Bayerische Motoren Werke Aktiengesellschaft

Welcome back to our quarterly earnings call. Oliver Zipse and Walter Merkel are also back in the room with me. The line will be open shortly for your questions. The operator will first give you some technical instructions. Please.

Ladies and gentlemen, we will now begin our Q&A session. If you have a question, we ask that you please use the raise hand function at the bottom of your Zoom screen, or if you have dialled in, please press star 9 to enter the queue. Once your name has been announced, you can ask the question. If you want to withdraw your question, please lower your hand using the raise hand function in the Zoom app or via telephone, press star 9. Thank you and please stay tuned for our first question. Our first question comes from Patrick Hummel at UBS. Please unmute your line.

Yeah, good morning, everybody. Thanks for taking my questions. Two questions for Walter, please, and Oliver, no offense, but we just met in Munich for the strategic questions, so I'll focus on two financial ones, if you don't mind. First, regarding the tariff impact, thanks for the quantification. I think the 200 basis points in the second quarter impact, that's clear. If I apply simple math, 150 basis points in the first half, and 125 for the full year. That suggests about 100 basis points for the second half. So I'm just wondering if you would say this 100 basis points run rate for the second half for tariffs should be also a good indication for, you know, how things would look like going into 2026. even maybe as a more, let's say, cautious scenario because you might be able to mitigate more of the tariff impact via pricing and optimization of your industrial footprint. So that's the first question, is 100 basis points a conservative run rate for the future? And my second question, I think you're still holding on to your China guide volume-wise, flat-ish, which means better than minus 5 or at least minus 5. Are you still comfortable with that? And if not, if maybe the number would be a bit more closer to minus 10, would you still feel comfortable with the group guide in terms of slight volume growth and the 5% to 7% margin range, just to get an idea about, you know, stress testing your assumptions here for China? Thank you.