SAP (SAP GY) Q4 2025 (EUR): Adj. oper. profit 2.83bln (exp. 2.75bln), Revenue 9.68bln (exp. 9.74bln), Cloud Revenue 5.61bln (exp. 5.64bln), Cloud/Software Revenue 8.62bln (exp. 8.68bln); announced up to EUR 10bln buyback, to start Feb 2026

• Net Profit: 1.89bln
• Cloud Revenue: 5.61bln (exp. 5.64bln)
• Cloud/Software Revenue 8.62bln (exp. 8.68bln)
• Cloud Backlog +25% Y//Y (exp. 24.8%)

• EUR 25.8 – 26.2bln cloud revenue at constant currencies (prev. 21.02 bln Y/Y)
• EUR 36.3 – 36.8bln cloud and software revenue at constant currencies (prev. 32.54bln Y/Y)
• EUR 11.9 – 12.3bln non-IFRS operating profit at constant currencies (prev. 10.42bln).

• "SAP Business AI has become a main driver for growth as it was included in two thirds of our Q4 cloud order entry, combined with strong AI adoption across the ERP Suite."

SAP's Q4 2025 results show an adjusted operating profit beating expectations, which is a positive signal regarding operational efficiency. However, revenue figures, particularly in the cloud segment, came in slightly below forecasts, highlighting potential challenges in that growth area. The announcement of a significant buyback program could be seen as a vote of confidence from management, aimed at enhancing shareholder value from next year.