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6-K

Sap SE (SAP)

6-K 2024-06-11 For: 2024-06-11
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Added on April 07, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

June 11, 2024

Commission file number:

1-14251

SAP SE

(Exact name of registrant as specified in its charter)

SAP EUROPEAN COMPANY

(Translation of registrant's name into English)

Dietmar-Hopp-Allee 16

69190 Walldorf

Federal Republic of Germany

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F      x                        Form 40-F      ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes            ¨                        No            x

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-¨.

SAP SE

FORM 6-K

On June 5, 2024, SAP SE (“SAP”) delivered a presentation to financial analysts and investors at SAP’s Sapphire Financial Analyst Conference. A copy of the slides used in the presentation by Christian Klein, Scott Russell, and Dominik Asam is attached hereto as Exhibit 99.1.

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission (the "SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

2

EXHIBITS

Exhibit No. Exhibit
99.1 Presentation dated June 5, 2024
3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SAP SE
(Registrant)
By: /s/<br> Christopher Sessar
Name: Dr. Christopher Sessar
Title: Chief Accounting Officer
By: /s/<br> Julia Zicke
Name: Dr. Julia Zicke
Title: Head of External Reporting and Accounting Technology

Date: June 11, 2024

4

Exhibit 99.1

8D2A00 840606 9B015D 7800A4 2C13AD 1E592F 035663 0040B0 223548<br>We are at a watershed moment for Enterprise Applications<br>Public<br>Cloud<br>BTP AI Foundation on BTP<br>Embedded AI Customized<br>AI<br>Cloud<br>AI infused<br>Execute transactions Run smart processes Deliver AI-driven outcomes
8D2A00 840606 9B015D 7800A4 2C13AD 1E592F 035663 0040B0 223548<br>75%<br>Increase in on-time planning<br>34%<br>Decrease in carbon emission per product<br>Public<br>~90%<br>Faster ERP upgrades
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Public<br>Our success formula for sustained, rapid growth at scale<br>Accelerating<br>revenue<br>growth<br>through 2027<br>Land with RISE/GROW &<br>expand to our LoB<br>portfolio<br>Scalability<br>#1 Enterprise application<br>and Business<br>AI company<br>Focus<br>Accelerating the pace<br>of innovation across<br>our portfolio<br>Innovation<br>Public
---
Public<br>FOCUS x SCALABILITY x INNOVATION = ACCELERATING REVENUE GROWTH<br>Our goal<br>Public
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Public<br>Our goal: #1 Enterprise application company<br>by focusing on Cloud ERP Suite<br>Enterprise Application<br>company according to IDC1<br>Growth of Cloud ERP Suite<br>every quarter since Q1/2022<br>Total Addressable Market of<br>Cloud ERP Suite alone by 2027<br>1. IDC Semiannual Software Tracker 2023 H2 Final Historical, April 2024; Analysis based on IDC standard view in USD constant currency<br>FOCUS x SCALABILITY x INNOVATION = ACCELERATING REVENUE GROWTH<br>Extension Suite
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Public<br>Our goal: #1 Business AI company<br>Huge potential by embedding Business AI across our portfolio<br>SAP Cloud users worldwide across the portfolio<br>to benefit from Embedded & Customized AI<br>partners onboarded as part of SAP’s AI<br>ecosystem building custom AI on SAP’s<br>Generative AI Hub<br>ABAP developers globally to potentially benefit<br>from Joule for Developers<br>of most used tasks will<br>be infused by Joule<br>FOCUS x SCALABILITY x INNOVATION = ACCELERATING REVENUE GROWTH
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Public<br>Customer contracts<br>allow SAP to use data<br>for AI training<br>Business data &<br>customer base<br>Out-of-the-box<br>scenarios<br>High-value AI<br>use cases by end<br>of the year<br>Choice of the<br>best LLM models1<br>AI standards,<br>identity, security<br>1. For custom-built in GenAI Hub<br>of SAP AI guiding<br>principles<br>Our Business AI differentiates us<br>FOCUS x SCALABILITY x INNOVATION = ACCELERATING REVENUE GROWTH
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Public<br>with RISE with SAP and GROW with SAP to our LoB portfolio<br>Our profitable growth formula to deliver scale<br>FOCUS x SCALABILITY x INNOVATION = ACCELERATING REVENUE GROWTH
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Public<br>extensibility potential<br>per € of software spend<br>remaining support revenue<br>conversion potential at 2-3x<br>BTP attach rate<br>to RISE with SAP in 2023<br>Land with RISE with SAP<br>Significant untapped potential to be addressed through strengthened adoption focus<br>Run<br>and innovate<br>Discover<br>and explore<br>Move<br>and deploy<br>Plan and<br>prepare<br>PROCESS<br>DATA<br>PEOPLE<br>APPLICATIONS<br>FOCUS x SCALABILITY x INNOVATION = ACCELERATING REVENUE GROWTH
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Public<br>linking business processes, systems, data, and people<br>through increased employee proficiency in systems<br>directly contributing to business agility & transformation success<br>PROCESS<br>DATA<br>PEOPLE<br>APPLICATIONS<br>Further extending Business Transformation offering<br>Incorporating user-centric adoption, enablement and productivity capabilities<br>FOCUS x SCALABILITY x INNOVATION = ACCELERATING REVENUE GROWTH
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Public<br>of customers by volume<br>opt for premium packages<br>net-new customer share<br>since introduction<br>country versions available for<br>S/4HANA Cloud, public edition<br>Land with GROW with SAP<br>For mid-market and net-new customers<br>FOCUS x SCALABILITY x INNOVATION = ACCELERATING REVENUE GROWTH<br>Cloud ERP delivered<br>with speed, predictability,<br>and continuous innovation<br>Solutions Services Resources
---
Public<br>We have significant cross-sell potential<br>1 2 >4<br>of Cloud customers with<br>significant cross-sell potential<br>of Cloud<br>revenue<br>of Cloud<br>customers<br>% of customers % of annual Cloud revenue<br>Cloud customers with x number of SAP Cloud solutions in 2023<br>~15% in 2022<br>SAP Solutions in 2023 (average) SAP Solutions in 2023 (average)<br>3<br>Expand into the full line-of-business portfolio<br>FOCUS x SCALABILITY x INNOVATION = ACCELERATING REVENUE GROWTH<br>Number of SAP Cloud Solutions
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Public<br>We accelerate pace of innovation in the cloud<br>Innovation examples<br>FOCUS x SCALABILITY x INNOVATION = ACCELERATING REVENUE GROWTH<br>SAP Joule x NVIDIA<br>AI consultant & ABAP<br>development<br>WalkMe<br>User-centric adoption &<br>enablement<br>Supply Chain Management<br>AI disruption management<br>SAP Signavio<br>Process AI<br>SAP Ariba Guided Buying<br>AI spend management<br>SAP Joule<br>User productivity engine<br>SAP Fieldglass<br>Workforce analytics<br>Chief<br>Information<br>Officer<br>Chief<br>Operating<br>Officer<br>Chief<br>Financial<br>Officer<br>Chief<br>Human Resources<br>Officer<br>Sustainability Control Tower<br>AI supported report generation
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Public<br>RISE with SAP<br>Still ~€11B maintenance to be<br>converted to cloud revenue at 2-3x<br>GROW with SAP<br>Increasing share in<br>~€100B Public Cloud ERP market<br>Clean Core and extension via BTP<br>Platform revenue potential of<br> €1 per €2-3 spend on SaaS<br>Cross-sell Line of Business apps<br>Growth potential assuming<br>~15% growth at market level<br>Leader in Business AI<br>Analysts expect market to<br>grow up to ~$150B by 2027<br>Top-line<br>Total revenue €31.2B<br>2023 2025 Ambition<br> >€37.5B<br>10% CAGR1 [23-25]<br> >€ 21.5B<br>25% CAGR<br>[23-25]<br>Accelerating<br>through 2027<br> € 13.7B<br>2027<br>Accelerating total revenue growth through 2027<br>Capitalizing on several SAP-sized opportunities<br>FOCUS x SCALABILITY x INNOVATION = ACCELERATING REVENUE GROWTH<br>1. Compound Annual Growth Rate
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Public<br>Overview of demand<br>YoY pipeline creation growth1 (1st Half vs 2nd Half)<br>~3.4x<br>~1.6x<br>Cloud ERP demand spiked for key industry clusters in H2’23<br>+96 pp<br>+37 pp<br>+71 pp<br>Discrete<br>Industries<br>Energy & Natural<br>Resources<br>Consumer Industries<br>H1 YoY Growth<br>Jan to June<br>H2 YoY Growth<br>July to Dec<br>H1 YoY Growth<br>Jan to June<br>H2 YoY Growth<br>pp: percentage point increase July to Dec<br>2021 – 2022<br>2022 – 2023<br>1. Based on pipeline value created<br>Rising Demand<br>Boost in demand growth in the midst of the AI wave
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Public<br>Shift to Cloud gaining more traction<br>YoY increase maintenance revenue converted to Cloud Bookings<br>54%<br>13%<br>2021<br>39%<br>47%<br>14%<br>2022<br>44%<br>42%<br>32%<br>2023 2024 2025 2026 2027 2028<br>14%<br>Expanding Cloud footprint<br>% Cloud ERP customers with ≥4 Cloud solutions<br>28% 49%<br>2021 2023<br>100% 100%<br>since 2021 (RISE Launch)<br>Cloud Revenue Software & Support Revenue Services Revenue<br>Move to Cloud Momentum<br>Installed-base transition and positive up- & cross-sell trends to fuel our growth<br>Expect to reach 50% of Cloud Revenue in 2024<br>Total Revenue mix in % overtime<br>ILLUSTRATIVE
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Public<br>Focus on User Adoption<br>Emphasizing adoption to support revenue realization and customer retention<br>Strong Total Cloud Backlog build paired with fast software activation<br> • Faster activation of the full contract<br>value – Limit ramped deals<br> • Rapid delivery of productive<br>environments – less than 24Hrs<br> • Customized onboarding experience<br>based on situation and ambitions<br> • Partners incentivization to drive<br>adoption and consumption at scale<br> • Shared compensation KPIs on<br>adoption field employees & leaders<br> • as enabler to<br>beyond deployment<br> €23B<br> €32B<br> €44B<br>2021 2022 2023 2024<br>Deployed ACV<br>Total Cloud Backlog<br>+39%<br>CAGR1<br>Cloud mindset embedded across<br>the organization<br>1. CAGR 2021-2023
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Public<br>2021 2022 2023 2024 2025<br>Revenue Excellence<br>Strengthening our go-to-market engine for quality revenue growth<br>Increasingly Profitable Cloud Growth<br>New & Up-sell Cloud Bookings / Sales & Marketing Expenses<br>High Revenue Quality Amid Market Shifts<br>Net Retention from Q1 2022 to Q4 2023<br>Levers<br> § Workforce Productivity<br> § Revised Payout Policies<br> § Partner-driven territories<br> § Digital Hires (Virtual Hubs)<br> § Internal AI Adoption<br> § Process Automation<br>Trend<br>SaaS industry experienced a noticeable decline in Net<br>Retention, in contrast to SAP which observed steady<br>increase<br>-9pp<br>Q4 2021 Q4 2023<br>1. Median Net Retention for the software universe from Q4 2021 to Q4 2024; Altimeter Capital - Jamin Ball<br>Industry Median Decline1
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INTERNAL Public – SAP and Partners Only 49
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Public<br>Illustrative. All figures based on non-IFRS, continuing operations and on updated non-IFRS definition in 2024.<br>Growth rates represent CAGR 2023 -2025. Ambition 2025 is based on an exchange rate of 1.10 USD per EUR. Outlook 2024 is based on midpoint, if applicable.<br>On track towards Ambition 2025<br>Consistent execution continued over the past 12 months<br> €13.7bn<br>Actuals<br>2023<br>Outlook<br>2024<br> €17.15bn<br>Ambition<br>2025<br>CAGR<br>+25% >€21.5bn<br> €9.8bn<br>Actuals<br>2023<br>Ambition<br>2025<br>+28% ~€16.2bn<br> €5.1bn<br>Actuals<br>2023<br>Outlook<br>2024<br>~€3.5bn<br>Ambition<br>2025<br>+25% ~€8.0bn<br> €6.5bn<br>Actuals<br>2023<br>Outlook<br>2024<br> €7.75bn<br>Ambition<br>2025<br>+24% ~€10.0bn<br> €31.2bn<br>Actuals<br>2023<br>Ambition<br>2025<br> >€37.5bn +10%
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Public<br>Total revenue growth at constant currencies. FCF margin defined as FCF divided by Total Revenue.<br>Optimizing the Growth-Margin performance<br>Expecting accelerated revenue growth and increased free cash flow margin in 2025<br>0<br>10<br>20<br>30<br>40<br>0 10 20 30 40<br>Total Revenue Growth<br>Free Cash Flow Margin<br>2023<br>2025e<br>Illustrative.
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Public<br>Total Revenue<br>On-Prem<br>Services<br>(4.3 +6%)Cloud<br>Software<br>(1.8 -12%)<br>Support<br>(11.5 -1%)<br>Cloud ERP Suite<br>(10.6 +33%)<br>Extension Suite<br>(2.3 +2%)<br>IaaS<br>(0.7 -16%)<br>Cloud<br>(71.9% +2.2pp)<br>Services<br>(20.5% -2.7pp)<br>Software & support<br>(89.8% -0.4pp)<br>Free Cash Flow<br>S&M<br>(27% +1.0pp)<br>R&D<br>(20% -0.4pp)<br>G&A<br>(4% -0.0pp)<br>Other<br>Tax payments<br>SBC payouts<br>Net working capital<br>Restructuring & compliance<br>SBC expense<br>Depreciation<br>Other non-op<br>Capex<br>Leasing<br>Gross Profit<br>OP<br>OCF<br> €13.7bn<br>(+23%)<br> €13.3bn<br>(-3%)<br> €22.6bn<br>(+8%)<br> €6.51bn<br>(+5%)<br> €6.21bn<br>(+9%) €5.09bn<br>(+16%)<br>Net interest receipts<br>SAP financial performance 2023<br> €31.2bn<br>(+9%)<br>Illustrative. All figures based on non-IFRS, continuing operations and on updated non-IFRS definition in 2024, except operating cash flow which is based on IFRS. Revenue in € bn <br>expense ratios in % of total revenue all growth rates at constant currencies.
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Public<br>Focus on Cloud ERP Suite<br>Sustained momentum drives accelerating overall cloud growth<br>31% 31% 33% 34% 33% 33% 34% 33% 32%<br>Q1<br>2022<br>Q1<br>2023<br>Q1<br>2024<br>10% 11% 12%<br>2% 1% 1% 0%<br>8% 8%<br>Q1<br>2022<br>Q1<br>2023<br>Q1<br>2024<br>1% 1%<br>-11%<br>-19%<br>-14%<br>-22%<br>-18%<br>-7%<br>-15%<br>Q1<br>2022<br>Q1<br>2023<br>Q1<br>2024<br>Cloud ERP<br>Suite<br>Extension Suite<br>SaaS & PaaS<br>IaaS<br>Illustrative. All figures based on non-IFRS and continuing operations. Growth rates at constant currencies, unless stated otherwise.<br>Extension Suite
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Public<br>APJ &<br>Greater China<br>EMEA<br>Latin America<br>North America<br>Illustrative<br>SAP Cloud Users<br>Business AI to boost user productivity<br>Joule could be a multi-billion USD opportunity for our customers just from user productivity<br>Cloud Users
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Public<br>Oter<br>2023<br>software support<br>revenue<br>Other*<br>S/4 or ECC:<br>purely<br>on-prem<br>S/4 or ECC:<br>mixed on-prem and<br>cloud**<br>Oter<br>2023<br>software<br>support<br>revenue<br>End of<br>mainstream<br>maintenance<br>by 2027<br>End of<br>mainstream<br>maintenance<br>beyond 2027<br>as of May 2024 as of May 2024<br>Customers’ move to cloud accelerates<br>Business AI and Clean Core benefits drive support revenue conversion<br>* Mainly mid-market (Business One) and non-ERP solutions.<br>** Customers that have already transitioned a part of their productive ERP landscape to cloud.<br>Illustrative
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Public<br>Total Revenue<br>On-Prem<br>Services<br>(4.3 +6%)Cloud<br>Software<br>(1.8 -12%)<br>Support<br>(11.5 -1%)<br>Cloud ERP Suite<br>(10.6 +33%)<br>Extension Suite<br>(2.3 +2%)<br>IaaS<br>(0.7 -16%)<br>Cloud<br>(71.9% +2.2pp)<br>Services<br>(20.5% -2.7pp)<br>Free Cash Flow<br>Tax payments<br>SBC payouts<br>Net working capital<br>Restructuring & compliance<br>SBC expense<br>Depreciation<br>Other non-op<br>Capex<br>Leasing<br>Gross Profit<br>OP<br>OCF<br> €13.7bn<br>(+23%)<br> €13.3bn<br>(-3%)<br> €22.6bn<br>(+8%)<br> €6.51bn<br>(+5%)<br> €6.21bn<br>(+9%) €5.09bn<br>(+16%)<br>Net interest receipts<br>SAP financial performance 2023<br>Software & support<br>(89.8% -0.4pp)<br> €31.2bn<br>(+9%)<br>S&M<br>(27% +1.0pp)<br>R&D<br>(20% -0.4pp)<br>G&A<br>(4% -0.0pp)<br>Other<br>Illustrative. All figures based on non-IFRS, continuing operations and on updated non-IFRS definition in 2024, except operating cash flow which is based on IFRS. Revenue in € bn.<br>Expense ratios in % of total revenue. All growth rates at constant currencies.
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Public Illustrative. All figures based on non-IFRS, continuing operations and on updated non-IFRS definition in 2024.<br>Cloud<br>2025e<br>Software<br>Services<br>2020 2021 2022 2023 2024e<br>Support<br>68,7%<br>70,7%<br>70,3%<br>69,7%<br>70,8%<br>71,4%<br>73,0%<br>72,2% 72,5%<br>Q1 2022 Q1 2023 Q1 2024<br>89,5% 90,3% 90,3% 91,1%<br>88,9%<br>90,2% 90,1% 89,8% 89,2%<br>Q1 2022 Q1 2023 Q1 2024<br>Rapid gross profit growth<br>Supported by expanding cloud gross margins and stable on-premise margins
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Public Illustrative. All figures based on non-IFRS, continuing operations and on updated non-IFRS definition in 2024.<br>Stringent transformation program with tight<br>governance in place<br> >500 efficiency measures rigorously tracked<br> & executed across all functions<br>Triple-digit million € AI-based efficiencies<br>leveraging SAP technology<br>Future-proof workforce transformation with<br>strict hiring guidance<br>Zero-based spend process established<br>across all functions<br>123%<br>156%<br>2022/21 2023/22<br>Nominal currency expense growth divided by total revenue growth rate.<br>Increasing operating leverage<br>Transformation program to deliver structural improvements
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Public<br>2021 2022 2023 2024e 2025e<br>27.0%<br>25.9% 24.4%<br>2021 2022 2023 2024e 2025e<br>19.5% 20.6% 20.2%<br>2021 2022 2023 2024e 2025e<br>4.4% 4.3% 4.3%<br>Next Level GTM role transformation incl.<br>regional / layer consolidation<br>AI-powered sales & marketing efficiency<br>and productivity initiatives<br>Growth at lower CAC* through adoption<br>focus, increased cross-selling, channel sales<br>*Customer acquisition cost<br>Stringent long-tail reduction of low<br>performing products across portfolio<br>Role & location mix transformation<br>according to industry benchmarks<br>AI-powered development (e.g., GitHub<br>Copilot and SAP Joule for Developers)<br>Consolidation of corporate functions (e.g.,<br>Operations for stronger program governance)<br>AI-powered support functions productivity<br>increase (e.g., contracting, policies)<br>Zero-based budgeting for 3rd party spend<br>and stringent spend governance<br>Increasing efficiency and scalability<br>Aiming to decouple expense growth from revenue growth<br>Illustrative. Expense ratios based on non-IFRS, continuing operations and on updated non-IFRS definition in 2024 expressed in % of total revenue.
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Public 83 Total Revenue On-Prem<br>Services<br>(4.3 +6%)Cloud<br>Software<br>(1.8 -12%)<br>Support<br>(11.5 -1%)<br>Cloud ERP Suite<br>(10.6 +33%)<br>Extension Suite<br>(2.3 +2%)<br>IaaS<br>(0.7 -16%)<br>Cloud<br>(71.9% +2.2pp)<br>Services<br>(20.5% -2.7pp)<br>Software & support<br>(89.8% -0.4pp)<br>Free Cash Flow<br>S&M<br>(27% +1.0pp)<br>R&D<br>(20% -0.4pp)<br>G&A<br>(4% -0.0pp)<br>Other<br>Tax payments<br>SBC payouts<br>Net working capital<br>Restructuring & compliance<br>Capex<br>Leasing<br>Gross Profit<br>OP<br>OCF<br> €13.7bn<br>(+23%)<br> €13.3bn<br>(-3%)<br> €31.2bn<br>(+9%)<br> €22.6bn<br>(+8%)<br> €6.21bn<br>(+9%) €5.09bn<br>(+16%)<br>SAP financial performance 2023<br>SBC expense<br>Depreciation<br>Other non-op<br>Net interest receipts<br> €6.51bn<br>(+5%)<br>Illustrative. All figures based on non-IFRS, continuing operations and on updated non-IFRS definition in 2024, except operating cash flow which is based on IFRS. Revenue in € bn.<br>Expense ratios in % of total revenue. All growth rates at constant currencies.
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Public Illustrative. All figures based on non-IFRS and continuing operations.2024e based on mid-point .<br>non-IFRS Operating profit Free cash flow Free cash flow in % of non-IFRS operating profit<br>2022 2023 2025e<br> €6.4bn<br> €4.4bn<br> €6.5bn<br> €5.1bn<br>~€10.0bn<br>~€8.0bn<br>2024e<br>~€3.5bn<br> €7.6 – 7.9bn<br>68%<br>78%<br>~45%<br>~80%<br>Restructuring<br>Wind-down of Factoring<br>Compliance Settlement<br>Elevated SBC Payout<br>Cash conversion on positive trajectory<br>2024 free cash flow expected to be impacted by short-term effects
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Public<br>Capital returns reflect commitment to shareholder value<br>Updated dividend policy based on non-IFRS results<br>Targeting to pay dividends of at least 40% of our non-IFRS profit after tax from continuing operations<br> €1.85<br>2022 2023 2024<br> €2.20<br> €2.451<br> €2.05<br>1. Includes a special dividend of €0.50<br>to celebrate SAP’s 50th anniversary.<br>2021 2025<br> €1.95<br> €0.50<br>Based on payment dates.<br>1. Based on updated dividend policy.<br>41%<br>53%<br>140%<br>43%<br>2021 2022 2023 2024<br>IFRS Profit<br>after Tax<br>52%<br>59%<br>Non-IFRS<br>Profit after Tax1<br>2021 2022 2023<br> €2.2bn<br> €3.3bn<br> €2.9bn1<br> €1.0bn2<br> €3.2bn<br> €1.5bn2<br>Based on payment dates<br>1. Dividend payment<br>2. Share buyback (YTD for 2024)<br>2024<br>YTD<br> €4.4bn<br> €2.4bn1 €2.6bn1<br> €0.6bn2<br> €5.0bn<br>2023-2025<br>1. Remaining Volume<br> €3.3bn1<br> €1.7bn<br>Illustrative.
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Public<br>Confidence in our future<br>Aiming for accelerating revenue growth<br>Total Revenue Growth<br>supported by sustained cloud momentum<br>Free Cash Flow Growth<br>supported by profit growth and strong cash<br>conversion<br>Operating Profit Growth<br>supported by increased operating leverage<br>Total<br>Revenue<br>Cloud<br>Revenue<br>Operating<br>Profit<br>31.2<br>13.7<br>17.0 – 17.3<br>6.5 7.6 – 7.9<br>2023 Actual 2024 Outlook 2025 Ambition 2027<br>~10.0<br>Operating Margin<br>Expansion<br>beyond 2025<br>Accelerating<br>Total Revenue<br>growth through 2027<br>Illustrative. All figures based on non-IFRS and continuing operations. Ambition 2025 is based on an exchange rate of 1.10 USD per EUR.<br>Outlook 2024 is based on midpoint, if applicable.
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