SAP Q2’26 preview - macro situation remains broadly unchanged

Research evidence excerpt

SAP Q2’26 preview - macro situation remains broadly unchanged

J P M O R G A N Europe Equity Research

12 June 2026

SAP Neutral

SAPG.DE, SAP GR

Q2’26 preview - macro situation remains broadly Price (11 Jun 26):€141.34

unchanged Price Target (Dec-27):€175.00

While there was a constructive tone from management at SAP’s Sapphire European Tech Software & IT

conference in May on the product vision, the near-term macro dynamics remain Services

broadly unchanged as we head into Q2 results (23rd July). Recent conference Toby Ogg AC

commentary from SAP CEO Christian Klein in early June indicated that overall (44-20) 7742-3278

everything is “okay right now”, but continued to acknowledge risks if the conflict toby.ogg@jpmorgan.com

persists. We note that the current 2026 guidance (which was updated in April) J.P. Morgan Securities plc

assumes a near-term de-escalation of the conflict in the Middle East and the Joseph George

imminent consolidation of Reltio. We’re now in June and the situation remains (44-20) 3493-6990

joe.george@jpmorgan.com

ongoing. Outside of the macro, Mr. Klein made positive comments on pipeline J.P. Morgan Securities plc

development following Sapphire which was described as “really extraordinary”. Priya R Suneja

More broadly, recent peer reporting from Salesforce, Workday and Oracle (91-22) 6157 4721

continue to suggest a degree of pressure on software growth rates. From an AI priya.suneja@jpmchase.com

monetisation perspective, we think the market needs clear evidence of tangible AI J.P. Morgan India Private Limited

monetisation and for that AI monetisation to be big enough against a large existing Giulio Gambardella

revenue base to be relevant for the growth trajectory. Oracle indicated earlier this (44-20) 3493-4181