JLR VOLUMES DOWN IN CHALLENGING QUARTER

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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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JLR DELIVERS 11TH SUCCESSIVE PROFITABLE QUARTER AMID CHALLENGING GLOBAL ECONOMIC CONDITIONS

• Revenue for Q1 was £6.6 billion, down 9.2% year‑on‑year (YoY) impacted by significant new US trade tariffs* and planned legacy Jaguar wind down
• Profit before tax and exceptional items (“PBT”) was £351 million for Q1, down 49.4% YoY, impacted by US tariffs* and FX headwinds 
• EBIT margin was 4.0%; guidance range of 5% to 7% for FY26 remains unchanged
• JLR welcomed signing of UK‑US trade deal to reduce tariffs on UK‑produced vehicles exported to the US from 27.5%* to 10%, effective from 30 June 2025
• EU‑US trade deal announced on 27 July 2025 will, in due course, reduce tariffs on JLR’s EU‑produced vehicles exported to US from 27.5%* to 15% 

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QUARTER ONE RESULTS 2025/26

87,286

WHOLESALES (UNITS)

£6,604m

REVENUE

£351M

PROFIT/(LOSS) BEFORE TAX & EXC. ITEMS

£(758)M

FREE CASH FLOW

4.0%

EBIT %

9.3%

EBITDA %

“
Thanks to our talented people and the robust foundations we have built at JLR, we delivered an 11th successive profitable quarter amid challenging global economic conditions. We are grateful to the UK and US Governments for delivering at speed the new UK‑US trade deal, which will lessen the significant US tariff impact in subsequent quarters, as will, in due course, the EU‑US trade deal announced on 27 July 2025. Looking ahead, we remain focused on delivering our transformational Reimagine Strategy, including investing £3.8 billion this financial year to support the development of our next‑generation vehicles, including our stunning new electric Range Rover and Jaguar models.
- Adrian Mardell, Chief Executive Officer

FULL YEAR RESULTS 2025/26

87,286

WHOLESALES (UNITS)

£6,604m

REVENUE

£351M

PROFIT/(LOSS) BEFORE TAX & EXC. ITEMS

£(758)M

FREE CASH FLOW

4.0%

EBIT %

9.3%

EBITDA %

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