SAP - Update 08/20/2026 - ISIN DE0007164600

Warren's Watchlist - english · Aug 20, 2026 · 33m · transcript

Is SAP's AI Story Real - What the Annual Report Hides

SAP posts record 2025 numbers – yet in our Warren Wise report it earns only Score 4 of 5.

Is there more to these records than the headline suggests? • Score 4 is the green zone: strong, the value thesis holds • A cloud model that scales – strong margin, powerful cash flow, top-tier rating and a solid net-cash cushion • The „basement effect“ behind the doubled profit and the friendlier „adjusted“ number that makes the headline • AI story loud, evidence thin – SAP’s own innovation curve declines, a €77bn order backlog behind it

Questions the…