SAP (SAP) AGM 2026 summary

Opening remarks and agenda

• The meeting was opened virtually from SAP headquarters, with simultaneous translation and formalities explained, including procedures for speaking, voting, and submitting motions.

• The agenda and proposed resolutions were published in advance, with no countermotions or nominations from shareholders.

• Attendance procedures and voting rights were clarified, with electronic participation and proxy options available.

Financial performance review

• 2025 saw double-digit revenue growth of 11%, non-IFRS operating profit up 31%, and free cash flow nearly doubled to EUR 8.2 billion.

• Cloud backlog reached EUR 77 billion, up 30% year-on-year, and Q1 2026 continued the strong trend.

• Despite strong results, the share price dropped 13% in 2025 and over 25% in 2026, reflecting market skepticism about AI's impact on software.

Board and executive committee updates

• Muhammad Alam will not renew his contract in 2027; Thomas Saueressig leads the new Customer Value Group.

• Gina Vargiu-Breuer's contract as Chief People Officer was extended.

• René Obermann and Mike Gregoire were nominated and elected to the Supervisory Board, with Obermann set to become chair in 2027.

• Departures included Gunnar Wiedenfels, Gerd Oswald, and Margret Klein-Magar; Marielle Ehrmann joined as employee representative.