Munich. Enticing merchandise, sturdy order volumes and strict value self-discipline have ensured for the BMW Group a begin to the yr in keeping with plan. The premium producer from Munich continued its dynamic BEV ramp-up in a unstable and aggressive surroundings, whereas delivering profitability on the higher finish of its 2025 goal vary within the Automotive Phase. The BMW Group has thus as soon as once more confirmed the long-term viability of its technique of know-how openness.
Within the first quarter of the yr, the BMW Group delivered 586,117 premium autos to clients (-1.4%). Greater than 1 / 4 of those have been electrified (26.9%), with fully-electric autos as soon as once more displaying vital gross sales progress of +32.4%. The EBIT margin within the Automotive Phase – one of many firm’s key revenue indicators – stood at 6.9%, putting it on the higher finish of the focused vary of 5-7% for the yr.
“The more difficult the surroundings, the extra essential it’s to have compelling merchandise, a constant technique and a excessive diploma of flexibility. Our technology-open method stays a key success issue: with our younger, extremely enticing fashions and our broad vary of drives, we’re in a position to meet the varied wants of consumers worldwide. This allows us to realize sturdy outcomes and keep heading in the right direction to satisfy our formidable full-year targets,” stated Oliver Zipse, Chairman of the Board of Administration of BMW AG. “With the NEUE KLASSE, we’re placing our greatest future venture on the street: we’re increasing our fully-electric providing, and rolling out future know-how clusters and the brand new design language throughout our complete mannequin portfolio. It will increase the extent of innovation in our autos throughout all drive sorts to an entire new degree – whereas additionally setting the course for worthwhile progress and sustainable success.”
Important enhance in fully-electric car deliveries
Regardless of persistently sturdy competitors in China, the corporate’s international deliveries remained largely in keeping with the earlier yr (-1.4%). Within the first three months, the BMW Group achieved progress in key markets Europe (+6.2%) and the US (+4.0%).
Within the first quarter of 2025, the BMW model delivered a complete of 520,121 autos to clients worldwide, surpassing the earlier yr’s quantity in all areas besides China. The strongest progress was recorded by the brand new BMW 5 Sequence fashions (+35.8%), in addition to the BMW X1 and X2 variants (+31.8%).
The BMW M model achieved strong gross sales progress of +5.0% within the first quarter, delivering a complete of fifty,500 autos to clients. The principle progress drivers have been the high-performance fashions BMW M3* and M3 Touring* in addition to BMW M5* and BMW M5 touring*, which have been in excessive demand throughout all areas.
The MINI model, which up to date its complete product vary over the course of final yr, offered 64,615 items worldwide – a rise of 4.1%. The Rolls-Royce model delivered 1,381 items to clients between January and March (-9.4%).
Totally-electric autos from the BMW, MINI and Rolls-Royce manufacturers reported vital progress, with 109,513 deliveries worldwide (+32.4%). The BMW iX1* was the model’s most profitable BEV mannequin, whereas the BMW i4* accounted for half of all BMW 4 Sequence delivered.
Gross sales of fully-electric autos noticed the strongest progress in Europe (+64.2%). New fashions from the MINI model have been main contributors to this: The city premium model delivered a complete of 22,794 fully-electric autos, reaching a BEV share of 35.3%.
The BMW Group presently presents at the least one mannequin with an electrified drive prepare in each car class. Complete deliveries of electrified autos (BEVs and PHEVs) additionally rose considerably within the first three months of the yr, reaching 157,487 autos (2024: 122,582 autos/+28.5%).
The BMW Group is efficiently implementing its strategic plan to additional increase e-mobility. Moreover, it can attain two vital gross sales milestones: first, the supply of 1.5 million fully-electric premium autos for the reason that market launch of the BMW i3 in 2013; and second, a complete of three million electrified vehicles since then.
Group EBT margin at 9.2%
First-quarter Group revenues totalled € 33,758 million (2024: € 36,614 million/-7.8%; currency-adjusted: -8,7%). As beforehand introduced, the BMW Group benefited from a average discount in administrative and gross sales bills. In contrast with the earlier yr, gross sales revenues declined significantly within the extremely aggressive Chinese language market, as anticipated.
Between January and March, the BMW Group reported pre-tax earnings (EBT) of € 3,113 million (2024: € 4,162 million/-25.2%).
The EBT margin for this era was 9.2% (2024: 11.4%). Group internet revenue for the primary quarter totalled € 2,173 million (2024: € 2,951 million/-26.4%).
Automotive EBIT margin at higher finish of full-year steering
The Automotive Phase earned revenues of € 29,211 million (2024: € 30,939 million/-5.6%%).
The anti-subsidy tariffs on BEVs produced in China, launched by the European Fee in October, elevated the price of gross sales, making a headwind within the low three-digit million euro vary, as forecast.
Earnings earlier than monetary consequence (EBIT) for the primary quarter totalled € 2,024 million (2024: € 2,710 million/-25.3%). The EBIT margin got here in at 6.9% (2024: 8.8%) and was thus on the excessive finish of the goal vary of 5-7% for the yr. Excluding depreciation and amortisation from the BBA buy value allocation,the EBIT margin for the primary quarter was 8.1%.
The BMW Group is systematically leveraging improvements, specializing in environment friendly and low-emission applied sciences, in addition to additional electrification and digitalisation of each its product line-up and the corporate.
Based mostly on the energy of its present working efficiency, the BMW Group allotted € 1,984 million (2024: € 1,974 million/+0.5%) to analysis and growth within the first quarter which was focused on electrification and digitalisation of the car fleet throughout all mannequin collection.
The corporate additionally incurred R&D expenditure primarily for the longer term fashions of the NEUE KLASSE, such because the BMW iX3, and the successor fashions to the BMW X5 and BMW X7.
“The BMW Group stands for long-term progress, sustainable worth creation and continued dependability for its stakeholders. Steady monetary efficiency and efficient value administration characterised the primary quarter regardless of the difficult surroundings. We stay centered on enhancing our effectivity and optimising our value buildings,” stated Walter Mertl, Member of the Board of Administration of BMW AG, Finance, on the quarterly convention name in Munich.
“Digitalisation and AI are contributing to this. Innovation and enterprise advantages go hand in hand for us. We’re additionally leveraging the confirmed flexibility of our community to handle the present geopolitical challenges.”
Automotive Phase free money circulate at € 413 million
The free money circulate of the Automotive phase amounted to €413 million within the first quarter of 2025 (2024: €1,283 million). The decline in comparison with the earlier yr is primarily as a result of decrease earnings earlier than taxes, an anticipated larger consumption of provisions, and elevated money outflows from capital expenditures associated to 31 December 2024 within the quantity of €964 million.
Conversely, the seasonally typical however considerably decrease enhance in inventory in comparison with the earlier yr led to the change in working capital of €65 million (2024: -€1,189 million).
From January to March, capital expenditure totaled €1,202 million (2024: €1,323 million/-9.1%). The capex ratio got here in at 3.6% (2024: 3.6%).
The BMW Group remains to be concentrating on a free money circulate of > € 5 billion within the Automotive Phase for the complete yr.
Strong efficiency in Monetary Companies Phase
BMW Group Monetary Companies benefited from dynamic new leasing enterprise within the first quarter of the yr, with new leasing contracts up 12.7%. General, whole new retail enterprise was down barely, in comparison with the earlier yr, with 402,811 new contracts concluded (-4.6%). The financing and leasing enterprise for brand spanking new autos remained on the earlier yr’s degree. Outdoors of China, new enterprise was secure at a excessive degree.
The quantity of latest enterprise elevated barely, pushed by larger financing volumes per car throughout all financing and leasing contracts with retail clients, reaching € 15,988 million (2024: € 15,620 million/+2.4%).
The proportion of BMW Group new autos leased or financed by the Monetary Companies Phase reached 43.0% on the finish of the primary quarter (2024: 41.8%/+1.2 proportion factors). Within the three-month interval, the phase reported pre-tax earnings of € 650 million (2024: € 730 million/-11.0%). Most notably, decrease earnings from the resale of end-of-lease autos led to a year-on-year lower in earnings, because the variety of end-of-lease autos was decrease than within the earlier yr. In the course of the reporting interval, the credit score loss ratio remained on the low fee of 0.23% throughout your complete mortgage portfolio (2024: 0.21%).
BMW Motorrad with EBT margin of 9.4%
Within the yr to the top of March, BMW Motorrad delivered 44,609 bikes and scooters to clients (2024: 46,434 items; -3.9%). The phase EBIT margin of 9.4% (2024: 12.2%) was above the focused vary of 5.5-7.5% for the yr.
BMW AG continues share repurchase programme
Following the authorisation granted by the Annual Basic Assembly of BMW AG on 11 Could 2022, the corporate has acquired treasury shares. The shares from the preliminary repurchase programme have already been retired.
As of 31 March 2025, BMW AG holds 22,317,345 personal shares from the second buy-back programme, akin to a nominal quantity of €22,317,345.
Based mostly on the authorisation granted on the Annual Basic Assembly of 11 Could 2022, as of 31 March 2025, BMW AG had bought shares equal to 7.27% of the share capital.
BMW Group confirms full-year steering
The Worldwide Financial Fund (IMF) has revised its forecasts for international financial progress downwards to 2.8% in April 2025: Present commerce conflicts and the related potential rise in inflation, in addition to uncertainty amongst companies and shoppers, may weigh on international progress.
In keeping with sector forecasts, the worldwide automotive markets are more likely to see slight progress.
The BMW Group expects demand to rise in lots of markets in 2025, pushed by a stabilizing inflation and additional average rate of interest cuts. Within the USA, everlasting tariffs might be mirrored in rising inflation.
The steering* printed within the BMW Group Report 2024 in March 2025 contains all tariff will increase that had taken impact by 12 March 2025. Because of the unstable developments and ongoing negotiations, the potential impression of tariffs within the present monetary yr can solely be estimated, primarily based on assumptions. The BMW Group expects a number of the tariff will increase to be momentary, with reductions from July 2025. The forecast additionally contains mitigating measures to offset the impression of upper tariffs.
Given the sustained demand for its enticing premium autos, the BMW Group is ready to verify its steering for the yr. The corporate anticipates slight gross sales progress, with fully-electric autos contributing to a barely larger share of deliveries. Because of the components talked about above, Group earnings earlier than tax are anticipated to be on a par with the earlier yr.**The EBIT margin for the Automotive Phase is forecast to be inside the vary of 5.0-7.0%, with an RoCE of between 9-13%.
Within the Monetary Companies Phase, RoE is projected to be between 13-16%.
Within the Bikes Phase, a slight enhance in gross sales and an EBIT margin inside the vary of 5.5-7.5percentare forecast, with an RoCE of 13-17%.
The above targets will likely be achieved with the present variety of workers.
The BMW Group’s precise enterprise efficiency might deviate from these projections – for instance, as a result of adjustments in political and macroeconomic circumstances. Dangers to earnings may come up, for example, from additional tariff will increase or tariffs remaining in place for longer than deliberate, probably extending effectively into the second half of the yr. The corporate continues to intently monitor macroeconomic developments.
Escalation of commerce disputes may additionally result in provide bottlenecks – for instance, from import or export restrictions on particular elements or uncooked supplies.
| The BMW Group – an summary: In Q1 2025 | Q1 2025 | Q1 2024 | Change in % | |
| Deliveries to clients | ||||
| Automotive1 | items | 586,117 | 594,533 | -1.4 |
| thereof: BMW | items | 520,121 | 530,933 | -2.0 |
| MINI | items | 64,615 | 62,075 | 4.1 |
| Rolls-Royce | items | 1,381 | 1,525 | -9.4 |
| Bikes | items | 44,609 | 46,434 | -3.9 |
| EBIT margin Automotive Phase | % | 6.9% | 8.8% | -1.9%-points |
| EBIT margin Bikes Phase | % | 9.4% | 12.2% | -2.8%-points |
| EBT margin BMW Group2 | % | 9.2% | 11.4% | -2.2 %-points |
| Revenues | € million | 33,758 | 36,614 | -7.8 |
| thereof: Automotive | € million | 29,211 | 30,939 | -5.6 |
| Bikes | € million | 806 | 872 | -7.6 |
| Monetary Companies | € million | 10,126 | 9,525 | 6.3 |
| Different Entities | € million | 3 | 4 | -25.0 |
| Eliminations | € million | -6,388 | -4,726 | -35.2 |
| Revenue earlier than monetary consequence (EBIT) | € million | 3,142 | 4,054 | -22.5 |
| thereof: Automotive | € million | 2,024 | 2,710 | -25.3 |
| Bikes | € million | 76 | 106 | -28.3 |
| Monetary Companies | € million | 652 | 714 | -8.7 |
| Different Entities | € million | -6 | -5 | 20.0 |
| Eliminations | € million | 396 | 529 | -25.1 |
| Revenue earlier than tax (EBT) | € million | 3,113 | 4,162 | -25.2 |
| thereof: Automotive | € million | 1,904 | 2,703 | -29.6 |
| Bikes | € million | 75 | 106 | -29.2 |
| Monetary Companies | € million | 650 | 730 | -11.0 |
| Different Entities | € million | 295 | 401 | -26.4 |
| Eliminations | € million | 189 | 222 | -14.9 |
| Group earnings taxes | € million | -940 | -1,211 | 22.4 |
| Internet revenue | € million | 2,173 | 2,951 | -26.4 |
| Earnings per share of frequent inventory | € | 3.38 | 4.42 | -23.5 |
| Earnings per share of most popular inventory3 | € | 3.38 | 4.42 | -23.5 |
| 1 Deliveries embody the three way partnership BMW Brilliance Automotive Ltd., Shenyang.
2 Ratio of Group earnings earlier than taxes to Group revenues |
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| 3 Frequent/most popular shares. Earnings per share of most popular inventory are calculated by distributing the earnings required to cowl the extra dividend of € 0.02 per most popular share proportionally over the quarters of the corresponding monetary yr. | ||||
*Gasoline consumption/emissions information:
BMW i4 eDrive35: vitality consumption mixed: 15,4 kWh/100 km (WLTP); CO₂ emissions mixed: 0 g/km (WLTP); CO2 class: A
BMW iX1 eDrive20: vitality consumption mixed: 15,4 kWh/100 km (WLTP); CO₂ emissions mixed: 0 g/km (WLTP); CO2 class: A
BMW M5 Limousine: vitality consumption mixed: 26,8 kWh/100 km and 1,9 l/100 km (WLTP); CO₂ emissions weighted mixed: 43 g/km (WLTP); CO2 class: unloaded battery G; weighted mixed B
BMW M5 Touring: vitality consumption weighted mixed: 27,6 kWh/100 km and a couple of l/100 km (WLTP); CO₂ emissions weighted mixed: 45 g/km (WLTP); CO₂ class: unloaded battery G; weighted mixed B
BMW M3 Competitors Limousine with M xDrive: vitality consumption mixed: 10,2–10,1 l/100 km (WLTP); CO₂ emissions mixed: 230–228 g/km (WLTP); CO₂ class: G
BMW M3 CS Touring: vitality consumption mixed: 10,5 l/100 km (WLTP); CO₂ emissions mixed: 238 g/km (WLTP); CO₂ class: G
*see BMW Group Report 2024, p.261.
** As of 1 January 2025, the forecast vary for Group EBT has been adjusted. For particulars, please seek advice from 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 car is recorded as a supply as soon as it’s handed over to the top consumer (which additionally contains leaseholders beneath lease contracts with BMW Monetary Companies). Within the US and Canada, finish customers additionally embody (1) sellers once they designate a car as a service loaner or demonstrator car and (2) sellers and different third events once they buy an organization car at public sale and sellers once they buy firm autos straight from the BMW Group. Deliveries could also be made by BMW AG, one among 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 car deliveries throughout a given reporting interval don’t correlate on to the revenues that the BMW Group recognises in respect of that exact reporting interval.
EBIT
Revenue earlier than monetary consequence. Revenue earlier than monetary consequence includes revenues much less value of gross sales, much less promoting and administrative bills and plus/minus internet different working earnings and bills.
EBIT margin
Revenue/loss earlier than monetary consequence as a proportion of revenues.
EBT
EBIT plus monetary consequence.
EBT Margin
Revenue/loss as a proportion of revenues.
PHEV
Plug-in-hybrid electrical car.
RoCE
Return on capital employed (RoCE). RoCE within the Automotive and Bikes segments is measured on the idea of related phase revenue earlier than monetary consequence and the typical quantity of capital employed – on the finish of the final 5 quarters – within the phase involved. Capital employed corresponds to the sum of all present and non-current operational property, much less liabilities that usually don’t incur curiosity.
RoE
Return on fairness (RoE). RoE within the Monetary Companies phase is calculated as phase revenue earlier than taxes, divided by the typical quantity of fairness capital – on the finish of the final 5 quarters – attributable to the Monetary Companies phase.
