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Charlie Brennan

Senior Equity Analyst at Jefferies

Charlie Brennan is a Senior Equity Analyst at Jefferies specializing in technology sector research, with coverage of leading companies including SAP, Sage Group, Dassault Systèmes, Amadeus IT Group, and Darktrace. Brennan has delivered consistently strong results, maintaining a 64% success rate across 31 stocks and an average return of 11.1%, highlighted by a standout 84.3% gain on a single recommendation. He has been at Jefferies since at least 2018, with earlier career details not publicly listed, and is recognized as one of the top analysts for European software and IT companies. Brennan holds professional regulatory credentials suitable for his role, though specific FINRA registrations and securities licenses are not openly disclosed.

Charlie Brennan's questions to SAP (SAP) leadership

Charlie Brennan's questions to SAP (SAP) leadership • Q3 2025

Question

Charlie Brennan with Jefferies inquired about SAP's investment levels for AI, specifically whether required funding can be met by reallocating R&D spend and reinvesting efficiencies, or if an acceleration in investment is needed. He also asked about the accelerating decline in support revenues and the impact of total cloud backlog moving into current cloud backlog (CCB) on in-quarter deal pressure.

Answer

Dominik Asam, CFO of SAP, confirmed that the accelerating decline in support revenue is a trend SAP has anticipated. Christian Klein, CEO of SAP, stated that AI investment focuses on quality over quantity of R&D personnel, shifting developers to AI and data science roles. He noted internal AI adoption, like Joule for Developer, is driving efficiencies, allowing SAP to manage R&D investment effectively without a radical shift, while still having a strong development backlog.

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