SAP · SAP Q2 FY2026 earnings call record财报电话会记录

“It resonated strongly because it gets to the root of why enterprise AI is so hard and what that means for our customers.”

“With our latest acquisition of Dremio and its Apache Iceberg native technology, we are bringing mission-critical SAP and non-SAP data together to become a true enterprise lakehouse, meaning SAP and non-SAP data can be analyzed together in real-time without moving or copying it first.”

“To accelerate our customers' journey to the autonomous enterprise, we are also releasing three additional ERP migration assistants with 10 underlying agents later this quarter.”

“Over 3,000 SAP consultants are driving AI adoption directly with more than 2,000 customers.”

“As expected, the year-over-year cloud revenue growth rate declined sequentially to 24%, reflecting several quarter-specific effects that particularly benefited the 2026 year-on-year comparison in the preceding first quarter.”

“Our IFRS cloud gross margin in Q2 was 74.3%, and non-IFRS was 74.6%, down 0.7 percentage points year-over-year at constant currencies.”

“The quarter-over-quarter deceleration in IFRS and non-IFRS operating profit growth is mainly caused by lower cloud and total revenue growth in Q2 as compared to Q1 2026, an unusually low stock-based compensation expense in the first quarter of 2026, accelerated investments into research and development, higher marketing expenses in the quarter of the launch of the autonomous enterprise, and finally, the slightly dilutive impact of the Reltio acquisition, which just closed on May 7th.”

“Finally, IFRS earnings per share increased by 30% to EUR 1.89, and non-IFRS earnings per share increased by 6% to EUR 1.59.”

“As you will have seen in the quarterly statement issued earlier today, we are maintaining our financial outlook for all top-line parameters and free cash flow.”

“We are adjusting our operating profit outlook by EUR 0.1 billion and expect EUR 11.8 billion-EUR 11.2 billion to reflect the dilutive impact of the recent Dremio and Prior Labs acquisitions.”

“It is true, though, that the M&A acquisitions we did, they will have actually an impact which is in excess of EUR 100 million.”

“For me, this is a unique chance, which first of all, will hopefully end up in the next 12 months in an acceleration of our AI cloud revenue, but second, then also in very healthy cost margins going forward.”