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.

• 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.

• Full-year guidance reflects a 1.25 percentage point EBIT margin impact from tariffs, with no offset credits factored in.

• End-of-lease vehicle sales continue to contribute positively, though less than last year due to normalization of used car prices.

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

Outlook and guidance

• Tariff impacts are expected to moderate in Q3 due to new trade agreements, with 0% tariffs on EU imports from the U.S. factored in from August.

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

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