Within the Bikes Section, an EBIT margin inside the vary of 5.5-7.5percentis forecast as earlier than, with a RoCE of 13-17%. The section is now anticipating a slight lower in buyer deliveries (beforehand: slight improve).
The BMW Group’s precise enterprise efficiency might deviate from the expectations outlined above – for instance, resulting from adjustments in political and macroeconomic situations. Dangers to earnings might come up, amongst different components, from adjustments in tariff coverage or Chinese language export restrictions affecting uncommon earths, battery cell manufacturing or semiconductors. On the identical time, alternatives might outcome from a discount in current tariffs or a shorter interval of validity. The corporate continues to observe macroeconomic developments very carefully.
The BMW Group will proceed to profit from its younger and engaging product line-up and from its confirmed technology-neutral method. On the identical time, because of its flexibility, globally balanced footprint and powerful monetary place, the corporate is ready to adapt to dynamic market situations, whereas constantly pursuing long-term success.
| The BMW Group – an outline: IN Q3 2025 | IN Q3 2025 | IN Q3 2024 | Change in % | |
| Deliveries to clients | ||||
| Bikes | items | 53,247 | 50,364 | 5.7 |
| Revenues | € million | 32,314 | 32,406 | -0.3 |
| Bikes | € million | 755 | 702 | 7.5 |
| Revenue earlier than monetary outcome (EBIT) | € million | 2,261 | 1,696 | 33.3 |
| Bikes | € million | 60 | 27 | 122.2 |
| Revenue earlier than tax (EBT) | € million | 2,329 | 838 | 177.9 |
| Bikes | € million | 59 | 28 | 110.7 |
Munich. The BMW Group’s efficiency within the yr thus far has been characterised by strong international gross sales growth, disciplined price administration and a constant strategic framework.
The Automotive Section EBIT margin remained inside the full-year goal vary for each the primary 9 months and the third quarter – regardless of persevering with geopolitical challenges and intensifying competitors. Buyer deliveries rose barely year-to-to date on the finish of September, whereas free money movement within the Automotive Section stood at € 2,688 million after 9 months. On Wednesday, primarily based on these outcomes, the Munich premium producer confirmed its adjusted monetary full-year targets introduced in October.
“Within the third quarter, we as soon as once more proved that our enterprise mannequin is powerful and resilient”, stated Oliver Zipse, Chairman of the Board of Administration of BMW AG. “We’ve all the proper components for continued success: a technology-neutral method, thrilling merchandise, a robust international presence and excellent innovation capabilities all through the complete worth chain. Because of our broad mannequin and drive practice portfolio, we have been in a position to improve our international gross sales – with BMW M and our electrified automobiles as the primary development drivers. On the identical time, we stay absolutely on observe to fulfill Europe’s bold CO2 targets for 2025 – with out counting on flexibility mechanisms or pooling. This demonstrates that our technology-neutral method is working and delivering robust outcomes.”
Development in electrified automobiles and M fashions
12 months-on-year, the BMW Group achieved a slight +2.4% improve in deliveries, reaching a complete of 1,795,734 automobiles within the YTD September (2024: 1,754,157vehicles). Within the third quarter, the premium producer delivered 588,140 BMW, MINI and Rolls-Royce automobiles to clients (2024: 540,881 automobiles/+8.7%).
The success of the BMW Group’s technology-neutral technique was notably evident at each ends of the drive practice line-up: Within the first 9 months, the strongest development got here from BMW M fashions (+7.9%) and from electrified automobiles (+15%). Within the yr to the tip of September, electrified fashions accounted for 26.2% of complete gross sales (2024: 23.3%), with BEVs representing 18.0% (2024: 16.8%).
In Europe, electrified automobiles gained even larger shares: they made up at least 40.9% (301,947 items) of all gross sales whereas fully-electric automobiles comprised 1 / 4 throughout the identical interval (189,269 items; 25,5%).
The BMW Group expects additional optimistic development momentum in 2026 from the all-new BMW iX3*, the primary mannequin of the Neue Klasse.
“The response to the BMW iX3 has been extraordinarily optimistic: In Europe, new orders considerably exceed our expectations, confirming the robust buyer curiosity,” stated CEO Zipse. “With the Neue Klasse, we’re making a serious leap ahead – in know-how, driving expertise and design. Our complete product line-up will profit from these improvements inside a brief timeframe: Between now and 2027, we’ll convey 40 new and up to date fashions to market – throughout all segments and drive practice variants. Subsequent yr, we’ll already have fun the subsequent premiere, with the BMW i3, as we electrify the center of BMW.”
Through the nine-month interval, the BMW Group benefited from its globally balanced footprint, which helps the corporate offset variations in gross sales efficiency throughout key areas worldwide. Excluding Chinese language gross sales, the BMW Group manufacturers achieved development of +8.2%, with strong will increase in the important thing areas of Europe (+8.6%) and the Americas (+9.5%).
Within the third quarter, the BMW Group posted revenues of € 32,314 million (Q3 2024: € 32,406 million/-0.3%, adjusted for foreign money translation results +3.4%). 12 months-to-date on the finish of September, revenues have been decrease than the earlier yr, at € 99,999 million (2024: € 105,964/-5.6%; adjusted for foreign money translation results -3.9%).
Considerably decrease R&D spending and capital expenditure
As beforehand introduced, the BMW Group has transitioned from final yr’s report ranges of future funding, which have been required for electrification and digitalisation of the portfolio throughout all mannequin collection, in addition to for growth of the Neue Klasse.
Expenditure for analysis and growth was down considerably within the first 9 months, at € 5,941 million (2024: € 6,642 million/-10.6%; Q3: € 1,921 million;Q3 2024: € 2,473 million/-22.3%) – regardless of the continuing product offensive and ramped-up preparations for the primary fashions of the Neue Klasse. The R&D ratio decreased to 5.9% in September MTD in addition to YTD (2024: 6.3%/-0.4 proportion factors; in Q3 2024: 7,6%).
As deliberate, capital expenditure was additionally considerably decrease, at € 4,410 million for the nine-month interval and € 1,674 million for the third quarter (2024: € 5,641 million/-21,8%; Q3 2024: € 2,185 million/-23,4%). The capex ratio stood at 4.4% for the yr to the tip of September and 5.2% for the third quarter (2024: 5.3%; Q3 2024: 6.7%).
A capex ratio of lower than 6% is forecast for the complete yr, transferring nearer to the corporate’s long-term goal vary of beneath 5%, as deliberate.
The BMW Group additionally achieved a reasonable discount in gross sales and administrative bills, in step with forecasts, bringing prices right down to € 6,077 million for the yr to the tip of September (2024: € 6,587 million/-7.7%; in Q3: € 1,995 million; Q3 2024: € 2,188 million/-8.8%).
“As beforehand introduced, this expenditure was decrease than final yr in each quarter. We’re reaping the advantages of getting invested sooner or later early, with the height now already behind us. Within the fourth quarter, we count on additional price reductions, in addition to decrease analysis and growth spending and capital expenditure. We’re systematically managing prices with a measured method, aiming to proceed delivering fascinating, progressive premium automobiles – and being constantly worthwhile,” stated Walter Mertl, member of the Board of Administration liable for Finance.
Group pre-tax earnings exceed € 8.0 billion
Group earnings earlier than tax (EBT) totalled € 8,056 million for the primary 9 months (2024: € 8,861 million/-9.1%)and € 2,329 million for the third quarter (Q3 2024: € 838 million).
The Group EBT margin got here in at 8.1% for the YTD September and 7.2% for the third quarter (2024: 8.4%/-0.3 proportion factors; Q3 2024: 2.6%/+4.6% proportion factors). Group internet revenue amounted to € 5,712 million within the yr to the tip of September (2024: € 6,132 million/-6.8%; in Q3: € 1,697 million; Q3 2024: € 476 million).
Within the first 9 months, the Automotive Section generated revenues of € 87,164 million (2024: € 90,863 million/-4.1%, adjusted for foreign money translation results -2.2%; in Q3: € 28,510 million; Q3 2024: € 27,854 million/+2.4%, adjusted for foreign money translation results +6.4%). Headwinds resulted from intensified international competitors and monetary measures geared toward supporting and strengthening vendor profitability within the difficult China market. Quantity development predominantly takes place there within the value section beneath RMB 150,000 (~€ 18,000) and the rising product supply of native producers results in fierce competitors throughout the complete market.
Moreover, destructive foreign money translation results, notably from the US greenback, South Korean gained and Chinese language renminbi, have dampened revenue.
The section’s earnings earlier than monetary outcome (EBIT) totalled € 5,120 million for the primary 9 months (2024: € 6,028 million/-15.1%; Q3: € 1,494 million; Q32024: € 634 million/+135.6%). Within the prior-year quarter, gross sales and revenues have been affected by technical campaigns associated to the Built-in Brake System (IBS).
The EBIT margin for the YTD September got here in at 5.9% (2024: 6.6%/-0.7 proportion factors; in Q3: 5.2%; Q3 2024: 2.3%/+2.9 proportion factors).
Excluding depreciation ensuing from the acquisition value allocation of BBA of round 1.1 proportion factors, the EBIT margin was 7.0% for the yr to the tip of September and 6.3% for the third quarter. Bills ensuing from larger import tariffs in america and the European Union additional weighed on these margins: amounting to approx. 1.5 proportion factors within the first 9 months and round 1.75 proportion factors within the third quarter.
Pre-tax earnings and decrease capital expenditure increase free money movement
Free money movement improved year-on-year, bolstered by larger money inflows from working actions, considerably decrease funding exercise (- € 1.4 billion) and lowered stock ranges, reaching € 2,688 million on the finish of the nine-month interval. Within the third quarter, free money movement totalled € 343 million (2024: – € 191 million; Q3 2024: – € 2,480 million). For the complete yr, the section’s free money movement is now anticipated to be > € 2.5 billion (beforehand: > € 5 billion).
The BMW Group is implementing its share buyback programme with continuity and consistency: Following the renewed authorisation of the Annual Normal Assembly on 14 Could 2025, the Board of Administration has accredited a 3rd share buyback programme, with a quantity of as much as € 2 billion, to be accomplished by 30 April 2027. Acquisition of the primary tranche of € 750 million started in Could 2025 and will likely be accomplished no later than 8 December 2025.
As of 30 September 2025, BMW AG held greater than 6.2 million treasury shares from the third buyback programme. Based mostly on the authorisation granted on the Annual Normal Assembly of 14 Could 2025, as of 30 September 2025, BMW AG had bought shares equal to 1.01% of the share capital.
“With the third share buyback programme since 2022, the BMW Group is constantly implementing its shareholder return technique. We stay dedicated to our shareholders and stand by the bulletins now we have made. Our worker share programme may also proceed,” stated CFO Mertl. “On the identical time, we’re sustaining our payout ratio of 30-40% of internet revenue attributable to BMW AG shareholders.”
Monetary Companies Section sees continued new enterprise development
Within the Monetary Companies Section, the variety of new financing and leasing contracts concluded within the first 9 months of the yr rose barely to 1,275,607 (2024: 1,252,251 contracts/+1.9%). This vital development in new enterprise within the third quarter (450,935 contracts/+12.1%) was primarily resulting from a shift within the Chinese language aggressive panorama, the place native banks have considerably lowered their fee charges for brokering monetary and insurance coverage merchandise to retail clients.
The section’s quantity of recent enterprise additionally elevated barely to € 48,500 million after 9 months (2024: € 46,531 million/+4.2%). This displays development in new contracts, with the next financing quantity per contract. The penetration charge elevated to 46.4% (2024: 42.3%/+4.1 proportion factors).
For the yr to the tip of September, the section reported pre-tax earnings (EBT) of € 1,836 million (2024: € 2,146 million/-14.4%). This dampening impact was primarily resulting from decrease revenue from the resale of end-of-lease automobiles, with the variety of returned automobiles beneath the earlier yr’s stage. For the nine-month interval, the credit score loss ratio was in step with the earlier yr, at 0.26%, throughout the complete finance portfolio (2024: 0.26%).
BMW Motorrad posts larger margin in YTD September
With 159,156 deliveries within the yr to the tip of September, BMW Motorrad achieved an EBIT margin of 10.8% (2024: 9.5%/+1.3 proportion factors).
Full-year steering for 2025
On 7 October, the BMW Group adjusted its annual steering for the next KPIs:
- Group earnings earlier than tax** are projected to say no barely (beforehand: on a par with the earlier yr).
- RoCE within the Automotive Section is anticipated within the vary of 8-10% (beforehand: 9% to 13%).
Regardless of decrease quantity expectations for the Chinese language market within the fourth quarter, the BMW Group continues to be focusing on slight gross sales development for the complete yr.
Within the Automotive Section, the EBIT margin for 2025 continues to be forecast to be inside the guided goal vary of 5-7%, extra particularly within the vary of 5% to six% in mild of the earnings headwinds talked about beforehand.
Within the Monetary Companies Section, Return on Fairness is projected to be between 13-16%.
Within the Bikes Section, an EBIT margin inside the vary of 5.5-7.5percentis forecast as earlier than, with a RoCE of 13-17%. The section is now anticipating a slight lower in buyer deliveries (beforehand: slight improve).
The BMW Group’s precise enterprise efficiency might deviate from the expectations outlined above – for instance, resulting from adjustments in political and macroeconomic situations. Dangers to earnings might come up, amongst different components, from adjustments in tariff coverage or Chinese language export restrictions affecting uncommon earths, battery cell manufacturing or semiconductors. On the identical time, alternatives might outcome from a discount in current tariffs or a shorter interval of validity. The corporate continues to observe macroeconomic developments very carefully.
The BMW Group will proceed to profit from its younger and engaging product line-up and from its confirmed technology-neutral method. On the identical time, because of its flexibility, globally balanced footprint and powerful monetary place, the corporate is ready to adapt to dynamic market situations, whereas constantly pursuing long-term success.
| The BMW Group – an outline: IN Q3 2025 | IN Q3 2025 | IN Q3 2024 | Change in % | |
| Deliveries to clients | ||||
| Automotive1 | items | 588,140 | 540,881 | 8.7 |
| thereof: BMW | items | 514,422 | 487,080 | 5.6 |
| MINI | items | 72,414 | 52,650 | 37.5 |
| Rolls-Royce | items | 1,304 | 1,151 | 13.3 |
| Bikes | items | 53,247 | 50,364 | 5.7 |
| Workers (as of 31 Dec. 2024) | 159,104 | |||
| EBIT margin Automotive Section | p.c | 5.2 | 2.3 | +2.9 %-points |
| EBIT margin Bikes Section | p.c | 7.9 | 3.8 | +4.1 %-points |
| EBT margin BMW Group2 | p.c | 7.2 | 2.6 | +4.6 %-points |
| Revenues | € million | 32,314 | 32,406 | -0.3 |
| thereof: Automotive | € million | 28,510 | 27,854 | 2.4 |
| Bikes | € million | 755 | 702 | 7.5 |
| Monetary Companies | € million | 9,607 | 9,331 | 3.0 |
| Different Entities | € million | 3 | 3 | 0.0 |
| Eliminations | € million | -6,561 | -5,484 | 19.6 |
| Revenue earlier than monetary outcome (EBIT) | € million | 2,261 | 1,696 | 33.3 |
| thereof: Automotive | € million | 1,494 | 634 | 135.6 |
| Bikes | € million | 60 | 27 | 122.2 |
| Monetary Companies | € million | 624 | 760 | -17.9 |
| Different Entities | € million | 0 | 0 | – |
| Eliminations | € million | 83 | 275 | -69.8 |
| Revenue earlier than tax (EBT) | € million | 2,329 | 838 | 177.9 |
| thereof: Automotive | € million | 1,388 | 433 | 220.6 |
| Bikes | € million | 59 | 28 | 110.7 |
| Monetary Companies | € million | 644 | 665 | -3.2 |
| Different Entities | € million | 300 | -317 | -194.6 |
| Eliminations | € million | -62 | 29 | -313.8 |
| Group revenue taxes | € million | -632 | -362 | 74.6 |
| Web revenue | € million | 1,697 | 476 | 256.5 |
| Earnings per share of frequent inventory | € | 2.74 | 0.64 | 328.1 |
| Earnings per share of most well-liked inventory3 | € | 2.74 | 0.64 | 328.1 |
| 1Deliveries embrace the three way partnership BMW Brilliance Automotive Ltd., Shenyang. | ||||
| 2 Ratio of Group earnings earlier than taxes to Group revenues. | ||||
| 3 Widespread/most well-liked shares. Earnings per share of most well-liked inventory are calculated by distributing the earnings required to cowl the extra dividend of € 0.02 per most well-liked share proportionally over the quarters of the corresponding monetary yr. | ||||
| The BMW Group – an outline: YTD Q3 2025 | YTD Q3 2025 | YTD Q3 2024 | Change in % | |
| Deliveries to clients | ||||
| Automotive1 | items | 1,795,734 | 1,754,157 | 2.4 |
| thereof: BMW | items | 1,585,382 | 1,583,503 | 0.1 |
| MINI | items | 206,252 | 166,684 | 23.7 |
| Rolls-Royce | items | 4,100 | 3,970 | 3.3 |
| Bikes | items | 159,156 | 163,436 | -2.6 |
| Workers (as of 31 Dec. 2024) | 159,104 | |||
| EBIT margin Automotive Section | p.c | 5.9 | 6.6 | -0.7 %-points |
| EBIT margin Bikes Section | p.c | 10.8 | 9.5 | +1.3 %-points |
| EBT margin BMW Group2 | p.c | 8.1 | 8.4 | -0.3 %-points |
| Revenues | € million | 99,999 | 105,964 | -5.6 |
| thereof: Automotive | € million | 87,164 | 90,863 | -4.1 |
| Bikes | € million | 2,522 | 2,563 | -1.6 |
| Monetary Companies | € million | 29,711 | 28,598 | 3.9 |
| Different Entities | € million | 9 | 10 | -10.0 |
| Eliminations | € million | -19,407 | -16,070 | 20.8 |
| Revenue earlier than monetary outcome (EBIT) | € million | 8,064 | 9,627 | -16.2 |
| thereof: Automotive | € million | 5,120 | 6,028 | -15.1 |
| Bikes | € million | 272 | 243 | 11.9 |
| Monetary Companies | € million | 1,867 | 2,199 | -15.1 |
| Different Entities | € million | -9 | -13 | -30.8 |
| Eliminations | € million | 814 | 1,170 | -30.4 |
| Revenue earlier than tax (EBT) | € million | 8,056 | 8,861 | -9.1 |
| thereof: Automotive | € million | 4,905 | 5,763 | -14.9 |
| Bikes | € million | 270 | 244 | 10.7 |
| Monetary Companies | € million | 1,836 | 2,146 | -14.4 |
| Different Entities | € million | 772 | 379 | 103.7 |
| Eliminations | € million | 273 | 329 | -17.0 |
| Group revenue taxes | € million | -2,344 | -2,729 | -14.1 |
| Web revenue | € million | 5,712 | 6,132 | -6.8 |
| Earnings per share of frequent inventory | € | 8.97 | 9.21 | -2.6 |
| Earnings per share of most well-liked inventory3 | € | 8.98 | 9.22 | -2.6 |
| 1 Deliveries embrace the three way partnership BMW Brilliance Automotive Ltd., Shenyang. | ||||
| 2 Ratio of Group earnings earlier than taxes to Group revenues. | ||||
| 3 Widespread/most well-liked shares. Earnings per share of most well-liked inventory are calculated by distributing the earnings required to cowl the extra dividend of € 0.02 per most well-liked share proportionally over the quarters of the corresponding monetary yr. | ||||
**As of 1 January 2025, the forecast vary for Group EBT has been adjusted. For particulars, please confer with the glossary within the BMW Group Report 2024.
GLOSSARY – explanatory feedback on key efficiency indicators
BEV
Battery Electrical Car.
Deliveries to clients
A brand new or used automobile is recorded as a supply as soon as it’s handed over to the tip consumer (which additionally contains leaseholders below lease contracts with BMW Monetary Companies). Within the US and Canada, finish customers additionally embrace (1) sellers after they designate a automobile as a service loaner or demonstrator automobile and (2) sellers and different third events after they buy an organization automobile at public sale and sellers after they buy firm automobiles straight from the BMW Group. Deliveries could also be made by BMW AG, considered one of its worldwide subsidiaries, a BMW Group retail outlet, or unbiased third-party sellers. The overwhelming majority of deliveries – and therefore the reporting of deliveries to the BMW Group – is made by unbiased third-party sellers. Retail automobile deliveries throughout a given reporting interval don’t correlate on to the revenues that the BMW Group recognises in respect of that individual reporting interval.
EBIT
Revenue earlier than monetary outcome. Revenue earlier than monetary outcome includes revenues much less price of gross sales, much less promoting and administrative bills and plus/minus internet different working revenue and bills.
EBIT margin
Revenue/loss earlier than monetary outcome as a proportion of revenues.
EBT
EBIT plus monetary outcome.
EBT Margin
Revenue/loss as a proportion of revenues.
PHEV
Plug-in-hybrid electrical automobile.
RoCE
Return on capital employed (RoCE). RoCE within the Automotive and Bikes segments is measured on the premise of related section revenue earlier than monetary outcome and the common quantity of capital employed – on the finish of the final 5 quarters – within the section involved. Capital employed corresponds to the sum of all present and non-current operational belongings, much less liabilities that typically don’t incur curiosity.
RoE
Return on fairness (RoE). RoE within the Monetary Companies section is calculated as section revenue earlier than taxes, divided by the common quantity of fairness capital – on the finish of the final 5 quarters – attributable to the Monetary Companies section.
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