Overview

• SAP’s Q1 2025 revenue increased 12% year-on-year to €9 billion, driven by robust cloud and recurring revenue growth.
• Adjusted operating profit soared 60% to €2.46 billion, exceeding market expectations, with operating margins improving significantly.
• Cloud revenue rose 27% to nearly €5 billion, while the cloud order backlog expanded 28% to €18.2 billion, underscoring strong demand.
• Cost savings from the €2 billion restructuring plan, which included 8,000 job cuts, contributed substantially to profit growth.
• SAP reaffirmed its full-year outlook but cautioned about currency volatility and trade uncertainties, particularly potential impacts from U.S. tariff policies.