SAP (AO) | Buy | Feedback SAPPHIRE day 1

Research evidence excerpt

SAP (AO) | Buy | Feedback SAPPHIRE day 1

News comment

Release date: 13 May 2026

Laurent Daure

Head of IT services & software

Buy +33 1 53 65 36 36SAP ldaure@keplercheuvreux.com

Germany | IT services & software Beta Profile: MCap: EUR166.6bn

Target Price: EUR190.00 Bloomberg: SAP GR Reuters: SAPG.DE

Current Price: EUR142.40 Free float 84%

Up/downside: 33.4% Avg. daily volume (EURm) 873.6

YTD abs performance -31.7% Market data: 12 May 2026

52-week high/low (EUR) 272.35/139.38

Feedback SAPPHIRE day 1

Key points:

Presenting SAP Business AI platform.

Reducing migration costs by 35% with Palantir and Accenture.

Feedback from system integrators is mixed. Announcements are well received but seen more as a catch-up on AI.

Presenting the autonomous enterprise

At Sapphire 2026, SAP presented its vision of the “Autonomous Enterprise,” where AI agents can manage business processes with

minimal human intervention. The company announced a major restructuring of its technology stack by merging SAP Business

Technology Platform, SAP Business Data Cloud, and SAP Business AI into a single environment called SAP Business AI Platform.

The objective is to simplify enterprise AI deployment by reducing data fragmentation and improving governance across system.

At the centre of this strategy is the SAP Knowledge Graph, which maps business entities, workflows, and relationships across the

customer’s SAP environment. This allows AI agents to work with real operational data instead of isolated datasets.

SAP is positioning Joule as the main interface for interacting with its software. With Joule Work, users can describe a desired

business outcome, and Joule will orchestrate the right agents and workflows. The experience will work across desktop, mobile,