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SAP (SAP) investor relations material
SAP Morgan Stanley 25th European Technology, Media & Telecom Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Morgan Stanley 25th European Technology, Media & Telecom Conference summary14 Nov, 2025
Year in review and outlook
CCB growth was expected to be slightly down due to the WalkMe acquisition, with deal slippage in Q2 and Q3 impacting cloud revenue timing but not overall growth trajectory.
Large transactions in Q4 could significantly affect CCB growth, with execution and timing being key due to seasonality and unpredictability.
Institutional business in the US saw progress with a $1B IDIQ framework and a contract with the US Army, signaling strong product confidence.
Pipeline remains robust, with sales force incentivized to close deals by year-end, and strong seasonality persists even in the cloud era.
Restructuring and go-to-market changes, while disruptive, are seen as necessary for long-term performance, with AI playing a growing role.
Cloud migration and customer base
About 40% of ERP maintenance customers are on the RISE journey, with significant opportunity remaining as most have not fully migrated.
Migration from ECC to S/4 cloud is accelerating, bypassing on-prem detours due to AI-driven process changes and cost efficiencies.
Tools like AI-driven code refactoring, Business Transformation Suite, WalkMe, and LeanIX are reducing risk and cost for customer migrations.
Cloud conversion is expected to yield 2-3x revenue multipliers, with potential to double over five years through upsell, cross-sell, and AI monetization.
Net new business in the mid-market is growing, with scalable solutions now targeting both small and large customers, driving public cloud momentum.
Growth drivers and financial outlook
PaaS and SaaS segments are growing at 29% YoY, about twice the market rate, but a gradual deceleration is expected as the market matures.
Total revenue growth is projected to accelerate in 2026 and 2027, with conversion and new opportunities offsetting slower migration by decade's end.
Profitability focus remains on free cash flow and margin expansion, with the Rule of 40 targeted but no specific year committed.
Margin expansion is guided by the 80-90% expense growth rule, with cash conversion modeled as operating profit minus tax plus stock-based comp.
Capital allocation favors organic development and share buybacks over large M&A, as niche SaaS valuations remain high and synergies are uncertain.
How to achieve 4-5x cloud multipliers
Timeline for $1B+ new revenue streams
What drives M&A reluctance for large deals?
Partial view of Summaries dataset, powered by Quartr API
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UBS’s 2025 Global Technology and AI Conference2 Dec, 2025
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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.
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