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.
|
The BMW Group – an overview: |
|
IN Q2 2025 |
IN Q2 2024 |
Change in % |
|
Deliveries to customers |
|
|
|
|
|
Automotive1 |
units |
621,477 |
618,743 |
0.4 |
|
thereof: |
units |
550,839 |
565,490 |
-2.6 |
|
MINI |
units |
69,223 |
51,959 |
33.2 |
|
Rolls-Royce |
units |
1,415 |
1,294 |
9.4 |
|
Motorcycles |
units |
61,300 |
66,638 |
-8.0 |
|
|
|
|
|
|
|
Employees (as of 31 Dec. 2024) |
|
159,104 |
|
|
|
EBIT margin |
percent |
5.4% |
8.4% |
-3.0%-Pts. |
|
EBIT margin |
percent |
14.2% |
11.1% |
+3.1%-Pts. |
|
EBT margin BMW Group2 |
percent |
7.7% |
10.5% |
-2.8%-Pts. |
|
|
|
|
|
|
|
Revenues |
€ million |
33,927 |
36,944 |
-8.2 |
|
thereof: |
€ million |
29,443 |
32,070 |
-8.2 |
|
Motorcycles |
€ million |
961 |
989 |
-2.8 |
|
Financial |
€ million |
9,978 |
9,742 |
2.4 |
|
Other |
€ million |
3 |
3 |
0.0 |
|
Eliminations |
€ million |
-6,458 |
-5,860 |
10.2 |
|
|
|
|
|
|
|
Profit before financial result |
€ million |
2,661 |
3,877 |
-31,4 |
|
thereof: |
€ million |
1,602 |
2,684 |
-40,3 |
|
Motorcycles |
€ million |
136 |
110 |
23.6 |
|
Financial |
€ million |
591 |
725 |
-18.5 |
|
Other |
€ million |
-3 |
-8 |
-62.5 |
|
Eliminations |
€ million |
335 |
366 |
-8.5 |
|
|
|
|
|
|
|
Profit before tax (EBT) |
€ million |
2,614 |
3,861 |
-32,3 |
|
thereof: |
€ million |
1,613 |
2,627 |
-38,6 |
|
Motorcycles |
€ million |
136 |
110 |
23.6 |
|
Financial |
€ million |
542 |
751 |
-27.8 |
|
Other |
€ million |
177 |
295 |
-40.0 |
|
Eliminations |
€ million |
146 |
78 |
87.2 |
|
|
|
|
|
|
|
Group income taxes |
€ million |
-772 |
-1,156 |
-33,2 |
|
Net profit |
€ million |
1,842 |
2,705 |
-31,9 |
|
Earnings per share of common |
€ |
2.85 |
4.15 |
-29.6 |
|
Earnings per share of preferred |
€ |
2.86 |
4.16 |
-29.6 |
|
1 Deliveries include the joint venture BMW 2 Ratio of Group earnings before taxes to Group revenues |
|
3 Common/preferred shares. Earnings per share of |
|
The BMW Group – an overview: |
|
HY1 2025 |
HY1 2024 |
Change in % |
|
Deliveries to customers |
|
|
|
|
|
Automotive1 |
units |
1,207,594 |
1,213,276 |
-0.5 |
|
thereof: BMW |
units |
1,070,960 |
1,096,423 |
-2.3 |
|
MINI |
units |
133,838 |
114,034 |
17.4 |
|
Rolls-Royce |
units |
2,796 |
2,819 |
-0,8 |
|
Motorcycles |
units |
105,909 |
113,072 |
-6.3 |
|
|
|
|
|
|
|
Employees (as of 31 Dec. 2024) |
|
159,104 |
|
|
|
EBIT margin Automotive |
percent |
6.2% |
8.6% |
-2.4%-Pts. |
|
EBIT margin Motorcycles |
percent |
12.0% |
11,6% |
+3.4%-Pts. |
|
EBT margin BMW Group2 |
percent |
8.5% |
10.9% |
-2.4%-Pts. |
|
|
|
|
|
|
|
Revenues |
€ million |
67,685 |
73,558 |
-8.0 |
|
thereof: Automotive |
€ million |
58,654 |
63,009 |
-6.9 |
|
Motorcycles |
€ million |
1,767 |
1,861 |
-5.1 |
|
Financial Services |
€ million |
20,104 |
19,267 |
4.3 |
|
Other Entities |
€ million |
6 |
7 |
-14.3 |
|
Eliminations |
€ million |
-12,846 |
-10,586 |
21.3 |
|
|
|
|
|
|
|
Profit before financial result |
€ |
5,803 |
7,931 |
-26.8 |
|
thereof: Automotive |
€ million |
3,626 |
5,394 |
-32,8 |
|
Motorcycles |
€ million |
212 |
216 |
-1.9 |
|
Financial Services |
€ million |
1,243 |
1,439 |
-13.6 |
|
Other Entities |
€ million |
-9 |
-13 |
-30.8 |
|
Eliminations |
€ million |
731 |
895 |
-18.3 |
|
|
|
|
|
|
|
Profit before tax (EBT) |
€ million |
5,727 |
8,023 |
-28,6 |
|
thereof: Automotive |
€ million |
3,517 |
5,330 |
-34,0 |
|
Motorcycles |
€ million |
211 |
216 |
-2.3 |
|
Financial Services |
€ million |
1,192 |
1,481 |
-19.5 |
|
Other Entities |
€ million |
472 |
696 |
-32.2 |
|
Eliminations |
€ million |
335 |
300 |
11.7 |
|
|
|
|
|
|
|
Group income taxes |
€ million |
-1,712 |
-2,367 |
-27.7 |
|
Net profit |
€ million |
4,015 |
5,656 |
-29.0 |
|
Earnings per share of common |
€ |
6.23 |
8.57 |
-26.5 |
|
Earnings per share of preferred |
€ |
6.24 |
8.58 |
-26,5 |
|
|
||||
|
1 Deliveries include the joint venture BMW 2 Ratio of Group earnings before taxes to Group revenues |
||||
|
3 Common/preferred shares. Earnings per share of |
||||
**see BMW Group Report 2024, p.261.
***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
BEV
Battery Electric Vehicle.
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.
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.
EBT Margin
Profit/loss as a percentage of revenues.
PHEV
Plug-in-hybrid electric vehicle.
RoCE
Return on capital employed (RoCE). RoCE in the Automotive and
Motorcycles segments is measured on the basis of relevant segment
profit before financial result and the average amount of capital
employed – at the end of the last five quarters – in the segment
concerned. Capital employed corresponds to the sum of all current and
non-current operational assets, less liabilities that generally do not
incur interest.
RoE
Return on equity (RoE). RoE in the Financial Services segment is
calculated as segment profit before taxes, divided by the average
amount of equity capital – at the end of the last five quarters –
attributable to the Financial Services segment.
If you have any questions, please contact:
BMW Group Corporate Communications
Dr Britta Ullrich, Finance Communications
Telephone: +49 151 601 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: www.press.bmwgroup.com/deutschland
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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