FRANKFURT, Feb 7, 2026, 22:33 CET — The market’s done for the day.
SAP SE closed out Friday at 171.22 euros on Xetra, ticking up 0.43%. The move came as investors responded to news that the software company’s treasury stock had crossed the 5% threshold. 1
European markets are closed for the weekend, so the real takeaway from the filing isn’t about technical changes—it’s the message it sends on supply and demand once trading gets going again Monday. Treasury shares, which are stock held by the company itself, take shares out of circulation as that stash gets bigger.
SAP shares have struggled to stabilize since slipping in late January, after the company’s outlook on cloud growth disappointed investors. Management projected cloud revenue would climb 23%-25% in 2026, but CFO Dominik Asam acknowledged to analysts that the drop-off in cloud backlog growth was steeper than they’d planned for—cloud backlog being the total value of signed cloud deals not yet booked as revenue. “In the current context you can’t miss by even the slightest portion,” Oddo BHF’s Nicolas David said at the time. 2
SAP’s latest voting-rights filing, dated Friday, now lists its treasury stock at 5.0254% of share capital—61,737,035 shares—after crossing the threshold back on Feb. 5. Previously, the company had reported 4.9609%. 3
SAP rolled out the first slice of its buyback program, outlining plans to scoop up as much as 2.6 billion euros in shares between Feb. 5 and late July 2026—part of a broader effort running through the end of 2027. The company left the door open to halt, pause, or restart the program if market moves or legal demands require it. 4
This month, buybacks have been in the spotlight, with investors rethinking their software holdings as jitters build over the speed at which new AI tools might upend pricing power and shake up business models in the sector. 5
SAP’s U.S. shares finished Friday in New York at $203.34, a gain from Thursday’s close. They followed the firmer mood that took hold late in the European week. 6
But the repurchase programme isn’t really shielding SAP from the larger questions: will customers continue delaying major cloud projects, and could “AI disruption” start putting actual strain on software budgets and contract renewals? Traders mostly see buybacks as something that props up the stock, not something that kicks off a rally, especially with growth still in doubt.
Investors have their eyes on SAP’s Integrated Report, coming out Feb. 26. The next batch of numbers arrives April 23, with the annual general meeting set for May 5. 7
