Key Takeaways SAP highlighted its Autonomous Enterprise strategy, AI push and strong demand for Business AI solutions.SAP reported cloud backlog of EUR22.9B, with cloud revenues up 22% and Cloud ERP Suite revenues up 25%.SAP adjusted 2026 operating profit outlook after Dremio and Prior Labs acquisition impacts. SAP SE (SAP - Free Report) used its second-quarter earnings call to emphasize accelerating adoption of its Autonomous Enterprise strategy, with management focusing on artificial intelligence, cloud momentum and disciplined investment. Executives highlighted strong demand for cloud ERP migrations while acknowledging near-term margin pressure from acquisitions and AI-related spending.
The discussion centered on how SAP plans to combine enterprise data, applications and AI agents while maintaining operating leverage. Management also addressed investor concerns around profitability, guidance and the pace of AI monetization.
SAP Advances Autonomous Enterprise StrategyCEO Christian Klein said SAP’s second quarter showed continued momentum in its AI transformation, driven by the launch of the Autonomous Enterprise vision and increased customer interest in Business AI solutions. He highlighted that AI and SAP Business Data Cloud were embedded in more than 90% of the company’s 50 largest deals.
Klein explained that SAP’s AI platform is built around three areas: development tools for creating agents, data and context capabilities to support accurate decisions, and governance features to manage compliance and security. The company is integrating acquisitions such as Dremio, Reltio and Prior Labs into this strategy.
SAP also said customer interest in its new platform offerings has been strong, with beta programs for its platform, suite and Joule Work product receiving significant participation. Management expects to release additional assistants and expand autonomous agents across its portfolio.
SAP SE Maintains Cloud Growth FocusSAP SE reported a current cloud backlog of €22.9 billion, up 27% year over year and 26% at constant currencies. Cloud revenues increased 22% year over year to €6.3 billion, while Cloud ERP Suite revenues rose 25%.
Management said cloud growth benefited from continued customer migrations from on-premise systems to cloud ERP solutions. CFO Dominik Asam noted that SaaS and PaaS growth remained strong, with Cloud ERP Suite accounting for 88% of total cloud revenues.
The company also highlighted regional strength, with cloud revenues performing particularly well in Asia Pacific and Japan and Europe, the Middle East and Africa. Management cited strong execution despite ongoing macroeconomic uncertainty.
SAP Addresses Profitability and Investment BalanceThe company’s second-quarter operating profit rose 8% under IFRS and 7% on a non-IFRS basis, while the non-IFRS operating margin was 27.8%. Management attributed slower profit growth to increased research and development investments, higher marketing spending tied to the Autonomous Enterprise launch, and acquisition impacts.
Asam said SAP remains committed to its operating leverage framework while prioritizing AI investments and protecting revenue growth. He emphasized that the quarter included several temporary factors and should be viewed within the broader first-half performance.
The company reported second-quarter earnings per share of $1.85, which missed the Zacks Consensus Estimate of $2. However, revenues of $11.48 billion exceeded the Zacks Consensus Estimate of $11.41 billion by 0.7%.
SAP Updates 2026 OutlookSAP maintained its cloud revenue outlook for 2026 at €25.8-€26.2 billion at constant currencies, representing growth of 23% to 25%. It also kept its cloud and software revenue forecast of €36.3 billion to €36.8 billion.
The company adjusted its non-IFRS operating profit outlook to €11.8 billion to €12.2 billion at constant currencies from the previous €11.9 billion to €12.3 billion range. Management said the revision reflects the dilutive impact of the Dremio and Prior Labs acquisitions.
SAP continued to expect approximately €10 billion in free cash flow for 2026 and said current cloud backlog growth is expected to slightly decelerate through the year.
SAP Faces Analyst Questions on AI ReturnsA Morgan Stanley analyst asked about the lower operating profit outlook and whether SAP’s investment priorities had shifted toward growth rather than margin expansion. Asam responded that SAP continues to operate within its expense discipline framework and that AI transformation investments are intended to support long-term productivity.
A Goldman Sachs analyst questioned the visibility into cloud revenue growth and the timing of AI monetization. Klein said the post-Sapphire pipeline improved, with customers increasingly recognizing the need for ERP modernization alongside AI adoption.
Management also emphasized that customers are seeking enterprise AI solutions with governance, cost control and data quality, areas SAP believes differentiate its platform strategy.
SAP SE Prioritizes AI Transformation ExecutionSAP’s leadership reiterated that the company’s focus for the second half of 2026 is sustaining cloud momentum, delivering operating leverage and expanding AI capabilities. Management pointed to internal AI adoption efforts, workforce reskilling, and developer productivity improvements as important parts of the transformation.
The company continues to balance investment in AI products with profitability goals. Executives said recent acquisitions and AI initiatives are designed to strengthen SAP’s position in enterprise automation while preserving financial discipline.
Zacks Rank and Style Scores SAP has a Zacks Rank #4 (Sell) at present. The Zacks Rank focuses on earnings estimate revisions and is designed to help identify stocks with stronger or weaker potential performance over the next one to three months. The rank can change as analysts revise earnings expectations following new company developments.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
SAP’s Style Scores include a Value Score of C, Growth Score of B, Momentum Score of D and VGM Score of C. The Style Scores evaluate characteristics such as value, growth and momentum, with higher grades indicating more favorable attributes. The combination of Zacks Rank and Style Scores provides additional context for evaluating a stock’s potential performance characteristics.
Key Takeaways SAP Q2 revenue jumped 9% as cloud revenue rose 22% and cloud backlog grew 27% year over year.SAP cut its 2026 operating profit outlook after acquisitions but reaffirmed cloud revenue targets.SAP expanded AI adoption and enterprise cloud wins across industries, supporting future growth visibility. SAP SE (SAP - Free Report) reported second-quarter 2026 non-IFRS earnings per share (EPS) of €1.59 ($1.85), which increased 6% from the year-ago quarter. The Zacks Consensus Estimate was pegged at $2.
Despite macroeconomic uncertainty, SAP reported total revenues on a non-IFRS basis of €9.9 billion ($11.5 billion), which increased 9% year over year (up 11% at constant currency or cc). The Zacks Consensus Estimate was pegged at $11.4 billion.
AI strategy is becoming a major competitive advantage for SAP. Management emphasized its Autonomous Enterprise strategy, which combines Business AI with enterprise applications. SAP is embedding AI directly into finance, procurement, supply chain, HR and customer operations. The company's strategy revolves around two major pillars –Autonomous Suite and Business AI Platform. SAP believes customers increasingly value AI solutions that operate using trusted enterprise data while maintaining governance and compliance.
This positioning gives SAP a competitive edge because its AI capabilities are built on decades of customer business processes and transactional data rather than disconnected AI models. As AI adoption expands across enterprises, SAP is well-positioned to monetize AI through higher cloud subscriptions rather than relying solely on standalone AI products.
Cloud Business Continues to Be SAP's Growth EngineCurrent cloud backlog reached €22.9 billion in the quarter, representing 27% year-over-year growth (26% at cc). This metric is important because it reflects contracted future cloud revenue, giving investors visibility into future growth.
On a non-IFRS basis, the Cloud and software segment (89.6% of total revenues) registered revenues of €8.9 billion, rising 11% year over year (up 13% at cc).
Cloud revenue increased 22% year over year (24% at cc) to €6.3 billion, on a non-IFRS basis, demonstrating that enterprise customers continue to migrate mission-critical workloads to SAP's cloud ecosystem. SAP's Cloud ERP Suite, where revenue increased 25% (27% at cc) to €5.5 billion, is equally encouraging. Software licenses and support revenues totaled €2.6 billion, representing a 9% decrease (down 8% at cc) year over year.
Services business (10.4% of total revenues) posted revenues of €1 billion, down 3% year over year (down 2% at cc).
Expanding Clientele Bodes WellIn the second quarter, organizations worldwide continued to adopt the “RISE with SAP” program to support their comprehensive business transformations. Notable adopters included ACCIONA, AIRBUS, City of Osnabrück, Electrolux, Eli Lilly, Gilead Sciences, HARTING, Hindustan Zinc, The Humboldt University of Berlin, JET, Ørsted, Samsonite Group, Shell, The Shoprite Group, SIGNAL IDUNA, SPAR (CH), Sun Pharma and Vonovia.
“GROW with SAP” was implemented by Gooroo Crédito, Modular Data Centers, Parloa, Tarrant County, and Techem.
Major global brands across various industries, including AMADEUS, BBC, Booking.com, GOL, Oki Electric Industry, PwC, University Hospital Zurich and Vale, chose SAP's AI and data solutions.
SAP secured significant customer wins across its solution portfolio, with new or expanded engagements from leading organizations such as Birlasoft, Capgemini, Haier Group and KaDeWe.
Döhler, FANUC Europe, Fonterra, Natura Cosméticos, SABESP and TEAG went live on SAP solutions during the quarter.
SAP’s cloud revenue growth was especially strong in the APJ and EMEA regions and robust in the Americas, with standout performances from Brazil, France, Germany, Italy, India, South Korea and Spain. It remained strong in the United States, Australia and Singapore.
Margin DetailsNon-IFRS gross profit of €7.3 billion increased 9% from the year-ago quarter (up 11% at cc).
Non-IFRS cloud gross profit increased 22% year over year to €4.7 billion (up 23% at cc). Non-IFRS cloud gross margin fell 0.6 percentage points to 74.6%.
SAP's non-IFRS operating profit rose 7% (up 9% at cc) to €2.7 billion, while margin decreased to 27.8%.
Balance Sheet & Cash FlowAs of June 30, 2026, SAP had cash and cash equivalents of €11.6 billion compared with €10.1 billion as of March 31, 2026.
In the second quarter, the company generated operating cash of €3.2 billion, up 22% year over year. Free cash flow, a key metric of operational strength, rose 27% to €3 billion during the quarter.
SAP also continues returning capital to shareholders. Its newly authorized €10 billion share repurchase program remains active. As of June 30, the company had repurchased more than 16.28 million shares and spent approximately €2.6 billion.
SAP’s 2026 Guidance Reaffirmed Despite Lower Profit OutlookThe company lowered its non-IFRS operating profit outlook from €11.9–€12.3 billion to €11.8–€12.2 billion. The revision stems almost entirely from the acquisitions of Dremio and Prior Labs, which closed in July. Management expects these acquisitions to create a dilutive impact exceeding €100 million during 2026.
Despite lowering operating profit guidance slightly, SAP maintained nearly all of its major financial targets. Management still expects cloud revenue between €25.8 billion and €26.2 billion, cloud and software revenue between €36.3 billion and €36.8 billion and approximately €10 billion in free cash flow.
Additionally, SAP expects cloud backlog growth to remain strong, though slightly slower, total revenue growth to match 2025 levels, revenue acceleration in 2027 and operating expense growth to remain below revenue growth.
Nonetheless, the company acknowledged that its outlook assumes a near-term de-escalation of geopolitical tensions in the Middle East. Any prolonged conflict could negatively impact enterprise spending or business operations.
SAP’s Zacks RankSAP currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent PerformancesAmerica Movil, S.A.B. de C.V. (AMX - Free Report) reported net income per ADR of 47 cents for the second quarter of 2026, up from 38 cents in the prior-year quarter. The earnings figure missed the Zacks Consensus Estimate of 52 cents. Total quarterly revenues rose 3.1% to Mex$241,071 million, driven by rapid momentum across the Service and Equipment segments.
BlackBerry Limited (BB - Free Report) reported first-quarter fiscal 2027 non-GAAP earnings per share (EPS) of 4 cents. The figure beat the company’s estimate of 2-3 cents. In the year-ago quarter, it reported a non-GAAP EPS of 2 cents. The Zacks Consensus Estimate was pegged at 3 cents per share. BlackBerry generated $152.9 million in fiscal first-quarter revenue, representing 26% year-over-year growth.
Iridium Communications (IRDM - Free Report) reported EPS of 9 cents for the second quarter of 2026, missing the Zacks Consensus Estimate of 26 cents. The bottom line also compared unfavorably with the prior-year quarter's figure of 20 cents. Iridium reported second-quarter revenue of $225.2 million, representing 4% year-over-year growth. The consensus mark was pinned at $221.2 million.
Německé akcie měřené indexem DAX uzavřely obchodní týden pozitivně.
Největší růst zaznamenaly akcie SAP (+9,3 %), dále Siemens Healthineers (+3,0 %) a Fresenius (+2,2 %). Naopak nejvíce oslabily akcie Volkswagen (-2,0 %), Infineon Technologies (-1,7 %) a Adidas (-1,6 %).
Evropský index STOXX 600 se pohybuje v kladném teritoriu a posiluje o 0,81 %. V rámci sektorů se nejvíce daří finančnímu sektoru (+1,35 %), průmyslu (+1,18 %) a nezbytné spotřebě (+1,15 %). Naopak ztrácí pouze sektor energetiky (-0,97 %).
Index DAX +1,36 % na 25099 b. Nejsilnější akcie Změna Nejslabší akcie Změna SAP (SAP) +9,3 % Volkswagen (VOW3) -2,0 % Siemens Healthineers (SHL) +3,0 % Infineon Technologies (IFX) -1,7 % Fresenius (FRE) +2,2 % Adidas (ADS) -1,6 % Deutsche Bank (DBK) +2,1 % Brenntag (BNR) -0,7 % Rheinmetall AG (RHM) +2,0 % Qiagen (QIA) -0,7 %
Zdroj: Bloomberg
SAP reported strong Q2 results, highlighted by a robust GAAP EPS beat and sustained >20% cloud revenue growth. I see the Q2 earnings season as a catalyst for capital rotation toward laggards, notably in software and consumer sectors. SAP remains in a deep bear market, with shares down approximately 40% year-to-date despite operational strength and expectations of revenue acceleration in 2027.
HomeIndustriesSoftwareEarnings ResultsEarnings ResultsThe stock has dropped 40% since the start of the year on concerns that artificial intelligence may entirely disrupt the software company’s business modelJuly 24, 2026, 9:43 a.m. ET
Shares of SAP rose on Friday after the company reported strong revenue growth in its cloud business, but analysts at Oppenheimer warn there are risks to its guidance.
The German software company said that its current cloud backlog — which is a key metric of the sales that management expects to achieve — grew 26% on a constant-currency basis to €22.93 billion (equivalent to $26.08 billion) in the second quarter, above analysts’ forecasts of 24%.
About the Author
Nora Redmond is a MarketWatch reporter based in London.
Shares climbed after the group logged strong revenue figures, reassuring investors that growth at its cloud business remains healthy despite fears of AI disruption.
Německé akcie měřené indexem DAX se v úvodu páteční seance obchodují v zelených číslech.
Akcie Volkswagenu klesají o 1,4 %. Automobilka nově očekává pokles celoročních tržeb až o 3 %, případně jejich stagnaci, zatímco dříve počítala se stagnací až růstem o 3 %. Výsledky za druhé čtvrtletí zaostaly na úrovni provozního zisku i marže, když provozní zisk dosáhl 3,47 mld. EUR oproti očekávaným 4,07 mld. EUR. Hlavním důvodem zhoršeného výhledu je slabší vývoj v Číně, přičemž Volkswagen zároveň upozornil na rostoucí konkurenční tlak čínských výrobců. Analytici Bernstein hodnotí pozitivně potvrzení celoročního výhledu provozní marže v rozmezí 4 až 5,5 %, zatímco Morgan Stanley poukazuje na lepší než očekávaný volný peněžní tok automobilové divize. Finanční ředitel Arno Antlitz uvedl, že Volkswagen musí výrazně zjednodušit nabídku vozů, omezit počet používaných technických platforem, zefektivnit investiční portfolio a zjednodušit řízení i rozhodování ve skupině.
Softwarová společnost SAP včera po uzavření trhu reportovala výsledky za 2Q 2026. Výnosy z cloudových služeb předčily očekávání a analytici celkově hodnotí report jako solidní. Očekávání nenaplnila společnost výší provozního zisku, na jehož úrovni snížilo SAP také roční výhled kvůli negativnímu vlivu uskutečněných akvizic. Akcie SAP přidávají 6,5 %.
Index DAX +0,5 % na 24886,92 b. Nejsilnější akcie Změna Nejslabší akcie Změna SAP (SAP) +6,5 % Adidas (ADS) -3,4 % Deutsche Boerse (DB1) +1,6 % Brenntag (BNR) -1,7 % Siemens Energy (ENR) +1,4 % Deutsche Telekom (DTE) -1,5 % Rheinmetall AG (RHM) +1,1 % Volkswagen (VOW3) -1,4 % Fresenius (FRE) +0,8 % Qiagen (QIA) -1,3 %
Zdroj: Bloomberg
Softwarová společnost SAP včera po uzavření trhu reportovala výsledky za 2Q 2026. Výnosy z cloudových služeb předčily očekávání a analytici celkově hodnotí report jako solidní. Očekávání nenaplnila společnost výší provozního zisku, na jehož úrovni snížilo SAP také roční výhled kvůli negativnímu vlivu uskutečněných akvizic.
Výsledky společnosti SAP (SAP) za 2Q 2026 2Q 2026 Konsensus 2Q 2026 2Q 2026 Tržby (mld. EUR) 9,88 9,85 9,03 Čistý zisk (mld. EUR) 2,21 1,95 1,75 Očištěný zisk na akcii (EPS, EUR/akcie) 1,59 1,75 1,50 Výsledky za 2Q 2026 Společnost SAP dále pokračuje v transformaci z obchodního modelu On-Premise na Off-Premise, když výnosy z cloudových služeb ve 2Q 2026 vzrostly na 6,28 mld. EUR o 24 % na konstantní měnové bázi při analytickém očekávání 23,2% růstu. Objem nevyřízených zakázek (backlog) z tohoto segmentu potom vzrostl na 22,9 mld. EUR o 26 %, přičemž analytici očekávali růst 23,8 %. Naopak slábnoucí segment licencí a podpory klesl bez měnového vlivu o 8 % na 2,57 mld. EUR. Výnosy segmentu cloudu a licencí dohromady činily 8,85 mld. EUR, což mírně předčilo očekávání trhu ve výši 8,82 mld. EUR.
Pod odhady společnost reportovala na úrovni provozního zisku, který činil 2,74 mld. EUR (+9 % meziročně). Analytický konsenzus byl 2,91 mld. EUR.
Volný hotovostní tok činil 3 mld. EUR v souladu s očekáváním trhu.
Výhled na rok 2026 Výnosy z cloudu 25,8 – 26,2 mld. EUR (23 % - 25 % meziročně) Výnosy z cloudu a licencí 36,3 – 36,8 mld. EUR (12 – 13 % meziročně) Mírné zpomalení backlogu (z 25 % v roce 2025) Volný hotovostní rok přibližně 10 mld. EUR SAP však snížil výhled provozního zisku z rozmezí 11,9 – 12,3 EUR do pásma 11,8 – 12,2 mld. EUR. Analytický konsenzus byl 11,97 mld. EUR. Toto rozhodnutí reflektuje dopad akvizic Dremio a Prior Labs, které byly dokončeny v červenci. Negativní dopad společnost odhaduje na 100 mil. EUR.
Komentář analytiků Bloomberg Intelligence: Současný 26% růst backlogu ve 2Q při konstantních měnách je více než 200 bazických bodů nad konsenzem a v rozporu s naším opatrným krátkodobým výhledem pro celé odvětví. Výhled managementu pro celý rok, který počítá s mírným zpomalením růstu z 25 %, může být spíše konzervativní.
Evercore ISI: Bylo to solidní čtvrtletí. Celkově jsou výsledky „do značné míry dostatečně dobré, zejména po výrazném poklesu ceny akcií od začátku roku. Lepší než očekávaný růst současného cloudového backlogu a cloudových tržeb vyvážil slabší ziskovost.
Morgan Stanley: Zatímco hlavní ukazatele tržeb byly v souladu s očekáváním nebo je mírně překonaly, provozní zisk zaostal za očekáváním, především kvůli vyšším investicím do výzkumu a vývoje (R&D).
Akcie SAP
SAP SE (SAP) +4,8 % na 134,52 EUR Ukazatel Ukazatel Kapitalizace (mld. EUR) 165,4 P/E 20,1 Vývoj za letošní rok (%) -35,4 Očekávané P/E 18,7 52týdenní minimum (EUR) 127,5 Prům. cílová cena (EUR) 201,3 52týdenní maximum (EUR) 258,7 Dividendový výnos (%) 1,9 Zdroj: SAP, Bloomberg
Včerejší výprodeje v Evropě (-1,5 %) a USA (SP500 -1,2 %) se v noci přenesly do Asie. Region ztratil -2,4 %, lídři jako Samsung a Hynix klesli o přibližně -7 %. Raketový růst cen energií, kdy ropa Brent vystoupala k metě 100 USD za barel, zhoršil sentiment na trhu. Investoři se navíc potýkají s pochybnostmi o výnosech z investic do AI. Aktuálně futures kontrakty na indexy naznačují v pátek ráno v Evropě snahu o konsolidaci po čtvrtečním propadu. Nevýrazné jsou také zámořské futures. Intel po závěru obchodování včera překonal odhady, ale po růstu se akcie následně vracely zpět. Pokračuje výsledková sezóna, ráno reportoval SAP (příjmy z cloudu rostly rychlejším tempem, než odhady trhu). Volkswagen snížil odhady tržeb pro tento rok, především klesají prodeje v Číně. V Praze Moneta zvýšila celoroční prognózu čistého zisku, nyní vidí 6,8 mld. CZK (předtím 6,6 mld. CZK). Akcie Moneta by mohly zareagovat pozitivně, uvidíme, zdali se jim podaří návrat nad 190 Kč. Celkově index PX včera oslabil -0,7 %, podle očekávání se nedařilo Erste (-3 %). Růst cen komodit naopak vyhovuje ČEZu (+0,7 %).
SAP Bets $1B on AI Acquisitions to Lock In Enterprise DataSAP NYSE: SAP reported a strong second quarter for 2026, with management highlighting accelerating current cloud backlog growth, continued cloud revenue gains and rising customer interest in the company’s artificial intelligence offerings.
Chief Executive Officer Christian Klein called the quarter “outstanding,” pointing to SAP’s Sapphire customer conference, where the company launched its “autonomous enterprise” strategy. Klein said the event produced record attendance, added to SAP’s sales pipeline and generated positive feedback from customers on the company’s AI roadmap.
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Giants Costco, Sanofi, and SAP Raise Dividends by Over 10%Current cloud backlog rose 26% at constant currencies to nearly EUR 23 billion, an acceleration from the first quarter. Klein said AI and SAP Business Data Cloud were included as key elements in more than 90% of SAP’s 50 largest deals during the quarter, which he said gave the company confidence heading into the second half of the year.
Cloud revenue increased 24% to EUR 6.3 billion, supported by continued migrations from on-premise ERP systems to cloud ERP. Total revenue rose 11% to EUR 9.9 billion. SAP reported non-IFRS operating profit of EUR 2.7 billion, up 9% year over year at constant currencies.
Cloud ERP and Backlog Remain Central to Growth 3 Undervalued European Tech Stocks to Buy After the CeasefireChief Financial Officer Dominik Asam said SAP’s cloud ERP suite revenue increased 27% in the quarter and now represents 88% of total cloud revenue. Software license revenue declined 32%, reflecting the company’s continued shift away from traditional on-premise licensing.
Asam said cloud revenue performance was particularly strong in Asia-Pacific and Japan and in Europe, the Middle East and Africa, while the Americas delivered solid results. He cited Brazil, France, Germany, Italy, India, South Korea and Spain as having outstanding performance, with Australia, Singapore and the U.S. described as particularly strong.
Management said SAP’s indirect channel continued to grow faster than direct cloud revenue, reflecting changes in its go-to-market strategy over the past two years.
AI Strategy Focuses on Agents, Data and Governance Klein used much of the call to outline SAP’s AI strategy, which centers on the company’s Business AI Platform, Joule Studio, SAP Business Data Cloud and a new user experience called Joule Work. He said the platform is designed to help customers build, govern and operate AI agents across business processes while maintaining data privacy, compliance and sovereignty requirements.
Klein said SAP is integrating multiple large language models into Joule Studio, including models from Anthropic, Cohere, Google, Mistral AI and OpenAI, as well as open-weight models. He said SAP’s approach is intended to avoid customer lock-in to a single AI model and allow customers to select models based on cost and performance.
The company also discussed several recent acquisitions intended to strengthen its AI and data architecture. Klein said Dremio’s Apache Iceberg-native technology will help SAP bring SAP and non-SAP data together in an enterprise lakehouse, while Reltio will support master data governance. Prior Labs, he said, will help SAP agents generate tabular predictions using SAP and non-SAP data.
Klein said SAP plans to release close to 50 assistants by the end of the third quarter and more than 400 autonomous suite agents by the end of the year. The company also plans to launch three additional ERP migration assistants with 10 underlying agents later this quarter.
Customer Examples Highlight AI Adoption SAP executives cited several customer examples to illustrate early AI adoption. Klein said SAP and Amadeus developed an AI agent that autonomously reconciles unstructured payment data and has already cleared about 40,000 incorrect transactions. He also said Northcote moved from a legacy BW system to SAP Business Data Cloud, cutting BI solution build time by about 75% and report creation time by 50%.
In another example, Klein said Lemvigh-Müller, working with NTT Data, deployed custom AI agents to verify purchase orders, achieving more than 90% touchless processing and 98% matching accuracy.
Klein said customers including Shell, Morgan Stanley, Samsonite Group, Vonovia, Eli Lilly, Shoprite Group and Electrolux signed RISE with SAP deals in the quarter. He also cited momentum for GROW with SAP among companies including Aloha, Gooroo Crédito, Modular Data Centers and Tecumseh Energy Services.
Profit Outlook Adjusted for Acquisitions SAP maintained its outlook for top-line metrics and free cash flow, but Asam said the company is lowering its operating profit outlook by EUR 0.1 billion to reflect the dilutive impact of the Dremio and Prior Labs acquisitions. He said SAP still expects to offset the effect of the Reltio acquisition on non-IFRS operating income.
Asam said Reltio contributed less than one percentage point to constant-currency current cloud backlog growth in the quarter. He said Dremio and Prior Labs will have a negligible impact on revenue and current cloud backlog, but will weigh on second-half 2026 operating profit by a “very low triple-digit million euro amount.”
Free cash flow in the quarter was EUR 3 billion. IFRS operating profit rose 8% to EUR 2.6 billion, while IFRS earnings per share increased 30% to EUR 1.89. Non-IFRS earnings per share increased 6% to EUR 1.59.
Management Addresses Costs and Macro Uncertainty During the question-and-answer portion of the call, analysts pressed management on slower operating profit growth in the quarter and the cost of AI investments. Asam said the second quarter should not be viewed in isolation, noting that first-half operating leverage remained within SAP’s framework. He cited higher research and development investments, marketing spending tied to the autonomous enterprise launch, stock-based compensation effects and acquisition dilution as factors in the quarter.
Klein said SAP is seeing productivity gains from AI, including average productivity improvements of up to 30% in development. He said the company is adjusting hiring plans as AI usage increases and is working to shift development priorities from traditional SaaS feature requests toward agentic AI development.
Management also addressed macroeconomic uncertainty, particularly the ongoing conflict in the Middle East. Asam said the situation continues to weigh on customer sentiment and decision-making, especially in affected industries and supply chains. However, Klein said SAP did not see broad-based deal delays in the second quarter, though some Middle East deals were delayed.
Asam said SAP still expects a slight deceleration in current cloud backlog growth over the course of the year, while noting that the second half typically accounts for the largest share of annual bookings. He said the company’s priorities for the remainder of the year are to sustain cloud momentum, deliver on operating leverage commitments and close the year strongly.
About SAP (NYSE:SAP)SAP SE is a global enterprise software company headquartered in Walldorf, Germany. Founded in 1972 by five former IBM engineers, the company's name is an acronym for Systeme, Anwendungen und Produkte in der Datenverarbeitung (Systems, Applications & Products in Data Processing). SAP develops and sells software and services that help organizations manage business processes across finance, human resources, procurement, manufacturing, supply chain and customer relationships.
SAP's product portfolio spans on‑premises and cloud offerings, anchored by its enterprise resource planning (ERP) solutions such as SAP S/4HANA and the SAP HANA in‑memory database and platform.
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Harding Loevner has entered the ETF market with the International Developed Markets Select Equity ETF (NYSEARCA:LOEV), an actively managed fund that buys stocks of companies based in developed markets outside the United States. According to the fund’s prospectus dated June 12, 2026, LOEV lists on NYSE Arca and is issued by Harding, Loevner Funds, Inc., the fund arm of the Bridgewater, New Jersey investment firm that has spent decades running mutual funds and separately managed accounts for institutions.
The fund carries a management fee of 0.70%, with 0.00% in other expenses, for a total annual operating expense of 0.70%. On a $10,000 investment, that works out to about $70 a year. As of July 21, 2026, LOEV traded at $15.52, with only a handful of trading days behind it so far.
What the Fund Does LOEV is actively managed, meaning a team at Harding Loevner picks the holdings rather than tracking an index. According to the prospectus, the managers conduct fundamental research to identify companies that are “well managed, financially sound, fast growing, and strongly competitive, and whose shares are reasonably priced relative to estimates of their value.” That is a quality-growth style: owning durable businesses at prices the managers view as reasonable, rather than chasing whatever is cheapest or most in favor.
The fund’s stated benchmark is the MSCI World ex US Net (USD) index, and the portfolio is diversified across geography, industry, currency, and market capitalization, normally holding stocks across at least 10 countries. Harding Loevner has not yet published LOEV’s full holdings, but the kinds of large developed-market names that fit this universe include ASML Holding (NASDAQ:ASML | ASML Price Prediction) in the Netherlands, Novo Nordisk (NYSE:NVO) in Denmark, SAP (NYSE:SAP) in Germany, and Shopify (NASDAQ:SHOP) in Canada.
Nothing exotic sits under the hood. There is no leverage, no options overlay, no crypto exposure, and no single-stock concentration. The predecessor portfolio’s turnover rate was 28%, which points to a patient, low-churn approach if the ETF follows the same playbook.
Why It Exists and How It Stacks Up Harding Loevner has been in business since 1989 and managed approximately $40.9 billion in assets as of December 31, 2025. The firm is known primarily among advisors and institutions for its international and global equity strategies. Wrapping one of those strategies in an ETF gives everyday investors access to the approach with the trading flexibility and typical tax efficiency of the ETF structure.
The competitive picture is a study in trade-offs. The largest passive rival, the Vanguard FTSE Developed Markets ETF, charges a rock-bottom expense ratio of 0.03%, and the iShares Core MSCI EAFE and Schwab International Equity funds sit in the same low-cost neighborhood. LOEV’s 0.70% fee is materially higher. That extra cost buys active stock selection and Harding Loevner’s quality-growth screen, and it is up to investors to decide whether they think that lens will beat a plain index over time.
Who It Might Suit, and the Risks The fund is designed for investors who want dedicated exposure to developed international markets and prefer an actively managed approach over broad-index tracking. It could fit as the international-equity sleeve of a diversified portfolio, alongside U.S. and emerging-markets holdings.
The caveats deserve serious weight. LOEV has no ETF performance history to judge, only two trading days of price data as of this writing. New ETFs often launch with small assets and wide bid-ask spreads, and funds that fail to gather assets sometimes close. The prospectus also flags investment style risk, noting that a quality-growth approach can lag when markets reward value or high current dividends instead. Currency swings, foreign-market volatility, and concentration in a manager’s stock picks are all part of the package.
For now, the things worth watching are how quickly LOEV attracts assets, how tightly it trades, and whether Harding Loevner’s active picks can justify the fee gap versus penny-cheap index rivals over its first full year.
Contact [email protected] for any questions or corrections.
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
July 23 (Reuters) - SAP's (SAPG.DE), opens new tab finance chief said on Thursday that artificial intelligence in enterprise software must move beyond chatbots and coding tools into more complex business processes, where clean data, reliability and cost control matter more than access to the most powerful model.
Companies have poured money into generative AI but are still seeking evidence of broad productivity gains, and SAP is arguing that the returns will come less from general-purpose models than from governed systems embedded in specific business processes.
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CFO Dominik Asam told reporters after SAP's second-quarter results that the "lion's share" of AI token consumption today was spent in "low-hanging fruits" coding assistant and chatbots, where AI's hallucinations matter less because the output carries limited risk if it fails.
But applying AI to finance, supply chain or other core business processes is harder because errors carry over multiple steps, increasing risk against compliance standards, he said.
"If you have some hallucinations in the process, the errors will actually compound statistically over many steps," Asam said, referring to finance workflows. "It requires much more excruciating assurance levels."
The "high-hanging fruit" of AI, Asam said, is less about applying a generic plug-and-play large language model across a company than about building systems around specific businesses.
That requires companies to make their own data usable and governed, so AI can operate with the knowledge of the company. "The idea that AI will solve all these problems if they are messy, legacy data silos is not true," Asam said, adding that such an approach came with "extremely high token costs."
The most advanced model is not always the right one, he said. In practice, he said, companies will use the cheapest reliable tool that can deliver the required outcome safely, whether that is simple software, an open-source model or an expensive frontier model.
Reporting by Leo Marchandon in Gdansk; Editing by Alistair Bell
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Leo's stories appear regularly on the technology and media desk, with a particular focus on France, Ukraine, and Europe's tech build up. He has reported extensively on major players across media & entertainment, artificial intelligence, and digital regulations. A background in tech-related law, Leo started his journalism career in Bordeaux, where he covered the full spectrum of the technology beat, from AI and spacetech to payment systems and regulations. He is now based in Gdansk, covering business, tech and entertainment news across Europe with Reuters.
SAP SE (SAP) Q2 2026 Earnings Call July 23, 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
Mohammed Moawalla - Goldman Sachs Group, Inc., Research Division
Ben Castillo-Bernaus - BNP Paribas, Research Division
S. Kirk Materne - Evercore ISI Institutional Equities, Research Division
Michael Briest - UBS Investment Bank, Research Division
Charles Brennan - Jefferies LLC, Research Division
Frederic Boulan - BofA Securities, Research Division
Toby Ogg - JPMorgan Chase & Co, Research Division
Michael Turrin - Wells Fargo Securities, LLC, Research Division
Presentation
Operator
Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the SAP Q2 and Half Year 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 CFO, Dominik Asam. On this call, we will discuss SAP's second 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 annual report on Form 20-F for 2025. Unless otherwise stated, all numbers on this call are non-IFRS and growth rates and
, /PRNewswire/ -- SAP SE (NYSE: SAP) announced today its financial results for the second quarter ended June 30, 2026.
Current cloud backlog of €22.9 billion, up 27% and up 26% at constant currencies Cloud revenue up 22% and up 24% at constant currencies Cloud ERP Suite revenue up 25% and up 27% at constant currencies Total revenue up 9% and up 11% at constant currencies IFRS operating profit up 8%, non-IFRS operating profit up 7% and up 9% at constant currencies 2026 non-IFRS operating profit outlook updated to reflect dilutive impact from Dremio and Prior Labs acquisitions Christian Klein, CEO:
We delivered another quarter of strong current cloud backlog growth, up 26% at constant currencies. This performance is underpinned by our Autonomous Enterprise strategy with strong momentum across our Autonomous Suite as well as our Business AI Platform. Customers are choosing SAP to enable accurate and compliant AI outcomes grounded in their most critical business processes and data.
Dominik Asam, CFO:
Q2 was another strong quarter, highlighted by sustained current cloud backlog and free cash flow growth against a volatile macroeconomic backdrop. These results reflect our disciplined execution and our ability to deliver against our operating objectives. As part of that execution, we aggressively drive our own transformation into an Autonomous Enterprise, leveraging AI to boost both effectiveness and efficiency at the same time.
Group Results at a Glance
Second quarter 2026
IFRS
Non-IFRS1
€ million, unless otherwise stated
Q2 2026
Q2 2025
∆ in %
Q2 2026
Q2 2025
∆ in %
∆ in % const. curr.
Current cloud backlog
22,929
18,052
27
26
SaaS/PaaS2
6,216
5,045
23
6,216
5,045
23
25
Thereof Cloud ERP Suite2
5,525
4,422
25
5,525
4,422
25
27
Thereof Extension Suite2
692
624
11
692
624
11
12
IaaS2
65
85
–23
65
85
–23
–22
Cloud revenue
6,281
5,130
22
6,281
5,130
22
24
Software licenses revenue
131
194
–32
131
194
–32
–32
Software support revenue
2,439
2,642
–8
2,439
2,642
–8
–7
Cloud and software revenue
8,851
7,966
11
8,851
7,966
11
13
Services Revenue
1,027
1,061
–3
1,027
1,061
–3
–2
Total revenue
9,878
9,027
9
9,878
9,027
9
11
Cloud gross profit
4,664
3,833
22
4,687
3,856
22
23
Cloud gross margin (in %)
74.3
74.7
–0.5pp
74.6
75.2
–0.6pp
–0.7pp
Gross profit
7,228
6,620
9
7,250
6,643
9
11
Gross margin (in %)
73.2
73.3
–0.2pp
73.4
73.6
–0.2pp
–0.2pp
Operating profit (loss)
2,643
2,456
8
2,743
2,568
7
9
Operating margin (in %)
26.8
27.2
–0.5pp
27.8
28.5
–0.7pp
–0.4pp
Profit (loss) after tax
2,209
1,749
26
1,828
1,747
5
Earnings per share - Basic (in €)
1.89
1.45
30
1.59
1.50
6
Net cash flows from operating activities
3,153
2,577
22
Free cash flow
3,002
2,357
27
1 For a breakdown of the individual adjustments see table Non-IFRS Operating Expense Adjustments by Functional Areas in this 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).
Six months ended June 2026
IFRS
Non-IFRS1
€ million, unless otherwise stated
Q1–Q2
2026
Q1-Q2
2025
∆ in %
Q1–Q2
2026
Q1-Q2
2025
∆ in %
∆ in % const. curr.
Current cloud backlog
22,929
18,052
27
26
SaaS/PaaS2
12,112
9,935
22
12,112
9,935
22
27
Thereof Cloud ERP Suite2
10,739
8,673
24
10,739
8,673
24
29
Thereof Extension Suite2
1,373
1,262
9
1,373
1,262
9
12
IaaS2
131
188
–30
131
188
–30
–28
Cloud revenue
12,244
10,124
21
12,244
10,124
21
26
Software licenses revenue
247
377
–34
247
377
–34
–33
Software support revenue
4,908
5,403
–9
4,908
5,403
–9
–6
Cloud and software revenue
17,399
15,904
9
17,399
15,904
9
13
Services Revenue
2,033
2,136
–5
2,033
2,136
–5
–2
Total revenue
19,432
18,040
8
19,432
18,040
8
11
Cloud gross profit
9,114
7,553
21
9,168
7,601
21
25
Cloud gross margin (in %)
74.4
74.6
–0.2pp
74.9
75.1
–0.2pp
–0.4pp
Gross profit
14,201
13,226
7
14,263
13,275
7
11
Gross margin (in %)
73.1
73.3
–0.2pp
73.4
73.6
–0.2pp
–0.3pp
Operating profit (loss)
5,383
4,789
12
5,609
5,024
12
16
Operating margin (in %)
27.7
26.5
1.2pp
28.9
27.8
1.0pp
1.2pp
Profit (loss) after tax
4,155
3,545
17
3,830
3,428
12
Earnings per share - Basic (in €)
3.55
2.98
19
3.31
2.94
12
Net cash flows from operating activities
6,666
6,357
5
Free cash flow
6,250
5,939
5
1 For a breakdown of the individual adjustments see table Non-IFRS Operating Expense Adjustments by Functional Areas in this 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
Current cloud backlog growth benefited from the first-time inclusion of Reltio, which contributed less than 1 percentage point to the constant currencies growth rate.
The sequential decline in both IFRS and non-IFRS operating profit growth is mainly caused by the sequential deceleration of cloud- and total revenue growth, an unusually low stock-based compensation expense in the first quarter, accelerated investments into research and development as well as the dilutive impact of the Reltio acquisition.
IFRS effective tax rate was 26.5% and non-IFRS effective tax rate was 30.8%. The IFRS effective tax rate is lower than the non-IFRS effective tax rate due to tax benefits from tax-exempt income.
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 June 30, 2026, SAP had repurchased 16,280,097 shares at an average price of €161.16 resulting in a purchased volume of approximately €2.6 billion under the program.
Outlook
Financial Outlook
For 2026, SAP is updating its non-IFRS operating profit outlook to reflect the dilutive impact of the Dremio and Prior Labs acquisitions closed in July, which is projected to be in excess of €100 million. SAP now expects:
€11.8 – 12.2 billion non-IFRS operating profit at constant currencies (2025: €10.42 billion), up 13% to 17% at constant currencies. The previous outlook was €11.9 – 12.3 billion. SAP continues to expect:
€25.8 – 26.2 billion cloud revenue at constant currencies (2025: €21.02 billion), up 23% to 25% at constant currencies. €36.3 – 36.8 billion cloud and software revenue at constant currencies (2025: €32.54 billion), up 12% to 13% 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 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 financial outlook for the full-year 2026 is based on the assumption of a near-term de-escalation of the conflict in the Middle East. Other impacts due to the evolving situation in the Middle East are currently unknown and could potentially subject our business to materially adverse consequences should the situation continue or even further escalate beyond its current scope.
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 June 30, 2026 Rates Apply for 2026
In percentage points
Q3 2026
FY 2026
Cloud revenue growth
1.5pp
-1.5pp
Cloud and software revenue growth
1.0pp
-1.5pp
Operating profit growth (non-IFRS)
0.0pp
-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 second quarter, customers around the globe continued to choose the "RISE with SAP" journey. These customers included: ACCIONA, AIRBUS, City of Osnabrueck, Electrolux, Eli Lilly, Gilead Sciences, HARTING, Hindustan Zinc, The Humboldt University of Berlin, JET, Ørsted, Samsonite Group, Shell, The Shoprite Group, SIGNAL IDUNA, SPAR (CH), Sun Pharma, Vonovia.
Gooroo Crédito, Modular Data Centers, Parloa, Tarrant County, Techem chose "SAP GROW".
AMADEUS, BBC, Booking.com, GOL, Oki Electric Industry, PwC, University Hospital Zurich, Vale chose SAP's AI and data solutions.
Döhler, FANUC Europe, Fonterra, Natura Cosméticos, SABESP, TEAG went live on SAP solutions in the second quarter.
In the second 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 Australia, Singapore and the U.S. were particularly strong.
On April 10, SAP announced that it has extended the contract of Gina Vargiu-Breuer, Chief People Officer of SAP SE, for another three years until January 31, 2030.
On April 22, SAP and Google Cloud announced a new partnership that will help marketers put AI agents to work at scale.
On May 4, SAP and Dremio announced that SAP has agreed to acquire Dremio, an open, high-performance data lakehouse platform built to accelerate agentic AI and expand SAP Business Data Cloud's ability to combine SAP and non-SAP data to more effectively run analytical and AI workloads in real time. The acquisition was completed on July 6.
In addition, SAP and Prior Labs, the pioneer of Tabular Foundation Models (TFMs), announced that they have entered into a definitive agreement for SAP to purchase Prior Labs, accelerating SAP's success in TFMs that started with SAP-RPT-1, and bringing one of the world's leading TFM research teams into the SAP family. The acquisition was completed on July 16.
On May 5, SAP held its Annual General Meetings of Shareholders, with all agenda items achieving strong shareholder support.
On May 7, SAP announced that it has completed the acquisition of Reltio, a leading master data management (MDM) software provider.
On May 12, SAP introduced the Autonomous Enterprise to help enhance the world's most critical business workflows, so that humans and AI work together to meet the accelerating demands of global business profitably, strategically and safely. In addition, SAP also announced strategic partnerships with Anthropic, Amazon Web Services, n8n, NVIDIA, Parloa, Palantir and Accenture.
On May 28, SAP rated A1 (stable) by Moody's and A+ (stable) by S&P Global, successfully completed a Eurobond transaction with a total volume of €3.5 billion across four tranches with tenors of two, three, five and seven years. The net proceeds from this transaction are used for general corporate purposes, including (re)financing of recently announced acquisitions.
On July 9, SAP announced that it welcomes the European Commission's decision to conclude its competition investigation into certain aspects of SAP's on-premise maintenance and support practices through a commitment decision, following a constructive and cooperative dialogue.
Additional Information
This quarterly statement and all information therein are preliminary and unaudited. Due to rounding, numbers may not add up precisely. The Q2 2026 Quarterly Statement can be downloaded from: https://www.sap.com/investors/sap-2026-q2-statement.
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 Thursday, July 23rd 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 first 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 more information, press only:
Marcus Winkler +46 (6227) 7-67497 [email protected], CET
Daniel Reinhardt +49 (6227) 7-40201 [email protected], CET
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.
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.
[1] The Q2 2026 results were also impacted by other effects. For details, please refer to the disclosures on page 22 of this document.
[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).
SAP SE (NYSE:SAP) posted its second-quarter results after Thursday’s closing bell, missing analyst estimates on the top and bottom lines. Here’s a look at the key figures from the quarter.
SAP stock is moving. Watch the price action here. SAP reported quarterly earnings of $1.85 per share, which missed the consensus estimate of $2.01 by 7.96%, according to Benzinga Pro data.
Quarterly revenue came in at $11.48 billion, which just missed the Street estimate of $11.49 billion and was up from $10.24 billion in the same period last year.
SAP reported the following second quarter highlights:
“We delivered another quarter of strong current cloud backlog growth, up 26% at constant currencies. This performance is underpinned by our Autonomous Enterprise strategy with strong momentum across our Autonomous Suite as well as our Business AI Platform,” said CEO Christian Klein.
Looking AheadSAP expects sees constant currencies total revenue growth in 2026 to remain at similar levels as in 2025 (10.6%) and to accelerate in 2027.
SAP Stock Price Activity: According to data from Benzinga Pro, SAP stock was up 1.52% to $148.60 in Thursday’s extended trading.
Photo: Shutterstock
Market News and Data brought to you by Benzinga APIs
Key Takeaways SAP reports Q2 2026 results on July 23 as cloud growth, AI progress and margins remain in focus.SAP is seeing strong demand for cloud ERP, AI offerings and S/4HANA migrations supporting growth.SAP faces slower cloud tailwinds, geopolitical risks and declining software support revenue. SAP SE (SAP - Free Report) is scheduled to post results for the second quarter of 2026 on July 23, after market close.
The Zacks Consensus Estimate for second-quarter earnings is $2 per share, indicating a 17.6% increase from the year-ago reported number. The Zacks Consensus Estimate for revenues is currently pinned at $11.4 billion, implying a 11.4% jump from the year-ago figure.
SAP's earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 6.5%. Shares of the company have plunged 48.2% in the past year compared with the Computers - Software industry's loss of 29.4%.
Image Source: Zacks Investment Research
Cloud Momentum, AI Strategy & Margins Under the SpotlightSAP’s cloud-first strategy, successful migration of customers to subscription-based offerings and disciplined cost management are likely to have cushioned its performance in the second quarter. The rapid adoption of Rise with SAP and Grow with SAP solutions is driving sales, while SAP Business AI, Business Data Cloud and Sovereign Cloud are gaining solid traction. In the first quarter, the cloud backlog rose 25% and cloud revenue increased 27%. Cloud ERP Suite revenue accelerated 30%, driven by strong demand, with more than 70% of order entry coming from public cloud solutions.
Another major focus will be customer adoption of SAP S/4HANA, the company's next-generation ERP platform. Every successful migration not only increases cloud revenue but also creates opportunities to cross-sell additional SAP products. Key indicators include the number of S/4HANA customers, cloud migration rates, new enterprise wins and expansion within existing customers. AI monetization strategy is also paying off. SAP believes broader adoption of its AI-powered autonomous suite across industries will accelerate long-term growth. It is leveraging AI across engineering, customer support and sales to boost productivity and streamline operations, targeting €2 billion in efficiencies by 2028 through AI-driven transformation.
In May, SAP made plans to make its sustainability AI agents generally available by the end of 2026. Currently in beta, the agents have delivered strong results, including a 50% reduction in packaging compliance review time, scenario simulations cut from a day to 20 minutes, up to 80% less manual GHS classification effort and more than 20% fewer packaging compliance errors.
SAP's frequent acquisitions strengthen its master data governance capabilities across SAP and non-SAP environments, while its open-platform strategy protects proprietary expertise and enables partner and customer innovation. In May, SAP agreed to acquire Prior Labs to strengthen its leadership in Tabular Foundation Models. As part of the deal, SAP will invest more than €1 billion over the next four years to help Prior Labs grow into a leading AI research lab focused on structured business data, while continuing to operate independently. SAP also agreed to acquire Dremio to strengthen SAP Business Data Cloud with faster, real-time analytics and AI capabilities by better integrating SAP and non-SAP data. Financial details were not disclosed, and the deal is awaiting regulatory approval.
Profitability has become an equally important investment theme. SAP has undertaken significant restructuring efforts over the past two years aimed at improving operational efficiency while reallocating resources toward high-growth cloud and AI initiatives. In the first quarter, non-IFRS cloud gross profit increased 20% year over year, while operating profit rose 17%, boosting the margin to 30%.
However, quarter-specific cloud revenue tailwinds may lead to slower growth in the second quarter. Additionally, geopolitical tensions, especially the Middle East conflict, could disrupt supply chains, delay customer spending decisions and adversely impact deal activity. While SAP is not fully protected from these disruptions, the increased economic uncertainty also makes it more difficult to accurately predict the company’s quarterly performance.
Although SAP maintains a strong position and pipeline in this area, these more complex, regulated deals—particularly in government, defense and sensitive industries—take longer to negotiate, deploy and scale compared to standard cloud offerings. Some of its businesses also rely on an operational cyberspace, which exposes them to issues resulting from cybersecurity breaches, affecting both their reputation and the time and resources needed to resolve legal claims. Meanwhile, complex data integration, hybrid ERP environments and strict compliance demands make AI implementation more difficult, potentially slowing enterprise adoption.
Furthermore, software support revenue is likely to decline faster as more customers shift to the cloud.
What Our Model Predicts for SAPOur proven model does not predict an earnings beat for SAP this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is not the case here.
SAP has an Earnings ESP of -1.25% and a Zacks Rank #4 (Sell) at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks With Favorable CombinationHere are some companies with the right combination of elements to post an earnings beat in their upcoming releases.
Cincinnati Financial Corporation (CINF - Free Report) has an Earnings ESP of +7.22% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
CINF is set to report quarterly numbers on July 27, after market close. The Zacks Consensus Estimate for Cincinnati Financial’s second-quarter 2026 earnings is pegged at $1.82 per share, indicating a year-over-year decrease of 7.6%. Its earnings beat estimates in each of the past four quarters, delivering an average surprise of 27.5%. The Zacks Consensus Estimate for CINF's revenues is pegged at $3.01 billion, indicating an 8.4% increase from the year-ago reported figure.
The Allstate Corporation (ALL - Free Report) has an Earnings ESP of +10.88% and a Zacks Rank #3 at present. ALL is gearing up for quarterly results on Aug. 5, after market close.
The Zacks Consensus Estimate for Allstate’s second-quarter 2026 earnings is pegged at $5.33 per share, indicating a year-over-year decrease of 10.3%. Its earnings beat estimates in each of the last four reported quarters, delivering an average surprise of 51.1%. The Zacks Consensus Estimate for ALL's revenues is pegged at $17.73 billion, indicating a 5.7% increase from the year-ago reported figure.
Chubb Limited (CB - Free Report) has an Earnings ESP of +1.09% and a Zacks Rank of #3 at present. CB is set to report quarterly earnings on July 21, after market close.
The Zacks Consensus Estimate for Chubb’s second-quarter 2026 earnings is pegged at $6.6 per share, indicating a year-over-year increase of 7.5%. Its earnings beat estimates in each of the last four reported quarters, delivering an average surprise of 12.4%. The Zacks Consensus Estimate for Chubb's revenues is pegged at $15.89 billion, indicating a 7.3% increase from the year-ago reported figure.
Tento týden odstartuje výsledková sezóna v ČR i Německu. V Česku ji tradičně zahájí v pátek Moneta. V Německu zveřejní své hospodářské výsledky softwarová společnost SAP, automobilový koncern Volkswagen a provozovatel burzy Deutsche Borse. V USA představí svá čísla celkem 86 firem z indexu S&P 500, včetně technologického konglomerátu Alphabet, automobilky a energetické společnosti Tesla, výrobce a návrháře čipů Intel, tabákové společnosti Philip Morris International či softwarové firmy ServiceNow.
Přehled vybraných společností reportujících své výsledky v tomto týdnu (zdroj: síť X - Earnings Whispers)
Pondělí (20. července) USA (před trhem): Domino’s Pizza
Úterý (21. července) Evropa (před trhem): Novartis
USA (před trhem): Charles Schwab, Danaher, 3M, General Motors, Marsh & McLennan
USA (po trhu): Capital One Financial, Interactive Brokers, Chubb
Středa (22. července) Evropa (před trhem): Banco Santander, Iberdrola
USA (před trhem): Philip Morris International, GE Vernova, AT&T, CME Group, Moody‘s
Německo (po trhu): Deutsche Boerse
USA (po trhu): Alphabet, Tesla, Texas Instruments, IBM, ServiceNow
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.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
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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.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Frankfurtská burza uzavřela úterní obchodování v mírném zisku. Největší růst zaznamenaly akcie Brenntag (+2,4 %), dále Siemens Energy (+2,3 %) a Zalando (+2,1 %). Naopak nejvíce oslabily akcie Siemens Healthineers (-3,6 %), SAP (-2,8 %) a Henkel (-2,0 %).
Siemens Energy (+2,3 %) zahajuje přípravy na přechod k nezávislé značce. Současné entity Siemens Energy a Siemens Gamesa Renewable Energy mají být nově sjednoceny pod názvem Omterra, přičemž rebranding začne ještě letos a bude probíhat postupně. Strategické směřování firmy se podle společnosti pro zákazníky, partnery ani zaměstnance nemění.
Analytik Sam England z Berenberg snížil doporučení pro akcie Siemens Healthineers (-3,6 %) z „buy“ na „hold“. Cílovou cenu stanovil na 39 EUR, tedy zhruba 15 % nad poslední cenou.
Evropský index STOXX 600 se pohybuje v kladném teritoriu a posiluje o 0,15 %. V rámci sektorů se nejvíce daří materiálům (+1,31 %), energetice (+1,07 %) a utilitám (+0,95 %). Naopak největší ztráty zaznamenává zdravotnictví (-1,60 %), zbytná spotřeba (-0,92 %) a nezbytná spotřeba společně s komunikačními službami shodně (-0,28 %).
Index DAX +0,13 % na 25147,03 b. Nejsilnější akcie Změna Nejslabší akcie Změna Brenntag (BNR) +2,4 % Siemens Healthineers (SHL) -3,6 % Siemens Energy (ENR) +2,3 % SAP (SAP) -2,8 % Zalando (ZAL) +2,1 % Henkel (HEN3) -2,0 % Infineon Technologies (IFX) +2,1 % Scout24 SE (G24) -1,8 % E.ON (EOAN) +1,9 % Adidas (ADS) -1,6 %
Zdroj: Bloomberg
SAP , Europe's largest software maker, will make it easier for its customers to switch to rival service providers or end their contracts, EU antitrust regulators said on Thursday as part of concessions aimed at staving off a possible fine.
SAP is a strong buy after a near 50% stock price crash, offering an attractive entry point. SAP's transformation is accelerating, with cloud revenue up 27% and a growing backlog. AI disruption is viewed as an opportunity, not a threat, due to SAP's product stickiness and adaptive billing models.
Německý index DAX v úvodu obchodování mírně oslabuje. Nejvíce ztrácí akcie Siemens Energy (-5,9 %), a to poté, co společnost Barclays snížila cílovou cenu ze 130 EUR na 110 EUR a investiční doporučení z „Equal Weight“ na „Underweight“.
Index DAX -0,18 % na 25770,17 b. Nejsilnější akcie Změna Nejslabší akcie Změna Munich Re (MUV2) +2,3 % Siemens Energy (ENR) -5,9 % Beiersdorf AG (BEI) +2,3 % Infineon Technologies (IFX) -4,6 % SAP (SAP) +2,2 % HOCHTIEF AG (HOT) -2,5 % Fresenius Medical Care (FME) +2,2 % Siemens (SIE) -1,4 % Hannover Rueck SE (HNR1) +2,1 % Commerzbank AG (CBK) -0,2 % Zdroj: Bloomberg
Jakub Němec
Fio banka, a.s.
Prohlášení
Související odkazy Frankfurt uzavřel první polovinu roku v zelených číslech Frankfurtská burza otevírá v kladném teritoriu Německé akcie ve čtvrtek vzrostly Index DAX na začátku obchodování klesá o 1 %, výsledky zveřejnily Siemens Energy, Munich Re, Bayer Frankfurtská burza uzavřela týden v červených číslech
European stocks are having their loudest year in a decade, and the Vanguard FTSE Europe ETF (NYSEARCA:VGK) is the vehicle most retail investors will consider. VGK trades around $90, up 18% over the past year, while every US finance headline focuses on hyperscaler capex and AI compute.
If you want to bet that the next dollar of global equity flows leaves the Magnificent Seven for elsewhere, VGK is the cleanest lever.
What you are actually buying VGK tracks the FTSE Developed Europe All Cap Index, a broad slice of large, mid, and small caps across the UK, France, Switzerland, Germany, the Nordics, and southern Europe. You get dividends from mature multinationals like Nestlé (OTCMKTS:NSRGY), Novo Nordisk (NYSE:NVO | NVO Price Prediction), ASML (NASDAQ:ASML), Shell (NYSE:SHEL), HSBC (NYSE:HSBC), LVMH (OTCMKTS:LVMUY), and SAP (NYSE:SAP), plus whatever earnings growth European corporates can squeeze out, plus or minus currency moves. It skips options overlays, leverage, and factor tilts. What you own is the market in euros and pounds wrapped in a US ticker.
That last part matters more than most holders realize. With EUR/USD at 1.1437, a meaningful chunk of VGK’s recent gains is currency, not earnings. JPMorgan’s 2026 outlook notes the US dollar is still roughly 10% overvalued versus fair value, and a weaker dollar has already contributed about seven percentage points to international equity returns. Own VGK and you are quietly short the dollar too.
Does the anti-Mag Seven trade actually work Year to date, VGK is up 9.5%. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 10.7%. The Invesco QQQ Trust (NASDAQ:QQQ) is up 18%. VGK has kept pace with the S&P and lagged the Nasdaq 100 by a wide margin, which is roughly what you should expect when AI capex is driving US indexes.
Over five years VGK returned 56% against SPY’s 85% and QQQ’s 107%. Over ten years it is 172% versus SPY at 323% and QQQ at 622%. Anyone who used Europe as their core got half the ten-year return of a plain S&P index fund. The trade is a diversifier, not a replacement.
The 2026 setup is friendlier than it has been in years. WTI crude sits at $68, down 25% over the past month from April highs near $115, which eases input-cost pressure on European industrials and banks. Franklin Templeton expects European equities, emerging markets, and US small caps to lead in 2026. Morningstar makes a similar case, arguing investors should reduce dependence on the concentrated bet that is the Magnificent Seven.
The tradeoffs nobody puts on the fact sheet Structural growth is slower. Vanguard pegs eurozone real GDP growth at around 1% in 2026. That is the ceiling on domestic earnings, and it is why the US equity premium versus international is still 34%, well above its 19% long-run average. Currency cuts both ways. The euro giveth and taketh away. A dollar rebound would claw back recent gains even if European earnings hold. Europe has faked breakouts before. 2015, 2017, 2021. Each time the region teased leadership and handed it back to US tech within eighteen months. Who it fits, who should skip it VGK earns a 10% to 20% sleeve of the equity side of a portfolio for investors who already own an S&P 500 or total-market core and want to trim AI concentration risk. With 10-year Treasuries at 4.5% and US mega-cap multiples where they are, the diversification math has not been this reasonable since 2014. Retirees looking for developed-markets ballast get roughly what they want at Vanguard’s near-zero fee structure.
Skip VGK if you are trying to beat the S&P outright, or if you cannot stomach three-year stretches where the dollar strengthens and European banks go nowhere. The key risk is currency. Half of what has made VGK work in 2026 is the weak dollar, and if that reverses, so does the story. Own it as a hedge against US concentration, size it accordingly, and stop expecting it to outrun US megacap tech.
Contact [email protected] for any questions or corrections.
Porsche AG (1,98 %) zvažuje další úspory propuštěním 4 tis. zaměstnanců v SRN.
Continental (- 1,87 %) podepsal dohodu o prodeji divize ContiTech investičnímu fondu Lone Star Funds. Kupní cena EUR 4 mld. může být navýšena o dalších EUR 250 mil. podle budoucích výsledků společnosti. Continental plánuje přibližně EUR 2,5 mld. vyplatit zpět akcionářům zpětným odkupem akcií, anebo mimořádnou dividendou.
Merck (0,21 %) obdržel snížení investičního doporučení HSBS na stupeň „Hold“ s cílovou cenou € 170.
Index DAX +0,14 % na 25814,55 b.
Nejsilnější akcie Změna Nejslabší akcie Změna Rheinmetall 2,25 % Infineon Technologies -3,04 % SAP SE
1,82 % HOCHTIEF AG -2,66 % Siemens Healthineers 1,4 % Siemens Energy -2,03 % Zalando SE 1,37 % Continental AG -1,97 % Airbus SE 1,31 % RWE AG -0,97 %
Marek Kameništiak
Fio banka, a.s.
Prohlášení
, /PRNewswire/ -- SAP SE (NYSE: SAP) today announced its intent to make a one-time $1,000 contribution to the Trump Account of each eligible child of a U.S.-based SAP employee. SAP's planned contribution is designed to complement the federal government's seed contribution, doubling the initial investment for eligible children of U.S.-based SAP employees and supporting families as they build toward long-term financial security.
Trump Accounts, also known as 530A Accounts, were established under the One Big Beautiful Bill Act as tax-advantaged investment accounts designed to encourage long-term savings and wealth creation for American children. Under the program, eligible U.S. citizen children born between January 1, 2025, and December 31, 2028, will receive a one-time $1,000 federal seed contribution to establish an account.
Building Brighter Futures: SAP Supports Family Financial Security and Digital Opportunity
"As the United States marks 250 years of independence, SAP recognizes the country's long tradition of innovation and opportunity and the role these values continue to play in shaping the future," said Christian Klein, chief executive officer of SAP SE. "With this investment in Trump Accounts, we are helping SAP America families build a foundation for financial confidence, long-term opportunity and a stronger future."
In addition to this initiative, SAP continues to invest in the people and communities that power its business. Through digital skills training, STEM and AI education, university partnerships, workforce development programs, employee volunteerism and nonprofit collaborations, SAP is helping expand access to opportunity and prepare students, workers and families for the future of the digital economy.
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 https://www.sap.com/.
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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Německé akcie měřené indexem DAX (+0,78 %) zakončily poslední seanci toho týdne v zelených číslech.
Z jednotlivých titulů byl v pozornosti investorů Siemens poté, co Kepler Cheuvreux zvýšil doporučení na „hold“ z „reduce“ a cílovou cenu zvýšil na 280 EUR z předchozích 255 EUR. Analytik William Mackie změnu zdůvodnil oceněním akcie před výsledky za 3Q, které Siemens zveřejní 6. srpna. Akcie Siemens připsaly 2,6 %. Analytici z Morgan Stanley zároveň navýšili cílovou cenu akcií E.ON na 22 EUR z 21,50 EUR a ponechali doporučení „overweight“. Banka očekává v aktuální výsledkové sezoně u utilit převážně pozitivní výsledky. Akcie E.ON +4,4 %.
Rheinmetall vyčíslil dopad zrušení německého námořního kontraktu na šest protiponorkových lodí F126 až na 300 mil. EUR tržeb v roce 2026. Analytička Marie-Ange Riggio z Morgan Stanley označila aktualizaci za uklidňující, protože firma nadále čeká meziroční růst tržeb přes 60 %. Banka JPMorgan naopak snížila cílovou cenu na 1350 EUR z 1500 EUR a upozornila na vyšší realizační rizika, přesto Rheinmetall dál vnímá jako nejrychleji rostoucí obrannou firmu ve svém pokrytí. Akcie společnosti Rheinmetall odepsaly 1,9 %.
Evropský index STOXX 600 se pohybuje v kladném teritoriu a posiluje o 0,71 %. V rámci sektorů se nejvíce daří IT (+2,38 %), utilitám (+1,69 %) a průmyslu (+1,37 %). Naopak největší ztráty zaznamenává nezbytná spotřeba (-0,20 %), zdravotnictví (-0,17 %) a zbytná spotřeba společně s realitami shodně (-0,02 %).
Index DAX +0,78 % na 25779,31 b. Nejsilnější akcie Změna Nejslabší akcie Změna E.ON (EOAN) +4,4 % Scout24 SE (G24) -2,0 % HOCHTIEF AG (HOT) +2,7 % Rheinmetall AG (RHM) -1,9 % Siemens (SIE) +2,6 % SAP (SAP) -1,5 % GEA Group AG (G1A) +2,3 % Merck (MRK) -1,3 % Daimler Truck Holding AG (DTG) +2,2 % Qiagen (QIA) -1,0 %
Zdroj: Bloomberg
Německé akcie měřené indexem DAX otevírají poslední seanci týden pozitivně naladěny.
Airbus se spolu s dalšími investory podílel na investičním kole ve výši 1,2 mld. USD pro německou obranně-technologickou firmu Quantum Systems. Firma chce peníze využít na rozvoj a dodávky autonomních systémů poháněných umělou inteligencí pro vzduch, zemi i moře. Transakce ocenila Quantum Systems na 8 mld. USD po započtení nové investice. Vedle Airbusu investici vedly také Blackstone, Noteus a Advent. Akcie Airbus +2 %.
RBC Capital Markets zvýšila investiční doporučení pro GEA Group na „outperform“ a stanovila cílovou cenu 70 EUR. Akcie GEA Group +2,2 %.
Index DAX +0,84 % na 25795,08 b. Nejsilnější akcie Změna Nejslabší akcie Změna HeidelbergCement (HEI) +2,5 % Rheinmetall AG (RHM) -1,2 % GEA Group AG (G1A) +2,2 % SAP (SAP) -1,0 % Deutsche Bank (DBK) +2,1 % Scout24 SE (G24) -0,9 % Airbus (AIR) +2,0 % Fresenius Medical Care (FME) -0,8 % E.ON (EOAN) +2,0 % Qiagen (QIA) -0,7 %
Zdroj: Bloomberg
Marek Krejčiřík
Fio banka, a.s.
Prohlášení
Související odkazy Německé akcie uprostřed týdne mírně posílily Frankfurtská burza otevírá druhé pololetí nepatrným růstem Německé akcie klesly o téměř 1 % Frankfurtská burza na začátku obchodování mírně posiluje Frankfurtská burza uzavřela úterní seanci na zelené nule
Peter Oppenheimer, Goldman Sachs’ Chief Global Equity Strategist, went on Bloomberg on July 1, 2026 and pointed at a statistic most US-focused investors have missed: European equities have kept pace with the S&P 500 through the first half of the year, despite carrying a fraction of the tech weight.
The tortoise is running even with the hare, though it is still a little behind.
The hyperscaler capex is leaking across the Atlantic Oppenheimer’s core argument is that AI infrastructure spending does not stay bottled up inside five US megacaps. “This massive ramp up in spending that the hyperscalers have been doing has been, and I think will continue to trickle out into some better earnings growth into other sectors,” he said. The largest beneficiary sits in the Netherlands.
ASML (NASDAQ:ASML | ASML Price Prediction) is the sole supplier of EUV lithography, the machinery that etches the transistors AI accelerators need. The stock trades near $1,839 after a 71.98% year-to-date run. CEO Christophe Fouquet told investors in April that “demand for chips is outpacing supply” and raised full-year guidance to €36 to €40 billion. Backlog exited 2025 at $45.06 billion. The 2030 revenue opportunity sits at €44 to €60 billion, disclosed in the company’s most recent SEC filing.
STMicroelectronics (NYSE:STM) is the other AI spillover surprise, up 189.88% year to date. CEO Jean-Marc Chery guided datacenter revenue “nicely above $500 million for 2026 and well above $1 billion for 2027,” tied to a multi-year commercial engagement with AWS that includes warrants on up to 24.8 million shares. Infineon Technologies, the German power-chip maker whose silicon carbide converters sit inside every AI rack’s power shelf, is up 115.26%.
The valuation gap is doing work Oppenheimer’s second argument is arithmetic. Even after adjusting for Europe’s lighter software exposure and fewer megacap platforms, comparable European companies trade at a discount to US peers. ASML carries a trailing PE of 61 and a forward PE of 50, a discount to what US investors pay for AI infrastructure exposure with a fraction of the monopoly.
SAP (NYSE:SAP) shows the discount at work. The stock is down 35.48% year to date after a Q1 earnings EPS of $1.72 missed the $1.92 estimate. But cloud revenue still grew 27% at constant currencies, and CEO Christian Klein noted SAP Business AI “was included in two thirds of our Q4 cloud order entry.”
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and ASML didn't make the cut. Grab the names FREE today.
The stock now trades at a forward PE of 19x with analyst targets averaging $254.
Profit growth is the new rate cut With ECB and Fed easing pushed further out, Oppenheimer argues the marginal buyer needs earnings, not liquidity. “The main driver of equity markets is going to be profit growth through the remainder of the cycle. I think Europe stacks up reasonably well,” he said. He also flagged the shock statistic: “Europe holding up as well, despite all of our focus on AI, much lower exposure to technology. It’s quite an amazing statistic, isn’t it?”
Part of that is value ballast. Eni (NYSE:E), the Italian integrated energy major, is up 26.37% year to date. CEO Claudio Descalzi raised FY26 cash flow guidance to €13.8 billion and expanded the buyback program to €2.8 billion. Europe generates cash from sectors the US market has largely written off, and it pays it back.
What it means for a US-heavy portfolio Oppenheimer expects Europe to deliver “more moderate index gains” than the US. The pitch is diversification with the AI thesis intact. If your view is that hyperscaler capex keeps climbing, the picks-and-shovels story does not end at the New Jersey border.
The Dutch lithographer, the German power-chip maker, and the Franco-Italian sensor company deliver that diversification without abandoning the AI thesis.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and ASML didn't make the cut. Grab the names FREE today.
SAP said it would exercise greater discipline when it comes to hiring and travel expenses as it seeks to redeploy workers in roles where they can make better use of AI.
HANOI, Vietnam--(BUSINESS WIRE)---- $FPT #FPT--FPT announced today that it has achieved SAP silver partner status in the SAP® PartnerEdge® program, recognizing the company's proven customer success, differentiated SAP offerings, and ongoing commitment to SAP certifications. The recognition reflects FPT's growing presence in Europe for SAP technology ecosystems and its experience supporting leading enterprises, including E.ON, RWE, and IONITY, across SAP transformation, application management, and integration.
WILMINGTON, Del.--(BUSINESS WIRE)---- $SAP #DigitalTransformation--SCM CHAMPS becomes an Official SAP Partner, delivering trusted SAP-powered supply chain transformation for North American enterprises.
FRANKFURT, Germany--(BUSINESS WIRE)---- $III #AI--Enterprises in Germany are modernizing SAP environments through more controlled S/4HANA transitions, using AI-enabled automation, ISG says.
Leading furniture retailer chooses SAP-native sales execution platform to enable scalable growth
WILLIAMSBURG, Va.--(BUSINESS WIRE)--DataXstream, an award-winning SAP Endorsed App Partner focused on complex sales and order management, announced that Gardner White, a Michigan-based, family-owned retailer with more than 100 years of history, has selected OMS+ to support its sales and order management operations as part of its SAP S/4 HANA Public Cloud transformation.
"Gardner White operates one of the most sophisticated retail selling models in the industry. Most order management systems simply aren't built to handle this. OMS+ is." — Sean Mitchell, Sr VP of Sales, DataXstream
Share As part of its digital transformation journey, Gardner White was exploring a modern, mobile and intuitive sales order management tool that enhances its customer experience and supports scalable rapid growth.
Gardner White turned to DataXstream and has selected OMS+, an SAP-native sales execution platform that is purpose-built for complex, high-touch selling environments. OMS+ operates directly within SAP S/4 HANA Public Cloud and will enable Gardner White to unify sales, order management, pricing, inventory visibility and fulfillments onto a single, real-time platform, without introducing additional systems or data silos.
“Gardner White operates one of the most sophisticated retail selling models in the industry. Most order management systems simply aren’t built to handle this. OMS+ is,” said Sean Mitchell, Sr VP of Sales for DataXstream. “We're proud to partner with their team and give their associates the tools they need to deliver an exceptional customer experience from first conversation to final delivery.”
About DataXstream
DataXstream is an SAP® Endorsed App Partner dedicated to building solutions on emerging technologies that maximize the ROI of our customers’ SAP® infrastructure. As members of the SAP® marketplace, DataXstream’s products, including OMS+ and OMS+ Cloud, are available in the SAP® Store. OMS+ revolutionizes the sales and customer buying experience by empowering organizations with intelligent, flexible, and future-ready order management solutions.
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.
MONTRÉAL, June 18, 2026 (GLOBE NEWSWIRE) -- Saputo Inc. (TSX: SAP) today announced the completion of the previously disclosed sale of an 80% interest in its Dairy Division (Argentina) to Gloria Foods, the dairy and food holding company of Grupo Gloria.
In connection with the closing, Saputo received net proceeds of approximately $543 million ($400 million USD) and retains a 20% ownership interest in the business.
Following the transaction, the Argentina platform will continue to manufacture select products for Saputo, supporting Saputo’s international product portfolio.
About Saputo
Saputo, one of the top ten dairy processors in the world, produces, markets, and distributes a wide array of dairy products of the utmost quality, including cheese, fluid milk, extended shelf-life milk and cream products, cultured products, and dairy ingredients. Saputo is a leading cheese manufacturer and fluid milk and cream processor in Canada, and a leading dairy processor in Australia. In the USA, Saputo is a leading cheese producer and extended shelf-life and cultured dairy products manufacturer. In the United Kingdom, Saputo is the leading manufacturer of branded cheese and dairy spreads. In addition to its dairy portfolio, Saputo produces, markets, and distributes a range of dairy alternative products. Saputo products are sold in several countries under market-leading brands, as well as private label brands. Saputo Inc. is a publicly traded company, and its shares are listed on the Toronto Stock Exchange under the symbol “SAP”. Follow Saputo’s activities at Saputo.com or via Facebook, Instagram, and LinkedIn.
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On June 22, 2026, SAP SE SAP shares fell 3.7% to $149.51, continuing a downward trend that has seen the stock decline 37.4% year-to-date and 47.1% over the past year. The stock has traded in a range between $149.19 and $313.28 over the last 52 weeks.
GF Value™ verdict: Current price represents a 41.4% discount to the GF Value™ of $255.09.GF Score™: 77/100, indicating an above-average potential for long-term returns.Most notable signal: Financial Strength rated 8/10, suggesting robust financial health. Is SAP Overvalued or Undervalued? The current price of SAP SE at $149.51 is significantly below the GF Value™ of $255.09, marking the stock as 41.4% undervalued. This disparity indicates a potential buying opportunity, especially considering the GF Valuation label of "Significantly Undervalued." However, potential investors should exercise caution, as the stock's recent performance and market trends could introduce risks. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
With a substantial margin of safety, the current valuation suggests that SAP SE could be an attractive proposition for value-seeking investors, provided they are willing to navigate the risks associated with the stock's recent volatility.
How Does SAP's Valuation Compare to Its History? MetricCurrentHistorical P/E (TTM)20.2x33.7x Forward P/E17.6xN/A The current P/E (TTM) of 20.2x is notably lower than its 5-year median P/E of 33.7x, indicating that the stock is trading at a significant discount to its historical valuation. This analysis aligns with the GF Value™ verdict, reinforcing the notion that SAP SE is undervalued in the market presently.
What Does SAP's GF Score™ Tell Us? MetricRating GF Score™77 Financial Strength8/10 Profitability8/10 Growth8/10 Valuation4/10 Momentum2/10 SAP's GF Score™ of 77 suggests a solid investment potential based on its financial health, profitability, and growth prospects. The strongest areas are Financial Strength, Profitability, and Growth, all rated at 8/10. However, the stock’s low Valuation rank of 4/10 and Momentum rank of 2/10 indicate that while the company possesses strong fundamentals, its market performance and valuation are currently lagging. This divergence highlights an opportunity for value investors while also stressing the need for caution regarding price momentum.
What Are Insiders Doing with SAP Stock? There have been no insider transactions in the last three months for SAP SE. This lack of activity might signal that insiders are not currently making significant moves, which could reflect their confidence in the stock’s long-term prospects or a wait-and-see approach due to recent market volatility.
What This Means for Investors Based on the analysis of GF Value™, SAP SE is currently undervalued. The significant difference between the current price and GF Value™ suggests a potential opportunity for long-term investment, though market conditions and momentum should be considered carefully.
For the complete analysis, visit the SAP SE SAP stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is SAP's GF Score™?
SAP has a GF Score™ of 77, indicating an above-average potential for long-term returns based on key financial metrics.
Is SAP overvalued or undervalued?
SAP is currently undervalued, with a GF Value™ of $255.09 compared to its current price of $149.51, reflecting a 41.4% margin of safety.
What is SAP's P/E ratio?
SAP's P/E ratio is 20.2x, which is significantly lower than its 5-year median P/E of 33.7x, indicating that the stock is trading at a discount to its historical valuation.
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].
Wall Street rallied toward record highs Monday as President Donald Trump declared the Strait of Hormuz reopened and oil prices plunged, yet a cluster of the market’s biggest names are still trading well below their pre-war levels.
West Texas Intermediate fell 5.4% on Monday to about $80 a barrel, now trading more than 30% below its wartime peak, as the U.S. and Iran moved to end the conflict and reopen the strait.
Using Benzinga Pro, a screen of stocks worth more than $100 billion turns up 20 names still trading below their February 27 close, the last session before the war began. Each remains down by 15% to 24%.
What Trump Said On IranTrump announced the agreement Sunday on Truth Social, clearing the reopening of the waterway and lifting the United States naval blockade.
"The Deal with the Islamic Republic of Iran is now complete. … Ships of the world, start your engines. Let the oil flow!"
On Monday, Trump added the relief was already reaching the water.
“Ships are starting to move, many loaded up with Oil, out of the Strait,” he wrote on Truth Social on Monday, describing a southern shipping route he called safe and secure. Roughly a fifth of the world's oil moves through the strait. Its closure since late February had built a war premium into every barrel.
The formal peace agreement is now set to be signed Friday in Switzerland. Vice President JD Vance said the full text would be released this week.
Which Stocks Lagged During Iran War?According to Benzinga Pro, the stocks still trading below their February 27, 2026 close cluster in consumer staples, healthcare, communication services, software and mining.
China is the world's biggest crude importer, so the Hormuz shock hit it hardest. Higher energy costs fed straight into the cost base of its companies and squeezed profit margins.
For these names the weakness is not a war story. The group has kept sliding over the past quarter, extending a downtrend that was already in place before the first shot was fired.
Image: Shutterstock
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The company introduces a unified SAP Business AI Platform, deepening partnerships with Anthropic, Amazon Web Services, Google Cloud, Microsoft, NVIDIA and Palantir
, /PRNewswire/ -- At SAP Sapphire in 2026, SAP SE (NYSE: SAP) introduced the Autonomous Enterprise to help enhance the world's most critical business workflows, so that humans and AI work together to meet the accelerating demands of global business profitably, strategically and safely.
"For the mission-critical processes of our customers, 'almost right' just isn't good enough," said Christian Klein, CEO of SAP SE. "By uniting SAP Business AI Platform with SAP Autonomous Suite, we anchor AI agents in the business processes, data and governance so they can deliver accurate, compliant and secure outcomes, unlocking new sources of revenue and meaningful cost savings."
The Autonomous Enterprise includes a unified AI platform for building, contextualizing and governing agents, an autonomous suite that executes core business operations and a new user experience that redefines how people work with enterprise software.
Introducing SAP Business AI Platform
SAP Business AI Platform is a new foundation for building and deploying enterprise AI grounded in real business context. SAP Business AI Platform now unifies SAP Business Technology Platform, SAP Business Data Cloud and SAP Business AI into a single, governed environment.
At its core is the SAP Knowledge Graph solution, which gives AI agents a structured map of business entities, processes and relationships across a customer's SAP landscape. Joule Studio is SAP's AI-first solution for building enterprise agents, applications and agentic workflows. Developers can build using the no-code, pro-code and AI frameworks of their choice on SAP-managed infrastructure that is secure, scalable and optimized for enterprise AI.
Deploying SAP Autonomous Suite Across Every Business Function and Industry
Building on this foundation, SAP also introduced SAP Autonomous Suite, which enables SAP's existing business applications with AI agents capable of running processes from start-to-finish.
The suite will deploy more than 50 domain-specific Joule Assistants across finance, supply chain, procurement, human capital management and customer experience. These assistants will automate end-to-end processes by orchestrating a subset of over 200 specialized agents to execute precise tasks. For example, the new Autonomous Close Assistant can compress the financial close process from weeks to days by automating journal entries, reconciliation and error resolution across the entire process.
SAP also launched Industry AI, expanding its deep industry portfolio through seven autonomous solutions that will enable start-to-finish industry processes and embed sector-specific process logic, data models and regulatory requirements. At SAP Sapphire, SAP showcased its work with European energy giant RWE to leverage Industry AI, helping reduce unplanned downtime across its offshore wind turbines. With SAP's Autonomous Asset Management scenario, AI agents are designed to analyze data from thousands of past incidents, identify the likely root cause and generate pre-filled work orders with the right tools and proven fixes from other sites.
Designing the Autonomous User Experience
The company also revealed Joule Work, redefining how users engage with SAP software. Instead of navigating individual applications and entering data across several screens, users will now interact primarily with Joule. By describing a desired business outcome, Joule will orchestrate the right combination of workflows, data and agents to get it done.
Joule Work goes beyond conversation, proactively surfacing relevant insights and automating routine tasks behind the scenes so work moves forward even when humans aren't actively steering it. It will be available on desktop, mobile and voice across SAP and non-SAP systems.
Accelerating the Customer Journey Toward Autonomy with €100 Million Infusion
SAP evolved its customer and partner programs to help accelerate the organization's journey to the Autonomous Enterprise. To catalyze adoption, the company has launched a €100 million fund for SAP partners to help customers deploy SAP-built AI assistants and agents. The fund is also available to partners that extend or build new partner agents on the new SAP Business AI Platform using Joule Studio.
SAP has enhanced its RISE with SAP and SAP GROW offerings to accelerate AI adoption. Both include access to the Joule Assistants portfolio; RISE with SAP customers will have three assistants activated within their first year, while SAP GROW customers receive full portfolio access at onboarding. SAP S/4HANA, on-premise and SAP ERP Central Component (SAP ECC) customers are not excluded: those that commit to transitioning the majority of their current landscape to SAP Cloud ERP gain access to select AI scenarios, bridging the gap between their current landscape and their cloud destination.
SAP also introduced new agent-led transformation tooling that can reduce ERP migration efforts by more than 35 percent, driving faster and more predictable projects by automating system analysis, code remediation, configuration and testing at scale.
Lastly, SAP announced a full slate of strategic partnerships across each category:
Platform and suite partnerships include Anthropic, with Claude among the foundation models SAP's AI platform will leverage to power Joule agents across HR, procurement and supply chain; Amazon Web Services, bringing zero-copy data integration between SAP Business Data Cloud and Amazon Athena; Google Cloud and Microsoft, enabling bidirectional agent-to-agent interoperability between Joule and external agent frameworks; Mistral AI and Cohere, delivering sovereign model options on SAP's cloud infrastructure; n8n, providing visual AI workflow orchestration inside Joule Studio; NVIDIA, whose OpenShell provides the trusted secure runtime for Joule Studio; and Parloa, bringing AI agents into SAP Service Cloud to handle customer interactions with full access to business data and service processes. Implementation partnerships include Palantir and Accenture, partnering on complex data migration scenarios, and Conduct for AI-powered cloud ERP migrations. Learn more in the SAP Sapphire 2026 Innovation News Guide.
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 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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SAP said it was rolling out a new software suite bringing its data, cloud, artificial intelligence and automation features under one roof as the German group seeks to stay on top of a technology that cast doubt on the sustainability of the software industry.
SAP has unveiled its new "Autonomous Enterprise" platform at this year's SAP Sapphire conference, expanding its push into AI agents across business operations. SAP CEO Christian Klein joins Caroline Hyde and Ed Ludlow on “Bloomberg Tech.
SAP has invested in and formed a partnership with artificial intelligence orchestration platform n8n to help enterprises scale agentic AI.
The strategic investment that n8n secured from SAP that values n8n at $5.2 billion, which is more than double the previous valuation of $2.5 billion that n8n achieved less than a year ago, n8n said in a Tuesday (May 12) press release.
PYMNTS reported in October 2025 that the Series C round that valued n8n at $2.5 billion also saw the company raise $180 million in new funding and receive backing from Nvidia’s investment arm.
The multi-year commercial partnership signed by SAP and n8n will see n8n’s workflow automation platform embedded natively within Joule Studio, which is SAP’s agent-building environment in SAP Business AI Platform, according to n8n’s press release.
This integration will give enterprise teams an automation canvas that supports no-code, low-code and pro-code developers; will be backed by SAP’s security and compliance capabilities; and will allow teams to connect SAP systems to more than 1,000 integrations with business tools, database platforms and AI models.
n8n is built for the agentic era, supports multi-agent orchestration, and enables enterprises’ agentic ecosystems to be compliant.
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The platform is already used by more than 1,400 enterprise customers and a community of 1.7 million monthly active developers and builders, per the release.
In a Tuesday blog post, n8n founder and CEO Jan Oberhauser wrote, “This partnership brings n8n into one of the largest enterprise ecosystems in the world. For SAP developers, it means a visual way to build and orchestrate AI workflows across their full tech stack. For our community, it means a native connection to one of the most trusted platforms in enterprise software.”
SAP CEO Christian Klein said in n8n’s press release: “To provide accurate and secure business outcomes at scale, agentic AI must be grounded in deep process knowledge, reliable data and enterprise-grade governance. By integrating n8n into Joule Studio, we’re accelerating SAP’s ability to help customers design, connect and scale agentic AI across their core business processes.”
In a Tuesday press release, SAP announced new strategic partnerships with n8n, Anthropic, Amazon Web Services, Google Cloud, Microsoft, Mistral AI, Cohere, Nvidia and Parloa.
The company also said in the release that SAP Business AI Platform is its new foundation for building and deploying enterprise AI that is grounded in real business context. The platform brings together SAP Business Technology Platform, SAP Business Data Cloud and SAP Business AI.
See More In: AI, B2B, B2B Payments, Investments, n8n, News, partnerships, PYMNTS News, SAP, What's Hot, What's Hot In B2B
SAP has launched a program to help businesses integrate artificial intelligence (AI) agents into their operations.
The German software giant’s “Autonomous Enterprise” initiative, announced Tuesday (May 12), focuses on a new unified platform and specialized tools intended to automate end-to-end tasks across various corporate functions.
“For the mission-critical processes of our customers, ‘almost right’ just isn’t good enough,” Christian Klein, SAP’s chief executive, said in a news release. “By uniting SAP Business AI Platform with SAP Autonomous Suite, we anchor AI agents in the business processes, data and governance so they can deliver accurate, compliant and secure outcomes, unlocking new sources of revenue and meaningful cost savings.”
SAP Business AI Platform, the release added, unifies the company’s SAP Business Technology Platform, SAP Business Data Cloud and SAP Business AI into a “single, governed environment.” At its center is the SAP Knowledge Graph solution, which gives AI agents a “structured map of business entities, processes and relationships.”
In addition to the new product rollouts, SAP is also announcing a series of AI partnerships tied to its various tools, with companies that include Anthropic, Amazon Web Services and Nvidia.
SAP began this year by rolling out a series of agentic artificial intelligence enhancements for its retailer customers.
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“Retailers face a landscape where AI is no longer optional,” Balaji Balasubramanian, SAP’s chief product officer for customer experience and consumer industries, said at the time. “SAP provides one closed-loop, AI-enhanced retail operating system that ties planning, execution and engagement together. We put data and AI at the heart of retail, delivering speed, personalization and growth across every channel and segment.”
The company is launching these tools at a moment when “agentic artificial intelligence is moving from frontier technology to operational table stakes,” as PYMNTS wrote recently.
Agentic AI, that report said, marks a shift from tools that help shape decisions to systems that carry them out.
“For CFOs, this changes the calculus,” PYMNTS added. “The question is no longer whether artificial intelligence can improve finance operations, but whether it can do so within a framework of control and accountability.”
That’s where the “agentic AI harness” comes in. This term may sound technical, but its implications are chiefly operational. The harness isn’t the model itself, but the system that controls how models perform in the real world. It sets the parameters for what an AI agent can access, what it is permitted to do, how it is monitored and when it needs to defer to a human.
“For chief financial officers, understanding this layer is becoming as important as understanding internal controls or capital allocation,” the report added.
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See More In: Agentic AI, AI, AI Agents, B2B, B2B Payments, commercial payments, News, PYMNTS News, SAP, What's Hot, What's Hot In B2B
, /PRNewswire/ -- SAP SE (NYSE : SAP), leader mondial des logiciels d'application d'entreprise, et Cyberwave, société de logiciels de robotique IA, ont annoncé aujourd'hui le déploiement réussi de robots entièrement autonomes et alimentés par l'IA dans un entrepôt logistique actif de SAP. S'appuyant sur le développement stratégique des capacités d'IA physique de SAP annoncé l'année dernière, cette initiative marque une étape importante : SAP procède à la mise en œuvre de la robotique avancée dans ses propres installations.
Comment Cyberwave et SAP automatisent la logistique grâce à la robotique et à l'IA ? Le déploiement dans l'entrepôt SAP à St. Leon-Rot, en Allemagne (exploité sur SAP Logistics Management (LGM), solution d'exécution logistique Cloud de SAP) démontre que l'IA physique a dépassé le stade de la recherche. Elle apporte aujourd'hui des améliorations mesurables en termes de rendement, les robots effectuant des tâches de pliage de cartons, d'emballage et d'expédition de manière totalement autonome.
À propos de l'intégration
L'architecture allégée et privilégiant les API de SAP LGM (qui a attiré l'attention lors du salon LogiMAT 2026 pour sa mise en œuvre rapide et ses processus normalisés) constitue la base idéale pour l'automatisation robotique. Les tâches font l'objet de commandes robotiques précises par l'intermédiaire du service d'IA incarnée de SAP, ce qui permet une intégration de bout en bout via la plateforme SAP Business Technology Platform (BTP) et la plateforme Cyberwave en l'espace de quelques minutes.
« En intégrant la robotique alimentée par l'IA directement dans nos opérations d'entrepôt, nous prouvons que l'IA physique n'est plus un concept, mais qu'elle apporte une véritable valeur aujourd'hui. Dans notre entrepôt de Saint-Léon-Rot, SAP LGM constitue le socle numérique qui permet de déployer rapidement les robots, de les faire fonctionner de manière fiable et de les adapter à nos processus. Il s'agit d'une étape décisive vers des opérations logistiques plus résilientes et plus efficaces. » - Tim Kuebler, Responsable de l'entrepôt et de l'expédition, SAP
Difficultés liées à la robotique logistique et solutions apportées par Cyberwave
Les environnements logistiques comptent parmi les environnements plus difficiles pour la robotique. Les robots doivent manipuler des objets divers et de forme irrégulière, plier et emballer des cartons, déplacer des paquets, apposer des étiquettes et traiter des commandes d'expédition, ces tâches variant en permanence en termes d'objets, de disposition et de conditions. Les systèmes robotiques traditionnels nécessitent un codage manuel minutieux pour chaque variation de tâche et tombent souvent en panne au grès des évolutions des conditions réelles.
Cyberwave a développé la première plateforme spécialement conçue pour résoudre ce problème de bout en bout. Cyberwave permet aux opérateurs :
de collecter rapidement des données d'entraînement à l'aide d'interfaces de démonstration intuitives, en tenant compte de la variabilité des tâches dans les environnements d'entrepôt réels. d'affiner les modèles vision-langage-action (VLA) et les modèles d'apprentissage par renforcement (RL - Reinforcement Learning) sur ces données, en produisant des stratégies robotiques qui se généralisent en fonction des types d'objets, des orientations et des variations de flux de travail (et pas seulement en mémorisant des mouvements scénarisés). de déployer et d'exécuter ces modèles sur des robots physiques avec des boucles de retour d'information en temps réel qui permettent un affinement continu au fur et à mesure de l'évolution des conditions. Résultat : des robots capables d'effectuer des tâches à haute variabilité dans des environnements dynamiques. Alors que les systèmes conventionnels nécessitent des semaines d'ingénierie par tâche, avec Cyberwave, l'entraînement qui durait autrefois plusieurs semaines prend aujourd'hui quelques heures. Des opérateurs non experts peuvent apprendre de nouvelles tâches aux robots par de simples démonstrations, le système s'adaptant automatiquement aux objets, aux environnements et aux flux de travail.
« Le partenariat avec SAP sur le déploiement d'un entrepôt en conditions réelles est un moment décisif, non seulement pour Cyberwave, mais aussi pour ce que la robotique alimentée par l'IA peut réellement apporter à la logistique d'entreprise aujourd'hui. Cela est possible en combinant le socle numérique robuste de SAP LGM et la capacité de Cyberwave à recueillir des données d'entraînement réelles et à affiner les modèles VLA et RL qui se généralisent compte tenu de la variabilité dans n'importe quel entrepôt réel. Les robots n'ont plus besoin d'être minutieusement programmés pour chaque objet ou scénario : ils apprennent, s'adaptent et s'améliorent sans cesse. C'est le virage que nous avons entamé ». - Simone Di Somma, Cofondateur et PDG de Cyberwave
Résultats
Dans l'entrepôt SAP de St. Leon-Rot, des robots formés et déployés sur la plateforme Cyberwave procèdent désormais au pliage des cartons, à l'emballage et à l'expédition en interne de manière totalement autonome, libérant ainsi les travailleurs humains des tâches répétitives et physiquement exigeantes et augmentant le débit de l'entrepôt. L'ensemble de l'intégration, de l'entraînement des robots aux opérations en direct, a été réalisé à l'aide de SAP BTP et de la plateforme Cyberwave.
SAP continue de faire progresser ses capacités d'IA incarnée, apportant de la valeur à ses clients tout en optimisant ses propres opérations en tant que mise en œuvre de référence.
À propos de SAP La stratégie de SAP est d'aider chaque organisation à fonctionner en entreprise intelligente et durable. En tant que leader du marché des logiciels d'application d'entreprise, SAP aide les entreprises de toutes tailles et de tous secteurs à opérer au mieux. Pour plus d'informations, consultez le site www.sap.com.
À propos de Cyberwave Cyberwave est une société de logiciels de robotique IA qui développe une plateforme permettant d'entraîner, d'affiner et de déployer rapidement et facilement des robots capables d'effectuer des tâches à haute variabilité dans des environnements réels. En associant des outils de collecte de données intuitifs à un entraînement de pointe reposant sur les modèles VLA et RL, Cyberwave permet aux organisations de déployer des robots opérationnels et adaptatifs sans expertise approfondie en robotique. Pour plus d'informations, consultez le site www.cyberwave.com .
Photo - https://mma.prnewswire.com/media/2976635/Cyberwave_SAP.jpg
Logo - https://mma.prnewswire.com/media/2976634/Cyberwave_Logo.jpg
Sources :
https://www.igz.com/en/newsroom/news/news-2026/logimat-2026-review/ https://news.sap.com/2025/11/sap-physical-ai-partnerships-new-robotics-pilots/ Relations avec les médias : Vittorio Banfi, [email protected]
Item 1 of 3 National flags of China and the United States flutter on a road, ahead of the U.S. President Donald Trump's state visit to China, in Beijing, China, May 13, 2026. REUTERS/Tingshu Wang
[1/3]National flags of China and the United States flutter on a road, ahead of the U.S. President Donald Trump's state visit to China, in Beijing, China, May 13, 2026. REUTERS/Tingshu Wang Purchase Licensing Rights, opens new tab
SummaryCompaniesAnthropic's Mythos model has intensified need for US-China AI talksTrump-Xi summit takes place amid heightened mistrust and US push for chip controlsBoth sides could discuss an AI hotline or guardrails for advanced models, analysts sayBEIJING, May 13 (Reuters) - U.S. President Donald Trump will put artificial intelligence at the forefront of talks this week with Chinese leader Xi Jinping, a first that highlights the technology's strategic heft but substantive commitments are unlikely, said two U.S. officials with knowledge of preparations.
Trump's Beijing visit unfolds as the U.S.-China AI rivalry intensifies into a contest some observers have compared to a Cold War-style nuclear arms race. Pressure to engage has grown after Claude maker Anthropic's launch of the powerful Mythos model, analysts say, raising the stakes for both sides.
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China was excluded from early access to a Mythos preview, raising concerns the technology could be exploited by bad actors to penetrate Chinese software and financial systems.
However, Nvidia (NVDA.O), opens new tab CEO Jensen Huang and top White House tech policy advisor Michael Kratsios are joining Trump's delegation, suggesting that more substantive conversations on AI and Nvidia's powerful H200 chips could be on the summit agenda.
China has also floated to the U.S. a formal mechanism for AI dialogue led by Treasury Secretary Scott Bessent and Chinese vice finance minister Liao Min, according to one source briefed on China's outreach. The Wall Street Journal first reported on the dialogue last week.
But expectations are low since both agencies do not specialise in AI and the Trump administration has only recently shifted towards pursuing safety vetting for advanced AI models.
AI CHANNEL OF COMMUNICATION NEEDED AS STAKES RISEWhite House officials acknowledged cutting-edge AI systems like Mythos made a "channel of communication" with China essential to avoid conflicts arising from their deployment.
Market intelligence firm IDC China warns that shutting Chinese companies out of Mythos risks deepening a "generational gap" in AI defence capabilities between China and the West.
Anthropic said last month Mythos had found "thousands" of major vulnerabilities in operating systems and other software, triggering a scramble by banks and governments worldwide to shore up their cybersecurity defences.
Washington has struck guardrails on advanced tech with Beijing before, on nuclear proliferation, and in 2024 both sides agreed that humans, not AI, must control nuclear-use decisions.
Now researchers warn the stakes are rising: advanced AI could accelerate bioweapons design, trigger financial shocks, supercharge cyber and disinformation campaigns, and even slip beyond human control to "rogue" systems acting on their own.
Both sides could set up a no-blame hotline to flag suspected AI-driven incidents, said Kwan Yee Ng, head of international AI governance at Beijing-based AI safety consultancy Concordia AI.
"Getting senior Western figures to engage directly with China (on AI) has become increasingly difficult, though a positive signal from the Xi-Trump summit could change that."
A military hotline already exists, but U.S. officials have complained that China has often not picked up.
Other analysts suggest establishing guardrails for frontier AI models or committing to reduce AI-enabled malicious activity, similar to the 2015 U.S.-China Cybersecurity Agreement.
"China likely hopes the U.S. will appropriately distinguish between AI governance and technological containment," said Sun Chenghao of Tsinghua University, who has participated in U.S.-China unofficial Track II AI talks.
COMMON GROUND PROVES ELUSIVEAmid growing rivalry in the AI race, U.S. lawmakers are pushing sweeping new limits on China's access to semiconductor supply chains, even as the Trump administration eases some curbs on advanced chip exports to China.
The MATCH Act has drawn protests from Beijing and could surface in summit discussions, in addition to existing U.S. chip export controls, said three sources familiar with the matter.
"This is a really crucial window for Beijing to act and try to get the U.S. to commit to shutting it down," said Reva Goujon, geopolitical strategist at Rhodium Group.
While Chinese AI firms like DeepSeek increasingly tout their reliance on domestic chips, U.S. curbs on chip equipment sales continue to choke Beijing's push for self-sufficiency just when domestic fabs are struggling to scale output. Computing power shortages have forced many Chinese AI models to ration user access in recent months.
Tensions are also escalating on another front: the White House has accused China of industrial-scale theft of U.S. AI labs' intellectual property.
In a pointed article last week, the Communist Party's flagship journal warned that Western AI measures have moved beyond targeted restrictions to what it called a "systematic ecosystem blockade" against China.
"When one side sees AI as a proliferation risk to be contained and the other sees containment as an attack on a general-purpose technology, that makes it really difficult to find common ground," said Ng.
Reporting by Laurie Chen; Additional reporting by Trevor Hunnicutt in Washington, Fanny Potkin and Ben Blanchard in Taipei; Editing by Miyoung Kim and Shri Navaratnam
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Laurie Chen is a China Correspondent at Reuters in Beijing, whose coverage focuses on the nexus of frontier technology, strategic emerging industries and geopolitics. She has reported on China for almost a decade, having previously covered China's government, defence, security and foreign policy. She has broken multiple global scoops on U.S.-China relations and the trade war 2.0, elite Chinese politics and diplomacy. She is particularly interested in Chinese frontier AI, tech and industrial policy, semiconductor supply chains, robotics, aerospace and grand strategy.
MONTRÉAL, May 14, 2026 (GLOBE NEWSWIRE) -- Saputo will release its fiscal 2026 fourth quarter and full-year financial results on Thursday, June 4, 2026. A press release will be issued after markets close, and a conference call is scheduled on Friday, June 5, 2026, at 8:30 a.m. (Eastern Time) to discuss the Company’s results. The speakers will be Mr. Carl Colizza, President and CEO, and Mr. Maxime Therrien, CFO and Secretary.
To participate:
Webcast: A live webcast of the event can be accessed using this link.
Presentation slides will be included in the webcast and can also be accessed in the “Investors” section of Saputo’s website (www.saputo.com), under “Calendar of Events”. Conference line: 1-800-715-9871; Conference ID: 5005277
Please dial in five minutes before the call. Replay of the conference call and webcast presentation
For those unable to join, the webcast presentation will be archived on Saputo’s website (www.saputo.com) in the “Investors” section, under “Calendar of Events”.
About Saputo
Saputo, one of the top ten dairy processors in the world, produces, markets, and distributes a wide array of dairy products of the utmost quality, including cheese, fluid milk, extended shelf-life milk and cream products, cultured products, and dairy ingredients. Saputo is a leading cheese manufacturer and fluid milk and cream processor in Canada, and a leading dairy processor in Australia. In the USA, Saputo ranks among the top three cheese producers and is one of the top producers of extended shelf-life and cultured dairy products. In the United Kingdom, Saputo is the leading manufacturer of branded cheese and dairy spreads. Until completion of the previously announced divestiture, Saputo remains the leading dairy processor in Argentina. In addition to its dairy portfolio, Saputo produces, markets, and distributes a range of dairy alternative products. Saputo products are sold in several countries under market-leading brands, as well as private label brands. Saputo Inc. is a publicly traded company and its shares are listed on the Toronto Stock Exchange under the symbol “SAP”. Follow Saputo’s activities at Saputo.com or via Facebook, Instagram, and LinkedIn.
Investor Inquiries
Nicholas Estrela
Senior Director, Investor Relations
1-514-328-3117
New AI functionality brings Tricentis Agentic Test Automation capabilities into SAP Enterprise Continuous Testing by Tricentis, helping to enable smarter and more scalable quality assurance.
AUSTIN, Texas--(BUSINESS WIRE)--Tricentis, a global leader in agentic quality engineering, today announced SAP Enterprise Continuous Testing by Tricentis, AI-assisted automated test case generation. This news marks a significant milestone for Tricentis’ partnership with SAP, bringing an SAP AI product to market through its SAP Solution Extension.
Unlike generic AI testing tools, this Tricentis solution is purpose-built for SAP environments and uniquely capable of generating automated test cases that are compatible with SAP Enterprise Continuous Testing (ECT) by Tricentis, part of SAP’s Agent-led toolchain. Tricentis helps organizations keep pace with continuous transformation while maintaining full confidence in their SAP environments.
The new AI-powered functionality allows SAP ECT customers to use SAP AI Units to generate automated test cases directly within SAP ECT. This enables organizations to incorporate AI-driven testing directly into their SAP workflows without requiring additional tooling or complex integrations, helping to lower barriers to adoption and accelerate time to value. What previously required extensive human effort and cost, can now be accomplished by leveraging the power of AI, enabling reduced timelines and costs.
“AI has introduced a rate of change and industry disruption unlike anything we’ve seen before, and enterprises are now faced with the significant challenge of delivering high quality software at the speed of AI while also managing an accelerating level of risk,” said Kevin Thompson, CEO of Tricentis. “With over 20 years of leadership in advancing automation and AI, Tricentis is uniquely positioned to help customers thrive in this new wave of technological innovation, and our agentic quality engineering platform helps enterprises to do it all: move faster, manage risk, and reduce costs.”
The new Tricentis AI-powered functionality helps customers to:
Generate complete, end-to-end test cases using natural language prompts Leverage intelligent quality assurance agents to design, build, and optimize test scenarios Accelerate test creation while maintaining alignment with business processes Deploy and scale automated test cases using SAP AI Units Significantly reduce test case maintenance with self-healing tests “Through our collaboration and partnership with Tricentis, we are expanding how AI can be applied to mission-critical quality assurance processes,” said Karl Fahrbach, Chief Partner Officer at SAP. “This innovation helps our customers reduce manual effort, accelerate testing cycles, and maintain stability while navigating transformation. As a result, customers can benefit from AI-driven innovation that is aligned with their SAP applications and business initiatives.”
Tricentis at SAP Partner Summit and SAP Sapphire 2026
Last week at SAP Sapphire Orlando, Tricentis showcased how modern, risk-based quality assurance can act as a “quality shield” for transformation through the company’s critical role in SAP’s Agent-led toolchain. Key innovations include enhanced integration across the toolchain, allowing customers to reuse business process models from SAP Signavio and connect them through SAP Cloud ALM. This approach aligns testing more closely with business processes, allowing for improvement in both efficiency and confidence in outcomes.
Additionally, Tricentis introduced enhancements to SAP Change Impact Analysis by Tricentis, including a new cloud deployment option powered by SeaLights ABAP. The updated capabilities deliver more precise, code-level impact analysis. This helps organizations to identify affected business processes, prioritize high-risk areas, and reduce unnecessary test execution while maintaining confidence in releases.
In EMEA, SAP Sapphire Madrid attendees can visit Tricentis at Booth #10.3, May 19-21, to learn more about these innovations, see demonstrations, and meet with experts on how to modernize SAP quality assurance for continuous transformation.
Additional Resources
Event page: Tricentis at SAP Sapphire 2026 (Madrid) Case study: Jaguar Land Rover accelerates SAP testing with Tricentis Blog: Organizations leveraging SAP Application Testing solutions by Tricentis gain an average of $5.33 million in annual benefits About Tricentis
Tricentis is a global leader in agentic quality engineering. The Tricentis Agentic Quality Engineering Platform leverages the power of AI and decades of Tricentis technology and expertise to provide a new and fundamentally different way to ensure software quality across large and complex enterprise application environments. An approach that’s totally automated, fully codeless, and intelligently driven by AI. It addresses both agile development and complex enterprise apps, enabling enterprises to accelerate their digital transformation, by dramatically increasing software release speed, reducing costs, and improving software quality. Widely credited for reinventing software testing for DevOps, cloud, and enterprise applications, Tricentis has been recognized as a leader by all major industry analysts, including Forrester, Gartner, and IDC. Tricentis has more than 3,000 customers including some of the globe’s most respected brands such as Experian, T-Mobile, Jaguar Land Rover, Allianz, Telstra, Dolby, and VodafoneZiggo. To learn more, visit www.tricentis.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.
The award was presented at SAP’s North America Partner Summit 2026
MIAMI--(BUSINESS WIRE)--Answerthink®, a Hackett Group Company (NASDAQ: HCKT), today announced it is the recipient of an SAP® Partner Award North America 2026 for SAP Business Data Cloud Success. Awards were presented by SAP (NYSE: SAP) to the top-performing SAP partners in the North America region that have made outstanding contributions to driving digital transformation for businesses that use SAP solutions. Recipients of this year's awards have been – in partnership with SAP – helping customers adopt innovation easily, gain results rapidly, grow sustainably and run more simply with SAP solutions.
"For nearly 30 years, Answerthink® has been a trusted SAP partner – and our commitment to that partnership has never been stronger. SAP Business Data Cloud is an exciting frontier for our clients, and we’re honored that SAP recognizes the work we’re doing"
Share “Winning this award is a proud moment for our entire team, but more than anything it reflects the confidence our clients have placed in us,” said John McGrath, principal and managing director, SAP Solutions at Answerthink®. “For nearly 30 years, Answerthink® has been a trusted SAP partner – and our commitment to that partnership has never been stronger. SAP Business Data Cloud is an exciting frontier for our clients, and we’re honored that SAP recognizes the work we’re doing to help them harness its full potential.”
Selected from SAP’s wide-ranging partner base, nominations for the SAP Partner Awards were based on internal SAP sales data. A steering committee composed of regional and global SAP representatives determined winning partners in each category according to numerous criteria such as sales achievement and performance. Awards were presented in a variety of categories, including overall sales, innovation, technology, services and solution-specific areas.
“Our success in North America is driven by the strength of our collaborations. Throughout 2025, we focused on empowering our partners to lead with innovation, leveraging RISE and GROW with SAP to solve our customers’ most complex challenges,” said Annie Busch, chief commercial officer, Partners and Alliances at SAP. “The partners we honor today have shown incredible dedication to our shared vision, demonstrating that when we are fully aligned, we can accelerate growth for businesses of every size. I am proud to celebrate an ecosystem that remains as resilient as it is innovative.”
Founded in 1997 as an SAP consultancy, Answerthink® has been a cornerstone of the SAP partner ecosystem in North America for nearly three decades. The company was among the first 12 SAP partners in North America authorized to resell SAP software – a distinction that reflects the depth of its technical expertise and the trust SAP placed in Answerthink® from the earliest days of the partnership. That foundation has only grown stronger over time, with multiple SAP Pinnacle Awards, including Value-Added Reseller of the Year, followed by the SAP North America Award for Partner Excellence in Service in 2024 and the SAP North America Award for Partner Excellence in Indirect Marketing in 2025.
“SAP Business Data Cloud gives our clients something they’ve always needed – a unified, intelligent foundation for their data that connects seamlessly with the SAP solutions they already rely on,” said Richard Rodriguez, associate principal, SAP Business Data Cloud and Analytics at Answerthink®. “Our team has invested deeply in understanding this platform inside and out, and the results we’re seeing for clients make that investment worthwhile. This award is a great acknowledgment of our work, but the real reward is watching our clients unlock new levels of insight and performance.”
Answerthink® received its award during Kick-off 2026 – a gathering of SAP executives, SAP field employees and partners.
About Answerthink®
Answerthink®, a division of The Hackett Group® (NASDAQ: HCKT), is an SAP Platinum Partner that develops and offers partner solutions, including industry-specific software, analytics, mobility, cloud services, training, and support. It also uses SAP technologies such as SAP S/4HANA® to implement efficient and composable solutions for the digital transformation of intelligent enterprises. Learn more at www.answerthink.com.
About The Hackett Group®
The Hackett Group, Inc. (NASDAQ: HCKT) is an ROI-led, AI enterprise transformation firm that helps clients enable AI world-class performance. Its experts and engineers leverage proprietary AI delivery platforms – Hackett AI XPLR™, ZBrain™, XT™, AIXelerator™ and AskHackett™ – to accelerate and enhance the delivery of the company’s solutions and services.
The AI platforms are powered by the company’s domain-specific Hackett Solution Language Model informed by Hackett Process and Performance Intelligence – including Digital World Class® benchmark metrics, best-practice process flows and service delivery model solution frameworks, which accelerate and enhance the delivery of its services. The Hackett Group’s proprietary insights are based on benchmarking results from leading global organizations, including 98% of Dow Jones Global Titans, 97% of the Dow Jones Industrials and 90% of the Fortune 100. Visit www.thehackettgroup.com
Trademarks
The Hackett Group®, quadrant logo, and Digital World Class® are the registered marks of The Hackett Group®.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE (or an SAP affiliate company) in Germany and other countries. See http://www.sap.com/corporate-en/legal/copyright/index.epx for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.
This release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements including without limitation, words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” or other similar phrases or variations of such words or similar expressions indicating, present or future anticipated or expected occurrences or outcomes are intended to identify such forward-looking statements. Forward-looking statements are not statements of historical fact and involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. Factors that may impact such forward-looking statements include without limitation, the ability of The Hackett Group® to effectively market its digital transformation, our ability to transition our capabilities to support generative artificial intelligence (AI)-related consulting services and solutions and other consulting services, our ability to effectively integrate acquisitions into our operations, our ability to manage joint ventures and successfully cooperate with our joint venture partners, competition from other consulting and technology companies that may have or develop in the future, similar offerings, the commercial viability of The Hackett Group® and its services as well as other risk detailed in The Hackett Group’s reports filed with the United States Securities and Exchange Commission. The Hackett Group® does not undertake any duty to update this release or any forward-looking statements contained herein.
WARREN, N.J. & MUMBAI, India--(BUSINESS WIRE)--LTM, the Business Creativity partner to the world’s largest enterprises, has been named a Leader in the ISG Provider Lens® SAP Ecosystem 2026, U.S. report, published by Information Services Group (ISG), a leading global technology research and advisory firm.
In the report, LTM was recognized as a Leader across three key quadrants:
SAP S/4HANA System Transformation – Large Accounts SAP Business AI and Business Technology Platform (BTP) Services SAP Application Managed Services ISG recognises LTM for its advisory-driven, AI-native approach to SAP transformation, enabling large enterprises to modernise complex SAP systems with minimal disruption. The report also notes LTM’s strength in integrating AI throughout the SAP lifecycle to achieve tangible business outcomes.
ISG also noted LTM’s strong focus on clean‑core SAP modernization, leveraging SAP BTP for side‑by‑side extensibility, modular innovation and upgrade‑safe architectures. This approach allows enterprises to modernize SAP environments while maintaining resilience, governance and long‑term agility.
In the SAP Application Managed Services quadrant, ISG recognized LTM for evolving SAP operations from traditional run‑centric models to AI‑driven, outcome‑oriented managed services, supported by predictive AIOps, automation and business‑aligned SLAs.
“As an AI-centric organisation, being recognized as a leader for Business AI and managed services by ISG across SAP transformation, underscores the strength of our AI‑native SAP capabilities and advisory‑to‑execution model,” said Krishnan Iyer, Chief Growth Officer, LTM. “With enterprises seeking to modernise SAP while managing risk and complexity, we remain focused on embedding AI responsibly to drive consistent and impactful business outcomes.”
“LTM demonstrates strong leadership in SAP S/4HANA transformation and SAP Business AI/BTP services through its AI-native approach, large-scale global delivery, and deep SAP alignment, leveraging proprietary accelerators to drive clean-core transformations, faster time-to-value, and scalable, innovation-led enterprise modernization,” said Tarun Nathooram Vaid, Manager and Principal Analyst, ISG.
The recognition reflects LTM’s scale and depth in serving large, global enterprises, supported by a strong SAP practice and U.S. delivery footprint, as well as continued investments in AI‑enabled platforms, SAP BTP innovation and ecosystem partnerships.
Access the full ISG Provider Lens® – SAP Ecosystem 2026, U.S. report here.
About LTM
LTM — a Larsen & Toubro Group Company — is an AI-centric global technology services company and the Business Creativity partner to the world’s largest enterprises. We bring human insights and intelligent systems together to help clients create greater value at the intersection of technology and domain expertise. Our capabilities span integrated operations, transformation, and business AI — enabling new ways of working, new productivity paradigms, and new roads to value. Together with over 87,000 employees across 40 countries and our global network of partners, LTM owns outcomes for our clients, helping them not just outperform the market, but Outcreate it. Read more at LTM.com.
