Solid C2Q CCB Growth But EBIT Headwinds Likely Keep Shares Range-Bound; PT to €1

研报英文原文证据摘录

Solid C2Q CCB Growth But EBIT Headwinds Likely Keep Shares Range-Bound; PT to €1

master-data quality, embedding

ontology and knowledge graphs, and governing agents across their lifecycle. Management is

explicitly targeting outcome-based pricing, noting that AI creates an opportunity to reset price

architecture relative to traditional seat-based SaaS. In practice, pricing will be based on the labor

reduction or productivity gain achieved, the customer’s available alternatives and SAP’s ability

to capture a portion of the realized savings, with ex-post measurement helping validate the

outcome. Management noted strong demand, rising consumption and a planned launch cadence

of nearly 50 assistants by the end of 3Q and more than 400 agents by year-end;

4) One of the key messages was that customers cannot scale AI on fragmented legacy

landscapes with poor data quality and excessive customization. This is driving customers to

pursue ERP modernization and AI adoption in parallel, rather than delaying migration while

experimenting with external AI layers. SAP cited strong uptake of its AI-enabled migration

toolchain, with customers achieving up to 30% lower migration costs, while new migration

assistants and agents are intended to reduce implementation complexity further. The partner

model is also evolving, whereby consultants are being redirected toward agent extension and

adoption, which should improve velocity and potentially expand overall transformation capacity.

The 2030 maintenance deadline remains unchanged, and management characterized the recent

EU maintenance agreement as having no meaningful impact over the next three years –

ultimately, the line is becoming less material as ECC support declines and customers migrate to

cloud;