SAP (SAP) AGM 2025 summary

Opening remarks and agenda

• The AGM was held virtually to enhance accessibility, with full shareholder rights ensured, including Q&A and voting via an online portal.

• Formalities included attendance verification, agenda confirmation, and explanation of voting and speaking procedures.

• Shareholders could submit statements and motions in advance or during the meeting, with technical support for participation.

Financial performance review

• 2024 saw record cloud revenue, now over €5 billion per quarter, making up more than half of total revenue and 86% recurring revenue.

• Total cloud backlog reached €63 billion, up 40% year-on-year, supporting predictable future revenue.

• Despite restructuring costs of €3.1 billion, cloud gross margin rose to 73.3%, and the share price outperformed major indices.

• Dividend of €2.35 per share proposed, a 6.8% increase, with a €5 billion share buyback program ongoing.

Board and executive committee updates

• Sebastian Steinhaeuser appointed as Chief Operating Officer, focusing on strategy and operational efficiency.

• Contracts for CEO Christian Klein and CFO Dominik Asam extended, ensuring leadership continuity.

• Introduction of the SAP Extended Board to drive AI-first strategy.

• Jürgen Müller resigned from the Executive Board after an investigation into inappropriate behavior; no severance was paid.