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SAP (SAP) investor relations material

SAP Jefferies Structural Winners Series summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Jefferies Structural Winners Series summary16 Sep, 2025

Strategic direction and product evolution

  • Emphasis remains on both migration to cloud and sales execution, with S/4HANA adoption now mainstream and RISE with SAP still active but less central to messaging.

  • Two-thirds of ERP maintenance customers have yet to transition to the cloud, representing significant runway for future growth.

  • Maintenance for ECC will end by 2030, with a refactoring option on HANA in the cloud extending some flexibility.

  • Cross-sell and upsell opportunities are expected to drive revenue multiples, with some cohorts already showing 50% revenue growth over two years.

  • New growth levers include SAP Business Data Cloud, public cloud expansion, and AI-driven applications.

SAP Business Data Cloud and AI initiatives

  • SAP Business Data Cloud, developed with Databricks, addresses prior gaps in data solutions and enables zero-copy data sharing, reducing integration costs.

  • The product is expected to add a billion-plus in revenue within three to five years, expanding the addressable market by about 50%.

  • AI is seen as an incremental opportunity, leveraging SAP’s context-rich data and process intimacy for competitive advantage.

  • AI and data platform revenues are expected to ramp up in parallel, with blurred lines between embedded AI and platform sales.

  • SAP is investing heavily in AI to remain a front-runner, aiming to boost developer productivity and customer value.

Financial outlook and growth drivers

  • Pipeline size remains robust, with timing of contract signatures being the main uncertainty, especially in complex sectors.

  • Current cloud backlog (CCB) growth is expected to decelerate slightly, mainly due to M&A effects, but revenue acceleration is still forecast for 2026 and 2027.

  • Cloud ERP suite accounts for 85% of cloud revenues, growing over 30%, making scenarios below 25% CCB growth unlikely.

  • OpEx is targeted to grow at 80–90% of top-line growth, balancing investment in AI and sales efficiency with margin discipline.

  • Gross margin improvements are expected to plateau as private cloud margins reach healthy levels.

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Frequently asked questions

A Software Titan

SAP SE, most commonly referred to as SAP, is a German multinational company with customers and operations in all corners of the world. The company is headquartered in Germany but trades on both the NYSE and the FWB. SAP provides businesses with software to manage operations and customer relations and its products aid in organizing financial records, human resources, and supply chain tasks, streamlining businesses' everyday activities.

Founded by Engineers

SAP was founded in 1972 by five former IBM engineers with an entrepreneurial spirit. From humble beginnings in Germany, the company started out with only one customer and just a handful of employees and one customer. The idea behind the company was to build software that integrated business processes and enabled data processing in real time. Just a few years after the company was founded, SAP started rolling out its first software programs and started its journey toward the global powerhouse that it is today.

The Practical Application of SAP’s Products

SAP's software solutions are used across various business operations. Their Enterprise Resource Planning (ERP) system, for instance, consolidates business processes like procurement, manufacturing, sales, and accounting into a unified, interactive platform. This simplifies data management and decision-making, increasing operational efficiency.

SAP's Customer Relationship Management (CRM) software, meanwhile, aids companies in managing and analyzing customer interactions, helping to improve business relationships and drive sales growth. Furthermore, with tools like SAP SuccessFactors, companies can effectively manage their human resources, from talent acquisition to performance reviews.

Heavy-Hitting Customers

SAP's customer base is as diverse as its product portfolio, spanning various sectors including manufacturing, retail, healthcare, and financial services, among others. From small businesses to Fortune 500 companies, SAP's robust and scalable solutions are trusted by organizations of all sizes. Some notable companies using their products include names like Apple and Amazon. Simply having two such influential companies as customers, it becomes clear what type of impact SAP has in the modern corporate landscape.

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