SAP For 2025 Projects Cloud Revenue Of €21.6B–€21.9B And Cloud And Software Revenue Of €33.1B–€33.6B; Sees Free Cash Flow Of ~€8.0B

Benzinga
28 Jan

Financial Outlook 2025

For 2025, SAP now expects:

  • €21.6 – 21.9 billion cloud revenue at constant currencies (2024: €17.14 billion), up 26% to 28% at constant currencies.
  • €33.1 – 33.6 billion cloud and software revenue at constant currencies (2024: €29.83 billion), up 11% to 13% at constant currencies.
  • €10.3 – 10.6 billion non-IFRS operating profit at constant currencies (2024: €8.15 billion), up 26% to 30% at constant currencies.
  • Approximately €8.0 billion free cash flow at actual currencies (2024: €4.22 billion), based on updated free cash flow definition (see section (N) 2025 Reporting Changes).
  • An effective tax rate (non-IFRS) of approximately 32% (2024: 32.3%)2.

The company also expects current cloud backlog growth to slightly decelerate in 2025.

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