Munich. The BMW Group increased its sales in Europe and the US in the first nine months of the year, although business in China remained challenging. In Europe, deliveries rose by around +4.5%, while in the US, the company recorded growth of +3.4%. In the first nine months of the year, the BMW Group delivered more than
1.7 million vehicles to customers worldwide, representing a slight decline in sales (-4.9%).

“In difficult market conditions, we were able to hold our own in Europe and the US. The continued strength in new orders for our fully electric vehicles, in particular, confirms our course. The BMW iX3* is providing positive impetus for growth in the market, and we are also seeing strong customer interest in the new BMW 3 Series and BMW X5,” said Jochen Goller, member of the Board of Management of BMW AG responsible for Customer, Brands, Sales. “The product momentum generated by our Neue Klasse models and Neue Klasse technologies strengthens our position for the challenges ahead.”

Between July and the end of September 2026, the BMW Group delivered 110,257 fully electric vehicles worldwide (+7.2%). In Europe, one in three BMW Group vehicles delivered to customers during this period was fully electric (34.7%). BEV sales increased here disproportionately to 81,941 units (+37.5%). This also applies to Germany, where the BMW Group’s fully electric models recorded exceptionally high growth (+38.5%).

The BMW brand delivered around 1.5 million vehicles to customers between January and the end of September (-6.4%). In Europe, the BMW brand reported growth of +1.4%. In the US, the BMW brand also increased its sales +4.3%, achieving growth in an overall declining market, driven by higher sales of BMW X models.

In China, the BMW brand’s decline in sales (-21.2% YTD September) reflects the performance of the automotive market as a whole. The rollout of the China version of the new BMW iX3 will get underway there in November. BMW M GmbH delivered 148,510 vehicles (-6.1%) worldwide in the first nine months of 2026, with sales remaining stable in the declining Chinese market.

Since the start of the year, MINI has sold a total of 220,247 vehicles, increasing its deliveries by 6.8%. 37.2% of those vehicles were fully electric. This positive trend was partly driven by the John Cooper Works models and the MINI Paul Smith Edition*. Further impetus is expected from the new MINI Countryman Untamed Edition.

The Rolls-Royce brand delivered 3,592 vehicles to customers between January and September (-12.4%). In the first nine months of the year, BMW Motorrad sold 149,452 motorcycles and scooters to customers (-6.1%).

BMW Group sales in Q3/YTD September 2026 at a glance

¹ BEVs and PHEVs                                                                                   

BMW & MINI sales in the regions/markets

² Provisional registration figures

³ Asia-Pacific, Eastern Europe, Middle East, Africa

The delivery figures reported in this press release are provisional and may change up until the BMW Group Report 2026 is published. Notes on how delivery figures are prepared can be found in the BMW Group Report 2025 on p. 427.

Questions and answers:

How many cars did the BMW Group deliver to customers in the first nine months of 2026?

The BMW Group delivered a total of 1,707,799 vehicles between January and the end of September.

How did BMW Group sales perform in the first nine months of 2026?

Despite the challenging market conditions, the BMW Group achieved growth in Europe and the US. From January to September, deliveries increased by 4.5% in Europe and 3.4% in the US.

Why are you already declaring the new BMW iX3 a success?
The new BMW iX3 has reached more than 100,000 new orders in Europe within just one year. This makes it the most successful market launch of a BMW Group model to date and underscores its role as a driver of electromobility.

How successful are the BMW Group’s electric cars?

In the third quarter of 2026, the BMW Group delivered 110,257 fully electric vehicles worldwide (+7.2% year-on-year). In Europe, BEV sales climbed 37.5% to 81,941 units. That means that one in three BMW Group vehicles delivered to customers was fully electric (34.7%).

BMW Group Corporate Communications

Michaela Martinus, Communications Sales

Telephone: +49 160 96313773

Email: michaela.martinus@bmwgroup.com

Max-Morten Borgmann, Head of Communications BMW Group, Finance, Sales

Telephone: +49 89 382-24118

Email: max-morten.borgmann@bmwgroup.com

Media website: https://newsroom.bmwgroup.com/global/en

Email: unternehmenskommunikation@bmwgroup.com

The BMW Group

With its four brands, BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial services. The BMW Group production network comprises over 30 production sites worldwide; the company has a global sales network in more than 140 countries.

In 2025, the BMW Group sold 2.46 million passenger vehicles and more than 202,500 motorcycles worldwide. The profit before tax in the financial year 2025 was € 10.2 billion on revenues amounting to € 133.5 billion. As of 31 December 2025, the BMW Group had a workforce of 154,540 employees.

The economic success of the BMW Group has always been based on long-term thinking and responsible action. Sustainability is a key element of the BMW Group’s corporate strategy and covers all products – from the supply chain through production to the end of their useful life. 

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München. BMW Group heeft tijdens de Capital Market Day 2026 een eerste inkijk gegeven in zijn toekomstplannen. Het doel is de veerkracht van de onderneming te versterken en het concurrentievermogen van de structuren te vergroten. Zo bereidt BMW Group zich voor op steeds uitdagendere marktomstandigheden in de komende jaren. Daarbij vertrouwt de onderneming op haar strategische sterke punten: technologische openheid, het vermogen tot technologische innovatie, een wereldwijde aanwezigheid en een duidelijke premiummerkstrategie.

De afgelopen maanden heeft BMW Group ingrijpende besluiten genomen en de eerste maatregelen in gang gezet om de snelheid en efficiëntie binnen de hele onderneming aanzienlijk te verhogen. Momenteel wordt een groot aantal aanvullende onderwerpen beoordeeld; besluiten worden uiterlijk in het voorjaar van 2027 verwacht. Op basis van deze maatregelen wil de onderneming aan het begin van het volgende decennium terugkeren binnen de langetermijndoelstelling van acht tot tien procent EBIT-marge in het segment Automotive. De vrije kasstroom in dit segment moet dan stijgen tot ten minste zeven miljard euro. Als eerste tussenstap wordt voor 2028 een EBIT-marge van drie tot vijf procent verwacht.

“BMW Group heeft altijd tot de voorhoede van de auto-industrie behoord – en daar hoort de onderneming ook in de toekomst thuis. Onder steeds uitdagendere omstandigheden hebben we de eerste maatregelen vastgesteld om ons opnieuw te positioneren. Die zullen we met grote voortvarendheid uitvoeren”, aldus Milan Nedeljković, Voorzitter van de Raad van Bestuur van BMW AG, woensdag. “BMW Group beschikt over de cruciale expertise om deze koers met succes te volgen. Ook de sterke punten van onze bedrijfscultuur zijn daarbij van doorslaggevend belang: moed en pragmatisme zijn net zo belangrijk als ondernemerschap en de vastberadenheid om te slagen”, vervolgde Nedeljković.

Walter Mertl, Lid van de Raad van Bestuur van BMW AG en verantwoordelijk voor Financiën, voegde daaraan toe: “BMW Group blijft onverminderd gericht op waardecreatie en duurzame winstgevendheid. Tegelijkertijd blijven we ervoor zorgen dat ook onze aandeelhouders delen in het langetermijnsucces van de onderneming.”

Regionaal en gericht: productportfolio herzien voor hogere winstgevendheid
Als eerste stap in dit proces wordt het modellenaanbod van BMW Group nog systematischer afgestemd op de uiteenlopende regionale klantvoorkeuren. Dit omvat een gerichte uitbreiding en versterking van het productaanbod, evenals aanzienlijke aanpassingen aan het aandrijflijnenportfolio. De focus ligt op modellen die in elke markt op lange termijn de grootste waarde voor klanten en de hoogste contributiemarges kunnen opleveren. Aan de bovenkant van het portfolio worden de merken BMW, BMW M en Rolls-Royce verder aangescherpt om hun respectieve sterke punten optimaal te benutten en extra winstpotentieel te ontsluiten.

In dit kader brengt BMW Group komend jaar het eerste model van het merk BMW ALPINA op de markt. Geïnspireerd op de BMW 7 Serie breidt de onderneming met dit nieuwe aanbod haar productgamma in het segment tussen BMW en Rolls-Royce strategisch uit en benut zij extra potentieel aan de bovenkant van de markt.

Tegelijkertijd wordt het aantal varianten in het volledige portfolio beoordeeld en teruggebracht om de winstgevendheid te optimaliseren. Zo komt er geen opvolger voor modellen als de BMW 2 Serie Active Tourer.

Meer lokale productie in China – uitbreiding van export wordt onderzocht
Bij de stroomlijning van het portfolio ligt een bijzondere focus op China. Daar wordt de lokale productie in de volumesegmenten uitgebreid met de introductie van de Neue Klasse, terwijl de import wordt beperkt tot de modellen met de hoogste marges.

Ook de lokale ontwikkelingsactiviteiten worden uitgebreid en technologische functies worden nog beter afgestemd op de behoeften van Chinese klanten. Het doel is het aandeel lokaal geproduceerde voertuigen die specifiek voor Chinese klantvoorkeuren zijn ontwikkeld, uiterlijk in 2030 te verhogen tot ten minste 95 procent.

Als onderdeel van de verdere ontwikkeling van het productienetwerk onderzoekt de onderneming bovendien of de export van in China geproduceerde voertuigen naar markten in Zuidoost-Azië kan worden uitgebreid.

Uitbreiding aan de bovenkant van het aanbod in de VS – verdere regionalisering van de SAV-productie
Specifiek voor het zeer succesvolle Sports Activity Vehicle-segment (SAV) in de VS overweegt BMW Group een aanvullend model boven het huidige topmodel, de BMW X7. Dit model zou nauw worden afgestemd op de behoeften van de Amerikaanse markt.

De vraag naar de wereldwijd zeer succesvolle premium SAV-modellen van BMW is al zo groot dat fabriek Spartanburg, de ‘home of X’, momenteel op volle capaciteit draait. Daarom streeft BMW Group ook hier naar verdere regionalisering om de wereldwijde productie van deze modellen uit te breiden. Zo kan de onderneming in alle verkoopregio’s uitgebreider en directer inspelen op de groeiende klantvraag.

Compacte volledig elektrische auto met Neue Klasse-technologie voor Europa
In 2028 versterkt BMW Group, met de focus op Europa, zijn positie in het volumerijke instapsegment met een nieuw volledig elektrisch model uit de Neue Klasse. Nadat de technologieën van de Neue Klasse aanvankelijk in het hart van het merk BMW zijn geïntroduceerd en de BMW X5 en BMW 7 Serie nu ook in de hogere segmenten beschikbaar zijn, is de volgende stap dat ook compacte modellen van deze innovaties profiteren.

Zo versterkt de onderneming, in combinatie met het volledig elektrische modellenaanbod van MINI, haar succesvolle portfolio van aansprekende compacte modellen met innovatieve Neue Klasse-technologieën. Daarmee wordt de verdere verlaging van de gemiddelde CO₂-uitstoot van het wagenpark in de EU ondersteund.

Kunstmatige intelligentie als belangrijke hefboom voor wendbaarheid en efficiëntie
De brede uitrol en het systematische gebruik van kunstmatige intelligentie in de hele onderneming zijn belangrijke aanjagers van hogere snelheid en wendbaarheid, snellere besluitvorming en meer efficiëntie – van ontwikkeling en inkoop tot verkoop, marketing en aftersales.

“Het consequente gebruik van agentische AI-toepassingen in alle delen van de onderneming wordt een gamechanger voor een wendbaardere en efficiëntere ontwikkeling, slankere structuren en snellere besluitvorming”, aldus CFO Mertl.

AI-gebaseerde innovaties voor een aanzienlijk snellere ontwikkeling
Een belangrijk aandachtspunt is de optimalisatie en verdere ontwikkeling van de volledige waardeketen. BMW Group blijft nieuwe technologische maatstaven zetten met merkbepalende innovaties zoals de zesde generatie elektrische aandrijving, het ‘Heart of Joy’ – het dynamische hart van de Neue Klasse – en BMW Panoramic iDrive. Meer dan 100.000 nieuwe bestellingen voor de BMW iX3* in Europa en de grote belangstelling van klanten voor de nieuwe BMW i3 en de nieuwe BMW X5 bevestigen het blijvend hoge innovatievermogen van BMW Group.

Aan de productiezijde is kunstmatige intelligentie al een integraal onderdeel van het productiesysteem van BMW Group en een kernelement van de BMW iFACTORY. Op basis van een gestandaardiseerd IT- en datamodel worden intelligente systemen in vrijwel elke productiefase ingezet – van virtuele fabrieken met digitale tweelingen en AI-ondersteunde kwaliteitscontroles tot intralogistiek met autonome transportoplossingen. In de toekomst zullen digitale AI-agenten steeds vaker zelfstandig complexe taken uitvoeren in een continu leerproces. In combinatie met zelflerende robots ontstaat zo Physical AI – als basis voor flexibele, efficiënte en concurrerende productie.

Om de ontwikkeling van dergelijke merkbepalende innovaties verder te versnellen, wordt de rol van kunstmatige intelligentie in de volledige waardeketen aanzienlijk uitgebreid.

BMW Group brengt AI van afzonderlijke toepassingen naar de kernprocessen van de voertuigontwikkeling. In de toekomst moet agentische AI end-to-end ondersteuning bieden, van de eerste technische eisen tot en met tests en vrijgave. Hiervoor koppelt de onderneming gespecialiseerde digitale agenten aan een basis van ontwikkelingsdata en bestaande IT-systemen die in tientallen jaren is opgebouwd. Daardoor kunnen complexe gegevens sneller worden geanalyseerd, routinetaken worden geautomatiseerd en processen efficiënter worden ingericht. De resultaten worden consequent gemonitord, gecontroleerd en uiteindelijk door de ontwikkelaars goedgekeurd.

Een voorbeeld is de samenwerking tussen BMW Group en AI-bedrijf Mistral op het gebied van crashsimulaties. Door technische datasets van BMW Group te combineren met de trainingsmogelijkheden van Mistral AI kunnen gespecialiseerde AI-modellen worden ontwikkeld die de kwaliteit, snelheid en efficiëntie van de voertuigontwikkeling verhogen. Om deze aanpak op te schalen, zet BMW Group in op Large Industry Models (LIM’s): een nieuwe generatie AI-systemen die is getraind met branchespecifieke technische en simulatiedata en waarmee industriële expertise direct bruikbaar wordt.Tegelijkertijd zullen hoogwaardige ‘Industry Best Offer’-oplossingen – een optimale combinatie van innovatie en schaalbaarheid – in de toekomst breder worden ingezet om de inspanningen binnen ontwikkeling, inkoop en productie aanzienlijk te verminderen. Zo kan BMW Group zijn expertise en capaciteit sterker richten op de gebieden waarin de eigen merken zich het duidelijkst van de concurrentie onderscheiden.

Van software-defined vehicle naar AI-defined vehicle
Met de eerste modellen van de Neue Klasse heeft BMW de basis gelegd voor de volgende generatie digitale auto’s. De nieuwe zonale elektrische en elektronische infrastructuur wordt in alle voertuigsegmenten toegepast. Dit vermindert de complexiteit, benut schaalvoordelen en maakt nieuwe functies sneller beschikbaar voor klanten. De Neue Klasse laat nu al zien hoe intelligente software en kunstmatige intelligentie de klantervaring optimaliseren. Daarmee ontstaat de ideale basis voor de volgende ontwikkelingsfase: de AI-defined vehicle. De aandacht ligt daarbij niet langer op afzonderlijke functies, maar op de intuïtieve samenwerking van het hele voertuig binnen alle voertuigfuncties. Van rijassistentie en infotainment tot basis- en comfortfuncties: alle systemen werken naadloos, intelligent en afgestemd op de situatie samen.

Level 2++-rijassistentiesystemen voor China, de EU en de VS worden in 2027 geïntroduceerd
De AI-transformatie versnelt ook de ontwikkeling van rijassistentiesystemen binnen BMW Group. Het nieuwe L2++-systeem, ontwikkeld in samenwerking met Momenta, wordt in China geïntroduceerd met de marktintroductie van de Chinese variant van de BMW iX3. Als enige systeem op de markt biedt het de merkspecifieke BMW Symbiotic Drive, die zorgt voor een intuïtieve interactie tussen de bestuurder en de assistentiefuncties.

Als resultaat van de ontwikkelingssamenwerking met Qualcomm behoort BMW Group volgend jaar tot de eerste fabrikanten die in Duitsland navigatiegestuurde rijassistentie aanbieden – op snelwegen, provinciale wegen en in de stad – op basis van de nieuwe DCAS-regelgeving, het Europese wettelijke kader voor Driver Control Assistance Systems. Andere landen, waaronder de VS, volgen gefaseerd. Alle klanten die in de nieuwe voertuiggeneratie rijden, kunnen de aanvullende functies flexibel over-the-air activeren.

Eind dit jaar biedt BMW zijn beproefde Highway Assistant met handsfree geassisteerd rijden aan in 21 landen. BMW-klanten hebben met de Highway Assistant al meer dan 250 miljoen kilometer handsfree gereden. Voor de BMW iX3 en daaropvolgende modellen is de Highway Assistant uitgebreid met BMW Symbiotic Drive. Deze functionaliteit is speciaal ontwikkeld voor een naadloze interactie tussen assistentiesystemen en menselijk rijgedrag. Wanneer de rijassistentie actief is, kan de bestuurder naar behoefte accelereren, sturen en remmen zonder dat de lengte- en dwarsgeleiding direct wordt uitgeschakeld. De bedieningslogica en duidelijke weergaven in BMW Panoramic iDrive zorgen ervoor dat geassisteerd rijden altijd intuïtief en controleerbaar blijft – voor veilig gebruik van het hoogste automatiseringsniveau binnen SAE Level 2.


Kritieke grondstoffen: grotere veerkracht in wereldwijde toeleveringsketens
Om de veerkracht in tijden van geopolitieke volatiliteit te vergroten, kiest BMW Group voor nieuwe benaderingen bij de inkoop van kritieke grondstoffen en componenten. De onderneming richt zich op nieuwe partnerschappen, alternatieve concepten en samenwerkingsverbanden, evenals op nauwere samenwerking tussen concurrenten binnen de Europese Unie om de aanvoer van kritieke grondstoffen en componenten, waaronder halfgeleiders, veilig te stellen. Naast belanghebbenden in de auto-industrie worden ook beleidsmakers in toenemende mate opgeroepen oplossingen te ontwikkelen en de veerkracht in de wereldwijde concurrentiestrijd te vergroten.

BMW introduceert in 2027 een nieuw verkoopmodel in Europa
Na de succesvolle introductie van het volwaardige agentuurmodel voor de verkoop van MINI in 24 Europese markten staat de uitrol voor het kernmerk BMW gepland vanaf medio 2027. Dit biedt de onderneming een consistente, Europa-brede databasis voor de volledige klantreis, van proefrit tot aftersales. Kunstmatige intelligentie is hierbij niet slechts een aanvullend hulpmiddel, maar vormt de basis van het volledige verkoopsysteem. Daardoor kunnen via zowel lokale retailpartners als digitale kanalen nog beter op iedere klant afgestemde oplossingen worden aangeboden.

Aanpassingen aan personeels- en managementstructuren
Naast aanpassingen aan het modellenaanbod en geplande interne efficiëntieverbeteringen kijkt BMW Group ook steeds kritischer naar de kosten en operationele processen.

“Ons wereldwijde bedrijfsmodel blijft de basis van ons succes. Tegelijkertijd verbeteren we onze structuren en kostenbasis, zodat we het hoofd kunnen bieden aan de steeds hevigere concurrentie die deze sector de komende jaren zal bepalen. Het programma voor de herstructurering van het personeelsbestand is daarbij een belangrijke hefboom”, aldus Nedeljković.

Om de onderneming blijvend af te stemmen op structurele veranderingen in de marktomgeving, bereikte BMW Group in juli al overeenstemming met de ondernemingsraad over een ingrijpende aanpassing van de personeelsstructuren. De onderneming houdt onverminderd vast aan deze koers.

Naast een vrijwillige vertrekregeling worden processen de komende maanden aanzienlijk gestroomlijnd en versneld. Door kunstmatige intelligentie efficiënt in te zetten, wil de onderneming zich in alle afdelingen en organisatieniveaus nog systematischer inrichten op wendbaarheid en effectiviteit. Dit vraagt om aanzienlijk slankere managementstructuren en een herinrichting van de divisies. Uiterlijk medio volgend jaar vermindert BMW Group het aantal divisies en de bijbehorende managementfuncties met 20 procent, met een vergelijkbare reductie op de onderliggende organisatieniveaus.

Met een gericht portfolio, regionalisering van het modellenaanbod en AI-gebaseerde innovaties versterkt BMW Group met de ingezette maatregelen zijn strategische langetermijnkoers als toonaangevende wereldwijde premiumfabrikant. Tegelijkertijd blijven technologische openheid en de Neue Klasse, met haar uitzonderlijke productdynamiek, vaste hoekstenen van BMW Group en de basis van de ondernemingsstrategie.

Overzicht van citaten:
Milan Nedeljković, Voorzitter van de Raad van Bestuur van BMW AG: “BMW Group heeft altijd tot de voorhoede van de auto-industrie behoord – en daar hoort de onderneming ook in de toekomst thuis. Onder steeds uitdagendere omstandigheden hebben we maatregelen vastgesteld om ons opnieuw te positioneren. Die zullen we met grote voortvarendheid uitvoeren. BMW Group beschikt over de cruciale expertise om deze koers met succes te volgen. Ook de sterke punten van onze bedrijfscultuur zijn daarbij van doorslaggevend belang: moed en pragmatisme zijn net zo belangrijk als ondernemerschap en de vastberadenheid om te slagen.”

“Ons wereldwijde bedrijfsmodel blijft de basis van ons succes. Tegelijkertijd verbeteren we onze structuren en kostenbasis, zodat we het hoofd kunnen bieden aan de steeds hevigere concurrentie die deze sector de komende jaren zal bepalen. Het programma voor de herstructurering van het personeelsbestand is daarbij een belangrijke hefboom.”

Walter Mertl, Lid van de Raad van Bestuur van BMW AG en verantwoordelijk voor Financiën: “BMW Group blijft onverminderd gericht op waardecreatie en duurzame winstgevendheid. Tegelijkertijd blijven we ervoor zorgen dat ook onze aandeelhouders delen in het langetermijnsucces van de onderneming.”

“Het consequente gebruik van agentische AI-toepassingen in alle delen van de onderneming wordt een gamechanger voor een wendbaardere en efficiëntere ontwikkeling, slankere structuren en snellere besluitvorming.”

Vragen en antwoorden:
Welke financiële doelen heeft BMW Group voor de tijdens de Capital Market Day gepresenteerde maatregelen?
BMW Group wil aan het begin van het volgende decennium terugkeren binnen de langetermijndoelstelling van acht tot tien procent EBIT-marge in het segment Automotive. Voor 2028 geldt een EBIT-marge van drie tot vijf procent als tussendoel. Dit wordt onder meer ondersteund door een gerichter en sterk geregionaliseerd productportfolio, efficiëntieverbeteringen in de volledige waardeketen en slankere organisatiestructuren.

Welke concrete maatregelen heeft de BMW Group gepresenteerd?

• Twee nieuwe modellen: een SAV boven het huidige topmodel BMW X7 en een volledig elektrisch model in het instapsegment, met de focus op Europa.
• Voor verschillende modellen, waaronder de BMW 2 Serie Active Tourer, komt geen opvolger.
• In China: meer lokaal ontwikkelde en geproduceerde modellen; de export van in China geproduceerde voertuigen naar markten in Zuidoost-Azië wordt onderzocht.
• Systematische inzet van kunstmatige intelligentie in de hele onderneming, van ontwikkeling en inkoop tot productie en aftersales.
• Uitvoering van het programma voor personeelsherstructurering, met een vermindering van 20 procent van het totale aantal divisies en bijbehorende managementfuncties.

Welke rol speelt kunstmatige intelligentie in de strategie van BMW Group?

Het doel is om kunstmatige intelligentie voortaan consequent in alle kernprocessen van de onderneming in te zetten: van ontwikkeling en inkoop via productie, verkoop en marketing tot aftersales. In de voertuigontwikkeling ondersteunen AI-agenten bijvoorbeeld technische eisen, tests en vrijgave, analyseren zij complexe informatie sneller en automatiseren zij routinetaken. In de productie worden AI-gebaseerde systemen al in veel processtappen toegepast.

München. Aantrekkelijke nieuwe standaard- en optionele uitrustingen, gecombineerd met de marktintroductie van talrijke nieuwe modellen en aanvullingen op het aandrijflijnenaanbod, zorgen in het najaar van 2026 voor nog meer variatie binnen het BMW modelgamma. Daarnaast verhogen digitale innovaties het comfort en de gebruiksmogelijkheden en bieden ze klanten nog meer entertainment.

Nieuw Black Package voor de M Performance-modellen van de BMW 2 Serie Coupé, BMW 4 Serie Coupé en BMW 4 Serie Cabrio maximaliseert de sportieve uitstraling van het interieur.
Het opvallende Black Package is een nieuwe optie voor de M Performance-modellen van de BMW 2 Serie Coupé, BMW 4 Serie Coupé en BMW 4 Serie Cabrio. Het is uitsluitend beschikbaar in combinatie met het M Sportpakket Pro, inclusief de rode M Sportrem. Het Black Package creëert een bijzonder dynamische sfeer in het interieur, waarbij op de autosport geïnspireerde carbondetails krachtige accenten zetten. De interieurlijsten in M Carbon Fibre en het met leder beklede M stuurwiel met decoratieve carbon afwerking benadrukken de sportieve uitstraling van het interieur. Daarnaast is de BMW M240i xDrive Coupé voorzien van zwarte instaplijsten, net als de krachtige M Performance-modellen van de BMW 4 Serie Coupé en BMW 4 Serie Cabrio. Kenmerkende details van het Black Package zijn exclusieve modelaanduidingen aan de achterzijde en een zwart BMW M logo op het zijpaneel.

Het Black Package voor de BMW M440i xDrive Coupé en de BMW M440d xDrive Coupé omvat tevens 19-inch lichtmetalen M wielen Dubbelspaak styling 995 M Jet Black met banden in verschillende maten. Ze zorgen voor een nog dynamischere uitstraling. Deze wiel-bandcombinatie maakt ook deel uit van het uitrustingspakket voor de twee open modellen, de BMW M440i xDrive Cabrio en de BMW M440d xDrive Cabrio. Voor de vier hierboven genoemde BMW 4 Serie-modellen zijn als optionele aanvulling op het Black Package nog meer lichtmetalen M wielen leverbaar.

Primeurs: nieuwe modellen en aandrijflijnen voor de BMW 7 Serie, BMW X5, BMW iX5, BMW X3, BMW iX3 en BMW 2 Serie Active Tourer.
Het BMW modelgamma krijgt in het najaar van 2026 talrijke aanvullingen. Drie modellen van de nieuwe BMW 7 Serie, die in het voorjaar van 2026 werd onthuld, gaan in productie. Het gaat om de BMW 740d xDrive met 230 kW/313 en de plug-in hybride BMW 750e xDrive met een vermogen van 360 kW/489 pk. Het M Performance-model met 450 kW/612 pk, de BMW M760e xDrive, vormt de top van het BMW 7 Serie-gamma. Alle drie de nieuwe modellen zijn voorzien van 3,0-liter zescilinder-in-lijnmotoren.

Ook modellen van de nieuwe generatie BMW X5, die in de zomer van 2026 werd onthuld, worden de komende maanden op de markt gebracht. Het gaat om de twee plug-in hybridevarianten BMW X5 50e xDrive en BMW X5 M60e xDrive, evenals de volledig elektrische BMW iX5 60 xDrive.

Een andere primeur is de BMW iX3 40 xDrive. Deze elektrische SUV levert 275 kW/374 pk. De BMW X3 M50 xDrive levert voortaan 326 kW/443 pk – een aanzienlijke toename van 33 kW/45 pk ten opzichte van de vorige modelvariant.

Verdere wijzigingen in het BMW aandrijflijnenaanbod betreffen de BMW 218i Active Tourer, het zustermodel BMW 220i Active Tourer en de BMW X3 20 xDrive.

Nog meer keuze: nieuwe speciale BMW Individual lakkleuren beschikbaar voor de BMW 7 Serie en BMW i7.
Het aanbod exterieurkleuren voor de BMW 7 Serie en BMW i7 wordt uitgebreid – en nog exclusiever. Vanaf het najaar van 2026 zijn voor alle motorvarianten in totaal acht bijzonder aantrekkelijke BMW Individual Two-Tone lakkleuren beschikbaar.

Voertuigkleur                                Contrasterende kleur

<sub>Alle vermelde waarden zijn vastgesteld volgens de voorgeschreven WLTP-meetprocedure. De waarden in de praktijk zijn afhankelijk van diverse factoren, zoals belading, rijstijl, route, weersomstandigheden, hulpverbruikers (waaronder klimaatregelsystemen), banden en, indien van toepassing, de toestand van de accu.

2 Nieuwe modellen beschikbaar met productiestart in november 2026.
3 Nieuwe modellen beschikbaar met productiestart in december 2026.
4 Nieuwe modellen beschikbaar met productiestart in januari 2027.
5 Nieuwe modellen beschikbaar met productiestart in februari 2027.

De technische specificaties gelden voor ACEA-markten; sommige registratiegerelateerde gegevens gelden uitsluitend voor Duitsland. Alle gegevens zijn voorlopig.

Alle beschrijvingen van modelvarianten, uitrustingen, technische gegevens en verbruiks- en emissiewaarden hebben betrekking op voertuigen zoals die op de Duitse markt worden aangeboden.</sub>

Good morning,

Ladies and Gentlemen.

Over the past several weeks, we have seen how quickly our business environment can change.

As Walter outlined, the Q2 results reflect our adjusted guidance. However, the figures in the first and second quarters are not satisfactory.

The rapid deterioration of the market in China was the main trigger that forced us to adjust our guidance in June. In addition, new competitors are also expanding into several markets across Asia-Pacific, Latin America and Europe. These market dynamics, however, are just one aspect of the fundamental changes in our industry.

In a little over a year, several other factors have converged and have had a significant impact on our business environment, including:

• headwinds from tariffs, trade barriers and currency exchange rates;
• increasing requirements in regulations, especially in Europe; and 
• the impact of the ongoing conflict in the Middle East.

To address these challenges we are taking immediate, decisive action to drive the necessary change.

This will ensure that we remain competitive and will return us to better results – for the short, medium and longer term.

In the short term, we are taking steps to accelerate ongoing cost reduction initiatives, focusing on structural and efficiency measures. These will deliver a sustained reduction of our overall fixed costs. The impact will be visible from 2027 onwards and will provide a new baseline for our strategic and operational measures going forward.

One important aspect is the dimension of the organization, which we will make leaner to increase speed and effectiveness. We have made very quick progress with the General Works Council to reach an agreement on a workforce restructuring program. This includes a voluntary severance program in indirect functions in Germany.

Now, we will move forward with the implementation of the agreed measures in order to realize the benefits in the near term.

As our industry continues to transform, we need to be prepared for the road ahead – by tackling both our structures and our processes.

To ensure that we are fit to deliver the necessary changes in the mid-term, we are closely examining the entire value chain and have begun to take action on four key areas internally:

Customer journey, our organizational structures, delivery and purchasing, and engineering.

To give you an idea of what we are looking at:

• On the customer side: our focus is on the continued implementation of a new sales model in Europe, which requires a shift in mindset from wholesalers to retailers.

At the same time, we are optimizing every touchpoint in our customer ecosystem and leveraging the data we have to generate additional business opportunities.

• On the organizational side: this means making greater use of AI to further automate processes and increase speed; as well as accelerating decision-making throughout the organization.

• On delivery and purchasing: we are looking at how value creation is distributed globally and identifying opportunities to expand our local-for-local approach.

• And on engineering: our focus is on increasing the speed of development through further standardization and communality in engineering solutions and components.

Across all these areas, we will fundamentally transform the company.

On the long-term perspective, we are constantly looking at the broader, strategic picture – covering technologies, products, markets and brands.

In all of these areas we are taking significant steps and picking up the pace. For example, we are re-evaluating which technologies,

model variants, and drivetrains we will need in the future. We are also further tailoring our approach to individual markets and their specific product and drivetrain requirements. And we are evaluating where we can pursue new partnerships where it makes economic and technological sense.

While we face a lot of headwinds at the moment, we also have a solid foundation to leverage. In Q2 we saw a strong performance in Europe and the US which could partly counterbalance the developments in China and Asia Pacific. And our performance in China to date in 2026 was at least in line with the overall market development.

We will also build on key changes that we have made in the last years, in particular the significant investment in Neue Klasse.

But this also includes the consolidation of the dealer network in China and, not least, the cost savings of 2.5 billion euros that we made in 2025.

As we look ahead, our strong portfolio of premium products and technologies, our drivetrain approach and our global footprint provide us with a strategic direction as we navigate the current market environment.

First: our products and technologies.

The rollout of the Neue Klasse is now well underway.

The BMW iX3* continues to see strong momentum:

We are on track to reach the next major milestone of 100,000 orders.

To support this incredible demand, we introduced a second shift at Plant Debrecen ahead of schedule. Since the start of series production, the plant has already produced 50,000 BMW iX3 – the fastest ramp-up of a new BMW Group plant.

We have also seen strong demand for the BMW i3 launch edition with initial orders, which we started earlier than planned in June. Regular ordering will open at the end of September.

Just a few weeks ago, we also celebrated the world premiere of the new, fifth-generation BMW X5. The new X5 shows the full potential of our technology-open approach – the second pillar of our strategic foundation.

Customer needs and expectations vary widely from market

to market – and even within individual markets. Our Q2 sales also reflect this reality and the strength of our technology-open approach. In Europe, sales were supported by BEV growth, which jumped by over a third in Q2. In the US, sales of ICE vehicles drove growth to double digits in the second quarter, as BEV demand in the overall market fell.

The positive response to the BMW iX3, i3, new 7 Series and X5 shows that we have made the right investments to bring the right product momentum to the markets. And there is much more to come, as our product roadmap remains firmly on track: by the end of next year, we will have launched 40 new and updated models.

This includes the first Neue Klasse models in China – the BMW iX3 and BMW i3 long-wheelbase. Produced at our manufacturing base in Shenyang, they have been developed specifically for Chinese customer preferences, and incorporate technologies from local tech players.

This illustrates the third key pillar of our strategy:

our global footprint with a local-for-local approach.

In major markets, it allows us to better address individual market needs, while serving demand through local production and supply chains. Particularly in challenging times, this set up offers us significant resilience and flexibility as developments vary from market to market.

Ladies and gentlemen,

We are operating in a dynamic and challenging environment.

We are taking a critical look at how we work, including re-visiting core processes and structures that previously were considered untouchable.

We know we have hard work to do on the road ahead. My responsibility is to ensure that we pick up the pace and increase the impact.

We know we can put the company back on a solid, enduring path to the premium profitability that the company is capable of generating.

We remain ambitious and intend to return to our strategic EBIT margin corridor of 8-10% by the beginning of the next decade. In the interim, we will work our way back to this target step-by-step.

Ultimately, it’s about ensuring the long-term success of the company and creating value for our customers, our partners and our investors.

Thank you.

- Check against delivery –

SLIDE 2: BMW Group Half-Year Report to 30 June 2026

Ladies and Gentlemen,

Good morning.

Our second-quarter results reflect the challenging market conditions the BMW Group is currently facing, as outlined in our ad-hoc communication on June 16th.

During the quarter, both the Chinese automotive market and BMW Group retail sales in China continued to decline.

At the same time, higher export volumes from China increased competitive intensity in other markets, with a particular impact on our business in the Asia-Pacific region.

Together with the effects of the ongoing conflict in the Middle East, these developments weighed on both our sales and financial performance.

While BMW Group deliveries increased by 7.6 percent in Europe and 11.9 percent in the US, this was not sufficient to offset the decline in China and Asia-Pacific.

SLIDE 3: BMW Group Performance in Q1 and H1 2026

Group revenues amounted to 31.3 billion euros in the second quarter and 62.3 billion euros in the first six months.

Group earnings before tax totalled 1.7 billion euros, a decline of 35 percent compared to the second quarter of last year.

Year-to-date through June, Group EBT declined by 29.4 percent year-on-year to around 4 billion euros.

This resulted in a Group EBT margin of 5.4 percent in the second quarter and 6.5 percent for the first half of the year.

In the Automotive Segment, EBIT amounted to 629 million euros in the second quarter, corresponding to a reported EBIT margin of 2.3 percent.

This reported margin includes a burden from elevated tariffs of 1.25 percentage points in the second quarter.

It also includes the depreciation from the BBA purchase price allocation, which reduced the EBIT margin by 1.2 percentage points.

After six months, Automotive EBIT amounted to around 2 billion euros, with an EBIT margin of 3.6 percent.

SLIDE 4: Automotive Retail Units, BEV Units and Auto Revenue

Let me now provide more detail on the performance of the Automotive Segment.

In the second quarter, the BMW Group delivered around 591,000 BMW, MINI and Rolls-Royce vehicles to customers, 4.9 percent less than in the same quarter last year.

Looking at the development by brand, BMW delivered around 509,000 vehicles in the second quarter, down 7.7 percent year-on-year.

The MINI brand continued to perform well. Deliveries were up 17.1 percent compared to the prior-year quarter, supported by strong demand for our all-electric MINI models.

This brings me to our BEV retail sales.

Between April and June, the BMW Group delivered around 117,000 all-electric vehicles to customers worldwide.

Including plug-in hybrids, sales of electrified vehicles amounted to around 163,000 units.

This corresponds to a BEV share of 19.8 percent and an electrified vehicle share of 27.6 percent of total Group deliveries in the second quarter.

Europe remains the main growth driver for our all-electric vehicle sales.

Supported by the start of customer deliveries of the all-new BMW iX3*, BEV sales in Europe increased by 38 percent year-on-year to more than 81,000 units.

Almost one in three vehicles sold in Europe was all-electric.

This BEV performance in Europe supports our expectation that we will once again meet our CO2 emissions targets in the EU in 2026.

Automotive Segment revenues declined by 7.7 percent to 27.2 billion euros in the second quarter.

The decrease was primarily driven by lower sales volumes and also reflects the highly competitive market environment.

SLIDE 5: BMW Group: Growth in Europe and the US partially offset weaker sales in China and APAC

Let’s now take a closer look at our sales performance across the major regions.

In Europe, our largest sales region, retail sales increased by 7.6 percent year-on-year.

In the Americas, retail sales increased by 9.4 percent year-on-year, driven primarily by the US, where deliveries grew significantly by 11.9 percent.

In the US, the BMW brand once again outperformed the overall market in the second quarter.

Higher deliveries of vehicles with internal combustion engines more than offset lower BEV sales.

In China, the downturn in the automotive market accelerated further during the second quarter, predominantly in the non-electrified vehicle segment.

In this highly competitive environment, BMW Group retail sales declined by 30.2 percent between April and June.

For the first six months, retail sales in China were down 20.4 percent, in line with the overall market decline of 20.2 percent.

Against this backdrop, our focus remains on achieving the right balance between sales volumes, transaction prices, and profitability – both for the BMW Group and our dealer partners.

In our sales region Asia-Pacific, Eastern Europe, Middle East, and Africa, deliveries declined by around 9,000 vehicles or 10.9 percent year-on-year.

Several markets in the region were affected by spillover effects from China as well as weaker consumer sentiment resulting from the ongoing conflict in the Middle East.

Let’s now take a closer look at the year-on-year development of Automotive EBIT on the following slide.

SLIDE 6: Automotive Segment EBIT in Q2 2026

Changes in currencies had a negative impact of around 400 million euros on EBIT, while raw material positions were broadly neutral compared to the prior-year quarter.

The adverse FX developments seen in the first quarter continued into Q2.

We expect FX headwinds also in the second half of the year, although at a lower level than in the first six months.

The net effect of volume, model mix and pricing resulted in a negative impact of around 1.8 billion euros compared to Q2 2025.

A large share of this impact was related to China, which was also the main driver behind our guidance update in June.

Besides lower sales volumes, the decline in this position mainly reflects the highly competitive market environment across a number of regions, as well as weaker consumer sentiment in selected markets.

Since we fully consolidate BBA, the current headwinds from our business in China are fully reflected in Automotive EBIT.

Research and development expenses recognized in the P&L increased by around 100 million euros year-on-year.

This was mainly due to an increase in depreciation of around 150 million euros related to capitalized development costs from previous years.

As in the first quarter, Group R&D expenditure remained below the prior-year level in Q2.

Total R&D expenditure amounted to less than 2 billion euros, a decrease of 3.8 percent year-on-year.

This is in line with the trend of R&D and capital expenditure reduction that will continue for the remainder of the year.

The R&D ratio according to the German Commercial Code came in at 6.3 percent for the second quarter and 6.0 percent for the first half of the year.

Reducing our operating cost base remains an important priority. Accordingly, selling and administrative expenses decreased by around 200 million euros year-on-year in Q2.

Other Cost Changes provided a positive effect of around 1.2 billion euros compared to the second quarter of 2025.

This reflects a number of factors, including lower warranty and manufacturing costs as well as tariff-related effects.

Overall, we reduced expenditure by 400 million euros in the second quarter and 900 million euros year-to-date through June.

Automotive EBIT for the second quarter amounted to around 600 million euros.

After six months, it totalled 2 billion euros.

SLIDE 7: Automotive Segment Free Cash Flow in Q2 2026

Free cashflow in the Automotive Segment amounted to around 500 million euros in the second quarter of 2026.

The net change in working capital reduced free cashflow by around 1.3 billion euros.

This was due to an inventory build-up during the quarter, as production exceeded sales volumes.

We have already made the necessary adjustments to our production planning, with the objective of bringing inventories back towards the prior-year level by year-end.

The net effect of capital expenditure and depreciation contributed around 600 million euros to free cashflow.

As in the first quarter, depreciation exceeded declining capital expenditure in Q2, providing a positive contribution to free cashflow.

Throughout the year 2026, depreciation will remain above capital expenditure.

The capex ratio was 4.1 percent for the second quarter and 3.1 percent for the first six months.

In the first half of the year, we have reduced capex by more than 30 percent.

The change in provisions reduced free cashflow by 500 million euros in Q2. This includes the consumption of warranty provisions.

Other items increased free cashflow by 1.1 billion euros. This position covers multiple topics, including accrued expenses and interest received.

In the first six months, free cashflow amounted to 1.3 billion euros.

For the full year, the BMW Group is targeting an Automotive free cashflow above 2.5 billion euros.

Ladies and Gentlemen,

The BMW Group remains committed to its shareholder return strategy, which includes both dividend payments and share buybacks.

We completed the second tranche of our third share buyback program on June 26th, two months ahead of the original schedule.

The third and final tranche started on July 1st and is expected to be completed no later than November 30th, five months earlier than originally scheduled.

Once completed, the third share buyback program will have reached its full volume of 2 billion euros.

For 2026, this represents a capital return of 1.25 billion euros to our shareholders under the current share buyback program.

The acceleration of the third tranche underlines our focused approach to capital allocation.

At the BMW Group, we take a long-term perspective to create sustained value for all our stakeholders.

For us, financial performance and responsible business management go hand in hand.

Alongside our environmental commitments, this also means maintaining high social and ethical standards across our operations and supply chains worldwide.

In an evolving competitive landscape, we believe that customers worldwide will increasingly value these standards as an important differentiating factor.

SLIDE 8: Financial Services Segment YTD June 2026

Let’s now turn to our Financial Services Segment.

In the first half of the year, the number of new contracts concluded with retail customers increased by 5 percent to 866,000 contracts.

The penetration rate for lease and loan products increased to 52.9 percent in the first six months.

This development was supported by changes in the competitive environment in China. Since mid-2025, local banks have significantly reduced commissions related to the brokering of financing and insurance products for end customers.

Adjusted for FX effects, total new business volume grew by 6.1 percent to about 33 billion euros.

Segment earnings for the first half of the year amounted to around 1 billion euros, down 15.4 percent year-on-year.

This decline was mainly driven by an addition to an existing provision for a consumer compensation program in the UK in the first quarter.

In the second quarter, Financial Services earnings increased by 15.7 percent year-on-year, supported by a larger portfolio volume.

In the first half of the year, the credit loss ratio across the entire credit portfolio remained low at 0.27 percent.

SLIDE 9: Motorcycles Segment in Q2 2026

In the Motorcycles Segment, deliveries declined slightly by 1.9 percent year-on-year.

Segment EBIT increased to 141 million euros, resulting in an EBIT margin of 15.2 percent.

SLIDE 10: Outlook 2026

Ladies and Gentlemen,

Based on the results for the first half of the year, we confirm our updated full-year guidance communicated in June.

Group earnings before tax are expected to decrease significantly.

In the Automotive Segment, we expect deliveries to decrease slightly and the EBIT margin to come in within a range of 1 to 3 percent.

This includes a burden of up to 1.25 percentage points for the workforce restructuring program agreed with the Works Council.

The EBIT margin in the Motorcycles Segment is expected to be between 4 and 6 percent.

In the Financial Services Segment, we expect a Return on Equity in the range of 13 to 16 percent.

SLIDE 11: More speed, more efficiency: BMW Group realigns for tougher competition.

Ladies and Gentlemen,

Our second-quarter results reflect the challenging market environment we outlined in our guidance update in June.

We continue to address the short-term challenges with targeted operational measures and disciplined management of costs, R&D spending and capital expenditure.

At the same time, we are intensifying our structural efforts to make the BMW Group faster, leaner and more efficient in the years ahead.

With our strong product pipeline coming to market, and with the expertise and commitment of our employees, the BMW Group has a solid foundation for the years ahead.

This is especially important as our competitive landscape is changing at a rapid pace.

In this environment, our focus is clear: to manage the current headwinds with discipline, to strengthen the resilience of our business, and to lay the foundation for sustained, long-term value for all our stakeholders.

Thank you.

Munich. The BMW Group is maintaining a clear course in an increasingly competitive environment: Faced with a significant downturn in the Chinese market and an increasingly challenging operating environment worldwide, the company is accelerating and intensifying consequently measures to tackle enduring changes in the operating environment. As an initial and decisive step, the BMW Group has reached an agreement with the Works Council on an extensive workforce restructuring program including voluntary severance packages.

“The automotive industry is faced with rapidly escalating challenges – intense global competition, increasing regional regulatory requirements and the implications of geopolitical conflicts will shape our business model in the years ahead. That’s why it’s important to be lean and agile,” said Milan Nedeljković, Chairman of the Board of Management of BMW AG. “We are working to reshape our organisation and processes, thereby positioning the company to stay competitive going forward.”

In the second quarter, the sharply negative market development in China, intensified competition, particularly in the Asia-Pacific region, and the consequences of the continuing conflict in the Middle East clearly impacted the BMW Group’s business performance. Group pre-tax earnings (EBT) came in at €1,697 million (-35.1%) with an EBT margin of 5.4%; in H1, it was 6.5% (H1: €4,045 million; -29.4%). The EBIT margin in the Automotive Segment was 2.3%. Free cash flow in the segment totalled €513 million (-73.4%).

Global deliveries down slightly year-on-year; growth in Europe and the US

The BMW Group delivered a total of 1,156,727 BMW, MINI and Rolls-Royce vehicles to customers worldwide in the first six months of the year (2025: 1,207,594 vehicles/-4.2%; in Q2: 590,947 vehicles/-4.9%).

The company reported growth in the first half of the year in the Sales Region Europe and in the USA (Europe: +5.4%; USA: +3.9%). Growth in both regions increased further in the second quarter (Europe: +7.6%; USA: +11.9%).

In the Sales Region China, the negative trend accelerated during the reporting period. The BMW Group also recorded a significant decrease in deliveries (H1: 261,773 units/-20.4%; Q2: 117,815 units/-30.2%).

MINI brand deliveries increased significantly during the reporting period, with growth of +17.1% and 81,032 vehicles delivered in the second quarter (2025: 69,223 vehicles/+17.1%; H1: 149,535 units; 2025: 133,838 units/+11.7%). Its fully-electric models contributed to this sales growth: Accounting for 36.9% of the brand’s total deliveries, more than one in every three MINIs sold in the first six months was fully electric (2025: 34.3%).

The BMW Group delivered a total of 116,807 fully-electric vehicles between April and June (2025: 111,070 vehicles/+5.2%, H1: 204,295 vehicles/-7.4%). As a result, nearly one in five vehicles delivered was fully electric (19.8%). In the Sales Region Europe, the positive sales performance continued following the launch of the BMW iX3* in early March: In the second quarter of 2026, total BEV sales in this region reached 81,500 vehicles, an increase of 37.9% compared to the previous year. Nearly one in three new vehicles delivered was fully electric (31.3%/2025: 24.4%).

Demand for the Neue Klasse continues to grow with every new model introduced: The BMW iX3, the first model of the Neue Klasse, is fully on track to reach the milestone of 100,000 orders since its sales launch.

The second Neue Klasse model, the BMW i3, has equally recorded strong demand immediately following the start of the early ordering phase for the Launch Edition in June. Since their world premieres, the BMW 7 Series and the all-new BMW X5 have received extremely positive feedback. The new X5 will make the technologies of the Neue Klasse available in five drive train variants to deliver on different customer requirements worldwide.

“With the Neue Klasse and its technologies, we are bringing a strong product portfolio to market – innovative and at the forefront of technology. Customer feedback has been excellent, and demand remains consistently strong,” said CEO Nedeljković.

Lower Group revenues year-on-year – cost reduction achieved

For the first six months of 2026, the BMW Group reported revenues of €62,266 million (2025: €67,685 million/-8.0%,adjusted for currency translation effects -6.1%; Q2: €31,259 million (2025: €33,927 million/-7.9%, adjusted for currency translation effects -7.8%). Increased competitive pressure and lower sales volumes impacted the year-on-year comparison.

Research and development expenditure was further reduced, as planned, declining moderately year-on-year to €3,714 million in the first six months (H1 2025: €4,020 million/-7.6%; Q2: €1,959 million; 2025: €2,036 million/-3.8%). 

As planned, capital expenditure was also significantly lower, amounting to €1,900 million for the first half of the year and €1,277 million in the second quarter (H1 2025: €2,736 million/-30.5%; Q2 2025: €1,534 million/-16.7%). The capex ratio for the first half-year came in at 3.1% (2025: 4.0%; Q2: 4.1%; Q2 2025: 4.5%).

As planned, the BMW Group also achieved a further moderate reduction in sales and administrative expenses, with costs declining to €4,777 million for the year to the end of June (2025: €5,089 million/-6.1%; Q2: €2,509 million; 2025: €2,700 million/-7.1%).

“Competition in the global automotive market has sharpened noticeably. Following cost savings of €2.5 billion last year, we are intensifying and accelerating our efficiency measures while implementing targeted structural measures. Our goal is to reduce complexity and establish a sustainably lower cost base,” said Walter Mertl, Member of the Board of Management responsible for Finance. “The targeted use of digitalisation and artificial intelligence is already generating positive momentum across all areas of the company. For example, within our Development division, we use industrial data combined with artificial intelligence to achieve shorter cycles in virtual vehicle validation, therefore unlocking greater data-driven value creation.”

Group half-year EBT margin at 6.5%

Group earnings before tax for the reporting period were significantly lower than the previous year, totalling €4,045 million (2025: €5,727 million/-29.4%; Q2: €1,697 million; 2025: € 2,614 million/-35.1%). The EBT margin for the first half of 2026 stood at 6.5% (2025: 8.5%/-2.0 percentage points/Q2: 5.4%; 2025: 7.7%/-2.3 percentage points).

In the Automotive Segment, lower sales volumes and intense competition weighed on revenue performance. During the first six months, Automotive Segment revenues declined moderately year-on-year to €54,321 million (2025: €58,654 million/-7.4%, adjusted for currency translation effects -5.4%; Q2: €27,162 million/2025: €29,443 million/-7.7%, adjusted for currency translation effects -7.8%).

Earnings before financial result (EBIT) for the first half of the year amounted to € 1,974 million (2025: €3,626 million/-45.6%; Q2: € 629 million; 2025: €1,602 million/-60.7%). Compared with the same period of the previous year, earnings were impacted by the negative market development in China, increased depreciation and amortisation, as well as currency and commodity headwinds, which could only be partially offset by cost reductions. 

The EBIT margin for the second quarter came in at 2.3% (Q2 2025: 5.4%; H1: 3.6%; 2025: 6.2%). This includes headwinds of around 1.25 percentage points from expenses related to import duties (USA, EU), as well as around 1.2 percentage points from depreciation and amortisation of BBA assets resulting from the purchase price allocation.

Free cash flow of €1,290 million in first half-year

The Automotive Segment’s free cash flow for the first six months totalled €1,290 million (2025: €2,345 million/-45.0%; Q2: €513 million; 2025: €1,932 million/-73.4%). A free cash flow of >€2.5 billion is projected for the full year.

Financial Services Segment sees growth in new contracts

In the Financial Services Segment, the number of new financing and leasing contracts increased by 5.0% to 866,088 contracts (2025: 824,672 contracts; Q2: 445,876 contracts; 2025: 421,861 contracts/+5.7%).

The penetration rate rose to 52.9% (2025: 43.7%; Q2: 54.2% (2025: 44.4%).

For the year to the end of June, the segment reported profit before tax (PBT) of € 1,008 million (2025: €1,192 million/-15.4%). The year-on-year decline was attributable to an increase in the provision for a UK customer compensation programme in the first quarter. In the second quarter, substantially due to the higher portfolio volume and the resulting increase in interest income, Financial Services reported a significantly higher profit before tax of €627 million (2025: €542 million/+15.7%).

Guidance for 2026 confirmed

Against the backdrop of the challenges outlined above, the BMW Group confirms its guidance for the financial year 2026:

• Slight decline in Automotive Segment deliveries compared to the previous year
• Automotive Segment EBIT margin: within the range of 1–3%
• Group earnings before tax: significant decrease
• Automotive Segment RoCE: within the range of 1–5%
• Return on equity (RoE) in the Financial Services segment: 13-16%
• Motorcycles segment: deliveries expected in line with previous year; EBIT margin expected within a corridor of 4.0–6.0% and RoCE within a corridor of 10–14%

The BMW Group’s actual business performance may deviate from the expectations outlined above – for example, due to changes in political and macroeconomic conditions.

** As of 1 January 2025, the forecast range for Group EBT has been adjusted. For details, please refer to the glossary in the BMW Group Report 2024.

GLOSSARY – explanatory comments on key performance indicators

Deliveries to customers

A new or used vehicle is recorded as a delivery once it is handed over to the end user (which also includes leaseholders under lease contracts with BMW Financial Services). In the US and Canada, end users also include (1) dealers when they designate a vehicle as a service loaner or demonstrator vehicle and (2) dealers and other third parties when they purchase a company vehicle at auction and dealers when they purchase company vehicles directly from the BMW Group. Deliveries may be made by BMW AG, one of its international subsidiaries, a BMW Group retail outlet, or independent third-party dealers. The vast majority of deliveries – and hence the reporting of deliveries to the BMW Group – is made by independent third-party dealers. Retail vehicle deliveries during a given reporting period do not correlate directly to the revenues that the BMW Group recognises in respect of that particular reporting period.

Payout ratio

The payout ratio is preliminary. Although the Board of Management and the Supervisory Board will propose a fixed dividend per share at the Annual General Meeting, the number of shares entitled to a dividend is expected to fall by the Annual General Meeting due to the ongoing share buy-back programme. Accordingly, the total amount to be distributed to shareholders is also still expected to change by 13 May.

EBIT

Profit before financial result. Profit before financial result comprises revenues less cost of sales, less selling and administrative expenses and plus/minus net other operating income and expenses.

EBIT margin

Profit/loss before financial result as a percentage of revenues.

EBT

EBIT plus financial result.

PHEV

Plug-in-hybrid electric vehicle - hybrid vehicle with petrol engine and electric drive.

If you have any questions, please contact:

BMW Group Corporate Communications

Dr Britta Ullrich, Finance Communications

Telephone: +49 89 382-18364

Email: britta.ullrich@bmwgroup.com

Max-Morten Borgmann, head of Communications BMW Group, Finance, Sales

Telephone: +49 89 382-24118

Email: max-morten.borgmann@bmwgroup.com

Media website: https://newsroom.bmwgroup.com/global/en

Email: presse@bmwgroup.com

The BMW Group

With its four brands, BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial services. The BMW Group production network comprises over 30 production sites worldwide; the company has a global sales network in more than 140 countries.

In 2025, the BMW Group sold 2.46 million passenger vehicles and more than 202,500 motorcycles worldwide. The profit before tax in the financial year 2025 was € 10.2 billion on revenues amounting to € 133,5 billion. As of 31 December 2025, the BMW Group had a workforce of 154,540 employees.

The economic success of the BMW Group has always been based on long-term thinking and responsible action. Sustainability is a key element of the BMW Group’s corporate strategy and covers all products – from the supply chain through production to the end of their useful life. 

www.bmwgroup.com

LinkedIn: http://www.linkedin.com/company/bmw-group/

YouTube: https://www.youtube.com/bmwgroup

Instagram: https://www.instagram.com/bmwgroup

Facebook: https://www.facebook.com/bmwgroup

Attached please find the Half-Year Report to 30 June 2026 for download.

The speeches and telephone conferences for journalists and analysts & investors will be broadcast live on our website https://www.bmwgroup.com/en/investor-relations/company-reports.html:

08.30 am (CEST): Speeches Milan Nedeljković and Walter Mertl
09.05 am (CEST): Journalists Q&A
10.15 am (CEST): Analysts & Investors Q&A

The online version of the BMW Group Report 2025 can be explored here: https://www.bmwgroup.com/en/report/2025/index.html

München. De eerste helft van het jaar liet een gemengd beeld zien: terwijl de markt in China en de landen in de regio Azië-Pacific in de eerste zes maanden duidelijk terugliepen, wist BMW Group de verkoop in Europa en de VS te verhogen. In Europa steeg de verkoop met ongeveer +5,4%. In de VS noteerde het bedrijf een groei van +3,9%, waarbij het merk BMW beter presteerde dan de totale markt. Wereldwijd leverde BMW Group in de eerste helft van 2026 in totaal circa 1,15 miljoen voertuigen af aan klanten, wat neerkomt op een lichte verkoopdaling (-4,2%).

“Ondanks wereldwijde uitdagingen hebben we positieve verkoopresultaten behaald in de VS en Europa”, aldus Jochen Goller, Lid van de Raad van Bestuur van BMW AG, verantwoordelijk voor Customer, Brands, Sales. “De Neue Klasse blijft sterke dynamiek tonen. Met de BMW iX3 liggen we op koers om de volgende belangrijke mijlpaal van 100.000 nieuwe orders te bereiken. Ook het tweede mdoel van de Neue Klasse, de BMW i3, kent sinds de opening van de orderboeken voorafgaand aan de introductie al een sterke vraag.”

Met de start van de leveringen van de nieuwe BMW iX3 lieten de verkopen van volledig elektrische voertuigen in het tweede kwartaal een positieve ontwikkeling zien. BMW Group leverde tussen april en juni 2026 116.807 volledig elektrische voertuigen van BMW en MINI aan klanten (+5,2%). Vooral op de Europese markt, waar de BMW iX3 als eerste beschikbaar was, stegen de BEV-verkopen sterk. Met 81.445 geleverde eenheden in het tweede kwartaal noteerde het bedrijf in Europa een dubbelcijferige groei van +38,0%. In Duitsland steeg BMW in het tweede kwartaal naar de tweede plaats voor registraties van volledig elektrische voertuigen.

Het merk BMW leverde in de eerste helft van het jaar ongeveer één miljoen voertuigen af aan klanten (-6,2%). Het merk BMW noteerde groei in zowel Europa (+1,5%) als de VS (+4,7%). In de VS werd de groei vooral gedreven door de BMW X-modellen. De nieuwe BMW X5 werd daar eind juni onthuld; de marktintroductie ervan zal naar verwachting wereldwijd voor positieve verkoopimpulsen zorgen. De BMW M GmbH leverde in dezelfde periode 99.595 voertuigen af aan klanten (-6,0%).

Met in totaal 149.538 verkochte voertuigen realiseerde het merk MINI een duidelijke stijging van +11,7% ten opzichte van vorig jaar. Daarmee noteerde MINI voor het zesde achtereenvolgende kwartaalgroei. De volledig elektrische modellen van MINI kenden wereldwijd een sterke vraag en waren de belangrijkste groeimotor van het merk. Het merk Rolls-Royce leverde in de eerste helft van 2026 2.523 voertuigen af aan klanten (-9,8%). BMW Motorrad leverde in de eerste zes maanden van het jaar in totaal 102.847 motorfietsen en motorscooters af aan klanten (-2,9%).

BMW Group verkoop in het 2e kwartaal en tot en met juni 2026 in één oogopslag

¹  BEV en PHEV                                                                                     

BMW & MINI verkoop in de regio’s/markten

² Voorlopige registratiecijfers
³  Azië-Pacific, Oost-Europa, Midden-Oosten, Afrika

De in dit bericht gerapporteerde afleveringscijfers zijn voorlopige waarden en kunnen nog wijzigen tot de publicatie van het BMW Group Rapport 2026. Toelichtingen op de verwerking van de afleveringscijfers zijn te vinden in het BMW Group Rapport 2025 op pagina 427.

- Check against delivery –

The 106^th BMW Annual General Meeting!

A very warm welcome to all our shareholders!

Welcome to our most important event of the year. This is our opportunity to stand before you and answer your questions. We commit to doing so objectively, based on the facts. What you can always expect from BMW is confidence! Confidence is not a mood or an attitude. It is an active decision – especially when what we know becomes fragile. In hindsight, difficult situations often appear less dramatic than they do at the time.

It is our responsibility to set the right course. We refer to this as making robust decisions: decisions that are geared towards the company’s long-term success, based on data, facts and informed analysis. We assess developments with nuance, both globally and regionally – because that is how our world works. We make decisions with the future in mind.

This is possible because our investors also take the long view – especially our anchor shareholders, Stefan Quandt and Susanne Klatten – as well as our many institutional investors. For BMW, this is a privilege; for our employees, it is a source of stability and support; and, in a competitive environment, it is an advantage. This is one of the reasons why BMW turns external crises into opportunities for progress. In the current environment, many things are uncertain. That is why antifragility is our strategic tool of choice for ensuring the long-term future of your company.

Building on a foundation of continuity, we can achieve major advances in innovation – connecting brands, products, technologies and markets.

Standing here beside me is the new 7 Series – the latest example of BMW’s innovative strength. In April, it celebrated its world premiere at the Auto China trade show. The full Board of Management was there.

The 7 Series is the first vehicle already on the market to incorporate the technologies of the NEUE KLASSE. From this day forward, all future BMW models will feature its technology clusters and new design across all drive technologies – as promised. There will be more than 40 vehicles released in total between now and 2027. The NEUE KLASSE is our launchpad for the future.

You, Ladies and Gentlemen, know us well and support us.

What currently defines the BMW way?

1.    Robust strength in a dynamic environment:
Our financial year 2025.

2.    The race is on:
The NEUE KLASSE is realising its potential and generating excitement.

3.    Global player BMW:
Antifragile and future-proof.

These are the topics I would like to discuss.

Ladies and Gentlemen,

We met the following goals in financial year 2025:

•      Our target profitability range for the Automotive Segment.

•      Group earnings before tax of over 10 billion euros.

•      A 10-cent increase in our dividend – to 4.40 euros per share
of common stock.

We achieved all of this despite unfavourable currency translation effects, a difficult market situation in China and tariff headwinds.

We managed our business in an extremely disciplined manner, with everyone fully on board. We have saved 2.5 billion euros across all cost categories, while reducing our R&D spending and capital expenditure. Everything is progressing as planned – because we invested early in the NEUE KLASSE. Our people really gave it their all. So, I would like to say a big thank you to our BMW team worldwide.

Others are cancelling bonuses. We are paying our employees in Germany an attractive profit-sharing bonus for 2025. Our business model is robust. Models and markets are good indicators of this.

In 2025, we delivered more than 2.46 million vehicles to customers.

That is more than the previous year. All brands are contributing to this:

•      BMW leads the global premium segment.

•      BMW M GmbH increased its sales for the 14th consecutive year.

•      The MINI brand posted growth of around 18 percent, with the
new model family being very well received.

•      At Rolls-Royce, the number of handcrafted motor cars remained at the same high level as the previous year. We are now expanding our workshop in Goodwood to give our luxury brand more space for its Bespoke models and top-of-the-range Coachbuild products.

•      BMW Motorrad sold more than 200,000 two-wheeled vehicles in the segment above 500 cc, although the total market declined during the same period.

Let’s move from models to markets.

In Europe, we were – and still are – really strong. For the first time since the pre-Covid era, we once again delivered more than one million vehicles to customers. Although the US market is considered saturated, we made gains there. This is also thanks to our long-standing presence in the US. Spartanburg is our largest plant. It exports worldwide, with an export volume of more than 100 billion dollars over the past ten years. BMW remained the country’s largest automotive exporter by value in 2025. A fact that is recognized and appreciated in US political circles.

Every market is important, including the many markets outside the main regions, where we also recorded growth overall.

Let's turn our attention to China. China receives a great deal of coverage – and you, our shareholders, also have questions about it. More than 24 million vehicles were sold in China in 2025. China is also one of our industry’s most important technology hubs. However, the market there is normalizing, with fewer purchases being made.

Local manufacturers are increasingly entering the market and trying to gain market share. Competition is extremely intense.

Our objective for 2025 was to stabilize sales – and we achieved that, delivering 625,000 vehicles to customers in China. In the first quarter of 2026, the total market continued to decline. This is also affecting domestic suppliers and, specifically, the smaller vehicle segments. In this situation, BMW outperformed the market overall.

Our measures are taking effect. Three core areas are particularly important in China: local relevance, speed and software.

1.    We create value locally: This applies at our plants in Shenyang, our engine plant and the new battery center – all through our BBA joint venture.

2.    We responded quickly to the changing environment by consolidating development and purchasing activities and by reducing costs through increased local sourcing. Our new sales structure is making rapid progress.

3.    Digitalized vehicles: This is a key issue in China, where we have strong local technology partners in Momenta, DeepSeek and Alibaba Banma. Together, we are integrating innovations into our models.

Local relevance, speed and software are essential conditions for strengthening our competitive position. In China, we also benefit from BMW’s ongoing dialogue with policymakers in Liaoning Province and at national level. In February, I was part of Federal Chancellor Merz's business delegation to China. Our goal is very clear: We intend to resume our growth in China.

Our approach to this is the following: In China. For China. With China.

We develop products that are tailored to the wishes of our Chinese customers. Just a few weeks ago, we unveiled three new BMW models in Beijing: the 7 Series and the long-wheelbase versions of the iX3* and the i3.

These long-wheelbase versions are the most China-centric cars we have ever built. The media was impressed by the driving dynamics and digital experience offered by the iX3L.

In China. For China. With China.

That also includes exporting from China. This is where the European Commission's punitive tariffs on imports of fully electric vehicles from China are hurting us. They are among the highest tariffs we have to pay. That cannot be in the EU's interest. Tariffs are like a boomerang. Who pays them? The customer.

The same applies to the tariffs between the EU and the US. Imports into the US are subject to tariffs of 15 percent. For us, this means higher financial outlays. On the other hand, we would benefit from the new tariff rate for imports into the EU, which is expected to fall to 0 percent. The emphasis here is on “expected to.” The new rate has not yet been implemented by the EU.

The tariff debate remains dynamic and highly complex. The fundamental principle here is that tariffs do not protect; they cause damage – on all sides. A global production and supply network is a strength. Any industry that is supposedly shielded by tariff barriers is weaker – and ultimately shrinks.

We make this point clearly wherever we engage in political dialogue. Who knows better than we do in Europe that exports and free trade lay the foundation for innovation and for jobs. The European Commission generally has good intentions, but the execution often falls short. Take the “Made in Europe” initiative.

Every industrial policy measure should

•      recognize that exports drive value creation – especially in Germany,

•      and ensure continuity in cooperation with international trading
partners.

This is crucial for our globally interconnected industry. E-mobility, in particular, is not possible without global value chains.

Another example of “good idea, poor execution”: the CO₂ requirements from 2035. The current proposal does not support technology-openness and ignores market realities. For more than 90 percent of vehicles across the EU, a de facto ban looks set to remain in place. Strict electrification quotas are also planned for company fleets.

Following the ban on the supply side, restrictions on the demand side are now also set to be introduced. This benefits neither customers, nor European industry, nor the environment.

If key areas of the e-mobility value chain are to be located outside of Europe, we risk becoming unilaterally dependent. The European Parliament and the European Council have a clear responsibility in this regard. Things cannot remain as they are.

BMW shows how it can be done: with a technology-neutral approach. Our vehicles with conventional drive trains remain in demand. They, too, can achieve an even smaller climate footprint through the use of renewable fuels. At the same time, we are growing with our fully-electric models – BEVs for short – and our plug-in hybrids, or PHEVs.

We consistently outperform EU CO₂ targets and did so again in 2025 – by a significant margin of 2.9 grams. Based on our preliminary calculations, our fleet-wide emissions came in less than 90 grams of CO₂ per kilometer in Europe. We achieved this entirely through our own efforts – without “pooling” with other manufacturers or “averaging” across multiple years.

We are also setting our own targets, with goals that are realistic, reliable and ambitious. What matters most to us is the overall impact. That means every ton of CO₂ we can avoid emitting. Scope 3 upstream is becoming increasingly relevant in this respect: In other words, reducing the carbon footprint throughout the supply chain.

The overall balance determines the climate impact – not the drive train alone. Our plants require 36 million parts every day. These are delivered by 2,700 direct suppliers and another 65,000 second-tier suppliers. By 2030, we aim to reduce our CO₂ emissions by at least 40 million tonnes compared to 2019 levels. You already know that. Now, we are aiming even higher, targeting a further 20 million tons of CO₂ by 2035. As you can see: We are on track to reach NET ZERO by 2050. To achieve this, we are relying even more on secondary materials and CO2-free energy.

Germany carries significant weight as an industrial location within Europe.

Here, academic research, technological development and industrial implementation are closely intertwined.

However, we are falling behind:

•      Energy and labour costs are substantially higher than in
other countries.

•      The European Commission does not reward innovation and export orientation, but rather downsizing. It is replacing effective market mechanisms by bans and protectionism.

We are already feeling the effects of this trend. However, BMW is standing firm. In 2025, we built more than one million vehicles in our home country. About a quarter of all cars produced in Germany now come from BMW.

Our plants are operating at high capacity:

•      Regensburg was our highest-volume plant in Germany in 2025,
operating in three shifts.

•      Leipzig is our only plant where BMW and MINI vehicles are built on a single line – also in three shifts.                 

•      At our main plant in Munich, the new BMW i3 is also ready to go.
From 2027, the plant will produce only EVs. This follows a 650-million-euro investment in extensive remodelling in line with the principles of the BMW iFactory.

•      In Dingolfing, the two-millionth BEV has just come off the production line: a BMW i5* that we are delivering to Spain.

We can build different models and drive trains on the same production line – not only in Germany, but worldwide. So, when demand fluctuates, we are able to balance it out. Your company, esteemed shareholders, remains financially solid – capable of taking action and making investments.

In 2026, deliveries are forecast to be on a par with last year. The same applies to our BEVs. Our electric models have recently achieved strong year-on-year growth. Model cycles are now beginning to have an impact. The dynamics of the market regions and regulatory frameworks are shifting. In both the US and China, e-mobility now receives less government support.

The situation is different in Europe: In the first three months of the year, BMW recorded its highest-ever new orders for a first quarter: BEV sales are up more than 60 percent on the previous year, with well over 50,000 orders for the BMW iX3 alone since the IAA International Motor Show.

Our sales of fully electric vehicles have already surpassed last year’s strong performance in Europe. This, too, shows that different regions of the world are developing at different rates. In this context, our technology-neutral approach is proving all the more effective.

We have strong momentum across all brands and all drive technologies. That brings me to my second point:

The race is on.

The NEUE KLASSE is realising its potential and generating excitement.

Ladies and Gentlemen,

Many of you were with us at our Annual General Meeting in the Olympiahalle last year, when we unveiled the first two production models of the NEUE KLASSE live. Then, they were still wrapped in camouflage foil. Today, the iX3 is already driving on the roads, and we have already introduced the i3.

In January, we handed over the first iX3s to their new owners. The iX3 has been in European showrooms since March, with the US and Asia set to follow in the coming months. We are winning many new customers with the iX3. In Germany, one in three customers ordering an iX3 did not previously drive a BMW.

We are producing the iX3 at our new plant in Debrecen. Because demand is so high, we introduced a second shift in February – significantly earlier than planned. The iX3 can drive 805 kilometers on a single charge, according to WLTP. Our engineers like to test limits, so they wanted to show that it can do even more. A small team set out to drive the iX3 from Plant Debrecen to Munich – precisely 1,007 kilometers – without charging. No one has ever achieved that before with a vehicle in this class.

When they arrived at BMW Welt, they still had two percent charge left in the high-voltage battery. This record-breaking drive demonstrates the potential of the technologies in the NEUE KLASSE.

The eighth generation of the 3 Series now brings the NEUE KLASSE right to the heart of the BMW brand.

* * *

Video.

* * *

Ladies and Gentlemen,

There are cars that belong to history – and then there are cars that make history. The BMW i3 definitely falls into the second category. We celebrated the i3 premiere with around 40,000 employees at the BMW Park in Munich. The atmosphere was incredible.

We will begin series production in August, and the i3 will be launched shortly afterwards in Europe. The technical specifications of the i3 are truly exceptional – boasting a range of up to 900 kilometers in the WLTP cycle.

In just ten minutes, it charges enough energy to drive up to 400 kilometers. This is made possible by the sixth-generation e-drive with 800-volt technology.

The BMW i3 brings together all the technologies we have developed for the NEUE KLASSE – for the powertrain and driving dynamics, battery technology, operating concept and the digital driving experience.

The 3 Series is more than just a sedan – and it will remain that way in the future. The 3 Series Touring is very popular with families and business customers, which is why we have already confirmed this model.

Our M GmbH is inseparable from BMW: The first fully electric M model will debut in 2027. Thanks to the technologies of the NEUE KLASSE, this M model will also excel on the racetrack, if desired.

At the core of the NEUE KLASSE lies a completely new electronic and digital architecture. Many functionalities are enabled, expanded and continuously improved through software.

We can roll out new features and updates wirelessly via mobile communications or Wi-Fi. This allows us to react faster, scale innovations and meet regional customer needs.

Take BMW Panoramic iDrive, which combines display, operation and intelligent voice control in an intuitive and driver-oriented concept. It is typically BMW and, at the same time, locally customizable.

In China, we are working with Alibaba Banma to realize this. Together, we are bringing next-generation voice control into our vehicles. We are also enhancing the BMW Intelligent Personal Assistant with the functionality of the Chinese AI model DeepSeek.

In Europe and other markets, we will be integrating Alexa+ to make the voice assistant even more interconnected, intelligent and personalized.

We are relying on technology clusters as part of our modular approach.

In this way, we can integrate market-specific functionalities quickly and selectively into the vehicle, within a globally scalable system.

We are strengthening our research and development capacity in the regions accordingly. The NEUE KLASSE gives us the flexibility to respond precisely to regional requirements. The same applies to our driver assistance systems. Our objective is for them to be intelligent, symbiotic – and, above all, safe. We also have strong partners in this area: In China, we are working with Momenta, a leading supplier of ADAS technology; outside of China, we are collaborating with Qualcomm.

With the software-defined NEUE KLASSE, we maintain control over our systems and can roll out innovations worldwide. At the same time, we are able to rapidly integrate local technology stacks. This ensures that a BMW remains a BMW everywhere in the world. Nevertheless, every BMW offers precisely those features that local customers expect.

Now to the third key aspect that defines our BMW way.

How many global manufacturers do you think there are in our industry?

Not even a handful – but BMW is one of them. What does GLOBAL even mean in this context? Naturally, a global footprint across production, research and development, and sales. We call this local for local. It is how we secure access to individual markets, strengthening our local supply chains to make ourselves more resilient.

One example of this is our five new locations for high-voltage batteries – in Europe, the Americas and China. A global manufacturer has global brands – like we do with BMW, MINI, Rolls-Royce and BMW Motorrad.

We offer our customers a broad range of products across all key segments – from the urban compact-car segment to the absolute luxury class. And now, they are joined by BMW ALPINA, a highly exclusive brand with a strong tradition. With BMW ALPINA, we are tapping into a highly profitable, high-growth segment positioned above the BMW brand’s top models and below our Rolls-Royce luxury brand.

On the drive train side, we also offer battery-electric vehicles in all relevant segments. By end of the year, we will have 20 BEVs across all brands. Our plug-in hybrids also remain important. In 2028, BMW will add a further drive train: hydrogen. The next generation of our BMW X5 will then be available with five drive train variants.

Dear Shareholders,

Resilience is a word we hear a lot these days. But we are taking it a step further: We are making BMW antifragile. That means more than being resilient. Resilient companies withstand challenges, while antifragile companies use them to become better and to grow. This mindset transforms uncertainty into strategic clarity and pressure into momentum.

Difficult circumstances generate forward impetus that makes our company even stronger. Our global team makes this possible. In the autumn, we once again surveyed all our employees worldwide.

More than 90 percent said they support our goals and our strategy and 92 percent said they are proud to work at BMW.

* * *

Video.

* * *

What you see here is genuine. It is authentic. That is our BMW spirit, my dear Shareholders! At BMW, it is never about the individual – not the Board of Management; not the CEO.

It is always about our products and our brands; about the company – and its success. This is what we work for and strive towards. Because we can – and because we want to. Because it makes sense and unlocks potential. And because it brings joy – to our customers and to us in our daily work.

For almost seven years, since August 2019, I have been responsible for your company. Seven months after I took office, the coronavirus brought the world – and our plants – to a standstill. As you know, the period that followed remained turbulent.

We invested and initiated the NEUE KLASSE, the mega-project you see before you today. And we will continue – just as we always have at BMW for the past 110 years.

Tomorrow, dear Milan Nedeljković, you take over as Chairman of the Board of Management. The two of us have worked well together on the Board of Management.

Strategy is the responsibility of the Board of Management, and our strategy is focused on the long term. We consider and prepare for different scenarios. Decisions are made jointly by the Board of Management.

We implement them unanimously and with a united approach. Everything is done calmly and consistently, with a clear focus on the road ahead.

The appointment of new the Chairman of the Board of Management was decided and communicated in the same spirit.

Milan, I wish you and the Board of Management team continued strength in shaping the future. You, ladies and gentlemen of the Supervisory Board, continue to support us with critical and constructive guidance in true BMW style – always solution-oriented and focused on our shared success.

The fact that the entire Supervisory Board is present at our Annual General Meetings visibly underscores the support you give us,
Ladies and Gentlemen.

Those who invest expect their investment to be worthwhile, dear Shareholders. At the BMW Group, there are many compelling reasons why this will continue to be the case in the future.

Allow me to say, from the bottom of my heart:

Thank you for 35 intense and exciting years at BMW!

- Check against delivery –

Ladies and Gentlemen,

Good morning.

Before I'm talking about the quarter figures, I would like to address a tragic loss that has deeply touched many BMW fans around the world.

On May 1, race car driver, longtime BMW works driver, and company ambassador Alessandro Zanardi passed away unexpectedly.

“Alex” was an impressive personality, an unwavering optimist, and an inspiration to many people worldwide. He demonstrated what is possible in life with dedication, willpower, and ambition.

The BMW Group has lost a fascinating humanitarian representative, and BMW M Motorsport has lost an ambitious and successful works driver.

Ladies and Gentlemen,

Walter Mertl has taken you through the results after the first three months of 2026.

As we outlined in March at our Annual Conference, we knew that there would be several headwinds we would face throughout this year.

For us, it is about minimizing their impact, while consistently leveraging opportunities that arise.

At the same time, we remain firmly on course with our long-term strategy – a strategy that has provided clear direction and enabled us to navigate an increasingly unpredictable global business environment over recent years.

Three characteristics in particular define the BMW way:

First: Our strategy of technological neutrality

Second: The BMW Group’s global footprint and

Third: Inspiring brands and fascinating products.

Since 2021, the BMW Group’s long-term product and technology orientation has focused on the NEUE KLASSE.

Building on an exceptionally strong foundation of products and successful technologies delivered to customers over many years through to today, we are now making a huge leap forward in nearly every area of technology with the NEUE KLASSE. This will pay off as we roll these technologies out rapidly across the whole product portfolio.

Last year in September, here in Munich at the IAA Mobility, we presented the BMW iX3*, the first vehicle of the NEUE KLASSE. With this all-new vehicle generation BMW is entering into a new era.

The launch of the iX3 has been extremely successful.

Just a few weeks ago, in March, we handed over the first BMW iX3 vehicles to customers across Europe.

Over the past weeks, the model has also reached showrooms throughout the region.

Pre‑orders in Europe now exceed 50,000 units, underscoring the strong interest in this vehicle.

The iX3 also continues to win notable major international awards.

Most recently, it won two awards at the renowned World Car Awards. An international jury of 98 automotive journalists presented the BMW iX3 two prestigious titles: the 2026 “World Car of the Year”, beating out competitors across all powertrain categories; as well as 2026 “World Electric Vehicle” accolade.

With the first NEUE KLASSE model, BMW has delivered a clear step forward in technology and design – one that is resonating strongly with experts, journalists, and customers alike.

Given the very high market demand, we already pulled forward the second shift of BMW iX3 production at our Debrecen plant in February.

Further rollout across the US and Asian markets is planned for the coming months.

And the iX3 was just the beginning – a lot has happened since our annual conference. The NEUE KLASSE is gradually making its mark across the entire BMW portfolio.

In March, we unveiled the next step with the world premiere of the new BMW i3 at BMW Park in Munich.

Since 1975, the 3 Series has inspired dreams. At the core of the brand, each of the eight generations embodies progress and innovation. And with the BMW i3 we are building our future on this rich legacy.

This event provided a unique opportunity to celebrate this milestone not only with media and other key stakeholders, but especially and perhaps most importantly with our associates.

More than 30,000 employees joined the celebrations over days, underscoring the strong bond our team feels with the brand and their pride in this incredible moment – both for the company and for their achievements in bringing this vehicle to life.

As the second model of the NEUE KLASSE, the BMW i3 perfectly symbolizes the journey BMW has taken over the last years.

It is, of course, a completely new vehicle with a reimagined design and seamless integration of advanced technologies.

At the same time, the BMW i3 represents the progress of the BMW Group itself – from the systematic modernization of our production facilities through new ways of working that enable efficiency, scalability, and our long-term competitiveness.

The i3 will be produced at our main Plant in Munich. With an investment of around 650 million euros, the facility has been completely remodeled following the principles of BMW iFactory – lean, green, digital.

Production of up to 1,000 vehicles a day continued uninterrupted during the shopfloor adaptations over many months.

Beginning in 2027, the plant will exclusively produce electric vehicles.

The plant also continues to make great progress in realizing cost efficiencies. When the i3 rolls off the line for customers, we will have reduced overall production costs at the Munich plant by an additional 10%.

These improvements are driven by optimized production processes, targeted automation and digitalization, as well as the vehicle construction improvements enabled by NEUE KLASSE technologies.

Series production of the BMW i3 begins in August, followed by the market launch in Europe a few weeks later.

Several additional NEUE KLASSE models will soon be manufactured in Munich, including the BMW i3 Touring.

The BMW i3 leverages all the technologies developed for the NEUE KLASSE. From driving dynamics to powertrain, from battery technology to operating concept and the digital user experience.

And of course you can choose between different drive variants. Because we remain technology-open.

Each element is perfectly attuned to the characteristics of the 3 Series – creating a whole new dimension of sheer driving pleasure.

This is also confirmed by initial reviews and feedback from customers and journalists, which have been very positive.

This was also evident just two weeks ago at Auto China in Beijing, the world’s largest automotive trade fair.

We presented not 1, not 2, but 3 new models:

The BMW iX3 and BMW i3 Long Wheelbase for the Chinese market as well as the world premiere of BMW 7 Series model update with NEUE KLASSE technologies and design elements.

The China-specific NEUE KLASSE vehicles have been developed in close collaboration with our local R&D teams and local partners in China – think global, act local.

This enables us to leverage the know-how of leading Chinese tech players and integrate local digital ecosystems and technologies to meet the specific needs of our Chinese customer needs – for example, in voice assistant features and automated driving solutions.

The momentum generated by the NEUE KLASSE in China will provide a powerful impulse for our portfolio and marks the beginning of the next chapter in BMW’s tailored innovation and technology leadership in this key market.

In 2026, the seven millionth BMW vehicle will roll off the lines at our Shenyang production base. This remarkable milestone underscores our long-term commitment to China. And we are constantly strengthening our local footprint to underpin this momentum.

Through deeper localization across the value chain and expanded China-based decision making, we are faster, more robust, and even more synchronized with local customer expectations and market dynamics.

The new BMW 7 Series we unveiled in Beijing will kick off the roll-out of Neue Klasse technologies across all powertrains and into other product lines, and segments.

Coming in the middle of its lifecycle, it is the most extensive model revision in BMW's history and will take the 7 Series to a whole new level.

The technology-open drive offer covers all customer needs. The updated BMW i7 with new round battery cells features up to over 700 kilometers of range according to the WLTP cycle, meaning an increase of 100 kilometers from the current version.

Start of production will begin in our plant at Dingolfing in July.

The new 7 Series exemplifies BMW’s ability to industrialize the latest technologies at speed, integrating them into series vehicles and making them available directly to our customers.

This summer, we will also unveil the next generation of our BMW X5. It will be the first BMW model to be offered with five different drivetrain variants: highly efficient conventional powertrains, plug-in hybrid, battery-electric and – from 2028 – also hydrogen.

In this way, we are laying the foundation to successfully meet the diverse needs of our customers around the world, both today and in the future.

Ladies and Gentlemen,

Our products continue to enjoy strong demand globally. We are well positioned to meet the needs of customers across different regions and markets.

In the first quarter we leveraged the strength of our current portfolio in a shifting environment – supported by a broad offering across brands, segments, drivetrain technologies and geographies.

Consistent with our balanced, global approach to sales, the performance in Europe helped to partially offset weaker dynamics in other markets. Sales were particularly robust in Germany, where Group registrations increased by more than 10% year-on-year.

In China and the U.S., the BMW Group performed better than the overall declining market.

BEV orders in Europe were up by around 62%, with European sales of fully-electric vehicles exceeding the previous year’s high level.

For the fifth consecutive quarter, the MINI brand delivered global growth, with sales increasing by 6%.

As we roll out the NEUE KLASSE, we can look ahead with confidence. Its technologies and design language will provide fresh momentum into our already strong BMW products. Offering individual mobility solutions tailored to the needs of customers across markets worldwide.

At the same time, the company is prepared to weather differing dynamics in global markets and to seize opportunities.

That combination is what sets the BMW Group apart.

We have stayed on course, consistently implementing our long-term strategy and are now ideally positioned to reap the rewards.

This is very much part of our DNA. Time and again, the BMW Group has proven resilient from the pandemic through supply chain disruptions and semiconductor shortages and the energy crisis.

Throughout, we have remained true to our technology‑open approach, which has proven its strength as global automotive markets continue to transition and delivered stronger results in new technologies.

As this will be my final quarterly call as CEO of the BMW Group, I want to extend my sincere thanks to the media and capital market communities who have accompanied me throughout my tenure since 2019.

I have always valued our dialogue – at times challenging, but consistently constructive – and I am grateful for the professionalism and engagement you have brought to these exchanges.

I hope you will extend the same openness and warm welcome to my successor, Milan Nedeljković.

I wish you all the best – and look forward to answering your questions one last time.

Thank you.

- Check against delivery –

SLIDE 2: BMW Group Quarterly Statement to 31 March 2026

Ladies and Gentlemen,

Good Morning.

The year 2026 started off with sound financial results for the BMW Group, in line with our expectations.

SLIDE 3: BMW Group Performance in Q1 2026

In the first quarter, Group revenues totaled 31 billion euros.

Group earnings before tax amounted to 2.35 billion euros, approximately 25 percent lower than in Q1 2025.

With this result, we generated a Group EBT margin of 7.6 percent, on the level of the 2025 full year.

The operating profit in the Automotive segment was 1.345 billion euros.

Consequently, the EBIT margin in the Automotive segment stood at
5 percent, in the middle of our full-year guidance corridor of 4 to 6 percent.

As you know, we consistently focus on our reported figures. Accordingly, the five percent represents our reported
EBIT margin without any adjustments.

The Q1 extra tariff burden of 1.25 percentage points is accounted for in this margin.

In addition, the EBIT margin includes the depreciation from the BBA purchase price allocation of 1.2 percentage points.

SLIDE 4: Automotive Retail Units, BEV Units and Auto Revenue

Let me now provide more details on the Automotive Segment’s performance across key metrics.

In the first quarter, the BMW Group delivered around 566,000 BMW, MINI and Rolls-Royce vehicles to customers. This represents a slight decrease of 3.5 percent compared to the same period last year, driven by the sales decline of all-electric vehicles in the US and China.

The BMW brand saw a decline of 4.6 percent year-on-year.

This was driven by shifts in regional and powertrain sales.

The MINI brand continued its growth following the successful renewal of its model portfolio, achieving a solid sales increase of 6 percent.

Let’s take a closer look at our sales performance across regions.

Starting this year, we have slightly adjusted our regional sales reporting to reflect our sales organization structure rather than geographical continents.

In our largest sales region, Europe, deliveries increased slightly by 3.0 percent. We saw growth across all powertrains – combustion engine vehicles, all-electric vehicles and plug-in hybrids.

The BMW brand’s order intake in Europe showed strong growth across the entire product portfolio in Q1, with an order bank reaching well into the second half of the year.

In our sales region Asia-Pacific, Eastern Europe, Middle East, and Africa, deliveries declined by around 6,700 units – or 8.3 percent – year-on-year. This development was influenced by multiple factors, predominantly the macroeconomic environment and the diverse competitive landscape throughout the region, while the conflict in the Middle East had a limited regional sales impact in Q1.

In the Americas region, retail sales decreased by 4.0 percent year-on-year, primarily due to the US.

Here, sales of all-electric vehicles dropped significantly following the discontinuation of IRA support in the fourth quarter of last year. Our product portfolio enabled us to largely offset this decline and fulfil customer demand with our attractive ICE vehicles.

When comparing US sales to previous year, we must also remember that Q1 2025 was positively influenced by strong customer demand, driven by expectations of customs duty increases starting in April 2025.

Overall, we performed better than the total US market, which declined by 6.6 percent in the first quarter.

In China, the overall market declined sharply by over 17 percent in Q1, driven by reductions of government subsidies and changes of regulations.

By comparison, BMW Group sales decreased by 10 percent and therefore outperformed the overall market in Q1.

Switching gears to BEV retail sales:

In the first three months, the BMW Group delivered over 87,000 all-electric vehicles to customers worldwide.

Sales of electrified vehicles, including both BEVs and plug-in hybrids, amounted to approximately 133,000 vehicles.

This represents a BEV share of total sales of 15.5 percent and an electrified vehicle share of 23.4 percent.

In Europe, BEV sales continued to grow and order intake increased by more than 60 percent year-on-year, especially due to strong demand for our all-new iX3* and the iX1*.

In China and the US, the removal of incentives and the reduction of subsidies for electrified vehicles had a noticeable impact on BEV sales year-on-year, reflecting the country-specific market dynamics.

Automotive Segment revenues declined moderately by 7.0 percent to
27.2 billion euros in the first quarter.

Adjusted for currency translation, mainly from the US-Dollar and the Chinese Renminbi, the decrease was 2.9 percent.

It was driven by lower sales volumes and intense global competition.

Let’s now take a closer look at the year-on-year changes in the operational result on the following slide.

SLIDE 5: Automotive Segment EBIT in Q1 2026

In the first three months, changes in currency and raw material positions accounted for a negative impact of around 400 million euros.

As anticipated, the adverse FX development from the second half of 2025 continued into the first quarter of 2026.

The net effect of volume, model mix and pricing resulted in a negative impact of around 700 million euros compared to Q1 2025.

In addition to the impact from lower sales volumes, this decline was driven by intense competitive pressure across all major markets.

Ladies and Gentlemen,

We are continuing cost reductions across the company to tackle the overall headwinds.

In the first quarter of 2026, we have further reduced both R&D and capital expenditure, thanks to early investments in the NEUE KLASSE.

As of March, Group R&D expenditure totalled around 1.8 billion euros, a significant decrease of around 12 percent compared to the previous year.

The R&D ratio according to the German Commercial Code came in at 5.7 percent.

Despite this significant reduction, research and development expenses in the P&L increased by 100 million euros due to two factors:

An increase of 200 million euros in depreciation, resulting from capitalized development costs in prior years.

And a lower R&D capitalization ratio compared to Q1 2025, which decreased by 4.3 percentage points to 31.4 percent.

Our ongoing commitment to reducing operating costs is further visible by the development of selling and administrative expenses, which decreased by around 100 million euros year-on-year.

Other Cost Changes provided a tailwind of around 400 million euros compared to the first quarter of 2025.

This includes various factors, most notably manufacturing costs and warranty expenses as well a year-on-year tariff burden.

Overall, Automotive EBIT amounted to 1.3 billion euros in the first quarter.

The decline of approximately 700 million euros compared to Q1 2025 was driven by headwinds from FX, tariffs and depreciation.

SLIDE 6: Automotive Segment Free Cash Flow in Q1 2026

Free cashflow in the Automotive Segment amounted to around 800 million euros in the first quarter of 2026.

The net change in working capital reduced free cashflow by around
500 million euros, as expected.

This mainly reflects the typical Q1 inventory build-up, with production exceeding sales volume.

The impact of higher inventories was partly compensated by an increase in trade payables, which rose in line with production levels.

The net effect of capital expenditure and depreciation contributed about 600 million euros to free cashflow.

Depreciation exceeded capital expenditure in the first quarter, positively impacting free cashflow.

We expected this position to flip versus previous years, as we continue to reduce capex and see depreciation from earlier investments take effect.

This trend will continue throughout 2026.

The capex ratio for Q1 was 2.0 percent, reflecting the typical low level seen in the first quarter of the year.

The change in provisions reduced free cashflow in the first quarter by
300 million euros, primarily due to the consumption of warranty provisions.

The change in the position other reduced free cashflow by 300 million euros, mainly due to regular tax payments.

For the full year, the BMW Group is targeting a free cashflow in the Automotive segment above 4.5 billion euros.

Ladies and Gentlemen,

The BMW Group remains firmly committed to its shareholder return strategy, which includes both dividend payments and share buybacks.

The second tranche of our third share buyback program with a volume of 625 million euros is currently underway and is scheduled for completion by the end of August at the latest. The third tranche is planned to follow thereafter.

SLIDE 7: Financial Services Segment YTD March 2026

Let’s now turn to our Financial Services Segment.

In the first quarter, the number of new contracts concluded with retail customers increased slightly by 4.3 percent year-on-year, reaching 420,000 contracts.

The penetration rate for lease and loan offerings increased to 51.6 percent in the first quarter.

This development was supported by changes in the competitive environment in China. Mid-2025, local banks significantly reduced commissions related to brokering financing and insurance products for end customers.

Adjusted for FX effects, new business volume grew by 4.1 percent to about 16 billion euros.

Segment earnings for the first quarter amounted to 381 million euros, a decrease of 269 million euros compared to Q1 2025.

This decline results from an addition to an already existing risk provision in the UK. At the end of March, the Financial Conduct Authority (FCA) issued its final cross-sector compensation program for customers who were sold automotive financing products under certain commission models.

Unfortunately, the published program reflects only a few of the many amendment proposals made to the initial draft by both the UK Finance and Leasing Association and the BMW Group.

As a result, the compensation payment volume will likely exceed previous estimations.

Additionally, income from the resale of end-of-lease vehicles was lower year-on-year, as expected.

The credit loss ratio across the entire credit portfolio remained low at 0.27 percent.

SLIDE 8: Motorcycles Segment in Q1 2026

In the Motorcycles Segment, first-quarter deliveries declined slightly by 4.2 percent year-on-year.

Segment EBIT for the first three months rose to 89 million euros, with an EBIT margin of 11.4 percent.

Finally, one remark on the Other Entities result, which increased by around 300 million euros.

This was driven by positive valuation effects from interest rate derivatives, resulting from the sharp rise in long-term interest rates in March.

SLIDE 9: Outlook 2026

Ladies and Gentlemen,

Let me now turn to our outlook for 2026 and briefly outline some of our current assumptions.

The situation in the Middle East currently remains highly uncertain. Our outlook assumes that the ongoing conflict is temporary.

The expected tariff impact on our 2026 results can still only be estimated based on our existing assumptions.

We expect import duties from the EU to the US to remain at their current levels.

Following the recent positive vote in the European Parliament, we anticipate that tariffs on imports from the US to the EU will drop to 0 percent effective in the second half of the year.

Similarly, tariff reductions for imports into the US from Mexico and Canada are also expected to take effect in the second half of the year.

We continue to anticipate a full-year negative impact of around
1.25 percentage points on the Auto EBIT margin from the increased tariffs, after 1.5 percentage points in 2025.

In China, we are making good progress with our set of measures to support market performance.

The overall vehicle market in China declined more sharply than anticipated throughout the first quarter, already prompting several revisions of official market forecasts for the year by the CPCA.

In light of this trend, our focus will remain on achieving the right balance between sales volume, transaction prices, and dealer profitability.

Based on our assumptions, our full-year guidance parameters remain unchanged.

Group earnings before tax are expected to be moderately lower than in 2025.

In the Automotive segment, we forecast global deliveries to be at last year’s level.

The EBIT margin is expected to be within a corridor between 4 and 6 percent.

The EBIT margin in the Motorcycles Segment should also come in at between 4 and 6 percent.

In the Financial Services Segment, we are targeting a Return on Equity (RoE) in the range of 13 to 16 percent for the full year.

SLIDE 10: Q1 Profitability in the middle of full-year guidance corridor

Ladies and Gentlemen,

The year 2026 started off with sound financials for the BMW Group, with an Auto EBIT margin in the middle of our full-year guidance corridor.

Within our global business model, we continue to leverage flexibility across powertrains and regions, as we ramp up our NEUE KLASSE.

This flexibility enables us to effectively mitigate risks as they arise.

The prudent management of R&D, capex, and operating costs is clearly reflected in our Q1 results, underscoring our strong commitment to financial discipline.

With that, the BMW Group remains on track to meet its operational targets as we advance our strategic plan.

And as we roll-out the NEUE KLASSE technologies across the entire portfolio, we at the BMW Group and all of our stakeholders have plenty to look forward to.

Thank you.

Attached please find the Quarterly Statement to 31 March 2026 for download.

The speeches and telephone conferences for journalists and analysts & investors will be broadcast live on our website https://www.bmwgroup.com/en/investor-relations/company-reports.html:

08.30 am (CEST): Speeches Oliver Zipse and Walter Mertl
09.05 am (CEST): Journalists Q&A
10.15 am (CEST): Analysts & Investors Q&A

The online version of the BMW Group Report 2025 can be explored here: https://www.bmwgroup.com/en/report/2025/index.html

Munich. Parallel to the ramp-up of the Neue Klasse, the BMW Group has released solid financial figures in the first quarter: The Munich-based premium automaker reported an EBT of € 2,348 million – surpassing the two previous quarters (Q3/Q4 2025). Group EBT margin of 7.6 % was on par with the figure for the full year 2025 (7.7 %). Free cash flow in the Automotive segment totalled € 777 million, significantly above the same quarter of the previous year (+88.1 %).

As such, the BMW Group has maintained its positive momentum from the previous year in the first quarter of 2026. The company’s attractive product portfolio, technology‑open approach and resilience in key global regions ensure it maintains its successful course.

“Once again, our earnings for the first quarter demonstrate the value of strategic consistency, operational strength and a high degree of flexibility. We are well positioned to deliver continued success, despite challenging conditions,” said Oliver Zipse, Chairman of the Board of Management of BMW AG.

Order intake in Europe reaches record levels

The BMW brand achieved its highest ever order intake figure for a single quarter in Sales Region Europe. From January to March, orders for all-electric vehicles increased by more than 60% in Europe compared to the previous year. The BMW iX3* alone secured more than 50,000 orders since its design premiere in September by the end of March.

“During the first three months on the year, we received more orders in Europe than in any other quarter in the Company’s history. The key to our success lies in our broad product range: with our strong brands, we serve key segments and allow customers to select from the full range of drivetrains,” said Zipse. “The successful launch of the BMW iX3 and the positive feedback on the BMW i3 confirm that we made the right decisions with the Neue Klasse. Every future BMW model will feature the new technology clusters and use the new design language – regardless of drivetrain. Thus, we are elevating our product portfolio to a whole new level.”

The BMW Group delivered a total of 565,780 vehicles to customers worldwide in the first quarter. This represents a slight decrease of -3.5% compared with the same period last year. The BMW brand delivered a total of 496,006 vehicles to customers across the world in the first quarter of 2026 (-4.6%). One in ten of all BMW units delivered was a BMW M model.

MINI maintains its growth trajectory

The MINI brand increased its global sales for the fifth consecutive quarter, delivering 68,503 vehicles – growth of +6.0%. BEVs accounted for 35.1% of all MINI deliveries.
The Rolls-Royce brand delivered a total of 1,271 vehicles to customers in the first quarter (-8.0%). BMW Motorrad delivered 42,735 motorcycles and scooters to customers over the same period (-4.2%).

BEV demand growing in Europe

The BMW Group’s vehicle deliveries increased by 3.1% across all drivetrains in Europe, its largest sales region. Battery‑electric vehicles accounted for 25.3% of all sales in Europe (global: 15.5%). The BMW Group remains confident that it will meet the EU (27 + 2) CO₂ targets for 2026.
In the Americas sales region, which slightly declined by -4.0%, the decline in deliveries of all-electric BMW automobiles was largely offset by increased deliveries of vehicles with combustion engines. In China, where the total market contracted sharply by -17.5%, BMW Group deliveries performed somewhat better, falling by -10.0% during the reporting period.

Currency effects weigh on revenues

Group revenues totalled € 31,007 million (2025: € 33,758 million; -8.1%; adjusted for currency translation effects: -4.3%) highlighting the persistently intense competition in the automotive sector – particularly in China – as well as the slight decline in sales. Furthermore, adverse currency effects had a negative impact, primarily the Chinese renminbi and the US dollar.

Disciplined cost management continues to deliver results

The BMW Group successfully delivered nominal costs reductions in the first quarter to tackle external challenges. The cost of sales went down by -6.4%, while administrative and sales expenses fell by -5.1% across the Group. As planned, the Company reduced its research & development expenditure from the 2024 peak to € 1,755 million (Q1/2025: € 1,984 million; -11.5%). The research & development expenditure ratio (German Commercial Code) fell to 5.7% (Q1/2025: 5.9%). Investments also decreased in the first quarter to € 1,723 million in line with planning (Q1/2025: € 2,819 million; -38.9%). The capital expenditure ratio came in at 2.0% (Q1/2025: 3.6%).

“Flexibility and speed of execution are two of the BMW Group’s strengths. That’s abundantly clear with the Neue Klasse – a stringent and comprehensive renewal of our entire vehicle portfolio in record time. The automotive innovations coming to market will strengthen our competitive position and improve our profitability,” said Chief Financial Officer Walter Mertl. “In a demanding economic environment, we remain highly focused on costs, leveraging multiple opportunities across the company with an approach designed to deliver sustained results.”

Share buyback on track

The Annual General Meeting in May 2025 authorised the Board of Management to buy back up to 10% of BMW AG’s share capital over the next five years. Based on this new authorisation, the Board of Management approved a third share buyback programme with a volume of up to € 2 billion, to be completed no later than 30 April 2027. The first tranche of shares worth € 750 million were repurchased by December 2025. The second tranche of shares, amounting to € 625 million, is on track to be purchased by 31 August 2026. On 31 March 2026, BMW AG held shares with a nominal value of € 12,225,269 million. This corresponds to 1.99% of the share capital on the same date.

Group EBT well over € 2 billion again despite the tariffs burden

The Group achieved earnings before tax (EBT) of € 2,348 million in the first three months of the year (Q1/2025: € 3,113 million; -24.6%). In doing so, the company delivered earnings of more than € 2 billion in a demanding economic environment once again. The EBT margin for the period was 7.6% (Q1/2025: 9.2%). Group net profit amounted to € 1,672 million (Q1/2025: € 2,173 million; -23.1%).

EBIT margin in the annual guidance corridor of 4–6%
The Automotive segment achieved an EBIT of € 1,345 million (Q1/2025: € 2,024 million; -33.5 %) and an EBIT margin of 5.0 % (Q1/2025: 6.9 %; -1.9 percentage points) – in the middle of the forecast annual range of 4–6% – and extra tariffs accounted for a 1.25 percentage point reduction in the EBIT margin in the quarter. This was a significantly larger hit than the same quarter in the previous year, in which only EU import tariffs were due on battery‑electric vehicles from China. The EBIT margin was also affected by depreciation and amortisation from the BBA purchase price allocation amounting to 1.2 percentage points.

Fierce competition across major automotive markets, especially in China, impacted pricing and sales volumes, weighing on EBIT. As anticipated, currency and raw material price effects dampened the company’s first‑quarter earnings performance.

Free cash flow in the Automotive segment increased significantly to € 777 million in the first three months of the year (Q1/2025: € 413 million). The marked reduction of capital expenditure compared with prior‑year figures had a positive impact on free cash flow. Conversely, the typical seasonal increase in inventories weighed on working capital. The segment’s free cash flow is expected to exceed
€ 4.5 billion for the full year.

Financial Services: slight growth in new contracts with end customers

The Financial Services segment secured 420,212 new credit financing and leasing contracts with end customersin the first quarter. The growth of 4.3 % compared to the same quarter last year is largely attributable to the changes in the competitive landscape in the Chinese market since mid‑2025. The penetration rate** – the share of BMW Group vehicles either leased or financed through the Financial Services segment – increased to 51.6% in the reporting period(Q1/2025: 43.0%; +8.6%).

The segment generated a profit before tax (PBT) of € 381 million in the first three months of the year (Q1/2025: € 650 million; –41.4%). The decline was primarily driven by an increase of the existing risk provision for cross-sector compensation schemes for motor finance customers in the United Kingdom.

Moreover, the income from the resale of end-of-lease vehicles was lower.

Outlook for the 2026 financial year confirmed

The BMW Group confirms its full‑year forecast after the first quarter, in a deteriorating economic environment. Forecasts for the global economy and automotive markets have been revised downwards in recent weeks. The global automotive market is now expected to see a slight decrease.

For the 2026 financial year, the BMW Group continues to expect a higher level of volatility related to tariffs. The company anticipates a negative impact from higher tariffs of around 1.25 percentage points on the EBIT margin in the Automotive segment.

The geopolitical situation in the Middle East is currently characterised by a high degree of uncertainty due to the ongoing conflict in the region. The outlook assumes that the conflict will not be enduring.

The BMW Group continues to see overall growth potential in Europe and the United States. In China, the company looks to balance sales volume, transaction prices and dealer profitability.

Globally, the company forecasts that deliveries will be on a par with the previous year and that fully-electric vehicles will account for the same share of sales as 2025.

The BMW Group remains disciplined in cost management. In the 2026 financial year, the company will further reduce capital expenditure, manufacturing costs, research & development spending, as well as sales & administrative expenses. Compared to the prior year, the BMW Group expects a lower additional burden from tariffs as previously outlined. This will be offset by increasing depreciation resulting from investments and the capitalization of development costs in previous years. Additionally, earnings will be negatively impacted by adverse currency and raw material effects, by pricing and product measures to stabilize transaction prices in China, by a significantly lower capitalization rate resulting from the development portfolio structure, and by overall lower revenues related to the used-car market. The BMW Group will partially offset these higher burdens through the afore-mentioned cost reductions.

Regarding forecast KPIs: The EBIT margin for the Automotive Segment is forecast to be within the range of 4–6%. Return on Capital Employed (RoCE) will be between 6–10%.

In the Financial Services Segment, Return on Equity (RoE) is projected to be between 13–16%.

In the Motorcycles Segment, deliveries are forecast to be on a par with the previous year, with an EBIT margin within the range of 4.0–6.0% and a Return on Capital Employed (RoCE) of 10–14%.

In light of the forecast developments, a moderate decline in Group earnings before tax is expected for 2026.

The BMW Group’s actual business performance may deviate from these expectations – for example, due to changes in political and macroeconomic conditions.

** Starting in the 2026 financial year, the penetration rate will also include financing and leasing contracts for young used vehicles that are sold to end customers for the first time in the reporting year.

GLOSSARY – explanatory comments on key performance indicators

Deliveries to customers

A new or used vehicle is recorded as a delivery once it is handed over to the end user (which also includes leaseholders under lease contracts with BMW Financial Services). In the US and Canada, end users also include (1) dealers when they designate a vehicle as a service loaner or demonstrator vehicle and (2) dealers and other third parties when they purchase a company vehicle at auction and dealers when they purchase company vehicles directly from the BMW Group. Deliveries may be made by BMW AG, one of its international subsidiaries, a BMW Group retail outlet, or independent third-party dealers. The vast majority of deliveries – and hence the reporting of deliveries to the BMW Group – is made by independent third-party dealers. Retail vehicle deliveries during a given reporting period do not correlate directly to the revenues that the BMW Group recognises in respect of that particular reporting period.

Payout ratio

The payout ratio is preliminary. Although the Board of Management and the Supervisory Board will propose a fixed dividend per share at the Annual General Meeting, the number of shares entitled to a dividend is expected to fall by the Annual General Meeting due to the ongoing share buy-back programme. Accordingly, the total amount to be distributed to shareholders is also still expected to change by 13 May.

EBIT

Profit before financial result. Profit before financial result comprises revenues less cost of sales, less selling and administrative expenses and plus/minus net other operating income and expenses.

EBIT margin

Profit/loss before financial result as a percentage of revenues.

EBT

EBIT plus financial result.

PHEV

Plug-in-hybrid electric vehicle - hybrid vehicle with petrol engine and electric drive.

If you have any questions, please contact:

BMW Group Corporate Communications

Dr Britta Ullrich, Finance Communications

Telephone: +49 89 382-18364

Email: britta.ullrich@bmwgroup.com

Sebastian Keßler, Communications BMW Group, Strategy

Telephone: +49 89 382-21616

Email: Sebastian.KE.Kessler@bmwgroup.com

Max-Morten Borgmann, head of Communications BMW Group, Finance, Sales

Telephone: +49 89 382-24118

Email: Max-Morten.Borgmann@bmwgroup.com

Media website: https://newsroom.bmwgroup.com/global/en

Email: presse@bmwgroup.com

The BMW Group

With its four brands, BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial services. The BMW Group production network comprises over 30 production sites worldwide; the company has a global sales network in more than 140 countries.

In 2025, the BMW Group sold 2.46 million passenger vehicles and more than 202,500 motorcycles worldwide. The profit before tax in the financial year 2025 was € 10.2 billion on revenues amounting to € 133,5 billion. As of 31 December 2025, the BMW Group had a workforce of 154,540 employees.

The economic success of the BMW Group has always been based on long-term thinking and responsible action. Sustainability is a key element of the BMW Group’s corporate strategy and covers all products – from the supply chain through production to the end of their useful life. 

www.bmwgroup.com

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- Check against delivery –

Statement

Walter Mertl

Member of the Board of Management of BMW AG, Finance

Annual Conference 2026

BMW Welt in Munich , 12 March 2026, 08.00 a.m.

Good morning,

Ladies and Gentlemen,

For the BMW Group, 2025 was marked by fully leveraging our operating model to deliver solid results in the face of a challenging environment.

The year was heavily impacted by tariffs, developments on currency markets, especially in the second half of the year, as well as the intense market situation in China.

In the face of these headwinds:

• we executed consistently on our strategy and took advantage of our flexible global structures.
• we balanced sales across our regions and our brands.
• we reduced R&D and capex thanks to early investments in the NEUE KLASSE; and
• we drove further cost reductions across the entire company.

SLIDE: OVERVIEW OF PERFORMANCE FY 2025

With this, we were able to deliver on major KPIs in our operational business:

• a stable Group-EBT margin of 7.7% – the same as 2024 – with Group earnings of more than 10 billion euros;
• volume growth to 2.46 million Group vehicles;
• the continuation of our electrification story with an increase in BEV share to almost 18% and xEV share to over 26% of total sales;
• an electrified share in Europe of over 40%;
• a CO₂ fleet emissions figure in the European Union of 90.0 grams per kilometre – 2.9 grams below the applicable target;
• an Auto EBIT margin within our guided corridor;
• over 3 billion euros Free Cash Flow;
• and solid capital returns.

As I promised at the Annual Conference one year ago, we have addressed all aspects of cost – R&D, SG&A, manufacturing and material costs – to secure a consistent year-over-year reduction in every quarter. This amounted to an overall Auto EBIT tailwind of approximately 2.5 billion euros for the year.

With our diligent management of the business, we have been able to offset a large share of the challenges we faced. Without the full-year tariff burden of approximately 1.5 percentage points of EBIT margin, both our Group earnings as well as our Auto EBIT would have been above the previous year.

Let me now take you through our financial figures in detail.

SLIDE: GROUP FIGURES

For the full year, Group revenues totalled 133 billion euros. Earnings before Tax at Group level amounted to over 10 billion euros, as anticipated at Q3. This represents a single-digit percentage decline of 6.7%. The resulting Group EBT Margin remained stable at 7.7% for the year. Earnings per share even rose slightly year-on-year.

SLIDE: SEGMENT PERFORMANCE

If we look at the breakdown of the Group performance by segment:

The Automotive Segment delivered 6.3 billion euros in earnings with an EBIT margin of 5.3%.

Motorrad EBIT reached 178 million euros with a margin of 5.7%.

Financial Services generated 2.4 billion euros in earnings before tax and a Return on Equity of 14.3%.

All three operational segments were therefore within their respective guidance corridors.

Other Entities improved to just over 1 billion euros in EBT. The positive trend after nine months continued into Q4.

And finally, Eliminations amounted to an EBT of 629 million euros. This reflects the positive development in Q4, as anticipated.

Let’s look at how the Automotive Segment performed across key metrics:

SLIDE: BMW GROUP SALES GLOBALLY AND BY REGION

Over the course of 2025, the BMW Group sold over 2.46 million BMW, MINI and Rolls-Royce vehicles to customers worldwide, an increase of 0.5% over 2024.

Looking at the regions, we see our global model at play, as we steer effectively across geographies. As Oliver Zipse highlighted before, sales in Europe and the United States outperformed the market, delivering an increased market share and overcompensating the development in China.

We delivered a stable monthly run-rate for the BMW brand of around 50,000 vehicles throughout the entire year in China – despite the intense market environment. During the course of the year, we have taken actions to consolidate dealer structures and address pricing, which will underpin this stability in the market.

Excluding the Chinese market, global Group sales in 2025 grew by 5.9%.

SLIDE: BMW ELECTRIFIED AND BEV SALES GLOBALLY AND BY REGION

Electrified vehicles are both a foundational pillar in our strategy, and also a key growth driver – thanks to our expanding portfolio of attractive products.

Oliver Zipse has already taken you through the figures in detail. But the highlights were:

• a total of 642,000 electrified vehicles delivered in 2025;
• representing solid growth of 8.2% and an overall xEV share of over 26%.
• and deliveries of all-electric vehicles of 442,000 units for a share of almost 18%.

SLIDE: AUTOMOTIVE SEGMENT REVENUES

Revenues in the Automotive segment came in at nearly 118 billion euros, 5.9% below 2024. Approximately half of this decrease is due to negative currency effects. The remainder results mainly from global pricing pressure.

SLIDE: AUTOMOTIVE EBIT BRIDGE

Let’s look at the year-on-year Automotive EBIT result in detail, coming from our previous year’s earnings.

The net balance of currency and raw material positions resulted in a headwind of 600 million euros. Negative trends in FX outweighed the slight positive effects from raw materials, particularly in the second half of the year. This adverse FX development is expected to carry into the first half of the current year, mainly in Q1.

Compared to 2024, the net effect of volume, model mix and pricing weighed on Automotive EBIT by a total of 1.8 billion euros. The overall mix effect was positive, driven notably by a strong share from the mid-class including 5 Series growth as well as a record M performance. For the full year, pricing was a significant headwind of 2 billion euros.

In line with our planning, we continued to decrease operating costs in 2025. As planned, we reduced R&D expenses following the peak in 2024 – with a nearly 800-million-euro reduction year-on-year. SG&A savings represented 900 million euros, continuing the trend from the first nine months.

Other Cost Changes amounted to a headwind of 800 million euros. This development resulted from a few areas:

On the one hand, tariffs had a negative impact of approximately 1.5 percentage points on the Auto EBIT margin. In addition, a softening market on residual values weighed on earnings. They remained positive, but lower than the previous year.

On the other hand, warranty expenses were significantly lower year-on-year, as outlined at Q3. An additional positive effect came from a high three-digit million saving in manufacturing and material costs.

Overall, we reduced costs by 2.5 billion euros for the full year through our active steering of R&D, SG&A and manufacturing and material costs. Through this, we were able to offset all headwinds except a portion of the approximately 1.5 percentage point tariff burden, resulting in a net year-on-year decrease of 1 percentage point in EBIT.

In total, segment earnings in 2025 reached 6.3 billion euros.

The reported Automotive EBIT margin came in at 5.3%. Excluding the 1.3 billion euros depreciation resulting from the PPA of BMW Brilliance Automotive, the EBIT margin reached 6.4% for the year. And that still includes the headwind of approximately
1.5 percentage points from tariffs.

As you know, our focus is consistently on our reported figures. Due to different approaches in the industry, however, consideration of PPA and Tariff burden ensures better comparability of operational performance.

SLIDE: R&D EXPENDITURE

Looking at R&D and Capital Expenditure in detail:

We made early investments to implement our strategy, which we see as we look at R&D and CapEx development in 2025.

Group expenditure for research and development according to the German Commercial Code for the year amounted to 8.3 billion euros. This is a decrease of nearly 800 million euros, or 8% below the peak of 9.1 billion euros in 2024. This translates to an R&D ratio of 6.2%. Given the lower revenue, the ratio only declined slightly year-on-year.

SLIDE: GROUP CAPITAL EXPENDITURE

Group capital expenditure totalled 7.2 billion euros, a year-on-year decrease of over 1.8 billion euros from the peak of 9.1 billion in 2024 – or a 20% reduction. This resulted in a ratio of 5.4%. The capex ratio excluding right-of-use assets came in at 4.9%.

As promised, R&D and capital expenditure have already significantly decreased from their peak in financial year 2024. Despite the rollout of models of the NEUE KLASSE, we will maintain this trend going forward. This means in both absolute and relative terms, we’re heading back towards our strategic corridors, which are 4 to 5% for R&D and less than 5% for Capex – by 2027.

SLIDE: AUTOMOTIVE FCF BRIDGE

Moving to free cash flow:

Total segment earnings before tax amounted to 5.9 billion euros for the year.

Working Capital contributed positively with 900 million euros, mainly due to strict management of inventories.   

The net effect from capital expenditure and depreciation reduced free cash flow by 2.3 billion euros.

Changes to provisions had a negative impact of 1.3 billion euros, mainly due to the utilization of warranty provisions.

Following the 2.7-billion-euro figure communicated at Q3, free cash flow developed positively in Q4 and reached 3.2 billion euros at year-end. This was in line with our expectations of above 2.5 billion euros for the year.

Our financial strength is further underscored by our Automotive net financial assets. At year end, this came in at over 44 billion euros.

SLIDE: FINANCIAL SERVICES SEGMENT

Let’s now turn to our Financial Services segment.

As a key component of our BMW ecosystem, the segment consistently contributes to Group profitability.

In 2025, new business developed positively throughout the year with nearly 1.73 million new financing and leasing contracts concluded. This represents growth of almost 2% year on year.

The increase is due in particular to the positive business development in Europe as well as the changed competitive environment in China in the second half of the year. Since the end of June, the market situation has been influenced by the significant reduction in commissions from local Chinese banks in connection with the brokering of financial and insurance products for end customers.

Penetration rates for lease and loan offerings increased by 4.0 percentage points to 46.6%.

Overall, new business volume at Financial Services reached an all-time high, growing by 2% to 65.8 billion euros, despite negative currency effects.

Segment earnings before tax reached 2.4 billion euros. The moderate decrease compared to 2024 is due to lower income from the resale of end-of-lease vehicles, as well as a tax payment related to changed assessments of operating taxes from previous years. Residual values remain positive, but lower than the previous year.

The credit loss ratio of 0.28% was within our expectations.

Return on Equity for the full year reached 14.3% and therefore within the guided target corridor of 13 to 16%.

SLIDE: DIVIDEND AND PAYOUT RATIO

Ladies and Gentlemen,

In 2025, the BMW Group achieved Group earnings before tax of 10.24 billion euros. Thanks to a stable year-on-year profit attributable to shareholders of BMW AG amounting to 7.29 billion euros, the Board of Management and the Supervisory Board will propose to the Annual General Meeting a total dividend payment of 2.67 billion euros.

The proposed dividend represents a payout ratio of 36.6%, which is consistent year-over-year and in the upper half of our strategic target range of 30 to 40%. This amounts to a dividend of 4.40 euros per share of ordinary stock and 4.42 euros per share of preferred stock.

Additionally, we completed the second share buyback program in early 2025 before starting the third program after the AGM in May. The total from both programs amounted to a payout of 1.25 billion euros in 2025. Our third share buyback program will run until April 2027. We are currently running the second tranche of this program – with a volume of 625 million euros for ordinary shares – that will be completed by August 31, 2026, at the latest. The third tranche is earmarked for after that.

For the financial year 2025, the total shareholder return of close to 4 billion euros – comprising the proposed dividend and share buyback – exceeds free cashflow in the Automotive segment. This further underscores our commitment to capital returns.

SLIDE: OUTLOOK 2026

That brings me to our outlook for the current financial year.

What are our expectations for 2026?

In Europe and the USA, we see some growth potential.

In China, we have responded to the market environment by taking a number of steps to stabilise transaction prices. Average sales figures over the past few months indicate that sales in China could reach last year's level.  

Consequently, we forecast global deliveries of BMW, MINI and Rolls-Royce vehicles to be at previous year’s level. Due to model cycle effects as well as shifting regulatory and market dynamics, we also expect the share of fully electric vehicles to be at the same level as previous year.  

Turning to Auto EBIT development: we continue to work diligently on reducing costs and will see tailwinds from reduced investments, lower manufacturing and material costs, declining R&D expenditure as well as reduced SG&A in the 2026 financial year. We anticipate a negative impact of approximately 1.25 percentage points from tariffs on the Auto EBIT margin – compared to the 1.5 in 2025.

Given the significant investments made into NEUE KLASSE in preceding years, we will see a material increase in depreciation and amortization from both capex and capitalized R&D. While we will continue to make significant reductions in R&D expenditure, the additional depreciation and a lower R&D capitalization ratio, which is expected in the 30% area, will result in a significant P&L burden. Other headwinds in 2026 include FX and raw materials; the measures taken in China to stabilize transaction prices; and, finally, lower income from used car remarketing.

The reductions we will achieve on the cost side will not fully offset these headwinds. We therefore expect an Auto EBIT margin in the corridor of 4 to 6% in 2026. The corresponding RoCE in the Automotive segment is forecast to be between 6 and 10%. 

In the Financial Services segment, we again anticipate a Return on Equity of 13 to 16%.

Putting this all together, we expect Group Earnings before tax to be moderately lower than the strong result in 2025.

The full 2026 outlook for all key performance indicators is available in the BMW Group Report.

In addition, we expect a Free Cash Flow in the Automotive Segment at year-end of over 4.5 billion euros.

Ladies and Gentlemen,

For 2026, we will continue to systematically implement our strategic course, particularly with the launch of NEUE KLASSE product offensive and the rollout of its technologies across the portfolio. We will leverage flexibility in our global business model to tackle the challenging and dynamic operating environment.

At the same time, we will manage our operational business with continued focus on cost discipline. This will enable us to deliver financial results in line with our guidance and generate strong returns to shareholders.

Ladies and Gentlemen,

Let me pick back up on Oliver Zipse’s comments on sustainability and CO₂ emission reporting, before I hand back over to him.

For the BMW Group, we view sustainability holistically and as a competitive advantage. That is why we in our Annual Reporting disclose our sustainability performance fully to our investors and customers.

In line with our strategy and our commitment to the Paris Climate Agreement, the BMW Group considers the CO₂ emissions of vehicles – both for the new and existing fleet –over their entire life cycle: from raw material extraction and parts production to the manufacture of vehicles and across the use phase to end of life. We address all stages of the value chain with ambitious targets.

However, European CO₂ fleet emission regulations focus only on the use phase and do not recognize the full reduction potential along the entire value chain.

When it comes to reporting, emissions shown in sustainability statements do not always correlate to the actual generation of emissions of all vehicles on roads. For the 2025 financial year, the BMW Group reporting includes all vehicles sold in the year across their life cycle, including the CO₂ emissions from the supply chain for vehicles produced in the reporting year; from BMW Group production; from the assumed use phase of 200,000 kilometres for vehicles delivered in the reporting year based on the consumption mix of the reporting year; and from end-of-life disposal for vehicles produced in the reporting year.

However, the use phase emissions reported in line with European reporting frameworks do not consider all existing BMW Group vehicles still in use, but rather only those vehicles sold in the reported year.  

This means that the European reporting framework neglects the reduction potential of the existing vehicle fleet. Here, there is significant leverage to quickly contribute to CO₂ reductions through use of eFuels and carbon neutral fuels such as HVO100. Immediate credit should be given – starting, for example, in 2027 – for the CO₂ reductions achieved using sustainable fuels, which should not be subject to limitations, such as caps on specific gram per kilometre values.

The European regulatory frameworks should reflect this holistic approach towards reducing overall emissions in the here and now – in both the new and existing vehicle fleet.

Because ultimately, every gram of CO₂ saved counts. That is what we at the BMW Group believe and what makes a true societal impact.

I’ll now hand back over to Oliver Zipse to provide additional strategic insights for 2026 and beyond.

- Check against delivery –

Statement

Oliver Zipse

Chairman of the Board of Management of BMW AG

Annual Conference 2026

BMW Welt in Munich , 12 March 2026, 08.00 a.m.

Part I

Good morning, Ladies and Gentlemen,

2025 was, in many ways, a remarkable year for the BMW Group – above all, one that set our course for the future.

First:

We achieved a solid financial result, with Group earnings of more than 10 billion euros. Walter Mertl will provide more detail in just a moment.

Second:

We grew in 2025 – selling more vehicles than the previous year and expanding our leadership of the global premium segment.

Third:

Our technology-open strategy continued to demonstrate its strength. Demand for cars with combustion engines remained stable, while sales of our all-electric and electrified vehicles continued to grow.

Fourth:

Once again, through our own efforts, we significantly outperformed the EU’s CO₂ fleet targets for 2025.

And finally:

We successfully began the rollout of our NEUE KLASSE with the BMW iX3* – giving the BMW brand and the entire company crucial momentum for the future.

All of this shows: We deliver. Consistently. And continuously.

We have set the right course in recent years and do not need to change our strategic direction. In this way, we can keep the company on track for long-term success.

Standing here beside me is the new BMW iX3. This vehicle marks a pivotal moment in the BMW Group’s recent history: the series launch of our NEUE KLASSE.

Production of the iX3 has successfully ramped up at our new plant in Debrecen, Hungary. First customers have already received their vehicles. Since last week, the iX3 has been in European showrooms.

Demand for the iX3 is significantly exceeding our expectations, with strong orders from both private and fleet customers. We are also attracting many new customers who have never driven a BMW before.

Our order books for the iX3 are full and reach well into this year. We are exploiting the flexibility of our production and supplier network and increasing capacity in line with demand.

The NEUE KLASSE is a huge investment. Only a company that enjoys long-term economic success, like the BMW Group, can invest in its future on such a massive scale.

This success is built on three important parameters.

I like to call this the BMW Group’s strategic triangle.

First: Our balanced global positioning in sales and production.

Second: Our attractive product line-up across all brands, serving the entire premium segment.

And third: Our consistent strategic focus on technology openness.

I’ll talk about the last two points in the second part of my remarks, after Walter Mertl has spoken.

In 2025, we delivered around 2.46 million vehicles to customers worldwide – representing sales growth of 0.5 percent compared to the previous year.

This shows that our business model is robust and resilient.

In Europe, we increased our sales by more than seven percent – delivering more than one million vehicles to customers in Europe for the first time since before COVID.

We also made significant gains in the United States, with growth of five percent – even in a saturated market.

In our markets outside the main sales regions of Europe, the U.S. and China, we also posted growth despite the overall downward trend – with an increase of 3.4 percent over the previous year.

China remains our largest single market. However, due to the intense competitive market environment, our sales development fell short of our expectations for the year. Thanks to the strong overall performance in three of our four sales regions, we nevertheless achieved growth worldwide. This confirms the strength of our global footprint.

Our worldwide presence is a decisive competitive advantage.

All BMW Group brands contributed to our 2025 result.

Electrified models across all brands as well as the models from BMW M were the main growth drivers.

The BMW brand once again maintained its position as the global number one in its segment. Demand was particularly strong for core models like the X1, X3 and X5, as well as our 3 Series and 5 Series models.

BMW M continued its success story in impressive style in 2025 – increasing its sales for the 14th consecutive year.

With more than 213,000 vehicles delivered to customers, M reached a historic all-time high. The BMW M5* and M5 Touring* and the X3 M50* were the main drivers of this success.

This provides compelling proof of the enduring appeal and growing demand for top-level performance in the premium segment.

MINI achieved significant growth thanks to its new model family. Sales increased by nearly 18 percent compared to the previous year.

The main growth driver was the most versatile model in the line-up, the MINI Countryman+ – accounting for over 32 percent of the brand’s total volume.

MINI and electromobility are a perfect fit – and our customers clearly agree.

This is underscored by an impressive achievement in 2025: For the first time, the brand delivered more than 100,000 all-electric models to customers in a single year.

That’s more than one in every three MINIs delivered. In this way, MINI is making a major contribution to the electrification of the BMW Group.

At our ultra-luxury Rolls-Royce brand, the number of hand-built motor cars delivered to clients remained on the high level of the previous year.

The value and number of requests for highly individualised Bespoke continued to increase. The Home of Rolls-Royce at Goodwood is currently being modernised and expanded, to provide more space for both Bespoke and the marque’s pinnacle Coachbuild products.

BMW Motorrad confirmed its strong market position in the premium segment in the financial year 2025.

Despite a global decline in the total market for motorcycles above 500 cc, the brand delivered more than 200,000 vehicles for the fourth year in a row.

Most notably, the R 1300 GS and F 900 GS played a key role in BMW Motorrad’s market success in 2025.

Ladies and Gentlemen,

All of this shows that our multi-brand premium approach enables stability and growth.

Another major strength of our business model is our ability to meet diverse customer preferences, different regional requirements and technological developments in parallel.

Our electrified vehicles provide the clearest proof of this:

In 2025, we delivered more than 640,000 electrified vehicles to customers worldwide. That means they accounted for about 26 percent of our total sales – with all-electric vehicles making up around 18 percent.

Europe stands out, in particular, with electrified vehicles representing over 40 percent of sales. Plug-in hybrids were also in strong demand in 2025.

All of these factors make the BMW Group one of the leading providers of electromobility in the premium segment.

Thanks to our balanced mix of efficient drive technologies and growth in electrified vehicles, we once again outperformed the legal CO₂ requirements in the European Union.

Based on our preliminary internal calculations, we achieved fleet emissions of 90 grams of CO₂ per kilometre in Europe in 2025.

That once again places us well below the legal target – entirely through our own efforts. We do not need to rely on pooling with other manufacturers or averaging over several years.

This provides clear evidence that technology openness and effective climate protection are not mutually exclusive – but go hand in hand.

The BMW Group remains fully committed to the goals of the Paris Climate Agreement – while setting our own ambitious targets.

For example, by 2035, we aim to reduce our CO₂ emissions by at least 60 million tonnes compared to 2019 levels – and we intend to hold ourselves accountable to this target.

We are charting our own course – something that is more important now than ever before.

On the one hand, we see that regulatory frameworks in individual markets can be extremely volatile.

On the other, we are convinced that the EU experiment of mandating electrification will not deliver the desired results – to the contrary.

For this reason, we continue to pursue a long-term, holistic decarbonisation strategy.

We are committed to providing solutions not only for new vehicles, but also for the existing fleet on the roads – based on technology openness across the entire lifecycle of our vehicles.

And for this reason, we also integrate fuels such as HVO100 and advocate for 100 percent credit in CO₂ calculations. In addition, recognising and crediting green steel would strengthen the European steel industry and safeguard jobs in Europe. Using more recycled materials in new cars reduces our climate footprint – as demonstrated by our NEUE KLASSE.

A holistic approach strengthens European value chains, secures jobs and keeps the industry competitive. At the same time, it enables effective climate protection and real CO₂ reductions.

Companies should be free to provide solutions geared towards customer needs, while also investing in appropriate new technologies to meet the European Union’s climate goals.

As a global player, we stand for free trade and collaboration. We do not believe in protectionism, but rather in the power of innovation to compete on the global stage.

However, with the Industrial Accelerator Act, the EU Commission is continuing its protectionist course while not addressing home-made challenges like high energy prices.

One thing is clear: without international value chains, the ramp-up of electromobility and the development of powerful battery technologies are not feasible.

Labels such as “Made in the EU” or “Union origin” disadvantage European companies with global value chains if they do not recognize that each Euro spent in Europe counts the same for prosperity and jobs. No matter if the car stays in Europe or is exported.

Instead, the development of expertise and production for battery cell technologies in the EU should be promoted and effectively incentivized as fast as possible.

This year, together with policymakers, we must find realistic solutions that allow us to achieve our climate goals and to strengthen our economy and competitiveness.

Ladies and Gentlemen,

2025 was shaped by very different developments:
strong growth in Europe and the US, a much more challenging situation in China, rising competitive pressure and additional headwinds from tariffs.

Nevertheless, the BMW Group continues to deliver a stable performance.

Because we acted early. We adjusted our internal cost structures and maintained our strategic direction.

This combination of strong operating performance today and a clear long-term perspective is a crucial success factor for our company.

And that brings me back to the vehicle standing next to me.

The iX3 and the technologies of the NEUE KLASSE testify to our innovation and performance.

It underlines that we are “already ahead”.

Walter Mertl will explain in more detail how our strong operating performance is reflected in our financial figures.

We will then take a look at 2026, with more new products on the way.

Part II

Ladies and Gentlemen,

Looking ahead to this year and beyond, three key factors will be decisive:

First:
For our 2026 targets: the product line-up currently available, which we have built up gradually over the past few years.

Second:
For this year and the years to come: the rollout of additional NEUE KLASSE models and integration of its technologies across the entire product range.

And third:
The tech clusters of the NEUE KLASSE, which enable rapid advances and collaboration with leading tech players worldwide.

Let’s start with the first item:

The company’s current product portfolio across our BMW, MINI, Rolls-Royce and BMW Motorrad brands offers a range of premium options in all key segments.

From MINI, in the urban compact-car segment, to Rolls-Royce, in the ultra-luxury class.

At the beginning of this year, we added another highly exclusive dimension to our brand portfolio: BMW ALPINA.

The long-established BMW ALPINA brand embodies maximum performance and exceptional driving comfort, combined with unique options for individualisation.

This makes it an ideal addition to our existing product range in the segment for individual, highly customised vehicles.

In this way, we are tapping into a highly profitable segment with great growth potential, positioned above the BMW brand’s top models and below our Rolls-Royce luxury brand.

Overall, the BMW Group offers one of the industry’s most comprehensive and diverse premium portfolios.

A core strength of this line-up is our consistent focus on technology openness. We committed early to a market-driven mix of different drive technologies.

With this approach, the BMW Group continues to chart its own course – enabling us to systematically respond to the diverse requirements of markets and customers well into the future.

Because we chose this path early, making the necessary investments at the right time, we can now fully realise the market potential of our products.

Today, we offer battery-electric vehicles in all relevant segments. By the end of the year, we will have a total of 20 BEVs across all brands. This will further strengthen our competitive position.

At the same time, plug-in hybrids also remain important.

This is not just a “bridging technology” – for many people, in all regions of the world, they are the only way to integrate electric, locally emission-free mobility into their everyday lives.

Together with our range of highly efficient combustion engines, this approach provides maximum flexibility – ensuring that regional market opportunities can be consistently exploited.

This strong line-up lays the core foundation for the company’s business success in 2026 – and beyond.

At the same time – and that brings me to my second point – we are systematically building on our current advantage with the NEUE KLASSE.

With the release of the BMW iX3, the market launch of the NEUE KLASSE has just begun.

But this is only the start.

Additional all-electric models with the new design and innovations of the NEUE KLASSE will follow.

Another notable highlight will be unveiled next week, when we present the BMW i3, the first variant of the next generation of the BMW 3 Series.

The new i3 brings our NEUE KLASSE right into the heart of the BMW brand.

Prepare to be amazed by what the technologies of the NEUE KLASSE can do in a vehicle like the 3 Series. It is fair to say that they take “Sheer Driving Pleasure” to a whole new level.

Here’s a sneak preview of what we will be unveiling
next week.

Ladies and Gentlemen,

I’m looking forward to presenting this incredible car to our BMW fans worldwide next week.

After that, we will meet again at Auto China in Beijing, to introduce the Chinese version of the iX3 as the next NEUE KLASSE model.

We developed this vehicle exclusively for China, together with our local R&D team in the market.

By doing so we ensured that the product meets the specific wishes and needs of our Chinese customers.

The result: The most Chinese car we have ever built.

Initial feedback from the local media has been overwhelmingly positive – with praise, in particular, for its driving characteristics. The China-specific digital features have also been very well received.

In 2027, BMW M will usher in a new era in the high‑performance segment – with the first all-electric M vehicle with racetrack capabilities, based on the NEUE KLASSE.

Alongside development of the NEUE KLASSE, we have also created the essential conditions for a rapid ramp-up within our supplier and production network.

Production of the iX3 has successfully begun at our new plant in Debrecen.

We will start production of the new BMW i3 at our main plant here in Munich in the second half of the year. To do so, we have completely modernised the plant during ongoing operations.

From late 2027, we will build only electric vehicles in Munich.

Production of high-voltage batteries will also begin at our new plant in Irlbach-Straßkirchen in the second half of the year. This facility will supply our plants in Germany with our sixth-generation high-voltage batteries.

Our plant cluster in Shenyang, China, is also ready to build the NEUE KLASSE in China, for China.

At our largest plant, in Spartanburg in the U.S., we are systematically modernising the production system for the technologies of the NEUE KLASSE. This also includes the new high-voltage battery assembly facility in nearby Woodruff.

Across all plants in our production network, we are creating the necessary conditions to implement the technologies of the NEUE KLASSE as quickly as possible in all BMW models.

Between now and 2027 alone, we will bring more than 40 new or updated models to market.

Each of them will benefit from the technologies of the NEUE KLASSE – always tailored to concept requirements and independent of the drive technology.

The best example of this is the next generation of our BMW X5. This summer, we will officially unveil the successor to our current model.

The X5 will be the first BMW model to be offered with five different drivetrain variants: with highly efficient conventional drives, as a plug-in hybrid, battery-electric and – from 2028 – also powered by hydrogen.

In this way, we are laying the foundation to successfully meet the diverse requirements and customer needs around the world, both today and in the future.

Shortly before that, at the Beijing show, we will be showcasing the first model update to feature technologies from the NEUE KLASSE: the BMW 7 Series.

The result is an almost completely new vehicle. We are taking full advantage of the new possibilities from NEUE KLASSE technologies and raising our luxury sedan to a whole new level in terms of both appearance and technology.

That brings me to my third point:
the technology clusters of the NEUE KLASSE and their potential.

With the technology clusters developed specifically for the NEUE KLASSE and our modular approach to technology, we can integrate market-specific functionalities and content into our vehicles.

At the same time, we are strengthening our R&D capabilities to enable us to respond more quickly and flexibly to local customer needs and provide appropriate solutions.

In our key sales regions, we have already implemented numerous features in collaboration with leading local partners.

For example, in the Chinese market, we are working with Alibaba Banma to establish the next generation of intuitive in-car voice control.

In China, the BMW Intelligent Personal Assistant is also being expanded to include DeepSeek functionality.

In most markets, including Europe, we will be integrating Alexa+ as the centrepiece of our BMW Intelligent Personal Assistant.

Thanks to the advanced Large Language Model technology of Amazon Alexa+, our customers now benefit from an even smarter, more connected and highly personalised voice assistant.

With our driver assistance systems, we continue delivering the best-possible customer experience in each region – tailored to local requirements.

To achieve this, we work closely with selected partners.
Our guiding principle remains the same: We always strive for smart, symbiotic and safe solutions.

Last summer, we launched a new cooperation in China with Momenta. A leading local provider of ADAS technology. Outside China, we are collaborating with the American company Qualcomm.

Both collaborations focus on the co-development and integration of software that adapts to different road conditions, traffic scenarios and user needs – relying on state-of-the-art AI algorithms and data-driven methods.

These examples highlight the extraordinary flexibility and scalability of our tech clusters.

With the software-defined NEUE KLASSE, we maintain control over all systems and can deploy them simultaneously worldwide.

We are also able to rapidly integrate local technology stacks, giving our customers access to their preferred innovations and features.

Continuous over-the-air updates ensure that our vehicle software is always up to date. All functionalities are improved on an ongoing basis to permanently enhance the customer experience.

Ladies and Gentlemen,

As you can see, the BMW Group remains successful and highly innovative. Our current product range is one of the broadest and most attractive line-ups in the premium segment worldwide.

With the NEUE KLASSE and its technologies, we have secured a significant competitive advantage. We will leverage these strengths to drive our economic success.

However, it is also clear that our world remains unstable, and numerous risks will persist in the current financial year.

We meet these challenges with strategic consistency and with market- and opportunity-driven vision.

Our global footprint – in sales, research and development, and production – provides us with the foundation to mitigate uncertainties and respond flexibly to unforeseen events.

We will continue to build on these strengths in 2026 and in the years to come.

Thank you very much.

Attached please find the BMW Group Report 2025.

The BMW Group Annual Conference will be held on 12 March 2026 at 08:00 am (CET).
The event will be broadcast on our website https://www.bmwgroup.com/en/investor-relations/company-reports.html.

The online version of the BMW Group Report 2025 can be explored here: https://www.bmwgroup.com/en/report/2025/index.html

München. Consistentie en veerkracht: de BMW Group hield in 2025 koers, ondanks aanzienlijke tegenwind. Dankzij een aantrekkelijk modellengamma over alle aandrijftechnologieën, een groeiend en wereldwijd uitgebalanceerd bedrijfsmodel en gedisciplineerd kostenbeheer, realiseerde de BMW Group opnieuw een groepswinst vóór belastingen van meer dan € 10 miljard. Ondanks aanzienlijke extra tariefdruk rapporteerde het bedrijf een stabiele groeps-EBT-marge van 7,7% (2024: 7,7%). Net als vorig jaar bedroeg de groepsnettowinst meer dan € 7 miljard, wat de basis vormt voor een voorgestelde dividenduitkering op het niveau van 2024.

“Strategische visie, sterke operationele prestaties en hoge betrouwbaarheid zijn altijd kenmerkend geweest voor de BMW Group. We hebben vroegtijdig de koers uitgezet voor het toekomstige succes van het bedrijf, gebaseerd op drie sterke pijlers: onze technologie-neutrale benadering, onze uitgebreide wereldwijde aanwezigheid en onze inspirerende merken en producten,” aldus Oliver Zipse, Voorzitter van de Raad van Bestuur van BMW AG. “De afgelopen jaren hebben we de juiste strategische positionering gekozen. Daar plukken we nu de vruchten van: in een uitdagende omgeving hoeven we niet van koers te veranderen, maar kunnen we onze strategie systematisch blijven uitvoeren.”

Technologie-neutrale benadering als succesfactor in wereldwijde concurrentie

De diversiteit van het productaanbod blijft een belangrijke succesfactor voor de BMW Group: met een breed aandrijflijnportfolio – van verbrandingsmotoren, plug-in hybrides, batterij-elektrische aandrijvingen tot, vanaf 2028, waterstof-brandstofcellen – legt het bedrijf de basis om wereldwijd aan uiteenlopende eisen en klantbehoeften te voldoen, nu en in de toekomst.

Tegelijkertijd is deze aanpak ook essentieel voor effectieve CO2-reductie: in 2025 voldeed het bedrijf ruimschoots aan de ambitieuze doelstellingen van de Europese Unie (EU 27+2), met een vlootuitstoot van 90 gram per kilometer – zonder gebruik te maken van instrumenten als pooling of tijdsverschuiving. Dit onderstreept opnieuw hoe een technologie-neutrale benadering en klimaatbescherming bij de BMW Group hand in hand gaan.

Batterij-elektrische voertuigen (BEV’s) blijven groeimotor voor BMW Group
In het boekjaar 2025 verhoogde de BMW Group de wereldwijde BEV-verkopen tot 442.056 eenheden (+3,6%), goed voor 17,9% van de totale verkopen. Dit betekent dat één op de zes verkochte BMW Group-voertuigen volledig elektrisch was. Bij MINI lag dit percentage zelfs hoger: één op de drie voertuigen was volledig elektrisch.

Plug-In Hybrids (PHEV’s) blijven eveneens een essentieel onderdeel van de technologie-neutrale benadering en de elektrificatie van het modellengamma: in totaal leverde de BMW Group in 2025 642.071 geëlektrificeerde voertuigen af (PHEV’s en BEV’s), wat betekent dat één op de vier voertuigen geëlektrificeerd was. In Europa lag dit aandeel zelfs op 40%.

Elektrificatiemijlpaal 2026: Twee miljoen BEV’s geleverd aan klanten

In 2025 bereikte de BMW Group twee belangrijke elektrificatiemijlpalen sinds de introductie van de BMW i3 en BMW i8 in 2013: in juni werd het 1,5 miljoenste volledig elektrische voertuig overhandigd aan de nieuwe eigenaar. In augustus volgde het drie miljoenste geëlektrificeerde voertuig. De volgende mijlpaal volgt dit jaar, met de levering van het twee miljoenste volledig elektrische voertuig.

“Met ons brede aanbod geëlektrificeerde voertuigen hebben we een sterke concurrentiepositie verworven. We blijven trouw aan onze rol als pionier en breiden ons BEV-aanbod verder uit: eind dit jaar bieden we onze klanten 20 volledig elektrische auto’s aan,” aldus Zipse.

Sterke merken en aantrekkelijk productaanbod met divers aandrijflijnportfolio
Met 2.463.681 premiumvoertuigen geleverd aan klanten in boekjaar 2025, bereikte de BMW Group hetzelfde hoge niveau als in 2024 (2024: 2.450.854 eenheden; +0,5%). Dankzij de wereldwijd uitgebalanceerde aanwezigheid kon het bedrijf de daling van de verkopen in China (-12,5%) compenseren met groei in andere regio’s, met solide groei in Europa (+7,3%) en de Amerika’s (+5,6%).

De belangrijkste groeimotoren waren onder meer de BMW 5 Serie, met een verkoopstijging van meer dan een kwart, en de compacte BMW X2, die met 33% steeg. Voor het 14e jaar op rij bereikte BMW M GmbH een nieuw verkooprecord met 213.449 eenheden (2024: 206.587 eenheden; +3,3%), waarbij de BMW M2 Coupé* en de M3*-familie de bestverkochte modellen waren. Voor het eerst was één op de tien geleverde BMW’s een BMW M-model. Aan de volledig elektrische kant kenden de BMW i5*, BMW iX2* en BMW iX1* een sterke groei.

In 2025 was het bestverkochte model in de snelgroeiende MINI Family, met in totaal 288.278 leveringen (2024: 244.925 eenheden; +17,7%), de MINI Countryman*. De MINI Aceman*, de nieuwe MINI Cabrio* en de volledig elektrische MINI Cooper* zorgden voor aanzienlijke groei van het merk MINI. Met meer dan 105.000 geleverde BEV’s was meer dan 36% van de verkopen volledig elektrisch.

Het luxemerk Rolls-Royce evenaarde het niveau van vorig jaar, met 5.664 leveringen (2024: 5.712 eenheden; -0,8%). De Rolls-Royce Cullinan en de volledig elektrische Spectre waren het meest in trek.

BMW Group behaalt doelstellingen 2025
Zoals verwacht realiseerde de BMW Group haar bedrijfsdoelstellingen voor 2025. Dankzij het aantrekkelijke aanbod rapporteerde de BMW Group een omzet van € 133.453 miljoen over het hele jaar (2024: € 142.380 miljoen; -6,3%; gecorrigeerd voor valuta-effecten: -3,9%). Dit weerspiegelt de felle concurrentie in de automobielsector, met name in China. Daarnaast hadden negatieve valuta-effecten, vooral van de Amerikaanse dollar, Koreaanse won en Chinese renminbi, ook invloed.

Lagere R&D-uitgaven en investeringen zoals gepland
Zoals eerder aangekondigd, zijn de investeringen van de BMW Group in de toekomst gedaald ten opzichte van de piek: de uitgaven voor onderzoek en ontwikkeling bedroegen in 2025 € 8.319 miljoen – een gematigde daling ten opzichte van vorig jaar (2024: € 9.078 miljoen; -8,4%). De uitgaven zijn vooral gericht op digitalisering en elektrificatie van het wagenpark over alle modelseries. Dit omvat ook investeringen in de ontwikkeling van NEUE KLASSE-modellen, zoals de BMW iX3* en de opvolgers van de BMW X5 en BMW 7 Serie. De R&D-ratio over het hele jaar daalde naar 6,2% (2024: 6,4%). Zoals gepland daalden ook de investeringen aanzienlijk naar € 7.237 miljoen (2024: € 9.056 miljoen; -20,1%), met een capex-ratio van 5,4%.

De BMW Group wist ook de verkoop- en administratiekosten in lijn met de prognoses te verlagen, met een daling van 6,1% tot € 10.606 miljoen (2024: € 11.296 miljoen).

“Ons gedisciplineerde, actieve kostenbeheer heeft onze prestaties in 2025 versterkt: ten opzichte van vorig jaar zijn we er, zoals beloofd, in geslaagd onze kostenstructuren te stroomlijnen door R&D-uitgaven, verkoop- en administratiekosten en productie- en materiaalkosten te verlagen. In totaal is er € 2,5 miljard aan kosten bespaard, wat onze winstgevendheid ten goede is gekomen. We zullen dit jaar de kosten systematisch blijven verlagen, in lijn met onze planning,” aldus Walter Mertl, Lid van de Raad van Bestuur, Verantwoordelijk voor Finance.

Groeps-EBT-marge in lijn met vorig jaar
In 2025 realiseerde de BMW Group, ondanks aanzienlijke tariefdruk, opnieuw een groepswinst vóór belastingen (EBT) van meer dan € 10 miljard (€ 10.236 miljoen; 2024: € 10.971 miljoen; -6,7%). De groeps-EBT-marge van 7,7% (2024: 7,7%) was gelijk aan vorig jaar. De groepsnettowinst bedroeg opnieuw meer dan € 7 miljard, op € 7.451 miljoen (2024: € 7.678 miljoen; -3,0%).

EBIT-marge Automotive binnen doelbereik van 5 tot 7%
De winst vóór financiële resultaten (EBIT) van de Automotive-divisie bedroeg € 6.259 miljoen (2024: € 7.893 miljoen; -20,7%). De EBIT-marge van 5,3% (2024: 6,3%) lag binnen het doelbereik van 5 tot 7%, zoals in maart 2025 voorspeld. Exclusief afschrijvingen voor BBA-activa uit de aankoopprijsallocatie bedroeg de EBIT-marge 6,4%. Zoals voorspeld verlaagde de extra impact van tarieven in 2025 de marge met circa 1,5 procentpunt.

De vrije kasstroom van de Automotive-divisie bedroeg over het hele jaar € 3.240 miljoen (2024: € 4.852 miljoen). De kasinstroom uit operationele activiteiten daalde ten opzichte van vorig jaar, maar werd deels gecompenseerd door lagere investeringen. Door de afname van de voorraden had het werkkapitaal ook een positief effect op de kasinstroom. Voor 2026 wordt een vrije kasstroom van meer dan € 4,5 miljard verwacht.

De Financial Services-divisie rapporteerde in 2025 een lichte stijging van het aantal nieuwe krediet- en leasecontracten. Dit was vooral te danken aan positieve ontwikkelingen in Europa en een verbeterd concurrentieklimaat in China in de tweede helft van het jaar, nadat lokale banken hun commissies voor het bemiddelen van financiële en verzekeringsproducten aan particuliere klanten aanzienlijk hadden verlaagd.

Hierdoor steeg het volume van nieuwe activiteiten in deze divisie licht, ondanks negatieve valuta-effecten, tot € 65.818 miljoen over het hele jaar (2024: € 64.519 miljoen/+2,0%). Het penetratiepercentage, het aandeel nieuwe BMW Group-voertuigen dat via Financial Services wordt geleased of gefinancierd, steeg tot 46,6% in het verslagjaar (2024: 42,6%/+4,0 procentpunt).

De winst vóór belastingen (PBT) van de divisie bedroeg in 2025 € 2.401 miljoen (2024: € 2.538 miljoen/-5,4%). De daling was vooral te wijten aan lagere inkomsten uit de verkoop van lease-terugnames en een nabetaling van belastingen als gevolg van een herziene belastingaanslag over voorgaande jaren.

Dividenduitkering en uitkeringspercentage in lijn met vorig jaar

De BMW Group zorgt ervoor dat haar aandeelhouders consequent profiteren van het succes van het bedrijf. Het duurzame dividendbeleid biedt aandeelhouders een betrouwbaar rendement.

“In 2025 behaalde de BMW Group een stabiele EBT-marge van 7,7%, met een winst vóór belastingen opnieuw boven de € 10 miljard. Dankzij een stabiele nettowinst toerekenbaar aan aandeelhouders van BMW AG, stellen we een totale dividenduitkering van € 2,672 miljard voor, vergelijkbaar met vorig jaar, met een stabiel uitkeringspercentage van 36,6%,” aldus Mertl.

Het uitkeringspercentage ligt daarmee aan de bovenkant van de doelrange van 30-40% van de nettowinst toerekenbaar aan de aandeelhouders van BMW AG.

De Algemene Vergadering in mei 2025 heeft het bestuur gemachtigd om binnen vijf jaar tot 10% van het aandelenkapitaal van BMW AG terug te kopen. Op basis van deze nieuwe machtiging keurde het bestuur een derde aandeleninkoopprogramma goed met een omvang tot € 2 miljard, af te ronden uiterlijk op 30 april 2027. In december 2025 was de eerste tranche aandelen, ter waarde van € 750 miljoen, teruggekocht.

Per 31 december 2025 hield BMW AG 8.682.146 aandelen aan, met een nominale waarde van € 8.682.146. Dit komt overeen met 1,41% van het aandelenkapitaal per 31 december 2025.

Tijdens de Algemene Vergadering op 13 mei 2026 zullen het bestuur en de Raad van Commissarissen een dividend voorstellen van € 4,40 per gewoon aandeel (2024: € 4,30) en € 4,42 per preferent aandeel (2024: € 4,32). Daarnaast zal tijdens een aparte vergadering van preferente aandeelhouders op dezelfde dag de 1:1-conversie van alle preferente aandelen naar gewone aandelen met stemrecht worden voorgesteld, zonder extra betalingsverplichting.

NEUE KLASSE-productie schaalt op in 2026
In het huidige boekjaar zal de opschaling van de NEUE KLASSE versnellen, te beginnen met twee modellen in het hart van het BMW-merk: sinds de wereldpremière op de IAA in september 2025 is de vraag naar de volledig elektrische BMW iX3 bijzonder groot – van de vooruitbestelde volledig elektrische BMW’s in Europa is één op de drie een BMW iX3. Vanwege de hoge vraag draait de fabriek in Debrecen, Hongarije, al in twee ploegen. Het tweede NEUE KLASSE-model – de volledig elektrische BMW i3 – beleeft volgende week zijn designpremière in München.

“Met de succesvolle introductie van de NEUE KLASSE hebben we in 2025 laten zien dat we het BMW-merk de toekomst in leiden, met nieuwe technologieclusters en een frisse designtaal. De uitzonderlijk hoge vraag naar het eerste model, de BMW iX3, bewijst dat pioniersgeest, innovatie en lef resultaat opleveren,” aldus Zipse. “We houden het hoge tempo van onze innovatie aan bij de uitrol van de NEUE KLASSE-technologieën over het hele portfolio: tussen nu en 2027 presenteren we meer dan 40 nieuwe of vernieuwde modellen. Daaronder ook de BMW 3 Serie en BMW X5: twee volledig nieuwe modellen in twee van onze belangrijkste segmenten, met alle aandrijflijnvarianten. Zo luiden we een nieuw tijdperk van technologische neutraliteit in bij de BMW Group.”

Vooruitzichten boekjaar 2026
BMW Group verwacht de volgende ontwikkelingen in boekjaar 2026: Gezien de huidige economische vooruitzichten voor 2026 zullen de wereldwijde automarkten zich naar verwachting stabiel ontwikkelen. Het bedrijf voorziet groeipotentieel in Europa en de VS. Op basis van het gemiddelde verkoopvolume van de afgelopen maanden zullen de verkopen in China naar verwachting op het niveau van vorig jaar blijven. Wereldwijd verwacht het bedrijf dat de leveringen gelijk blijven aan vorig jaar en dat het aandeel volledig elektrische voertuigen in de verkopen gelijk blijft.

Voor boekjaar 2026 gaat de BMW Group ervan uit dat de tegenwind door hogere tarieven de EBIT-marge in de Automotive-divisie met circa 1,25 procentpunt verder zal drukken. Maatregelen ter mitigatie zijn al meegenomen.

Wat betreft de prognose: naast de genoemde tariefgerelateerde lasten zal de EBIT van de Automotive-divisie jaar-op-jaar worden beïnvloed door hogere negatieve valuta- en grondstofeffecten, door stijgende afschrijvingen en een aanzienlijk lagere kapitalisatieratio, alsmede door lagere totale omzet als gevolg van een dalende occasionmarkt. In China zullen prijs- en productmaatregelen die zijn genomen om de transactieprijzen te stabiliseren, vooral in de eerste helft van het jaar een negatief effect hebben. De geplande kostenreducties in investeringen, materiaal- en productiekosten, R&D-activiteiten en verkoop- en administratiekosten zullen deze lasten deels compenseren.

De EBIT-marge voor de Automotive-divisie wordt daarom verwacht binnen de bandbreedte van 4 tot 6%. De RoCE zal tussen 6 en 10% liggen.

Voor de Financial Services-divisie wordt een RoE verwacht tussen 13 en 16%. Een verdere daling van de occasionmarkten en lagere inkomsten uit de verkoop van lease-terugnames ten opzichte van 2025 worden voorzien.

Voor de Motorfietsendivisie wordt verwacht dat de leveringen op het niveau van vorig jaar blijven, met een EBIT-marge tussen 4,0 en 6,0% en een RoCE van 10 tot 14%.

Gezien deze vooruitzichten wordt voor 2026 een gematigde daling van de groepswinst vóór belastingen verwacht.

De daadwerkelijke bedrijfsontwikkeling van de BMW Group kan afwijken van deze verwachtingen, bijvoorbeeld door veranderingen in politieke en macro-economische omstandigheden.

Voorgestelde benoeming lid Raad van Commissarissen

De Raad van Commissarissen zal aan de Algemene Vergadering voorstellen om Dr. Christian Bruch, CEO van Siemens Energy AG, te benoemen tot lid van de Raad van Commissarissen voor een termijn van vier jaar.

***

Het BMW Group Rapport 2025 wordt op 12 maart 2026 om 7:30 uur (CET) gepubliceerd op: https://www.bmwgroup.com/de/investor-relations/unternehmensberichte.html. De BMW Group Jaarconferentie op 12 maart 2026 is vanaf 8:00 uur (CET) live te volgen via: https://www.live.bmwgroup.com/en/live-streaming/. Aansluitend volgt van 9:00-10:00 uur de livestream van de pers Q&A en van 11:00-12:00 uur de Investor Relations Q&A met analisten via: https://www.bmwgroup.com/en/investor-relations/annual-conferences.html

De BMW Group – een overzicht: GJ 2025

¹ Leveringen inclusief joint venture BMW Brilliance Automotive Ltd., Shenyang.

² Ratio van groepswinst vóór belastingen tot groepsomzet.

³ Gewone/preferente aandelen. Winst per preferent aandeel wordt berekend door de vereiste winst voor het extra dividend van € 0,02 per preferent aandeel proportioneel over de kwartalen van het betreffende boekjaar te verdelen.

De BMW Group – een overzicht: IN Q4 2025

¹ Leveringen inclusief joint venture BMW Brilliance Automotive Ltd., Shenyang.

² Ratio van groepswinst vóór belastingen tot groepsomzet.

³ Gewone/preferente aandelen. Winst per preferent aandeel wordt berekend door de vereiste winst voor het extra dividend van € 0,02 per preferent aandeel proportioneel over de kwartalen van het betreffende boekjaar te verdelen.

VERKLARENDE WOORDENLIJST – toelichting op kerncijfers
Leveringen aan klanten
Een nieuw of gebruikt voertuig wordt als levering geregistreerd zodra het aan de eindgebruiker wordt overgedragen (waaronder ook leasehouders via BMW Financial Services). In de VS en Canada omvatten eindgebruikers ook (1) dealers wanneer zij een voertuig als service- of demonstratievoertuig aanwijzen en (2) dealers en andere derden wanneer zij een bedrijfsvoertuig op een veiling kopen of direct van de BMW Group aanschaffen. Leveringen kunnen plaatsvinden door BMW AG, een van haar internationale dochterondernemingen, een BMW Group-retailvestiging of onafhankelijke derde dealers. Het overgrote deel van de leveringen – en dus de rapportage van leveringen aan de BMW Group – wordt gedaan door onafhankelijke derde dealers. Retailleveringen in een bepaalde verslagperiode komen niet direct overeen met de omzet die de BMW Group in die periode erkent.

Uitkeringspercentage
Het uitkeringspercentage is voorlopig. Hoewel het bestuur en de Raad van Commissarissen een vast dividend per aandeel zullen voorstellen op de Algemene Vergadering, wordt verwacht dat het aantal aandelen dat recht heeft op dividend tegen de Algemene Vergadering zal dalen door het lopende aandeleninkoopprogramma. Dienovereenkomstig zal ook het totale uit te keren bedrag naar verwachting veranderen tot 13 mei.

EBIT
Winst vóór financiële resultaten. EBIT omvat de omzet minus de kosten van verkopen, minus verkoop- en administratiekosten en plus/minus netto overige bedrijfsopbrengsten en -kosten.

EBIT-marge
Winst/verlies vóór financiële resultaten als percentage van de omzet.

EBT
EBIT plus financieel resultaat.

PHEV
Plug-In Hybrid elektrisch voertuig – hybride voertuig met benzinemotor en elektrische aandrijving.

Munich. BMW Group heeft in het boekjaar 2025 opnieuw de CO₂-uitstoot van haar voertuigvloot verlaagd die in de Europese Unie (EU27+2: EU, Noorwegen, IJsland) is verkocht. Volgens voorlopige interne berekeningen kwam de uitstoot uit op 90,0 gram per kilometer volgens WLTP (2024: 99,5 gram per kilometer). Dit betekent een reductie van ongeveer 9,5% ten opzichte van 2024.

De toepasselijke vlootdoelstelling voor de BMW Group, vastgesteld door de Europese Unie (EU27+2: EU, Noorwegen, IJsland), bedroeg in 2025 92,9 gram. Deze doelstelling is dus met 2,9 gram overtroffen.

“We hebben in 2025 opnieuw ruimschoots voldaan aan de ambitieuze CO₂-doelstellingen van Europa – zonder gebruik te maken van flexibiliteitsmechanismen of pooling. Dit onderstreept dat onze technologie-neutrale aanpak en systematische CO₂-reductie niet tegenstrijdig zijn, maar juist hand in hand gaan. Doorslaggevend is de efficiëntie van alle aandrijftechnologieën die wij onze klanten aanbieden”, aldus Oliver Zipse, Voorzitter van de Raad van Bestuur van BMW AG.

De voortdurende elektrificatie van de BMW Group was het afgelopen jaar een belangrijke factor in de verlaging van de vlootemissies. In 2025 leverde het concern meer dan 316.000 geëlektrificeerde voertuigen aan klanten in de Europese Unie (EU27+2: EU, Noorwegen, IJsland). Het aandeel van geëlektrificeerde voertuigen (BEV + PHEV) in de totale BMW Group-verkopen in deze regio steeg daarmee tot 41,1% in 2025.

In 2025 verkocht de BMW Group meer dan 202.000 volledig elektrische voertuigen in de Europese Unie (EU27+2: EU, Noorwegen, IJsland). Dit kwam overeen met ongeveer 26,3% van het totale verkoopvolume in deze regio.

Dit vormt een sterk uitgangspunt voor de BMW iX3, het eerste productiemodel van de Neue Klasse, die vanaf dit jaar het productaanbod van BMW Group verder zal uitbreiden.

De verlaging van de vlootemissies ondersteunt de langetermijn-klimaatdoelstellingen van de BMW Group, die een holistische decarbonisatiestrategie over de gehele levenscyclus volgt, met als doel om uiterlijk in 2050 CO₂-neutraliteit te bereiken. Dit is een duidelijke toezegging van het bedrijf aan de doelstellingen van het Klimaatakkoord van Parijs. Tegen 2035 is het de bedoeling de CO₂e-uitstoot met ten minste 60 miljoen ton te hebben verminderd ten opzichte van het niveau van 2019.

“Elke ton CO₂ die we kunnen vermijden telt. Daarom hanteren we een holistische ontwikkelingsaanpak voor decarbonisatie die veel verder gaat dan alleen vlootemissies. We reduceren CO₂ over de gehele levenscyclus van onze voertuigen – van de toeleveringsketen tot productie en het gebruik ervan,” licht Joachim Post toe, Lid van de Raad van Bestuur van BMW AG, Ontwikkeling.

De leveringscijfers in dit persbericht zijn voorlopig en kunnen nog wijzigen tot de publicatie van het BMW Group Report 2025. Uitleg over de totstandkoming van de leveringscijfers is te vinden in het BMW Group Report 2024 op pagina 427.

Rijswijk. Het merk MINI kijkt terug op een uiterst succesvol 2025. Met een totaalvolume van 288.290 voertuigen realiseerde MINI een aanzienlijke verkoopgroei van 17,7% ten opzichte van 2024. Ook in Nederland zette MINI de stijgende lijn van het voorgaande jaar voort: het aantal registraties groeide verder met 10,7%. De modellen van de MINI familie zijn zeer geliefd bij de particuliere rijders in Nederland én verovert ook de harten van de zakelijke rijders met de iconische MINI Cooper, de nieuwe MINI Aceman en de SUV MINI Countryman.

Opvallend is vooral de grote vraag naar batterij-elektrische voertuigen (BEV): met 105.535 volledig elektrische MINI modellen die in 2025 zijn afgeleverd (+87,9%), behaalde het merk een nieuw record op het gebied van elektromobiliteit. Hierdoor is inmiddels meer dan één op de drie wereldwijd verkochte MINI modellen volledig elektrisch. In veel markten, waaronder Turkije, Zweden en China, ligt dit aandeel zelfs ruim boven de 50%. In Nederland is deze ontwikkeling nog sterker zichtbaar: inmiddels is 74% van de verkochte MINI modellen volledig elektrisch.

Jean-Philippe Parain, Hoofd van het merk MINI, benadrukt: “MINI vergroot continu het aandeel volledig elektrische voertuigen en onderstreept daarmee zijn innovatieve kracht en toekomstgerichtheid. Onze sterke volumegroei in alle regio’s in 2025 weerspiegelt duidelijk de uitzonderlijke aantrekkingskracht van de modellen van de MINI familie. Het vernieuwde iconische design, de sportiviteit, individualiteit en het uitgebreide elektrische aanbod van het merk MINI voldoen wereldwijd aan de verwachtingen van onze klanten.”

Een belangrijke groeimotor was het grootste MINI model in het portfolio, de MINI Countryman: met een aandeel van 32,4% in het totale MINI-volume benadrukt dit model de SUV-expertise van het merk. De Countryman combineert het kenmerkende MINI Go-Kart gevoel met innovatief design en hoge veelzijdigheid – ideaal voor elke outdoor-uitdaging. In 2025 werden wereldwijd 93.305 exemplaren verkocht (+15,2%); de volledig elektrische Countryman realiseerde een verkoopgroei van 81,8% ten opzichte van 2024.

Submerk John Cooper Works bereikt recordcijfers
Het sportieve submerk John Cooper Works (JCW) zette in 2025 eveneens nieuwe standaarden: met 25.630 verkochte exemplaren groeide het verkoopvolume van MINI JCW met 59,5% en werd een nieuw verkooprecord gevestigd. Het aandeel JCW-voertuigen bedroeg 8,9% van het totale volume van MINI. In sommige markten, zoals het Verenigd Koninkrijk, Italië, Japan en Australië, bereikten de sportieve MINI-modellen hun hoogste verkoopcijfers tot nu toe.

De MINI Cooper-familie
De traditionele MINI Cooper-familie, bestaande uit de MINI Cooper 3-Deurs, de MINI Cooper 5-Deurs en de MINI Cabrio, noteerde met 162.789 verkochte exemplaren een verkoopstijging van 10,3% ten opzichte van het voorgaande jaar. De nieuwe generatie van de MINI Cooper Cabrio, die pas in 2025 werd geïntroduceerd, maakte de modellenfamilie compleet met unieke kenmerken zoals het ‘Always Open’ rijgevoel. Met 22.491 verkochte exemplaren werd een verkoopgroei van 18,4% gerealiseerd. De MINI Cooper 5-Deurs overtuigt met het voor het merk kenmerkende Go-Kart gevoel, meer ruimte en hoge functionaliteit, en noteerde met 47.850 verkochte exemplaren een aanzienlijke groei van 26,5% ten opzichte van 2024.

2026 start met de nieuwe MINI Paul Smith Edition
Vanaf 2026 zijn de MINI Cooper 3-Deurs, MINI Cooper 5-Deurs en MINI Cooper Cabrio – zowel in de volledig elektrische als benzine-uitvoering – verkrijgbaar als de nieuwe MINI Paul Smith Edition. Deze editie combineert de onmiskenbare stijl van de Britse ontwerper Paul Smith met de speelse, optimistische en onafhankelijke geest van het merk MINI. Na de succesvolle samenwerkingen “MINI STRIP” (2021) en “MINI Recharged by Paul Smith” (2022) brengt Paul Smith zijn wereldberoemde designstijl “Classic with a twist” opnieuw naar de MINI-familie.

München. BMW Group leverde in 2025 in totaal 2.463.715 voertuigen aan klanten – een stijging van +0,5% ten opzichte van het voorgaande jaar. Dit omvat de levering van 642.087 geëlektrificeerde voertuigen, een groei van 8,3% ten opzichte van het jaar ervoor. BMW Group zag ook een lichte stijging in de verkoop van volledig elektrische modellen, met wereldwijd 442.072 afgeleverde exemplaren. Vooral in Europa rapporteerde BMW Group een aanzienlijke groei van +28,2% in volledig elektrische voertuigen. De verkoopprestaties van het bedrijf in 2025 laten zien dat de technologie-neutrale benadering en de premium multi-merkstrategie van BMW Group, met een breed productportfolio in alle relevante segmenten, positief worden ontvangen door klanten. De terughoudende vraag in China werd gecompenseerd door andere verkoopregio’s.

“In 2025, in een uitdagende omgeving, heeft BMW Group meer voertuigen verkocht dan in het voorgaande jaar. Onze geëlektrificeerde voertuigen waren bijzonder in trek. Europa liet een bijzonder sterke groei zien, waarbij batterij-elektrische voertuigen ongeveer een kwart van de totale verkopen uitmaakten, en BEV’s en PHEV’s samen een aandeel van meer dan 40% in de regio bereikten. We liggen volledig op schema om onze EU CO₂-vlootdoelstelling voor 2025 te halen,” aldus Jochen Goller, Lid van de Raad van Bestuur van BMW AG, verantwoordelijk voor Klant, Merken, Verkoop. “Met name in Europa zal 2026 in het teken staan van de NEUE KLASSE. Tegelijkertijd introduceren we dit jaar verschillende nieuwe modellen, zoals de BMW X5, BMW 3 Serie en BMW 7 Serie. In totaal zal BMW Group tot 2027 meer dan 40 nieuwe en vernieuwde voertuigen met diverse aandrijfopties op de markt brengen,” voegde Goller toe.

Geëlektrificeerde voertuigen waren in 2025 goed voor 26% van de totale wereldwijde verkopen van BMW Group, waarbij volledig elektrische voertuigen ongeveer 18% voor hun rekening namen.

Het merk BMW leverde in 2025 in totaal 2.169.761 voertuigen aan klanten (-1,4%). Dankzij het aantrekkelijke productportfolio over alle technologieën heen, behield het merk zijn positie als wereldwijde marktleider in het segment, waarbij de verkoopgroei in Europa, Amerika en delen van Azië de terughoudende vraag in China grotendeels compenseerde. BMW M GmbH behaalde een nieuw verkooprecord met in totaal 213.457 afgeleverde voertuigen (+3,3%).
Het merk MINI kende een sterk 2025 en leverde in totaal 288.290 voertuigen aan klanten – een stijging van +17,7% ten opzichte van het voorgaande jaar. Vooral de volledig elektrische voertuigen van MINI zijn wereldwijd populair bij klanten. Het Britse premiummerk bereikte een belangrijke mijlpaal met de levering van de 100.000e volledig elektrische MINI aan de nieuwe eigenaar. Dit betekent dat meer dan één op de drie geleverde MINI modellen in 2025 een volledig elektrische aandrijving had. Het merk Rolls-Royce leverde in het volledige jaar 5.664 voertuigen aan klanten (-0,8%). In dezelfde periode verkocht BMW Motorrad 202.563 motorfietsen en scooters (-3,7%).

BMW Group verkopen in Q4 (YTD) december 2025 in één oogopslag

¹BEV’s en PHEV’s

BMW & MINI verkopen in de regio’s/markten

²Voorlopige registratiedata

De in dit persbericht genoemde leveringscijfers zijn voorlopig en kunnen nog wijzigen tot de publicatie van het BMW Group Report 2025. Toelichting op de wijze van rapporteren van leveringscijfers is te vinden in het BMW Group Report 2024 op pagina 427.

Munich. This new BMW Welt exhibit is making a vehicle from the popular video game series Fortnite and Rocket League a reality. Not only is the BMW M4 GT3 EVO the latest addition to the vehicle catalogue of the multi-player online games, but its design is also in the style of the well-known TV anime “BLEACH”. The car will be displayed at BMW Welt from 20^th December to 11^th January for unforgettable photo opportunities.

BMW introduced the world’s first car creator in Fortnite back in 2023 with the “Hypnopolis” creative island, where players could design the new BMW iX2* according to their individual preferences. Before that, the BMW M240i*, the BMW 1 Series, and the first-generation BMW M3* made their debut in Rocket League.

The design of the BMW M4 GT3 EVO is in the style of the iconic costume of the main character of “BLEACH”, Ichigo Kurosaki. Alongside the launch of the racing car design, a PUMA sneaker model from the BMW M Motorsport collection in the style of the BMW M4 GT3 EVO is also available in the Fortnite Shop.

Sandra Wittemer, Head of BMW Welt, said: “With this very special BMW M4 GT3 EVO, we are bringing the fascination of motorsport, digital pop culture, and design together in a unique way. The livery inspired by ‘Bleach’ shows just how creatively and diversely BMW M can be interpreted. It’s fascinating to see that this car is not just making an impression in virtual worlds such as Fortnite and Rocket League but will now also be a very real experience for BMW Welt visitors.”

BMW Welt is closed annually between 24^th and 26^th December, as well as on 31^st December and 1^st January.

CO2 emissions & consumptions.

BMW iX2 xDrive30: energy consumption combined: 17,7–17,6 kWh/100 km (WLTP); CO₂ emissioned combined: 0 g/km (WLTP); electric range: 418–449 km (WLTP); CO₂ class: A

BMW M3 Competition Sedan with M xDrive: energy combined: 10,2–10,1 l/100 km (WLTP); CO₂ emissions combined: 230–228 g/km (WLTP); CO₂ class: G

If you have any questions, please contact:

BMW Group Corporate Communications

Lisa Meindl
Spokesperson BMW Museum and BMW Welt
Telephone: +49-89-382-31668
Email: lisa.meindl@bmw.de

Simone Bauer-Linster, Communications BMW Welt

Telephone: +49 151 601 414 52

Email: Simone.Bauer-Linster@bmw.de

Internet: https://newsroom.bmwgroup.com/global/en

E-Mail: presse@bmwgroup.com

The BMW Group

With its four brands BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial services. The BMW Group production network comprises over 30 production sites worldwide; the company has a global sales network in more than 140 countries.

In 2024, the BMW Group sold over 2.45 million passenger vehicles and more than 210,000 motorcycles worldwide. The profit before tax in the financial year 2023 was € 17.1 billion on revenues amounting to € 155.5 billion. As of 31 December 2023, the BMW Group had a workforce of 154,950 employees.

The economic success of the BMW Group has always been based on long-term thinking and responsible action. Sustainability is a key element of the BMW Group’s corporate strategy and covers all products from the supply chain and production to the end of their useful life.

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Munich. BMW Bank GmbH is strengthening its profile on the path to becoming a digitalized bank with high innovation standards: Stefan Hienzsch has been appointed as the new Chairman of the Board of Management with effect from 1 December. As one of Germany's leading automotive banks, the credit institution is further enhancing its management board in an increasingly complex regulatory environment. Hienzsch, a fully qualified lawyer, has already been Chief Representative of BMW Bank since June 2024. The management board remains unchanged, with Joachim Herr, Torsten Matheis and Kerstin Zerbst continuing in their roles.

"Stefan Hienzsch is an experienced financial and legal expert who is very familiar with the challenges and opportunities of the BMW Group's financial services business. Under his leadership, BMW Bank will continue to expand its role as a reliable, innovative partner for our customers and dealers and continue to make a significant contribution to the success of the BMW Group in Germany and Europe," said Alexander Buresch, Chairman of the Supervisory Board of BMW Bank and Head of BMW Group Financial Services.

Hienzsch has more than 25 years of experience within the company. Previously, he headed the BMW Group's legal department for Corporate Finance, Financial Services and Mergers & Acquisitions for over a decade and held various leadership roles in the UK for the BMW, MINI and Rolls-Royce brands.

"I am very pleased about the trust placed in me and look forward to my new role. BMW Bank will continue to systematically pursue its digital transformation process. My goal is to inspire customers and retailers with innovative, digital and sustainable solutions and to further develop the bank as a strong, future-oriented partner in the BMW Group ecosystem," says Stefan Hienzsch.

Information for editors

BMW Bank GmbH is one of the leading automotive banks in Germany with subsidiaries in Italy, Spain and Portugal. More than 1,170 employees serve around one million customers (as of December 31, 2024). The product range extends from financing, leasing and insurance for cars and motorcycles to deposit products and credit cards.

The company has total assets of 28.5 billion euros) and deposits of around 11.9 billion euros (both as of December 31, 2024). BMW Bank GmbH is part of BMW Group Financial Services. Almost every second new BMW and MINI vehicle is financed or leased through BMW Group Financial Services.

For queries, please contact:

BMW Group Corporate Communications

Lennart Wermke, Communication BMW Group Financial Services
Telephone: +49 151 601 980 96
E-Mail: lennart.wermke@bmwgroup.com

Max-Morten Borgmann, Head of Communication Corporate, Finance, Sales
Telephone: +49 151 601 24 118
E-Mail: max-morten.borgmann@bmwgroup.com

Internet: https://newsroom.bmwgroup.com/global/en
E-Mail: presse@bmwgroup.com

The BMW Group

With its four brands BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial services. The BMW Group production network comprises over 30 production sites worldwide; the company has a global sales network in more than 140 countries.

In 2024, the BMW Group sold over 2.45 million passenger vehicles and more than 210,000 motorcycles worldwide. The profit before tax in the financial year 2024 was €11.0 billion on revenues amounting to €142.4 billion. As of 31 December 2024, the BMW Group had a workforce of 159,104 employees.

The economic success of the BMW Group has always been based on long-term thinking and responsible action. Sustainability is a key element of the BMW Group’s corporate strategy and covers all products from the supply chain and production to the end of their useful life.


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- Check against delivery –

Ladies and Gentlemen,

Good morning.

For the BMW Group, several key strengths have long formed the foundation of our strategic course: our global footprint, our technology-neutral approach, our premium multi-brand strategy and broad portfolio across all relevant customer segments, and our ability to identify the potential of new technologies and bring them to road in each major region. These strengths give us flexibility and make us resilient, and we are benefiting from them now.

As a global company with global brands, we are used to dealing with varied conditions and unpredictability on the ground in each market.

We recognize the current dynamics in the automotive industry: major transitions in innovation, operating with a global supply chain, a shifting geopolitical framework with trade impacts such as tariffs, as well as a rapidly evolving market in China – to name but a few.

We remain focused on our long-term trajectory, while using our flexibility to adapt to the changing dynamics and are tackling them head on. This is what has always set the BMW Group apart.

Our business remains on track and healthy. As Walter just shared, this is underscored by our Group EBT result over the first nine months – demonstrating the performance of the entire business including our sales development.

Despite the challenging market dynamics in China, our overall global sales posted year-on-year growth of 8.7% in the third quarter; excluding China, it was 12.2%. Through September, sales in Europe were up 8.6% compared to 2024, while sales in the United States grew by 9.5%. These strong results helped compensate for the development in China.

Electrified vehicles and M vehicles both drove global growth. With our technology-open approach and multiple premium brands, customers find products that fit their wide range of needs and tastes.

In the coming months, we will take this to the next level with the introduction of the NEUE KLASSE. Just two months ago at the IAA Mobility here in Munich, we unveiled the BMW iX3*, the first vehicle of our NEUE KLASSE. The response was tremendous – from visitors and fans from across the globe, media, analysts, and political stakeholders. A few weeks later we celebrated the official opening of our new plant in Debrecen, where production of the iX3 is underway.

We have started taking customer orders for the car, which have exceeded our expectations. Just looking at Europe, we see orders already extend several months into 2026 already. This confirms an exceptionally positive start for the vehicle.

The NEUE KLASSE is BMW at its best. And starting with the iX3, it will set new benchmarks: from its performance data and revolutionary digital interface to its sustainability approach.

The BMW iX3 offers a range of more than 800 kilometers in the WLTP cycle. Thanks to its ultra-fast charging capability, the peak charging power is up to 400 kilowatts. That means: in just 10 minutes, the iX3 can charge enough to drive more than 370 kilometers.

The fully immersive digital experience will bring UI / UX to a whole new level. With the BMW Panoramic iDrive, drivers can intuitively keep their eyes on the road while all necessary information is perfectly in view.

With the BMW iX3, we will also introduce a new generation of driver assistance systems. The BMW Group is the first car manufacturer in Germany to receive approval for assistance systems in accordance with UN Regulation for Driver Control Assistance Systems (DCAS).

The approval enables the BMW Group to offer the Motorway Assistant with Level 2 “hands-off” function in numerous other models and countries in the future. This also covers an extended range of functions. More innovative assistance functions for urban driving will follow.

In terms of sustainability, the iX3 is explicitly focused on conserving resources and reducing the model’s environmental footprint – throughout the supply chain, production, use phase and recycling. In line with the principles of design for circularity, the iX3 is made up of one-third secondary raw materials.

Moreover, Plant Debrecen is the first BMW Group car factory that operates and produces vehicles without using fossil fuels, such as oil and gas, under normal operating conditions.

Overall, the iX3 is a perfect example of our strategy of reducing CO₂ wherever we have leverage. This will help us reach our near-term target to reduce our carbon footprint by at least 40 million tonnes CO₂ by 2030. Since 2020, we have been fully committed to the Paris Climate Agreement, with a target of achieving net zero by 2050.

The next NEUE KLASSE model, which we teased at the IAA, is preparing for launch: the new BMW i3. With the eighth generation of the 3 Series, we will bring the NEUE KLASSE and its technology clusters into the core of the BMW brand. Production of the i3 will get underway at our main plant in Munich in the second half of next year. Other locations in our international production network will follow with production of 3 Series variants.

Throughout 2026, we will show how the NEUE KLASSE technologies will be integrated into further models, such as the 7 Series and the X5. By 2027, we will put 40 new models and model updates with NEUE KLASSE technology and design language on the road worldwide.

This all-new BMW generation will provide an enormous boost to our already broad and popular portfolio – with technology solutions tailored to customers in their markets.

This applies especially to China. The NEUE KLASSE products we will launch in China are developed together with our local engineering teams and Chinese partners – in the market, for the market. Our NEUE KLASSE architecture allows to integrate local tech stacks from leading Chinese tech players into our own ecosystem. This gives consumers access to innovations and features they are used to, including solutions from Alibaba Banma, DeepSeek, and Momenta.

With the NEUE KLASSE, we are again demonstrating our strength in mastering system complexity, integration and efficiency. We know what our customers want and identify trends in individual markets early. The result are products that perfectly integrate the best technologies – both in house and with partners – across regions to offer the best product substance to our customers.

What makes the NEUE KLASSE so unique, is that we are rolling out the technology clusters across the entire portfolio – regardless of the drivetrain.

Our technology-neutral approach continues to show its success and allows broad market access as consumer preferences shift. At the same time, we are making progress in decarbonization in the here and now. After nine months into 2025, Group sales of all-electric vehicles are up by 10%, resulting in a BEV share of 18%. PHEVs grew nearly 28% year-on-year, delivering an overall electrified share through September of 26.2% globally.

Europe showed particularly strong growth – with BEVs reaching over a quarter of total sales, while BEV and PHEV sales combined for an impressive 41% share. Europe will also be the primary driver of our BMW iX3 sales in 2026.

Thanks to this solid result, we are well on course to reach our CO₂ fleet target for the year, just as we have consistently done for the past several years. For us, it has long been clear that we would meet the targets for 2025 – and, importantly, without penalties, pooling, or averaging.

This success with our technology-neutral strategy also gives our voice weight in the ongoing discussion regarding the EU’s targets.

We have reached our climate targets by following market demand and customer needs and by continually optimizing all drivetrain variants.

It remains critical for Europe to revisit the targets for 2030 and 2035.

Setting an end date to a specific, successful technology will lead to a massive shrinking of the industry as a whole. It will harm European industry and also create dependencies that are unwise in the current geopolitical dynamic.

To achieve climate goals and create effective CO₂ regulations, we must take a comprehensive view – one that accounts for the full carbon footprint of the vehicle and its value chain, and that also values climate-neutral fuels such as HVO100. Such a holistic framework would reflect various market needs and uneven infrastructure development, while safeguarding Europe’s value chains, jobs, and industrial strengths. And – above all – it delivers genuine climate protection and real reductions in CO₂.

Companies should be free to deliver the solutions, taking customer demands and needs into account, while adequately investing in new paths and technologies to achieve the EU’s climate goals.

In this context, the BMW Group is very skeptical about the EU’s planned “Greening the Fleets” regulation, as it does not consider current market realities. Commercial fleets rely on high vehicle availability with high mileages. The currently inadequate charging and hydrogen refueling infrastructure will not be guaranteed in all member states by 2030 either. Further fleet mandates and additional regulations that exclude individual technologies are not necessary to achieve the CO₂ targets. Moreover, they hinder technological development and introduce harmful market distortions contrary to customer preferences. Here also, we advocate for a holistic and technology-neutral approach.

Ladies and Gentlemen,

We are tackling the challenges in global markets head on, leveraging our strengths and implementing our long-term strategy. We have made significant investments and have created the right operating framework to deliver. Our flexible, global network, our tech-open strategy, our focus on innovation and our ability to master technological complexity set us apart.

Over the coming months, we will deliver as promised. Starting with the iX3, we will rapidly deploy our ambitious strategy one vehicle at a time around the globe. We will continue to lead with product substance and solutions that meet our customers’ needs.

We therefore remain optimistic as we close out 2025 and move forward to 2026.

Thank you.

- Check against delivery –

Ladies and Gentlemen,

Good Morning.

In the third quarter of 2025, the BMW Group continued its strategic course and maintained its global market position.

But before we dive into the details of the quarter, I would like to directly address our communication from October 7th.

You all know the BMW Group as an ambitious company.

We have always focused on identifying opportunities and realizing market potential, and our success demonstrates that this is the right approach.

In 2025, despite all known challenges, we were confident in the fundamental potential of the Chinese market.

Our planning scenario was fully confirmed during the first six months, with a performance on the level of the second half of 2024.

For the second half of this year, we assumed we would see growth momentum.

However, at the beginning of the fourth quarter we observed that this momentum had not materialized to date.

So, for the remainder of 2025, volume stabilization, rather than volume growth, now appears likely. Accordingly, we have adjusted our planning and now anticipate a consistent monthly run rate in China in line with the first half of 2025.

In addition, we have introduced measures to support the profitability and liquidity of our dealers in China.

These measures will also have an impact on our Q4 profitability.

The consolidation of our dealer network in China is progressing to plan.

Ladies and Gentlemen,

With respect to tariffs, the BMW Group has been fully transparent throughout the year concerning the impact on our 2025 financial results.

Our original guidance given in March as well as our updated assessments in the Q1 and Q2 reporting were based on certain assumptions.

As mentioned in our ad-hoc announcement, these assumptions were not fully realized as expected to date.

We now anticipate a tariff-related headwind of 1.5 percentage points on the Auto EBIT margin for the full year.

I will share further details on our full-year outlook later on.

But now, let me walk you through our Q3 figures.

Group earnings before tax totaled over 2.3 billion euros in the third quarter and exceeded 8 billion euros year-to-date through September.

Compared to the first nine months of 2024, this represents only a slight decrease of 9.1 percent – a notable achievement in light of the current developments in the Automotive industry.

And for the full year, we also expect a decrease in the single-digit range only.

This represents a full-year Group profit before tax of approximately 10 billion euros – despite the significant burden of higher tariffs.

Excluding the impact of tariffs, pre-tax profit even exceeds the 2024 figure.

Within the BMW Group ecosystem, every segment contributes to our overall success.

The reported Group EBT margin stood at 7.2 percent in the third quarter and 8.1 percent year-to-date through September.

The reported Auto EBIT margin fell within our full-year target corridor for both Q3, at 5.2 percent, and year-to-date through September, at 5.9 percent.

Ladies and Gentlemen,

As you know, the BMW Group is always transparent in its reporting, and we consistently focus on communicating our published figures.

For better comparability within the industry, allow me, nevertheless, to provide a few additional details regarding our operational performance in the Automotive segment.

First: Auto EBIT includes the depreciation resulting from the purchase price allocation of BBA.

Excluding this depreciation, which amounts to approximately 1.1 percentage points, the quarterly margin would be 6.3 percent, and the nine-month margin would be 7.0 percent.

Second: Auto EBIT also includes the burden of extra tariffs, which amounts to around 1.75 percentage points in the third quarter and 1.5 percentage points through September.

This impact should also be added for a fair comparison of our EBIT margin.

Q3 deliveries to customers at Group level increased solidly by 8.7 percent year-on-year.

After nine months, the share of all-electric vehicles reached 18 percent of total sales.

And with a share of 26.2 percent, more than one in four vehicles sold globally was electrified, meaning either a BEV or a plug-in hybrid.

Let’s now take a look at how the Automotive Segment performed across key metrics.

Deliveries of BMW, MINI and Rolls-Royce vehicles to customers reached 588,140 units in the third quarter.

In Europe, sales grew by 9.3 percent, and in the US by 24.9 percent.

In China, retail sales did not meet our expectations, with deliveries at previous year’s level.

After nine months, global retail sales approached 1.8 million units, representing a slight increase of 2.4 percent.

This clearly demonstrates the strength of our global business model, with sales performance in Europe and the US more than compensating the challenges in China.

Sales of all-electric vehicles exceeded 100,000 units for the sixth consecutive quarter.

Q3 revenues in the Automotive segment amounted to 28.5 billion euros, reflecting a slight increase of 2.4 percent year-on-year. Adjusted for currency translation effects, the increase was 6.4 percent.

Segment EBIT amounted to approximately 1.5 billion euros in Q3 and 5.1 billion euros from January to September.

The reported EBIT margin – including the negative impact of BBA PPA and tariffs – came in at 5.2 percent for the quarter and 5.9 percent as of September.

That brings me to my next slide, taking a detailed look at our operating result of the third quarter year-on-year.

Automotive EBIT increased by around 900 million euros compared to Q3 2024.

As anticipated at mid-year, changes in currencies negatively impacted EBIT by 500 million euros, while raw material positions remained neutral.

The net effect of volume, model mix and pricing resulted in a negative impact of 300 million euros in the third quarter, compared to the previous year.

Both volume and model mix provided a tailwind, while pricing was a headwind.

This is particularly evident in China, where we see price pressure across all segments.

Furthermore, since the end of June, Chinese banks have significantly reduced dealer commissions.

While this led to a certain increase in transaction prices, as expected, it could not offset the negative impact of the lower commission revenues for dealerships.

Consequently, we implemented dealer support measures in Q3 to strengthen dealer profitability and liquidity.

Ladies and Gentlemen,

In line with our planning, we will continue to decrease our operating costs in 2025 and beyond.

This trend is once again reflected in our figures for the third quarter.

Research and development expenses decreased by about 300 million euros compared to the prior-year quarter.

Group R&D expenditure totaled 5.9 billion euros as of September. This remains significantly below last year's level, despite extensive product initiatives and intensive preparations for the first models of the NEUE KLASSE.

The R&D ratio according to the German Commercial Code stood at 5.9 percent after nine months.

Selling and administrative expenses decreased by around 200 million euros compared to the previous year.

These nominal cost savings of 500 million euros more than offset the negative impact from volume, model mix and pricing.

Other Cost Changes provided a tailwind of around 1.2 billion euros compared to the third quarter of 2024.

This development results mainly from three areas:

On the one hand, warranty expenses were significantly lower year-on-year.

In Q3 2024, we fully recognized the necessary warranty provisions for the Integrated Braking System.

On the other hand, tariffs had a negative impact of around 1.75 percentage points on the Auto EBIT margin in Q3.

The majority of the improvement in other cost changes in Q3 results from the positive development of manufacturing costs and material costs.

Overall, we reduced costs by over 1 billion euros in the third quarter and by approximately 2 billion euros year-to-date through September.

In addition to EBIT, tariffs also affect free cashflow.

While refunds are recognized in EBIT, cash will rather be recognized in 2026 than in 2025.

This negatively affected free cashflow through September, and the timing effect alone will impact free cashflow for the full-year by a high three-digit million euros amount.

Free cash flow in the Automotive Segment totaled 343 million euros in the third quarter.

Earnings before tax amounted to 1.4 billion euros.

The net change in working capital contributed positively to free cashflow by around 300 million euros.

The negative net effect of capital expenditure and depreciation impacted the third quarter by 300 million euros.

The capex ratio was 5.2 percent in the third quarter and 4.4 percent for the first nine months.

Following the peak in 2024, capex will decrease for the full year 2025. The capex ratio is projected to remain below 6 percent.

Changes to provisions negatively impacted free cash flow in the third quarter by approximately 400 million euros.

This was primarily due to the consumption of warranty provisions.

The change in the position Other, amounting to around 600 million euros, includes income taxes paid.

After nine months, free cash flow in the Automotive segment stands at almost 2.7 billion euros.

For the full year, we now target a free cash flow of over 2.5 billion euros, compared to the original forecast of over 5 billion euros.

This is driven by two factors:

Lower-than-expected earnings for the full year

And tariff refunds that we expect to receive in 2026 instead of 2025

We remain committed to shareholder returns using both dividends and share buyback.

Despite the lower free cashflow outlook, we will maintain our dividend payout ratio of 30 to 40 percent and will continue our share buyback program as announced.

As a result, the anticipated shareholder returns for the financial year 2025 will exceed free cashflow.

Let’s now turn to our Financial Services segment.

Financial Services is a key component of our customer journey and an important part of our integrated value chain.

As a vital element of our financial operating model, the segment contributes consistently to our Group profit.

New business grew significantly during the third quarter, primarily driven by the changed competitive environment in China.

This contributed to a slight year-on-year increase of 1.9 percent in new leasing and financing contracts concluded with retail customers over the nine-months-period.

New business volume increased by 4.2 percent to 48.5 billion euros.

The penetration rate for lease and loan offerings rose by 4.1 percentage points to 46.4 percent.

Segment earnings amounted to more than 1.8 billion euros, a year-on-year decrease of 14.4 percent.

The decline is primarily attributable to the lower income from the resale of end-of-lease vehicles as well as a tax payment in the second quarter resulting from a revised operational tax assessment for prior years.

Resale income remains positive on a portfolio basis.

The credit loss ratio across the entire loan portfolio remained low at 0.26 percent.

In the Motorcycles Segment, deliveries increased solidly by 5.7 percent year-on-year.

EBIT for the second quarter totaled 60 million euros, resulting in an EBIT margin of 7.9 percent.

Let’s now turn to our outlook for the 2025 financial year.

Four weeks ago, we confirmed that the Auto EBIT margin will remain in the guided corridor of 5 to 7 percent – more specifically in the range of 5 to 6 percent.

We also confirmed that deliveries in the Automotive segment are expected to increase slightly.

At the same time, the BMW Group adjusted its guidance for the following two key performance indicators:

Group Profit before Tax, which we now anticipate to decrease slightly compared to 2024

Return on Capital Employed (RoCE) in the Automotive segment, which is now expected in a corridor between 8 and 10 percent

In the Motorcycles segment, deliveries are now expected to decrease slightly, whilst the EBIT margin range is confirmed between 5.5 and 7.5 percent.

In the Financial Services segment, we confirm a Return on Equity (RoE) in the range of 13 to 16 percent.

Ladies and Gentlemen,

We have invested early and significantly in the future of our company, in line with our long-term strategy.

Our technology clusters are ready – paving the way for the broad deployment of innovations across our complete product portfolio.

Our Gen6 battery technology will shortly hit the market and support profitability with cost savings of 40 to 50 percent for the battery pack.

After reaching their peak levels in 2024, we are reducing both capex and R&D, as planned.

We are also maintaining our consistent management of operational costs. This is reflected in our figures for the third quarter and through September, and it will continue to be visible going forward.

With our highly attractive products and the NEUE KLASSE, we have the right levers in place to continuously strengthen our global market position, today and in the future.

We believe that our 2025 profitability stands out in the current business environment, with a pre-tax profit decline only in the single-digit percentage range year-on-year.

And with our strong balance sheet as a solid foundation, we will deliver consistent returns for our stakeholders.

Thank you.

Attached please find the Quarterly Statement to 30 September 2025 for download.

The speeches and telephone conferences for journalists and analysts & investors will be broadcast live on our website https://www.bmwgroup.com/en/investor-relations/company-reports.html:

08.30 am (CET): Speeches Oliver Zipse and Walter Mertl
09.05 am (CET): Journalists Q&A
10.15 am (CET): Analysts & Investors Q&A

The online version of the BMW Group Report 2024 can be explored here: https://www.bmwgroup.com/en/report/2024/index.html

Munich. The BMW Group maintained its growth trajectory in the third quarter, with customer deliveries rising by +8.8%. This also reflects the positive impact of the base effect from a weaker prior-year quarter. From January to September 2025, the BMW Group delivered a total of around 1.8 million BMW, MINI and Rolls-Royce vehicles to customers, achieving slight sales growth of +2.4%. During the same period, the company increased sales of fully-electric vehicles by +10.0% to 323,447 units. Between January and September, the BMW Group delivered a total of 470,313 electrified vehicles (BEV and PHEV) to customers (+15.0%). 

“The BMW Group reported a slight sales increase for the year to the end of September. The strong sales performance in Europe and the Americas, as well as for the MINI brand, is particularly encouraging. Demand for our wide range of electrified vehicles also remains strong,” said Jochen Goller, member of the Board of Management of BMW AG responsible for Customer, Brands, Sales.

The BMW brand sold 514,620 vehicles in the third quarter (+ 5.7%). In the year to the end of September, sales were in line with the previous year (+0.1%), with a total of 1,585,580 units delivered to customers, including 395,998 electrified vehicles (+4.5%). The brand continued to increase sales across all regions outside of China, achieving particularly strong growth in the Europe and Americas regions, while the targeted sales increase in the Chinese market did not materialize as expected. BMW plug-in hybrids are in high demand. As a result, the brand increased its global deliveries of vehicles with this drive technology by +30.2% compared to the previous year.

Between January and September, BMW M GmbH delivered 158.182 units to customers, up +7.9% year-on-year. Following its most successful half-year ever, BMW M GmbH reported another strong third quarter, with sales rising 11,0% to 52,220 units.

The MINI brand remained on track for growth with the New MINI Family: In the third quarter, the brand delivered 72,376 units – an increase of +37.5%. From January to September, 206,214 vehicles were sold worldwide (+23.7%). During this period, MINI reported growth across all sales regions.

In the YTD September, the Rolls-Royce brand delivered 4,100 motor cars to customers – +3.3% more than during the same period of last year. In the first nine months of the year, BMW Motorrad delivered a total of 159,156 motorcycles and scooters to customers (-2.6%). In the third quarter, BMW Motorrad increased its deliveries to 53,247 units, a rise of +5.7%.

BMW Group sales in Q3/YTD September 2025 at a glance

¹BEVs and PHEVs                                                                                 

BMW & MINI sales in the regions/markets

²Provisional registration figures

The delivery figures reported in this press release are provisional and may change up until the BMW Group Report 2025 is published. Notes on how delivery figures are prepared can be found in the BMW Group Report 2024 on p. 427.

BMW Group Corporate Communications

Dr Sina Unger, Communications Sales

Telephone: +49 151 601 47564

Email: sina.unger@bmwgroup.com

Carolin Bachmann, Communications Sales

Telephone: +49 151 601 38801

Email: carolin.bachmann@bmwgroup.com  

Max-Morten Borgmann, head of Communications BMW Group, Finance, Sales

Telephone: +49 151 601-24118

Email: max-morten.borgmann@bmwgroup.com

Media website: https://newsroom.bmwgroup.com/global/en

Email: presse@bmwgroup.com

The BMW Group

With its four brands, BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial services. The BMW Group production network comprises over 30 production sites worldwide; the company has a global sales network in more than 140 countries.

In 2024, the BMW Group sold 2.45 million passenger vehicles and more than 210,000 motorcycles worldwide. The profit before tax in the financial year 2024 was € 11.0 billion on revenues amounting to € 142.4 billion. As of 31 December 2024, the BMW Group had a workforce of 159,104 employees.

The success of the BMW Group has always been based on long-term thinking and responsible action. Sustainability is a key component of the BMW Group’s corporate strategy – from the supply chain through production to the end of the use phase of all products. 

www.bmwgroup.com

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Munich. A new record for the sales of electrified vehicles from the BMW Group has been set: With the handover of a 3 Series plug-in hybrid model from the Munich plant to a customer, BMW has sold its three millionth vehicle with an electrified drive. This milestone was achieved through a significant increase in sales of fully electric models and plug-in hybrid models in the first half of 2025.

"With the delivery of the three millionth electrified vehicle, the BMW Group has reached another important milestone that underlines the fact that electrified vehicles are an elementary component of our technology-neutral product portfolio. Furthermore, more than one in four BMW Group vehicles sold in the first half of 2025 was already electrified”, says Jochen Goller, Member of the Board of Management of BMW AG Customer, Brands, Sales.

Europe is by far the largest market for electrified vehicles from the BMW Group. Over 60% of the BMW Group's global deliveries of electrified vehicles were made for the company's home continent. The share of electrified vehicles in the total sales of the BMW Group here already exceeds 40%. Especially, BMW's plug-in hybrid vehicles have recently enjoyed growing popularity, achieving a significant increase in sales in the first half of 2025 compared to the previous year.

In July, the BMW Group had already announced the sale of its 1.5 millionth fully electric vehicle, a fully electric MINI Countryman* from the Leipzig plant, which was delivered to a customer in Portugal. If all 1.5 million fully electric vehicles delivered by the BMW Group since the launch of the BMW i3 were lined up, they would stretch over 6,500 kilometers, roughly the distance from Munich to New York City.

The corporate strategy is consistently focused on electric, digital, and circular mobility for the future. Customers can currently choose from more than 15 fully electric models across all group brands, as well as more than ten plug-in hybrids. This includes the revised BMW iX*, which offers a range of over 700 kilometers according to WLTP. The BMW Group laid the foundation for this more than 50 years ago as a pioneer of e-mobility.

*Fuel consumption/emissions data: 

BMW 330e Touring: energy consumption weighted combined: 21,6 kWh/100 km and 0,9 l/100 km (WLTP); CO₂ emissions weighted combined: 20 g/km (WLTP); CO₂ classes: unloaded battery F; weighted combined B

MINI Countryman E: Electricity consumption combined: 17,4 – 15,7 kWh/100 km according to WLTP CO₂ emissions combined according to WLTP: 0 g/km; CO₂ Class: A

BMW iX xDrive60: energy consumption combined: 21,9 kWh/100 km (WLTP); CO₂ emissions combined: 0 g/km (WLTP); CO₂ class: A

If you have any questions, please contact:

BMW Group Corporate Communications

Carolin Bachmann, Communications Sales

Telephone: +49 89 382-38801

Email: carolin.bachmann@bmwgroup.com  

Dr Sina Unger, Communications Sales

Telephone: +49 89 382-47564

Email: sina.unger@bmwgroup.com

Max-Morten Borgmann, head of Communications BMW Group, Finance, Sales

Telephone: +49 89 382-24118

Email: max-morten.borgmann@bmwgroup.com

Media website: https://newsroom.bmwgroup.com/global/en

Email: presse@bmwgroup.com

About the BMW Group

With its four brands, BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial services. The BMW Group production network comprises over 30 production sites worldwide; the company has a global sales network in more than 140 countries.

In 2024, the BMW Group sold 2.45 million passenger vehicles and more than 210,000 motorcycles worldwide. The profit before tax in the financial year 2024 was € 11.0 billion on revenues amounting to € 142.4 billion. As of 31 December 2024, the BMW Group had a workforce of 159,104 employees.

The success of the BMW Group has always been based on long-term thinking and responsible action. Sustainability is a key component of the BMW Group’s corporate strategy – from the supply chain through production to the end of the use phase of all products. 

www.bmwgroup.com

LinkedIn: http://www.linkedin.com/company/bmw-group/

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Ladies and Gentlemen,

Good morning.

Thanks to the strength and foresight of our strategy, our attractive product portfolio and our global team and operations, the BMW Group is built to weather various conditions.

This is what separates us from the competition. And it underscores that there is not ONE automotive industry – major players are currently performing quite differently.

Through the first half-year, our sales performance demonstrates the appeal of our global brands and the ongoing success of our broad technological approach.

After confirming our original guidance from our Annual Conference after the first quarter results, we remain on track with our financial targets for the year – despite ongoing tariff uncertainty and fluctuations in the Chinese market.

Unpredictability is a longstanding feature of the auto industry and is the norm in today’s business environment. What is decisive is how you deal with it. Because global success is rather predicated on your ability to anticipate developments and to respond rationally and efficiently.

That is fundamental to the BMW Group. And we are building upon our leading position in the industry.

The overall global automotive market is growing. We are always ready to profitably gain market share wherever individual market conditions allow. As dynamics in the industry shift, we know exactly where we are placed with our premium brands and where we can pursue opportunities – maintaining a healthy balance of value and volume.

Over many decades, we have built up a comprehensive and balanced network of sales, production and supply chain operations spanning the major regions. This makes us one of the few truly global players in the industry and our deep roots in global markets offer us many advantages.

First, they allow us to tap into leading-edge developments in the individual markets and understand specific customer needs. Our ties to research universities, our R&D network and IT hubs and our network of local tech partners enable us to leverage key competencies from individual markets for our global products and strategy.

Second, through our extensive footprint in key markets, we remain resilient in the face of geopolitical instability and ever-increasing regulation.

Finally, our strong ties also allow us to engage in direct discussions with key political decision-makers, who value our perspective. Here, it is not just about our individual interests, but rather finding solutions for customers worldwide and driving shared economic prosperity.

The BMW Group welcomes the fundamental agreement between the European Union and the United States to reduce tariffs on both sides of the Atlantic. It’s now important to quickly finalize and implement the agreed measures.

We will continue to advocate for trade between the EU and the US not be hindered by import tariffs. The currently agreed US tariffs also burden European exports, affecting consumers and globally operating companies. Therefore, we urge both sides to continue working towards market openness and the convergence of technical regulations.

Through our global production network and supply chains, we maintain high flexibility to respond to fluctuations. Our production plants are attuned to market demand, allowing us to achieve capacity utilization above the industry standards.

At our largest single plant in Spartanburg in the United States, for example, we produce over 400,000 vehicles annually. Over half of which serve the local market and half of which we export. Across the United States we have created extensive value chains as well as a competency hub for our global X Family of vehicles in Spartanburg, which remain in high demand across the entire globe.

BMW made in America and sold to the world.

This combination of leveraging the competitive advantage of the US market in SUVs with BMW’s brand strength allows us to develop products which speak to customers’ needs in markets worldwide.

For the current financial year, our sales results continued into Q2 in line with our expectations, as conditions continue to vary from market to market. In Q2, we saw a sequential improvement from Q1.

Outside of China, all three of our major sales regions posted growth.

Group sales in these markets combined to grow by 6.3% through the first six months of the year.

Group sales in Europe grew overall by 10.2% in the second quarter and in Germany alone by over 10%, with growth in most markets outpacing the passenger vehicle market. Overall, the BMW brand increased its market share in Europe.

Among the most successful BMW models were those in the business class segment. In the first half of the year, the BMW 5 Series saw growth of more than 40% worldwide compared to 2024.

Other notable models that saw success included the BMW X2 models, which more than doubled sales through June.

With the full availability of the new MINI family, the brand grew in all regions worldwide, including in China. In the first half of the year, more than one in three MINIs sold was a BEV.

Rolls-Royce increased deliveries by nearly 10% in the second quarter, driven by strong sales from the Cullinan Series II*.

Drivetrains and model variants across the portfolio continued to see success in Q2. BMW M sold nearly 106,000 vehicles through June, the best-ever first half-year for the brand.

Sales of plug-in hybrid models from the BMW brand grew by almost 30% in the first six months. Our BEV models continue to be a fundamental pillar of our strategy. In the second quarter, we achieved an important milestone, with the delivery of our 1.5-millionth all-electric vehicle. Across the portfolio, we now offer more than 15 all-electric models.

In Europe, the Group’s BEV share reached 25%. With PHEVs included, the electrified share reached nearly 40%. Across all brands, BMW is the third best-selling BEV brand in Europe.

While we are proud of our position as a leading BEV player, we know that the world is multi-dimensional.

To meet consumer needs, especially in a product as complex and personal as a car, there is no single answer. Our Q2 results show that we can serve multiple preferences simultaneously: BEVs, PHEVs and our M models all achieved growth.

The most effective strategic approach is to use all technologies to reduce CO2 emissions overall. We remain committed to the goals of the Paris Climate Agreement, while advocating for a review of the 2030 and 2035 targets in the EU.

To achieve these goals and create effective CO2 regulations, we must take a comprehensive view across the entire value chain. This would consider all emissions across the entire life cycle and not just tailpipe emissions: from the supply chain to the raw materials used in the car, the production process, the vehicle drive, energy used to power the vehicle, and finally to recycling.

A dependency on a single technology can be damaging to an industry. Putting all your eggs in one basket is just poor asset allocation.

Hydrogen, for example, offers Europe an opportunity to use our expertise and take the lead on an emerging technology that will contribute to our climate goals. And, unlike BEVs, without the need for large amounts of raw materials or battery technology which are not localizable at large scale in Europe.

Beyond drivetrains, there is great potential with alternative fuels. There are more than 250 million vehicles in the EU, which could now immediately contribute to climate protection. But this requires a clear regulatory pathway and targeted investments in the ramp-up of all renewable fuels.

Take HVO100 as an example. While it is already available in markets across Europe, tax schemes and the CO2 fleet targets need to recognize this renewable fueling option to incentivize customer adoption. This would help in scaling an alternative fuel that has a 90% CO2 saving compared to normal fuels and can already be accessed today. For OEMs and customers, this is also a cost-effective way to reduce emissions in the use phase.

For Europe to maintain competitiveness and finance its future, we need to invest not only in new technologies, but also leverage our existing technologies, which can meet customer preferences and still contribute to climate targets.

For the BMW Group, we are now just five weeks away from the next major innovation step, which our entire company has been fully focused on for many years now: the launch of the NEUE KLASSE.

On September 5th, we will celebrate the world premiere of the all-new BMW iX3* at the IAA Mobility here in Munich.

In June we hosted media representatives at the pre-drive event in Miramas in southern France. The initial feedback has been tremendous.

We remain right on time with the launch, including at our new Plant in Debrecen. Construction also continues at our battery assembly facility in Irlbach-Straßkirchen.

With the NEUE KLASSE, we are making great strides in all relevant technology fields – whether in electrification, digital user experience, driving dynamics or sustainability.

The new BMW iX3 will be benchmark in the industry.

The all-electric 6th generation powertrain will set standards in performance and efficiency:

• powered by our battery cells developed in house, with 20% more energy density:
• an electric range of up to 800 kilometers according to WLTP;
• With 400-kilowatt maximum charging, customers will be able add over 350 kilometers to their vehicle’s range in just 10 minutes according to WLTP;
• And with an energy consumption of 15 kilowatt hours per 100 kilometers.

In addition, our revolutionary new iDrive will change the way the driver interacts with the car. With the BMW iDrive, we set an industry standard more than twenty years ago. After the reveal of the all-new Panoramic iDrive at CES in January, we are already seeing the industry follow our lead.

With the technology clusters we have developed for the NEUE KLASSE, we will scale our advanced technologies across the portfolio. We will start in the core segment to build momentum quickly. This is simply smart economics.

By 2027, we will bring 40 new models and model updates with NEUE KLASSE technology and design language on the road worldwide.

Our technology cluster approach also allows us to integrate market-specific features and content. In our major sales regions, we have a variety of local solutions with leading partners. This allows us, for example, to further enhance the digital user experience as well as automated driving functions in our upcoming NEUE KLASSE models.

In China, we are collaborating with Alibaba Banma to develop the next level of intuitive and conversational in-car voice interaction. We will also enhance our BMW Intelligent Personal Assistant with functionality from DeepSeek in our vehicles in China.

In most other countries, the next-gen BMW intelligent personal assistant will be powered by large language model technology from Amazon Alexa.

For driving assistance systems that meet local needs and regulations, we have also sought out partners in different geographies. Always following our philosophy in this area: smart, symbiotic and safe.

Just two weeks ago, we announced a new partnership with Momenta, a leading Chinese ADAS technology provider. The partnership will focus on software development and integration for Chinese road-networks, traffic-conditions and user expectations, utilizing advanced AI algorithms and data driven development methods. We will launch the systems in China starting with our NEUE KLASSE.

In other markets, we continue to build on our already very successful partnership with Qualcomm.

These examples show how adaptive the NEUE KLASSE architecture is.

With a software-defined vehicle, we maintain competency over all systems of the car and can roll them out to markets at the same time across the world. But we also are able to quickly integrate local tech stacks into our own ecosystem to give consumers access to innovations and features they are used to.

And through backward integration of software solutions available for all aspects of the vehicle over the air, we will continuously enhance the customer experience.

This is a huge advantage for us.

Ladies and Gentlemen,

Our consistent strategic approach and continued success is not a coincidence but the result of resolute, long-term planning and orientation. It is a multi-year process in every area of the company.

This is what our stakeholders expect from us.

The BMW brand is a promise. And we deliver on our promises.

We continue to build upon the strong position we are in today.

With the rollout of NEUE KLASSE technologies and products over the next two years, we will bring the company to a whole new level.

Thank you.

SLIDE 2: BMW Group Half-Year Report to 30 June

Good morning,

Ladies and Gentlemen,

After the first six months of the year, the BMW Group remains on track to meet its full-year targets for 2025.

As expected, tariffs weighed significantly on financials in the second quarter.

Nevertheless, the BMW Group achieved Group earnings before tax of over 5.7 billion euros and a Group EBT Margin of 8.5 percent in the first six months.

SLIDE 3: BMW Group Performance in Q2 2025

In the second quarter, deliveries to customers at Group level increased by 0.4 percent year-on-year.

As of June, BMW Group global sales remained on par with last year.

All-electric vehicles made an important contribution with a share of total sales of 18.3 percent.

The share of electrified vehicles – meaning either a BEV or a plug-in hybrid – even amounted to 26.4 percent.

Group earnings before tax totaled over 2.6 billion euros in the second quarter and over 5.7 billion euros after 6 months.

This resulted in a Group EBT margin of 7.7 percent in Q2 and 8.5 percent in the first half-year.

The operating profit in the Automotive segment reached 1.6 billion euros in Q2 and over 3.6 billion euros after 6 months.

This led to an Automotive EBIT margin of 5.4 percent for the second quarter and 6.2 percent for the year to the end of June – both within our full-year guidance of 5 to 7 percent.

Excluding the depreciation resulting from the purchase price allocation of BBA, the margins came in at 6.5 percent for the second quarter and 7.3 percent through six months.

SLIDE 4: Automotive Retail Units, BEV Units, Auto Revenue and Auto EBIT

Let’s take a look at how the Automotive Segment performed across key metrics.

Between April and June, deliveries of BMW, MINI and Rolls-Royce vehicles to customers were on previous year’s level with 621,000 units.

We saw sales growth in all regions except China.

The BMW brand declined slightly by 2.6 percent compared to the second quarter of 2024.

Outside of China the brand grew by 4.7 percent.

MINI benefitted from the full availability of the entire model range and reported a significant year-on-year growth of 33.2 percent in the second quarter across all regions.

Retail sales in Q2 were especially strong in Europe, with double-digit growth of 10.2 percent year-on-year.

The European order intake for BMW remains strong, with an order bank reaching well into the fourth quarter.

The US reported a growth of 1.4 percent in Q2.

In China, retail sales levels in the first six months of 2025 were down 15.5 percent compared to the previous year.

However, during the second quarter we saw a slight sequential improvement month by month.

Sales of our all-electric vehicles continued to grow.

In the second quarter, we delivered more than 111,000 all-electric vehicles to customers.

Automotive segment revenues decreased moderately by 8.4 percent to 29.4 billion euros in the second quarter.

Adjusted for currency translation effects, the decrease was 5.3 percent, mainly due to lower sales volume in China.

Segment EBIT for the period from April to June totaled 1.6 billion euros.

The EBIT margin came in at 5.4 percent for the quarter and 6.2 percent for the half-year.

These margins include the negative effects from tariffs, which amounted to around 2 percentage points in the second quarter and around 1.5 percentage points in the first six months.

That brings me to my next slide, to take a detailed look at the year-on-year changes in the operational result.

SLIDE 5: Automotive Segment EBIT in Q2

Automotive EBIT declined by around 1.1 billion euros compared to the second quarter of 2024.

More than half of this difference is due to the impact of tariffs, which is included in the position Other.

Changes in currency and raw material positions were neutral in Q2.

In the second half year, we expect a headwind year-on-year.

The net balance of volume, model mix and pricing effects negatively impacted EBIT by 300 million euros in the second quarter, compared to the previous year.

Volume and model mix combined were neutral.

Pricing continues to be a headwind year-on-year, however to a much lesser extent than in the first quarter.

Competitive pressure remains strong, especially in the Chinese market. Here, price levels of the second half of 2024 continued into the first half-year of 2025, as expected.

Research and development expenses decreased by about 200 million euros compared to the prior-year quarter.

Group R&D expenditure as of June totaled 4 billion euros, slightly below previous year.

The R&D ratio according to the German Commercial Code came in at 6 percent after six months.

For the full year, R&D expenditure will be below last year’s level, and it will steadily decrease over the next years.

Selling and administrative expenses also decreased by around 100 million euros compared to the previous year.

The year-on-year headwind of 1.1 billion euros from Other Cost Changes can mainly be attributed to two factors:

• First, higher tariffs in the US and anti-subsidy tariffs imposed by the EU Commission on electrified vehicles from China
• And second, the sale of end-of-lease vehicles. Here, resale income was lower than in the second quarter of 2024, yet remains positive on a portfolio basis

SLIDE 6: Automotive Segment Free Cash Flow in Q2

Free cash flow in the Automotive Segment totaled about 1.9 billion euros in the second quarter.

Segment EBT amounted to 1.6 billion euros, which is 1 billion euros lower than in the previous year’s quarter.

The net change in working capital reduced free cashflow by around 300 million euros.

The net effect from capital expenditure and depreciation had an impact of 200 million euros in the second quarter.

Capital expenditure for the first half-year amounted to around 2.7 billion euros, a significant year-on-year reduction of around 700 million euros.

The capex ratio was 4.5 percent for the second quarter and 4 percent for the first six months.

After the peak in 2024, capex will decrease for the full year 2025.

We expect a capex ratio below 6 percent for 2025.

Changes to provisions negatively impacted free cash flow in the second quarter by around 200 million euros. This was mainly due to the consumption of warranty provisions.

The change in the position Other of around 1 billion euros reflects the development of a set of various topics, including accrued expenses, interest and advance payments received, income taxes and liabilities for tariff expenses not yet paid out.

After the first six months, Automotive Segment free cash flow is on previous year’s level with just over 2.3 billion euros.

For the full year, we are targeting a free cash flow of over 5 billion euros.

Our strong free cash flow generation enables us to further execute our consistent shareholder return strategy.

In May of this year, the Annual General Meeting authorized the Board of Management to buy back up to 10 percent of BMW AG's share capital over the next five years.

Based on this authorization, a third share repurchase program with a volume of up to 2 billion euros was approved.

It should be completed by April 30, 2027, at the latest.

The first tranche of 750 million euros began in May and will be completed no later than December 8th of this year.

SLIDE 7: Financial Services Segment in H1

Let’s move on to the Financial Services Segment.

The number of new contracts, concluded with retail customers in the first half year, reached almost 825,000 contracts, a slight decrease of 3 percent year-on-year.

This is due to the challenging situation on the Chinese market, which led to a moderate decrease in new credit financing business.

The new leasing business continued its dynamic growth in the first six months of the year.

The penetration rate for lease and loan offerings increased by 2.5 percentage points to 43.7 percent.

Driven by a higher average financing amount per contract, new business volume was on previous year’s level despite the slight decrease in new contracts.

Segment earnings amounted to just under 1.2 billion euros, a year-on-year decrease of 19.5 percent.

This results mainly from two topics:

• An addition to provisions following the receipt of a revised operational tax assessment for prior years.
• And the resale income of end-of-lease vehicles, which was lower than in the second quarter of 2024, yet remains positive on a portfolio basis

The credit loss ratio across the entire loan portfolio remained at a low rate of 0.27 percent.

SLIDE 8: Motorcycles Segment in Q2

In the Motorcycles Segment, deliveries decreased moderately by 8 percent year-on-year.

Segment revenues decreased by 2.8 percent.

Adjusted for currency translation effects, they were on par with the second quarter of 2024.

Segment EBIT in the second quarter totaled 136 million euros, with an EBIT margin of 14.2 percent.

SLIDE 9: Outlook 2025

Ladies and Gentlemen,

Our outlook for the full year is based on assumptions, which are described in detail in our half-year report.

Let me briefly mention some key factors for our business development in 2025.

In China, we have been observing increased monitoring of the automotive market by local regulatory authorities since the last two weeks of June.

This also affects commission payments from local banks to dealerships in connection with brokering retail financial and insurance products, payment terms to the supplier base as well as increased scrutiny of price competition.

Dealer commissions were significantly reduced by local banks in June.

We are closely following these developments and their potential impact on the Chinese automotive market.

Ladies and Gentlemen,

As you recall, our guidance given in March included all tariffs in force as of March 12th.

In our quarterly statement for Q1, we had assessed and included all tariff increases announced as of May 7th and confirmed our original guidance based on certain assumptions.

And in today’s half-year report, we maintain our consistent approach and have also incorporated the effects of all latest announcements.

According to the announcements on July 27th, an agreement between the US and the EU regarding the tariff situation is emerging.

Based on published information by the respective authorities, we expect partial reductions of the currently applicable tariffs between the US and the EU from August 1st.

Additionally, tariff negotiations across the globe are ongoing and may result in further changes.

Therefore, the expected impact from tariffs on our full-year results can still only be estimated based on certain assumptions.

For the full year 2025, we currently expect a burden from tariffs of around 1.25 percentage points on the EBIT margin in the Automotive segment, including mitigations.

Based on our assumptions, the full-year outlook remains unchanged.

On a Group level, we are targeting earnings before tax at previous year’s level.

In the Automotive segment, we expect a slight increase in deliveries and an EBIT margin in a corridor between 5 and 7 percent.

The EBIT margin in the Motorcycles Segment should come in at between 5.5 and 7.5 percent.

In the Financial Services Segment, we expect a Return on Equity in the range of 13 to 16 percent.

SLIDE 10: Q2 and H2 Profitability within Full-Year Target Corridor

Ladies and Gentlemen,

The BMW Group is a truly differentiated global player.

We set ourselves apart in the automotive industry with our global footprint and our highly flexible operations.

This strong strategic positioning enables us to mitigate the impact of tariffs and allows us to adapt swiftly to changing market conditions.

The BMW Group has a focused strategy and a clear plan how to effectively navigate our operating business.

As a result, we were able to provide a comprehensive guidance for the year 2025 in March, including the impact of tariffs.

And we delivered an EBIT margin within the full year target corridor of 5 to 7 percent both in the second quarter and for half-year.

At the BMW Group, we are steering our business carefully and in a consistent manner.

During the last years, we significantly invested in the future of our company, in line with our long-term planning.

In 2024, both capex and R&D reached peak levels.

Starting in 2025, we are reducing R&D and capex spending, as planned.

Our operating costs are also decreasing compared to prior year. Just as in Q1, this is again evident in our Q2 figures.

Based on the results of the first six months, we once again confirm our full-year targets for 2025.

And we remain committed to our long-term goals

of premium profitability and capital return to create value

for all our stakeholders.

Thank you.

Attached please find the Half-Year Report to 30 June 2025 for download.

The speeches and telephone conferences for journalists and analysts & investors will be broadcast live on our website https://www.bmwgroup.com/en/investor-relations/company-reports.html:

08.30 am (CEST): Speeches Oliver Zipse and Walter Mertl
09.05 am (CEST): Journalists Q&A
10.15 am (CEST): Analysts & Investors Q&A

The online version of the BMW Group Report 2024 can be explored here: https://www.bmwgroup.com/en/report/2024/index.html

Munich. The BMW Group showed strong resilience in the first half of the year – building on a solid foundation of consistent strategy, robust customer demand, sustained cost discipline and high flexibility. With sales volumes stable at over 1.2 million premium vehicles, and with potential for further growth, the company reported Group earnings before tax of more than € 5.7 billion and an EBT margin of 8.5% in the first six months of 2025.

The Automotive Segment EBIT margin came in at 6.2%, placing it in the upper half of the 5.0-7.0% annual target range, published in March. The segment's free cash flow for the first half-year was € 2.345 billion. At the six-month mark, the BMW Group is therefore on track to meet its targets for the year.

"Our performance in the first half of 2025 once again underscores the robustness of our business model. Our success today, as well as in the future, is based on three strong pillars: our global footprint, our strength in innovation, and our technology-neutral approach with highly attractive products," said Oliver Zipse, Chairman of the Board of BMW AG. "In September, we will begin a new era for BMW when the first vehicle of the NEUE KLASSE makes its debut at the IAA Mobility. With the BMW iX3*, we are kicking off an unprecedented product ramp-up: by 2027, we will launch more than 40 new and revised models across all segments and drive types. Each vehicle will embody the innovative technology clusters and the new design language. This way, we connect technological advancement and exciting products with strategic foresight and economic efficiency."

By offering different drive technologies and a comprehensive range of models, the premium manufacturer from Munich is able to meet diverse customer preferences, reporting growth across numerous markets: Outside of China, BMW deliveries rose across all sales regions, with the brand recording slight growth of +4.7%.

Benefiting from full availability of the New MINI Family, the British cult brand reported significant growth of 17.4% in the first half of the year, with a total of 133,838 vehicles sold. MINI deliveries increased in all regions of the world.

In Europe, the BMW Group posted solid sales growth of +8.2%, with 498,670 units sold (Q2 deliveries: 256,487 units; +10.2%).
In the Americas region, deliveries increased by +3.4% to 237,972 vehicles (Q2: 123,254 units; +1.7%).

Deliveries in the US market rose by +2.7% year-on-year, with a total of 193,826 vehicles delivered to customers (Q2: 98,856 units; +1.4%).

Electrified models and BMW M vehicles with increased sales volumes

With a 26.4% share (Q2: 26.0%) of total sales in the first six months, more than one in four BMW Group vehicles delivered – precisely 319,031 units – was electrified. Europe recorded the highest growth rates for BEVs and PHEVs, at 34,8%.

Alongside electrified vehicles (+6.5%), the high-performance models of the BMW M brand were the main growth drivers for the BMW brand: With nearly 106,000 vehicles sold (+6.5% compared to HY1 2024), BMW M GmbH reported the highest first-half-year sales in its history. The BMW M3* and BMW M3 Touring*, together with the BMW M5* and BMW M5 Touring* introduced at the start of the year, made a significant contribution to this result.

MINI grows with BEV models

MINI’s sales growth also stemmed mainly from MINI BEVs: the MINI Cooper Electric*, the MINI Aceman Electric* and the MINI Countryman Electric*. With a 34.3% share in the first half-year, more than one in three MINIs delivered to customers worldwide was battery-electric.

In the first half of 2025, the Rolls-Royce brand built on the previous year’s strong sales performance, delivering 2,796 handcrafted luxury motor cars to customers (-0.8%). In the second quarter, it increased its sales by +9.4% year-on-year to 1,415 units.

The growing percentage of electrified vehicles confirms the BMW Group's successful approach of offering its customers a broad range of models, all available with different drive technologies. More than 15 fully-electric vehicles and 12 PHEVs are currently available. In the second quarter of 2025, the BMW Group reached a major milestone in its drive train strategy, with the delivery of its 1.5-millionth BEV since the launch of the first BMW i3 in 2013.

Group EBT margin of 8.5% in first half-year

Group revenues for the first half-year totalled € 67,685 million(2024: € 73,558 million/-8.0%; adjusted for currency translation effects: -7.1%; Q2: € 33,927 million; Q2 2024: € 36,944 million; -8.2%; adjusted for currency translation effects: -5.5%).

Compared with the previous year, revenues were pressured by currency translation headwinds and the expected subdued demand in China. The positive impact of strong growth in new leasing business at BMW Group Financial Services resulted in higher revenue eliminations between segments, which dampened Group revenues.

Following a peak in R&D spending and capital expenditure in 2024, this trend was reversed, as expected, in the first half of the year – without compromising the premium manufacturer's commitment to innovation leadership.

Driven by a strong operating performance, the BMW Group’s expenditure for research and development totalled € 4,020 million  in the first six months of the year (2024: € 4,169 million/-3.6%). This figure was down slightly on the previous year, despite intensive preparations for the upcoming models of the NEUE KLASSE, including the BMW iX3 and other successor models. R&D spending focused on digitalisation of the vehicle fleet and electrification across all model series. As planned, administrative and sales expenses were reduced, and capital expenditure for property, plant and equipment also declined.

Between January and June, the BMW Group reported pre-tax earnings (EBT) of € 5,727 million (2024: € 8,023 million/-28.6%; Q2: € 2,614 million; Q2 2024: € 3,861 million; -32.3%).

The EBT margin for the first half year was 8.5% (2024: 10.9%; in Q2: 7.7%; Q2 2024: 10.5%). Group net profit for the first half of the year totalled €  4,015 million (2024: € 5,656 million/-29.0%; Q2: € 1,842 million/-31.9%).

Automotive Segment EBIT margin within annual target range

In the first half of the year, the Automotive Segment generated revenues of € 58,654 million (2024: € 63,009 million/-6.9%; adjusted for currency translation effects: -5.9%; Q2: € 29,443 million; -8.2%; adjusted for currency translation effects: -5.3%). This year-on-year decrease was mainly due to currency translation headwinds and due to the expected decline in sales revenues in China. 

Segment earnings before financial result (EBIT) for the first half-year amounted to € 3,626 million (2024: € 5,394 million/-32.8%; Q2: € 1,602 million; -40.3%). The EBIT margin came in at 6.2% (2024: 8.6%; Q2: 5.4%). Excluding depreciation and amortisation from the BBA purchase price allocation, the EBIT margin for the first half-year was 7.3%. The impact of tariff increases – particularly the European Commission’s anti-subsidy measures on Chinese BEVs and the sharp rise in US tariff duties – created headwinds in the automotive segment corresponding to the amount of around 1.5%-points of its EBIT margin in the first half-year.

“Even despite higher tariffs, the BMW Group’s business model remains intact – our popular premium vehicles, global competitive strength and high level of resilience provide us with a strong and sustainable foundation. Our footprint in the US is helping us limit the impact of tariffs,” said Walter Mertl, member of the Board of Management responsible for Finance, during the quarterly conference call in Munich. “Thanks to precise financial control, based on calculated forecasts, we are firmly on track to achieve our targets for the year at the six-month mark. Higher efficiency and optimised cost structures also contribute to achieving our financial goals.”

Free cash flow of € 2,345 million in Automotive Segment in YTD June

After six months, free cash flow in the Automotive Segment totalled € 2,345 million (2024: € 2,289 million) and was thus on track for the annual guidance. 

The BMW Group is still targeting a free cash flow of > € 5 billion in the Automotive Segment for the full year.

From January to June, capital expenditure for property, plant and equipment and intangible assets amounted to € 2,736 million (2024: € 3,456 million/-20,8%). The capex ratio came in at 4.0% (Q2: 4.5%; HY1 2024: 4.7%; Q2 2024: 5.8%).

Dynamic performance continues in Financial Services Segment

In the Financial Services Segment, dynamic growth in new leasing business continued in the first six months of the year: The volume of new leasing business rose significantly (+9.5%), with the leasing share of total new business increasing to 40.0% (2024: 35.5%/+4.5% percentage points). The segment concluded a total of 824,672 new financing and leasing contracts worldwide in the first half of the year (2024: 849,908 contracts/-3.0%). This represents a slight year-on-year decrease, owing to the lower number of new contracts concluded in China.

The percentage of new BMW Group vehicles leased or financed by the Financial Services Segment reached 43.7% by the end of the reporting period (2024: 41.2%/+2.5 percentage points).
Thanks to a higher financed amount per vehicle, the volume of new business remained stable at € 31,893 million in the first half of 2025 (2024: € 31,677 million/+0.7%).

In the six-month period, the Financial Services Segment achieved earnings before tax of € 1,192 million (2024: € 1,481 million/-19.5%). In addition to allocations to provisions, the decline in earnings was primarily driven by lower income from the resale of end-of-lease vehicles in the year-on-year comparison, with the number of such vehicles remaining below the previous year's level.

During the reporting period, the credit loss ratio stood at 0.27% across the entire loan portfolio (2024: 0.25%).

BMW Motorrad half-year EBIT margin reported at 12.0%

In the year to the end of June, BMW Motorrad delivered 105,909 motorcycles and scooters to customers (2024: 113,072 units; -6.3%). The segment EBIT margin came in at 12.0% (2024: 11.6%) 

BMW AG continues share repurchase programme

The Annual General Meeting in May 2025 authorised the Board of Management to buy back up to 10% of BMW AG's share capital over the next five years. Based on this new authorisation, the Board of Management has approved a third share repurchase programme with a volume of up to € 2 billion, to be completed no later than 30 April 2027. Acquisition of the first tranche of € 750 million began in May 2025 and will be completed no later than December 2025. This underlines the consistent execution of the company’s shareholder return strategy.

BMW Group on course to meet guidance

The latest forecasts of IMF expect a global economic growth of 3.0% this year – eventually impacted by current trade disputes, the potential for higher inflation and ongoing uncertainties among companies and consumers.

The BMW Group expects increasing demand in many markets in 2025, driven by a stabilizing inflation rate and further moderate interest rate cuts. In China, high competition alongside with significant growth are further forecasted, particularly within the lower price segments.

In the USA, permanent tariffs could manifest in rising inflation. US trade policy and potential countermeasures from other countries may lead to slower global economic development.

The forecast published in the BMW Group Report 2024** in March 2025 took into account all tariff increases that had come into effect by March 12, 2025. Following the announcements on July 27, 2025, an agreement between the USA and the EU regarding the customs situation has been reached. Based on this, the BMW Group expects a partial reduction of the currently applicable mutual tariffs for automobiles and production parts from 1 August 2025. Due to the dynamic developments and ongoing negotiations, the expected tariff effects for the current fiscal year can still only be represented through assumptions regarding continuing negotiations. The forecast also includes mitigating measures to dampen the impact of the increased tariffs. In the fiscal year 2025, the BMW Group expects a tariff-related impact of approximately to 1.25 percentage points on the EBIT margin in the Automotive segment.

Given the sustained demand for its attractive premium vehicles, the BMW Group is able to confirm its guidance for the year.

The company expects slight growth in sales, with the share of fully electric vehicles in deliveries rising slightly.

Due to the factors mentioned above, Group earnings before tax are expected to be on a par with the previous year.***The EBIT margin for the Automotive Segment is forecast to be within the range of 5.0-7.0%. RoCE should be between 9-13%.

In the Financial Services Segment, RoE is projected to be between 13-16%.

In the Motorcycles Segment, a slight increase in sales and an EBIT margin within the range of 5.5-7.5%are forecast, with a RoCE of 13-17%.

The above targets will be achieved with the current number of employees.

The BMW Group’s actual business performance may deviate from the expectations described above – for example, due to changes in political and macroeconomic conditions. Earnings risks could arise, among other things, from changes in customs policy, while opportunities lie in a reduction of existing tariffs or their validity period. The company continues to monitor macroeconomic developments very closely.