Financials SAP SE Mexican S.E.

Stocks

SAP N

US8030542042

Software

End-of-day quote Mexican S.E. Other stock markets 23/07/2026			5-day change	1st Jan Change
2,564.36 ^MXN	-0.57%		-5.02%	-41.65%

09:27am	U.S. Futures Stabilize as Oil Falls Below $100	DJ
09:22am	SAP Shares Jump After Strong Quarter Reassures Investors of Cloud Business Resilience	DJ

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	40,196	44,865	50,162
Change	-	10.88%	1.09%	9.51%	7.68%	9.23%	11.62%	11.81%
EBITDA ¹	10,005	9,929	10,094	9,433	11,730	12,997	14,888	17,005
Change	-	-0.76%	1.66%	-6.55%	24.35%	10.8%	14.55%	14.22%
EBIT ¹	8,230	8,033	8,721	8,153	10,419	11,871	13,643	15,658
Change	-	-2.39%	8.56%	-6.51%	27.79%	13.93%	14.93%	14.77%
Interest Paid ¹	2,191	-1,580	-493	100	-112	-48	-19	-
Earnings before Tax (EBT) ¹	6,850	3,092	5,292	4,764	10,482	11,178	13,054	15,507
Change	-	-54.86%	71.15%	-9.98%	120.03%	6.64%	16.78%	18.79%
Net income ¹	5,383	1,714	3,564	3,124	7,492	7,952	9,206	10,877
Change	-	-68.16%	107.93%	-12.35%	139.82%	6.14%	15.77%	18.15%
Announcement Date	27/01/22	26/01/23	23/01/24	28/01/25	29/01/26	-	-	-

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	10,057	10,675	10,668	11,022	11,218	11,894	11,907	12,374
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%	1.82%	6.14%	-0.06%	3.32%	1.78%	6.03%	0.11%	3.92%
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	3,235	3,504	-	-	-	-	-	-
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%	5.78%	8.32%	-	-	-	-	-	-
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	2,933	3,227	3,244	3,335	3,367	3,750	3,817	3,858
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%	6.95%	10.03%	0.52%	2.82%	0.96%	11.38%	1.79%	1.07%
Charge d'intérêts ¹	484	494	-56	-118	-389	-948	-112	-175	-75	-140	-193	-242	-1	-	-73	46	2	4	-35	-	-56	-35	-32	-29	-26	-23	-	-
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	2,698	3,052	2,919	3,005	3,016	3,516	-	-
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%	-10.26%	13.12%	-4.37%	2.95%	0.37%	16.58%	-	-
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	1,935	2,144	2,162	2,206	2,230	2,490	2,600	2,627
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%	-12.41%	10.82%	0.85%	2.01%	1.09%	11.68%	4.4%	1.04%
Announcement Date	12/10/21	27/01/22	22/04/22	21/07/22	25/10/22	26/01/23	21/04/23	20/07/23	18/10/23	23/01/24	22/04/24	22/07/24	21/10/24	28/01/25	22/04/25	22/07/25	22/10/25	29/01/26	23/04/26	23/07/26	-	-	-	-	-	-	-	-

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	-3,695	-7,504	-14,632
Change	-	15.2%	-139.74%	5.41%	-99.47%	-9.29%	-103.09%	-94.99%
Announcement Date	27/01/22	26/01/23	23/01/24	28/01/25	29/01/26	-	-	-

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	899.1	938.1	1,080
Change	-	5.94%	-10.18%	1.53%	-7.28%	21.67%	4.33%	15.11%
Free Cash Flow (FCF) ¹	5,010	4,348	5,530	4,113	8,239	10,034	11,399	13,017
Change	-	-13.21%	27.18%	-25.62%	100.32%	21.79%	13.6%	14.19%
Announcement Date	27/01/22	26/01/23	23/01/24	28/01/25	29/01/26	-	-	-

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%	32.33%	33.18%	33.9%
EBIT Margin (%)	29.56%	26.02%	27.95%	23.86%	28.31%	29.53%	30.41%	31.21%
EBT Margin (%)	24.6%	10.02%	16.96%	13.94%	28.48%	27.81%	29.1%	30.91%
Net margin (%)	19.33%	5.55%	11.42%	9.14%	20.36%	19.78%	20.52%	21.68%
FCF margin (%)	17.99%	14.08%	17.72%	12.03%	22.39%	24.96%	25.41%	25.95%
FCF / Net Income (%)	93.07%	253.68%	155.16%	131.66%	109.97%	126.18%	123.82%	119.67%
Profitability
ROA	12.87%	6.35%	8.32%	7.42%	9.91%	11.38%	12.47%	13.38%
ROE	24.3%	11.52%	14.03%	11.93%	15.89%	18.41%	20.1%	21.14%
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%	2.24%	2.09%	2.15%
CAPEX / EBITDA (%)	8.25%	8.8%	7.78%	8.45%	6.3%	6.92%	6.3%	6.35%
CAPEX / FCF (%)	16.47%	20.1%	14.2%	19.38%	8.97%	8.96%	8.23%	8.3%
Items per share
Cash flow per share ¹	5.261	4.805	5.352	4.477	7.792	9.579	11.04	13.28
Change	-	-8.67%	11.38%	-16.35%	74.06%	22.93%	15.29%	20.24%
Dividend per Share ¹	1.95	2.05	2.2	2.35	2.5	2.682	3.037	3.438
Change	-	5.13%	7.32%	6.82%	6.38%	7.27%	13.25%	13.21%
Book Value Per Share ¹	33.02	34.3	36.95	38.97	38.38	39.1	42.07	48.13
Change	-	3.9%	7.7%	5.48%	-1.51%	1.87%	7.61%	14.39%
EPS ¹	4.46	1.96	3.05	2.65	6.28	6.992	8.132	9.507
Change	-	-56.05%	55.61%	-13.11%	136.98%	11.33%	16.32%	16.91%
Nbr of stocks (in thousands)	1,179,579	1,164,814	1,164,184	1,163,363	1,164,600	1,167,559	1,167,559	1,167,559
Announcement Date	27/01/22	26/01/23	23/01/24	28/01/25	29/01/26	-	-	-