SAP SE: Sapphire provides strategic clarity on agentic AI

研报英文原文证据摘录

SAP SE: Sapphire provides strategic clarity on agentic AI

Equity Research

European Software & Payments

14 May 2026

SAP SE

Sapphire provides strategic clarity

on agentic AI

SAP at Sapphire clearly outlined why it has the right to win in SAPG.DE/SAP GY OVERWEIGHT

NEUTRALagentic AI. While financial clarity on AI impact was limited EuropeanPayments Software &

beyond mix, with no explicit growth framework, we see this Price Target EUR 220.00

as deliberate given the market's focus on terminal values, Price (13-May-26) EUR 136.26 Potential Upside/Downside +61.5%

Source: Bloomberg, Barclays Researchwhich SAP addressed through its AI strategy and products.

Strategy: leveraging domain knowledge, business data and governance U.S. Software

Raimo Lenschow, CFAManagement positioned AI as the next structural transformation for SAP, extending beyond

+1 212 526 2712

cloud migration towards AI‑driven, agent‑based enterprise software, which it refers to as the raimo.lenschow@barclays.com

"Autonomous Enterprise." BCI, US

The company sees its right to win in its differentiated capabilities. Management emphasised European Software & Payments

that LLMs are commoditising, with leadership positions between LLMs expected to rotate over Sven Merkt, CFA

time, while SAP’s advantages lie elsewhere in deep process and industry knowledge, +44 (0)20 3134 1254

semantically rich business data, and enterprise‑grade governance. These are brought together sven.merkt@barclays.com

through SAP’s knowledge graph, which underpins the SAP Business AI Platform. SAP stressed Barclays, UK

that the ability to switch between foundational models as the landscape evolves is essential. By Alice Jennings

abstracting models behind its orchestration, context and governance layers, SAP believes it can +44 (0)20 3134 9087