JLR PERFORMANCE IMPACTED IN CHALLENGING QUARTER

P B BALAJI

JLR EXECUTIVE BOARD CHANGE COMES INTO EFFECT

P.B. Balaji takes up role as Chief Executive Officer for JLR 

Gaydon UK, 20 November 2025: JLR today confirms that the appointment of P.B. Balaji as Chief Executive Officer, which was announced on 04 August 2025, came into effect on Monday 17 November.  

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RANGE ROVER HOUSE MYKONOS: RANGE ROVER SPORT SV NOCTURNE

JLR PERFORMANCE IMPACTED IN CHALLENGING QUARTER

• Revenue for Q2 was £4.9bn, down 24% year‑on‑year (YoY), while H1 revenue was £11.5bn, down 16% YoY. Revenue was impacted by the production stoppages JLR initiated in September following the cyber incident and the planned wind down of legacy Jaguar models, ahead of the launch of new Jaguar
• Loss before tax and exceptional items of £(485)m for Q2 and £(134)m for H1, down from a profit of £398m and £1.1bn respectively a year ago, due to the challenges above and the continuing impact of US 
• Exceptional items of £238m in the quarter reflect cyber related costs of £196m and voluntary redundancy programme costs of £42m
• EBIT margin was (8.6)% for Q2 and (1.4)% for H1; guidance is revised to 0% to 2% for FY26
• Action taken to support balance sheet following cyber incident with £3.5bn additional liquidity backstop facilities secured
• Operations recovered at pace following cyber incident, with production now returned to normal levels
• Transformation programme launched in June starting to drive planned cost savings

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JLR_Q2_Sales

JLR VOLUMES DOWN IN CHALLENGING QUARTER

• Wholesales in Q2 FY26 were 66,165 units, down 24.2% vs. Q2 FY25
• Retail sales in Q2 FY26 were 85,495 units, down 17.1% vs. Q2 FY25
• Volumes have been impacted since the start of September by the recent cyber incident, with production stoppages impacting wholesales
• As expected, the planned wind down of legacy Jaguar models and incremental US tariffs continued to impact volumes throughout the quarter
• Range Rover, Range Rover Sport and Defender model mix was 76.7% of total wholesale volumes in Q2 FY26, down from 77.2% in prior quarter and up from 67.0% year‑on‑year

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QUARTER TWO RESULTS 2025/26

66,165

WHOLESALES (UNITS)

£4,900m

REVENUE

£(485)M

PROFIT/(LOSS) BEFORE TAX & EXC. ITEMS

£(791)M

FREE CASH FLOW

(8.6)%

EBIT %

(1.6)%

EBITDA %

"
JLR’s performance in the second quarter of FY26 was impacted by significant challenges, including a cyber incident that stopped our vehicle production in September and the impact of US tariffs. JLR has made strong progress in recovering its operations safely and at pace following the cyber incident. In our response we prioritised client, retailer and supplier systems and I am pleased to confirm that production of all our luxury brands has resumed. The speed of recovery is testament to the resilience and hard work of our colleagues. I am extremely grateful to all our people who have shown enormous commitment during this difficult time, and I want to thank our clients, retailers, suppliers and everyone in the communities connected with JLR, for their support through this disruption. JLR is a great business with strong global brands, a talented workforce and a loyal customer base. We are now set to deliver the outcome of an extraordinary period of British design and engineering, with the arrival of the Range Rover Electric and the new electric Jaguar ‑ cars which will be unrivalled in their performance, design and capability. While we are mindful of the economic, geopolitical and policy challenges that our industry faces, we are resilient and well placed to make strong progress. As I approach the end of my 35‑year career at JLR, I am immensely proud of what we have achieved together. Leading JLR as CEO over the past three years has been the greatest honour of my career and I am confident that the next chapter will bring continued success for this great business under the leadership of PB Balaji.
- Adrian Mardell, Chief Executive Officer

H1 FY26 RESULTS 2025/26

153,451

WHOLESALES (UNITS)

£11,504m

REVENUE

£(134)M

PROFIT/(LOSS) BEFORE TAX & EXC. ITEMS

£(1,549)M

FREE CASH FLOW

(1.4)%

EBIT %

4.7%

EBITDA %

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