BMW
Note: This is a daily stock update and the information stands true as of 12/03/26, 09:00 CET.
Company Update:
25 sales of €133.5bn (down 6% YoY), 2.5% below consensus. Q4 sales came in at €33.4bn (down 8% YoY), 9.5% below consensus.
EBT reached €10.4bn (down 7% YoY), 6% ahead of consensus, implying a margin of 7.7%, above the 7.1% consensus. Q4 EBT stood at €2.18bn, 25% ahead of consensus, implying a margin of 6.5%, significantly above the 4.7% consensus. The Q4 EBT beat was mainly driven by the Elimination division (????).
The only silver lining comes from the dividend that comes in at EUR4.4 per share, ahead of our EUR4 expectation.
Outlook 26 :
Deliveries expected to be flat YoY, with BEV mix also flat YoY.
• Automotive EBIT margin between 4–6%, including a tariff impact of around 125bps (consensus: 5.7%)
• Motorcycles EBIT margin between 4–6% (consensus: 7.2%)
• Group EBT expected to decline moderately (consensus had expected a slight increase)
Expert Opinion:
We see no reason to change our stance on the name. Momentum is likely to remain weak. The oil crisis will impact negatively the consumer sentiment. Still a no go sector for us.
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