SAP sees FY26 cloud revenue EUR 25.8B-EUR26.2B

For 2026, SAP (SAP) continues to expect: EUR 25.8 – 26.2 billion cloud revenue at constant currencies (2025: EUR 21.02 billion), up 23% to 25% at constant currencies. EUR 36.3 – 36.8 billion cloud and software revenue at constant currencies (2025: EUR 32.54 billion), up 12% to 13% at constant currencies. EUR 11.9 – 12.3 billion non-IFRS operating profit at constant currencies (2025: EUR 10.42 billion), up 14% to 18% at constant currencies. Approximately EUR 10 billion free cash flow at actual currencies (2025: EUR 8.24 billion). An effective tax rate (non-IFRS) of approximately 29% (2025: 30.5%)(1). Constant currencies current cloud backlog growth to slightly decelerate (2025: 25%). SAP further expects:Constant currencies total revenue growth in 2026 to remain at similar levels as in 2025 and to accelerate in 2027. The previous outlook assumed constant currencies total revenue growth to accelerate through 2027. Total operating expenses to grow at 80% to 90% of total revenue growth in 2027. Constant currencies software support revenue decline rate to accelerate in the coming years as a consequence of an acceleration of customers transforming to the cloud.