欧洲市值最高的软件公司SAP SE公布第三季度财报，其云业务营收未达分析师预期，股价盘后一度下跌4%。媒体称，这显示贸易争端和经济疲软正对 该公司销售造成压力。 以下是SAP第三季度财报要点： 欧洲市值最高的软件公司SAP公布第三季度财报，整体业绩稳健但云业务收入略低于市场预期，导致股价盘后一度下跌约4%。公司维持对2025全年增长 展望，预计云营收将位于指引区间低端，营业利润将处于高端。管理层表示，尽管宏观环境不确定，SAP云业务仍展现韧性；分析师则指出，贸易争端 及制造业客户支出放缓对季度表现造成压力。 主要财务数据： 营业利润： IFRS营业利润增长12%，至24.9亿欧元，营业利润率上升1.3个百分点至27.4%。非IFRS营业利润增长14%，至25.7亿欧元，按不变汇率计算增长19%； 非IFRS营业利润率上升1.8个百分点至28.3%。 每股收益： IFRS每股基本收益增长37%，至1.72欧元；非IFRS每股基本收益增长29%，至1.59欧元，高于分析师预期的1.49欧元。 现金流： 第三季度经营现金流增长7%，至15亿欧元，自由现金流增长5%，至12.7亿欧元。 云业务数据： 2025全年业绩 ...

Investment Rating - The report maintains a positive outlook for SAP, expecting cloud revenue growth of 26-28% year-on-year for 2025, with non-IFRS operating profit guidance of €10.3-10.6 billion [5][17]. Core Insights - SAP's Q2 2025 results showed total revenue of €9.03 billion, a 9% year-on-year increase, with cloud revenue reaching €5.13 billion, up 24% year-on-year, although slightly below market expectations [2][12]. - Non-IFRS operating profit was €2.57 billion, a significant 32% increase year-on-year, exceeding analyst expectations [2][13]. - Free cash flow was particularly strong at €2.36 billion, representing an 83% year-on-year increase, far surpassing market expectations [2][13]. Summary by Sections Financial Performance - Total revenue for Q2 2025 was €9.03 billion, up 9% year-on-year (12% at constant currency), slightly below the expected €9.07 billion [2][12]. - Cloud revenue reached €5.13 billion, a 24% year-on-year increase (28% at constant currency), also below the expected €5.17 billion [2][12]. - Non-IFRS operating profit was €2.57 billion, up 32% year-on-year (35% at constant currency), exceeding the expected €2.43 billion [2][13]. - Non-IFRS earnings per share were €1.50, a 37% increase year-on-year [2][13]. - Free cash flow reached €2.36 billion, an 83% increase year-on-year, significantly above the expected €1.43 billion [2][13]. Business Drivers - The strong performance of the cloud ERP suite contributed to revenue growth, with a 34% increase to €4.42 billion, maintaining over 30% growth for 14 consecutive quarters [2][13]. - Optimization of share-based compensation expenses contributed to profit growth, with a reduction of €331 million year-on-year [2][13]. - The use of Business AI products improved operational efficiency, with productivity on the digital sales platform increasing by 50% [3][14]. Market Expansion and Innovation - SAP released 14 AI agents in Q2 2025, with plans to reach 40 by year-end, enhancing various business scenarios [3][14]. - The company maintained a high closing rate among key customers in the public sector and defense, with significant new customer additions in digital supply chain and human capital management solutions [4][15]. - SAP is expanding its presence in the Chinese market through a strategic partnership with Alibaba, which will deploy SAP Business Suite and explore AI integration [4][16]. Future Outlook - SAP maintains its full-year 2025 guidance, expecting cloud revenue of €21.6-21.9 billion and non-IFRS operating profit of €10.3-10.6 billion [5][17]. - The company remains cautiously optimistic about the second half of the year, driven by advancements in Business AI and strategic partnerships [5][17].