Group 1: Market Performance - The U.S. stock market is showing signs of weakness, with the S&P 500 and Nasdaq 100 indices down approximately 3% and 6% respectively this year, while many foreign markets, including Germany, Poland, Spain, and Brazil, have seen increases of up to 20% [1][2] - ETFs tracking foreign markets have outperformed U.S. indices, with many showing gains exceeding 20% [1] - The MSCI Emerging Markets Index has lagged behind the S&P 500 by an average of 3.8 percentage points every 100 days since 2015, but this year, the trend is reversing as foreign markets rise [4][5] Group 2: Investment Strategies - Investors are increasingly recognizing the value of geographic diversification, moving away from the "American exceptionalism" narrative that dominated for over a decade [2][3] - The shift in focus towards overseas markets is driven by lower valuations and more aggressive stimulus measures in countries like Germany compared to the U.S. [2][3] - Financial giants like BlackRock are advising investors to look beyond U.S. tech giants and consider European value stocks and Asian AI innovators [3] Group 3: Economic Factors - The uncertainty surrounding U.S. trade policies, particularly under the Trump administration, is contributing to a decline in investor confidence in the U.S. economy, leading to a weakening dollar and a shift towards foreign assets [5][7] - The European Central Bank has been more aggressive in its monetary policy compared to the Federal Reserve, providing a more favorable economic outlook for Europe [9][10] - Increased military spending in Europe is also seen as a significant driver for the region's stock market performance, with defense stocks gaining substantial investment [10][11] Group 4: Emerging Markets - China’s stock market is outperforming the U.S. market, with the Hang Seng Index up 13.5% and the Hang Seng Tech Index up 16% this year [20][22] - The rise of Chinese tech companies, particularly in AI, is attracting global investor interest, with DeepSeek leading a new paradigm in low-cost AI training and inference [22][23] - The influx of capital from the U.S. to China is expected to continue as investors seek better valuations and growth potential in the Chinese market [24]

Group 1 - SAP SE reported Q1 revenue of €9.01 billion, reflecting a 12% year-over-year growth, slightly exceeding market expectations [1] - Cloud revenue for SAP grew by 27%, now representing a significant portion of total revenue [1] - The results support the ongoing transition to cloud services, which is a key narrative for the company's long-term strategy [1] Group 2 - The analyst has over 10 years of experience in the German small and mid-cap software market, indicating a strong background in the industry [1] - There is an intention to expand coverage to include other European and North American software companies, aiming to identify investment opportunities in the evolving SaaS and cloud landscape [1]

基于 AI 的编码技术因其能让开发者工作更快速、更轻松的承诺而迅速走红。但 AI 编码也带来了另一个后果： 代码行数激增，进而导致因漏洞引发崩溃或其他事故的可能性大幅上升。 4月28日，一家名为 Lightrun 的以色列初创公司宣布完成 7000 万美元的 B 轮融资。 该公司开发了一个可观测性平台，旨在问题出现前识别并调试、修复代码。这笔融资不仅凸显了市场对此类工 具的迫切需求，也证明了 Lightrun 在满足这一需求上的强劲势头。 新投资方 Accel 与现有投资者 Insight Partners 共同领投本轮，花旗银行、 Glilot Capital 、 GTM Capital 及 Sorenson Capital 参与跟投。至此， Lightrun 已累计融资 1.1 亿美元，包括 2021 年报道过的由 Insight 领投的 A 轮融资。这家初创公司未公开其估值。 花旗银行作为战略支持者，与一系列知名客户并列，其中包括 ADP 、 AT&T 、 ICE/NYSE 、 Inditex 、微 软、 Priceline 、 Salesforce 和 SAP 等。 其产品及其在当前市场格局中的定位时 ...

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 ...

[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 ...

Group 1: U.S. Trade Policy and Economic Outlook - U.S. Treasury Secretary Becerra emphasizes the need for economic rebalancing, focusing on manufacturing and exports rather than consumption, suggesting a potential "major agreement" with other economies [1] - Becerra reiterates the commitment to a strong dollar policy and believes that Wall Street can continue to perform well [1] - The U.S. is seeking deeper cooperation with trade partners and aims to restore fairness in the international economic system through leadership roles in institutions like the IMF and World Bank [1][2] Group 2: European Economic Indicators - Eurozone's April composite PMI is at 50.1, indicating near-zero growth, with service sector PMI unexpectedly contracting at 49.7 [3][4] - Germany's April composite PMI is at 49.7, with service sector PMI at a recent low of 48.8, indicating a contraction in the private sector [3][4] - The IMF has downgraded the Eurozone's economic growth forecast for the year to 0.8%, reflecting a slowdown in economic activity [4] Group 3: Automotive Industry Developments - Trump is considering exemptions for certain auto parts tariffs, which has led to a temporary increase in stock prices for major automakers like General Motors and Ford [5][6] - The automotive industry is facing pressures from ongoing trade tensions, but recent tariff exemptions may provide some relief [6] - O'Reilly Automotive reports a 4% year-over-year revenue increase, with analysts suggesting the company may benefit from consumers opting to maintain existing vehicles rather than purchasing new ones [7] Group 4: SAP's Financial Performance - SAP's Q1 results show a 58% increase in operating profit to €2.5 billion, exceeding market expectations, with a revenue growth of 11% to €9 billion [9] - The company's cloud business is growing rapidly, with a 26% increase in cloud revenue, helping to mitigate the impact of tariff uncertainties [9] - SAP's stock surged by 10.62%, marking its largest single-day gain in six years, driven by strong financial performance [9] Group 5: Fanuc's Financial Results - Fanuc reports a 6.73% increase in Q4 revenue to ¥212.1 billion and a 10.81% increase in net profit for the fiscal year [11] - The company is unable to provide earnings forecasts for the upcoming fiscal year due to uncertainties related to U.S. tariffs and their impact on the global economy [11] - Fanuc's sales in China increased by 31%, while sales in Europe decreased by 23%, highlighting regional disparities in performance [11]

4月23日周三，美国股汇债全线上涨，明星科技股普涨，特斯拉大涨逾6%，英伟达一度涨逾5%。 受乐观情绪提振，美股盘初三大股指均走高，纳指涨3.56%，标普500指数涨2.52%，道指涨1.93%。 美股、欧股走高，美债和美元抛售情绪得到缓解，比特币首次自3月初以来突破9万美元，而黄金失守 3290美元/盎司。 此外报道称，美国财长贝森特4月22日称关税僵局不可持续，预计形势将缓和。他将于周三美东时间 10:00讲话，市场关注其对金融市场的评论。 关税冲击服务业，欧元区4月综合PMI几乎零增长，德法均陷入萎缩。数据公布后，欧元、英镑跌，欧 股小幅收窄涨幅，但难掩涨势。 情绪回暖，欧股开盘大幅走高，泛欧股指一度涨近2%，法股涨超3%，多数股指在PMI数据公布后曾小 幅回落。德国软件巨头SAP大涨11%，创下自2019年4月以来的最大涨幅，因其公布超预期Q1业绩，营 业利润同比跳升58%，营收同比增11%。 英特尔涨超5%，公司将宣布裁员超过20%。波音一度涨超7%，第一季度营收195亿美元，超出市场预 期。诺瓦瓦克斯医药一度涨逾17%，公司称FDA在批准其新冠疫苗后要求提供额外数据。 纳斯达克中国金龙指数涨幅扩大 ...

Core Insights - The interview discusses the concept of AI Native companies, emphasizing that a key indicator of such companies is achieving a revenue per employee of at least $10 million, which may increase in the future [3][4][5] - AI Native organizations are expected to leverage AI to significantly enhance productivity and efficiency, potentially leading to a future where AI can operate autonomously without human intervention [6][9][10] - The conversation highlights the importance of curiosity and exploration within teams to effectively implement AI solutions in organizations [39][40] Group 1: Definition and Characteristics of AI Native - AI Native companies are defined by their ability to achieve high revenue per employee, with a benchmark of $10 million, indicating substantial exploration and practice in AI [3][4] - The concept of AI Native is compared to previous technological paradigms, suggesting that true AI Native applications will be those that cannot function without AI [6][7] - The ultimate goal for AI Native organizations is to reach a state of General Artificial Intelligence (AGI), where AI can autonomously manage operations and evolve [9][10] Group 2: Industry Applications and Implementation - Organizations are encouraged to start AI implementation in non-core business areas to build familiarity and confidence among employees [43][55] - Practical examples of AI applications include automating mundane tasks like document preparation and enhancing customer service through AI agents [39][40] - The importance of providing accessible AI tools and resources to employees is emphasized, allowing them to experiment and innovate within their roles [60][61] Group 3: Future of Work and AI Integration - The discussion touches on the potential for AI to replace repetitive tasks, allowing humans to focus on more creative and fulfilling work [21][22] - There is a recognition of the need for a societal shift in wealth distribution as AI takes over more cognitive tasks, potentially leading to a universal basic income model [20][21] - The conversation concludes with the notion that AI can enhance organizational efficiency by better matching individuals to roles based on their strengths, facilitated by AI's ability to process and analyze data [23][27]