Richard Molyneux

The environment in which we are operating has changed rapidly and almost universally in an adverse direction.

This is not a short-term boom-bust cycle. This is structural and permanent in China.

We anticipate VME levels to stay elevated for some time.

The production losses we've experienced will also impact quite heavily on Q3. It's only in Q4 as our pipeline fill completes that we'll return to normal.

A quarter significantly impacted by U.S. tariffs, the partly associated dollar weakening, and historical warranty adjustments.

We have launched a series of special focus programs or missions to protect EBIT from the threats of tariffs and the other threats that we face.

It will be inappropriate for us now to give firm earnings guidance at FY 2026, today, less than a week after the framework of the U.S.-U.K. trade deal was announced.

We are holding full-year guidance for EBIT margin and net cash positive. It does mean we need a stellar Q4, but seasonality is always strong for us in Q4.

We are in that period at the moment where you have no choice but to be investing in parallel in ICE, in PHEV, potentially in REEV, and in BEV. The longer that period extends, the more difficult it is to make investment decisions.

We are holding our guidance, but with very limited headroom left.

We will not be returning to the old model. We will be focusing on Range Rover, Range Rover Sport, Defender, new Jaguar, and Discovery to drive value ahead of volume.

This is the Range Rover with a BEV powertrain. BEV happens to give the exact combination of power, quietness, and serenity that is perfect for the Range Rover brand.