Copenhagen, Denmark, April 28, 2025 (GLOBE NEWSWIRE) -- Netcare International celebrates a journey of over two decades defined by innovation, technical excellence, and a dedication to collaborative success. Over the years, it has grown from a one-man consultancy into a global force, bringing comprehensive Systems, Applications, and Products in Data Processing (SAP) solutions across industries globally. The company, based in Hellerup, Denmark, was founded on the principle that expertise and genuine partnersh ...

金十图示：2025年04月28日（周一）全球主要科技与互联网公司市值变化 | NHE 恩智浦 | 490 | -0.01% | 193.55 | | --- | --- | --- | --- | | FICO FICO | 477 | 1 0.8% | 1952.31 | | 京东 | 464 | + 0.18% | 32.53 | | (Infineon infineon | 444 | 1 1.88% | 34.2 | | 泰科电子 | 428 | ↑ 0.59% | 144.37 | | Robinhood | 426 | 1 2.7% | 49.45 | | Fis 繁德信息技术 | 423 | -0.76% | 79.26 | | Coupang | 420 | 1 0.86% | 23.44 | | Cloudflare | 411 | ↑ 1.79% | 121 | | Wolters Kluwer | 403 | · 0.36% | 173.42 | | Take 2 Interactive397 | | 1.21% | 225.38 | | Garmin GARMIN | 383 | + ...

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides an overview of SAP's strong Q1 2025 performance, management commentary, key financial highlights, and strategic business updates [Q1 2025 Performance Overview](index=1&type=section&id=Q1%202025%20Performance%20Overview) SAP reported strong Q1 2025 financial results, with significant growth in cloud revenue and operating profit, driven by expanding cloud backlog and a resilient business model Q1 2025 Performance Metrics | Metric | Q1 2025 (€ millions) | Q1 2024 (€ millions) | ∆ in % | ∆ in % const. curr. | | :--- | :--- | :--- | :--- | :--- | | Current cloud backlog | 18,202 | 14,179 | 28 | 29 | | Cloud revenue | 4,993 | 3,928 | 27 | 26 | | Cloud ERP Suite revenue | 4,251 | 3,167 | 34 | 33 | | Total revenue | 9,013 | 8,041 | 12 | 11 | | IFRS operating profit | 2,333 | -787 | NA | | | Non-IFRS operating profit | 2,455 | 1,533 | 60 | 58 | | Share of more predictable revenue (in %) | 86 | 84 | 2pp | | [Management Commentary](index=2&type=section&id=Management%20Commentary) CEO Christian Klein highlighted the success of SAP's strategy, evidenced by strong cloud backlog and double-digit revenue growth, emphasizing the resilience of the business model and the role of AI. CFO Dominik Asam noted a solid start to the year with strong revenue and profit expansion, attributing it to cost discipline and focused execution, while maintaining vigilance in a volatile environment - CEO Christian Klein emphasized the success of SAP's strategy, with current cloud backlog expanding **29% at constant currencies** and total revenue seeing a double-digit increase, supported by an **86% share of predictable revenue** and an AI-powered portfolio[4](index=4&type=chunk) - CFO Dominik Asam highlighted a solid start to the year with strong total revenue growth and outstanding operating profit expansion, attributing these results to cost discipline and focused execution, while remaining vigilant regarding the broader economic environment[5](index=5&type=chunk) [Financial Highlights](index=3&type=section&id=Financial%20Highlights) Q1 2025 saw robust growth across key financial metrics, including cloud revenue, Cloud ERP Suite revenue, and significant increases in both IFRS and non-IFRS operating profit and earnings per share, alongside strong cash flow generation Q1 2025 Financial Performance | Metric | Q1 2025 (€ millions) | Q1 2024 (€ millions) | ∆ in % | ∆ in % const. curr. | | :--- | :--- | :--- | :--- | :--- | | Cloud revenue | 4,993 | 3,928 | 27 | 26 | | Cloud ERP Suite revenue | 4,251 | 3,167 | 34 | 33 | | Software licenses revenue | 183 | 203 | -10 | -10 | | Total revenue | 9,013 | 8,041 | 12 | 11 | | IFRS Cloud gross profit | 3,720 | 2,837 | 31 | | | Non-IFRS Cloud gross profit | 3,745 | 2,849 | 31 | 30 | | IFRS operating profit | 2,333 | -787 | NA | | | Non-IFRS operating profit | 2,455 | 1,533 | 60 | 58 | | IFRS EPS (basic) | 1.52 | -0.71 | NA | | | Non-IFRS EPS (basic) | 1.44 | 0.81 | 79 | | | Operating cash flow | 3,780 | 2,878 | 31 | | | Free cash flow | 3,583 | 2,642 | 36 | | - IFRS operating profit growth was positively impacted by a **€2.2 billion decline in restructuring expenses** compared to Q1 2024, due to the 2024 transformation program[12](index=12&type=chunk) [Strategic Initiatives & Business Updates](index=3&type=section&id=Strategic%20Initiatives%20%26%20Business%20Updates) SAP continued its share repurchase program, concluded its 2024 transformation program, secured significant customer wins for its "RISE with SAP" and "GROW with SAP" offerings globally, and announced a new data solution and a dividend proposal [Share Repurchase Program](index=3&type=section&id=Share%20Repurchase%20Program) - As of March 31, 2025, SAP repurchased **18,985,135 shares** at an average price of **€164.79**, totaling approximately **€3.1 billion** under the €5 billion program[15](index=15&type=chunk) - The third tranche of the share repurchase program, with a purchased volume of approximately **€1.5 billion**, was completed on April 8, 2025[15](index=15&type=chunk) [2024 Transformation Program](index=3&type=section&id=2024%20Transformation%20Program) - The 2024 transformation program concluded as planned in Q1 2025, with overall associated expenses of approximately **€3.2 billion**[16](index=16&type=chunk) - Restructuring payouts amounted to **€2.5 billion for the full-year 2024** and **€0.3 billion for Q1 2025**, with approximately **€0.4 billion** expected in the remainder of 2025[16](index=16&type=chunk) [Customer Wins & Regional Performance](index=3&type=section&id=Customer%20Wins%20%26%20Regional%20Performance) - Customers like HUGO BOSS, Hyundai Motor Company, Kia Corporation, and Tyson Foods chose "RISE with SAP" for end-to-end business transformations[17](index=17&type=chunk) - Gymshark and Oki Electric Industry selected "GROW with SAP" for rapid cloud ERP adoption[18](index=18&type=chunk) - SAP's cloud revenue performance was particularly strong in APJ and EMEA, and robust in the Americas, with outstanding results in countries like Brazil, Germany, India, and South Korea[21](index=21&type=chunk) [Product & Dividend Announcements](index=4&type=section&id=Product%20%26%20Dividend%20Announcements) - SAP announced SAP Business Data Cloud on February 13, a solution designed to unify SAP and third-party data to foster reliable AI and impactful decisions[22](index=22&type=chunk) - A dividend of **€2.35 per share** for fiscal year 2024 was proposed, marking a **6.8% year-over-year increase**, subject to shareholder approval[23](index=23&type=chunk) [Outlook 2025](index=4&type=section&id=Outlook%202025) SAP's 2025 outlook projects significant growth in cloud revenue, cloud and software revenue, and non-IFRS operating profit, alongside strong free cash flow, despite a dynamic environment [Financial Outlook](index=4&type=section&id=Financial%20Outlook) Despite a dynamic and uncertain environment, SAP maintains its 2025 financial outlook, projecting significant growth in cloud revenue, cloud and software revenue, and non-IFRS operating profit at constant currencies, along with strong free cash flow - SAP expects current cloud backlog growth at constant currencies to slightly decelerate in 2025[24](index=24&type=chunk) 2025 Financial Outlook (at constant currencies) | Metric (at constant currencies) | 2025 Outlook | 2024 Actual | YoY Growth | | :--- | :--- | :--- | :--- | | Cloud revenue | €21.6 – 21.9 billion | €17.14 billion | 26% to 28% | | Cloud and software revenue | €33.1 – 33.6 billion | €29.83 billion | 11% to 13% | | Non-IFRS operating profit | €10.3 – 10.6 billion | €8.15 billion | 26% to 30% | | Free cash flow (actual currencies) | Approximately €8.0 billion | €4.22 billion | ~89% | | Effective tax rate (non-IFRS) | Approximately 32% | 32.3% | | [Currency Impact](index=4&type=section&id=Currency%20Impact) SAP anticipates currency exchange rate fluctuations to impact actual reported figures for Q2 and FY 2025, with minor negative impacts projected for cloud and cloud and software revenue growth, and a neutral impact on non-IFRS operating profit growth Currency Impact on Growth | Metric | Q2 2025 Currency Impact | FY 2025 Currency Impact | | :--- | :--- | :--- | | Cloud revenue growth | -1.0pp | -0.0pp | | Cloud and software revenue growth | -0.5pp | -0.0pp | | Operating profit growth (non-IFRS) | 0.0pp | -0.0pp | [Additional Information](index=5&type=section&id=Additional%20Information) This section provides details on SAP's upcoming corporate events, including the Annual General Meeting and a financial analyst conference, along with an overview of SAP's business and standard legal disclaimers [Corporate Events & Resources](index=5&type=section&id=Corporate%20Events%20%26%20Resources) SAP announced its Annual General Meeting of Shareholders for May 13, 2025, as a virtual event, and a financial analyst conference on May 21, in conjunction with SAP Sapphire & ASUG Annual Conference Orlando - The Annual General Meeting of Shareholders will be held virtually on May 13, 2025[30](index=30&type=chunk) - A financial analyst event is scheduled for May 21, in conjunction with SAP Sapphire & ASUG Annual Conference Orlando[31](index=31&type=chunk) [About SAP & Legal Disclaimers](index=5&type=section&id=About%20SAP%20%26%20Legal%20Disclaimers) SAP, a global leader in enterprise applications and business AI for over 50 years, provides business-critical operations solutions. The report includes standard disclaimers regarding preliminary, unaudited information and forward-looking statements - SAP is a global leader in enterprise applications and business AI, providing solutions for finance, procurement, HR, supply chain, and customer experience for over 50 years[33](index=33&type=chunk) - The press release contains preliminary and unaudited information and includes forward-looking statements subject to risks and uncertainties[29](index=29&type=chunk)[38](index=38&type=chunk) [Financial and Non-Financial Key Facts](index=7&type=section&id=Financial%20and%20Non-Financial%20Key%20Facts) This section presents a comprehensive overview of SAP's key financial and non-financial metrics for Q1 2025, including revenues, profits, backlog, cash flow, employee numbers, and environmental impact [Financial and Non-Financial Key Facts](index=7&type=section&id=Financial%20and%20Non-Financial%20Key%20Facts) This section provides a comprehensive overview of SAP's key financial and non-financial metrics for Q1 2025, with comparative data for previous quarters and full-year 2024, highlighting trends in revenues, profits, margins, backlog, cash flow, employee numbers, and environmental impact Q1 2025 Key Facts | Metric | Q1 2025 | Q1 2024 | % change yoy | % change constant currency yoy | | :--- | :--- | :--- | :--- | :--- | | Cloud Revenue | 4,993 | 3,928 | 27 | 26 | | Cloud ERP Suite Revenue | 4,251 | 3,167 | 34 | 33 | | Total Revenue | 9,013 | 8,041 | 12 | 11 | | Operating profit (IFRS) | 2,333 | -787 | NA | | | Operating profit (non-IFRS) | 2,455 | 1,533 | 60 | 58 | | Cloud gross margin (non-IFRS, in %) | 75.0 | 72.5 | 2.5pp | | | Operating margin (non-IFRS, in %) | 27.2 | 19.1 | 8.1pp | | | Current cloud backlog | 18,202 | 14,179 | 28 | 29 | | Free cash flow | 3,583 | 2,642 | 36 | | | Number of employees (quarter end) | 108,187 | 108,133 | 0.05 | | | Women in executive roles (in %, quarter end) | 23.7 | 21.7 | 2.0pp | | | Gross greenhouse gas emissions (million tons CO2 equivalents) | 1.6 | 1.8 | -11.1 | | [Primary Financial Statements of SAP Group (IFRS)](index=9&type=section&id=(A)%20Consolidated%20Income%20Statements) This section presents SAP Group's IFRS primary financial statements, including consolidated income statements, statements of financial position, and cash flow statements, for Q1 2025 [Consolidated Income Statements](index=9&type=section&id=(A.1)%20Consolidated%20Income%20Statements%20%E2%80%93%20Quarter) SAP's IFRS consolidated income statement for Q1 2025 shows a significant turnaround from a loss to a profit, driven by strong revenue growth, particularly in cloud services, and a substantial reduction in restructuring expenses compared to the prior year Consolidated Income Statements | Metric (€ millions) | Q1 2025 | Q1 2024 | ∆ in % | | :--- | :--- | :--- | :--- | | Cloud | 4,993 | 3,928 | 27 | | Software licenses | 183 | 203 | -10 | | Total revenue | 9,013 | 8,041 | 12 | | Gross profit | 6,607 | 5,762 | 15 | | Restructuring | 0 | -2,242 | NA | | Operating profit (loss) | 2,333 | -787 | NA | | Profit (loss) after tax | 1,796 | -824 | NA | | Earnings per share, basic (in €) | 1.52 | -0.71 | NA | [Consolidated Statements of Financial Position](index=10&type=section&id=(B)%20Consolidated%20Statements%20of%20Financial%20Position) As of March 31, 2025, SAP's consolidated financial position shows an increase in total assets, primarily driven by higher cash and cash equivalents and trade receivables, while total liabilities also increased, mainly due to contract liabilities Consolidated Statements of Financial Position | Metric (€ millions) | 03/31/2025 | 12/31/2024 | | :--- | :--- | :--- | | Cash and cash equivalents | 11,345 | 9,609 | | Total current assets | 23,968 | 21,401 | | Total assets | 75,629 | 74,218 | | Contract liabilities (current) | 9,211 | 5,978 | | Total current liabilities | 20,550 | 19,078 | | Total liabilities | 29,543 | 28,410 | | Total equity | 46,086 | 45,808 | [Consolidated Statements of Cash Flows](index=11&type=section&id=(C)%20Consolidated%20Statements%20of%20Cash%20Flows) SAP reported a significant increase in net cash flows from operating activities in Q1 2025, primarily due to higher profitability and a positive development in working capital, leading to a substantial rise in free cash flow Consolidated Statements of Cash Flows | Metric (€ millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Profit (loss) after tax | 1,796 | -824 | | Net cash flows from operating activities | 3,780 | 2,878 | | Net cash flows from investing activities | 43 | -986 | | Net cash flows from financing activities | -1,723 | -787 | | Net increase/decrease in cash and cash equivalents | 1,735 | 1,170 | | Cash and cash equivalents at the end of the period | 11,345 | 9,295 | [Non-IFRS Numbers](index=12&type=section&id=Non-IFRS%20Numbers) This section details SAP's non-IFRS financial measures, including their basis of presentation and comprehensive reconciliations to IFRS figures, along with adjustments by functional area [Basis of Non-IFRS Presentation](index=12&type=section&id=(D)%20Basis%20of%20Non-IFRS%20Presentation) SAP utilizes non-IFRS financial measures, such as expense and profit measures, to provide supplemental information not prepared in accordance with IFRS, offering a clearer view of underlying business performance - SAP discloses non-IFRS financial measures to provide supplemental information not prepared in accordance with IFRS[48](index=48&type=chunk) [Reconciliation from Non-IFRS Numbers to IFRS Numbers](index=12&type=section&id=(E)%20Reconciliation%20from%20Non-IFRS%20Numbers%20to%20IFRS%20Numbers) This sub-section provides detailed reconciliations between IFRS and non-IFRS figures for revenue, operating expenses, profit, and key ratios, illustrating the impact of adjustments on reported financial performance [Reconciliation of Non-IFRS Revenue – Quarter](index=12&type=section&id=(E.1)%20Reconciliation%20of%20Non-IFRS%20Revenue%20%E2%80%93%20Quarter) | Metric (€ millions) | IFRS Q1 2025 | Currency Impact | Non-IFRS Constant Currency Q1 2025 | IFRS Q1 2024 | ∆ in % IFRS | ∆ in % Non-IFRS Constant Currency | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cloud | 4,993 | -58 | 4,936 | 3,928 | 27 | 26 | | Software licenses | 183 | 0 | 183 | 203 | -10 | -10 | | Total revenue | 9,013 | -97 | 8,916 | 8,041 | 12 | 11 | [Reconciliation of Non-IFRS Operating Expenses – Quarter](index=13&type=section&id=(E.2)%20Reconciliation%20of%20Non-IFRS%20Operating%20Expenses%20%E2%80%93%20Quarter) | Metric (€ millions) | IFRS Q1 2025 | Adj. Non-IFRS | Non-IFRS Q1 2025 | IFRS Q1 2024 | Adj. Non-IFRS | Non-IFRS Q1 2024 | ∆ in % IFRS | ∆ in % Non-IFRS | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cost of cloud | -1,273 | 24 | -1,249 | -1,091 | 12 | -1,079 | 17 | 16 | | Restructuring | 0 | 0 | 0 | -2,242 | 2,242 | 0 | NA | NA | | Total operating expenses | -6,680 | 122 | -6,558 | -8,828 | 2,321 | -6,507 | -24 | 1 | [Reconciliation of Non-IFRS Profit Figures, Income Tax, and Key Ratios – Quarter](index=13&type=section&id=(E.3)%20Reconciliation%20of%20Non-IFRS%20Profit%20Figures,%20Income%20Tax,%20and%20Key%20Ratios%20%E2%80%93%20Quarter) | Metric (€ millions) | IFRS Q1 2025 | Adj. Non-IFRS | Non-IFRS Q1 2025 | IFRS Q1 2024 | Adj. Non-IFRS | Non-IFRS Q1 2024 | ∆ in % IFRS | ∆ in % Non-IFRS | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating profit (loss) | 2,333 | 122 | 2,455 | -787 | 2,321 | 1,533 | NA | 60 | | Profit (loss) after tax | 1,796 | -115 | 1,681 | -824 | 1,768 | 944 | NA | 78 | | Operating margin (in %) | 25.9 | | 27.2 | -9.8 | | 19.1 | 35.7pp | 8.2pp | | Earnings per share, basic (in €) | 1.52 | | 1.44 | -0.71 | | 0.81 | NA | 79 | [Reconciliation of Free Cash Flow](index=14&type=section&id=(E.4)%20Reconciliation%20of%20Free%20Cash%20Flow) | Metric (€ millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash flows from operating activities | 3,780 | 2,878 | | Purchase of intangible assets and property, plant, and equipment | -168 | -187 | | Proceeds from sales of intangible assets and property, plant, and equipment | 38 | 27 | | Payments of lease liabilities | -68 | -78 | | Free cash flow | 3,583 | 2,642 | [Non-IFRS Adjustments – Actuals and Estimates](index=14&type=section&id=(F)%20Non-IFRS%20Adjustments%20%E2%80%93%20Actuals%20and%20Estimates) This section outlines the specific adjustments made to IFRS profit before tax to arrive at non-IFRS figures, including acquisition-related charges, restructuring, and gains/losses from equity securities, with estimates provided for full-year 2025 Non-IFRS Adjustments | Adjustment (€ millions) | Estimated Amounts for FY 2025 | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | :--- | | Acquisition-related charges | 380-460 | 123 | 79 | | Restructuring | ~100 | 0 | 2,242 | | Gains and losses from equity securities, net | N/A | -208 | 56 | | Profit (loss) before tax (IFRS) | | 2,468 | -980 | | Profit (loss) before tax (non-IFRS) | | 2,382 | 1,396 | [Non-IFRS Operating Expense Adjustments by Functional Areas](index=14&type=section&id=(G)%20Non-IFRS%20Operating%20Expense%20Adjustments%20by%20Functional%20Areas) This section provides a detailed breakdown of non-IFRS operating expense adjustments by functional area, showing how acquisition-related charges and restructuring expenses are reclassified to present a clearer view of operational costs Non-IFRS Operating Expense Adjustments | Functional Area (€ millions) | IFRS Q1 2025 | Acquisition Related Adj. | Restructuring Adj. | Non-IFRS Q1 2025 | IFRS Q1 2024 | Acquisition Related Adj. | Restructuring Adj. | Non-IFRS Q1 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cost of cloud | -1,273 | 24 | 0 | -1,249 | -1,091 | 12 | 0 | -1,079 | | Research and development | -1,673 | 1 | 0 | -1,672 | -1,665 | 2 | 0 | -1,663 | | Sales and marketing | -2,235 | 95 | 0 | -2,140 | -2,278 | 64 | 0 | -2,214 | | Restructuring | 0 | 0 | 0 | 0 | -2,242 | 0 | 2,242 | 0 | | Total operating expenses | -6,680 | 123 | 0 | -6,558 | -8,828 | 79 | 2,242 | -6,507 | - Restructuring expenses, if not presented separately, would be allocated across various functional areas, with significant impacts on research and development, sales and marketing, and cost of services in Q1 2024[55](index=55&type=chunk) [Disaggregations](index=16&type=section&id=Disaggregations) This section disaggregates SAP's financial performance by segment and region, and provides employee distribution across functional areas, offering a detailed view of the company's operational structure [Segment Reporting](index=16&type=section&id=(H)%20Segment%20Reporting) SAP has revised its segment structure into Applications, Technology & Support (ATS) and Core Services, with both segments contributing to revenue and profit, reflecting the company's cohesive product portfolio and customer transformation support [Segment Policies and Changes](index=16&type=section&id=(H.1)%20Segment%20Policies%20and%20Changes) - SAP has revised its segment structure into two operating segments: Applications, Technology & Support (ATS) and Core Services[56](index=56&type=chunk) - The ATS segment represents SAP's cohesive product portfolio, while the Core Services segment supports the product portfolio by enabling customer business transformation and innovation adoption[59](index=59&type=chunk) [Segment Reporting – Quarter](index=16&type=section&id=(H.2)%20Segment%20Reporting%20%E2%80%93%20Quarter) Applications, Technology & Support (ATS) Segment (€ millions, non-IFRS) | Metric | Q1 2025 Actual Currency | Q1 2024 Actual Currency | | :--- | :--- | :--- | | Cloud | 4,993 | 3,928 | | Total segment revenue | 8,018 | 7,061 | | Segment gross profit | 6,434 | 5,616 | | Segment profit (loss) | 3,154 | 2,301 | Core Services Segment (€ millions, non-IFRS) | Metric | Q1 2025 Actual Currency | Q1 2024 Actual Currency | | :--- | :--- | :--- | | Services | 994 | 979 | | Total segment revenue | 994 | 979 | | Segment gross profit | 237 | 206 | | Segment profit (loss) | 87 | 41 | [Revenue by Region (IFRS and Non-IFRS)](index=17&type=section&id=(I)%20Revenue%20by%20Region%20(IFRS%20and%20Non-IFRS)) SAP's Q1 2025 revenue showed strong growth across all major regions, with APJ leading in cloud revenue growth, and EMEA and Americas also contributing significantly to total revenue [Revenue by Region (IFRS and Non-IFRS) – Quarter](index=17&type=section&id=(I.1)%20Revenue%20by%20Region%20(IFRS%20and%20Non-IFRS)%20%E2%80%93%20Quarter) Cloud Revenue by Region (€ millions) | Region | Q1 2025 Actual | Q1 2024 Actual | ∆ in % Actual | ∆ in % Constant Currency | | :--- | :--- | :--- | :--- | :--- | | EMEA | 2,032 | 1,557 | 30 | 29 | | Americas | 2,231 | 1,847 | 21 | 19 | | APJ | 731 | 524 | 39 | 39 | | Total Cloud revenue | 4,993 | 3,928 | 27 | 26 | Total Revenue by Region (€ millions) | Region | Q1 2025 Actual | Q1 2024 Actual | ∆ in % Actual | ∆ in % Constant Currency | | :--- | :--- | :--- | :--- | :--- | | Total EMEA | 4,033 | 3,596 | 12 | 11 | | Total Americas | 3,665 | 3,337 | 10 | 8 | | Total APJ | 1,315 | 1,107 | 19 | 18 | | Total revenue | 9,013 | 8,041 | 12 | 11 | [Employees by Region and Functional Areas](index=18&type=section&id=(J)%20Employees%20by%20Region%20and%20Functional%20Areas) As of March 31, 2025, SAP's total employee count remained stable year-over-year, with slight shifts in distribution across regions and functional areas, notably an increase in cloud and software employees Employees by Functional Area | Functional Area (Full-time equivalents) | 03/31/2025 Total | 03/31/2024 Total | | :--- | :--- | :--- | | Cloud and software | 13,862 | 13,122 | | Services | 18,639 | 18,763 | | Research and development | 36,902 | 36,540 | | Sales and marketing | 26,671 | 28,032 | | General and administration | 6,949 | 6,723 | | Infrastructure | 5,164 | 4,953 | | SAP Group Total | 108,187 | 108,133 | [Other Disclosures](index=19&type=section&id=Other%20Disclosures) This section provides additional disclosures, specifically detailing share-based payment expenses by functional area and the impact of the transformation program [Share-Based Payment](index=19&type=section&id=(K)%20Share-Based%20Payment) SAP's Q1 2025 share-based payment expenses totaled €420 million, a decrease from Q1 2024, with an additional €13 million in accelerated expenses due to the transformation program Share-Based Payment Expenses | Functional Area (€ millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Cost of cloud | -26 | -39 | | Cost of services | -61 | -102 | | Research and development | -136 | -212 | | Sales and marketing | -151 | -258 | | Share-based payment expenses (Total) | -420 | -688 | - In Q1 2025, SAP recognized **€13 million in accelerated share-based payment expenses** due to the transformation program, classified as restructuring expenses[62](index=62&type=chunk)

Group 1 - The core viewpoint is that SAP is expected to continue delivering solid earnings growth, particularly through its successful execution of cloud strategies [1] - The investment approach emphasizes a fundamentals-based strategy, focusing on companies with long-term durability and robust balance sheets rather than merely low multiples [1] - There is a recognition that investing in successful companies carries risks, particularly regarding valuation, but vast development opportunities can lessen the immediate importance of price [1]

I’m a retired Wall Street PM specializing in TMT; since kickstarting my career, I’ve spent over two decades in the market navigating the technology landscape, focusing on risk mitigation through the dot com bubble, credit default of ‘08, and, more recently, with the AI boom. In one word, what I’d like my service to revolve around is momentum.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within th ...

财报季警报 关税与美元颓势重创全球企业营收 金十数据4月24日讯，在这个财报季，不断上升的关税以及美元的走弱给全球各地公司的盈利预期蒙上 了一层阴影，预计在未来几个季度还会造成更多损害。随着美元兑欧元跌至三年来的低点，兑瑞士法郎 跌至十年来的低谷，欧洲各地的公司已然拉响了警报。对于正努力应对因特朗普总统的贸易政策而带来 的经济放缓风险的股市而言，这又是一个令人头疼的问题。欧洲市值最高的公司之一，思爱普就指出了 汇率问题带来的困扰。这家软件制造商的首席财务官向投资者表示，美元疲软是中期内影响公司盈利的 不利因素，随着货币套期保值措施开始到期，这种影响在明年将会变得十分明显。与此同时，对于荷兰 啤酒制造商喜力公司而言，欧元对一系列货币的走强预计将使该公司今年的营收减少17.2亿欧元。法国 医疗诊断公司生物梅里埃和英国零售商WH史密斯公司在其财报中也强调了汇率风险。龙柏资本宏观研 究主管弗洛里安・耶尔波表示："欧洲公司必须清醒地认识到，它们的价格竞争力不能再依赖于美元的 走强了。" ...

Core Insights - SAP SE reported a strong first-quarter 2025 with non-IFRS EPS of €1.44 ($1.51), a 79% increase year-over-year, surpassing the Zacks Consensus Estimate of $1.39 [1] - Total non-IFRS revenues reached €9.01 billion ($9.48 billion), reflecting a 12.1% year-over-year growth, although slightly below the Zacks Consensus estimate of $9.78 billion [1][2] - The cloud business was a significant driver of growth, with cloud revenues increasing 27% year-over-year to €4.99 billion, supported by a 34% growth in Cloud ERP Suite revenues [4] Revenue Performance - Non-IFRS Cloud and software segment revenues accounted for 88.1% of total revenues, totaling €7.94 billion, a 14% increase year-over-year [4] - Non-IFRS software licenses revenues declined 10% year-over-year to €0.18 billion, while services revenues fell 1% to €1.07 billion [5] Cloud Business Highlights - The cloud backlog surged 28% to €18.2 billion, indicating strong market demand [3] - SAP's "RISE with SAP" offering gained traction with notable clients such as HUGO BOSS and Hyundai Motor Company [6] - Cloud revenue growth was particularly strong in the APJ and EMEA regions, with significant contributions from Brazil, Germany, India, South Korea, and Spain [9] Profitability and Margins - Non-IFRS gross profit increased 15% to €6.63 billion, with Cloud gross profit rising 31% to €3.75 billion, resulting in a Cloud gross margin of 75% [11] - Non-IFRS operating profit rose 60% to €2.46 billion, driven by operational efficiencies from the 2024 transformation program [11] Financial Position - As of March 31, 2025, SAP had cash and cash equivalents of €11.345 billion, up from €9.609 billion at the end of 2024 [12] - Operating cash flow for the first quarter was €3.78 billion, compared to €2.88 billion in the previous year [12] Share Repurchase and Transformation Program - SAP initiated a share repurchase program of up to €5 billion, with €3.1 billion repurchased by March 31, 2025 [13] - A company-wide transformation program concluded in Q1 2025, with total expenses of approximately €3.2 billion [14] 2025 Outlook - SAP anticipates cloud revenues between €21.6 billion and €21.9 billion, representing a year-over-year increase of 26-28% [15] - Total cloud and software revenues are expected to be in the range of €33.1 billion to €33.6 billion, with a projected increase of 11-13% [16] - Non-IFRS operating profit is forecasted to be between €10.3 billion and €10.6 billion, indicating a rise of 26-30% [16]

布兰及其团队表示，云业务增长略逊预期1%是唯一的不足之处。尽管存在重大的宏观经济不确定性， 但SAP表示其业务状况良好，能够应对当前的宏观经济不确定性。 展望未来，分析师预测第二季度有机CCB增速将放缓至仍然健康的27.5%，营收增长10.7%。这应会转 化为2025年10.3%的营收增长、28%的息税前利润和21%的基本自由现金流增长。 布伦南及其团队补充称，重新招聘计划的进展比年初预期要慢，这开始为息税前利润(EBIT)指引创造一 些缓冲空间(至少按固定汇率计算)。 美国银行证券重申"买入"评级，并将目标价从302欧元上调至303欧元(ADR目标价从331美元上调至344 美元)。 美国银行分析师弗雷德里克·布兰及其团队表示，在"稳健的财报"公布后，他们重申了对SAP的买入评 级。分析师指出，SAP是他们2025年首选的大型软件股，是他们"2025年25只股票"之一，并且位列他们 的欧洲首选股票名单。 分析师补充称，第一季度业绩超出预期，当前云积压订单(CCB)保持稳定，有机增长28%，强劲的云业 务利润率推动息税前利润(EBIT)超出预期10%(同比增长58%)，自由现金流(FCF)表现强劲，同时重申了 ...

The headquarters of SAP AG, Germany's largest software company, on Jan. 8, 2013, in Walldorf, Germany.SAP on Wednesday posted a 58% year-on-year jump in first-quarter operating profit in constant currency, also confirming its outlook for full-year cloud revenues.SAP's operating profit hit 2.5 billion euros ($2.9 billion) in the first quarter, compared with analysts expectations near 2.2 billion euros, according to LSEG data.Shares of the company popped 9.3% by 8:59 a.m. in London on Wednesday.The German sof ...

智通财经4月23日电，软件管理公司思爱普（SAP）股价上涨11%，创2019年4月以来最大涨幅。 ...