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    Ben Castillo-Bernaus • Exane BNP Paribas

    Ben Castillo-Bernaus's questions to SAP SE (SAP) leadership

    Ben Castillo-Bernaus's questions to SAP SE (SAP) leadership • Q2 2025

    Question

    Ben Castillo-Bernaus of BNP Paribas Exane revisited the OpEx trajectory, asking if the implied H2 slowdown in EBIT growth reflects conservatism or concrete plans for accelerated investment and hiring.

    Answer

    CFO Dominik Asam reiterated that the H1 profit outperformance was skewed by a non-repeating stock-based compensation benefit. He confirmed plans to hire 'several thousands' in H2 but also noted that ongoing workforce optimizations (1-2% of staff) will incur severance costs that are not adjusted out of non-IFRS profit, impacting the H2 bottom line.

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    Ben Castillo-Bernaus's questions to SAP SE (SAP) leadership • Q1 2025

    Question

    Ben Castillo-Bernaus of BNP Paribas inquired about the drivers behind the cloud revenue growth deceleration from Q4, asking for a breakdown of impacts from deal timing, ramp-ups, and transactional apps.

    Answer

    CFO Dominik Asam explained the deceleration was due to a decline in transactional revenues and the back-end loading of Q4 deals, which delays their full revenue recognition. He anticipates an acceleration in Q2 due to easier year-over-year comparisons and the full-quarter impact of those Q4 deals.

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    Ben Castillo-Bernaus's questions to SAP SE (SAP) leadership • Q2 2024

    Question

    Ben Castillo-Bernaus questioned the decision to increase hiring alongside the expanded restructuring program, asking why SAP would not drive further cost savings and where the incremental hires are being made.

    Answer

    CFO Dominik Asam explained that higher-than-expected interest in voluntary programs created an opportunity. SAP can accept a departure and rehire for a more critical skill set or in a more cost-effective location. This 'lift and shift' approach still has a positive business case and contributes to savings. Rehiring is focused on areas with skill scarcity and in more cost-effective regions.

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