Operator

Colleagues, ladies and gentlemen, good morning, and welcome to the telephone conference of the BMW Group for the first quarter. Today, we have here Oliver Zipse, Chairman of the Board of Management; and our CFO, Walter Mertl. First, Walter will take you through our financial results. Oliver will then give you a general business update for the BMW Group. After a short break, we will then have time for our Q&A session. Walter, please go ahead.

Walter Mertl
Member of Management Board of Finance

Ladies and gentlemen, good morning. The year 2026 started off with sound financial results for the BMW Group, in line with our expectations. In the first quarter, group revenues totaled EUR 31 billion. Group earnings before tax amounted to EUR 2.35 billion, approximately 25% lower than in Q1 2025. With this result, we generated a group EBT margin of 7.6% on the level of the 2025 as well as 2024 full year. The operating profit in the Automotive segment was EUR 1.345 billion. The EBIT margin in the Automotive segment stood at 5% in the middle of our full year guidance corridor of 4% to 6%. As you know, we consistently focus on our reported figures. Accordingly, the 5% represents our reported EBIT margin without any adjustments.

The Q1 extra tariff burden of 1.25 percentage points is accounted for in this margin. In addition, the EBIT margin includes the depreciation from the BBA purchase price allocation of 1.2 percentage points.

Let me now provide more details on the Automotive segment's performance across key metrics. In the first quarter, the