BMW : QUARTERLY STATEMENT TO 31 MARCH 2024.

31 MARCH 2024

QUARTERLY STATEMENT

2	BMW Group Quarterly Statement 2024	BMW Group at a Glance	Interim Group Management Report	Interim Group Financial Statements	Other Information

CONTENTS

3 BMW Group at a Glance

1. Interim Group Management Report

1. Interim Group Financial Statements

1. Other Information

3	BMW Group Quarterly Statement 2024	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

4	BMW Group Quarterly Statement 2024	BMW Group at a Glance	Interim Group Management Report	Interim Group Financial Statements	Other Information

BMW Group in Figures

BMW GROUP IN FIGURES

KEY PERFORMANCE INDICATORS

G R O U P
Profit before tax		€ million
A U T O M O T I V E S E G M E N T
Deliveries		units
Share of all-electric cars in deliveries		%
EBIT margin1	%
M O T O R C Y C L E S S E G M E N T
Deliveries		units
EBIT margin1	%

FURTHER PERFORMANCE FIGURES

1st quarter 2024		1st quarter 2023		Change in %
4,162	5,129		- 18.9
594,533	588,138	1.1
13.9		11.0		26.4
8.8	12.1		- 27.3
46,434		47,935		- 3.1
12.2	16.5		- 26.1

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.

G R O U P

EBT margin2

Earnings per share of common stock3

Earnings per share of preferred stock3

A U T O M O T I V E S E G M E N T

Free cash flow

%

€

€

€ million

1st quarter 2024		1st quarter 2023		Change in %
11.4	13.9		- 18.0
4.42		5.31		- 16.8
4.42	5.31		- 16.8
1,283	1,981		- 35.2

5	BMW Group Quarterly Statement 2024	BMW Group at a Glance	Interim Group Management Report	Interim Group Financial Statements	Other Information

BMW Group in Figures

FURTHER PERFORMANCE FIGURES

G R O U P

Group revenues

Automotive

Motorcycles

Financial Services

Other Entities

Eliminations

Group profit / loss before financial result (EBIT)

Automotive

Motorcycles

Financial Services

Other Entities

Eliminations

Group profit / loss before tax (EBT)

Automotive

Motorcycles

Financial Services

Other Entities

Eliminations

Group income taxes

Group net profit / loss

• million
• million
• million
• million
• million
• million
• million
• million
• million
• million
• million
• million
• million
• million
• million
• million
• million
• million
• million
• million

1st quarter 2024		1st quarter 2023		Change in %
36,614		36,853		- 0.6
30,939		31,268		- 1.1
872	933		- 6.5
9,525	8,826	7.9
4	3	33.3
- 4,726		- 4,177		13.1
4,054		5,375		- 24.6
2,710		3,777		- 28.2
106	154		- 31.2
714	958		- 25.5
- 5		- 4	25.0
529		490		8.0
4,162		5,129		- 18.9
2,703		3,828		- 29.4
106	154		- 31.2
730	945		- 22.8
401		- 128		-
222	330		- 32.7
- 1,211		- 1,467		- 17.5
2,951	3,662		- 19.4

6	BMW Group Quarterly Statement 2024	BMW Group at a Glance	Interim Group Management Report	Interim Group Financial Statements	Other Information

BMW Group in Figures

FURTHER PERFORMANCE FIGURES

A U T O M O T I V E S E G M E N T
Deliveries		units
BMW		units
MINI		units
Rolls-Royce		units
Production volume		units
F I N A N C I A L S E R V I C E S S E G M E N T
New contracts with retail customers

1st quarter 2024		1st quarter 2023		Change in %
594,533		588,138		1.1
530,933		517,957		2.5
62,075	68,541		- 9.4
1,525	1,640		- 7.0
673,227	677,852		- 0.7
422,056	347,298	21.5

7	BMW Group Quarterly Statement 2024	BMW Group at a Glance	Interim Group Management Report	Interim Group Financial Statements	Other Information

INTERIM GROUP MANAGEMENT REPORT

8 Financial Performance

1. General Economic Environment
2. Group Overview

11 Automotive Segment

1. Financial Services Segment
2. Other Entities Segment and Eliminations
3. Outlook, Risk and Opportunity Management

1. Outlook

1. Risk and Opportunity Management

8	BMW Group Quarterly Statement 2024

1. General Economic Environment
2. Group Overview

11 Automotive Segment

BMW Group at a Glance	Interim Group Management Report	Interim Group Financial Statements	Other Information
	Financial Performance

FINANCIAL PERFORMANCE

1. Financial Services Segment
2. Other Entities Segment and Eliminations
3. Outlook

20 Risk and Opportunity Management

The BMW Group made a successful start to the 2024 financial year. Thanks to its clear corporate strategy, the BMW Group continued to make decisive progress in ramping up electromobility and achieved its targeted rate of return despite the ongoing general uncertainty in the economy.

In a volatile market environment, a significant rise in sales of all-eletric vehicles to 82,689 units (+27.9%) caused deliveries to go up to 594,533 units (+1.1%) in the first quarter. This slight increase was in line with expecta- tions. The EBT margin was 11.4% at a Group level. The EBIT margin in the Automotive segment was 8.8%, slightly higher than in the fourth quarter of

reinforcing private consumption levels. China's weak property market continues to have an impact on consumer confidence.

International automobile markets overall

The world's largest automobile markets performed well overall from January to March. This development was driven by the ongoing stabilisation of the economic situation in the majority of markets, among other factors. Vehicles priced at € 40 thousand or less accounted for the majority of the considerable growth in China.

the previous year. As expected, the decrease compared to the prior year quarter was largely due to the earnings contributed by the Automotive seg- ment, which was affected by a rise in manufacturing costs and fixed costs, in addition to increasingly fierce competition. The Financial Services segment also started 2024 in a promising fashion. Compared to the prior year quarter, new business went up by a significant 21.5% in the segment between January and March. However, earnings in the segment fell, due largely to a rise in credit risk provisioning and a downturn in income from the sale of lease returns as the pre-owned vehicle market continued to sta- bilise.

GENERAL ECONOMIC

ENVIRONMENT

EU 27

thereof Germany

thereof France

thereof Italy

thereof Spain

United Kingdom (UK)

USA

China

Japan

South Korea

Total

Change compared to prior year in %

+ 4

+ 4

+ 6

+ 6

+ 3

+ 10

+ 5

+ 12

- 18

- 9

+ 6

The first three months of 2024 saw a slight upwards trend in the global economy. Inflation continued to stabilise or decline in the USA and Europe. Wages grew in response to the increased cost of living in recent years,

9	BMW Group Quarterly Statement 2024	BMW Group at a Glance	Interim Group Management Report	Interim Group Financial Statements	Other Information

Financial Performance

1. General Economic Environment
2. Group Overview

11 Automotive Segment

1. Financial Services Segment
2. Other Entities Segment and Eliminations
3. Outlook

20 Risk and Opportunity Management

GROUP OVERVIEW

Successful start to the year for the BMW Group

The BMW Group made a successful start to the 2024 financial year. Demand for the Company's appealing and contemporary product range remained high, with sales up by a slight 1.1% in the first quarter of 2024. All drive systems were in demand - from all-electric (BEV) models through to modern plug-in hybrids (PHEV) and highly efficient combustion engines. Deliveries of BMW, MINI and Rolls-Royce brand vehicles came to 594,533 units in the first quarter (2023: 588,138 units). This performance confirms the BMW Group's top position in the global premium segment.

All-electric vehicles continued to see a rapid rise in sales growth. The significant upwards trend remained in place in the first three months of the year, as the BMW Group delivered 82,689 BMW, MINI and Rolls-Royce BEVs (2023: 64,647 units; +27.9%). All-electric vehicles accounted for 13.9% of all units delivered in the first quarter of 2024 (2023: 11.0%). A total of

Services segment posted increased revenues due to a rise in interest income and income from the leasing business. The amount of revenue eliminated on consolidation rose due to the upturn in new leasing business and contributed to a year-on-year reduction in Group revenues.

The Group's cost of sales was € 30,050 million (2023: € 29,081 million; +3.3%). This rise was driven by higher manufacturing costs in the Automotive segment and an increase in research and development expense. Research and development expenditure related primarily to the digitalisation and electrification of the vehicle fleet across all model series, as well as the development of automated driving functions. Additional research and development expenditure was related to the development of new models, such as the new BMW X5 and NEUE KLASSE models. In the Financial Services segment, a rise in interest rates and higher risk provisions related to stabilisation in pre-owned vehicle prices had a negative impact on cost of sales.

BMW Group - research and development expenses

1. 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.
2. Research and development expenditure as a percent- age of Group revenues.
3. Capitalised development costs as a percentage of re- search and development expenditure.

122,582 electrified vehicles (BEVs and PHEVs) were sold between January and March 2024 (2023: 110,486 units; +10.9%).

A total of 422,056 new contracts were signed with retail customers in the Financial Services segment in the first quarter of 2024 (2023: 347,298 contracts; +21.5%). This significant rise was reflected in new leasing (+32.3%) and new credit financing business (+16.6%). As at 31 March 2024, a total of 4,919,392 credit financing and leasing contracts were in place with retail customers, on a par with the previous year's level (31 De- cember 2023: 4,952,318 contracts; -0.7%).

EBT margin significantly above target at a Group level

Group revenues came in at € 36,614 million in the first quarter, on a par with the previous year (2023: € 36,853 million; -0.6%). When adjusted for currency effects, Group revenues went up by 1.6%.

Positive volume and product mix effects led to an increase in revenues for the Automotive segment. Pricing measures implemented in the previous year compensated for the increased level of competition. The Financial

in € million

Research and development expenditure1

Amortisation

Capitalised development costs

Research and development expenses

in %

Research and development expenditure ratio2

Capitalisation rate3

	1st quarter			1st quarter			Change in %
	2024	2023
	1,974	1,554	27.0
	554		630			- 12.1
	- 536			- 379		41.4
	1,992	1,805	10.4
	1st quarter			1st quarter			Change in
	2024		2023			%-pts.
	5.4	4.2	1.2
	27.2		24.4		2.8

10	BMW Group Quarterly Statement 2024

BMW Group at a Glance	Interim Group Management Report	Interim Group Financial Statements	Other Information
	Financial Performance

1. General Economic Environment
2. Group Overview

11 Automotive Segment

1. Financial Services Segment
2. Other Entities Segment and Eliminations
3. Outlook

20 Risk and Opportunity Management

Selling and administrative expenses rose to € 2,515 million in the reporting period (2023: € 2,359 million; +6.6%). Some of this rise was due to an increase in personnel costs and IT costs.

Due to the factors discussed above, profit before financial result fell by 24.6% in the first three months to € 4,054 million (2023: € 5,375 million).

The financial result improved by € 354 million compared to the previous year (2024: € 108 million, 2023: € -246 million). This increase was driven by market developments related to interest rate and foreign exchange hedges.

As expected, profit before tax was significantly lower in the first quarter than in the previous year at € 4,162 million (2023: € 5,129 million; -18.9%).

The EBT margin in the first quarter was 11.4% (2023: 13.9%; -2.5 percentage points).

Share buyback programme

At the Annual General Meeting of BMW AG held on 11 May 2022, the shareholders authorised the Board of Management to acquire treasury shares via the stock exchange, up to a maximum of 10% of the share capital in place at the date of the resolution or - if this value is lower - of the share capital in place at the time that the authorisation is acted on, and to redeem those shares without any further action required by the Annual General Meeting. The buyback authorisation remains valid until 10 May 2027.

As at 31 March 2024, BMW AG held a total of 8,004,314 treasury shares, corresponding to a nominal amount of € 8,004,314. BMW AG has acquired shares equivalent to 5.03% of the share capital in place on 31 March 2024 on the basis of the authorisation granted by the Annual General Meeting on 11 May 2022.

Financing activities

The total volume of the bonds issued in the first three months of the year was € 2.5 billion. These included one euro benchmark bond. ABS transactions with a total volume of around € 3.2 billion were entered into or extended in the USA, Germany and the UK.

As at 31 March 2024, Group liquidity amounted to around € 18.8 billion, slightly below the previous year's level (31 December 2023: € 19.5 billion).