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. ...

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 ...