales pipeline

andplanned growth

¤ A major health and safety incident could have

amaterially adverse impact through harm

caused to individuals

¤ Incidents can result in operational disruption

including site closures of loss of licenses

tooperate, especially where regulatory

investigations are required

¤ A loss of stakeholder trust, adverse media

coverage with damage to brand and reputation

can arise in the event of any significant incident

¤ Higher levels of incidents can result in civil

claims and increased insurance costs

¤ Inability to build the necessary leadership

capabilities and behaviours to drive

organisational success

¤ Failure to engage or equip our teams to deliver

our strategy effectively or address critical

capability gaps

¤ Challenges in filling key open positions may

inhibit our ability to deliver our product

portfolio with the right quality and on time,

aswell as hindering innovation to remain

competitive within the market

RISK MITIGATION

¤ Procedures are in place to obtain Vehicle

TypeApproval and homologation for all

newproduction vehicles from the appropriate

vehicle certification agencies to ensure that

vehicles meet the required performance

standards for the markets they are sold in

¤ Procedures in place to track and monitor

compliance with emissions reduction targets

and other regulatory standards

¤ Corporate policies define our standards

ofbehaviour in relation to key compliance

areas(including anti-bribery and corruption,

dataprotection, responsible procurement,

healthand safety, anti-slavery and human

trafficking,environmental)

¤ Refreshed campaign to promote Speak-Up,

our confidential reporting system, overseen by

the Audit and Risk Committee, which enables

the reporting of any suspected breach of

policy or misconduct

¤ Annual Code of Conduct compliance training

¤ Health, Safety and Environmental (‘HSE’)

policiesestablished with supporting

trainingprogramme

¤ HSE Committee in place to oversee

implementation and adherence to

HSEpoliciesand procedures

¤ HSE Risk Management framework maintained

incorporating timely incident reporting and

rootcause analysis

¤ Routine risk assessments and development

ofsafe systems of work

¤ Mandatory training provided for employees

andcontractors

¤ Remuneration Committee oversight of

seniorleadership remuneration to ensure

itisaligned to the strategy and appropriate

forstaff retention

¤ Regular review of talent and resource risks

leveraging succession plans and employee

engagement survey results

¤ Benchmarking of bonus and remuneration

packages to drive employee performance,

align behaviours with the organisational goals

and remain attractive to external candidates

ina competitive UK job market

¤ Embedding Company values; unity,

openness,trust, ownership and courage,

emphasising that ‘no-one builds an Aston

Martin on their own’

¤ Talent review exercise undertaken for senior

management and above population

¤ Company-wide performance bonus scheme

todrive performance, embedding key finance

and quality measures and targets

¤ Periodic Great Place to Work®or Pulse surveys

undertaken to measure and enhance

organisational culture and obtain

employeefeedback

ASTON MARTIN LAGONDA

PRINCIPAL RISKS AND RISK MANAGEMENT CONTINUED

Operational risks

Quality Programme delivery

RISK DESCRIPTION

Poor quality could damage our brand and

reputation and adversely affect our ability to

generate demand or achieve our financial targets

Failure to implement major programmes on

time,within budget and to the right technical

specification and quality could jeopardise

delivery of our strategy and have significant

adverse financial and reputational consequences

Risk movement

Risk appetite Risk movement

Risk appetite

Link to strategy

Risk owner

Quality Director

Risk owner

Chief Technology Officer

POTENTIAL CAUSES AND IMPACT ON BUSINESS

¤ Product recall or quality issues could

impactcustomer confidence and result

inreduced demand

¤ Poor quality can result in increased warranty,

recall and rework costs

¤ Poor quality can increase the risk of defects

that could lead to safety hazards for drivers,

passengers and other road users

¤ Failing to meet industry standards or safety

regulations can result in fines, sanctions or

potential bans on selling products

¤ Delays in new product launch can undermine

Aston Martin’s competitiveness and result in

reduced sales

¤ Inability to manage third-party delivery in line

with programme timelines and milestones can

result in increased costs and/or reduced

revenue from delayed sales

¤ Failure to adhere to the ‘Mission’ programme

delivery governance framework could result

indelayed launch of vehicles or unforeseen

quality issues

¤ Delays in new Enterprise Resource Planning

(‘ERP’) system go-live dates could expose

Aston Martin to increased risk of IT failure

andresultant disruption to production

andengineering activities

RISK MITIGATION

¤ Standardised embedded quality procedures

(e.g., 300 Call Procedure, Customer Perception

Audit, Parts Approval Process) to maintain

focus on vehicle quality

¤ Quality-led production ramp up for new

vehicle programmes managed through

theProduct Creation Delivery System

¤ Customer feedback and warranty claims

management procedures in place to identify

and address in field quality concerns

¤ Deployment of an established programme

delivery methodology and regular Product

Committee status reporting and oversight

¤ Enhanced focus on R&D financial forecasting

forall capital expenditure

¤ Addition of innovation team to create new

technologies to an appropriate Technology/

Manufacturing Readiness Level

¤ Structured approach to Programme Change

Management to evaluate the impact of changes

to programme timing, cost and quality

¤ Establishment of New Model Quality and

Quality Business Planning teams to improve

quality management activity

¤ Establishment of the Product Creation Circle

toprovide additional senior management input

into new vehicle programmes

Key

Risk movement

Increased

Decreased

No change

Risk appetite

Zero

Low

Moderate

High

Link to strategy

Market demand

Product creation

Operations

Quality

Culture and change

Cost optimisation

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

PRINCIPAL RISKS AND RISK MANAGEMENT CONTINUED

Operational risks

Demand generation Cyber security and IT resilience Supply chain disruption

RISK DESCRIPTION

Failure to generate sufficient retail and wholesale

demand could significantly inhibit the Company’s

ability to meet its strategic targets

Breach of cyber security could result in a system

outage, impacting core operations and/or result

in a major data loss leading to reputational

damage and financial loss

Supply chain disruption could result in

productionstoppages, delays, quality issues

andincreased costs

Risk movement Risk appetite Risk movement Risk appetite Risk movement

Risk appetite

Link to strategy

Risk owner

Global Commercial Director

Risk owner

Director of IT

Risk owner

Head of Supply Chain & Logistics

POTENTIAL CAUSES AND IMPACT ON BUSINESS

¤ Failure to develop a significant sales pipeline

could inhibit the Company’s ability to meet its

financial targets as a result of lower revenues

and pricing pressure

¤ Low retail demand can result in increased

stocklevels or aged stock which may result

inincreased variable marketing cost

¤ A sustained reduction in demand, caused by

lack of product availability or awareness, or

alack of product competitiveness can result

inadverse cash flow impacts and constraints

on investment

¤ Failure to achieve planned sales volumes

canresult in reduced capacity utilisation

andpotential impairment of assets

¤ Cyber-attack resulting in disruption to

operational services, possible data loss

andrelated business outages

¤ Legacy systems reaching end of life may

nolonger be supported and become more

susceptible to breach

¤ Insufficient investment in systems and

resourceleads to limited protection with

critical vulnerabilities not being addressed

inatimely manner

¤ Suppliers may be unable to meet delivery

schedules, due to unforeseen events, financial

distress or logistics disruptions

¤ Delays in sourcing, procurement, or

engineering changes to parts may impact

supplier ability to respond and meet Aston

Martin’s requirements

¤ Global raw material shortages, due to

increased demand, trade disputes, and supply

chain issues could impact Aston Martin’s ability

to meet planned production volumes

¤ Disruption caused by ongoing global conflicts

(e.g. Russia/Ukraine, Gaza/Israel) can result in

longer lead times and increased freight costs

¤ The design and visibility of our supply chain

may expose our business to increased risk of

disruption, compliance risks, and logistics costs

RISK MITIGATION

¤ Demand and product strategy in place

toensure that current and future vehicles

arealigned with manufacturing capabilities

andcustomer requirements

¤ Development of marketing plans to focus on

targeted customer acquisition and retention

activity by market

¤ Provision of access to wholesale and retail

financing solutions to support the dealer

network and retail customers

¤ Full refresh of Sports car portfolio completed

¤ Commenced deliveries of Valhalla, the

Company’s first mid-engine supercar, and

itsfirst plug-in-hybrid model

¤ Pricing strategy determined by market

toachieve targeted volumes

¤ Project continuing to deliver a new ERP

systemto transition away from end-of-life

legacy systems and drive efficiency within

theIT infrastructure

¤ Enhanced IT general controls for access

management, network access controls, remote

access (e.g., multi-factor authentication) and

password management

¤ 24/7 vulnerability monitoring using security

tools including Darktrace, SentinelOne and

cyber incident response procedures

¤ Ongoing accelerated investment in

Information Security team and activity to

mature cyber security control framework

¤ Development of a Cyber Security Governance

Framework to oversee benchmarking of

cybersecurity controls against the National

Institute of Standards & Technology (‘NIST’)

governance framework

¤ Development, training and testing of a Cyber

Incident Response procedure to ensure that

the Group are adequately positioned to

respond incidents

¤ Cross-functional weekly risk reviews with

keydepartments to identify current supply

issues and actions to resolve

¤ Supplier performance measured and managed

through our new ERP system, to drive

improvement and ensure supply stability

¤ Internal Customs team established to manage

and mitigate procedural/policy changes

¤ Periodic due diligence performed on key

suppliers including Moody’s financial and

compliance health checks

¤ Supplier strategy implemented to develop

strategic and sustainable partnerships to

improve supply chain resilience

¤ Supply chain and logistics transformation

project, including the adoption of digital tools

to improve visibility and control

¤ Integrated sales and operations

planningprocedures

ASTON MARTIN LAGONDA

PRINCIPAL RISKS AND RISK MANAGEMENT CONTINUED

Risk management activities in 2025 and

plansfor 2026

Identification of risks

We identify and manage risk using a top-down

bottom-upapproach.

¤ Top-down – Identification, assessment, prioritisation,

mitigation, monitoring and reporting of the Group’s

principal risks. Overseen by the Audit and Risk Committee

and the Risk Management Committee

¤ Bottom-up – Identification, assessment, prioritisation,

mitigation and monitoring of lower level risk across

operational and functional areas

The corporate and functional risk registers are maintained

and updated to reflect changes in the business and the

external environment. These continue to be periodically

reviewed by the Risk Management Committee. The updated

corporate risk register is reviewed and formally re-evaluated

at the half and full year to identify any changes required to

the disclosed principal risks. These changes and the summary

of principal and emerging risks are then presented to the

Audit and Risk Committee for review and approval.

Risk management system

The Aston Martin ERMFS continues to be deployed across the

Group. This was subject to its annual review and approved by

the Executive Committee and the Audit and Risk Committee

in July 2025. The Risk Management Committee met four

times during 2025.

Management actions and deep dives

The IA&RM team incorporate independent validation reviews

of the principal risk mitigation plans within its annual Audit

Plan, the purpose being to provide independent assurance

tomanagement, the Audit and Risk Committee and the Board

on the effectiveness and adequacy of management actions

tomitigate risks down to an acceptable level.

The team works with functional Risk Champions to maintain

formal risk mitigation plans to clearly articulate the nature and

extent of the principal risks and their associated mitigating

actions. These are used to provide the Board and Audit and

Risk Committee with management self-assessments on the

effectiveness of risk mitigation plans and activities.

During 2025 the following key risk management activities

have been undertaken:

¤ Four Risk Management Committee meetings with focus

onthe following areas:

– Maturation of principal risk mitigation plans

– Deep dive review of Supply Chain Disruption risk

– Deep dive review of Programme Delivery risk

– Emerging risks and horizon scanning

– Fraud risk assessment

¤ Commenced programme of undertaking bow tie

analysisfor each of the principal risks using risk

championsupported workshops

¤ Cyber incident response training exercise undertaken

tosimulate a plausible scenario

¤ Climate change risk assessment and scenario

analysisundertaken with support from specialist

third-party consultants

¤ Internal audit of the Supply Chain Disruption risk

mitigationplan

¤ Executive Committee review and agreement of the

Group’s principal and emerging risks

¤ Annual review of ERMFS and Risk Management Policy

The following activities are planned for 2026:

¤ Completion of bow tie analysis for all principal risks

¤ Identification of Key Risk Indicators for all principal risks

and creation of a KRI dashboard for monitoring purposes

¤ Assessment of velocity (how quickly the risk could

materialise) for all principal risks

¤ Formalised risk reporting to be established using the

Group’s new GRC tool

¤ Material controls programme to provide assurance

overthe effectiveness of controls in place to mitigate

theprincipal risks

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

PRINCIPAL RISKS AND RISK MANAGEMENT CONTINUED

Viability statement

The Directors have carried out a robust review of the

principal risks of the Group, which are set out on pages

71-76, identifying the nature and potential impact of

those risks on the viability of the Group, together with the

likelihood of them materialising.

This analysis has then been used to carry out an assessment

of the ability of the Group to continue in operation and meet

its obligations. The assessment covers the five-year period

from January 2026 to December 2030. This period was

considered appropriate by the Directors because it aligns

with the business plan, the Group’s normal planning horizon

and is indicative of the investment and development cycle of

new products in the luxury car market. This assessment

includes the costs anticipated in relation to our strategy and

our views of the impact of climate change (see note 1 of the

Financial Statements). Inevitably, the degree of certainty

decreases over this period. This assessment includes the

£50m F1 IP transaction proceeds and the updated RCF terms

as noted in the Going Concern statement on pages 175-176.

The assessment process consisted of stress testing the base

case in the business plan for scenarios designed to reflect the

potential impact of the principal risks materialising in a

compound scenario, including the following:

¤ A severe but plausible reduction in sales volumes as a result

of factors such as a material reduction in the size of the

luxury market due to external factors (such as delayed

product launches, a decrease in demand from high net

worth individuals, increased direct and indirect taxation and

changes in consumer habits away from luxury vehicles)

¤ Incremental fixed and variable costs

¤ Incremental working capital requirements such as

increased inventory during product launches and reduced

deposit inflows or increased deposit outflows

¤ The impact of strengthening sterling:dollar exchange rates

In the event of one or more risks occurring which has a

particularly severe effect on the Group, the assessment

assumed that all appropriate actions would be taken in a

timely manner by management to mitigate as far as possible

the impact of the risks. Potential mitigating actions include

constraining capital spending, seeking additional funding and

a number of other adjustments to operations in the normal

course of business.

In all scenarios it is assumed that any borrowings that mature

in the review period will be renewed or replaced with facilities

of similar size. The projections show that, even in stressed

conditions, the Group should be able to refinance these

facilities on commercially acceptable terms, assuming that

debt markets continue to operate.

In addition, we have assumed that no additional legislative

action will be taken that impacts the sale of our products

within the viability statement timeframe.

The Directors have assessed the viability of the Group over

the five-year period to 31 December 2030 and, based on this

assessment and the assumptions stated above, the Directors

have a reasonable expectation that the Group will be able to

continue in operation and meet its liabilities as they fall due

over the period to 31 December 2030.

ASTON MARTIN LAGONDA

VIABILITY STATEMENT

Non-financial and sustainability

information statement

his section of the Strategic Report constitutes the Non-Financial and Sustainability Information Statement of the

Company, produced to comply with sections 414CA and 414CB of the Companies Act 2006. The information listed

inthetable below is incorporated by cross references to other areas of the Annual Report, Sustainability Report

andtheCompany website where further information can be found. The majority of policies can be found on our website:

www.astonmartin.com/corporate.

The policies mentioned below form part of the Company’s Group policies which are brought together in our Code ofConduct

and act as the strategic link between our purpose and values and how we manage our day-to-day business.

The Strategic Report was approved by the Board and signed on its behalf by:

| ADRIAN HALLMARK

| Chief Executive Officer

24 February 2026

Reporting requirements Policies and standards which govern ourapproach Where material information can be found

Climate-related financial

disclosures

¤ TCFD report, pages 57-65

¤ Principal risks and risk management, pages 68-77

¤ Tackling climate change, pages 46-47

¤ Performance data, pages 43-45

Environmental matters

¤ Environmental Policy

¤ Code of Conduct

¤ Creating a better environment, pages 48-49

¤ Stakeholder engagement, pages 24-27

¤ TCFD report, pages 57-65

¤ Sustainability Report www.astonmartin.com/corporate

Employees

¤ Diversity and Inclusion Policy

¤ Group Health and Safety Policy

¤ Confidential Reporting Policy

¤ Gender Pay Gap Report

¤ Code of Conduct

¤ Investing in people and opportunity, pages 50-53

¤ Audit and Risk Committee Report, pages 111-119

¤ Directors’ Remuneration Report, pages 122-150

¤ www.astonmartin.com/corporate

Anti-bribery and corruption

¤ Anti-Bribery and Corruption Policy

¤ Group Conflicts of Interest Policy

¤ Hospitality and Gifts Policy

¤ Anti-Money Laundering Policy

¤ Code of Conduct

¤ Responsible business, page 54-56

¤ Audit and Risk Committee Report, pages 111-119

¤ www.astonmartin.com/corporate

¤ Responsible business, pages 54-56

Human rights

¤ Anti-Slavery and Human Trafficking Policy

¤ Modern Slavery Statement

¤ Code of Conduct

¤ Human Rights Policy

¤ www.astonmartin.com/corporate

¤ Responsible business, pages 54-56

Stakeholders

¤ Data Protection Policy

¤ Code of Conduct

¤ Stakeholder engagement, pages 24-27

¤ s.172 Statement, pages 98-99

¤ www.astonmartin.com/corporate

Social

¤ Environmental Policy

¤ Code of Conduct

¤ Creating a better environment, pages 48-49

¤ Stakeholder engagement, pages 24-27

Non-financial key

performanceindicators

¤ Key performance indicators, pages 28-29

¤ Strategic Report, pages 2-79

Principal risks

¤ Principal risks and risk management, pages 68-77

¤ Business model, pages 20-21

Business model

¤ Business model, pages 20-21

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

NON-FINANCIAL AND SUSTAINABILITY INFORMATION STATEMENT

ASTON MARTIN LAGONDA

80 HIGHLIGHTS OF THE YEAR

Valkyrie takes the

ultimate hypercar from

the road to thetrack in a

quest forLeMansglory.

Born for the road. Bred for the track.

Our Aston Martin Valkyrie hypercar

took on the 24 Hours of Le Mans as

aBritish motorsport icon returned to

the world’s greatest endurance race.

Highlighting its sublime silhouette,

abrand-new livery and elite drivers

roaring around the famed track. The

singular snarl of its naturally aspirated

V12. All unfolding over 24 hours of epic,

flat out racing.

Le Mans is motorsport’s most

gruelling,brutal battle for track

supremacy. The ultimate test for

bothdriver and machine. A punishing

examination of concentration, skill

andtenacity for those tackling the race

from behind the wheel, it also pushes

acar’s engineering, performance and

reliability to the absolute limits.

The only car in the Hypercar class

tobedeveloped directly from its

road-going counterpart, the Aston

Martin Valkyrie is the continuation

ofawinning bloodline that stretches

back to the brand’s first outright

victoryat Le Mans in 1959.

“Performance is the lifeblood of

everything that we do at Aston Martin,

and motorsport is the ultimate

expression of this pursuit of excellence”

said Lawrence Stroll, Executive

Chairman of Aston Martin.

ASTON MARTIN VALKYRIE

24 Hours of

LeMans

WE HAVE BEEN PRESENT AT LEMANS

SINCE THE EARLIEST DAYS, AND

THROUGH THOSE GLORIOUS

ENDEAVOURS WE SUCCEEDED IN

WINNING LE MANS IN 1959 AND

OURCLASS 19 TIMES OVER THE PAST

95YEARS. NOW WE RETURN TO THE

SCENE OF THOSE FIRST TRIUMPHS

AIMING TO WRITE NEW HISTORY

WITHA RACING PROTOTYPE INSPIRED

BY THE FASTEST PRODUCTION CAR

ASTON MARTIN HAS EVER BUILT.

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

HIGHLIGHTS OF THE YEAR CONTINUED81

GOVERNANCE

CORPORATE

ASTON MARTIN LAGONDA

82 CORPORATE GOVERNANCE

84 Governance at a glance

85 Executive Chairman’s introduction

togovernance

86 Board of Directors

90 Executive Committee

91 Leadership and governance

96 Board discussions during the year

98 Section 172 statement

100 The Board, culture and workforce engagement

102 Investor engagement

104 Nomination Committee Report

111 Audit and Risk Committee Report

120 Sustainability Committee Report

122 Directors’ Remuneration Report

151 Directors’ Report

159 Statement of Directors’ Responsibilities

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

ANNUAL REPORT AND ACCOUNTS 2025

83 CORPORATE GOVERNANCE

2025

63%

50%

2024

2025

83%

67%

2024

25%

50%

32.99%

14.08%

13.88%

7.54%

25%

50%

25%

50%

25%

50%

Governance at a glance

Governance is essential to building a successful business that is sustainable for

the longer term. Aston Martin is committed to ensuring and maintaining high

standards of corporate governance to enhance performance and strengthen

stakeholder confidence. All data shown is as at 31 December 2025.

Our Board composition Board gender statistics

33%

of our total Board is female

(2024: 27%)

63%

of Board positions which are

not shareholder nominated

are held by women

83%

of our Independent

Non-executive Directors

arewomen

Board sector experienceOur major shareholders %

Board nationality statistics

* Denotes a major shareholder with Board representation in

accordance with the respective Relationship Agreement entered

into between the Company and that shareholder.

Some members of the Board have sector experience in more than

one category.

Natalie Massenet has dual British and American nationality.

British 8

American 4

Canadian 1

Chinese 1

Italian 1

Saudi Arabian 1

Luxury brand 6

Finance/banking 4

Automotive 3

Marketing/commercial 3

Engineering 2

Legal 1

Human resources 1

Shareholder Representative Directors

(including the Executive Chairman)

Independent Non-executive Directors

Executive Directors

Yew Tree Consortium*

Li Shufu (Geely)*

The Public Investment Fund*

Mercedes*

ASTON MARTIN LAGONDA

84 GOVERNANCE AT A GLANCE

Dear shareholder

am pleased to introduce the

Governance section of this year’s

Annual Report and Accounts. In this

section we provide detail on the Board’s

roles and responsibilities, an overview

of the activities of the Board and our

Committees over the year and our

compliance with the UK Corporate

Governance Code. Our commitment

toeffective corporate governance

supports the decisions we make to

create long-term sustainable value

forthe benefit of all our stakeholders.

Good governance also provides a

platform for us to achieve the objectives

of our business transformation and act

in line with our values.

Board changes

Vicky Jarman joined the Board as an

Independent Non-executive Director

effective 1 March 2025 and chairs our

Audit and Risk Committee, taking over

from Robin Freestone who stepped

down from the Board upon the

announcement of our 2024 full year

results. Vicky has significant financial,

commercial and non-executive

experience which is of great benefit

tothe Board.

In July we welcomed Andrew McNaught

to the Board as Ernesto Bertarelli’s

Shareholder Representative Director,

replacing Cyrus Jilla. Andrew has

considerable finance and investment

banking experience and we look forward

to his input as we progress through our

business transformation activities.

Board independence

The composition of our Board is

unique.We have seven Shareholder

Representative Directors on the Board

and as a result, we do not currently

meet the independence requirements

of the UK Corporate Governance Code.

However, I am comfortable that this

does not present a governance issue.

Our Shareholder Representative

Directors are diverse and act

independently of one another and

allour Independent Non-executive

Directors are highly experienced.

Tocomply with the independence

requirements of the Code would

makeour Board unwieldy and we

needto maintain the Board at such a

size to continue to promote effective

discussion and decision-making.

Board diversity

Recognising the unique composition

ofour Board, our Board Diversity

Policystates that we seek to achieve

and maintain 40% of Board positions

which are not subject to shareholder

appointments to be held by women.

That percentage is currently 63%. Of

our total Board positions, 33% are held

by women. The Board is committed

toachieving and maintaining diversity

at Board level and throughout the

business and will continue to monitor

the progress being made.

The Board’s role in culture

As a Board, we must be satisfied that

our purpose, values and strategy are

aligned with our culture. The Board

hasa responsibility to act with integrity,

lead by example and promote the

culture that we aspire to at Aston

Martin. More information on the Board

and its role in culture and workforce

engagement can be found on pages

100–101.

Board evaluation

Weonce again carried out an internal

Board evaluation this year with the

support of a third-party provider which

assisted with the questionnaires and

theanalysis of the results and provided

external benchmark data. More

information onour Board evaluation

isset out onpage 110.

Material Internal Controls

The Board and the Audit and Risk

Committee have been focused during

the year on the Company’s preparation

for compliance with Provision 29 of

theUK Corporate Governance Code

which will require the Board to make a

declaration on the effectiveness of the

Company’s material internal controls

for the first time at the end of the 2026

financial year. More detail on this

workstream is outlined in the Report

from the Audit and Risk Committee on

page s 111-119.

As we wrap up the 2025 financial year,

Iwould like to once again thank all

themembers ofthe Board for their

significant effortsand valuable

contributions during the year.

Yours sincerely,

| LAWRENCE STROLL

| Executive Chairman

24 February 2026

LAWRENCE STROLL

Executive Chairman

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

85 EXECUTIVE CHAIRMAN’S INTRODUCTION TO GOVERNANCE

Leading from the front

EXECUTIVE DIRECTORS

Lawrence Stroll

Executive Chairman

Adrian Hallmark

Chief Executive Officer

Doug Lafferty

Chief Financial Officer

Appointed: 2020

Nationality: Canadian

Appointed: 2024

Nationality: British

Appointed: 2022

Nationality: British

Skills and relevant experience

Lawrence joined the Company as

Executive Chairman after leading the

Yew Tree Consortium investment in

the Company in April 2020. He has a

long career of acquiring and building

luxury brands including Polo Ralph

Lauren, Tommy Hilfiger and Michael

Kors and brings his wealth of

leadership and executive experience

to the Board. Lawrence is also an

active investor in the automotive

andmotorsport sectors, leading

aconsortium to acquire the Force

India Formula One® team in 2018,

which was subsequently rebranded

as the Aston Martin Aramco

FormulaOne® Team.

Lawrence is a shareholder

representative of the Yew

TreeConsortium.

Skills and relevant experience

Adrian joined Aston Martin in

September 2024 as Chief Executive

Officer. Directly prior to joining

Aston Martin, Adrian was Chairman

and Chief Executive Officer at

Bentley Motors, a position he held

since 2018. For almost 30years

Adrian has had extensive Global

and Divisional Board-level

experience as CEO, Chief Strategy

Officer and Chief Commercial roles

in the luxury automotive sector,

including 10 years at Porsche GB,

14years at Bentley and 7 years at

Jaguar Land Rover.

Adrian studied Materials Technology

and Mechanical Engineering and

holds an honorary Doctorate degree

in Engineering from the University

ofWolverhampton.

Skills and relevant experience

Doug was appointed Chief Financial

Officer in May 2022.

Prior to joining Aston Martin, Doug

was the Chief Financial Officer of

FTSE 250-listed fuel retailer Vivo

Energy plc. He previously spent

three years as Chief Financial Officer

for Williams Grand Prix Holdings plc

and 16 years in a wide range of

senior finance and leadership roles

at British American Tobacco.

Doug is a member of CIMA and

holds a BSc Hons in Management

Studies from Royal Holloway,

University of London.

External appointments

¤ Co-owner Aston Martin

Aramco Formula One® Team

¤ AMR GP Services Limited

(Director)

¤ AMR GP Limited (Director)

¤ AMR Performance Group

Limited (Director)

External appointments

¤ None

External appointments

¤ None

R W W W

ASTON MARTIN LAGONDA

86 BOARD OF DIRECTORS

Sir Nigel Boardman

Senior Independent Non-executive

Director

Vicky Jarman

Independent Non-executive

Director

Dame Natalie Massenet, DBE

Independent Non-executive

Director

Marigay McKee, MBE

Independent Non-executive

Director

Appointed: 2022

Nationality: British

Appointed: 2025

Nationality: British

Appointed: 2021

Nationality: British/American

Appointed: 2021

Nationality: British

Skills and relevant experience

Sir Nigel joined the Board in

October2022 and became Senior

Independent Non-executive

Director in May 2023.

Sir Nigel was partner at the law firm

Slaughter and May from 1982 until

2019 specialising in mergers and

acquisitions and corporate advisory

and remained a consultant at the

firm until 2022.

Sir Nigel was awarded a Knighthood

in the Queen’s Birthday Honours

Listin June 2022 for services to the

legal profession.

Sir Nigel is Chair of Help for Heroes,

a military veterans charity, is Trustee

and Chair of The Medical College of

Saint Bartholomew’s Hospital Trust

and is Vice Chair of the London

Philharmonic Orchestra.

Skills and relevant experience

Vicky joined the Board inMarch

2025. She is a chartered accountant

who qualified at KPMGbefore

spending over ten years

withLazardLtd working in

theInvestment Banking team and

then as Chief Operating Officer

forthe London and Middle East

operations until 2009.

Vicky is currently a Non-executive

Director at Great Portland Estates

plc where she also chairs the

AuditCommittee and also Aercap

Holdings N.V., an aviation leasing

company listed on the New York

Stock Exchange. She has previously

been a Non-executive Director

andChair of the Audit Committees

of Equiniti Group plc, Hays plc and

De La Rue plc, a Non-executive

Director of Signature Aviation plc,

Melrose Industries plc and Entain plc

and Senior Independent Director

atEquiniti Group plc.

Skills and relevant experience

Natalie brings her wealth of luxury

retail sales, marketing and

commercial experience to the

Board. Natalie is the co-founder

andmanaging partner of Imaginary

Ventures, a capital firm focusing

oninnovations at the intersection

ofretail and technology.

Previously, Natalie revolutionised

luxury retail when she founded

Net-a-Porter in 1999, and

subsequently, The Outnet and Mr

Porter, growing the group of brands

into one of the world’s most

influential fashion businesses.

Natalie has also held several

Non-executive and advisory

positions as a Director of NuOrder

Inc (2021), a Director and Co-

Chairman of Farfetch Inc (2017-

2020) and the Chairman of British

Fashion Council (2012-2017).

In 2016, Natalie was made Dame

Commander of the British Empire in

recognition of her contributions to

the UK fashion and retail industry.

Skills and relevant experience

Marigay has extensive retail sales,

marketing and luxury brand

experience. In 2018, Marigay

co-founded Fernbrook Capital LLC,

a venture fund based in New York

and Los Angeles, specialising in

consumer tech. Marigay started her

career at Estée Lauder in Europe,

and then joined Harrods in 1999 as

Head of its beauty department. In

her 14 years at Harrods, she spent

the last six years as Chief Merchant

Officer where she developed and

executed a strategic vision to make

Harrods the gold standard for the

exclusive launch of luxury and

premium brands. In 2013, Marigay

joined Saks Fifth Avenue in New York

as its President, rebuilding Saks’

luxury launch platform for new,

emerging and international brands.

In the 2022 Queen’s New Year

Honours List, Marigay was awarded

an MBE in recognition of her services

to British retail overseas.

External appointments

¤ Arbuthnot Latham (Chair)

¤ Arbuthnot Banking Group

(Non-executive Director)

¤ Mile Group Unlimited

(Director)

¤ Glyde Group Unlimited

(Director)

External appointments

¤ Great Portland Estates

(Non-executive Director)

¤ Aercap Holdings N.V. (Non-

executive Director)

External appointments

¤ Imaginary Ventures (Managing

Partner)

¤ EON Group Holdings Inc

(Non-executive Director)

External appointments

¤ Fernbrook Capital LLC

(Director)

¤ EShopWorld (Advisory

CouncilMember)

¤ The Webster (Board Member)

A N S A N R R N S N

INDEPENDENT NON-EXECUTIVE DIRECTORS

Key

Chair Observer

Audit and Risk

Committee

Nomination

Committee

Remuneration

Committee

Sustainability

Committee

Warrant Share

Committee

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

ANNUAL REPORT AND ACCOUNTS 2025

87 BOARD OF DIRECTORS CONTINUED

INDEPENDENT NON-EXECUTIVE DIRECTORS

CONTINUED

Dr. Anne Stevens

Independent Non-executive

Director

Jean Tomlin, OBE

Independent Non-executive

Director, Workforce Engagement

Director

Michael de Picciotto

Non-executive Director,

Representative of The

Yew Tree Consortium

Franz Reiner

Non-executive Director,

Representative of Mercedes-Benz AG

Appointed: 2021

Nationality: American

Appointed: 2023

Nationality: British

Appointed: 2020

Nationality: Italian

Appointed: 2021

Nationality: American

Skills and relevant experience

Anne brings to the Board significant

operational, commercial and

transformational experience in

global businesses. Anne is an

engineer and started her career in

the chemical industry with Exxon

Corporation before moving to

automotive with the Ford Motor

Company (1990-2006). During her

16-year tenure at Ford, Anne held

anumber of senior positions,

culminating in her being the Chief

Operating Officer for the Americas.

On retiring from Ford, Anne joined

Carpenter Technology Corporation

(2006-2009) as its Chairman,

President and Chief Executive

Officer. Anne has extensive

Non-executive director experience

and has previously served as

Chairman, CEO and Principal of SA IT

(2011-2014) and as a Non-executive

Director on the board of XL Group

and Lockheed Martin, before joining

GKN plc as a Non-executive Director

where she was briefly CEO during

the hostile takeover by Melrose plc in

2018. Anne received a BS in Materials

and Mechanical Engineering from

Drexel University in 1980 and was

elected to the National Academy

ofEngineering in 2004.

Skills and relevant experience

Jean joined the Board in October

2023 as an Independent Non-

executive Director. She is the

founder and CEO of Chanzo Limited,

a firm that provides consulting,

operational delivery and

international recruitment services

tomajor event and sport sectors.

Jean served as a Non-executive

Director on the Sainsburys plc Board

and an Independent Board Director

at Hakluyt & Company Ltd. In

addition, Jean was Director of

Human Resources for the London

Organising Committee of the

Olympic and Paralympic Games

from 2006 to March 2013.

Jean was also the Group HR Director

at Marks & Spencer plc and prior to

that she spent 15 years at Prudential

plc and 9 years at Ford Motor

Company in various Human

Resources management positions.

Skills and relevant experience

Michael is a prominent investor

andbusinessman who has extensive

experience in investments,

management and finance.

Michael started his career at RBC

Dominion Securities, a global

Canadian investment bank before

joining Union Bancaire Privée (UBP),

a family-owned Swiss private bank

inLondon and Geneva where he

worked for 27 years until 2015.

During his tenure at UBP, Michael

held a number of senior leadership

positions including responsibility

forUBP’s global financial activities.

He also served as a long-standing

member of the Executive Board of

UBP and in 1996 created and led the

UHNW division of the bank.

In 2018, Michael joined a consortium

of investors to buy out what would

become the Aston Martin F1® Team,

and in 2020, joined the Yew Tree

Consortium in the acquisition of

itsstake in Aston Martin.

Michael studied at the Ecole des

Hautes Etudes Commerciales at the

University of Lausanne.

Skills and relevant experience

Franz has been the CEO of

Mercedes-Benz Mobility AG since

June 2019. The company finances

and leases every second vehicle

delivered by Mercedes-Benz. Under

his management, Mercedes-Benz

Mobility has established itself viable

for the future with its three core

financial services activities, fleet

management and digital mobility

solutions. Since joining the company

in 1992, the industrial engineer has

held various positions, including

Head of Sales & Marketing

andMember of the Board

ofManagement for the private

andcorporate customer business

ofMercedes-Benz Bank.

In 2009, Franz was appointed to the

Management Board of Mercedes-

Benz Mobility – initially responsible

for the Americas region, and from

2011 for the Europe region.

Franz retired from Mercedes-Benz

at the end of December 2025 but

remains the Mercedes-Benz

nominated Shareholder

Representative on the Board.

External appointments

¤ Harbour Energy plc (Non-

executive Director and

Remuneration Committee

Chair)

External appointments

¤ Chanzo Limited (CEO)

¤ Capri Holdings Limited

(Non-executive Director)

External appointments

¤ AMR GP Holdings Limited

(Director)

¤ AMR Performance Group

Limited (Director)

External appointments

¤ None

A N R S N S

A A

SHAREHOLDER REPRESENTATIVE DIRECTORS

ASTON MARTIN LAGONDA

88 BOARD OF DIRECTORS CONTINUED

Ahmed Al-Subaey

Non-executive Director:

Representative of The Public

Investment Fund

Scott Robertson

Non-executive Director:

Representative of The Public

Investment Fund

Daniel Li

Non-executive Director:

Representative of Geely

Andrew McNaught

Non-executive Director:

Representative of Ernesto Bertarelli

Appointed: 2022

Nationality: Saudi

Appointed: 2022

Nationality: American

Appointed: 2023

Nationality: Chinese

Appointed: 2025

Nationality: British

Skills and relevant experience

Ahmed joined the Board as

Representative Non-executive

Director of the Public Investment

Fund in November 2022.

Ahmed is Chief Executive Officer

ofBahri, the National Shipping

Company of Saudi Arabia, which is

listed on the Saudi Stock Exchange.

He was previously the CEO of S-Oil

in South Korea and has held various

leading roles in Saudi Aramco,

mostrecently Vice President

forMarketing, Sales and Supply

Planning. Ahmed holds a BSc

andMasters degree in electrical

engineering from the University

ofArizona and an executive MBA

from Stanford.

Skills and relevant experience

Scott joined the Board as

Representative Non-executive

Director of the Public Investment

Fund in November 2022.

He is a Managing Director and the

Headof Public Investments in the

International Investments Division

atthe Public Investment Fund (PIF)

of the Kingdom of Saudi Arabia.

Prior to joining the Public Investment

Fund in 2018, Scott worked in various

investment positions at Soros Fund

Management, Paulson & Co. and

Stonepeak Partners. Scott holds

aBachelor of Arts in Economics

from Cornell University, where

hegraduated Phi Beta Kappa.

Skills and relevant experience

Daniel joined the Board as

Representative Non-executive

Director of Geely in July 2023.

Daniel is currently Executive

Director and Vice Chairman of

GeelyAutomobile Holdings Co

Limited. As part of Daniel’s executive

role within the Geely Group, Daniel

isalso a member of the Board of

Volvo Car AB and Lotus

TechnologyInc.

Daniel originally joined Geely

in2011as Vice President and

ChiefFinancial Officer.

Skills and relevant experience

Andrew joined the Board in July 2025

representing Ernesto Bertarelli,

whose affiliated investment funds

hold a significant shareholding in the

Company and are members of the

Yew Tree Consortium.

Andrew has had an extensive career

in investment banking, most recently

as Managing Director and Chair of

UK Advisory at BNP Paribas. Andrew

is currently an adviser to B-flexion

the investment firm chaired by

Ernesto Bertarelli.

Andrew studied Mechanical

Engineering at the University of

Sheffield, has a Certified Diploma in

Accounting and Financing and an

MBA from London Business School.

External appointments

¤ Bahri (CEO)

External appointments

¤ Public Investment Fund

(ManagingDirector)

¤ Essendi (SA)

External appointments

¤ YTO International Express

andSupply Chain Technology

Limited (Independent

Non-executive Director)

External appointments

¤ None

Key

Chair Observer

Audit and Risk

Committee

Nomination

Committee

Remuneration

Committee

Sustainability

Committee

Warrant Share

Committee

Liz Miles

Company Secretary

Skills and relevant experience

Liz joined Aston Martin as Company Secretary in June 2022.

Lizisa solicitor and company secretary with significant

experience of listed company governance and compliance.

Priorto joining Aston Martin, Liz was Company Secretary at

Landsec, a FTSE 100 property investment and development

company, having previously worked at Vodafone Group Plc in

avariety oflegal and company secretariat roles and prior to

thatinprivate practice at Linklaters. LizisaFellow of the

Chartered GovernanceInstitute.

Appointed: 2022

Nationality: British

COMPANY SECRETARY

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

ANNUAL REPORT AND ACCOUNTS 2025

89 BOARD OF DIRECTORS CONTINUED

EXECUTIVE COMMITTEE

Lawrence Stroll

Executive Chairman

Adrian Hallmark

Chief Executive Officer

Doug Lafferty

Chief Financial Officer

Marek Reichman

Chief Creative Officer

Appointed: 2020

Nationality: British

Appointed: 2024

Nationality: British

Appointed: 2022

Nationality: British

Appointed: 2005

Nationality: British

Michael Marecki

General Counsel

Ian Hoban

Chief Technical Officer

Vincenzo Regazzoni

Chief Industrial Officer

Giorgio Lasagni

Chief Procurement Officer

Appointed: 2007

Nationality: American

Appointed: 2025

Nationality: British

Appointed: 2023

Nationality: Italian

Appointed: 2023

Nationality: Italian

OTHER MEMBERS OF THE EXECUTIVE COMMITTEE

SERVING DURING THE YEAR

Jolyon Nash

Chief CommercialOfficer

Simon Smith

Chief People Officer

Roberto Fedeli

Group Chief TechnologyOfficer

Garry Dryburgh

Chief Transformation Officer

Full details of Executive Committee members can be found

on our website: www.astonmartin.com/corporate

ASTON MARTIN LAGONDA

90 EXECUTIVE COMMITTEE

Governance structure

The Board

The role of the Board is to promote the long-term success of the Company, generating value for shareholders and contributing to wider

society by providing effective leadership and direction to the business as a whole. It sets the Group’s strategy and ESG strategy, having

regard to stakeholders, while maintaining a balanced approach to risk within a framework of effective controls. It has also established

theCompany’s purpose and values and monitors culture to ensure alignment. It sets the tone and approach to corporate governance

andisresponsible for the overall financial performance of the Group.

Board Committees

Nomination

Committee

Reviews Board composition

and diversity, proposes new

Board appointments and

reviews succession planning

and talent development.

Audit and Risk

Committee

Oversees the Group’s

financial reporting and

reviews the integrity of

theGroup’s Financial

Statements, the adequacy

and effectiveness of the

Group’s systems of internal

control and risk

management, and

maintains the relationship

with the External Auditor.

Warrant Share

Committee

Responsible for approval

of the allotment and the

issue of Warrant Shares

inaccordance with the

terms of the Warrant

Instrument. The Warrant

Share Committee meets as

required. No warrants were

exercised during 2025.

Remuneration

Committee

Determines the Directors’

Remuneration Policy

andsets remuneration for

the Executive Chairman,

Executive Directors

andGroup Executive

Committee taking into

account wider Group

remuneration policies.

Approves performance-

linked pay schemes and

share incentive plans.

Sustainability

Committee

Monitors the Company’s

ESG strategy and broader

stakeholder engagement

onbehalf of the Board.

Executive Committee

The Board delegates the execution of the Company strategy and the day-to-day running of the business to the Executive Committee. TheExecutive

Committee meets weekly to discuss operations and in addition, meets monthly with the Executive Chairman to discuss performance and strategy.

Division of responsibilities

There is clear division between Executive and Non-executive responsibilities which ensures accountability and oversight. The roles

ofExecutive Chairman and Chief Executive Officer are separately held and their responsibilities are well defined, set out in writing

andregularly reviewed by the Board.

Executive Chairman

The Executive Chairman, Lawrence Stroll, is responsible for leading

andmanaging the business of the Board, primarily focused on strategy,

performance, value creation and accountability, setting and sustaining

the culture and purpose of the Company and ensuring the Board’s overall

effectiveness, governance and Director succession planning. He also

ensures the effective communication between the Board, management,

shareholders and the Company’s wider stakeholders.

The Executive Chairman works collaboratively with the Chief Executive

Officer, Adrian Hallmark, in constructively challenging and helping to

develop proposals on strategy, setting the Board agenda and ensuring

that any actions agreed by the Board are effectively implemented.

Chief Financial Officer

The Chief Financial Officer, Doug Lafferty, is a member of the Executive

Committee team and reports to the Chief Executive Officer. His role is

tolead the financial management, risk, investor relations and internal

control teams and to oversee the Company’s relationship with the

investment community.

Workforce Non-executive Director

The designated Non-executive Director gathering the views of the

workforce during the year was Jean Tomlin. Views are gathered by

attendance at key employee and business events, reviewing the outcome

of employee surveys and monitoring the effectiveness and outcomes

ofemployee engagement programmes. Observations are reported

backto the Board and actioned by management as appropriate.

Chief Executive Officer

The Chief Executive Officer, Adrian Hallmark, is responsible for

developing, implementing and delivering the agreed strategy and for

theoperational and strategic management of the Company. He is also

responsible for supporting Directors’ induction into the business by

providing the necessary resources for developing and updating their

knowledge and capabilities concerning the Company, including access

toCompany operations and members of the workforce.

Senior Independent Director

The Senior Independent Director, Sir Nigel Boardman, supports the

Executive Chairman in his role and leads the Non-executive Directors.

The Senior Independent Director is also available as an additional point

of contact for shareholders.

Company Secretary

The Company Secretary, Liz Miles, acts as secretary to the Board and

each of the Committees. She is responsible for supporting the Executive

Chairman and the Board in delivering the Company’s corporate

governance agenda. The appointment and removal of the Company

Secretary is a matter for the Board as a whole.

Governance structure and

division of responsibilities

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

LEADERSHIP AND GOVERNANCE

Leadership and governance

Overview

his Report sets out the Board’s corporate governance

structures and work from 1 January 2025 to

31 December 2025. Together with the Directors’

Remuneration Report on pages 122-150, it includes details of

how the Company has applied and complied with the

principles and provisions of the 2024 UK Corporate

Governance Code (the ‘Code’) as in force. The Code is

published by the Financial Reporting Council (‘FRC’) and

further information can be found on its website

(www.frc.org.uk). The Code is supported by the FRC’s

Corporate Governance Code Guidance which the Board uses

to support its approach to governance and decision-making.

Compliance with the UK Corporate

Governance Code

The Code requires companies to describe in their annual

report how they have applied the main principles of the Code

and also any areas where companies do not comply with the

Code provisions. The Directors consider that the Company

has been compliant with the Code provisions as applied

during the year ended 31 December 2025, other than the

exceptions as set out below.

Code provision 9 recommends that the Chair should

be independent on appointment

Lawrence Stroll assumed the position of Executive Chairman

in April 2020 and was not independent on appointment as

heis a member of the Yew Tree Consortium, a major

shareholder. His appointment was a condition of the Yew

TreeConsortium’s investment in the Company and was

inaccordance with the Relationship Agreement entered

intobetween the Company and the Yew Tree Consortium.

The Nomination Committee and the Board consider that

Lawrence Stroll has demonstrated objective judgement

throughout his tenure and him continuing in the role of

Executive Chairman for the foreseeable future is in the best

interests of the Group and its stakeholders in order to utilise

his proven leadership qualities and his significant experience

in building luxury brands. He has offered himself for

re-election every year since his appointment and shareholders

have overwhelmingly voted in favour of his re-election.

IntheBoard’s opinion, the Company’s governance checks

andbalances are strong and effective:

¤ The Executive Chairman is subject to challenge from the

Company’s Senior Independent Director, the Executive

Directors and the Independent Non-executive Directors

¤ There is a clear division between the responsibilities of the

Executive Chairman, the Senior Independent Director, the

Executive Directors and the Independent Non-executive

Directors, which ensures accountability and oversight

Code provision 11 recommends that at least half the

Board, excluding the Chair, should be independent

Excluding the Chair, 43% of the Board is independent which

falls below the recommended threshold of the Code.

Thecomposition of the Board is impacted by the rights of the

significant shareholders under their respective Relationship

Agreements (for further details, see page 155 of the

Directors’ Report). The Board needs to balance the

independence requirement with the overall size of the Board

in order to ensure that effective discussion and decision-

making is facilitated.

The Board is comprised of 15 Directors and the Board has

concluded, upon recommendation of the Nomination

Committee, that to add further Independent Non-executive

Directors could negatively impact the Board’s effectiveness.

The Board is confident that the independent decision-making

of the Board is not impacted by its Board composition as the

Shareholder Representatives are diverse and act

independently of one another, and the Independent

Non-executive Directors are all highly skilled and

experienced. The composition of all the Board Committees is

compliant with the independence requirements of the Code.

Code provision 21 recommends that the chair

should consider having a regular externally

facilitated board evaluation. In FTSE 350 companies

this should happen atleast every three years

The Board evaluation was due to be externally facilitated

in2021 but with the extensive number of Board changes

overthe past three years, each year it has been discussed

bythe Nomination Committee and determined that an

external evaluation would be of limited benefit given the

circumstances at the time of evaluation.

A rigorous internal evaluation has been carried out for the past

four years with the assistance of a third-party survey which

provided a platform for more meaningful analysis of results.

Further details can befound on page 110. During 2026, the

Board will take adecision, upon the recommendation of the

Nomination Committee, as to the best method of Board

evaluation for 2026, taking all relevant factors at the time

intoaccount.

ASTON MARTIN LAGONDA

LEADERSHIP AND GOVERNANCE

Effective Board and its role

The Board is composed of highly skilled professionals who

bring a range of skills, perspectives and corporate experience

to the Board. The Directors and their biographies and skills

and experience are set out on pages 86–89. Details of the

changes to the Board during 2025 are set out on page 85.

Atthe date of this Report the Board comprised 15 members:

the Executive Chairman, the Chief Executive Officer, the Chief

Financial Officer and 12 Non-executive Directors, of whom

six are considered independent for the purposes of the Code.

The Directors are appointed by the Board and are subject

toannual re-election by shareholders. The Company’s

significant shareholder groups, in line with the respective

Relationship Agreements, have nominated Directors who

have been appointed to the Board; further details of these

arrangements are set out on page 155 of the Directors’

Report. The Board is satisfied that there is a sufficient balance

between Executive and Non-executive Directors on the

Board to ensure that no one individual has unfettered

decision-making powers and that Directors are able to

discharge their duties and responsibilities.

Governance framework

The Company’s corporate governance framework is set

outon page 91 and provides an overview of the roles of

theBoard, its Committees and members of the Executive

Committee, which provides clear lines of accountability

andresponsibility. The Board and its Committees have

established terms of reference that set out specific

responsibilities and matters for approval. The terms of

reference are available for review on the Company’s website

at www.astonmartin.com/corporate. Reports from each of

these Committees are provided in this governance report.

Additional, unscheduled Board meetings often are needed

tobe called upon short notice to request approval for

transactions or unanticipated events and it is understood

thatin these situations, not all members of the Board will

beavailable to attend. Directors who are unable to attend

areinvited to provide comments to the Executive Chairman

inadvance of the meeting and following the meeting the

Company Secretary updates any Directors unable to attend.

A total of nine Board meetings were held during the year:

sixscheduled and three unscheduled. Attendance isset

outbelow.

Lawrence Stroll

7/9

Adrian Hallmark 9/9

Doug Lafferty 9/9

Ahmed Al-Subaey 9/9

Sir Nigel Boardman

8/9

Michael de Picciotto

8/9

Robin Freestone

2/2

Cyrus Jilla

5/6

Daniel Li

6/9

Natalie Massenet

7/9

Marigay McKee 9/9

Franz Reiner 9/9

Scott Robertson

7/9

Anne Stevens 9/9

Jean Tomlin 9/9

New Directors

Vicky Jarman

8/8

Andrew McNaught

3/3

1 Lawrence Stroll was recused from voting at two meetings due to

aconflict of interest. Lawrence was absent from one unscheduled

meeting due to a conflicting schedule. Adrian Hallmark, CEO,

chaired this meeting in his absence

2 Sir Nigel Boardman was unable to attend one unscheduled meeting

due to a conflicting schedule

3 Michael de Picciotto was recused from voting at two meetings due

to a conflict of interest

4 Robin Freestone stepped down from the Board on 28 February 2025

5 Cyrus Jilla was unable to attend one scheduled meeting due to

aconflicting schedule. Cyrus was recused from voting at two

meetings due to a conflict of interest. Cyrus stepped down from

theBoard on 27 July 2025

6 Daniel Li was unable to attend one scheduled meeting and two

unscheduled meetings due to a conflicting schedule

7 Natalie Massenet was unable to attend two unscheduled meetings

due to a conflicting schedule

8 Scott Robertson was unable to attend two unscheduled meetings

due to a conflicting schedule

9 Vicky Jarman joined the Board on 1 March 2025

10 Andrew McNaught joined the Board on 28 July 2025

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

LEADERSHIP AND GOVERNANCE CONTINUED

The Board’s terms of reference state

thatit must consider and approve

thefollowing:

The Group’s strategic aims, objectives and

commercial strategy

Review of performance relative to the Group’s

business plans and budgets

Major changes to the Group’s corporate structure,

including acquisitions and disposals

The system of internal controls and Risk

ManagementPolicy

Major changes to the capital structure including

taxand treasury management

Major changes to accounting policies or practices

Financial statements and the Group dividend policy

including any recommendation of a final dividend

The Group’s corporate governance and

compliancearrangements

The Group’s risk appetite

An agenda and accompanying pack of detailed papers are

circulated to the Board in advance of each Board meeting.

AllDirectors are able to request additional information on

anyof the items to be discussed. Additionally, Directors have

access to the advice and services of the Company Secretary

and independent and professional advice at the Company’s

expense should they determine that this is necessary to

discharge their duties.

All Board and Committee meetings are minuted and

formallyapproved at the next meeting. Board minutes

contain details of the Directors’ decision-making processes

and any follow-up actions or concerns raised by the

Directors. The Executive Chairman works closely with

theCompany Secretary to plan and schedule Board and

Committee meetings and to make quality information

available in a timely fashion.

Should it be deemed appropriate, the Board can provide its

approval unanimously by email. In this situation, the Board is

always offered a call with management before providing its

approval should it have any questions or points for discussion.

Transaction Committees of the Board

For practical reasons, if it deems appropriate, the Board

delegates authority for final approval of certain transactions

to a Transaction Committee meeting which is typically

comprised of the Senior Independent Non-executive Director

and two other Independent Non-executive Directors,

depending on the nature of the transaction, with the Chief

Executive Officer and Chief Financial Officer also in

attendance. During 2025, three Transaction Committees

were held in relation to the increased investment by the Yew

Tree Consortium in March and the sale of the Company’s

minority stake in AMR GP.

Disclosure Committee

The Board delegates responsibility for the final approval

ofits financial results disclosures and Annual Report to the

Disclosure Committee. The Disclosure Committee is also

responsible for the identification and disclosure of inside

information. The Disclosure Committee is chaired by the

Chief Financial Officer with the Chief Executive Officer,

General Counsel, Company Secretary, Head of Investor

Relations, Director of Internal Audit & Risk, Director of

GroupFinancial Control and the Director of Financial

Planning & Analysis as members of the Committee.

Independence of the Board

The Board has identified which Directors are considered to

be independent on pages 87–88. As at 31 December 2025,

43% of the Board (excluding the Chair) are Independent

Non-executive Directors. The Independent Non-executive

Directors play an important role in ensuring that no individual

or group dominates the Board’s decision-making. The Board

has reconfirmed that the Independent Non-executive

Directors remain independent from executive management

and free from any business or other relationship which could

materially interfere with the exercise of their judgement. For

further information on independence of the Board please

refer to page 106 in the Nomination Committee Report.

Relationship agreements

The Company has four groups of significant shareholders,

theYew Tree Consortium, Mercedes-Benz AG, the Public

Investment Fund and Geely. The relationships between the

Company and each of these significant shareholder groups

are governed by separate Relationship Agreements. The

purpose of these Relationship Agreements is to ensure that

the Company can carry on its business independently and

forthe benefit of shareholders as a whole.

Each of the Relationship Agreements provides that

eachsignificant shareholder group is entitled to nominate

Director(s) to the Board and the Nomination Committee

andan observer to each of the Remuneration and Audit

andRisk Committees subject to the size of its interest in the

voting rights of the Company. The Relationship Agreements

also provide that the Company will not take any action in

relation to certain significant matters without the prior

approval of at least two-thirds of members of the Board

present and entitled to vote. Further information on the

Relationship Agreements is set out in the Directors’ Report

onpage 155.

Conflicts of interest and related party transactions are

monitored closely by the Company Secretary in consultation

with external counsel. The Shareholder Representative

Directors were recused from voting on Board decisions

onanumber of occasions due to conflicts of interest.

ASTON MARTIN LAGONDA

LEADERSHIP AND GOVERNANCE CONTINUED

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

LEADERSHIP AND GOVERNANCE CONTINUED

Board discussions 2025

The Board met during the year for six scheduled Board meetings, including

aBoard Strategy Day and an additional three unscheduled meetings.

Theunscheduled meetings were convened at short notice in March

andApriltodiscuss the additional investment by the Yew Tree Consortium

andinOctober to discuss the trading statement.

t every Board meeting the Board receives a joint

report from the CEO and CFO providing an update on

operational and financial performance which includes

sales and demand, manufacturing operations, programme

update, people and culture, transformation progress

andanyother matters that require the Board’s attention

anddiscussion. The Chairs of the Committees report to

theBoard at every meeting on significant matters

discussedat their Committees.

The Board’s key topics discussed during the year are set

outover the next two pages. The Company’s Section 172

statement can be found on pages 98-99. Board attendance

for 2025 is set out on page 93.

U.S. tariffs

The Board has actively monitored and discussed the

implications of the U.S. tariff quota mechanism that has

been introduced this year. The quota adds a further

degree of complexity and limited the Company’s ability

to accurately forecast for the year and, quarterly in 2026

onwards. TheBoard continues to monitor the situation

closely as the Company continues to engage with both

the U.S. and UK governments to secure greater clarity

andcertainty.

Sale of AMRGP shares

In March the Board approved the sale

of the Group’s minority investment

inthe Aston Martin Aramco Formula

One

™

Team receiving net proceeds

ofc.£106 million which supported

theGroup’s liquidity.

Increased investment from

the Yew Tree Consortium

In March, the Board approved an additional c.£52.5m

investment by the Yew Tree Consortium with the issue

of 75 million new shares. This was complex as it was

arelated party transaction and required a General

Meeting to approve a waiver oftheUK Takeover Code

to allow the Yew Tree Consortium to transcend 30%

shareholding in theCompany.

Independent Non-executive

Director appointment

In February the Board approved,

uponthe recommendation of

theNomination Committee, the

appointment of VickyJarman

asanIndependent Non-executive

Director and Chair oftheAudit

andRiskCommittee.

ASTON MARTIN LAGONDA

BOARD DISCUSSIONS DURING THE YEAR

MARKET DEMAND

QUALITY

COST OPTIMISATIONCULTURE AND CHANGE

OPERATIONSPRODUCT CREATION

Financial results

The Board discussed and approved the

full year and half year financial results,

in addition to Q1 and Q3. The Board’s

approval for the full year and half

yearfinancial results was upon the

recommendation of the Audit and Risk

Committee which had undertaken

athorough review to ensure all

disclosures were fair, balanced

andunderstandable.

Strategy

The Board met in person in

Gaydon in July for its

annualstrategy meeting

which focused on operational

transformation and strategic

transformation, hearing

about the progress made over the past ten months since

thearrival of Adrian Hallmark as Chief Executive Officer

andthe plans for strategic and operational transformation

inthe years ahead.

Q3 Trading Statement

As a result of the heightened

challenges in the global

macroeconomic environment,

including the ongoing impact

oftariffs, at the beginning of

October, the Board recognised

the need to provide a Q3 2025

trading update anda revision

toFY 2025 guidance ahead of

itsQ3 results announcement.

Material internal controls

To prepare for the introduction of

Provision 29 ofthe 2024 UK Corporate

Governance Code, the Board received

regular updates on the work being

carried out to identify and document the

Company’s material internal controls.

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

BOARD DISCUSSIONS DURING THE YEAR CONTINUED

Key Board decisions and

stakeholder engagement

he Board is pleased to provide a statement

that supports Section 172 of the Companies

Act 2006. This requires that the Directors

promote the success of the Company for the

benefit of the members as a whole, taking into

account the interests of the Company’s

stakeholders in its decision-making. A description

of the Company’s key stakeholders, what matters

to them and how the Group, including the Board,

engages with them is set out on pages 24-27.

Some ofthe key decisions that the Board made

during the year andhow it took the interests

ofstakeholders into account in making those

decisions are set out on the following pages.

TheBoard recognises that there will sometimes

becompeting priorities and interests between

thestakeholder groups but aims to assess and

balance those interests to make decisions which

are conducive to the strategy and long-term

success of the business, in line with the Company’s

reputation for high standards of business conduct

and the Company’s values.

Key stakeholders

1 Customers and enthusiasts

2 Dealer network

3 Our people

4 Investors

5 Suppliers and other partnerships

6 Government and regulators

7 Local communities and

Non-Governmental Organisations

Further information on how Section 172(1) has been applied by the Directors can be found throughout the Report on the pages referencedbelow.

Section 172 matters

A. The likely consequences of any decision in the long term

Executive Chairman’s Statement 12

CEO Statement 14

Our strategy 18

Business model 20

Key Performance Indicators 28

Principal risks and risk management 71

Board discussions during the year 96

Viability Statement and Going Concern 78

D. The impact of the Company’s operations

onthecommunity and the environment

Tackling climate change 46

Creating a better environment 48

TCFD 57

Stakeholder engagement 24

B. The interests of the Company’s employees

Stakeholder engagement – Our People 26

Our strategy 18

Investing in people and opportunity 50

Confidential Reporting 119

Our Board, culture and workforce engagement 100

Remuneration Committee Report 122

E. The desirability of the Company maintaining

areputation forhigh standards of businessconduct

Leadership and governance – division ofresponsibilities 91

Principal risks and risk management 71

Audit and Risk Committee Report 111

Directors’ Report 151

C. The need to foster the Company’s business

relationships withsuppliers, customers and others

Our business model 20

Our strategy 18

Stakeholder engagement 24

F. The need to act fairly as between members

oftheCompany

Investor engagement 102

Leadership and governance 91

Sale of minority interest in AMR GP

Section 172 matters A C

Stakeholders considered 4 5

Principal decision

In March, the Board approved the sale of the Group’s minority

investment in the Aston Martin Aramco Formula One™ Team.

Considering our stakeholders

A key consideration for the Board was that this sale had no

impact on the Group’s relationship with the Aston Martin

AramcoFormula One™ Team, as the relationship continues

under the long-term sponsorship agreement, with the brand

remaining present and competing in F1® for many years to come

which is of importance to our customers and suppliers. Given

that the sale price was at a premium to FY24 book value, the

Board considered the sale to be in the best interests of the

Company’s shareholders as a whole.

Outcome

The sale of the Group’s minority interest realised c. £106m net

proceeds, a premium to FY24 book value, which enhanced the

Group’s total liquidity, strengthening the balance sheet,

providing additional headroom and supporting future

investments.

ASTON MARTIN LAGONDA

SECTION 172 STATEMENT

Q3 Trading Statement

Section 172 matters A B C E F

Stakeholders considered 1 3 4 5 6

Principal decision

At the beginning of October, the Board convened an

unscheduled Board meeting to discuss a trading update for

release to the market ahead of its Q3 results at the end of the

month. As a result of the heightened challenges in the global

macroeconomic environment, including the ongoing impact of

U.S. tariffs and weak demand in China, the Company readjusted

its expectations of total wholesale volumes in FY 2025 to decline

by mid-high single digit percentage when compared to the prior

year. The Board agreed that Management initiate an immediate

review of future cost and capital expenditure.

Considering our stakeholders

Meeting customer demand for innovative new product had

tobebalanced with necessary constraint on capital investment.

A review of our future product cycle plan was announced,

withthe aim of optimising costs and capital investment whilst

continuing to deliver innovative, class leading products to meet

customer demands and regulatory requirements.

Effective internal communications to our workforce were very

important to ensure that the implications of this announcement

and the resulting cost reductions were well understood whilst

not damaging morale.

The Company continued to engage with both the U.S. and UK

governments to secure greater clarity and certainty in respect

ofthe tariff quota.

Outcome

As a result of this discussion, the Board approved for release

tothe market a Q3 trading update and a revision to FY 2025

guidance ahead of its Q3 results at the end of October.

Theannouncement reset expectations for FY 2025 adjusted

EBITto be below the lower end of the range of market consensus

and confirmed that the Company no longer expected to be

positive free cash flow generation in H2 2025. Management

initiated an immediate review of future cost and capital

expenditure resulting in the five-year capex plan reducing

fromc.£2bn to c. £1.7bn.

Increased investment from

the Yew Tree Consortium

Section 172 matters A C E F

Stakeholders considered 1 4 5 6

Principal decision

Before the additional investment, the Yew Tree Consortium

owned 28% of the issued share capital of the Company. The

additional investment took the Consortium’s ownership to

approximately 33%. Subject to the rules ofthe City Code on

Takeovers and Mergers, a waiver was sought from thePanel

onTakeover and Mergers to disapply the requirement of the

Code which states that if a shareholder exceeds 30% of the share

capital ofa Company, they are obliged to make an offer to all the

remaining shareholders to acquire their shares. Shareholder

approval at a General Meeting was sought for this waiver.

As the Yew Tree Consortium was an existing substantial

shareholder in the Company, it was considered to be a related

party of the Company for the purposes of the UK Listing Rules.

The Yew Tree Consortium was excluded from the shareholder

vote and the Shareholder Representatives on the Board were

recused from the Board discussion and vote.

Considering our stakeholders

The Independent Directors concluded that the waiver resolution

was in the best interests of the Company and the independent

shareholders and was likely to promote the success of the

Company for the benefit of its members as a whole. This was

endorsed by the advice of Goldman Sachs who confirmed that

the transaction was fair and reasonable.

The transaction was also in the interests of our customers as

theproceeds supported future product innovation, responding

to customer demand.

Outcome

The waiver of the Takeover Code was passed by the independent

shareholder at a General Meeting with 94% of votes in favour.

The proceeds received by the Company enhanced the

Company’s overall liquidity and strengthened the balance sheet

providing the Company with improved financial resilience and

provided additional headroom to support our future product

innovation and business transformation activities.

ANNUAL REPORT AND ACCOUNTS 2025

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

SECTION 172 STATEMENT CONTINUED

The Board, culture and

workforce engagement

he Board is responsible for ensuring that our

cultureisaligned with our purpose and our values.

TheBoard monitors culture by reviewing and

discussing results ofemployee surveys, the outputs

ofconfidential reporting, employee attrition rates

andthroughdirect employee engagement.

Some of the Board and employee engagement initiatives

carried out during the year are highlighted on the following

pages. The output of employee engagement isreported

anddiscussed at Board meetings.

CEO roundtables

Adrian Hallmark, our Chief Executive Officer, held regular

roundtable events throughout the year engaging with

between 8-10 employees per session to seek their feedback

on working atAston Martin.

Participants were drawn from across the business, representing

a broad mix of roles, functions and levels of seniority, including

from Engineering, Manufacturing Operations, Supply Chain, IT,

Commercial, Procurement and Transformation.

Attendees ranged from apprentices and graduates to senior

technical experts and functional heads, with lengths of

service spanning more than 20 years to recent joiners.

Culture is particularly important during times of change and

uncertainty. Therefore, the Board will continue to carefully

monitor culture within the business in the year ahead. The

right culture, embedded throughout the business is essential

to support the successful delivery of our strategy and our

transformation programme.

Our values and our Code of Conduct help to embed our

culture, promoting what we believe in, how we behave

andengage with others and the working environment

thatwewant to create.

More information about our values and our people can

befound on pages 50-53.

100

ASTON MARTIN LAGONDA

THE BOARD, CULTURE AND WORKFORCE ENGAGEMENT

How the Board

monitorsculture

At each Board meeting, the Board receives a dashboard

ofdata including attrition rates, recruitment, unplanned

absences, employee relations cases and outputs from

employee listening events.

The dashboard highlights themovement in data so any trends

or areas of concern canbe discussed. As the business is in a

period of transformation, the Board has been particularly

interested to hear how employees are responding to the

changes, and also the uncertainty of our current business

environment. The Board was also keen to hear how morale

andmotivation amongst the workforce were being maintained

and the efforts being taken to retain our top talent.

Designated workforce

Independent Non-

executive Director

In April, two of our Independent Non-executive

Directors, Jean Tomlin and Vicky Jarman visited

Aston Martin Works inNewport Pagnell and

participated in a roundtable discussion with the

Aston Martin Works management team as well

asspending time touring the factory and meeting

withemployees.

Senior Independent

Director attends Armed

Forces Covenant signing

In April 2025, Sir Nigel Boardman, our Senior Independent

Director,came to Gaydon for the signing of the Armed

ForcesCovenant. An important milestone which formalised

our support for the Armed Forces community.

This event also provided Sir Nigel with the opportunity

toengage face to face with a number of our employees

andhighlighted to employees the Board’s support for the

covenant, in line with our inclusion initiatives and values.

ANNUAL REPORT AND ACCOUNTS 2025

101

STRATEGIC

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FINANCIAL

INFORMATION

THE BOARD, CULTURE AND WORKFORCE ENGAGEMENT CONTINUED

25%

50%

75%

100%

25%

50%

75%

100%

Shareholder engagement

he Board is committed to maintaining good

communications with existing and potential

shareholders. Shareholders play a valuable role in

safeguarding the Group’s governance through, for example,

the annual re-election of Directors, monitoring and rewarding

their performance and engagement and constructive

dialogue with the Board. The Group aims to be as transparent

as possible with the information it provides to investors

andwelcomes face-to-face interaction, as well as virtual

meetings and conferences.

The Board’s primary contact with existing and prospective

equity and debt investors, credit rating agencies and equity

research professionals is through the Head of Investor

Relations. The Chief Executive Officer and Chief Financial

Officer provide regular engagement. The Head of Investor

Relations is a regular Board attendee to provide feedback

onmarket matters and shareholder engagement activities.

There is a regular programme of meetings with major

institutional shareholders and debt investors to consider

theGroup’s performance and prospects. The Group’s

investor reach is global, and the Company liaised with

investors in the UK, USA, Australia, Brazil, Canada, France,

Germany, Hong Kong, Hungary, India, Ireland, Israel, Italy,

Liechtenstein, Saudi Arabia, Singapore, South Korea, Spain,

Switzerland and United Arab Emirates, during the last

financial year.

Geographic dispersion of shareholders %

Shareholder types %

Corporate stakeholders 55.54

Foreign institutions 26.42

Domestic brokers 6.00

Domestic institutions 5.06

Foreign brokers 4.75

Hedge funds 1.82

Employees etc. 0.36

Private stakeholders/

investors 0.06

North America 43.30

Asia 27.97

Europe (excluding UK) 17.19

UK 11.49

Rest of World 0.05

ASTON MARTIN LAGONDA

102 INVESTOR ENGAGEMENT

Main methods of engagement with shareholders in 2025

Shareholder consultation

The Chief Executive Officer and Chief Financial

Officer met a large number of shareholders

after each quarterly set of financial results and

the October trading update. The Company

also ensures opportunities for direct feedback

from investors to management and the

Investor Relations function, which is then

shared through the investor relations reports

at every Board meeting, including details

prepared by QuantiFire, a service provider that

independently collects feedback onAston

Martin’s behalf from investors and analysts.

The Company willalways seek to engage with

shareholders when considering material

changes to either our Board, strategy or

remuneration policies.

Investor meetings and events

The Company held almost 335 investor

meetings with 228 individual existing and

potential equity and debt investors, sell-side

analysts andcredit rating agencies. These

were a blend of physical and virtualmeetings,

with some including visits to the Company’s

GaydonHeadquarters which allowed

opportunities for a tour of the manufacturing

facilities. The Chief Executive Officer and

Chief Financial Officer hosted two informal

dinners for sell-side and equity sales

attendees following full and half year results

to both discuss Company performance and

receive feedback.

Investor presentations

The Group hosted virtual webcasts for its results and took questions from investors and analysts

ensuring an open dialogue with the market.In addition, investor roadshows were held following

all reported results.

Investor conferences

The Chief Financial Officer and the Investor Relations team presented to investors at six

conferences during 2025, leading group and one-on-one meetings as well as fireside chats

about the Company.

General meetings

The AGM provides an opportunity for private shareholders in particular to question the Directors

and the Chairs of each of the Board Committees. Information on the 2026 AGM is on page 152.

The Notice of AGM is issued at least 20 working days in advance of the AGM date, to provide

shareholders with the appropriate time to consider matters, in accordance with FRC guidance.

Annual Report

The Company’s Annual Report is available to all shareholders. Through our electronic

communication initiatives, we look to make our Annual Report as accessible as possible.

Shareholders can opt to receive a hard copy in the post or view electronically through

ourwebsite.

Corporate website

The corporate website, www.astonmartin.com/corporate, has adedicated Investors section

which includes our Annual Reports andresults presentations (which are made available to

analysts andinvestors at the time of the interim and full year results), along withall results and

other regulatory announcements, as well as furtherinformation for investors including our

financial calendar fortheupcoming year.

Senior Independent Director

If shareholders have any concerns, which the normal channels of communication to the

ChiefExecutive Officer, Chief Financial Officer orExecutive Chairman have failed to resolve,

orfor which contact isinappropriate, then our Senior Independent Director is available

toaddress them.

THE GROUP AIMS TO BE AS TRANSPARENT AS POSSIBLE WITH

THE INFORMATION IT PROVIDES TO INVESTORS AND WELCOMES

FACE-TO-FACE INTERACTION, AS WELL AS VIRTUAL MEETINGS

AND CONFERENCES

ANNUAL REPORT AND ACCOUNTS 2025

103

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

INVESTOR ENGAGEMENT CONTINUED

LAWRENCE STROLL

Chair, Nomination Committee

Dear shareholder

n behalf of the Nomination Committee I am pleased

to present the Committee’s Report for the year

ended 31 December 2025. The Report details the

role of the Committee and describes how theCommittee

hascarried out its responsibilities during the year.

Board composition and appointments

At the start of the year, the Committee oversaw the process

for the appointment of Vicky Jarman as our new Independent

Non-executive Director and Chair of the Audit and Risk

Committee, approving her appointment for recommendation

to the Board. Vicky also became a member of the Nomination

and Remuneration Committees.

As we reported in our 2024 Annual Report, the Committee

believes that meeting the independence requirements of

the UK Corporate Governance Code needs to be balanced

with managing the size of the Board so that it does not

become unwieldy and hinder effective debate and

decision-making. The Board does not therefore currently

meet the independence requirements of the Code due

tothe seven Shareholder Representative Board members.

However, the Committee continues to be satisfied that

theShareholder Representatives act independently

ofoneanother and of management and the powers

ofdecision-making are unfettered.

Diversity

The Board remains committed to increasing and maintaining

diversity in the broadest sense, not just gender and ethnicity,

but also experience, skills and professional background, and

on this basis our Board is very diverse. This is important as

diversity at Board level sets the tone for diversity throughout

the business.

In terms of gender diversity, our Board Diversity Policy

reflects the unique composition of our Board and sets the

Company target to achieve and maintain that at least 40%

ofmembers of the Board who are not Shareholder

Representatives are female. Currently 63% of our Board,

excluding Shareholder Representatives, are female which

isabove our target. 33% of the whole Board is female.

Looking ahead

In 2026, the Committee will continue to focus on succession

planning, the talent pipeline and diversity. I would like to

thank all member of the Committee for their support

duringthe year.

| LAWRENCE STROLL

| Chair, Nomination Committee

24 February 2026

Nomination Committee

Report

2025 overview

¤ Appointment of Vicky Jarman as Independent

Non-executive Director and Chair of Audit

andRisk Committee

¤ Review of Board and Committee composition

¤ Assessment of method of Board

effectivenessevaluation

Committee members Meeting attendance

Lawrence Stroll (Chair) 3/3

Anne Stevens 3/3

Vicky Jarman 2/2

Sir Nigel Boardman 3/3

Franz Reiner 3/3

Scott Robertson 3/3

Marigay McKee 3/3

Jean Tomlin 3/3

Natalie Massenet 2/2

Andrew McNaught 1/ 1

Daniel Li 2/3

Robin Freestone 1/1

Cyrus Jilla 1/2

ASTON MARTIN LAGONDA

104 NOMINATION COMMITTEE REPORT

Committee membership and

committee meetings

The Committee currently consists of the Executive Chairman,

Lawrence Stroll who is Chair of the Committee, and all of

theIndependent Non-executive Directors: Vicky Jarman,

Anne Stevens, Sir Nigel Boardman, Marigay McKee, Natalie

Massenet and Jean Tomlin. In addition, the Relationship

Agreements with the significant shareholder groups

(seepage 155) provide that each may appoint a Director to

the Committee. Franz Reiner represents Mercedes-BenzAG,

Scott Robertson represents the Public Investment Fund,

Daniel Li represents Geely and Andrew McNaught represents

Ernesto Bertarelli. The Executive Chairman represents the

Yew Tree Consortium. Attendance at each meeting

comprises the Committee members, the Company Secretary

who is secretary to the Committee and, at the request of the

Committee, the Chief Executive Officer, General Counsel,

Director of HR and Reward, and other members of the senior

management team and external advisors who may be invited

to attend all or part of any meeting, as and when appropriate.

The Committee meets atleast twice a year and has formal

terms of reference which can be viewed on the Company’s

website, www.astonmartin.com/corporate.

The Committee met three times during 2025. The Committee

members’ attendance for the period is set out on page 104.

Committee meetings usually take place prior to a Board

meeting. The activities of the Committee and any matters

ofparticular relevance were reported by the Committee

Chair to the subsequent Board meeting.

Key responsibilities of the Committee

¤ Reviewing the structure, size and composition of the Board

and its Committees to ensure they have the proper balance

ofskills, experience, independence, and diversity, and making

recommendations to the Board on any changes required to

meet current and future needs

¤ Succession planning for Directors and senior executives and

ensuring that plans and processes are in place for the orderly

succession of Directors, Executive Committee members and

other key members of the senior management team

¤ Overseeing the development of a diverse talent pipeline for

succession, considering the challenges and opportunities

facing the Company and the skills, experience and knowledge

required of the Board in the future

¤ Identifying and nominating candidates to fill Board vacancies

for approval by the Board and ensuring that the procedure

forappointing Directors is formal, rigorous, transparent,

objective, merit-based and has regard for diversity

¤ Reviewing the Non-executive Directors’ time commitment,

independence and external appointments, and the annual

performance evaluation results relating to the composition

ofthe Board

¤ Keeping under review potential conflicts of interests of

Directors disclosed to the Company and reviewing annually

any conflict declarations by the Directors and any conflict

authorisations granted by the Board

¤ Making recommendations for the re-election by shareholders

of each Director having due regard to their performance,

ability and contribution to the Board in light of their skills,

experience and knowledge

Key activities of the Committee during the year

FEBRUARY

Approved for recommendation

tothe Board the appointment

ofVicky Jarman as Independent

Non-executive Director

Review of Committee membership

Review of Directors’ register

ofinterests

Approval of Nomination Committee

Report for Annual Report.

JULY

Proposal for 2025 Board

effectiveness evaluation

DECEMBER

Executive Committee composition

Board and Committee composition

Nomination Committee

effectiveness review

Review of Committee Terms

ofReference

Role and responsibilities of the Committee

The Committee’s role is to provide oversight of the

leadership needs of the business, both Executive and

Non-executive, with a view to ensuring the continued ability

of the Company to compete effectively in the marketplace,

toimplement the strategy and achieve the Company’s

objectives. The Committee takes into account the challenges

and opportunities facing the Company andthe skills,

experience and knowledge required for thefuture.

ANNUAL REPORT AND ACCOUNTS 2025

105

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

NOMINATION COMMITTEE REPORT CONTINUED

Appointment of new Independent

Non‑executive Director

The Company engaged Savannah Group, an external search

company with no connection to the Company or individual

Directors to lead the search for the appointment of a new

Independent Non-executive Director and Chair of the Audit

and Risk Committee to replace Robin Freestone who stepped

down from the Board at the end of February.

The search criteria was focused on candidates who

demonstrated:

¤ extensive prior Non-executive Director experience and

knowledge within a UK listed plc environment

¤ relevant financial and corporate governance knowledge,

skills, experience and qualifications to assume the role

ofChair of the Audit and Risk Committee

¤ awareness of the external environment, market sector

andgeographies within which the Company operates

¤ a strong, engaging leadership style, shrewd judgement,

the ability to question intelligently, and debate

constructively

¤ excellent interpersonal skills to engage with executives

and support them in their leadership

Following discussion with the Executive Chairman, the

ChiefFinancial Officer and the Senior Independent Director,

Savannah Group presented a short list of candidates, all with

the relevant financial and non-executive experience, but with

a variety of career backgrounds and skill sets. A short list of

candidates were interviewed by Anne Stevens, Doug Lafferty,

Adrian Hallmark and Lawrence Stroll who collectively made

acandidate recommendation to the Nomination Committee.

Following discussion, the Nomination Committee

recommended to the Board the appointment of Vicky

Jarman. Vicky’s appointment took effect on 1 March 2025.

Board independence and conflicts of interest

The independence, effectiveness and commitment of

eachofthe Independent Non-executive Directors has been

reviewed by the Committee. The Committee is satisfied

withthe contributions and time commitment of all the

Non-executive Directors during the year. The Committee

willalways discuss the additional commitments of all

Directors (including the Chairman) before recommending

their approval to the Board. It considers potential conflict

issues as part of that assessment. This process is supported

by an annual conflicts review by the Committee whereby

theCommittee reviews the Directors’ conflicts of interest

changes or updates to their position. No new conflicts were

declared during the year. The Committee is confident that

each of the Independent Non-executive Directors remains

independent and will be in a position to discharge their duties

and responsibilities in the coming year.

As reported in the 2024 Annual Report, ensuring that

theBoard is kept at a manageable size so as to continue

tofacilitate effective discussion and decision-making needs to

be balanced with the benefits that independence of the Board

as a whole brings. The Committee notes that the Shareholder

Representative Directors act independently ofone another so

there is no dominant collective voice in theboardroom. The

Board has a high calibre of experienced Independent

Non-executive Directors who ensure effective independent

challenge and debate at Board meetings. Therefore, despite

not being in compliance with the independence requirements

of the Code, the Committee iscomfortable that the Board

operates with sufficient independence of thought and power.

The Board confirms that pursuant to UK Listing Rule 6.2.3,

whilst the Yew Tree Consortium is considered a controlling

shareholder, the Company is able to carry on business

independently of the Yew Tree Consortium due to the

governance arrangements inplace including the Relationship

Agreements with all thesignificant shareholders, the Matters

Reserved for theBoard and the Company’s constitution under

its Articles ofAssociation.

The composition of the Committee meets the independence

requirements of the Code, as does the Audit and Risk

Committee and the Remuneration Committee.

Overboarding

The Board follows the Institutional Shareholder Services (ISS)

proxy voting guidelines on overboarding and accordingly

deems all its Independent Non-executive Directors to be

within these guidelines. The Board appreciates that other

proxy bodies and institutional investors impose more

stringent guidelines than ISS and that each individual’s

portfolio of appointments must be considered on a

case-by-case basis, which the Board duly does before

approving any appointments and then, on an annual basis,

toassess whether each member of the Board is able to

continue contributing effectively. The Board was not asked

toapprove any additional significant external appointments

for any of our Directors during the year.

Election and re‑election of Directors

The election, in accordance with the Company’s Articles

ofAssociation, Andrew McNaught will be proposed for

shareholder approval at the Annual General Meeting in

May2026. All the other Directors will stand for re-election

atthe Annual General Meeting in May 2026 with the support

of the Board. The Board considers all Directors to be

effective and committed to their roles and to have sufficient

time to perform their duties.

Director induction and training

Following appointment, all Directors receive a

comprehensive and tailored induction programme which is

designed through discussion with the Chair and the Company

Secretary having regard to existing expertise and any

prospective Board Committee roles. The induction includes

but is not limited to face-to-face meetings with Board

members and the Executive Committee as appropriate,

106

ASTON MARTIN LAGONDA

NOMINATION COMMITTEE REPORT CONTINUED

briefings on the Company’s strategy, investor relations,

Boardand Company policies, processes and procedures

andtraining on the role of a director of a listed company.

Further detail on Vicky Jarman’s induction can be found

onpage 109.

All new Directors are also provided with access to the

Company electronic Board paper system which provides

easy and immediate access to all key governance documents,

including Board and Committee papers, and terms of reference.

Where appropriate, new Directors also meet with

institutional investors, the Company’s External and Internal

Auditors and remuneration consultants.

Continuing training and education opportunities are available

to all Directors to support the fulfilment of their individual

duties or collective Board roles and to develop their

understanding of the business. The arrangements are

overseen by the Company Secretary and can be internally

orexternally facilitated. Directors are also encouraged

toparticipate in seminars and events hosted by external

organisations in different sectors to keep abreast of societal

trends, expectations and issues with a view to developing

broader perspectives and insights and developing wider

debate within Board discussions.

Succession planning

The Board has a duty to ensure the long-term success of the

Company, which includes ensuring that it has a steady supply

of talent for executive positions and established succession

plans for Board positions. Throughout the year the

Committee has reviewed and assessed the composition of

the Board and its aggregate skills, experience and knowledge

and the current and future needs of the Board as new

appointments to the Board have been made.

The Committee will continue to consider the Group’s

succession planning on a regular basis to ensure that any

further changes to the Board are proactively planned and

coordinated. The Committee monitors the development

ofthe Executive Committee’s direct reports team to ensure

that there is a diverse supply of senior executives in the talent

pipeline. The Committee intends to focus more on Executive

Committee succession planning in the year ahead.

As at 31 December 2025, the Executive Committee

consistedof the three Executive Directors and five other

Chiefroles. Further information on the Executive Committee

ison page 90.

Diversity and inclusion

The Board acknowledges that the Board’s perspective

andapproach can be greatly enhanced through diversity of

gender, social and ethnic backgrounds, cognitive and personal

strengths, tenure and relevant experience. There is also a

recognition that to deliver the Company’s strategy, it is

important to promote a high performing culture, characterised

by a diverse and inclusive workforce. Diversity and inclusion

bring new ideas and fresh perspectives which will position

usto achieve our strategy and long-term growth.

The Committee considers diversity, in its widest sense

(andnot limited to gender), during Board composition

reviews and the development of recruitment specifications

inconnection with the appointment of new Board members.

The Committee notes the Listing Rule targets on diversity

being (i) at least 40% of the Board should be women;

(ii)atleast one of the senior Board positions (the Chair,

ChiefExecutive Officer, Senior Independent Director and/or

Chief Financial Officer) should be a woman; and (iii) at least

one member of the Board should be from a minority

ethnicbackground.

Taking each target in turn:

(i) We do not meet the requirement that 40% of the Board

are women. Our Board currently stands at 33% female.

The composition of our Board is unique, with seven

Shareholder Representative Directors appointed.

Therefore, we state in our Board Diversity Policy that we

seek to maintain as a minimum, that 40% of Board

members not subject to significant shareholder

appointments are women, provided this is consistent

with the prevailing skills and diversity requirements of

the Company as and when seeking to appoint a new

Director. Consequently, under our Board Diversity Policy,

as at the date of this Report, there are five women out of

eight relevant Board members (being the two Executive

Directors and six Independent Non-executive Directors),

thereby comprising 63%. Five out of our six Independent

Non-executive Directors are female.

(ii) None of our senior Board positions are filled by women.

When the vacancy for a Chief Executive Officer, Chief

Financial Officer, Chair or Senior Independent Director

arises, a diverse search is always undertaken and a

selection made on all relevant criteria.

(iii) We exceed the requirement that at least one Director

should be from a minority ethnic background. Our Board

is diverse in background and includes Chinese and Saudi

Arabian Directors.

The Board will continue to promote diversity at Board and

Executive Committee level and throughout the business.

The Company acknowledges that it needs to improve

diversity at leadership level and this will be a continued

focus for the Committee. For gender balance of senior

management and their direct reports, please see page 44.

The Committee monitors the talent pipeline to ensure we

have a diverse succession pool of talent being developed

and importantly maintained at all levels of the business.

Maintaining a diverse workforce is as important as diverse

recruitment and the Committee will focus onoverseeing

the work being carried out by the business to achieve this.

ANNUAL REPORT AND ACCOUNTS 2025

107

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

NOMINATION COMMITTEE REPORT CONTINUED

Board and executive management diversity

Prepared in accordance with UK Listing Rule 6.6.6R(10) as at 31 December 2025

Gender identity or sex

Number of

Board

members

Percentage

of the Board

Number of senior

positions on the

Board (CEO, CFO,

SID and Chair)

Number in

executive

management

Percentage

of executive

management

Men 10 67% 4 5 100%

Women 5 33% 0 0 –

Other categories – – – – –

Not specified/prefer not to say – – – – –

Ethnic background

Number of

Board

members

Percentage

of the Board

Number of senior

positions on the

Board (CEO, CFO,

SID and Chair)

Number in

executive

management

Percentage

of executive

management

White British or other White (includingminority-white groups) 12 80% 4 5 100%

Mixed/Multiple Ethnic Groups – – – – –

Asian/Asian British 1 6.7% – – –

Black/African/Caribbean/Black British 1 6.7% – – –

Other ethnic group, including Arab 1 6.7% – – –

Not specific/prefer not to say – – – – –

Notes:

1 The data reported is on the basis of gender identity

2 Excludes Executive Directors

Committee performance evaluation

The Committee was evaluated as part of the internal effectiveness review of the Board and its Committees (details of which

can be found on page 110).

The Committee also reviewed its own performance and was satisfied that it continued to perform effectively and was rated

highly by the members. A key continued focus for the Committee for the year ahead is succession planning at Executive

Committee level and the talent pipeline.

108

ASTON MARTIN LAGONDA

NOMINATION COMMITTEE REPORT CONTINUED

In conversation with

VICKY JARMAN

icky Jarman was appointed as a Non-executive

Director and Chair of the Audit and Risk Committee

atthe beginning of March 2025. Vicky is an

experienced Non-executive Director with a strong

background in finance, audit and corporate governance.

Shehas held board positions at several FTSE 250 and

FTSE100 companies across various industries and is an

experienced Audit and Risk Committee chair.

As Vicky is a seasoned Non-executive Director in a listed

environment, Vicky’s induction was focused on connecting

with management and advisors to build up her knowledge

ofthe business, the brand, the strategy and culture in order

toenable Vicky to effectively contribute to Board discussions

as quickly as possible.

Following Vicky’s appointment, she spent time with the

Company’s external auditors, brokers and other members of

the Board and also received a refresher on duties of directors

of a listed company from the Company’s corporate lawyers.

What was the most

useful element of

yourinduction?

“The most valuable part of my induction programme was

spending time at Gaydon. Meeting management and people

working throughout the business is the best way to gain a

perspective of a company’s challenges, opportunities and the

culture. I had an indepth tour of the factory at Gaydon which

was a fascinating insight into the production line. Spending

time in the design studio was also a highlight, seeing the

mixof sketching, computer aided design and clay models

tocreate the cars. I also spent time with the finance team

toget up to speed with financial reporting, auditand risk

andinternal control matters.”

What appealed to

you about joining the

AstonMartin Board?

“Joining the Aston Martin Board was an incredible

opportunity. Ihave owned an Aston Martin in the past and

have always admired the brand and its heritage. I joined the

Board at a very exciting time. Adrian was six months into his

CEO appointment and was commencing a transformation

programme for the business, repositioning the Company

forthe future. I felt that my skill set and experience could

contribute to this part of Aston Martin’s journey. It is a

goodcontrast to the other Boards that I currently sit on,

socompliments my Non-executive portfolio.”

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

ANNUAL REPORT AND ACCOUNTS 2025

109 NOMINATION COMMITTEE REPORT CONTINUED

The Board recognises the importance of continually

monitoring and improving its performance. The annual

performance evaluation provides the opportunity for

theBoard to reflect on the effectiveness of its activities,

thequality of its decision-making, the contribution of

individual members of the Board and how it operates

asawhole. This is assessed annually through the Board

andCommittee evaluations.

Following discussion, upon recommendation from the

Nomination Committee, the Board agreed to once again carry

out a rigorous internal evaluation, using BoardClic, a third-

party platform to assist with the provision of the questionnaire

and analysis of results. The benefit of using this third-party

platform was that it enabled the data to be broken down

between Executive Directors, Independent Non-executive

Directors and Shareholder Representative Directors so that

alignment between the three groups of directors could be

assessed. It also enabled the results to be benchmarked

against the results of other FTSE companies. Using the same

survey for four years has allowed a comparison of results

year-on-year which has provided additional value.

The Senior Independent Director carried out 1-1 discussions

with Directors on behalf of the Executive Chairman to gain

more insight into the results of the Board evaluation

questionnaire and to provide the Directors with feedback

from management.

THE BOARD IS FOCUSED ON

TRANSFORMATION OF THE BUSINESS

AND SUPPORTING MANAGEMENT

TONAVIGATE COMPLEXITIES

Areas of excellence identified from

2025evaluation

The Board has confidence in the Executive Directors’

execution capability

No single Director dominates discussions

Areas identified from the evaluation

whichcould enhance the Board’s

effectiveness in 2026

More opportunity for strategic discussion and debate

Time on the agenda for dialogue on macro-economic and

relevant industry topics

More focus on culture, talent and succession planning

These suggestions will be addressed in the year ahead

and progress made will be reported in the 2026 report.

Outputs of the 2024 Board evaluation and progress made

The output of last year’s internal evaluation and progress made is set out below.

Board evaluation output 2024

Discussion topics

Carefully monitor the balance of time

spent at the Board discussing

operational matters as opposed to

strategic matters

Board interaction

It is appreciated by the members of the Board that as

the Board has grown in size, it is more challenging to

hold meetings in person. However, the Board would

welcome more in-person interaction, both in formal

meetings and informally in the year ahead

Interaction with the business

The Board would benefit from more

opportunity to engage with senior

management

Progress made during 2025

The Board Strategy Day was greatly

appreciated by members of the Board in

terms of a deep dive into the key

strategic elements of the business and

plans to execute the strategy. Looking

ahead, strategic matters will be brought

to the Board’s attention for discussion in

standard Board meetings where the

operational agenda allows

The Board met in December for an additional

in-person meeting, as well as the Strategy Day in July.

Two informal Board dinners were held during the year

and the Board was grateful for the opportunity to

engage outside of the Boardroom

A number of members of senior

management presented to the Board at the

Strategy Day in July and spent time

informally with members of the Board over

breaks and lunch

Board committees

Each Board Committee was confirmed as providing effective

support to the Board. Each Committee carried out its own

effectiveness review, details of which can be found in the

Committee Reports.

Board and Committee evaluations

110

ASTON MARTIN LAGONDA

NOMINATION COMMITTEE REPORT CONTINUED

VICKY JARMAN

Chair, Audit and Risk Committee

Dear shareholder

n behalf of the Audit and Risk Committee, I am

pleased to present the Committee’s Report for the

year ended 31 December 2025. This Report details

the role of the Committee and describes how the Committee

has carried out its responsibilities during the year and

provided assurance on the integrity of the 2025 Annual

Report and Accounts.

Financial reporting

The Committee monitors the integrity of the Company’s

reporting processes and financial management, reviewing

and discussing in detail the half year and full year financial

results and the conclusions of the External Auditor. The

Committee reviews and discusses the critical accounting

judgements made and sources of estimation uncertainty

when applying the Group’s significant accounting policies,

the going concern and viability analysis and any other

significant matters which impact financial reporting.

Risk management

On behalf of the Board, the Committee oversees the process

by which risks are identified, assessed and managed. The

Committee considered the principal risks included in the

Group’s corporate risk register as the basis for its activity during

the year and leverages the three lines of defence model and

assurance mapping to monitor how the Company manages

these risks and obtains assurance over its principal risks.

Internal audit

This year, the Internal Audit plan incorporated audits

assessing the effectiveness of controls related to accounts

payable and accounts receivable, Aston Martin the Americas

key financial controls and data management and governance

procedures. The Committee reviews all Internal Audit

findings and monitors the implementation of reported

remediation actions.

Material Internal Controls

The Committee has received updates at each of its meetings

on the Company’s progress on the implementation of its

Provision 29 of the 2024 UK Corporate Governance Code

Material Controls Programme ahead of the Board providing

its first declaration of effectiveness of material internal

controls as at 31 December 2026. More information can be

found on page 85.

I would like to thank the members of the Committee, the

management team, Internal Audit and our External Auditor

for their continued commitment and support throughout

theyear.

| VICKY JARMAN

| Chair, Audit and Risk Committee

24 February 2026

Audit and Risk

CommitteeReport

Committee members Meeting attendance

Vicky Jarman (Chair) 2/2

Robin Freestone 2/2

Sir Nigel Boardman 4/4

Anne Stevens 4/4

Former Chair Robin Freestone attended

2/2Committee meetings in February 2025

2025 overview

¤ Review of the progress and status of the

Company’s implementation of its Provision

29 Material Controls Programme

¤ Review of full year and half year reporting

¤ Deep dives: vehicle programme delivery

governance, cyber strategy and

informationsecurity

ANNUAL REPORT AND ACCOUNTS 2025

111

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

AUDIT AND RISK COMMITTEEREPORT

Committee membership and

committeemeetings

During the year, the Committee comprised three

Independent Non-executive Directors: Vicky Jarman as

Chairof the Committee, Anne Stevens and Sir Nigel Boardman.

The Committee therefore met the composition requirements

of the Code throughout the year.

In accordance with the Relationship Agreements with the

significant shareholder groups (see page 155), each may

appoint an observer of the Committee with no voting rights.

Michael de Picciotto, Franz Reiner, Scott Robertson and

Daniel Li currently serve as observers.

The Committee meets at least three times a year at

appropriate intervals in the financial reporting and audit

cycle and otherwise as required. The Committee has formal

terms of reference which can be viewed on the Company’s

website, www.astonmartin.com/corporate. The terms of

reference are consistent with the guidance published by

theFRC ‘Minimum Standards for Audit Committees’.

This year the Committee met four times. The Committee

members’ attendance for the period is set out on page 111.

The activities of the Committee and any matters of particular

relevance were reported by the Committee Chair to the

subsequent Board meeting. There is time made available

atthe end of each meeting for private sessions for the

Committee to discuss matters with the External Auditor

andthe Director of Internal Audit and Risk without members

ofmanagement being present.

Attendees at each meeting comprise the Committee

members, the observers and the Company Secretary who is

secretary to the Committee. The Chief Executive Officer, the

Chief Financial Officer, the General Counsel, the Director of

Internal Audit and Risk, the Head of Compliance, the External

Auditor, Ernst & Young LLP (‘EY’), and other senior members

of the finance team also routinely attend meetings upon

invitation by the Chair.

Key responsibilities of the Committee

¤ Reviewing and assessing the integrity of the Group’s financial

and narrative statements, formal announcements of the

Group’s performance, and significant financial reporting

issues and judgements which they may contain and

recommending these for approval by the Board

¤ Advising the Board on whether the Annual Report and

Accounts, taken as a whole is fair, balanced and understandable

and provides the information necessary for shareholders

toassess the Company’s performance, business model

andstrategy

¤ Ensuring compliance with accounting standards and policies,

and reviewing and challenging the application of such

standards and policies and, if unsatisfied, reporting its views

to the Board

¤ Reviewing for approval by the Board the Company’s Going

Concern and Viability Statements and providing advice to the

Board on how the Company’s prospects have been assessed,

taking into account the Company’s position and principal risks

¤ Receiving and reviewing reports from the Company’s External

Auditor, monitoring its effectiveness and independence and

making recommendations to the Board in respect of its

remuneration and appointment

¤ Overseeing policies on the engagement of the External

Auditor for the supply of non-audit services and assessing

whether non-audit services have a direct or a material effect

on the audited financial statements

¤ Reviewing the Group’s internal financial, operational and

compliance controls and Enterprise Risk Management

Framework and System and considering Group policies for

identifying, assessing and managing risks and arrangements

for employees to raise concerns about possible improprieties

using the ‘Speak Up’ Confidential Reporting process, while

ensuring appropriate safeguards are in place

¤ Reviewing and approving the annual Internal Audit plan and

discussing the findings of any internal audits, investigations

and management’s response

Key activities of the Committee during the year

FEBRUARY

Full year financial results

and annual report

JULY Half year financial results

NOVEMBER

Policies review

Audit planning

Cyber security update

112

ASTON MARTIN LAGONDA

AUDIT AND RISK COMMITTEEREPORT CONTINUED

The Code stipulates that the Committee, as a whole,

shallhave competence relevant to the sector in which

theCompany operates. All Committee members have

pastemployment experience of financial reporting and/or

international business or engineering and collectively have

abroad range of expertise that enables them to provide

oversight of both financial and risk matters, and to advise

theBoard accordingly. As such the Board is satisfied that

theCommittee, as a whole, has the competence relevant

tothe business sector. At least one Committee member

should have recent and relevant financial experience.

VickyJarman meets this criteria as she is a chartered

accountant and investment banker. Details of the

Committeemembers’ experience can be found in

theirbiographies on pages 86–89.

External audit

¤ Assessed the External Auditor’s independence,

objectivityand effectiveness

¤ Considered and recommended to the Board

thereappointment of the External Auditor

¤ Considered External Auditor fees and their terms

ofengagement

¤ Reviewed the Non-Audit Services Policy

¤ Reviewed the External Auditor non-audit services and fees

Risk management and internal controls

¤ Monitored the Company’s corporate risk register, including

the identification and assessment of the Group’s principal

and emerging risks and movement in such exposures

¤ Reviewed the effectiveness of the Group’s Enterprise Risk

Management Framework and System and internal controls

¤ Considered management responses, and their timeliness,

to audit findings and recommendations for control

improvements

¤ Reviewed the risk management and internal controls

disclosures in the half year accounts and Annual Report

¤ Reviewed and approved the updated Confidential

Reporting Policy, including an analysis of investigations

undertaken during the year

¤ Reviewed the compliance risk management controls

andstrategy

¤ Received reports related to the implementation of

thenewERP system and reviewed the key challenges

andrisks associated with the project

¤ Received regular reports on the Business Assurance

control implementation and assurance programme

andplans to address the requirements of the updated

UKCorporate Governance Code

¤ Reviewed the Annual Fraud Risk Assessment and related

fraud prevention and detection control activities

¤ Received updates on material litigation

Internal Audit

¤ Approved the annual Internal Audit plan and approach

for2026, including its alignment to the principal risks,

emerging areas of risk, coverage across the Group and

continuing review of the Group’s processes and controls

¤ Monitored and reviewed the effectiveness and

independence of the Internal Audit function including

consideration of Internal Audit reports, and the

implementation of Internal Audit recommendations

¤ Provided oversight of delivery of the 2025 Internal Audit

plan, reviewing Internal Audit reports and findings issued

during the year and the status of implementation of

recommended corrective actions

Other areas

¤ Reviewed and recommended to the Board for approval

therevised Committee terms of reference

¤ Reviewed the results of the evaluation of the effectiveness

of the Committee

¤ Approved TCFD disclosures for the Annual Report

¤ Received an update on tax matters for the Group

andreviewed and recommended to the Board approval

ofthe Group’s annual tax strategy and publication on

theCompany website

¤ Received a treasury update

¤ Received a pension strategy update

Financial reporting and significant financial

judgements and estimates

One of the Committee’s principal responsibilities is to

reviewand report to the Board on the clarity and accuracy

ofthe Group’s Financial Statements, including the Annual

Report and the Interim Results Statement. The Annual Report

seeks to provide the information necessary to enable an

assessment of the Company’s position and performance,

business model and strategy. The Committee assists the

Board with the effective discharge of its responsibilities

forfinancial reporting, and for ensuring that appropriate

accounting policies have been adopted and that

management has made appropriate estimates and

judgements. In preparing the Financial Statements for the

period, there were a number of areas requiring the exercise

ofa high degree of estimation. These areas have been

discussed with the External Auditor to ensure the Group

reaches appropriate conclusions and provides the required

level of disclosure. The significant issues considered by

theCommittee in respect of the Annual Report are set

outonpage 114.

ANNUAL REPORT AND ACCOUNTS 2025

113

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

AUDIT AND RISK COMMITTEEREPORT CONTINUED

Significant matters for the year ended 31 December 2025

How the Committee addressed these matters

Impairment of

finite life

intangible assets

The Committee considered the Group’s process in determining whether any asset, covered within the scope of IAS 36 Impairment of

Assets, requires impairment. The key judgement in relation to assessing the carrying value of intangible assets with finite useful lives

largely related to the achievability of the Group’s forecasts from 2026 to 2030, which underpin the valuation process. On 29 October

the Group announced a review of the future product cycle plan with the aim of optimising costs and capital investment whilst

continuing to deliver innovative, class leading products to meet customer demands and regulatory requirements. The Committee

reviewed the impact on the carrying value of assets of cycle plan updates following the strategic review of the business plan

independently. As part of the review and to deliver lower overall capital expenditure over the coming 5-year period, specific vehicle

programmes with previously capitalised development spend have been discontinued, resulting in an impairment of £42.7m of

capitalised development spend.

The Committee concluded that the assumptions made, conclusions reached and disclosures given were appropriate.

Recognition and

measurement

ofdeferred

taxassets

The Group’s policy is that DTAs are recognised only to the extent that it is probable that future taxable profits will be available against

which deductible temporary differences, carried forward tax credits or tax losses can be utilised in line with IAS 12 ‘Income Taxes’.

As a result of continuing global macroeconomic and geopolitical volatility facing the wider automotive industry, recent trading

performance and the combined impact on the Group’s mid-term outlook, the Group has revised its estimate in respect of the net deferred

tax asset recognised, to be offset against future taxable profits, to £nil. While the Company remains confident in its long-term strategy,

there is more uncertainty regarding the timing of future utilisation of carried forward losses, therefore the Group has recorded a £126.4m

reduction in the deferred tax asset and a corresponding charge through the consolidated income statement within ‘Income tax charge’.

On a gross basis, a deferred tax asset of £202.2m is recognised to the extent that it is offset by the Group’s deferred tax liabilities.

The Committee concluded that the recognition of the deferred tax asset and the disclosures given were appropriate.

Going concern

and Viability

Statement

reporting

The Committee discussed the Group’s considerations in assessing the appropriateness of adopting the going concern basis of

accounting and considered the financial statement disclosures in respect of adopting the going concern basis in preparing the financial

information. The Committee reviewed the going concern forecast (including the £50m proceeds relating to the sale of the F1® branding

rights) for the period to 30 June 2027. This review focused on the headroom on the Revolving Credit Facility (‘RCF’) covenants in

particular. The review included Management’s ‘base case’, ‘severe but plausible’ downside case, ‘crisis management incident test’ and

‘reverse stress test’ scenarios. As a result of this review, the Committee concluded that it was appropriate to prepare the financial

statements on a going concern basis. The Committee concluded that the going concern disclosures given were appropriate.

The Committee discussed the key assumptions used in evaluating the long-term viability of the Group, the time-period for the

Viability Statement and the stress and reverse stress testing used as a basis for conducting the overall assessment. The Committee

concluded that the assumptions made and the wording included in the viability statement were appropriate.

Other matters At the November 2025 and February 2026 meetings, the Committee also considered management’s papers on the following subjects

and concluded that the assumptions made, and the approaches adopted were appropriate:

¤ The Group’s revenue recognition policies.

¤ Accounting for defined benefit pension obligations.

¤ Recognition and measurement of the Group’s warranty provision.

¤ Recognition and measurement of adjusting items.

¤ Accounting for the disposal of AMR GP Investment.

¤ Disclosures in relation to contingent liabilities; and

¤ Impairment of the Parent Company investment in subsidiaries.

inaccordance with UK adopted International Financial

Reporting Standards

¤ Reasonable assurance regarding the prevention or timely

detection of unauthorised use of the Group’s assets

There are also specific disclosure controls and procedures

around the approval of the Group’s Financial Statements.

Fair, balanced and understandable

The Board recognises its duty to ensure that the Annual

Report and Accounts, taken as a whole, are fair, balanced

andunderstandable and provides the information necessary

for shareholders to assess the Group’s position and

performance, business model and strategy. The Committee

undertook a review and reported to the Board on its

Management are responsible for establishing and

maintaining adequate internal controls over financial

reporting. These are designed to provide reasonable

assurance regarding the reliability of financial reporting

andthe preparation of Financial Statements for external

reporting purposes. The financial reporting internal control

system covers the financial reporting process and the Group’s

process for preparing consolidated accounts. It includes

policies and procedures which require the following:

¤ The maintenance of records that, in reasonable detail,

accurately and fairly reflect transactions including the

acquisition and disposal of assets

¤ Reasonable assurance that transactions are recorded as

necessary to permit preparation of Financial Statements

114

ASTON MARTIN LAGONDA

AUDIT AND RISK COMMITTEEREPORT CONTINUED

assessment. The key elements of the assurance framework

which supports the assessment by the Committee were:

¤ The process by which the Annual Report and Accounts

were prepared, including detailed project planning and

acomprehensive review process

¤ Review of the drafting and verification processes for the

Annual Report and Accounts by the Disclosure Committee

¤ Comprehensive reviews undertaken by the Executive

Directors, members of the Executive Committee and other

members of senior management comprising the Annual

Report and Accounts drafting team to consider content

accuracy, regulatory compliance, messaging and balance

¤ The review of the Annual Report and Accounts by the Audit

and Risk Committee placing reliance on the experience

ofthe Committee members

¤ Reports prepared by senior management regarding critical

accounting judgements, estimates and key financial area

¤ Discussions with, and reports prepared by, the

ExternalAuditor

The Committee received confirmation from management

that the assurance framework had been adhered to for

thepreparation of the 2025 Annual Report and Accounts.

TheCommittee provided a recommendation to the Board

that the fair, balanced and understandable statement could

be given on behalf of the Directors. The Board’s confirmation

is set out on page 159.

Committee’s oversight of external audit

The Committee oversees the work undertaken by EY. EY was

appointed as External Auditor with effect from 24 April 2019,

following an audit tender process. Shareholders approved

EY’s re-appointment at the Company’s Annual General

Meeting on 7 May 2025. The Committee’s responsibilities

include making a recommendation on the appointment,

re-appointment, removal and remuneration of the External

Auditor. The Committee assesses the qualifications, expertise,

resources and independence of the External Auditor and the

effectiveness of the audit process. The Committee Chair also

has regular contact with the external audit partner outside of

Committee meetings without the presence of management.

During the period the Committee approved the External

Audit plan, the proposed audit fee and terms of engagement

of EY for FY 2025. It has reviewed the audit process and the

quality of the audit delivery and the quality and experience

ofthe audit partner engaged in the audit, and has also

considered the extent and nature of challenge demonstrated

by the External Auditor in its work and interactions with

management. The Committee has considered the objectivity

of the External Auditor including the nature of other work

undertaken for the Group as set out below.

Independence and re‑appointment of the

External Auditor

The Committee reviewed the independence and objectivity

of the External Auditor during the year and confirmed that

itconsiders EY to remain independent. The Committee also

considers that the Company has complied with the Statutory

Audit Services for Large Companies Market Investigation

(Mandatory Use of Competitive Tender Processes and

AuditCommittee Responsibilities) Order 2014 for 2025.

The External Auditor is required to rotate the audit

engagement partner every five years. The previous

engagement partner, Simon O’Neill, began his appointment

at the commencement of the 2019 financial year and

therefore a new audit engagement partner, William Binns,

was appointed with effect from the 2024 financial year.

Theexternal audit contract must be put out to tender at

leastevery ten years. The Committee concluded that given

EY’s capabilities, its relationship with the Company and the

effectiveness of the external audit, it was in the best interests

of the Company and shareholders to continue with EY and it

did not currently anticipate any reason to tender the contract

before a tender process is required in 2028. Based on the

Committee’s recommendation, the Board is proposing that

EY be re-appointed to office at the Annual General Meeting

on 6 May 2026.

Non‑audit services

The Committee recognises that the independence of the

External Auditor is an essential part of the audit framework

and the assurance that it provides. The Committee adopted

apolicy which sets out a framework for determining whether

it is appropriate to engage the Group’s auditors for permissible

non-audit services and for pre-approving non-audit fees.

Theoverall objective of the policy is to ensure that the

provision of non-audit services does not impair the External

Auditor’s independence or objectivity. This includes, but is

not limited to, assessing:

¤ Any threats to independence and objectivity resulting

fromthe provision of such services

¤ Any safeguards in place to eliminate or reduce these

threats to a level where they would not compromise

theAuditor’s independence and objectivity

¤ The nature of the non-audit services

¤ Whether the skills and experience of the audit firm make

itthe most suitable supplier of the non-audit service

The total value of non-audit services that can be billed

bytheExternal Auditor is restricted by a cap set at 70% of

theaverage audit fees for the preceding three years, which

produced a cap for the 2025 financial year of c. £500,000.

The approval of the Committee must be obtained before

theExternal Auditor is engaged to provide any permitted

non-audit services. For permitted non-audit services that

areclearly trivial, the Committee has pre-approved the use

ofthe External Auditor for cumulative amounts totalling

lessthan £200,000 on the approval of the Chief Financial

Officer and Chair of the Committee.

During FY 2025 the following permitted audit-related

services have been approved in accordance with this policy:

¤ Review of the Company’s interim financial statements

forthe period ended 30 June 2025 – £78,000

ANNUAL REPORT AND ACCOUNTS 2025

115

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

AUDIT AND RISK COMMITTEEREPORT CONTINUED

In granting approval for these services, the Chief Financial

Officer and Chair of the Committee considered the nature

and level of non-audit services provided by the External

Auditor and were satisfied that the objectivity and

independence of the External Auditor was not compromised

by the non-audit work undertaken during the year. Details of

the fees paid to the External Auditor during the financial year

can be found in note 4 to the Financial Statements.

Internal controls and risk management

The Board recognises its responsibility for establishing and

maintaining a robust system of internal control designed to

support the long-term sustainable success of the Company.

Our internal control framework operates across financial,

operational, compliance, cyber and technology, and

ESG-related risks, and is embedded within the Company’s

risk management framework, policies, culture, and

oversightprocesses.

The framework is based on clear lines of accountability, a

defined Board approved risk appetite, documented policies

and procedures, and a programme of assurance activities

which leverages all three lines of defence. During 2025 the

Company continued to mature its approach in response to

the revised UK Corporate Governance Code (the ‘Code’),

with a particular emphasis on the identification and

formalisation of its material controls.

The system of internal controls is designed to manage rather

than eliminate the risk of not achieving business objectives

and can only provide reasonable assurance and not absolute

assurance against material misstatement or loss. This process

complies with the Guidance on Risk Management, Internal

Control and Related Financial and Business Reporting issued

by the FRC. It also accords with the provisions of the Code.

Details of the Group’s risk management process including the

identification, assessment and management of principal risks

together with the Group’s Viability Statement can be found

on pages 68-78.

The Board has delegated its authority to the Audit and Risk

Committee to monitor and oversee the effectiveness of the

internal control and risk management framework.

Approach to Assessing the Effectiveness of Internal Controls

Throughout the year, the Board and Audit and Risk

Committee reviewed the effectiveness of the Group’s internal

control and risk management framework through a

structured programme of monitoring activities, including

quarterly internal audit reports, periodic principal risk

updates, and Business Assurance control status reporting.

The Committee has also overseen activity undertaken by the

Compliance team and other internal and external providers

of assurance.

Management operates a structured annual cycle to assess

the design and operating effectiveness of key internal

controls. This includes:

¤ Risk-based scoping: six monthly review and reassessment

of principal and emerging risks and the key controls

required to mitigate them

¤ Control self-assessments: assessments performed

bycontrol owners (management) with independent

challenge by the Internal Audit and Risk team where

deemed appropriate

¤ Testing programme: targeted testing of key controls,

including financial reporting controls, cyber security

controls, and controls over third-party and operational

resilience. During 2025 the focus has been on the key

financial reporting and transactional controls, with this being

extended through 2026 to cover all material control areas

¤ Issue management: a formal process for logging,

prioritising, and remediating control deficiencies, with

management oversight by the Internal Control Steering

Committee and escalation to the Audit and Risk Committee

¤ Internal Audit assurance: independent assessment by the

Internal Audit function to provide additional assurance over

the adequacy and effectiveness of the control environment

¤ Continuous monitoring: ongoing monitoring of control

performance through key risk indicators, incident

reporting, and management reviews

Following it’s annual review, the Committee is able to

reasonably conclude that the Group’s risk management and

internal control framework has been effective for the year

ended 31 December 2025.

Provision 29 Material Controls Programme Update

Provision 29 of the Code requires Boards to manage and

review the effectiveness of the company’s risk management

and internal control framework. We are aiming to report our

compliance to Provision 29 in our 31 December 2026 Annual

Report and Accounts which will be published in Q1 2027.

During 2025 we commenced a project to identify our

material controls which started with an Executive Committee

review of Principal and Emerging Risks, which we determined

to be material risks, and the key controls which have been

implemented to manage those within the Board’s defined risk

appetite. We then considered entity level controls which are

designed to support the company in achieving its strategic

objectives and maintaining its values. The Group defines its

processes and ways of working through documented

policies, standards and procedures. This includes a suite of

Group Policies which address topics such as Delegated

Authorities, Code of Conduct, Confidential Reporting,

Conflicts of Interest and use of Company IT systems.

In accordance with Provision 29, the Board has recognised 21

material control areas which are underpinned by controls which

are significant to the integrity of financial reporting, operational

continuity, compliance with laws and regulations, and the

safeguarding of assets. The material control areas include:

¤ Financial reporting and disclosure

¤ IT general controls and cyber security

¤ Data governance and data quality

¤ Conduct, regulations and compliance

¤ Supply chain and third-party risk

¤ Treasury, liquidity and capital management

116

ASTON MARTIN LAGONDA

AUDIT AND RISK COMMITTEEREPORT CONTINUED

¤ Business continuity and operational resilience

¤ ESG reporting, including climate-related disclosures

Principal risk deep dives were undertaken with risk owners

tovalidate the material controls associated with each risk.

Wehave used the output of this activity to create a risk and

control matrix, which covers all material control areas and

developed a planned programme of assurance activity which

will be conducted in a phased quarterly manner through 2026

with quarterly reporting to the Audit and Risk Committee.

Code of Conduct

The Group Code of Conduct was developed in collaboration

with colleagues across the business and approved by the

Executive Committee. It applies to all companies within the

Group and to all directors, employees, temporary workers

and contractors. Mandatory annual eLearning on the Code

was introduced for all employees in 2024 and annual

completion of the training by all employees has since

become one of our Racing. Green. targets.

The Code and the Group Framework Policies referenced

within it are the foundation of the Company’s governance

model and the Code also sets the tone of the Company’s

expectations of high ethical standards in all business conduct.

Building on the Company’s values to address expected

behaviours in specific areas, the Code of Conduct provides

adecision-tree to help colleagues make the right choices,

even where there is not a policy to provide guidance. This is

an important part of our mission to drive a culture defined

byintegrity, which the Company sees as equal to its drive

forhigh performance.

Compliance

Led by our Corporate Compliance team, reporting to the

Executive Committee and the Audit and Risk Committee,

theCompany is engaged in an ongoing programme to

enhance our compliance management system. In 2025,

weprioritised not only making enhancements to the

compliance management framework, but also on responding

to new regulatory requirements, in particular the new

UK‘failure to prevent fraud’ offence under the Economic

Crime and Corporate Transparency Act 2023, which came

into force in September 2025.

During 2025, the Company conducted a detailed fraud

riskassessment, with the support of external consultants,

applying the Company’s Enterprise Risk Management

Framework. The aim of this work was to identify those

business activities or areas which represent a higher inherent

risk of corporate fraud as a result of the nature of the activity,

the way it is conducted, who is involved and where the activity

takes place; to review the measures in place to manage

thoserisks; and identify areas for improvement in the control

framework and measures the Company takes to manage

these risks. These will be reflected in the Company’s material

internal controls programme.

Our roadmap to achieving Provision 29 compliance

January 2024

FRC published the revised UK Corporate Governance Code

andsupporting guidance

November 2025

Proposed material control areas and assurance plan reviewed

bytheAudit and Risk Committee

December 2025

Material control areas and supporting risk and control matrix

reviewed and approved by the Board

Assurance plan for 2026 approved by the Board leveraging

thethreelines of defence blended assuranceapproach

Q1 2026

Assurance activity to commence including quarterlymaterial

control owner self-assessment andphasedtesting leveraging

Business Assurance andInternal Audit

Q2‑3 2026

Assurance results and status to be reported to the Audit

andRiskCommittee

Control remediation activity to be undertaken where control

deficiencies are identified

November 2026

Material control assurance paper to be reviewed by the Audit

andRisk Committee

Draft annual declaration presented for review for inclusion

inthe31 December 2026 Annual Report andAccounts

December 2026

Annual Report and Accounts for the year ending 31 December 2026

to include the Board’s declaration on the effectiveness of material

controls in accordance with Provision 29 of the UK Corporate

Governance Code

ANNUAL REPORT AND ACCOUNTS 2025

117

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AUDIT AND RISK COMMITTEEREPORT CONTINUED

First line of defence

Functional management who are responsible for

embedding risk management and internal control

systems into their business processes.

Second line of defence

Functions which oversee or specialise in risk

management and compliance-related activity.

Theymonitor and facilitate the implementation

ofeffective risk management and control activities

bythe first line. These functions include Business

Assurance, Quality Audit, Security, IT, Health and

Safety, Environmental and Corporate Compliance

and the risk management activities performed

bytheInternal Audit and Risk Management team.

Third line of defence

Functions which provide independent objective

assurance to the Board, Audit and Risk Committee

and senior management regarding the effectiveness

of the first and second lines of defence. This includes

Internal Audit and Risk Management and the External

Auditor and other external providers of assurance

including those which provide assurance over dealer

adherence to operating standards and assurance

overdata within our Sustainability Report.

12 INTERNAL AUDITS WERE

CARRIED OUT INCLUDING AUDITS

OVER ACCOUNTS PAYABLE

ANDACCOUNTS RECEIVABLE,

THEKEY FINANCIAL CONTROLS

ASSOCIATED WITH ASTON

MARTIN THE AMERICAS

ANDDATA MANAGEMENT

ANDGOVERNANCE

Internal Audit

The Internal Audit and Risk Management function provides

independent, objective assurance and advice to the Board,

the Committee and senior management on whether the

existing control and governance frameworks are operating

effectively to meet the Group’s strategic objectives and to

help the Company identify and mitigate any potential control

weaknesses and identify any emerging risks.

The Director of Internal Audit and Risk reports to the Chief

Financial Officer with an independent reporting line to the

Committee Chair. The Director provides regular reports to

the Committee on the function’s activities, which detail

significant audit findings, progress of, and any changes to,

theInternal Audit plan and updates on agreed management

actions to remediate control weaknesses. Where appropriate,

the Director will provide a deep dive into an issue where

either the Committee has requested more information,

ortheDirector considers it pertinent.

Enterprise Risk Management Framework

andSystem

The Group continues to strengthen the control environment

by embedding the Enterprise Risk Management Framework

and System (‘ERMFS’) which is supported by Risk Champions

within each function. A summary of the key risk management

activities undertaken by the Group is included on pages

68-77. The Internal Audit and Risk Management function

isresponsible for administering the ERMFS and for providing

independent assurance to the Board, the Committee and

senior management.

The Group uses a three lines of defence assurance model with

the objective of embedding effective risk management and

control throughout the business and providing assurance to

the Board and the Committee of the effectiveness of internal

controls and risk management across the organisation.

118

ASTON MARTIN LAGONDA

AUDIT AND RISK COMMITTEEREPORT CONTINUED

The Committee assesses the effectiveness of the

InternalAudit and Risk Management function on an annual

basis. To ensure that it is meeting its objectives, the Internal

Audit and Risk Management function has an annual work

plancomprising risk-based cyclical audits, reviews of risk

mitigation plans and assessments of emerging risks and

business change activity, together with work mandated for

compliance purposes. At the November 2025 Committee

meeting the Internal Audit plan for 2026 was approved by the

Committee and the Committee will monitor progress against

the plan in the coming year, as well as whether the plan

remains focused on the evolving key risks facing the business.

Such reviews will consider any changes to risk registers,

current hot topics and emerging risks in the industry as

wellas changes based on engagement with the business.

The findings and recommendations raised during the audits

were discussed by the Committee and remediation actions

were agreed where required.

Confidential reporting – Speak Up

The Group has established procedures to ensure there

areappropriate mechanisms for employees and other

stakeholders to report any concerns regarding suspected

wrongdoing or misconduct. The Confidential Reporting

Policy sets out the procedures and mechanisms for raising

concerns in strict confidence. This policy is reviewed

annuallyand is made available to all employees on joining

thebusiness. It is included within the Code of Conduct and

the details are published on the Group intranet and employee

noticeboards. The systems for confidential reporting are

promoted in all compliance eLearning programmes.

Any concerns raised under this policy are managed by

theDirector of Internal Audit and Risk and investigated with

support from Human Resources and/or Compliance teams

depending on the nature of the concern.

Multiple options have been provided to enable the workforce

to ‘Speak Up’ and raise concerns, including through their line

manager, senior management and through a third-party

managed confidential reporting system. This system enables

web, telephone and mobile app-based reporting of concerns

confidentially, even anonymously ifdesired, which is available

throughout the year and across the globe.

A second employee survey was conducted in 2025 to give

theCompany a better understanding of staff awareness

ofthe options available for speaking up, their willingness

tospeak up and any barriers to doing so. When asked the

question whether they would be prepared to speak up if they

saw something wrong, 87% of respondents said they would.

However, there is still more to do to increase awareness of

reporting options and to address some of the perceived

barriers to speaking up. An action plan has been agreed to

tackle these issues, with a primary focus on communications

and how we communicate around speaking up.

The investigation reports are received and reviewed

bytheChief Executive Officer, the Chief Financial Officer,

theGeneral Counsel and the Chair of the Committee.

Theinvestigation outcomes, significant findings and status

are reported to the Committee on a regular basis, with all

significant matters being reported directly to the Board.

During the year, 101 new reports weresubmitted via the

confidential reporting facilities. TheCommittee monitored

and assessed the outcome oftheresulting investigations.

Committee performance evaluation

The Committee was evaluated as part of the internal

effectiveness review of the Board and its Committees

(detailsof which can be found on page 110) which concluded

that it continued to perform effectively and wasrated highly

by all the members. There were no specificareas flagged

forimprovement.

MULTIPLE OPTIONS HAVE BEEN PROVIDED TO ENABLE

THEWORKFORCE TO ‘SPEAK UP’ AND RAISE CONCERNS

ANNUAL REPORT AND ACCOUNTS 2025

119

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AUDIT AND RISK COMMITTEEREPORT CONTINUED

DR. ANNE STEVENS

Chair, Sustainability Committee

Dear shareholder

n behalf of the Sustainability Committee, I am

pleased to present the Committee’s report for

theyear ended 31 December 2025. The Board

Committee met three times in the course of the year,

withadditional engagement with the wider Board on the

Company’s decarbonisation targets. Throughout the year

wereceived reports on key strategic sustainability topics.

Wereviewed every quarter KPI’s and updates for our Racing.

Green. targets, monitoring activity and ensuring progress.

In-depth reviews were presented to the Committee on priority

areas such as health and safety, supply chain sustainability,

human rights and new sustainability related legislation.

We continue to see the impact of efforts being taken to

ensure sustainability is being embraced at every level in

theorganisation. Our Sustainability Team work across every

function of the Company to evolve processes and embed

sustainability thinking from design to vehicle delivery.

It has been a challenging year with many external factors

interplaying across the sustainability spectrum, but I am

pleased that we continue to build our expertise and delivery

capabilities in all areas of sustainability, building on the strong

foundations set in 2024. There has been an intensified focus

on the wider value chain, the publishing of our Human Rights

Policy Statement and human rights training focused on

building capacity across the Company in key functions as well

as revisions of sourcing documents and continuing to embed

the Responsible Procurement Policy. Decarbonisation

remains central to our environment efforts and as a Board,

whilst we approved the move to not continue with validation

of our greenhouse gas emissions targets for a number of

reasons, including ongoing updates to the SBTi Automotive

Sector Consultation, we remain focused on delivering our net

zero ambitions.

There remains more to do and success rests heavily on many

factors including the global macroeconomic and geopolitical

context, and policy stability. However, the foundations are

strong and we remain focused on sustainability being

integrated within all we do.

| DR. ANNE STEVENS

| Chair, Sustainability Committee

24 February 2026

WE CONTINUE TO SEE THE IMPACT

OFEFFORTS BEING TAKEN TO ENSURE

SUSTAINABILITY IS BEING EMBRACED

ATEVERY LEVEL IN THE ORGANISATION.

Sustainability Committee

Report

2025 overview

¤ Deep dive: Sustainable procurement

¤ Deep dive: Supply chain logistics

¤ Deep dive: Operational sustainability

performance update

Committee Members Meeting attendance

Anne Stevens (Chair) 3/3

Marigay McKee 3/3

Sir Nigel Boardman 3/3

Jean Tomlin 3/3

ASTON MARTIN LAGONDA

120 SUSTAINABILITY COMMITTEE REPORT

Committee membership and

Committeemeetings

The Committee currently comprises four Independent

Non-executive Directors: Anne Stevens who is Chair of the

Committee, Sir Nigel Boardman, Marigay McKee and Jean

Tomlin. The Chief Financial Officer, Chief Executive Officer,

General Counsel and Chief Industrial Officer attend the

Committee meetings along with the Head of Government

Affairs and Sustainability, the Director of Internal Audit and Risk,

the Head of Compliance and the Head of Investor Relations.

The Committee meets at least twice a year and has formal

terms of reference which can be viewed on the Company’s

website, www.astonmartin.com/corporate. This year

theCommittee met three times for formal meetings.

TheCommittee members’ attendance for the period is

setout on page 120. The activities of the Committee and any

matters of particular relevance were reported by the

Committee Chair to the subsequent Board meeting

The Board Sustainability Committee ensures that the

Directors provide oversight, challenge and support for the

Company’s sustainability strategy and aims to understand

the actions required for the Company to achieve its

sustainability targets and develop relevant and reliable

reporting metrics, in line with the growing body of standards

in this area.

The Company’s sustainability strategy focuses on three

strategic pillars: Tackling climate change, Creating a better

environment and Investing in people. The Committee

reviewed and approved for recommendation to the Board

revised Racing. Green. targets under these three pillars.

Senior subject matter experts covering all areas of

activity,including safety, equity, diversity and inclusion, and

environmental management, join the meetings to provide the

Committee with information about performance and activity

being undertaken in their respective areas of responsibility.

Committee performance evaluation

The Committee was evaluated as part of the internal

effectiveness review of the Board and its Committees

(detailsof which can be found on page 110). The report was

positive highlighting that the Committee is effective in

discharging its responsibilities and has outstanding leadership.

Further information on sustainability can be found on pages

38-65 and also in the Company’s 2025 Sustainability Report

at www.astonmartin.com/corporate.

Key responsibilities of the Committee

¤ Reviewing and making a recommendation to the Board

toapprove the Sustainability Report and the Modern

SlaveryStatement

¤ Reviewing periodically the sustainability strategy and

considering whether there should be any changes, including

to the targets detailed in the sustainability strategy, and

making a recommendation to the Board for approval

¤ Monitoring the progress of the sustainability strategy

¤ Reviewing the annual Sustainability Materiality Assessment

and providing comments and guidance

¤ Reviewing climate risks and climate related issues to ensure

that they are considered in relation to developments and

changes in sustainability strategy as well as monitoring the

Company’s performance in achieving its net zero targets.

¤ Reviewing compliance with the commitments set out in the

Company’s Human Rights Policy and reviewing progress

against the Company’s Human Rights strategy

¤ Receiving updates on and reviewing (on an ongoing basis) the

Company’s external sustainability ratings and accreditations

¤ Receiving updates on (and reviewing on an ongoing basis)

sustainability reporting requirements and changes to

government strategy, policies and laws impacting sustainability

¤ Monitoring external trends, developments and emerging

bestpractices that may affect the Company’s reputation

orsustainability strategy, objectives and targets

¤ Monitoring the level of resource, competence and commitment

applied to the management of sustainability issues

¤ Receiving relevant sustainability audit findings and details

ofsustainability-related assurance activity

Key activities of the Committee during the year

MARCH

Deep dive on Health and Safety

2024 performance update

andKPIdashboard review:

risksandopportunities

JUNE

Net Zero update

Deep dive on sustainable

procurement

Deep dive on supply chain logistics

DECEMBER

Human Rights update

Climate risk review

ANNUAL REPORT AND ACCOUNTS 2025

121

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INFORMATION

SUSTAINABILITY COMMITTEE REPORT CONTINUED

DR. ANNE STEVENS

Chair, Remuneration Committee

Dear shareholder

am pleased to present the Directors’ Remuneration Report

(DRR) for the year ending 31 December 2025, which has

been approved by both the Remuneration Committee (the

Committee) and the Board.

As set out by both the Executive Chairman and CEO in their

statements, 2025 presented several unexpected challenges,

impacting our ability to fully execute on our plans this year

which was reflected in the financial performance of the

business. However, the executive management team, under

Adrian Hallmark’s leadership in his first full year as CEO, has

established a clear and disciplined strategy to drive the

business forward, fully endorsed by the Board and we are

encouraged by the progress we have seen so far.

While we are operating against a difficult macroeconomic

backdrop, with our product cycle plan review and

implementation of our business transformation programme

spanning all areas of the organisation, as a Board, we are

confident that the actions Adrian is leading will position

thebusiness to deliver sustainable profitable growth and

future value.

Designed to drive top-line growth and operating efficiencies,

the transformation programme is centred around six

strategic focus areas as set out earlier in this report. The

Committee has focused on evolving our approach to

remuneration to better support the transformation, stabilise

the executive management team and help drive delivery of

these strategic priorities that we strongly believe are key to

unlocking our future potential.

THE COMMITTEE HAS FOCUSED ON

EVOLVING REMUNERATION TO BETTER

SUPPORT THE TRANSFORMATION,

STABILISE THE TEAM AND HELP DRIVE

DELIVERY OF STRATEGIC PRIORITIES

THAT ARE KEY TO UNLOCKING OUR

FUTURE POTENTIAL

Directors’ Remuneration

Report

Contents

Executive Directors’ Remuneration

ataGlance 126

Directors’ Remuneration Policy 128

Annual Report on Remuneration 135

FY 2025 total single figure

remuneration 135

Salary, pension, and benefits 135

Annual bonus 136

Long-term incentive plan 138

Share interests and

shareholdingguidelines 142

CEO remuneration relative

toemployees 145

Non-executive Directors’ remuneration 147

Remuneration Committee in FY 2025 149

ASTON MARTIN LAGONDA

122 DIRECTORS’ REMUNERATION REPORT

FY 2025 annual bonus approach and outcome

In 2025, we navigated a highly challenging trading

environment whilst delivering on critical operational and

strategic milestones. An unprecedented backdrop of

geopolitical uncertainties and macroeconomic pressures,

including heightened tariffs in the U.S. and China, weighed on

our performance and ability to execute our plans effectively

and to achieve the stretching performance targets set by the

Committee at the start of the year was impacted. As a result,

despite the underlying strategic progress made during the

year, the financial performance targets for the 2025 annual

bonus were not met.

In respect of the non-financial elements of the bonus, despite

significant progress, stretching performance targets for

quality metrics set at the start of the year were not achieved

and so no bonus is payable with respect to quality. On the

Accident Frequency Rate (AFR) safety metric, progress

continued to be made, with year-on-year improvement in

safety performance. The Committee recognised this

progress, with the Group’s reported 2025 AFR of 0.30,

compared to 0.35 in 2024, beating target performance set for

the year, and resulting in maximum payout for this element.

Additionally, the Executive Directors’ 2025 bonus included a

20% weighting on performance against individual strategic

objectives. The Committee assessed performance against

these strategic objectives in the year, with key achievements

and progress set out on page 137. As a result, it was agreed

that this element of the bonus should be paid out at target

to recognise the excellent contributions made by the

executive directors.

This resulted in an overall bonus of 14% of maximum being

payable in respect of 2025 (£350,000 for the CEO and

£179,000 for the CFO). As both the executive directors had

not met their shareholding guideline as at 31 December 2025,

50% of the net 2025 bonus payment will be delivered in

shares deferred for three years.

FY 2023 Long-Term Incentive Plan (LTIP) –

FY2025 outcomes

CFO Doug Lafferty’s 2023 LTIP award was subject to

Adjusted EBITDA and relative Total Shareholder Return (TSR)

performance. Performance with respect to both measures

was below the threshold levels set, and so the CFO’s 2023

LTIP award will lapse in full (zero vesting). Full details of this

2023 LTIP award are set out on page 139.

2026 Directors’ Remuneration Policy

Last year, the Committee undertook a comprehensive review

of the remuneration policy and the decision was made to

move to a hybrid LTIP structure (performance share and

restricted share awards) to recognise the need for an

incentive structure that promotes longer-term decision-

making and ongoing management of the value of the

business and brand, while ensuring incentive outcomes

remain appropriately aligned with performance. This decision

was supported by the vast majority of our shareholders at the

2025 AGM.

The Committee strongly believes this structure remains

appropriate going forward. The Committee is, however,

proposing one further change to recognise the persistent

uncertainty of the macroeconomic climate and the need to

retain and stabilise the management team through a period

of transformation and strategic change. As part of the

organisational changes announced in 2025, the Executive

Committee will be nearly half the size by the end of Q1 2026

and the Committee recognises the importance of ensuring

this streamlined team is focused on rebuilding the

foundations of the business, to position the Company to

deliver sustainable profitable growth and shareholder value

over the longer-term. It is therefore proposed that the

restricted shares opportunity is increased from 75% to 100%

for the CEO and from 62.5% to 83.3% of salary for the CFO.

This change requires shareholder approval, and we will

therefore be seeking approval for a revised Directors’

Remuneration Policy at the 2026 AGM.

This greater certainty under the restricted shares element

will ensure that management are encouraged to make

decisions that build towards the long-term success of the

brand, whilst retaining the performance share element which

allows management to be recognised for the successful

execution of our key financial and strategic milestones.

ANNUAL REPORT AND ACCOUNTS 2025

123

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Retention awards

Given where Aston Martin currently is on its strategic

transformation journey, with key progress continuing to be

made to support the business for long-term shareholder

value creation, it is critical that the CEO and CFO are retained

to provide continuity and deliver on this plan.

Therefore, whilst the changes to the Policy and performance

measures in the rest of this letter will support the motivating

and rewarding for achievement in the short- to medium-

term, the Committee believes it is critical to ensure that these

executives are retained now. As a result, it is proposed that a

cash payment of £1.5m is made to each of the executive

directors to recognise their dedication to Aston Martin in a

challenging period for the company and to recognise the

impact of overall company performance on their

remuneration opportunity. The executive directors are

already highly aligned with the shareholder experience

through deferred bonus and LTIP awards, both performance

shares and restricted shares, and as a result it is not deemed

necessary to make this award in shares.

This payment will be subject to clawback. Were the CEO or

CFO to resign within 12 months of the payment date, 100% of

the award would be repayable and if they resign within 2

years, 50% would be repayable. These awards therefore

provide a strong retention mechanism in the near term,

where execution of the transformation and strategic

milestones will be at its most critical.

The payment of these awards requires shareholder approval,

and we will be seeking one-off approval for these as part of a

separate resolution at the 2026 AGM. Subject to approval,

these payments will be made shortly after the AGM.

The Committee recognises that this approach is unusual in

the UK listed market and does not align with typical proxy

and investor guidelines. However, the Committee is

committed to delivering what is necessary to transform the

business and execute the strategy we have set out and we

believe that the retention of the CEO and CFO is critical to

achieving this.

FY 2026 remuneration approach

FY 2026 executive director salaries

The CFO’s salary will increase by 17.2% to £750,000 with effect

from 1 July 2026. This increase will be made to reflect the

additional responsibilities that the CFO will be taking on over

the course of the next 12 months, with increased oversight of

the corporate operations, including HR and other areas of the

business, following the restructuring and reduction in size of

the Executive Committee. The Committee believes that this

increase is appropriate based on the size and complexity of the

business, the increased scope of the CFO’s role and the market

positioning against other luxury and automotive peers that

Aston Martin compete against for talent.

There is no current plan to increase the CEO’s salary.

Review of performance measures

FY 2026 annual bonus

In 2026, our CEO and CFO will continue to be eligible for

bonus opportunities of up to 250% of salary and 200% of

salary respectively. To reflect our strategic priorities for 2026,

we will be simplifying our approach to performance metrics,

focusing on those that are critical in the short- to medium-

term to establish the business foundations to enable Aston

Martin’s longer-term success. We are therefore proposing

two key changes to the approach to performance measures

for the annual bonus for 2026.

Firstly, we are re-weighting the metrics to provide a greater

focus on the delivery of key Group and Individual strategic

measures over the next 12 months which are considered key

to our long-term success. For 2026 the Group KPI scorecard

will make up 75% of the annual bonus (80% in 2025), with 25%

on individual strategic measures (20% in 2025). The Group

KPI scorecard will be based two-thirds on financial

measuresand one-third on Group strategic KPIs linked

tokeytransformation priorities, including quality and

safetymeasures (15% and 5% respectively in 2025).

Secondly, for 2026 the financial measure will be solely based

on Free Cash Flow (FCF) performance with Adjusted EBIT

removed from the bonus Group KPI scorecard. Profit

continues to be an important Group KPI and will remain in the

LTIP. Consistent with 2025, we will measure FCF performance

over the full year and H2.

Full details of the 2026 annual bonus are set out on page 138.

124

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DIRECTORS’ REMUNERATION REPORT CONTINUED

FY 2026 LTIP

Having reviewed the implementation of the hybrid LTIP in

2025 and considered our strategic priorities for 2026, the

Committee is also proposing to make changes to the

measures and weightings for the 2026 performance share

award, to set the business up for sustainable profitable

growth over the longer term. For the 2025 LTIP, the

performance shares operated with an 80% weighting on

Adjusted EBIT and the remaining 20% based on relative TSR.

Given the critical importance of FCF over the short- to

medium-term as outlined above, the Committee proposes to

introduce this measure to the 2026 LTIP with a 40% weighting.

Profitability is still key to our long-term sustainability and

progress, and so adjusted EBIT will remain an LTIP measure,

but with a reduced weighting of 30%. The balance of LTIP

performance shares will be subject to the delivery of

strategic milestones to ensure that the management team

are focused on delivery of our strategic transformation to

establish the foundations for the business, to ensure Aston

Martin is positioned for sustainable profitable growth and

long term value creation.

As a result, the Committee has decided to remove relative

TSR as a metric from the 2026 LTIP. At this point in our

strategic transformation, the Committee believes that it is

critical to focus on delivering financial and strategic

performance that promote real long-term change which will,

over time, support value creation. Additionally, Aston Martin

operates in a unique environment, with its vision to be the

world’s most desirable, ultra-luxury British performance

brand, creating the most exquisitely addictive performance

cars. Therefore, finding a suitable peer group exposed to the

same market opportunities and dynamics Aston Martin has

proved difficult and so the measurement of relative TSR

could result in outcomes that are not reflective of the

progress made by the management team and the underlying

performance of the business.

The restricted shares element of the LTIP will be released

subject to achievement of an underpin (as applied to 2025

LTIP awards). LTIP awards for the executive directors will be

subject to a 2-year post vesting holding period, in-line with

our Policy. Full details of the 2026 LTIP approach are set out

on page 141.

Broader workforce reward

Passionate, motivated and professional people are critical to

the success of Aston Martin and, to attract and retain the best

talent available, our pay and benefits must be competitive.

When considering the remuneration of the Executive

Directors and Executive Committee, the Committee

considers remuneration across the whole Company. The

Committee was kept up to date with regards to the key areas

of focus and feedback from Aston Martin’s people during

2025, in particular around the organisational change

programmes.

On workforce reward, during the year the Committee

considered information on the policies and practices which

are in place throughout the Company. In particular, during

2025, all-employee share awards were granted under the

“Aston Martin Sharing. Success.” plan, awarding 500 free

shares to 2,796 employees. The 2025 free share awards were

well-received, with significant engagement from participants,

giving everyone the chance to share in our future success.

We also discussed our approach to, and results of, Aston

Martin’s Gender Pay Gap (GPG) reporting. Our aim is to foster

a culture where everybody feels valued, motivated and

rewarded to achieve their best work – detailed information on

our People, including our Gender Pay Gap figures and ED&I

strategy, can be found on pages 50-53. There is also

information on the Board’s engagement with our workforce

in the People section and with our other stakeholders in the

Governance section on page 82.

Engagement with shareholders

We take the views of our shareholders very seriously and the

Committee seeks to maintain close engagement and build

strong relationships with our larger shareholders to ensure we

understand their views and are able to best reflect these as we

make our decisions as a Committee. We intend to maintain an

active dialogue with all shareholders to ensure all views are

heard, and would be happy to discuss our proposals further.

I would like to thank shareholders for your continued support.

If you have any questions on any element of this report,

please email company.secretary@astonmartin.com in the

first instance and I hope we can rely on your support at our

forthcoming 2026 AGM.

| DR. ANNE STEVENS

| Chair, Remuneration Committee

24 February 2026

ANNUAL REPORT AND ACCOUNTS 2025

125

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INFORMATION

DIRECTORS’ REMUNERATION REPORT CONTINUED

Executive Directors’

remuneration at a glance

ur 2026 Remuneration Policy will be put to shareholders for

approval at the AGM on 6 May 2026. As set out in the Committee

Chair’s letter, there is one proposed change only, to increase the

opportunities for the restricted shares element of the hybrid LTIP.

This section explains the outcomes from the implementation of our

existing Policy during FY 2025 and highlights the Policy change we are

proposing to make for 2026.

Remuneration outcomes for FY 2025

FY 2025 Total Single Figure Remuneration for

Executive Directors

The table below sets out the 2025 single figure of total

remuneration received by the Executive Directors.

Element

Adrian Hallmark

CEO

(£’000s)

Doug Lafferty

CFO

(£’000s)

Salary 1,000 640

Benefits 162 130

Pension 105 67

Annual bonus 350 179

LTIP n/a 0

Total 1,617 1,016

2025 Annual bonus approach and outcome

The CEO and CFO were eligible to receive an annual bonus of up to 250% and 200% of salary respectively, subject to performance. The

table below sets out the Group KPI targets that applied to 80% of the 2025 annual bonus, the achieved performance and the level of

payout as a % of maximum for each element.

Performance measure

(weighting % of Group KPIs)

Threshold

(20%)

Target

(50%)

Maximum

(100%)

FY 2025

achieved

FY 2025

bonuspayment

(%ofmaximum)

Adjusted EBITDA (50%) (80) (25) 30 (189) 0%

Free Cash Flow FY £m (15%) (270) (210) (150) (410) 0%

Free Cash Flow H2 £m (15%) 0 25 50 (90) 0%

Safety (AFR) (5%) n/a 0.35 n/a 0.30 5%

Quality (15%)

Internal: CPA – Customer Perception Audit – an audit of a car

that has completed all the production processes and is

intercepted as it would be handed over to the outbound

transport company

Significant progress

made but stretching

targets level not

achieved 0%

External – Warranty at 3 and 12 months in service:

(1) CPU – Cost Per Unit

(2) DPU – Defects Per Unit

Significant progress

made but stretching

targets level not

achieved 0%

Total (10 0%) 5%

For 2025 a bonus element based on individual performance objectives was introduced for the CEO and CFO, weighted at 20% of bonus. In

its assessment of the CEO and CFO’s performance for the year, the Committee considered key achievements and progress against the

strategic objectives set and determined that this element of the bonus should be paid out at target.

As both the CEO and CFO had not met their shareholding guideline as at 31 December 2025, 50% of the net 2025 bonus payment will be

delivered in shares deferred for three years.

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2023 LTIP approach and outcome

Executive Director Award

Performance

measure(s)

Performance

period

Performance

against targets

Vesting outcome

(% of maximum)

Doug Lafferty (CFO) 2023 LTIP

Adjusted EBITDA (80%)

Relative TSR (20%)

3 years to

31 December 2025

Below threshold

forboth measures 0%

Alignment between Executive Directors andshareholders

The CEO and CFO are subject to shareholding guidelines of 300% and 200% of salary respectively, which drives long-term

alignment with investors. As at 31 December 2025, the CEO held 199,117 shares (value of £127k or 12.7% ofsalary) and the CFO

held 385,865 shares (value of £247k or 38.6% of salary).

ANNUAL REPORT AND ACCOUNTS 2025

127

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

DIRECTORS’ REMUNERATION REPORT CONTINUED

Directors’ remuneration policy

Aston Martin’s Directors’ Remuneration Policy as set out in this report (the 2026 Remuneration Policy) will be put to shareholders for

approval at the 2026 AGM to be held on 6 May 2026. It is the Committee’s intention that the 2026 Remuneration Policy will apply to

payments made from the date of the 2026 AGM, unless such payments are otherwise approved by shareholders.

The Committee believes that Aston Martin’s executive remuneration should be simple and transparent while being linked to business

performance and strategic direction, taking into account the global markets in which the Company operates and from which it recruits

talent as well as our approach to remuneration throughout the whole workforce.

As set out in the Committee Chair’s letter, there is one proposed change only, to increase the opportunities for the restricted shares

element of the hybrid LTIP. Minor changes have been made to the wording of the Policy to aid operation and to increase clarity.

Remuneration policy table for Executive Directors

Purpose and link

tostrategy Operation Maximum opportunity Performance measures

Base salary

To attract and retain

executives of the right

calibre to successfully

develop and execute

the business strategy.

To recognise the

market value and

responsibilities of

therole, experience,

ability and personal

contribution.

Typically base salaries will be

reviewed annually, with any

increases normally effective

from1 January.

Base salary levels and any

increases take account of:

¤ The individual’s role,

performance and experience;

¤ Business performance, the

external environment and

costto the company;

¤ Salary increases for other

employees; and

¤ Salary levels for comparable

roles at relevant comparators.

No recovery or

withholdingapplies.

While there is no prescribed

maximum, salary increases will

generally be in line with those of

the wider workforce.

Increases may be made above

this level where the Committee

considers it appropriate including

(but not limited to) a significant

increase in the scale, scope,

market comparability or

responsibilities of the role.

Where an individual has been

appointed on a salary lower than

market levels, increases above

those of the wider workforce may

be made to recognise experience

gained and performance in the

role. Such increases will be

explained in the relevant Annual

Report on Remuneration.

Both Company and individual performance are

considered when determining Executive Directors’

basesalaries and any increases.

Benefits

To offer market

competitive benefits.

Benefits typically include

participation in car schemes,

private mileage entitlement,

private health insurance, travel

insurance and life insurance.

Where appropriate, other

benefitsmay be offered including,

but not limited to, benefits in

respect of or allowances for

traveland relocation.

Executive Directors are eligible to

participate in all-employee share

plans on the same basis as other

employees in line with prevailing

HMRC limits.

No recovery or

withholdingapplies.

Benefits provided may vary by

role and individual circumstance

and are reviewed periodically.

There is no overall maximum.

None

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Purpose and link

tostrategy Operation Maximum opportunity Performance measures

Pension (or cash allowance)

To offer market

competitive

retirement benefits in

line with the wider

workforce.

Executive Directors may

participate in a defined

contribution scheme. Individuals

may receive a cash allowance

inlieu of some or all of their

pension contribution.

No recovery or

withholdingapplies.

Maximum of 12% of salary. The

employer’s National Insurance

contribution is typically deducted

for a cash allowance. This is in line

with the current maximum

pension contribution available to

the majority of employees.

None

Annual bonus

To focus Executive

Directors on, and

reward them for, the

successful delivery of

the annual strategic

business priorities.

The bonus is earned based on

theachievement of performance

targets normally measured over

one year and is delivered in cash

or a combination of cash and

deferred shares.

If an Executive Director does not

meet their shareholding guideline,

typically 50% of any bonus will be

deferred into shares, for a period

of three years. Dividend

equivalents may be accrued

ondeferred shares.

Malus and clawback provisions

may be applied in exceptional

circumstances as detailed in

thenotes to this table.

Maximum (as % of salary):

¤ CEO – 250%

¤ Other Executive Directors

–200%

The bonus will be based on a combination of financial,

operational, strategic and individual measures.

Performance measures and weightings are reviewed

annually to ensure they continue to support the

achievement of the Company’s key strategic

priorities.At least half of the bonus will be based

onfinancial measures.

The bonus normally pays out from 20% at threshold

to100% at maximum performance. The Committee

maydetermine that an alternative payout schedule

shallapply.

The Committee retains discretion to adjust the bonus

outcomes to ensure they reflect underlying business

performance and any other relevant factors.

The Committee has discretion to amend performance

measures and targets after they have been set if events

occur that the Committee considers substantive enough

to render the original performance measures and/or

targets no longer applicable. Any amended performance

targets will be at least as challenging as the ones

originally set.

Long-term incentive plan (LTIP)

To focus Executive

Directors on, and

reward them for,

long-term delivery of

sustained

performance and

value creation.

To provide longer

term alignment with

the shareholder

experience.

LTIP awards will typically be made

annually, as a combination of

performance-based share awards

and restricted share awards.

Awards may be in the form of

nominal or nil-cost options or

conditional shares.

Vested shares are typically

subjectto a holding period of

upto two years (shares may be

sold at vesting to satisfy any

tax-related liabilities).

Dividend equivalents may be

accrued on shares that vest.

Malus and clawback provisions

may be applied in exceptional

circumstances as detailed in the

notes to this table.

Maximum (as % of salary)

–Performance Shares (PS)

andRestricted Shares (RS):

¤ CEO:

– PS: 150%

– RS: 100%

– Total: 250%

¤ Other Executive Directors:

– PS: 125%

– RS: 83.3%

– Total: 208 .3%

Performance Shares will vest based on financial,

shareholder return and/or strategic performance

measures aligned with the business priorities, usually

measured over a three-year period. The Committee

prior to award will determine the targets, measures

andweightings.

The Committee has discretion to amend performance

measures and targets after they have been set if events

occur that the Committee considers substantive enough

to render the original performance measures and/or

targets no longer applicable. Any amended performance

targets will be at least as challenging as the ones

originally set.

For threshold performance, vesting is normally 20%

ofmaximum.

Restricted Shares will vest subject to achievement of

anunderpin(s), which may include key financial and/ or

strategic measures and/ or share price metrics, usually

over a three-year period. The Committee prior to award

will determine the underpin(s).

The Committee retains discretion to adjust the vesting

levels to ensure they reflect underlying business

performance and any other relevant factors.

ANNUAL REPORT AND ACCOUNTS 2025

129

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GOVERNANCE

FINANCIAL

INFORMATION

DIRECTORS’ REMUNERATION REPORT CONTINUED

Purpose and link

tostrategy Operation Maximum opportunity Performance measures

Shareholding policy

To provide alignment

between the interests

of Executive Directors

and shareholders

over the longer term.

Executive Directors (as % of salary):

¤ CEO – 300%

¤ Other Executive Directors – 200%

Executive Directors are expected to retain at least

75% of the shares (net of tax) vesting under the LTIP

or deferred bonus until the shareholding guideline

ismet. They are normally expected to build up their

shareholding guideline within a 5-year period from

their date of appointment to the Board.

Post-cessation shareholdingpolicy

All Executive Directors are typically required

toretain 50% of the shareholding guideline for

Executive Directors (or full actual holding if lower)

for two years post stepping down from the Board,

therefore 150% of salary for the CEO and 100%

ofsalary for other Executive Directors.

Appropriate enforcement mechanisms exist.

The Committee retains discretion to waive this

guideline if is not considered to be appropriate

inthespecific circumstance.

¤ Not applicable. Not applicable.

Notes to the Remuneration Policy Table

Operation of Incentive Plans

The incentive plans will be operated within the Policy at all times and in accordance with the relevant plan rules and the Listing Rules.

There are a number of areas over which the Committee retains flexibility as detailed below:

¤ Participants in each plan;

¤ Timing and size of an award and/or payment;

¤ Performance measures, weightings, targets and underpins that will apply each year and any adjustments thereof;

¤ Treatment of awards in the event of a change of control, restructuring or other corporate event;

¤ Treatment of leavers; and

¤ Amendments of plan rules in accordance with their terms.

In the case of Executive Directors, any use of discretion by the Committee will be disclosed in the relevant Annual Report

onRemuneration.

All discretions available under the plan rules will be available under the policy, except where explicitly limited.

Performance measures and targets

Pay for performance and rewarding sustainable success delivered over the longer term are central to the Company’s remuneration

philosophy and the Committee give careful consideration to performance measures and targets for the incentive plans each year to

ensure they are aligned with the Company’s latest strategy, performance and the shareholder experience.

The annual bonus measures are selected to provide a balance between rewarding operational excellence and successful execution of

thestrategy, which are fundamental to the Company’s future growth. For the LTIP, the performance measures (for performance shares)

and underpin(s) (for restricted shares) will align participants with the generation of long-term sustainable value for shareholders with

afocus on the key long-term strategic objectives of the Company.

Targets for the incentive plans are set taking into account a number of reference points including the strategic plan, long-term

businessgoals and external consensus forecasts for the Company and the market to ensure the level of performance required

isappropriately stretching.

Conditions applying to the LTIP may be varied if the Committee considers this appropriate. If they are varied, they must, in the opinion

ofthe Committee be fair, reasonable and materially no less or more challenging than the original conditions.

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Malus and clawback provisions

Consistent with best practice, malus and clawback provisions will be operated at the discretion of the Committee in respect of both the

annual bonus and LTIP where it considers that there are exceptional circumstances. Such exceptional circumstances may include serious

reputational damage, a failure of risk management, an error in available financial information, which led to the award being greater than

itwould otherwise have been or personal misconduct. Clawback may be applied for a period of up to three years from payout or vesting

for any bonus and LTIP awards. This period has been selected as it is considered that this is a reasonable period during which an issue

maybe uncovered and because it is consistent with market practice.

Legacy arrangements

Payments may be made to satisfy commitments made prior to the approval of this Remuneration Policy. This may include, for example,

payments made to satisfy legacy arrangements agreed prior to an employee (and not in contemplation of) being promoted to the

Boardof Directors. All outstanding obligations may be honoured, and payment will be permitted under this Remuneration Policy.

Minor amendments

The Committee may make minor amendments to the Policy (for example for tax, regulatory, exchange control or administrative

purposes) without obtaining shareholder approval.

Remuneration policy table for the Chair and Non-executive Directors

Purpose and link

tostrategy Operation Maximum opportunity Performance measures

Fees

To attract and retain

high calibre and

experienced

individuals to serve

on the Board by

offering market

competitive fee

arrangements.

A Non-executive Chair receives an annual fee.

Non-executive Directors receive an annual base

fee.They may receive further fees for additional

responsibilities or time commitments including

butnot limited to:

¤ Senior Independent Director

¤ Committee Chair

¤ Committee member

Fees are subject to review taking into account time

commitment, responsibilities and market practice.

Non-executive Directors are entitled to be

reimbursed for reasonable expenses incurred

duringthe performance of their duties, including

anytax due on these benefits.

Additional benefits may be introduced

ifconsideredappropriate.

Total fees paid will be within

thelimit stated in the Articles

ofAssociation.

None

Non-executive Directors do not participate in performance-based pay or receive a pension provision.

ANNUAL REPORT AND ACCOUNTS 2025

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DIRECTORS’ REMUNERATION REPORT CONTINUED

Minimum performance ¤ Fixed remuneration (salary, pension and benefits)

¤ No payout under the annual bonus

¤ 100% of LTIP restricted shares (RS)

¤ No vesting of LTIP performance shares (PS)

Target performance ¤ Fixed remuneration

¤ 50% of max annual bonus

¤ 100% of LTIP RS

¤ 50% vesting of LTIP PS

Maximum performance ¤ Fixed remuneration

¤ 100% of max annual bonus

¤ 100% of LTIP RS

¤ 100% vesting of LTIP PS

Maximum performance + 50% share price growth ¤ Fixed remuneration

¤ 100% of max annual bonus

¤ 100% of LTIP RS

¤ 100% vesting of LTIP PS

¤ 50% share price growth over 3-year LTIP period

Other than the ‘Maximum scenario + 50% share price growth’, no share price growth or dividend assumptions have been included in the

charts above.

Service agreements

The Executive Directors are employed under contracts of employment with Aston Martin Lagonda Limited. Consistent with the Company’s

policy, Executive Directors have service contracts with a notice period of 12 months from the Company and the Executive Director.

The Non-executive Directors have letters of appointment, as would a Non-executive Chair. The notice period for a Non-executive Chair

and the Non-executive Directors is three months. Non-executive Directors may be made a payment in lieu of notice.

The appointment of a Non-executive Chair and each Non-executive Director may be terminated immediately in certain circumstances

such as committing a material breach of duties.

The appointment of the Executive Chairman and non-independent Non-executive Directors may be terminated in accordance with the

Relationship Agreement by the relevant shareholder that appointed them. The Company may also terminate their appointment if the

relevant Relationship Agreement is terminated.

The service contracts and letters of appointment are available for inspection at the Company’s registered office.

Illustrations of application of remuneration policy

The charts below provide estimates of the potential remuneration opportunity for the CEO (Adrian Hallmark) and the CFO (Doug

Lafferty) and the split between the three different elements of remuneration under three different performance scenarios: ‘Minimum’,

‘Target’ and ‘Maximum’. In line with the reporting regulations, a scenario assuming 50% share price growth over the three-year LTIP

performance period is also shown below (for the maximum performance scenario). The assumptions used for these charts are set out in

the table below. Although technically required, a chart has not been included for the Executive Chairman as he has elected to take a

nominal fee of £1 only.

7,51717% 33% 33% 17%

6,267

20% 40% 40%

4,267

30% 29% 41%

2,267

56% 44%

Maximum

Minimum

Target

Max +50% share

price growth

8,0000

4,79120% 31% 33% 16%

4,009

24% 37% 39%

2,79134% 27% 39%

1,57260% 40%

Maximum

Minimum

Target

Max +50% share

price growth

5,0000

Fixed pay

Annual bonus

LTIP

LTIP share price growth

Fixed pay

Annual bonus

LTIP

LTIP share price growth

Fixed pay

Annual bonus

LTIP

LTIP share price growth

Fixed pay

Annual bonus

LTIP

LTIP share price growth

CEO total remuneration (£’000s) CFO total remuneration (£’000s)

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DIRECTORS’ REMUNERATION REPORT CONTINUED

Policy on payments for loss of office

The Company may require the Executive Director to work their notice period or may choose to place the individual on ‘garden leave’

ifthisis the most commercially sensible approach. In the event of termination certain restrictions may apply for a period of up to

12 months to protect the business interests of the Company.

Payment in lieu of notice may be made for the unexpired portion of the notice period which is limited to the Executive Director’s base

salary and is subject to mitigation. The Company may make such payments in monthly instalments. The employment of each Executive

Director is terminable with immediate effect and without payment in lieu of notice in certain circumstances including gross misconduct.

The treatment of any outstanding incentive awards will be determined based on the relevant plan rules as summarised in the table below:

Element Policy and operation

Annual bonus There is no entitlement to a bonus payment in the event of termination. The Remuneration Committee may

exercise its discretion to pay a bonus depending on the circumstances of departure. Generally, leavers will lose

entitlement to a bonus unless the individual is considered a ‘good leaver’. Good leavers are eligible to be

considered for a bonus depending on whether performance conditions have been met and any payment will

usually be pro-rated for the period of employment and, where the shareholding guideline has not been met,

deferred into shares on the same basis as for a continuing director, with Committee discretion to treat otherwise.

The Committee retains flexibility for any bonus to be paid wholly in cash if appropriate.

DBSP Deferred bonus shares will lapse on leaving in the case of summary dismissal by the Company or voluntary

resignation, with Committee discretion to treat otherwise. In other circumstances, awards will normally be

released at the usual time, although the Committee can apply discretion to allow earlier release. No time

pro-rating shall apply. On death, awards typically vest immediately.

LTIP The default treatment is that any outstanding awards lapse on cessation of employment. In certain

circumstances “good leaver”

status can be applied. In these circumstances a participant’s awards willusually

vest at the normal vesting date subject to the satisfaction of the relevant performance criteria and, ordinarily, on

a time pro-rated basis with the Committee’s discretion to treat otherwise. The balance of the awards will lapse.

Unless the Committee decides otherwise, any holding period will continue to apply.

Outstanding shares subject to a holding period will not generally lapse unless the individual issubjectto

summary dismissal.

On death, awards will typically vest before the normal vesting date subject to the satisfaction ofperformance

conditions as determined by the Committee and no holding period will apply.

Corporate event/ change in control In the event of a change of control or winding up of the Company (other than an internal reorganisation), LTIP

Awards will vest subject to the extent to which the Committee determine thatperformance conditions have or

would have been satisfied taking into account factors which areconsidered relevant by the Committee.

Pro-rating for service will apply unless the Committee decides otherwise. Outstanding deferred bonus awards

will vest in full as soon as practicable.

In the event of an internal corporate reorganisation, deferred bonus and LTIP awards may (withconsent from any

acquiring Company) be replaced by equivalent awards. Alternatively, theCommittee may decide that deferred

bonus and LTIP awards will vest as in the case of a changeofcontrol described above.

In the event of a demerger, special dividend or other corporate event that will materially impact the share price

the Committee may, at its discretion, allow deferred bonus and LTIP awards to vest on the same basis as for a

change of control as described above. Alternatively, an adjustment may be made to the number of shares if

considered appropriate.

1. For the purpose of the table above, a good leaver is generally defined as a participant that ceases employment due to ill-health, injury, disability (in each

case evidenced to the satisfaction of the Remuneration Committee), retirement with the agreement of the Company, the participant’s employing Company

ceasing to be a Group Company, the business or part of the business to which the participant’s employment related being transferred to a person who is not

a Group Company or any other reason at the Committee’s discretion.

The Committee reserves the right to make other payments in connection with an Executive Director’s cessation of employment where

the payments are made in good faith in discharge of an existing legal obligation (or by way of damages for breach of such an obligation)

or by way of settlement of any claim arising in connection with the cessation of a Director’s office or employment. Any such payment may

include paying a reasonable level of fees for outplacement assistance and/or the Director’s legal or professional advice fees in connection

with his cessation of employment.

No payments are made on termination to any Non-Executive Director of the Company.

ANNUAL REPORT AND ACCOUNTS 2025

133

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DIRECTORS’ REMUNERATION REPORT CONTINUED

Policy on recruitment

Talent is key to the success of the Company and our remuneration framework needs to be able to attract talent of the right calibre

tosuccessfully execute the Group’s business strategy. When determining remuneration on recruitment, the Committee will take into

account an individual’s role, experience and relevant data points such as market data and internal relativities. The Committee is mindful

topay no more than is necessary to facilitate recruitment of the right talent. On appointment, remuneration will generally be in line with

the Policy and the maximum aggregate value of incentives (excluding buyouts) will be no more than the maximums in the Policy table.

The approach on recruitment is summarised below:

Element Policy and operation

Base salary Base salary will be determined with reference to the individual’s role and responsibilities, experience and skills,

relevant market data, internal relativities and their current base salary. Salaries may be set at a level lower than

the prevailing market rate with increases made at a higher than usual rate as the individual gains experience and

performs in the role.

Pension Participation in the Company’s defined contribution pension plan or cash alternative in line with the Policy.

Benefits Benefits in line with the Policy, including relocation benefits if appropriate.

Annual bonus The structure described in the Policy table will normally apply for new appointees with the relevant maximum

typically pro-rated to reflect service during the year. For the first year of appointment, theCommittee may

determine that the annual bonus may be subject to modified terms considered appropriate in the context of the

recruitment.

LTIP LTIP awards will normally be on the same terms as other executives, as described in the Policy table.

Buyout awards The Committee recognises that it may be necessary, in certain circumstances, to provide compensation for

amounts forfeited from a previous employer. Generally any buyout awards will bemade on a like-for-like basis in

terms of commercial value, form, application of performance conditions and timing of receipt to ensure that they

reflect the incentives they are replacing.

The approach for an internal promotion will be consistent with the policy outlined above. Where an individual has contractual

commitments or outstanding awards made prior to their promotion, the Company will honour these legacy arrangements.

For interim positions a cash supplement may be paid rather than salary (for example a Non-executive Director taking on an executive

function on a short-term basis).

On appointment of a new Non-executive Director or Chair, the information set out in the Policy table will apply.

Consideration of employment conditions elsewhere in the company

At a senior level, there is a greater emphasis on long-term, sustainable performance and alignment with the shareholder experience and LTIP

awards are made at these levels with delivery in shares. The remuneration arrangements for Executive Directors outlined above are consistent

with those for other senior executives, although quantum and award opportunities vary by level. The key difference between executive

remuneration and that for the wider workforce is therefore that a higher proportion is at risk and dependent on Company performance.

The philosophy and principles that apply to remuneration at the Company are consistent throughout the organisation. In line with the

UKCorporate Governance Code, the Committee is fully informed of and considers wider employee remuneration and related policies

including the following as they apply to the wider workforce:

¤ salary increases;

¤ opportunities and payments under annual bonus plans;

¤ operation of incentive plans; and

¤ total remuneration levels.

The Company believes open communication with employees is very important and, while the Committee does not formally consult with

employees in respect of the design of the Directors’ remuneration policy, our employees are able to communicate their views and ask

questions on any topic, including remuneration through either employee roundtables (including with the designated NED workforce

representative(s) and senior executives), all-employee Townhall sessions or the Trade Union for non-management grades, both of which

meet regularly or by using the confidential employee helpline. Pay and terms and conditions for this group are subject to Trade Union

negotiation and any increases reflect the competitive market for skilled labour within the automotive and engineering industries.

Consideration of shareholder views

The Committee takes the views of and its responsibility to shareholders very seriously and we are committed to building and maintaining

a relationship that allows for an open and constructive dialogue on a wide-range of areas, including executive remuneration. Both the

general views of and any direct feedback we receive from our shareholders and their representative bodies is considered by the

Committee when determining the appropriate approach to remuneration arrangements for the Company.

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DIRECTORS’ REMUNERATION REPORT CONTINUED

Annual Report on

Remuneration

FY 2025 total single figure remuneration for Executive Directors (audited)

he table below sets out the single figure of total remuneration received by the Executive Directors in respect of FY 2025 (and the

prior financial year). The subsequent sections detail additional information for each element of remuneration.

Shown in £’000s Salary Benefits Pension Total fixed

Annual

bonus LTIP

Total

variable Total

Executive Director

Lawrence Stroll

Year to 31 December 2025 £1 (one) £1 (one) £1 (one)

Year to 31 December 2024 £1 (one) £1 (one) £1 (one)

Adrian Hallmark

Year to 31 December 2025 1,000 162 105 1,267 350 n/a 350 1,617

Year to 31 December 2024 333 52 35 421 600 n/a 600 1,021

Doug Lafferty

Year to 31 December 2025 640 130 67 837 179 0 179 1,016

Year to 31 December 2024 572 126 60 758 43 0 43 801

Notes:

1. Lawrence Stroll has elected to receive a nominal salary only, of £1 per annum, and receives no other elements of remuneration

2. 2024 remuneration for Adrian Hallmark relates to the period since joining, 1 September to 31 December 2024

Salary (audited)

No salary increases were applied to the CEO and CFO salaries during 2025.

The CFO’s salary will increase by 17.2% to £750,000 with effect from 1 July 2026. This increase will be made to reflect the additional

responsibilities that the CFO will be taking on over the course of the next 12 months, with increased oversight of the corporate

operations, including HR and other areas of the business, following the restructuring and reduction in size of the Executive Committee.

The Committee believes that this increase is appropriate based on the size and complexity of the business, the increased scope of the

CFO’s role and the market positioning against other luxury and automotive peers that Aston Martin compete against for talent.

There is no current plan to increase the CEO’s salary.

The Committee recognises that the CEO and CFO salaries appear high in a UK FTSE 250 context and continues to benchmark

remuneration against global automotive and luxury companies, as these are the most relevant peers. The Committee considers the

salary levels to be appropriate, as they:

¤ reflect the experience these executives have as proven talented automotive and manufacturing leaders

¤ value the skills required to deliver the Company’s strategic objectives and financial targets

¤ recognise the size of the task to deliver the transformation of Aston Martin to unlock its full potential

In his role as Executive Chairman, Lawrence Stroll has elected to receive a nominal salary only, of £1 per annum, and receives no other

elements of remuneration.

Pension (audited)

Each Executive Director receives a cash allowance in lieu of participation in the defined contribution scheme. They receive anallowance

of 12% of salary with a deduction for an amount equal to the employer’s National Insurance contribution.

As disclosed in our Remuneration Policy, the Executive Directors’ pension allowances are in line with the majority of employees.

Themaximum level of employer pension contribution throughout the organisation is the same regardless ofseniority (at 12% of salary

for UK employees).

No Director has a prospective entitlement to receive a defined benefit pension.

ANNUAL REPORT AND ACCOUNTS 2025

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Allowances and benefits (audited)

Shown in £’000s Travel

Car allowance

and personal

mileage Life assurance

Insurance

(private medical

and travel)

Location

allowance Total

Adrian Hallmark

Year to 31 December 2025 – £47 £17 £7 £91 £162

Year to 31 December 2024 – £14 £5 £2 £30 £52

Doug Lafferty

Year to 31 December 2025 – £34 £6 £2 £87 £130

Year to 31 December 2024 – £31 £6 £2 £87 £126

The CEO and CFO receive annual cash allowances of £50,000 and £48,000 respectively as location assistance, the Company also meets

the tax payable on these allowances.

Annual bonus

Annual bonus outcomes for FY 2025 (audited)

Against the backdrop of the challenges and uncertainty faced, managements’ ability to achieve the stretching performance targets set by

the Committee at the start of the year was impacted. As a result, despite the underlying strategic progress made during the year, the

financial performance targets for 2025 annual bonus targets were not met.

In respect of the non-financial elements of the bonus, despite significant progress made, the stretching performance targetsset for

quality metrics set at the start of the year were not achieved and so no bonus is payable with respect to quality. On the Accident

Frequency Rate (AFR) safety metric, progress continued to be made, with year-on-year improvement in safety performance. The

Committee recognised this progress, with the Group’s reported 2025 AFR of 0.30, compared to 0.35 in 2024, beating target performance

set for the year, and resulting in maximum payout for this element.

2025 Group KPI targets

Performance measure

(weighting % of Group KPIs)

Threshold

(20%)

Target

(50%)

Maximum

(100%)

FY 2025

achieved

FY 2025

bonus payment

(% of maximum)

Adjusted EBIT £m (50%) (80) (25) 30 (188) 0%

Free Cash Flow FY £m (15%) (270) (210) (150) (410) 0%

Free Cash Flow H2 £m (15%) 0 25 50 (90) 0%

Safety (AFR) (5%) n/a 0.35 n/a 0.30 5%

Quality (15%)

Internal: CPA – Customer Perception Audit – an audit of a car that has completed

all the production processes and is intercepted as it would be handed over to the

outbound transport company

Significant

progress made

but stretching

targets level not

achieved 0%

External – Warranty at 3 and 12 months in service:

(1) CPU – Cost Per Unit

(2) DPU – Defects Per Unit

Significant

progress made

but stretching

targets level not

achieved 0%

Total (10 0%) 5%

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DIRECTORS’ REMUNERATION REPORT CONTINUED

The table above sets out the Group KPI targets that applied to 80% of the 2025 annual bonus, the achieved performance and the level of

payout as a % of maximum for each element. Additionally, the Executive Directors’ 2025 bonus included a 20% weighting on performance

against individual strategic objectives. The Committee assessed performance against these strategic objectives in the year, with key

achievements andprogress set out below. As a result, it was agreed that this element of the bonus should be paid out at target to

recognise the excellent contributions made by the executive directors.

In its assessment of the CEO and CFO’s performance for the year, the Committee considered key achievements against the following

strategic objectives focused on the transformation of the business:

¤ Review of product cycle plan: Future product cycle plan reviewed and agreed, to both optimise costs and capital investment whilst

continuing to deliver innovative products to meet customer demands and regulatory requirements.

¤ Market demand: Enhanced customer engagement/ ultra-luxury customer experience included extensive global driving events in 2025,

with a particular focus on Valhalla PHEV. Launch of new online configurator in 2025 drove significant increases in customer leads

andopportunities.

¤ Product creation: 2025 launch of seven new core derivatives, including high performance ‘S’ derivatives and first series-production

PHEV, Valhalla.

¤ Culture and change: As part of the organisational changes announced in 2025, significant resources and respectful process

implemented to support colleagues in the appropriate way during a difficult and uncertain time, recognising the importance of

aculture that ensures respect for all colleagues, especially during a period of change. Restructuring and reduction in size ofthe

Executive Committee demonstrated impact of changes to all areas of the business.

¤ Quality: Improvements in right-first-time metric, increasing from 65% in mid-2024 to 95% by H2 2025. Successful launch ofseven new

core derivatives and Valhalla, with complexity of this programme establishing a new benchmark for product launch cycles. Having

focused on product quality and warranty related investments, customer satisfaction scores improved in 2025 compared with prior

year across all new core models.

¤ Operations: Underpinned by future product cycle plan, continued to optimise product development processes to maximise

cross-carline component sharing, reduce complexity and drive engineering efficiencies. Continued to optimise our production

processes and facilities, receiving ISO50001 certification in 2025, highlighting our developments in efficient energy management at

Gaydon and St Athan sites.

¤ Cost Optimisation: Capex and Opex reductions helped the business to adapt to the dynamic and challenging market environment.

Significant progress made with the transformation programme during 2025 to drive greater efficiencies and position the business for

sustainably profitable growth. To ensure the business is appropriately resourced for future plans, organisational change programme

completed in early 2025 and second programme launched towards the end of 2025.

Annual bonus for FY2025

Maximum bonus

opportunity (%of

salary)

Performance

measures/targets

Level of 2025

achievement

2025 bonus

payment

(%ofmaximum)

2025 bonus

payment

(% of salary)

2025 bonus

payment*

(£’000s)

Adrian Hallmark 200%

Group KPI targets

and individual

strategic objectives

See table and

commentary

above 14% 35% £350

Doug Lafferty 150%

Group KPI targets

and individual

strategic objectives

See table and

commentary

above 14% 28% £179

* 50% of the net 2025 bonus payment for the CEO and CFO will be delivered in shares, deferred for three years

As both the CEO and CFO had not met their shareholding guideline as at 31 December 2025, 50% of the net 2025 bonus payment will be

delivered in shares deferred for three years.

ANNUAL REPORT AND ACCOUNTS 2025

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DIRECTORS’ REMUNERATION REPORT CONTINUED

Annual bonus for FY 2026

As detailed in the Committee Chair’s letter, to reflect our strategic priorities for 2026, we will simplify our approach to performance

metrics for the annual bonus, focusing on those that are critical in the short- to medium-term, to establish thebusiness foundations to

enable Aston Martin’s longer-term success. We are therefore proposing two key changes totheapproach to performance measures for

the annual bonus for 2026.

Firstly, we are re-weighting the metrics to provide a greater focus on the delivery of key Group and Individual strategic measures over the

next 12 months which are considered key to our long-term success. For 2026 the Group KPI scorecard willmake up 75% of the annual

bonus (80% in 2025), with 25% on individual strategic measures (20% in 2025). The Group KPIscorecard will be based two-thirds on

financial measures and one-third on Group strategic KPIs linked to the key transformation priorities, including continued focus on quality

and safety measures.

Secondly, for 2026 the financial measure will be solely based on Free Cash Flow (FCF) performance with Adjusted EBIT removed from the

bonus Group KPI scorecard. Consistent with 2025 we will measure FCF performance over both the full year and H2 toincentivise

consistent delivery of cash performance

We take a Company-wide approach to the annual bonus, and the Group KPI scorecard will apply to bonus for all employees.

The 2026 Group strategic and individual objectives were approved by the Remuneration Committee at the start of the year and

achievement against these will be disclosed retrospectively in the 2026 DRR, given commercial sensitivity of the transformation and

strategic plans.

The 2026 Group KPI scorecard is set out in the table below, the Group KPI targets remain commercially sensitive and will be disclosed

retrospectively in the 2026 DRR, when the 2026 performance year is complete.

Group KPI scorecard to apply to 2026 annual bonus

(75% weighting)

Individual 2026 bonus

element (25% weighting)

Area Financial Non-financial

Individual strategic

objectives that underpin

delivery of the business planMeasure

2026 FY FCF (50%)

2026 H2 FCF (50%)

Focused on 2026 actions of six strategic

areas of business transformation program Plus

Weighting 2/3rds 1/3rd 100%

This Group KPI scorecard is aligned with our Company KPIs and strategic priorities as set out in the Strategic Report beginning on page 2.

The Committee will continue to assess performance against the quality metrics and the ESG measure of Accident Frequency Rate (AFR)

within the Group strategic element of the bonus scorecard.

We believe this Group KPI scorecard includes the right balance of measures to make progress during 2026 towards delivering our

longer-term transformation and strategic plan.

The Committee will continue to have the discretion to adjust bonus outcomes to ensure they are appropriate and reflect underlying

business performance/ any other relevant factors.

Long-term incentive plan

The following section sets out details of:

¤ 2023 LTIP awards – FY 2025 outcomes

¤ 2025 LTIP awards granted during FY 2025

¤ 2025 DBSP awards granted during FY 2025

¤ Approach to 2026 LTIP awards

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DIRECTORS’ REMUNERATION REPORT CONTINUED

2023 LTIP awards – FY 2025 outcomes (audited)

2023 LTIP awards were granted to the senior management team (including the CFO) on 23 May 2023.

The CFO (Doug Lafferty) was granted a 2023 LTIP award, subject to Adjusted EBITDA performance and relative TSR. Performance with

respect to both measures was below the threshold levels set, and so the CFO’s 2023 LTIP award will lapse infull(zero vesting).

The table below sets out the Adjusted EBITDA performance and TSR targets and actual performance achieved against these.

Theoutcome with respect to both measures was below the threshold set and so none of the 2023 LTIP shares will vest.

TSR performance was measured on a ranked basis against the following luxury companies: Burberry, Capri Holdings,

CompagnieFinanciere Richemont, Ferrari, Hermes International, Kering, LVMH, Moncler, Prada and Ralph Lauren.

LTIP outcomes

for FY2025

2023 LTIP award

(no. of shares

outstanding)

Performance

period

Performance

measure

(weighting) Vesting schedule

Level of

performance

achieved

FY 2023 LTIP

vesting (% of

maximum)

FY 2023 LTIP

vesting

(£’000s)

Doug Lafferty 352,852 1 Jan 2023 to

31 Dec 2025

FY 2025 Adjusted

EBITDA (£m) (80%)

20% for £400m

80% for £475m

100% for £550m

Below

threshold

0% £0

Relative TSR (20%) 20% for rank 6th

(median)

100% for rank

3rdor above

(80thpercentile)

Rank 10th 0% £0

2025 LTIP awards granted during FY 2025 (audited)

2025 LTIP share awards

The approach to 2025 LTIP awards was set out in detail in the 2024 DRR, ahead of the main grant date (in May 2025). Thetablebelow

summarises the LTIP share awards that were granted during FY 2025.

FY 2025 Grant date Type of award Basis of award

Number of shares

awarded

Face value at grant

(£’000s)

Adrian Hallmark (CEO) 27 May 2025 Performance shares 150% of salary 1,963,779 £1,500

Restricted shares 75% of salary 981,889 £750

Doug Lafferty (CFO) 27 May 2025 Performance shares 125% of salary 1,047,348 £800

Restricted shares 62.5% of salary 523,674 £400

Notes:

(1) The LTIP shares were granted on the dates shown and will vest subject to the performance conditions and vesting schedule set out below

(2) The awards were granted in the form of nil-cost options

(3) The face values of the awards were calculated using the 3-day average price prior to the date of grant (£0.76)

ANNUAL REPORT AND ACCOUNTS 2025

139

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DIRECTORS’ REMUNERATION REPORT CONTINUED

The 2025 LTIP awards are subject to the performance conditions detailed below.

2025 LTIP performance measures and targets

FY 2025 LTIP

Weighting of

measures

2025 LTIP

targets

Vesting* (as a %

ofmaximum)

Adjusted EBIT

(£m in FY27) 80% Threshold 125 20%

Stretch 200 80%

Maximum 275 100%

Relative TSR**

(vs. peer group/ FTSE250) 20% Threshold

Rank

median 20%

Maximum

Rank upper quartile

or above 100%

* Vesting will be on a straight-line basis between each of threshold and stretch, and stretch and maximum for the EBIT element and threshold and maximum

for the TSR element.

** TSR performance will be measured on a ranked basis relative to two groups (10% weighting on each): (1) luxury and automotive peers and (2) the FTSE250)

The Remuneration Committee retains discretion to adjust the vesting levels to ensure they reflect underlying business performance and

any other relevant factors to ensure that the value at vesting is fully reflective of the performance delivered and executives do not receive

unjustified windfall gains.

2025 LTIP performance period

Performance for both measures will be measured over three financial years to 31 December 2027. Subject to performance, awards will vest

3 years from grant, following the announcement of results for 2027 but subject to a further 2-year holding period post vest (net of tax).

The Executive Directors will be required to hold at least 75% of any shares that vest (net of tax) unless they have met their shareholding

guidelines under the shareholding policy at that time.

2025 DBSP awards granted during FY 2025

In accordance with the rules of the Aston Martin Lagonda Deferred Share Bonus Plan 2018 (“DBSP”), Doug Lafferty (CFO) was granted

nil-cost options over 14,875 shares. The DBSP award is in relation to the 2024 annual bonus which, as disclosed in the 2024 DRR, was to

be delivered 50% in cash and 50% in deferred shares. The number of shares granted reflects the net bonus amount (post tax and NI).

Shares under the DBSP awards are deferred for a period of 3 years from grant and will be released, subject to continued employment,

on 22 May 2028.

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Approach to 2026 LTIP awards

As per the proposed Policy, a Hybrid LTIP approach will be again operated for 2026, including awards of both performance-based shares

and restricted shares.

Having reviewed the implementation of the hybrid LTIP in 2025 and considered our strategic priorities for 2026, the Committee is also

proposing to make changes to the measures and weightings for the 2026 performance share award, tosetthe business up for sustainable

profitable growth over the longer term.

Given the critical importance of FCF over the short- to medium-term, the Committee proposes to introduce this to the 2026 LTIP with a

40% weighting. Profitability is still key to our long-term sustainability and progress, and so adjusted EBIT will remain an LTIP measure, but

with a reduced weighting of 30%. The balance of LTIP performance shares will be subject to the delivery of strategic milestones to ensure

that the management team are focused on delivery of our strategic transformation to establish the foundations for the business, to

ensure Aston Martin is positioned for sustainable profitable growth and long-term value creation.

As a result, the Committee has decided to remove relative TSR as a metric from the 2026 LTIP. At this point in our strategic transformation,

the Committee believes that it is critical to focus on delivering financial and strategic performance that promote real long-term change

which will, over time, support value creation. Additionally, Aston Martin operates in a unique environment, with its vision to be the world’s

most desirable, ultra-luxury British performance brand, creating the most exquisitely addictive performance cars. Therefore, finding a

suitable peer group exposed to the same market opportunities and dynamics Aston Martin has proved difficult and so the measurement

of relative TSR could result in outcomes that are notreflective of the progress made by the management team and the underlying

performance of the business.

It is anticipated that 2026 LTIP awards will be granted in June 2026, following the 2026 AGM, with awards at the following levels, subject to

approval of the Policy with the proposed change to increase opportunities for the restricted share awards only:

2026 LTIP awards (% of salary)

Performance shares Restricted shares Total

Adrian Hallmark (CEO) 150% 100% 250%

Doug Lafferty (CFO) 125% 83.3% 208.3%

2026 LTIP performance measures and targets (to apply to performance shares element)

2026 LTIP targets

FCF (£m in FY28) (40% of award)

LTIP targets are considered to be commercially

sensitive and will be disclosed in a future DRR

once this is no longer the case (likely to be

ahead of year of vesting)

Adjusted EBIT (£m in FY28) (30% of award)

Group strategic milestones (30% of award)

ANNUAL REPORT AND ACCOUNTS 2025

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DIRECTORS’ REMUNERATION REPORT CONTINUED

2026 LTIP underpin (to apply to restricted shares element)

The restricted shares element of the LTIP will be released subject to achievement of an underpin. For 2026, the underpin willbe as follows:

The Committee has discretion to reduce the vesting level if it considers satisfactory performance over the vesting period hasnot been

achieved. In making this assessment, the Committee will assess the Company’s underlying performance, deliveryagainst the strategy and

business plan, other performance indicators as the Committee considers appropriate (including revenue, earnings, share price

performance, delivery of the Company’s ESG strategy) and the shareholder andwiderstakeholder experience.

The Remuneration Committee retains discretion to adjust the vesting levels to ensure they reflect underlying business performance and

any other relevant factors to ensure that the value at vesting is fully reflective of the performance.

2026 LTIP performance period

Performance for all measures (performance shares) and the underpin (restricted shares) will be measured over three financialyears to

31 December 2028. Subject to performance, awards will vest 3 years from grant, following the announcement of results for 2028 but

subject to a further 2 year holding period post vest (net of tax).

The CEO and CFO will be required to hold at least 75% of any shares that vest (net of tax) until they have met their shareholdingguidelines

under the shareholding policy at that time.

Share interests and shareholding guidelines (audited)

The CEO and CFO are subject to shareholding guidelines of 300% and 200% of salary respectively, which drives long-term alignment

with investors.

The following table sets out the total beneficial interests of the Executive Directors (and their connected persons) in ordinary shares of

the Company as at 31 December 2025 (or at the date of stepping down, if earlier), as well as the status against the shareholding

guidelines. The table also summarises conditional interests in share or option awards.

As at 31 December

2025

Shares owned

outright

Shares vested

but subject to

future

release

Total shares

owned

outright or

vested

As a %

ofsalary

Shareholding

guideline (as

% of salary)

Guideline

met?

LTIP award shares

unvested and

subject to

performance

Adrian Hallmark 199,117 – 199,117 12.7% 300% No 5,187,820

Doug Lafferty 358,769 27,096 385,865 38.6% 200% No 2,794,622

Lawrence Stroll

163,799,934 – 163,799,934 n/a n/a

Notes:

1 These shares were awarded under the deferred bonus plan in respect of 50% of the net (post tax and NI) annual bonus paymentsin prior years (see DRR for

prior years)

2 There have been no changes in the period up to and including 24 February 2026

3 Based on the closing share price on 31 December 2025 of £0.64

4 These shares were granted under the LTIP awards in prior years

5 The number of shares shown for Lawrence Stroll includes both direct and indirect interests

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DIRECTORS’ REMUNERATION REPORT CONTINUED

TSR performance graph and CEO remuneration

The Company’s shares started trading on the London Stock Exchange’s main market for listed securities on 8 October 2018.

The graph below shows the TSR performance of £100 invested in the Company’s shares since listing, compared to the FTSE250 index

which has been chosen because the Company has been a constituent of this index since listing.

TSR vs. the FTSE 250

140

120

100

Oct 18 31 Dec 18 31 Dec 19 31 Dec 20 31 Dec 21 31 Dec 22 31 Dec 23 31 Dec 24 31 Dec 25

AML FTSE 250

The table below shows the total remuneration earned by the incumbent CEO over the same period, along with the percentage of

maximum opportunity earned in relation to each type of incentive. The total amounts are based on the same methodology as used for

the single figure of total remuneration for FY 2025 on page 135.

CEO total remuneration

2018

(AP)

2018

(AP)

2019

(AP)

2020

(AP)

2020

(TM)

2021

(TM)

2022

(TM)

2022

(AF)

2023

(AF)

2024

(AF)

2024

(AH)

2025

(AH)

Total remuneration (£’000s) 407 1,347 1,353 476 1,341 1,055 402 756 2,891 1,098 1,021 1,617

Bonus (% of maximum) 0% 0% 0% 0% 20% 0% 5.05% 5.05% 34% 10% 90% 14%

LTIP (% of maximum) n/a n/a n/a n/a n/a n/a 0% n/a n/a 0% n/a n/a

Notes:

1 FY 2018 remuneration shown is for the period 8 October to 31 December 2018, annual bonus was restated to zero as set out in the 2019 DRR

2 The amounts shown for FY 2018 in the second column have been annualised, as if the Remuneration Policy operated since IPO had been in place for the full

year (as disclosed in the 2018 DRR, with bonus restated to zero)

3 Adrian Hallmark (AH, from 1 September 2024), Amedeo Felisa (AF, CEO from 4 May 2022 to 30 August 2024), Tobias Moers (TM, CEO from 1 August 2020

to 4 May 2022), Dr Andy Palmer (AP, CEO to 25 May 2020)

ANNUAL REPORT AND ACCOUNTS 2025

143

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GOVERNANCE

FINANCIAL

INFORMATION

DIRECTORS’ REMUNERATION REPORT CONTINUED

Director remuneration relative to employees

The table below shows the percentage change in Directors’ remuneration and average remuneration of employees on an annual basis.

For comparison purposes, only Directors who had periods of service in both 2025 and 2024 have been included and amounts have been

adjusted in all years to reflect a full year equivalent to enable a meaningful reflection of year-on-year change.

Year-on-year change (%)

2025 2024 2023 2022

Salary/

fees Bonus Benefits

Salary/

fees Bonus Benefits

Salary/

fees Bonus Benefits

Salary/

fees Bonus Benefits

Average employee 3.1% 138.3% 3.8% -114.8% 12.8% 569% 0.0% 6.0% 23.0% 0.0%

Executive Directors

Lawrence Stroll 0.0% – – 0.0% – – 0.0% – – 0.0% – –

Adrian Hallmark 0.0% -80.6% -3.6% – – – – – – – – –

Doug Lafferty 12.0% 318.0% -2.7% 21.6% -82.0% -5.1% 5.5% 592% 457% – – –

Non-executive Directors

Ahmed Al-Subaey 0.0% – – 0.0% – – 6.8% – – – – –

Nigel Boardman 0.0% – – 11.1% – – 35.0% – – – – –

Robin Freestone 0.0% – – 0.0% – – 10.6% – – 0.0% – –

Daniel Li Donghui 0.0% – – 4.6% – – – – – – – –

Natalie Massenet 5.6% – – 0.0% – – 6.0% – – 1.0% – –

Marigay McKee 0.0% – – 1.3% – – 19.0% – – 2.0% – –

Franz Reiner 0.0% – – 0.0% – – 9.2% – – 0.0% – –

Scott Robertson 0.0% – – 0.0% – – 6.1% – – – – –

Anne Stevens 0.0% – – 0.0% – – 9.9% – – 19.0% – –

Jean Tomlin 1.2% – – 4.2% – – – – – – – –

Notes:

1 The comparator group includes all UK employees. This group represents the majority of Aston Martin employees and is the same group usedfor the pay

ratio reporting below.

2 For the comparator group of employees, the salary year-on-year change is shown includes the annual salary review from 1 January 2025 butexcludes any

additional changes made in the year, for example on promotion.

3 For benefits, there were no changes to benefit policies or levels during the year.

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CEO pay ratios

The ratios, set out in the table below, compare the total remuneration of the incumbent CEO (as included in the single figuretable on

page 135) to the remuneration of the median UK employee as well as employees at each of the lower and upperquartiles. The FY 2025

values are derived from the total single figure of remuneration table on page 135 for Adrian Hallmark.

25th percentile (P25) Median (P50) 75th percentile (P75)

Salary of employee identified (FY 25) £44k £54k £68k

Total remuneration of employee identified (FY 25) £55k £65k £79k

CEO pay ratios (Option A)

FY 25 29 to 1 25 to 1 20 to 1

FY 24 38 to 1 32 to 1 27 to 1

FY 23 59 to 1 50 to 1 41 to 1

FY 22 26 to 1 22 to 1 18 to 1

FY 21 27 to 1 23 to 1 19 to 1

FY 20 53 to 1 45 to 1 37 to 1

FY 19 34 to 1 29 to 1 24 to 1

The ratios are calculated using ‘option A’ as set out in the disclosure regulations. The employees at the lower quartile, median and upper

quartile (P25, P50 and P75) were determined based on total remuneration for FY 2025 using a calculation approach consistent with that

used for the incumbent CEO in the single figure table on page 135. The Committee chose to use option A on the basis that it would

provide the most accurate approach to identifying the median, lower and upper quartile employees.

The Committee considers pay ratios as one of many reference points when considering remuneration. Throughout Aston Martin, pay is

positioned to be fair and market competitive in the context of the relevant talent market for each role. The pay ratio fluctuates year-on-

year primarily due to varying outcomes under the bonus and LTIP for the CEO.

Relative importance of spend on pay for FY 2025

The table below sets out the total payroll costs for all employees for FY 2025 compared to distributions to shareholders byway of

dividend and share buyback.

Previously we have opted to show adjusted EBITDA for context below. Given the refocussing of incentive measures towards FCF we have

removed the reference this year. Full detail on adjusted EBITDA performance for the year can be found in the financial statements.

FY 2025 FY 2024

Distributions to shareholders £m 0 0

% change 0% 0%

Payroll costs for all employees* £m 246.6 251.2

% change -1.8%

* Excluding 2025 restructuring costs of £18.7m

ANNUAL REPORT AND ACCOUNTS 2025

145

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GOVERNANCE

FINANCIAL

INFORMATION

DIRECTORS’ REMUNERATION REPORT CONTINUED

Service agreements

The table below sets out information on service agreements for the executive directors.

Executive Director Title Effective date of service agreement Notice period to and from the Company

Lawrence Stroll Executive Chairman 20 April 2020

Mr Stroll’s appointment is terminable in

accordance with the Yew Tree Relationship

Agreement

Adrian Hallmark Chief Executive Officer 21 March 2024 12 months

Doug Lafferty Chief Financial Officer 13 January 2022 12 months

The service agreements for Executive Directors are available for inspection by shareholders at the registered office oftheCompany.

External appointments

It is recognised that Non-executive Directorships can provide a further level of experience that can benefit the Company. Assuch,

Executive Directors may usually take up one Non-executive Directorship (broadly equivalent in terms of time commitment to a FTSE 350

Non-executive Directorship role) subject to the Board’s approval as long as there is no conflict ofinterest. A Director may retain any fee

received in respect of such Non-executive Directorship. Neither the CEO nor the CFOhas any Non-executive Directorships.

Payments for loss of office

No payments for loss of office were made during the financial year.

Payments to past Directors

No payments were made to past Directors during the year.

146

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DIRECTORS’ REMUNERATION REPORT CONTINUED

Non-executive Directors’ remuneration (audited)

The Policy on remuneration for Non-executive Directors is set out on page 131.

The table below sets out the single figure of total remuneration received or receivable by the Non-executive Directors inrespect of FY

2025 (and the prior financial year).

Non-executive Directors

Total fee

(£’000s)

Ahmed Al-Subaey

Year to 31 December 2025 65

Year to 31 December 2024 65

Nigel Boardman

Year to 31 December 2025 100

Year to 31 December 2024 100

Michael de Picciotto

Year to 31 December 2025 –

Year to 31 December 2024 –

Robin Freestone

Year to 31 December 2025 16

Year to 31 December 2024 94

Cyrus Jilla

Year to 31 December 2025 –

Year to 31 December 2024 –

Vicky Jarman

Year to 31 December 2025 78

Daniel Li Donghui

Year to 31 December 2025 71

Year to 31 December 2024 71

Natalie Massenet

Year to 31 December 2025 75

Year to 31 December 2024 71

Andrew McNaught

Year to 31 December 2025 –

Marigay McKee

Year to 31 December 2025 76

Year to 31 December 2024 76

Franz Reiner

Year to 31 December 2025 71

Year to 31 December 2024 71

Scott Robertson

Year to 31 December 2025 71

Year to 31 December 2024 71

Anne Stevens

Year to 31 December 2025 111

Year to 31 December 2024 111

Jean Tomlin

Year to 31 December 2025 77

Year to 31 December 2024 76

Notes:

1 Robin Freestone stepped down from the Board on 28 February 2025

2 Cyrus Jilla stepped down from the Board on 28 July 2025

3 Vicky Jarman joined the Board on 1 March 2025

4 Natalie Massenet became a member of the Nomination Committee on 24 February 2025

5 Andrew McNaught joined the Board on 28 July 2025

ANNUAL REPORT AND ACCOUNTS 2025

147

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INFORMATION

DIRECTORS’ REMUNERATION REPORT CONTINUED

Summary of Non-executive Directors’ fees for FY 2026

The table below sets out the annual fee structure for the NEDs for 2026.

NED role FY 2025 fee (£’000s) FY 2026 fee (£’000s)

Basic NED fee 65 65

SID fee 17 17

Committee Chair 17 17

Committee member 6 6

Non-executive Director shareholdings (audited)

The table below summarises the total interests of the Non-executive Directors (and their connected persons) in ordinary shares of Aston

Martin Lagonda Global Holdings plc as at 31 December 2025.

Non-executive Directors Total number of shares owned

Ahmed Al-Subaey 704,312

Nigel Boardman 130,622

Michael de Picciotto

9,500,000

Robin Freestone

38,929

Vicky Jarman 35,000

Cyrus Jilla

1,000,000

Daniel Li Donghui 0

Natalie Massenet 20,000

Marigay McKee 0

Andrew McNaught 0

Franz Reiner 13,477

Scott Robertson 0

Anne Stevens 35,000

Jean Tomlin 0

Notes:

1 Other than those stated below, there have been no changes in the period up to and including 24 February 2026

2 Held via St James Invest SA

3 As at the date they stepped down from the Board (28 February 2025)

Letters of appointment

The Non-executive Directors have letters of appointment. All Non-executive Directors’ appointments and subsequent re-appointments

are subject to annual re-election at the AGM. Dates of the letters of appointment of the Non-executive Directors as at the date of this

report are set out in the table below.

Non-executive Directors Date of appointment Notice period

Ahmed Al-Subaey 1 November 2022 3 months

Nigel Boardman 1 October 2022 3 months

Michael de Picciotto 24 April 2020 3 months

Daniel Li Donghui 28 July 2023 3 months

Vicky Jarman 1 March 2025 3 months

Natalie Massenet 8 July 2021 3 months

Marigay McKee 8 July 2021 3 months

Andrew McNaught 28 July 2025 3 months

Franz Reiner 8 July 2021 3 months

Scott Robertson 1 November 2022 3 months

Anne Stevens 1 February 2021 3 months

Jean Tomlin 27 October 2023 3 months

The terms and conditions of appointment for Non-Executive Directors are available for inspection by shareholders at the registered

office of the Company.

148

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DIRECTORS’ REMUNERATION REPORT CONTINUED

Remuneration committee in FY 2025

Committee membership

The following Directors served as members of the Committee during FY 2025:

¤ Anne Stevens (Chair)

¤ Natalie Massenet

¤ Vicky Jarman (from 1 March 2025)

¤ Robin Freestone (until 28 February 2025)

Committee remit

The Committee’s Terms of Reference are published on www.astonmartinlagonda.com.

In addition to setting the remuneration of the Executive Directors, the Committee continues to directly oversee the remuneration

arrangements for the other Chief level roles.

Summary of meetings

The Committee typically meets four to six times a year. During FY 2025, the Committee met five times and the agenda itemsdiscussed at

these meetings are summarised below.

Early February Expected 2024 annual bonus outcome

Expected 2022 LTIP outcome

2025 approach to incentives

2025 Remuneration Policy update

Review of draft FY 2024 DRR

Late February Approval of 2024 annual bonus payment

2022 LTIP – outcome

Approval of 2025 incentives – performance measures and targets

Approval of 2025 LTIP awards

Approval of 2025 all employee share award

Approval of 2024 Directors’ Remuneration Report

Approval of 2024 Gender Pay Gap report

Approval of Chief population 2025 remuneration

Approval of CEO 2024 annual bonus payment

Approval of CEO population 2025 remuneration

July Approval of leaver terms for Chief-level roles

Approval of incoming Chief Technology Officer remuneration

Approval of Chief Procurement Officer salary

November Approval of Chief-level remuneration terms

December External reward environment update

Remuneration review – 2026 Policy approach

Expected 2025 annual bonus outcome

Expected 2023 LTIP outcome

Approval of leaver terms for Chief-level roles

Remuneration Committee annual evaluation

Approval of updated Remuneration Committee terms of reference

ANNUAL REPORT AND ACCOUNTS 2025

149

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DIRECTORS’ REMUNERATION REPORT CONTINUED

Attendance at Committee meetings

The following table sets out the number of meetings attended by each Committee member during FY 2025

Director Meetings attended

Robin Freestone 2/2

Vicky Jarman 3/3

Natalie Massenet 4/5

Anne Stevens 5/5

Committee performance evaluation

The Committee was evaluated as part of the internal effectiveness review of the Board and its Committees (details of which can be found

on page 110). The Committee also reviewed its own performance and was satisfied that it continued to perform effectively and had

worked constructively and collaboratively in year of many committee changes and business activities and was rated highly by the

members and other respondents to the evaluation survey.

The focus of the Committee for the forthcoming year will be to review the adequacy of the maintenance of dialogue with key institutional

investors and their representatives and to improve the dialogue with and visibility of the external advisors and the Committee.

Advice to the Committee

The Chair of the Board and members of the management team are invited to attend Committee meetings where appropriate, except

when their own remuneration is being discussed. During the year the Executive Chairman, CEO, CFO, VP and General Counsel, Company

Secretary, Chief People Officer and Director of Reward attended meetings at the Committee’s invitation.

The Committee carried out a competitive tender process to review the independent advisor to the Committee on remuneration. Deloitte

LLP wassuccessful in the tender process, and became the Committee’s advisor in December 2025 (replacing Willis Towers Watson).

Deloitte and WTWare members of the Remuneration Consultants’ Group and, as such, voluntarily operate under the Remuneration

Consultants’ Group Code ofConduct in relation to executive remuneration consulting in the UK. The Committee is satisfied that the

advice provided by both Deloitte andWTW was independent and objective. Total fees received by each advisor in relation to

remuneration advice provided that materially assisted the Committee during FY 2025 were Deloitte: £8,250 and WTW: £11,100.

Remuneration voting results

The table below shows the results of the shareholder votes at the 2025 AGM on the DRR and on the Directors’ Remuneration Policy.

AGM voting results Votes for Votes against Votes withheld

2025 AGM: To approve the DRR for the year ending 31 December 2024 655,726,546 38,848,450 125,101

(94.41%) (5.59%)

655,727,992 38,837,496 134,609

2025 AGM: To approve the 2025 Directors’ Remuneration Policy (94.41%) (5.59%)

Approval

This report has been approved by the Board and signed on its behalf by:

| DR. ANNE STEVENS

| Chair, Remuneration Committee

24 February 2026

150

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DIRECTORS’ REMUNERATION REPORT CONTINUED

his Directors’ Report sets out the information required to be disclosed by the Company in compliance with the Companies Act

2006, the UK Listing Rules and the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (DTRs). It forms part

of the management report as required under the DTR, along with the Strategic Report (pages 2–79) and other sections of this

Annual Report and Accounts including the Corporate Governance Report (pages 84–150) all of which are incorporated by reference, as

outlined in the table below.

Information Reported in Pages

Business model Strategic Report 20–21

Corporate governance framework Corporate Governance Report 91-94

Community and charitable giving Strategic Report 27 and 53

Credit market and liquidity risks Financial Statements (note 23) 203-211

Directors’ conflicts of interest Corporate Governance Report 94 and 106

Directors’ share interests and remuneration Directors’ Report on Remuneration 122-150

Director training and development Corporate Governance Report 106-107

Equity, Diversity and Inclusion Strategic Report 52

Nomination Committee Report 107-108

Employee engagement Strategic Report 50-53

Governance Report 100-102

Financial instruments Financial Statements (note 23) 203-211

Future developments and strategic priorities Strategic Report 18-19

Going concern statement Financial Statements (note 1) 175-177

Greenhouse gas emissions Strategic Report

40, 43 and

46-47

Health and safety Strategic Report 51

Human rights Strategic Report 56

Directors’ Report 157

Modern Slavery Statement Directors’ Report 157

Principal risks and risk management Strategic Report 68-77

Non-financial and sustainability information Strategic Report 79

Non-pro rata allotments for cash Financial Statements (note 27) 217

Results Consolidated Income Statement 170

Risk management and internal control Strategic Report 68-77

Section 172 Statement Strategic Report 98-99

Stakeholder engagement Strategic Report 24-27

Statement of Directors’ Responsibilities Directors’ Report 159

Viability Statement Strategic Report 78

Workforce engagement Governance Report 50-53

Strategic Report 100-102

About the Directors’ Report

ANNUAL REPORT AND ACCOUNTS 2025

151

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FINANCIAL

INFORMATION

DIRECTORS’ REPORT

Directors

Details of Directors who served throughout the year are set out in the table below. Andrew McNaught will be offering himself for election

in accordance with the Company’s Articles of Association at the 2026 AGM. All the remaining existing Directors will be offering

themselves for re-election.

Name Date of appointment Date of cessation

Lawrence Stroll 20 April 2020

Adrian Hallmark 1 September 2024

Doug Lafferty 1 May 2022

Ahmed Al-Subaey 1 November 2022

Sir Nigel Boardman 1 October 2022

Michael de Picciotto 24 April 2020

Robin Freestone 1 February 2021 28 February 2025

Vicky Jarman 1 March 2025

Cyrus Jilla 27 October 2023 27 July 2025

Daniel Li 28 July 2023

Natalie Massenet 8 July 2021

Marigay McKee 8 July 2021

Andrew McNaught 28 July 2025

Franz Reiner 8 July 2021

Scott Robertson 1 November 2022

Anne Stevens 1 February 2021

Jean Tomlin 27 October 2023

Directors’ insurance and indemnities

The Company’s Articles of Association provide for the Directors and officers of the Company to be appropriately indemnified subject to

the provisions of the Companies Act 2006. In addition, the Company maintains Directors’ and Officers’ liability insurance, which provides

cover for legal actions brought against its Directors and officers. Neither the Company’s indemnity nor insurance covers claims arising

from dishonesty or fraud. In addition, each Director of the Company also has the benefit ofprospectus liability insurance which provides

cover for liabilities incurred by Directors in the performance of their duties orpowers in connection with the issue of the following

documents (as applicable):

¤ The Company’s prospectus dated 20 September 2018 in relation to the Company’s commercial listing of equity shares andadmission

to trading on the Main Market for listed securities of the London Stock Exchange

¤ The Company’s combined prospectus and circular dated 27 February 2020 (together with the two supplementary prospectuses) in

relation to the placing of ordinary shares and the rights issue

¤ The Company’s prospectus dated 5 September 2022 in relation to the placing of ordinary shares and the rights issue

No amount was paid under any of these indemnities or insurances during the year other than the applicable insurance premiums.

In accordance with Section 236 of the Companies Act 2006, qualifying third-party indemnity provisions are in place for the Directors in

respect of liabilities incurred as a result of their office, to the extent permitted by law. Both the insurance and indemnities applied

throughout the year ended 31 December 2024 and up to the date of this Report.

Annual General Meeting

The Company’s Annual General Meeting (AGM) will be held electronically by audio webcast at 11.00am on Wednesday 6 May2026. The

Notice of the AGM will be available on the Company’s website at www.astonmartin.com/corporate.

152

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DIRECTORS’ REPORT CONTINUED

Articles of Association

The Articles of Association set out the internal regulation of the Company and cover such matters as the rights of shareholders, the

appointment or removal of Directors, and the conduct of the Board and general meetings. Copies are available from the Company

Secretary and the Articles can also be found on our website www.astonmartin.com/corporate. Inaccordance with the Articles, Directors

can be appointed or removed by the Board or by shareholders in a general meeting. Amendments to the Articles must be approved by at

least 75% of those voting in person or by proxy at a general meeting of the Company. Subject to UK company law and the Articles, the

Directors may exercise all the powers of the Company, may delegate authorities to Committees, and may delegate day-to-day

management and decision-making to individual Executive Directors. Details of the Board Committees can be found on page 91. The rules

governing the appointment and removal of a Director are set out in the Company’s Articles of Association. Specific details relating to the

significant shareholder groups and their right to appoint Directors are set out on page 155.

Corporate Governance Statement

Under the Disclosure and Transparency Rules, a requirement exists for a Corporate Governance Statement to be included in this

Directors’ Report. The corporate governance statement, explaining how the Group complies with the Governance Code, isset out on

page 92. A description of the composition and operation of the Board and its Committees is set out on pages 86–94. Other than the areas

of non-compliance identified on page 92, the Company has complied throughout the accounting period with the provisions of the 2024

UK Corporate Governance Code as in force.

Going concern

After due enquiry, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational

existence for the foreseeable future and to comply with its financial covenants. For these reasons, they continue toadopt the going

concern basis in preparing the Financial Statements. Further details of the going concern statement for theGroup are set out in note 1 to

the Financial Statements and the Viability Statement is set out on page 78.

Dividend and results

Revenue from the continuing business during the period amounted to £1.3bn (2024: £1.6bn). A review of the Group’s consolidated results

is set out from page 170.

It is the Directors’ intention to retain the Group’s cash flow to finance growth and to focus on delivery of its new business plan. The

Directors intend to review, on an ongoing basis, the Company’s dividend policy and will consider the payment of dividends as the Group’s

strategy matures, depending upon the Group’s free cash flow, financial condition, future prospects and any other factors deemed by the

Directors to be relevant at the time. The Directors are not recommending any dividend for the 2025 financial year.

Share capital

Details of the issued share capital, together with details of movements in the issued share capital of the Company during the year, are

shown in note 27 to the Financial Statements. This is incorporated by reference and deemed to be part of this Report.

The Company has a commercial listing of equity shares on the Main Market of the London Stock Exchange. At 31 December 2025 the

Company had one class of ordinary shares which carries no right to fixed income. Each share carries the right to one vote at general

meetings of the Company.

As at 31 December 2025, the Company had 1,012,461,696 ordinary shares of £0.10 in issue. The Company does not hold any shares in

treasury. Specific powers relating to the allotment and issuance of ordinary shares and the ability of the Company topurchase its own

securities are included within the Articles and such authorities must be submitted for approval by the shareholders, at the AGM each year

(and were submitted and approved at the 2025 AGM).

Following shareholder approval at the general meeting on 4 December 2020 and pursuant to the Warrant Instrument dated 7 December

2020, as amended on 28 September 2022 (Warrant Instrument), the Company issued 126,647,852 warrants granting rights to subscribe

for up to 37,994,356 ordinary shares of £0.10. Each warrant entitles a warrantholder to subscribe for 0.3 warrant shares at the subscription

price of £1.67 per warrant share. Warrants are exercisable during the period starting on 1 July 2021 and ending on 7 December 2027. The

Warrant Instrument sets out the rights of warrantholders, including the right to receive shareholder documents and notifications and the

right to requisition the Company to convene a meeting of warrantholders. Further information on the warrants is set out in the Prospectus

dated 5 September 2022 and the announcement by the Company on 28 September 2022 which can be found on the Company’s website.

No warrants were issued in 2025.

On 31 December 2025 the Employee Benefit Trust held a total of 395,194 ordinary shares (28,204 unallocated shares and 366,990 shares

allocated from prior share awards, held as Nominee Shares). The right to receive any dividend has been waived by the Trustee of the

Employee Benefit Trust over the entire unallocated shares and we note that any dividend due to be paid over allocated shares would be

paid directly to the Company (as the Trustee Paying Agent) for onward distribution to the respective individuals. The Trustee has the right

to exercise any voting rights in respect of the unallocated shares it holds andwill vote in accordance with the voting instructions received

from the beneficial owners of the allocated shares.

ANNUAL REPORT AND ACCOUNTS 2025

153

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DIRECTORS’ REPORT CONTINUED

Substantial shareholdings

The Company has received notifications of major interests in its issued ordinary share capital in accordance with Rule 5 oftheDTRs.

Details of the position as at the end of the financial year are as follows:

Shareholder

Number of

ordinary shares

% of total

voting rights

Lawrence Stroll

333,968,263 32.99

Yew Tree Overseas Ltd 163,799,934 16.18

Ernesto Bertarelli 151,011,567 14.92

Li Shufu (Geely) 142,530,859 14.08

The Public Investment Fund 140,504,260 13.88

Mercedes-Benz AG 76,320,195 7.54

1 Includes 163,799,934 shares also disclosed by Yew Tree Overseas Ltd and 151,011,567 shares also disclosed by Ernesto Bertarelli.

There have been no changes notified to the Company in accordance with Rule 5 of the DTRs to the holdings disclosed above.

Restrictions on transfer of ordinary shares

The Articles do not contain any restrictions on the transfer of ordinary shares in the Company other than the usual restrictions applicable

where any amount is unpaid on a share. All issued share capital of the Company at the date of this Annual Report isfully paid. Certain

restrictions are also imposed by laws and regulations (such as insider trading and marketing requirements relating to closed periods) and

requirements of the Market Abuse Regulation whereby Directors and certain employees of the Company require prior approval to deal in

the Company’s securities.

Shareholders’ rights

Holders of ordinary shares have the rights accorded to them under UK company law, including the rights to receive the Company’s

Annual Report and Accounts, attend and speak at general meetings, appoint proxies and exercise voting rights. Noshareholder holds

ordinary shares carrying special rights relating to the control of the Company and, other than as previously publicly disclosed in relation

to the Yew Tree Consortium, the voting rights of which are exercised in accordance with instructions of Lawrence Stroll, the Directors are

not aware of any agreements between holders of the Company’s sharesthat may result in restrictions on voting rights.

Transactions with related parties

Details of Related Party Transactions which have been undertaken in the year ended 31 December 2025 are included within note 31 to the

Financial Statements.

Significant shareholder group

% of voting rights to

nominate two directors

% of voting rights to

nominate one director

% of voting rights to nominate one director as a member

ofthe Nomination Committee and an observer to the

Remuneration and Audit and RiskCommittees

Yew Tree Consortium 10% or above Between 7% and 10% 7%

Ernesto Bertarelli – 10% or above 10%

Public Investment Fund 10% or above Between 7% and 10% 7%

Mercedes- Benz AG 15% or above Between 7.5% and 15% 7.5%

Geely – 7% 7%

154

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DIRECTORS’ REPORT CONTINUED

Significant contracts

At 31 December 2025, the Group had a Revolving Credit Facility of £170m which contains a change of control clause. The Group also had

US$1,050m of 10.00% Senior Secured Notes and £565m of Senior Secured Notes at 10.375% both of which mature in March 2029 and

contain change of control provisions. In aggregate, these financing arrangements are considered significant to the Group and, in the

event of a takeover (i.e. a change of control) of the Company, the amounts outstanding under the Revolving Credit Facility may be

cancelled or become immediately payable and the holders of the Senior Secured Notes may require the Group to repurchase their notes.

All the Company’s share plans contain provisions relating to a change of control. In the event of a change of control or winding up of the

Company (other than an internal reorganisation), LTIP awards will vest subject to the extent to which the performance conditions have

been satisfied. Pro rating for service will apply unless the Remuneration Committee decides otherwise. Outstanding deferred bonus

awards will vest in full as soon as practicable. In the event of an internal corporate reorganisation, deferred bonus and LTIP awards may

(with consent from any acquiring company) be replaced by equivalent awards. Alternatively, the Remuneration Committee may decide

that deferred bonus and LTIP awards will vest as in the case of a change of control described above. In the event of a demerger, special

dividend or other corporate event that will materially impact the share price the Committee may, at its discretion, allow deferred bonus

and LTIP awards to vest on the same basis asfor a change ofcontrol as described above. Alternatively, an adjustment may be made to the

number of shares if consideredappropriate.

The Company currently has four groups of significant shareholders, namely the Yew Tree Consortium, The Public Investment Fund, Geely

and Mercedes-Benz AG (‘MBAG’). The relationship between the Company and each of these significant shareholder groups is governed

by four separate relationship agreements (“Relationship Agreements”).

The purpose of these Relationship Agreements is to ensure that the Company can carry on its business independently and forthe benefit

of shareholders as a whole. The Relationship Agreements also provide that the Company will not take any action in relation to certain

significant matters without the prior approval of at least two-thirds of the members of the Board present and entitled to vote. The

Relationship Agreements will terminate upon the relevant significant shareholder group ceasing to have the entitlement to exercise a

minimum percentage of the voting rights in the Company or the Company’s shares ceasing to be admitted to the Official List of the

Financial Conduct Authority and traded on the Main Market for listed securities of the London Stock Exchange.

Each of the Relationship Agreements provides that each significant shareholder group is entitled to nominate director(s) totheBoard and

the Nomination Committee and an observer to the Remuneration and Audit and Risk Committees, subject tothe size of its respective

interest in the voting rights of the Company as set out in the table above.

On 16 April 2024,(as amended and restated on 28 February 2025) the Company entered into a Director Appointment Rights Agreement

with the entities holding shares on behalf of Ernesto Bertarelli, a significant member of the Yew Tree Consortium. This agreement

provides for a right to appoint a Shareholder Representative to the Board so long as Ernesto Bertarelli holds 10% or above in the total

Issued Share Capital of the Company. Further, Ernesto Bertarelli is entitled to appoint a member of the Nomination Committee and an

observer to the Remuneration Committee.

On 26 June 2023, the Company announced it had entered into an amendment and restatement of its Strategic Co-operation Agreement

with MBAG which was originally entered into on 27 October 2020. Under the amended agreement, the Company and MBAG will continue

long-term strategic co-operation, supporting the delivery of current and future generation Aston Martin vehicles. Under the original

agreement the Company would issue additional Aston Martin shares to MBAG in exchange for access to further technology and this has now

been replaced with a restated commitment to the existing strategic collaboration allowing the parties to discuss future access to technology

for cash. No further consideration shares, or related cash top up payments, will be issued or paid to MBAG under the restated agreement.

In addition to the terms agreed in the Strategic Co-operation Agreement, the Group has a long-standing technical partnership with

MBAG for the provision of engines, electrical architecture and entertainment systems. This partnership began in 2013, when MBAG

became one of Aston Martin Holdings (UK) Limited’s shareholders.

The agreements governing our relationship with MBAG provide that under certain circumstances MBAG may be entitled to terminate

operational agreements on three or four years’ prior notice (depending on the operational agreement) if a strategic MBAG competitor

acquires a sufficient interest in AML, acquires certain board appointment rights, or enters into certain strategic arrangements with AML

without MBAG’s consent.

ANNUAL REPORT AND ACCOUNTS 2025

155

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DIRECTORS’ REPORT CONTINUED

In early 2020, the Group entered into a sponsorship agreement, as amended in 2022, for a ten-year initial term under which theRacing

Point Formula One™ team was re-launched as the Aston Martin Cognizant Formula One™ team with effect from the2021 season,

bringing an Aston Martin team back to the Formula One™ grid for the first time since 1960. The agreement included a sponsorship

arrangement effective from 2021 to 2025 with expenses commensurate with the Group’s previous annual Formula One™ expenditure. In

March 2023, the parties agreed to sponsorship fees for the period from 2026 to 2030. InAugust 2024, the parties agreed a further

amendment to the sponsorship arrangements which extended the term from2030 to 2045 and set the fees to be paid from 2030. From

2045, the sponsorship arrangements will be renewable attheBoard’s discretion for additional ten year periods up to the end of 2060. The

Group anticipates that this agreement willstrengthen its brand presence without being associated with the direct costs of owning an

Formula One™ team. Undertheagreement, the Group’s presence remains elevated via the chassis and the team name Aston Martin.

On 26 June 2023 the Company announced its intention to enter into a supply arrangement with Lucid to access Lucid’s powertrain

components to promote the Company’s electrification strategy and long term growth. The arrangement was subject to shareholder

approval and regulatory clearance and became unconditional in November 2023.

Tax strategy

The Group is committed to full compliance with all UK and international statutory tax obligations including full disclosure ofallrelevant

facts to the appropriate tax authorities and seeks to pay the right and fair amount of tax in accordance with theletter and spirit of the tax

law governing each territory the Group operates within.

In managing its tax affairs, the Group recognises its responsibilities as a taxpayer and the need to protect the corporate reputation

inherent in the brand. The Board has ultimate responsibility for the Group’s tax strategy although the day-to-day management rests with

the Executive Committee, which comprises the senior operational personnel of the Group. The Chief Financial Officer is the Executive

Committee member with ultimate responsibility for tax matters and is the Senior Accounting Officer of the Group.

The Chief Financial Officer advises the Board on the tax affairs and risks of the Group to ensure:

¤ The proper control and management of tax risk

¤ The tax position is planned in line with the Group’s strategic objectives

¤ The tax charge is correctly stated in the statutory accounts and tax returns

¤ All tax compliance is completed in a timely manner to HMRC and other tax authorities

Further information on the Group’s tax strategy is available on the Company’s website.

156

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DIRECTORS’ REPORT CONTINUED

Equal opportunities and employment of persons with disabilities

The Group has policies on equal opportunities and the employment of persons with disabilities which, through the application of fair

employment practices, are intended to ensure that individuals are treated equitably and consistently, regardless of age, race, creed,

colour, gender, marital or parental status, sexual orientation, religious beliefs and nationality.

Applications for employment by persons with disabilities are always fully considered, bearing in mind the respective aptitudes and

abilities of the applicant concerned. In the event of employees becoming disabled, every effort is made to ensure their employment with

the Group is continued and that the appropriate training is arranged. It is the policy of the Group that the training, career development

and promotion of a persons with disabilities should, as far as possible, be identical to that of a person who does not have a disability.

Health and wellbeing

The health and wellbeing of employees is central to operating an effective and successful business. The Group also relies onthe health

and stability of the communities in which it operates. The Group recognises its responsibility and the opportunity to make a positive

contribution and is actively engaged with local areas to foster a sense of partnership with the Group.

The health and safety of its workforce, visitors and the local community is of paramount importance. The Group aims to be acentre of

excellence and for the Aston Martin Health and Safety Management System to be aligned with best practice within the automotive industry.

Human rights

Respect for human rights is essential to the foundations of our business and collaboration across our supply chain. We are committed to

strengthening our governance systems to prevent human rights violations across our value chain and recognise that our human rights

approach needs to be embedded in all relevant practices and policies.

To develop our approach to human rights due diligence (‘HRDD’) we worked with a specialist human rights consultancy toundertake a

maturity assessment to help us align our HRDD with international frameworks and emerging legislation. Thisassessment included

engagement with colleagues through interviews, analysis of processes and a review of documents. The assessment identified strengths

and improvement areas across our value chain and, based on this, priority areas for action.

In 2025, no human rights violations within the Group were reported, nor were any relevant reports received regarding the supply network.

Modern slavery, together with its components of forced labour and human trafficking, is a worldwide issue estimated to affect millions of

people. This issue can affect people of all ages, genders and ethnicities.

Our Anti-Slavery and Human Trafficking Policy provides employees, contractors and other business partners with direction onour

approach and the measures we have in place to prevent acts of modern slavery and human trafficking in the business and supply chain.

A copy of our 2024 Modern Slavery Act Statement can be found on our website at www.astonmartin.com/corporate.

Political donations

It is the Company’s policy not to make political donations and no such political donations were made during the period. In line with 2025

and reflecting the practice of many other London-listed companies, the Board will be seeking shareholder approval for political

donations at the 2026 AGM. This is a precautionary measure, for the Company and its subsidiaries to be able to make donations and/or

incur expenditure which may be construed as “political” by the wide definition of that term included inthe relevant legislation. Further

details will be provided in the 2026 Notice of AGM.

Research and development

The Group spent £239.4 m (2024: £333.3m) on research and development during the year. See note 4 to the Financial Statements.

Strategic Report

Aston Martin Lagonda Global Holdings plc is required by the Companies Act 2006 to prepare a Strategic Report that includes a fair

review of the Company’s business, the development and performance of the Company’s business during the period, theposition of the

Company at the end of the year ended 31 December 2025, and a description of the principal risks and uncertainties faced by the

Company. The Strategic Report on pages 2–79 is incorporated by reference and shall be deemed to form part of this Directors’ Report.

ANNUAL REPORT AND ACCOUNTS 2025

157

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

DIRECTORS’ REPORT CONTINUED

Disclosure of information to the Company’s Auditor

Each person who is a Director at the date of approval of this Report and of the Financial Statements confirms that:

(i) so far as such Director is aware, there is no relevant audit information of which the Company’s Auditor is unaware; and

(ii) such Director has taken all the steps that they ought to have taken as a Director, in order to make themselves aware of any relevant

audit information and to establish that the Company’s Auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of Section 418 of the Companies Act 2006.

Disclaimer

As set out in more detail on the inside back cover of this agreement, the purpose of this Annual Report is to provide information to the

members of the Company and it has been prepared for and only for, the members of the Company as abody, and no other persons. The

Company, its Directors and officers, employees and advisors do not accept or assume responsibility to any other person to whom this

document is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed.

A cautionary statement in respect of forward-looking statements contained in this Annual Report appears on the inside back cover of

thisdocument.

The Strategic Report (from pages 2–79) and the Directors’ Report (as described above) have been approved by the Board

on24 February2026.

By order of the Board

| LIZ MILES

| Company Secretary

Aston Martin Lagonda Global Holdings plc

Registered Office: Banbury Road, Gaydon, Warwick, CV35 0DB

Registered in England and Wales.

Registered Number: 11488166.

158

ASTON MARTIN LAGONDA

DIRECTORS’ REPORT CONTINUED

he Directors are responsible for preparing the Annual Report which includes the Strategic Report, the Directors’ Report, the

Directors’ Remuneration Report and the Group and parent Company Financial Statements in accordance with applicable law

andregulations.

Company law requires the Directors to prepare Group and parent Company Financial Statements for each financial year. Under that law

the Directors have elected to prepare the Group Financial Statements in accordance with UK-adopted international accounting standards

(IFRSs) and have elected to prepare the parent Company Financial Statements in accordance with United Kingdom Generally Accepted

Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 101 ‘Reduced

Disclosure Framework’ (FRS 101). Under company lawthe Directors must not approve the Financial Statements unless they are satisfied

that they give a true and fair view ofthestate of affairs of the Group and parent Company and of their profit or loss for that period.

In preparing each of the Group and parent Company Financial Statements, the Directors are required to:

¤ select suitable accounting policies in accordance with International Accounting Standard 8 ‘Accounting Policies,

ChangesinAccountingEstimates and Errors’ and then apply them consistently

¤ make judgements and estimates that are reasonable and prudent

¤ present information, including accounting policies, in a manner that provides relevant, reliable, comparable

andunderstandableinformation

¤ provide additional disclosures when compliance with the specific requirements in IFRSs and, in respect of the parent Company

Financial Statements, FRS 101 is insufficient to enable users to understand the impact of particular transactions, other events

andconditions on the Group and Company financial position and financial performance

¤ for the Group Financial Statements, state whether UK-adopted international accounting standards have been followed,

subjecttoanymaterial departures disclosed and explained in the Financial Statements

¤ for the parent Company Financial Statements, state whether applicable UK accounting standards, including FRS 101, have been

followed, subject to any material departures disclosed and explained in the parent Company Financial Statements

¤ prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Company and/or the Group

will continue in business

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent Company’s and

Group’s transactions and disclose with reasonable accuracy at any time the financial position of the parent Company and the Group and

enable them to ensure that the parent Company and Group Financial Statements comply with theCompanies Act 2006. They are also

responsible for safeguarding the assets of the Group and parent Company and for taking reasonable steps for the prevention and

detection of fraud and other irregularities. Under applicable law and regulations, the Directors are also responsible for preparing a

Strategic Report, Directors’ Report, Directors’ Remuneration Report and Corporate Governance Statement that comply with that law and

those regulations. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on

the Company’s website.

Statement of Directors’ Responsibilities under the disclosure and transparency rules

Each of the Directors at the date of this Report whose names and functions are listed on pages 86-89, confirm to the best oftheir knowledge:

¤ that the consolidated Financial Statements, prepared in accordance with UK-adopted international accounting standards, give a true

and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the

consolidation taken as a whole

¤ that the Annual Report and Accounts, including the Strategic Report, includes a fair review of the development and performance of the

business and the position of the Company and undertakings included in the consolidation taken asawhole, together with a description

of the principal risks and uncertainties that they face

¤ that they consider the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides theinformation

necessary for shareholders to assess the Group’s position and performance, business model and strategy

These statements were approved by the Board on 24 February 2026 and signed on its behalf by:

| ADRIAN HALLMARK

| Chief Executive Officer

Statement of Directors’

Responsibilities

| DOUG LAFFERTY

| Chief Financial Officer

ANNUAL REPORT AND ACCOUNTS 2025

159

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

FINANCIAL

STATEMENTS

ASTON MARTIN LAGONDA

160 FINANCIAL STATEMENTS

162 Independent Auditor’s Report

170 Consolidated Financial Statements

175 Notes to the Financial Statements

226 Parent Company Statement of

FinancialPosition

228 Notes to the Parent Company

FinancialStatements

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

161

ANNUAL REPORT AND ACCOUNTS 2025

FINANCIAL STATEMENTS

Independent Auditor’s Report to the members of

Aston Martin Lagonda Global Holdings plc

Opinion

In our opinion:

¤ Aston Martin Lagonda Global Holdings plc’s group financial

statements and parent company financial statements (the “financial

statements”) give a true and fair view of the state of the group’s and of

the parent company’s affairs as at 31 December 2025 and of the

group’s loss for the year then ended;

¤ the group financial statements have been properly prepared in

accordance with UK adopted international accounting standards;

¤ the parent company financial statements have been properly

prepared in accordance with United Kingdom Generally Accepted

Accounting Practice; and

¤ the financial statements have been prepared in accordance with the

requirements of the Companies Act 2006.

We have audited the financial statements of Aston Martin Lagonda

Global Holdings plc (the ‘parent company’) and its subsidiaries (the

‘group’) for the year ended 31 December 2025 which comprise:

Group Parent company

Consolidated statement of financial position as at 31December2025 Parent company statement of financial position as at 31 December 2025

Consolidated statement of comprehensive income for the year then ended Parent company statement of changes in equity for the year thenended

Consolidated statement of changes in equity for the year thenended

Related notes 1 to 6 to the financial statements including material

accounting policy information

Consolidated statement of cash flows for the year then ended

Related notes 1 to 35 to the financial statements, including material

accounting policy information

The financial reporting framework that has been applied in the preparation of the group financial statements is applicable law and UK adopted

international accounting standards. The financial reporting framework that has been applied in the preparation of the parent company financial

statements is applicable law and United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework” (United Kingdom

Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on

Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under

those standards are further described in the Auditor’s responsibilities for

the audit of the financial statements section of our report. We believe

that the audit evidence we have obtained is sufficient and appropriate to

provide a basis for our opinion

Independence

We are independent of the group and parent in accordance with the

ethical requirements that are relevant to our audit of the financial

statements in the UK, including the FRC’s Ethical Standard as applied to

listed public interest entities, and we have fulfilled our other ethical

responsibilities in accordance with these requirements.

The non-audit services prohibited by the FRC’s Ethical Standard were not

provided to the group or the parent company and we remain independent

of the group and the parent company in conducting the audit.

162

ASTON MARTIN LAGONDA

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS

OF ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the

directors’ use of the going concern basis of accounting in the

preparation of the financial statements is appropriate. Our evaluation of

the directors’ assessment of the group and parent company’s ability to

continue to adopt the going concern basis of accounting included the

following procedures.

¤ Understanding and walking through management’s process for, and

controls related to, assessing going concern including discussion with

management, to ensure all key factors were taken into account;

¤ Obtaining management’s going concern assessment, which covers the

period to 30 June 2027, and which includes cashflow and liquidity

forecasts, details of facilities available, forecast covenant calculations

and the results of management’s downside scenarios and reverse stress

test, and testing the integrity of the model, including clerical accuracy;

¤ Obtaining the circular and shareholder irrevocable undertakings

relating to the sale of Naming Rights to AMR GP Holdings Limited

(“AMR”) for £50m (‘the transaction’) in order to determine if there

are any conditions which could prevent or delay the receipt of the

cash. This included involving specialists from Capital Markets to

assist in auditing the details of the transaction and making enquiries

of the Group’s external legal counsel to confirm whether there is

anyconditionality related to the receipt of cash as a result of

thetransaction;

¤ Involving modelling specialists to test the calculations and formulae

relating to key elements of management’s going concern model;

¤ Confirming to the debt agreements both the maturity profile of the debt

and the operation of the covenants that are required to be complied

with in the going concern period;

¤ Considering covenant compliance testing and reperforming

covenantcalculations;

¤ Obtaining the RCF covenant amendment and confirming this applies

for the period to 31 December 2026. Involving debt advisory

specialists to assist in reviewing and understanding the terms of the

covenant amendment;

¤ Assessing whether the cash outflows included in the going concern

model relating to payments to strategic partners are consistent with

underlying contractual obligations;

¤ Assessing the reasonableness of forecasts underpinning the going

concern model, which are based on the Board-approved budget and

the Board-approved strategic plan. To do this we specifically

considered forecast wholesale volumes compared to historical

volumes, current confirmed orders and competitor volumes, sales

margins and capital expenditure plans;

¤ Ensuring that these forecasts appropriately reflect the assessed

impact of the current macro-economic circumstances and the

disclosed climate change commitments of the group;

¤ Involving Strategy and Transaction specialists to assist in assessing

the underlying forecasts and working capital flows in the going

concern model;

¤ Analysing the historical accuracy of forecasting by comparing

management’s forecasts with actual results since 2020 and through

the subsequent events period and performing inquiries to the date of

this report to determine whether forecast cash flows are reliable

based on past experience;

¤ Considering external factors that could impact liquidity/forecasts

including reliance on suppliers, recoverability of debtors, the current

macro-economic climate, supply chain disruption, a one off

disruption event and the threat of potential litigations and claims;

¤ Considering the downside scenario identified by management in their

assessment on pages 175-176, assessing whether there are any other

scenarios which should be considered, performing incremental

downside sensitivity analysis and assessing whether the quantum

ofthe impact of the downside scenario modelled in the going

concernperiod is realistic;

¤ Performing reverse stress testing on the going concern model by

independently determining what reduction in wholesale volumes

would be required before liquidity or covenants would be exhausted.

This included comparing this scenario to the downside scenario

contemplated by management and considering the likelihood of the

events required to exhaust available liquidity or breach covenants;

¤ Evaluating the Group’s ability to undertake mitigating actions should

it experience a severe downside scenario, considering likely

achievability of both timing and quantum particularly with respect to

constraining capital spending if required; and

¤ Assessing the going concern disclosures in the financial statements

to confirm they are in accordance with International Financial

Reporting Standards.

Going concern has also been determined to be a key auditmatter.

We observed that while the group achieved lower than forecast total

core wholesale volumes than it was originally targeting in 2025, the

forecast core wholesale volumes have been realigned for the going

concern assessment period to be in line with historic volumes achieved.

In the past we have observed the control exercised over capital

expenditure in comparison to amounts forecast which corroborates

management’s assertion that in the event of the modelled downside

occurring capital expenditure could be deferred. Further, the Group has

the borrowings disclosed in note 23 which includes details of the

maturities of those facilities.

Based on the work we have performed, we have not identified any

material uncertainties relating to events or conditions that, individually

or collectively, may cast significant doubt on the group and parent

company’s ability to continue as a going concern for a period to

30 June 2027.

In relation to the group and parent company’s reporting on how they have

applied the UK Corporate Governance Code, we have nothing material to

add or draw attention to in relation to the directors’ statement in the

financial statements about whether the directors considered it

appropriate to adopt the going concern basis of accounting.

Our responsibilities and the responsibilities of the directors with respect

to going concern are described in the relevant sections of this report.

However, because not all future events or conditions can be predicted,

this statement is not a guarantee as to the group’s ability to continue as a

going concern.

ANNUAL REPORT AND ACCOUNTS 2025

163

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

ASTONMARTINLAGONDA GLOBAL HOLDINGS PLC CONTINUED

Overview of our audit approach

Audit scope

¤ We performed an audit of the complete financial information of one component and audit procedures on specific

balances for a further three components. We also performed specified audit procedures on certain accounts on three

additional components. We performed central procedures on financial statement line items as detailed in the “Tailoring

the scope” section below.

Key audit matters

¤ Going Concern

¤ Revenue recognition, specifically:

– There is a risk that revenue is overstated due to errors in cut-off, including bill and hold arrangements; and

– There is also a risk of overstatement of revenue through inappropriate manual journal entries

¤ Capitalisation and amortisation of development costs

¤ Parent company investment impairment

Materiality

¤ Overall Group materiality of £5.6m which represents 1.5% of Gross Margin.

An overview of the scope of the parent

company and group audits

Tailoring the scope

We have followed a risk-based approach when developing our audit

approach to obtain sufficient appropriate audit evidence on which to

base our audit opinion. We performed risk assessment procedures, with

input from our component auditors, to identify and assess risks of

material misstatement of the Group financial statements and identified

significant accounts and disclosures. When identifying components at

which audit work needed to be performed to respond to the identified

risks of material misstatement of the Group financial statements, we

considered our understanding of the Group and its business

environment, the potential impact of climate change, the applicable

financial framework, the group’s system of internal control at the entity

level, the existence of centralised processes, applications and any

relevant internal audit results.

We determined that centralised audit procedures would be performed

on finance income, finance expense, adjusting items, intangible assets,

property, plant and equipment, investments in equity interests, other

financial assets, right-of use lease assets and liabilities, other financial

liabilities, employee benefits and equity.

We then identified four components as individually relevant to the

Group due to materiality or financial size of the components relative to

the Group. These were the UK entities accounted for at Gaydon, Aston

Martin Works, the US and China.

We then identified one additional component as individually relevant to

the Group based on the materiality of specific accounts relative to the

Group (Europe).

For the above individually relevant components, we identified the

significant accounts where audit work needed to be performed at these

components by applying professional judgement, having considered

the group significant accounts on which centralised procedures will be

performed, the reasons for identifying the financial reporting

component as an individually relevant component and the size of the

component’s account balance relative to the group significant financial

statement account balance.

We then considered whether the remaining group significant account

balances not yet subject to audit procedures, in aggregate, could give

rise to a risk of material misstatement of the group financial statements.

We selected two components of the group to include in our audit scope

to address these risks (Singapore and Japan).

Having identified the components for which work will be performed, we

determined the scope to assign to each component.

Of the seven components selected, we designed and performed audit

procedures on the entire financial information of one component (“full

scope component”). For three components, we designed and

performed audit procedures on specific significant financial statement

account balances or disclosures of the financial information of the

component (“specific scope components”). For the remaining three

components, we performed specified audit procedures to obtain

evidence for one or more relevant assertions.

Our scoping to address the risk of material misstatement for each key

audit matter is set out in the Key audit matters section of our report.

164

ASTON MARTIN LAGONDA

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

ASTONMARTINLAGONDA GLOBAL HOLDINGS PLC CONTINUED

Involvement with component team

In establishing our overall approach to the Group audit, we determined

the type of work that needed to be undertaken at each of the

component by us, as the Group audit engagement team, or by

component auditors operating under our instruction.

Of the seven components selected, audit procedures were performed

on six of these directly by the primary audit team.

For the component not audited by the primary team (China), we

determined the appropriate level of involvement to enable us to

determine that sufficient audit evidence had been obtained as a basis for

our opinion on the Group as a whole.

During the current year’s audit cycle, whilst no physical visits were

undertaken by the primary audit team to the component team in China,

meetings continued to be conducted virtually in line with prior periods.

These sessions involved meeting with our local component team to

discuss the audit approach, understanding the significant audit findings

in response to the key audit matters and reviewing key audit working

papers. The primary team interacted regularly with the component

team where appropriate during various stages of the audit, reviewed

relevant working papers and were responsible for the scope and

direction of the audit process. Where relevant, the section on key audit

matters details the level of involvement we had with component

auditors to enable us to determine that sufficient audit evidence had

been obtained as a basis for our opinion on the Group as a whole.

This, together with the additional procedures performed at Group

level,gave us appropriate evidence for our opinion on the Group

financial statements.

Climate change

Stakeholders are increasingly interested in how climate change will

impact Aston Martin Lagonda Global Holdings plc. The Group has

determined that the most significant future impacts from climate

change on its operations will be from the transition to EV (‘Electric

vehicle’) powertrains, managing the financial impact of increasing

carbon related costs in response to changes in legislation and managing

the brand/reputational impact of continuing to sell ICE (‘Internal

combustion engine’) powered vehicles in the short to medium term.

These are explained on pages 57-65 in the required Task Force On

Climate Related Financial Disclosures and on pages 68-77 in the

principal risks and uncertainties. They have also explained their climate

commitments on pages 40-42. All these disclosures form part of the

“Other information”, rather than the audited financial statements. Our

procedures on these unaudited disclosures therefore consisted solely of

considering whether they are materially inconsistent with the financial

statements or our knowledge obtained in the course of the audit or

otherwise appear to be materially misstated, in line with our

responsibilities on “Other information”.

In planning and performing our audit we assessed the potential impacts of

climate change on the Group’s business and any consequential material

impact on its financial statements.

The Group has explained in Note 1 how they have reflected the impact

of climate change in their financial statements including how this aligns

with their commitment to the aspirations of the Paris Agreement to

achieve net zero emissions by 2050. Significant judgements or estimates

relating to climate change have been factored into the Directors

impairment assessments of the carrying value of capitalised

development cost intangible assets and parent company investment

impairment assessment. These considerations did not have a material

impact on the financial reporting judgements and estimates, consistent

with the assessment that climate change is not expected to have a

significant impact on the Group’s going concern assessment to 30 June

2027 nor the viability of the Group over the next five years.

Our audit effort, in considering the impact of climate change on the

financial statements was focused on evaluating management’s

assessment of the impact of climate risk, both physical and transition,

management’s climate commitments, and the effects of material

climate risks disclosed on pages 59-65. We focused on whether these

have been appropriately reflected in asset values where these are

impacted by future cash flows, being the impairment testing of

capitalised development costs and impairment of parent company

investments and associated sensitivity disclosures (see notes 9 and 13 in

the group financial statements and note 3 in the parent company

financial statements) following the requirements of UK adopted

international accounting standards. As part of this evaluation, we

performed our own risk assessment, supported by our climate change

internal specialists, to determine the risks of material misstatement in

the financial statements from climate change which needed to be

considered in our audit.

We also challenged the Directors’ considerations of climate change risks

in their assessment of going concern and viability and associated

disclosures. Where considerations of climate change were relevant to

our assessment of going concern, these are described above.

Based on our work we have considered the impact of climate change on

the financial statements to impact certain key audit matters. Details of

our procedures and findings are included in our explanation of key audit

matters below, or within the going concern section above.

ANNUAL REPORT AND ACCOUNTS 2025

165

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

ASTONMARTINLAGONDA GLOBAL HOLDINGS PLC CONTINUED

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current

period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters

included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the

engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in our opinion thereon,

andwe do not provide a separate opinion on these matters.

Risk Our response to the risk

Key observations

communicated to the

AuditCommittee

Revenue Recognition

(£1,257.7m; 2024: £1,583.9m)

Refer to the Audit Committee

Report (page 114); Accounting

policies (pages 176-177); and

Note 3 of the Consolidated

Financial Statements

(page184)

There is a risk that revenue is

overstated due to errors in

cut-off, including bill and hold

arrangements whereby

revenue is recognised on a

completed vehicle before

delivery is made to the

customer based on the

customer’s request.

There is also a risk of

overstatement of revenue

through inappropriate manual

journal entries.

¤ We confirmed the existence and the design effectiveness of controls within the sales

process, paying particular attention to those around cut-off and bill and hold

transactions.

¤ For a sample of bill and hold sales, we confirmed the vehicle was completed before

year end by obtaining the signed quality check documentation. For that sample we also

confirmed the transfer of control had occurred by confirming the transaction directly

with the third-party dealer and by obtaining the customer requests to hold the vehicles

on their behalf.

¤ We performed physical verification on the finished vehicles held at sites where stock

count procedures were performed and agreed these to either the inventory or the bill

and hold listings. We ensured, for a sample of vehicles, the manufacturing process was

complete and that the vehicle was not double counted in revenue and inventory.

¤ We performed cut-off testing by tracing a sample of transactions around the period

end to third party delivery note documentation.

¤ We performed data analytical procedures of the double entries in the general ledger

to test the postings from Revenue to Cash, correlating the cash conversion of sales. We

investigated and obtained evidence for any unusual items identified.

¤ We performed journal testing procedures to identify unusual journal entry postings.

We obtained audit evidence for unusual and/or material revenue journals.

¤ We performed audit procedures over this risk area in the full and specific scope

locations which covered 100% of Group revenue. Audit work performed to address this

risk was undertaken by the Group audit team and the Component audit team. For

details of our involvement with the component team refer to the section above on

Involvement with component team.

Our audit procedures did

not identify evidence of

material misstatement in

the amounts of

development costs

capitalised in the year or

through inappropriate

manual journal entries.

Our audit procedures did

not identify evidence of

material misstatement of

the amortisation charge for

development costs

recorded in the period.

Capitalisation and

amortisation of development

costs

(Net book value of capitalised

development costs: £934.3m,

2024: £922.4m)

(Amounts capitalised in the

year: £226.5m, 2024: £312.1m)

(Amortisation charge:

£171.9m, 2024: £238.1m)

Refer to Accounting policies

(pages 177-178); and Note 12 of

the Consolidated Financial

Statements (page 193)

There is a risk that costs are

capitalised which do not meet

the criteria set out within IAS 38

or that the amortisation period

is inappropriate.

There is also a risk of

overstatement of capitalised

development costs through

inappropriate manual

journalentries.

¤ We confirmed the existence and the design effectiveness of controls around the

intangibles process and in particular around the approval of capitalised development

expenditure.

¤ For a sample of costs capitalised we confirmed that the costs incurred were; capitalised

against the correct project; measured correctly; eligible for capitalisation, and the

timing of the expense capitalisation was appropriate.

¤ For a sample of projects, we compared the actual spend against the budgeted spend

to ensure the projects continue to meet the IAS 38 criteria for capitalisation and remain

commercially viable.

¤ For new special vehicles, we obtained the gateway approval documentation to certify

that capitalisation costs meet the required criteria under IAS38.

¤ For capitalised development costs we confirmed the amortisation period was aligned

to the period over which commercial benefits are expected to be received and is

consistent with the Group’s business plan.

¤ We considered the appropriateness of the amount/percentage of costs which are

transferred between models as a result of the carry over carry across principle

(‘COCA’).

¤ We recalculated the amortisation recognised to confirm this was in line with

expectations.

¤ We performed journal testing procedures to identify unusual journal entry postings.

No unusual journal postings relating to capitalised development costs were identified.

¤ We performed full scope audit procedures over this risk area in one location, which

covered 100% of the risk amount. All audit work performed to address this risk was

undertaken by the Group audit team.

Our audit procedures did

not identify evidence of

material misstatement in

the amounts of

development costs

capitalised in the year or

through inappropriate

manual journal entries.

Our audit procedures did

not identify evidence of

material misstatement of

the amortisation charge for

development costs

recorded in the period.

166

ASTON MARTIN LAGONDA

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

ASTONMARTINLAGONDA GLOBAL HOLDINGS PLC CONTINUED

Risk Our response to the risk

Key observations

communicated to the

AuditCommittee

Parent Company Investment

impairment

(Investment: £96.0m, 2024:

£897.7m)

(Impairment charge: £800.7m,

2024: Impairment charge

£158.6m)

Refer to the Audit Committee

Report (page 114); Accounting

policies (page 229); and Note 3

of the Parent Company

Financial Statements

(page231)

There is a risk that the parent

company investment

impairment is not supported

bythe subsidiaries future

forecast cashflows.

¤ We confirmed the existence and the design effectiveness of controls around

management’s impairment assessment for investment in subsidiaries.

¤ We examined management’s methodology and model for assessing the VIU for

investment in subsidiaries.

¤ We confirmed the underlying cash flows are consistent with the Board approved

business plan and appropriately reflect the effects of material climate risks as

disclosed on pages 57-65.

¤ We re-performed the calculations in the model to test the mathematical integrity.

¤ We assessed the adjustments made to the VIU to determine the equity value of the

investment. This included testing the deductions made for:

– the fair value of the Groups external debt; and

– the fair value of the group’s intercompany payable due to the parent company.

¤ We assessed the discount rate and cost of debt used by obtaining the underlying data

used in the calculation and benchmarking it against comparable organisations and

market data with the support of our valuation specialists.

¤ We have further reviewed management’s cash flow forecasts used to support the

repayment of intercompany payables to the parent company (outside of the Group VIU).

¤ We audited the disclosures and sensitivity analysis in respect of impairment of

investments and confirmed their consistency with the audited impairment models.

The impairment charge

recorded is within the

reasonable range of

possible outcomes.

In the prior year, our auditor’s report included a key audit matter in relation to the deferred tax asset valuation. In the current year, the net deferred

tax asset has been written down to £nil as it is no longer probable that sufficient taxable profit will be available to utilise the carried forward tax

losses. Consequently, this matter no longer resulted in the allocation of significant resources or engagement team efforts.

Our application of materiality

We apply the concept of materiality in planning and performing the

audit, in evaluating the effect of identified misstatements on the audit

and in forming our audit opinion.

Materiality

The magnitude of an omission or misstatement that, individually or in

the aggregate, could reasonably be expected to influence the economic

decisions of the users of the financial statements. Materiality provides a

basis for determining the nature and extent of our audit procedures.

We determined materiality for the Group to be £5.6 million

(2024: £6.7 million), which is 1.5% of Gross Margin (2024: 2.5% of

Adjusted EBITDA). We believe that Gross Margin is the appropriate

profit-metric to use as the basis for materiality as it is a focus of users of

the financial statements; demonstrates the Group’s ability to generate

profit from the sale of vehicles; and is a metric to which the Group

provides guidance to the market.

In the prior year, Adjusted EBITDA was used as the basis for determining

materiality. In the current year, management has moved away from

Adjusted EBITDA to Adjusted EBIT as the basis for management’s

remuneration targets and Adjusted EBIT has replaced Adjusted EBITDA

as a KPI. Consequently, we no longer consider it appropriate to use

Adjusted EBITDA as the basis for materiality. As the Group is loss making

at Adjusted EBIT, we considered Gross Margin to be the appropriate

profit-metric to use as the basis for materiality.

We determined materiality for the Parent Company to be £26.4 million

(2024: £37.6 million), which is 1.5% (2024: 1.5%) of Equity. When auditing

balances included within to the Group financial statements, we reduced

this to the Group materiality.

During the course of our audit, we reassessed initial materiality and

updated this for actual results.

Performance materiality

The application of materiality at the individual account or balance level.

It is set at an amount to reduce to an appropriately low level the

probability that the aggregate of uncorrected and undetected

misstatements exceeds materiality.

On the basis of our risk assessments, together with our assessment of

the Group’s overall control environment, our judgement was that

performance materiality was 50% (2024: 50%) of our planning

materiality, namely £2.8m (2024: £3.4m). We have set performance

materiality at this percentage due to the level of audit adjustments

identified in the prior year.

Audit work was undertaken at component locations for the purpose of

responding to the assessed risks of material misstatement of the group

financial statements. The performance materiality set for each

component is based on the relative scale and risk of the component to

the Group as a whole and our assessment of the risk of misstatement at

that component. In the current year, the range of performance

materiality allocated to components was £0.56m to £2.78m

(2024: £0.67m to £3.32m).

ANNUAL REPORT AND ACCOUNTS 2025

167

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

ASTONMARTINLAGONDA GLOBAL HOLDINGS PLC CONTINUED

Reporting threshold

An amount below which identified misstatements are considered as

being clearly trivial.

We agreed with the Audit Committee that we would report to them all

uncorrected audit differences in excess of £0.28m (2024: £0.34m), which

is set at 5% of planning materiality, as well as differences below that

threshold that, in our view, warranted reporting on qualitative grounds.

We evaluate any uncorrected misstatements against both the

quantitative measures of materiality discussed above and in light of

other relevant qualitative considerations in forming our opinion.

Other information

The other information comprises the information included in the annual

report set out on pages 1-240, other than the financial statements and

our auditor’s report thereon. The directors are responsible for the other

information contained within the annual report.

Our opinion on the financial statements does not cover the other

information and, except to the extent otherwise explicitly stated in this

report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so,

consider whether the other information is materially inconsistent with

the financial statements or our knowledge obtained in the course of the

audit or otherwise appears to be materially misstated. If we identify such

material inconsistencies or apparent material misstatements, we are

required to determine whether this gives rise to a material misstatement

in the financial statements themselves. If, based on the work we have

performed, we conclude that there is a material misstatement of the

other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the

Companies Act 2006

In our opinion, the part of the directors’ remuneration report to be

audited has been properly prepared in accordance with the Companies

Act 2006.

In our opinion, based on the work undertaken in the course of the audit:

¤ the information given in the strategic report and the directors’ report

for the financial year for which the financial statements are prepared

is consistent with the financial statements; and

¤ the strategic report and the directors’ report have been prepared in

accordance with applicable legal requirements.

Matters on which we are required to report by

exception

In the light of the knowledge and understanding of the group and the

parent company and its environment obtained in the course of the audit,

we have not identified material misstatements in the strategic report or

the directors’ report.

We have nothing to report in respect of the following matters in

relationto which the Companies Act 2006 requires us to report to you if,

in our opinion:

¤ adequate accounting records have not been kept by the parent

company, or returns adequate for our audit have not been received

from branches not visited by us; or

¤ the parent company financial statements and the part of the

Directors’ Remuneration Report to be audited are not in agreement

with the accounting records and returns; or

¤ certain disclosures of directors’ remuneration specified by law are not

made; or

¤ we have not received all the information and explanations we require

for our audit

Corporate Governance Statement

We have reviewed the directors’ statement in relation to going concern,

longer-term viability and that part of the Corporate Governance

Statement relating to the group and company’s compliance with the

provisions of the UK Corporate Governance Code specified for our

review by the UK Listing Rules.

Based on the work undertaken as part of our audit, we have concluded

that each of the following elements of the Corporate Governance

Statement is materially consistent with the financial statements or our

knowledge obtained during the audit:

¤ Directors’ statement with regards to the appropriateness of adopting

the going concern basis of accounting and any material uncertainties

identified set out on pages 175-176;

¤ Directors’ explanation as to its assessment of the company’s

prospects, the period this assessment covers and why the period is

appropriate set out on page 78;

¤ Directors’ statement on whether it has a reasonable expectation that

the group will be able to continue in operation and meets its liabilities

set out on pages 78 and 175-176;

¤ Directors’ statement on fair, balanced and understandable set out on

pages 114-115 and 159;

¤ Board’s confirmation that it has carried out a robust assessment of the

emerging and principal risks set out on page 116;

¤ The section of the annual report that describes the review of

effectiveness of risk management and internal control systems set

out on pages 116-119; and

¤ The section describing the work of the audit committee set out on

page s 116 -119.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set

out on page 159, the directors are responsible for the preparation of the

financial statements and for being satisfied that they give a true and fair

view, and for such internal control as the directors determine is

necessary to enable the preparation of financial statements that are free

from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for

assessing the group and parent company’s ability to continue as a going

concern, disclosing, as applicable, matters related to going concern and

using the going concern basis of accounting unless the directors either

intend to liquidate the group or the parent company or to cease

operations, or have no realistic alternative but to do so.

168

ASTON MARTIN LAGONDA

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

ASTONMARTINLAGONDA GLOBAL HOLDINGS PLC CONTINUED

Auditor’s responsibilities for the audit of the

financialstatements

Our objectives are to obtain reasonable assurance about whether the

financial statements as a whole are free from material misstatement,

whether due to fraud or error, and to issue an auditor’s report that

includes our opinion. Reasonable assurance is a high level of assurance,

but is not a guarantee that an audit conducted in accordance with ISAs

(UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material

if, individually or in the aggregate, they could reasonably be expected to

influence the economic decisions of users taken on the basis of these

financial statements.

Explanation as to what extent the audit was considered capable of

detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with

laws and regulations. We design procedures in line with our

responsibilities, outlined above, to detect irregularities, including fraud.

The risk of not detecting a material misstatement due to fraud is higher

than the risk of not detecting one resulting from error, as fraud may

involve deliberate concealment by, for example, forgery or intentional

misrepresentations, or through collusion. The extent to which our

procedures are capable of detecting irregularities, including fraud is

detailed below.

However, the primary responsibility for the prevention and detection of

fraud rests with both those charged with governance of the company

and management.

Our approach was as follows:

¤ We obtained an understanding of the legal and regulatory

frameworks that are applicable to the group and determined that the

most significant are frameworks which are directly relevant to specific

assertions in the financial statements are those that relate to the

reporting framework (UK adopted international accounting

standards, FRS 101, the Companies Act 2006 and UK Corporate

Governance Code.

¤ We understood how Aston Martin Lagonda Global Holdings plc is

complying with those frameworks by making inquiries of management,

internal audit, those responsible for legal and compliance procedures

and the company secretary. We corroborated our inquiries through our

review of board minutes, papers provided to the Audit Committee and

correspondence received from regulatory bodies.

¤ We assessed the susceptibility of the group’s financial statements to

material misstatement, including how fraud might occur by meeting

with management and internal audit to understand where they

considered there was susceptibility to fraud. We also considered

performance targets and the potential incentives or opportunities to

manage earnings or influence the perceptions of analysts. We

considered the programmes and controls that the Group has

established to address risks identified, or that otherwise prevent,

deter and detect fraud; and how senior management monitors those

programs and controls. Where the risk was considered to be higher,

we performed audit procedures to address each identified fraud risk.

These procedures included testing manual journals and were

designed to provide reasonable assurance that the financial

statements were free from material fraud.

¤ Based on this understanding we designed our audit procedures to

identify non-compliance with such laws and regulations. Our

procedures involved understanding management’s internal controls

over compliance with laws and regulations; enquiries of legal counsel,

Group management, internal audit, and full and specific scope

management; reading internal audit reports and whistleblowing

summaries provided to the Audit Committee and performing focused

testing, as referred to in the key audit matters section above.

¤ Specific enquiries were made with the component team to confirm

any non-compliance with laws and regulations and this was reported

through their audit deliverables based on the procedures detailed in

the previous paragraph.

A further description of our responsibilities for the audit of the financial

statements is located on the Financial Reporting Council’s website at

https://www.frc.org.uk/auditorsresponsibilities. This description forms

part of our auditor’s report.

Other matters we are required to address

¤ Following the recommendation from the audit committee we were

appointed by the company on 24 July 2019to audit the financial

statements for the year ending 31 December 2019 and subsequent

financial periods.

The period of total uninterrupted engagement including previous

renewals and reappointments is seven years, covering the years

ending 2019 to 2025.

¤ The audit opinion is consistent with the additional report to the

auditcommittee.

Use of our report

This report is made solely to the company’s members, as a body, in

accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our

audit work has been undertaken so that we might state to the company’s

members those matters we are required to state to them in an auditor’s

report and for no other purpose. To the fullest extent permitted by law,

we do not accept or assume responsibility to anyone other than the

company and the company’s members as a body, for our audit work, for

this report, or for the opinions we have formed.

| WILLIAM BINNS (SENIOR STATUTORY AUDITOR)

| for and on behalf of Ernst & Young LLP,

StatutoryAuditor

| London

24 February 2026

ANNUAL REPORT AND ACCOUNTS 2025

169

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

ASTONMARTINLAGONDA GLOBAL HOLDINGS PLC CONTINUED

			2025			2024
			Adjusting			Adjusting
		Adjusted	items*	Total	Adjusted	items*	Total
	Notes	£m	£m	£m	£m	£m	£m
Revenue	3	1,257.7	–	1,257.7	1,583.9	–	1,583.9
Cost of sales		(887.9)	–	(887.9)	(1,000.0)	–	(1,000.0)
Gross profit		369.8	–	369.8	583.9	–	583.9
Selling and distribution expenses		(108.6)	–	(108.6)	(135.4)	–	(135.4)
Administrative and other operating
expenses		(450.4)	(70.0)	(520.4)	(531.3)	(16.7)	(548.0)
Operating loss	4	(189.2)	(70.0)	(259.2)	(82.8)	(16.7)	(99.5)
Finance income	7	61.7	4.2	65.9	7.1	18.8	25.9
Finance expense	8	(170.6)	–	(170.6)	(179.8)	(35.7)	(215.5)
Loss before tax		(298.1)	(65.8)	(363.9)	(255.5)	(33.6)	(289.1)
Income tax (charge)/credit	9	(129.1)	–	(129.1)	(34.4)	–	(34.4)
Loss for the year		(427.2)	(65.8)	(493.0)	(289.9)	(33.6)	(323.5)
Loss attributable to:
Owners of the Group				(493.2)			(323.5)
Non-controlling interests	33			0.2			–
				(493.0)			(323.5)
Other comprehensive income
Items that will never be reclassified to the Income Statement
Remeasurement of Defined Benefit liability	26			–			10.2
Change in fair value of investments in equity instruments	15			25.1			51.4
Taxation on items that will never be reclassified to the Income Statement	9			(6.3)			(11.9)
Items that are or may be reclassified to the Income Statement
Foreign currency translation differences				(1.6)			0.8
Fair value adjustment – cash flow hedges	23			14.4			–
Amounts reclassified to the Income
Statement – cash flow hedges	23			(11.8)			(3.6)
Taxation on items that may be reclassified
to the Income Statement	9			(0.7)			0.9
Other comprehensive income/(loss) for the year, net of income tax				19.1			47.8
Total comprehensive loss for the year				(473.9)			(275.7)
Total comprehensive (loss)/income for the year attributable to:
Owners of the Group				(474.1)			(275.7)
Non-controlling interests	33			0.2			–
				(473.9)			(275.7)
Earnings per ordinary share
Basic loss per share	11			(50.2p)			(38.9p)
Diluted loss per share	11			(50.2p)			(38.9p)

All operations of the Group are continuing.

* Adjusting items are defined in note 2 with further detail shown in note 5

The notes on pages 175-225 form an integral part of the Financial Statements.

Consolidated Statement of Comprehensive Income

for the year ended 31 December 2025

170

ASTON MARTIN LAGONDA

FINANCIAL STATEMENTS

				Capital					Non-
	Share	Share	Merger	redemption	Capital	Translation	Hedge	Retained	controlling	Total
	capital	premium	reserve	reserve	reserve	reserve	reserves	earnings	interest	Equity
Group	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
1 January 2025	93.6	2,192.6	143.9	9.3	6.6	3.3	(1.9)	(1,707.2)	12.7	752.9
Total comprehensive
loss for the year
(Loss)/profit for the year	–	–	–	–	–	–	–	(493.2)	0.2	(493.0)
Other comprehensive income
Foreign currency
translation differences	–	–	–	–	–	(1.6)	–	–	–	(1.6)
Fair value movement –
cash flow hedges (note 23)	–	–	–	–	–	–	14.4	–	–	14.4
Amounts reclassified to the Consolidated Income
Statement – cash flow
hedges (note 23)	–	–	–	–	–	–	(11.8)	–	–	(11.8)
Remeasurement of Defined Benefit liability
(note 26)	–	–	–	–	–	–	–	–	–	–
Fair value movement of investments in equity instruments (note 15)	–	–	–	–	–	–	–	25.1	–	25.1
Tax on other comprehensive income
(note 9)	–	–	–	–	–	–	(0.7)	(6.3)	–	(7.0)
Total other comprehensive loss	–	–	–	–	–	(1.6)	1.9	18.8	–	19.1
Total comprehensive
(loss)/income for theyear	–	–	–	–	–	(1.6)	1.9	(474.4)	0.2	(473.9)
Transactions with owners, recorded
directly in equity
Issuance of new
shares(note 27)	7.5	–	43.7	–	–	–	–	–	–	51.2
Issue of shares to Share
Incentive Plan (note 27)	0.1	–	–	–	–	–	–	(0.1)	–	–
Debit for the year under equity-settled
share-based payments
(note 29)	–	–	–	–	–	–	–	(0.9)	–	(0.9)
Tax on items credited
toequity (note 9)	–	–	–	–	–	–	–	(0.1)	–	(0.1)
Total transactions
withowners	7.6	–	43.7	–	–	–	–	(1.1)	–	50.2
At 31 December 2025	101.2	2,192.6	187.6	9.3	6.6	1.7	–	(2,182.7)	12.9	329.2

Consolidated Statement of Changes in

Equity as at 31 December 2025

ANNUAL REPORT AND ACCOUNTS 2025

171

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

FINANCIAL STATEMENTS CONTINUED

Consolidated Statement of Changes in

Equity as at 31 December 2024

				Capital					Non-
	Share	Share	Merger	redemption	Capital	Translation	Hedge	Retained	controlling	Total
	capital	premium	reserve	reserve	reserve	reserve	reserves	earnings	interest	Equity
Group	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
1 January 2024	82.4	2,094.5	143.9	9.3	6.6	2.5	0.8	(1,437.7)	20.8	923.1
Total comprehensive
loss for the year
(Loss)/profit for the year	–	–	–	–	–	–	–	(323.5)	–	(323.5)
Other comprehensive income
Foreign currency
translation differences	–	–	–	–	–	0.8	–	–	–	0.8
Fair value movement –
cash flow hedges (note 23)	–	–	–	–	–	–	–	–	–	–
Amounts reclassified to the Consolidated Income
Statement – cash flow
hedges (note 23)	–	–	–	–	–	–	(3.6)	–	–	(3.6)
Remeasurement of Defined Benefit liability
(note 26)	–	–	–	–	–	–	–	10.2	–	10.2
Fair value movement of investments in equity instruments (note 15)	–	–	–	–	–	–	–	51.4	–	51.4
Tax on other comprehensive income
(note 9)	–	–	–	–	–	–	0.9	(11.9)	–	(11.0)
Total other comprehensive loss	–	–	–	–	–	0.8	(2.7)	49.7	–	47.8
Total comprehensive
(loss)/income for theyear	–	–	–	–	–	0.8	(2.7)	(273.8)	–	(275.7)
Transactions with owners, recorded
directly in equity
Issuance of new shares
(note 27)	11.1	98.1	–	–	–	–	–	–	–	109.2
Issue of shares to Share
Incentive Plan (note 27)	0.1	–	–	–	–	–	–	(0.1)	–	–
Dividend paid to non-controlling interest
(note 10)	–	–	–	–	–	–	–	–	(8.1)	(8.1)
Credit for the year under equity-settled
share-based payments
(note 29)	–	–	–	–	–	–	–	4.8	–	4.8
Tax on items credited to equity (note 9)	–	–	–	–	–	–	–	(0.4)	–	(0.4)
Total transactions with owners	11.2	98.1	–	–	–	–	–	4.3	(8.1)	105.5
At 31 December 2025	93.6	2,192.6	143.9	9.3	6.6	3.3	(1.9)	(1,707.2)	12.7	752.9

172

ASTON MARTIN LAGONDA

FINANCIAL STATEMENTS CONTINUED

Consolidated Statement of Financial

Position at 31 December 2025

		31 December 2025	31 December 2024
	Notes	£m	£m
Non-current assets
Intangible assets	12	1,644.8	1,659.1
Property, plant and equipment	14	351.5	351.4
Investments in equity interests	15	–	50.9
Other financial assets	20	–	23.2
Right-of-use lease assets	16	64.3	69.9
Trade and other receivables	18	10.5	7.3
Deferred tax asset	9	–	126.4
		2,071.1	2,288.2
Current assets
Inventories	17	277.7	303.0
Trade and other receivables	18	201.7	209.7
Other financial assets	20	3.0	1.0
Investments in equity instruments – asset held for sale	15	2.1	–
Cash and cash equivalents	19	249.9	359.6
		734.4	873.3
Total assets		2,805.5	3,161.5
Current liabilities
Borrowings	23	7.4	–
Trade and other payables	21	652.1	658.2
Income tax payable		4.3	5.7
Other financial liabilities	22	2.4	10.6
Lease liabilities	16	12.4	9.4
Provisions	25	38.6	19.7
		717.2	703.6
Non-current liabilities
Borrowings	23	1,492.8	1,387.3
Trade and other payables	21	134.9	151.5
Lease liabilities	16	79.4	87.2
Other financial liabilities	22	–	23.2
Provisions	25	29.9	27.1
Employee benefits	26	22.1	28.7
		1,759.1	1,705.0
Total liabilities		2,476.3	2,408.6
Net assets		329.2	752.9
Capital and reserves
Share capital	27	101.2	93.6
Share premium	27	2,192.6	2,192.6
Merger reserve	27	187.6	143.9
Capital redemption reserve	27	9.3	9.3
Capital reserve		6.6	6.6
Translation reserve		1.7	3.3
Hedge reserves	23	–	(1.9)
Retained earnings		(2,182.7)	(1,707.2)
Equity attributable to owners of the Group		316.3	740.2
Non-controlling interests		12.9	12.7
Total shareholders’ equity		329.2	752.9

The Financial Statements were approved by the Board of Directors on 24 February 2026 and were signed on its behalf by

| ADRIAN HALLMARK

| CHIEF EXECUTIVE OFFICER

Company Number: 11488166

| DOUG LAFFERTY

| CHIEF FINANCIAL OFFICER

ANNUAL REPORT AND ACCOUNTS 2025

173

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

FINANCIAL STATEMENTS CONTINUED

Consolidated Statement of Cash Flows

forthe year ended 31 December 2025

		2025	2024
	Notes	£m	£m
Operating activities
Loss for the year		(493.0)	(323.5)
Adjustments to reconcile loss for the year to net cash inflow from operating activities
Tax charge on operations	9	129.1	34.4
Net finance costs	6, 7	104.7	189.6
Depreciation of property, plant and equipment	4	78.0	74.3
Depreciation of right-of-use lease assets	4	10.9	10.1
Amortisation of intangible assets	4	251.0	269.3
Loss on sale/scrap of property, plant and equipment	4	0.1	0.1
Difference between pension contributions paid and amounts recognised in the Consolidated Income
Statement		(8.0)	(12.1)
Decrease/(increase) in inventories		14.8	(12.8)
Decrease in trade and other receivables		1.8	106.7
Increase in trade and other payables		(13.4)	(33.8)
Increase/(decrease) in advances and customer deposits		2.6	(177.7)
Movement in provisions		23.7	2.7
Movements in translation reserve and other exchange related items		(1.3)	0.3
Movements in hedging position and foreign exchange derivatives		(2.1)	2.2
Increase in other derivative contracts		(11.4)	–
Movements in deferred tax relating to RDEC credit	9	(6.5)	(9.8)
Movement in LTIP Reserve		(1.0)	4.8
Cash generated from operations		80.0	124.8
Increase in cash held not available for short-term use		(1.4)	–
Income taxes paid	9	(4.5)	(0.9)
Net cash inflow from operating activities		74.1	123.9
Cash flows from investing activities
Interest received		4.8	7.1
Payments to acquire property, plant and equipment		(69.6)	(88.7)
Cash outflow on technology and development expenditure		(271.4)	(311.9)
Gross proceeds from disposal of investments in equity instruments	15	108.5	18.7
Net cash used in investing activities		(227.7)	(374.8)
Cash flows from financing activities
Interest paid	28	(147.8)	(122.0)
Proceeds from equity share issue	27	52.5	111.2
Proceeds from financial instrument utilised during refinancing transactions	7	–	0.7
Dividend paid to non-controlling interest	10	–	(8.0)
Principal element of lease payments	28	(10.0)	(9.5)
Proceeds from inventory repurchase arrangement	28	37.8	75.4
Repayment of inventory repurchase arrangement	28	(40.0)	(80.0)
Proceeds from new borrowings	28	161.1	1,394.6
Repayment of existing borrowings	28	–	(1,084.9)
Premium paid upon redemption of borrowings	28	–	(35.7)
Transaction fees paid on issuance of shares	27	(3.2)	(1.7)
Transaction fees paid on financing activities	24	(1.6)	(24.3)
Net cash inflow from financing activities		48.8	215.8
Net decrease in cash and cash equivalents		(104.8)	(35.1)
Cash and cash equivalents at the beginning of the year		359.6	392.4
Effect of exchange rates on cash and cash equivalents		(4.9)	2.3
Cash and cash equivalents at the end of the year		249.9	359.6

174

ASTON MARTIN LAGONDA

FINANCIAL STATEMENTS CONTINUED

Notes to the Financial Statements

1 Basis of Accounting

ston Martin Lagonda Global Holdings plc (the “Company”) is a

company incorporated in England and Wales and domiciled in

the UK. The Group Financial Statements consolidate those of the

Company and its subsidiaries (together referred to as the “Group”).

The Group Financial Statements have been prepared and approved

by the Directors in accordance with UK adopted international

accounting standards.

The Group Financial Statements have been prepared under the

historical cost convention except where the measurement of balances at

fair value is required as explained below. The Financial Statements are

prepared in millions to one decimal place, and in sterling, which is the

Company’s functional currency.

Climate change

In preparing the Consolidated Financial Statements, management have

considered the impact of climate change, particularly in the context of the

disclosures included in the Strategic Report this year and the sustainability

goals, including the stated Racing. Green. targets. Climate change is not

expected to have a significant impact on the Group’s going concern

assessment to 30 June 2027 nor the viability of the Group over the next

five years following consideration of the below points.

¤ The Group has modelled various scenarios to take account of the risks

and opportunities identified with the impact of climate change to

assess the financial impact on its business plan and viability.

¤ The Group is developing alternatives to the Internal Combustion

Engine (‘ICE’) with a blended drivetrain approach between 2026 and

2030 which includes electrically boosted and assisted combustion

drivetrains. Whilst the Group has targeted a reduction in 5-year

capital investment to £1.7bn from £2.0bn, owing in part to the

rephasing of Battery Electric Vehicle (‘BEV’) Technology investment,

the Group intends to review the implementation of an efficient

electrification strategy for the future.

¤ The Group has a Strategic Cooperation Agreement with Mercedes-

Benz AG. The agreement provides the Company with access to a wide

range of world-class technologies for the current generation of

luxury vehicles and future derivatives.

¤ The Group has a supply agreement with Lucid Group, Inc., which will

help drive the Group’s electrification strategy and long-term growth.

¤ The Group is leading a six-partner collaborative research and

development project, Project ELEVATION, which was awarded £9.0m

of government funding through the Advanced Propulsion Centre,

further supplementing the research and development of its

innovative modular BEV platform.

¤ The Group’s first hybrid supercar, Valhalla, entered production in

2025 with initial deliveries in Q4.

Consistent with the above, management have further considered the

impact of climate change on a number of key estimates within the

Financial Statements and has not found climate change to have a

material impact on the conclusions reached.

Climate change considerations have been factored into the Directors’

impairment assessments of the carrying value of non-current assets (such

as capitalised development cost intangible assets) through usage of a

pre-tax discount rate which reflects the individual nature and specific risks

relating to the business and the market in which the Group operates.

In addition, the forecast cash flows used in both the impairment

assessments of the carrying value of non-current assets and the

assessment of the recoverability of deferred tax assets, reflect the current

energy cost headwinds and future costs to achieve the Group’s near and

long-term emission reductions set out in its Racing. Green. targets. The

forecasts also consider forecast volumes for both existing and future car

lines given current order books and the assessment of changing customer

preferences in the context of climate change considerations.

Going concern

The Group meets its day-to-day working capital requirements and

medium term funding requirements through a mixture of $1,050.0m

Senior Secured Notes (“SSNs”) at 10.0% and £565.0m of SSNs at

10.375% both of which mature in March 2029, a Revolving Credit Facility

(“RCF”) (£170.0m) which matures on 31 December 2028, facilities to

finance inventory, a bilateral RCF, working capital loans in China and a

wholesale vehicle financing facility. Under the RCF, the Group is required

to comply with a leverage covenant tested quarterly from March 2027,

where the drawn amount less unrestricted Group cash is greater than

40% of the facility amount. Leverage is calculated as the ratio of

adjusted EBITDA to net debt (calculated as the SSNs and RCF, less the

unrestricted Group cash, after certain accounting adjustments are

made). Of these adjustments, the most significant is to account for lease

liabilities under “frozen GAAP”, i.e. under IAS 17 rather than IFRS 16.

Details of this adjustment are included in note 16.

The Group has complied with its covenant requirements for the year

ended 31 December 2025. Given the ongoing macro-economic and

industry volatility the Group has pro-actively agreed an amendment

to the terms of its RCF with its lending banks. This results in the next

financial covenant test being March 2027 and we expect to remain

compliant with our covenant requirements for the Going Concern period

The amounts outstanding on all the borrowings are shown in note 23.

The directors have developed trading and cash flow forecasts for the

period from the date of approval of these financial statements through

to 30 June 2027 (the “going concern review period”). These forecasts

show that the Group has sufficient financial resources to meet its

obligations as they fall due and to comply with covenants for the going

concern review period. The forecasts include the receipt in March 2026

of the irrevocably committed proceeds of £50m from AMR GP Limited.

The forecasts reflect the Group’s ultra-luxury performance-oriented

strategy, balancing supply with demand and the actions taken to improve

cost efficiency and gross margin. The forecasts include the costs of the

Group’s environmental, social and governance (“ESG”) commitments and

make assumptions in respect of future market conditions and, in

particular, wholesale volumes, average selling price, the launch of new

models, and future operating costs. The nature of the Group’s business is

such that there can be variation in the timing of cash flows around the

development and launch of new models. In addition, the availability of

funds provided through the vehicle wholesale finance facility changes as

the availability of credit insurance and sales volumes vary, in total and

seasonally. The forecasts take into account these factors to the extent

which the Group directors consider them to represent their best estimate

of the future based on the information that is available to them at the time

of approval of these Financial Statements.

ANNUAL REPORT AND ACCOUNTS 2025

175

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

NOTES TO THE FINANCIAL STATEMENTS

1 Basis of accounting continued

Going concern continued

The Group directors have considered a severe but plausible downside

scenario that includes considering the realisation of material risks

detailed within Principal Risks and Uncertainties on pages 71-76,

including the impact of a 25% reduction in Valhalla volumes, 15%

reduction in DBX volumes and a 10% reduction in sports volumes from

forecast levels, operating costs higher than the base plan, incremental

working capital requirements such as reduced deposit inflows or

increased deposit outflows and the impact of the strengthening of the

sterling-dollar exchange rate.

The Group plans to make continued investment for growth in the period

and, accordingly, funds generated through operations are expected to

be reinvested in the business mainly through new model development

and other capital expenditure.

To a certain extent such expenditure is discretionary and, in the event of

risks occurring, including but not limited to a crisis management incident

or a severe but plausible downside, which could have a particularly

severe effect on the Group, actions to constrain capital spending, as well

as working capital management, reduction in marketing expenditure

and the continuation of strict and immediate expense control would be

taken to safeguard the Group’s financial position.

In addition, the Group also considered the circumstances which would be

needed to exhaust the Group’s liquidity over the assessment period, a

reverse stress test (without mitigating actions). This would indicate that

towards the end of the Going Concern period total core vehicle volumes

(DBX and GT/Sports) would need to reduce by more than 10% from

forecast levels to result in having no liquidity, and 4% to result in a breach

of covenants. The likelihood of management not taking substantial

controllable mitigating actions over such a long period (such as reducing

capital spending to preserve liquidity and covenant compliance) together

with these circumstances occurring is considered remote.

Accordingly, after considering the forecasts, appropriate sensitivities,

current trading and available facilities, the directors have a reasonable

expectation that the Group has adequate resources to continue in

operational existence for the Going Concern period to 30 June 2027 and

to comply with its financial covenants and, therefore, the directors continue

to adopt the going concern basis in preparing the Financial Statements.

2 Accounting policies

Basis of consolidation

The Consolidated Financial Statements consist of the Financial

Statements of the Group and all entities controlled by the Group. All

intercompany balances and transactions, including unrealised profits

arising, are eliminated.

Subsidiaries

Subsidiaries are entities controlled by the Group. The Group controls an

entity when it is exposed to, or has rights to, variable returns from its

involvement with the entity and has the ability to affect those returns

through its power over the entity. In assessing control, the Group takes

into consideration potential voting rights that are currently exercisable.

The acquisition date is the date on which control is transferred to the

acquirer. The financial statements of subsidiaries are included in the

Group Financial Statements from the date that control commences until

the date that control ceases. The financial statements of subsidiaries

used in the preparation of the Consolidated Financial Statements are

prepared for the same reporting year as the Group and are based on

consistent accounting policies.

Foreign currency translation

Transactions in foreign currencies are initially recorded in the functional

currency of the operation by applying the exchange rate ruling at the

date of the transaction. Monetary assets and liabilities denominated in

foreign currencies are retranslated at the rate of exchange ruling at the

reporting date. All differences are taken to the Consolidated Income

Statement except for the translational differences on monetary items

that form part of designated hedge relationships.

The assets and liabilities of foreign operations are translated into

sterling at the rate of exchange ruling at the reporting date. Income and

expenses are translated at average exchange rates for the period. The

resulting exchange differences are taken through Other Comprehensive

Income to the translation reserve. On disposal of a foreign entity, the

deferred cumulative amount recognised in the translation reserve

relating to the foreign operation is recognised in the Consolidated

Income Statement.

Non-monetary items that are measured in terms of historical cost in a

foreign currency are translated using the exchange rates as at the dates

of the initial transactions. Non-monetary items measured at fair value in

a foreign currency are translated using the exchange rates at the date

when the fair value was determined.

Revenue recognition

Revenue is recognised when the Group satisfies its performance

obligation to supply a product or service to the customer. Revenue is

measured at the fair value of the consideration receivable, deducting

dealer incentives, VAT and other sales taxes or duty. The following

criteria must also be met before revenue is recognised.

Sale of vehicles

Revenue from the sale of vehicles is recognised when control of the

vehicle is passed to the dealer or individual, thus evidencing the

satisfaction of the associated performance obligation under that

contract. Control is passed when the buyer can direct the use of and

obtain substantially all of the benefits of the vehicle which is typically at

the point of despatch. When despatch is deferred at the formal request

of the buyer and a written request to hold the vehicle until a specified

delivery date has been received, revenue is recognised when the vehicle

is ready for despatch and the Group can no longer use or direct the

vehicle to an alternative buyer.

Where the dealer is Aston Martin Works Limited, an indirect subsidiary

of the Company, revenue is recognised when control of the vehicle is

passed to an individual customer outside of the group.

The Group estimates the consideration to which it will be entitled in

exchange for satisfaction of the performance obligation as part of the

sale of a vehicle. Revenue is recognised at the wholesale selling price net

of dealer incentives (variable marketing expense or “VME”). VME is

estimated and accrued for at the time of the wholesale sale to the dealer

where no other obligations exist. For those elements of VME connected

with retail sales by the dealer where there is also a contractual

requirement for the dealer to make additional wholesale purchases at

that time to receive the incentive, the incentive is accrued at the time of

the retail sale by the dealer to the end customer.

176

ASTON MARTIN LAGONDA

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2 Accounting policies continued

Sale of vehicles continued

Warranties are issued on new vehicles sold with no separate purchase

option available to the customer and, on this basis, are accounted for in

accordance with IAS 37. Service packages sold as part of the supply of a

vehicle are accounted for as a separate performance obligation with the

revenue deferred, based on the term of the package, at the original point

of sale. The deferred revenue is released to the Consolidated Income

Statement over the shorter of the period that the service package covers

or the number of vehicle services that the end user is entitled to.

The Group sells vehicles which feature certain telematics services

allowing connectivity between a vehicle and an end user’s technology

device. Payment for the initial usage period of such features is typically

received as part of the overall vehicle price. The Group recognises a

contract liability reflecting an appropriate allocation of the vehicle sales

price for the initial usage period. To the extent that the Group sells the

service separately in the same market, the allocation is the observable

price at which the Group sells the service separately. For all other

services, the Group estimates the standalone selling price using a

cost-plus-margin approach. Revenue is recognised on a straight-line

basis over the term of the service which commences at the point of the

vehicle being retailed to an end customer.

Where a sale of a vehicle includes other performance obligations, the

Group determines the allocation of the total transaction price by

reference to their relative standalone selling prices where possible.

Sales of parts

Revenue from the sale of parts is recognised upon transfer of control to

the customer, generally when the parts are released to the carrier

responsible for transporting them. Where the dealer is Aston Martin

Works Limited, an indirect subsidiary of the Company, revenue is

recognised upon despatch to a customer outside of the Group.

Servicing and restoration of vehicles

Revenue is recognised upon completion of the service /restoration

typically when the service or restoration is completed in accordance

with the customers’ requirements.

Brands and motorsport

Revenue from brands and motorsport is recognised when the

performance obligations, principally use of the Aston Martin brand

name or supply of a motorsport vehicle, are satisfied. Revenue is

recognised either at a point in time or over a period of time in line with

IFRS 15 and according to the terms of the contract.

Customer advance payments

The Group receives advance cash payments from customers to secure

their allocation of a vehicle produced in limited quantities, typically with a

lead time of greater than 12 months. The value of the advance, both

contractually refundable or non-refundable, is held as a contract liability

in the Consolidated Statement of Financial Position. Upon satisfaction of

the performance obligation, the liability is released to revenue in the

Consolidated Income Statement. If the deposit is returned to the

customer prior to satisfaction of the performance obligation, the contract

liability is derecognised. Where a significant financing component exists,

the contract liability is increased over the same period of time as the

contract liability is held to account for the time value of money. A

corresponding charge is recognised in the Consolidated Income

Statement within finance expenses. Upon satisfaction of the linked

performance obligation, the liability is released to revenue.

The Group applies a practical expedient for short-term advances

received from customers whereby the advanced payment is not

adjusted for the effects of a significant financing component.

Finance income

Finance income comprises interest receivable on invested funds

calculated using the effective interest rate method, interest income and

net currency gains arising on foreign currency denominated borrowings

(not designated under a hedge relationship) that are recognised in the

Consolidated Income Statement.

Finance expense

Finance expense comprises interest payable on borrowings calculated

using the effective interest rate method, interest expense on the net

Defined Benefit pension liability, gains and losses on financial

instruments that are recognised at fair value through the Consolidated

Income Statement and net foreign exchange losses on foreign currency

denominated borrowings (not designated under a hedge relationship)

that are recognised in the Consolidated Income Statement.

Interest incurred on lease liabilities accounted for under IFRS 16, interest

charged in relation to significant financing components on customer

advance payments, and the unwind of discounting on long term

liabilities are all recognised within finance expense.

Current/non-current classification

Current assets include assets held primarily for trading purposes, cash

and cash equivalents, and assets expected to be realised in, or intended

for sale or consumption as part of the Group’s normal identifiable

operating cycle which is assumed to be 12 months. All other assets are

classified as non-current assets.

Current liabilities include liabilities held primarily for trading purposes in

line with the Group’s identifiable normal operating cycle. These

liabilities are expected to be settled as part of the Group’s normal

course of business. All other liabilities are classified as non-current

liabilities. Customer deposits and advances are typically presented as

current, although, due to the timing between deposit payment and a

sale completing, can take longer than 12 months to unwind.

Goodwill

For acquisitions on or after 1 January 2010, the Group measures

goodwill at the acquisition date as:

¤ the fair value of the consideration transferred; plus

¤ the recognised amount of any non-controlling interests in the

acquiree; plus

¤ the fair value of the existing equity interest in the acquiree; less

¤ the net recognised amount (generally fair value) of the identifiable

assets acquired and liabilities assumed.

Costs related to the acquisition, other than those associated with the

issue of debt or equity securities, are expensed as incurred.

ANNUAL REPORT AND ACCOUNTS 2025

177

STRATEGIC

GOVERNANCE

FINANCIAL

INFORMATION

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2 Accounting policies continued

Goodwill continued

For the purpose of impairment testing, goodwill is allocated to the

related cash-generating unit. The only cash-generating unit of the

Group is that of Aston Martin Lagonda Group as there are no smaller

groups of assets that can be identified with certainty which generate

specific cash flows independent of the inflows generated by other

assets or groups of assets. Where the recoverable amount of the

cash-generating unit is less than the carrying amount, an impairment

loss is recognised in the Consolidated Income Statement.

Intangible assets

Intangible assets acquired separately from a business are carried

initially at cost. An intangible asset acquired as part of a business

combination is recognised outside of goodwill if the asset is separable,

or arises from contractual or other legal rights, and its fair value can be

measured reliably.

Fair value adjustments are considered to be provisional at the first year

end date after the acquisition, to allow the maximum time to elapse for

management to make a reliable estimate.

Purchased intellectual property

Purchased intellectual property that is not integral to an item of

property, plant and equipment is recognised separately as an intangible

asset stated at cost less accumulated depreciation.

Brands

An acquired brand is only recognised in the Consolidated Statement of

Financial Position as an intangible asset where it is supported by a

registered trademark, is established in the marketplace, the brand could

be sold separately from the rest of the business and where the brand

achieves earnings in excess of those achieved by unbranded products.

The value of an acquired brand is determined by allocating the purchase

price consideration of an acquired business between goodwill and the

underlying fair values of the tangible assets, brands and other intangible

assets acquired, using an income approach following the multi-period

excess earnings methodology. Acquired brands have an indefinite life

when there is no foreseeable limit to the period over which the asset is

expected to generate cash inflows.

Development costs

Expenditure on internally developed intangible assets, excluding

development costs, is taken to the Consolidated Income Statement in

the year in which it is incurred. Clearly defined and identifiable

development costs are capitalised under IAS 38 ‘Intangible Assets’ after

the following criteria have been met:

¤ The project’s technical feasibility and commercial viability, based on

an estimate of future cash flows, can be demonstrated when the

project has reached a defined milestone according to the Group’s

established product development model.

¤ Technical and financial resources are available for the project.

¤ An intention to complete the project has been confirmed.

¤ The correlation between development costs and future revenues has

been established.

Technology

Patented and unpatented technology acquired in business combinations

is valued using the cost approach. The obsolete element is determined

by reference to the proportion of the product lifecycle that had expired

at the acquisition date. Technology acquired from third parties is

measured at the acquisition date fair value using the cost approach.

Dealer network

Save for certain direct sales of some special edition and buyer-

commissioned vehicles, the Group sells its vehicles exclusively through a

network of dealers. All dealers in the dealer network are independent

dealers with the exception of Aston Martin Works Limited. To the extent

that the Group benefits from the network, the dealer network has been

valued based on costs incurred by the Group. The existing Dealer

Network asset arose as part of a business combination.

Amortisation

Following initial recognition, the historical cost model is applied, with

intangible assets being carried at cost less accumulated amortisation

and accumulated impairment losses. Amortisation of these capitalised

costs begins when the asset is available for use. Intangible assets with a

finite life have no residual value and, with the exception of special vehicle

development costs, are amortised on a straight-line basis over their

expected useful lives as follows:

	Years
Purchased intellectual property	5
Development costs	1 to 10
Technology	10
Software and other	3 to 10
Dealer network	20

The useful lives and residual values of capitalised development costs are

determined at the time of capitalisation and are reviewed annually for

appropriateness and recoverability.

Amortisation of special vehicle development costs are spread evenly

across the limited quantity of vehicles produced and charged to the

Consolidated Income Statement at the point of sale for each vehicle.

Property, plant and equipment

Property, plant and equipment is stated at cost less accumulated

depreciation and accumulated impairment losses. Cost comprises the

aggregate amount paid, and the fair value of any other consideration

given, to acquire the asset, including directly attributable costs to make

the asset capable of operation.

Depreciation is provided on all property, plant and equipment, other

than land. Apart from assets acquired for the manufacturer of special

vehicle programmes, depreciation is provided on assets on a straight-

line basis to its residual value over its expected useful life as follows:

	Years
Freehold buildings	30
Plant and machinery	5 to 30
Fixtures and fittings	3 to 12
Tooling	1 to 15
Motor vehicles	3 to 5

178

ASTON MARTIN LAGONDA

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2 Accounting policies continued

Property, plant and equipment continued

Depreciation of assets acquired for the manufacture of special vehicle

programmes is spread evenly across the limited quantity of vehicles

produced and charged to the Consolidated Income Statement at the

point of sale for each vehicle.

Tooling is depreciated over the life of the project. Assets in the course of

construction are included in their respective category but are not

depreciated until available for use. The carrying values of property,

plant and equipment are reviewed for impairment if events or changes

in circumstances indicate the carrying value may not be recoverable and

are written down immediately to their recoverable amount. Useful lives

and residual values are reviewed annually and where adjustments are

required these are made prospectively.

An item of property, plant and equipment is derecognised upon disposal.

Any gain or loss arising on the derecognition of the asset is included in the

Consolidated Income Statement in the period of derecognition

Investments in equity instruments

Upon initial recognition, the Group can elect to classify irrevocably its

equity investments as equity instruments designated at fair value

through OCI when they meet the definition of equity under IAS 32

‘Financial Instruments: Presentation’ and are not held for trading. The

classification is determined on an instrument-by-instrument basis. Gains

and losses on these financial assets are never recycled to profit or loss.

Dividends are recognised as other income in the statement of profit or

loss when the right of payment has been established, except when the

Group benefits from such proceeds as a recovery of part of the cost of

the financial asset, in which case, such gains are recorded in OCI. Equity

instruments designated at fair value through OCI are not subject to

impairment assessment. The Group elected to classify irrevocably its

non-listed equity investments under this category.

Assets held for sale

The Group holds assets classified as held for sale which, due to

consisting exclusively of financial assets, are measured at fair value in

accordance with IFRS 9 – Financial Instruments, rather than the

measurement provisions which apply under IFRS 5 Non-Current Assets

Held for Sales. Assets are classified as held for sale if their carrying

amount will be recovered principally through a sale transaction rather

than through continuing use. This condition is regarded as having been

met only when the sale is highly probable due to an active sale process

being underway which is expected to be concluded within one year, and

the asset is available for sale in its present condition.

Government grants

Government grants are recognised in the Consolidated Income

Statement, either on a systematic basis when the Group recognises the

related costs that the grants are intended to compensate for, or

immediately if the costs have already been incurred.

Government grants related to assets are deducted from the cost of the

asset and amortised over the useful life of the asset. Government grants

are recognised when there is reasonable assurance that the Group will

comply with the relevant conditions and the grant will be received.

Research and development tax relief in the form of the Research and

Development Expenditure Credit (“RDEC”) is recognised in the

Consolidated Income Statement over the periods in which the qualifying

expenditure giving rise to the RDEC claim is recognised, as the Group’s

assessment of the conditions of receipt of the RDEC concludes that it

meets the definition of a Government grant. Certain expenses within the

scope of RDEC are capitalised as part of the Group’s development costs.

Where this is the case, the Group defers the income associated with the

claim to deferred income and releases it to the Consolidated Income

Statement in line with the amortisation profile of the associated asset.

Claims are submitted annually based on the qualifying expenditure for a

given accounting period. The cash benefit from the claim is received in

the year of the claim and presented in operating cash flows.

If the subsidiary submitting the claim is loss-making, the RDEC claim is

restricted, under the merged scheme, to the ring-fenced profits rate

which is currently 19%. Prior to the financial year commencing 1 January

2025 the Group’s RDEC claim was restricted by an amount equal to the

then rate of UK corporation tax. The restricted amount can be applied in

discharging any liability of the subsidiary to pay corporation tax in any

subsequent tax period and has been accounted for as an unused tax credit

in accordance with IAS 12 and is included within deferred tax assets.

Carbon credits

The production and import of vehicles into certain jurisdictions can

trigger a requirement to eliminate negative carbon credits, which gives

rise to a liability. From time to time, the Group enters into contracts to

purchase positive credits to offset the liability. The annual liability is

currently immaterial to the Group.

Right-of-use assets and lease liabilities – IFRS 16

Leases under which the Group acts as lessee

The Group is a party to lease contracts for properties, plant and

machinery and IT equipment. The Group recognises a right-of-use asset

and a lease liability at the lease commencement date. The right-of-use

asset is initially measured at cost, which comprises the initial amount of

the lease liability adjusted for any lease payments made at or before the

commencement date, plus any initial direct costs incurred and an

estimate of costs to dismantle and remove the underlying asset or to

restore the underlying asset or the site on which it is located, less any

lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-

line method from the commencement date to the earlier of the end of

the useful life of the right-of-use asset or the end of the lease term. If the

Group is reasonably certain to exercise a purchase option, the right-of-

use asset is depreciated over the underlying asset’s useful life. The

estimated useful lives of right-of-use assets are determined on the same

basis as those of property, plant and equipment. Moreover, the

right-of-use asset is periodically reduced by impairment losses, if any,

and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease

payments unpaid at the commencement date, discounted using the

interest rate implicit in the lease or, if that rate cannot be readily

determined, an estimate of the Group’s incremental borrowing rate at

that point in time.

The Group estimates the incremental borrowing rate by taking a credit

risk adjusted risk-free rate in addition to making other specific

adjustments to account for certain characteristics in the lease such as

geography, type of asset and security pledged.

ANNUAL REPORT AND ACCOUNTS 2025

179

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GOVERNANCE

FINANCIAL

INFORMATION

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2 Accounting policies continued

Right-of-use assets and lease liabilities – IFRS 16 continued

Leases under which the Group acts as lessee continued

Lease payments included in the measurement of the lease liability

comprise either fixed lease payments or lease payments subject to

periodic fixed increases. The lease liability is measured at amortised

cost using the effective interest rate method. Lease payments are

allocated between principal and interest cost with the interest costs

charged to the Consolidated Income Statement over the lease period.

The liability is remeasured when there is an increase/decrease in future

lease payments arising from a change in an index or rate specified.

Short-term leases and leases of low-value assets

The Group does not recognise right of-use-assets and lease liabilities for

short-term leases that have a lease term of fewer than 12 months and

leases of low-value assets. The Group recognises the lease payments

associated with these leases as an expense on a straight-line basis in the

Consolidated Income Statement over the lease term.

Impairment of assets

The Group assesses at each reporting date whether there is an indication

that an asset may be impaired. If any such indication exists, or when annual

impairment testing for an asset is required, the Group makes an estimate

of the asset’s recoverable amount. An asset’s recoverable amount is the

higher of an asset’s fair value less costs to sell and its value-in-use.

Where the carrying amount of an asset exceeds its recoverable amount,

the asset is considered impaired and is written down to its recoverable

amount. In assessing value-in-use, the estimated future cash flows are

discounted to their present value using a pre-tax discount rate that

reflects current market assessments of the time value of money and the

risks specific to the asset. Impairment losses on continuing operations

are recognised in the Consolidated Income Statement.

For goodwill, brands and other intangible assets that have an indefinite

life, the recoverable amount is estimated annually or more frequently

when there is an indication that the asset is impaired.

For intangible assets, property, plant and equipment, and right-of-use

lease assets that have a finite life, the recoverable amount is estimated

when there is an indication that the asset is impaired.

Where an impairment loss subsequently reverses, the carrying amount

of the asset is increased to the revised estimate of the recoverable

amount, but such that the increased carrying amount does not exceed

the carrying amount that would have been determined had no

impairment loss been recognised for the asset in prior periods. A

reversal of an impairment loss is recognised in the Consolidated Income

Statement as income immediately.

Inventories

Inventories are stated at the lower of cost and net realisable value. For

service and restoration projects, net realisable value is the price at which

the project can be invoiced in the normal course of business after

allowing for the costs of completion.

Cost includes all costs incurred in bringing each product to its present

location and condition, as follows:

¤ Raw materials, service parts and spare parts – purchase cost on a

first-in, first-out basis.

¤ Work in progress and finished vehicles – cost of direct materials and

labour plus attributable overheads based on a normalised level of

activity, excluding borrowing costs.

Provisions are made, on a specific basis, for obsolete, slow-moving and

defective stocks and if the cost of the service or restoration project

cannot be fully recovered. Inventories held under financing

arrangements are recognised when control is transferred to the Group.

Cash and cash equivalents

Cash and cash equivalent in the Statement of Financial Position comprise:

¤ Cash, being cash at banks and in hand as well as demand deposits.

¤ Cash equivalents, being short-term deposits with an original maturity

of three months or less, subject to insignificant changes in value,

which are readily convertible to known amounts and held to meet

short-term commitments.

Derivative financial instruments

Derivative financial assets and liabilities are recognised in the Statement

of Financial Position at fair value when the Group becomes a party to the

contractual provisions of the instrument. The Group uses derivative

instruments to manage its exposure to foreign exchange risk arising from

operating activities. Movements in the fair value of foreign exchange

derivatives not qualifying for hedge accounting are recognised in finance

income or expense. The accounting policy on derivatives that are

designated as hedging instruments in hedging relationships is detailed in

the hedge accounting policies. A financial asset or liability is derecognised

when the contract that gives rise to it is settled, sold, cancelled or expires.

Financial assets and liabilities

Financial assets are cash or a contractual right to receive cash or another

financial asset from another entity, or to exchange financial assets or

liabilities with another entity under conditions that are potentially

favourable to the entity. In addition, contracts that result in another

entity delivering a variable number of its own equity instruments are

financial assets.

Derivative financial instruments, including equity options, are held at fair

value. All other financial instruments are held at amortised cost.

Trade and other receivables

Trade and other receivables are carried at the lower of their original

invoiced value and recoverable amount. A trade receivable loss

allowance is measured at an amount equal to the lifetime expected

credit loss at initial recognition and throughout the life of the receivable.

Receivables are not discounted, as the time value of money is not

considered to be material.

Trade and other payables

Trade and other payables are recognised and carried at their original

invoiced value. Trade payables are not discounted to consider the time

value of money as the impact is immaterial.

Refundable and non-refundable customer deposits are held as contract

liabilities within current trade and other payables.

Inventory sale and repurchase arrangements, which are in substance

financing transactions, are included in other payables. The difference

between the sale and repurchase value is accounted for as part of the

effective interest calculation. The effective interest is charged to the

Consolidated Income Statement over the period from sale to repayment.

180

ASTON MARTIN LAGONDA

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2 Accounting policies continued

Hedge accounting

The Group uses derivative financial instruments in the form of forward

currency contracts, and certain US dollar denominated borrowings, to

hedge the foreign currency risk of sales (including inter-Group sales) of

finished vehicles and external purchases of component parts. For the

purpose of hedge accounting, hedges are classified as cash flow hedges

when hedging the exposure to variability in cash flows either

attributable to a particular risk associated with a recognised asset or

liability, or a highly probable forecast transaction, or the foreign

currency risk of an unrecognised firm commitment.

At the inception of the hedge relationship, the Group formally designates

and documents the hedge relationship and the risk management

objectives and strategy for undertaking the hedge. The documentation

includes identification of the hedging instrument, the hedged item, the

nature of the risk being hedged and how the Group will assess hedge

effectiveness. A hedging relationship qualifies for hedge accounting if it

meets all the following effectiveness requirements:

¤ There is an economic relationship between the hedged item and the

hedging instrument.

¤ The effect of credit risk does not dominate the value changes

resulting from that economic relationship.

¤ The theoretical hedge ratio of the hedging relationship is the same as

practically occurs.

Derivative financial instruments

The effective portion of the gain or loss on the hedging instrument is

recognised in Other Comprehensive Income in the cash flow hedge

reserve, while any ineffective portion is recognised immediately in the

Consolidated Income Statement. The Group designates only the spot

element of forward contracts as a hedging instrument. The forward

element is recognised in Other Comprehensive Income and accumulated

in a separate component of equity under cost of hedging reserve.

Financial liability as a hedge

Foreign currency differences arising on the retranslation of a financial

liability designated as a cash flow hedge are recognised directly in Other

Comprehensive Income to the extent that the hedge is effective. To the

extent that the hedge is ineffective, such differences are recognised in

the Consolidated Income Statement.

Subsequent accounting

The amounts accumulated in both the cash flow hedge reserve and the

cost of hedging reserve are accounted for depending on the nature of the

underlying hedged transaction. If the hedged transaction subsequently

results in the recognition of a non-financial item, the amount accumulated

in the hedge reserve is removed and included in the initial cost of the

hedge item. For any other cash flow hedges, the amount accumulated in

the hedge reserve is reclassified to the Consolidated Income Statement

as a reclassification adjustment in the same period or periods during

which the hedged cash flow affects profit or loss.

If hedge accounting is discontinued, the amount that has been

accumulated in the hedge reserve must remain in equity if the hedged

future cash flows are still expected to occur. Otherwise, the amount will

be immediately reclassified to the Consolidated Income Statement as a

reclassification adjustment. After discontinuation, once the hedged cash

flow occurs, any amount remaining in the hedge reserve is accounted

for depending on the nature of the underlying transaction.

Borrowings

Borrowings are recognised initially at fair value less attributable

transaction costs. Subsequent to initial recognition, borrowings are

stated at amortised cost with any difference between the amount

initially recorded and redemption value being recognised in the

Consolidated Income Statement as a finance expense over the period of

the borrowings on an effective interest basis.

Pensions

The Group operates a Defined Contribution pension plan under which

the Group pays fixed contributions into a separate entity and has no

legal or constructive obligation to pay further amounts. Obligations for

contributions to Defined Contribution pension plans are recognised as

an expense in the Consolidated Income Statement in the periods during

which services are rendered by employees.

The Group operates a Defined Benefit pension plan, which is contracted

out of the state scheme. The Group’s net obligation in respect of

Defined Benefit plans is calculated for the plan by estimating the

amount of the future benefit that employees have earned in the current

and prior periods, discounting that amount and deducting the fair value

of any plan assets.

The calculation of Defined Benefit obligations is performed annually by

a qualified actuary using the projected unit credit method. When the

calculation results in a potential asset for the Group, the recognised

asset is limited to the present value of economic benefits available in the

form of any future refunds from the plan or reductions in future

contributions to the plan. When the calculation results in a deficit for the

Group, the recognised liability is adjusted for the discounted value of

future deficit reduction contributions in excess of the calculated deficit.

Remeasurements of the net Defined Benefit asset or liability, which

comprise actuarial gains and losses, the interest on plan assets, and the

effect of the asset ceiling or minimum funding requirements, are

recognised immediately in Other Comprehensive Income. The Group

determines the net interest expense (income) on the net Defined Benefit

asset or liability, considering any changes in the net defined asset or

liability during the period as a result of contributions and benefit

payments. Net interest expense and other expenses related to Defined

Benefit plans are recognised in the Consolidated Income Statement.

When the benefits of the plan are changed or when a plan is curtailed,

the resulting change in benefit that relates to past service cost or the

gain or loss on curtailment is recognised immediately in the

Consolidated Income Statement. The Group recognises gains and losses

on the settlement of a Defined Benefit plan when the settlement occurs.

ANNUAL REPORT AND ACCOUNTS 2025

181

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FINANCIAL

INFORMATION

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2 Accounting policies continued

Share-based payment transactions

The fair value of equity-classified share-based awards with both market

and non-market-based performance conditions is recognised as an

expense within administrative and other expenses in the Consolidated

Income Statement, with a corresponding increase in equity over the

period that the employees become unconditionally entitled to the shares.

The amount recognised as an expense is adjusted to reflect both

non-market-based conditions, such as continued employment and

profit-related metrics, in addition to market-based conditions driven by an

estimation of the quantum of awards expected to vest at the date of grant.

Where the Group obtains goods or services in exchange for the issuance

of shares, these are accounted for as equity-settled share-based

payments in accordance with IFRS 2. Where the fair value of the goods

or services can be estimated reliably, these are recorded at fair value

with a corresponding increase in equity.

In the instance of a scheme modification, the number of shares

comprised in an award is adjusted to reflect equity changes in the Group

and will therefore not impact underlying charges.

Provisions

The Group provides product warranties on all new vehicle sales.

Warranty provisions are recognised when vehicles are sold or when new

warranty programmes are initiated. Based on historical warranty claim

experience, assumptions are made on the type and extent of future

warranty claims, including non-contractual warranty claims as well as

on possible recall campaigns. These assessments are based on the

frequency and extent of vehicle faults and defects in the past. In

addition, the estimates include assumptions on the potential repair costs

per vehicle and the effects of possible time or mileage limits. The

provisions are regularly adjusted to reflect new information.

Restructuring provisions are recognised only when the Group has a

constructive obligation, which is when:

¤ There is a detailed formal plan that identifies the business or part of

the business concerned, the location and number of employees

affected, the detailed estimate of the associated costs, and the

timeline; and

¤ the employees affected have been notified of the plan’s main features.

Income taxes

Tax on the profit or loss for the period represents the sum of the tax

currently payable and deferred tax. Tax is recognised in the

Consolidated Income Statement except to the extent that it relates to

items recognised directly in equity or Other Comprehensive Income

whereby the tax treatment follows that of the underlying item.

Current tax assets and liabilities are measured at the amount expected

to be recovered from or paid to the taxation authorities, based on tax

rates and laws that are enacted or substantively enacted by the

reporting date.

The Group is subject to corporate taxes in a number of different

jurisdictions and judgement is required in determining the appropriate

provision for transactions where the ultimate tax determination is

uncertain. In such circumstances, the Group recognises liabilities for

anticipated taxes based on the best information available and where

the anticipated liability is both probable and can be estimated. Any

interest and penalties accrued, if applicable, are included in income

taxes in both the Consolidated Income Statement and the Consolidated

Statement of Financial Position. Where the final outcome of such

matters differs from the amount recorded, any differences may impact

the income tax and deferred tax provisions in the period in which the

final determination is made.

Deferred tax is recognised on all temporary differences arising between

the tax bases of assets and liabilities and their carrying amounts in the

Consolidated Financial Statements, with the following exceptions:

¤ Where the temporary difference arises from the initial recognition of

goodwill or of an asset or liability in a transaction that is not a business

combination that at the time of the transaction affects neither

accounting nor taxable profit or loss.

¤ In respect of taxable temporary differences associated with

investments in subsidiaries, where the timing of the reversal of the

temporary differences can be controlled and it is probable that the

temporary differences will not reverse in the foreseeable future.

¤ Deferred income tax assets are recognised only to the extent that it is

probable that taxable profit will be available against which the

deductible temporary differences, carried forward tax credits or tax

losses can be utilised.

Deferred tax assets and liabilities are measured on an undiscounted

basis at the tax rates that are expected to apply when the related asset is

realised or liability is settled. Deferred tax assets and liabilities are

disclosed on a net basis where a right of offset exists.

The Group applied the exception under IAS 12 to recognising and

disclosing information about deferred tax assets and liabilities related to

Pillar Two income taxes.

182

ASTON MARTIN LAGONDA

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2 Accounting policies continued

Equity instruments

An equity instrument is any contract that evidences a residual interest in

the assets of the Group after deducting all of its liabilities. Equity

instruments issued by the Group are recorded at the proceeds received,

net of direct issue costs. Dividends and distributions relating to equity

instruments are debited direct to equity.

Adjusting items

An adjusting item is disclosed separately in the Consolidated Statement

of Comprehensive Income where the quantum, nature or volatility of

such items would otherwise distort the underlying trading performance

of the Group, including where they are not expected to repeat in future

periods. The tax effect is also included.

The Directors exercise judgement in determining the items which are

included in the alternative performance measures where an IFRS

measurement is adjusted in a manner which the Directors believe

provide additional insight into the performance of the Group. Additional

detail on how the alternative performance measures are calculated and

benefit the users of the accounts is set out in note 34.

Details in respect of adjusting items recognised in the current and prior

year are set out in note 5.

Critical accounting assumptions and key sources of

estimation uncertainty

Estimates

The preparation of Financial Statements requires management to make

estimates and assumptions that affect the amounts reported for assets

and liabilities as at the reporting date and the amounts reported for

revenues and expenses during the period. The nature of estimation

means that actual outcomes could differ from those estimates.

In the process of applying the Group’s accounting policies, which are

described in this note, management have made estimates. Other than as

set out below, variations in the remaining estimates are not considered

to give rise to a significant risk of a material adjustment to the carrying

amounts of assets and liabilities within the next financial year. The Group

considers it appropriate to identify the nature of the estimates used in

preparing the Group Financial Statements and the main source of

estimation uncertainty is impairment of finite life intangible assets.

Impairment of finite life intangible assets

For intangible assets that have a finite life, the recoverable amount is

estimated when there is an indication that the asset is impaired.

The result of the calculation of the value in use is sensitive to the

assumptions made and is a subjective estimate (note 13).

Other accounting assumptions and sources of

estimation uncertainty

Recognition of deferred tax assets

As a result of continuing global macroeconomic and geopolitical

volatility facing the wider automotive industry, recent trading

performance and the combined impact on the groups mid-term

outlook, the Group has revised its estimate in respect of the deferred tax

asset recognised, to be offset against future taxable profits, to £nil.

Given the reduction, ‘the valuation of deferred tax assets’ is no longer

considered as a significant estimate.

New accounting standards

The following amendment to an existing standard was applicable for the

period beginning 1 January 2025 and has been adopted by the Group

for year to 31 December 2025. It has not had an impact on the Group’s

result for the year, equity or disclosures:

¤ Lack of exchangeability – Amendments to IAS 21

The following new standards and amendments to an existing standards

have been published and will be applicable for the Group’s accounting

periods beginning 1 January 2026 onwards.

¤ Classification and Measurement of Financial Instruments –

Amendments to IFRS 9 and IFRS 7 (applicable from 1 January 2026)

¤ Contracts Referencing Nature-dependent Electricity – Amendments

to IFRS 9 and IFRS 7 (applicable from 1 January 2026)

¤ Annual Improvements to IFRS Accounting Standards— Volume 11

(applicable from 1 January 2026)

¤ IFRS 18 – Presentation and Disclosure in Financial Statements

(applicable from 1 January 2027)

The Group has not early adopted the above amendments applicable

from 1 January 2026 and the amendments are not expected to have a

material impact on the Group’s Consolidated Financial Statements.

The Group is continuing to assess the impact of the new accounting

standard applicable from 1 January 2027, IFRS 18 – Presentation and

Disclosure of Accounting Statements.

ANNUAL REPORT AND ACCOUNTS 2025

183

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FINANCIAL

INFORMATION

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

3 Segmental reporting

Operating segments are defined as components of the Group about which separate financial information is available and is evaluated regularly by

the chief operating decision-maker in assessing performance. The Group has only one operating segment, the automotive segment, and therefore

no separate segmental report is disclosed. The automotive segment includes all activities relating to design, development, manufacture and

marketing of vehicles, including consulting services; as well as the sale of parts, servicing and automotive brand activities from which the Group

derives its revenues.

	2025	2024
Revenue	£m	£m
Analysis by category
Sale of vehicles	1,142.7	1,477.9
Sale of parts	90.3	84.4
Servicing of vehicles	12.1	11.0
Brands and motorsport	12.6	10.6
	1,257.7	1,583.9

	2025	2024
Revenue	£m	£m
Analysis by geographical location
United Kingdom	261.9	262.1
The Americas 1	426.2	629.2
Rest of Europe, Middle East and Africa 2	374.4	434.7
Asia Pacific 3	195.2	257.9
	1,257.7	1,583.9

1 Within The Americas geographical segment, material revenue of £386.8m (2024: £591.0m) is generated in the United States of America

2 Within Rest of Europe, Middle East and Africa geographical segment, material revenue of £112.5m (2024: £137.7m) is generated in Germany

3 Within Asia Pacific geographical segment, material revenue of £80.4m (2024: £111.8m) is generated in Japan

Non-current assets other than financial instruments and deferred tax assets by geographical location

	Right-of-use	Tangible fixed		Intangible	Other
	lease asset	assets 1	Goodwill	assets 2	receivables	Total
As at 31 December 2025	£m	£m	£m	£m	£m	£m
United Kingdom	57.5	248.2	85.4	1,240.9	–	1,632.0
The Americas	4.3	4.7	–	188.5	5.1	202.6
Rest of Europe	0.5	97.6	–	130.0	5.4	233.5
Asia Pacific	2.0	1.0	–	–	–	3.0
	64.3	351.5	85.4	1,559.4	10.5	2,071.1

	Right-of-use	Tangible fixed		Intangible	Other
	lease asset	assets 1	Goodwill	assets 2	receivables	Total
As at 31 December 2024	£m	£m	£m	£m	£m	£m
United Kingdom	61.3	277.3	85.4	1,230.2	–	1,654.2
The Americas	5.3	5.4	–	188.5	3.8	203.0
Rest of Europe	1.1	68.4	–	155.0	3.5	228.0
Asia Pacific	2.2	0.3	–	–	–	2.5
	69.9	351.4	85.4	1,573.7	7.3	2,087.7

1 Within Tangible fixed assets are the following categories of asset; freehold land and buildings, tooling, plant, machinery, fixtures and fittings and motor vehicle

2 Within Intangible assets located in Europe, £130.0m (2024: £155.0m) is located in Germany. Within Intangible assets located in the Americas, £188.5m (2024: £188.5m) is

located in the United States of America. These assets relate to the technology sharing agreements with Mercedes Benz AG and Lucid Group, Inc. respectively

184

ASTON MARTIN LAGONDA

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

4 Operating loss

The Group’s operating loss is stated after charging/(crediting):

		2025	2024
		£m	£m
Depreciation and impairment of property, plant and equipment (note 14)		74.9	78.5
Depreciation released from/(absorbed into) inventory under standard costing		3.1	(4.2)
Loss on sale/scrap of property, plant and equipment (note 14)		0.1	0.1
Depreciation of right-of-use lease assets (note 16)		10.9	10.1
Amortisation and impairment of intangible assets (note 12)		243.6	282.7
Amortisation (absorbed into)/released from inventory under standard costing		7.4	(13.4)
Depreciation, amortisation and impairment charges included in administrative and other operating expenses		340.0	353.8
Increase in trade receivable loss allowance – administrative and other operating expenses (note 23)		0.9	1.3
Research and development expenditure tax credit		(24.6)	(23.8)
Other grant income*		(1.2)	(1.1)
Net foreign currency differences		5.7	8.0
Cost of inventories recognised as an expense		651.9	826.0
Write-down of inventories to net realisable value		9.8	4.2
Increase in fair value of other derivative contracts		(11.4)	–
Lease payments (gross of sub-lease receipts)	Plant, machinery and IT equipment**	0.3	0.3
Sub-lease receipts	Land and buildings	(0.5)	(0.5)
Auditor’s remuneration:	Audit of these Financial Statements	0.3	0.3
	Audit of Financial Statements of subsidiaries pursuant to legislation	0.5	0.5
	Audit-related assurance	0.1	0.1
Research and development expenditure recognised as an expense		12.9	21.2

* Other grant income reflects income recognised in the Consolidated Income Statement in relation to an award from the Advanced Propulsion Centre towards the Group’s

research and development into a modular battery electric vehicle platform

** Election taken by the Group to not recognise right-of-use lease assets and equivalent lease liabilities for short-term and low-value leases

	2025	2024
	£m	£m
Total research and development expenditure	239.4	333.3
Capitalised research and development expenditure (note 12)	(226.5)	(312.1)
Research and development expenditure recognised as an expense	12.9	21.2

ANNUAL REPORT AND ACCOUNTS 2025

185

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GOVERNANCE

FINANCIAL

INFORMATION

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

5 Adjusting items

	2025	2024
	£m	£m
Adjusting operating expenses:
ERP implementation costs 1	(8.1)	(10.0)
Legal settlement income 2	0.3	2.9
Legal settlement and costs 2	(3.2)	(8.1)
Director settlement and change costs 8	–	(1.5)
Employee restructuring costs 3	(18.7)	–
Impairment of assets 4
Development costs	(42.7)	–
Research and development expenditure tax credit deferral unwind	4.6	–
Transaction fees paid on the disposal of investments in equity instruments 5	(2.2)	–
	(70.0)	(16.7)
Adjusting finance income:
Gain on financial instruments recognised at fair value through Consolidated Income Statement 6	4.2	18.1
Gain on financial instrument utilised during refinance transactions 9	–	0.7
Adjusting finance expenses:
Premium paid on the early redemption of Senior Secured Notes 9	–	(35.7)
	4.2	(16.9)
Total adjusting items before tax	(65.8)	(33.6)
Tax charge on adjusting items 7	–	–
Adjusting items after tax	(65.8)	(33.6)

Summary of 2025 adjusting items

1. In the year ended 31 December 2025, the Group incurred further implementation costs for a cloud-based Enterprise Resource Planning (ERP) system for which the

Group will not own any intellectual property. £8.1m (2024: £10.0m) of costs have been incurred in the period under the service contract and expensed to the

Consolidated Income Statement during the business readiness phase of the project. The project continued a phased rollout during 2025 with the second of two

manufacturing sites going live to complement previous rollouts which included HR, ordering and dealer management, purchasing, and the first of two manufacturing

sites. Due to the infrequent recurrence and the quantum of costs during the implementation phase, these have been separately presented as adjusting non-recurring

costs. The cash impact of this item is a working capital outflow at the time of invoice payment.

2. During the year ended 31 December 2025, the Group incurred legal costs in relation to a number of disputes and claims with entities ultimately owned by a former

significant shareholder of the Group. The Group has incurred legal costs of £3.2m (2024: £8.1m) associated with its defence of such claims and pursuit of its

counterclaims. AMMENA, Aston Martin’s distributor in the Middle East, North Africa and Turkey region has brought various claims, which the Group denies.

Certain aspects of these claims, and Aston Martin’s counterclaims, were heard in a confidential arbitration in September 2024. The Tribunal made a partial award in

November 2024. In May 2025 the counterparty was granted permission to appeal a specific part of the award in a further proceeding at the High Court which took place

in September 2025. The High Court found in favour of the Group and awarded certain of its legal costs to the value of £0.3m. In line with the associated costs relating to

the legal matter, which have been considered as non-recurring in nature above, the associated judgment income has been deemed as non-recurring in nature.

Separately, on 1 March 2024 a court order was issued quantifying the amounts payable to the Group from the judgment of a case involving claims against a retail

dealership, which is ultimately owned by entities that are shareholders in one of the Group’s subsidiary entities, including for unpaid debts relating to two agreements

from 2015 and 2016. The Group was awarded certain of its legal costs, including some on an indemnity basis. Following challenge by the counterparty, the overall

amount received by the Group was £2.9m. All remaining amounts due in relation to this dispute have now been resolved. Given that the Group had incurred costs in

previous years in relation to the same matter which were considered non-recurring in nature due to being related to historic disputes with former shareholders and not

related to the ongoing business of the Group, the associated judgment income has also been treated as non-recurring in nature.

Whilst disputes and legal proceedings pending are often in the normal course of the Group’s business, in all these cases the opposing party has links to companies that

were former significant shareholders of the Group. On that basis the Group has classified these costs as non-recurring in nature.

The cash impact of legal settlement costs are a working capital outflow at the time of invoice payment, the cash impact of legal settlement incomes have been realised in

the same year in which the incomes have been recognised. The Group has continued to disclose a contingent liability in respect of ongoing claims with former significant

shareholders of the Group (note 32).

3. On 26 February 2025 it was announced that the Group was commencing a process to make organisational adjustments which ultimately saw the departure of around 100

valued colleagues from the Group. On 6 October 2025 the Group issued a Trading Update which highlighted challenges in the global macroeconomic environment due

to economic uncertainties surrounding the economic impact of U.S. tariffs and the implementation of the quota mechanism, changes to China’s ultra-luxury car taxes

and the increased potential for supply chain pressures. In response, the Group commenced an immediate review of cost and capital expenditure. As part of this review, it

was announced that the business would commence a further global consultation process on proposals to reduce the workforce by up to 20 percent. The Group has

accordingly recognised a provision of £18.7m in relation to incurred and expected restructuring costs across the course of the year ended 31 December 2025. As at

31 December 2025 £5.2m of costs have been realised, with the remaining £13.5m expected to be settled in 2026.

4. In response to the aforementioned Trading Update issued by the Group on 6 October 2025, a full review of the future product cycle plan was performed with revised

capital expenditure targets put in place. As part of the review and to deliver lower overall capital expenditure over the coming 5-year period, specific vehicle

programmes with previously capitalised development spend have been discontinued, resulting in an impairment of £42.7m (2024: nil) of capitalised development spend.

There is no cash impact of this adjustment.

As outlined in note 1, research and development tax relief in the form of the Research and Development Expenditure Credit (“RDEC”) is recognised in the Consolidated

Income Statement over the periods in which the qualifying expenditure giving rise to the RDEC claim is recognised. Certain expenses within the scope of RDEC are

capitalised as part of the Group’s development costs. Where this is the case, the Group defers the income associated with the claim to deferred income and releases it to

the Consolidated Income Statement in line with the amortisation profile of the associated asset. Given £4.6m (2024: nil) of RDEC claims made by the Group related to

development spend which has now been impaired as part of the Group’s product cycle plan, the associated one-time impact of the unwind of previously deferred RDEC

income has also been treated as non-recurring in nature. There is no cash impact of this adjustment.

186

ASTON MARTIN LAGONDA

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

5 Adjusting items continued

5. On 29 September 2025 the Group completed the sale of the significant portion of its shareholding in AMR GP Holdings Limited having early exercised an option to

subscribe for additional equity for a fixed value. The Group recognised £2.2m of fees in the Consolidated Income Statement in relation to the transaction which, due to

the unique nature and quantum of the transaction which is not expected to recur, have been presented as adjusting non-recurring costs. The cash impact of the

transaction was incurred in the year ended 31 December 2025.

6. The Group issued Second Lien SSNs during the year ended 31 December 2020 which included detachable warrants classified as a derivative option liability initially

valued at £34.6m. The movement in fair value of the liability in the year ended 31 December 2025 resulted in a gain of £4.2m (2024: gain of £18.1m) being recognised in

the Consolidated Income Statement. There is no cash impact of this adjustment.

7. In 2025, nil tax has been recognised as an adjusting item (2024: nil tax) which is not in line with the standard rate of income tax for the Group of 25% (2024: 25%). This is on

the basis that the adjusting items generate net deferred tax assets (specifically unused tax losses and interest amounts disallowed under the corporate interest

restriction legislation). These have not been recognised to the extent that sufficient taxable profits are not forecast against which the unused tax losses and interest

amounts disallowed under the corporate interest restriction legislation would be utilised.

8. On 22 March 2024 it was announced that Amedeo Felisa would be retiring from the business, and Adrian Hallmark would be joining the Group as Chief Executive Officer.

In addition, Marco Mattiacci, the Group’s Chief Commercial Officer, left the Group on 31 December 2024. The total costs associated with these changes was £1.5m, all of

which represents severance costs and payments in lieu of notice (note 6). Due to the nature and quantum, these items have been separately presented. The cash impact

of such changes is a working capital movement in 2025.

9. During the year ended 31 December 2024 the Group undertook a refinancing exercise whereby new Senior Secured Notes of $960.0m at 10.0% and £400.0m at 10.375%

repayable 31 March 2029 were issued, and all outstanding First Lien and Second Lien Senior Secured Notes issued by the Group were repaid. To facilitate the repayment of the

outstanding Secured Notes, the Group placed a forward currency contract to purchase US dollars. Due to favourable movements in the exchange rates, a gain of £0.7m

was recognised in the Consolidated Income Statement at the transaction date. The cash impact of this gain was realised at the point of refinancing. Additionally, in repaying

the notes prior to their redemption date, a redemption premium of £35.7m was incurred, of which the cash impact was incurred in the year ended 31 December 2024.

6 Staff costs and directors’ emoluments

(a) Staff costs (including Directors)

	2025	2024
	£m	£m
Wages and salaries	205.1	213.4
Social security costs	24.4	21.9
Pension costs	17.1	15.9
Restructuring costs	18.7	–
	265.3	251.2

The average monthly number of employees during the year were:

	2025	2024
By activity	Number	Number
Production	1,245	1,266
Selling and distribution	398	399
Administration	1,263	1,255
	2,906	2,920

(b) Directors’ emoluments and transactions

	2025	2024
	£m	£m
Directors’ emoluments	3.2	3.6
Company contributions to pension schemes	0.2	0.2
Severance and payments in lieu of notice	–	0.7
	3.4	4.5

All Directors benefited from qualifying third-party indemnity provisions. Further information relating to Directors’ remuneration is set out in the

Directors’ Remuneration Report on pages 122-150.

	2025	2024
	£m	£m
Short-term employee benefits	7.6	8.4
Post-employment benefits	0.5	0.5
Other benefits	0.3	–
Severance and payments in lieu of notice	1.1	1.9
	9.5	10.8

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7 Finance income

	2025	2024
	£m	£m
Bank deposit and other interest income	4.7	7.1
Foreign exchange gain on borrowings not designated as part of a hedging relationship	57.0	–
Finance income before adjusting items	61.7	7.1
Adjusting finance income items:
Foreign exchange gain on financial instrument utilised during refinance transactions	–	0.7
Gain on financial instruments recognised at fair value through Consolidated Income Statement (note 23)	4.2	18.1
Total adjusting finance income	4.2	18.8
Total finance income	65.9	25.9

8 Finance expense

	2025	2024
	£m	£m
Bank facilities, overdrafts and Senior Secured Notes	160.1	151.4
Interest on lease liabilities (note 16)	4.0	4.2
Net interest expense on the net Defined Benefit liability (note 26)	1.4	2.0
Interest on contract liabilities held (note 21)	1.1	3.7
Foreign exchange loss on borrowings not designated as part of a hedging relationship	–	14.1
Effect of discounting on long-term liabilities	4.0	4.4
Finance expense before adjusting items	170.6	179.8
Adjusting finance expense items:
Premium paid on the early redemption of Senior Secured Notes	–	35.7
Total adjusting finance expense	–	35.7
Total finance expense	170.6	215.5

9 Taxation

	2025	2024
	£m	£m
UK corporation tax on result	0.1	0.1
Overseas tax	3.0	5.4
Prior period movement	0.1	(0.1)
Total current income tax charge	3.2	5.4
Deferred tax charge
Origination and reversal of temporary differences	125.9	27.1
Prior period movement	–	1.8
Effect of change in deferred tax rate	–	0.1
Total deferred tax charge	125.9	29.0
Total income tax charge in the Consolidated Income Statement	129.1	34.4
Tax relating to items (credited)/charged to other comprehensive income
Deferred tax
Actuarial movement on Defined Benefit plan	–	2.5
Fair value adjustment on investments in equity interests	(9.4)	9.4
Fair value adjustment on cash flow hedges	0.7	(0.9)
	(8.7)	11.0
Current tax
Fair value adjustment on investments in equity interests	15.7	–
	7.0	11.0
Tax relating to items charged in equity – deferred tax
Effect of equity settled share-based payment charge	0.1	0.4

188

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED

9 Taxation continued

(a) Reconciliation of the total income tax charge

The tax charge (2024: charge) in the Consolidated Statement of Comprehensive Income for the year is higher (2024: higher) than the standard rate

of corporation tax in the UK of 25% (2024: 25%). The differences are reconciled below:

	2025	2024
	£m	£m
Loss from operations before taxation	(363.9)	(289.1)
Loss from operations before taxation multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)	(91.0)	(72.3)
Difference to total income tax charge due to effects of:
Expenses not deductible for tax purposes	2.0	1.4
Income not taxable for tax purposes	(2.9)	–
Movement in unprovided deferred tax	76.7	70.0
Net prior year deferred tax assets no longer recognised	142.5	29.9
Adjustments in respect of prior periods	0.1	1.7
Effect of change in deferred tax rate	–	0.1
Difference in overseas tax rates	0.1	0.1
Investments in equity instruments	8.1	3.5
Other	(6.5)	–
Total income tax charge	129.1	34.4

(b) Tax paid

Total net tax paid during the year was £4.5m (2024: £0.9m).

Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The legislation has been

effective for the Group’s financial year commencing 1 January 2024 onwards. The Group has performed an assessment of the Group’s potential

exposure to Pillar Two income taxes.

The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting and

financial statements for the constituent entities in the Group. Based on the assessment, the Pillar Two Transitional Safe Harbour provisions are

expected to apply in each jurisdiction the Group operates in, and management is not aware of any circumstance under which this might change.

Therefore, there is no tax expense associated with the Pillar Two legislation for the financial periods ended 31 December 2025 and 31 December

2024. The Group has applied the exemption in IAS 12 ‘Income Taxes’ from recognising and disclosing information about deferred tax assets and

liabilities related to Pillar Two income taxes.

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9 Taxation continued

(d) Deferred tax

Deferred tax assets and liabilities are attributable to the following:

	Assets	Assets	Liabilities	Liabilities
	2025	2024	2025	2024
	£m	£m	£m	£m
Property, plant and equipment	(107.0)	(115.8)	–	–
Intangible assets	–	–	201.7	191.5
Employee benefits	(6.1)	(7.7)	–	–
Provisions	–	(4.0)	–	–
RDEC credit 1	(39.8)	(33.3)	–	–
RDEC deferred income 2	(20.1)	(17.7)	–	–
Losses and other deductions 3	(28.3)	(150.7)	–	–
Share-based payments	(0.9)	(1.4)	–	–
Investments in equity interests 4	–	–	0.5	12.7
Deferred tax (assets)/liabilities	(202.2)	(330.6)	202.2	204.2
Offset of tax liabilities/(assets)	202.2	204.2	(202.2)	(204.2)
Total deferred tax assets	–	(126.4)	–	–

1 Deferred tax assets categorised as ‘RDEC credit’ relate to the cumulative restricted amount of the payable tax credits which can be applied or surrendered in discharging

any future corporation tax liability of the claimant company, as detailed in the Government Grants section of the Accounting Policies (note 2)

2 Deferred tax assets categorised as ‘RDEC deferred income’ relate to expenditure deferred to the Consolidated Statement of Financial position which has previously been

included within filed RDEC claims and subject to corporation tax. Any future release of the RDEC deferred income to the Consolidated Income Statement will not be

subject to corporation tax for a second time

3 Deferred tax assets categorised as ‘Losses and other deductions’ relate to tax losses and tax interest amounts disallowed under the corporate interest restriction legislation

4 Deferred tax liabilities categorised as ‘Investments in equity interests’ relate to the Group’s subscription for shares in AMR GP Holdings Limited (note 15). The above

amount represents the future tax charge arising on taxable gains that will crystallise upon a sale of the Group’s shareholding

Where the right exists in certain jurisdictions, deferred tax assets and liabilities have been offset.

		Net tax
		recognised	Net tax	Net tax
	1 January	in Income	recognised	recognised in	Other	31 December
Movement in deferred tax	2025	Statement	in OCI	equity	movement	2025
in 2025	£m	£m	£m	£m	£m	£m
Property, plant and equipment	(115.8)	8.8	–	–	–	(107.0)
Intangible assets	191.5	10.2	–	–	–	201.7
Employee benefits	(7.7)	1.6	–	–	–	(6.1)
Provisions	(4.0)	3.2	0.7	–	0.1	–
RDEC credit	(33.3)	–	–	–	(6.5)	(39.8)
RDEC deferred income	(17.7)	(2.4)	–	–	–	(20.1)
Losses and other deductions	(150.7)	122.4	–	–	–	(28.3)
Share-based payments	(1.4)	0.5	–	0.1	(0.1)	(0.9)
Investments in equity instruments	12.7	(2.8)	(9.4)	–	–	0.5
	(126.4)	141.5	(8.7)	0.1	(6.5)	–

190

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED

9 Taxation continued

(d) Deferred tax continued

		Net tax
		recognised	Net tax	Net tax
	1 January	in Income	recognised	recognised in	Other	31 December
Movement in deferred tax	2024	Statement	in OCI	equity	movement	2024
in 2024	£m	£m	£m	£m	£m	£m
Property, plant and equipment	(108.5)	(7.3)	–	–	–	(115.8)
Intangible assets	182.9	8.6	–	–	–	191.5
Employee benefits	(12.7)	2.5	2.5	–	–	(7.7)
Provisions	(10.4)	7.9	(0.9)	–	(0.6)	(4.0)
RDEC credit	(23.5)	–	–	–	(9.8)	(33.3)
RDEC deferred income	(13.8)	(3.9)	–	–	–	(17.7)
Losses and other deductions	(168.3)	17.8	–	–	(0.2)	(150.7)
Share-based payments	(2.0)	0.1	–	0.4	0.1	(1.4)
Investments in equity instruments	–	3.3	9.4	–	–	12.7
	(156.3)	29.0	11.0	0.4	(10.5)	(126.4)

The Group has a net recognised deferred tax asset of £nil at 31 December 2025 (2024: £126.4m). On a gross basis, a deferred tax asset of £808.8m

recognised to the extent that it is offset by the Group’s deferred tax liabilities. Under IAS 12, a deferred tax asset may be recognised only to the

extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised. As a result of

continuing global macroeconomic and geopolitical volatility facing the wider automotive industry, recent trading performance and the combined

impact on the Group’s mid-term outlook, the Group has revised its estimate in respect of the deferred tax asset recognised, to be offset against

future taxable profits, to £nil (2024: £126.4m). While the Group remains confident in its long term strategy, there is more uncertainty regarding the

timing of future utilisation of carried forward losses. The Group has therefore recorded a £126.4m reduction in the deferred tax asset and a

corresponding charge through the consolidated income statement within “Income tax expense”. The Directors will continue to monitor the Group’s

performance and forecasts, and in accordance with IAS 12, the deferred tax asset may be reinstated in future periods should sufficient convincing

evidence of recoverability become available.

In making the adjustments noted above, the group has gross deferred tax assets unrecognised at the reporting date totalling £2,536.4m comprised

of £1,206.1m of tax losses (UK tax losses of £1,170.3m and China tax losses of £35.8m), £368.2m accelerated capital allowances, £64.2m provisions

(US provisions of £49.5m, China provisions of £14.4m and UK provisions of £0.3m) and £897.9m of disallowed tax interest amounts. All gross

deferred tax assets have an indefinite claim period with the exception of a five-year limitation period applicable to China tax losses.

The aggregate amount of temporary differences associated with investments in subsidiaries and branches for which deferred tax liabilities have not

been recognised is £3.3m for the financial year ended 31 December 2025 (2024: £2.9m).

10 Dividends

No dividends were declared or paid by the Company or any Group entities in the year ended 31 December 2025.

During the year ended 31 December 2024, Aston Martin Works Limited, a subsidiary of the Group, declared and paid a dividend of £16.0m during

the year. As Aston Martin Works Limited is not fully owned by the Group at the time of the dividend transaction, £8.0m of the dividend was paid to

shareholders outside of the Group.

During the year ended 31 December 2024, AMWS Limited (the parent Company of Aston Martin Works Limited in which AML held a 50%

shareholding up to the point of the AMWS Limited’s liquidation) declared and paid dividends totalling £0.1m relating to surplus funds in the business

upon liquidation. At the time of the dividend transactions, AMWS Limited was not fully owned by the Group. Less than £0.1m of the dividends were

paid to the shareholders outside of the Group.

ANNUAL REPORT AND ACCOUNTS 2025

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED

11 Earnings per ordinary share

Basic earnings per ordinary share is calculated by dividing the loss for the year available for equity holders by the weighted average number of

ordinary shares in issue during the year. A total of 3,487,950 ordinary shares were issued under the Group’s share investment plan (note 29). As these

shares are held in trust on behalf of the Group’s employees and the Group controls the trust they have been excluded from the calculation of the

weighted average number of shares.

Continuing and total operations	2025	2024
Basic earnings per ordinary share
Loss available for equity holders (£m)	(493.2)	(323.5)
Basic weighted average number of ordinary shares (million)	982.4	832.4
Basic loss per ordinary share (pence)	(50.2p)	(38.9p)

Diluted earnings per ordinary share is calculated by adjusting basic earnings per ordinary share to reflect the notional exercise of the weighted

average number of dilutive ordinary share awards outstanding during the year, including the future technology shares and warrants detailed below.

The weighted average number of dilutive ordinary share awards outstanding during the year are excluded when including them would be anti-

dilutive to the earnings per share value.

Continuing and total operations	2025	2024
Diluted earnings per ordinary share
Loss available for equity holders (£m)	(493.2)	(323.5)
Basic weighted average number of ordinary shares (million)	982.4	832.4
Diluted loss per ordinary share (pence)	(50.2p)	(38.9p)

	2025	2024
	Number	Number
Diluted weighted average number of ordinary shares is calculated as:
Basic weighted average number of ordinary shares (million)	982.4	832.4
Adjustments for calculation of diluted earnings per share :1
Long-term incentive plans	–	–
Issue of unexercised ordinary share warrants	–	–
Weighted average number of diluted ordinary shares (million)	982.4	832.4

1 The number of ordinary shares issued as part of the long-term incentive plans and the potential number of ordinary shares issued as part of the 2020 issue of share

warrants have been excluded from the weighted average number of diluted ordinary shares, as including them is anti-dilutive to diluted earnings per share

Detachable warrants to acquire shares in the Company were issued alongside the Second Lien SSNs issued by the Group in December 2020, and

subsequently repaid in March 2024, can be exercised from 1 July 2021 through to 7 December 2027. As a consequence of the rights issue during the

period ended 31 December 2022 the number of ordinary shares issuable via the options was increased by a multiple of 6 to ensure the warrant

holders’ interests were not diluted. As at 31 December 2025 66,159,325 warrant options, each entitled to 0.3 ordinary shares (2024: 66,159,325

warrant options, each entitled to 0.3 ordinary shares), remain unexercised. The future exercise of warrants may have a dilutive effect in future periods

if the Group generates a profit.

Adjusted earnings per share is disclosed in note 34 to show performance undistorted by adjusting items to assist in providing useful information on

the underlying performance of the Group and enhance the comparability of information between reporting periods.

192

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED

12 Intangible assets

				Capitalised
				development	Dealer	Software
	Goodwill	Brands	Technology	cost	network	and other	Total
	£m	£m	£m	£m	£m	£m	£m
Cost
Balance at 1 January 2024	85.4	297.6	352.0	2,114.4	15.4	79.4	2,944.2
Additions	–	–	47.9	312.1	–	4.2	364.2
Balance at 31 December 2024	85.4	297.6	399.9	2,426.5	15.4	83.6	3,308.4
Balance at 1 January 2025	85.4	297.6	399.9	2,426.5	15.4	83.6	3,308.4
Additions	–	–	–	226.5	–	2.8	229.3
Balance at 31 December 2025	85.4	297.6	399.9	2,653.0	15.4	86.4	3,537.7
Amortisation
Balance at 1 January 2024	–	–	21.6	1,266.0	12.3	66.7	1,366.6
Charge for the year	–	–	35.4	238.1	0.8	8.4	282.7
Balance at 31 December 2024	–	–	57.0	1,504.1	13.1	75.1	1,649.3
Balance at 1 January 2025	–	–	57.0	1,504.1	13.1	75.1	1,649.3
Charge for the year	–	–	24.4	171.9	0.8	3.8	200.9
Impairment (note 13)	–	–	–	42.7	–	–	42.7
Balance at 31 December 2025	–	–	81.4	1,718.7	13.9	78.9	1,892.9
Net book value
At 1 January 2024	85.4	297.6	330.4	848.4	3.1	12.7	1,577.6
At 31 December 2024	85.4	297.6	342.9	922.4	2.3	8.5	1,659.1
At 1 January 2025	85.4	297.6	342.9	922.4	2.3	8.5	1,659.1
At 31 December 2025	85.4	297.6	318.5	934.3	1.5	7.5	1,644.8

On 7 December 2020, the Company issued 224,657,287 shares to MBAG as consideration for access to the first tranche of powertrain and electronic

architecture via a Strategic Cooperation Agreement (“SCA”). The Group was required to undertake a valuation exercise to measure the fair value of

the access to the MBAG technology upon its initial capitalisation. The Group selected the ‘With and Without’ income approach which compares the

net present value of cash flows from the Group’s business plan prior to (‘Without’) and after (‘With’) the access to the technology. This methodology

estimates the present value of the net benefit associated with acquiring the access to the technology. In the Group’s assessment, the fair value of

access to this technology was £142.3m. The £142.3m represented the assumed cost at acquisition after which the cost model has been adopted. On

2 July 2024 the Group entered a further agreement with MBAG relating to the future supply of engine units at a total cost of £63.2m. £15.3m of the

cost was funded via a transfer from the SCA noted above with the balance of £47.9m to be cash settled. Amortisation is aligned to when the asset is

available for use – i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management.

Amortisation commenced during the year ended 31 December 2023 and the current carrying value of the SCA technology assets acquired over

time is £130.0m (2024: £154.4m).

On 26 June 2023, the Aston Martin Lagonda Global Holdings plc confirmed a strategic supply arrangement with Lucid Group, Inc. (“Lucid”) providing

the Group with access to select powertrain components for future BEV vehicles (collectively the “technology”). The consideration paid by the Group

was a mixture of cash and 28,352,273 newly issued shares in Aston Martin Lagonda Global Holdings plc. The Group was required to undertake a

valuation exercise to measure the fair value of the access to the Lucid technology upon its initial capitalisation. The Group selected the ‘With and

Without’ income approach which compares the net present value of cash flows from the Group’s business plan prior to (‘Without’) and after (‘With’) the

access to the technology. This methodology estimates the present value of the net benefit associated with acquiring the access to the technology. In

the Group’s assessment, the fair value of access to this technology was £188.5m. The £188.5m represented the assumed cost at acquisition after which

the cost model has been adopted. Amortisation is aligned to when the asset is available for use – i.e. when it is in the location and condition necessary

for it to be capable of operating in the manner intended by management. The carrying value of the technology asset is £188.5m.

Amortisation of capitalised development costs commences when the programme to which the expenditure relates is available for use. As at

31 December 2025, £43.4m (2024: £382.1m) of capitalised development costs were not yet within the scope of amortisation.

ANNUAL REPORT AND ACCOUNTS 2025

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED

13 Impairment testing

Indefinite useful life non-current assets

Goodwill and brands acquired through business combinations have been allocated for impairment testing purposes to one cash-generating unit –

the Aston Martin Lagonda Group business. This represents the lowest level within the Group at which goodwill and brands are monitored for

internal purposes. The Group has considered the carrying value of its assets in the context of the Group’s market capitalisation. At this level, it was

concluded that the net assets of the Group are recoverable owing to the Group’s market capitalisation of £643m at 31 December 2025.

Specific impairments of capitalised development costs relating to discontinued programmes

On 29 October 2025 the Group announced a review of the future product cycle plan with the aim of optimising costs and capital investment whilst

continuing to deliver innovative, class leading products to meet customer demands and regulatory requirements.

The Group reviewed the impact on the carrying value of assets of cycle plan updates following the strategic review of the business plan. As part of

the review and to deliver lower overall capital expenditure over the coming 5-year period, specific vehicle programmes with previously capitalised

development spend have been discontinued, resulting in an impairment of £42.7m to bring the carrying value of the capitalised development cost of

these programmes to nil.

Finite useful life non-current assets

Recoverability of non-current assets with finite useful lives include property, plant and equipment, right-of-use lease assets and certain intangible

assets. Intangible assets with finite useful lives mainly consist of capitalized development costs.

The Group reviews the carrying amount of non-current assets with finite useful lives when events and circumstances indicate that an asset may be

impaired. As a result of continuing global macroeconomic and geopolitical volatility facing the wider automotive industry, recent trading performance

and the combined impact on the Group’s mid-term outlook, a full impairment test has been performed by comparing the carrying amount to the

recoverable amount of the asset. The recoverable amount is the higher of the assets fair value less costs of disposal and its value in use.

In assessing the value in use of assets, the estimated future cash flows relating to the forecast usage period of the asset, or group of assets, are

discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks.

In assessing the value in use, the Group is satisfied no impairment is required at 31 December 2025, outside of the aforementioned specific

impairments of capitalised development cost assets.

Key assumptions used in value in use calculations:

The calculation of value in use for the assets or groups of assets is most sensitive to the following assumptions:

¤ Cash flows were projected based on actual operating results and the current five-year plan until the expected end of life of the assets. Key

assumptions such as volume and gross margin within the forecasts are based on past experience and the current business plan;

¤ Assumptions are made in respect of the level of development costs expected to be carried over into later vehicle derivatives (carry over carry

across (“COCA”));

¤ Discount rates are calculated using a weighted average cost of capital approach. They reflect the individual nature and specific risks relating to

the business and the market in which the Group operates. The pre-tax discount rate used was 14.7% (2024: 15.0%); and

¤ The forecasts have considered the prevailing global tariffs legislation and quota policies at 31 December 2025 within calculation of value in use.

Sensitivity analysis

For the group of assets for which a reasonably possible change in assumptions would result in an impairment:

¤ The gross margin would need to decrease by 9.0% before any of the assets become impaired; or

¤ The assumption on the level of COCA would need to decrease by 33.0% before any of the assets become impaired; or

¤ The pre-tax discount rate would need to increase to 23.0% before any of the assets become impaired; or

¤ Future changes to tariff legislation would have an impact on our value-in-use forecasts. Given the inherent uncertainty surrounding future tariff

announcements, a reliable estimate of any such impact is not able to be made.

For all other assets or groups of assets, no reasonable possible change in assumptions would result in an impairment.

194

ASTON MARTIN LAGONDA

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

14 Property, plant and equipment

	Freehold		Plant, machinery,
	land and		fixtures	Motor
	buildings	Tooling	and fittings	vehicles	Total
	£m	£m	£m	£m	£m
Cost
Balance at 1 January 2024	83.3	653.9	287.8	0.6	1,025.6
Additions	4.8	52.6	18.8	0.1	76.3
Disposals	–	(0.2)	–	–	(0.2)
Effect of movements in exchange rates	–	–	(0.1)	–	(0.1)
Balance at 31 December 2024	88.1	706.3	306.5	0.7	1,101.6
Balance at 1 January 2025	88.1	706.3	306.5	0.7	1,101.6
Additions	0.9	66.0	8.3	–	75.2
Disposals	–	(0.8)	–	–	(0.8)
Effect of movements in exchange rates	(0.3)	–	–	–	(0.3)
Balance at 31 December 2025	88.7	771.5	314.8	0.7	1,175.7
Depreciation
Balance at 1 January 2024	38.7	491.2	141.9	0.1	671.9
Charge for the year	4.5	55.1	18.9	–	78.5
Disposals	–	(0.1)	–	–	(0.1)
Effect of movements in exchange rates	–	–	(0.1)	–	(0.1)
Balance at 31 December 2024	43.2	546.2	160.7	0.1	750.2
Balance at 1 January 2025	43.2	546.2	160.7	0.1	750.2
Charge for the year	4.2	52.7	18.0	–	74.9
Disposals	–	(0.7)	–	–	(0.7)
Effect of movements in exchange rates	(0.2)	–	–	–	(0.2)
Balance at 31 December 2025	47.2	598.2	178.7	0.1	824.2
Net book value
At 1 January 2024	44.6	162.7	145.9	0.5	353.7
At 31 December 2024	44.9	160.1	145.8	0.6	351.4
At 1 January 2025	44.9	160.1	145.8	0.6	351.4
At 31 December 2025	41.5	173.3	136.1	0.6	351.5

ANNUAL REPORT AND ACCOUNTS 2025

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INFORMATION

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

14 Property, plant and equipment continued

Property, plant and equipment provides security for a fixed and floating charge in favour of the Aston Martin Lagonda Limited pension scheme.

Assets in the course of construction at a cost of £10.1m (2024: £56.2m) are not depreciated until available for use and are included within the tooling

and plant and machinery categories. The gross value of freehold land and buildings includes freehold land of £6.3m (2024: £6.1m) which is not

depreciated. Capital commitments are disclosed in note 30. The tables below analyse the net book value of the Group’s property, plant and

equipment by geographical location.

	United Kingdom	Rest of Europe	The Americas	Asia Pacific	Total
At 31 December 2025	£m	£m	£m	£m	£m
Freehold land and buildings	36.8	1.8	2.9	–	41.5
Tooling	78.8	91.9	1.6	1.0	173.3
Plant, machinery, fixtures and fittings, and motor vehicles	132.6	3.9	0.2	–	136.7
	248.2	97.6	4.7	1.0	351.5

	United Kingdom	Rest of Europe	The Americas	Asia Pacific	Total
At 31 December 2025	£m	£m	£m	£m	£m
Freehold land and buildings	40.3	1.7	4.5	–	46.5
Tooling	91.0	64.1	0.6	0.3	156.0
Plant, machinery, fixtures and fittings, and motor vehicles	146.0	2.6	0.3	–	148.9
	277.3	68.4	5.4	0.3	351.4

15 Investments in equity interests – assets held for sale

On 15 November 2023, the Group subscribed for shares in AMR GP Holdings Limited (“AMR GP”) by exercising its primary warrant option and

subscribing for reward shares it was entitled to under the initial sponsorship term. The primary warrant became exercisable following the Group

entering an agreement in 2023 with AMR GP for a second sponsorship term running from 2026 to 2030.

During the year ended 31 December 2024, two new third parties made substantial investments into AMR GP. As this represented a third such investment

into AMR GP since November 2023, the Group measured the fair value of its holdings with reference to the sales price achieved in those transactions.

As part of both inward investments into AMR GP in 2024, the Group disposed of a portion of its shareholding for total gross proceeds of £18.7m.

During the year ended 31 December 2025, the Group disposed of the significant portion of its investment holding. A fair value gain of £25.1m was

recognised in relation to the investment holding, informed by the sales price ultimately achieved in the disposal transaction. This fair value gain was

carried through other comprehensive income, in line with the irrevocable election made in previous financial years under the requirements of IFRS 9.

Prior to the sale transaction the Group, alongside AMR GP, amended the previously entered into agreement in relation to the exercise period of the

secondary warrant option (see note 20) which was first recognised in the year ended 31 December 2024 following the extension of the Group’s

sponsorship contract with AMR GP from 2031 to 2045. This agreement entitled the Group to subscribe for additional equity in AMR GP at a fixed

value, exercisable at a future date. The amendment enabled the Group to immediately exercise its right to subscribe for further shares in AMR GP,

converting the previously held asset relating to the secondary warrant option to an investment holding. Prior to the conversion, an increase of the

fair value of the secondary warrant derivative asset of £11.4m was recognised in the Consolidated Income Statement with reference to the sales

price ultimately achieved on disposal. The gross proceeds recognised on the disposal of the significant portion of the total shareholding held

post-secondary warrant option conversion was £108.5m, with transaction fees of £2.2m incurred in relation to the disposal (note 5).

The remaining shareholding still held by the Group at 31 December 2025 has been classified as an asset held for sale. As at 31 December 2025 an

active sales process was underway which was concluded on 16 January 2026 resulting in a full and final disposal of the remaining shareholding.

As at 31 December 2025, the Group has valued the remaining shareholding with reference to sales prices achieved in the transactions which took

place in the year ended 31 December 2025. This valuation is additionally in line with the sale price ultimately achieved on 16 January 2026, and as

such there is no fair value movement between 31 December 2025 and the sale date. Consistent with the irrevocable election made in previous years,

the remaining holding is carried at fair value through other comprehensive income. This election was made to reduce volatility due to movements in

fair value within the Consolidated Income Statement.

196

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED

15 Investments in equity interests – assets held for sale continued

	2025	2024
Continuing and total operations	£m	£m
Investments – asset held for sale*
As at 1 January	50.9	18.2
Change in fair value	25.1	51.4
Additions	34.6	–
Disposals	(108.5)	(18.7)
As at 31 December	2.1	50.9

* 31 December 2024 the investment is presented in the Consolidated Statement of Financial Position as “Investments in equity interests” within non-current assets due to

the lack of an active plan to dispose of the shareholding on those dates

16 Leases

The Group holds lease contracts for buildings, plant and machinery and IT equipment.

a) Right-of-use lease assets

		Plant and
	Properties	machinery	IT equipment	Total
	£m	£m	£m	£m
Cost
Balance at 1 January 2024	92.2	11.0	2.1	105.3
Additions	6.2	–	2.0	8.2
Modifications	1.6	–	–	1.6
Disposals	(5.3)	–	(0.7)	(6.0)
Effect of movements in exchange rates	(0.5)	–	–	(0.5)
Balance at 31 December 2024	94.2	11.0	3.4	108.6
Balance at 1 January 2025	94.2	11.0	3.4	108.6
Additions	1.0	–	0.9	1.9
Modifications	3.8	–	–	3.8
Disposals	(2.2)	–	(1.4)	(3.6)
Effect of movements in exchange rates	(1.0)	–	(0.1)	(1.1)
Balance at 31 December 2025	95.8	11.0	2.8	109.6
Depreciation
Balance at 1 January 2024	32.2	1.5	1.2	34.9
Charge for the year	8.8	0.4	0.9	10.1
Disposals	(5.3)	–	(0.7)	(6.0)
Effect of movements in exchange rates	(0.4)	0.1	–	(0.3)
Balance at 31 December 2024	35.3	2.0	1.4	38.7
Balance at 1 January 2025	35.3	2.0	1.4	38.7
Charge for the year	9.2	0.4	1.3	10.9
Disposals	(2.2)	–	(1.4)	(3.6)
Effect of movements in exchange rates	(0.7)	–	–	(0.7)
Balance at 31 December 2025	41.6	2.4	1.3	45.3
Carrying value
At 1 January 2024	60.0	9.5	0.9	70.4
At 31 December 2024	58.9	9.0	2.0	69.9
At 1 January 2025	58.9	9.0	2.0	69.9
At 31 December 2025	54.2	8.6	1.5	64.3

Income from the sub-leasing of right-of-use assets in the year 31 December 2025 was £0.5m (2024: £0.5m). The Group recognises the lease payments

received on a straight-line basis over the lease term within administrative and other operating expenses in the Consolidated Income Statement.

ANNUAL REPORT AND ACCOUNTS 2025

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INFORMATION

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

16 Leases continued

b) Obligations under leases

The maturity profile of undiscounted lease cash flows accounted for under IFRS 16 is:

	2025	2024
	£m	£m
Less than one year	12.8	13.3
One to five years	38.1	39.7
More than five years	74.3	80.4
	125.2	133.4

The maturity profile of discounted lease cash flows accounted for under IFRS 16 is:

	2025	2024
	£m	£m
Less than one year	12.4	9.4
One to five years	32.2	28.2
More than five years	47.2	59.0
	91.8	96.6
Analysed as:
Current	12.4	9.4
Non-current	79.4	87.2
	91.8	96.6

A reconciliation of the lease liability from 1 January to 31 December for the current and prior year is disclosed within note 28.

The total lease interest expense for the year ended 31 December 2025 was £4.0m (2024: £4.2m). Total cash outflow for capital payments for leases

accounted for under IFRS 16 for the current year was £10.0m (2024: £9.5m). Expenses charged to the Consolidated Income Statement for short-term

leases for the year ended 31 December 2025 were £0.3m (2024: £0.3m). The portfolio of short-term leases at 31 December 2025 is representative

of the expected annual short-term lease expense in future years.

The following disclosure has been included to facilitate the understanding of the impact of adopting IFRS 16 on the Group due to covenants in the

Group’s finance arrangements that continue to use IAS 17.

The impact of IFRS 16 on the Consolidated Income Statement, excluding tax, for the year ended 31 December 2025 is:

							Excluding
							impact of
		Add back	Add back				IFRS 16
	As reported	IFRS 16	IFRS 16	Less		Less	31
	31 December	interest	depreciation	amortisation	Less lease	IAS 17	December
	2025	charge	charge	of legal fees	incentives		lease cost 2024
	£m	£m	£m	£m	£m	£m	£m
Revenue	1,257.7	–	–	–	–	–	1,257.7
Cost of sales	(887.9)	–	–	–	–	–	(887.9)
Gross profit	369.8	–	–	–	–	–	369.8
Selling and distribution expenses	(108.6)	–	–	–	–	–	(108.6)
Administrative and other operating expenses	(520.4)	–	10.9	(0.1)	1.1	(14.0)	(522.5)
Operating loss	(259.2)	–	10.9	(0.1)	1.1	(14.0)	(261.3)
Finance income	65.9	–	–	–	–	–	65.9
Finance expense	(170.6)	4.0	–	–	–	–	(166.6)
(Loss)/profit before tax	(363.9)	4.0	10.9	(0.1)	1.1	(14.0)	(362.0)
Adjusted EBITDA (note 34)	108.1	–	–	(0.1)	1.1	(14.0)	95.1

198

ASTON MARTIN LAGONDA

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

16 Leases continued

b) Obligations under leases continued

The impact of IFRS 16 on the Consolidated Income Statement, excluding tax, for the year ended 31 December 2024 is:

							Excluding
		Add back	Add back				impact of
	As reported	IFRS 16	IFRS 16	Less		Less	IFRS 16
	31 December	interest	depreciation	amortisation	Less lease	IAS 17	31 December
	2025	charge	charge	of legal fees	incentives		lease cost 2024
	£m	£m	£m	£m	£m	£m	£m
Revenue	1,583.9	–	–	–	–	–	1,583.9
Cost of sales	(1,000.0)	–	–	–	–	–	(1,000.0)
Gross profit	583.9	–	–	–	–	–	583.9
Selling and distribution expenses	(135.4)	–	–	–	–	–	(135.4)
Administrative and other operating expenses	(548.0)	–	10.1	(0.1)	1.1	(13.7)	(550.6)
Operating loss	(99.5)	–	10.1	(0.1)	1.1	(13.7)	(102.1)
Finance income	25.9	–	–	–	–	–	25.9
Finance expense	(215.5)	4.2	–	–	–	–	(211.3)
(Loss)/profit before tax	(289.1)	4.2	10.1	(0.1)	1.1	(13.7)	(287.5)
Adjusted EBITDA (note 34)	271.0	–	–	(0.1)	1.1	(13.7)	258.3

17 Inventories

	2025	2024
	£m	£m
Parts for resale, service parts and production stock	169.6	132.2
Work in progress	33.4	50.4
Finished vehicles	74.7	120.4
	277.7	303.0

Finished vehicles include Group-owned service cars at a net realisable value of £20.7m (2024: £53.4m).

During the years ended 31 December 2025 and 2024, inventory repurchase arrangements were entered into for certain parts for resale, service

parts and production stock. These inventories were sold and subsequently repurchased – see note 21 for further details.

18 Trade and other receivables

	2025	2024
	£m	£m
Amounts included in current assets
Trade receivables	109.9	125.5
Indirect taxation	41.6	46.1
Prepayments	35.2	27.6
Other receivables	15.0	10.5
	201.7	209.7
Amounts included in non-current assets
Other receivables	10.5	7.3

Trade and other receivables for non-vehicle receivables are non-interest bearing and generally have terms of less than 60 days. Due to their short

maturities, the fair value of trade and other receivables approximates to their book value. Certain vehicle trade receivables are financed through a

wholesale finance facility (see below). Where vehicle trade receivables remain a part of the Group’s Consolidated Statement of Financial Position,

these receivables bear interest after 60 days. Credit terms for such trade receivables vary between 0 and 180 days.

Within other receivables, £15.7m (2024: £11.0m) relates to cash collateral paid to financial institutions in respect of a risk share arrangement for

customer-leased vehicles. £5.2m (2024: £3.7m) of the balance is presented in current assets with £10.5m (2024: £7.3m) presented in non-current assets.

Credit risk is discussed further in note 23.

ANNUAL REPORT AND ACCOUNTS 2025

199

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INFORMATION

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

18 Trade and other receivables continued

Of the carrying amount of trade and other receivables (excluding prepayments) held at 31 December 2025, £53.1m of the £177.0m is denominated

in sterling (2024: £48.0m of the £189.4m is denominated in sterling). See note 23 for a breakdown of the sterling equivalent carrying amounts of

trade and other receivables held in foreign currencies, converted at year end exchange rates.

Wholesale finance facilities

Sales to third-party Aston Martin franchised dealers are eligible, subject to individual dealer approved credit limits, to be financed through a

wholesale finance facility.

The Group has a multi-currency wholesale finance facility with CA Auto Bank S.p.A. (“CAAB”) and its regional designates within the UK and European

markets. This facility was renewed during the year ended 31 December 2025. The Group also holds wholesale finance facilities with Stellantis

Automotive Finance Co., Ltd. (“Stellantis”) and China Guangfa Bank Co., Ltd. (“CGB”) for the China market.

Under the facilities, the Group finances dealer trade receivables with CAAB, Stellantis and CGB around the time a sale has been made under the Group’s

revenue recognition policy and receives consideration equal to the value of the trade receivable financed. The Group has the option to subvent the

dealer financing cost which provides the dealer network an interest-free period. The cost of this subvention is presented as a financing expense in the

Consolidated Income Statement. The Group has considered the IFRS 9 criteria for asset derecognition in respect of the trade receivables financed

through CAAB, Stellantis and CGB. The Group is satisfied that substantially all the risks are transferred to CAAB, Stellantis and CGB under all

arrangements. As a result, the wholesale finance facilities are off balance sheet. Due to this classification, costs of £3.6m (2024: £4.2m) associated with

the schemes are presented in operating cash flows. As at 31 December 2025, £151.5m was financed under the CAAB facility, £0.8m under the Stellantis

facility and £5.7m under the CGB facility (2024: £149.0m under the CAAB facility, £4.0m under the Stellantis facility and £14.4m under the CGB facility).

19 Cash and cash equivalents

	2025	2024
	£m	£m
Cash and cash equivalents	249.9	359.6

Cash at bank when placed on deposit earns interest at floating rates based on daily bank deposit rates. The book value of cash and cash equivalents

approximates to their fair value. Of the £249.9m cash balance held at 31 December 2025, £118.6m is held in sterling (2024: £175.8m of the £359.6m

total cash balance was held in sterling). See note 23 for a breakdown of the sterling equivalent values of cash held in foreign currencies, converted at

year end exchange rates.

20 Other financial assets

	2025	2024
	£m	£m
Forward currency contracts held at fair value	1.6	1.0
Other derivative contracts	–	23.2
Cash held not available in the short term	1.4	–
	3.0	24.2
Analysed as:
Current	3.0	1.0
Non-current	–	23.2
	3.0	24.2

The Group uses forward currency contracts to partly manage the risk associated with fluctuations in exchange rates on future sales and purchase

contracts. At the reporting date these cash flow hedges are marked-to-market and any assets are shown as other financial assets in the

Consolidated Statement of Financial Position.

Other derivative contracts held at 31 December 2024 represented the secondary warrant option which entitled the Group to subscribe for

additional equity in AMR GP for a fixed value. The secondary warrant option, an embedded derivative, was not recognised upon entering the initial

sponsorship contract in March 2020 due to insufficient certainty over the conditions attached to the warrant being achieved. During 2024, the Group

further extended its sponsorship contract with AMR GP for a period from 2031 to 2045 giving the Group sufficient certainty to recognise the

derivative as a financial asset. The fair value of the option recognised during 31 December 2024 was assessed with reference to the sales price

achieved in disposal transactions in close proximity to the exercise. A corresponding financial liability was recognised on recognition of the

derivative (see note 23) which represented an accrual for that element of future sponsorship payments (see note 21).

In the year ended 31 December 2025 the Group amended its rights in relation to the exercise period of the secondary warrant option and subscribed

for further shares in AMR GP as part of a wider transaction which saw the Group dispose of the significant portion of its investment holdings in AMR

GP (see note 15).

200

ASTON MARTIN LAGONDA

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

20 Other financial assets continued

The amendment enabled the Group to subscribe for further shares in AMR GP, converting the other derivative contract asset to an investment

holding. Prior to the conversion, an increase of the fair value of the derivative asset of £11.4m was recognised as the secondary warrant option was

remeasured with reference to the sales price ultimately achieved on disposal. In parallel, the previously recognised financial liability recognised on

contract inception (see note 22) was converted to a long term liability (see note 21), continuing to represent an accrual for future sponsorship

payments and to be unwound over the term of the associated sponsorship contract.

At 31 December 2025 £1.4m held in certain local bank accounts had been frozen in relation to local arbitration proceedings (2024: £nil). At the year end

the cash held in these accounts did not meet the definition of cash and cash equivalents and therefore has been classified as an other financial asset.

21 Trade and other payables

Current trade and other payables

	2025	2024
	£m	£m
Trade payables	86.3	108.1
Inventory repurchase liability	39.6	38.4
Customer deposits and advances	99.5	96.8
Accruals and other payables	387.8	388.8
Deferred income – tax relief	22.2	14.3
Deferred income – service packages	10.4	7.3
Deferred income – telematics	1.9	1.1
Deferred income – other	4.4	3.4
	652.1	658.2

Trade payables are non-interest bearing, and it is the Group’s policy to settle the liability within 90 days.

Accruals and other payables consist of product development and capital accruals of £73.5m (2024: £104.3m), sales and marketing accruals of

£94.0m (2024: £98.2m), manufacturing accruals of £37.8m (2024: £38.7m) and administrative and other accruals of £182.5m (2024: £147.6m).

At 31 December 2025, an inventory repurchase arrangement of £39.6m (2024: £38.4m) including accrued interest of £1.8m (2024: £0.7m), has been

recognised in trade and other payables and net debt (see note 24). In 2025, £31.5m of parts for resale, service parts and production stock

(2024: £62.1m) were sold for £37.8 m (2024: £74.5m) (gross of indirect tax) and subsequently repurchased. Under this inventory repurchase

agreement, the Group will repay a total of £40.0m (2024: £80.0m) (gross of indirect tax). As part of the arrangement, legal title to the parts was

surrendered, however, control remained with the Group. During 2025, £40.0m (2024: £80.0m) had been repaid relating to the liability of £38.4m as

at 31 December 2024 following further interest accrual.

Contract liabilities

Changes in the Group’s contract liabilities during the year are summarised as follows:

				Significant
		Additional		financing
		amounts	Amounts	component for	Amounts
		arising	recognised	which an	returned	At 31
	At 1 January	during the	within	interest charge	and other	December
	2025	period	revenue	is recognised	changes	2025
	£m	£m	£m	£m	£m	£m
Customer deposits and advances	96.8	88.0	(61.8)	1.1	(24.6)	99.5
Deferred income – service packages	20.7	22.6	(7.5)	–	–	35.8
Deferred income – telematics	3.3	4.3	(1.8)	–	–	5.8

				Significant
		Additional		financing
		amounts	Amounts	component for	Amounts
		arising	recognised	which an	returned	At 31
	At 1 January	during the	within	interest charge	and other	December
	2024	period	revenue	is recognised	changes	2024
	£m	£m	£m	£m	£m	£m
Customer deposits and advances	272.1	55.2	(197.9)	3.7	(36.3)	96.8
Deferred income – service packages	12.5	14.9	(6.4)	–	(0.3)	20.7
Deferred income – telematics	–	3.6	(0.3)	–	–	3.3

ANNUAL REPORT AND ACCOUNTS 2025

201

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GOVERNANCE

FINANCIAL

INFORMATION

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

21 Trade and other payables continued

Contract liabilities continued

Customer deposits and advances are recognised in revenue when the performance obligation, principally the supply of a Special Vehicle, supply of a

core vehicle, or service of a vehicle, is met by the Group. As part of the operating cycle of Special Vehicle projects, to which these customer deposits

primarily relate, the Group expects to derecognise approximately £93.1m of deposit balances in 2026. This unwind relates to the balance held as at

31 December 2025 and does not take into consideration any additional deposits and advances arising during 2026.

In the year ended 31 December 2025, a finance expense of £1.1m (see note 8) was recognised as a significant financing component on contract

liabilities held for greater than 12 months (2024: £3.7m). Upon satisfaction of the linked performance obligation, the liability is released to revenue

so that the total amount taken to the Consolidated Income Statement reflects the sales price the customer would have paid for the vehicle at that

point in time.

The Group applies a practical expedient for short-term advances received from customers whereby the advanced payment is not adjusted for the

effects of a significant financing component. According to the individual terms of the Special Vehicle contract and the position of the customer in the

staged deposit and vehicle specification process, some deposits are contractually refundable. At 31 December 2025, the Group held £62.8m of

contractually refundable deposits (before the impact of significant financing components) (2024: £82.1m). The cumulative significant financing

component associated with a reimbursed advance payment is credited in arriving at the net significant finance charge for the year. Further liquidity

risk considerations are disclosed in note 23.

Deferred service package revenue is recognised in revenue in the Consolidated Income Statement at the point the obligation of service is carried out

or lapsed. Deferred telematics revenue is recognised in revenue in the Consolidated Income Statement over the length of the service commencing

from warranty start of the vehicle.

Non-current trade and other payables

	2025	2024
	£m	£m
Trade payables*	22.3	77.3
Deferred income – tax relief	59.3	57.8
Deferred income – service packages	25.4	13.4
Deferred income – telematics	3.9	2.2
Accrual related to future sponsorship payments (see note 20)	23.2	–
Other payables	0.8	0.8
	134.9	151.5

* Trade payables consists of discounted deferred payments relating to technology purchases made in previous years (see note 12)

Of the carrying amount of trade and other payables excluding deposits held at 31 December 2025, £390.1m of the £687.5m is denominated in

sterling (2024: £377.6m of the £712.9m is denominated in sterling). See note 23 for a breakdown of the sterling equivalent carrying amounts of trade

and other payables held in foreign currencies, converted at year end exchange rates.

22 Other financial liabilities

	2025	2024
	£m	£m
Forward currency contracts held at fair value (see note 23)	1.6	5.6
Other derivatives (see note 20)	–	23.2
Derivative option over own shares (see note 23)	0.8	5.0
	2.4	33.8
Analysed as:
Current	2.4	10.6
Non-current	–	23.2
	2.4	33.8

202

ASTON MARTIN LAGONDA

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

23 Financial instruments

Group

The Group’s principal financial instruments comprise cash and cash equivalents, Senior Secured Notes (“SSNs”), a Revolving Credit Facility (“RCF”), a

finished vehicle financing facility, a bilateral RCF, loan assets, derivative options, and forward currency contracts. Additionally, the Group has trade

payables and trade receivables which arise directly from its operations. Included in trade and other payables is a liability relating to an inventory

repurchase arrangement. These short-term assets and liabilities are included in the currency risk disclosure. The main risks arising from the Group’s

financial instruments are credit risk, interest-rate risk, currency risk and liquidity risk. The Board of Directors has overall responsibility for the

establishment and oversight of the Group’s risk management framework. The Group’s risk policies are established to identify and analyse the risks

faced by the Group, to set appropriate risk limits and controls, and monitor adherence to limits. The Board of Directors oversees how management

monitor compliance with the Group risk management policies and procedures and reviews the adequacy of the risk management framework in

relation to specific risks faced by the Group.

Credit risk

The Group sells vehicles through a global dealer network. Dealers outside of North America are required to pay for vehicles in advance of their

despatch or use the wholesale financing scheme (see note 18). Credit risk on receivables purchased by CAAB, Stellantis and CGB under the

wholesale finance facilities is borne by the counter party and therefore the Group has no credit risk associated with the facilities. The Group’s

remaining vehicle sales to territories where there is currently no wholesale financing are made on credit terms ranging from 30 to 180 days. The

Group manages the default risk of such sales via a credit risk insurance policy. Dealers within North America are allowed ten-day credit terms from

the date of invoice. In certain circumstances, after thorough consideration of the credit history of an individual dealer, the Group may sell vehicles

outside of the credit risk insurance policy or on deferred payment terms. Parts sales, which represent a smaller element of total revenue, are made

to dealers on net 30-day credit terms. Servicing receivables are due for payment on collection of the vehicle.

Trade and other receivables are only written off when the Group has exhausted all options to recover the amounts due and provided for in full when

there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of the

debtor to engage in a repayment plan with the Group and a failure to make contractual payments. An expected credit loss provision is then calculated

on the remaining trade and other receivables. The expected credit loss related to default of other receivables (note 18) is assessed as zero.

In generating the expected credit loss provision for trade receivables, historical credit loss rates for the preceding five years are calculated, including

consideration given to future factors that may affect the ability of customers to settle receivables, and applied to the trade and other receivable

ageing buckets at the year end. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss

allowance for all trade receivables. The Group has no material contract assets.

	As at 31 December 2025			As at 31 December 2024
	Expected	Gross carrying	Loss	Expected	Gross carrying	Loss
	loss rate	amount	allowance	loss rate	amount	allowance
	%	£m	£m	%	£m	£m
Current *		101.1	– *		99.7	–
1 – 30 days past due *		5.0	– *		7.5	–
31 – 60 days past due *		1.7	– *		15.4	–
61+ days past due	57.1%	4.9	2.8	42.0%	5.0	2.1
		112.7	2.8		127.6	2.1

* The expected loss rates for these specific ageing categories are not disclosed, as no material loss allowance is generated when applied against the gross carrying value.

The expected loss rate has reduced following the settlement of previously provided receivables

	2025	2024
	£m	£m
Opening loss allowance as at 1 January	2.1	4.6
Increase in loss allowance recognised in the Consolidated Income Statement –
administrative and other operating expenses	0.9	1.3
Receivables written off during the year as uncollectible	(0.1)	(3.7)
Effect of foreign exchange	(0.1)	(0.1)
At 31 December	2.8	2.1

ANNUAL REPORT AND ACCOUNTS 2025

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED

23 Financial instruments continued

Borrowings

The following table analyses Group borrowings:

	2025	2024
	£m	£m
Current
Bank loans and overdrafts	7.4	–
Non-current
Bank loans and overdrafts	163.0	8.4
Senior Secured Notes	1,329.8	1,378.9
Total borrowings	1,500.2	1,387.3

Total borrowings are denominated in the following currencies, converted into sterling at the year end exchange rates:

	2025	2024
	£m	£m
Sterling	719.6	561.1
US Dollar	773.2	826.2
Chinese Renminbi	7.4	–
Total borrowings	1,500.2	1,387.3

Current borrowings

The Group has taken out two loans with Chinese banks in 2025 at commercial interest rates. The first loan is with the Industrial and Commercial Bank

of China for 20.0 million Renminbi (£2.1m). The second loan is with China Merchants Bank Co., Ltd for 50.0 million Renminbi (£5.3m). The loans expire

in June 2026 and July 2026 respectively.

The Group has a £50.0m bilateral revolving credit facility with HSBC Bank plc (“HSBC”), whereby Chinese Renminbi can be deposited in a restricted

account with HSBC in China in exchange for a Sterling overdraft facility with HSBC Bank plc in the United Kingdom. This facility was not drawn at

either 31 December 2025 or 31 December 2024. The facility remains available until at least 21 March 2028. The size of the facility will reduce to

£25.0m on 21 March 2027.

Non-current borrowings

The Group has a RCF attached to the SSNs. The carrying amount net of unamortised arrangement fees included in current borrowings relating to

the RCF at 31 December 2025 was £163.0m (2024: £8.4m). At 31 December 2025 £164.0m of the £170.0m RCF was drawn as cash (2024: £10.0m of

the £170.0m facility). A further £5.4m was utilised by way of financial guarantees (2024: £3.8m). The Group has a contractual right to rollover the

RCF such that contractual repayment is not required until at least 12 months after the year end date.

In March 2024 the Group refinanced all SSNs in issue with new Sterling and US Dollar SSNs. Additional US Dollar and Sterling notes were issued in

August 2024 and further Sterling notes were issued in November 2024. These notes are repayable in March 2029. At 31 December 2025, the Group

held £1,329.8m (2024: £1,378.9m) of SSNs comprising £565.0m (nominal value) of Sterling SSNs at 10.375% cash interest and $1,050.0m (nominal

value) of US Dollar Notes at 10.0% cash interest. Transaction costs and discounts on issuance are amortised using the effective interest rate.

Transaction costs capitalised on the new note issuances in 2024 were £24.0m and discounts totalled £4.7m, of which £13.5m and £2.0m remains

unamortised as at the 31 December 2025. (2024: £20.0m and £4.5m remained unamortised).

204

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED

23 Financial instruments continued

Derivative option over own shares

The Second Lien SSNs issued in 2020 included detachable warrants enabling the warrant holders to subscribe for a number of ordinary shares in the

Company at the subscription price of £1.67 (previously £10 per share prior to the rights issue in September 2022). The warrant holders have the right

to exchange their warrant options for a reduced number of warrant shares, resulting in no cash being paid to receive the shares. The ratio at which

this exchange can be transacted is determined by the share price at execution of the options. A derivative option liability was initially recorded at

31 December 2020 due to the uncertain number of shares which will be issued under the agreement, which is subsequently remeasured at fair value

through the Consolidated Income Statement.

The warrants can be exercised from 1 July 2021 through to 7 December 2027. The issuance of debt with attached warrants required the Group to

assess separately the fair value of the warrants and the debt. The fair value of the warrants was determined using a binomial model used to predict

the behaviour of the warrant holders and when they might exercise their holdings. The derivative option liability was initially recognised as a

derivative forward at fair value with changes in the fair value being recognised in the Consolidated Income Statement until issuance of the warrants

on 7 December 2020 resulting in an initial valuation of £34.6m. Upon issuance of the $335m SSNs, the carrying value of the debt was reduced by the

same amount. The debt was increased via an effective interest charge over the term to the repayment of the SSNs. During the year ended

31 December 2025, changes to the fair value of the derivative option have resulted in a credit to the Consolidated Income Statement of £4.2m

(2024: £18.1m credit to the Consolidated Income Statement) which is presented in adjusting items. During the year ended 31 December 2025, a total

of nil (2024: nil warrants) were exercised, resulting in no further change to the associated liability.

Interest rate risk

The Group is exposed to interest rate risk on the RCF attached to the SSNs and on the bilateral RCF facility with HSBC when drawn, whereby Chinese

renminbi are deposited in a restricted account with HSBC in China in exchange for a sterling overdraft facility with HSBC in the UK. The interest rate

charged on both facilities is based on SONIA and compounded in arrears.

In 2025 the Group entered into two loan arrangements with Chinese banks. The interest rate payable on these loans can vary at the time of drawing

the loan based on local Chinese benchmark interest rates and other factors.

Profile

At 31 December the interest rate profile of the Group’s interest-bearing financial instruments was:

	2025	2024
	£m	£m
Fixed rate instruments
Financial liabilities	1,329.8	1,378.9
Variable rate instruments
Financial liabilities	170.4	8.4

The SSNs are at fixed interest rates. The rate of interest on the RCF, which is attached to the SSNs, and the bilateral RCF are based on SONIA plus a

percentage spread. As SONIA varies on a daily basis the RCF and the bilateral RCF are considered to be variable rate instruments. The bilateral RCF is

not drawn at either 31 December 2025 or 31 December 2024.

The variable interest rates on the Chinese loans are determined at the date of drawing the loan. The interest rate charged is based on local Chinese

benchmark rates and other factors.

In 2025 and 2024, the Group entered into an inventory repurchase arrangement (not included within the financial liabilities noted above). The

interest charged on this arrangement is determined as the difference between the sales and repurchase value and is therefore fixed at the time of

entering into the arrangement. The repayment terms of this arrangement are not in excess of 180 days.

Surplus cash funds, when appropriate, are placed on deposit and attract interest at variable rates.

Interest rate risks – sensitivity

The following table demonstrates the sensitivity, with all other variables held constant, of the Group’s loss after tax to a reasonably possible change

in interest rates on the bilateral RCF with HSBC, the RCF attached to the SSNs and the Chinese loans.

		Effect on loss	Effect on loss
	Increase/	after tax	after tax
	(decrease) in	2025	2024
	interest rate	£m	£m
SONIA	3.00%	(3.7)	(0.2)
SONIA	(3.00)%	3.7	0.2
Chinese Benchmark Rates	3.00%	(0.2)	–
Chinese Benchmark Rates	(3.00)%	0.2	–

ANNUAL REPORT AND ACCOUNTS 2025

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INFORMATION

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

23 Financial instruments continued

Foreign currency exposure

The Group’s exposure to the risk of changes in foreign currency exchange relates primarily to US dollar sales (including inter-Group sales), Chinese

renminbi sales, Japanese yen sales and Euro denominated purchases.

At 31 December 2025, the Group has hedged 10% for 2026 (2024: 26% for 2025) of its US dollar denominated highly probable inter-Group sales,

14% for 2026 of its Japanese yen sales (2024: 32% for 2025) and 21% of its Euro denominated purchases for 2026 (2024: 32% for 2025). These foreign

currency risks are hedged by using foreign currency forward contracts.

The Group’s sterling equivalents of financial assets and liabilities (excluding borrowings analysed by currency above) denominated in foreign

currencies at 31 December were:

			Chinese
	Euros	US dollars	renminbi	Japanese yen	Other	Total
At 31 December 2025	£m	£m	£m	£m	£m	£m
Financial assets
Trade and other receivables (excluding
prepayments)	33.6	24.6	10.2	37.7	17.8	123.9
Foreign currency contracts	–	0.5	–	1.1	–	1.6
Cash balances	8.8	103.6	12.1	4.2	2.6	131.3
	42.4	128.7	22.3	43.0	20.4	256.8
Financial liabilities
Trade and other payables	(93.4)	(129.9)	(57.4)	(11.4)	(5.3)	(297.4)
Lease liabilities	(0.7)	(5.5)	(0.8)	(1.3)	–	(8.3)
Customer deposits and advances	(21.8)	(45.6)	(5.8)	(2.9)	(7.4)	(83.5)
Foreign currency contracts	(1.5)	–	–	–	–	(1.5)
	(117.4)	(181.0)	(64.0)	(15.6)	(12.7)	(390.7)
Net balance sheet exposure	(75.0)	(52.3)	(41.7)	27.4	7.7	(133.9)

			Chinese
	Euros	US dollars	renminbi	Japanese yen	Other	Total
At 31 December 2024	£m	£m	£m	£m	£m	£m
Financial assets
Trade and other receivables	80.6	15.4	7.8	26.0	11.6	141.4
Foreign currency contracts	–	–	–	1.0	–	1.0
Cash balances	38.9	113.4	14.7	9.9	6.9	183.8
	119.5	128.8	22.5	36.9	18.5	326.2
Financial liabilities
Trade and other payables	(183.1)	(133.8)	(5.8)	(10.6)	(2.0)	(335.3)
Lease liabilities	(1.2)	(6.8)	–	(2.3)	–	(10.3)
Customer deposits and advances	(23.3)	(38.1)	(4.2)	(5.6)	(4.9)	(76.1)
Foreign currency contracts	(1.7)	(3.9)	–	–	–	(5.6)
	(209.3)	(182.6)	(10.0)	(18.5)	(6.9)	(427.3)
Net balance sheet exposure	(89.8)	(53.8)	12.5	18.4	11.6	(101.1)

The following significant exchange rates applied during the year and at the year end date:

	Average rate	Average rate	Closing rate	Closing rate
	2025	2024	2025	2024
Euro	1.18	1.18	1.15	1.21
Chinese renminbi	9.48	9.19	9.40	9.14
US dollar	1.31	1.29	1.34	1.25
Japanese yen	196.65	191.53	210.70	196.83

206

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED

23 Financial instruments continued

Currency risk – sensitivity

The following table demonstrates the sensitivity to a change in the US dollar, Euro, Chinese renminbi and Japanese yen exchange rates, with all other

variables held constant, of the Group’s result after tax (due to changes in the fair value of monetary assets and liabilities) assuming that none of the

US dollar or Euro exposures are used as hedging instruments.

		Effect on result	Effect on result
	(Increase)/	after tax	after tax
	decrease in	2025	2024
	interest rate	£m	£m
US dollar	(5.00%)	(7.8)	(9.6)
US dollar	5.00%	7.1	8.7
Euro	(5.00%)	8.5	10.8
Euro	5.00%	(9.4)	(11.9)
Chinese renminbi	(5.00%)	0.3	(1.5)
Chinese renminbi	5.00%	(0.4)	1.7
Japanese yen	(5.00%)	(1.9)	(4.1)
Japanese yen	5.00%	2.1	4.5

$1,050.0m and £565.0m Senior Secured Notes

During 2024 the Group refinanced all SSNs in issue with new Sterling and US Dollar SSNs. At both 31 December 2025 and 31 December 2024, the

Group had not hedged the new SSNs. Foreign currency gains/(losses) on the US Dollar denominated SSNs, due to exchange rate movements

between the US dollar and sterling, are charged to the Consolidated Income Statement within finance income/(expense). A corresponding change in

the translated sterling value of these SSNs is reflected in the Consolidated Statement of Financial Position.

Hedge accounting

The Group is primarily exposed to US dollar currency variations on the sale of vehicles and parts, and Euro currency variations on the purchase of

raw material parts and services. As part of its risk management policy, the Group uses derivative financial instruments in the form of foreign

currency forward contracts to manage the cash flow risk resulting from these exchange rate movements. These are known as cash flow hedges. The

cash flow hedges give certainty over the transactional values to be recognised in the Consolidated Income Statement, and the value of cash flows

arising as foreign currencies are exchanged at predetermined rates. The Group hedges significant foreign currency exposures as follows:

¤ With foreign currency forward contracts on a reducing basis with the highest coverage in the year immediately following the year end date. When

practicable, the Group places additional hedges on a regular basis so that the percentage of the foreign currency exposure hedged increases as

the time to maturity of the foreign currency exposure reduces.

¤ The Group currently has no active foreign currency forward contract cash flow hedges beyond 2026. The Group does not mitigate all

transactional foreign currency exposures, with the unhedged proportion converted at exchange rates prevailing on the date of the transaction.

Derivative financial instruments

Derivative financial instruments are recorded at fair value. The hedging instruments of the cash flow hedge relationship have been designated as the

spot element of forward foreign exchange contracts, and the forward points are excluded from the hedge relationship. The hedged items have been

designated as highly probable forecast net sales or purchases denominated in foreign currencies.

Where the value of the hedging instrument matches the value of the hedged item in a 1:1 hedge ratio, the hedge is effective, and changes in the fair

value of the hedging instrument attributable to the spot risk are considered an effective hedge and recognised in the cash flow hedge reserve within

Other Comprehensive Income. Changes in fair value attributable to forward points are recognised in the cost of hedging reserve within Other

Comprehensive Income. Where the value of the hedging instrument is greater than the value of the hedged item, the excess portion is recognised

as the ineffective portion of the gain or loss on the hedging instrument and is recorded immediately in the Consolidated Income Statement.

ANNUAL REPORT AND ACCOUNTS 2025

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INFORMATION

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

23 Financial instruments continued

Hedge accounting continued

Main sources of hedge ineffectiveness

Other than previously described, in relation only to foreign currency forward contracts designated as a hedge, the main sources of potential hedge

ineffectiveness relate to potential differences in the nominal value of hedged items and the hedging instrument should they occur.

The impact of hedging instruments on the Consolidated Statement of Financial Position is as follows:

		As at 31 December 2025		As at 31 December 2024
			Change in fair			Change in fair
			value used for			value used for
	Notional	Carrying	measuring	Notional	Carrying	measuring
	value	value	ineffectiveness	value	value	ineffectiveness
	£m	£m	£m	£m	£m	£m
Foreign exchange forward contracts –
other financial assets	48.3	1.6	1.6	32.8	1.0	1.0
Foreign exchange forward contracts –
other financial liabilities	86.4	(1.5)	(1.5)	244.7	(5.6)	(5.6)
Foreign exchange forward contracts –
inventory	13.1	0.1	(2.1)	54.9	2.2	2.2
Tax on fair value movements
recognised in OCI	–	(0.2)	0.5	–	0.5	0.5

The impact of hedged items on the Consolidated Statement of Financial Position is as follows:

	As at 31 December 2025		As at 31 December 2024
	Cash flow	Cost of	Cash flow	Cost of
	hedge	hedging	hedge	hedging
	reserve	reserve	reserve	reserve
	£m	£m	£m	£m
Foreign exchange forward contracts	1.2	(1.1)	(0.5)	(1.9)
Tax on fair value movements recognised in OCI	(0.3)	0.2	0.1	0.4

The effect of the cash flow hedge in the Consolidated Income Statement and Other Comprehensive Income is:

		Ineffectiveness			Amount
	Total	recognised			reclassified
	hedging	in the		Fair value	from OCI to the
	gain/(loss)	Consolidated		movement on	Consolidated
	recognised	Income	Income	cash flow	Income	Income
	in OCI	Statement	Statement	hedges	Statement	Statement
Year ended 31 December 2025	£m	£m	line item	£m	£m	line item
Foreign exchange forward contracts	2.6	–	Cost of sales	14.4	(11.8)	Cost of sales
Tax on fair value movements
recognised in OCI	(0.7)	–	Cost of sales	(3.6)	2.9	Cost of sales

208

ASTON MARTIN LAGONDA

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

23 Financial instruments continued

Hedge accounting continued

Main sources of hedge ineffectiveness continued

		Ineffectiveness			Amount
		recognised			reclassified
	Total hedging	in the		Fair value	from OCI to the
	gain/(loss)	Consolidated		movement on	Consolidated
	recognised	Income	Income	cash flow	Income	Income
	in OCI	Statement	Statement	hedges	Statement	Statement
Year ended 31 December 2024	£m	£m	line item	£m	£m	line item
Foreign exchange forward contracts	(3.6)	–	Cost of sales	–	(3.6)	Cost of sales
Tax on fair value movements
recognised in OCI	0.9	–	Cost of sales	–	0.9	Cost of sales

Hedge ineffectiveness recognised within the Consolidated Income Statement relates to differences in the nominal value of the hedged items and

the hedging instrument. At 31 December 2025 and 2024, there were no balances remaining in the cash flow hedge reserve from hedging

relationships for which hedge accounting is no longer required.

All hedging instruments recognised by the Group at 31 December 2025 have a maturity date of less than one year .

Liquidity risk

The Group seeks to manage liquidity risk to ensure sufficient liquidity is available to meet foreseeable needs and, when appropriate, allow

placement of cash on deposit safely and profitably. In May 2025 the Group issued 75,000,000 ordinary shares through a non pre-emptive placing

and retail offer to Yew Tree Consortium with net proceeds of £51.2m. On 29 September 2025 the Group completed the sale of its majority

shareholding in AMR GP Holdings Limited (“AMR GP”) resulting in £106.3m inflow of net proceeds in the year ended 31 December 2025.

The Group has a £50m bilateral revolving credit facility with HSBC Bank plc (“HSBC”), whereby Chinese Renminbi can be deposited in a restricted

account with HSBC in China in exchange for a Sterling overdraft facility with HSBC Bank plc in the United Kingdom. This facility was not drawn at

either 31 December 2025 or 31 December 2024. The facility remains available until at least 21 March 2028. The size of the facility will reduce to

£25m on 21 March 2027.

At 31 December 2025 the Group held £1,329.8m of SSNs (2024: £1,378.9m). In March 2024, the Group refinanced the previously held notes at

31 December 2023 with £400.0m of Sterling SSNs and $960.0m of US Dollar SSNs. Further note issuances in 2024 led to a total of £565.0m of

Sterling SSNs and $1050.0m of US Dollar SSNs in issue at both 31 December 2025 and 31 December 2024. The redemption of the previously held

First Lien and Second Lien SSNs in the year ended 31 December 2024 resulted in one off premium costs and the acceleration of transaction costs and

discounts (see note 5). The Sterling SSNs and US Dollar SSNs in issue at 31 December 2025 and 31 December 2024 are repayable in March 2029. The

US dollar amounts have been converted to sterling equivalents for reporting purposes.

Attached to the SSNs issued in March 2024 is a £170.0m (2024: £170.0m) RCF of which £164.0m (2024: £10.0m) was drawn in cash at the reporting

date. The amount recorded in the Consolidated Statement of Financial Position is net of unamortised transaction costs. £5.6m (2024: £5.9m) of the

RCF has been reserved for letters of credit and guarantees. The RCF attached to the SSNs is available until December 2028.

The Group has taken out two loans with Chinese banks in 2025 at commercial interest rates. The first loan is with the Industrial and Commercial Bank

of China for 20.0 million Renminbi (£2.1m). The second loan is with China Merchants Bank Co., Ltd for 50.0 million Renminbi (£5.3m). The loans expire

in June 2026 and July 2026 respectively.

As part of the normal operating cycle of the Group, customers make advanced payments to secure their allocation of Special Vehicles produced in

limited numbers. The cash from these advance payments is primarily used to fund upfront costs of the Special Vehicle project, including raw

materials and components required in manufacture. In certain circumstances, according to the individual terms of the Special Vehicle contract and

the position of the customer in the staged deposit and vehicle specification process, the advanced payments are contractually refundable. At

31 December 2025, the Group held refundable deposits of £62.8m (2024: £82.1m).

ANNUAL REPORT AND ACCOUNTS 2025

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INFORMATION

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

23 Financial instruments continued

Liquidity risk continued

The maturity profile of the Group’s financial liabilities at 31 December 2025 based on contractual undiscounted payments, was as follows.

						Contractual
		Less than 3	3 to 12	1 to 5		Cash Flows
	On demand	months	months	years	>5 years	Total
	£m	£m	£m	£m	£m	£m
Non-derivative financial liabilities
Bank loans and overdrafts	–	–	7.5	166.7	–	174.2
Senior Secured Notes	–	–	136.7	1,675.2	–	1,811.9
Trade and other payables	–	406.2	78.1	36.1	24.0	544.4
Refundable customer deposits and advances	62.8	–	–	–	–	62.8
Derivative financial liabilities
Forward exchange contracts	–	0.9	0.6	–	–	1.5
	62.8	407.1	222.9	1,878.0	24.0	2,594.8

Included in the tables above and below are interest bearing loans and borrowings at a carrying value of £1,500.2m (2024: £1,387.3m). The liquidity

profile associated with leases accounted under IFRS 16 is detailed in note 16.

The maturity profile of the Group’s financial liabilities at 31 December 2024 based on contractual undiscounted payments, was as follows.

						Contractual
		Less than 3	3 to 12	1 to 5		Cash Flows
	On demand	months	months	years	>5 years	Total
	£m	£m	£m	£m	£m	£m
Non-derivative financial liabilities
Bank loans and overdrafts	–	–	–	10.2	–	10.2
Senior Secured Notes	–	–	141.5	1,890.1	–	2,031.6
Trade and other payables	–	377.6	104.3	77.4	0.8	560.1
Refundable customer deposits and advances	82.1	–	–	–	–	82.1
Derivative financial liabilities
Forward exchange contracts	–	0.9	4.7	–	–	5.6
	82.1	378.5	250.5	1,977.7	0.8	2,689.6

210

ASTON MARTIN LAGONDA

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

23 Financial instruments continued

Estimation of fair values

		As at 31 December 2025		As at 31 December 2024
	Notional value	Book value	Fair value	Notional value	Book value	Fair value
	£m	£m	£m	£m	£m	£m
Included in assets
Level 1
Cash held not available in the short-term	1.4	1.1	1.4	–	1.0	1.0
Level 2
Forward foreign exchange contracts	–	1.6	1.6	–	1.0	1.0
Investments – Assets held for sale	–	2.1	2.1	–	50.9	50.9
Other derivative contracts	–	–	–	–	23.2	23.2
	1.4	5.1	5.1	–	75.1	75.1
Included in liabilities
Level 1
$1,050.0, 10% US dollar Notes	780.9	773.2	726.2	837.7	826.2	820.0
£465.0m 10.375% GBP Notes	464.7	460.3	426.1	464.6	458.0	458.4
£100.0m 10.375% GBP Notes*	97.7	96.3	91.2	96.6	94.7	97.6
Level 2
Forward exchange contracts	–	1.5	1.5	–	5.6	5.6
Derivative option over own shares	33.1	0.8	0.8	33.1	5.0	5.0
Other derivative contract	–	–	–	–	23.2	23.2
	1,376.4	1,332.1	1,245.8	1,432.0	1,412.7	1,409.8

* The £100.0m of GBP notes issued in November 2024 have a different ISIN to the other £465.0m of GBP notes and therefore a different quoted value, hence are presented

separately in this table.

Under IFRS 7, such assets and liabilities are classified by the way in which their fair value is calculated. The interest-bearing loans and borrowings are

considered to be level 1 liabilities with forward exchange contracts being level 2 assets and liabilities. IFRS 7 defines each level as follows:

¤ Level 1 assets and liabilities have inputs observable through quoted prices.

¤ Level 2 assets and liabilities have inputs observable, other than quoted prices, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

¤ Level 3 assets and liabilities are those with inputs not based on observable market data.

Trade and other receivables, current borrowings and trade and other payables are deemed to have the same fair value as their book value and, as

such, the table above only includes assets and liabilities held at fair value, and long term borrowings. The forward currency contracts are carried at

fair value based on pricing models and discounted cash flow techniques derived from assumptions provided by third-party banks. The SSNs are all

valued at amortised cost retranslated at the year end foreign exchange rate. The fair value of these SSNs at the current and comparative period ends

are determined by reference to the quoted price on The International Stock Exchange Authority in St Peter Port, Guernsey. The fair value and

nominal value exclude the impact of transaction costs.

The other derivative contract relates to one option for the Group to acquire a minority shareholding in AMR GP Holdings Limited (“AMR GP”) (see note 20).

The investment relates to an existing minority shareholding within AMG GP. At 31 December 2024, the Group has measured the fair value of its holding in

line with the equity value implied by investments into AMR GP which saw the Group dispose of portions of its shareholdings (see note 15). The implied

equity value from the transactions, alongside a continued absence of quoted prices, has led to the Group recording the investment as a level 2 asset.

The derivative option over own shares reflects the detachable warrants issued alongside the Second Lien SSNs that were redeemed in March 2024.

The warrant holders continue to be able to subscribe for a number of ordinary shares in the Company until 7 December 2027. The fair value is

calculated using a binomial model and updated at each period end, reflecting the latest market conditions. The inputs used in the valuation model

include the quoted share price, market volatility, exercise ratio and risk-free rate.

For all other receivables and payables, the carrying amount is deemed to reflect the fair value.

Capital management

The Board’s policy is to maintain a strong capital base so as to maintain investor and creditor confidence and to sustain the future development of

the business. Given this, the objective of the Group’s capital management is to ensure that it maintains healthy capital ratios in order to support its

business and maximise shareholder value. The capital structure of the Group consists of debt which includes the borrowings disclosed in this note,

cash and cash equivalents and equity attributable to equity holders of the parent, comprising share capital and reserves as disclosed in the

Consolidated Statement of Changes in Equity.

ANNUAL REPORT AND ACCOUNTS 2025

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INFORMATION

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

24 Net debt

The Group defines net debt as current and non-current borrowings in addition to inventory repurchase arrangements and lease liabilities, less cash and

cash equivalents including cash held not available for short-term use. The additional cash flow disclosures required under IAS 7 are made in note 28.

	2025	2024
	£m	£m
Cash and cash equivalents	249.9	359.6
Cash held not available for use in the short term	1.4	–
Inventory repurchase arrangement	(39.6)	(38.4)
Lease liabilities – current	(12.4)	(9.4)
Lease liabilities – non-current	(79.4)	(87.2)
Loans and other borrowings – current	(7.4)	–
Loans and other borrowings – non-current	(1,492.8)	(1,387.3)
Net debt	(1,380.3)	(1,162.7)
Movement in net debt
Net decrease in cash and cash equivalents	(109.7)	(32.8)
Add back cash flows in respect of other components of net debt:
New borrowings	(161.1)	(1,394.6)
Proceeds from inventory repurchase arrangement	(37.8)	(75.4)
Movement in cash not available for short-term use	1.4	–
Repayment of existing borrowings	–	1,084.9
Repayment of inventory repurchase arrangement	40.0	80.0
Lease liability payments	10.0	9.5
Transaction fees	1.6	24.3
Increase in net debt arising from cash flows	(255.6)	(304.1)
Non-cash movements:
Foreign exchange gain/(loss) on secured loan	57.0	(14.1)
Interest added to debt	(3.4)	(4.6)
Unpaid transaction fees	(1.6)	1.7
Borrowing fee amortisation	(8.5)	(18.5)
Lease liability interest charge	(4.0)	(4.2)
Lease modifications	(3.8)	(1.6)
New leases	(1.8)	(7.7)
Foreign exchange gain and other movements	4.1	4.7
Increase in net debt	(217.6)	(348.4)
Net debt at beginning of the year	(1,162.7)	(814.3)
Net debt at the end of the year	(1,380.3)	(1,162.7)

212

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED

25 Provisions

		2025		2024
		£m		£m
	Warranty	Restructuring	Total	Warranty/Total
At the beginning of the year	46.8	–	46.8	43.9
Charge for the year	71.2	18.7	89.9	37.5
Utilisation	(64.2)	(5.2)	(69.4)	(34.2)
Effect of movements in exchange rates	1.2	–	1.2	(0.4)
At the end of the year	55.0	13.5	68.5	46.8
Analysed as:
Current	25.1	13.5	38.6	19.7
Non-current	29.9	–	29.9	27.1
	55.0	13.5	68.5	46.8

The warranty provision is calculated based on the level of historical claims and is expected to be substantially utilised within the next three years.

The restructuring provision is calculated based on the estimated costs associated with the planned workforce departures announced during the

year ended 31 December 2025 and is expected to be utilised during the year ended 31 December 2026.

26 Pension obligations

Defined Contribution scheme

The Group opened a Defined Contribution scheme in June 2011. The total expense relating to this scheme in the year ended 31 December 2025 was

£15.3m (2024: £13.7m). The Group collects both the employee and employer contributions which are paid to the scheme in the following month.

Outstanding contributions at the 31 December 2025 were £2.4m (2024: £2.3m). Contributions are made by the Group to other pension

arrangements for certain employees of the Group.

Defined Benefit scheme

The Group operates a Defined Benefit pension scheme. During 2017, it was agreed and communicated to its members that the scheme’s benefits

would be amended from a final pensionable salary basis to a career average revalued earnings (CARE) basis with effect from 1 January 2018. The

scheme was closed to new entrants on 31 May 2011. The benefits of the existing members were not affected by the closure of the scheme. The

assets of the scheme are held separately from those of the Group. On 31 January 2022, the scheme was closed to future accrual.

In constructing the investment strategy for the scheme, the Trustees take due account of the liability profile of the scheme along with the level of

disclosed surplus or deficit. The investment strategy is reviewed on a regular basis and, at a minimum, on a triennial basis to coincide with actuarial

valuations. The primary objectives are to provide security for all beneficiaries and to achieve long-term growth sufficient to finance any pension

increases and ensure the residual cost is held at a reasonable level.

The pension scheme operates under the regulatory framework of the Pensions Act 2004. The Trustee has the primary responsibility for governance

of the scheme. Benefit payments are from Trustee-administered funds and scheme assets are held in a Trust which is governed by UK regulation.

The Trustee comprises representatives of the Group and members of the scheme and an independent, professional Trustee.

The pension scheme exposes the Group to the following risks:

¤ Asset volatility – the scheme’s Statement of Investment Principles targets around 22% return-enhancing assets and 78% risk-reducing assets. The

Trustee monitors the appropriateness of the scheme’s investment strategy, in consultation with the Group, on an ongoing basis.

¤ Inflation risk – the majority of benefits are linked to inflation and so increases in inflation will lead to higher liabilities (although in most cases there

are caps in place which protect against extreme inflation).

¤ Longevity – increases in life expectancy will increase the period over which benefits are expected to be payable, which increases the value placed

on the scheme’s liabilities.

¤ Changes in bond yields – A decrease in corporate bond yields will increase the value placed on the Scheme liabilities, although this will be partially

offset by an increase in the value of the Scheme’s bond holdings.

The projected unit method has been used to determine the liabilities.

ANNUAL REPORT AND ACCOUNTS 2025

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED

26 Pension obligations continued

Defined Benefit scheme continued

The pension cost is assessed in accordance with the advice of an independent qualified actuary. The latest completed actuarial valuation of the

scheme had an effective date of 6 April 2023. The assumptions that make the most significant effect on the valuation are those relating to the rate of

return on investments, the rate of future inflation-linked pension increases and expected longevity. It was assumed that the investment return would

be based on the Bank of England gilt curve plus 0.5% per annum and that future inflation would be based on the Bank of England inflation curve. At

the 6 April 2023 actuarial valuation, the actuarial value of the scheme assets was £202.6m, sufficient to cover 81% of the actuarial value of the

benefits payable to members.

On 5 July 2024, the Group agreed to pay recovery plan contributions of £8.0m per annum (reduced from £15.0m per annum prior to this date)

effective from 1 July 2024 through to 30 November 2028.

The 6 April 2023 valuation was updated by an independent qualified actuary to 31 December 2025 for the 2025 year end disclosures in accordance with

IAS 19. The next triennial valuation as at 6 April 2026 is due to be completed by July 2027 in line with the scheme-specific funding requirements of the

Pensions Act 2004. As part of that valuation the Trustee and the Group will review the adequacy of the contributions being paid into the Scheme.

Following the High Court ruling in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others in June 2023, it was held that section

37 of the Pension Schemes Act 1993 operates to make void any amendment to the rules of a contracted out pension scheme without written

actuarial confirmation under Regulation 42(2) of the Occupational Pension Schemes (Contracting Out) Regulations 1996, in so far that the

amendment relates to members’ section 9(2B) rights. The Department for Work and Pensions made an announcement on 5 June 2025 outlining the

Government’s proposed legislation to allow retrospective actuarial confirmation of benefit changes to deal with issues arising from the Virgin Media

v NTL Pension Trustees judgment. The Trustees of the Scheme and the Plan (collectively the “Pension Schemes”) have confirmed that; – The Pension

Schemes were contracted out of the additional state pension between 1997 and 2016; and – It was possible that amendments were made to the

Pension Schemes that may have impacted on the members’ section 9(2B) rights. The Trustees of the Pension Schemes and the Directors work

closely together and take appropriate legal and professional advice when making amendments to the Pension Schemes.

An initial assessment has been undertaken to determine whether any amendments to section 9(2B) rights were made to the Pension Schemes that

were not in accordance with section 37 of the Pension Schemes Act 1993 requirements, however as at 31 December 2025, the assessment is ongoing

and no final conclusions have been reached. Further, it is not currently possible to reliably estimate any potential impact to the defined benefit

obligations of the Pension Schemes if these amendments were not in accordance with the requirements of section 37 of the Pension Schemes Act

1993. The Directors continue to assess the extent of procedures required to confirm if there is any indication of historic non-compliance.

Assumptions

The principal assumptions used by the actuary were:

	31 December	31 December
	£m	£m
Discount rate	5.75%	5.65%
Rate of increase in salaries	N/A	N/A
Rate of revaluation in deferment	2.35%	2.55%
Rate of increase in pensions in payment attracting Limited Price Indexation	2.75%	2.95%
Expected return on scheme assets	5.75%	5.65%
RPI Inflation assumption	2.75%	3.00%
CPI Inflation assumption	2.35%	2.55%

The Group’s inflation assumption reflects its long-term expectations and has not been amended for short-term variability. The mortality

assumptions allow for expected increases in longevity. The ‘current’ disclosures below relate to assumptions based on the longevity (in years)

following retirement at each reporting date, with “future” relating to an employee retiring in 2045 (2025 assumptions) or 2044 (2024 assumptions).

	Future	Current	Future	Current
	Currently	Currently	Currently	Currently
	aged 45	aged 65	aged 45	aged 65
Projected life expectancy at age 65	2025	2025	2024	2024
Male	23.1	21.8	22.8	21.5
Female	25.6	24.2	25.5	24.0

	Year
Average duration of the liabilities in years as at 31 December 2025	16
Average duration of the liabilities in years as at 31 December 2024	17

214

ASTON MARTIN LAGONDA

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

26 Pension obligations continued

Assumptions continued

The following table provides information on the composition and fair value of the assets of the scheme:

	31 December	31 December	31 December	31 December	31 December	31 December
	2025	2025	2025	2024	2024	2024
	Quoted	Unquoted	Total	Quoted	Unquoted	Total
	£m	£m	£m	£m	£m	£m
Asset class
Overseas equities	19.8	–	19.8	10.3	–	10.3
Private debt	–	13.2	13.2	–	20.8	20.8
Asset-Backed Securities	–	23.2	23.2	10.3	–	10.3
Liability driven investment	57.6	33.8	91.4	86.0	15.7	101.7
Credit	18.7	–	18.7	–	–	–
Cash	26.8	–	26.8	44.8	–	44.8
Insurance policies	4.1	–	4.1	4.2	–	4.2
Total	127.0	70.2	197.2	155.6	36.5	192.1

The scheme assets and funded obligations at 31 December are summarised below:

	2025	2024
	£m	£m
Total fair value of scheme assets	197.2	192.1
Present value of funded obligations	(185.1)	(185.9)
Funded status at the end of the year	12.1	6.2
Adjustment to reflect minimum funding requirements	(34.2)	(34.9)
Liability recognised in the Consolidated Statement of Financial Position	(22.1)	(28.7)

The adjustment to reflect minimum funding requirements represents the excess of the present value of contractual future recovery plan

contributions, discounted using the assumed scheme discount rate, over the funding status established through the actuarial valuation.

Amounts recognised in the Consolidated Income Statement during the year ended 31 December were as follows:

	2025	2024
	£m	£m
Amounts charged to operating loss:
Current service cost	–	–
Past service cost	–	–
	–	–
Amounts charged to finance expense:
Net interest expense on the net Defined Benefit liability	0.6	0.1
Interest expense on the adjustment to reflect minimum funding requirements	(2.0)	(2.1)
Total expense recognised in the Consolidated Income Statement	(1.4)	(2.0)

Changes in present value of the Defined Benefit pensions obligations are analysed as follows:

	2025	2024
	£m	£m
At the beginning of the year	(185.9)	(215.9)
Current service cost	–	–
Past service cost	–	–
Interest cost	(10.3)	(10.0)
Experience (losses)/gains	(1.7)	7.4
Actuarial gains arising from changes in financial assumptions	7.5	28.7
Distributions	6.6	6.3
Actuarial losses arising from changes in demographic assumptions	(1.3)	(2.4)
Obligation at the end of the year	(185.1)	(185.9)

ANNUAL REPORT AND ACCOUNTS 2025

215

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INFORMATION

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

26 Pension obligations continued

Assumptions continued

Changes in the fair value of plan assets are analysed below:

	2025	2024
	£m	£m
At the beginning of the year	192.1	212.8
Interest on assets	10.9	10.1
Employer contributions	8.0	12.1
Return on scheme assets excluding interest income	(7.2)	(36.6)
Distributions	(6.6)	(6.3)
Fair value at the end of the year	197.2	192.1

	2025	2024
	£m	£m
Actual return on scheme assets	3.7	(26.5)

Analysis of amounts recognised in the Consolidated Statement of Financial Position:

	2025	2024
	£m	£m
Liability at the beginning of the year	(28.7)	(49.0)
Net expense recognised in the Consolidated Income Statement	(1.4)	(2.0)
Employer contributions	8.0	12.1
Gain recognised in Other Comprehensive Income	–	10.2
Liability recognised in the Consolidated Statement of Financial Position at the end of the year	(22.1)	(28.7)

Analysis of amount taken to Other Comprehensive Income:

	2025	2024
	£m	£m
Return on scheme assets excluding interest income	(7.2)	(36.6)
Experience (losses)/gains arising on funded obligations	(1.7)	7.4
Gains arising due to changes in financial assumptions underlying the present value of funded obligations	7.5	28.7
Gains arising as a result of the adjustment made to reflect minimum funding requirements	2.7	13.1
Losses arising due to changes in demographic assumptions	(1.3)	(2.4)
Amount recognised in Other Comprehensive Income	–	10.2

Sensitivity analysis of the principal assumptions used to measure scheme liabilities

At 31 December 2025 the present value of the benefit obligation was £185.1m (2024: £185.9m) and its sensitivity to changes in key assumptions were:

		Present value	Present value
		of benefit	of benefit
		obligations at	obligations at
	Change in	31 December 2025	31 December 2024
	assumption	£m	£m
Discount rate	Decrease by 1%	217.8	220.3
Rate of inflation*	Increase by 0.25%	190.0	190.9
Life expectancy increased by approximately 1 year	Increase by one year	190.7	191.5

* This sensitivity allows for the impact on all inflation-related assumptions (salary increases, deferred revaluation and pension increases)

Funding levels are monitored on a regular basis by the Trustee and the Group to ensure the security of members’ benefits. The next triennial valuation,

as at 6 April 2026, is due to be completed by July 2027 in line with the scheme-specific funding requirements of the Pensions Act 2004. As part of that

valuation the Trustee and the Group will review the adequacy of the contributions being paid into the scheme.

216

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED

26 Pension obligations continued

Sensitivity analysis of the principal assumptions used to measure scheme liabilities continued

	2025	2024
	£m	£m
Expected future benefit payments
Year 1 (2026/2025)	8.0	9.9
Year 2 (2027/2026)	8.2	10.2
Year 3 (2028/2027)	8.5	10.5
Year 4 (2029/2028)	8.7	10.8
Year 5 (2030/2029)	8.9	11.1
Years 6 to 10 (2031 to 2035/2030 to 2034)	47.8	59.6

History of scheme experience

	2025	2024
Present value of the scheme liabilities (£m)	(185.1)	(185.9)
Fair value of the scheme assets (£m)	197.2	192.1
Surplus in the scheme before adjusting to reflect minimum funding requirements (£m)	12.1	6.2
Experience losses on scheme assets excluding interest income (£m)	(7.2)	(36.6)
Percentage of scheme assets	(3.7)%	(19.1)%
Return on scheme liabilities (£m)	(1.7)	7.4
Percentage of the present value of the scheme liabilities	0.9%	(4.0)%
Total amount recognised in Other Comprehensive Income (£m)	–	10.2
Percentage of the present value of the scheme liabilities	0.0%	(5.5)%

27 Share capital and other reserves

						Capital
		Nominal	Share	Share	Merger	redemption
	Number of	value	capital	premium	reserve	reserve
Allotted, called up and fully paid	shares	£	£m	£m	£m	£m
Opening balance at 1 January 2024	823,663,785		82.4	2,094.5	143.9	9.3
Issuance of shares as part of vested
long-term incentive plans 1	78,050	0.1	0.0	–	–	–
Issuance of shares to SIP 2	1,283,696	0.1	0.1	–	–	–
Non-pre-emptive Placing 3	111,249,416	0.1	11.1	98.1	–	–
Balance as at 31 December 2024
and 1 January 2025	936,274,947		93.6	2,192.6	143.9	9.3
Non-pre-emptive Placing 4	75,000,000	0.1	7.5	–	43.7	–
Issuance of shares to SIP 5	1,186,749	0.1	0.1	–	–	–
Closing balance at 31 December 2025	1,012,461,696		101.2	2,192.6	187.6	9.3

1 On 6 March 2024, the Company issued 78,050 ordinary shares to satisfy the vesting of the 2021 Long Term Incentive Plan and buyout award. The shares were issued at

nominal value and resulted in the recognition of <£0.1m of share capital and no impact upon share premium

2 On 13 May 2024, the Company issued 1,283,696 ordinary shares under the Company’s Share Incentive Plan at nominal value. A transfer from retained earnings of £0.1m

took place, with £0.1m recognised in share capita

3 On 29 November 2024, the Company issued a total of 111,249,416 ordinary shares comprising 109,000,000 placing shares, 1,249,416 retail offer shares and 1,000,000

Director subscription shares by way of a non-pre-emptive placing. The shares were issued at 100p, raising gross proceeds of £111.2m, with £11.1m recognised as share

capital and the remaining £100.1m recognised as share premium. Transaction fees of £2.0m were deducted from share premium of which £1.9m were paid during the

year ended 31 December 2025

4 On 9 May 2025 the Company issued 75,000,000 ordinary shares through a non-pre-emptive placing and retail offer. The shares were issued at 70p raising gross

proceeds of £52.5m, with £7.5m recognised as share capital and the remaining £45.0m recognised as merger reserve. Transaction fees of £1.3m were deducted from the

gross proceeds recognised in the merger reserve and paid during the year ended 31 December 2025. The merger reserve is used where more than 90% of the shares in a

subsidiary are acquired and the consideration includes the issue of new shares by the Company, thereby attracting merger relief under the Companies Act 2006

5 On 9 September 2025, the Company issued 1,186,749 ordinary shares under the Company’s Share Incentive Plan at nominal value. A transfer from retained earnings of

£0.1m took place, with £0.1m recognised in share capital

ANNUAL REPORT AND ACCOUNTS 2025

217

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INFORMATION

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

28 Additional cash flow information

Reconciliation of movements of select liabilities to cash flows arising from financing activities

The tables below reconcile movements of liabilities classified within net debt (note 24) to cash flows arising from financing activities for the years

ended 31 December 2025 and 2024.

			Loans and			£565m
		Loans and	other		$1,050m	10.375%
	Inventory	other	borrowings		10% Senior	Senior
	repurchase	borrowings	– China bank	Lease	Secured	Secured
	arrangement	– RCF	loans	Liabilities	Notes	Notes	Total
Liabilities	£m	£m	£m	£m	£m	£m	£m
At 1 January 2025	38.4	8.4	–	96.6	826.2	552.7	1,522.3
Changes from financing cash flows
Interest paid 1	–	(5.4)	(0.1)	(4.0)	(79.7)	(57.7)	(146.9)
Principal lease payment	–	–	–	(10.0)	–	–	(10.0)
Proceeds from new borrowings	–	154.0	7.1	–	–	–	161.1
Inventory repurchase repayment	(40.0)	–	–	–	–	–	(40.0)
Inventory repurchase drawdown	37.8	–	–	–	–	–	37.8
Total changes from financing cash flows	(2.2)	148.6	7.0	(14.0)	(79.7)	(57.7)	2.0
Effect of changes in exchange rates	–	–	0.3	(0.5)	(57.0)	–	(57.2)
New leases under IFRS 16	–	–	–	1.9	–	–	1.9
Modifications to existing leases	–	–	–	3.8	–	–	3.8
Interest expense 2	3.4	5.7	0.1	4.0	82.7	62.6	158.5
Movement in accrued interest	–	0.3	–	–	1.0	(1.0)	0.3
Balance at 31 December 2025	39.6	163.0	7.4	91.8	773.2	556.6	1,631.6

						£565m
	Other		$1,184.0m		$1,050m	10.375%
	borrowings		10.5%	$335m 15%	10% Senior	Senior
	and inventory	Lease	First Lien	Second Lien	Secured	Secured
	arrangements	Liabilities	Notes	Notes	Notes	Notes	Total
Liabilities	£m	£m	£m	£m	£m	£m	£m
At 1 January 2024	129.1	97.3	890.0	90.3	–	–	1,206.7
Changes from financing cash flows
Interest paid	(6.2)	(4.2)	(36.6)	(3.3)	(45.0)	(26.7)	(122.0)
Principal lease payment	–	(9.5)	–	–	–	–	(9.5)
Proceeds from new borrowings	10.0	–	–	–	823.6	561.0	1,394.6
Repayment of existing borrowings	(90.0)	–	(897.2)	(97.7)	–	–	(1,084.9)
Premium paid on the early redemption
of Senior Secured Notes	–	–	(28.1)	(7.6)	–	–	(35.7)
Inventory repurchase repayment	(80.0)	–	–	–	–	–	(80.0)
Inventory repurchase drawdown	75.4	–	–	–	–	–	75.4
Total changes from financing cash flows	(90.8)	(13.7)	(961.9)	(108.6)	778.6	534.3	137.9
Effect of changes in exchange rates	–	(0.5)	–	–	14.1	–	13.6
New leases under IFRS 16	–	7.7	–	–	–	–	7.7
Modifications to existing leases	–	1.6	–	–	–	–	1.6
Interest expense	15.3	4.2	56.2	16.9	61.6	37.1	191.3
Movement in accrued interest	(0.6)	–	15.7	1.4	(14.0)	(8.8)	(6.3)
Transaction costs incurred	(2.0)	–	–	–	(14.1)	(9.9)	(26.0)
Financing expense in the Consolidated
Income Statement classified as operating cash flow	(4.2)	–	–	–	–	–	(4.2)
Balance at 31 December 2024	46.8	96.6	–	–	826.2	552.7	1,522.3

1 Included in total cash interest paid of £147.8m as per the Consolidated Statement of Cash Flows, is £0.9m of interest paid on other items not presented above due to not

relating to items presented in the net debt reconciliation (note 24)

2 Included in total interest expense of £170.6m as per the Consolidated Income Statement, is £12.1m of interest expense relating to items not presented above due to not

relating to items presented in the net debt reconciliation (note 24)

218

ASTON MARTIN LAGONDA

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

29 Share-based payments

Long-term incentive schemes

On 22 May 2025, Executive Directors and certain other employees were granted conditional share awards under the Company’s Long-Term

Incentive Plan (“2025 LTIP”). The total charge recognised in the Consolidated Income Statement in relation to this scheme was £0.8m.

On 4 June 2024, Executive Directors and certain other employees were granted conditional share awards under the Company’s Long-Term Incentive

Plan (“2024 LTIP”). On 5 November 2024, the CEO was granted share awards under the 2024 LTIP. On 9 December 2024, additional employees were

granted conditional share awards under an extension to the same plan. The total credit recognised in the Consolidated Income Statement in relation

to this scheme was £0.7m (2024: £2.8m charge recognised in the Consolidated Income Statement).

On 24 May 2023, Executive Directors and certain other employees were granted conditional share awards under the Company’s Long-Term

Incentive Plan (“2023 LTIP”). On 12 December 2023, additional employees were granted conditional share awards under an extension to the same

plan. The total credit recognised in the Consolidated Income Statement in relation to this scheme was £2.5m (2024: £2.8m charge recognised in the

Consolidated Income Statement).

On 13 and 14 June 2022, Executive Directors and certain other employees were granted conditional share awards under the Company’s Long-Term

Incentive Plan (“2022 LTIP”). On 15 December 2022, additional employees were granted conditional share awards under an extension to the same

plan. The total credit recognised in the Consolidated Income Statement in relation to this scheme was £nil (2024: credit of £1.9m).

On 14 June 2021, Executive Directors and certain other employees were granted conditional share awards under the Company’s Long-Term

Incentive Plan (“2021 LTIP”). On 14 December 2021, additional employees were granted conditional share awards under an extension to the same

plan. The total charge recognised in the Consolidated Income Statement in relation to this scheme was £nil (2024: £0.1m). A total of 80,800 shares

vested under the scheme, of which 57,246 shares (2024: 9,644) were exercised at nil cost and 13,910 shares lapsed post vesting.

The fair value of equity-settled share options and share awards granted is estimated at the date of grant using share option valuation models. The

schemes are valued using the Monte Carlo model.

The following tables list the inputs to the models for share-based payment costs in the year:

			2025 grant		2024 grant			2023 grant
	of	2025	LTIP	of 2024	LTIP	of	2023	LTIP
Aggregate fair value at measurement date (£m)			7.0		17.4			18.6
Exercise price (p)			£nil		£nil			£nil
Expected volatility (%)			59.7%		65.0%			70.0%
Dividend yield (%)			N/A		N/A			N/A
Risk free interest rate (%)			3.9%		4.34%			4.25%

The expected volatility is wholly based on the historical volatility of the Company’s share price over a period from listing in 2018 to date.

The following table details the outstanding options under the LTIP schemes:

	2025	2024
	Number	Number
Options outstanding at 1 January	22,027,748	12,684,126
Granted	17,105,580	16,855,644
Forfeited	(5,941,343)	(3,898,537)
Lapsed due to non-attainment of conditions	(620,536)	(3,603,841)
Exercised	(57,246)	(9,644)
Options outstanding at 31 December	32,514,203	22,027,748

ANNUAL REPORT AND ACCOUNTS 2025

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED

29 Share-based payments continued

Free employee shares

On 9 September 2025, all UK employees of the Group were awarded up to 500 free shares in the Company under a Share Incentive Plan (5 June

2024: up to 500 free shares, 19 May 2023: up to 425 free shares). A total of 1,186,749 shares (5 June 2024: 1,283,696 shares, 19 May 2023: 1,017,505

shares) were issued to the Aston Martin Employee Share Trust and immediately vested (see note 27). Employees must remain employed for a period

of three years to earn the shares, otherwise they are forfeited. Employees within the Group not domiciled in the UK were awarded 500 free options

(2024: 500 free options, 2023: 425 free options) under the LTIP rules. A total of 89,191 (2024: 83,049 options, 2023: 57,322 options) were granted to

these employees. Provided those employees remain employed by the Company for three years, the nil-cost options will vest with no other

performance conditions.

The total charge recognised in the Consolidated Income Statement in relation to the free employee shares schemes was £1.5m (2024: £1.0m).

The following table details the outstanding shares under both the UK and non-UK scheme combined:

	2025	2024
	Number	Number
Awards/options outstanding at 1 January	2,341,695	1,024,416
Granted	1,407,234	1,366,745
Forfeited	(116,338)	(49,466)
Exercised	(105,008)	–
Awards/options outstanding at 31 December	3,527,583	2,341,695

Other share-based payments

On 22 May 2025 the CEO and CFO were awarded a combined 46,749 nil-cost options under the Deferred Share Bonus Plan(“DSBP”). These options

vest on 1 June 2028.

The total expenses/(credits) arising from equity-settled share-based payments are as follows:

		2025	2024
		£m	£m
2025	LTIP share option charge	0.8	–
2024	LTIP share option (credit)/charge	(0.7)	2.8
2023	LTIP share option (credit)/charge	(2.5)	2.8
2022	LTIP share option credit	–	(1.9)
2021	LTIP share option charge	–	0.1
Employee Share Incentive Plan charge		1.5	1.0
		(0.9)	4.8

30 Capital commitments

Property, plant and equipment expenditure contracts to the value of £2.4m (2024: £34.3m) have been committed but not provided for as at

31 December 2025. Contracts to the value of £28.8m (2024: £27.8m) have been committed for the acquisition of intangible assets but not provided

for as at 31 December 2025. Certain contracts contain financial commitments, in particular purchase commitments and guarantees, which are of a

magnitude typical for the industry.

31 Related party transactions

Transactions between Group undertakings, which are related parties, have been eliminated on consolidation and accordingly are not disclosed.

Transactions with Directors and related undertakings

Transactions during 2025

During the year ended 31 December 2025, a net marketing expense amounting to £22.3m of sponsorship has been incurred in the normal course of

business with AMR GP Limited (“AMR GP”), an entity indirectly controlled by a member of the Group’s Key Management Personnel (“KMP”). AMR

GP and its legal structure is separate to that of the Group and the Group does not have control or significant influence over AMR GP or its affiliates.

£0.6m remains due from AMR GP at 31 December 2025 relating to these transactions. Under the terms of the sponsorship agreement the Group is

required to provide one fleet vehicle to each of the two AMR GP racing drivers free of charge. This arrangement is expected to continue for the life

of the contract and is not expected to materially affect the financial position and performance of the Group. One of the racing drivers is an

immediate family member of one of the Group’s KMP.

220

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED

31 Related party transactions continued

Transactions with Directors and related undertakings continued

Transactions during 2025 continued

During the year ended 31 December 2025 the Group incurred expenses of £0.4m due to AMR GP in relation to costs for supporting the sale of the

significant portion of the Group’s investment holding in AMR GP. The incurred expenses were settled out of the net proceeds of the share sale and

therefore £nil of the fees were outstanding as at 31 December 2025.

During the year ended 31 December 2025, AMR GP also purchased two used vehicles for £0.3m from a Group company of which £nil was

outstanding as at 31 December 2025. £0.1m of this was settled via part exchange of a used vehicle.

In addition, the Group incurred costs of £3.1m associated with engineering design on upcoming vehicle programmes from Aston Martin

Performance Technologies Limited (“AMPT”) of which £1.2m is outstanding to AMPT at 31 December 2025. AMPT is an associated entity of AMR GP.

During the year ended 31 December 2025, the Group incurred a rental expense of £1.4m from Michael Kors (USA), Inc., a Company which is owned

by Capri Holdings Limited. A member of the Group’s KMP and Non-Executive Director is also a member of Capri Holdings Limited KMP.

During the year ended 31 December 2025, the Group incurred expenses of £1.6m from Lucid, Inc relating to the implementation work for the

technology purchased in 2023. £2.1m was outstanding as at 31 December 2025 relating in part to previous financial years expense. An outstanding

cash liability of £73.3m relating to the technology supply arrangement entered in 2023 remains as at 31 December 2025, all of which is due in 2026

or later. The supply arrangement commits to an effective future minimum spend with Lucid on powertrain components of £177.0m. The

arrangement is considered a Related Party Transaction owing to the substantial ownership of Lucid by the Public Investment Fund (“PIF”). PIF are a

substantial shareholder of the Group, and two members of the Group’s KMP and Non-Executive Directors are members of PIF’s KMP.

During the year ended 31 December 2025, the Group incurred costs of £0.2m for safety testing services from companies within the Geely Holding

Group of companies of which £nil was outstanding as at 31 December 2025. A member of the Group’s KMP and Non-Executive Director is also a

member of Zhejiang Geely Holding Group Co., Limited KMP.

During the year ended 31 December 2025, Classic Automobiles Inc. purchased a vehicle for £3.6m of which £1.1m was outstanding at 31 December

2025. Classic Automobiles Inc. is controlled by a member of the Group’s KMP.

During the year ended 31 December 2025, a member of the Group’s KMP purchased a vehicle for £0.2m of which £nil was outstanding at

31 December 2025.

Transactions during 2024

During the year ended 31 December 2024, a net marketing expense amounting to £18.9m of sponsorship has been incurred in the normal course of

business with AMR GP Limited (“AMR GP”), an entity indirectly controlled by a member of the Group’s Key Management Personnel (“KMP”). AMR

GP and its legal structure is separate to that of the Group and the Group does not have control or significant influence over AMR GP or its affiliates.

£0.9m remained due from AMR GP at 31 December 2024 relating to these transactions. Under the terms of the sponsorship agreement the Group is

required to provide one fleet vehicle to each of the two AMR GP racing drivers free of charge. This arrangement is expected to continue for the life

of the contract and is not expected to materially affect the financial position and performance of the Group. One of the racing drivers is an

immediate family member of one of the Group’s KMP.

In addition, the Group incurred costs of £5.1m associated with engineering design on two upcoming vehicle programmes from Aston Martin

Performance Technologies Limited (“AMPT”) of which £1.3m is outstanding to AMPT at 31 December 2024. AMPT is an associated entity of AMR GP.

During the year ended 31 December 2024, Classic Automobiles Inc. purchased a vehicle for £3.3m of which £nil was outstanding at 31 December

2024. Classic Automobiles Inc. is controlled by a member of the Group’s KMP.

During the year ended 31 December 2024, the Group incurred a rental expense of £1.3m from Michael Kors (USA), Inc., a Company which is owned

by Capri Holdings Limited. A member of the Group’s KMP and Non-Executive Director is also a member of Capri Holdings Limited KMP.

During the year ended 31 December 2024, the Group incurred expenses of £3.8m from Lucid, Inc relating to the implementation work for the

technology purchased in 2023. £0.6m was outstanding as at 31 December 2024. An outstanding cash liability of £71.7m relating to the technology

supply arrangement entered in 2023 remained as at 31 December 2024, all of which is due in 2025 or later. The supply arrangement commits to an

effective future minimum spend with Lucid on powertrain components of £177.0m. The arrangement is considered a Related Party Transaction

owing to the substantial ownership of Lucid by the Public Investment Fund (“PIF”). PIF are a substantial shareholder of the Group, and two members

of the Group’s KMP and Non-Executive Directors are members of PIF’s KMP.

During the year ended 31 December 2024, the Group incurred costs of £0.4m for safety testing services from companies within the Geely Holding

Group of companies. A further £0.6m of expense was incurred relating to a feasibility study for vehicle development. Owing to the nature of such a

study, there is no comparable market offering. A member of the Group’s KMP and Non-Executive Director is also a member of Zhejiang Geely

Holding Group Co., Limited KMP. £nil was outstanding as at 31 December 2024.

ANNUAL REPORT AND ACCOUNTS 2025

221

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED

31 Related party transactions continued

Terms and conditions of transactions with related parties

Sales and purchases between related parties were made at normal market prices unless otherwise stated. Outstanding balances with entities other

than subsidiaries are unsecured and interest free and cash settlement is expected within 60 days of invoice. Terms and conditions for transactions

with subsidiaries are the same, with the exception that balances are placed on inter-company accounts. The Group has not provided or benefited

from any guarantees for any related party receivables or payables.

32 Contingent liabilities

In the normal course of the Group’s business, claims, disputes, and legal proceedings involving customers, dealers, suppliers, employees or others

are pending or may be brought against Group entities arising out of current or past operations.

There is presently a dispute between the Group and the other shareholders of one of its subsidiary entities, which is ongoing and from which a future

obligation may arise. The Group denies the claims made and is working to resolve the matter.

33 Group companies

In accordance with Section 409 of the Companies Act 2006, a full list of entities in which the Group has an interest of greater than or equal to 20%,

the registered office and effective percentage of equity owned as at 31 December 2025 are disclosed below.

Investments in subsidiary undertakings

		Proportion
		of voting
Subsidiary undertakings	Holding	rights	Nature of business
Aston Martin Holdings (UK) Limited*	Ordinary	100%	Dormant company
Aston Martin Capital Holdings Limited**◊	Ordinary	100%	Financing company holding the Senior Secured Notes
Aston Martin Investments Limited**	Ordinary	100%	Holding company
Aston Martin Capital Limited**◊	Ordinary	100%	Dormant company – financing company that held Senior
			Secured Notes that were repaid in 2017
Aston Martin Lagonda Group Limited**	Ordinary	100%	Holding company
Aston Martin Lagonda of North America Incorporated**^	Ordinary	100%	Luxury sports car distributor
Lagonda Properties Limited**	Ordinary	100%	Dormant company
Aston Martin Lagonda Pension Trustees Limited**	Ordinary	100%	Trustee of the Aston Martin Lagonda Limited Pension
			Scheme
Aston Martin Lagonda Limited**	Ordinary	100%	Manufacture and sale of luxury sports cars, the sale of
			parts, brand licensing and motorsport activities
AM Brands Limited**◊	Ordinary	100%	Non-trading company
Aston Martin Lagonda of Europe GmbH**>	Ordinary	100%	Provision of engineering and sales and marketing services
AML Overseas Services Limited**	Ordinary	100%	Dormant company
Aston Martin Lagonda (China) Automobile Distribution Co., Ltd**√	Ordinary	100%	Luxury sports car distributor
AM Nurburgring Racing Limited**	Ordinary	100%	Dormant company
Aston Martin Japan GK**<<	Ordinary	100%	Operator of the sales office in Japan and certain other
			countries in the Asia Pacific region
Aston Martin Lagonda – Asia Pacific PTE Limited**>>	Ordinary	100%	Operator of the sales function in Singapore and certain
			other countries in the Asia Pacific region
Aston Martin Works Limited**	Ordinary	50%***	Sale, servicing and restoration of Aston Martin cars

All subsidiaries are incorporated in England and Wales unless otherwise stated.

◊ Incorporated in Jersey (tax resident in the UK)

^ Incorporated in the USA

> Incorporated in Germany

<< Incorporated in Japan

>> Incorporated in Singapore

√ Incorporated in the People’s Republic of China

* Held directly by Aston Martin Lagonda Global Holdings plc

** Held indirectly by Aston Martin Lagonda Global Holdings plc

*** The Group exercises management control of these legal entities and therefore the results, assets and liabilities have been wholly included in the Consolidated Financial

Statements. The individual results, aggregate assets and aggregate liabilities included within the Consolidated Financial Statements are summarised on pages 170-174

222

ASTON MARTIN LAGONDA

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

33 Group companies continued

Investments in subsidiary undertakings continued

	Aston Martin		Aston Martin
	Works Limited	AMWS Limited	Works Limited	AMWS Limited
	2025	2025	2024	2024
Projected life expectancy at age 65	£m	£m	£m	£m
Total assets	29.9	–	28.6	–
Total liabilities	(4.3)	–	(3.5)	–
Net assets	25.6	–	25.1	–
Revenue	43.8	–	33.8	–
Profit/(loss) before tax	0.5	–	0.5	(0.6)
Group’s share of profit/(loss)	0.2	–	0.3	(0.3)

Registered addresses

Aston Martin Holdings (UK) Limited	Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Capital Holdings Limited	28 Esplanade, St Helier, JE2 3QA, Jersey
Aston Martin Investments Limited	Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Capital Limited	28 Esplanade, St Helier, JE2 3QA, Jersey
Aston Martin Lagonda Group Limited	Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
	Floor 22, 11 West 42nd Street, New York, NY, 10036-8002, United States of
Aston Martin Lagonda of North America Incorporated	America
Lagonda Properties Limited	Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Lagonda Pension Trustees Limited	Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Lagonda Limited	Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
AM Brands Limited	28 Esplanade, St Helier, JE2 3QA, Jersey
Aston Martin Lagonda of Europe GmbH	Gottlieb-Daimler-Strasse 30, 53520 Meuspath, Germany
AML Overseas Services Limited	Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
	Unit 2907-2908, Raffles City Office Tower, No. 268 Xi Zang Middle Road,
Aston Martin Lagonda (China) Automobile Distribution Co., Ltd	Huangpu District, Shanghai, China 200001
AM Nurburgring Racing Limited	Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Japan GK	1-2-3 Kita-Aoyama, Minato-ku, Tokyo 107-0061, Japan
	Baker & McKenzie Singapore – 38 Beach Road, #23-11, South Beach Tower,
Aston Martin Lagonda – Asia Pacific PTE Limited	Singapore 189767
Aston Martin Works Limited	Banbury Road, Gaydon, Warwickshire, CV35 0DB, England

ANNUAL REPORT AND ACCOUNTS 2025

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INFORMATION

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

34 Alternative performance measures

In the reporting of financial information, the Directors have adopted various Alternative Performance Measures (“APMs”). The Directors exercise

judgement in determining the adjustments to apply to IFRS measurements in order to derive suitable APMs. The Directors believe that these APMs

assist in providing useful information on the underlying performance of the Group, enhance the comparability of information between reporting

periods, and are used internally by the Directors to measure the Group’s performance.

The key APMs that the Group focuses on are as follows:

i) Adjusted EBT is the profit/(loss) before tax and adjusting items as shown in the Consolidated Income Statement.

ii) Adjusted EBIT is operating profit/(loss) before adjusting items.

iii) Adjusted EBITDA removes depreciation, profit/(loss) on sale of fixed assets and amortisation from adjusted EBIT.

iv) Adjusted operating margin is adjusted EBIT divided by revenue.

v) Adjusted EBITDA margin is Adjusted EBITDA (as defined above) divided by revenue.

vi) Adjusted earnings per share is profit/(loss) after tax before adjusting items as shown in the Consolidated Income Statement, divided by the

weighted average number of ordinary shares in issue during the reporting period.

vii) Net debt is current and non-current borrowings in addition to inventory repurchase arrangements and lease liabilities, less cash and cash

equivalents and cash held not available for short-term use as shown in the Consolidated Statement of Financial Position.

viii) Adjusted leverage is represented by the ratio of net debt to the last 12 months (LTM) Adjusted EBITDA.

ix) Free cash flow is represented by cash inflow/(outflow) from operating activities less the cash used in investing activities (excluding interest

received and cash generated from disposals of investments) plus interest paid in the year less interest received.

The adjusted financial measures above (EBT, EBIT, EBITDA, operating margin, EBITDA margin, and earnings per share) are also used by securities

analysts and investors to monitor progress of the business against its core operating objectives after removing the separately disclosed adjusting

items. EBITDA gives an insight into the Group’s operating performance by excluding investing and financing activity. EBIT represents the returns

available from the business without financing charges and therefore can be used to model potential shareholder returns were the capital structure

of the Group to change. Net debt provides a view of the total indebtedness of the Group which includes certain liabilities presented in alternative

captions of the accounts, such as lease liabilities, in one single place to aid easier understanding to users of the accounts. Adjusted leverage forms

the basis for the Group’s covenant test, and therefore year on year progress in this metric is useful to analysts and investors. Finally, free cash flow is

used to measure potential surplus cash flows from operating activities after investment in future products and debt servicing which could be used

by the Group to repay debt, return to shareholders, or be used for other investing activities.

Consolidated Income Statement

	2025	2024
	£m	£m
Loss before tax	(363.9)	(289.1)
Adjusting operating expenses (note 5)	70.0	16.7
Adjusting finance income (notes 5, 7)	(4.2)	(18.8)
Adjusting finance expense (notes 5, 8)	–	35.7
Adjusted loss before tax (EBT)	(298.1)	(255.5)
Adjusted finance income (note 7)	(61.7)	(7.1)
Adjusted finance expense (note 8)	170.6	179.8
Adjusted operating loss (EBIT)	(189.2)	(82.8)
Adjusted operating margin	(15.0%)	(5.2%)
Reported depreciation	88.9	84.4
Adjusted reported amortisation	208.3	269.3
Loss on sale/scrap of property, plant and equipment	0.1	0.1
Adjusted EBITDA	108.1	271.0
Adjusted EBITDA margin	8.6%	17.1%

224

ASTON MARTIN LAGONDA

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

34 Alternative performance measures continued

Earnings per ordinary share

	2025	2024
	£m	£m
Adjusted earnings per ordinary share
Loss available for equity holders (£m)	(493.2)	(323.5)
Adjusting items (note 5)
Adjusting items before tax (£m)	65.8	33.6
Tax on adjusting items (£m)	–	–
Adjusted loss (£m)	(427.4)	(289.9)
Basic weighted average number of ordinary shares (million)	982.4	832.4
Adjusted loss per ordinary share (pence)	(43.5p)	(34.8p)
Adjusted diluted earnings per ordinary share
Adjusted loss (£m)	(427.4)	(289.9)
Diluted weighted average number of ordinary shares (million)	982.4	832.4
Adjusted diluted loss per ordinary share (pence)	(43.5p)	(34.8p)

Net debt

	2025	2024
	£m	£m
Opening cash and cash equivalents	359.6	392.4
Cash inflow from operating activities	74.1	123.9
Cash outflow from investing activities	(227.7)	(374.8)
Cash inflow from financing activities	48.8	215.8
Effect of exchange rates on cash and cash equivalents	(4.9)	2.3
Cash and cash equivalents at 31 December	249.9	359.6
Borrowings	(1,500.2)	(1,387.3)
Inventory repurchase arrangement	(39.6)	(38.4)
Lease liabilities	(91.8)	(96.6)
Cash held not available for short-term use	1.4	–
Net debt	(1,380.3)	(1,162.7)
Adjusted EBITDA	108.1	271.0
Adjusted leverage	12.8x	4.3x

Free cash flow

	2025	2024
	£m	£m
Net cash inflow from operating activities	74.1	123.9
Cash used in investing activities (excluding interest received and cash generated from disposal of investments)	(341.0)	(400.6)
Interest paid less interest received	(143.0)	(114.9)
Free cash flow	(409.9)	(391.6)

35 Subsequent events

The Group announced on 20 February 2026 that, following an offer from AMR GP Holdings Limited (“AMR GP”), it is proposing to sell the right to use

Aston Martin as part of the ‘Aston Martin F1 Team’ name and as a chassis name to AMR GP in perpetuity, as well as certain related branding rights, in

each case limited to specified uses in the context of AMR GP’s F1® operations, for consideration of £50m in cash. In 2024, Aston Martin extended its

long-term Sponsorship Arrangement until at least 2045, with the Naming Arrangements for AMR to use the ‘Aston Martin’ name in F1 until 2055 at

the latest. There is no impact of this subsequent event on the Group financial results for the period ended 31 December 2025.

ANNUAL REPORT AND ACCOUNTS 2025

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INFORMATION

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

Notes

31 December 2025

£m

31 December 2024

£m

Non-current assets

Investments 3 96.0 897.7

Other receivables 4 1,853.8 1,806.6

Total assets 1,949.8 2,704.3

Current liabilities

Trade and other payables 5 (188.8) (194.9)

Net assets 1,761.0 2,509.4

Capital and reserves

Share capital 6 101.2 93.6

Share premium 2,192.6 2,192.6

Capital redemption reserve 9.3 9.3

Capital reserve 6 2.0 2.0

Merger reserve 6 187.6 143.9

Retained earnings (731.7) 68.0

Shareholder equity 1,761.0 2,509.4

The Financial Statements were approved by the Board of Directors on 24 February 2026 and were signed on its behalf by

| ADRIAN HALLMARK

| CHIEF EXECUTIVE OFFICER

Company Number: 11488166

The loss on ordinary activities after taxation amounts to £798 . 6m (2024: loss of £143.0m).

| DOUG LAFFERTY

| CHIEF FINANCIAL OFFICER

Parent Company Statement of Financial Position

as at 31 December 2025

226

ASTON MARTIN LAGONDA

PARENT COMPANY FINANCIAL STATEMENTS

Company

capital

£m

premium

£m

Capital

redemption

reserve

£m

Capital

reserve

£m

Merger

reserve

£m

Retained

earnings

£m

Total

equity

£m

At 1 January 2025 93.6 2,192.6 9.3 2.0 143.9 68.0 2,509.4

Total comprehensive income for the year – – – – – – –

Loss for the year – – – – – (798.6) (798.6)

Total comprehensive income for the year – – – – – (798.6) (798.6)

Transactions with owners recorded

directly in equity

Issuance of new shares 7.5 – – – 43.7 – 51.2

Issuance of new shares to SIP 0.1 – – – – (0.1) –

Group share-based payment debit – – – – – (1.0) (1.0)

Total transactions with owners 7.6 – – – 43.7 (1.1) 50.2

At 31 December 2025 101.2 2,192.6 9.3 2.0 187.6 (731.7) 1,761.0

Company

capital

£m

premium

£m

Capital

redemption

reserve

£m

Capital

reserve

£m

Merger

reserve

£m

Retained

earnings

£m

Total

equity

£m

At 1 January 2024 82.4 2,094.5 9.3 2.0 143.9 206.3 2,538.4

Total comprehensive income for the year

Loss for the year – – – – – (143.0) (143.0)

Total comprehensive income for the year – – – – – (143.0) (143.0)

Transactions with owners recorded

directly in equity

Issuance of new shares 11.1 98.1 – – – – 109.2

Issuance of new shares to SIP 0.1 – – – – (0.1) –

Group share-based payment debit – – – – – 4.8 4.8

Total transactions with owners 11.2 98.1 – – – 4.7 114.0

At 31 December 2024 93.6 2,192.6 9.3 2.0 143.9 68.0 2,509.4

Parent Company Statement of Changes in Equity

for the year ended 31 December 2025

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INFORMATION

PARENT COMPANY FINANCIAL STATEMENTS CONTINUED

1 Accounting policies

Authorisation of Financial Statements and statement of

compliance with FRS 101

The Parent Company Financial Statements of Aston Martin Lagonda

Global Holdings plc (the “Company”) for the year were authorised for

issue by the Board of Directors on 24 February 2026 and the Statement

of Financial Position was signed on the Board’s behalf by Adrian

Hallmark and Doug Lafferty. The Company is a public limited company

incorporated and domiciled in the UK. The Company’s ordinary shares

are traded on the London Stock Exchange and it is not under the control

of any single shareholder.

An overview of the business activities of Aston Martin Lagonda Global

Holdings plc, including a review of the key business risks that the Group

faces, is given in the Strategic Report on pages 2-79. The debt facilities

available to the Group and the maturity profile of this debt are shown in

note 23 to the Group Financial Statements.