BMW Group (BMW) Q2 2024 earnings summary

Executive summary

• Maintained global leadership in the premium automotive segment with robust financials, strong brand portfolio, and consistent shareholder returns through dividends and share buybacks.

• Delivered 1,213,276 vehicles in H1 2024, nearly matching last year's volumes; BEV deliveries up 34.1% year-over-year.

• Strategy emphasizes electrification, digitalization, sustainability, and flexibility, with the Neue Klasse platform launching in 2025.

• All-electric vehicles and upper premium segment models drove double-digit growth.

• Confirmed 2024 targets and continued focus on technological leadership and a balanced global footprint.

Financial highlights

• H1 2024 group revenues were €73,558 million, down 0.7% year-over-year; net profit was €5,656 million, down 14.6%.

• Group EBIT margin was 10.5% in Q2 and 10.9% for H1 2024; automotive EBIT margin at 8.4% in Q2 and 8.6% for H1.

• BEV deliveries in H1 2024: 190,614 units, up 24.6% year-over-year, now 15.7% of total deliveries.

• Free cash flow in the automotive segment was €2,289 million for H1 2024; full-year target over €6 billion.

• R&D expenditure rose to €4,169 million in H1 2024, with a ratio of 5.7% of revenues.

Outlook and guidance

• 2024 guidance reaffirmed: slight growth in vehicle and motorcycle deliveries, automotive EBIT margin 8–10%, ROCE 15–20%.

• Group profit before tax expected to decrease slightly; BEV share and R&D/CapEx ratios to increase.

• Financial Services RoE forecasted at 15–18%; motorcycle segment EBIT margin expected at 8–10%.

• Workforce size to increase slightly in 2024.

• R&D and CapEx ratios expected to exceed 5% and 6% respectively for the full year.