Frankfurt, Jan 24, 2026, 21:24 CET — Market closed
SAP SE shares climbed 4.3% to 197.92 euros in Frankfurt on Friday, leading gains on Germany’s DAX. The stock bounced back sharply after hitting its lowest point since August 2024 the previous day. Markets are closed for the weekend. 1
The bounce is significant as SAP’s annual results drop next week. Investors want clarity on cloud growth and the 2026 outlook after a rocky start for software stocks this year. A Zacks Research Daily note, featured by Nasdaq, flagged SAP’s cloud revenue guidance at the lower end of 21.6-21.9 billion euros. Meanwhile, non-IFRS operating profit—excluding certain one-off items—is expected near the upper range of 10.3-10.6 billion euros. 2
SAP’s most recent quarterly report shaped investor expectations: solid cloud growth and a clear 2026 roadmap. CEO Christian Klein highlighted, “We are gaining market share,” citing a “strong pipeline” heading into Q4. 3
Put simply, traders want to see if subscription growth is fully offsetting the decline in the old licence business. They’ll also be tuning in for any signs of confidence from management on demand stretching into 2026. A crucial phrase to watch will be “cloud backlog”—this refers to contracted deals that haven’t yet translated into revenue.
European shares dipped on Friday, weighed down by lingering worries over geopolitics and trade tensions despite a brief midweek rally. “We’ve seen a general increase in uncertainty this year,” said Michael Field, chief European equity strategist at Morningstar. 4
In the U.S., SAP’s shares on the New York exchange last changed hands at $231.07, marking a roughly 2.1% gain from the previous close following Friday’s trading session.
SAP heads into its results with investors focused on how it positions its AI strategy within core business software. Competitors like Oracle, Microsoft, and Salesforce are all ramping up their efforts with new tools and pricing moves.
That said, the setup is double-edged. Should the company miss cloud growth targets or grow cautious on 2026 as clients push back major IT investments, Friday’s bounce could quickly unravel. Add currency volatility and fresh tariff buzz, and the outlook dims for this global enterprise software vendor.
SAP will release its fourth-quarter and full-year 2025 results on Jan. 29, according to its investor calendar. The report drops at 06:00 a.m. CET, with a management call set for 07:00 a.m. CET and a press conference scheduled at 10:00 a.m. CET. 5
