SAP Announces Q2 2024 Results
SAP announced strong Q2 2024 results, with cloud revenue up 25% to €4.15 billion and total revenue up 10% to €8.29 billion. The company's cloud momentum continued, with current cloud backlog growing 28% to €14.81 billion. Cloud ERP Suite revenue saw significant growth of 33%. While IFRS operating profit decreased 11% due to restructuring expenses, non-IFRS operating profit increased 33% to €1.94 billion. SAP reiterated its 2024 financial outlook and increased its 2025 operating profit ambition to reflect anticipated efficiency gains from its expanded transformation program. The company continues to focus on Business AI and cloud growth, with several major customer wins and partnerships announced during the quarter.
SAP ha annunciato risultati solidi per il secondo trimestre del 2024, con un incremento del 25% dei ricavi da cloud a 4,15 miliardi di euro e un aumento del 10% dei ricavi totali a 8,29 miliardi di euro. L'azienda ha continuato a beneficiare di un forte slancio nel cloud, con un crescita del backlog cloud attuale del 28% a 14,81 miliardi di euro. I ricavi della Cloud ERP Suite hanno registrato una significativa crescita del 33%. Sebbene l'utile operativo secondo IFRS sia diminuito dell'11% a causa delle spese di ristrutturazione, l'utile operativo non IFRS è aumentato del 33% raggiungendo 1,94 miliardi di euro. SAP ha confermato le previsioni finanziarie per il 2024 e ha aumentato le proprie ambizioni di utile operativo per il 2025 per riflettere i guadagni di efficienza previsti dal suo programma di trasformazione ampliato. L'azienda continua a concentrarsi su Business AI e crescita nel cloud, con diversi importanti successi con i clienti e partnership annunciati durante il trimestre.
SAP anunció resultados sólidos para el segundo trimestre de 2024, con un aumento del 25% en los ingresos por nube a 4,15 mil millones de euros y un incremento del 10% en los ingresos totales a 8,29 mil millones de euros. El impulso de la empresa en la nube continuó, con un crecimiento del 28% en la cartera actual de la nube a 14,81 mil millones de euros. Los ingresos de la suite ERP en la nube experimentaron un crecimiento significativo del 33%. Mientras que el beneficio operativo según IFRS disminuyó un 11% debido a los gastos de reestructuración, el beneficio operativo no IFRS aumentó un 33% hasta 1,94 mil millones de euros. SAP reiteró sus perspectivas financieras para 2024 y aumentó su ambición de beneficio operativo para 2025 para reflejar las ganancias de eficiencia anticipadas de su programa de transformación ampliado. La empresa continúa enfocándose en la IA empresarial y el crecimiento en la nube, con varios importantes éxitos con clientes y asociaciones anunciadas durante el trimestre.
SAP은 2024년 2분기 실적을 발표했으며, 클라우드 수익이 25% 증가하여 41.5억 유로에 달하고 총 수익이 10% 증가하여 82.9억 유로에 이르렀습니다. 회사의 클라우드 진전은 계속 이어졌으며, 현재 클라우드 백로그가 28% 성장하여 148.1억 유로에 달했습니다. 클라우드 ERP 스위트의 수익은 33%의 큰 성장을 보였습니다. IFRS 기준 운영 이익은 구조조정 비용으로 인해 11% 감소했으나, 비 IFRS 운영 이익은 33% 증가하여 19.4억 유로에 도달했습니다. SAP은 2024년 재무 전망을 재확인하고, 2025년 운영 이익 목표를 올려 확장된 변혁 프로그램으로 인한 효율성 향상을 반영했습니다. 회사는 비즈니스 AI 및 클라우드 성장에 계속 집중하며, 분기 동안 여러 주요 고객 확보 및 파트너십을 발표했습니다.
SAP a annoncé de solides résultats pour le deuxième trimestre 2024, avec des revenus cloud en hausse de 25% à 4,15 milliards d'euros et des revenus totaux en hausse de 10% à 8,29 milliards d'euros. L'élan de l'entreprise dans le cloud s'est poursuivi, avec un carnet de commandes cloud actuel en hausse de 28% à 14,81 milliards d'euros. Les revenus de la suite ERP cloud ont connu une croissance significative de 33%. Bien que le bénéfice d'exploitation selon les normes IFRS ait diminué de 11% en raison des coûts de restructuration, le bénéfice d'exploitation non IFRS a augmenté de 33% pour atteindre 1,94 milliard d'euros. SAP a réaffirmé ses prévisions financières pour 2024 et a augmenté ses ambitions de bénéfice d'exploitation pour 2025 afin de refléter les gains d'efficacité anticipés de son programme de transformation élargi. L'entreprise continue de se concentrer sur l'IA pour les entreprises et la croissance du cloud, avec plusieurs gains majeurs de clients et des partenariats annoncés au cours du trimestre.
SAP hat starke Ergebnisse für das zweite Quartal 2024 angekündigt, mit einem Anstieg der Cloud-Umsätze um 25% auf 4,15 Milliarden Euro und einem Anstieg des Gesamtumsatzes um 10% auf 8,29 Milliarden Euro. Das Cloud-Wachstum des Unternehmens setzte sich fort, mit einem Anstieg des aktuellen Cloud-Backlogs um 28% auf 14,81 Milliarden Euro. Der Umsatz der Cloud-ERP-Suite verzeichnete ein signifikantes Wachstum von 33%. Während der IFRS-Betriebsgewinn aufgrund von Umstrukturierungskosten um 11% zurückging, stieg der Nicht-IFRS-Betriebsgewinn um 33% auf 1,94 Milliarden Euro. SAP bekräftigte seine Finanzprognose für 2024 und erhöhte seine Zielvorstellungen für den Betriebsgewinn 2025, um die erwarteten Effizienzgewinne aus dem erweiterten Transformationsprogramm zu berücksichtigen. Das Unternehmen konzentriert sich weiterhin auf Business AI und Cloud-Wachstum, mit mehreren wichtigen Kundenakquisitionen und Partnerschaften, die im Laufe des Quartals bekannt gegeben wurden.
- Cloud revenue increased 25% to €4.15 billion
- Total revenue grew 10% to €8.29 billion
- Current cloud backlog up 28% to €14.81 billion
- Cloud ERP Suite revenue increased 33%
- Non-IFRS operating profit rose 33% to €1.94 billion
- Free cash flow increased 114% to €1.3 billion in Q2
- 2025 operating profit ambition increased
- Share repurchase program of €5 billion announced
- IFRS operating profit decreased 11% due to restructuring expenses
- Software licenses revenue declined 28%
- Restructuring expenses of €0.6 billion recorded in Q2
- Total restructuring expenses now estimated at €3 billion
- Employee Engagement Index forecast lowered to 70-74% for 2024
The Q2 2024 results from SAP reveal a mixed performance with some positive aspects overshadowed by restructuring costs. Cloud revenue has significantly increased by
However, the IFRS operating profit fell by
From an investor’s standpoint, the reiterated financial outlook for 2024 and increased 2025 operating profit ambition signal confidence from SAP’s management. Nonetheless, the operating profit loss under IFRS due to restructuring costs raises caution. Investors should balance the immediate financial impact against the potential long-term benefits of SAP's strategic investments in AI and scalability.
SAP's increasing focus on AI and Business AI applications is a important aspect of their strategy, which is reflected in their Q2 2024 report. The statement from CEO Christian Klein highlights ongoing investments into AI to further drive cloud growth. This is strategically significant as AI enhancements can differentiate SAP’s product offerings, increase automation and provide greater value to clients through improved predictive analytics and decision-making capabilities.
The acquisition of WalkMe Ltd. for approximately
For retail investors, these developments suggest an increased potential for SAP to capture a larger market share in cloud solutions and AI-driven enterprise software. However, investors should monitor how effectively SAP integrates these technologies and acquisitions to ensure they translate to tangible business benefits.
The Q2 2024 results for SAP demonstrate a promising upward trend in their cloud business, with a notable
Despite the positive cloud growth, the operating profit under IFRS suffered due to restructuring costs. However, the non-IFRS operating profit increased by
For investors, this implies a balanced outlook: strong long-term growth potential tempered by short-term financial impacts due to restructuring. The transformation program’s success will be pivotal in sustaining this growth momentum and leveraging AI advancements to drive future profitability.
- Current cloud backlog of
€14.8 billion , up28% , both at nominal and constant currencies - Cloud revenue up
25% , underpinned by33% Cloud ERP Suite revenue growth, all at nominal and constant currencies - Total revenue up
10% , both at nominal and constant currencies - IFRS cloud gross profit up
29% , non-IFRS cloud gross profit up28% and up29% at constant currencies - IFRS operating profit down
11% due to restructuring expenses of€0.6 billion . Non-IFRS operating profit up33% and up35% at constant currencies - 2024 financial outlook reiterated. 2025 operating profit ambition increased to reflect anticipated incremental efficiency gains from expanded transformation program
WALLDORF,
Christian Klein, CEO:
Our cloud growth momentum remained strong in Q2, with Business AI enabling many deals. We continue to execute on our transformation with great discipline, leading to an increase in our operating profit ambition for 2025. At the same time, we continue to invest into our transformation to be the leader in Business AI. Given our progress and strong pipeline, we are confident to achieve accelerating topline growth through 2027.
Dominik Asam, CFO:
We are staying squarely focused on delivering our outlook for this year. Our current cloud backlog growth during the second half of 2024, and especially in Q4 will be decisive to lay a solid foundation for our cloud revenue ambition for 2025. At the same time, we'll continue to execute against our transformation plan to achieve our 2025 free cash flow ambition despite a mid-triple-digit million cash out for restructuring spilling into next year.
All figures in this statement are based on SAP group results from continuing operations unless otherwise noted.
Financial Performance
Group results at a glance – Second quarter 2024
IFRS | Non-IFRS1 | |||||||
€ million, unless otherwise stated | Q2 2024 | Q2 2023 | ∆ in % | Q2 2024 | Q2 2023 | ∆ in % | ∆ in % | |
SaaS/PaaS | 4,018 | 3,130 | 28 | 4,018 | 3,130 | 28 | 28 | |
Thereof Cloud ERP Suite2 | 3,414 | 2,562 | 33 | 3,414 | 2,562 | 33 | 33 | |
Thereof Extension Suite3 | 604 | 568 | 6 | 604 | 568 | 6 | 6 | |
IaaS4 | 135 | 186 | –27 | 135 | 186 | –27 | –27 | |
Cloud revenue | 4,153 | 3,316 | 25 | 4,153 | 3,316 | 25 | 25 | |
Cloud and software revenue | 7,175 | 6,505 | 10 | 7,175 | 6,505 | 10 | 10 | |
Total revenue | 8,288 | 7,554 | 10 | 8,288 | 7,554 | 10 | 10 | |
Share of more predictable revenue (in %) | 84 | 82 | 2pp | 84 | 82 | 2pp | ||
Cloud gross profit | 3,030 | 2,357 | 29 | 3,043 | 2,368 | 28 | 29 | |
Gross profit | 6,017 | 5,409 | 11 | 6,029 | 5,432 | 11 | 11 | |
Operating profit (loss) | 1,222 | 1,371 | –11 | 1,940 | 1,457 | 33 | 35 | |
Profit (loss) after tax from continuing operations | 918 | 724 | 27 | 1,278 | 799 | 60 | ||
Profit (loss) after tax5 | 918 | 2,982 | –69 | 1,278 | 2,437 | –48 | ||
Earnings per share - Basic (in €) from continuing operations | 0.76 | 0.62 | 22 | 1.10 | 0.69 | 59 | ||
Earnings per share - Basic (in €)5 | 0.76 | 2.70 | –72 | 1.10 | 2.40 | –54 | ||
Net cash flows from operating activities from continuing operations | 1,540 | 848 | 82 | |||||
Free cash flow | 1,291 | 604 | >100 |
1 | For a breakdown of the individual adjustments see table "Non-IFRS Operating Expense Adjustments by Functional Areas" in this Quarterly Statement. |
2 | Cloud ERP Suite references the portfolio of strategic Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solutions that are tightly integrated with our core ERP solutions and are included in key commercial packages, such as RISE with SAP. The following offerings contribute to Cloud ERP Suite revenue: SAP S/4HANA Cloud, SAP Business Technology Platform, and core solutions for HR and payroll, spend management, commerce, customer data solutions, business process transformation, and working capital management. For additional information and historical data on Cloud ERP Suite, see SAP's Reporting Framework. |
3 | Extension Suite references SAP's remaining SaaS and PaaS solutions that supplement and extend the functional coverage of the Cloud ERP Suite. |
4 | Infrastructure as a service (IaaS): The major portion of IaaS comes from SAP HANA Enterprise Cloud. |
5 | From continuing and discontinued operations. |
Group results at a glance – Six months ended June 2024
IFRS | Non-IFRS1 | |||||||
€ million, unless otherwise stated | Q1–Q2 2024 | Q1–Q2 2023 | ∆ in % | Q1–Q2 2024 | Q1–Q2 2023 | ∆ in % | ∆ in % | |
SaaS/PaaS | 7,782 | 6,110 | 27 | 7,782 | 6,110 | 27 | 28 | |
Thereof Cloud ERP Suite revenue2 | 6,581 | 4,984 | 32 | 6,581 | 4,984 | 32 | 33 | |
Thereof Extension Suite revenue3 | 1,202 | 1,126 | 7 | 1,202 | 1,126 | 7 | 7 | |
IaaS4 | 299 | 383 | –22 | 299 | 383 | –22 | –21 | |
Cloud revenue | 8,082 | 6,493 | 24 | 8,082 | 6,493 | 24 | 25 | |
Cloud and software revenue | 14,134 | 12,863 | 10 | 14,134 | 12,863 | 10 | 11 | |
Total revenue | 16,329 | 14,995 | 9 | 16,329 | 14,995 | 9 | 10 | |
Share of more predictable revenue (in %) | 84 | 82 | 2pp | 84 | 82 | 2pp | ||
Cloud gross profit | 5,867 | 4,596 | 28 | 5,892 | 4,617 | 28 | 29 | |
Gross profit | 11,778 | 10,693 | 10 | 11,803 | 10,737 | 10 | 11 | |
Operating profit (loss) | 434 | 2,174 | –80 | 3,473 | 2,779 | 25 | 27 | |
Profit (loss) after tax from continuing operations | 94 | 1,128 | –92 | 2,223 | 1,667 | 33 | ||
Profit (loss) after tax5 | 94 | 3,491 | –97 | 2,223 | 3,448 | –36 | ||
Earnings per share - Basic (in €) from continuing operations | 0.05 | 0.97 | –95 | 1.91 | 1.44 | 33 | ||
Earnings per share - Basic (in €)5 | 0.05 | 3.12 | –98 | 1.91 | 3.23 | –41 | ||
Net cash flows from operating activities from continuing operations | 4,297 | 3,160 | 36 | |||||
Free cash flow | 3,784 | 2,559 | 48 |
1 | For a breakdown of the individual adjustments see table "Non-IFRS Operating Expense Adjustments by Functional Areas" in this Quarterly Statement. |
2 | Cloud ERP Suite references the portfolio of strategic Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solutions that are tightly integrated with our core ERP solutions and are included in key commercial packages, such as RISE with SAP. The following offerings contribute to Cloud ERP Suite revenue: SAP S/4HANA Cloud, SAP Business Technology Platform, and core solutions for HR and payroll, spend management, commerce, customer data solutions, business process transformation, and working capital management. For additional information and historical data on Cloud ERP Suite, see SAP's Reporting Framework. |
3 | Extension Suite references SAP's remaining SaaS and PaaS solutions that supplement and extend the functional coverage of the Cloud ERP Suite. |
4 | Infrastructure as a service (IaaS): The major portion of IaaS comes from SAP HANA Enterprise Cloud. |
5 | From continuing and discontinued operations. |
Financial Highlights1
Second Quarter 2024
In the second quarter, SAP's strong cloud momentum continued. Current cloud backlog grew by
Software licenses revenue decreased by
The share of more predictable revenue increased by 2 percentage points to
Cloud gross profit was up
IFRS operating profit in the second quarter was down
IFRS earnings per share (basic) increased
Free cash flow in the second quarter increased by
Share Repurchase Program
In May 2023, SAP announced a share repurchase program with an aggregate volume of up to
2024 Transformation Program: Focus on scalability of operations and key strategic growth areas
In 2024, SAP is further increasing its focus on key strategic growth areas, in particular business AI. It is transforming its operational setup to capture organizational synergies and AI-driven efficiencies, and to prepare the company for highly scalable future revenue growth.
To this end, as announced in January, SAP is executing a company-wide restructuring program which is anticipated to conclude in early 2025. The restructuring is intended to ensure that SAP's skillset and resources continue to meet future business needs and is currently expected to affect 9,000 to 10,000 positions, a majority of which will be covered by voluntary leave programs and internal re-skilling measures. Reflecting re-investments into strategic growth areas, SAP still expects to exit 2024 at a headcount similar to year-end 2023.
In the second quarter, additional restructuring expenses of
While restructuring expenses recorded in the first half of 2024 total
Restructuring payouts in the second quarter and first half of 2024 amounted to
Business Highlights
In the second quarter, customers around the globe continued to choose "RISE with SAP" to drive their end-to-end business transformations. These customers included: Alpargatas, Auckland Council, Blue Diamond Growers, Border States, Copenhagen Airports, ExxonMobil, Navantia, PANDORA, Porsche Informatik, Powerlink Queensland, Prairie Farms Dairy, ProRail, Prysmian, Shiseido Company, Tokio Marine & Nichido Fire Insurance, VistaPrint,
BMI Group Holdings, Co-op, Fiagril, Pure Storage, UBE Corporation, and Wegmans went live on SAP S/4HANA Cloud in the second quarter.
Consolidated Hospitality Supplies, flatexDEGIRO, Fortera Corporation, La Trobe University, Stern-Wywiol Gruppe, and Trade Capital Corporation chose "GROW with SAP", an offering helping customers adopt cloud ERP with speed, predictability, and continuous innovation.
Key customer wins across SAP's solution portfolio included: Accenture, Ambipar, Arca Continental, BASF, Buderus Guss, Carl Zeiss, DACHSER, Endress+Hauser, iHerb, Lenovo, Minor Hotels, New Look, Parle Biscuits, Refresco,
Beiersdorf, E.ON, Gerdau, Hyundai Motor Company, Kia Corporation and SMA Solar Technology went live on SAP solutions.
In the second quarter, SAP's cloud revenue performance was particularly strong in APJ and EMEA and robust in the
On April 22, SAP announced AI advancements in its supply chain solutions that we anticipate will unleash a transformative wave of productivity, efficiency and precision in manufacturing. AI-driven insights from real-time data will help companies use their own data to make better decisions across supply chains, streamline product development and improve manufacturing efficiency.
On May 6, SAP announced that it had extended the contract of CEO and Member of the Executive Board Christian Klein for three years, until April 2028.
On May 8, SAP and IBM announced their vision for the next era of their collaboration, which includes new generative AI capabilities and industry-specific cloud solutions that can help clients unlock business value.
On May 13, SAP announced that Charoen Pokphand Foods Public Company Limited ("CP Foods") had selected multiple SAP solutions to drive further growth and competitive advantage and to ensure the sustainability of its products for the future.
On May 15, SAP announced that the Annual General Meeting (AGM) of Shareholders of SAP SE elected Pekka Ala-Pietilä as new member of the company's Supervisory Board. Subsequently, Ala-Pietilä was also elected the new Chairman of the SAP Supervisory Board, completing the handover from former Chairman of the Board, Prof. Dr. h. c. mult. Hasso Plattner. In addition, Prof. Dr. Ralf Herbrich was elected and Aicha Evans, Gerhard Oswald and Dr. Friederike Rotsch were reelected as members of the Supervisory Board. The AGM also approved all other proposals of the Executive Board and Supervisory Board with strong support. That includes the adjustment of the compensation of the Chairman of the Supervisory Board. Furthermore, the dividend proposal of
On May 29, SAP and Amazon Web Services (AWS), an Amazon.com company, announced an expanded, strategic collaboration to transform modern cloud enterprise resource planning (ERP) experiences and help enterprises drive new capabilities and efficiencies with generative artificial intelligence (AI).
On June 5, SAP and WalkMe Ltd. (Walkme) announced that the companies had entered into a definitive agreement under which SAP will acquire
On June 5, SAP announced that it was adjusting its dividend policy effective immediately. The new policy is to pay a dividend amounting to at least
Financial Outlook 2024
SAP's financial outlook 2024 is based on SAP's updated non-IFRS definition of profit measures which, beginning in 2024, include share-based compensation expenses and exclude gains and losses from equity securities, net. For more details, please refer to the Reporting Framework section on our Investor Relations website: https://www.sap.com/investors/en/reports/reporting-framework.html.
SAP continues to expect:
€17.0 – 17.3 billion cloud revenue at constant currencies (2023:€13.66 billion ), up24% to27% at constant currencies.€29.0 – 29.5 billion cloud and software revenue at constant currencies (2023:€26.92 billion ), up8% to10% at constant currencies.€7.6 – 7.9 billion non-IFRS operating profit at constant currencies (2023:€6.51 billion ), up17% to21% at constant currencies.- Free cash flow of approximately
€3.5 billion (2023:€5.09 billion ). - An effective tax rate (non-IFRS) of approximately
32% (2023:30.3% )2.
While SAP's 2024 financial outlook is at constant currencies, actual currency reported figures are expected to be impacted by currency exchange rate fluctuations as the company progresses through the year, as reflected in the table below.
Currency Impact Assuming June 30, 2024 Rates Apply for 2024
In percentage points | Q3 2024 | FY 2024 |
Cloud revenue growth | +0.5pp | –0.5pp |
Cloud and software revenue growth | +0.5pp | –0.5pp |
Operating profit growth (non-IFRS) | +0.0pp | –1.5pp |
Non-Financial Outlook 2024
SAP now expects the Employee Engagement Index to be in a range of
In 2024, SAP continues to expect:
- A Customer Net Promoter Score of 9 to 13.
- To steadily decrease carbon emissions across the relevant value chain, in line with our target of achieving Net Zero carbon emissions by 2030.
- To steadily increase the number of women in executive roles in line with our end of year 2027 target to achieve
25% .
Ambition 2025
SAP is updating its financial ambition 2025, reflecting the anticipated incremental benefits from the transformation program.
By 2025, SAP now expects:
- Non-IFRS operating profit of approximately
€10.2 billion (previously: approximately€10 billion ).
SAP continues to expect:
- Cloud revenue of more than
€21.5 billion . - Total revenue of more than
€37.5 billion . - Non-IFRS cloud gross profit of approximately
€16.2 billion . - Free cash flow of approximately
€8.0 billion (now including an anticipated mid-triple-digit million Euro restructuring payout in 2025 associated with the 2024 transformation program). - A share of more predictable revenue of approximately
86% .
The 2025 financial ambition is based on an exchange rate of
Non-Financial Ambition 2025
For 2025, SAP now aims to increase the Employee Engagement Index (previously: Steadily increasing the Employee Engagement Index).
SAP continues to aim for
- Steadily increasing the Customer Net Promoter Score.
The 2025 non-financial ambitions are in addition to our medium-term targets of achieving Net Zero carbon emissions across the value chain by 2030 and reaching
Additional Information
This press release and all information therein is preliminary and unaudited. Due to rounding, numbers may not add up precisely. The full Q2 2024 Quarterly Statement can be downloaded from: https://www.sap.com/investors/sap-2024-q2-statement.
SAP Performance Measures
For more information about our key growth metrics and performance measures, their calculation, their usefulness, and their limitations, please refer to the following document on our Investor Relations website: https://www.sap.com/investors/performance-measures
Webcast
SAP senior management will host a financial analyst conference call on Monday, July 22nd at 11:00 PM (CEST) / 10:00 PM (BST) / 5:00 PM (EDT) / 2:00 PM (PDT). The conference will be webcast on the Company's website at https://www.sap.com/investor and will be available for replay. Supplementary financial information pertaining to the second quarter results can be found at https://www.sap.com/investor
About SAP
As a global leader in enterprise applications and business AI, SAP (NYSE: SAP) stands at the nexus of business and technology. For over 50 years, organizations have trusted SAP to bring out their best by uniting business-critical operations spanning finance, procurement, HR, supply chain, and customer experience. For more information, visit www.sap.com.
For customers interested in learning more about SAP products: | |
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This document contains forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations, forecasts, and assumptions that are subject to risks and uncertainties that could cause actual results and outcomes to materially differ. Additional information regarding these risks and uncertainties may be found in our filings with the Securities and Exchange Commission, including but not limited to the risk factors section of SAP's 2023 Annual Report on Form 20-F.
© 2024 SAP SE. All rights reserved.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in
1 The Q2 2024 results were also impacted by other effects. For details, please refer to the disclosures on page 27 of this document.
2 The effective tax rate (non-IFRS) is a non-IFRS financial measure and is presented for supplemental informational purposes only. We do not provide an outlook for the effective tax rate (IFRS) due to the uncertainty and potential variability of gains and losses associated with equity securities, which are reconciling items between the two effective tax rates (non-IFRS and IFRS). These items cannot be provided without unreasonable efforts but could have a significant impact on our future effective tax rate (IFRS).
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SOURCE SAP SE
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