Expert Pulse - Joule 2.0 improvements but clouded longer-term spend outlook

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Expert Pulse - Joule 2.0 improvements but clouded longer-term spend outlook

J P M O R G A N Europe Equity Research

20 July 2026

SAP Neutral

SAPG.DE, SAP GR

Expert Pulse - Joule 2.0 improvements but clouded Price (17 Jul 26):€138.88

longer-term spend outlook Price Target (Dec-27):€175.00

In this note, we draw on expert insight to give investors a perspective on key themes European Tech Software & IT

and trends from customers and partners that are relevant for SAP. This particular Services

expert touches on a number of key debates that are relevant for the SAP equity Toby Ogg AC

story. The expert highlights that SAP’s Joule 2.0 (beta tested latest version) is an (44-20) 7742-3278

improvement relative to the first version, viewing it as more complete. Whilst Joule toby.ogg@jpmorgan.com

could add incremental SAP spend in the near-term, the expert indicated that the aim J.P. Morgan Securities plc

was to reduce spend on SAP over time. On SAP’s recent API policy changes, the Joseph George

discussion noted tension among customers, but the expert’s view was that “its the (44-20) 3493-6990

joe.george@jpmorgan.com

right thing to do” in light of AI governance, auditability and identity management J.P. Morgan Securities plc

dynamics. Overall, the expert indicated an intention to try and reduce total software Priya R Suneja

spend on a multi-year view, with wallet share rotating towards cloud, observability (91-22) 6157 4721

and cybersecurity vendors. priya.suneja@jpmchase.com

J.P. Morgan India Private Limited

Expert – Technical Leader (reporting to CIO) at a Large European Giulio Gambardella

Automotive Company (44-20) 3493-4181

giulio.gambardella@jpmorgan.com

Context/background: Expert is a key decision-maker for software purchases, J.P. Morgan Securities plc