Overview

• SAP’s Q2 revenue rose 9% to €9.03 billion, driven by a 24% increase in cloud subscription sales and a larger contract backlog.
• Adjusted EBIT climbed 32% to €2.57 billion, surpassing analyst expectations and fueled by cost savings from restructuring and lower stock-option expenses.
• Free cash flow surged more than 80% thanks to disciplined spending, and full-year free cash flow is now forecast at about €8 billion.
• Currency headwinds from a weaker US dollar are estimated to trim cloud revenue growth by 3.5 percentage points and operating profit by 3 points.
• Despite robust results, CEO Christian Klein and CFO Dominik Asam maintained the 2025 outlook and announced plans for increased hiring and investment to secure future growth.