Gaydon, UK, 13 November 2026: Jaguar Land Rover Automotive plc (“JLR”) today reports its financial results for the three months to 30 September 2026 (Q2 FY27)
- Wholesale volumes grew quarter‑on‑quarter (QoQ) in the UK and Overseas markets, offsetting reductions in China and the Middle East; volumes improved significantly year‑on‑year (YoY), reflecting the recovery from last year’s cyber incident
- Revenue for Q2 was £5.9bn, up 20.3% YoY, while H1 revenue was £11.9bn, up 3.2% YoY
- Profit before tax and exceptional items was £6m for Q2 and £115m for H1, reflecting adverse market and model mix QoQ, but up from a loss of £(485)m and £(134)m respectively a year ago
- Adjusted EBIT margin was 1.1% for Q2 and 2.0% for H1
- Exceptional items of £530 million in the quarter reflect restructuring activities, including separation costs, the write down of intangible assets under development and the write down of assets
- Free cash outflow for the quarter was £(540)m; closing cash was £1.8bn and total liquidity £6.0bn
Business highlights
- JLR launched three new luxury electric vehicles to global acclaim from media: Range Rover Electric, Range Rover Sport Electric and Jaguar Type 01, all being built in Solihull, UK, with deliveries slated to begin from early 2027
- Range Rover Electric and Range Rover Sport Electric received critical acclaim from media, who praised their refinement and effortless capability
- One of a kind Jaguar Type 01 world premiere in New York showcased fearless design and pioneering engineering, heralding a new era for the British brand
- Range Rover GT and an all‑new electric Defender product, both to be built in Halewood, UK and based on the new EMA architecture, are set to launch next year
- These new vehicles are the result of JLR’s planned £15‑18bn investment, of which £11.5bn has been invested since 2024
- Enterprise Missions on track to deliver £1.7bn of savings over the next two years to simplify the business, improve operational performance and support continued investment whilst reducing breakeven volumes towards 300k units
- In light of ongoing market challenges, geopolitical risks and the exceptional costs recognised in the quarter, guidance for the full year has been revised to Adjusted EBIT margin in the range of 2‑3% and free cash outflow of circa £1.25bn
JLR delivered positive operational profits in the second quarter and first half of the financial year, despite ongoing global challenges. We launched three new products: Range Rover Electric, Range Rover Sport Electric and the show stopping Jaguar Type 01 at a world premiere in New York. With the proposed arrival of Range Rover GT and a new electric Defender product in the new year, we are entering a phase of exciting product launches. This, together with our growth plans for the US and disciplined execution of the Enterprise Missions to reduce our breakeven volumes to 300k units, positions us well to deliver consistent, cash‑accretive growth in the coming years. I would like to thank all our people, supply chain and retail partners for their continued support.
PB Balaji
Chief Executive Officer, JLR
Jaguar Land Rover Automotive plc today reports its financial results for the three months to 30 September 2026 (Q2 FY27)
JLR’s revenue for the quarter was £5.9bn, up 20.3% versus Q2 FY26. Volumes and profitability improved year on year following the recovery from the cyber incident last year. Profit before tax and exceptional items was £6m in Q2, up from a loss of £(485)m a year ago. Exceptional items of £530 million in the quarter reflect restructuring activities, including separation costs, the write down of intangible assets under development and the write down of assets. Adjusted EBIT margin was 1.1% for the second quarter, up from (8.6)% a year ago. In addition to the impact of volumes, YoY profitability was impacted by the non‑recurrence of the cyber related impacts from a year ago, as well as a reduction in VME and structural costs.
Loss after tax in the quarter was £(451)m, compared to a loss of £(559)m in the same quarter a year ago. Free cash outflow for the quarter was £(540)m with a closing cash balance of £1.8bn. Total liquidity as at 30 September 2026 was £6.0bn, including the undrawn £1.7bn RCF, an undrawn £1.5bn UKEF guaranteed commercial loan and a new £1.0bn syndicated term loan signed on 29 September 2026.
Amidst the challenging environment, the second quarter generated positive operating profits. With the previously announced growth objectives and the recent product launches, JLR remains in good shape to face the continuing geopolitical, inflationary and regulatory challenges the industry faces.