S S TR FINANCIAL REVIEW Aston Martin continues to operate a demand-led approach, aligned TR A Wholesale and revenue analysis with its ultra-luxury high performance strategy. Prior to the initial A TE Number of vehicles FY 2023 FY 2022 Change Q4 2023 Q4 2022 Change TE G production ramp up delays of DB12, retail volumes (retails) were G I I C Total wholesale 6,620 6,412 3% 2,222 2,352 (6%) ahead of wholesale volumes (wholesales) for the year. However, C R Core (excluding 6,469 6,323 2% 2,139 2,313 (8%) R similar to the profile experienced at the end of 2022, and as a direct E Specials) E P result of the timing of DB12 deliveries in December 2023, wholesales P O O R were temporarily ahead of retails at the end of the year. Following R T By region: the unwinding of this position, the Company expects to see retails T UK 1,141 1,110 3% 367 416 (12%) outpace wholesales in FY 2024 as it continues the transition to its next Americas 2,037 1,980 3% 620 828 (25%) G 1 generation of sports cars. G O EMEA ex. UK 1,994 1,508 32% 727 628 16% O VE APAC1 1,448 1,814 (20%) 508 480 6% Geographically, wholesale volumes remained well balanced across all VE R R NAN By model: regions. The Americas and EMEA excluding UK were the largest NAN regions in FY 2023, collectively representing 61% of total wholesales, C Sport/GT 3,530 3,104 14% 1,440 920 57% C E SUV 2,939 3,219 (9%) 699 1,393 (50%) driven by strong demand for DBX707, DBS 770 Ultimate and DB12. In E Specials 151 89 70% 83 39 113% our home market, the UK, wholesales grew 3% year-on-year, driven by DBS 770 Ultimate and DB12 deliveries. Finally, FY 2023 wholesale F F I Note: Sport/GT includes Vantage, DB11, DB12, and DBS; 1 2022 numbers restated. volumes in APAC were impacted by lower sales in China, which I NAN NAN decreased by 47% compared to 2022, which more than offset growth C Total wholesales of 6,620 increased by 3% year-on-year (FY 2022: in wholesale volumes including DBX707 and DBS 770 Ultimate outside C IAL IAL of China. China continues to be a market where we see significant 6,412), driven by high demand for DBS 770 Ultimate and DB12, despite S expected impacts of the ongoing product portfolio transition. This opportunity for long-term growth. Wholesale volumes in APAC S T T A included 151 Specials in FY 2023 (FY 2022: 89), comprised of a mature excluding China were up 12% year-on-year (FY 2022: 10%). A T T E E M cadence of 87 Aston Martin Valkyries (FY 2022: 80), as well as DBR22 M E and initial Valour deliveries, demonstrating the Company’s unique Revenue by category E N N T £m FY 2023 FY 2022 % Change T S ability to operate at the very highest levels of the luxury automotive Sale of vehicles 1,531.9 1,291.5 19% S segment and attract new customers and collectors to the brand. Sale of parts 80.0 70.8 13% F Servicing of vehicles 9.8 9.3 5% F U As expected, total wholesales of 2,222 units in Q4 2023 increased by U R Brand and motorsport 11.1 9.9 12% R T 54% compared to Q3 2023, though decreased by 6% year-on-year, T H Total 1,632.8 1,381.5 18% H E due to elevated Q4 2022 SUV wholesales following the resolution of E R R INF supply chain and logistics disruptions in Q2 and Q3 2022. INF FY 2023 revenue increased by 18% to £1.6bn (FY 2022: £1.4bn), OR primarily due to strong wholesale ASP growth, with both core and OR SUV wholesales remained robust in FY 2023, with ASPs benefiting M from the planned change in mix to DBX707 in line with the Company’s total ASP reaching record levels and, to a lesser extent, due to higher M A A T ultra-luxury high-performance strategy. The DBX707 is now clearly wholesale volumes. Total ASP of £231k (FY 2022: £201k) increased T I I ON established as the benchmark in the ultra-luxury SUV segment and by 15% year-on-year, reflecting richer mix including deliveries of the ON th full range of Aston Martin Valkyrie models and the 110 anniversary represented 71% of SUV wholesales in FY 2023 (FY 2022: 52%), with volumes increasing 25% in 2023 compared with the prior year. SUV Special, Valour, and DBR22, as well as higher core ASPs. Core ASP wholesales decreased both on a FY 2023 and Q4 2023 year-on-year of £188k (FY 2022: £177k) increased by 6% year-on-year driven by strong pricing and favourable mix dynamics, despite some foreign basis (9% and 50% decreases, respectively), reflecting portfolio transition and the previously mentioned elevated Q4 2022 wholesales exchange headwinds. following disruptions earlier in 2022. Q4 2023 revenue increased by 13% to £593m (Q4 2022: £524m), Q4 2023 Sport/GT wholesales of 1,440 units increased by 57% driven by strong ASP growth. Total Q4 2023 ASP of £255k (Q4 2022: (Q4 2022: 920), reflecting considerable contribution from DB12. £213k) increased by 20%, reflecting 113% increase in Special edition wholesale volumes. Q4 2023 core ASP of £196k (Q4 2022: £184k) The temporary peak in DB12 wholesales reflected partial delays in increased by 7%, driven by strong pricing and favourable mix dynamics Q3 2023 deliveries due to supplier readiness and EE platform integration issues. from new DB12 and exclusive DBS 770 Ultimate, and despite foreign exchange headwinds in Q4 2023. ASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 2023 39