SAP Oracle’s cloud apps slow, pointing to continued software growth pressure

研报英文原文证据摘录

SAP Oracle’s cloud apps slow, pointing to continued software growth pressure

J P M O R G A N Europe Equity Research

11 June 2026

SAP Neutral

SAPG.DE, SAP GR

Oracle’s cloud apps slow, pointing to continued Price (10 Jun 26):€147.90

software growth pressure Price Target (Dec-27):€175.00

Software Monitor is our chart-based read-across of the output of our model-based European Tech Software & IT

tech tracking (Software & IT Services). Services

Toby Ogg AC

What’s the read-across to SAP? Oracle reported Q4’26 (May-Q) results (44-20) 7742-3278

yesterday post market. Oracle Cloud Applications grew +9% cc, a 2pt deceleration toby.ogg@jpmorgan.com

vs. +11% cc last quarter, the first deceleration in Oracle’s blended apps growth this J.P. Morgan Securities plc

fiscal year (Q1 +10%; Q2 +11%; Q3 +11%; Q4 +9% cc), breaking the stabilising Joseph George

trend of recent quarters. On AI commercialisation, Co-CEO Mike Sicilia noted (44-20) 3493-6990

joe.george@jpmorgan.com

Oracle has delivered more than 1,000 AI agents across its application suites over J.P. Morgan Securities plc

the past year, with “much of our AI innovation in our core applications continues

Priya R Suneja

to be included at no extra charge,” and incremental monetisation layered on top (91-22) 6157 4721

via token bundles and outcome-based pricing. Oracle’s cloud apps growth trend priya.suneja@jpmchase.com

could signal continued pressure in enterprise software and thus reflects a J.P. Morgan India Private Limited

more negative read on the near-term outlook for growth in SAP/Enterprise Giulio Gambardella

apps. We also highlighted a similar slowdown dynamic in Microsoft’s recent (44-20) 3493-4181

results, where Dynamics (software apps) was guided to slow notably in the giulio.gambardella@jpmorgan.com