Overview

• SAP achieved €9 billion in Q1 2025 revenue, reflecting a 12% year-on-year increase driven by strong cloud and subscription growth.
• Adjusted EBIT rose 60% to €2.46 billion, significantly exceeding analyst expectations, with an operating margin of 27.1%.
• Cloud revenue grew 27% to nearly €5 billion, while the cloud order backlog increased by 28% to €18.2 billion.
• Recurring revenues accounted for 86% of the business, underscoring the resilience of SAP's high-margin, subscription-based model.
• Despite geopolitical and currency risks, SAP confirmed its full-year outlook, with shares jumping 6% in after-hours trading.