Financials SAP SE

Stocks

SAP

DE0007164600

Software

Market Closed - Xetra Other stock markets 11:39:46 2026-07-27 EDT			After hours 15:59:57
151.28 ^EUR	+7.90%		150.39	-0.59%

11:57am	Frankfurt Stocks Close: Dax Extends Gains, Iran Truce and SAP Provide Support	DP
11:14am	European Equities Traded in the US as American Depositary Receipts Start Week Marginally Higher in Monday Trading	MT

Projected Income Statement: SAP SE

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	27,842	30,871	31,207	34,176	36,800	40,247	44,997	50,411
Change	-	10.88%	1.09%	9.51%	7.68%	9.37%	11.8%	12.03%
EBITDA ¹	10,005	9,929	10,094	9,433	11,730	12,815	14,769	16,954
Change	-	-0.76%	1.66%	-6.55%	24.35%	9.25%	15.25%	14.79%
EBIT ¹	8,230	8,033	8,721	8,153	10,419	11,830	13,664	15,735
Change	-	-2.39%	8.56%	-6.51%	27.79%	13.55%	15.5%	15.15%
Interest Paid ¹	2,191	-1,580	-493	100	-112	-168.3	-52.67	-119
Earnings before Tax (EBT) ¹	6,850	3,092	5,292	4,764	10,482	11,515	13,171	15,445
Change	-	-54.86%	71.15%	-9.98%	120.03%	9.86%	14.38%	17.27%
Net income ¹	5,383	1,714	3,564	3,124	7,492	8,166	9,213	10,779
Change	-	-68.16%	107.93%	-12.35%	139.82%	9%	12.81%	17%
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	10,072	10,699	10,673	10,998	11,237	11,885	11,888	12,256
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%	1.98%	6.22%	-0.24%	3.05%	2.17%	5.77%	0.02%	3.1%
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	3,216	3,562	3,341	3,391	3,942	4,024	3,933	3,969
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%	5.15%	10.76%	-6.19%	1.49%	16.27%	2.07%	-2.27%	0.92%
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	2,960	3,260	3,205	3,207	3,416	3,739	3,640	3,699
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%	7.94%	10.15%	-1.68%	0.05%	6.52%	9.45%	-2.63%	1.62%
Charge d'intérêts ¹	484	494	-56	-118	-389	-948	-112	-175	-75	-140	-193	-242	-1	-	-73	46	2	4	-35	-99	-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	2,780	3,112	3,038	3,115	3,170	3,510	3,398	3,538
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%	-7.55%	11.96%	-2.38%	2.53%	1.75%	10.74%	-3.19%	4.09%
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	2,021	2,183	2,165	2,190	2,319	2,533	2,453	2,499
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%	-8.53%	8.04%	-0.82%	1.16%	5.9%	9.21%	-3.15%	1.88%
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 SE

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	3,914	4,509	-1,792	-1,695	-3,381	-2,089	-5,256	-11,960
Change	-	15.2%	-139.74%	5.41%	-99.47%	38.21%	-151.6%	-127.55%
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 SE

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	825	874	785	797	739	829.1	1,022	1,190
Change	-	5.94%	-10.18%	1.53%	-7.28%	12.19%	23.28%	16.44%
Free Cash Flow (FCF) ¹	5,010	4,348	5,530	4,113	8,239	10,102	11,500	13,089
Change	-	-13.21%	27.18%	-25.62%	100.32%	22.61%	13.84%	13.81%
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 SE

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	35.93%	32.16%	32.35%	27.6%	31.88%	31.84%	32.82%	33.63%
EBIT Margin (%)	29.56%	26.02%	27.95%	23.86%	28.31%	29.39%	30.37%	31.21%
EBT Margin (%)	24.6%	10.02%	16.96%	13.94%	28.48%	28.61%	29.27%	30.64%
Net margin (%)	19.33%	5.55%	11.42%	9.14%	20.36%	20.29%	20.47%	21.38%
FCF margin (%)	17.99%	14.08%	17.72%	12.03%	22.39%	25.1%	25.56%	25.96%
FCF / Net Income (%)	93.07%	253.68%	155.16%	131.66%	109.97%	123.7%	124.83%	121.43%
Profitability
ROA	12.87%	6.35%	8.32%	7.42%	9.91%	11.04%	11.66%	12.58%
ROE	24.3%	11.52%	14.03%	11.93%	15.89%	17.85%	19.51%	20.71%
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%	2.06%	2.27%	2.36%
CAPEX / EBITDA (%)	8.25%	8.8%	7.78%	8.45%	6.3%	6.47%	6.92%	7.02%
CAPEX / FCF (%)	16.47%	20.1%	14.2%	19.38%	8.97%	8.21%	8.89%	9.09%
Items per share
Cash flow per share ¹	5.261	4.805	5.352	4.477	7.792	9.047	10.91	12.7
Change	-	-8.67%	11.38%	-16.35%	74.06%	16.1%	20.55%	16.42%
Dividend per Share ¹	1.95	2.05	2.2	2.35	2.5	2.675	3.005	3.404
Change	-	5.13%	7.32%	6.82%	6.38%	6.99%	12.35%	13.29%
Book Value Per Share ¹	33.02	34.3	36.95	38.97	38.38	40.09	42.91	48.54
Change	-	3.9%	7.7%	5.48%	-1.51%	4.45%	7.05%	13.12%
EPS ¹	4.46	1.96	3.05	2.65	6.28	7.048	8.131	9.555
Change	-	-56.05%	55.61%	-13.11%	136.98%	12.23%	15.36%	17.52%
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	-	-	-