Financials SAP SE Mexican S.E.

Stocks

SAP N

US8030542042

Software

End-of-day quote Mexican S.E. 28/09/2026			5-day change	1st Jan Change
3,660.00 ^MXN	-0.22%		-0.22%	-16.71%

04:06pm	European Equities Traded in the US as American Depositary Receipts Fall Sharply in Thursday Trading	MT
09-30	NetApp seeks to expand its partnership with SAP

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	40,264	44,999	50,380
Change	-	10.88%	1.09%	9.51%	7.68%	9.41%	11.76%	11.96%
EBITDA ¹	10,005	9,929	10,094	9,433	11,730	12,772	14,681	16,807
Change	-	-0.76%	1.66%	-6.55%	24.35%	8.88%	14.94%	14.49%
EBIT ¹	8,230	8,033	8,721	8,153	10,419	11,705	13,500	15,471
Change	-	-2.39%	8.56%	-6.51%	27.79%	12.34%	15.34%	14.61%
Interest Paid ¹	2,191	-1,580	-493	100	-112	-168.3	-52.67	-119
Earnings before Tax (EBT) ¹	6,850	3,092	5,292	4,764	10,482	11,531	13,210	15,512
Change	-	-54.86%	71.15%	-9.98%	120.03%	10.01%	14.56%	17.43%
Net income ¹	5,383	1,714	3,564	3,124	7,492	8,190	9,227	10,853
Change	-	-68.16%	107.93%	-12.35%	139.82%	9.31%	12.66%	17.63%
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	10,090	10,733	10,673	10,998	11,237	11,887	11,889	12,242
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%	2.16%	6.37%	-0.56%	3.05%	2.17%	5.79%	0.01%	2.97%
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	3,225	3,601	3,340	3,390	3,941	4,029	3,932	3,968
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%	5.48%	11.66%	-7.26%	1.49%	16.28%	2.21%	-2.4%	0.92%
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	2,959	3,268	3,205	3,207	3,416	3,739	3,612	3,721
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%	7.92%	10.42%	-1.92%	0.05%	6.53%	9.47%	-3.42%	3.03%
Charge d'intérêts ¹	484	494	-56	-118	-389	-948	-112	-175	-75	-140	-193	-242	-1	-	-73	46	2	4	-35	-99	-32	-26.5	-23.5	-20.5	-17.5	-14.5	-	-
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	2,797	3,122	3,038	3,115	3,170	3,510	3,398	3,538
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%	-6.98%	11.62%	-2.68%	2.53%	1.75%	10.74%	-3.19%	4.09%
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	2,024	2,199	2,165	2,190	2,319	2,534	2,453	2,533
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%	-8.37%	8.63%	-1.54%	1.16%	5.9%	9.24%	-3.19%	3.27%
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	-1,989	-4,694	-12,345
Change	-	15.2%	-139.74%	5.41%	-99.47%	41.17%	-136%	-163%
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	803.2	1,017	1,175
Change	-	5.94%	-10.18%	1.53%	-7.28%	8.69%	26.59%	15.59%
Free Cash Flow (FCF) ¹	5,010	4,348	5,530	4,113	8,239	10,017	11,377	12,791
Change	-	-13.21%	27.18%	-25.62%	100.32%	21.58%	13.58%	12.42%
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%	31.72%	32.62%	33.36%
EBIT Margin (%)	29.56%	26.02%	27.95%	23.86%	28.31%	29.07%	30%	30.71%
EBT Margin (%)	24.6%	10.02%	16.96%	13.94%	28.48%	28.64%	29.36%	30.79%
Net margin (%)	19.33%	5.55%	11.42%	9.14%	20.36%	20.34%	20.5%	21.54%
FCF margin (%)	17.99%	14.08%	17.72%	12.03%	22.39%	24.88%	25.28%	25.39%
FCF / Net Income (%)	93.07%	253.68%	155.16%	131.66%	109.97%	122.31%	123.31%	117.86%
Profitability
ROA	12.87%	6.35%	8.32%	7.42%	9.91%	11.03%	11.64%	12.56%
ROE	24.3%	11.52%	14.03%	11.93%	15.89%	17.92%	19.57%	20.91%
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%	1.99%	2.26%	2.33%
CAPEX / EBITDA (%)	8.25%	8.8%	7.78%	8.45%	6.3%	6.29%	6.93%	6.99%
CAPEX / FCF (%)	16.47%	20.1%	14.2%	19.38%	8.97%	8.02%	8.94%	9.19%
Items per share
Cash flow per share ¹	5.261	4.805	5.352	4.477	7.792	9.071	10.93	12.7
Change	-	-8.67%	11.38%	-16.35%	74.06%	16.4%	20.52%	16.14%
Dividend per Share ¹	1.95	2.05	2.2	2.35	2.5	2.679	3.004	3.39
Change	-	5.13%	7.32%	6.82%	6.38%	7.15%	12.16%	12.83%
Book Value Per Share ¹	33.02	34.3	36.95	38.97	38.38	40.09	42.91	48.53
Change	-	3.9%	7.7%	5.48%	-1.51%	4.45%	7.03%	13.1%
EPS ¹	4.46	1.96	3.05	2.65	6.28	7.065	8.146	9.581
Change	-	-56.05%	55.61%	-13.11%	136.98%	12.49%	15.3%	17.62%
Nbr of stocks (in thousands)	1,179,579	1,164,814	1,164,184	1,163,363	1,164,600	1,154,200	1,154,200	1,154,200
Announcement Date	27/01/22	26/01/23	23/01/24	28/01/25	29/01/26	-	-	-