@Cakeonthefloor what is her attendance like at lessons? What have her mid term test results been like? What about end of term reports? Has she been completing homework?
If she is at an outstanding school/college, there will have been much earlier indicators that something was not going as well as you/she expected.
I think, like PP, you need to be honest about how engaged you have been with this - it sounds like she needs more support from you.
She can try to turn this round. If she wants to. But it will not be as easy as GSCEs. And turning it round may meen working hard to get decent retakes (first best option I would suggest) and then if that doesn't work think about resitting Y12/moving elsewhere/ a different path.
And not if she just says "I struggled to motivate myself" as the reason for the low grades. She needs to work out what/why this happened. Is the content too difficult? Maybe ask her teachers for books/resources. Or a tutor. Did she skip a few sessions, get behind, feel overwhelmed and then switch off? Has she always missed Mr Green's macro economics sessions as he has a bit of a dreary voice and all her friends have free periods, so she goes with them to Costa instead....leaving big gaps in her knowledge....(I work in school, it happens). does she get sucked into her phone instead of homework/revision.
I hope you sort it out, but she does need to be honest.
And please, please speak to the school. They will have seen this before and have some good insight into the next steps.
And there is nothing wrong with resitting Y12.