SAP : Sapphire 2026 preview: Four priorities in our ‘wish list’

Research evidence excerpt

SAP : Sapphire 2026 preview: Four priorities in our ‘wish list’

EQUITIES

SOFTWARE

SAP OUTPERFORMPRICE* EUR146.2  TARGET PRICE EUR200 (UPSIDE 37%)

SAP ADR OUTPERFORMPRICE* USD173.7  TARGET PRICE USD235 (UPSIDE 35%)

Sapphire 2026 preview: Four priorities in our ‘wish list’

We will attend SAP’s annual Sapphire event in Orlando (May 11-13), including the Financial Analyst11 MAY 2026

Securities Research Report Conference (May 13). In this report we outline our four priorities in an ‘investor wish list’.

Production time: 06:16* (London time)

Research Analysts & Publishing Entities SAP Sapphire 2026 labelled as ‘The Beginning of Better’

Ben Castillo-Bernaus We will meet with SAP executives, partners and customers during Sapphire 2026, as well as attend

BNP Paribas London Branch keynotes, breakout sessions and the Financial Analyst Conference (May 13).

(+44) 203 430 8527

ben.castillo-bernaus@uk.bnpparibas.com

Four priorities for SAP Sapphire / Financial Analyst Conference

Stefan Slowinski Key for investors regarding SAP’s equity story in our view: 1) the value and positioning of SAP’s

BNP Paribas London Branch

enormous Enterprise data estate in an AI / Agentic AI future - specifically the integration and(+44) 203 430 8549

stefan.slowinski@uk.bnpparibas.com relationship with partner and third party ecosystems, 2) Cloud Revenue growth trajectory as cross-

sell across more of the suite including applications, data cloud, AI and PaaS materialises, 3) changes

to SAP Services business and potential new partnership(s) to accelerate and reduce costs of SAP

migrations, including any knock on impact to Revenue growth acceleration trajectory, and 4)

revisiting SAP’s multi-year operating model and ‘Rule of 40’ ambition (Revenue growth + FCF margin

%).