Sap Se · XETR:SAP
Sap — Investor Day (May 2026)
79 slides from Sap's investor day presentation, May 13, 2026
Slide 1: SAP Financial Analyst Conference 2026
SAP Financial Analyst Conference 2026 May 13, 2026 PUBLIC
Slide 2: Agenda
Agenda WELCOME Alexandra Steiger, Global Head of Investor Relations 01 VISION & STRATEGY Christian Klein, CEO, Executive Board Member 02 TECHNOLOGY UPDATE Muhammad Alam, Executive Board Member, Product & Engineering 03 GO-TO-MARKET UPDATE Thomas Saueressig, Executive Board Member, Customer Value Gro
Slide 3: 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 and assumptions that are subject to risks and uncertainties that could cause actual
Slide 4: Vision & Strategy
Vision & Strategy Christian Klein Chief Executive Officer & Executive Board Member 2026 PUBLIC
Slide 5: SAP transformation
SAP transformation Successful cloud transformation forms a great foundation to win in AI SAP Revenue Mix CAGR Competitor comparison2 2020 – 2025, bn€ (in % of total)| | Continuing Operations Last closed rolling 4 quarters 36.8 SaaS/PaaS SaaS/PaaS 34.2 Revenue YoY growth 31.2 29.5 26.7 27.0 17.1 21.0
Slide 6: SAP's AI Transformation
SAP’s AI Transformation Deliver the Autonomous Enterprise and accelerate profitable Growth Product How to X Go-to-market How to sell, X People How to X Operations How can SAP = AI-led develop the Autonomous Enterprise deploy and drive consumption transform SAP’s workforce to become an Autonomous Ent
Slide 7: Competitive positioning
Product x Go-to-Market x People x Operations = AI-led growth Competitive positioning With our domain know -how, we are uniquely positioned to deliver unmatched AI value #1 in Supply Chain #1 in Supply Chain #2 in Human Capital Management1 Procurement1 Management1 #1 in FMS #2 in Digital Components1
Slide 8: SAP Business AI Platform
Product x Go-to-Market x People x Operations = AI-led growth SAP Business AI Platform Combining context and models with enterprise governance Build – Build AI agents & apps with best-in-class tools & models SAP API discovery & usage accuracy of AI model1: + stand-alone Deep Process & Industry Knowle
Slide 9: SAP Autonomous Suite
Product x Go-to-Market x People x Operations = AI-led growth SAP Autonomous Suite Reinvent how businesses run with Agentic AI AI Assistants & Agents grounded in Open Agent Ecosystem incl. A2A communication specific roles and business context AI Agents available Joule > 400 by end of 2026 Autonomous
Slide 10: Industry AI
Product x Go-to-Market x People x Operations = AI-led growth Industry AI Unlock unprecedented value in an industry -context through AI Agentic industry solutions built on deep process & industry expertise Industry AI Core industry value 26 chains covered Autonomous Oil, Gas & Energy Asset Management
Slide 11: Go-to-market
Product x Go-to-Market x People x Operations = AI-led growth Go-to-market RISE and GROW with SAP will become AI deployment and adoption factory Existing on-premises SAP customers New SAP customers to modernize legacy systems starting fresh RISE WITH SAP SAP GROW Auton omo us Auton omo us Fi nance CX
Slide 12: Transformation of GTM Model
Product x Go-to-Market x People x Operations = AI-led growth Transformation of GTM Model Sell, deploy and drive AI consumption at scale with embedded AI tooling Go-to-Market model focused on adoption and value realization A Identify Business B Deliver AI C Sign Value-Based D Deliver Agent-led E Driv
Slide 13: People
Product x Go-to-Market x People x Operations = AI-led growth People Accelerating our AI transformation through people Hiring top external talent Holistic enablement journey & tooling for the entire workforce Hiring top AI experts… AI enablement …supplemented by targeted AI enablement for all employe
Slide 14: Operations: Autonomous Enterprise at SAP
Product x Go-to-Market x People x Operations = AI-led growth Operations Business -led AI transformation turning SAP into an Autonomous Enterprise Autonomous Enterprise at SAP 2028 Ambition Value Potential1,2 Autonomous Finance Autonomous Spend Autonomous R&D Autonomous HCM Autonomous CX + Industry A
Slide 15: Total Addressable Market (TAM)
Product x Go-to-Market x People x Operations = AI-led growth Total Addressable Market (TAM) Unlocking a new Growth Horizon through Agentic AI SAP Total Addressable Market1 2025 – 2030 >$5 trn SAP Autonomous Suite Autonomous Enterprise TAM incl. Agentic AI by 20302 Industry AI TAM SAP Business AI Pla
Slide 16: Commercial models
Product x Go-to-Market x People x Operations = AI-led growth Commercial models 2/3 of our cloud revenue is already today seat independent SAP Cloud Revenue 2025 – 2030e, bn€ | Illustrative | Continuing Operations | Non -IFRS % of cloud revenue Consumption-based cloud revenue Non-seat-based cloud rev
Slide 17: Growth journey
Product x Go-to-Market x People x Operations = AI-led growth Growth journey Significantly scaling AI revenue through 2030 SAP Cloud Revenue 2023 – 2030e, bn€ | Illustrative | Continuing Operations | Non -IFRS 25.8 - 26.2 21.0 13.7 17.1 2023 ACT 2024 ACT 2025 ACT 2026e 2027e 2028e 2029e 2030e Enable
Slide 18: Technology Update
Technology Update Muhammad Alam Product & Engineering, Executive Board Member 2026 PUBLIC
Slide 19: Stack evolution
Product x Go-to-Market x People x Operations = AI-led growth Stack evolution Value moving up the stack in enterprise software Stack Evolution AI IN Apps AI ON Apps Agentic Value Value SaaS Applications Experience Software as a Service Data AI is shifting value SaaS Applications Software Data to the
Slide 20: New rules of value
Product x Go-to-Market x People x Operations = AI-led growth New rules of value AI, agents, and usage reshape enterprise value AI in Apps AI on Apps App Boundary Landscape Boundary Modernize for Value Value while Modernizing Human -led Migrations Agent-led Migration 20
Slide 21: The Autonomous Enterprise vision
Product x Go-to-Market x People x Operations = AI-led growth The Autonomous Enterprise vision Support customers to move from point -solution AI to autonomous operations Joule as the new engagement layer redefines how end users interact with SAP systems SAP Autonomous Suite builds on Joule Assistants
Slide 22: SAP Autonomous Suite
Product x Go-to-Market x People x Operations = AI-led growth SAP Autonomous Suite From system of execution to the Autonomous Suite 22
Slide 23: SAP Autonomous Suite Joule Assistants
Product x Go-to-Market x People x Operations = AI-led growth SAP Autonomous Suite Joule Assistants Joule Agents form together into Joule Assistants Agentic core capabilities Outcomes, not agents, count Success is measured by business outcomes and ROI Financial Closing Assistant > 15% productivity up
Slide 24: A Joule Assistant for every role
Product x Go-to-Market x People x Operations = AI-led growth SAP Autonomous Suite A Joule Assistant for every role Joule Assistant Joule Agent Autonomous Autonomous Autonomous Autonomous Autonomous Finance Spend SCM HCM CX 200+ 50+ Joule Agents Joule Agents Joule Assistants idea to General Availabil
Slide 25: Joule everywhere you are
Product x Go-to-Market x People x Operations = AI-led growth Joule everywhere you are Joule Assistants and Joule Agents across landscapes Joule Assistants and Joule Agents enabled for SAP Cloud ERP SAP S/4HANA on-premises SAP ECC SAP Cloud ERP Private for customers on their modernization journey* *
Slide 26: SAP Business AI Platform
Product x Go-to-Market x People x Operations = AI-led growth SAP Business AI Platform Infusing AI with business context & built-in enterprise-grade governance Contextualize & Reason Build Govern SAP BUSINESS AI PLATFORM 26
Slide 27: Build, contextualize, and govern agents in one stack
Product x Go-to-Market x People x Operations = AI-led growth SAP Business AI Platform Build, contextualize, and govern agents in one stack Build Contextualize & Reason Govern SAP AI Agent Hub Joule Studio 2.0 SAP Knowledge Graph … and mo re Business Business Indu stry Data Process Value Realization
Slide 28: Beyond generic models
Product x Go-to-Market x People x Operations = AI-led growth Beyond generic models SAP Business AI layers process, domain, and customer context on top of public LLMs SAP Business AI Platform Value Public SAP Customer-specific Customer-specific KG SAP predictive model SAP domain models Company memory
Slide 29: Consistent outperformance
Product x Go-to-Market x People x Operations = AI-led growth Consistent outperformance SAP Build scores highest on each real-world agent scenario Claude Code PI Mono Codex SAP Build 300 Sum of acceptance criteria scores (each 0-5) 250 200 150 100 50 0 Average AI Driven Journal Counterfeit Inbound Do
Slide 30: SAP Business Data Cloud enhances Joule
Product x Go-to-Market x People x Operations = AI-led growth SAP Business AI Platform SAP Business Data Cloud enhances Joule functionalities Automate data product creation with Joule Agents in SAP Business Data Cloud AI Reltio 380+ Data products Data products AI models released until today SAP Datas
Slide 31: SAP AI Agent Hub
Product x Go-to-Market x People x Operations = AI-led growth SAP AI Agent Hub Governing the full lifecycle of agents Full Governance Lifecycle SAP AI Agent Hub Plan & Build Optimize & Decommission Discover & Provision Secure & Govern Observe & Analyze SAP LeanIX SAP Build SAP Cloud Identity Service
Slide 32: Joule
Product x Go-to-Market x People x Operations = AI-led growth Joule Reimagining how users interact with SAP applications Joule Industry AI Autonomous Autonomous Finance CX Autonomous Autonomous Spend HCM Autonomous SCM AGENTS APPS DATA 32
Slide 33: Joule supercharged
Product x Go-to-Market x People x Operations = AI-led growth Joule supercharged From retrieval to action and autonomy GA Private Preview Joule today Harness-powered • RAG -based Joule orchestration Frontier LLMs Joule Agent • Plain text responsive • Low accuracy Joule Work Computer use Joule skills
Slide 34: Joule Work
Product x Go-to-Market x People x Operations = AI-led growth Joule Work Supercharging the capabilities of Joule >300m subscribers in our cloud user base 101 Everywhere Web iOS Android app·less no·apps 34
Slide 35: AI across domains
Product x Go-to-Market x People x Operations = AI-led growth AI across domains Supporting our customers on their AI journey Finance Spend SCM HCM CX 35
Slide 36: Go-to-Market Update
Go-to-Market Update Thomas Saueressig Chief Customer Officer & Executive Board Member 2026 PUBLIC
Slide 37: Winning in a New Era
Product x Go-to-Market x People x Operations = AI-led growth Winning in a New Era Faster Outcomes, Trusted Operations, Proven AI Value Increasing Global Challenges AI Revolution Evolving Customer Expectations Peak of inflated expectations Faster Outcomes Geopolitical Supply chain Plateau fragmentati
Slide 38: Customer Value Group
Product x Go-to-Market x People x Operations = AI-led growth Customer Value Group Streamlining customer experience and accelerating innovation adoption Explore potential Discover Fortune Global 500 Build the vision Select 91 % are SAP customers Customer Customer Deliver the promise Value Group Value
Slide 39: Customer Value Group
Product x Go-to-Market x People x Operations = AI-led growth Customer Value Group Bringing together pre -sales, post -sales, delivery and services to drive AI Seamless Journey Consumption-led Deeper Expertise AI-powered Execution One team from planning to Organization unified and Success, services,
Slide 40: Growth Levers
Product x Go-to-Market x People x Operations = AI-led growth Growth Levers A well -diversified growth profile New Expanding Innovation Customers Customer Footprint Cloud Cross-sell & SAP Sovereign Land Expand Data & AI Migration Up-sell Cloud 40
Slide 41: Growth Levers: New Customers
Product x Go-to-Market x People x Operations = AI-led growth Growth Levers: New Customers Strong land -and -expand growth contribution from new customers New Customer Cloud Revenue by Cohort Cloud Revenue1 Driving Mid-market Success 2020 – 2025 2020 – 2025 Δ €21.0bn Partners 2020 ~ €2.8bn thereof Cl
Slide 42: Growth Levers: New Customers
Product x Go-to-Market x People x Operations = AI-led growth Growth Levers: New Customers Large majority of cloud growth from new customers and cross - and upsells Support Revenue Cloud Revenue1 2x-3x multiplier 2020 – 2025 2020 – 2025 Δ Including cross-sells & up- sells upon RISE with SAP €21.0bn c
Slide 43: Growth Levers: Expanding Customer Footprint
Product x Go-to-Market x People x Operations = AI-led growth Growth Levers: Expanding Customer Footprint Industry leaders rapidly expand their footprint to unlock more powerful use cases Industry Leaders Core Operations to Cloud New Innovations Rapid Net New Expansion invest in SAP Cloud ERP and Sta
Slide 44: Growth Levers: Innovation
Product x Go-to-Market x People x Operations = AI-led growth Growth Levers: Innovation End -to-end customer engagement enhanced with AI SAP Max Agent-led Transformation Professional Services & Inclusive of all plans services Support Guided by RISE with SAP Methodology Portfolio Advanced Development
Slide 45: Agent-led migrations reduce migration effort
Product x Go-to-Market x People x Operations = AI-led growth Growth Levers: Innovation Agent -led migrations drastically reduce migration efforts Agent-led migrations Human-led migrations Min. 35% reduction of migration effort $80 – 100B with an agent-led toolchain – Tomorrow and a path to mostly SA
Slide 46: Sovereign Cloud Services and Solutions
Product x Go-to-Market x People x Operations = AI-led growth Growth Levers: Innovation Sovereign Cloud Services and Solutions drive transformation in volatile times Regional availability 1 AI infused Sovereign Cloud Op er Full-stack cloud & AI ta a Data protection Da tio Canada United Germany &p r n
Slide 47: People Update
People Update Gina Vargiu-Breuer Chief People Officer & Labor Director & Executive Board Member 2026 PUBLIC
Slide 48: Holistic workforce transformation
Product x Go-to-Market x People x Operations = AI-led growth Holistic workforce transformation Accelerate delivery of the Autonomous Enterprise with SAP’s workforce Autonomous Enterprise at SAP 100% redesigned, skills-led job architecture every role profile now embeds role-specific AI skills Autonom
Slide 49: Enablement & Adoption
Product x Go-to-Market x People x Operations = AI-led growth Enablement & Adoption Scale AI adoption through holistic enablement Powered by SAP’s Growth Culture and Performance Management Making transformation real: “Let's work the AI way”– Campaign & Holistic Change Management AI Fluency at Scale M
Slide 50: Structure & Processes Redesign
Product x Go-to-Market x People x Operations = AI-led growth Structure & Processes Redesign Embed Skills to unlock Human -Agentic Value Human-agentic operating model for SAP How we are shaping the Future A vision towards the future Skills-led workforce transformation in Product & Engineering Technol
Slide 51: Strategic Workforce Planning
Product x Go-to-Market x People x Operations = AI-led growth Strategic Workforce Planning Reallocate workforce investment to future -critical impact Where we invest Today 100% Machine Learning Engineer Selection of in-demand Machine Learning Engineer AI Data Scientist skills Enterprise Architect Age
Slide 52: Hiring and enabling of critical AI workforce
Product x Go-to-Market x People x Operations = AI-led growth Hiring and enabling of critical AI workforce Build AI capacity with rewired hiring and targeted enablement Scaling AI profiles with relevant AI skills Securing scarce talent Expert hires 1 for 3 FTE 2.5x Machine Learning Engineer Productiv
Slide 53: Operations Update
Operations Update Sebastian Steinhaeuser Chief Operating Officer & Executive Board Member 2026 PUBLIC
Slide 54: Commercial models
Product x Go-to-Market x People x Operations = AI-led growth Commercial models 2/3 of our cloud revenue is already today seat independent SAP Cloud Revenue 2025 – 2030e, bn€ | Illustrative | Continuing Operations | Non -IFRS % of cloud revenue Consumption-based cloud revenue Non-seat-based cloud rev
Slide 55: Commercial models
Product x Go-to-Market x People x Operations = AI-led growth Commercial models Majority of cloud revenue is driven by business -led pricing metrics instead of seats Cloud revenue mainly driven by non-seat-based models SAP Cloud Revenue – Non consumption share 2025 ACT through a multitude of solution
Slide 56: Commercial models
Product x Go-to-Market x People x Operations = AI-led growth Commercial models Consumption -based pricing is gaining a larger share due to AI SAP Cloud Revenue – Consumption Share Consumption Drivers: Autonomous Enterprise 2025 – 2030 Assistant & Agent > 30% Consumption F of cloud revenue SAP A ut o
Slide 57: Commercial models
Product x Go-to-Market x People x Operations = AI-led growth Commercial models Value -based pricing is generating targeted upside Migration assistants lead to reduced services cost & will Unique value tied to industry-specific outcomes will be monetized value-based be monetized value-based Example A
Slide 58: Operating leverage
Product x Go-to-Market x People x Operations = AI-led growth Operating leverage Progressing strongly on expense ratios by turning SAP into an Autonomous Enterprise Customer Research & Corporate Functions Finance & Spend, Operations, HCM Experience Development S&M ratio1 R&D ratio1 G&A ratio1 -2.6pp2
Slide 59: Productivity 2028 Ambition
Product x Go-to-Market x People x Operations = AI-led growth Operations Business -led AI transformation turning SAP into an Autonomous Enterprise 2028 Ambition Autonomous Enterprise at SAP Value Potential1,2 Autonomous Finance Autonomous Spend Autonomous R&D Autonomous HCM Autonomous CX + Industry A
Slide 60: Autonomous Finance & Spend
Product x Go-to-Market x People x Operations = AI-led growth Autonomous Finance & Spend Reimagining finance and spend from plan to report Financial Planning Assistant Plan & Financial & Spend Planning Risk, Policy & Compliance Govern Financial Planning Assistant Governance Assistant What margin impr
Slide 61: Autonomous Finance & Spend: Financial Planning Assistant
Product x Go-to-Market x People x Operations = AI-led growth Autonomous Finance & Spend Reimagining finance and spend from plan to report Financial Planning Assistant Financial Planning Assistant Supports budgeting and forecasting, detects margin compression early, and identifies actions to protect
Slide 62: Autonomous Research & Development
Product x Go-to-Market x People x Operations = AI-led growth Autonomous Research & Development Reimagining the developer journey from ideate to deploy Build Joule Studio Agent Builder No-code/Low-code agent development Joule Studio Agent Builder < 1hr from idea to integrated agent Claude Code via ge
Slide 63: Autonomous HCM
Product x Go-to-Market x People x Operations = AI-led growth Autonomous HCM Reimagining our employee experience from hire to retire Career & Talent Development Assistant Attract & Talent Outreach & Acquisition Onboarding Provisioning Onboard Recruiting Assistant Onboarding Assistant I need to upskil
Slide 64: Autonomous HCM: Career & Talent Development Assistant
Product x Go-to-Market x People x Operations = AI-led growth Autonomous HCM Reimagining our employee experience from hire to retire Career & Talent Career & Talent Development Assistant Development Assistant Supporting employees, leaders and HR in assembling development plans, personalized careers &
Slide 65: Autonomous CX
Product x Go-to-Market x People x Operations = AI-led growth Autonomous CX Reimagining our customer experience from lead to expansion Industry AI: Software Support Assistant Lead to Demand Creation Lead Qualification Opportunity Demand Generation Assistant Deal Qualification Assistant Hi SAP, Lead g
Slide 66: Autonomous CX: Software Support Assistant
Product x Go-to-Market x People x Operations = AI-led growth Autonomous CX Reimagining our customer experience from lead to expansion Software Support Industry AI: Software Support Assistant Assistant Reimagined support as an industry-specific process agentifying 2 million support cases per year • M
Slide 67: Value realization
Product x Go-to-Market x People x Operations = AI-led growth Value realization Realizing value from AI through a stringent governance Holistic AI Lifecycle Management Stringent Value & Change Management AI Agent Governance SAP AI Agent Hub Anchoring of AI ambition top-down in budget Enterprise-wide
Slide 68: Finance Update
Finance Update Dominik Asam Chief Finance Officer & Executive Board Member 2026 PUBLIC
Slide 69: Market situation
Market situation The market currently regards AI as a material headwind for SAP SAP Share Price SAP Enterprise Value 2027 FCF Consensus (April 30, 2025 – April 30, 2026) €11.4bn €315bn €11.1bn €176bn Free float Free float 1,167m1 1,153m1 EUR/USD EUR/USD 1.04 1.17 -43% April2025 30, 2025 April2026 30
Slide 70: The CFO perspective
The CFO perspective Probabilistic and deterministic hemispheres of business Inference under uncertainty Patterns rather than fixed rules Context-dependent behavior Structured + unstructured signals Ambiguous, changing states Heuristic or emergent decision paths Adaptive behavior → Reas
Slide 71: The CFO perspective
The CFO perspective Evolving towards neuro -symbolic systems of action Neuro-Symbolic System Probabilistic models are no substitute Create task Escalate for deterministic code-lines Agent recommendation Approve Approve Probabilistic agents heavily depend on the deterministic system Monitor & Act Inv
Slide 72: The CFO perspective
The CFO perspective CFOs have high requirements when it comes to enterprise -grade solutions CFO Requirement Potential challenges of AI-generated code Reliable financial Incorrect implementation of business logic leading and tax statements to wrong results and legal liability. Strong internal Bypass
Slide 73: Cloud Revenue & Total Cloud Backlog
Cloud Revenue & Total Cloud Backlog Continued market outperformance Cloud Revenue Total Cloud Backlog | Current Cloud Backlog + 23% CAGR + 25% CAGR + 34% CAGR Total Cloud SaaS/PaaS 3.7x 3.5x Ratio2 3.2x Total Cloud 2.9x Backlog + 24% CAGR Saas | PaaS Current Cloud Backlog IaaS 2022 2023 2024 2025 20
Slide 74: Support revenue
Support revenue Cloud migration continues to support growth End of mainstream Support Revenue maintenance beyond 2027 €10.5bn €10.5bn 2025 software support revenue End of mainstream maintenance 2025 20 25 2026e 20 26 2027e 20 27 2028e 20 28 2029e 20 29 2030e 20 30 by 2027 Actuals Illustrative. All f
Slide 75: Bottom-line
Bottom-line Efficiency gains support margin expansion and growth investments Expense-to-Revenue-Growth Cost of Sales Operating Expenses “Next Level” Transformation Cloud Gross Margin Sales & Marketing Ratio Program 69.9% 71.9% 73.3% 75.0% 25.9% 27.0% 25.9% 23.3% 156% 2022 2023 2024 2025 2026e 2027e
Slide 76: Cash conversion
Cash conversion Optimizing cash conversion and continued progress towards “Rule of 40” Cash Conversion Rule of 402 non-IFRS Operating Profit Free Cash Flow Free Cash Flow in % of non-IFRS Operating Profit Free Cash Flow Margin Total Revenue Growth 83% 79% 79% 71% 52% 40% 33% €12.1bn €10.4bn ~€10.0bn
Slide 77: Capital allocation
Capital allocation Disciplined allocation of capital Dividend per share | Payout Capital returns Net liquidity Share buyback ratio € billion program 5.64 €2.451 €2.50 €2.35 €4.7bn€4.7bn 4.64 ~€10.0bn €2.20 €4.4bn €5.5bn 4.17 €2.05 €0.50 €1.85 €2.6bn4 €3.3bn €1.5bn2 €1.95 €7.4n5 €1.0bn2 ~€4.9bn € . b
Slide 78: Growth journey
Growth journey AI transformation drives our growth journey SAP Total Revenue, Cloud Revenue and Operating Profit Growth 2023 – 2030e, bn€ | Continuing Operations Revenue Growth Sustained cloud momentum Total revenue growth acceleration and operating margin expansion in 2027 Operating Leverage 36.8 S
Slide 79: Thank you.
Thank you. © 2026 SAP SE or an SAP affiliate company. All rights res erved. See Legal Notic e on ww w.sap.com/legal-notice for use terms, discl aimers, discl os ures , or restrictions related to this material. 79