SAP: To restrict hiring and travel to fund AI push

研报英文原文证据摘录

SAP: To restrict hiring and travel to fund AI push

J P M O R G A N Europe Equity Research

02 July 2026

SAP Neutral

SAPG.DE, SAP GR

To restrict hiring and travel to fund AI push Price (01 Jul 26):€140.20

Price Target (Dec-27):€175.00

Our Take: A Bloomberg article today reported that SAP is planning to cut back on European Tech Software & IT

hiring and travel, and going forward SAP will exclusively focus new hiring on Services

selected profiles, mainly core AI roles, that are critical for SAP’s long-term Toby Ogg AC

success. The article suggests that travel for internal events unrelated to AI (44-20) 7742-3278

development will be paused, and the company will look for ways to cut spending toby.ogg@jpmorgan.com

with suppliers. The memo Bloomberg reported on references significant J.P. Morgan Securities plc

investments in the products and AI capabilities SAP is building and this is Joseph George

complemented by strategic acquisitions in data and AI where there is an (44-20) 3493-6990

joe.george@jpmorgan.com

additional need for expertise and technology. Our view: We think this is another J.P. Morgan Securities plc

indication that significant investment is likely needed to ensure SAP remains Priya R Suneja

competitive relative to an intensifying competitive landscape. This investment will (91-22) 6157 4721

likely take the form of additional opex and incremental M&A. As we wrote in our priya.suneja@jpmchase.com

downgrade to Neutral report back in March, we believe greater investment J.P. Morgan India Private Limited

intensity is likely needed from SAP over the coming years given the intensifying Giulio Gambardella

competitive environment and this will show up through a softer pace of margin (44-20) 3493-4181

expansion versus consensus and a return to more M&A.