SAP : Postcard from Sapphire 2026

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SAP : Postcard from Sapphire 2026

EQUITIES

SOFTWARE

SAP OUTPERFORMPRICE* EUR136.3  TARGET PRICE EUR200 (UPSIDE 47%)

SAP ADR OUTPERFORMPRICE* USD160.8  TARGET PRICE USD235 (UPSIDE 46%)

Postcard from Sapphire 2026

We attended SAP Sapphire 2026 in Orlando, including the Financial Analyst Conference14 MAY 2026

Securities Research Report SAP takes first significant leap into Agentic AI Orchestration layer, extends partnerships with key

Production time: 01:42* (London time) stakeholders including Palantir, Nvidia, and AWS to accelerate innovation adoption while Co.

Research Analysts & Publishing Entities reassures – even if not excites – on its financial outlook. Reading between the lines we noticed some

Ben Castillo-Bernaus acknowledgement customers’ reality is still a distance away from this innovation, with a more

BNP Paribas London Branch accommodating – even concessionary – approach to bring customers along the way, with supportive(+44) 203 430 8527

ben.castillo-bernaus@uk.bnpparibas.com commentary from various channel partners we spoke with (inc. Accenture, Capgemini). We came

away sensing SAP’s conviction in becoming ‘the’ enterprise AI platform, arguably with the mostStefan Slowinski

BNP Paribas London Branch credible innovation taken thus far.

(+44) 203 430 8549

stefan.slowinski@uk.bnpparibas.com Innovation highlights: packaging AI ingredients, plus major step into AI Orchestration layer

On the innovation front, we felt SAP Business AI Platform and Autonomous Suite were the two major

new takeaways. We highlight a broader range of key new innovations in this report. Business AI

Platform better knits together existing ingredients needed for scaled enterprise AI: Data, AI and

Developer Platform.