On its third-quarter 2026 earnings call, held on Oct. 21, 2026, SAP (SAP -1.02%) announced that quarterly revenue surpassed 10 billion euros for the first time in the company's history. The enterprise software provider is converting existing clients to higher-margin recurring cloud subscriptions by embedding artificial intelligence directly into core business operations.
Three takeaways from management explain how this strategy is driving long-term value.
1. Artificial Intelligence Is Accelerating the Transition to Cloud ContractsManagement reported a 26% increase in current cloud backlog, representing unfulfilled contract obligations expected within 12 months, to 24.1 billion euros. Customers migrating through the RISE with SAP program, an enterprise resource planning software modernization package, are adopting artificial intelligence features at high rates to improve operational efficiency.
In Q3, AI was the main driver behind our customers' move to the cloud. There are 3 key reasons. First, AI accelerates the RISE with SAP cloud migration. Second, AI makes the business case for our suite more attractive. And finally, our customers embrace our Business AI platform with RISE with SAP.
-- Christian Klein, CEO2. Services Revenue Is Being Sacrificed to Drive High-Margin Cloud AdoptionServices revenue fell 5% year over year as the company intentionally shifted consulting resources away from billable hourly work toward software adoption support. Management expects artificial intelligence automation to disrupt traditional hourly consulting models, favoring scalable, higher-margin software subscriptions instead.
We want to leverage services more intentionally to promote the adoption of our AI solutions and build critical mass. This strategy has served SAP well to date. And as we are seeing positive return on investment, we will continue to double down on delivering even stronger adoption support to our cloud and AI customers, which will likely put more downward pressure on billable hours and services revenue also next year.
-- Dominik Asam, CFO3. Data Privacy Commitments Provide a Structural Competitive AdvantageThe company protects proprietary customer data by processing information locally through its Business Data Cloud platform rather than feeding public artificial intelligence models. This strict data isolation policy encourages risk-averse enterprise clients to integrate automated AI agents across critical business functions.
And one key principle is very important. At SAP, the customer's data remains the customer's data. We never upload customer data or process IP into large language models. Not for training, not for model improvement, not for any purpose.
-- Christian Klein, CEOLooking AheadCloud expansion is driving operational momentum, converting top-line growth into bottom-line profits.
The second half is off to a strong start, and we remain committed to investing in growth by preserving our bottom line in lockstep with the operational framework we have put in place for balancing expense versus revenue growth.
-- Dominik Asam, CFODeep software integration and proprietary data structures create high switching costs, while management prioritizes execution discipline entering the final quarter.
While we have been able to maintain steady momentum year to date, we will put our full focus on the decisive fourth quarter bookings required to maintain our growth acceleration against, now, even more challenging comparables in 2027.
-- Dominik Asam, CFOThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Enterprise software and business AI provider SAP SAP traded at $238.40, down 0.91%, at 10:24 a.m. ET on Friday. According to AD HOC News, BMO raised its price target to $265 from $235 and maintained Outperform. That puts the target roughly 11.2% above the share price. The analyst sees room to climb. Investors still need execution.
The business has momentum. SAP's third-quarter release reported €24.1 billion in current cloud backlog, up 26% at constant currencies, alongside 25% cloud revenue growth. Cloud ERP Suite revenue increased 28% on the same basis, while operating profit rose 18% under both IFRS and adjusted measures. Quarterly revenue topped €10 billion for the first time, and adjusted operating profit crossed €3 billion. Those milestones put real earnings behind the cloud story.
The valuation leaves something to prove. A GF Score of 90/100 signals broad fundamental strength, while a 29.15 price-to-earnings ratio makes sustained earnings growth central to the investment case. BMO's target increase amounts to 12.8%, but a higher target does not convert contracts into sales. The next test is whether SAP can turn its growing backlog into revenue while keeping profit growth strong.
Německé akcie, měřené indexem DAX, následovaly sentiment na globálních trzích a ve čtvrtek oslabily o 1,07 % na 25 371,2 b.
V popředí poklesu byly akcie navázané na boom umělé inteligence. Nedařilo se tak akciím energeticko-technologické společnosti Siemens Energy (-8,6 %) ani polovodičové společnosti Infineon Technologies (-6,0 %). Ztrácely také akcie stavební společnosti HOCHTIEF (-4,7 %). Naopak se dařilo akciím diagnostické společnosti QIAGEN (+4,9 %) poté, co se konsorcium vedené EQT dohodlo na koupi společnosti za zhruba 9,6 mld. EUR. Rostly také akcie tvůrce trhu Deutsche Boerse (+3,0 %) a nakonec po výsledcích posílily akcie softwarové společnosti SAP (+3,2 %).
Celoevropský index STOXX Europe 600 je také pod tlakem. Nedaří se sektorům IT (-3,21 %), průmyslu (-2,64 %) a financí (-2,29 %). V zeleném se obchodují sektory zdravotní péče (+1,84 %), nezbytné spotřeby (+1,75 %) a komunikačních služeb (+1,71 %).
Index DAX -1,07 % na 25 371,2 b. Nejsilnější akcie Změna Nejslabší akcie Změna Qiagen (QIA) +4,9 % Siemens Energy (ENR) -8,6 % SAP (SAP) +3,2 % Infineon Technologies (IFX) -6,0 % Deutsche Boerse (DB1) +3,0 % HOCHTIEF AG (HOT) -4,7 % Merck (MRK) +2,9 % MTU Aero Engines (MTX) -4,2 % Deutsche Telekom (DTE) +2,7 % Siemens (SIE) -4,1 % Zdroj: Bloomberg
SAP (NYSE:SAP) expects full-year 2026 cloud revenue and cloud and software revenue to reach the upper ends of its existing forecasts after quarterly revenue increased by 13% to €10.27 billion.
The German enterprise software group's current cloud backlog, which measures contracted cloud business awaiting recognition as revenue, rose 28% to €24.1 billion in the three months to September, or 26% at constant currencies.
Cloud revenue increased 26% to €6.67 billion, while revenue from the Cloud Enterprise Resource Planning (ERP) Suite grew 29% to €5.92 billion, reflecting continued demand for SAP’s cloud-based business software.
SAP now expects 2026 cloud revenue to be towards the upper end of its €25.8 billion to €26.2 billion forecast at constant currencies, representing growth of 23% to 25%.
Cloud and software revenue is also expected to be towards the upper end of the €36.3 billion to €36.8 billion range, with growth of 12% to 13% at constant currency.
The company maintained its forecast for adjusted operating profit of €11.8 billion to €12.2 billion, equivalent to a growth of 13% to 17% at constant currencies, and expects free cash flow of approximately €10 billion.
SAP’s third-quarter operating profit increased 18% to €2.93 billion under international financial reporting standards (IFRS), while adjusted operating profit rose 18% to €3.03 billion.
Adjusted operating margin, which measures operating profit as a proportion of revenue, improved to 29.5% from 28.3% a year earlier, indicating stronger profitability alongside sales growth.
However, cloud revenue growth benefited from a multi-quarter revenue catch-up from customers returning from financial distress, while operating profit growth also benefited from prior-year costs linked to tax litigation and workforce transformation.
Profit after tax rose 11% to €2.27 billion, while basic earnings per share increased 14% to €1.96, and free cash flow for the quarter climbed 36% to €1.72 billion.
For 2027, SAP expects total revenue growth at constant currencies to accelerate from 2026, although it anticipates operating expenses will increase by 80% to 90% of total revenue growth.
The company also expects the rate of decline in software support revenue to accelerate over the coming years as more customers migrate to cloud services, highlighting the ongoing shift in its business model.
SAP’s 2026 cloud backlog outlook assumes a stable macroeconomic environment in the fourth quarter, leaving its near-term growth expectations dependent partly on trading conditions.
In New York, shares of SAP were trading up 2.4% premarket Thursday.
The business-software group is working on a metric to convey the impact of AI on its operations to appease investors wanting insight into the tech reshaping the industry.
Německá softwarová společnost SAP včera večer zveřejnila výsledky za třetí kvartál roku 2026. Klíčový ukazatel, objem současných nezpracovaných zakázek v cloudovém segmentu, rostl rychleji, než trh očekával. Společnost také posunula výhled cloudových výnosů na letošní rok k horní hranici dosavadního rozpětí. Vedení na konferenčním hovoru zvolilo opatrnější tón ohledně růstu ve 4Q a v roce 2027 a odkázalo na makroekonomické nejistoty.
Výsledky společnosti SAP (SAP) za 3Q 2026
3Q 2026
Konsensus 3Q 2026
3Q 2026
Výnosy (mld. EUR)
10,27
10,13
9,08
Čistý zisk (mld. EUR)
2,27
2,10
2,05
Očištěný zisk na akcii (EPS, EUR/akcie)
1,89
1,81
1,59
Výsledky za 3Q
Výnosy společnosti vzrostly meziročně o 13 % na 10,27 mld. EUR, na konstantní měnové bázi o 12 %. SAP tak poprvé v historii překonal hranici 10 mld. EUR kvartálních výnosů.
Výnosy z cloudových služeb vzrostly meziročně o 26 % na 6,67 mld. EUR, zatímco konsensus počítal s 6,57 mld. EUR. Na konstantní měnové bázi rostly 25% tempem, očekávalo se +23,2 %. Výnosy z Cloud ERP Suite dosáhly 5,92 mld. EUR při meziročním růstu o 29 % (na konstantní měnové bázi +28 %).
Výnosy ze softwarových licencí a podpory klesly meziročně o 5 % na 2,58 mld. EUR. Výnosy z poskytnutých služeb klesly meziročně o 4 % na 1,02 mld. EUR.
Meziroční růst výnosů v cloudu a v cloudu a softwaru podle regionu, zdroj: SAP
Očištěný hrubý zisk společnost reportovala ve výši 7,54 mld. EUR při očekávání 7,41 mld. EUR, což je 13% meziroční růst. Očištěná hrubá marže meziročně poklesla o 0,3 p. b. na 73,4 % při očekávání 73,5 %. Očištěná hrubá marže v cloudu klesla meziročně o 0,8 p. b. na 74,3 % a mírně zaostala za konsensem 74,6 %.
Očištěný provozní zisk meziročně vzrostl o 18 % na 3,03 mld. EUR, což překonalo očekávání 2,98 mld. EUR. Očištěná provozní marže se zvýšila o 1,2 p. b. na 29,5 %.
Volné hotovostní toky meziročně vzrostly o 36 % na 1,72 mld. EUR, trh očekával 1,86 mld. EUR.
Objem současných nezpracovaných zakázek v cloudovém segmentu (cloud backlog) činí 24,14 mld. EUR. V meziročním srovnání vzrostl o 28 %, na konstantní měnové bázi o 26 % při očekávání +24,5 %.
Vývoj nezpracovaných zakázek, výnosů a výnosů ERP v cloudu, zdroj: SAP
Výhled
Pro rok 2026 SAP nově očekává:
Výnosy z cloudových služeb na konstantní měnové bázi při horní hranici rozpětí 25,8 až 26,2 mld. EUR. Trh predikoval 25,82 mld. EUR.
Výnosy z cloudových služeb a softwaru na konstantní měnové bázi při horní hranici rozpětí 36,3 až 36,8 mld. EUR. Wall Street očekávala 36,16 mld. EUR.
Společnost nadále očekává:
Očištěný provozní zisk na konstantní měnové bázi ve výši 11,8 až 12,2 mld. EUR. Očekávalo se 11,83 mld. EUR.
Volné hotovostní toky přibližně 10 mld. EUR. Projekce byly na úrovni 9,82 mld. EUR.
Mírné zpomalení růstu současných nezpracovaných zakázek v cloudovém segmentu na konstantní měnové bázi.
SAP dále očekává, že růst celkových výnosů na konstantní měnové bázi zůstane v roce 2026 na podobné úrovni jako v roce 2025 a v roce 2027 zrychlí. Očištěné provozní náklady by v roce 2027 měly růst tempem odpovídajícím 80 až 90 % růstu celkových výnosů.
Návrat kapitálu akcionářům
V rámci programu zpětného odkupu akcií v objemu až 10 mld. EUR, který potrvá do konce roku 2027, SAP ke konci září odkoupil 25,2 mil. akcií za průměrnou cenu 164,79 EUR. Celkem tak zatím vynaložil zhruba 4,2 mld. EUR.
Komentář vedení
„Třetí kvartál byl vynikající, současné nezpracované zakázky v cloudu vzrostly na konstantní měnové bázi o 26 %. Naše strategie autonomního podniku nejen rezonuje, ale zákazníci ji skutečně přijímají. Investují do technologií, na kterých stojí, od cloudových a datových základů až po naši podnikovou umělou inteligenci. Vidí, že díky AI nástroji Joule Work je jejich transformace ekonomicky atraktivnější než kdy dříve,“ uvedl generální ředitel společnosti Christian Klein.
„SAP poprvé překonal hranici 10 mld. EUR celkových kvartálních výnosů a 3 mld. EUR očištěného provozního zisku, což odráží sílu a škálovatelnost našeho obchodního modelu. Disciplinovaný přístup k řízení nákladů spolu s pokračující dynamikou v cloudu dokazuje, že dokážeme zvyšovat výnosy i zisk zároveň,“ uvedl finanční ředitel společnosti Dominik Asam.
Pohled analytiků
Podle analytiků Bernsteinu šlo o čistý kvartál se solidním překonáním odhadů a dobrým výhledem, tažený přechodem do cloudu, provozní pákou a budoucím růstem díky AI. SAP podle nich splnil očekávání i v provozní marži, poté co v minulém kvartálu mírně zaostal. Bernstein nadále vidí SAP jako chráněný před disrupcí ze strany AI, protože jeho software je pro zákazníky kritický.
Analytik Adam Wood z Morgan Stanley uvedl, že SAP překonal klíčovou laťku 25% růstu cloudového backlogu na konstantní měnové bázi. To je podle něj důležité pro sentiment investorů vzhledem k růstu akcií od 2Q. Opatrnost vedení ohledně 4Q je podle něj převážně makroekonomická a vedení nezmínilo zhoršení v objemu rozjednaných obchodů. Domnívá se, že vedení si nechává rezervu, pokud jde o uzavírání obchodů na konci roku.
Analytik Sven Merkt z Barclays uvedl, že SAP vykázal silný 3Q a výhled růstu cloudových výnosů posunul směrem k horní hranici stávajícího rozpětí. Upozorňuje, že vedení na hovoru také zdůraznilo AI jako hlavní důvod, proč zákazníci přecházejí do cloudu. Provozní zisk byl podle něj po slabším 2Q silný, cloudové hrubé marže ale pokračovaly v negativním trendu a měly by být klíčovou položkou ke sledování. Dodává, že vedení na hovoru zůstává konzervativní ohledně cloudového backlogu ve 4Q a komentáře k roku 2027 vyzněly opatrněji.
Akcie SAP
Akcie SAP (SAP) oslabují o 1,1 % na 206,35 EUR.
SAP SE (SAP) -1,1 % na 206,35 EUR
Ukazatel
Ukazatel
Kapitalizace (mld. EUR)
253,5
P/E
29,7
Vývoj za letošní rok (%)
-1,0
Očekávané P/E
28,9
52týdenní minimum (EUR)
127,5
Prům. cílová cena (EUR)
223,9
52týdenní maximum (EUR)
244,3
Dividendový výnos (%)
1,2
V době, kdy část investorů zpochybňuje budoucnost tradičních softwarových firem v éře umělé inteligence, SAP ukázal odolnost svého obchodního modelu. Silnější než očekávaný růst cloudových tržeb, robustní objem nevyřízených zakázek a optimismus ohledně další poptávky po AI řešeních potvrzují, že německá společnost patří mezi evropské vítěze současné technologické transformace.
Společnost SAP vykázala u svých cloudových produktů vyšší růst, než se očekávalo, což naznačuje, že rozmach umělé inteligence nijak nenarušil poptávku po řešeních tohoto německého výrobce softwaru. Největší evropská softwarová společnost ve středečním prohlášení uvedla, že tržby z cloudových služeb ve třetím čtvrtletí vzrostly o 25 % (při konstantních směnných kurzech) na 6,67 miliardy eur, když analytici v průměru předpovídali hodnotu 6,57 miliardy eur, píše Bloomberg.
Akcie SAP tak prokázaly odolnost vůči „SaaSpocalypse“ – rozsáhlému výprodeji akcií softwarových firem, k němuž letos došlo v důsledku obav, že nové výkonné nástroje umělé inteligence vytlačí tradiční aplikace. Generální ředitel Christian Klein inicioval v této společnosti se sídlem v německém Walldorfu reorganizaci zaměřenou na umělou inteligenci. Sám osobně dohlíží na vývoj těchto nových technologií poté, co zákazníci projevovali o AI nástroje od SAP jen vlažný zájem a kritizovali jejich nedostatečnou hodnotu vzhledem k vynaloženým nákladům.
Akcie společnosti SAP ve středu ve Frankfurtu uzavřely na ceně 208,65 eura. Od svého minima z 23. července si připsaly více než 60 %. Aktuálně odepisují 1 % po všeobecně negativní náladě na AI akciích.
Objem nevyřízených cloudových zakázek (cloud backlog), který slouží jako ukazatel očekávaných tržeb v následujících 12 měsících, dosáhl 24,1 miliardy eur. V meziročním srovnání při konstantních měnových kurzech vzrostl o 26 %. Společnost SAP již dříve upozorňovala, že tempo růstu tohoto ukazatele bude postupně zpomalovat, protože značná část zákazníků dokončuje přechod na cloudová řešení. Generální ředitel Klein nicméně opakovaně zdůraznil, že klíčovým motorem další expanze bude umělá inteligence, která má podpořit poptávku po cloudových produktech i v dalších letech.
Umělá inteligence „vytváří pro zákazníky silnou motivaci k přechodu do cloudu, přičemž nástroje pro automatizaci založené na AI zároveň snižují složitost tohoto procesu pro klienty,“ napsal ve své analýze po zveřejnění výsledků Nay Soe Naing, analytik společnosti Berenberg.
SAP SE (SAP) Q3 2026 Earnings Call October 21, 2026 5:00 PM EDT
Company Participants
Alexandra Kasper Steiger - Global Head of Investor Relations
Christian Klein - CEO & Member of Executive Board
Dominik Asam - CFO & Member of Executive Board
Conference Call Participants
Adam Wood - Morgan Stanley, Research Division
Toby Ogg - JPMorgan Chase & Co, Research Division
Charles Brennan - Jefferies LLC, Research Division
Jackson Ader - KeyBanc Capital Markets Inc., Research Division
Mark Moerdler - Bernstein Institutional Services LLC, Research Division
Michael Briest - UBS Investment Bank, Research Division
Johannes Schaller - Deutsche Bank AG, Research Division
Ben Castillo-Bernaus - BNP Paribas, Research Division
Frederic Boulan - BofA Securities, Research Division
S. Kirk Materne - Evercore ISI Institutional Equities, Research Division
Patrick Walravens - Citizens JMP Securities, LLC, Research Division
Balajee Tirupati - Citigroup Inc., Research Division
Presentation
Operator
Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the SAP Q3 2026 Financial Results Conference Call. [Operator Instructions] I would now like to turn the conference over to Alexandra Steiger, Global Head of Investor Relations. Please go ahead.
Alexandra Kasper Steiger
Global Head of Investor Relations
Good evening, everyone, and welcome. Thank you for joining us. With me today are CEO Christian Klein; and our CFO, Dominik Asam. On this call, we will discuss SAP's third quarter 2026 results. You can find the deck supplementing this call as well as our quarterly statement on our 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 expectations and assumptions that are subject to risks and uncertainties that could cause actual results and outcomes to differ materially. Additional information regarding these risks and uncertainties may be found in our filings with the SEC, including, but not limited to, the Risk Factors section of our
The Pre-IPO Playbook: How to Cash in on Anthropic Before the BellSAP NYSE: SAP reported third-quarter 2026 results marked by double-digit cloud revenue and operating-profit growth, as the enterprise software company said demand for artificial intelligence capabilities, cloud migrations and its Business Data Cloud continued to support bookings.
Chief Executive Officer Christian Klein called the period an “outstanding quarter,” saying current cloud backlog reached €24.1 billion, up 26% year over year at constant currencies. Cloud revenue rose 25% to €6.7 billion, while total revenue increased 12% to €10.3 billion, surpassing €10 billion in quarterly revenue for the first time in SAP’s history.
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SAP Bets $1B on AI Acquisitions to Lock In Enterprise DataNon-IFRS operating profit rose 18% to more than €3 billion. SAP said nine of its 50 largest deals during the quarter included AI and Business Data Cloud offerings.
Cloud ERP and AI Drive Growth Chief Financial Officer Dominik Asam said cloud ERP suite revenue grew 28% and represented 89% of total cloud revenue. Software licenses revenue declined 9%, while services revenue fell 5% at constant currencies. Despite the services decline, Asam said total revenue growth was “a remarkable result” given the changing mix of the business.
Giants Costco, Sanofi, and SAP Raise Dividends by Over 10%SAP reported particularly strong cloud revenue performance in Asia-Pacific Japan and Europe, the Middle East and Africa, with solid performance in the Americas. Brazil, France, Germany, Italy, India, South Korea and Spain delivered outstanding performance, according to Asam, while Switzerland, the U.K. and the U.S. were particularly strong.
Klein said AI has become a major factor in customers’ decisions to migrate to SAP’s RISE and GROW cloud offerings. He said customers are using AI tools to accelerate transformations and migrations, while Business Data Cloud is being adopted as a data foundation for enterprise AI.
The company cited customer wins and deployments across industries, including BBVA, FirstBank of Canada, Infineon, Fraunhofer-Gesellschaft, NTN Corporation, AstraZeneca, Decathlon, Salling Group and Hengli. Klein also said companies including Mondelez, Panasonic, Roche and Infosys went live with RISE during the quarter.
Joule Work and Data Platform Strategy SAP emphasized its Joule Work offering, which Klein described as a workbench for the “autonomous enterprise.” The platform allows users to interact with SAP systems through natural-language conversations, view data through Joule Spaces and develop or tailor AI agents through Joule Studio.
Klein said SAP provides access to more than 70 frontier and open-weight AI models and does not intend to commit customers to a single preferred model. He said the company evaluates models based on performance, price and outcomes for individual AI-agent use cases.
According to Klein, SAP’s Business Data Cloud and knowledge graph map more than 7 million fields and 500,000 tables, along with 400 data products and process knowledge. He said the company’s acquisitions of Reltio and LeanIX expand the context layer beyond SAP data, while SAP’s intended acquisition of TechWolf would extend its capabilities into skills and workforce intelligence.
Klein also stressed SAP’s governance approach, stating that customer data and process intellectual property are not uploaded to large language models for training, model improvement or other purposes. SAP’s AI Agent Hub in LeanIX is intended to provide an inventory for managing SAP and non-SAP agents, he said.
Margins, Cash Flow and Internal Efficiency SAP’s IFRS cloud gross margin was 73.9%, while non-IFRS cloud gross margin was 74.3%, down 0.7 percentage points from a year earlier. IFRS operating profit increased 18% to €2.9 billion.
Free cash flow totaled €1.7 billion in the quarter. IFRS earnings per share rose 14% to €1.96, while non-IFRS earnings per share increased 19% to €1.89.
The company said it continues to invest in AI development and product enhancements while seeking to manage expenses in line with revenue growth. Klein said Joule Work Desktop is live for more than 110,000 SAP employees, with the company seeing productivity gains of 20% across central functions including finance, human resources and procurement.
He added that SAP expects up to €3 billion in efficiency gains over the next two years through AI applications across engineering, sales, finance, HR and cloud operations. Asam said the company aims to contain total operating-expense growth, including cost of goods sold, to roughly 80% to 90% of top-line growth.
Outlook Retained Amid Cautious Fourth-Quarter View SAP now expects to finish toward the upper end of its previously issued 2026 outlook for cloud revenue and cloud and software revenue. The company reaffirmed its guidance for current cloud backlog, operating profit and free cash flow.
Asam said SAP still expects a slight deceleration in constant-currency current cloud backlog growth during 2026, citing macroeconomic and political uncertainty as well as a larger revenue base. He noted that the fourth quarter represents roughly 50% of SAP’s annual bookings volume.
The CFO said SAP continues to plan for an acceleration in total revenue growth in 2027, though he cautioned that fourth-quarter booking trends, macroeconomic conditions and the company’s strategy of using services to drive cloud and AI adoption could make that trajectory more challenging.
“We will put our full focus on the decisive fourth quarter bookings required to maintain our growth acceleration,” Asam said.
About SAP (NYSE:SAP)SAP SE is a global enterprise software company headquartered in Walldorf, Germany. Founded in 1972 by five former IBM employees, SAP originally developed software to help businesses integrate accounting and operational data. The company has since become a major provider of cloud-based business applications and enterprise technology.
SAP's portfolio includes enterprise resource planning software, including SAP S/4HANA Cloud, along with solutions for finance, procurement, supply chain management, human resources, customer experience and business analytics.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Current cloud backlog of €24.1 billion, up 28% and up 26% at constant currencies
Cloud revenue up 26% and up 25% at constant currencies
Cloud ERP Suite revenue up 29% and up 28% at constant currencies
Total revenue up 13% and up 12% at constant currencies
IFRS operating profit up 18%, non-IFRS operating profit up 18%, both at nominal and constant currencies
SAP updates its 2026 cloud revenue and cloud and software revenue outlook
Christian Klein, CEO:
Q3 was an outstanding quarter, with current cloud backlog up 26% at constant currencies. Our Autonomous Enterprise strategy is not just resonating, it is being adopted. Our customers are investing in the technology behind it – from the cloud and data foundation to our Business AI. They see that Joule Work makes the business case for their transformation more attractive than ever.
Dominik Asam, CFO:
For the first time, SAP crossed €10 billion in total quarterly revenue and €3 billion of non-IFRS operating profit, reflecting the strength and scalability of our business model. Our disciplined approach to cost management, paired with continued cloud momentum, demonstrates our ability to grow both the top and bottom line at the same time.
, /PRNewswire/ -- SAP SE (NYSE: SAP) announced today its financial results for the third quarter ended September 30, 2026.
Group Results at a Glance
Third quarter 2026
IFRS
Non-IFRS1
€ million, unless otherwise stated
Q3 2026
Q3 2025
∆ in %
Q3 2026
Q3 2025
∆ in %
∆ in % const.
curr.
Current cloud backlog
24,144
18,839
28
26
SaaS/PaaS2
6,612
5,212
27
6,612
5,212
27
26
Thereof Cloud ERP Suite2
5,924
4,586
29
5,924
4,586
29
28
Thereof Extension Suite2
688
627
10
688
627
10
8
IaaS2
56
78
–27
56
78
–27
–27
Cloud revenue
6,668
5,290
26
6,668
5,290
26
25
Software licenses revenue
147
161
–9
147
161
–9
–9
Software support revenue
2,434
2,565
–5
2,434
2,565
–5
–6
Cloud and software revenue
9,249
8,016
15
9,249
8,016
15
14
Services Revenue
1,021
1,060
–4
1,021
1,060
–4
–5
Total revenue
10,270
9,076
13
10,270
9,076
13
12
Cloud gross profit
4,930
3,948
25
4,956
3,972
25
24
Cloud gross margin (in %)
73.9
74.6
–0.7pp
74.3
75.1
–0.8pp
–0.7pp
Gross profit
7,510
6,671
13
7,543
6,696
13
12
Gross margin (in %)
73.1
73.5
–0.4pp
73.4
73.8
–0.3pp
–0.3pp
Operating profit (loss)
2,930
2,487
18
3,030
2,566
18
18
Operating margin (in %)
28.5
27.4
1.1pp
29.5
28.3
1.2pp
1.5pp
Profit (loss) after tax
2,269
2,051
11
2,171
1,852
17
Earnings per share - Basic (in €)
1.96
1.72
14
1.89
1.59
19
Net cash flows from operating activities
1,920
1,502
28
Free cash flow
1,718
1,266
36
1 For a breakdown of the individual adjustments see table Non-IFRS Operating Expense Adjustments by Functional Areas in the Quarterly Statement.
2 For a definition of Cloud ERP Suite and Extension Suite, see the Performance Management System chapter in the 2025 Integrated Report. For an Explanation of IaaS, SaaS, and PaaS, see the Notes to the Consolidated Financial Statements of the Integrated Report 2025, Note (A.1).
Nine months ended September 2026
IFRS
Non-IFRS1
€ million, unless otherwise stated
Q1–Q3
2026
Q1–Q3
2025
∆ in %
Q1–Q3
2026
Q1–Q3
2025
∆ in %
∆ in % const.
curr.
Current cloud backlog
24,144
18,839
28
26
SaaS/PaaS2
18,724
15,148
24
18,724
15,148
24
26
Thereof Cloud ERP Suite2
16,662
13,258
26
16,662
13,258
26
28
Thereof Extension Suite2
2,062
1,889
9
2,062
1,889
9
11
IaaS2
187
266
–29
187
266
–29
–28
Cloud revenue
18,911
15,413
23
18,911
15,413
23
25
Software licenses revenue
395
538
–27
395
538
–27
–26
Software support revenue
7,342
7,969
–8
7,342
7,969
–8
–6
Cloud and software revenue
26,648
23,920
11
26,648
23,920
11
14
Services Revenue
3,055
3,196
–4
3,055
3,196
–4
–3
Total revenue
29,703
27,116
10
29,703
27,116
10
12
Cloud gross profit
14,044
11,501
22
14,124
11,573
22
25
Cloud gross margin (in %)
74.3
74.6
–0.4pp
74.7
75.1
–0.4pp
–0.5pp
Gross profit
21,710
19,898
9
21,806
19,971
9
11
Gross margin (in %)
73.1
73.4
–0.3pp
73.4
73.6
–0.2pp
–0.3pp
Operating profit (loss)
8,313
7,276
14
8,639
7,590
14
17
Operating margin (in %)
28.0
26.8
1.2pp
29.1
28.0
1.1pp
1.3pp
Profit (loss) after tax
6,424
5,596
15
6,001
5,280
14
Earnings per share - Basic (in €)
5.50
4.70
17
5.20
4.53
15
Net cash flows from operating activities
8,586
7,859
9
Free cash flow
7,968
7,205
11
1 For a breakdown of the individual adjustments see table Non-IFRS Operating Expense Adjustments by Functional Areas in the Quarterly Statement.
2 For a definition of Cloud ERP Suite and Extension Suite, see the Performance Management System chapter in the 2025 Integrated Report. For an Explanation of IaaS, SaaS, and PaaS, see the Notes to the Consolidated Financial Statements of the Integrated Report 2025, Note (A.1).
Supplementary Information[1]
Financial Results
Cloud revenue growth was positively impacted by several quarter-specific effects, mainly a multi-quarter revenue catch-up from customers returning from financial distress.
Total revenue in the third quarter included a contribution of €49 million from the acquisitions of Reltio, Dremio, and Prior Labs.
IFRS and non-IFRS operating profit included a negative contribution of €59 million and €39 million, respectively, from the aforementioned acquisitions. In addition, IFRS and non-IFRS operating profit growth benefited from prior year negative impacts of €0.1 billion each from a change in case law affecting SAP's other tax litigation and from a workforce transformation, both recorded in the third quarter of 2025.
Share Repurchase Program
In January 2026, SAP announced a new share repurchase program with an aggregate volume of up to €10 billion and a term until December 31, 2027. As of September 30, 2026, SAP had repurchased 25,205,983 shares at an average price of €164.79 resulting in a purchased volume of approximately €4.2 billion under the program.
Outlook
Financial Outlook
For 2026, SAP is updating its cloud revenue and cloud and software revenue outlook and now expects:
To generate cloud revenue towards the upper end of the outlook range of €25.8 – 26.2 billion at constant currencies
(2025: €21.02 billion), up 23% to 25% at constant currencies.
To generate cloud and software revenue towards the upper end of the outlook range of €36.3 – 36.8 billion at constant currencies (2025: €32.54 billion), up 12% to 13% at constant currencies.
SAP continues to expect:
€11.8 – 12.2 billion operating profit (non-IFRS) at constant currencies (2025: €10.42 billion), up 13% to 17% at constant currencies.
Approximately €10 billion free cash flow at actual currencies (2025: €8.24 billion).
An effective tax rate (non-IFRS) of approximately 29% (2025: 30.5%)[2].
Constant currencies current cloud backlog growth to slightly decelerate (2025: 25%).
SAP further expects:
Constant currencies total revenue growth in 2026 to remain at similar levels as in 2025 (10.6%) and to accelerate in 2027.
Total operating expenses (non-IFRS) to grow at 80% to 90% of total revenue growth in 2027.
Constant currencies software support revenue decline rate to accelerate in the coming years as a consequence of an acceleration of customers transforming to the cloud.
SAP's current cloud backlog outlook for full-year 2026 is based on the assumption of a stable macroeconomic environment in the fourth quarter.
While SAP's 2026 financial outlook for the income statement parameters is at constant currencies (including an average exchange rate of 1.13 USD per EUR), actual currency reported figures are expected to be impacted by currency exchange rate fluctuations as the company progresses through the year, as reflected in the table below.
Currency Impact Assuming September 30, 2026 Rates Apply for 2026
In percentage points
Q4 2026
FY 2026
Cloud revenue growth
2.0pp
-1.5pp
Cloud and software revenue growth
1.5pp
-1.0pp
Operating profit growth (non-IFRS)
1.0pp
-2.0pp
This includes an exchange rate of 1.14 USD per EUR.
Non-Financial Outlook
For 2026, SAP continues to expect:
Cloud Customer Satisfaction (Cloud CSAT) to be in a range of 75% to 76% (2025: 75%).
The Employee Engagement Index to be in a range of 74% to 78% (2025: 76%).
The Business Health Culture Index (BHCI) to be in a range of 80% to 82% (2025: 81%).
To steadily decrease carbon emissions across the relevant value chain (2025: 3.6 Mt).
Business Highlights
In the third quarter, customers around the globe continued to choose the "RISE with SAP" journey. These customers included: AstraZeneca, Aydem Enerji, Banco Bilbao, Fairstone Bank of Canada, Grupo SBF, Infineon Technologies, Nagel Group Logistics, and NTN Corporation.
A5X, Bitzer, BLACKROLL, Greenbrier Maxion (GBMX), Krannich Solar Group, Petroplus, Rittal, and SUZHOU ELE.MFG chose "SAP GROW".
Austrian Post (Österreichische Post), Commerz Real, Decathlon, Fraport, Henkel, MAN INDUSTRIES LIMITED, and Toyota Motor Philippines Corporation chose SAP's AI and data solutions.
Key customer wins across SAP's solution portfolio included: Chery Automobile, DOUGLAS Group, Helvetia Holding, Kao Corporation, NTT DATA, Tauranga City Council, and Wipro.
Bertelsmann, Eldorado Brasil, enersuisse, HUGO BOSS, Infineum, Infosys, Mondelez, Panasonic, Roche, and Thalia Bücher went live on SAP solutions in the third quarter.
In the third quarter, SAP's cloud revenue performance was particularly strong in APJ and EMEA and solid in the Americas region. Brazil, France, Germany, Italy, India, South Korea and Spain had outstanding performance, while Switzerland, the United Kingdom and the U.S. were particularly strong.
On July 6, SAP announced that it has completed the acquisition of Dremio, an open, high-performance data lakehouse platform.
On July 17, SAP announced that it has completed the acquisition of Prior Labs, the pioneer of Tabular Foundation Models (TFMs).
On October 6, SAP showcased the Autonomous Enterprise in action at SAP Connect, demonstrating how Joule Work and Joule Assistants generate value for customers across every line of business.
In addition, SAP announced that they entered into an agreement for SAP to acquire TechWolf, a provider of a leading AI work intelligence platform.
Additional Information
This quarterly statement and all information therein are preliminary and unaudited. Due to rounding, numbers may not add up precisely. The Q3 2026 Quarterly Statement can be downloaded from: https://www.sap.com/docs/download/investors/2026/sap-2026-q3-statement.pdf.
SAP Performance Measures
For more information about our key growth metrics and performance measures, their calculation, their usefulness, and their limitations, please refer to the following document on our Investor Relations website: https://www.sap.com/investors/en/financial-documents-and-events/reporting-framework.html.
Webcast
SAP senior management will host a financial analyst conference call on Wednesday, October 21st at 11:00 PM (CEST) / 10:00 PM (BST) / 5:00 PM (EDT) / 2:00 PM (PDT). The conference will be webcast on the Company's website at https://www.sap.com/investor and will be available for replay. Supplementary financial information pertaining to the third quarter results can be found at https://www.sap.com/investor.
About SAP
As a global leader in enterprise applications and business AI, SAP (NYSE: SAP) stands at the nexus of business and technology. For over 50 years, organizations have trusted SAP to bring out their best by uniting business-critical operations spanning finance, procurement, HR, supply chain, and customer experience. For more information, visit www.sap.com.
For more information, financial community only:
Alexandra Steiger +49 (6227) 7-767336 [email protected], CET
Follow SAP Investor Relations on LinkedIn at SAP Investor Relations.
For customers interested in learning more about SAP products:
Global Customer Center: +49 180 534-34-24
United States Only: +1 (800) 872-1SAP (+1-800-872-1727)
Note to editors:
To preview and download broadcast-standard stock footage and press photos digitally, please visit www.sap.com/photos. On this platform, you can find high resolution material for your media channels.
This document contains 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 to materially differ. Additional information regarding these risks and uncertainties may be found in our filings with the Securities and Exchange Commission, including but not limited to the risk factors section of SAP's 2025 Annual Report on Form 20-F.
[1] The Q3 2026 results were also impacted by other effects. For details, please refer to the disclosures on page 21 of the Quarterly Statement.
[2] The effective tax rate (non-IFRS) is a non-IFRS financial measure and is presented for supplemental informational purposes only. We do not provide an outlook for the effective tax rate (IFRS) due to the uncertainty and potential variability of gains and losses associated with equity securities, which are reconciling items between the two effective tax rates (non-IFRS and IFRS). These items cannot be provided without unreasonable efforts but could have a significant impact on our future effective tax rate (IFRS).
Louisbourg Investments Inc. cut its stake in SAP SE (NYSE:SAP – Free Report) by 17.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,880 shares of the software maker’s stock after selling 3,800 shares during the period. Louisbourg Investments Inc.’s holdings in SAP were worth $3,728,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently added to or reduced their stakes in the company. 55 North Private Wealth LLC grew its holdings in shares of SAP by 33.1% during the third quarter. 55 North Private Wealth LLC now owns 2,752 shares of the software maker’s stock worth $574,000 after buying an additional 685 shares in the last quarter. Value Partners Investments Inc. lifted its stake in SAP by 4.2% in the 3rd quarter. Value Partners Investments Inc. now owns 68,844 shares of the software maker’s stock valued at $14,365,000 after acquiring an additional 2,799 shares in the last quarter. AA Financial Advisors LLC bought a new stake in SAP in the 3rd quarter valued at approximately $318,000. Abel Hall LLC boosted its position in SAP by 45.1% during the 3rd quarter. Abel Hall LLC now owns 6,297 shares of the software maker’s stock worth $1,313,000 after acquiring an additional 1,957 shares during the last quarter. Finally, First Bank & Trust boosted its position in SAP by 32.2% during the 3rd quarter. First Bank & Trust now owns 2,098 shares of the software maker’s stock worth $437,000 after acquiring an additional 511 shares during the last quarter.
Wall Street Analysts Forecast Growth Several equities analysts have recently weighed in on the stock. Barclays raised their price target on shares of SAP from $242.00 to $243.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 13th. UBS Group lowered shares of SAP from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 26th. Argus set a $265.00 target price on shares of SAP in a report on Thursday, September 10th. TD Cowen restated a “buy” rating on shares of SAP in a report on Thursday, October 15th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $260.00 target price on shares of SAP in a research report on Tuesday, September 22nd. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $264.71.
Read Our Latest Report on SAP SAP Stock Performance SAP opened at $228.85 on Wednesday. The business’s 50-day simple moving average is $213.82 and its 200 day simple moving average is $185.98. SAP SE has a 52-week low of $144.97 and a 52-week high of $281.36. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.15 and a current ratio of 1.15. The firm has a market capitalization of $281.14 billion, a PE ratio of 29.70, a PEG ratio of 2.68 and a beta of 1.13.
SAP (NYSE:SAP – Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The software maker reported $1.82 EPS for the quarter, missing the consensus estimate of $2.00 by ($0.18). The company had revenue of $11.27 billion for the quarter, compared to analyst estimates of $11.30 billion. SAP had a net margin of 20.88% and a return on equity of 17.07%. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the company posted $1.50 earnings per share. As a group, sell-side analysts expect that SAP SE will post 8.08 earnings per share for the current fiscal year.
SAP Profile (Free Report)
SAP SE is a global enterprise software company headquartered in Walldorf, Germany. Founded in 1972 by five former IBM employees, SAP originally developed software to help businesses integrate accounting and operational data. The company has since become a major provider of cloud-based business applications and enterprise technology.
SAP’s portfolio includes enterprise resource planning software, including SAP S/4HANA Cloud, along with solutions for finance, procurement, supply chain management, human resources, customer experience and business analytics.
Further Reading Five stocks we like better than SAP Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge Want to see what other hedge funds are holding SAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SAP SE (NYSE:SAP – Free Report).
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IBM promised delayed deals would close and software growth would accelerate in the second half, while SAP bet its surging cloud backlog on AI winning big contracts. Wednesday's earnings reports will reveal whether either company can actually deliver on those…
IBM (NYSE:IBM | IBM Price Prediction) and SAP (NYSE:SAP) are set to release third-quarter results on Wednesday, October 21. Jim Cramer said on October 1 that this quarter would be remembered “as the moment when software bounced back.” These two reports will test that claim.
IBM’s “Deferral, Not Destruction” Claim Gets Its Test
Second-quarter EPS of $2.93 missed the $2.97 consensus and ended a five-quarter beat run. Revenue rose just 1.1%. IBM faulted large capex deals, meaning big hardware buys that clients delayed. In a July 30 Mad Money interview, IBM CEO Arvind Krishna said about 40% of them had closed within three to four weeks, calling it “a good signal that it is a deferral, not a destruction.”
Skeptics remain, however. An investor on CNBC’s Halftime Report said on October 6 that he sold after management “lowered their guide,” citing software sales growth of only 5%, flat consulting revenue, and a 7% infrastructure fall.
Cramer supported the stock on August 24: “I think it’s doing better than people think. … I know that people hate this stock, even though I don’t think they should.” Shares trade at $236.39, down 18.9% year to date.
Watch for three things: whether the delayed deals closed, whether recurring software growth approaches the 10% second-half rate management promised, and whether the full-year revenue growth outlook of 4% to 5% holds. IBM hosts its call at 5:00 p.m. ET, according to its announcement.
Quantum computing remains the longer-term story. IBM said it expects quantum to have a measurable impact on its top and bottom lines in 2028 or 2029.
SAP’s Cloud Backlog Faces a Stress Test
The cloud backlog consists of cloud contracts that customers have signed but that SAP has not yet recognized as revenue. Investors treat it as an early look at future sales. In February, CEO Christian Klein said total cloud backlog grew 30% at constant currencies to a record €77.3 billion ($88.6 billion). SAP Business AI appeared in two-thirds of fourth-quarter cloud order entries. In April, he reported current cloud backlog growth of 25% and cloud revenue growth of 27% at constant currencies.
Current cloud backlog then grew 26% in the second quarter. Even so, management still expects “a slight deceleration” this year. The key question is whether that growth rate holds and whether AI is still winning deals. AI and Business Data Cloud appeared in more than 90% of SAP’s 50 largest second-quarter deals. Shares have risen 8.0% over the past month. Details are on SAP’s investor events page.
Wall Street’s Expectations for Both Reports
Metric
IBM
IBM YoY
SAP
SAP YoY
Q3 EPS
$2.872
8.4%
$2.0862
31.2%
Q3 Revenue
$16.84B
3.1%
$10.09B
11.2%
FY26 EPS
$12.3114
6.2%
$8.1539
15.7%
FY26 Revenue
$70.38B
4.2%
$40.27B
−4.5%
SAP’s figures are converted from euros to dollars, so currency fluctuations may distort its year-over-year comparisons.
What Each Company Must Prove on Wednesday
IBM must show that the delayed deals turned into revenue and that its second-half growth acceleration is on track. SAP must show current cloud backlog growth holding near its second-quarter rate of 26%, with Business AI still supporting its largest deals. Strong results from both would back up Cramer’s software rebound call.
Contact [email protected] for any questions or corrections.
On this week's Earnings Cheat Sheet, we take a close look at three heavyweights—Tesla (TSLA), Meta Platforms (META), and SAP (SAP)—plus run through a lightning round covering chip makers, software, energy and medical stocks. Check out our daily newsletter!
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 the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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, /PRNewswire/ -- Sinch AB (publ) announces that Rich Communication Services (RCS) is now available as part of its native integration with SAP Engagement Cloud, expanding Sinch's existing SAP partnership with a new messaging channel. The integration also creates new opportunities for AI-driven, conversational customer experiences, combining RCS with the broader omnichannel capabilities of SAP Engagement Cloud.
RCS is the next generation of mobile messaging, enabling businesses to create richer and more interactive experiences than traditional SMS, with features such as branded and verified senders, rich media and interactive buttons, all within the customer's native messaging app on their mobile phone.
The addition of RCS helps businesses using SAP Engagement Cloud create and send RCS messages to customers globally, where supported, directly from the platform. RCS joins SMS, MMS, WhatsApp, LINE, Viber and KakaoTalk as messaging channels already available through the native Sinch integration.
By adding RCS as part of the integration with SAP Engagement Cloud, businesses can deliver more engaging customer experiences directly from their existing marketing environment while benefiting from Sinch's proven messaging delivery capabilities.
"Businesses want to create more engaging and personalized customer experiences without adding complexity," said Jonathan Bean, EVP EMEA & AI Partnerships at Sinch. "Adding RCS to our native integration with SAP Engagement Cloud is a natural next step in our partnership with SAP. It gives businesses another way to reach their customers with rich, branded experiences while managing their communications from the platform they already use and ultimately, delivering better outcomes such as revenue growth, customer lifetime value, and competitive differentiation."
RCS helps businesses create richer, branded and interactive experiences. The advanced integrations turn basic automated chats into dynamic AI-powered conversations. Across marketing, sales and service use cases, businesses can turn customer interactions into completed sales, or seamlessly hand off to human service agents in SAP Service Cloud, all directly in customers' native messaging apps, with SMS fallback for added reach and reliability.
The RCS integration is available in markets where RCS Business Messaging is supported.
For more information, please contact:
Fredrik Hallstan, Director Corporate Communications
Mobile: +46 761 15 38 30
E-mail: [email protected]
Sinch's vision is to connect every business with every customer, everywhere in the world. With the industry's most trusted foundation for intelligent customer communications, Sinch powers over 900 billion customer interactions annually for more than 200,000 customers across the globe. Leading global companies, including AI innovators, rely on Sinch to strengthen customer relationships and deliver seamless experiences across messaging, email and voice. Profitable since its founding in 2008, Sinch generated net sales of USD 3 billion (SEK 27 billion) in 2025 and has over 4,000 employees in more than 60 countries, with headquarters in Stockholm. Sinch is listed on Nasdaq Stockholm (XSTO: SINCH). Visit us at group.sinch.com.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.
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Asian stocks dropped, tracking the weakness in U.S. technology stocks, as simmering geopolitical tensions continued to weigh on appetite for risky assets.
Six assistants gain specialized agents, but commercial value depends on adoption after the planned fourth-quarter release. Summary
SAP is converting enterprise context into action before proving agent revenue.
SAP SAP, the enterprise-software and business-AI provider, scheduled new supply-chain AI capabilities for general availability in the fourth quarter of 2026, with U.S. shares at $208.22 at 10.22am EST on Oct. 8, down approximately 1%. The pitch is practical: help businesses resolve operational problems faster. For investors, the harder question is whether that usefulness turns into bigger software contracts.
The rollout covers six Joule Assistants spanning product design, planning, manufacturing, logistics, asset operations and business networks. SAP said ingredients producer Doehler recovered roughly one-third of previously lost troubleshooting time with a logistics-resolution agent. That is a concrete customer benefit. But the announcement provided neither pricing nor incremental contract value, leaving the revenue opportunity unquantified.
The valuation picture shows shares trading 18.42% below the $255.24 GF Value estimate, suggesting potential upside if SAP delivers on growth expectations. AI that helps clear bottlenecks could give customers a stronger reason to expand their cloud spending. The proof investors need is commercial: larger deals, stronger retention or higher usage. Time saved opens the door. Revenue growth makes the investment case.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Partnership will integrate USDC and EURC into Tereina's platform, enabling businesses to send and receive stablecoin payments without leaving the applications they already use
PALO ALTO, Calif. & NEW YORK--(BUSINESS WIRE)--Tereina, an SAP-backed financial services company built to embed agentic payments directly into the business applications enterprises already run, and Circle Internet Group (Circle) (NYSE:CRCL), one of the world’s leading internet financial platform companies and the issuer of USDC and EURC1 through its regulated entities, today announced a partnership to integrate USDC and EURC into Tereina’s payments infrastructure, starting with SAP Cloud ERP.
The collaboration is designed to make stablecoin-powered payments easier for enterprises to adopt by bringing USDC and EURC into existing business applications and financial workflows. Rather than requiring finance teams to introduce separate systems for stablecoin payments, the integration will provide eligible businesses with a path to access Circle's stablecoin infrastructure from environments they already use.
For eligible USD-denominated payment workflows, USDC will serve as the preferred stablecoin, while EURC will provide an option for euro-denominated activity. Together, they give participating businesses additional choice in how they move and settle value, with access to blockchain-based settlement and new options for managing global payments and treasury operations.
Through this partnership with Tereina, Circle's USDC and EURC integration is available to SAP customers via SAP Pay, addressing an ecosystem that generates 84% of global commerce and bringing digital currency infrastructure into an established enterprise payments environment at significant scale, without requiring businesses to replace the applications at the center of their existing operations.
Over the coming months, Tereina and Circle plan to conduct joint proof-of-value programs with customers, train treasury and payments specialists and work with ecosystem partners to incorporate stablecoin-enabled payments into broader enterprise transformation initiatives. The companies also intend to develop insights around real-world enterprise stablecoin adoption as implementations progress.
"Stablecoins are increasingly becoming a core infrastructure layer for global commerce. Working with Tereina to bring USDC and EURC into the applications that enterprises already use is an important step toward making internet-native money easier to integrate into everyday business operations. By connecting Circle's infrastructure with Tereina’s enterprise payment workflows, we can help businesses realize the benefits of faster, more programmable and more globally accessible money movement." - Jeremy Allaire, Co-Founder, Chairman and CEO of Circle
"Tereina is built on the core belief that the future of financial services is agentic, embedded, and digital. This partnership with Circle makes it easy to move into the future without changing how businesses already operate — stablecoin payments become a native feature of the applications they already trust." — Cedric Bru, CEO, Tereina
About Tereina
Tereina is a financial services provider built to embed agentic capabilities in businesses' applications and processes payments across traditional and digital rails. Backed by SAP and led by CEO Cedric Bru, Tereina is EPIC: Embedded Payments to Ignite Commerce. For more information, visit www.tereina.com.
About Circle
Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through programmable blockchain infrastructure, digital assets, and payment applications. Circle’s platform includes the world’s largest stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation. Learn more at circle.com.
SAP (NYSE:SAP), the enterprise applications company, has agreed to acquire TechWolf, a Ghent-based provider of an artificial intelligence (AI) work intelligence platform, though the companies did not disclose the terms of the deal.
The deal is expected to close in the fourth quarter of 2026, subject to customary closing conditions, including regulatory approval.
TechWolf gives enterprises a continuously updated view of the work their employees do and the skills they have, using its proprietary data model called a context graph for work.
The acquisition will bring TechWolf's context graph, AI models and applied AI research team into SAP, establishing work intelligence as a strategic SAP asset.
TechWolf is expected to become an intelligent core of the SAP SuccessFactors portfolio, supporting skills mapping, workforce planning and organizational redesign using context from across the Autonomous Enterprise.
The platform draws on the human resources and business systems that customers connect, and models the work itself, the skills people apply and the external labor market against each customer's business strategy.
Manoj Swaminathan, president and chief product officer for SAP Autonomous Suite, said the technology will make token usage more efficient, lower the cost of deploying workforce agents and improve AI-driven scenarios such as skills-based hiring and role redesign.
Andreas De Neve, TechWolf's chief executive and co-founder, said the company had spent eight years building its platform and would use the acquisition to extend its work across a broader business context and at greater scale.
Subject to closing and required consultation, SAP plans for TechWolf to remain an independent entity under De Neve, headquartered in Ghent, with offices in London, New York and San Francisco.
Its platform will remain available to SAP and non-SAP customers, while its clients include HSBC, GSK, Ericsson, PayPal and Booking.com.
JP Morgan was the exclusive financial advisor to TechWolf, whose open-source models have been downloaded more than two million times.
Shares of SAP gained around 2.7% on Tuesday morning in New York.
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Joule Work, Joule Assistants and SAP Business AI Platform help organizations turn business AI into trusted outcomes across every core function.
, /PRNewswire/ -- SAP SE (NYSE: SAP) today showcased the Autonomous Enterprise in action at SAP Connect, demonstrating how Joule Work and Joule Assistants generate value for customers across every line of business.
"This is a breakthrough moment for business AI," said Christian Klein, CEO of SAP SE. "The Autonomous Enterprise has arrived. With Joule and SAP Autonomous Suite, built on SAP Business AI Platform, we're helping organizations like Novartis, Morgan Foods, Nestlé and PwC connect intelligence across every function to deliver trusted business outcomes."
At SAP Connect, these customers shared how the Autonomous Enterprise is already driving measurable value across their businesses.
"We've co-developed and recently launched a pilot of SAP's Joule Sourcing Assistant," said Christoph Buerki, Head of Procurement, Novartis. "Our vision is for AI agents to handle the manual heavy lifting, enabling sourcing professionals to focus on strategy, supplier engagement and value creation." "At Morgan Foods, we're already putting the pieces in place for agentic adoption, especially through our technical foundation. The biggest shift will be moving from reactive to predictive, where agents can connect demand signals, inventory levels and supplier status faster than ever before," said Steve Hankins, Chief Financial Officer, Morgan Foods, "Our superpower will come from people on top of agents. Our approximately ~1,000 employees are what make our supply chains work – the technology helps make them even better." "Our SAP S/4HANA transformation across 140 countries is creating a connected digital core with consistent processes, trusted data and greater visibility across markets and functions. With that foundation, Joule and the Accounts Receivable Assistant can automatically prioritize collections work based on risk and business context, recommend the next best action and help our finance teams respond faster to change," said Luca Dell'Orletta, Global Head IT Innovation & Enterprise Architecture, Nestlé. "In professional services, billing can be one of the more error-prone processes, with accuracy playing an important role in the client experience. SAP's Billing Assistant brings greater intelligence to this critical process, helping identify potential issues earlier so our people can deliver better client outcomes and build stronger relationships," said Jill Notz, Chief Accounting Officer, Controller, Business Services Leader, PwC. Building on the success of the Billing Assistant, PwC and SAP are extending their collaboration into new areas of joint AI innovation. SAP's Autonomous Enterprise Scales Up
Joule Work is beginning its customer rollout as a new AI user interface that lets employees interact with SAP solutions in their own language and complete work across SAP and third-party data. Grounded in business context from SAP Knowledge Graph, which maps more than 7 million data fields, Joule provides information users can rely on. At SAP, Joule Work is already live with 110,000 employees, with the company seeing 20% productivity gains across finance, HR and procurement. A select group of customers also is using Joule Work in their business environments.
"After 28 years as an SAP customer, partnering with SAP on our AI journey and the Joule Work Desktop early adopter program has delivered more momentum in just a few months than we saw in all the years before," said Peter Wied, Director of Complexity Management, Maschinenfabrik Reinhausen. "What once required up to an hour of manual effort across our S/4HANA environment is now accessible in seconds through natural language – fundamentally changing how our teams interact with business data." "The dedicated team has been phenomenal. Their proactive communication, focus on accelerating architecture activation, rapid remediation of defects, and overall support have enabled us to become Joule ready much sooner than would have been possible had we needed to navigate these challenges on our own," said Keith Smith, SAP Platform Architect, CONA Services. "The CONA team is excited about the progress made to date and looks forward to exploring and testing Joule's capabilities in greater depth over the coming months as we continue our adoption journey." When a query is not enough, Joule Assistants execute operational work directly within business workflows, using established data, authorizations and audit trails. Customers control the level of autonomy. SAP's approach is also open: through the Agent2Agent protocol, Joule can connect with third-party AI and agents, bringing governed business context into broader AI workflows.
At SAP Connect, SAP showcased how these capabilities generate outcomes across SAP Autonomous Suite:
In finance, controllers can automate revenue recognition, disclosures and trade compliance, with early deployments of the International Trade Assistant reducing trade classification effort by up to 50%. In supply chain, planners can turn multi-hour disruptions into one-click resolutions across planning, manufacturing and logistics. In HR, leaders can determine the best way to close workforce gaps, while employees can make smarter benefits choices tailored to their needs. In procurement, decision makers can identify savings opportunities against peer benchmarks and manage the full contingent workforce lifecycle. In customer experience, organizations can turn customer engagement into sales opportunities with AI-powered campaigns, quoting and customer workflows. Across industries, SAP is collaborating with customers to apply AI to specialized industry processes, helping organizations in manufacturing, retail, commodity trading and asset-intensive industries improve decision-making, automate routine actions and build more resilient operations. The Platform Powering Business AI You Can Trust
SAP Business AI Platform gives organizations one place to build, contextualize and govern AI across SAP and third-party environments. With Joule Studio, business users and developers can build and extend skills and agents from no-code to pro-code workflows, choosing from more than 70 AI models. SAP Business Data Cloud and SAP Knowledge Graph ground those agents in trusted business data and context, helping organizations select the right model for each use case and better manage AI value and consumption.
SAP-managed governance helps organizations scale AI with transparency, accountability and control. AI Agent Hub in SAP LeanIX solutions provides a central inventory of enterprise agents, while SAP's independently ISO/IEC 42001-certified governance architecture supports regulatory requirements, established authorizations and auditable AI operations.
To help organizations adopt AI at scale, SAP's Business Transformation Management portfolio, including SAP Signavio, SAP LeanIX and SAP WalkMe solutions, provides the toolchain to analyze processes, govern applications and agents, and drive adoption across the enterprise.
SAP Brings Embedded Payments to Cloud ERP
SAP also announced that it is entering the payments market with SAP Pay, powered by Tereina, an SAP company. Embedded directly in SAP Cloud ERP, SAP Pay executes and reconciles payments within the same workflow when an invoice is due, reducing manual file handling and external processing dependencies, while giving customers greater control.
Partners Expand the Reach of Autonomous Business
SAP is extending the Autonomous Enterprise beyond SAP's own application portfolio through new partnerships that bring specialized intelligence directly into SAP workflows.
A new partnership between SAP and Moody's Corporation is designed to embed Moody's supplier risk monitoring data into SAP Ariba Supplier Lifecycle and Performance. This gives procurement teams continuously updated insights into supplier financial health, operational risk and regulatory status at the point of decision. Organizations will be able to move from periodic risk reviews toward continuous monitoring, enabling Joule Agents to flag supplier risk signals and surface alternatives before disruption affects the business.
An expanded partnership with ORO Labs brings procurement orchestration to SAP customers as a solution extension. SAP Ariba Procurement Orchestration by ORO Labs is a purpose-built orchestration layer that connects procurement workflows end to end across heterogeneous enterprise environments, giving business users a seamless experience for intake, actions and visibility.
Visit the SAP News Center. Get SAP news via LinkedIn and Bluesky.
About SAP
As a global leader in enterprise applications and business AI, SAP (NYSE:SAP) stands at the nexus of business and technology. For over 50 years, organizations have trusted SAP to bring out their best by uniting business-critical operations spanning finance, procurement, HR, supply chain, and customer experience. For more information, visit www.sap.com.
This press release was created with the assistance of artificial intelligence and has been reviewed by the editorial team.
This document contains 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 to materially differ. Additional information regarding these risks and uncertainties may be found in our filings with the Securities and Exchange Commission, including but not limited to the risk factors section of SAP's 2025 Annual Report on Form 20-F.
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A logo on the SAP exhibition space at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022.... Purchase Licensing Rights, opens new tab Read more
CompaniesOct 6 (Reuters) - Tereina, a payments company in which SAP (SAPG.DE), opens new tab owns a stake, on Tuesday launched technology that lets businesses pay suppliers, employees and affiliates directly from their SAP software in traditional currencies or stablecoins.
The launch introduces a payments layer inside business software that companies already use to track their money. Until now, SAP had stopped short of payments and let customers connect their own providers, Tereina CEO Cedric Bru said, while declining to disclose the size of SAP's stake in the company.
Sign up here.
SAP customers can subscribe to the new SAP Pay services under existing contracts
Bru compares the offering to Apple Pay as a payment service native to the system it runs in
Tereina was built with AI coding tools and the project ran for two and a half years, most of it in the past 18 months, with a staff of a few dozen in San Francisco
It partners with other payment providers rather than competing with them, claiming a 25% cut in payment costs
Reporting by Leo Marchandon in Gdansk, editing by Milla Nissi-Prussak
Our Standards: The Thomson Reuters Trust Principles., opens new tab
, /PRNewswire/ -- SAP SE (NYSE: SAP) and TechWolf today announced they have entered into an agreement for SAP to acquire TechWolf, provider of a leading AI work intelligence platform. TechWolf gives enterprises a continuously updated view of the work their people do and the skills they have, using its proprietary data model called context graph for work. The acquisition will bring this context graph, along with TechWolf's AI models and applied AI research team, into SAP, establishing work intelligence as a strategic SAP asset. The deal is expected to close in Q4 2026, subject to usual closing conditions, including regulatory approval. Terms of the deal were not disclosed.
TechWolf works from existing HR and business systems that customers connect. It builds its model of the organization at three levels: the work itself, down to the tasks inside a job; the skills people have and apply; and the external labor market. It maps that against the customer's business strategy, so the leaders responsible for hiring, reskilling and redeployment are working from better information.
TechWolf is expected to become an intelligent core of the SAP SuccessFactors portfolio, supporting the company's talent and work intelligence strategy. TechWolf will power workforce and talent strategies across SAP SuccessFactors, bringing skills mapping, workforce planning and organizational redesign informed by context from across the Autonomous Enterprise. Once the transaction closes, TechWolf and SAP will unify skills and work data to inform HR and business leaders to guide decisions about development, deployment and workforce transformation.
"TechWolf's proprietary context graph for skills and work provides an excellent grounding layer for agent queries regarding work and skills planning and talent management," said Manoj Swaminathan, president and chief product officer for SAP Autonomous Suite and member of the Extended Board of SAP SE. "This grounding layer perfectly matches our strategy. It makes token usage more efficient, lowers the cost of deploying workforce agents and will make Joule more intelligent in AI-driven HR scenarios such as skills-based hiring, workforce planning and role redesign."
Joint SAP and TechWolf customers using the technology are seeing measurable results from the partnership the two companies have had. Building on that foundation, SAP and TechWolf will jointly co-innovate a concrete set of new AI-powered workforce and skills optimization products to be designed and developed post-close. SAP plans to integrate TechWolf's solutions to a greater degree, offering customers even better insights and work intelligence to help organizations plan reskilling, internal mobility and hiring.
"Organizations everywhere are trying to figure out how AI is reshaping work, and what their workforce needs to look like because of it," said Andreas De Neve, CEO and co-founder of TechWolf. "We have spent eight years building the evidence layer to answer those questions. It's always been our mission to connect skills, tasks and work to help employers solve AI transformation, and joining SAP will allow us to extend that mission across a broader set of business context and larger scale. In this next chapter, we plan to build a world-class AI company."
Subject to closing and required consultation, SAP's current plans are for TechWolf to remain as an independent entity under CEO Andreas De Neve in its Ghent headquarters, with offices in London, New York and San Francisco, and for its platform to remain available to both SAP and non-SAP customers. J.P. Morgan served as exclusive financial advisor to TechWolf.
Visit the SAP News Center. Get SAP news via LinkedIn and Bluesky.
About TechWolf
TechWolf is a leading applied AI company that helps large enterprises understand how AI is transforming work and what that means for their workforce. Its platform brings together skills, work, and market intelligence, into a single context graph for work; Its open-source models have been downloaded more than two million times. TechWolf co-exists with systems enterprises already use, including SAP SuccessFactors and non-SAP applications, and connects with AI tools and agents. Customers include HSBC, Atlas Copco Group, GSK, Ericsson, AMD, MetLife, PayPal and Booking.com. The company offers EU and US data-residency, standard encryption, access controls and certifications including ISO/IEC 42001 and ISO/IEC 27001 that support EU AI Act governance and security. Learn more at www.techwolf.ai.
About SAP
As a global leader in enterprise applications and business AI, SAP (NYSE: SAP) stands at the nexus of business and technology. For over 50 years, organizations have trusted SAP to bring out their best by uniting business-critical operations spanning finance, procurement, HR, supply chain, and customer experience. For more information, visit https://www.sap.com/.
This press release was created with the assistance of artificial intelligence and has been reviewed by the editorial team.
This document contains 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 to materially differ. Additional information regarding these risks and uncertainties may be found in our filings with the Securities and Exchange Commission, including but not limited to the risk factors section of SAP's 2025 Annual Report on Form 20-F.
Note to editors:
To preview and download broadcast-standard stock footage and press photos digitally, please visit www.sap.com/photos. On this platform, you can find high resolution material for your media channels.
For customers interested in learning more about SAP products:
Global Customer Center: +49 180 534-34-24
United States Only: 1 (800) 872-1SAP (1-800-872-1727)
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Německý index DAX dnes zakončil v zelených číslech. Největší zisky připsaly akcie Infineon Technologies (+8,8 %), Qiagen (+5,0 %) a Hochtief (+2,8 %). Naopak nejvíce klesaly akcie společnosti Daimler Truck Holding (-2,0 %), SAP (-1,5 %) a Bayer (-1,0 %).
Celoevropský STOXX Europe 600 dnes posiluje o 0,69 %. Nejvíce dnes rostou sektory IT (+2,91 %), základních materiálů (+1,65 %) a průmyslu (+1,46 %). Nedaří se pak sektoru zdravotní péče (-0,92 %) a energií (-0,11 %).
Index DAX +1,17 % na 25230,26 b. Nejsilnější akcie Změna Nejslabší akcie Změna Infineon Technologies (IFX) +8,8 % Daimler Truck Holding AG (DTG) -2,0 % Qiagen (QIA) +5,0 % SAP (SAP) -1,5 % HOCHTIEF AG (HOT) +2,8 % Bayer (BAYN) -1,0 % Siemens Energy (ENR) +2,0 % BMW (BMW) -0,9 % Airbus (AIR) +2,0 % Mercedes-Benz Group AG (MBG) -0,8 % Zdroj: Bloomberg
Německé akcie, měřené indexem DAX, v průběhu čtvrtečního obchodování odepsaly 1,03 % na 24 939,35 b.
Nedařilo se akciím agrochemické a farmaceutické společnosti Bayer (-5,3 %), automobilového koncernu Volkswagen (-3,5 %) a vědecko-technologické skupiny Merck KGaA (-2,6 %). Naopak dařilo se akciím výrobce stavebních materiálů Heidelberg Materials (+2,8 %) poté, co investiční banka Jefferies uvedla, že společnost zůstává na dobré cestě ke splnění svého celoročního výhledu, s potenciálem dalšího růstu v případě oznámení dodatečných škrtů v nákladech spolu s výsledky za třetí kvartál. Rostly také akcie stavební společnosti HOCHTIEF (+2,3 %) a provozovatele digitálního tržiště pro prodej a pronájem nemovitostí Scout24 (+0,9 %).
Celoevropský index STOXX Europe 600 také ztrácí. Sektorově se nedaří financím (-2,92 %), zbytné spotřebě (-2,15 %) a základním materiálům (-2,08 %). Daří se IT (+0,41 %) a energiím (+0,03 %).
Index DAX -1,03 % na 24939,35 b. Nejsilnější akcie Změna Nejslabší akcie Změna HeidelbergCement (HEI) +2,8 % Bayer (BAYN) -5,3 % HOCHTIEF AG (HOT) +2,3 % Volkswagen (VOW3) -3,5 % Scout24 SE (G24) +0,9 % Merck (MRK) -2,6 % SAP (SAP) +0,6 % Deutsche Bank (DBK) -2,6 % Continental (CON) +0,4 % Airbus (AIR) -2,6 % Zdroj: Bloomberg
On October 01, 2026, we delve into the DCF analysis for SAP SE SAP, a company that has seen its stock price decline significantly over the past year. The current price stands at $208.48, reflecting a year-to-date drop of 12.7% and a one-year decline of 20.6%. This analysis will explore the discrepancies between different valuation models and what they imply for investors.
DCF Earnings-based intrinsic value of $102.59 vs price of $208.48 (margin of safety: -103.2%) DCF FCF-based intrinsic value of $138.87 vs price (significantly overvalued with -50.1% margin of safety) GF Score™ of 93/100, indicating high reliability of the DCF inputs despite low predictability What Is SAP Worth? DCF Earnings-Based Model The DCF earnings-based model for SAP SE utilizes a two-stage approach to estimate intrinsic value. The first stage projects earnings growth over the next ten years, while the second stage considers a terminal growth rate for the subsequent ten years. The assumptions used in this model are critical for understanding the valuation.
Parameter Value Current EPS (TTM, excl. non-recurring) $8.22 10-Year Growth Rate 4.0% 10-Year Treasury Rate 5.30% Discount Rate (ceil(Treasury) + 6%) 12% Terminal Growth Rate 4% In the growth phase (Years 1-10), the EPS is projected to grow at 4.0% per year, discounted at a rate of 12%. In the terminal phase (Years 11-20), growth slows to a 4% terminal rate, also discounted at 12%. The calculation summary is as follows:
Stage Description Value Growth Stage (Years 1-10) EPS growing at 4.0%, discounted at 12% $69.47 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 12% $33.12 Intrinsic Value Growth + Terminal $102.59 When comparing the current price of $208.48 to the intrinsic value of $102.59, we find that SAP is significantly overvalued, with a margin of safety of -103.2%. It is important to note that GuruFocus prefers using EPS that excludes non-recurring items, as research indicates a stronger correlation between stock prices and earnings than with free cash flow. For further details, you can access the SAP DCF Calculator.
What Does the Free Cash Flow DCF Say? The free cash flow (FCF) based intrinsic value for SAP is calculated at $138.87. This figure provides a contrasting perspective to the earnings-based valuation. While the FCF model suggests a lower degree of overvaluation with a margin of safety of -50.1%, it still indicates that SAP is significantly overvalued when compared to its current market price.
How Does GF Value™ Compare to the DCF Models? In addition to the DCF models, the GF Value™ for SAP is calculated at $256.53. This proprietary measure from GuruFocus is derived from historical trading multiples, past business growth, and future performance estimates. The divergence among the three models—DCF earnings, DCF FCF, and GF Value™—highlights the complexity of SAP's valuation landscape. For more insights, visit the GF Value™ page.
What Does SAP's GF Score™ Tell Us? The GF Score™ evaluates various aspects of a company's financial health and performance, providing a comprehensive view of its investment potential. SAP's score of 93/100 indicates strong fundamentals, although its predictability rank is low at 0/5 stars. This low predictability suggests that the DCF models may be less reliable for SAP compared to companies with higher predictability ratings.
Metric Rating GF Score™ 93/100 Financial Strength 8/10 Profitability 8/10 Growth 9/10 Valuation 10/10 Momentum 8/10 For further information, you can check the SAP stock page.
Key Assumptions and Limitations It is essential to recognize that DCF models are highly sensitive to assumptions regarding growth and discount rates. Stocks with low predictability ratings, like SAP, tend to produce less reliable DCF estimates. The terminal growth rate of 4% is a simplifying assumption that may not reflect future realities.
What This Means for Investors In synthesizing the three valuation models—DCF earnings, DCF FCF, and GF Value™—a clear tension emerges. The earnings-based DCF suggests significant overvaluation, while the FCF model indicates a slightly better but still unfavorable valuation. The GF Value™ presents a higher intrinsic value, further complicating the picture. Additionally, the presence of 14 gurus holding SAP stock, with 11 increasing their positions, provides a corroborating signal for potential investors, despite the lack of recent insider transactions. This mixed signal emphasizes the need for caution. For a more detailed analysis, explore the SAP DCF Calculator.
Frequently Asked Questions What is SAP's intrinsic value based on DCF?
According to the DCF analysis, the earnings-based intrinsic value is $102.59, while the FCF-based intrinsic value is $138.87.
Is SAP overvalued or undervalued?
Both the DCF models and GF Value™ indicate that SAP is significantly overvalued, with the current price far exceeding the intrinsic values derived from these analyses.
How reliable is the DCF model for SAP?
The predictability rank of 0/5 stars suggests that the DCF model may not be very reliable for SAP, indicating that investors should approach the valuation with caution.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.
HANOI, Vietnam--(BUSINESS WIRE)---- $FPT #FPT--Global technology corporation FPT has been included among the notable providers in The SAP Services Landscape, Q3 2026, published by Forrester Research, Inc. The report provides an overview of SAP services providers, examining their market focus, geographic presence, and business specializations to support enterprises in evaluating potential technology partners. The report includes FPT as a systems integrator with an Asia Pacific geographic focus and an industry.
Key Takeaways SAP's cloud revenue rose 24% to euro 6.3 billion, while current cloud backlog grew 26%.AI and SAP Business Data Cloud featured in more than 90% of its 50 largest deals.SAP plans nearly 50 assistants by Q3-end and more than 400 Autonomous Suite agents by year-end. SAP SE (SAP - Free Report) is expanding its AI capabilities as it works to support growth in its cloud business. In the second quarter of 2026, SAP’s cloud revenue increased 24% to €6.3 billion, supported by solid execution of on-premises-to-cloud ERP migrations across its installed base. Total revenue rose 11% to €9.9 billion. Current cloud backlog also grew 26% to nearly €23 billion, providing a forward-looking indicator of continued demand for SAP’s cloud offerings. AI and SAP Business Data Cloud were embedded as key pillars in more than 90% of SAP’s 50 largest deals, giving the company confidence for the second half of the year.
SAP’s new Business AI platform is built around three pillars: build, context and reason, and run and govern. Through Joule Studio, customers and developers can create and extend agents while accessing multiple leading large language models. SAP Business Data Cloud provides agents with broad data access, while Dremio enables SAP and non-SAP data to be analyzed together in real time without first moving or copying it. Reltio supports end-to-end governance of master data, while Prior Labs enables agents to generate tabular predictions. The platform also includes governance capabilities designed to address compliance, data privacy, authorization and sovereignty requirements.
SAP is also expanding its AI platform through Joule Work, which provides a single interface across its portfolio for users to collaborate with AI agents. Following Sapphire, beta programs for the new platform, Suite and Joule Work were immediately oversubscribed, with SAP reporting strong initial customer feedback and confidence in a successful third-quarter launch. The company plans to release nearly 50 assistants by the end of the third quarter and more than 400 Autonomous Suite agents by year-end.
The AI strategy is also supporting ERP modernization. SAP’s new RISE and GROW with SAP offerings have seen strong uptake of its AI ERP migration toolchain, with customers achieving faster time to value and up to 30% lower ERP migration costs. On the last earnings call, management stated that customers are recognizing the need to modernize their ERP landscapes while implementing and adopting AI, supporting both cloud migration and AI adoption.
SAP also expects AI to create additional commercial opportunities over time. The company plans to monetize AI agents based on their value, while outcome-based pricing could provide a new approach to pricing AI solutions. Management expects this approach to support an acceleration in AI cloud revenue over the next 12 months, alongside healthy gross margins.
For 2026, management expects cloud revenue between €25.8 billion and €26.2 billion, cloud and software revenue of €36.3–€36.8 billion and approximately €10 billion in free cash flow.
Taking a Look at SAP’s CompetitorsSalesforce, Inc. (CRM - Free Report) is extending its CRM franchise through Agentforce, Data 360 and an interface strategy that brings its data and workflows into more AI surfaces. Recurring revenues and backlog remain healthy, while rising agent usage, premium bundle bookings and Slack activity support management’s expectation for organic revenue reacceleration. Salesforce raised its fiscal 2027 revenue guidance to $46.10-$46.40 billion from $45.90-$46.20 billion. The $200 million increase, or $300 million in constant currency, reflects $100 million of organic growth and $200 million tied to the pending Contentful and Fin acquisitions. For the third quarter of fiscal 2027, CRM expects revenues of $11.42-$11.50 billion, implying 11-12% year-over-year growth.
Workday, Inc. (WDAY - Free Report) is benefiting from a recurring subscription model supported by steady demand for core HCM and financial management, high customer retention and a growing base of enterprise relationships. AI adoption, agentic products and platform expansion can drive customer spending and long-term growth. Management's current fiscal 2028 target calls for subscription revenue growth of about 11%, consistent with the expected second-half fiscal 2027 growth rate. Potential upside could come from Sana Enterprise, Workday Extend with Data Cloud and AI agents, all of which management said are seeing strong early demand.
SAP’s Price Performance, Valuation & EstimatesShares of SAP have gained 26.7% in the past six months, underperforming the Zacks Computer and Technology sector’s appreciation of 33.8%.
Image Source: Zacks Investment Research
From a valuation standpoint, SAP stock is currently trading at a trailing 12-month Price/Earnings ratio of 27.48X, which is higher than the Zacks Computer - Software industry average of 26.97X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for SAP’s 2026 earnings is pegged at $8.16, which suggests 17.24% growth over the figure reported in 2025.
SAP currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hagens Berman notifies investors in Capricor Therapeutics, Inc. (NASDAQ: CAPR) of the September 28, 2026 lead plaintiff deadline in the pending securities class action.
Submit Your CAPR Losses To HBSS
Key Details
Class Period: Dec. 17, 2025 – July 26, 2026Lead Plaintiff Deadline: Sept. 28, 2026Visit: www.hbsslaw.com/caprContact the Firm Now: [email protected] / 844-916-0895View our latest video summary of the allegations: youtu.be/-lnVTKgV6asCore Allegations
The lawsuit alleges that Capricor misrepresented clinical trial data and the regulatory pathway for its lead product candidate, Deramiocel, intended to treat Duchenne muscular dystrophy (DMD). Specifically, Defendants allegedly failed to disclose that they adopted changes to the pre-specified statistical analysis plan (SAP) without agreement from the FDA prior to resubmitting its Biologics License Application.
On July 27, 2026, the FDA published briefing documents that revealed that Capricor made unagreed-upon post-hoc modifications to its SAP. The FDA stated that the HOPE-3 study “did not meet its pre-specified primary and secondary efficacy endpoints showing no statistically significant difference between deramiocel and placebo at 12 months.” Capricor shares immediately crashed roughly 64%.
If you’d like more information and answers to frequently asked questions about the Capricor case and the firm’s investigation, read more »
Whistleblowers: Persons with non-public information regarding Capricor should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Attorney Advertising. Prior results do not guarantee a similar outcome in any future case.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260923807840/en/
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Německé akcie, měřené indexem DAX, v průběhu středečního obchodování odepsaly 0,66 % na 25 410,63 b.
Dařilo se akciím zbrojaře Rheinmetall (+3,4 %), který získal od německé Spolkové celní správy zakázku na opravy a údržbu čtyř nových hlídkových lodí poháněných LNG. Rostly také akcie softwarové společnosti SAP (+2,3 %) a výrobce leteckých motorů MTU Aero Engines (+1,6 %).
V popředí poklesu byly akcie provozovatele digitálního tržiště pro prodej a pronájem nemovitostí Scout24 (-5,2 %), přičemž se nedařilo ani dalším akciím evropských internetových inzertních portálů a telekomunikačních operátorů. Investoři se podle agentury Bloomberg obávají, že nové nástroje využívající AI, jako je nedávno představený asistent Muse od Mety, by mohly narušit podnikání firem, které těží ze zvyku spotřebitelů pokračovat v nákupech, přestože na trhu existuje výhodnější alternativa. Klesaly také akcie pojišťovny Allianz (-4,0 %) a automobilky Mercedes-Benz Group (-3,1 %).
Celoevropský index STOXX Europe 600 také ztrácí, přičemž nejvíce jsou pod tlakem sektory utilit (-1,11 %), zbytné spotřeby (-0,99 %) a nemovitostí (-0,99 %). Daří se pouze sektorům energií (+1,85 %) a IT (+0,53 %).
Index DAX -0,66 % na 25 410,63 b. Nejsilnější akcie Změna Nejslabší akcie Změna Rheinmetall AG (RHM) +3,4 % Scout24 SE (G24) -5,2 % SAP (SAP) +2,3 % Allianz (ALV) -4,0 % MTU Aero Engines (MTX) +1,6 % Mercedes-Benz Group AG (MBG) -3,1 % Fresenius (FRE) +1,5 % Volkswagen (VOW3) -3,1 % Deutsche Boerse (DB1) +0,9 % Deutsche Bank (DBK) -3,0 % Zdroj: Bloomberg
SAP (NYSE:SAP – Get Free Report) and TeraWulf (NASDAQ:WULF – Get Free Report) are both technology companies, but which is the superior stock? We will contrast the two companies based on the strength of their valuation, earnings, analyst recommendations, risk, dividends, institutional ownership and profitability.
Analyst Ratings This is a summary of current ratings and price targets for SAP and TeraWulf, as provided by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score SAP 0 8 13 1 2.68 TeraWulf 1 2 16 4 3.00 SAP currently has a consensus price target of $255.67, suggesting a potential upside of 22.04%. TeraWulf has a consensus price target of $33.99, suggesting a potential upside of 99.81%. Given TeraWulf’s stronger consensus rating and higher probable upside, analysts plainly believe TeraWulf is more favorable than SAP.
Institutional and Insider Ownership 62.5% of TeraWulf shares are held by institutional investors. 7.3% of SAP shares are held by company insiders. Comparatively, 15.9% of TeraWulf shares are held by company insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a stock will outperform the market over the long term. Profitability This table compares SAP and TeraWulf’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets SAP 20.88% 17.07% 10.61% TeraWulf -1,179.94% -458.62% -8.54% Volatility and Risk SAP has a beta of 1.14, indicating that its stock price is 14% more volatile than the S&P 500. Comparatively, TeraWulf has a beta of 3.7, indicating that its stock price is 270% more volatile than the S&P 500.
Earnings and Valuation This table compares SAP and TeraWulf”s revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio SAP $41.63 billion 6.18 $8.10 billion $7.96 26.32 TeraWulf $168.46 million 50.38 -$661.42 million ($4.37) -3.89 SAP has higher revenue and earnings than TeraWulf. TeraWulf is trading at a lower price-to-earnings ratio than SAP, indicating that it is currently the more affordable of the two stocks.
Summary TeraWulf beats SAP on 8 of the 15 factors compared between the two stocks.
About SAP (Get Free Report)
SAP SE, together with its subsidiaries, provides applications, technology, and services worldwide. It offers SAP S/4HANA that provides software capabilities for finance, risk and project management, procurement, manufacturing, supply chain and asset management, and research and development; SAP SuccessFactors solutions for human resources, including HR and payroll, talent and employee experience management, and people and workforce analytics; and spend management solutions that covers direct and indirect spend, travel and expense, and external workforce management. The company also provides SAP customer experience solutions; SAP Business Technology platform that enables customers and partners to build, integrate, and automate applications; and SAP Business Network, a business-to-business collaboration platform that helps digitalize key business processes across the supply chain and enables communication between trading partners. In addition, it offers SAP Signavio to help customers to discover, analyze, and understand their business process operations; SAP's industry cloud solutions that provides modular solutions addressing industry-specific functions; Taulia solutions for working capital management to help enable customers mitigate the effects of inflation by providing visibility into working capital and access to liquidity; and sustainability solutions and services. SAP SE was founded in 1972 and is headquartered in Walldorf, Germany.
About TeraWulf (Get Free Report)
TeraWulf Inc., together with its subsidiaries, operates as a digital asset technology company in the United States. The company develops, owns, and operates bitcoin mining facilities in New York and Pennsylvania. It is also involved in the provision of miner hosting services to third-party entities. The company was founded in 2021 and is headquartered in Easton, Maryland.
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Frankfurtská burza uzavřela denní obchodování v záporném teritoriu. Nedařilo se především akciím, které jsou napojeny na rozvoj AI. Nejvíce dnes odepisovaly akcie společností Hochtief (-9,4 %), Siemens Energy (-8,0 %) a Infineon Technologies (-7,7 %). Opačným směrem zamířily akcie SAPu (+5,1 %), Fresenius Medical Care (+2,9 %) a Bayeru (+2,4 %). Evropský index STOXX600 zakončil den také poklesem, konkrétně uzavřel ve ztrátě 0,56 %. Ztrácely především sektory IT (-3,9 %), průmyslu (-2,2 %) a utilit (-2,2 %). Růst zaznamenaly sektory zdravotní péče (+2,6 %), nezbytné spotřeby (+2,3 %) a komunikačních služeb (+1,4 %).
Index DAX -0,6 % na 25415,06 b. Nejsilnější akcie DAX Změna Nejslabší akcie DAX Změna SAP (SAP) +5,1 % HOCHTIEF (HOT) -9,4 % Fresenius Medical Care (FME) +2,9 % Siemens Energy (ENR) -8,0 % Bayer (BAYN) +2,4 % Infineon Technologies (IFX) -7,7 % Deutsche Börse (DB1) +2,1 % MTU Aero Engines (MTX) -4,5 % Siemens Healthineers (SHL) +2,0 % RWE (RWE) -4,1 % Zdroj: Bloomberg
V úvodu pondělního obchodování se index DAX nachází v záporném teritoriu. Nedaří se především akciím spojeným s rozvojem umělé inteligence, když představitelé AI platforem vyzvali ke zpomalení vývoje pokročilých modelů s odkazem na rostoucí rizika spojená s touto technologií. Naopak posilují akcie společnosti softwarové společnosti SAP (+3,1 %). Růst o 1,5 % zaznamenávají akcie zbrojařské společnosti Rheinmetall (+1,5 %), která získala od mezinárodního zákazníka zakázku na dodávku dělostřelecké munice v hodnotě nižších stovek milionů eur.
Index DAX -0,2 % na 25517,53 b. Nejsilnější akcie Změna Nejslabší akcie Změna SAP (SAP) +3,1 % Infineon Technologies (IFX) -5,4 % Bayer (BAYN) +1,7 % Siemens Energy (ENR) -4,3 % Rheinmetall AG (RHM) +1,5 % HOCHTIEF AG (HOT) -2,3 % Scout24 SE (G24) +1,4 % RWE (RWE) -1,6 % Deutsche Boerse (DB1) +1,3 % Siemens (SIE) -1,5 % Zdroj: Bloomberg
Jakub Němec
Fio banka, a.s.
Prohlášení
Související odkazy Frankfurtská burza uzavřela seanci beze změny Frankfurtská burza ve středu zakončila v červených číslech Německé akcie na začátku týdne mírně oslabily DAX zakončil týden v zeleném Frankfurtská burza v úvodu bez výrazných změn, RBC začala pokrývat evropské zbrojařské firmy
WILMINGTON, Del.--(BUSINESS WIRE)--SAP TM-BN4L may be underused because of configuration gaps, unfinished project scope, outdated data, weak adoption, or manual processes that were never removed after go-live. That does not automatically mean reimplementation. The limits usually sit in how the system was set up and how it is used, not in the software. If your SAP TM-BN4L system has been underperforming for a long time, SCM CHAMPS can help you find out why and what can realistically be improved.
Negativní globální sentiment na trzích se dnes přenesl také na německý index DAX, který zakončil poklesem o 0,84 %. V odpoledních hodinách rozhodla ECB podle očekávání o zvýšení úrokových sazeb o 0,25 p. b. Největší pokles zaznamenaly akcie společnosti HOCHTIEF (-6,1 %), následovaly akcie realitní společnosti Vonovia (-3,0 % a Siemens Energy (-3,0 %). Naopak dařilo se Deutsche Boerse (+2,2 %), Rheinmetallu (+1,5 %) a Hannover Rueck (+1,3 %).
Evropský index STOXX600 uzavřel čtvrtek také poklesem. Nedařilo se především segmentům materiálů (-2,3 %), IT (-1,6 %) a realit (-1,1 %). V kladném teritoriu zakončily den tři sektory, a to komunikační služby (+0,6 %), energií (+0,4 %) a utilit (+0,1 %).
Index DAX -0,84 % na 25361,15 b. Nejsilnější akcie Změna Nejslabší akcie Změna Deutsche Boerse (DB1) +2,2 % HOCHTIEF (HOT) -6,1 % Rheinmetall AG (RHM) +1,5 % Vonovia (SIE) -3,0 % Hannover Rueck SE (HNR1) +1,3 % Siemens Energy (ENR) -3,0 % Allianz (ALV) +1,2 % Zalando (ZAL) -3,0 % DHL (DHL) +0,9 % SAP (SAP) -2,8 % Zdroj: Bloomberg
SAN FRANCISCO--(BUSINESS WIRE)-- #AIagents--Vigience launches the Vigience MCP for SAP, enabling AI agents to read live SAP data and post complex transactions in SAP.
Taiyo Holdings Launches Next-generation Semiconductor-packaging Material "FPIM Series," Achieving Its First Three-layer RDL Formation with 700-nm CD on 12-inch Wafers PR Newswire
TOKYO, Sept. 10, 2026
- Paper Presented at IEEE ESTC 2026, International Conference on Semiconductor- and Electronic Device-packaging Technologies and Related Materials -
, /PRNewswire/ -- Taiyo Holdings Co., Ltd. (Securities code: 4626; hereinafter "Taiyo Holdings"), based in Tokyo, presented a paper on September 10, 2026, at the 11th IEEE Electronics System-Integration Technology Conference (IEEE ESTC 2026), held in Helsinki, Finland, on the "FPIM Series" (hereinafter the "Material"), a next-generation semiconductor-packaging material. The FPIM Series is a fine-pitch RDL (*1) negative-tone i-line photosensitive insulating material for dual damascene processes.
This paper was co-authored with imec, one of the world's largest semiconductor research institutes. The RDL is a key technology in advanced semiconductor-packaging structures, enabling more efficient electrical connections. Currently, RDLs are manufactured mainly using the semi-additive process (SAP) (*2). According to imec, as the industry pursues increasingly fine-pitch wiring, the dual damascene process (*3) will become essential for forming wiring with pitches of 1.6 micrometers or less. To address this, Taiyo Holdings developed the Material as a next-generation fine-pitch RDL material for dual damascene processes and began joint research with imec in October 2022. In November 2025, the two organizations presented a co-authored paper on the formation of a three-layer RDL structure with a CD (*4) of 1.6 micrometers on 12-inch wafers.
In this research, a three-layer RDL structure was formed on 12-inch wafers using the Material and evaluated. As a result, the target dimension of 700-nm CD was achieved for both interconnects and vias. The 700-nm CD metal 1 layer (M1) also demonstrated favorable electrical characteristics in terms of leakage current and resistance. Through this joint research with imec, it was confirmed that the Material offers excellent electrical characteristics and high resolution and is suitable for use with the CMP process (*5). These results represent an important achievement in interconnect technology for next-generation advanced packaging, paving the way for the future development of submicron-class RDL design rules.
Going forward, Taiyo Holdings aims to achieve RDL formation with a CD of 500 nm or less on wafers, while continuing to verify the long-term performance and reliability of the electrical characteristics. The company will continue developing materials that contribute to the growth of the semiconductor packaging field, such as by enabling further improvements in the performance of AI semiconductors. Taiyo Holdings also began shipping small-volume samples of the Material for R&D applications in 2025.
Notes:
(*1) RDL (redistribution layer) is a layer formed on the surface of a semiconductor chip to redistribute electrical wiring.
(*2) A method in which a thin seed layer is formed over the entire surface, followed by electroplating to form wiring patterns in designated areas.
(*3) A method in which wiring trenches are formed in an insulating film and then filled by sputtering, CVD, electroplating, or similar methods to form wiring patterns.
(*4) CD (critical dimension) refers to the dimensions of fine patterns.
(*5) The CMP process (chemical mechanical planarization/polishing) is a semiconductor-manufacturing process that chemically and mechanically planarizes the wafer surface.
- Conference information & presentation details
Name of conference: The 11th IEEE Electronics System-Integration Technology Conference
Location: Helsinki, Finland
Dates: From Wednesday, September 9, to Friday, September 11, 2026
Presentation session: MIP 1: Dielectric and Glass Materials for Advanced Substrates
Co-authored paper title: A Novel i-Line Photosensitive Dielectric Material Enabling 700 nm Polymer Damascene RDL for Advanced Packaging
Related Link: https://www.estc-conference.net/
- Partnership between imec and Taiyo Holdings
Headquartered in Belgium, imec is one of the world's leading research and innovation hubs for advanced semiconductor technology. It promotes open innovation in collaboration with universities and companies around the world, contributing to the development of cutting-edge semiconductor technologies. In October 2022, imec and Taiyo Holdings began joint research on a fine-pitch RDL negative-tone photosensitive insulating material for damascene processes, a material for next-generation semiconductor packaging. Since November 2024, Taiyo Holdings has also dispatched personnel to be stationed at imec to facilitate closer collaboration, while conducting ongoing research and development of advanced semiconductor materials. In November 2025, the two organizations announced that they had achieved a wiring CD of 1.6 micrometers and a via CD of 2 micrometers on 12-inch wafers using the "FPIM Series" RDL material.
Image 1: Production of Evaluation Samples
https://cdn.kyodonewsprwire.jp/prwfile/release/M108899/202608274838/_prw_PI2fl_1SbJFiHz.png
About Taiyo Holdings Co., Ltd.: https://kyodonewsprwire.jp/attach/202608274838-O1-s1h2S4Ka.pdf
Official website: https://www.taiyo-hd.co.jp/en/index.html
View original content:https://www.prnewswire.com/news-releases/taiyo-holdings-launches-next-generation-semiconductor-packaging-material-fpim-series-achieving-its-first-three-layer-rdl-formation-with-700-nm-cd-on-12-inch-wafers-302874600.html
Německý index DAX zakončil středeční obchodování v záporném teritoriu. Nejvíce odepsaly akcie společnosti Rheinmetall (-3,8 %), MTU Aero Engines (-3,2 %) a Siemens (-3 %). Růst zaznamenaly společnosti RWE (+1,7 %), SAP (+0,6 %) a Qiagen (+0,4 %).
Evropský index STOXX Europe 600 zakončil den také v záporu, konkrétně odepsal -1,41 %. Největší pokles zaznamenaly sektory zbytné spotřeby (-2,36 %), průmyslu (-2,33 %) a nezbytné spotřeby (-1,87 %). V zelených číslech uzavřel pouze sektor energií (+0,83 %).
Index DAX -1,66 % na 25576,45 b. Nejsilnější akcie Změna Nejslabší akcie Změna RWE (RWE) +1,7 % Rheinmetall AG (RHM) -3,8 % SAP (SAP) +0,6 % MTU Aero Engines (MTX) -3,2 % Qiagen (QIA) +0,4 % Siemens (SIE) -3,0 % E.ON (EOAN) -0,2 % HeidelbergCement (HEI) -2,8 % Bayer (BAYN) -0,3 % Infineon Technologies (IFX) -2,6 % Zdroj: Bloomberg
Německé akcie, měřené indexem DAX, v úvodu středečního obchodování ztrácejí.
Analytici ze společnosti Stifel zahájili pokrývání akcií provozovatele digitálního tržiště pro prodej a pronájem nemovitostí Scout24 (-0,5 %) s doporučením „Buy“ a cílovou cenou 110 EUR.
Index DAX -0,49 % na 25 879,66 b. Nejsilnější akcie Změna Nejslabší akcie Změna RWE (RWE) +2,0 % Rheinmetall AG (RHM) -3,1 % E.ON (EOAN) +1,6 % Deutsche Boerse (DB1) -2,2 % SAP (SAP) +1,6 % Allianz (ALV) -1,9 % BASF (BAS) +0,9 % Beiersdorf AG (BEI) -1,8 % Deutsche Telekom (DTE) +0,6 % Deutsche Bank (DBK) -1,7 % Zdroj: Bloomberg
Michal Bárta
Fio banka, a.s.
Prohlášení
Související odkazy Frankfurtská burza v úvodu obchodování posiluje Německá burza dnes bez výrazného pohybu, hlavní pozornost směřovala na kvartální reporty Frankfurtská burza na začátku obchodování roste, Rheinmetall prodal svou automobilovou divizi Frankfurtská burza roste, Rheinmetall zveřejnil předběžné výsledky za 1Q Frankfurt uzavírá středeční seanci v záporu
Hagens Berman Alerts Capricor Therapeutics, Inc. (NASDAQ: CAPR) Investors to FDA Review Extension for Deramiocel Amid Ongoing Securities Class Action and September 28 Lead Plaintiff Deadline PR Newswire
SAN FRANCISCO, Sept. 7, 2026
, /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP—a national plaintiffs' rights law firm with a premier securities practice group—notifies investors in Capricor Therapeutics, Inc. (NASDAQ: CAPR) of the upcoming September 28, 2026 lead plaintiff deadline in the ongoing securities class action. This alert follows the U.S. Food and Drug Administration's (FDA) recent decision to extend the review period for Capricor's Biologics License Application (BLA), underscoring the ongoing regulatory and disclosure scrutiny surrounding the company.
Hagens Berman encourages investors in Capricor Therapeutics, Inc. (NASDAQ: CAPR) who suffered substantial losses to submit your losses now.
FDA Extends BLA Review Following Post-AdCom Submissions
On Aug. 24, Capricor announced that the FDA has extended the Prescription Drug User Fee Act (PDUFA) target action date for Capricor's lead investigational cell therapy, deramiocel, for the treatment of Duchenne muscular dystrophy (DMD), moving the decision date from August 22, 2026, to November 22, 2026.
The agency classified Capricor's recent submission—which follows a turbulent July 2026 Advisory Committee meeting and includes 24-month open-label extension data from the Phase 3 HOPE-3 study alongside a request to pivot toward a refined indication focused solely on upper limb function—as a major amendment.
Securities Class Action Details & Overview
Class Period: Dec. 17, 2025 – July 26, 2026Lead Plaintiff Deadline: Sept. 28, 2026Visit: www.hbsslaw.com/caprContact the Firm Now: [email protected] / 844-916-0895Core Allegations and Background
Material Misleading Statements Regarding Clinical Trial Data and SAP Changes: The lawsuit alleges that Capricor and certain executives made materially false and misleading statements regarding the clinical trial data and regulatory pathway for its lead product candidate, Deramiocel, intended to treat Duchenne muscular dystrophy (DMD). Specifically, defendants allegedly failed to disclose that they adopted changes to the pre-specified statistical analysis plan (SAP) without agreement from the U.S. Food and Drug Administration (FDA) prior to resubmitting its Biologics License Application (BLA).The HOPE-3 Trial Breakthrough and Subsequent Capital Raise: On December 3, 2025 Capricor announced "Positive Topline Results from Pivotal Phase 3 HOPE-3 Study of Deramiocel in Duchenne Muscular Dystrophy." The company's CEO said "HOPE-3 delivered strong and definitive evidence that Deramiocel can meaningfully improve the course of Duchenne muscular dystrophy, demonstrating statistically significant improvements in both skeletal and cardiac function." Driven by these claims, Capricor's share price surged 370% to close up $23.60 on December 3, 2025. The following day, the company launched a public stock offering of approximately 6 million shares priced at $25 per share.FDA Briefing Document Reveals SAP Changes and Triggers 64% Stock Collapse: Capricor's public assurances unraveled on July 27, 2026, when the FDA published briefing documents ahead of an Advisory Committee meeting. The documents revealed that Capricor made unagreed-upon post-hoc modifications to its pre-specified Statistical Analysis Plan (SAP). The FDA stated that the HOPE-3 study "did not meet its pre-specified primary and secondary efficacy endpoints showing no statistically significant difference between deramiocel and placebo at 12 months." Capricor shares crashed roughly 64% in a single day to close at $7.00. An Advisory Committee subsequently voted 9–3 against the efficacy of the drug, compounding investor losses.Hagens Berman's Investigation
"We're focused on investors' losses and uncovering the full scope of how management characterized these trial endpoints and undisclosed modification," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation on the claims alleged in the pending suit.
What Affected CAPR Investors Should Do
If you purchased or acquired Capricor securities between December 17, 2025, and July 26, 2026, and suffered significant financial losses, you have until September 28, 2026, to ask the court to appoint you as lead plaintiff. You do not need to seek lead plaintiff status to share in any potential recovery.
To learn more about your legal options, submit your information to Hagens Berman, visit www.hbsslaw.com/capr, call Reed Kathrein at 844-916-0895, or email [email protected].
If you'd like more information and answers to frequently asked questions about the Capricor case and the firm's investigation, read more »
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Německý index DAX ve čtvrtek mírně oslabil. Největší růst zaznamenala německá polovodičová společnosti Infineon Technologies (+6,9 %) poté, co analytici z MP Capital Markets zvýšili doporučení ze stupně „hold“ na „buy“. Analytici však zároveň zachovali cílovou cenu pro akcie na 84 EUR. Dále se dařilo též společnostem HOCHTIEF (+2,5 %) a RWE (+2,0 %). Naopak odepisovaly společnosti Qiagen (-2,9 %), Munich Re (-2,8 %) a Hannover Re (-2,7 %).
Naopak nepatrně posílil celoevropský index STOXX Europe 600. Nejvíce přispěly k růstu sektory informačních technologií (+1,88 %), energií (+1,18 %) a průmyslu (+0,24 %). Naopak ztrácely sektory zdravotní péče (-1,05 %), nemovitostí (-0,89 %) a komunikačních služeb (-0,62 %).
Index DAX -0,15 % na 26006,53 b. Nejsilnější akcie Změna Nejslabší akcie Změna Infineon Technologies (IFX) +6,9 % Qiagen (QIA) -2,9 % HOCHTIEF AG (HOT) +2,5 % Munich Re (MUV2) -2,8 % RWE (RWE) +2,0 % Hannover Rueck SE (HNR1) -2,7 % Commerzbank AG (CBK) +1,6 % Vonovia (VNA) -2,2 % Siemens Energy (ENR) +1,3 % SAP (SAP) -1,6 % Zdroj: Bloomberg
SAP has a message for software doomsayers: The pendulum will swing back By You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
Jan Gilg, SAP's global president of customer success and Americas. SAP A SAP executive says the "pendulum will swing back" from the SaaSpocalypse.
Like many software companies, the German software giant has seen its stock hit hard over the past year amid competition from AI tools. This stock sell-off of software-as-a-service (SaaS) companies, known as the SaaSpocalypse, has hit companies like Salesforce, SAP, and Workday as Anthropic and OpenAI have introduced tools that could threaten their businesses.
SAP's stock has been down about 20% over the past year, though it's been on an upward trend over the past month.
When SAP reported its earnings in late July, investors responded positively to the company's cloud-led growth and advances in its business AI. Jan Gilg, SAP's global president of customer success and Americas, told Business Insider that the sell-off was "a bit of an overreaction on the entire industry."
"As usual, I feel the pendulum will swing back," Gilg said. "There will be users. There will be losers and winners. I truly believe SAP will be on the side of the winners."
To get on the winning side, Gilg says SAP has been reinventing itself with AI, investing in its data capabilities, and changing its pricing models.
"Everybody has AI on the agenda right now," Gilg said.
SAP bounces back from the SaaSpocalypseSAP's stock has jumped roughly 40% since it reported earnings in late July.
There's a reason for that, Gilg says. SAP isn't easily replaceable through a vibe-coded tool, though Gilg does expect companies to leverage AI to build software much faster. Internally, SAP has also used AI to improve its output and build its own software, and it sees AI as an opportunity to improve its tools for customers.
"It's really multifaceted. On the one side, there was the idea that customers will vibe code their software themselves rather than buying packaged software. We don't see that frankly," Gilg said. "We don't see that, especially for mission-critical purposes. It's not just about features and functions. It's about auditability, governance, and the maintenance of the software."
While Gilg says he hasn't seen customers replacing SAP software, he has seen competition over tech budgets—especially with token spending, or how companies pay for AI. SAP has a "good position" for this because customers rely on SAP data to run their business processes and can demonstrate its value, Gilg said.
"Customers are seeing token costs go through the roof already," Gilg said. "How do you measure and control that, and how do you show an outcome for that? Budgets won't necessarily increase. It will still have to come from somewhere. Therefore, the scrutiny will become much, much bigger."
SAP is competing more with PalantirLately, Gilg has been focusing on explaining to customers how they can benefit from AI and what SAP can offer. Customers have spent a lot of money on AI, though many haven't seen the business outcomes, profit, or productivity gains they're looking for.
"Customers have not yet seen the benefit of AI," Gilg said. "That is certainly something they are digging deeper into now."
To address that, SAP built its first foundational model, Tabular AI, which can help make predictions based on business data. In the future, Gilg expects people to interact with SAP products through natural language and voice.
SAP has also been investing in its ontology capabilities to allow customers to audit their systems and work with AI agents to help make decisions. Ontology is a favorite Palantir buzzword, and these capabilities put SAP in more direct competition with the AI data company.
While SAP competes with Palantir, they also partner to move data between systems. SAP says its advantage over rivals is its data from over 10,000 customers, which allows it to build more useful capabilities.
"We do see new players out there from Anthropic, OpenAI, Palantir, and so on," Gilg said. "That's going to be the battlefield of the future."
Internally, SAP uses AI across departments such as finance, human resources, and more. For example, employees can use an internal chatbot to ask questions or AI tools to write code. Sales employees can use AI to help with customer briefings or to study markets.
"We are definitely pivoting the company all in on AI," Gilg said. "We're doing this in a position of strength. Frankly, it's an evolution for us as well."
SAP is overhauling how it charges for AIGilg says AI will help SAP grow as it changes its business model. For example, it's moving from some subscription models to consumption-based models, meaning customers pay for what they use. The market has been shifting toward this pricing model, especially as high AI usage can drive up costs.
"What outcome are they driving?" Gilg said. "That's how we charge the consumption of those agents, which is very transparent to customers. Also, it's much easier to justify why they would actually pay for it. That's the current model many are following."
SAP still has a large subscription business, and many large customers use a hybrid model between subscription and consumption-based pricing.
More SaaS acquisitions could be comingThis year, SAP acquired Prior Labs, Reltio, and Dremio to boost its AI and data capabilities. Across the industry, Gilg expects to see a wave of acquisitions, especially with more AI-native startups and talent coming out of these companies.
"There's going to be a camp of losers and winners," Gilg said. "We have seen valuations go down quite significantly. That's an opportunity and interest for companies like that to look at wide spaces."
Gilg says SAP will also consider this if it makes sense for its business, though it would avoid companies that can be easily replaced by AI. If it's costly and time-consuming to switch from that software, customers are less likely to replace it with an AI-built application, Gilg said.
"I do see that there will certainly be a level of consolidation from my perspective, especially with vendors focused on single products," Gilg said. "Maybe niche areas, like legal contract management. Those are spaces that probably will be disrupted quite significantly."
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Rosalie Chan You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
Rosalie Chan is a senior editor for Business Insider's tech team. Previously, she covered cloud computing and enterprise tech, reporting on companies like Google Cloud, Amazon Web Services, Microsoft, Intel, Alibaba Cloud, Atlassian, GitHub, VMware, Broadcom, and more. She has written extensively on topics including cloud computing, developer companies, open source, and sexism and sexual harassment in the tech industry. She has received the San Francisco Press Club award for continuing coverage for her reporting on sexism and sexual harassment in Silicon Slopes and the Excellence in Business / Consumer / Tech Reporting award from the Asian American Journalists Association for her investigation into the coding boot camp Holberton School. Most recently, she was an editor on the Business Insider investigative package, The True Cost of Data Centers, which received a George Polk Award and an honorable mention from SABEW.Rosalie joined Business Insider after working as a software engineer and freelance journalist. She studied journalism, computer science, and technology and business law at Northwestern University. Her work has previously appeared in TIME, the Huffington Post, VICE, Pacific Standard, Inverse, Chicago magazine, the Chicago Reporter, and more. She's based in San Francisco.
Německý index DAX ve čtvrtek posílil. Nejvíce se dařilo akciím Volkswagenu (+3,6 %), když ve středu oznámil změnu vedení v jeho americké divizi. Cílem managementu je oživit svůj byznys ve Spojených státech.
Dařilo se dnes také akciím společnosti Vonovia (+2,6 %) a HOCHTIEF (+2,5 %). Naopak pokles zaznamenaly akcie Rheinmetallu (-1,9 %), Qiagenu (-1,8 %) a Siemens Healthineers (-1,7 %).
Rovněž posílil evropský index STOXX600. Nejvíce přispěly k růstu sektory financí (+1,35 %), komunikačních služeb (+1,19 %) a nemovitostí (+1,11 %). Naopak ztrácely sektory nezbytné spotřeby (-0,63 %), energií (-0,35 %) a IT (-0,33 %).
Index DAX +0,64 % na 26004,16 b. Nejsilnější akcie Změna Nejslabší akcie Změna Volkswagen (VOW3) +3,6 % Rheinmetall AG (RHM) -1,9 % Vonovia (VNA) +2,6 % Qiagen (QIA) -1,8 % HOCHTIEF AG (HOT) +2,5 % Siemens Healthineers (SHL) -1,7 % SAP (SAP) +2,3 % Merck (MRK) -1,5 % Siemens Energy (ENR) +2,2 % Fresenius Medical Care (FME) -1,4 % Zdroj: Bloomberg, WSJ
SummarySAP is downgraded from strong buy to hold after a 36% rally in two months.Cloud revenue surged 24% and backlog 27%, with AI and cloud initiatives driving major deals.SAP's cloud gross margin remains robust at 74.6%, supporting overall profitability and solid free cash flow.Valuation has risen to 25.5x forward P/E, limiting upside; I await a pullback or earnings acceleration before adding. Victor Golmer/iStock Editorial via Getty Images
I bought my first stake of shares in SAP SE (SAP) roughly 2 months ago. That's when I published an article about SAP. I rated it a strong buy and that's
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Německý index DAX zakončil úterní obchodování v záporném teritoriu. Nejvíce odepsaly akcie společnosti SAP (-3,5 %). Analytik Adrian Sanchez Ruiz z Grupo Santander snížil doporučení na „Neutral“ z původního „Outperform“. Cílovou cenu nastavil na 194,69 EUR. Nedařilo se rovněž akciím Rheinmetallu (-2,8 %) a Siemens (-2,7 %). Naopak se dnes dařilo akciím Munich Re (+1,1 %). Posílily také akcie společnosti Merck (+0,5 %), když analytik Rajesh Kumar z HSBC navýšil investiční doporučení na „Buy“ z původního „Hold“. Cílovou cenu nastavil na 170 EUR. Růst o 0,5 % zaznamenaly také akcie společnosti Hannover Rueck.
Evropský index STOXX600 zakončil den také v záporu, konkrétně odepsal 0,54 %. Největší pokles zaznamenaly sektory IT (-1,76 %), průmyslu (-1,75 %) a zbytné spotřeby (-1,60 %). V zelených číslech uzavřely tři sektory, a to energie (+2,44 %), zdravotní péče (+0,95 %) a nezbytná spotřeba (+0,15 %).
Index DAX -1,1 % na 25970,11 b. Nejsilnější akcie Změna Nejslabší akcie Změna Munich Re (MUV2) +1,1 % SAP (SAP) -3,5 % Merck (MRK) +0,5 % Rheinmetall AG (RHM) -2,8 % Hannover Rueck SE (HNR1) +0,5 % Siemens (SIE) -2,7 % Siemens Healthineers (SHL) +0,4 % MTU Aero Engines (MTX) -2,3 % Qiagen (QIA) +0,3 % Adidas (ADS) -2,3 % Zdroj: Bloomberg
Německé akcie, měřené indexem DAX, v úvodu úterního obchodování ztrácejí.
Daří se akciím vědecko-technologické skupiny Merck KGaA (+2,1 %). Analytik Rajesh Kumar z HSBC navýšil investiční doporučení na „Buy“ z původního „Hold“. Cílovou cenu nastavil na 170 EUR.
Naopak po změně investičního doporučení ztrácejí akcie softwarové společnosti SAP (-2,5 %). Analytik Adrian Sanchez Ruiz z Grupo Santander totiž snížil doporučení na „Neutral“ z původního „Outperform“. Cílovou cenu nastavil na 194,69 EUR.
Společnost Mutares v rámci vyčlenění získala firmu Ameriterpenes, divizi terpenových složek německého výrobce vůní a příchutí Symrise (+1,6 %). Ten uvedl, že transakce povede k nehotovostní ztrátě z prodeje ve výši středních desítek milionů eur, což se promítne do účetní závěrky za rok 2026.
Index DAX -0,41 % na 26 150,04 b. Nejsilnější akcie Změna Nejslabší akcie Změna Merck (MRK) +2,1 % SAP (SAP) -2,5 % Infineon Technologies (IFX) +1,8 % Rheinmetall AG (RHM) -2,4 % Symrise (SY1) +1,6 % MTU Aero Engines (MTX) -2,1 % RWE (RWE) +1,4 % Scout24 SE (G24) -1,3 % Brenntag (BNR) +1,0 % BMW (BMW) -1,0 % Zdroj: Bloomberg
WALLDORF, Germany, Aug. 25, 2026 /PRNewswire/ -- SAP SE (NYSE: SAP) today announced the participation of its executive at the following event. The event will be webcast, and the replay will be made available shortly after the event on the SAP Investor Relations website: https://www.sap.com/investors/en/financial-documents-and-events/events.html Goldman Sachs Communacopia & Technology Conference San Francisco, California Christian Klein, CEO and member of the SAP Executive Board will hold a Fireside Chat at the event.
