Sap Se · XETR:SAP
Sap — Q3 2026 Earnings Presentation
28 slides from Sap's earnings presentation, Oct 21, 2026
Slide 1: Third Quarter 2026 Results
Third Quarter 2026 Results Christian Klein, CEO Dominik Asam, CFO October 21, 2026 Public
Slide 2: Safe Harbor Statement
Safe Harbor Statement During this presentation we will make 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 ca
Slide 3: Christian Klein, CEO
Chr CEO
Slide 4: Q3 was an outstanding quarter
Q3 was an outstanding quarter Cloud revenue in € millions (yoy @cc) Current cloud Cloud gross profit in € millions (yoy @cc) backlog € millions 6,668 (+25%) 24,144 5,962 6,281 (+24%) ▲ +28% (+26% @cc) 5,610 (+27%) 5,290 (+26%) (+27%) Cloud 4,956 4,687 (+24%) revenue 4,481 (+23%) € millions 4,185 (+2
Slide 5: Customer logos
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Slide 6: Joule Work
Joule Work Web Desktop Mobile Conversations Spaces Joule Studio
Slide 7: The Autonomous Enterprise coming to life
The Autonomous Enterprise coming to life “Our Joule journey is not about deploying another AI tool; it's about “Partnering within the Early Adopter helping us work differently across Finance.” program for Joule Work Desktop has delivered more momentum in just a few months than we saw in all the year
Slide 8: Powering the Autonomous Enterprise
Powering the Autonomous Enterprise
Slide 9: Turning SAP into an Autonomous Enterprise
Turning SAP into an Autonomous Enterprise Engineering & Technology Go-to-Market ~ 70% Up to 80% increase of code pull requests merged into time reduction in customer research the codebase per developer (YTD) and preparation with AI assistance ~ 100 Up to 50% in-person AI code camps faster AI-assiste
Slide 10: Dominik Asam, CFO
Slide 11: SAP Q3 2026 financial results
SAP Q3 2026 financial results Current cloud Total revenue Cloud & software Cloud revenue Cloud ERP Suite backlog revenue revenue € millions € millions € millions € millions € millions 24,144 10,270 9,249 6,668 5,924 ▲ +28% (+26% @cc) ▲ +13% (+12% @cc) ▲ +15% (+14% @cc) ▲ +26% (+25% @cc) ▲ +29% (+28%
Slide 12: Regional revenue performance
Regional revenue performance AMERICAS EMEA APJ Cloud revenue Cloud revenue Cloud revenue ▲ +23% ▲ +28% ▲ +26% (+21% @cc) (+28% @cc) (+28% @cc) Cloud & software Cloud & software Cloud & software revenue revenue revenue ▲ +16% ▲ +15% ▲ +16% (+14% @cc) (+14% @cc) (+17% @cc) Brazil had outstanding cloud
Slide 13: Revenue and gross profit development
Revenue and gross profit development . Revenue Gross profit (Gross margin %) Non-IFRS in € millions, unless otherwise stated Q3 2026 ∆ in % ∆ in % @cc Q3 2026 ∆ in % ∆ in % @cc 4,956 Cloud 6,668 26 25 25 24 (74.3) SaaS/PaaS 6,612 27 26 IaaS 56 -27 -27 2,326 -4 -5 Software licenses and support 2,581
Slide 14: Tax rate, cash flow, and earnings per share
Tax rate, cash flow, and earnings per share Effective tax rate Operating cash flow Free cash flow Earnings per share Q3 | percent Q3 | € millions Q3 | € millions Q3 | € IFRS Non-IFRS Basic Diluted Basic IFRS Non-IFRS 24.4 25.8 1,920 1,718 1.96 1.94 1.89 ▼ -0.9pp ▼ -2.1pp ▲ +28% ▲ +36% ▲+14% ▲ +14% ▲
Slide 15: 2026 financial outlook and non-financial outlook
2026 financial 2026 non-financial outlook1 outlook Cloud revenue Cloud & software Current cloud Employee Cloud Customer revenue backlog growth Engagement Index Satisfaction € billions @cc € billions @cc percent @cc percent percent 25.8 – 26.2 36.3 – 36.8 slightly 74 – 78 75 – 76 towards the upper en
Slide 16: Q&A
Q&A
Slide 17: Thank you
Slide 18: Appendix
Appendix 18
Slide 19: Income statement: third quarter 2026
Appendix Income statement: third quarter 2026 Due to rounding, numbers may not add up precisely IFRS Non-IFRS € millions, unless otherwise stated Q3 26 Q3 25 ∆% Q3 26 Q3 25 ∆% ∆ % @cc Cloud 6,668 5,290 26 6,668 5,290 26 25 Software licenses 147 161 -9 147 161 -9 -9 Software support 2,434 2,565 -5 2,
Slide 20: Income statement: first nine months 2026
Appendix Income statement: first nine months 2026 Due to rounding, numbers may not add up precisely IFRS Non-IFRS € millions, unless otherwise stated Q1-Q3 26 Q1-Q3 25 ∆% Q1-Q3 26 Q1-Q3 25 ∆% ∆ % @cc Cloud 18,911 15,413 23 18,911 15,413 23 25 Software licenses 395 538 -27 395 538 -27 -26 Software su
Slide 21: Gross margin development
Appendix Gross margin development Non-IFRS, in percent Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 Cloud 75.0 75.2 75.1 74.6 75.0 75.2 74.6 74.3 Software licenses & support 90.1 89.0 88.9 90.4 89.6 88.9 89.8 90.1 Cloud & software 80.6 80.1 79.8 80.1 80.1 79.3 79.0 78.7 Services 21.8 24.9 28.4 25
Slide 22: Cost ratios: third quarter 2026
Appendix Cost ratios: third quarter 2026 | Total revenue: €10.3bn Non-IFRS as percent of total revenue Research & Sales & General development marketing administration 18.1% €1.9bn 21.7% €2.2bn 3.9% €0.4bn +0.0pp | +0.1pp @cc -1.6pp | -1.8pp @cc -0.1pp | -0.1pp @cc 22
Slide 23: Cost ratios: first nine months 2026
Appendix Cost ratios: first nine months 2026 | Total revenue: €29.7bn Non-IFRS as percent of total revenue Research & Sales & General development marketing administration 18.2% €5.4bn 22.1% €6.6bn 3.8% €1.1bn +0.0pp | -0.1pp @cc -1.3pp | -1.4pp @cc -0.2pp | -0.2pp @cc 23
Slide 24: Balance sheet condensed: Sep 30, 2026 – IFRS
Appendix Balance sheet condensed: Sep 30, 2026 – IFRS Due to rounding, numbers may not add up precisely Assets Equity and liabilities € millions 09/30/26 12/31/25 € millions 09/30/26 12/31/25 Cash, cash equivalents and other financial assets 10,997 9,771 Trade and other payables 3,002 2,433 Provisio
Slide 25: Cash flow development
Appendix Cash flow development Due to rounding, numbers may not add up precisely € millions, unless otherwise stated Q1-Q3 2026 Q1-Q3 2025 ∆ in % Operating cash flow 8,586 7,859 9 – Purchase of PPE & intangibles -521 -559 -7 – Proceeds from sales of PPE & intangibles 85 110 -22 – Payments of lease l
Slide 26: Net debt
Appendix Net debt Due to rounding, numbers may not add up precisely € millions, unless otherwise stated 2026 2025 Net liquidity (+)/Net Debt (-) | 12/31/2025 | PY: 12/31/2024 3,381 1,695 Net cash flows from operating activities 8,586 7,859 Capital expenditure -521 -559 Proceeds from sales of PPE & i
Slide 27: Additional outlook information and Non-IFRS adjustments
Appendix Additional outlook information and Non-IFRS adjustments The company expects a full-year 2026 effective tax rate (Non-IFRS) of approximately 29% (2025: 30.5%). Actual Amounts Actual Amounts Est. Amounts Non-IFRS adjustments Q3 2025 Q3 2026 FY 2026 Acquisition-related charges €96m €104m €340m
Slide 28: Expected currency impact
Appendix Expected currency impact Expected currency impact based on September 30, 2026 level applied for 2026 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 ar