Financials SAP CINNOBER BOAT

Stocks

0NW4

DE0007164600

Software

Real-time Estimate Tradegate Other stock markets 14:33:38 2026-07-24 EDT			5-day change	1st Jan Change
140.31 ^EUR	0.00%		0.00%	-

12:05pm	BofA Trims SAP Price Objective Amid 'Slightly' Lower Q2 Cloud Margins	MT
12:04pm	After Lagarde and the Houthis, markets lift their heads

Projected Income Statement: SAP

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	27,842	30,871	31,207	34,176	36,800	40,211	44,942	50,374
Change	-	10.88%	1.09%	9.51%	7.68%	9.27%	11.76%	12.09%
EBITDA ¹	10,005	9,929	10,094	9,433	11,730	12,737	14,696	16,921
Change	-	-0.76%	1.66%	-6.55%	24.35%	8.58%	15.38%	15.14%
EBIT ¹	8,230	8,033	8,721	8,153	10,419	11,805	13,628	15,702
Change	-	-2.39%	8.56%	-6.51%	27.79%	13.3%	15.45%	15.21%
Interest Paid ¹	2,191	-1,580	-493	100	-112	-184.5	-57	-
Earnings before Tax (EBT) ¹	6,850	3,092	5,292	4,764	10,482	11,378	13,135	15,403
Change	-	-54.86%	71.15%	-9.98%	120.03%	8.55%	15.44%	17.27%
Net income ¹	5,383	1,714	3,564	3,124	7,492	8,204	9,276	10,871
Change	-	-68.16%	107.93%	-12.35%	139.82%	9.51%	13.07%	17.19%
Announcement Date	1/27/22	1/26/23	1/23/24	1/28/25	1/29/26	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2
Net sales ¹	6,845	7,981	7,077	7,517	7,841	8,436	7,441	7,554	7,744	8,468	8,041	8,288	8,470	9,377	9,013	9,027	9,076	9,684	9,555	9,877	10,069	10,693	10,654	10,984	11,209	11,909	11,791	12,177
Change	-	16.6%	-11.33%	6.22%	4.31%	7.59%	-11.79%	1.52%	2.52%	9.35%	-5.04%	3.07%	2.2%	10.71%	-3.88%	0.16%	0.54%	6.7%	-1.33%	3.37%	1.94%	6.2%	-0.37%	3.09%	2.05%	6.25%	-0.99%	3.27%
EBITDA ¹	2,539	2,935	2,137	2,153	2,586	3,052	2,240	2,407	2,606	2,841	1,846	2,253	2,561	2,773	2,804	2,887	2,884	3,154	3,172	3,058	3,236	3,578	-	-	-	-	-	-
Change	-	15.6%	-27.19%	0.75%	20.11%	18.02%	-26.61%	7.46%	8.27%	9.02%	-35.02%	22.05%	13.67%	8.28%	1.12%	2.96%	-0.1%	9.36%	0.57%	-3.59%	5.82%	10.58%	-	-	-	-	-	-
EBIT ¹	2,100	2,468	1,677	1,680	2,094	2,581	1,875	2,058	2,278	2,510	1,533	1,940	2,244	2,436	2,455	2,568	2,566	2,829	2,867	2,742	2,963	3,258	3,223	3,216	3,368	3,732	3,626	3,692
Change	-	17.52%	-32.05%	0.18%	24.64%	23.26%	-27.35%	9.76%	10.69%	10.18%	-38.92%	26.55%	15.67%	8.56%	0.78%	4.6%	-0.08%	10.25%	1.34%	-4.36%	8.07%	9.96%	-1.1%	-0.2%	4.73%	10.78%	-2.84%	1.83%
Charge d'intérêts ¹	484	494	-56	-118	-389	-948	-112	-175	-75	-140	-193	-242	-1	-	-73	46	2	4	-35	-	-32	-26.5	-23.5	-20.5	-17.5	-14.5	-	-
Earnings before Tax (EBT) ¹	1,749	1,960	945	538	850	759	677	1,093	1,761	1,761	-980	1,387	2,151	2,207	2,468	2,502	2,745	2,767	2,746	3,007	2,899	3,181	3,108	3,206	3,284	3,548	3,561	3,659
Change	-	12.06%	-51.79%	-43.07%	57.99%	-10.71%	-10.8%	61.45%	61.12%	0%	-155.65%	241.53%	55.08%	2.6%	11.83%	1.38%	9.71%	0.8%	-0.76%	9.5%	-3.6%	9.74%	-2.29%	3.14%	2.45%	8.02%	0.38%	2.75%
Net income ¹	1,420	1,447	632	203	547	332	407	728	1,272	1,185	-828	888	1,463	1,601	1,780	1,697	2,051	1,896	1,946	2,209	2,072	2,252	2,209	2,227	2,322	2,540	2,491	2,498
Change	-	1.9%	-56.32%	-67.88%	169.46%	-39.31%	22.59%	78.87%	74.73%	-6.84%	-169.87%	207.25%	64.75%	9.43%	11.18%	-4.66%	20.86%	-7.56%	2.64%	13.51%	-6.2%	8.68%	-1.92%	0.83%	4.25%	9.4%	-1.93%	0.28%
Announcement Date	10/12/21	1/27/22	4/22/22	7/21/22	10/25/22	1/26/23	4/21/23	7/20/23	10/18/23	1/23/24	4/22/24	7/22/24	10/21/24	1/28/25	4/22/25	7/22/25	10/22/25	1/29/26	4/23/26	7/23/26	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Forecast Balance Sheet: SAP

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	3,914	4,509	-1,792	-1,695	-3,381	-1,946	-7,551	-14,734
Change	-	15.2%	-139.74%	5.41%	-99.47%	42.44%	-288.03%	-95.13%
Announcement Date	1/27/22	1/26/23	1/23/24	1/28/25	1/29/26	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: SAP

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	825	874	785	797	739	775	979.6	1,167
Change	-	5.94%	-10.18%	1.53%	-7.28%	4.87%	26.4%	19.17%
Free Cash Flow (FCF) ¹	5,010	4,348	5,530	4,113	8,239	10,084	11,434	12,833
Change	-	-13.21%	27.18%	-25.62%	100.32%	22.39%	13.39%	12.24%
Announcement Date	1/27/22	1/26/23	1/23/24	1/28/25	1/29/26	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: SAP

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	35.93%	32.16%	32.35%	27.6%	31.88%	31.68%	32.7%	33.59%
EBIT Margin (%)	29.56%	26.02%	27.95%	23.86%	28.31%	29.36%	30.32%	31.17%
EBT Margin (%)	24.6%	10.02%	16.96%	13.94%	28.48%	28.3%	29.23%	30.58%
Net margin (%)	19.33%	5.55%	11.42%	9.14%	20.36%	20.4%	20.64%	21.58%
FCF margin (%)	17.99%	14.08%	17.72%	12.03%	22.39%	25.08%	25.44%	25.47%
FCF / Net Income (%)	93.07%	253.68%	155.16%	131.66%	109.97%	122.9%	123.25%	118.04%
Profitability
ROA	12.87%	6.35%	8.32%	7.42%	9.91%	11.28%	12.08%	12.97%
ROE	24.3%	11.52%	14.03%	11.93%	15.89%	17.78%	19.65%	20.76%
Financial Health
Leverage (Debt/EBITDA)	0.39x	0.45x	-	-	-	-	-	-
Debt / Free cash flow	0.78x	1.04x	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.96%	2.83%	2.52%	2.33%	2.01%	1.93%	2.18%	2.32%
CAPEX / EBITDA (%)	8.25%	8.8%	7.78%	8.45%	6.3%	6.08%	6.67%	6.9%
CAPEX / FCF (%)	16.47%	20.1%	14.2%	19.38%	8.97%	7.69%	8.57%	9.1%
Items per share
Cash flow per share ¹	5.261	4.805	5.352	4.477	7.792	9.59	11.01	13.24
Change	-	-8.67%	11.38%	-16.35%	74.06%	23.07%	14.86%	20.18%
Dividend per Share ¹	1.95	2.05	2.2	2.35	2.5	2.747	3.048	3.473
Change	-	5.13%	7.32%	6.82%	6.38%	9.89%	10.97%	13.94%
Book Value Per Share ¹	33.02	34.3	36.95	38.97	38.38	39.54	42.29	48.25
Change	-	3.9%	7.7%	5.48%	-1.51%	3.02%	6.96%	14.1%
EPS ¹	4.46	1.96	3.05	2.65	6.28	7.032	8.109	9.534
Change	-	-56.05%	55.61%	-13.11%	136.98%	11.97%	15.31%	17.58%
Nbr of stocks (in thousands)	1,179,579	1,164,814	1,164,184	1,163,363	1,164,600	1,154,200	1,154,200	1,154,200
Announcement Date	1/27/22	1/26/23	1/23/24	1/28/25	1/29/26	-	-	-