SAP SE (SAP) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the SAP Q1 financial results conference call. (Operator Instructions)

各位女士、先生，感謝您耐心等候。歡迎您，並感謝您參加 SAP 2026 年第一季財務業績電話會議。(接線員指示)

I would now like to turn the conference over to Alexandra Steiger, Global Head of Investor Relations. Please go ahead.

現在我想將會議交給全球投資人關係主管 Alexandra Steiger。請開始。

Good evening, everyone, and welcome. Thank you for joining us. With me today are CEO, Christian Klein; and CFO, Dominik Asam. On this call, we will discuss SAP's first-quarter 2026 results. You can find the deck supplementing this call as well as our quarterly statement on our Investor Relations website.

各位晚安，歡迎各位。感謝您加入我們。今天與我一同出席的有執行長 Christian Klein，以及財務長 Dominik Asam。在本次電話會議中，我們將討論 SAP 2026 年第一季的業績。您可在我們的投資人關係網站上找到本次電話會議的簡報，以及我們的季度聲明。

During this call, we will make forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results and outcomes to differ materially. Additional information regarding these risks and uncertainties may be found in our filings with the SEC, including, but not limited, to the Risk Factors section of our annual report on Form 20-F for 2025.

在本次電話會議中，我們將作出前瞻性陳述，即對未來事件的預測、推估或其他陳述。這些陳述係基於目前的預期與假設，並受風險與不確定性影響，可能導致實際結果與成果出現重大差異。關於這些風險與不確定性的更多資訊，可參閱我們向美國證券交易委員會（SEC）提交的文件，包括但不限於我們 2025 年 Form 20-F 年報中的「風險因素」章節。

Unless otherwise stated, all numbers on this call are non-IFRS, and growth rates and percentage point changes are non-IFRS year on year at constant currencies. The non-IFRS financial measures we provide should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with IFRS.

除非另有說明，本次電話會議中的所有數字均為非 IFRS；成長率與百分點變動均以固定匯率計算之非 IFRS 年對年（YoY）。我們提供的非 IFRS 財務衡量指標不應被視為依 IFRS 編製之財務績效衡量指標的替代品或更優指標。

Before I begin, I would like to highlight our upcoming financial analyst conference at Sapphire taking place in Orlando next month. We look forward to seeing you there. For those unable to attend in person, I would like to invite you to join our webcast.

在我開始之前，我想先提醒各位，我們將於下個月在奧蘭多舉行 Sapphire 期間的財務分析師大會。期待在那裡與各位相見。若無法親自出席，我也誠摯邀請您收看我們的網路直播。

And with that, over to you, Christian.

接下來交給你，Christian。

Thank you, Alexandra, and a warm welcome to everyone joining the call.

謝謝你，Alexandra，也熱烈歡迎所有加入本次電話會議的各位。

I'm happy to say that we delivered a strong start to the year. Our Q1 results demonstrate the ongoing momentum across our entire portfolio and the continued success of our strategy. We achieved these results against a shifting macroeconomic environment. And while our business is very resilient, we are not completely immune to external dynamics. Uncertainty remains high, just as it does for every company. Still, we keep on delivering quarter by quarter, and we are also working on larger announcements for Sapphire, which will set us up to deliver high-value business AI at scale. We look forward to sharing more details with you in Orlando.

我很高興地表示，我們在今年開局表現強勁。我們第一季的業績展現了整體產品組合持續的動能，以及我們策略的持續成功。我們是在宏觀經濟環境變動之下達成這些成果。雖然我們的業務非常具韌性，但也並非完全不受外部動態影響。不確定性仍然很高，與所有公司一樣。即便如此，我們仍一季接一季地持續交出成果；同時也正為 Sapphire 準備更重大的發表，這將使我們能以規模化方式提供高價值的企業 AI。我們期待在奧蘭多與各位分享更多細節。

Let's begin by looking at our Q1 performance. Our current cloud backlog increased 25% to EUR21.9 billion. Cloud revenue grew 27%, almost crossing the EUR6 billion mark. The strong performance was driven by a 30% acceleration in our cloud ERP suite revenue, bringing total revenue to EUR9.6 billion for the quarter. This was a strong increase of plus 12%.

讓我們先從第一季的表現開始。我們目前的雲端積壓訂單（current cloud backlog）成長 25%，達到 219 億歐元。雲端營收成長 27%，幾乎突破 60 億歐元大關。強勁表現主要由雲端 ERP 套件營收加速成長 30% 所帶動，使本季總營收達到 96 億歐元。這是 12% 的強勁成長。

Order entry from our Public Cloud solutions accelerated sharply in Q1, continuing the momentum from Q4. Public cloud order entry accounted for over 70% of our quarterly volume. And with that, we keep on gaining market share, especially versus best-of-breed software vendors.

第一季來自我們公有雲解決方案的訂單簽入（order entry）大幅加速，延續第四季的動能。公有雲訂單簽入占我們季度訂單量的 70% 以上。因此，我們持續提升市占率，特別是相較於各領域最佳（best-of-breed）的軟體供應商。

Gartner Research just announced that SAP grew 15 percentage points faster versus the global enterprise applications cloud market in 2025. Our strong top-line performance translated directly into our bottom line with an operating margin of 30%, up 2.9 percentage points. As a result, our operating profit in Q1 increased by 24% to EUR2.9 billion.

Gartner Research 剛宣布，SAP 在 2025 年的成長速度比全球企業應用雲端市場快 15 個百分點。我們強勁的營收表現也直接反映在獲利端，營業利益率達 30%，提升 2.9 個百分點。因此，我們第一季營業利益成長 24%，達到 29 億歐元。

Finally, it's great to see that our caring partner ecosystem performed exceptionally well. Our indirect channel order entry grew significantly faster than our direct channel, accounting for almost 30% of our total order entry.

最後，很高興看到我們關懷且緊密合作的夥伴生態系表現格外出色。我們的間接通路訂單簽入成長顯著快於直接通路，約占總訂單簽入的 30%。

Now, let me turn to the broader macroenvironment. Geopolitical tensions, mainly the conflict in the Middle East, have increased. The war is already having an economic impact in the region and on many energy-intensive industries. SAP is, of course, not completely immune against these disruptions, and the economic uncertainty makes it difficult to predict the impact on our total year results. But we have seen many, many times in the past that customers are turning towards SAP in moments like these to invest into the resilience of their business.

接下來我談談更廣泛的宏觀環境。地緣政治緊張局勢升高，主要是中東衝突。這場戰爭已對該地區以及許多高耗能產業造成經濟影響。當然，SAP 並非完全不受這些干擾影響，而經濟不確定性也使我們難以預測其對全年業績的影響。但我們過去多次看到，在這樣的時刻，客戶會轉向 SAP，投資於提升其業務韌性。

Our strong portfolio, together with our own resilient business model, provides a great foundation for SAP in uncertain times. We see this reflected in a very healthy pipeline coverage for 2026.

我們強大的產品組合，加上我們自身具韌性的商業模式，為 SAP 在不確定時期提供了堅實基礎。我們也在 2026 年的銷售管線覆蓋率（pipeline coverage）中看到這點，狀況非常健康。

Let's move on to some great customer wins in Q1. Leading companies from various industries selected RISE with SAP. They included ConocoPhillips in Energy, Thales in defense, Air Liquide in industrial gases, and Bristol Myers script in biotech. Moreover, PayPal as well as the European division of automaker Hyundai and Swiss automotive supply, Aptiv, embarked on the RISE journey. Our software and cloud offerings also continue to gain traction with an important win, a defense company deal.

接著分享第一季一些重要的客戶贏單。來自各產業的領先企業選擇了 RISE with SAP。包括能源業的 ConocoPhillips、國防領域的 Thales、工業氣體的 Air Liquide，以及生技領域的 Bristol Myers script。此外，PayPal，以及汽車製造商 Hyundai 的歐洲事業部與瑞士汽車供應商 Aptiv，也啟動了 RISE 旅程。我們的軟體與雲端產品也持續獲得市場青睞，其中一項重要贏單是與一家國防公司達成的交易。

Among the net new customers, selecting SAP grow are the superfood brand, OAKBERRY; and Adesso, a leading IT service provider. On the AI and data side, we won Red Bull as well as Carl Zeiss, a global leader in optics and semiconductor manufacturing technology.

在新增客戶方面，選擇 SAP grow 的包括超級食物品牌 OAKBERRY，以及領先的 IT 服務供應商 Adesso。在 AI 與資料領域，我們贏得了 Red Bull，以及光學與半導體製造技術的全球領導者 Carl Zeiss。

In addition, Knauf, a leader in building materials; German food company, Hochland; and Swedish manufacturer, SKF, selected SAP Business Data Cloud.

此外，建材領導廠商 Knauf、德國食品公司 Hochland，以及瑞典製造商 SKF，選擇了 SAP Business Data Cloud。

We also saw many successful go-lives. Samsung Electro-Mechanics completed the S/4HANA transformation as part of their RISE journey. Alibaba Cloud and Fonterra, a New Zealand-based equity business, both completed their transformation journeys with RISE.

我們也看到許多成功上線（go-live）。Samsung Electro-Mechanics 作為其 RISE 旅程的一部分，完成了 S/4HANA 轉型。Alibaba Cloud 與 Fonterra（紐西蘭的股權型企業）也都透過 RISE 完成了各自的轉型旅程。

We're also proud to have supported ExxonMobil with a smooth deployment of their workforce ecosystem project. This go-live on SAP SuccessFactors now supports more than 60,000 users globally. All of these customer wins demonstrate the confidence in our portfolio.

我們也很自豪能支持 ExxonMobil 順利部署其人力生態系專案。此 SAP SuccessFactors 的上線如今在全球支援超過 60,000 名使用者。所有這些客戶贏單都展現了市場對我們產品組合的信心。

This brings me to the core of our strategy, business AI. There is no doubt that AI will redefine how companies will run in the future. Here are some examples showing how SAP Business AI is already delivering significant value to our customers.

接下來談到我們策略的核心：企業 AI（business AI）。毫無疑問，AI 將重新定義企業未來的營運方式。以下是一些例子，展示 SAP Business AI 已如何為客戶帶來顯著價值。

At Daimler Trucks North America, SAP Business AI helped transform how the company wins contracts with fleet customers. Bid win rates jumped from 10% to more than 40%, delivering a EUR70 million financial impact within 12 months.

在 Daimler Trucks North America，SAP Business AI 協助改造公司如何贏得車隊客戶合約。投標得標率從 10% 躍升至 40% 以上，在 12 個月內帶來 7,000 萬歐元的財務影響。

Queensland's Department of Transport and Main Roads uses SAP Business AI to predict road surface issues across 33,000 kilometers. Engineers can now, one, statewide investment optimization in a single day instead of a week. Next to the accelerated speed, this predictive AI use case also generates millions of savings.

昆士蘭州交通與主要道路部門使用 SAP Business AI 來預測 33,000 公里道路的路面問題。工程師現在可以在一天內完成全州投資最佳化，而不是一週。除了速度加快之外，這個預測式 AI 的使用案例也帶來數百萬的節省。

A German manufacturer, Hörmann, an AI assistant analyzes complex construction tenders in hours instead of weeks, reducing manual effort by up to 70%. At automotive supplier, Matur Fompak, the invoicing process was accelerated by more than 9x, and product iteration time is now 30% faster.

一家德國製造商 Hörmann 透過 AI 助理在數小時內（而非數週）分析複雜的建築投標文件，將人工投入最多降低 70%。在汽車供應商 Matur Fompak，開立發票流程加速超過 9 倍，產品迭代時間如今也快了 30%。

We also see how our AI supports faster and more cost-efficient ERP migrations. For example, our partner, KPMG, uses Joule for consultants to accelerate ERP migrations. Project points are now completed up to 20% faster. EY uses SAP Generative AI app to accelerate how it delivers SAP transformation projects. AI agents automate key phases from requirements through testing, reducing project delivery timelines by up to 30%.

我們也看到 AI 如何支援更快速且更具成本效益的 ERP 遷移。例如，我們的合作夥伴 KPMG 讓顧問使用 Joule 以加速 ERP 遷移。專案里程碑如今最多可提前 20% 完成。EY 使用 SAP 生成式 AI 應用程式來加速其交付 SAP 轉型專案的方式。AI 代理自動化從需求到測試的關鍵階段，將專案交付時程最多縮短 30%。

Bosch Digital equipped 1,500 developers with our AI, including SAP tool for developers for their ERP migration. As a result, developer productivity increased by 20% with unit test creation now 15% to 20% faster. All of these AI use cases deliver significant customer value today.

Bosch Digital 為 1,500 名開發人員配備了我們的 AI（包含供開發人員使用的 SAP 工具），用於其 ERP 遷移。因此，開發人員生產力提升 20%，單元測試建立速度也快了 15% 到 20%。所有這些 AI 使用案例如今都為客戶帶來顯著價值。

At the same time, let's be honest. Large-scale adoption of enterprise AI is still in its early stages. Also, we at SAP are learning our lessons every day with our customers about what it truly takes to make business AI work reliably, which is key when you won the world's most mission-critical and complex business processes.

同時，讓我們坦白說。企業 AI 的大規模採用仍處於早期階段。此外，我們 SAP 也每天與客戶一起學習：要讓商業 AI 可靠運作，真正需要什麼——而這點至關重要，因為你所承載的是全球最關鍵、最複雜的業務流程。

Agents often don't have yet the full understanding of business data and processes to deliver highly accurate outcomes. This is needed to deploy at scale and with high accuracy, agentic AI use cases in the most mission-critical parts of our customers' business. But we are learning fast, and we are very confident that SAP has compared to many other software companies, the right assets to win. Very deep domain know-how about business processes and data as well as enterprise gait, governance, and security.

代理往往尚未對業務資料與流程具備完整理解，因此難以產出高度精準的結果。要在客戶業務中最關鍵的環節，以高精準度、可規模化地部署代理式 AI 使用案例，就需要這種理解。但我們學得很快，而且我們非常有信心：相較於許多其他軟體公司，SAP 擁有取勝的正確資產。包括對業務流程與資料的深厚領域專業，以及企業級的治理與安全能力。

SAP's ERP developed over 50 years can also be seen as the institutional plan of every company where data and process domain know-how is getting stored. The launch of SAP Business Data Cloud last year was another important step to enable our customers to further expand the SAP semantical data module to non-SAP data. BDC allows our customers to build an end-to-end data platform, which is key for high-value AI.

SAP 的 ERP 經過 50 年發展，也可被視為每家公司「制度化記憶」的藍圖，資料與流程的領域知識在其中被保存。去年推出的 SAP Business Data Cloud 是另一個重要步驟，使客戶能將 SAP 的語意資料模型進一步擴展到非 SAP 資料。BDC 讓客戶能建立端到端的資料平台，這是高價值 AI 的關鍵。

At Sapphire, we plan to announce some fundamental changes to our portfolio to infuse this deep domain know-how into SAP's AI agents, and we will govern the agentic AI layer for our customers. This foundational change will enable SAP AI agents at scale to deliver highly accurate results to take actions across end-to-end processes in a secure manner.

在 Sapphire 上，我們計畫宣布產品組合的一些根本性變革，把這些深厚的領域知識注入 SAP 的 AI 代理中，並為客戶治理代理式 AI 層。這項基礎性變革將使 SAP 的 AI 代理能以規模化方式，在安全的前提下，跨端到端流程採取行動並交付高度精準的結果。

So let me address as well a question many of you have in mind. How will the AI transformation impact the financials of our company?

因此我也想回應一個許多人心中的問題。AI 轉型將如何影響我們公司的財務表現？

First, SAP solutions as the institutional memory of every company will not disappear. On the contrary, we expect to continue to gain market share with our best of suite offering because now more than ever, the harmonized data and process layer is key to harnessing the power of AI.

首先，作為每家公司制度化記憶的 SAP 解決方案不會消失。相反地，我們預期憑藉「最佳套件（best-of-suite）」的產品組合將持續提升市占，因為如今比以往任何時候都更需要一致化的資料與流程層，才能釋放 AI 的力量。

With the infusion of AI across our products and migration tools, you will see an increasing share of consumption-related cloud revenue in our P&L. But this shift will happen gradually over the next years with the expansion of business AI and our customer base.

隨著 AI 注入我們的產品與遷移工具，你將在我們的損益表中看到與使用量（consumption）相關的雲端營收占比提高。但隨著商業 AI 與客戶基礎的擴張，這種轉變將在未來幾年逐步發生。

The good news is that in line with our system of record, the related subscription revenue will not disappear. Also, it is important to highlight that less than 40% of our 2025 cloud revenue was tied to named users. The remaining subscription cloud revenue is priced via non-seed-based metrics like revenues, memory used, and other value-related metrics.

好消息是，與我們「系統紀錄（system of record）」相一致，相關的訂閱營收不會消失。同時也必須強調：我們 2025 年的雲端營收中，與具名使用者（named users）綁定的比例不到 40%。其餘的訂閱型雲端營收，則是透過非席位（non-seat）指標定價，例如營收、使用的記憶體，以及其他與價值相關的指標。

Let me emphasize once again that the ramp of consumption-based cloud revenue will be a gradual evolution, and by no means a disruption comparable with the transition from on-prem to the cloud.

我再強調一次：以使用量計價的雲端營收成長將是逐步演進，絕非像從地端（on-prem）轉向雲端那樣的顛覆性變化。

At our financial analyst conference in Orlando, we are going to show you how our AI transformation will expand SAP's addressable market as well as how both subscription and consumption-related cloud revenue will further drive SAP's calls ambition.

在奧蘭多的財務分析師大會上，我們將向各位展示：AI 轉型如何擴大 SAP 的可服務市場（TAM），以及訂閱型與使用量相關的雲端營收如何進一步推動 SAP 的雲端雄心。

Let's now look at how AI influences the way SAP operates itself. Our internal AI transformation starts with our people and their skills. We are executing comprehensive upskilling programs across the entire organization. So every team can confidently apply AI in that day-to-day work.

現在讓我們看看 AI 如何影響 SAP 自身的營運方式。我們的內部 AI 轉型從員工及其技能開始。我們正在全組織推動全面的技能提升（upskilling）計畫。讓每個團隊都能有信心地在日常工作中運用 AI。

Our external hiring is highly targeted, focusing on recruiting top experts in data and AI. At the same time, AI will help us to run SAP as a company more autonomously in the future.

我們的對外招募高度聚焦，專注延攬資料與 AI 領域的頂尖專家。同時，AI 也將在未來幫助我們更自主地營運 SAP 這家公司。

We act as our customer zero using our own AI across engineering, support, services, and go-to-market with a direct impact on our top- and bottom-line financials.

我們把自己當作「零號客戶（customer zero）」，在工程、支援、服務與市場推進（go-to-market）等領域使用自家 AI，並直接影響我們的營收與獲利表現。

Let me share with you what we have already achieved with some great examples. In our engineering teams, we are using AI to work more efficiently with Joule for ABAP development and by third-party tools like Claude Code and GitHub Copilot, we are increasing developer productivity already by over 30%.

我想與各位分享我們已經達成的成果，並舉幾個很好的例子。在工程團隊中，我們使用 AI 讓工作更有效率：透過 Joule 進行 ABAP 開發，以及使用 Claude Code、GitHub Copilot 等第三方工具，我們已將開發人員生產力提升超過 30%。

With AI assistance, our services and support teams are handling significantly higher ticket volumes without a proportional increase in headcount. AI assists 100% of support cases and 20% of our tickets are even resolved by AI, fully autonomous. Thanks to these efforts, we observed a 12% higher productivity in our support function.

在 AI 協助下，我們的服務與支援團隊能處理顯著更高的工單量，而人力並未按比例增加。AI 協助 100% 的支援案件，且我們有 20% 的工單甚至由 AI 完全自主解決。得益於這些努力，我們觀察到支援職能的生產力提升了 12%。

At SAP, we have more than 80,000 colleagues in services, and our consultants save with our AI one day per week by much more efficient system configuration and custom code analysis. This leads as well to faster project delivery and a huge productivity increase.

在 SAP，我們在服務部門有超過 80,000 名同仁；透過 AI，顧問因更高效率的系統設定與自訂程式碼分析，每週可節省一天時間。這也帶來更快的專案交付與大幅的生產力提升。

For our go-to-market teams, AI improved our demand generation activities by personalizing and automating outbound campaigns tailored to customer situation. It saved over 83,000 hours and directly influenced the pipeline with additional EUR50 million of value. Even better, it helps us to target the right customers, identifying real pain points early and replacing gas work with focused engagement up to six times more effectively.

對於我們的市場推進團隊，AI 透過依客戶情境量身打造並自動化對外觸達活動，改善了需求開發（demand generation）。它節省了超過 83,000 小時，並以額外 5,000 萬歐元的價值直接影響銷售管線（pipeline）。更重要的是，它幫助我們鎖定正確的客戶，及早識別真正痛點，並以聚焦式互動取代盲目嘗試，成效最高可提升至 6 倍。

As part of our internal transformation, we have communicated a clear goal to achieve a run rate of around EUR2 billion in efficiencies by end of 2028, and we will share further details at our upcoming financial analyst conference.

作為內部轉型的一部分，我們已明確傳達目標：在 2028 年底前達到約 20 億歐元效率提升的年化運行水準（run rate），並將在即將到來的財務分析師大會上分享更多細節。

Let me now summarize. We delivered a strong Q1 in a challenging and uncertain business environment. Whenever tensions and crisis occur, our software becomes more essential, not optional. This makes us confident for the remaining year.

現在我來做個總結。在充滿挑戰且不確定的商業環境中，我們交出強勁的第一季表現。每當緊張局勢與危機出現，我們的軟體就變得更不可或缺，而非可有可無。這讓我們對今年剩餘時間充滿信心。

Finally, we are going to make significant progress with Business AI in 2026. You will see this come to life at Sapphire.

最後，我們將在 2026 年於商業 AI 方面取得重大進展。你將在 Sapphire 上看到這些成果具體呈現。

With that, I hand over to you, Dominik.

接下來，我把時間交給你，Dominik。

Thank you very much, Christian, and thank you, all, for joining us this evening.

非常感謝你，Christian，也謝謝各位今晚的參與。

As Christian stated in his opening remarks, 2026 is off to a strong start, supported by healthy current cloud backlog and total revenue growth, continued strength in cloud revenue, and strong operating profit performance. These results prove the merits of the strategy we've put in place and the cost discipline in managing our business against the backdrop of an increasingly complex and uncertain macroeconomic and geopolitical environment, now further shaped by the ongoing conflict in the Middle East.

如 Christian 在開場致詞中所述，2026 年開局強勁，受惠於健康的當期雲端積壓訂單（cloud backlog）與總營收成長、雲端營收持續強勁，以及亮眼的營業利益表現。這些成果證明了我們所制定策略的價值，以及在日益複雜且不確定的總體經濟與地緣政治環境下（如今又受到中東持續衝突的進一步影響），我們在經營管理上的成本紀律。

SAP continues to be a valued partner for organizations of all sizes pursuing end-to-end digital transformation. And as we look ahead, SAP Business AI, the Business Data Cloud, as well as the sovereign cloud continue to play an increasingly important role in customer conversations and are becoming more relevant in their decision-making and deal activity. We look forward to showcasing the progress we are making across these areas at our upcoming Sapphire User Conference in Orlando. Taken together, these results reinforce the trust that leading organizations place in SAP as they pursue complex transformation initiatives at speed and at scale.

SAP 仍是各種規模組織推動端到端數位轉型的重要合作夥伴。展望未來，SAP Business AI、Business Data Cloud 以及主權雲（sovereign cloud）在客戶對話中持續扮演愈來愈重要的角色，並在其決策與交易活動中變得更為關鍵。我們期待在即將於奧蘭多舉行的 Sapphire 使用者大會上，展示我們在這些領域所取得的進展。綜合而言，這些成果強化了領先組織在以速度與規模推動複雜轉型計畫時，對 SAP 所寄予的信任。

Now, let me provide more details around our financial highlights. Current cloud backlog reached EUR21.9 billion, up 25%. While CCB growth held up remarkably well in Q1, we continue to expect a slight deceleration in this metric over the coming quarters. Shortly after the escalation of the conflict, governments as well as other customers and industries directly affected by the consequences in their supply chains and production facilities, reprioritize their activities to what one could characterize as immediate firefighting.

接下來，我將提供更多財務重點的細節。當期雲端積壓訂單達到 219 億歐元，年增 25%。雖然第一季 CCB 成長表現相當穩健，但我們仍預期未來幾季該指標將略為放緩。在衝突升級後不久，政府以及其他因供應鏈與生產設施受影響的客戶與產業，將其活動重新排序，轉而聚焦於可稱之為「立即救火」的事項。

Cloud revenue grew by 27%. It was positively impacted by several quarter specific effects. As these are unlikely to reoccur, we expect deceleration of cloud revenue growth in the second quarter. Cloud ERP Suite revenue increased by 30% in Q1, now accounting for 87% of total revenue growth in plant.

雲端營收成長 27%。其受到若干第一季特定因素的正面影響。由於這些因素不太可能再度出現，我們預期第二季雲端營收成長將放緩。第一季雲端 ERP 套件營收成長 30%，目前占（按計畫口徑）總營收成長的 87%。

Software licenses revenue decreased by 33%.

軟體授權營收下滑 33%。

Finally, total revenue in the first quarter was EUR9.6 billion, up 12%.

最後，第一季總營收為 96 億歐元，年增 12%。

So now, let's take a brief look at our regional performance. In the first quarter, SAP's cloud revenue performance was particularly strong in APJ, EMEA, and solid in the Americas region. Brazil, France, Germany, India, South Korea, Switzerland, and the United Kingdom had outstanding performance, while the US were particularly strong.

接著，讓我們簡要看看各地區的表現。第一季，SAP 的雲端營收在 APJ 與 EMEA 表現特別強勁，在美洲地區亦表現穩健。巴西、法國、德國、印度、南韓、瑞士與英國表現突出，而美國表現尤其強勁。

Moving down the income statement. Our IFS cloud gross margin in Q1 was 74.6% and non-IFRS was 75.2%, up 0.1 percentage points and marginally down by 0.1 percentage points at constant currencies. Nevertheless, IFRS operating profit increased by 17% to EUR2.7 billion. Non-IFRS operating profit was even up by 24% to EUR2.9 billion. IFRS and non-IFRS operating profit growth was supported by EUR135 million decline of share-based compensation expenses.

再往下看損益表。第一季我們的 IFS 雲端毛利率為 74.6%，非 IFRS 為 75.2%，分別上升 0.1 個百分點；以固定匯率計則小幅下降 0.1 個百分點。儘管如此，IFRS 營業利益仍成長 17% 至 27 億歐元。非 IFRS營業利益更成長 24% 至 29 億歐元。IFRS與非 IFRS 營業利益成長，受惠於以股份為基礎之薪酬費用減少 1.35 億歐元。

The SaaS apocalypse debate and the related 28% decline in our share price during the first quarter alone left its traces in that position. And while we hedge the lion's share of our cash settled grants, the share magnitude of the move in the unhedged portion, in combination with related social charges that are not hedged, provided this, I have to admit unintended relief, adding to continued strong general cost discipline.

第一季單季我們股價下跌 28%，與「SaaS 末日」的討論及其相關影響，在該項目上留下了痕跡。雖然我們對以現金結算的授予（cash settled grants）進行了大部分避險，但未避險部分的股價變動幅度，加上未避險的相關社會保險費用，帶來了——我必須承認——非預期的紓解效果，並與我們持續強勁的整體成本紀律相互疊加。

The IFRS effective tax rate was 29.1% and the non-IFRS effective tax rate was 29.3%. Both were driven mainly by tax effects related to nondeductible expenses. Free cash flow in Q1 was EUR3.2 billion, impacted by a payout of EUR408 million related to the settlement of the Teradata litigation case.

IFRS 有效稅率為 29.1%，非 IFRS 有效稅率為 29.3%。兩者主要受與不可扣抵費用相關的稅務影響所驅動。第一季自由現金流為 32 億歐元，受到與 Teradata 訴訟案和解相關的 4.08 億歐元支付所影響。

Finally, IFRS earnings per share increased by 9% to EUR1.66 and non-IFRS earnings per share increased by 20% to EUR1.72.

最後，IFRS 每股盈餘成長 9% 至 1.66 歐元，非 IFRS 每股盈餘成長 20% 至 1.72 歐元。

Now, on to the outlook. As you've likely seen in the quarterly statement issued earlier today, we are maintaining our financial outlook for the full year 2026. The outlook reflects the puts and takes we can quantify as of today with a reasonable confidence based on everything we have observed up to this point. It is based on a scenario of a near-term de-escalation of the conflict in the Middle East. Needless to say, a continuation or even further escalation of the conflict. And most importantly, the continued closure of the Strait of Hormuz would have the potential to materially derail the supply chains of many industries that are important to SAP.

接下來談展望。如同您可能已在今日稍早發布的季度聲明中看到的，我們維持 2026 全年財務展望不變。該展望反映了截至今日、基於我們迄今觀察到的一切、在合理信心下可量化的正負因素。其假設情境為中東衝突在短期內降溫。毋庸置疑，若衝突持續甚至進一步升級，而最重要的是，荷姆茲海峽持續封閉，將可能對許多對 SAP 重要產業的供應鏈造成重大干擾。

While as of now, the impact is limited to the government and industries most directly affected, that could be contingent across supply chains on a global level. This, in turn, could jeopardize business continuity across many sectors. And as a result, we're heavily on customer sentiment and investment behavior globally, ultimately potentially impairing our ability to meet the current outlook.

雖然目前影響仍主要限於政府與受影響最直接的產業，但其可能沿著供應鏈在全球範圍內擴散。進而可能危及多個產業的營運持續性。因此，這將在全球層面對客戶情緒與投資行為造成重大影響，最終可能損及我們達成目前展望的能力。

Given the extremely high level of uncertainty around this, it is impossible to reasonably quantify the impact of such a meltdown scenario. And any speculation at this stage would almost certainly prove to be inaccurate absent near-term resolution.

鑑於此事的不確定性極高，我們無法合理量化此類崩盤情境的影響。在缺乏短期解決方案的情況下，現階段任何推測幾乎必然會被證明不準確。

What we can say so, however, is that assuming a reasonable resolution and a reopening of the Strait of Hormuz in the coming weeks, mitigation measures on the cost side as well as the expected contribution from the Reltio acquisition, we continue to expect to reach the ranges we have previously communicated for our financial KPIs.

不過，我們可以說的是：在假設衝突能合理解決、且荷姆茲海峽於未來幾週重新開放的前提下，結合成本端的緩解措施以及 Reltio 收購案的預期貢獻，我們仍預期可達成先前所溝通之財務 KPI 區間。

While we were able to weather Q1 basically unscathed in terms of direct P&L impact, we did already see war-related business impacts year to date. For the time being, we expect these to have a limited impact on 2026 cloud revenue, but you should not expect us to raise the outlook upon the imminent closing of We will need that contribution to secure a reasonable level of confidence to reach the previously guided range for cloud revenue.

雖然就直接損益（P&L）影響而言，我們基本上在第一季毫髮無傷地挺過，但截至目前我們確實已看到與戰事相關的業務影響。就目前而言，我們預期其對 2026 年雲端營收的影響有限，但您不應預期我們會在即將完成交割時上調展望；我們需要該項貢獻，才能以合理信心確保達成先前指引的雲端營收區間。

With respect to current cloud backlog, we continue to expect a slight deceleration over the course of the year with a clearly wider range of possible outcomes given the current environment, recognizing that the timing and pace of bookings can still move around depending on how the macro develops.

就當期雲端積壓訂單而言，我們仍預期全年將略為放緩；在目前環境下，可實現結果的區間明顯更寬，並認知到訂單（bookings）的時點與節奏仍可能隨總體環境發展而波動。

We did see some impact on half year on pipeline and bookings forecast from mid-March, i.e., two weeks after the beginning of the conflict. If conditions stabilize, we believe there remains an opportunity to close some of the deals that did not close as anticipated in the first quarter. Please keep in mind that the second half of the year typically accounts for the lion's share of our bookings and visibility remains limited given the evolving environment.

我們確實自 3 月中旬起看到對上半年管線與訂單預測的一些影響，也就是衝突開始後兩週。若情勢穩定，我們相信仍有機會在後續完成部分原本預期於第一季成交、但未如期成交的交易。請記住，下半年通常占我們訂單的最大比重，而在環境持續演變下，可見度仍然有限。

In summary, while we would have hoped for a more benign operating environment, we are very pleased with our resilience, as evidenced by the solid start to the year, and the continued progress we are making against our priorities. The significant market share gains in our cloud business, most recently confirmed by both the most prominent specialized independent research houses, namely Gartner and IDC for calendar year 2025, are therefore solidly sustained into the first quarter of 2026.

總結而言，雖然我們原本希望營運環境能更為溫和，但我們對自身的韌性深感滿意，這從年初的穩健開局以及我們在優先事項上持續取得的進展可見一斑。因此，我們雲端業務的顯著市占提升——最近由兩家最具代表性的專業獨立研究機構 Gartner 與 IDC 針對 2025 曆年所確認——在 2026 年第一季仍持續穩固延伸。

While the external environment remains dynamic, we stay focused on supporting our customers, executing our strategy, and positioning the business for long-term value creation.

儘管外部環境仍然多變，我們仍專注於支援客戶、落實我們的策略，並讓業務為長期價值創造做好定位。

We are looking forward to welcoming you to our financial analyst conference in May. Given the myriads of customer testimonials, product, and commercial model announcements, we plan for Sapphire in Orlando. We fully trust it will be very much worth your time.

我們期待在五月的金融分析師大會上歡迎各位蒞臨。鑑於大量的客戶見證、產品與商業模式的發布，我們也正為在奧蘭多舉辦的 Sapphire 做規劃。我們完全相信這將非常值得您撥冗參與。

Thank you, and we are happy to take your questions now.

謝謝各位，我們現在很樂意回答問題。

Thank you, Dominik. And I would kindly remind you to only ask one question when prompted. Operator, please open the line.

謝謝你，Dominik。也提醒各位，輪到您提問時請只問一個問題。接線員，請開放線路。

(Operator Instructions) Mohammed Moawalla, Goldman Sachs.

(接線員指示) Mohammed Moawalla，高盛。

Great. Thank you. Hi, Christian. Hey, Dominik. Congrats on the strong finish despite macro circumstances. Can I just kind of dig in a little bit around kind of your commentary around the environment. You talked about sort of -- some sort of impact that you saw, but clearly, we're able to manage that.

很好。謝謝。嗨，Christian。嗨，Dominik。在宏觀環境不利的情況下仍能強勁收官，恭喜。我想稍微深入追問一下你對環境的評論。你提到你們看到了一些影響，但顯然你們能夠加以管理。

But as you look into that kind of all-important second half, when you talked about sort of customer decision-making, there have been various kind of commentary out there around the pace of sort of the migration cycle. Can you perhaps to isolate the macro from also maybe more product cycle specific factors and your visibility around that sort of second half and more broadly over the midterm around how that product cycle evolves? Thank you.

但當你展望至至關重要的下半年、談到客戶決策時，市場上有各種評論提到遷移週期的節奏。你能否把宏觀因素與可能更偏產品週期的特定因素區分開來，並談談你對下半年、以及更廣泛的中期對該產品週期演進的能見度？謝謝。

Yeah, I can get started, and then Dominik, please add your feedback as well. I mean, first, when you fall -- the first step actually exclude the macro for a second. I mean, I have seen such crisis a lot in my career at SAP and what it always starts and leads to is actually that just today, two customers talking to me about resiliency and supply chains about the intelligence we can provide for them to operate their supply chain. We talk a lot about transportation and logistics. So I'm -- and we see this actually.

我先開始回答，Dominik 也請補充你的看法。首先，先暫時把宏觀因素排除在外。我在 SAP 的職涯中見過很多次這類危機，而它通常一開始、最後導向的其實是——就在今天，有兩位客戶跟我談到韌性與供應鏈，以及我們能提供的智慧，協助他們營運其供應鏈。我們談了很多運輸與物流。所以我——而我們確實也看到這一點。

We have a strong portfolio there. And that combined with the intelligence of BDC and the AI agents, we deliver now step by step actually makes me confident that, that part of the portfolio definitely we'll see where we healthy growth this year.

我們在那方面有很強的產品組合。再加上 BDC 的智慧與 AI 代理，我們現在逐步交付，這讓我有信心：這一部分的產品組合今年肯定會看到健康成長。

You also heard me talking about AI. And I really want to be honest here to you. I mean, in a first step, all of the examples I have given to you are real, and we are delivering today significant value to our customers.

你也聽到我談到 AI。我也想在這裡對你坦白。首先，我給你的所有例子都是真實的，而且我們今天確實正在為客戶交付顯著價值。

Now, is there also a learning curve for us here at SAP? Definitely. And I guess every tech company has that because now, when you talk about can we deliver these use cases and what I just highlight at scale, I mean, obviously, there is work to do and work to do on the ontology layer.

那麼，對 SAP 而言，這裡是否也存在學習曲線？當然有。我想每一家科技公司都一樣，因為當你談到我們能否把我剛才強調的這些用例大規模交付時，顯然還有工作要做，尤其是在本體（ontology）層。

I always tell my team on the product cycle of AI, it's actually great that we are running the world's most mission-critical business process. You know what, this ERP, what we are actually owning has so deep domain knowledge. And now the task is for the remainder of 2026 is how can we infuse this domain know-how, both from a data, but as well as from a business process perspective into the AI agents.

我一直跟我的團隊說，在 AI 的產品週期上，我們正在運行全球最關鍵任務的業務流程，這其實是一件很棒的事。你知道，我們所擁有的 ERP 具備非常深厚的領域知識。而 2026 年剩下的任務，就是我們如何把這些領域專業——不論從資料面或業務流程面的角度——注入到 AI 代理之中。

And please also I hope you're going to join us at Sapphire because we will make some very fundamental announcements to really show our customers how we will make this work. And so overall, from a product life cycle perspective, also from what I see from a pipeline perspective actually makes me confident.

也希望你能在 Sapphire 與我們相聚，因為我們將發布一些非常根本性的公告，真正向客戶展示我們將如何把這件事做成。因此，整體而言，從產品生命週期的角度，以及我從管線（pipeline）所看到的情況，都讓我有信心。

But obviously, and the Dominik, please add your comments. There is no doubt, obviously, that we are, of course, also at some point, also impacted by the geopolitical tensions. I mean, when you can't actually send your salespeople to customers in the Middle East, I mean, at a certain point, you will see extended deal cycles. And we have a few of those.

但顯然——Dominik 也請補充你的評論。毫無疑問，我們當然也會在某些時點受到地緣政治緊張局勢的影響。我的意思是，當你無法把業務人員派去中東拜訪客戶時，某個程度上你就會看到交易週期拉長。我們確實有幾筆是這樣。

And obviously, when -- especially in the energy-intensive industry, when this war now continues, from supply chains get further disrupted, I would say we, but as well as every other company, will, of course, also see more challenges over the course of the year.

而且顯然，尤其是在高耗能產業，若這場戰爭持續、供應鏈進一步受干擾，我會說我們——以及其他所有公司——在今年接下來的時間裡，當然也會面臨更多挑戰。

But please, Dominik, add your comments, please.

不過，Dominik，請補充你的看法。

I would like to maybe add one comment on the fact that AI is not only kind of driving the performance of the products once they are in operations but also helps us a lot on the transformation. Now, there is really now the first successes where customers are reducing the effort, the cost, the time to implement transformations. And the big heavy lifting on the transformation is currently still the old ECC to S/4.

我想補充一點：AI 不僅在產品投入營運後能推動其效能表現，也在轉型過程中給了我們很大幫助。現在確實已經出現第一批成功案例，客戶正在降低導入轉型所需的工作量、成本與時間。而目前轉型中最繁重的工作，仍然是從舊的 ECC 遷移到 S/4。

So sometimes people speculate, well, can customers now wait, but recall the extended maintenance begins '28, end of 2030, extended maintenance is over. And then the only kind of way to cope with that is basically our famous SAP RP private vision transition option, which is quite costly. So customers have a big incentive to accelerate, and there are now the tools available. So I think also the confidence of customers that this goes easier than maybe in prior times is increasing. That helps a lot on the migration cycle.

所以有時候有人猜測：那客戶現在能不能等一等？但請記得，延長維護從 2028 年開始，到 2030 年底延長維護就結束了。之後唯一能應對的方式，基本上就是我們著名的 SAP RP 私有雲（private）願景轉換選項（transition option），而那相當昂貴。因此客戶有很大的誘因去加速，而現在也有可用的工具。所以我認為，客戶對於「這會比以往更容易」的信心正在提升。這對遷移週期很有幫助。

Now, on the war situation, I mean, I've been in complex supply chains and manufacturing. And I mean, think about all the petrochemical for supply chain and what can happen there. So I think it's virtually impossible to understand what will happen if there is some shortages here and there. The shortages might also go hand-in-hand with some people building buffer stocks, so there might be panic buying. And once certain parts are not available, the product -- the end product could not be built anymore. And that's the type of effect where, frankly, we cannot say when it's coming.

至於戰爭情勢，我曾在複雜供應鏈與製造業領域工作。想想看整個石化供應鏈，以及那裡可能發生的事。所以我認為，若這裡或那裡出現短缺，幾乎不可能預測會發生什麼。短缺也可能伴隨著有人建立緩衝庫存，因此可能出現恐慌性採購。而一旦某些零組件無法取得，最終產品就可能再也無法生產。坦白說，這類影響我們無法說它何時會發生。

What we can say, though, is we don't think that any kind of additional week or months of shutting down the Strait of Hormuz will be a kind of X basis point impact on CCB. That's not how it works. It's a slippery slope where at some point in time, supply chains will be shut down and then we have a massive impact. So it's a little bit of a kind of more binary situation.

不過，我們能說的是：我們不認為額外再多一週或幾個月關閉荷姆茲海峽，會對 CCB 造成某個「X 個基點」的影響。事情不是這樣運作的。這是一個逐步惡化的斜坡；在某個時間點，供應鏈會被迫停擺，然後我們就會受到巨大衝擊。所以這比較像是一種更偏二元的情境。

Adam Wood, Morgan Stanley.

Adam Wood，摩根士丹利。

Hi, good evening. Thanks for taking the question and also congrats on that quarter. Can I just come back, Christian, you talked about the challenges of applying gen AI and the learnings you have to take to get companies to adopt. We're seeing obviously some of the labs really build incredible revenue streams very quickly here. Could you just talk a little bit about what you're trying to do as you take over R&D? Is this a pace of innovation problem at SAP? Is this needing to get more people into the companies to understand where the pain points are to bring that back in products. So could you just give us a little bit an idea of what you're doing from the R&D side and what you're doing kind of consulting in with the companies to get that situation to change?

嗨，晚安。謝謝讓我提問，也恭喜這一季的表現。Christian，我想回到你剛才提到的：在應用生成式 AI 時的挑戰，以及你們為了讓企業採用所需要吸取的學習。我們顯然看到一些實驗室在這裡非常快速地建立起驚人的營收來源。你能否談談你接手研發（R&D）後想做些什麼？這在 SAP 是創新速度的問題嗎？還是需要讓更多人進到企業裡，理解痛點並把它回饋到產品中？所以你能否稍微讓我們了解一下，你在研發端做了什麼，以及你們如何以顧問式方式與企業合作，來改變這種情況？

And if there's any help you can give us on timeframe to be able to accelerate that would be really helpful. Thank you.

如果您能在時程方面給我們任何協助，讓我們能加速推進，那將會非常有幫助。謝謝。

Happy to share some more insights in what are our priorities also on the R&D side for the weeks and months to come, I would rather talk about weeks.

我很樂意再分享一些洞見，說明我們在未來幾週與幾個月、尤其是研發端的優先事項；不過我更想先談接下來幾週。

Look, I would say I would rather turn it around and start with the very positive. I don't see one tech company also not LLM providers who actually can actually deliver at scale agentic AI use cases for the world's most mission-critical business processes.

你看，我會說我寧可反過來，先從非常正面的部分談起。我看不到有任何一家科技公司——包括大型語言模型（LLM）供應商——能夠以規模化方式交付「代理式 AI」（agentic AI）用例，來支援全球最關鍵的企業核心業務流程。

I mean, when I actually started to harmonize data modules at SAP five years ago to solve the integration challenge, I never saw that five years later, actually, we are sitting here in front of 7.3 million data fields in our ERP, where you now need to build knowledge squares, to correlate this data to actually solve some of the most complex tasks in the world. And for customers, and that is also our lessons learned. I mean, we deliver those use cases.

我的意思是，當我五年前在 SAP 開始協調資料模組、解決整合挑戰時，我從未想過五年後我們會坐在這裡，面對 ERP 裡 730 萬個資料欄位；而你現在需要建立知識方格（knowledge squares），把這些資料關聯起來，才能解決世界上一些最複雜的任務。而對客戶而言，這也是我們的經驗教訓。我的意思是，我們確實交付了那些用例。

But they -- today, they are 85% accurate. They are 90% accurate. But is this enough? When you are touching the payable, the finance, the financial close, the supply chains of a customer. No, it's not enough. It's not that the customers don't see the value. They see the value, but we have to go the last mile and that has a lot to do with the ontology.

但它們——在今天——只有 85% 的準確率。有些是 90% 的準確率。但這夠嗎？當你觸及客戶的應付帳款、財務、財務關帳、供應鏈時。不，這不夠。並不是客戶看不到價值。他們看得到價值，但我們必須走完最後一哩路，而這與本體（ontology）有很大關係。

And so we made some fundamental decisions already a few months ago how we can also change the architecture of our solutions. You're going to hear some news about our platforms and how can we combine these trends of SAP.

因此，我們在幾個月前就已做出一些根本性的決策，關於我們如何也能改變解決方案的架構。你們將會聽到一些關於我們平台的消息，以及我們如何把 SAP 的這些趨勢結合起來。

And again, I really want to emphasize, this is a problem which actually SAP is duly blessed to solve because I don't believe that over this 7.3 million data fields, and over 120 mission-critical business process, I don't believe there is any other software company, for sure, not the LLM providers who actually can sort that out. And that's actually our task. We are very confident to do that.

再一次，我真的想強調，這是一個 SAP 得天獨厚能解決的問題；因為我不相信在這 730 萬個資料欄位之上、以及 120 個關鍵任務業務流程之上，還有任何其他軟體公司——當然也不是 LLM 供應商——能把這件事理順。而那正是我們的任務。我們非常有信心能做到。

And I mean, in these ERPs, there's 50 years of know-how, and this know-how also sits with an SAP. And yeah, we are going to make that work. And that is the main focus now also on the R&D side.

而且我的意思是，在這些 ERP 裡累積了 50 年的專業知識，而這些 know-how 也在 SAP 這裡。是的，我們會把它做成。這也是目前研發端的主要聚焦。

And you can imagine, that is also not one shop profile who can sort that out. You need to have the best industry consultants and pair them with the data scientists. You need to have product managers who also then understand how these agents work in a real-life environment.

你可以想像，這也不是靠單一類型的人才就能解決的。你需要最好的產業顧問，並把他們與資料科學家配對合作。你需要產品經理，也要理解這些代理在真實環境中如何運作。

And when you form these teams, and we call this the all-in on AI program within SAP and bring them together, quite things can happen. And this is definitely something that we already changed a few months ago. And since then, we are seeing really great progress.

當你把這些團隊組建起來——我們在 SAP 內部稱之為「All-in on AI」計畫——並把他們聚在一起時，就會發生相當多的事情。這確實是我們在幾個月前就已經做出的改變。而從那之後，我們看到非常好的進展。

And again, I hope everyone of you is also coming to Sapphire to see this in real life.

再一次，我也希望你們每一位都能來 Sapphire，在現場親眼看看。

Charlie Brennan, Jefferies.

Charlie Brennan，Jefferies。

Great. Thanks for letting me on. Christian, can I ask one for you, if I can. I think you very helpfully clarified that the impact of the consumption model will be gradual over time and less severe than we saw with the transition to cloud. Are there any parts of the AI journey that you think will be actually similar to the cloud transition, whether it's in terms of investment costs and maybe margin implications going forward or maybe the need to do M&A to onboard skills that you don't currently have?

很好。謝謝讓我加入提問。Christian，我可以問你一個問題嗎？我認為你很有幫助地釐清了：採用消費計價（consumption model）的影響會隨時間逐步顯現，且不會像我們在轉向雲端時看到的那麼劇烈。在 AI 的旅程中，有沒有任何部分你認為會實際上與雲端轉型相似——不論是投資成本、未來可能的毛利率影響，或是需要透過併購（M&A）來補足目前欠缺的技能？

Yeah. Happy to give some more feedback. And again, I would not compare this transformation to the cloud transformation we started five to six years ago. I mean, especially not from a financial perspective. We are moving from, at that time, from an upfront license model to a cloud business model.

是的。很樂意再提供一些回饋。而且再說一次，我不會把這次轉型拿來和我們五到六年前開始的雲端轉型相比。我的意思是，尤其不會從財務角度來比較。當時我們是從一次性前置授權（upfront license）模式，轉向雲端商業模式。

And let's also not forget, consumption is not new to SAP. I mean, I'm very happy that already a few years back, we include -- infused consumption price modules also for certain parts of our platform. So the meting the adoption metrics, also all the incentives, obviously, the tools to drive adoption does already exist within SAP. So we don't need to transform again certain parts of the company because we have people, we have the tools, we have the systems to make that work.

另外也別忘了，消費計價對 SAP 來說並不新。我的意思是，我很高興在幾年前，我們就已把消費式定價模組也納入——並注入到——我們平台的某些部分。因此，用於衡量採用度的指標、各種激勵機制，當然還有推動採用所需的工具，在 SAP 內部其實都已經存在。所以我們不需要再次去改造公司某些部分，因為我們有人才、有工具、有系統可以把它運作起來。

Now, I would say what is, again, our main focus and which is then so key to our success, and I can only emphasize this once again is five years back, I learned how complex the master data module is of our ERP. And now I'm learning how to not only harmonize data, but how to correlate data.

現在，我會說我們的主要聚焦點——而這也對我們的成功至關重要——我只能再強調一次：五年前，我學到我們 ERP 的主資料模組有多麼複雜。而現在我正在學的是，不只是如何協調資料，而是如何讓資料彼此關聯。

How can such understand billions of correlations. It's not only the 7.3 million data fields. You need to make sure that the agents understand how to correlate this data. And then actually give the LLM the context they need to sort out the business queries or actually even take actions in some of the processes we are running. And I guess that is the key part.

如何讓系統理解數十億種關聯。不只是那 730 萬個資料欄位。你必須確保代理能理解如何把這些資料做關聯。然後實際上提供 LLM 所需的情境脈絡，讓它能理清業務查詢，甚至在我們正在運行的一些流程中採取行動。我想這就是關鍵部分。

Now, maybe one thing is also important for you is when we actually started to deliver our first AI use cases, and again, lessons learned. We actually started that, oh, we are now running in the cloud and we can actually plug and play and actually can scale these AI use cases across our customer base.

另外，也許有一點對你也很重要：當我們開始交付第一批 AI 用例時——再一次，經驗教訓——我們一開始以為：喔，我們現在在雲端上運行了，就可以即插即用，並且能在整個客戶群中規模化這些 AI 用例。

I mean, again, when you are then sitting in front of a very complex customer landscape, you have hybrid landscapes, you have customized ERPs, you have public cloud solutions. I mean, it's not that easy then to first get the agents, the identity and the authorizations, they need to, first of all, understand what data to access, what data to share.

我的意思是，再說一次，當你面對非常複雜的客戶環境時，你會有混合式架構（hybrid landscapes）、有客製化 ERP、也有公有雲解決方案。那麼要先把代理的身分（identity）與授權（authorizations）處理好，讓它們首先理解要存取哪些資料、要分享哪些資料，其實並不容易。

Needless to say, the extensibility layer then in the graph to also then make sure that the customized data fields are understood or sometimes customers have very often times actually, a very individual process requirements.

更不用說，還需要在圖譜（graph）中的可擴充層（extensibility layer），以確保客製化的資料欄位也能被理解；或者客戶其實常常有非常個別化的流程需求。

And today, I had a customer in pharma, and we talked about GXP compliance. And again, it's sitting in the ERP, but the agent needs to understand GXP compliance. I mean -- and this is the stuff what I mean with lessons learned. But trust me, there is also no other AI agent out there who can actually ran such processes for a pharma company today at scale. And that's why I'm saying, that's why I'm confident, and that's why I'm saying, hey, to all of our engineers, it's actually a good challenge to have.

而今天我和一家製藥客戶交流，我們談到 GxP 合規。再說一次，它存在於 ERP 裡，但代理需要理解 GxP 合規。我的意思是——這就是我所說的經驗教訓。但相信我，今天市面上也沒有任何其他 AI 代理，能以規模化方式為一家製藥公司實際運行這類流程。所以我才會說，這也是我有信心的原因；也因此我會對我們所有工程師說，這其實是一個很好的挑戰。

Maybe on the margin -- and first of all, I want to reiterate that as of today, we say no reason whatsoever to change the envelope we have given in terms of operating leverage. We continue to say that our total expenses will grow in that 80% to 90% of total revenue growth.

也許在邊際上——首先，我想重申，截至今天，我們完全沒有任何理由去改變我們在營運槓桿方面所給出的框架。我們仍然表示，我們的總費用將以總營收成長的 80% 到 90% 的幅度成長。

We did say that we want to keep the flexibility, how this is exactly allocated. And even if there might be a slight margin kind of implication from what you alluded to, there's other upsides. Think about the sheer explosion of productivity on development.

我們確實說過，我們希望保留彈性，讓這些投入如何精確分配能保持彈性。即使你所提到的情況可能在邊際上對利潤率有些微影響，但也有其他上行空間。想想看，開發生產力的爆發式提升。

If I think what is one of the biggest challenges for SAP and has been a challenge for SAP was feature gaps that we took too much time to close and then even some new competitors were sneaking into these gaps. And now, we can really pull in the closure of these feature gaps.

如果我回想，SAP 最大的挑戰之一、而且一直以來的挑戰，是功能缺口：我們花了太多時間去補齊，甚至有些新競爭對手會趁機鑽進這些缺口。而現在，我們真的可以把這些功能缺口的補齊時程大幅提前。

I've not seen customers here to say, in this record report process. I would love to develop all these scenarios myself. They said, if you SAP can do that for us. But if you are so slow, we won't wait for you, I think that's the discussion we have today. So there's manyfold levers on productivity, and this is why we're deeply convinced that we can stick to that kind of corridor.

我沒有看到客戶在這裡說，在這個創紀錄的報告流程中：「我很想自己開發所有這些情境。」他們說的是：「如果你們 SAP 能替我們做到，那就太好了。」但如果你們太慢，我們不會等你們——我想這就是我們今天在討論的事情。所以在生產力上有多重槓桿，這也是為什麼我們深信我們可以維持在那樣的區間內。

And don't forget, when we talk about foundation models and transformer models, we are not doing the super compute-intensive LLM training on unstructured data or fluffy data where you have a lot of data to crunch to come to some results. We only do that with RPT 1 in the pre-trading phase, and that's a highly structured, very kind of efficient free training. So we're not expecting the same type of myriads of investments that other people need to spend on to get these models trained because we can build on these models being there.

另外別忘了，當我們談到基礎模型與 Transformer 模型時，我們並不是在非結構化資料或「很鬆散」的資料上做那種超級算力密集的 LLM 訓練——那類訓練需要大量資料運算才能得到結果。我們只在交易前階段用 RPT 1 做那件事，而且那是高度結構化、非常有效率、幾乎可說是「免費」的訓練。因此，我們不預期需要像其他人那樣投入成千上萬的資本去把模型訓練起來，因為我們可以建立在既有模型已經存在的基礎上。

And there was a question also around M&A. I mean, take our intent to acquire Reltio. I mean, we clearly see the need to go on master data now with BDC, not only for SAP, but the agents need access to non-SAP data.

另外也有人問到併購（M&A）。以我們擬收購 Reltio 的意圖為例。我們清楚看到，現在透過 BDC 進入主資料（master data）領域的需求非常明確——不僅是對 SAP 而言，代理（agents）也需要存取非 SAP 的資料。

And now, again, access to data doesn't help if it's semantically not cover. And that was the reason to hopefully then close soon the acquisition of Reltio. And now with Muhammad and Philip, we are sitting off together with Sebastian and discussing, of course, where in the AI and data space, do we have a few more white spots, both from a technical perspective where we can accelerate certain things or actually from a skill perspective, where we have skills, clearly, with good skills but maybe where we can also then accelerate certain things because then we have more of those skills. And this is something what we are now constantly, of course, looking at and -- so there is, of course, the chance that we do a few more of those.

而且再說一次，能存取資料並沒有幫助，如果在語意層面沒有涵蓋到。這也是我們希望能盡快完成收購 Reltio 的原因。現在，Muhammad 和 Philip 也與 Sebastian 一起坐下來討論：在 AI 與資料領域，我們還有哪些空白點——不論是從技術角度看，哪些地方我們可以加速某些事情；或是從技能角度看，我們雖然有不錯的能力，但也許可以透過補強技能來加速某些事情，因為我們會擁有更多那類技能。這是我們目前持續在看的事情——因此，當然也有可能我們會再做幾筆這類交易。

I would rather call it tuck-in acquisitions because they are clearly not meant and to acquire revenue. This is then really clearly focused on the data and the AI space.

我更願意稱之為「補強型收購」（tuck-in acquisitions），因為它們顯然不是為了收購營收。而是非常明確地聚焦在資料與 AI 領域。

Ben Castillo, BNP Paribas.

Ben Castillo，法國巴黎銀行（BNP Paribas）。

Hi, good evening. Thanks for having my question here. I felt, Christian, that the message last time out was that, look, we're selling more products to our biggest customers. You called out at Q4, 90% of your top 50 deals containing AI. Has anything changed so far this year if we exclude what's going on in the Middle East and perhaps the firefighting that Dominik alluded to? We heard this week from some IT services partners that some customers may be causing migrations or perhaps changing the priority of their SAP in their overall spend. What are you seeing? That will be helpful.

嗨，晚安。謝謝讓我在這裡提問。Christian，我的感覺是，上一次的訊息是：你看，我們正在把更多產品賣給我們最大的客戶。你在 Q4 特別提到，你們前 50 大交易中有 90% 包含 AI。如果我們排除中東正在發生的事情，以及 Dominik 提到的可能需要「救火」的部分，今年到目前為止有任何改變嗎？我們本週從一些 IT 服務合作夥伴那裡聽到，有些客戶可能在延後遷移，或是調整 SAP 在其整體支出中的優先順序。你們看到的是什麼？這會很有幫助。

And just a quick follow-up. You said that total revenue growth this year is now expected to be broadly stable, but it reaccelerate next year. As far as I can tell, you're reiterating there's some various line items, the only one that maybe is missing is services. Is that what's causing that change to this year's outlook?

再快速追問一下。你說今年的總營收成長現在預期大致維持穩定，但明年會重新加速。就我所見，你們是在重申各個不同的科目，唯一可能缺少的是服務（services）。是這個因素導致今年展望的變化嗎？

And if so, why is that? Thank you.

如果是的話，為什麼？謝謝。

I can start with your question on AI and then please, Dominik, take the question on revenue.

我先回答你關於 AI 的問題，然後請 Dominik 回答營收的問題。

On AI, I mean, yes, clearly, I mean, Q4 was definitely a very good quarter in infusing AI in many deals. I mean, obviously, now in Q1 and in Thomas Saueressig's function, obviously, there was a high, high focus now on making this AI product, you start working on putting those agents into production with our customers. And that actually progressed really well.

關於 AI，我的意思是，是的，顯然 Q4 在許多交易中導入 AI 的表現確實非常好。當然，到了 Q1，在 Thomas Saueressig 的職責範圍內，重點非常非常放在把這個 AI 產品做出來，開始與客戶一起把那些代理（agents）導入到正式生產環境。而這方面的進展其實非常順利。

Now, also a similar pattern actually now in Q1, now, what Dominik mentioned is, I guess, very important. Yes, especially now in Q1, which was very encouraging to see many existing RISE customers and to those who are now embarking the RISE journey actually came to us and said, hey, we definitely realize that in order to harness the power of AI first, I need to have a cohesive and semantically rich data platform. So I have to do something.

另外在 Q1 也出現了類似的模式。Dominik 提到的點我想非常重要。是的，特別是在 Q1，很令人鼓舞的是，許多既有的 RISE 客戶，以及那些正要啟動 RISE 旅程的客戶，實際上都來找我們說：我們非常清楚，要先釋放 AI 的力量，我需要一個一致且語意豐富的資料平台。所以我必須採取行動。

With this kind of customized ECC, it's so hard, it will always stay customer. And I cannot build a lot of custom AI agents for mission-critical parts of my business. I can't do that. And I also don't want to on those because actually, it also has a compliance challenge coming with it. So that is the one thing.

在這種高度客製化的 ECC 上，真的很難，它永遠都會是客戶各自的版本。而我無法為我業務中關鍵任務的部分打造大量客製化 AI 代理。我做不到。而且我也不想那樣做，因為那其實也會帶來合規方面的挑戰。所以這是第一點。

And then the second one is what Dominik mentioned is actually what was very encouraging that the AI tooling for ERP migration, we definitely had a very good quarter. They are selling very well, but even more important than selling is also that we see the adoption is coming.

第二點是 Dominik 提到的：用於 ERP 遷移的 AI 工具，這一季我們確實表現非常好。它們賣得很好，但比銷售更重要的是，我們也看到採用正在發生。

And that is also something which is then related to our partner ecosystem because I, of course, tell all of our partners have said, hey, hey, hey, we are transforming, so are you transforming. So these ERP AI migration tools a must-have because customers want to see the costs coming down for these ERP migrations.

這也與我們的合作夥伴生態系有關，因為我當然也跟所有合作夥伴說：嘿嘿嘿，我們在轉型，你們也在轉型。所以這些 ERP AI 遷移工具是必備（must-have），因為客戶希望看到 ERP 遷移的成本下降。

Now where we clearly, which I take actually as a plus for SAP.

而這一點對 SAP 來說，我其實明確把它視為一個加分。

And by the way, at the risk of stating the obvious, the fact that the increase of adoption of these AI migration tools, of course, that is reducing the budgets for SIs, so that is not necessarily a bad sign if that happens. It doesn't mean that the project does stop it could simply mean that people are doing more work leveraging these tools.

順帶一提，冒著講得太明顯的風險，這些 AI 遷移工具採用率提升，當然會降低系統整合商（SI）的預算，所以如果真的發生，未必是壞訊號。這不代表專案停止；它可能只是代表人們在運用這些工具的情況下完成了更多工作。

Now, on the total revenue discussion, you point to a very important fact. You've seen the services revenue was kind of slightly declining. And yes, we have made a deliberate decision to invest more in adoption support for our customers, and we're not kind of chasing every hour to build in an environment where also the migration tools play more and more overall. So there isn't a pivot there, which was not visible at that point in time. So that's one explanation.

至於總營收的討論，你指出了一個非常重要的事實。你看到服務營收有些微下滑。是的，我們做了一個刻意的決策：加大對客戶採用（adoption）支援的投資，而不是在一個遷移工具愈來愈普及的環境中，去追逐每一個可計費工時。所以這並不是一個當時看不出來的轉向。這是其中一個解釋。

And also, frankly, we didn't want to kind of we want to be honest about that we need to include the Reltio acquisition, which is non-iconic to kind of protect the range, so to speak, in light of the setback we just discussed. So this enables us to support the guidance for this year.

另外，坦白說，我們也不想——我們希望誠實地說明，我們需要把 Reltio 的收購納入考量；這筆收購在某種程度上屬於非典型項目，用來在我們剛剛討論的挫折背景下，所謂地保護指引區間。因此，這讓我們能夠支撐今年的指引。

Now, why are we then still confident that '27 should accelerate? First of all, the services setback, so to speak, is a one-off happening this year, so that will be digested.

那麼，為什麼我們仍然有信心 2027 年會加速？首先，所謂的服務業務挫折是今年一次性的事件，因此會被消化掉。

And secondly, if you look at the ramp of our backlog, and we commented on that also at the end of Q4, there is a much bigger increment, so to speak, coming in '27 out of the backlog, then we can benefit from in 2026.

其次，如果你看我們積壓訂單的爬坡情況——我們在第四季末也有評論——那麼可以說，2027 年從積壓訂單釋放出來的增量要大得多，超過我們在 2026 年能受益的程度。

And based on this, so still on the premise that we're not going down in a meltdown scenario on the Near East, we think the acceleration is a reasonable assumption.

基於此，因此在仍然假設中東不會走向崩盤式情境的前提下，我們認為加速是一個合理的假設。

Mark Moerdler, Bernstein.

Mark Moerdler，Bernstein。

Thank you so much. Impressive to see how well you executed this quarter and how you delivered on the current cloud backlog. Can you give us any sense for -- other than the risk you've already discussed that there might be some pull forward to make that happen or anything that could create an impact on the future quarters other than again -- other than the macro issues we've discussed? And also, have you had to do anything relating to discounting or contract duration or whatever in order to deliver the solid numbers? Thank you.

非常感謝。看到你們本季執行得如此出色、並且在當前雲端積壓訂單上交付成果，令人印象深刻。你們能否讓我們了解一下——除了你們已經討論過的風險之外——是否存在任何為了達成這些結果而提前拉貨（pull forward）的情況，或任何可能對未來季度造成影響的因素？同樣地——除了我們已討論的宏觀問題之外。另外，為了交出這些穩健數字，你們是否在折扣、合約期限或其他方面做了任何調整？謝謝。

Thanks for the question, first of all, Mark. I mean, I would say, I would call this a very clean quarter. So when I saw the gross margins of the deals we closed, I mean, there was -- actually, it was just to -- in contrast, actually, we saw a very healthy quarter also from the deals closed with regard to gross margins.

Mark，首先謝謝你的問題。我的意思是，我會說這是一個非常乾淨的季度。當我看到我們成交案子的毛利率時——其實——相較之下，我們在成交案子的毛利率方面也看到了一個非常健康的季度。

We actually -- the pipeline conversion this quarter was also again going rather smoothly, again, except the Middle East. And I really want to emphasize that. I mean, we are not immune against what is happening in the Middle East.

實際上——本季的管線轉換也同樣相當順暢，再次強調，除了中東以外。我真的想強調這一點。我的意思是，我們並非對中東正在發生的事情免疫。

And so no, it was actually from a 360 perspective, a very round quarter. And definitely, there were no further incentives, et cetera. I guess the main focus, especially also in the field in Q1 now when I see -- look at our top customers was rather to build the pipeline now up for Q3 and Q4. And so that was, of course, another major focus area now in Q1.

因此，不，從 360 度的角度來看，這確實是一個非常完整的季度。而且，確定沒有額外的激勵措施等等。我想主要的重點——特別是在第一季的前線團隊——當我看我們的頂級客戶時——反而是現在為第三季和第四季把管線建立起來。所以，這當然也是第一季另一個主要的聚焦領域。

Frederic Boulan, Bank of America.

Frederic Boulan，美國銀行。

Hi, good evening. Quick question. Do you see any companies reassessing their current migration road map because of new available tools using tools like BDC to extract SAP data and try to build agents outside of the SAP ecosystem? So there's a lot of concern, as you know, in the market that the agentic layer will capture a lot of value. I mean, is this something you see some customers trying to implement already?

嗨，晚安。簡短問題。你們是否看到有公司因為出現了新的可用工具——例如使用 BDC 之類的工具來擷取 SAP 資料，並嘗試在 SAP 生態系之外建立代理（agents）——而重新評估其目前的遷移路線圖？如你所知，市場上有很多擔憂，認為代理層（agentic layer）會攫取大量價值。我的意思是，這是否是你們已經看到一些客戶正在嘗試落地的事情？

I mean, obviously, now, did we talk to customers who are trying and who are developing certain agents in correlation or in conjunction with SAP data and process? Yes. I mean, the good news is also that we also talked to many customers, I would say, who also then said, hey, we build a few custom agents.

我的意思是，顯然，現在，我們是否與一些客戶交流過——他們正在嘗試、並且正在開發某些與 SAP 資料與流程相關或結合的代理？是的。我的意思是，好消息是，我們也和許多客戶談過，我會說，他們也會說，嘿，我們做了幾個客製代理。

But to Dominik's point, who then actually came back and said, hey, when you are building for us this agentic AI use case, there is no reason for us to do this custom or to do this with a large language model provider, so that is the good news. We'd rather see it where we are not yet having an offering out there.

但就 Dominik 的觀點而言，他們其實後來又回來說，嘿，當你們在為我們打造這個代理式 AI 的使用案例時，我們沒有理由自己客製，或是用某個大型語言模型供應商來做；所以這是好消息。我們反而會在我們尚未推出產品供給的地方看到這種情況。

I mean, obviously, this is why watch out for Sapphire where we're going to see where you're going to see the acceleration of agents and assistance come from SAP.

我的意思是，顯然，這也是為什麼要關注 Sapphire，因為你們將會看到 SAP 的代理與助理能力加速推出。

But even more important, as I mentioned before, is the underlying platform. So to really not only deliver a high number of agents, but really also deliver the quality and the accuracy coming with those agents. And so yes, of course, we see those examples, but nothing where I would say now I have tonight a sleepless night because now customers I see already forming a layer on top of SAP. This is clearly not the case.

但更重要的是，如我之前提到的，是底層平台。因此，不只是交付大量的代理，更要交付這些代理所帶來的品質與準確性。所以，是的，當然我們看到這些例子，但沒有任何情況會讓我說我今晚會睡不著，因為我已經看到客戶在 SAP 之上形成一個分層。顯然不是這樣。

I mean, there's one thing we should all not forget, we talk the lion's share of what we do in SAP is around hard monetary transactions in complex end-to-end processes. This is a very different business from creating content like writing a software, writing a text and being a 95% accurate service agent on a hot line, that is a very different business.

我的意思是，有一件事我們都不應該忘記：我們談到 SAP 所做事情的絕大部分，是圍繞在複雜端到端流程中的硬性金錢交易。這與創作內容（例如寫程式、寫文字），以及在客服熱線上提供 95% 準確度的服務代理，是非常不同的業務。

And in my role as a CFO, assurance that these are precise numbers is ultrahigh. And we see a lot of customers in all these monetary aspects where they say, if we can kind of get the rubber stamping from SAP that this will all work and we can trust it, that's worth a lot. So don't forget that kind of assurance requirement we have in many of the domains we are catering to.

以我作為財務長的角色而言，對這些數字精準性的保證要求極高。而我們看到許多客戶在所有這些金錢相關面向上會說：如果我們能夠某種程度上得到 SAP 的背書，確保這一切都能運作、而且我們可以信任它，那是非常有價值的。所以別忘了，在我們所服務的許多領域中，這種保證（assurance）的要求。

Michael Briest, UBS.

Michael Briest，瑞銀。

Great, thank you. Good evening. Just in terms of -- you mentioned there, Christian, about the value of your data fields and workflows. Do you feel you have enough control and value protection around that? Are you considering any changes on third-party access to your systems? I think some competitors have limited or tried to charge for that, I mean, digital access, right? So I guess it would be called.

很好，謝謝。晚安。就——你剛才提到的，Christian，關於你們資料欄位與工作流程的價值。你是否覺得你們對此有足夠的控制權與價值保護？你們是否在考慮對第三方存取你們系統做任何調整？我想有些競爭對手已經限制或嘗試對此收費，我的意思是，數位存取，對吧？我想應該是這樣稱呼。

And we've elliptically discussed the Financial Times article a few times on this call. What was the purpose of your messaging there about no long-term gain without short-term pain? Is that a message to customers to move more quickly to cloud and ERP? Was it the workers at SAP? Was it to investors in some way? Thank you.

而且我們在這通電話中也幾次以較含蓄的方式提到《金融時報》的那篇文章。你們在那裡傳達「沒有短期的痛苦，就沒有長期的收穫」這個訊息的目的為何？這是在向客戶傳達要更快轉向雲端與 ERP 嗎？是對 SAP 的員工嗎？還是以某種方式對投資人？謝謝。

Yeah. I mean, maybe I'll start with the last question first.

是的。我的意思是，也許我先從最後一個問題開始。

I mean, the short-term pain was clearly, of course, correlated to when you look at the software sector overall and you see how high the pressure is on all of those software companies now to transform. I mean, this creates, of course, some short-term pain. It's not like that when you would look inside SAP that within the all-in on AI program, of course, we need to -- we are fully aware that we need now short-term a laser-focused execution.

我的意思是，短期的痛苦顯然——當然——與你觀察整體軟體產業、並看到現在所有軟體公司在轉型上承受多大的壓力時，是相關聯的。我的意思是，這當然會帶來一些短期的痛苦。並不是說如果你看 SAP 內部，在「全面投入 AI」的計畫之下，當然我們需要——我們非常清楚，短期內我們需要以雷射般聚焦的方式來執行。

And of course, also our employees are asking, hey, is our strategy now gives us -- does it give us the right to win? And we have seen it now. I mean, there's a strong belief inside SAP, and we are very proud about the domain expertise, but there is, of course, also some pain when you look at things which is talked about in the market. And obviously, we are also now engaging very closely with our customers.

當然，我們的員工也在問，嘿，我們現在的策略——是否讓我們具備致勝的權利？而我們現在已經看到了。我的意思是，SAP 內部有很強的信念，我們也為自身的產業領域專業知識感到非常自豪，但當你看到市場上被談論的事情時，當然也會有一些痛感。而且很明顯地，我們現在也正與客戶非常緊密地互動。

Now, on the first part of your question is when it comes to the domain knowledge and the domain know-how and how we can protect that. I mean, I want to say this very clearly in today's call because I also saw today certain articles out there in the market. I actually was also under my time as the Chief Operating Officer, we actually killed indirect access where there was very bad times of SAP where we said, hey, charging customers for accessing their data. That will never ever happen today. Customers' data is customers' data. And accessing those data, we are not going to charge.

那麼，關於你問題的第一部分，涉及產業領域知識與領域專長，以及我們如何保護它。我想在今天的電話會議上把這點講得非常清楚，因為我今天也看到市場上有一些文章。其實在我擔任營運長期間，我們就終止了「間接存取」的做法；那是 SAP 非常糟糕的一段時期，我們曾說，嘿，要向客戶收取存取其資料的費用。這在今天永遠不會再發生。客戶的資料就是客戶的資料。而對這些資料的存取，我們不會收費。

But there is a big, big difference now in the cloud world and in the AI world about just accessing the data, which we have no plans to monetize at all versus accessing the IP, the domain know-how sitting in our ERP.

但在雲端世界與 AI 世界裡，僅僅是存取資料——我們完全沒有任何變現計畫——與存取我們 ERP 中的智慧財產（IP）與領域專長之間，現在有非常、非常大的差異。

I mean, the semantical data model, the semantical process know-how. And that's, of course, something the ontology, the maps, the graphs, this is what we, of course, will actually offer on our platform, but we are going to protect that.

我的意思是，語意資料模型、語意化的流程專業知識。而這當然是本體（ontology）、地圖、圖譜、關聯圖（graphs）等；這些是我們當然會在平台上提供的內容，但我們會加以保護。

And then last piece, and we will share some further details about that at Sapphire no partner needs to worry as well. I mean we love the partners. We will have an open platform where we also go on, actually SAP agents not coming from SAP. So we will provide those APIs absolutely clearly. There's only one thing on API, what we already realized.

最後一點，我們也會在 Sapphire 分享更多細節，合作夥伴也不需要擔心。我的意思是，我們熱愛合作夥伴。我們會有一個開放的平台，我們也會推進，實際上 SAP 代理（agents）也可以不是由 SAP 提供。因此，我們會非常明確地提供那些 API。關於 API 只有一件事，是我們已經意識到的。

Obviously, when there is mass data egress or millions of calls coming towards an API, we need to start throttling those APIs because otherwise, we are ending up or the customer is ending up in performance issues on the application side. So these are the things what we are now rolling out. But again, no customer, no partner needs to worry.

很明顯地，當出現大量資料外流（egress）或有數百萬次呼叫打到某個 API 時，我們需要開始對這些 API 進行節流（throttling），否則我們最終——或客戶最終——會在應用層面遇到效能問題。所以這些就是我們現在正在推出的措施。但再次強調，沒有任何客戶、任何合作夥伴需要擔心。

We all want them, and we want to have an open platform. But please also understand that, of course, the IP of SAP, the domain know-how, of course, is something what we will make available to our customers. But it's, of course, on the other side, something which a great asset to protect.

我們都希望他們參與，我們也希望擁有一個開放的平台。但也請理解，SAP 的智慧財產（IP）與領域專長，當然是我們會提供給客戶的內容。但另一方面，這也是一項非常重要、需要保護的資產。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc Capital Markets。

Great. Thanks for taking our questions this evening, guys. Really just one, mostly around guidance. Number one is how much of the Reltio acquisition is actually included in your full-year revenue guidance?

很好。感謝各位今晚回答我們的問題。其實只有一個問題，主要是關於財測指引。第一，Reltio 這筆收購實際上有多少已納入你們的全年營收指引？

And the follow-up is, if we are assuming a near-term de-escalation in Iran, then what is the reason -- like what is the main reason then for needing this extra inorganic buffer in order to hit your full-year guidance? Thank you.

追問是，如果我們假設伊朗在短期內情勢降溫，那麼為了達成你們的全年指引，為什麼還需要這個額外的外生成長緩衝——也就是主要原因是什麼？謝謝。

Yeah. I mean, on Reltio, luckily, the company on February 10 in a press release, which was referring to $185 million ARR as of year-end 2025, that representing a significant growth acceleration. So if you think -- we said that the closing is expected to be imminent. Of course, we cannot kind of commit to a specific day, but it should be really, really near term unless there are some surprises here.

是的。關於 Reltio，幸運的是，該公司在 2 月 10 日的新聞稿中提到，截至 2025 年底 ARR 為 1.85 億美元，且代表顯著的成長加速。所以如果你想——我們說過交割預期即將完成。當然，我們無法承諾具體是哪一天，但除非這裡出現一些意外，應該會在非常、非常短期內完成。

So we are now end of April, so that's 4 months out of 12 months. So two-thirds remain to do of $185 million. So if you just take that as a yardstick without being precise, I think you have a good feeling as to how little actually is included in that kind of uptick.

我們現在是 4 月底，也就是 12 個月中的 4 個月已過。所以 1.85 億美元中仍有三分之二要在剩餘期間實現。因此，如果你把這當作一個不求精準的標尺，我想你會很有感覺：實際納入這次上修的部分其實非常少。

And then let's not forget also, I mean, half-year one is not volume-wise, not our biggest order entry quarters. But obviously, it absolutely matters for the total year cloud revenue, while a Q4 where we closed the highest order entry is actually, of course, very important for the guidance next year and for the CCB exit rate.

另外也別忘了，上半年在量的角度來看，並不是我們訂單簽入（order entry）最大的季度。但很明顯地，這對全年雲端營收仍然非常重要；而第四季我們會完成最高的訂單簽入，這當然對明年的指引以及 CCB 的退出率（exit rate）非常重要。

But of course, something what we are going to miss now in March, April and will not come back in the next three to four months is, of course, something what we cannot just make up on a total year basis with regard to our cloud revenue.

但當然，我們在 3 月、4 月將會錯失、且在接下來三到四個月也不會回來的部分，對我們的雲端營收而言，當然不是可以在全年層面輕易補回來的。

Thank you, Christian. And this concludes our call for today. Thank you, all, for joining.

謝謝你，Christian。今天的電話會議到此結束。感謝各位的參與。

Thanks a lot, everyone. Bye-bye.

非常感謝各位。再見。

Thank you.

謝謝。

Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for joining, and have a pleasant day. Goodbye.

各位女士、先生，本次電話會議現已結束，您可以掛斷電話。感謝您的參與，祝您有美好的一天。再見。