Digital Download – Back to Bond Yields

Research evidence excerpt

Digital Download – Back to Bond Yields

SAP BUY

to AI. With this in mind, it was interesting to see OpenAI launch its own AI services company:

SCT HOLD

the OpenAI Deployment Co. Companies including Capgemini and Bain are investors in the new SGE BUY

company. However, with OpenAI acquiring its own consulting firm, Tomoro, as part of this . TEMN HOLD

initiative, the boundary between internal and external service capabilities appears blurred. Source: Jefferies

SAP Sapphire: We attended the SAP Sapphire conference and came away with impressions

similar to those after the recent Sage conference. Notably, customers and partners are less Chart 4 - Weekly Share Performance, 2026YTD

concerned than investors about SaaSpocalypse. Consistently, partners reference the adoption 15.0%

gap, where the ability of companies to adopt new technology, like AI, is materially slower than 10.0%5.0%

the speed of cutting-edge innovation in the lab. Meanwhile, as companies like SAP build their 0.0%

own AI capabilities and back them with customer incentives, we think investors are overlooking -5.0%

the potential for incumbents to capture a share of the agentic opportunity. We remain positive. -10.0% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

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.

Upcoming Sage results: We came back from the Sage Future conference positive and hope Source: Jefferies, Factset

this will be reflected in robust 1H26 results on 21 May. Having delivered 4Q25 organic

growth of 9.6%, this accelerated to 10% in 1Q25. Against this backdrop of acceleration, 1H26

expectations look readily achievable – cons 9.8% growth, JEF 9.5%. We expect the outlook to