BMW Group (BMW) Q2 2025 (Media Q&A) earnings summary

Executive summary

• Q2 saw significant discussion on tariffs, with impacts from both U.S. and Chinese trade measures, and ongoing mitigation strategies in place.

• Group EBT reached €5.7 billion with an 8.5% margin for the first half of 2025, confirming progress toward full-year targets.

• Electrified vehicle sales grew 18.6% year-over-year, with a record half-year for BMW M models (+6.5%).

• The company continues to advocate for reduced trade barriers and supports EU-U.S. agreements to lower tariffs, emphasizing global integration and local-for-local production.

• Investments remain strong in the U.S., Europe, and China, with a focus on maintaining a balanced global footprint.

Financial highlights

• Tariffs impacted EBIT by about two percentage points in Q2, equating to an estimated €600 million extra burden.

• Group revenues for H1 2025 were €67,685 million, down 8.0% year-over-year, mainly due to currency headwinds and subdued China demand.

• Pre-tax earnings (EBT) for H1 2025 were €5,727 million, a 28.6% decrease year-over-year; net profit was €4,015 million, down 29.0%.

• BEV (battery electric vehicle) sales exceeded 220,000 units globally in the first half, a record high.

• Automotive Segment EBIT margin was 6.2% (H1 2024: 8.6%), with EBIT at €3,626 million (-32.8% year-over-year).

Outlook and guidance

• Guidance for 2025 confirmed: slight sales growth, higher share of fully electric vehicles, and Group EBT expected on par with previous year.

• Tariff-related impact on Automotive EBIT margin expected at ~1.25 percentage points for 2025.

• Confident in meeting EU regulatory targets for BEV sales in 2024 and 2025, with further growth expected as Neue Klasse models launch.

• Guidance for 2025 does not include any offset credit schemes, though the company continues to advocate for them.

• Automotive Segment EBIT margin forecasted at 5.0–7.0%; ROCE at 9–13%.