Bayerische Motoren Werke AG

Latest Results (21.11.2025):

Bayerische Motoren Werke AG — third quarter of 2025 (Q3 2025) and year‑to‑date through September 2025: BMW reports resilient results with Group pre‑tax earnings above €8.0 billion YTD, modest sales growth in Q3, disciplined cost reduction and lower investment spending, while confirming its adjusted full‑year targets. The company highlights improved free cash flow and continued strength in electrified and M models despite competitive and currency headwinds.

Group earnings and margins

Group EBT was €8,056m YTD September 2025 with an EBT margin of 8.1%; Q3 EBT was €2,329m (Q3 margin 7.2%). Group net profit YTD was €5,712m.

Revenues

Q3 revenues: €32,314m (‑0.3% YoY; +3.4% adjusted for currency). YTD revenues: €99,999m (‑5.6% YoY; ‑3.9% currency‑adjusted).

Automotive segment performance

Automotive revenues YTD €87,164m; EBIT YTD €5,120m with an EBIT margin of 5.9% (5.2% in Q3). Excluding BBA PPA depreciation, the Automotive EBIT margin was 7.0% YTD (6.3% in Q3).

Sales and product mix

Deliveries YTD September: 1,795,734 vehicles (+2.4% YoY). Q3 deliveries: 588,140 (+8.7%). Electrified vehicles accounted for 26.2% of sales YTD (BEVs 18.0%); in Europe electrified = 40.9% and BEVs = 25.5%.

Investment and cost discipline

R&D spend YTD €5,941m (‑10.6%); capex YTD €4,410m (‑21.8%). R&D ratio and capex ratio both fell (R&D ratio 5.9%; capex ratio 4.4% YTD). BMW expects full‑year capex ratio <6%, moving toward long‑term <5%.

Cash flow and capital allocation

Automotive free cash flow YTD €2,688m (Q3 €343m). Full‑year Automotive free cash flow now expected > €2.5bn (previously > €5bn). The company continues its share buyback programme.

Headwinds noted

Management cites intensified competition (notably China), negative currency translation (USD, KRW, CNY) and higher import tariffs that reduced margins (approx. 1.5 pp YTD, ~1.75 pp in Q3).

Outlook and strategic signals

BMW confirmed its adjusted full‑year targets and pointed to strong early demand for the BMW iX3 and the upcoming Neue Klasse rollout (40 new/updated models by 2027) as drivers for 2026 growth.