SAP 2Q26: Healthy growth, slightly noisy on margin

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SAP 2Q26: Healthy growth, slightly noisy on margin

24 July 2026

Global Software and European Technology / Software

SAP delivered a good Q2, with a better than expect Current Cloud Backlog (CCB) growth Mark L. Moerdler, Ph.D.

+1 917 344 8506 rate and margins below expectations. Management reiterated FY guidance, other than

mark.moerdler@bernsteinsg.com operating income as the recent acquisitions will negatively impact operating income.

We see the CCB strength positively and are not worried about the in-quarter margins

Richard Nguyen as software companies can easily manage margins if they are focused (which SAP is).

+33 1 42 13 54 22

richard.nguyen@bernsteinsg.com We believe that management has learned and is being conservative in their approach to

guidance and commentary - constantly stating how the setup for meeting guidance has

Firoz Valliji, CFA improved without leading investors to expect a beat. We see this as a very smart approach

+1 917 344 8316 given macro etc.

firoz.valliji@bernsteinsg.com

SAP is well protected against AI disruption given the criticality of its software as well as to

Derric Marcon capture the upside from AI given their approach to AI. With the numbers currently driven by +33 1 58 98 06 30

derric.marcon@bernsteinsg.com a Cloud transition and longer term upside from AI we like the setup, especially at the current

stock price.

Shelly Tang, CFA

+1 917 344 8342 Investors were focused on the Current Cloud Backlog (CCB) as a leading indicator of

shelly.tang@bernsteinsg.com

growth and CCB growth was a concern for investors in 4Q. The company yet again

delivered better than expected CCB growth, which sets them up for solid growth over the

next 12 months. The company also maintained FY guide (except for operating income hit