Financial Data and Key Metrics Changes - The total revenue for the full year approached EUR 37 billion, up 11% year-on-year [33] - Cloud revenue grew 26% year-on-year, primarily driven by the strong performance of the Cloud ERP Suite, which increased by 32% [32][33] - The current cloud backlog reached EUR 21 billion, up 25%, while the total cloud backlog grew 30% to a record EUR 77 billion [31][32] Business Line Data and Key Metrics Changes - The Cloud ERP Suite accounted for 86% of total cloud revenue for the year, highlighting its significance as a growth engine [33] - Software licenses revenue decreased by 27%, indicating a shift in focus towards cloud offerings [33] Market Data and Key Metrics Changes - The U.S. public sector was one of the best-performing businesses in Q4, showing resilience despite geopolitical tensions [41] - The company noted that customers are increasingly exploring sovereign software-as-a-service solutions due to geopolitical factors [31] Company Strategy and Development Direction - The company emphasized its transformation strategy, "RISE and GROW with SAP," as core pillars for large-scale enterprises and mid-sized companies [30] - AI and the Business Data Cloud are becoming significant contributors to customer decisions and deal activity, with large cloud transactions contributing a record 71% to cloud order entry in Q4 [30] - The company plans to further develop its SAP Sovereign Cloud Infrastructure to meet growing demand for sovereignty and resilience in software solutions [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's outlook for 2026, despite challenges faced in 2025 due to geopolitical tensions [28][30] - The company anticipates total revenue growth to accelerate, supported by the foundation built in previous years [37] - Management highlighted the importance of reskilling employees to adapt to the changing landscape influenced by AI [24] Other Important Information - The company announced a new two-year share repurchase program of up to EUR 10 billion, reflecting confidence in sustainable business strengths [36] - Free cash flow for the full year was EUR 8.2 billion, at the high end of the revised outlook range, indicating strong cash management [35] Q&A Session Summary Question: Are there hurdles in the U.S. due to geopolitical tensions? - Management noted that the U.S. public sector performed well in Q4, and customers are less concerned about the origin of the software as long as it meets regulatory standards [41] Question: Are solutions intended to replace non-European providers? - Management clarified that the focus is on competitiveness and delivering stronger AI solutions rather than replacing specific providers [43] Question: How do U.S. tariffs affect the business? - Management stated there are no direct tariffs on software or services, and the company hopes this remains the case [58] Question: Why is the company starting a share buyback program instead of investing in future revenue? - Management explained that share buybacks are part of a strategy to return capital to shareholders while maintaining flexibility for future investments in technology [59][60]

Financial Data and Key Metrics Changes - The total revenue for the full year approached EUR 37 billion, up 11% year-on-year [34] - Cloud revenue grew 26% year-on-year, primarily driven by the strong performance of the Cloud ERP Suite, which increased by 32% [32][34] - The current cloud backlog reached EUR 21 billion, up 25%, while the total cloud backlog grew 30% to a record EUR 77 billion [31][32] Business Line Data and Key Metrics Changes - The Cloud ERP Suite accounted for 86% of total cloud revenue for the year, highlighting its position as a key engine of growth [34] - Software licenses revenue decreased by 27%, indicating a shift in focus towards cloud offerings [34] Market Data and Key Metrics Changes - The company reported a significant increase in deal volumes greater than EUR 5 million, contributing a record 71% to cloud order entry in Q4 [30] - The public cloud business was growing five times faster than the private cloud business, showcasing the success of the cloud transformation [5] Company Strategy and Development Direction - The company emphasized its transformation strategy, "RISE and GROW with SAP," as core pillars for large-scale enterprises and high-growth mid-sized companies [30] - AI and the Business Data Cloud are emerging as meaningful contributors to customer decisions and deal activity, with a focus on enhancing customer value [30][40] - The company aims to leverage its strong position in the market to address the growing demand for sovereign software-as-a-service solutions [31][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's outlook for 2026, despite geopolitical tensions impacting business [28][39] - The company anticipates total revenue growth to accelerate, supported by the foundation built in previous years [38] - Management acknowledged the challenges faced in 2025 but highlighted the resilience demonstrated in cloud revenue performance [52] Other Important Information - The company plans to initiate a two-year share repurchase program of up to EUR 10 billion, reflecting confidence in sustainable business strengths [37] - Free cash flow for the full year was approximately EUR 8.2 billion, at the high end of the revised outlook range [36] Q&A Session Summary Question: Are there hurdles in the U.S. due to geopolitical tensions? - Management noted that the U.S. public sector performed well in Q4, with customers less concerned about the origin of the software as long as regulatory standards are met [43][44] Question: Are solutions intended to replace offerings from non-European providers? - Management clarified that the focus is on competitiveness and delivering stronger AI solutions rather than replacing non-European offerings [45] Question: How do U.S. tariffs affect the business? - Management stated there are no direct tariffs on software or services, and the indirect impact has been manageable, with Q4 showing strong performance in the U.S. public sector [61] Question: Why initiate a share buyback program instead of investing in future revenue? - Management explained that share buybacks are part of a balanced approach to capital returns, and future M&A opportunities will be considered for technological advancements [63][64]

Core Insights - Microsoft reported disappointing revenue numbers for its cloud division, which caused concern among investors [1] Company Summary - The results from Microsoft were released a day after the company reported its cloud division's revenue, which was perceived as mediocre by the market [1]

Financial Data and Key Metrics Changes - Total revenue for the full year approached EUR 37 billion, up 11% year-on-year [33] - Cloud revenue grew 26% year-on-year, primarily driven by the strong performance of Cloud ERP Suite, which increased by 32% [32][33] - Non-IFRS basic earnings per share increased by 36% to €6.15 [37] - Free cash flow for the full year was EUR 8.2 billion, at the high end of the revised outlook range [36] Business Line Data and Key Metrics Changes - Cloud ERP Suite accounted for 86% of total cloud revenue for the year, highlighting its importance as a growth engine [33] - Software licenses revenue decreased by 27%, indicating a shift in focus towards cloud solutions [33] - The current cloud backlog reached EUR 21 billion, up 25%, while total cloud backlog grew 30% to a record EUR 77 billion [31][32] Market Data and Key Metrics Changes - The public cloud business grew five times faster than the private cloud business, showcasing a significant shift in customer preferences [5] - The company reported its best bookings result in Q4, contributing to a strong finish for the year [3][10] Company Strategy and Development Direction - The company emphasizes AI and the Business Data Cloud as core components of its transformation strategy, aiming to enhance customer decision-making and deal activity [30] - The strategy includes a focus on large-scale enterprises and high-growth mid-sized companies undergoing complex transformations [30] - The company plans to further develop its SAP Sovereign Cloud Infrastructure to meet growing demand for sovereign software solutions [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate geopolitical tensions and emphasized the importance of operational discipline [29][39] - The outlook for 2026 includes expectations for total revenue growth to accelerate, supported by the foundation built in 2025 [38] - Management acknowledged the challenges faced in 2025 but highlighted the resilience demonstrated in cloud revenue performance [51] Other Important Information - The company announced a new two-year share repurchase program of up to EUR 10 billion, reflecting confidence in sustainable business strengths [36][37] - The company is committed to reskilling its workforce to adapt to the changing landscape influenced by AI [25] Q&A Session Questions and Answers Question: Are there hurdles in the U.S. due to growing tensions between countries? - Management noted that the U.S. public sector performed well in Q4, with customers less concerned about the origin of the software as long as regulatory standards are met [42][43] Question: Are solutions intended to diversify or replace offerings from non-European providers? - Management clarified that the focus is on competitiveness rather than replacing non-European offerings, emphasizing the need for stronger AI capabilities [44] Question: How do geopolitical tensions impact the business outlook? - Management indicated that the 2025 environment is considered the new normal, with resilience shown despite geopolitical challenges [51][52] Question: What is the rationale behind the share buyback program? - Management explained that share buybacks are part of a balanced approach to capital returns, alongside potential future M&A for technological advancements [60][62]

Core Insights - Shares in SAP, Europe's largest software maker, experienced a significant decline of over 10%, marking the steepest daily fall since October 2020 [1] - This decline has resulted in a market value loss of approximately $150 billion [1] Company Performance - The recent results released by SAP did not meet market expectations, contributing to the stock's sharp drop [1] - The failure to stabilize the stock price indicates ongoing challenges within the company [1]

Core Viewpoint - SAP's shares experienced a significant decline due to slower-than-expected backlog growth in Q4 and a forecast indicating slight deceleration for the current year [1] Group 1 - SAP reported slower backlog growth than anticipated in the fourth quarter [1] - The company provided guidance for a slight deceleration in growth for the upcoming year [1]

Core Viewpoint - SAP experienced a significant decline in stock price, dropping as much as 11% after reporting weaker-than-expected growth in its cloud contract backlog for the fourth quarter, marking its largest daily fall since October 2020 [1]. Group 1: Stock Performance - The stock is on track to close at its lowest price since mid-2024, with shares last trading down 9.7% [1]. - This decline follows a previous drop of 22% in October 2020 due to disappointing third-quarter results [1]. Group 2: Cloud Backlog Performance - SAP's current cloud backlog increased by 16% in the fourth quarter, reaching 21.1 billion euros (approximately $25.3 billion) [2]. - The company's CEO, Christian Klein, had previously set a target for 26% growth in this area [2].

每经AI快讯，1月29日，德国软件巨头SAP股价下跌11%。 ...

In the fourth quarter, Klein said SAP delivered its best bookings result of the year, with lower churn than expected and stable discounting. He also highlighted the company’s multi-year transformation around RISE and GROW with SAP, describing it as a shift from “lift and shift” migrations toward helping customers transform their businesses.CEO Christian Klein said SAP achieved its outlook for cloud and software in 2025 despite what he described as a “rough start” in the first half, citing geopolitical tensi ...

业务结构方面，随着云转型的深入，公司收入质量持续改善，可预测收入占总收入的比例已从去年同期 的83%提升至86%。更值得关注的是人工智能对业务的深度渗透，首席执行官Christian Klein明确表示， SAP Business AI已成为核心驱动力，在第四季度签署的云订单中，约有三分之二涉及AI功能，这标志着 智能化转型正从概念阶段全面进入商业变现阶段。 在股东回报方面，非IFRS基本每股收益达到1.62欧元，同比增长16%，显著高于分析师平均预期的1.51 欧元;基于此优异表现，SAP宣布启动一项总额高达100亿欧元的新的两年期股票回购计划，预计将于 2026年2月开始执行并持续至2027年底。 SAP SE(SAP.US)于美东时间2026年1月29日发布了2025财年第四季度及全年业绩报告。财报显示，该公 司Q4总营收达到96.8亿欧元，按固定汇率计算增长9%。非IFRS基本每股收益为1.62欧元，同比增长 16%，高于分析师预期的1.51欧元。非IFRS运营利润同比增长16%，达到28.3亿欧元，非IFRS运营利润 率提升3.2个百分点至29.2%。尤其值得关注的是，公司全年自由现金流翻倍至82. ...