Bayerische Motoren Werke AG

Latest Results (02.06.2026):

Bayerische Motoren Werke AG — third quarter 2025 (quarter ended 30 September 2025): the Group reported stable Q3 revenues with a markedly stronger quarterly profit before tax, continued delivery growth and a mixed picture across regions and segments. Q3 group revenue was €32,314m, profit before tax €2,329m (Q3 2024: €838m) and the Q3 EBT margin was 7.2%. Deliveries in Q3 were 588,140 units (+8.7%). The company reiterated confidence in achieving its adjusted 2025 targets despite market headwinds, especially in China.

Group headline results (Q3 2025)

Q3 Group revenues €32,314m (–0.3% y/y), profit before tax €2,329m (vs €838m a year earlier). Q3 net profit €1,697m (vs €476m). Q3 EBT margin 7.2% (Q3 2024: 2.6%). Improvements in the quarter were supported by fair-value gains on interest-rate hedges and stronger operating performance outside China.

Nine‑month (Jan–Sep 2025) overview

Jan–Sep Group revenues €99,999m (–5.6% y/y), profit before tax €8,056m (–9.1% y/y) and EBT margin 8.1% (2024: 8.4%). Group net profit for the period was €5,712m (–6.8%). The year‑to‑date result reflects weaker China revenues, tariff-related customs costs and lower revenues from lease returns.

Automotive segment

Q3 Automotive revenues €28,510m (+2.4% y/y) and Q3 EBIT €1,494m (EBIT margin 5.2%). Jan–Sep Automotive revenues €87,164m (–4.1%), EBIT €5,120m (EBIT margin 5.9%). Deliveries: Q3 588,140 units (+8.7%); Jan–Sep 1,795,734 units (+2.4%). Margin pressure YTD arose from intense competition in China and higher customs/tariff costs (approx. –1.5 pp impact on YTD EBIT margin).

Electromobility and deliveries

BEV share in the nine‑month period rose to 18.0% (2024: 16.8%); electrified vehicles (BEV+PHEV) made up 26.2% of deliveries (2024: 23.3%). Q3 BEV share was 17.5% (Q3 2024: 19.1%). The Group delivered 470,287 electrified vehicles Jan–Sep (+15.0% y/y).

Financial Services

Q3 Financial Services revenue €9,607m (+3.0% y/y); Q3 profit before tax €644m (slightly below prior year). Jan–Sep new business volume rose to €48.5bn (+4.2% y/y) and total portfolio volume was €147.4bn (–2.5% y/y). The number of managed lease/credit contracts remained broadly stable; fleet and leasing growth supported segment volumes. Lower remarketing income from lease returns weighed on YTD profitability.

Cash, free cash flow and liquidity

Automotive free cash flow Jan–Sep 2025 was €2,688m (vs €–191m a year earlier), reflecting lower investing cash outflows and stronger operating cash inflows. Group liquidity stood at ~€19.8bn as at 30 Sep 2025.

Capital return and balance‑sheet actions

BMW launched a third buyback program (authorised up to €2.0bn). First-tranche repurchases through 30 Sep 2025: 5,050,102 common shares (€413m) and 1,193,894 preferred shares (€91m). Total treasury shares at 30 Sep 2025: 6,243,996 (≈1.01% of share capital). The company also issued bonds (~€13.8bn) and completed asset‑backed financings to manage funding.

Outlook and key drivers

The report notes market headwinds in China, tariff-related cost burdens (US and EU anti-subsidy measures) and lower lease‑return revenues as primary drags. Management maintains confidence in reaching adjusted 2025 targets, citing product renewals (NEUE KLASSE roll-out), cost discipline and growing electrified sales as supporting factors.