Aston Martin Lagonda Global Holdings plc

I noticed that it seems to be more H2 weighted this year versus at least 2024 and 2025 when it's more balanced. I'm wondering why is that? And then I've got two more or three more questions, but should I ask them one at a time? No, why don't you ask the others? And then the other one was just on the age stock realignment and dealer support. Thank you very much for your time. I just wanted to make sure that they're currently available, and if not, what's required to unlock them. Thank you.

Thanks, Christian. If I can start, I'll do the easier one first, if I may, the age stock question. You're absolutely right that the rundown of that stock was slower than we thought. And as I mentioned, I think globally, it's probably at the half year, 70 to 80 cars worse than we'd anticipated. But it's hundreds of cars better than it was at the beginning of the year. And you can do the calculation. with 30% more retail than wholesales that is a huge shift in the total number so we're missed by let's say 10% of what we plan to achieve as we move forward as we get the stock in balance and as the retails and the wholesales come into balance in the second half of the year and through 2027 I can't give you an absolute prediction on what that will do to the ASP but you can see what the VM is you can see what normal VM or variable marketing looks like and that peak will come down and that will all go straight onto the gross margin of the future vehicles so from that point of view we are a bit behind pace of course we have been dynamic with this as well the Middle East situation not using that as an excuse for the 70-80 cars but that gave us obviously another challenge throughout the year as did the price increase effect from US tariffs but we've managed to balance stocks around the world so that we pretty much even across models and across the world it's just a quantum of DBX in the US that is the residual issue that we're working with dealers to get through. I'll let Doug talk in more detail about CapEx but I will just make one comment. As we look at the year 2026 We are now accelerating our plans for the regeneration of our core product lines that starts in the next three, four years. New technologies, revised body platform, new power trains, electronic architectures, modules, systems, etc. We're now contracting for those major systems and that really ramps up in the second half of this year and into 27. so we still anticipate to be in line with our previous forecast for capex that's all included in the midterm plan that we've given that we've shown before but it's a natural effect of contracting in order to be able to deliver cars in three four years time yeah and the only thing i'd add to that on capex was in the second half of the year you know we'll make some one-off technology access fee payments that um but that weren't in the first half so that income in um

coupled with Adrian's comments is the reason why the capex is heavier in the second half of the year this year. I think I'll just go back to the working capital point. So it was about a £20 million reversal of the Q1 outflow in the second quarter. So overall, the first half was around a £45 million outflow. I think the remainder of the year will expect to be broadly flat, maybe a small outflow in Q3 as inventory builds ahead of Q4, but broadly in line with, I think, where we are at the half year. and then on the final question as I said look there's not much really much more to say on the financing that the delayed draw term loan the 100 million is committed subject to certain conditions but we won't disclose what those conditions are and then the junior 100 million pound facility is effectively an available basket to us should we wish to utilize it in the future.