SAP (SAPG.DE): 2Q26: CCB stronger while EBIT below; FY26 EBIT guidance trimmed to reflect acquisition dilution; Buy

研报英文原文证据摘录

SAP (SAPG.DE): 2Q26: CCB stronger while EBIT below; FY26 EBIT guidance trimmed to reflect acquisition dilution; Buy

Equity Research

24 July 2026 | 3:29AM BST

SAP (SAPG.DE): 2Q26: CCB stronger while EBIT below; FY26 EBIT

guidance trimmed to reflect acquisition dilution; Buy

Results Mohammed Moawalla

+44(20)7774-1726 |

We see scope for slight negative revisions to consensus operating profit forecasts for mohammed.moawalla@gs.com

Goldman Sachs International

SAP on the back of the updated FY26 EBIT guidance, which now reflects the dilutive

Deepshikha Agarwal

impact of the Dremio and Prior Labs acquisitions that closed in July, as well as +1(212)934-6961 |

modestly softer EBIT growth in the quarter. Having said that, we expect a broadly deepshikha.agarwal@gs.comGoldman Sachs India SPL

neutral share price reaction given the relief from the CCB beat. Uzair Merchant

+44(20)7774-7645 |

SAP’s 2Q26 results demonstrated continued top-line resilience, with CCB remaining uzair.merchant@gs.comGoldman Sachs International

sequentially steady at 26% yoy ex-fx (c.25% yoy ex-fx organic), ahead of GSe and Ahlam Haouach

consensus expectations of 25%/24%, driven by continued strength in the Cloud ERP +44(20)7051-8714ahlam.haouach@gs.com|

Suite. Management also highlighted momentum across its Autonomous Suite and Goldman Sachs International

Business AI Platform, resulting in improved coverage and a stronger pipeline post

SAPPHIRE. Total revenues came broadly in line with GSe and consensus

expectations, while Non-IFRS EBIT came in below expectations (2%/5% below

GSe/consensus), growing 9% yoy ex-fx (vs. GSe/consensus at 10%/14%). The

sequential deceleration was driven by lower cloud growth, higher SBC (reversing the