2Q26: In-line margins, better FCF

研报英文原文证据摘录

2Q26: In-line margins, better FCF

Update

July 30, 2026 06:33 AM GMT

Morgan Stanley Europe S.E., Madrid Branch+MBMW | Europe Javier Martinez de Olcoz Cerdan

Equity Analyst

2Q26: In-line margins, better Javier.Martinez.Olcoz@morganstanley.comMorgan Stanley & Co. International plc+ +34 9141-81289

Shaqeal A Kirunda

Equity AnalystFCF Shaqeal.Kirunda@morganstanley.com +44 20 7425-0736

Matias Rodriguez Florez-Estrada

AlphaSignals Earnings Reaction Research Associate

Matias.Rodriguez@morganstanley.com +44 20 7425-1091

Unchanged Modest upside Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month BMW (BMWG.DE, BMW GY)

consensus EPS

Autos & Shared Mobility | Germany

Source: Company data, Morgan Stanley Research

Stock Rating Overweight

Industry View In-Line

Revenue slightly below and margins slightly above market Price target €74.00

expectations, due to Motorcycles and FS, while Autos was in line Shr52-Weekprice,Rangeclose (Jul 29, 2026) €97.92-56.40€60.30

with expectations. One more time, lower investments reflected Mkt cap, curr (mn) €36,610 Net debt (12/26e) (mn)* €(10,998)

in better than expected Ind. FCF. Guidance maintained. EV, curr (mn)* €26,951

* = GAAP or approximated based on GAAP

Key Takeaways

We expect a neutral reaction today relative to SXAP Exhibit 1 : BMW 2Q26 summary

€ mn 2Q26a 2Q26e 2Q25a A v E A v C Y/Y

2Q26 margins slightly above consensus, Motorcycle and FS driven DeliveriesGroup Revenue(000's) 31,259651 31,946648 33,927683 -2%0% -2%0% -5%-8%

Adj. EBIT 1,631 1,774 2,661 -8% 3% -39%

Auto cash flow above consensus, compatible with ~7% total yield Adj.Net EBITIncomeMrg (%) 1,2005.2% 1,2945.6% 1,8427.8% -34bps-7% 24bps14% -263bps-35%

EPS 2.01 2.10 2.85 -4% 17% -29%

Automotive FCF 513 1,249 1,932 -59% 57% -73%