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Toby Og

Research Analyst at JPMorgan Chase & Co.

Toby Og's questions to SAP (SAP) leadership

Toby Og's questions to SAP (SAP) leadership • Q3 2025

Question

Toby Og from JPMorgan Chase & Co. inquired about the current demand backdrop, specifically regarding elongated sales cycles in the U.S. public sector and manufacturing, and sought clarification on the Current Cloud Backlog (CCB) guidance, questioning if a 25% exit rate for 2025 was unlikely given previous statements.

Answer

CEO Christian Klein noted positive momentum in the Q4 pipeline, with stalled deals in the U.S. public sector and manufacturing returning, driven by C-level engagement on cost optimization and AI. He expressed optimism for the CCB exit rate, expecting it to be higher than 25%.

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Toby Og's questions to SAP (SAP) leadership • Q3 2025

Question

Toby Og with JPMorgan Chase & Co. inquired about the demand backdrop, specifically regarding elongated sales cycles in the U.S. public sector and manufacturing, and sought an update on the current cloud backlog (CCB) guidance, questioning if a 25% exit rate for 2025 was unlikely.

Answer

Christian Klein, CEO of SAP, noted positive momentum in the Q4 pipeline, with stalled deals in the U.S. public sector and manufacturing returning. He emphasized high-value AI-driven business cases connecting with C-level executives, reducing slippage risk. Dominik Asam, CFO of SAP, added that he was more optimistic about the CCB exit rate for the year than 25%, given current business momentum.

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