January 28, 2025 08:07 GMT
TECHNOLOGY: SAP Q4 Results
TECHNOLOGY
SAPGR A1/A+
Strong report with an above-consensus Q4, FY performance at the upper end or above guidance and a strong FY25 outlook.
- Q4 revenue +10% YoY cFX (vs. +9% cons) with cloud revenue +27% (+0.7% vs. cons)
- Current cloud backlog EUR 18.1bn vs. EUR 15.4bn at Q3. Q4 op profit +24% YoY (+8% vs cons)
- Q4 FCF of EUR -0.9bn vs. EUR 1.7bn in Q423 on a EUR 1.7bn change programme payout.
- Net liquidity position of EUR 1.7bn from EUR 2.9bn at Q3 and EUR 3.5bn at FY23.
- FY25: cFX cloud revs of +26-28% (vs. 26% cons), cFX op profit +26-30% (vs. +26% cons), and a near doubling of FCF to EUR 8bn (updated definition).
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