While the prevailing dynamic environment implies elevated levels of uncertainty and reduced visibility, SAP (SAP) currently continues to expect: EUR 21.6 – 21.9 billion cloud revenue at constant currencies (2024: EUR 17.14 billion), up 26% to 28% at constant currencies. EUR 33.1 – 33.6 billion cloud and software revenue at constant currencies (2024: EUR 29.83 billion), up 11% to 13% at constant currencies. EUR 10.3 – 10.6 billion non-IFRS operating profit at constant currencies (2024: EUR 8.15 billion), up 26% to 30% at constant currencies. Approximately EUR 8.0 billion free cash flow at actual currencies (2024: EUR 4.22 billion) An effective tax rate (non-IFRS) of approximately 32% (2024: 32.3%). The company also continues to expect current cloud backlog growth at constant currencies to slightly decelerate in 2025.
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