BMW Group (BMW) Q3 2025 (Media Q&A) earnings summary

Executive summary

• Management emphasized resilience in global supply chains, referencing lessons from the pandemic and semiconductor crisis, and highlighted ongoing vigilance and flexibility in procurement and production.

• Group profit before tax in Q3 2025 rose to €2,329 million, up from €838 million in Q3 2024, driven by fair value gains and improved operating performance outside China.

• Investments are being reduced as planned after a peak in 2020, with a gradual return to a strategic corridor for CapEx and R&D through 2027; R&D spending down 10.6% year-over-year.

• Demand for Neue Klasse electric vehicles is exceeding expectations in Europe, with strong order intake and plans for a China-specific version.

• Electrified vehicles (BEV and PHEV) accounted for 26.2% of total deliveries in the first nine months, with BEVs at 18.0%.

Financial highlights

• Q3 2025 revenues were €32,314 million, nearly flat year-over-year; nine-month revenues declined 5.6% to €99,999 million.

• Group net profit for Q3 was €1,697 million (Q3 2024: €476 million); nine-month net profit was €5,712 million (2024: €6,132 million).

• Automotive segment free cash flow for nine months was €2,688 million, a significant improvement from -€191 million last year.

• Group EBT margin for Q3 was 7.2% (Q3 2024: 2.6%); for nine months, 8.1% (2024: 8.4%).

• Earnings per share (EPS) for Q3: €2.74 (2024: €0.64); nine-month EPS: €8.97 (2024: €9.21).

Outlook and guidance

• Tariff impacts are expected to be 1.75 percentage points for the full year, with assumptions that announced EU and U.S. tariff changes will be ratified.

• Group expects slight year-over-year increase in global deliveries, but BEV share to remain at prior-year level due to weaker sales in China and the USA.

• Automotive EBIT margin forecast narrowed to 5–6% for 2025, reflecting tariff impacts and China headwinds.

• Cost reduction efforts for 2026 are ongoing, with further details to be provided in March next year.

• Group profit before tax expected to decrease slightly for the full year.