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SAP Updates 2026 Non-IFRS Operating Profit Outlook to €11.8 - €12.2 Billion

For 2026, SAP is updating its non-IFRS operating profit outlook to reflect the dilutive impact of the Dremio and Prior Labs acquisitions closed in July, which is projected to be in excess of EUR 100 million. SAP now expects: EUR 11.8 - 12.2 billion non-IFRS operating profit at constant currencies (2025: EUR 10.42 billion), up 13% to 17% at constant currencies. The previous outlook was EUR 11.9 - 12.3 billion. SAP continues to expect: EUR 25.8 - 26.2 billion cloud revenue at constant currencies (2025: EUR 21.02 billion), up 23% to 25% at constant currencies. EUR 36.3 - 36.8 billion cloud and software revenue at constant currencies (2025: EUR 32.54 billion), up 12% to 13% at constant currencies. Approximately EUR 10 billion free cash flow at actual currencies (2025: EUR 8.24 billion). An effective tax rate (non-IFRS) of approximately 29% (2025: 30.5%)[2]. Constant currencies current cloud backlog growth to slightly decelerate (2025: 25%). SAP further expects: Constant currencies total revenue growth in 2026 to remain at similar levels as in 2025 (10.6%) and to accelerate in 2027. Total operating expenses to grow at 80% to 90% of total revenue growth in 2027. Constant currencies software support revenue decline rate to accelerate in the coming years as a consequence of an acceleration of customers transforming to the cloud. SAP's financial outlook for the full-year 2026 is based on the assumption of a near-term de-escalation of the conflict in the Middle East. Other impacts due to the evolving situation in the Middle East are currently unknown and could potentially subject our business to materially adverse consequences should the situation continue or even further escalate beyond its current scope.

Liquid Option Names See Borrow Rate Increases

Latest data shows the largest indicative borrow rate increases among liquid option names include: Almonty Industries Inc. Common Shares (ALM) 4.06% +3.37, Microvision (MVIS) 22.00% +2.11, Yellowstone Midco Holdings Ii, Llc (YSS) 59.46% +1.98, Beyond Meat (BYND) 40.88% +1.93, PureCycle Technologies (PCT) 8.36% +1.05, SAP (SAP) 2.28% +0.95, T-REX 2X INVERSE MSTR DAILY TARGET (MSTZ) 13.87% +0.52, Direxion S&P Biotech Bear 3X (LABD) 14.72% +0.47, CPS Technologies (CPSH) 4.20% +0.41, and One Stop Systems (OSS) 1.84% +0.39.