Financials SAP CINNOBER BOAT

Stocks

0NW4

DE0007164600

Software

Real-time Estimate Tradegate Other stock markets 14:31:22 2026-07-01 EDT			5-day change	1st Jan Change
140.75 ^EUR	0.00%		0.00%	-

11:59am	Frankfurt Stocks Close: DAX ends back above 25,000 points	DP
11:13am	European Equities Traded in the US as American Depositary Receipts Fall Sharply in Wednesday Trading	MT

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	40,165	44,814	50,170
Change	-	10.88%	1.09%	9.51%	7.68%	9.14%	11.57%	11.95%
EBITDA ¹	10,005	9,929	10,094	9,433	11,730	12,833	14,755	17,150
Change	-	-0.76%	1.66%	-6.55%	24.35%	9.4%	14.98%	16.23%
EBIT ¹	8,230	8,033	8,721	8,153	10,419	11,966	13,784	15,943
Change	-	-2.39%	8.56%	-6.51%	27.79%	14.84%	15.2%	15.66%
Interest Paid ¹	2,191	-1,580	-493	100	-112	-44	-18	-
Earnings before Tax (EBT) ¹	6,850	3,092	5,292	4,764	10,482	11,390	13,336	16,091
Change	-	-54.86%	71.15%	-9.98%	120.03%	8.66%	17.09%	20.66%
Net income ¹	5,383	1,714	3,564	3,124	7,492	8,015	9,333	11,173
Change	-	-68.16%	107.93%	-12.35%	139.82%	6.98%	16.45%	19.71%
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 Q2	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
Net sales ¹	6,669	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	9,852	10,058	10,689	10,668	11,022	11,218	11,894
Change	-	2.64%	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%	3.11%	2.09%	6.28%	-0.2%	3.32%	1.78%	6.03%
EBITDA ¹	2,357	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	3,194	3,245	3,550	-	-	-	-
Change	-	7.72%	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%	0.7%	1.6%	9.39%	-	-	-	-
EBIT ¹	1,922	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	2,889	2,925	3,236	3,244	3,335	3,367	3,750
Change	-	9.26%	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%	0.75%	1.26%	10.64%	0.22%	2.82%	0.96%	11.38%
Charge d'intérêts	853	484	494	-56	-118	-389	-948	-112	-175	-75	-140	-193	-242	-1	-	-73	46	2	4	-35	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	1,804	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	2,684	2,698	3,052	2,919	3,005	3,016	3,516
Change	-	-3.05%	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%	-2.26%	0.54%	13.12%	-4.37%	2.95%	0.37%	16.58%
Net income ¹	1,356	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	1,911	1,935	2,144	2,162	2,206	2,230	2,490
Change	-	4.72%	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%	-1.8%	1.25%	10.82%	0.85%	2.01%	1.09%	11.68%
Announcement Date	7/21/21	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	-	-	-	-	-	-	-

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	-1,994	-6,443	-14,354
Change	-	15.2%	-139.74%	5.41%	-99.47%	41.02%	-223.12%	-122.78%
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	884.4	919.3	993.6
Change	-	5.94%	-10.18%	1.53%	-7.28%	19.68%	3.94%	8.08%
Free Cash Flow (FCF) ¹	5,010	4,348	5,530	4,113	8,239	10,073	11,592	13,340
Change	-	-13.21%	27.18%	-25.62%	100.32%	22.27%	15.08%	15.08%
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%	31.95%	32.93%	34.18%
EBIT Margin (%)	29.56%	26.02%	27.95%	23.86%	28.31%	29.79%	30.76%	31.78%
EBT Margin (%)	24.6%	10.02%	16.96%	13.94%	28.48%	28.36%	29.76%	32.07%
Net margin (%)	19.33%	5.55%	11.42%	9.14%	20.36%	19.95%	20.83%	22.27%
FCF margin (%)	17.99%	14.08%	17.72%	12.03%	22.39%	25.08%	25.87%	26.59%
FCF / Net Income (%)	93.07%	253.68%	155.16%	131.66%	109.97%	125.69%	124.21%	119.4%
Profitability
ROA	12.87%	6.35%	8.32%	7.42%	9.91%	11.55%	12.72%	13.39%
ROE	24.3%	11.52%	14.03%	11.93%	15.89%	18.73%	21.06%	22.11%
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%	2.2%	2.05%	1.98%
CAPEX / EBITDA (%)	8.25%	8.8%	7.78%	8.45%	6.3%	6.89%	6.23%	5.79%
CAPEX / FCF (%)	16.47%	20.1%	14.2%	19.38%	8.97%	8.78%	7.93%	7.45%
Items per share
Cash flow per share ¹	5.261	4.805	5.352	4.477	7.792	9.386	10.85	12.99
Change	-	-8.67%	11.38%	-16.35%	74.06%	20.46%	15.62%	19.7%
Dividend per Share ¹	1.95	2.05	2.2	2.35	-	2.694	3.052	3.451
Change	-	5.13%	7.32%	6.82%	-	-	13.3%	13.08%
Book Value Per Share ¹	33.02	34.3	36.95	38.97	38.38	38.75	41.88	48.43
Change	-	3.9%	7.7%	5.48%	-1.51%	0.97%	8.06%	15.65%
EPS ¹	4.46	1.96	3.05	2.65	6.28	7.247	8.528	10.12
Change	-	-56.05%	55.61%	-13.11%	136.98%	15.4%	17.67%	18.68%
Nbr of stocks (in thousands)	1,179,579	1,164,814	1,164,184	1,163,363	1,164,600	1,167,559	1,167,559	1,167,559
Announcement Date	1/27/22	1/26/23	1/23/24	1/28/25	1/29/26	-	-	-