欧洲最大软件公司SAP的云转型战略进入业绩兑现期，在客户加速从传统本地系统迁移至云端的推动下，公司四季度利润大幅增长，并调高今年 云收入增长预期。 这家总部位于德国沃尔多夫的企业软件巨头周四公布，第四季度调整后营业利润同比增长27%至28.3亿欧元。2025年全年云收入按恒定汇率计算 达217亿欧元，超出分析师预期。 SAP预计2026年云收入按恒定汇率计算将增长至少23%，达到258亿欧元至262亿欧元之间。据彭博汇编的数据，这一指引略高于分析师平均预期 的260亿欧元。 公司首席执行官Christian Klein表示，SAP Business AI已成为增长的主要驱动力，第四季度三分之二的云订单包含AI业务，同时AI在ERP套件中 的采用率强劲。这一表态回应了市场对AI编程工具可能冲击传统企业软件公司的担忧。 云业务表现超预期 自2020年起，Klein主导了SAP从销售客户在本地服务器上运行的软件许可证，向提供云端软件订阅服务的战略转型。这一转型获得了投资者认 可，推动公司股价在去年创下纪录高位。 AI业务成增长新引擎 SAP正通过在云端提供AI商业应用来激励客户从本地服务器迁移，云端客户的平均支出更 ...

Financial Data and Key Metrics Changes - The total cloud backlog reached EUR 77 billion, up 30% year-on-year, indicating strong underlying business momentum [7][26] - Cloud revenue grew 26% year-on-year, primarily driven by the strong performance of the Cloud ERP Suite, which increased by 32% [27][29] - Total revenue for the full year approached EUR 37 billion, up 11% [29] Business Line Data and Key Metrics Changes - The Cloud ERP Suite accounted for 86% of total cloud revenue for the year, highlighting its role as a key growth engine [27] - The number of customers using the AI copilot tool grew ninefold over the year, with over 60% of existing cloud customers actively using AI [6][56] Market Data and Key Metrics Changes - Strong performances were noted in Brazil, France, Germany, India, Italy, South Korea, and Spain, while China, Japan, Saudi Arabia, the UK, and the US also showed significant strength [28] - The company outperformed the cloud market by 10 percentage points in 2025 [15] Company Strategy and Development Direction - The ongoing transformation of SAP's operating model, combined with AI integration, is expected to drive future growth and revenue acceleration through 2027 [14][22] - The company is focusing on a Partner-First approach for the mid-market and expanding its sovereign cloud capabilities [12][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged geopolitical uncertainty and macroeconomic volatility but emphasized the increasing demand for AI solutions among customers [4][24] - The company expects a record free cash flow of approximately EUR 10 billion in 2026, supported by continued efficiency improvements [32] Other Important Information - The non-IFRS cloud gross margin for the full year expanded by 1.6 percentage points to 75%, driving cloud gross profit up by 29% [28] - A new two-year share repurchase program of up to EUR 10 billion is set to start in February, reflecting confidence in the business's sustainable strengths [30] Q&A Session Summary Question: Insights on CCB and pipeline for Q1 - Management noted that the CCB ended at 25%, with larger deals contributing to longer ramp periods and some slippage, but overall bookings performance was ahead of plan [39][41] Question: AI-driven cost savings and R&D focus - The company aims to achieve EUR 2 billion in cost efficiencies through business growth and AI integration, with no current restructuring plans [46][48] Question: AI adoption among existing customers - Approximately 60% of existing cloud customers are actively using AI, with significant revenue uplift observed from early adopters [56][60] Question: Dynamics of TCB growth and BDC momentum - Management acknowledged a deceleration in TCB growth but emphasized a strong pipeline and the expected contribution from the Business Data Cloud in 2026 [72]

SAP (NYSE:SAP) Q4 2025 Earnings call January 29, 2026 01:00 AM ET Company ParticipantsAdam Wood - Managing DirectorAlexandra Steiger - Head of Investor RelationsChristian Klein - CEODominik Asam - CFOFrederic Boulan - Director in Equity ResearcConference Call ParticipantsBen Bernaus - Senior Equity AnalystCharles Brennan - Equity Research AnalystMark Moerdler - Senior AnalystMohammed Essaji Moawalla - Equity Research AnalystToby Ogg - Equity Research AnalystOperatorLadies and gentlemen, thank you for standi ...

SAP (NYSE:SAP) Q4 2025 Earnings call January 29, 2026 01:00 AM ET Speaker9Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the SAP Q4 and full year 2025 earnings conference call. Throughout today's recorded presentation, all participants will be in a listen-only mode. The presentation will be followed by a question and answer session. If you would like to ask a question, you may press star, followed by one on your touchtone telephone. I would now like to turn the conferenc ...

SAP (NYSE:SAP) Q4 2025 Earnings call January 29, 2026 01:00 AM ET Speaker1Today are CEO Christian Klein and CFO Dominik Asam. On this call, we will discuss SAP's fourth quarter and full year results for 2025. You can find the deck supplementing this call, as well as our quarterly statement on our website investor relations website. During this call, we will make forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expe ...

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Fourth Quarter and Full-Year 2025 Results Christian Klein, CEO Dominik Asam, CFO January 29, 2026 Public Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 Safe Harbor Statement During this presentation we will make forward-looking statements which are predictions, projections, or other statements about future events. These statements are based on current expectations, forecasts, and assumptions that are subject to risks and uncertainties that could cause actual results and outcomes t ...

Core Insights - The business-software group achieved total revenue of €36.8 billion euros in 2025, reflecting an 11% increase at constant currencies [1] Financial Performance - Total revenue for the year 2025 was €36.8 billion euros [1] - The revenue growth rate was 11% when adjusted for constant currencies [1]

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Core Viewpoint - SAP reported fourth-quarter revenue that met market estimates, indicating resilient demand for its cloud software and services despite a cooling global economy [1] Group 1: Financial Performance - The fourth-quarter revenue performance aligns with market expectations, suggesting stability in enterprise spending [1] - Demand for cloud software and services remains strong, reflecting ongoing investment in technology by enterprises [1] Group 2: Market Context - The results indicate that enterprise spending is holding up even as the global economy shows signs of cooling [1]