Roger Willis reports
BMW profit up – everything else down
Splashing questionable news first, BMW Motorrad admitted to a 2.9% decline in motorcycle deliveries to customers during the first six months of its current 2026 financial year, totalling 102,847 units. Q2 volume had been 1.9% down to 60,112 units. Half-yearly revenue from the motorcycle segment fell by 3.3% to £1.463bn. But operating profit was healthier, 8.5% up to £197.1m, and operating margin reached 12.5%. Pre-tax profit was £195.4m, 8.1% higher. Net profit, for what it was worth (which is not a lot) came in at £139.7m. Cost of sales took a hammering. Beyond that, BMW had little to say about its motorcycle business.
Figures for BMW Group as a whole were dramatically worse, reflecting the automotive segment issues it (and fellow Teutonic carmakers Mercedes-Benz and Volkswagen) have in the shrivelling Chinese market and the impact from punitive US tariff impositions. Half-yearly profit before tax plunged by 29.4% to €4.045m. Half-yearly Group revenue sank by 8% to €62.266m. Among the details, difficult market conditions caused deliveries in China to fall by a further 20.4% in the first half of the year.
£-€ currency translation at forex rates applicable on 30 July
Ducati operating profit down 45%
During the first six months of Ducati’s 2026 financial year to 31 July, its motorcycle deliveries to customers worldwide fell by 7.7% versus the equivalent period in 2025, to 27,876 units. In Q2, spanning April, May, June and July, Ducati retail bike sales also fell by 7.7% to 16,912 units. In parallel, six-monthly resultant revenue slumped by 12.3% to £418.5m. Losses were attributed to poor sales in a highly competitive marketplace.
Operating profit dived by 44.7% to a mere £24.8m, owing to a combination of lower revenue, negative model mix effects, negative forex translation and US tariff impacts. The brand’s operating margin declined from 9.5% to 6%.
Audi, in contrast, as the largest player in Volkswagen’s Brand Group Progressive, sold 727,245 cars in the first half of 2026. Ducati’s operating profit contribution was barely visible.
£-€ currency translation at forex rates applicable on 31 July