Interim report
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QUARTERLY STATEMENT 30 SEPTEMBER 2025
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2 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information CONTENTS 3 BMW Group at a Glance 7 Interim Group Management Report 27 Interim Group Financial Statements 37 Other Information
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3 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information BMW GROUP AT A GLANCE 4 BMW Group in Figures
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4 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information BMW Group in Figures KEY PERFORMANCE INDICATORS 3rd quarter 2025 3rd quarter 2024 Change in % 1 January to 30 September 2025 1 January to 30 September 2024 Change in % GROUP Profit before tax € million 2,329 838 – 8,056 8,861 – 9.1 AUTOMOTIVE SEGMENT Deliveries units 588,140 540,881 8.7 1,795,734 1,754,157 2.4 Share of all-electric cars in deliveries % 17.5 19.1 – 8.4 18.0 16.8 7.1 EBIT margin1 % 5.2 2.3 – 5.9 6.6 – 10.6 MOTORCYCLES SEGMENT Deliveries units 53,247 50,364 5.7 159,156 163,436 – 2.6 EBIT margin1 % 7.9 3.8 – 10.8 9.5 13.7 FURTHER PERFORMANCE FIGURES 3rd quarter 2025 3rd quarter 2024 Change in % 1 January to 30 September 2025 1 January to 30 September 2024 Change in % GROUP EBT Margin2 % 7.2 2.6 – 8.1 8.4 – 3.6 Earnings per share of common stock 3 € 2.74 0.64 – 8.97 9.21 – 2.6 Earnings per share of preferred stock 3 € 2.74 0.64 – 8.98 9.22 – 2.6 AUTOMOTIVE SEGMENT Free cash flow € million 343 -2,480 – 2,688 -191 – BMW GROUP IN FIGURES 1 Profit before financial result as percentage of segment revenues. 2 Group profit before tax as a percentage of Group reve- nues. 3 Shares of common / preferred stock. In computing earnings per share of preferred stock, earnings to cover the additional dividend of € 0.02 per share of preferred stock are spread over the four quarters of the corre- sponding financial year.
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5 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information BMW Group in Figures FURTHER PERFORMANCE FIGURES 3rd quarter 2025 3rd quarter 2024 Change in % 1 January to 30 September 2025 1 January to 30 September 2024 Change in % GROUP Group revenues € million 32,314 32,406 – 0.3 99,999 105,964 – 5.6 Automotive € million 28,510 27,854 2.4 87,164 90,863 – 4.1 Motorcycles € million 755 702 7.5 2,522 2,563 – 1.6 Financial Services € million 9,607 9,331 3.0 29,711 28,598 3.9 Other Entities € million 3 3 – 9 10 – 10.0 Eliminations € million – 6,561 – 5,484 19.6 – 19,407 – 16,070 20.8 Group profit/loss before financial result (EBIT) € million 2,261 1,696 33.3 8,064 9,627 – 16.2 Automotive € million 1,494 634 – 5,120 6,028 – 15.1 Motorcycles € million 60 27 – 272 243 11.9 Financial Services € million 624 760 – 17.9 1,867 2,199 – 15.1 Other Entities € million – – – – 9 – 13 – 30.8 Eliminations € million 83 275 – 69.8 814 1,170 – 30.4 Group profit/loss before tax (EBT) € million 2,329 838 – 8,056 8,861 – 9.1 Automotive € million 1,388 433 – 4,905 5,763 – 14.9 Motorcycles € million 59 28 – 270 244 10.7 Financial Services € million 644 665 – 3.2 1,836 2,146 – 14.4 Other Entities € million 300 – 317 – 772 379 – Eliminations € million – 62 29 – 273 329 – 17.0 Group income taxes € million – 632 – 362 74.6 – 2,344 – 2,729 – 14.1 Group net profit/loss € million 1,697 476 – 5,712 6,132 – 6.8
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6 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information BMW Group in Figures FURTHER PERFORMANCE FIGURES 3rd quarter 2025 3rd quarter 2024 Change in % 1 January to 30 September 2025 1 January to 30 September 2024 Change in % AUTOMOTIVE SEGMENT Deliveries units 588,140 540,881 8.7 1,795,734 1,754,157 2.4 BMW units 514,422 487,080 5.6 1,585,382 1,583,503 0.1 MINI units 72,414 52,650 37.5 206,252 166,684 23.7 Rolls-Royce units 1,304 1,151 13.3 4,100 3,970 3.3 Production volume units 618,566 640,747 – 3.5 1,857,174 1,984,428 – 6.4 FINANCIAL SERVICES SEGMENT New contracts leasing/credit financing 450,935 402,343 12.1 1,275,607 1,252,251 1.9 sTT
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7 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information INTERIM GROUP MANAGEMENT REPORT 8 Financial Performance 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook, Risk and Opportunity Management 22 Outlook 26 Risk and Opportunity Management
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8 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance BMW Group stays on track The BMW Group’s long-term corporate strategy based on a systematic fo- cus on its customers, a more flexible approach and consistent cost discipline remained the foundation of its business development over the first nine months of the year. The company deliv ered stable overall sales growth in the reporting period despite ongoing global challenges. At almost 1.8 mil- lion (1,795,734) BMW, MINI and Rolls -Royce brand vehicles, deliveries worldwide in the first nine months improved by 2.4% on the previous year. With 588,140 deliveries, the third quarter of 2025 saw solid growth of 8.7%. The positive trend with solid growth rates was sustained in Europe (+8.6%) and the Americas (+9.8%) in particular in the first nine months. In China, a challenging market environment continued to hamper business de- velopment. All-electric vehicles (BEVs 1) accounted for an increased proportion of units delivered in the first nine months, rising to 18.0% (2024: 16.8%). Vehicles with hybrid drivetrains (PHEVs 1) also enjoyed healthy demand, with the share of electrified vehicles (BEV and PHEV models) rising to 26.2% for the nine-month period. This means that a quarter of all new BMW Group vehi- cles are fitted with electrified drivetrains. The all-new BMW iX3 2 unveiled in September has received a warm welcome from the public. It will be available in Europe from spring 2026 and will be the first NEUE KLASSE model to go on sale. The Group EBT margin was 8.1% in the reporting period (2024: 8.4%). At 5.9%, the EBIT margin of the Automotive segment fell within the target range for the year of 5% to 7%. Competition in China was the main source of headwind. Additional negative factors included higher tariffs, which pushed the EBIT margin in the Automotive segment down by roughly 1.5 percentage points in the first nine months. Sustained cost discipline is bear- ing fruit: research and development expenditure as well as selling and administrative expenses fell during the reporting period as planned, as did capital expenditure. New business volume in the Financial Services segment increased slightly to € 48.5 billion (+4.2%) in the reporting period on the back of growth in new business and an increase in average financing and leasing volumes per contract. Segment profit fell shor t of the previous year in the period from January to September, due in part to a downturn in revenues from the sale of lease returns. The BMW Group remains on track. With its innovative product range and a systematic focus on the market, the BMW Group is confident that it will achieve its adjusted targets for the year. More information about this can be found in the outlook. GENERAL ECONOMIC ENVIRONMENT Global economic growth remained stable in the third quarter of 2025. The US economy grew in the third quarter, albeit at a slower rate than in the second quarter of 2025. Europe recorded slight growth again. In China, however, persistently weak consumer confidence and falling investme nt meant that growth was lower than it had been in the first half of the year. The government’s stimulus programme for consumption had only a short - term effect. FINANCIAL PERFORMANCE 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management 1 BEV: Battery Electric Vehicle; PHEV: Plug-in Hybrid Electric Vehicle. 2 ↗ Consumption and Carbon Disclosures.
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9 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance International automobile markets – an overview In the first nine months of 2025, the largest automobile markets performed well as a whole. New registrations worldwide were up by approximately 5% year on year. Overall, European markets recorded slight growth, although some specific markets did contract. China recorded continued growth in the price segment up to 150,000 renminbi. A steady expansion of the product range of local manufacturers caus es competition to become ever more in- tense. The world’s largest automobile markets developed as follows: Change compared to prior year in % EU 27 + 1.2 thereof Germany – 0.3 thereof France – 6.3 thereof Italy – 3.3 thereof Spain + 15.2 United Kingdom (UK) + 4.1 USA + 4.5 China + 8.5 Japan + 5.2 South Korea + 7.9 Total + 5.1 GROUP OVERVIEW Increase in BMW Group deliveries during the reporting period Sales of the BMW Group’s BMW, MINI and Rolls -Royce brand vehicles trended upwards in the first nine months of 2025. The BMW Group deliv- ered a total of 1,795,734 units to customers between January and Septem- ber (2024: 1,754,157 units; +2.4%). Growth was driven by Europe and the Americas in particular. In China, meanwhile, deliveries fell short of expecta- tions as a result of challenging market conditions. The third quarter of 2025 concluded with a solid upturn (2025: 588,140 units; 2024: 540,881 units; +8.7%), with the relevant quarter of the previous year having been impacted by delivery stops relating to the supplied Integrated Braking System (IBS). Over the first nine months of the year, deliveries of all- electric vehicles in- creased significantly to 323,437 units (2024: 294,052 units; +10.0%). BEVs accounted for a higher share of all units delivered at 18.0% (2024: 16.8%). The BMW Group delivered a t otal of 470,287 electrified vehicles (BEVs and PHEVs) in the first nine months (2024: 409,120 units; +15.0%). Accordingly, the share of total deliveries represented by electrified vehicles also increased to 26.2% (2024: 23.3%). In the Financial Services segment, the number of new credit financing and leasing contracts increased significantly in the third quarter of 2025 to 450,935 (2024: 402,343 contracts; +12.1%). New contracts entered into worldwide across the entire reporting period amounted to 1,275,607 in to- tal (2024: 1,252,251 contracts; +1.9%). Changes in the competitive situa- tion in China were the main reason for this growth, based on the significant reduction in commission payments from local banks in connection with the brokering of financial and insurance products to end customers. The total number of vehicles with credit financing or vehicle leasing contracts in place stood at 4,877,170 as at 30 September 2025 (31 December 2024: 4,850,121 vehicles; +0.6%). 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management
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10 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance Group profit before tax reaches € 2,329 million in third quarter Group revenues recorded in the third quarter 2025 were at the same level as the previous year at € 32,314 million (2024: € 32,406 million; –0.3%; adjusted for currency effects: +3.4%). Although sales in the regions exclud- ing China continued to improve in the third quarter of 2025, the target for sales in the Chinese market was not achieved. Global business development in the same quarter of the previous year was affected to a considerable ex- tent by delivery stops associated with the supplied IBS. Fierce competition overall contributed to a decline in revenues in the Automotive segment in the third quarter of 2025. In addition, increasing support aimed at strength- ening dealer profitability curbed revenue growth in China. One of the main reasons behind this was the significant reduction in commission payments from Chinese banks in connection with the brokering of financial and insur- ance products to end customers at the end of June 2025. Revenues in the Financial Services segment rose in the third quarter of 2025 due to a larger leasing portfolio with higher contract values. Growth in new leasing business and the resultant elimination of revenue reduced Group revenues. There were also negative currency effects, primarily from the US dollar , the Chi- nese renminbi and the South Korean won. The Group’s cost of sales decreased to € 27,714 million in the third quarter 2025 (2024: € 28,160 million; –1.6%). This was due largely to the previ- ous year’s increase in additions to warranty provisions associated with the supplied IBS as well as lower research and development expenses in the Automotive segment in the quarter under review. However, the third quarter was impacted by higher customs expenses attributable primarily to addi- tional tariffs in the USA but also to EU anti -subsidy tariffs on battery -pow- ered electric vehicles imported from China. The increased tariffs reduced the EBIT margin in the Automotive segment for the third quarter by approxi- mately 1.75 percentage points. As expected, research and development ex- penditure fell by 22.3% to € 1,921 million (2024: € 2,473 million) despite the ongoing product campaign and intensive preparations for the launch of the first NEUE KLASSE models. The same quarter of the previous year saw higher expenditure on the development of the NEUE KLASSE and successor models such as the BMW X3 *. In the Financial Services segment, cost of sales went up due to volume -related factors and higher expenses for risk provisions. Selling and administrative expenses decreased slightly to € 2,558 million (2024: € 2,666 million; –4.1%), in line with expectations. Profit before financial result in the third quarter 2025 came to € 2,261 mil- lion (2024: € 1,696 million; 33.3%) due to the factors mentioned above. The financial result increased by € 926 million (2025: € 68 million; 2024: € –858 million). The third quarter saw mainly fair value measurement gains relating to interest rate hedges, whereas the financial result in the same quarter of the previous year had been impacted by fair value measurement losses. Accordingly, profit before tax was significantly higher in the third quarter 2025 than in the previous year at € 2,329 million (2024: € 838 million). The Group EBT margin for the third quarter stood at 7.2% (2024: 2.6%; +4.6 percentage points). As expected, Group profit before tax down slightly year on year in the first nine months Group revenues in the first nine months 2025 amounted to € 99,999 mil- lion, moderately down on the previous year ( 2024: € 105,964 million;– 5.6%; adjusted for currency effects: – 3.9%). The main reasons for the change in revenue were intense competition across the Automotive seg- ment in general and support for the local dealership organisation in China. Revenues in the Financial Services segment rose in the first nine months of 2025 due to both the larger leasing portfolio and higher contract values per vehicle. As a result of growth in new leasing business, revenue eliminations were higher than in the previous year. There were also negative currency effects, primarily from the US dollar , the Chinese renminbi and the South Korean won. Group cost of sales declined slightly in the first nine months of 2025 by 4.7 % to € 84,323 million (2024: € 88,495 million). Lower manufacturing costs in the Automotive segment were a factor in the decrease. The first nine months were impacted by higher customs expenses attributable primarily to additional tariffs in the USA but also to EU anti -subsidy tariffs. The tariffs reduced the EBIT margin in the Automotive segment for the first nine months of the year by approximately 1.5 percentage points. In line with 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management * ↗ Consumption and Carbon Disclosures.
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11 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance planning, despite the ongoing product campaigns and intensive prepara- tions for the launch of the first NEUE KLASSE models, research and devel- opment expenditure was significantly below last year’s level, at € 5,941 mil- lion (2024: € 6,642 million; –10.6%). The research and development ex- penditure is related primarily to the cross -series digitalisation and electrifi- cation of the vehicle fleet. It also includes expenditure relating to the devel- opment of NEUE KLASSE models such as the BMW iX3 1 and the successors to the BMW X5 and the BMW 7 Series. The capitalisation rate rose to 38.7% (2024: 35.3%) for reasons associated with the project phase. In the Financial Services segment, cost of sales went up due to volume- related factors and higher expenses for risk provisions. Selling and administrative expenses saw an expected slight year -on-year decline to € 7,647 million (2024: € 7,953 million; –3.8%). Reflecting the various items described above, profit before financial result in the first nine months of 2025 amounted to € 8,064 million (2024: € 9,627 million; –16.2%). The financial result increased by € 758 million (2025: € –8 million; 2024: € –766 million). The reporting period saw mainly fair value measurement gains relating to interest rate hedges, whereas the financial result in the pre- vious year had been impacted by fair value measurement losses. Accordingly, profit before tax in the first nine months of 2025 was, as ex- pected, down slightly year on year at € 8,056 million (2024: € 8,861 mil- lion;–9.1%). The EBT margin for the first nine months stood at 8.1% (2024: 8.4%; –0.3 percentage points). BMW Group research and development expenses in € million 3rd quarter 2025 3rd quarter 2024 Change in % 1 January to 30 September 2025 1 January to 30 September 2024 Change in % Research and development expenditure 2 1,921 2,473 – 22.3 5,941 6,642 – 10.6 Amortisation of development costs 491 512 – 4.1 1,522 1,606 – 5.2 Capitalised development costs – 818 – 1,065 – 23.2 – 2,302 – 2,347 – 1.9 Research and development expenses 1,594 1,920 – 17.0 5,161 5,901 – 12.5 in % 3rd quarter 2025 3rd quarter 2024 Change in %-pts. 1 January to 30 September 2025 1 January to 30 September 2024 Change in %-pts. Research and development expenditure ratio 3 5.9 7.6 – 1.7 5.9 6.3 – 0.4 Capitalisation rate4 42.6 43.1 – 0.5 38.7 35.3 3.4 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management 1 ↗ Consumption and Carbon Disclosures. 2 Research and development expenditure is the sum of research and non-capitalised development costs and investments in capitalised development costs, adjusted for the associated scheduled amortisation. 3 Research and development expenditure as a percent- age of Group revenues. 4 Capitalised development costs as a percentage of re- search and development expenditure.
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12 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance Share buyback programme The second share buyback programme, as authorised by the Annual Gen- eral Meeting on 11 May 2022, came to an end at the beginning of April 2025. The Board of Management resolved on 24 June 2025 to redeem 18,660,741 shares of common stock and 4,244,903 shares of preferred stock from this second buyback programme and to reduce the share capital by € 22,905,644 accordingly. This figure equates to 3.59% of share capital prior to redemption and the reduction in share capital. As a result of the resolution taken at the BMW AG Annual General Meeting on 14 May 2025, the Board of Management is authorised until 13 May 2030 to acquire treasury shares via the stock exchange representing a total of up to 10% of the existing share capit al in place at the date on which the resolution was adopted or – if lower – at the date on which the authorisation is exercised. The authorisation to acquire treasury shares that was previ- ously in place, issued by the Annual General Meeting on 11 May 2022, was revoked. On 20 May 2025, based on the authorisation granted by the Annual Gen- eral Meeting on 14 May 2025, the Board of Management decided to initiate a third share buyback programme. The programme has a volume of up to € 2 billion (total purchase price excluding in cidental acquisition costs). The buyback programme pertains to common and preferred stock. The volume of preferred stock is limited to a maximum of € 350 million. The programme will be concluded by 30 April 2027 at the latest. The first tranche of the third share buyback programme will be carried out with a volume of up to € 615 million for shares of common stock and up to € 135 million for shares of preferred stock in the period from 21 May 2025 to 8 December 2025 at the latest. Up to 30 September 2025, BMW AG repurchased 5,050,102 shares of common stock for € 413 million and 1,193,894 shares of preferred stock for € 91 million as part of this first tranche, all of which are now reported as treasury shares. As at 30 September 2025, BMW AG thus held a total of 6,243,996 treasury shares, corresponding to a nominal amount of € 6,243,996. The shares held represent 1.01% of share capital as at 30 September 2025. Financing activities During the nine -month period ending on 30 September 2025, the BMW Group issued bonds totalling approximately € 13.8 billion, refinancing itself via a variety of instruments, including two euro benchmark bonds, two benchmark bonds denominated in British pounds, two 144A bonds denom- inated in US dollars, two bonds denominated in Canadian dollars and one Panda bond denominated in Chinese renminbi. Asset -backed financing transactions with a total volume of around € 10.3 billion were entered into or prolonged in the USA, Germany, the UK, France, Canada, Australia, Japan and South Korea. As at 30 September 2025, Group liquidity amounted to around € 19.8 bil- lion (31 December 2024: € 20.8 billion). 8 General Economic Environment 9 Group Overview 12 Automotive Segment 17 Financial Services Segment 18 Other Entities Segment and Eliminations 19 Outlook 23 Risk and Opportunity Management 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management
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13 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance AUTOMOTIVE SEGMENT 3rd quarter 2025 3rd quarter 2024 Change in % 1 January to 30 September 2025 1 January to 30 September 2024 Change in % Deliveries* units 588,140 540,881 8.7 1,795,734 1,754,157 2.4 Production volume units 618,566 640,747 – 3.5 1,857,174 1,984,428 – 6.4 Revenues € million 28,510 27,854 2.4 87,164 90,863 – 4.1 Profit before financial result (EBIT) € million 1,494 634 – 5,120 6,028 – 15.1 Profit before tax € million 1,388 433 – 4,905 5,763 – 14.9 EBIT margin* % 5.2 2.3 – 5.9 6.6 – 10.6 BMW Group improves sales with growth in Europe and the Americas The BMW Group consolidated its market position in a volatile environment in the first nine months of 2025. The company’s broad and attractive product range played a major role in ensuring that deliveries increased across all Group brands. Solid growth rates were observed in the regions of Europe and the Americas in particular over the reporting period. The situation on the Chinese market, however, remains volatile, with difficult market conditions there curbing sales growth and causing deliveries in China to fall short of expectations. In the first nine months, the BMW Group delivered a total of 1,795,734 BMW, MINI and Rolls-Royce brand vehicles to customers (2024: 1,754,157 units; +2.4%). There was solid growth in deliveries in the third quarter (2025: 588,140 units; 2024: 540,881 units; +8.7%). The same quarter of the previous year was impacted by factors including the temporary delivery stops relating to the supplied Integrated Braking System (IBS). The BMW brand delivered 1,585,382 units worldwide between January and September 2025 (2024: 1,583,503 units; +0.1%). There was a solid in- crease in deliveries to 514,422 units in the third quarter (2024: 487,080 units; +5.6%). Sales at MINI hit double-digit growth rates both in the report- ing period as a whole (2025: 206,252 units; 2024: 166,684 units; +23.7%) and in the third quarter (2025: 72,414 units; 2024: 52,650 units; +37.5%), following a complete renewal of the entire product range in the previous year. Deliveries increased at Rolls -Royce, too, with total sales of the luxury brand reaching 4,100 units across the nine-month period (2024: 3,970 units; +3.3%). From July to September, Rolls-Royce delivered 1,304 automobiles to its customers (2024: 1,151 units; +13.3%). Electromobility remains on a growth trajectory The BMW Group offers its customers drivetrain options tailored to their needs across all vehicle classes and all Group brands. Demand for vehicles with electrified drivetrains (BEVs and PHEVs) in particular once again saw strong demand. The share of all-electric vehicles (BEVs) as a percentage of total deliveries in the first nine months accordingly rose to 18.0% (2024: 16.8%). The share of total deliveries accounted for by electrified automo- biles (BEVs and PHEVs) grew to 26.2% in the reporting period (2024: 23.3%). 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management * Key performance indicator.
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14 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance The BMW Group delivered a total of 470,287 electrified automobiles be- tween January and September (2024: 409,120 units; +15.0%), Deliveries of all- electric automobiles rose to 323,437 units in the first nine months (2024: 294,052 units; +10.0%). BMW Group – deliveries of electrified models in units 1 January to 30 September 2025 1 January to 30 September 2024 Change in % BEV 323,437 294,052 10.0 PHEV 146,850 115,068 27.6 Total 470,287 409,120 15.0 in % BEV-Share 18.0 16.8 7.4 PHEV-Share 8.2 6.6 24.7 xEV-Share 26.2 23.3 12.3 BMW brand holds strong market position The BMW brand recorded solid growth in both Europe (+6.5%) and the Americas (+8.6%) in the reporting period, confirming its strong market po- sition. BMW’s PHEV models recorded significant growth, rising by 30.2% to 146,754 units (2024: 112,698 units). In the first nine months, BMW deliv- ered a total of 1,585,382 vehicles to customers worldwide (2024: 1,583,503 units; +0.1%). There was a solid increase in deliveries of the core brand to 514,422 units in the third quarter of 2025 (2024: 487,080 units; +5.6%). Among the most successful BMW models in the reporting period were the business-class BMW 5 Series models and the BMW X1 * and X2* models. The most successful BEV model was the BMW iX1 *, which accounted for more than a quarter of BMW X1* Series deliveries. The all-electric BMW iX2* accounted for one in three BMW X2* models delivered. As expected, deliv- eries of the BMW iX3 fell year on year after the scheduled end of production at the beginning of the year. Deliveries of BMW automobiles by model series in units 1 January to 30 September 2025 1 January to 30 September 2024 Change in % BMW 1 Series/2 Series 158,038 146,571 7.8 BMW 3 Series/4 Series 355,957 389,527 – 8.6 BMW 5 Series/6 Series 220,741 170,163 29.7 BMW 7 Series/8 Series 39,273 40,868 – 3.9 BMW Z4 7,852 8,147 – 3.6 BMW X1/X2 319,613 287,009 11.4 BMW X3/X4 229,516 272,584 – 15.8 BMW X5/X6 182,322 192,405 – 5.2 BMW X7 40,866 42,288 – 3.4 BMW iX 25,463 28,438 – 10.5 BMW XM 5,732 5,470 4.8 BMW i3/i8 9 33 – 72.7 BMW total 1,585,382 1,583,503 0.1 thereof BEV 249,194 266,152 – 6.4 thereof PHEV 146,754 112,698 30.2 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management * ↗ Consumption and Carbon Disclosures.
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15 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance BMW Group – deliveries of vehicles by region and market in units 3rd quarter 2025 3rd quarter 2024 Change in % 1 January to 30 September 2025 1 January to 30 September 2024 Change in % Europe 239,903 219,488 9.3 738,573 680,281 8.6 thereof Germany 72,793 66,526 9.4 202,912 189,182 7.3 thereof UK 42,390 35,939 17.9 129,147 123,279 4.8 Americas 126,348 101,561 24.4 364,320 331,702 9.8 thereof USA 104,539 83,698 24.9 298,365 272,481 9.5 Asia 206,717 206,624 0.0 646,279 701,191 – 7.8 thereof China 147,236 147,839 – 0.4 465,361 524,192 – 11.2 Other markets 15,172 13,208 14.9 46,562 40,983 13.6 Total 588,140 540,881 8.7 1,795,734 1,754,157 2.4 MINI on a growth trajectory With the new MINI family, the MINI brand remains on its growth trajectory and increased deliveries in all regions of the world. In the first nine months of 2025, the premium compact brand delivered 206,252 vehicles to cus- tomers worldwide (2024: 166,684 units; +23.7%). There was another sig- nificant increase in deliveries to 72,414 units in the third quarter (2024: 52,650 units; +37.5%). The all-electric models were in high demand, with the brand delivering a to- tal of 73,467 units between January and September and thereby achieving a significant increase in BEV sales (2024: 26,483 units; +177.4%). Accord- ingly, the share of the brand’s tota l sales accounted for by all -electric MINI models rose to 35.6%. In other words, more than a third of all MINI vehicles delivered in the reporting period were all-electric models. The MINI Cooper * and the MINI Countryman* were among the most popular MINI models in the reporting period. Demand was strong for both the ver- sions with all- electric drivetrains and those with internal combustion en- gines. The MINI Aceman * has been growing in popularity since its launch as an all-electric model last autumn. Rolls-Royce Motor Cars reports a successful third quarter Rolls-Royce Motor Cars delivered a total of 4,100 hand-built luxury vehicles to customers between January and September (2024: 3,970 units; +3.3%). In the third quarter, 1,304 motor cars were delivered to clients globally (2024: 1,151 units; +13.3%). The most sought -after models during the nine -month period were Rolls - Royce Cullinan * and Spectre*. Client demand for Ghost Series II * remains strong since its launch end of last year. Celebrating 100 Years of Phantom*, the marque’s flagship, the company in October announced Phantom Cen- tenary * – the most complex and technologically ambitious Private Collection motor car to date in the company’s history. The limited run of 25 examples were all sold through the marque’s global network of Private Offices. 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management * ↗ Consumption and Carbon Disclosures.
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16 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance EBIT margin in the third quarter within the target range for the year at 5.2% Automotive segment revenues were up slightly on the previous year in the third quarter of 2025 € 28,510 million (2024: € 27,854 million; 2.4%; adjusted for currency effects: +6.4%). Although sales in the regions excluding China continued to improve in the third quarter of 2025, the target for sales in the Chinese market was not achieved. Global business development in the same quarter of the pr evious year was affected to a considerable extent by delivery stops associated with the supplied IBS. Fierce competition overall contributed to a decline in revenues in the third quarter of 2025. In addition, increasing support aimed at strengthening dealer profitability curbed revenue growth in China in the third quarter of 2025. One of the main reasons behind this was the significant reduction in commission payments from Chinese banks in connection with the brokering of financial and insurance products to end customers at the end of June 2025. There were also negative currency effects, primarily from the US dol- lar, the Chinese renminbi and the South Korean won. Segment cost of sales was in line with last year’s level in the third quarter at € 25,238 million (2024: € 25,143 million; + 0.4%). The same quarter of the previous year was impacted by increased additions to warranty provisions in connection with the supplied IBS. Cost of sales rose year on year as a result of increased sales as well as higher customs expenses attributable primarily to additional tariffs in the USA but also to EU anti- subsidy tariffs on battery -powered electric vehicles imported from China. The additional customs expenses hit the EBIT margin in the third quarter, at approximately 1.75 percentage points. Scheduled amortisation amounting to approximately € 0.3 billion (2024: € 0.3 billion) arising on the purchase price allocation of BMW Brilliance was included in cost of sales in the reporting period. This negatively affects the EBIT margin by 1.1 percentage points. Despite the ongoing product campaigns and intensive preparations for the launch of the first NEUE KLASSE models, research and development expenditure in the third quarter was significantly below last year’s level, at € 1,921 million (2024: € 2,473 million; –22.3%). The same quarter of the previous year saw higher expenditure on the development of the NEUE KLASSE and successor models such as the BMW X3 *. As expected, selling and administrative expenses saw a moderate € 193 million decline compared with the same quarter of the previous year (2025: € 1,995 million; 2024: € 2,188 million; –8.8%), Profit before financial result in the third quarter of 2025 came to € 1,494 million (2024: € 634 million). The EBIT margin of 5.2% (2024: 2.3%) was within the forecast range for 2025 as a whole. The financial result of the Automotive segment was € –106 million (2024: € –201 million). The year -on-year change was due to improvements in other financial result and net interest income. The result from equity accounted investments was positively affected by proceeds from the sale of FreeNow Europe. Segment profit before taxes in the third quarter of 2025 came to € 1,388 million (2024: € 433 million), up significantly on the previous year. EBIT margin in the first nine months within the target range for the year at 5.9% Automotive segment revenues were down slightly on the previous year in the first nine months of 2025 at € 87,164 million (2024: € 90,863 million; –4.1%; adjusted for currency effects: –2.2%). A general increase in compe- tition as well as financial support aimed at strengthening dealer profitability curbed revenue growth in China. There were also negative currency effects, primarily from the US dollar, the Chinese renminbi and the South Korean won. In light of lower manufacturing costs, segment cost of sales in the first nine months of 2025 was € 76,061 million, a slight year -on-year decrease (2024: € 78,309 million; –2.9%). However, higher customs expenses at- tributable to additional tariffs in the USA as well as to EU anti-subsidy tariffs had a negative impact. These factors pushed the EBIT margin in the Auto- motive segment down by roughly 1.5 percentage points in the first nine months. Scheduled amortisation amounting to approximately € 1.0 billion (2024: € 1.0 billion) arising on the purchase price allocation of BMW Bril- liance was included in cost of sales in the reporting period. This negatively affects the EBIT margin by 1.1 percentage points. Despite the ongoing product campaigns and intensive preparations for the launch of the first NEUE KLASSE models, research and development expenditure was 8 General Economic Environment 9 Group Overview 13 Automotive Segment 18 Financial Services Segment 20 Other Entities Segment and Eliminations 21 Outlook 25 Risk and Opportunity Management * ↗ Consumption and Carbon Disclosures. 8 General Economic Environment 9 Group Overview 12 Automotive Segment 17 Financial Services Segment 18 Other Entities Segment and Eliminations 19 Outlook 23 Risk and Opportunity Management 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management * ↗ Consumption and Carbon Disclosures.
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17 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance significantly below last year’s level, at € 5,941 million (2024: € 6,642 mil- lion; –10.6%), and related primarily to the cross -series digitalisation and electrification of the vehicle fleet. It also included expenditure relating to the development of NEUE KLASSE models such as the BMW iX3* and the suc- cessors to the BMW X5 and the BMW 7 Series. As expected, selling and administrative expenses saw a moderate € 510 million (2025: € 6,077 million; 2024: € 6,587 million; –7.7%) de- crease. Profit before financial result in the reporting period came to € 5,120 million (2024: € 6,028 million; –15.1%). The EBIT margin came in at 5.9%, within the expected range for the year (2024: 6.6%). The financial result for the segment was € –215 million (2024: € –265 mil- lion). The year-on-year change was due mainly to the improvement in other financial result and the result from equity-accounted investments. The result from equity accounted investments was positively affected by proceeds from the sale of FreeNow Europe. Segment profit before tax in the first nine months came to € 4,905 million (2024: € 5,763 million; –14.9%), down significantly year on year. Automotive segment – free cash flow for the period from 1 January to 30. September 2025 comes to € 2,688 million Net cash inflow from operating activities amounted to € 9,972 million in the first nine months and consisted primarily of profit before tax and deprecia- tion and amortisation of total tangible, intangible and investment assets. The change in working capital was € 43 million (2024: € –3,647 million). The decrease in provisions was due largely to the utilisation of warranty pro- visions, particularly in connection with the recalls of the Integrated Braking System and the exhaust gas recirculation cooler. The chief reasons for the changes in other items were interest received, income tax paid and liabilities for dealership bonuses. These had a negative impact overall on cash inflow from operating activities. Net cash outflow from investing activities fell significantly to € –6,327 mil- lion (2024:€ –7,750 million), a significant portion of which was related to investments in property, plant and equipment and intangible assets totalling € 7,516 million (2024: € 8,337 million), particularly in connection with the Group’s continued expansion of electromobility and the digitalisation of the product range. This figure includes a € 1,080 million (2024: € 692 million) increase in cash outflows for investments that were recorded in the previous year and paid out mostly in the first quarter. The free cash flow of the Automotive segment amounted to € 2,688 million in the first nine months of 2025 ( 2024: € –191 million). The year-on-year increase in free cash flow was attributable both to significantly lower cash outflow from investing activities, not including net investment in marketable securities and investment funds, and to higher cash inflow from operating activities. The rise in cash inflow from operating activities year on year re- sulted in particular from a significantly lower increase in inventories during the current financial year. By contrast, the previous year was impacted by increased additions to warranty provisions in connection with the recall of the IBS. in € million 2025 2024 Change Cash inflow (+)/outflow (–) from operating activities 9,972 8,185 1,787 Cash inflow (+)/outflow (–) from investing activities – 6,327 – 7,750 1,423 Adjustment for net investment in marketable securities and investment funds – 957 – 626 – 331 Free cash flow Automotive segment 2,688 – 191 2,879 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management * ↗ Consumption and Carbon Disclosures.
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18 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance Net financial assets – Automotive Automotive-related net financial assets comprise the following: in € million 30.9.2025 31.12.2024 Change Cash and cash equivalents 15,783 14,882 901 Marketable securities and investment funds 32 1,001 – 969 Intragroup net financial assets 31,405 33,844 – 2,439 Financial assets 47,220 49,727 – 2,507 Less: external financial liabilities* – 3,018 – 3,948 930 Net financial assets Automotive 44,202 45,779 – 1,577 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management * Excluding derivative financial instruments.
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19 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance FINANCIAL SERVICES SEGMENT 3rd quarter 2025 3rd quarter 2024 Change in % 1 January to 30 September 2025 1 January to 30 September 2024 Change in % New contracts leasing/credit financing 450,935 402,343 12.1 1,275,607 1,252,251 1.9 Revenues € million 9,607 9,331 3.0 29,711 28,598 3.9 Profit before financial result (EBIT) € million 624 760 – 17.9 1,867 2,199 – 15.1 Profit before tax € million 644 665 – 3.2 1,836 2,146 – 14.4 30.9.2025 31.12.2024 Change in % Portfolio leasing or credit finance vehicles 4,877,170 4,850,121 0.6 Business volume in balance sheet terms 1 € million 147,358 151,117 – 2.5 Credit financing and leasing for retail and commercial customers make up the largest business area for the Financial Services segment. The segment’s portfolio of financing products also includes dealership financing and the management of the Group’s own fleet. Significant increase in new business in the third quarter The number of new credit financing and leasing contracts went up by a sig- nificant 12.1% between July and September 2025 to a total of 450,935 (2024: 402,343 contracts). Changes in the competitive situation in China were the main reason for this growth. Loc al banks there have significantly reduced their commission payments in connection with the brokering of fi- nancial and insurance products to end customers. The share of new BMW Group vehicles either leased or credit financed by the Financial Services segment increased by 7.1 percentage points to 52.0% 2 in the third quarter of 2025 (2024: 44.9%). New leasing business grew by 15.6% and credit financing business by 10.1%. The pre-owned vehicle business decreased as expected as a result of the decline in lease returns. The new business volume of all credit financing and leasing contracts in the third quarter of 2025 significantly exceeded the previous year’s level, reach- ing € 16,607 million (2024: € 14,854 million; +11.8%). Third-quarter earnings down slightly on previous year Profit before tax in the Financial Services segment was € 644 million in the third quarter of 2025 (2024: € 665 million; –3.2%). The main reason for the slight decrease was a downturn in revenue from the sale of lease re- turns. Income per vehicle remained positive on average but was down sig- nificantly on the previous year. The number of lease returns also declined year on year, in line with expectations. The financial result improved. Fair value measurement gains relating to interest rate hedges occurred during the quarter, as opposed to the fair value measurement losses seen during the same quarter of the previous year. 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management 1 Calculated on the basis of the lines items “Leased products” and “Receivables from sales financing” (cur- rent and non-current) of the Financial Services seg- ment balance sheet. 2 The calculation only includes automobile markets in which the Financial Services segment is represented by a consolidated entity.
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20 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance Growth in new business in the first nine months New contracts entered into worldwide in the credit financing and leasing business amounted to 1,275,607 in total (2024: 1,252,251 contracts; +1.9%). The share of new BMW Group vehicles either leased or credit fi- nanced by the Financial Services segment incr eased by 4.1 percentage points to 46.4%* in the reporting period (2024: 42.3%). One major reason for growth in the leasing business was the significant in- crease in the number of electrified vehicles as a proportion of all deliveries in the first nine months (+11.5%). Financing activity, however, experienced a slight decline ( –3.5%). The reason for the slight contraction in the credit financing business was the anticipated decrease in contracts for pre-owned vehicles. In the first nine months, 245,737 credit financing and leasing con- tracts for BMW Group pre -owned vehicles were signed ( 2024: 270,376 contracts; –9.1%). New business volume rose to € 48,500 million in the first three quarters. This increase was attributable to growth in new business as well as higher average financing and leasing volumes per contract (2024: € 46,531 mil- lion; +4.2%). Number of managed contracts in line with last year’s level The total number of vehicles with credit financing or vehicle leasing contracts in place stood at 4,877,170 as at 30 September 2025 (31 Decem- ber 2024: 4,850,121 vehicles; +0.6%). The number of managed contracts remained in line with the previous year’s level in the Americas (+0.0%) and Africa (+0.4%). There was a slight increase of 2.1% in Europe. However, a slight decrease was observed in Asia ( –3.7%). This was due primarily to weaker new business in China in the first half of the year. Outside China, the number of financed or leased vehicles in Asia rose slightly by 2.1%. Increase in fleet business Under the Alphabet brand name, the Financial Services segment offers comprehensive fleet management solutions, including credit financing and leasing contracts, as well as tailored services. Of the total number of credit financed and leased vehicles, fleet business accounted for 765,746 vehicles as at the reporting date (31 December 2024: 741,935 vehicles; +3.2%). Alphabet also handles the management and marketing of part of the Group’s own fleet. Volumes in this business area will be continuously ex- panded as part of the transition to the direct sales model in Europe. As at 30 September 2025, the segment had a total of 25,883 vehicles under its management (31 December 2024: 21,152 vehicles; +22.4%). Significant decrease in dealership financing At the end of the reporting period, the total business volume of dealership financing stood at € 19,082 million (31 December 2024: € 21,273 million; –10.3%; adjusted for currency effects: –5.6%) as a result of smaller deal- ership inventories and negative currency effects. Lower revenues from remarketing of lease returns impact profit in reporting period The Financial Services segment generated a profit before tax of € 1,836 million in the first nine months of 2025 (2024: € 2,146 million; –14.4%). The main reason for the decrease was a downturn in revenues from the sale of lease returns. A tax arrears payment required as a result of a revised operational tax assessment relating to previous years also con- tributed to this decline. The credit loss ratio for the entire financing portfolio was 0.26% in the re- porting period and thus in line with last year’s level (2024: 0.26%). Busi- ness volume in balance sheet terms was down slightly compared with the end of the previous year and stood at € 147,358 million as at 30 Septem- ber 2025 (31 December 2024: € 151,117 million; –2.5%). Adjusted for currency effects, the business volume grew slightly in balance sheet terms thanks to the positive trend in the leasing and credit financing business. 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management * The calculation only includes automobile markets in which the Financial Services segment is represented by a consolidated entity.
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21 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance OTHER ENTITIES SEGMENT AND ELIMINATIONS Other Entities segment profit before tax up on the previous year in the third quarter The Other Entities segment recorded a profit before tax of € 300 million in the third quarter of 2025 ( 2024: € –317 million). There were mainly fair value measurement gains relating to interest rate hedges, whereas the fi- nancial result in the same quarter of the previous year had been impacted by fair value measurement losses. Increased eliminations in connection with new leasing business In the third quarter, the loss before tax from eliminations amounted to € –62 million and was thus lower than the previous year (2024: € 29 million profit). This was due largely to increased eliminations relating to new leasing business. Profit before tax of Other Entities segment up on the previous year in the first nine months The Other Entities segment recorded a profit before tax of € 772 million in the first three quarters of 2025 ( 2024: € 379 million). There were mainly fair value measurement gains relating to interest rate hedges, whereas the financial result in the same period of the previous year had been impacted by fair value measurement losses. Eliminations down year on year as a result of increased eliminations from credit financing business The positive impact of consolidations at the level of profit before tax for the first nine months of 2025 amounted to € 273 million (2024: € 329 million) and was therefore lower than in the previous year’s corresponding period, due mainly due to increased consolidations relating to credit financing business. 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management
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22 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Outlook, Risk and Opportunity Management The Outlook and the Risk and Opportunity Management sections of this re- port present the expected development of the BMW Group over the rest of 2025 from the perspective of Group management. They contain forward - looking statements which are based on forecas ts and assumptions which may be influenced by future unforeseen events. As a result, the actual course of business may differ from the outlook provided below in a positive or a negative sense. For more information, please refer to the ↗ Outlook and ↗ Risks and Opportunities sections of the BMW Group Report 2024. OUTLOOK International automobile markets – an overview In October, the International Monetary Fund (IMF) once again slightly raised its forecast for global economic growth to 3.2%. However, the outlook re- mains subject to considerable uncertainty. The outlook for automotive markets is correspondingly volatile. Global auto- mobile markets are projected to see solid growth for the full year. Outlook for the BMW Group – assumptions and forecast The following outlook covers the forecast period of the 2025 financial year and is based on the composition of the BMW Group during that time. The outlook takes account of all information available at the time of reporting and which could have an impact on the BMW Group’s performance. The BMW Group continues to expect stable, moderate growth for the global economy, with demand projected to increase over the full year 2025. Even though inflation rates in the USA have been lower than expected de- spite the effect of additional tariffs, inflation is now on a slight upwards trend. Should the tariff level remain elevated in addition to the agreements con- cluded so far between individual trading partners, this could lead to a further increase in the inflation rate. Furthermore, US trade policy and possible ad- ditional countermeasures by other countries could have a negative impact on global economic performance. Rising fiscal risks could also have a damp- ening effect on the economy. In China, the BMW Group continues to anticipate growth in the overall mar- ket, combined with high levels of competition resulting from the increasing range of products on offer. Additionally, the market situation since June has been influenced by the significant reduction in commissions from local Chi- nese banks in connection with the brokering of financial and insurance prod- ucts for end customers. In the USA, the positive market development is expected to continue for the whole year despite the unpredictable tariff situation. In Europe, growth is still expected to be driven by electrified vehicles. Revenues per vehicle (currency- adjusted) in the Aut omotive segment for the whole year will decrease slightly compared to the previous year, mainly as a result of the lower price level in China. The situation in the raw material markets improved further in the first nine months of the year. Despite the slight rise in raw materials prices, the BMW Group expects there to be positive effects for the year as a whole com- pared to the previous year. By contrast, currency effects – particularly in the second half of the year and in relation to the Chinese renminbi – will have a significant negative impact on earnings. Overall, this will result in a negative impact on earnings year on year. OUTLOOK, RISK AND OPPORTUNITY M ANAGEMENT 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management
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23 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Outlook, Risk and Opportunity Management The challenging situation in the supplier environment and the impact of in- flation in previous years are expected to continue to result in increased sup- port measures for the supply chain. On 7 August 2025, the USA and the EU agreed on a tariff rate of 15% for imports into the USA and 0% for imports into the EU for vehicles and pro- duction parts. The change in the tariff rate for imports into the USA has al- ready come into effect. The BMW Group continues to assume that the agreed tariff reduction for the import of automobiles and parts into the EU from 10% to 0% will be implemented retroactively to 1 August. In addition, the assumptions regarding the expected tariff reductions published in the half-year report have not yet fully materialised. Given the ongoing develop- ments, the expected effects of tariffs in the current financial year can still only be estimated based on certain assumptions. The outlook also includes measures designed to mitigat e the impact of higher tariffs. In the 2025 fi- nancial year, the BMW Group now expects the EBIT margin to decrease by around 1.5 percentage points in the Automotive segment due to higher tar- iffs. The controls on issuing the licences required to export rare earths from China could lead to supply shortages for individual components that have not been factored into the outlook. Export restrictions have also been intro- duced in the semiconductor industry. The BMW Group is monitoring the sit- uation closely and is in continuous dialogue with its suppliers to identify po- tential risks at an early stage and take appropriate measures. The outlook for the 2025 financial year assumes that supply chains will not be disrupted. The situation in the Middle East remains volatile despite the recent agree- ment. As in the 2024 financial year, the conflict does not have a significant effect on the BMW Group’s operations at present. Our outlook does not ac- count for any further escalation of the situation. The BMW Group continues to closely monitor developments related to the war in Ukraine. The 19th EU sanctions package adopted on 23 October 2025 includes some far -reaching measures related to Russian energy ex- ports, financial service providers and access to key technologies. The cur- rent outlook takes the existing restrictions into account. In view of the growing unpredictability of macroeconomic and geopolitical developments, actual economic growth in some regions may deviate from expected trends and outcomes. Particular sources of uncertainty include trade and tariff policy, security policy and a possible further escalation of in- ternational trade conflicts. Starting in the 2025 financial year, the key performance indicators CO 2e emissions Scope 1 and 2 for the Group as well as CO2e emissions Scope 3 from the supply chain and the use phase for the Automotive segment will be reported in millions of tonnes in line with the amended strategic targets. Outlook for the BMW Group – key performance indicators On 7 October 2025, the BMW Group adjusted its annual forecast for the 2025 financial year. As of September, the target for sales in the Chinese market had not been achieved. The BMW Group has therefore reduced its sales expectations for the Chinese market in the fourth quarter. The BMW Group continues to ex- pect the full availability of new models such as the BMW 5 Series, the BMW X3* and the updated MINI model range to boost global deliveries over- all. The launch of the BMW 2 Series Gran Coupé* is also expected to provide positive momentum. Deliveries of BMW, MINI and Rolls-Royce brand vehicles in the Automotive segment are expected to rise slightly year on year due to an increase in de- mand, full availability of new models and the updated MINI model range. The share of all-electric vehicles relative to total deliveries is now expected to be at the previous year’s level due to lower-than-anticipated BEV sales in China and the USA. 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management * ↗ Consumption and Carbon Disclosures.
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24 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Outlook, Risk and Opportunity Management Depreciation is expected to remain at a high level due to investments and capitalised development costs in previous years. The electrification and dig- italisation strategy will continue in 2025, although costs, research and de- velopment expenditure and investments are expected to decline in all quar- ters of the reporting year after peaking in 2024. Expenditure in the 2025 financial year is connected with preparations for the launch of the NEUE KLASSE models, including the ongoing development of the sixth generation of our battery technology. Rising deliveries and easing tensions in the raw materials markets are hav- ing a positive impact in the financial year. By contrast, currency effects, sales trends in China, the additional tariffs and the continued increased support measures for the supply chain are weighing on earnings. In light of the in- creasingly challenging situation in China, including the additional support aimed at strengthening dealer profitability and the fact that a number of tariff reductions have yet to come into effect, the EBIT margin is now expected to be between 5% and 6%. This lies within the forecast range of 5% to 7%. The RoCE for the Automotive segment is expected to be within a range be- tween 8% and 10%. A slight decrease in absolute Scope 1 and 2 CO 2e emissions is now forecast due to production -related factors. This is being driven by a lower planned production volume and measures that are being taken to reduce our CO 2e emissions. The absolute Scope 3 CO2e emissions from the supply chain and use phase in the Automotive segment will also be slightly reduced due to a decrease in planned production and sales volumes as well as a more efficient portfolio mix. The Motorcycles segment is expected to face a declining overall market re- sulting into a slight decrease in motorcycle deliveries. The EBIT margin is still expected to range between 5.5% and 7.5% and the segment RoCE be- tween 13% and 17%. The RoE in the Financial Services segment is predicted to finish within a range between 13% and 16%. The downward trend in pre -owned vehicle markets is expected to continue, leading to a further decline in revenues from remarketing lease returns compared to 2024. Group profit before tax is expected to decrease slightly. A slight decrease is expected in the total number of employees as some contracts of non-permanent employees in China were not extended due to lower production volumes. Without this effect, the number of employees of the BMW Group remains at the previous year's level. The share of women in management positions in the BMW Group is expected to increase slightly. From the 2025 financial year onwards, the performance indicators related to employees will include fully consolidated subsidiaries in accordance with ESRS reporting requirements. The BMW Group’s actual business performance may also deviate from cur- rent expectations due to the risks and opportunities discussed below in the ↗ Risk and Opportunity Management section. 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management
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25 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Outlook, Risk and Opportunity Management BMW Group – key performance indicators The key performance indicators of the BMW Group provided below are based on the latest information and valuations available for the year 2025. 2024 reported 2025 outlook 2025 outlook updated GROUP Profit before tax1 € million 10,971 At previous year's level Slight decrease Employees at year-end2 157,457 At previous year's level Slight decrease Share of women in management positions in the BMW Group 3 % 21.6 Slight increase – CO2e emissions scope 1 and 24 million tonnes 0.810 Slight increase Slight reduction AUTOMOTIVE SEGMENT EBIT margin % 6.3 Between 5 and 7 – Return on capital employed (RoCE) % 11.4 Between 9 and 13 Between 8 and 10 Deliveries units 2,450,854 Slight increase – Share of all-electric cars in deliveries % 17.4 Slight increase At previous year's level CO2e emissions scope 3 (supply chain and use phase) 5 million tonnes 125.1 Slight increase Slight reduction MOTORCYCLES SEGMENT EBIT margin % 6.1 Between 5.5 and 7.5 – Return on capital employed (RoCE) % 15.5 Between 13 and 17 – Deliveries units 210,385 Slight increase Slight decrease FINANCIAL SERVICES SEGMENT Return on equity (RoE) % 15.1 Between 13 and 16 – 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management 1 The range has been adjusted from the 2025 financial year onward. For more information about the terminol- ogy and ranges, please refer to the ↗ Glossary in the BMW Group Report 2024. 2 According to ESRS reporting, fully consolidated com- panies will be reported from the financial year 2025 onwards (until 31.12.2024: all consolidated and non- consolidated companies in which the BMW Group holds more than 50% of the shares). 3 The change in the number of employees from the fi- nancial year 2025 onwards (see footnote 2) also ap- plies to the share of women. 4 Total Scope 1 and 2 CO2e emissions, excluding loca- tions where the Group does not have operational con- trol, including biogenic emissions. 5 CO2e emissions from the categories of purchased goods and services, transport logistics, and use phase for the Automotive segment, including biogenic emis- sions.
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26 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Outlook, Risk and Opportunity Management RISK AND OPPORTUNITY MANAGEMENT The foundation of the BMW Group’s business success lies in effectively managing risks and making use of any opportunities. This is based on an effective risk and opportunity management strategy, which puts us in a po- sition to be able to react quickly and flexibly to changes in political, economic, environmental, social, technical or legal conditions. The general risk situa- tion is evaluated on a regular basis. The assumptions related to tariff reductions are reflected in the outlook. The BMW Group’s profit levels may be impacted, particularly in the area of sales and pricing, if tariffs remain in effect for longer than expected or are further changed. Furthermore, supply shortages due to trade restrictions on selected parts or raw materials, for example in connection with rare earths from China or the semiconductor industry, cannot be ruled out. Beyond the direct impacts, there could also be a deterioration in macroeco- nomic indicators as a result of the tariff policies. This relates in particular to inflation rates, consumer behaviour and rising unemployment, with corre- sponding effects on sales or the development of financial risks. For more information about risks and opportunities and the methods used to manage them, please refer to ↗ Risks and Opportunities in the BMW Group Report 2024 and the section on contingent liabilities in ↗ note [19] to the 2025 BMW Group Half -Year Report. Reference is made to the risk de- scribed therein in connection with commission payments to car dealers in the United Kingdom and the UK Supreme Court ruling dated 1 August 2025. In October, the Financial Conduct Authority (FCA) published a draft of a po- tential industry-wide compensation scheme for automotive financing as part of a consultation process that was initiated. Given the initial reactions from wider industry, trade associations and the House of Lords, and the early stage of the consultation process, the existing risk provisions will remain un- changed. 8 General Economic Environment 9 Group Overview 13 Automotive Segment 19 Financial Services Segment 21 Other Entities Segment and Eliminations 22 Outlook 26 Risk and Opportunity Management
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27 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information INTERIM GROUP FINANCIAL STATEMENTS 28 Income Statement for Group and Segments for the period from 1 July to 30 September 30 Income Statement for Group and Segments for the period from 1 January to 30 September 32 Balance Sheet for Group and Segments at 30 September 2025 36 Condensed Cash Flow Statement for Group and Segments for the period from 1 January to 30 September
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28 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Income Statement for Group and Segments FOR THE PERIOD FROM 1 JULY TO 30 SEPTEMBER Group Automotive Motorcycles in € million 2025 2024 2025 2024 2025 2024 Revenues 32,314 32,406 28,510 27,854 755 702 Cost of sales – 27,714 – 28,160 – 25,238 – 25,143 – 629 – 601 Gross profit 4,600 4,246 3,272 2,711 126 101 Selling and administrative expenses – 2,558* – 2,666* – 1,995 – 2,188 – 66 – 73 Other operating income 312 315 327 315 1 – Other operating expenses – 93 – 199 – 110 – 204 – 1 – 1 Profit/loss before financial result 2,261 1,696 1,494 634 60 27 Result from equity accounted investments 27 10 27 10 – – Interest and similar income 115 155 238 312 – 2 Interest and similar expenses – 111 – 184 – 334 – 459 – 1 – 1 Other financial result 37 – 839 – 37 – 64 – – Financial result 68 – 858 – 106 – 201 – 1 1 Profit/loss before tax 2,329 838 1,388 433 59 28 Income taxes – 632 – 362 – 367 – 206 – 16 – 11 Net profit/loss 1,697 476 1,021 227 43 17 Attributable to non-controlling interests 23 87 27 91 – – Attributable to shareholders of BMW AG 1,674 389 994 136 43 17 Basic earnings per share of common stock in € 2.74 0.64 Basic earnings per share of preferred stock in € 2.74 0.64 Dilutive effects – – Diluted earnings per share of common stock in € 2.74 0.64 Diluted earnings per share of preferred stock in € 2.74 0.64 INCOME STATEMENT FOR GROUP AND SEGMENTS * Includes general administrative expenses amounting to € 1,235 million (2024: € 1,200 million).
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29 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Income Statement for Group and Segments FOR THE PERIOD FROM 1 JULY TO 30 SEPTEMBER Financial Services Other Entities Eliminations in € million 2025 2024 2025 2024 2025 2024 Revenues 9,607 9,331 3 3 – 6,561 – 5,484 Cost of sales – 8,471 – 8,170 – – 6,624 5,754 Gross profit 1,136 1,161 3 3 63 270 Selling and administrative expenses – 502 – 400 – 7 – 11 12 6 Other operating income 3 7 4 9 – 23 – 16 Other operating expenses – 13 – 8 – – 1 31 15 Profit/loss before financial result 624 760 – – 83 275 Result from equity accounted investments – – – – – – Interest and similar income 8 3 1,100 1,194 – 1,231 – 1,356 Interest and similar expenses – 1 – 2 – 861 – 832 1,086 1,110 Other financial result 13 – 96 61 – 679 – – Financial result 20 – 95 300 – 317 – 145 – 246 Profit/loss before tax 644 665 300 – 317 – 62 29 Income taxes – 178 – 227 – 85 88 14 – 6 Net profit/loss 466 438 215 – 229 – 48 23 Attributable to non-controlling interests – 5 – 4 1 – – – Attributable to shareholders of BMW AG 471 442 214 – 229 – 48 23 Basic earnings per share of common stock in € Basic earnings per share of preferred stock in € Dilutive effects Diluted earnings per share of common stock in € Diluted earnings per share of preferred stock in € INCOME STATEMENT FOR GROUP AND SEGMENTS
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30 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Balance Sheet for Group and Segments FOR THE PERIOD FROM 1 JANUARY TO 30 SEPTEMBER Group Automotive Motorcycles in € million 2025 2024 2025 2024 2025 2024 Revenues 99,999 105,964 87,164 90,863 2,522 2,563 Cost of sales – 84,323 – 88,495 – 76,061 – 78,309 – 2,053 – 2,108 Gross profit 15,676 17,469 11,103 12,554 469 455 Selling and administrative expenses – 7,647* – 7,953* – 6,077 – 6,587 – 194 – 212 Other operating income 1,306 872 1,268 830 3 2 Other operating expenses – 1,271 – 761 – 1,174 – 769 – 6 – 2 Profit/loss before financial result 8,064 9,627 5,120 6,028 272 243 Result from equity accounted investments 27 – 20 27 – 20 – – Interest and similar income 390 482 779 1,023 2 4 Interest and similar expenses – 413 – 438 – 1,029 – 1,183 – 4 – 3 Other financial result – 12 – 790 8 – 85 – – Financial result – 8 – 766 – 215 – 265 – 2 1 Profit/loss before tax 8,056 8,861 4,905 5,763 270 244 Income taxes – 2,344 – 2,729 – 1,434 – 1,777 – 79 – 75 Net profit/loss 5,712 6,132 3,471 3,986 191 169 Attributable to non-controlling interests 189 339 196 343 – – Attributable to shareholders of BMW AG 5,523 5,793 3,275 3,643 191 169 Basic earnings per share of common stock in € 8.97 9.21 Basic earnings per share of preferred stock in € 8.98 9.22 Dilutive effects – – Diluted earnings per share of common stock in € 8.97 9.21 Diluted earnings per share of preferred stock in € 8.98 9.22 INCOME STATEMENT FOR GROUP AND SEGMENTS * Includes general administrative expenses amounting to € 3,645 million (2024: € 3,684 million).
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31 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Balance Sheet for Group and Segments FOR THE PERIOD FROM 1 JANUARY TO 30 SEPTEMBER INCOME STATEME NT FOR GROUP AND SEGMENTS Financial Services Other Entities Eliminations in € million 2025 2024 2025 2024 2025 2024 Revenues 29,711 28,598 9 10 – 19,407 – 16,070 Cost of sales – 26,386 – 25,252 – – 20,177 17,174 Gross profit 3,325 3,346 9 10 770 1,104 Selling and administrative expenses – 1,360 – 1,146 – 35 – 36 19 28 Other operating income 34 29 24 18 – 23 – 7 Other operating expenses – 132 – 30 – 7 – 5 48 45 Profit/loss before financial result 1,867 2,199 – 9 – 13 814 1,170 Result from equity accounted investments – – – – – – Interest and similar income 12 8 3,376 3,385 – 3,779 – 3,938 Interest and similar expenses – 51 – 7 – 2,567 – 2,342 3,238 3,097 Other financial result 8 – 54 – 28 – 651 – – Financial result – 31 – 53 781 392 – 541 – 841 Profit/loss before tax 1,836 2,146 772 379 273 329 Income taxes – 537 – 662 – 226 – 117 – 68 – 98 Net profit/loss 1,299 1,484 546 262 205 231 Attributable to non-controlling interests – 8 – 5 1 1 – – Attributable to shareholders of BMW AG 1,307 1,489 545 261 205 231 Basic earnings per share of common stock in € Basic earnings per share of preferred stock in € Dilutive effects Diluted earnings per share of common stock in € Diluted earnings per share of preferred stock in €
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32 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Balance Sheet for Group and Segments AT 30 SEPTEMBER 2025 Group Automotive Motorcycles in € million 30.9.2025 31.12.2024 30.9.2025 31.12.2024 30.9.2025 31.12.2024 ASSETS Intangible assets 19,452 20,220 18,873 19,630 212 220 Property, plant and equipment 38,508 39,581 37,836 38,909 598 588 Leased products 50,889 48,838 – – – – Investments accounted for using the equity method 536 553 536 553 – – Other investments 867 1,099 14,641 14,662 – – Receivables from sales financing 52,003 55,149 – – – – Financial assets 2,359 834 1,189 315 – – Deferred tax 2,428 3,244 2,851 3,336 – – Other assets 1,522 1,827 1,964 2,061 25 18 Non-current assets 168,564 171,345 77,890 79,466 835 826 Inventories 23,326 24,387 21,622 22,372 957 919 Trade receivables 2,930 2,834 2,530 2,449 150 132 Receivables from sales financing 36,230 38,569 – – – – Financial assets 2,133 2,565 1,189 1,561 – – Current tax 1,701 1,316 767 715 – – Other assets 7,829 7,429 20,287 23,152 5 17 Cash and cash equivalents 19,257 19,287 15,768 14,853 8 21 Current assets 93,406 96,387 62,163 65,102 1,120 1,089 Total assets 261,970 267,732 140,053 144,568 1,955 1,915 BALANCE SHEET FOR GROUP AND SEGMENTS
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33 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Balance Sheet for Group and Segments AT 30 SEPTEMBER 2025 Financial Services Other Entities Eliminations in € million 30.9.2025 31.12.2024 30.9.2025 31.12.2024 30.9.2025 31.12.2024 ASSETS Intangible assets 366 369 1 1 – – Property, plant and equipment 74 84 – – – – Leased products 58,972 57,249 – – – 8,083 – 8,411 Investments accounted for using the equity method – – – – – – Other investments 25 25 23,387 23,187 – 37,186 – 36,775 Receivables from sales financing 52,156 55,299 – – – 153 – 150 Financial assets 191 192 1,111 471 – 132 – 144 Deferred tax 624 597 92 57 – 1,139 – 746 Other assets 3,190 2,906 40,715 41,499 – 44,372 – 44,657 Non-current assets 115,598 116,721 65,306 65,215 – 91,065 – 90,883 Inventories 747 1,096 – – – – Trade receivables 249 252 1 1 – – Receivables from sales financing 36,230 38,569 – – – – Financial assets 682 613 308 423 – 46 – 32 Current tax 33 154 901 447 – – Other assets 4,561 4,375 66,616 64,227 – 83,640 – 84,342 Cash and cash equivalents 3,233 3,103 248 1,310 – – Current assets 45,735 48,162 68,074 66,408 – 83,686 – 84,374 Total assets 161,333 164,883 133,380 131,623 – 174,751 – 175,257 BALANCE SHEET FOR GROUP AND SEGMENTS
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34 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Balance Sheet for Group and Segments AT 30 SEPTEMBER 2025 Group Automotive Motorcycles in € million 30.9.2025 31.12.2024 30.9.2025 31.12.2024 30.9.2025 31.12.2024 EQUITY AND LIABILITIES Subscribed capital 616 639 Capital reserves 2,479 2,456 Revenue reserves 93,566 92,812 Accumulated other equity – 2,798 – 2,090 Treasury shares – 504 – 1,502 Equity attributable to shareholders of BMW AG 93,359 92,315 Non-controlling interests 2,201 2,688 Equity 95,560 95,003 54,671 58,562 – – Pension provisions 219 222 130 134 – – Other provisions 6,900 7,830 6,489 7,411 100 107 Deferred tax 3,496 2,621 3,275 2,500 – – Financial liabilities 67,013 66,770 2,208 3,145 – 1 Other liabilities 7,155 7,597 8,866 8,271 776 779 Non-current provisions and liabilities 84,783 85,040 20,968 21,461 876 887 Other provisions 7,793 8,543 7,214 7,813 132 130 Current tax 1,087 1,131 840 737 – – Financial liabilities 40,735 44,491 1,969 3,012 – – Trade payables 13,511 14,126 11,955 12,556 535 561 Other liabilities 18,501 19,398 42,436 40,427 412 337 Current provisions and liabilities 81,627 87,689 64,414 64,545 1,079 1,028 Total equity and liabilities 261,970 267,732 140,053 144,568 1,955 1,915 BALANCE SHEET FOR GROUP AND SEGMENTS
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35 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Balance Sheet for Group and Segments AT 30 SEPTEMBER 2025 Financial Services Other Entities Eliminations in € million 30.9.2025 31.12.2024 30.9.2025 31.12.2024 30.9.2025 31.12.2024 EQUITY AND LIABILITIES Subscribed capital Capital reserves Revenue reserves Accumulated other equity Treasury shares Equity attributable to shareholders of BMW AG Non-controlling interests Equity 16,851 16,954 66,019 61,550 – 41,981 – 42,063 Pension provisions 16 16 73 72 – – Other provisions 311 312 – – – – Deferred tax 2,617 2,099 – 92 – 2,396 – 2,070 Financial liabilities 20,065 21,205 44,872 42,563 – 132 – 144 Other liabilities 41,901 43,461 493 410 – 44,881 – 45,324 Non-current provisions and liabilities 64,910 67,093 45,438 43,137 – 47,409 – 47,538 Other provisions 444 549 3 51 – – Current tax 194 241 53 153 – – Financial liabilities 26,651 26,901 12,161 14,610 – 46 – 32 Trade payables 1,017 997 4 12 – – Other liabilities 51,266 52,148 9,702 12,110 – 85,315 – 85,624 Current provisions and liabilities 79,572 80,836 21,923 26,936 – 85,361 – 85,656 Total equity and liabilities 161,333 164,883 133,380 131,623 – 174,751 – 175,257 BALANCE SHEET FOR GROUP AND SEGMENTS
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36 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information FOR THE PERIOD FROM 1 JANUARY TO 30 SEPTEMBER CONDENSED CASH FLOW STATEMENT FOR GROUP AND SEGMENTS Group Automotive Financial Services in € million 2025 2024 2025 2024 2025 2024 Profit/loss before tax 8,056 8,861 4,905 5,763 1,836 2,146 Depreciation and amortisation of tangible, intangible and investment assets 6,408 6,495 6,287 6,387 19 21 Change in provisions – 1,086 410 – 831 541 – 86 – 51 Change in leased products and receivables from sales financing – 4,674 – 5,496 – – – 4,826 – 6,021 Changes in working capital 278 – 3,794 43 – 3,647 364 – 52 Other – 1,390 – 2,744 – 432 – 859 – 16 122 Cash inflow/outflow from operating activities 7,592 3,732 9,972 8,185 – 2,709 – 3,835 Total investment in intangible assets and property, plant and equipment – 7,626 – 8,448 – 7,516 – 8,337 – 5 – 8 Inflow/outflow from net investment in marketable securities and investments funds 926 570 957 626 – 31 – 57 Other 252 – 41 232 – 39 2 2 Cash inflow/outflow from investing activities – 6,448 – 7,919 – 6,327 – 7,750 – 34 – 63 Cash inflow/outflow from financing activities – 1,077 4,667 – 2,709 – 458 2,848 4,368 Effect of exchange rate on cash and cash equivalents – 97 – 19 – 21 18 25 – 32 Change in cash and cash equivalents – 30 461 915 – 5 130 438 Cash and cash equivalents as at 1 January 19,287 17,327 14,853 13,590 3,103 3,090 Cash and cash equivalents as at 30 September 19,257 17,788 15,768 13,585 3,233 3,528
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37 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information OTHER INFORMATION 38 Consumption and Carbon Disclosures 41 Contacts
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38 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Consumption and Carbon Disclosures CONSUMPTION AND CARBON DISCLOSURES As of November 2025 Figures based on WLTP Model Energy consumption combined or weighted combined (PHEV) CO₂ emissions combined or weighted combined (PHEV) Fuel consumption combined at charge sustaining operation CO2-class in l/100km in kWh/100km in g/km in l/100km BMW BMW iX1 eDrive20 17.1 0 A BMW iX1 xDrive30 18.1 0 A BMW iX2 eDrive20 16.9 – 16.8 0 A BMW iX2 xDrive30 17.7 – 17.6 0 A BMW iX3 50 xDrive 17.9 – 15.1 0 A BMW X1 xDrive25e 3.1 – 2.8 14.1 – 13.7 70 – 62 6.9 – 6.4 B/E BMW X1 xDrive30e 3.2 – 2.8 14.2 – 13.8 72 – 63 6.9 – 6.4 B/F – E BMW X3 30e xDrive 3.3 16.7 76 8.2 B/G BMW 216 Gran Coupé 6.4 145 F BMW 220 Gran Coupé 5.8 131 D BMW 223 xDrive Gran Coupé 6.4 – 6.3 144 E BMW M235 xDrive Gran Coupé 8.2 185 G BMW 218d Gran Coupé 5.0 132 D BMW 220d Gran Coupé 4.6 121 D BMW X1 sDrive18i 7.1 – 7.0 160 – 159 F BMW X1 sDrive20i 6.4 – 6.3 143 – 142 E BMW X1 xDrive23i 7.0 159 – 158 F
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39 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Consumption and Carbon Disclosures As of November 2025 Figures based on WLTP Model Energy consumption combined or weighted combined (PHEV) CO₂ emissions combined or weighted combined (PHEV) Fuel consumption combined at charge sustaining operation CO2-class in l/100km in kWh/100km in g/km in l/100km BMW X1 M35i xDrive 8.2 185 G BMW X1 sDrive18d 5.6 147 – 146 E BMW X1 sDrive20d 5.1 – 5.0 133 – 131 D BMW X1 xDrive20d 5.3 139 – 138 E BMW X1 xDrive23d 5.3 139 – 138 E BMW X2 sDrive20i 6.3 142 E BMW X2 M35i xDrive 8.2 186 – 185 G BMW X2 sDrive18d 5.6 146 E BMW X2 sDrive20d 5.0 132 D BMW X2 xDrive20d 5.3 139 E BMW X3 20 xDrive 7.6 172 F BMW X3 M50 xDrive 8.3 189 G BMW X3 20d xDrive 6.5 171 F BMW X3 40d xDrive 6.7 177 G MINI MINI Cooper E 14.3 0 A MINI Cooper SE 14.7 – 14.6 0 A MINI Countryman E 17.4 0 A MINI Countryman SE ALL4 18.5 0 A MINI Aceman E 14.6 0 A MINI Aceman SE 14.7 0 A MINI Cooper C 6.5 146 E MINI Cooper S 6.7 150 E MINI Countryman C 6.6 148 E
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40 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Consumption and Carbon Disclosures As of November 2025 Figures based on WLTP Model Energy consumption combined or weighted combined (PHEV) CO₂ emissions combined or weighted combined (PHEV) Fuel consumption combined at charge sustaining operation CO2-class in l/100km in kWh/100km in g/km in l/100km MINI Countryman S ALL4 7.2 163 F MINI Countryman D 5.1 135 D ROLLS - ROYCE Rolls-Royce Black Badge Spectre 23.8 – 22.2 0 A Rolls-Royce Spectre 23.6 – 22.2 0 A Rolls-Royce Black Badge Cullinan Series II 16.9 385 G Rolls-Royce Cullinan Series II 16.9 385 G Rolls-Royce Ghost Series II 15.6 356 G Rolls-Royce Phantom 16.3 370 G Rolls-Royce Phantom Centenary 16.2 365 G
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41 BMW Group Quarterly Statement 2025 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Contacts B USINESS AND FINANCE PRESS Te lephone + 49 89 382-2 45 44 + 49 89 382-2 41 18 Email presse@bmwgroup.com I NVESTOR RELATIONS Te lephone + 49 89 382-2 53 87 Fax + 49 89 382-1 46 61 Email ir@bmwgroup.com T HE BMW GROUP ON THE INTERNET F urther information about the BMW Group is available online at: ↗ www.bmwgroup.com I nvestor Relations information is available directly at: ↗ www.bmwgroup.com/ir I nformation about the various BMW Group brands is available at: ↗ www.bmw.com ↗ www.mini.com ↗ www.rolls-roycemotorcars.com ↗ www.bmw-motorrad.com P UBLISHED BY B ayerische Motoren Werke Aktiengesellschaft 80788 Munich Germany Telephone + 49 89 382-0 CONTACTS