**BMW Group Q3 2025 Results Conference Call: Executive Summary**
**Introduction**
*Maximilian Schöberl, Head of Corporate & Governmental Affairs*
Gentlemen, good morning, and welcome to the BMW Group telephone conference for the third quarter. As always, we are joined today by Oliver Zipse, Chairman of the Board of Management, and our CFO, Walter Mertl.
First, Walter will present our financial results. Then, Oliver will provide a general business update for the BMW Group. Following a short break, we will open the floor for a Q&A session.
Walter, please go ahead.
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**Financial Results Overview**
*Walter Mertl, Member of Management Board of Finance*
Thank you, Max. Good morning, ladies and gentlemen.
In the third quarter of 2025, the BMW Group continued to follow its strategic course and maintained its position in the global market. Before diving into the details of our quarterly performance, I would like to directly address our communication from October 7th.
The BMW Group is known as an ambitious company with a clear focus on identifying opportunities and realizing market potential. Our ongoing success demonstrates this is the right approach.
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**Chinese Market Outlook**
Despite various challenges in 2025, we remain very confident about the fundamental potential of the Chinese market. In fact, our planning scenario was fully confirmed during the first six months of the year, which continued at the level of the second half of 2024.
For the second half of 2025, we initially assumed we would see renewed growth momentum. However, at the beginning of the fourth quarter, we noticed that this momentum has not yet materialized.
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**Adjustments in Growth Expectations**
As a result, for the remainder of 2025, it now appears that volume stabilization—rather than volume growth—is the most likely outcome. We have accordingly adjusted our expectations to reflect this new market reality.
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**Conclusion**
We will continue with our commitment to innovation and resilience as we move forward. Thank you for your attention. After the next presentation and a short break, we look forward to your questions during the Q&A session.
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