EVR-ISI Software: Daily Cloud Bytes (SAP Sapphire, NOW & More)

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EVR-ISI Software: Daily Cloud Bytes (SAP Sapphire, NOW & More)

Technology | Software

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May 13, 2026

Kirk Materne, CFA EVR-ISI Software: Daily Cloud Bytes (SAP

212 497 0873 Sapphire, NOW & More) kirk.materne@evercoreisi.com

Peter Levine EVR-ISI Software Daily Nugget: More give back in software yesterday

212 497 0833 outside of a few select names (i.e. MDB) and while we believe the

peter.levine@evercoreisi.com recent bifurcation in performance between the ‘scaffolding’ names and

Peter Burkly the apps names is a positive sign, it’s going to be a bumpy bottoming

212 497 0831 process. We are at SAP Sapphire this week and while the agentic

peter.burkly@evercoreisi.com narrative is on point, the reality is proving out the strategy is going to

Bill McNamara take time. That’s the beauty and curse of a sticky customer base – i.e.

212 446 5626 they aren’t leaving but they don’t move real fast either. SAP will host its

bill.mcnamara@evercoreisi.com analyst event at 11am EDT today and our best guess is that

Charlie Zhou management maintains its ‘accelerating’ revenue outlook into FY27 but

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potentially lowers its op. margin forecast a bit to account for its recent charlie.zhou@evercoreisi.com

acquisitions and what we expect will be a heavier investment cycle

Weekly Video: around AI. The tactical question is whether a small trim to the op.

margin forecast would even matter at these levels? In our view, we

expect the analyst day will be less about being a near-term catalyst for

the shares and more about aligning the investment narrative to an

accelerating AI adoption curve. At Sapphire, SAP highlighted four key

AI priorities: 1) SAP Business AI Platform and SAP Autonomous Suite,

expanding agent driven execution across finance, supply chain,