TMT Daily "TOTVS: +ve read from SAP Q2: Cloud resilience but rising token..."

研报英文原文证据摘录

TMT Daily "TOTVS: +ve read from SAP Q2: Cloud resilience but rising token..."

Global Research

24 July 2026ab

TMT Daily Equities

Emerging MarketsTOTVS: +ve read from SAP Q2: Cloud resilience

but rising token costs; GLOB/CINT: Infosys' Telecommunications

guide cut suggests soft demand backdrop Leonardo Olmos,AnalystCFA

leonardo.olmos@ubs.com

+55-11-9658 7533

TMT Calendar: key events next week Gustavo Farias

Associate Analyst

(July 27) TEF-BZ earnings release gustavo.farias@ubs.com

(July 27) TIM earnings release +55-11-2767 6154

(July 27) TotalPlay earnings release

(July 29) TEF earnings release

(July 29) Intelbras earnings release

(July 29) Cognizant earnings release

(July 30) Grid Dynamics earnings release

(July 30) Capgemini earnings release

(July 30) Megacable earnings release

TOTVS: +ve read-through from SAP Q2, with Cloud resilience but rising token

costs

What happened: UBS Software analyst Michael Briest published a report on SAP's

2Q26 results. Key takeaways were:

Cloud backlog beat and reaccelerated. Current cloud backlog (CCB) grew 26%

YoY (Q1: +25%), ahead of market expectations of around 24%. Cloud revenue

rose 24% in constant currency, in line with consensus. Excluding the Reltio and

SmartRecruiters acquisitions, organic backlog grew around 25%, the first

quarter-on-quarter organic acceleration since 3Q24.

Margin miss on higher AI and R&D costs. EBIT was €2,743mn at a 27.8%

margin, up 9% YoY but 5% below consensus, and the first YoY margin decline

excluding stock-based compensation in ten quarters. The main driver was a

jump in R&D spending, which ran well ahead of headcount growth (unlike Q1,

when the two grew at a similar pace). While a hiring skew toward more senior

AI specialists likely played a part, SAP management acknowledged the impact