Core Insights - SAP SE reported strong financial results for Q4 and FY2025, highlighting significant growth in cloud services and overall revenue [1][5][17] Financial Performance - Q4 2025 total revenue increased by 3% to €9.68 billion, with a 9% increase at constant currencies [4][11] - Full year 2025 total revenue rose by 8% to €36.80 billion, with an 11% increase at constant currencies [7][17] - Cloud revenue for Q4 grew by 19% to €5.61 billion, and for the full year, it increased by 23% to €21.02 billion [11][17] - The Cloud ERP Suite revenue in Q4 was up 23% to €4.86 billion, and for the full year, it rose by 28% to €18.12 billion [11][17] - Operating profit for Q4 increased by 27% to €2.55 billion, while for the full year, it surged by 111% to €9.83 billion [13][18] - Free cash flow for Q4 was €1.03 billion, a significant recovery from a loss in the previous year, and for the full year, it increased by 95% to €8.24 billion [15][20] Cloud Backlog and Growth - Total cloud backlog reached €77.29 billion, up 22% year-over-year, and 30% at constant currencies [5][32] - Current cloud backlog grew by 16% to €21.05 billion in Q4, with a 25% increase at constant currencies [10][32] Shareholder Returns - SAP announced a new share repurchase program of up to €10 billion, set to begin in February 2026 [23][24] Customer Engagement and Market Position - SAP's "RISE with SAP" initiative continues to attract global customers, driving significant business transformations [25][26] - The company reported strong cloud revenue performance across various regions, particularly in APJ and EMEA [28][29] Non-Financial Performance - Customer NPS decreased by 3 points to 9, primarily due to lower scores from on-premise customers [21] - Employee Engagement Index increased to 76%, and total carbon emissions decreased to 6.3 Mt [22]

SAP's S/4HANA Public Cloud is its standardized solution for scalable, international business processes. ADS-TEC Energy now uses this platform to map complex operations on a unified, future-proofed system. NÜRTINGEN, Germany--(BUSINESS WIRE)--ADS-TEC Energy PLC (NASDAQ: ADSE) has successfully gone live with a new SAP cloud-based IT platform to support its continued business growth and to support scaling internationally. By unifying processes and providing fast access to data, the new solution enhances operat ...

Core Insights - BizClik has launched the January editions of its Procurement & Supply Chain portfolio, featuring insights from various publications [1][10] - The editions focus on global leaders, breakthrough technologies, and strategies for enhancing resilience, visibility, and traceability in supply chains [2] Procurement Magazine Highlights - The cover feature discusses SAP's strategic approach to AI [3] - A company feature highlights how Sarantis Group is optimizing third-party procurement [4] - The Top 10 rankings spotlight strategic sourcing leaders in the US [5] - Editorial highlights include discussions on integrating carbon accounting into procurement workflows and the importance of sustainable sourcing [7] Leadership Insights - Etosha Thurman from SAP emphasizes the need for procurement to prepare for disruptions [9] - Dimitris Antonopoulos from Sarantis Group discusses the benefits of integration for negotiation power and value creation [9] - Smitha Shetty from Achilles highlights the alignment of carbon insights with procurement decisions [9] Upcoming Events - BizClik is organizing the Procurement & Supply Chain LIVE: The Net Zero Summit, focusing on decarbonization in supply chains [11][12] - The event aims to gather over 2,000 attendees to discuss sustainability and its impact on procurement and supply chain practices [12] About BizClik - BizClik is a global B2B media and events company that produces content across various sectors, including technology, sustainability, and procurement [13]

Core Viewpoint - SAP SE is recognized as a significant player in the AI stock market, with HSBC initiating coverage and assigning a Hold rating with a price target of EUR178, indicating limited upside potential due to already reflected robust fundamentals and cloud-driven growth in the share price [1] Group 1: Financial Performance and Growth Projections - HSBC forecasts SAP's revenue to grow at a CAGR of 9.6% from 2025 to 2028, driven by the transition of customers from on-premise software to cloud solutions [2] - The firm estimates that 5% of on-premise customers will migrate to the cloud each year, which is an increase from the previous rate of approximately 4.5% from 2022 to 2025, resulting in a revenue uplift of around 2.5 times [2] Group 2: Market Dynamics and Customer Migration - Despite the positive outlook, HSBC cautions that the market may be overly optimistic regarding the speed of customer migration and its impact on revenues and margins, with 60% of SAP's on-premise customers yet to start their transition to the cloud [3] - Rising competition may cause delays in cloud upgrades, leading to passive growth in the current cloud backlog, prompting the firm to look for clearer signals in SAP's fourth-quarter 2025 results [4] Group 3: Competitive Landscape - SAP is a leader in ERP software, utilizing artificial intelligence to enhance its enterprise resource planning solutions, but faces challenges from increasing competition in the market [4]

产品上市时间 软件行业大放异彩的时机到了吗？ 本周末，X 平台上的软件股支持者们纷纷发声，他们的观点主要基于周五晚间摩根大通举办的 IT行业电话 会议内容。 摩根大通 IT电话会议核心观点（来自 X 平台用户总结） 软件行业大放异彩的时机到了吗？ 本周末，X 平台上的软件股支持者们纷纷发声，他们的观点主要基于周五晚间摩根大通举办的 IT行业电话 会议内容。 摩根大通 IT电话会议核心观点（来自 X 平台用户总结） 实际情况与 X 平台上的部分言论截然相反：企业倾向于依赖现有软件供应商提供人工智能功能升级，并愿意为 此付费。 实际情况与 X 平台上的部分言论截然相反：企业倾向于依赖现有软件供应商提供人工智能功能升级，并愿意为 此付费。 产品上市时间（Timeto Market）是关键因素，企业希望将内部开发资源聚焦于推动营收增长和核心业务发展， 而非重新开发第三方应用。 企业没有替换现有软件供应商的计划，相反，在供应商续约时，企业的支出规模还在持续增长。 企业并未下调任何软件供应商的评级，将头部 SaaS 供应商视为关键任务型软件提供商。 企业对自主开发软件并承担维护工作的想法嗤之以鼻，更愿意依赖第三方供应商， ...

Market Overview - Stocks are showing gains after two weeks of decline, with the Dow up about 320 points or 0.67% [1] - The NASDAQ Composite is up over 0.5%, while the S&P 500 is performing similarly [2] - The Russell 2000, which had a record 14-day outperformance, is down approximately 0.3% [3] Bond Market and Currency - Yields in the bond market are down, with the 10-year Treasury yield at 4.21%, down three basis points [3] - The US dollar index has decreased by 0.5% amid potential currency intervention by the Bank of Japan [4] Sector Performance - Technology is leading the large-cap sectors, with notable performances from companies like Apple and Broadcom [4][5] - Consumer stocks are facing challenges, particularly in large-cap, with Nvidia down 0.7% and AMD down 3% [6] - Utilities and communication services are outperforming the S&P 500, while consumer discretionary and energy sectors are slightly in the red [5][6] Commodities - Natural gas prices have surged by 25% today, rising from $3 to $6.50 per unit due to increased heating demand [7][8] - Gold futures are above $5,000 an ounce, with Goldman Sachs raising their price target for gold [9] Corporate Developments - Microsoft has announced its new AI chip, the Maya 200, aimed at competing with Google and Amazon's chips, and reducing reliance on Nvidia [29][30] - GameStop's stock is seeing a boost after investor Michael Burry disclosed his bullish stance on the company [58][60] - CoreWeave has received a $2 billion investment from Nvidia to expand its AI cloud capabilities [63] Economic Outlook - Analysts expect a potential hit to US GDP in Q1, estimating a decrease of 0.5% to 1.5% [13] - The Fed is anticipated to maintain interest rates steady, with no cuts expected until at least June [92][94] CEO Responses to Social Issues - CEOs from major companies are publicly calling for de-escalation in response to unrest in Minneapolis, marking a rare moment of corporate intervention [39][40]

Despite describing ServiceNow as a “resilient” software company, BNP Paribas Exane’s Slowinski cut his price target on the stock to $120 from $186, implying moderate downside from current levels, while maintaining a “Neutral” rating.Shares of the enterprise software firm started the new year on a downbeat note, down 12% on a year-to-date (YTD) basis, extending a slide that weighed on the stock throughout 2025 amid concerns that AI could devastate its business model.ServiceNow is a prominent provider of clou ...

据追风交易台，摩根士丹利分析师Adam Wood团队1月25日发布报告认为，尽管生成式人工智能 （GenAI）带来的担忧持续笼罩市场，导致投资者情绪脆弱，但预计核心软件公司仍将报告稳健的第四 季度数据。该行预计，企业将发布符合预期的2026财年指引，管理层也将传递出自信的信号，但这是否 足以在短期内为股价构筑底部仍有待观察。 在欧洲软件股经历急剧抛售、板块普遍陷入价格疲软的背景下，市场正急切寻找能够稳定情绪的"定海 神针"。摩根士丹利指出，随着2025年第四季度财报季的开启，欧洲最大的软件公司SAP能否在周四交 出一份令人满意的答卷，将成为本周市场关注的焦点。 支付板块：增长加速与转型阵痛并存 在软件服务之外，支付板块的业绩预告也揭示了市场的选股逻辑：增长加速是重估的关键。摩根士丹利 指出，Wise本周公布的2026财年第三季度业绩超出预期，证明了收入增长加速可以推动欧洲金融科技 股在短期内实现正向重估。 基于这一逻辑，摩根士丹利在即将到来的财报中看好Adyen。该行认为Adyen属于具备加速增长潜力的 结构性赢家，维持"超配"评级，目标价1925欧元。 相比之下，处于转型期的Worldline则被列为"低配 ...

20 January 2026 Mark L. Moerdler, Ph.D. +1 917 344 8506 mark.moerdler@bernsteinsg.com Global Software Global Software: Initial thoughts for 2026 and our software names Firoz Valliji, CFA +1 917 344 8316 firoz.valliji@bernsteinsg.com Shelly Tang, CFA +1 917 344 8342 shelly.tang@bernsteinsg.com It is the beginning of 2026 and the world in general and software more specifically is quite different from what we saw in early 2025. Investor focus has shifted dramatically from macro concerns to the disruptive rise ...

It seems investors have made up their minds that as the AI revolution unfolds, software companies are doomed. This is why shareholders of companies such as Adobe ( ADBE ), Salesforce ( CRM ), Intuit ( INTUI’m a long-term investor focused on U.S. and European equities, with a dual emphasis on undervalued growth stocks and high-quality dividend growers. Through years of experience, I’ve learned that sustained profitability—evident in strong margins, stable and expanding free cash flow, and high returns on inv ...