Frankfurt, Jan 17, 2026, 21:04 CET — The market has closed.
- SAP shares ended Friday down 1.7%, closing at 202.15 euros following an intraday low of 199.50 euros
- SAP’s U.S.-listed ADRs slipped roughly 0.9%, settling near $233.59
- Attention shifts to Davos from Jan. 19-23, followed by Germany’s Ifo survey on Jan. 26 and SAP’s earnings report due Jan. 29
SAP shares ended Friday 1.7% lower, closing at 202.15 euros. The stock dipped to a session low of 199.50 euros earlier, according to market data. 1
SAP’s share price now sits close to the low end of its 52-week range, right as a busy earnings and policy season kicks off. Germany’s DAX dropped 0.30% on Friday, while the tech-focused TecDAX slid 0.65%. 2
SAP set Jan. 29 to release its fourth-quarter and full-year results and noted it’s now in a quiet period, restricting management comments before then. Investors will focus on cloud demand, profitability, and how quickly customers are upgrading their ERP systems—the software behind finance, supply chain, and HR operations. 3
In New York, SAP’s U.S.-listed ADRs — which stand for American Depositary Receipts and represent company shares — slipped roughly 0.9% to $233.59.
SAP’s retreat coincided with European stocks hitting a wall on Friday, as the STOXX 600 closed the week unchanged amid the early earnings season and shifting risk sentiment. “The margin of safety that investors had previously is gone,” said Michael Field, Morningstar’s chief European equity strategist. Richard Flax, CIO at Moneyfarm, described the market as taking “a little bit of a pause” following a strong start to the year. 4
SAP CEO Christian Klein stuck to well-worn themes in a Davos-related blog post Friday, stating: “That foundation is the cloud,” and emphasizing that “data protection and compliance are non-negotiable.” While investors have heard this before, the message gains weight as the stock struggles and the company approaches a results announcement. 5
The World Economic Forum gathering in Davos is scheduled for Jan. 19-23. Markets tend to react sharply to any news, particularly on AI investment, regulation, or shifts in “digital sovereignty.” 6
Rates remain a key factor for major software players. The Federal Reserve is set to meet on Jan. 27-28, a date that often sends shockwaves through tech valuations, including those of European-listed firms. 7
Fed Vice Chair Philip Jefferson said on Friday the current stance leaves policymakers “well positioned” for future decisions and signalled comfort with holding rates steady at that meeting. 8
On Jan. 26, traders will turn to Germany’s January Ifo business climate index for insights into corporate spending early this year. 9
SAP is entering earnings season with little margin for error. A slowdown in cloud backlog—that’s the contracted future cloud revenue—or any sign customers are postponing major ERP upgrades could keep shares stuck near their recent lows.
Monday’s open in Frankfurt will be in focus as investors sift through weekend Davos news. Ahead lie Germany’s Ifo survey and SAP’s earnings report for January 29.
