BMW AG completed the conversion of all its non-voting preferred shares into voting ordinary shares on Tuesday, effective immediately upon registration in the commercial register, the company announced.
The amendment to BMW’s Articles of Association, approved by a large majority at the Annual General Meeting on May 13, 2026, has converted nearly 55 million preferred shares into voting ordinary shares at a 1:1 ratio. The move simplifies BMW’s capital structure into a single class of voting shares, reflecting the internationally recognized corporate governance principle of “one share, one vote.”
The custodial and stock exchange conversion of the former preferred shares will take place automatically between July 1 and July 3, 2026, without any action required by shareholders, according to the Munich-based automaker. Trading and listing of BMW preferred shares (ISIN DE0005190037) ceased on June 30.
Holders of the former 54,675,505 preferred shares will automatically become holders of ordinary shares (ISIN DE000519003), which are entitled to dividends as of January 1, 2026.
BMW’s share capital, amounting to approximately €616 million, will now consist exclusively of ordinary shares, compared to the previous structure of 91% ordinary shares and 9% preferred shares. The conversion also increases the free float of BMW AG ordinary shares by approximately 19%.
The announcement coincides with the 100th anniversary of BMW’s stock market listing. In June 1926, Bayerische Motorenwerke Aktiengesellschaft was first listed on the Munich and Berlin stock exchanges with shares carrying a nominal value of 1,000 Reichsmarks.
According to a press release by BMW Group (Source: press.bmwgroup.com), the unification into a single share class aligns the company with international best practices in corporate governance and is expected to enhance liquidity and investor appeal. The conversion was also covered by Reuters and Investing.com on June 30, 2026 (Source: Reuters/TradingView).
