SAP (SAP) AGM 2026 summary

Opening remarks and agenda

• The meeting was opened virtually from SAP headquarters, with simultaneous translation and formalities explained, including procedures for speaking, voting, and submitting motions electronically.

• The agenda and proposed resolutions were published in advance, with no countermotions or nominations received from shareholders.

Financial performance review

• 2025 saw double-digit total revenue growth of 11%, non-IFRS operating profit up 31%, and free cash flow nearly doubled to EUR 8.2 billion.

• Cloud backlog reached EUR 77 billion, up 30% year-on-year, and Q1 2026 continued this strong trend.

• Despite strong results, the share price dropped 13% in 2025 and over 25% in 2026, reflecting market skepticism about AI's impact on software providers.

Board and executive committee updates

• Muhammad Alam will not renew his contract in 2027; Christian Klein will focus more on AI initiatives.

• Sales and support are being integrated into a new Customer Value Group led by Thomas Saueressig.

• Gina Vargiu-Breuer's contract as Chief People Officer was extended.

• René Obermann was nominated to become Supervisory Board Chair in 2027, with Pekka Ala-Pietilä's mandate extended for a smooth transition.

• Mike Gregoire was nominated for the Supervisory Board, and Dr. Rouven Westphal's mandate is up for extension.

• Departures include Gunnar Wiedenfels and Gerd Oswald; Marielle Ehrmann joined as employee representative.