SAP SE (SAP) 2026 Q3 法說會逐字稿

(Operator Instructions)

(接線員指示)

Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the SAP Q3 2026 financial results conference call.

各位女士、先生，感謝您耐心等候。歡迎各位，並感謝您參加 SAP 2026 會計年度第三季（Q3）財務業績電話會議。

(Operator Instructions)

(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.

現在我想把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 our CFO, Dominik Asam. On this call, we will discuss SAP's third 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，歡迎大家。感謝各位加入我們。今天與我一同出席的有執行長 Christian Klein，以及財務長 Dominik Asam。本次電話會議將討論 SAP 2026 年第三季業績。您可在我們投資人關係網站上找到本次電話會議的簡報資料以及季度聲明。

During this call, we will make forward-looking statements, which are predictions, projections or other statements about future events.

在本次電話會議中，我們將發表前瞻性陳述，亦即對未來事件的預測、推估或其他陳述。

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.

這些陳述係基於目前的預期與假設，並受可能導致實際結果與結局出現重大差異的風險與不確定性影響。關於這些風險與不確定性的更多資訊，請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.

除非另有說明，本次電話會議中所有數字均為非 IFRS 口徑；成長率與百分點變動均為以固定匯率計算的非 IFRS 年對年（YoY）數據。

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.

我們提供的非 IFRS 財務衡量指標，不應被視為可替代或優於依 IFRS 編製的財務績效衡量指標。

And with that, over to you, Christian.

那麼，接下來交給你，Christian。

Yes. Thank you, Alexandra, and welcome to everyone joining us. Q3 was an outstanding quarter. We brought the autonomous enterprise to life. Customers are now getting their hands on our latest AI capabilities and the response has been incredible. Our strategy is not just resonating. It's being adopted.

好的。謝謝你，Alexandra，也歡迎所有加入我們的朋友。第三季表現非常出色。我們讓「自主企業」真正落地。客戶現在已開始使用我們最新的 AI 能力，回饋非常熱烈。我們的策略不只是引起共鳴。它正在被採用。

Here's what that looks like in the Q3 numbers. Current cloud backlog reached EUR24.1 billion, up 26%. Cloud revenue was EUR6.7 billion, up 25% in constant currencies.

這在第三季數字上是這樣呈現的。目前雲端積壓訂單（current cloud backlog）達到 241 億歐元，成長 26%。雲端營收為 67 億歐元，以固定匯率計算成長 25%。

The strong growth in cloud revenue was significantly driven by our business AI, data and platform business. Continuing the trend from recent quarters, 9 out of 10 of our 50 largest deals included AI and Business Data Cloud.

雲端營收的強勁成長，主要由我們的商務 AI、資料與平台業務大幅帶動。延續近幾季的趨勢，我們前 50 大交易中有 10 筆中的 9 筆包含 AI 與 Business Data Cloud。

Total revenue for the quarter was EUR10.3 billion, up 12%. This is the first time in SAP's history that quarterly revenue crossed EUR10 billion.

本季總營收為 103 億歐元，成長 12%。這是 SAP 歷史上季度營收首次突破 100 億歐元。

Operating profit grew 18% to more than EUR3 billion. And we are extending our leading position by winning market share at scale. According to IDC, we are growing about 11 percentage points faster than the market.

營業利益成長 18%，超過 30 億歐元。我們也透過大規模贏得市占，持續鞏固領先地位。根據 IDC，我們的成長速度約比市場快 11 個百分點。

In Q3, AI was the main driver behind our customers move to the cloud. There are three key reasons. First, AI accelerates the RISE and GROW cloud migration.

在第三季，AI 是推動客戶移轉上雲的主要動力。原因有三個關鍵點。第一，AI 加速 RISE 與 GROW 的雲端遷移。

Second, AI makes the business case for our suite more attractive. And finally, our customers employ our business AI platform with Verizon grow.

第二，AI 讓我們套件（suite）的商業價值主張更具吸引力。最後，我們的客戶採用我們的商務 AI 平台，並與 Verizon Grow 一起推進。

They know it's essential for building the data and process foundation required for high-quality enterprise-grade AI.

他們知道，這對於建立高品質、企業級 AI 所需的資料與流程基礎至關重要。

Wise and business AI are winning across every sector. We added new customers in financial services with Banco Bilbao and First Loan Bank of Canada, technology and research with Infineon and Fraunhofer-Gesellschaft, manufacturing with NTN Corporation and logistics with Nagle Group and the US Defense Logistics Agency.

RISE 與商務 AI 在各個產業都持續勝出。我們在金融服務領域新增了 Banco Bilbao 與加拿大 First Loan Bank；在科技與研究領域新增了 Infineon 與 Fraunhofer-Gesellschaft；在製造業新增了 NTN Corporation；在物流領域新增了 Nagle Group 與美國國防後勤局（US Defense Logistics Agency）。

On the growth side, AI is also a key differentiator. For example, Greenbrier Maxion South America's largest railway manufacturer plans to use Joule to boost real-time operational visibility. Other quo wins included Petroplus, A5X, and Blackroll.

在成長面，AI 也是關鍵差異化因素。例如，南美最大的鐵路製造商 Greenbrier Maxion 計畫使用 Joule 來提升即時營運可視性。其他值得一提的勝案包括 Petroplus、A5X 與 Blackroll。

Industry AI is becoming a critical differentiator, especially in large enterprises. We saw wins such as Astrazenca, where we are actively codeveloping AI solutions for the life science industry. Decade long we'll be leveraging our AI to build a foundation for a more intelligent, automated and customer-focused business.

產業 AI 正成為關鍵差異化因素，尤其是在大型企業。我們看到如 Astrazenca 的勝案，我們正積極共同開發生命科學產業的 AI 解決方案。長期來看，我們將運用 AI 建立更智慧、自動化且以客戶為中心的業務基礎。

Meanwhile, Danish retailer selling group uses industry AI to manage suppliers, classic for new products and trigger supply chain actions. Time to shelf improved by up to 66% and Manual category management time was cut by up to 70%.

同時，丹麥零售商 selling group 使用產業 AI 來管理供應商、為新品進行分類，並觸發供應鏈動作。上架時間（time to shelf）最多改善 66%，人工類別管理時間最多降低 70%。

Further AI wins came from man Industries Limited, building what they call a once in a generation digital foundation to unify operations. Hengel chose our business AI platform for more efficient finance processes and improve decision-making. Austrian Post, selected BDC.

其他 AI 勝案還包括 man Industries Limited，他們正在打造其所稱「一代一次」的數位基礎，以整合營運。Hengel 選擇我們的商務 AI 平台，以提升財務流程效率並改善決策。奧地利郵政（Austrian Post）選擇了 BDC。

In solution areas and LOBs, Tower Corporation went with SAP Signavio. Entity data with our procurement solutions and Helvetia are holding with success factors. IDC estimates that SAP is growing more than 1.7x faster than the overall HCM market year-over-year.

在解決方案領域與各事業線（LOBs），Tower Corporation 選擇 SAP Signavio。Entity data 採用我們的採購解決方案，而 Helvetia 也成功採用 SuccessFactors。IDC 估計，SAP 的年對年成長速度超過整體 HCM 市場的 1.7 倍。

Many customers went live with RISE in Q3, including Mondelēz, Panasonic, Roche, Infosys, and N Swiss. We also saw Hugo Boss with SuccessFactors and Broadme, Talia Bucher with SAP Warehouse Solutions, and Bertelsmann with Smart Recruiters.

許多客戶在第三季透過 RISE 正式上線，包括 Mondelēz、Panasonic、Roche、Infosys 與 N Swiss。我們也看到 Hugo Boss 採用 SuccessFactors；Broadme、Talia Bucher 採用 SAP Warehouse Solutions；以及 Bertelsmann 採用 Smart Recruiters。

In Q3, we already saw the great impact of the autonomous enterprise strategy on our business and in our numbers. Let's start with what customers see. Joule Work. This is where enterprise AI finally becomes usable. Our 400 million SAP users can now work with SAP in natural language and Joule gets the chop down.

在第三季，我們已經看到自主企業策略對我們業務與數字帶來的巨大影響。先從客戶所看到的開始。Joule Work。這是企業 AI 終於變得可用的地方。我們的 4 億名 SAP 使用者現在可以用自然語言與 SAP 互動，而 Joule 會把繁重工作大幅減輕。

It is based on 3 key capabilities: first, conversations. The way users get work done. Here, users ask questions and delegate tasks in natural language. Joule handles every work directly. But when a task requires more than just a query, the user can use Joule to call a specialized agent.

它基於三項關鍵能力：第一，對話（conversations）。也就是使用者完成工作的方式。在這裡，使用者以自然語言提問並委派任務。Joule 會直接處理各項工作。但當任務不只是查詢時，使用者可以透過 Joule 呼叫專門的代理（agent）。

Take a supply chain planner. They can ask Joule to summarize the supplier contract then delegate the resolution of a supplier shortfall to an agent that identifies an alternative source and triggers the production adjustment directly in SAP.

以供應鏈規劃人員為例。他們可以請 Joule 彙整供應商合約，接著把供應短缺的處理委派給一個代理：該代理會找出替代來源，並直接在 SAP 中觸發生產調整。

Second, spaces. The live view across system, Joule spaces brings data together into a single always up-to-date view, so users don't have to build PowerPoints and Excel spreadsheets. For our supply chain planner, they have a space combining live IBP and S/4HANA data with a real-time supply chain risk summary. They can see current demand, supply and the risk all in one place.

第二，空間（spaces）。跨系統的即時視圖，Joule spaces 將資料整合到單一且永遠保持最新的視圖中，讓使用者不必再製作 PowerPoint 與 Excel 試算表。對供應鏈規劃人員而言，他們有一個空間可將即時 IBP 與 S/4HANA 資料結合，並提供即時供應鏈風險摘要。他們可以在同一處看到目前需求、供給與風險。

Third, Joule Studio, the way to extend our agents or build your own from no code to pro code and with seamless integration of at end with Joule Studio customers extend SAP's agents or create new ones for their specific needs. Here, the planners team can use the supplier resolution agent and tailor it to their own sourcing rules without starting from scratch.

第三，Joule Studio：用來擴充我們的代理，或從無程式碼到專業程式碼自行建立代理，並可無縫整合。透過 Joule Studio，客戶可擴充 SAP 的代理，或依其特定需求建立新的代理。在這裡，規劃團隊可以使用供應商處理代理，並依自身採購規則加以調整，而無需從零開始。

As the examples showed, Joule work serves every business user. It is much more than an AI chatbot. It is the workbench for the autonomous enterprise. This is true for users who need a presentation, a dashboard, an e-mail, or solutions for even the most complex enterprise challenges, thanks to our 40 assistants and 300 agents across the autonomous suite.

如同上述例子所示，Joule Work 服務每一位業務使用者。它遠不只是 AI 聊天機器人。它是自主企業的工作台。無論使用者需要簡報、儀表板、電子郵件，或是解決最複雜的企業挑戰，都能做到，這要歸功於我們在自主套件中提供的 40 個助理與 300 個代理。

While I'm pleased with the progress we made, the focus is quality over quantity. One well-designed agent can outperform several fine grained ones. That is how we build. With Joule Work desktop, companies like Reinhausen see the potential to permanently transform how their teams interact with business data. The same shift is happening in finance at Accenture.

雖然我對我們取得的進展感到欣慰，但重點是重質不重量。一個設計良好的代理，表現可以勝過好幾個過度細分的代理。這就是我們的打造方式。透過 Joule Work 桌面端，像 Reinhausen 這樣的公司看到了永久性改變其團隊與商業資料互動方式的潛力。在埃森哲（Accenture）的財務領域，同樣的轉變也正在發生。

In their words, their Joule journey. It's not about deploying another AI tool. It is about working differently. And Danforth shared that the sourcing assistant has significantly improved the efficiency and quality of RFP creation.

用他們的話說，這是他們的 Joule 旅程。這不是在部署另一個 AI 工具。而是以不同的方式工作。Danforth 也分享，採購尋源助理已顯著提升 RFP（徵求建議書）撰寫的效率與品質。

What makes Joule Work and the autonomous suite different is what lies behind this simple experience. Our SAP business AI platform, the place to build contextualize and govern AI.

讓 Joule Work 與自主套件與眾不同的，是這個簡單體驗背後的支撐。我們的 SAP 商業 AI 平台——用於建置、情境化並治理 AI 的所在。

Let's look at this in more detail, starting with build. Joule Studio gives every developer and domain expert, the tools to create, extend and deploy agents on top of SAP's platform. And when building custom solutions, customers can select the best model for each use case.

讓我們更深入看看，先從「建置」開始。Joule Studio 為每位開發者與領域專家提供工具，可在 SAP 平台之上建立、擴充並部署代理。而在打造客製化解決方案時，客戶可以為每個使用情境選擇最佳模型。

SAP offers access to more than 70 models, both Frontier and open weight. Unlike some of our peers, SAP is not committing to a preferred model. We give our customers choice, and we will always make sure that they have access to the best options available.

SAP 提供超過 70 種模型的存取，包含 Frontier 與開放權重（open-weight）模型。不同於部分同業，SAP 不會綁定偏好的單一模型。我們給客戶選擇權，並且會始終確保他們能使用到可取得的最佳選項。

Moving on to context and reason.

接著談情境與推理。

Joule draws from the deepest business contacts in the industry through our knowledge graph, anchored in BDC, mapping more than 7 million fields and 0.5 million tables, along with 400 data products and our full process knowledge. With our acquisitions of Dremio and Reltio, we extend that reach far beyond SAP data and give customers a unified contact layer across their entire data landscape.

Joule 透過我們的知識圖譜，汲取業界最深厚的商業情境；該知識圖譜以 BDC 為錨點，映射超過 700 萬個欄位與 50 萬張資料表，並結合 400 個資料產品以及我們完整的流程知識。透過收購 Dremio 與 Reltio，我們將觸及範圍延伸到遠超 SAP 資料之外，並為客戶在其整體資料版圖上提供統一的情境層。

This structured business ontology means Joule can solve even the most complex tasks with high accuracy, faster results and better (technical difficulty)

這種結構化的商業本體（ontology）意味著 Joule 能以高準確度解決即使最複雜的任務，帶來更快的結果與更佳的（技術難度）

(Operator Instructions) Thank you everyone for your patience. Please continue to stand by while we re-establish the audio. And we are live now again. Please go ahead.

（操作人員指示）感謝各位的耐心等候。請繼續稍候，我們正在重新建立音訊連線。我們現在又恢復直播了。請繼續。

Okay, thank you. Okay. Here we go again. Starting with build. Joule Studio gives every developer and domain expert tools to create, extend and deploy agents on top of SAP's platform.

好的，謝謝。好的，我們再來一次。先從「建置」開始。Joule Studio 為每位開發者與領域專家提供工具，可在 SAP 平台之上建立、擴充並部署代理。

And when building customer solutions, customers can select the best model for each use case. SAP offers access to more than 70 models, both frontier and open weight. Unlike some of our peers, SAP is not committing to a preferred model. We give our customers choice, and we will always make sure they have access to the best options available.

而在打造客戶解決方案時，客戶可以為每個使用情境選擇最佳模型。SAP 提供超過 70 種模型的存取，包含 Frontier 與開放權重（open-weight）模型。不同於部分同業，SAP 不會綁定偏好的單一模型。我們給客戶選擇權，並且會始終確保他們能使用到可取得的最佳選項。

Moving on to context and reason.

接著談情境與推理。

Joule tool draws from the deepest business context in the industry through our knowledge graph, anchored in BDC, mapping more than 7 million fields and 0.5 million tables, along with 400 data products and our full process knowledge.

Joule 工具透過我們的知識圖譜，汲取業界最深厚的商業情境；該知識圖譜以 BDC 為錨點，映射超過 700 萬個欄位與 50 萬張資料表，並結合 400 個資料產品以及我們完整的流程知識。

With our acquisitions of Dremio and Reltio, we extended reach far beyond SAP data and give customers a unified contact layer across their entire data landscape. The structured business ontology means Joule can solve even the most complex tasks with high accuracy, faster results and better price performance.

透過收購 Dremio 與 Reltio，我們將觸及範圍延伸到遠超 SAP 資料之外，並為客戶在其整體資料版圖上提供統一的情境層。這種結構化的商業本體（ontology）意味著 Joule 能以高準確度解決即使最複雜的任務，帶來更快的結果與更佳的性價比。

In Ariba, Joule delivers twice the accuracy of leading frontier models at half the total cost. And we are continuously deepening the ontology itself.

在 Ariba 中，Joule 以總成本的一半，提供相較領先 Frontier 模型高出兩倍的準確度。而我們也在持續深化本體本身。

Our intent to acquire TechWolf is a good example. It puts us at the heart of every people transformation and extends our ontology into skills and workforce intelligence.

我們擬收購 TechWolf 的意向就是一個很好的例子。這讓我們站在每一次人才轉型的核心，並將我們的本體延伸到技能與勞動力智慧。

Finally, governance jouleworks comes with governance and security baked in every agent built on the business AI platform is one and governed by SAP. We ensure identity and authorization management, compliance with regulations across 60 countries and 26 industries, and certifications by auditors.

最後是治理：Joule Work 內建治理與安全性；在商業 AI 平台上建置的每一個代理都由 SAP 統一治理。我們確保身分與授權管理、符合橫跨 60 個國家與 26 個產業的法規要求，以及通過稽核機構的認證。

Our AI agent hub in Dean IX provides one central inventory to manage and govern every SAP and non-SAP agent.

我們在 Dean IX 的 AI 代理中樞提供一個集中式清單，用於管理與治理每一個 SAP 與非 SAP 代理。

And one key principle is very important. At SAP, the customer's data remains the customers' data. We never upload customer data or process IP into large language models. Not for training, not for model improvement, not for any purpose. And that commitment shapes every partnership with the model providers we make.

而有一項關鍵原則非常重要。在 SAP，客戶的資料仍然是客戶的資料。我們絕不會將客戶資料或流程 IP 上傳到大型語言模型。不作訓練、不作模型改進、也不作任何用途。而這項承諾形塑了我們與模型供應商所建立的每一段合作關係。

In a nutshell, we bring together the best models with the deepest business context and govern all of that across our customers' entire agent landscape.

簡而言之，我們把最佳模型、最深厚的商業情境整合在一起，並在客戶整體代理版圖上對所有這些進行治理。

That is why SAP provides the business AI for the enterprise. And we will share more announcements across all these areas at TechEd next week. But the story is not just what we ship. It is how we transform into an autonomous enterprise ourselves.

這就是 SAP 為企業提供商業 AI 的原因。下週的 TechEd，我們將在上述各領域分享更多公告。但故事不僅是我們交付了什麼。更在於我們如何把自己轉型為一家自主型企業。

We are reinventing once again SAP's own operating model. First, in engineering. Our 40,000 developers are not just building AI, they're working AI first, guided by clear principles. We are co-innovating with customers, increasing speed and focusing on the data and ontology our AI agents need. The results are clear.

我們再次重塑 SAP 自身的營運模式。首先是在工程研發。我們的 40,000 名開發者不只是打造 AI，他們以 AI 優先（AI-first）的方式工作，並由清晰的原則指引。我們與客戶共同創新、提升速度，並聚焦於我們的 AI 代理所需的資料與本體。成果非常明確。

Our developers completed approximately 70% more cloud contribution since beginning of the year. Second, in go-to-market, we are using AI everywhere to transform how we engage with customers. This includes running targeted campaigns to attract the right leads and evolving our consulting services into an AI factory to accelerate adoption.

自年初以來，我們的開發者完成的雲端貢獻約增加了 70%。第二，在市場推進（go-to-market）方面，我們在各處使用 AI 來改變與客戶互動的方式。這包括執行精準行銷活動以吸引合適的潛在客戶，並將我們的顧問服務演進為 AI 工廠，以加速採用。

The same holds true for AI across our corporate functions. And across SAP, our Joule Work desktop is live for more than 110,000 employees. We are already seeing productivity gains of 20% across our central functions like finance, HR and procurement with even more productivity gains on more complex analytical and planning time.

同樣的情況也適用於我們企業職能中的 AI。在 SAP 全公司範圍內，我們的 Joule Work 桌面端已對超過 110,000 名員工上線。我們已經看到在財務、人資與採購等核心職能上，生產力提升 20%；在更複雜的分析與規劃工作上，還有更進一步的生產力提升空間。

Let me summarize. Q3 was an outstanding quarter. We are successfully executing in a volatile world because our customers see AI as a critical lever for competitiveness and resilience. Our pipeline for Q4 looks strong. At the same time, we remain mindful that Q4 is always our biggest and most important quarter with the greatest movement.

讓我總結一下。第三季（Q3）是一個非常出色的季度。我們能在動盪的世界中成功執行，是因為客戶將 AI 視為提升競爭力與韌性的關鍵槓桿。我們對第四季（Q4）的商機管線看起來很強勁。同時，我們也保持警覺，因為 Q4 一向是我們最大、最重要、變動也最大的季度。

Our teams are in full execution mode. The best enterprise AI is not the loudest. It is the AI, you can trust to run your business. SAP is that AI. And we are turning that opportunity into results today.

我們的團隊正全力執行。最好的企業 AI 不是聲量最大的。而是你可以信任、用來營運企業的 AI。SAP 就是那樣的 AI。而我們正在把這個機會轉化為今天的成果。

With that, I will hand over to Dominik

接下來，我把時間交給 Dominik

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

非常感謝你，Christian，也感謝各位今晚加入我們。

Q3 was another strong quarter as reflected by current cloud backlog expansion and healthy operating profit growth. We continue to see our work bearing fruit as we move closer towards our vision of an autonomous enterprise. SAP remains mission-critical for its customers who want to fundamentally change the way they do work by virtue of AI.

第三季（Q3）再次是一個強勁的季度，反映在目前雲端在手訂單（cloud backlog）的擴張，以及健康的營業利益成長。隨著我們更接近自主型企業的願景，我們持續看到努力開花結果。對於希望藉由 AI 從根本改變工作方式的客戶而言，SAP 仍是關鍵任務系統（mission-critical）。

As Christian alluded to in his prepared remarks, SAP continues to set the standard for large skin business transformation and now leads the way in redefining how enterprises run in the age of AI.

正如 Christian 在事先準備的發言中所提到的，SAP 持續為大規模業務轉型樹立標準，並且如今在 AI 時代重新定義企業如何運作方面引領方向。

Today, our early adopter care program validates our progress and has been overwhelmingly positively received by customers, a step change versus a year ago.

今天，我們的早期採用者關懷計畫驗證了我們的進展，並獲得客戶壓倒性地正面回饋，相較一年前可說是躍升式的改變。

The second half is off to a strong start, and we remain committed to investing in growth by preserving our bottom line in lockstep with the operational framework we've put in place by balancing expense versus revenue growth. We continue to be excited for what's to come. and remain focused on capitalizing on what's clearly a once in a lifetime opportunity for SAP and our customers.

下半年開局強勁，我們仍致力於投資成長，並透過在既定的營運框架下平衡費用與營收成長，使獲利底線與之同步維持。我們持續對未來充滿期待。並且仍專注於把握這對 SAP 與我們客戶而言顯然是一生一次的機會。

Now let me provide more details on our financial highlights. Current cloud backlog surpassed EUR24 billion, up 26%. SAP continues to be the undisputed large-scale enterprise SaaS and PaaS vendor in terms of growth.

現在我將提供更多關於我們財務亮點的細節。目前雲端待履約合約（current cloud backlog）突破 240 億歐元，成長 26%。就成長而言，SAP 仍是無可爭議的大型企業級 SaaS 與 PaaS 供應商。

While we continue to expect a slight deceleration in constant currencies current cloud backlog growth in 2026, we do foresee continued market share gains.

雖然我們仍預期 2026 年以固定匯率計算的目前雲端待履約合約成長將略為放緩，但我們確實預見市占率將持續提升。

As we outlined at the beginning of the year, the slight deceleration is attributable to several factors, including the continued political macroeconomic uncertainty we see today that could impact our largest booking quarter, which is, of course, the fourth, as well as a rapidly expanding base that continues to grow in absolute terms every year.

正如我們在年初所概述，這種小幅放緩可歸因於多項因素，包括我們今日所見持續的政治與宏觀經濟不確定性，可能影響我們最大的接單季度——當然是第四季——以及基礎規模快速擴大，且每年在絕對金額上持續成長。

Cloud revenue grew to approximately EUR6.7 billion, up 25%, helped by several one-off positive effects, which added approximately 1 percentage point of growth in Q3.

雲端營收成長至約 67 億歐元，年增 25%，受惠於數項一次性正面因素，這些因素在第三季額外貢獻約 1 個百分點的成長。

This was due to largely a positive revenue recognition effect, which in turn mainly stem from a catch-up of revenues from customers returning from financial distress.

這主要是由於正面的收入認列效應，而該效應主要源自先前陷入財務困境、如今恢復的客戶所帶來的追溯認列收入（catch-up）。

Cloud ERP suite revenue increased by 28% in Q3, now accounting for 89% of total cloud revenue. Software licenses revenue decreased by 9%.

第三季雲端 ERP 套件營收成長 28%，目前占雲端總營收的 89%。軟體授權營收下滑 9%。

Finally, total revenue in the third quarter was EUR10.3 billion, up 12%, a remarkable result when taking a minus 5% year-on-year decline in services into account.

最後，第三季總營收為 103 億歐元，年增 12%；在服務營收年減 5% 的情況下，這仍是相當亮眼的成果。

Now let's take a brief look at our regional performance. In the third quarter, SAP's cloud revenue performance was particularly strong in APJ and EMEA and solid in the Americas region.

現在讓我們簡要看看各區域表現。第三季，SAP 的雲端營收在 APJ 與 EMEA 表現特別強勁，在美洲地區也表現穩健。

Brazil, France, Germany, Italy, India, South Korea and Spain had outstanding performance. While Switzerland, the United States -- United Kingdom and the United States were particularly strong.

巴西、法國、德國、義大利、印度、南韓與西班牙表現出色。而瑞士、英國——以及美國的表現也特別強勁。

Now moving down the income statement.

現在往下看損益表。

Our IFRS cloud gross margin in Q3 was 73.9%, and non-IFRS was 74.3%, down 0.7 percentage points year-on-year. Average operating profit increased by 18% to EUR2.9 billion.

第三季 IFRS 雲端毛利率為 73.9%，非 IFRS 為 74.3%，年減 0.7 個百分點。營業利益平均值成長 18% 至 29 億歐元。

Non-IFRS operating profit was also up by 18%, now surpassing EUR3 billion. IFRS and non-IFRS bring profit growth benefited from prior year negative impact of over EUR1 billion each from a change in case law affecting SAP's other tax litigation and from a workforce transformation, which were both recorded in the third quarter of 2025.

非 IFRS 營業利益亦成長 18%，現已超過 30 億歐元。IFRS 與非 IFRS 的營業利益成長，受惠於前一年第三季（2025 年第三季）各自超過 10 億歐元的負面影響基期消失；該負面影響來自影響 SAP 其他稅務訴訟的判例法變更，以及人力轉型，兩者皆於 2025 年第三季入帳。

While the operating profit strength this quarter was a result of the factors I mentioned above, it is important to remember that investments to accelerate our AI transformation and to further enhance our products are in full swing.

雖然本季營業利益的強勁表現源自我上述提到的因素，但重要的是要記得：為加速我們的 AI 轉型並進一步強化產品的投資正全面展開。

We're managing the business and associated costs with a disciplined approach, aware that this is a long-term endeavor and we expect to see these ongoing investments continue in the near term.

我們以嚴謹自律的方式管理業務及相關成本，並了解這是一項長期工程；我們預期這些持續性的投資在短期內仍將延續。

The IFRS effective tax rate was 24.4%, and the non-IFRS effective tax rate was 25.8%. Free cash flow in Q3 was robust at EUR1.7 billion. Finally, IFRS earnings per share increased by 14% to EUR1.96 and non-IFRS earnings per share increased by 19% to EUR1.89.

IFRS 有效稅率為 24.4%，非 IFRS 有效稅率為 25.8%。第三季自由現金流強勁，達 17 億歐元。最後，IFRS 每股盈餘成長 14% 至 1.96 歐元，非 IFRS 每股盈餘成長 19% 至 1.89 歐元。

Now on to our outlook.

接著談我們的展望。

As disclosed in the quarterly statement issued earlier today, we now expect to land towards the upper end of our previously guided range for 2026 cloud and cloud and software revenue while reaffirming our previous guidance for current cloud backlog, operating profit and free cash flow. Finally, we continue to believe that we are well positioned to accelerate total revenue growth in 2027.

如同我們今天稍早發布的季度聲明所揭露，我們目前預期 2026 年雲端，以及雲端與軟體營收將落在先前指引區間的上緣；同時，我們重申先前對目前雲端待履約合約、營業利益與自由現金流的指引。最後，我們仍相信自己具備良好條件在 2027 年加速總營收成長。

While we are committed to this call, I would like to take a moment to provide some additional context to help you better understand our path forward.

在我們堅持此一說法的同時，我想花一點時間補充一些背景，幫助各位更好理解我們未來的前進路徑。

First, as a reminder, the fourth quarter accounts for about 50% of our annual bookings volume. Given the continued political and macroeconomic uncertainties we face today, this could weigh on Q4 bookings and as a result, our 2027 trajectory.

首先，提醒一下，第四季約占我們全年接單量的 50%。鑑於我們目前面臨的政治與宏觀經濟不確定性持續存在，這可能壓抑第四季接單，並因此影響我們 2027 年的成長軌跡。

Second, as we mentioned in the first quarter of this year and as you can see in the 5% decline, we want to leverage services more intentionally to promote the adoption of our AI solutions and build critical mass. This strategy has served SAP well to date.

第二，正如我們在今年第一季提到的，也如你們在 5% 的下滑中所看到的，我們希望更有意識地運用服務來推動 AI 解決方案的採用並建立關鍵規模。迄今為止，這項策略對 SAP 一直很有幫助。

And as we are seeing positive return on investment, we will continue to double down on delivering even stronger adoption support to our cloud and AI customers which will likely put more downward pressure on billable hours and services revenue also next year.

而且由於我們看到正向的投資報酬，我們將持續加碼，為雲端與 AI 客戶提供更強的採用支援；這也可能在明年對可計費工時與服務營收帶來更大的下行壓力。

In fact, we believe that in knowledge work industries, business models, which solely rely on selling more hours to customers will be more and more challenged by AI enable lower cost, more scalable and nevertheless, higher-margin alternatives. So further portfolio adaptation in services is a necessity.

事實上，我們認為在知識工作產業中，那些僅依賴向客戶銷售更多工時的商業模式，將愈來愈受到 AI 所帶來的更低成本、更可擴展且同時具備更高毛利的替代方案所挑戰。因此，服務組合的進一步調整是必要的。

And lastly, as mentioned earlier, Q3 was another strong quarter as evidenced by growth across top line parameters.

最後，如先前所提，第三季再次是一個強勁季度，從各項營收端指標的成長即可看出。

As a result, we expect to trend towards the upper end of our cloud and software revenue outlook which will raise the bar against we will measure our 2027 revenue acceleration.

因此，我們預期雲端與軟體營收展望將趨向區間上緣，這也將提高我們衡量 2027 年營收加速成長時的比較基準門檻。

Taken together, we are still planning for total revenue growth to accelerate in 2027, but must be cognizant of all the factors that make this trajectory more challenging.

綜合而言，我們仍規劃在 2027 年加速總營收成長，但也必須留意所有使這一路徑更具挑戰性的因素。

To close, SAP was once again able to navigate a choppy environment executing on its strategy and driving commercial success.

總結來說，SAP 再次在波動的環境中成功掌舵，落實其策略並推動商業成功。

The second half of 2026 is off to a strong start, and we continue to make progress against the operating plan we set at the beginning of the year. While we have been able to maintain steady momentum year-to-date, we will put our full focus on the decisive fourth quarter bookings required to maintain our growth acceleration against now even more challenging comparables in 2027.

2026 年下半年開局強勁，我們也持續朝年初制定的營運計畫推進。雖然我們今年迄今得以維持穩健動能，但我們將把全部重心放在關鍵的第四季接單上；這是維持成長加速所必需的，尤其是在 2027 年面對更具挑戰性的比較基期之下。

Thank you, and we will now be happy to take your questions

謝謝各位，我們現在很樂意開始回答問題。

All right, and we now take your questions. (Event Instructions) Operator, please open the line.

好的，我們現在開始提問。（活動指示）接線員，請開放線路。

(Operator Instructions) Adam Wood, Morgan Stanley.

（接線員指示）Morgan Stanley 的 Adam Wood。

Hi, thanks very much for taking the question and congratulations on that very strong third quarter. Maybe if I could just ask on the CCB guide, probably Dominik. I think you still guided a slight detail and change the language around the macro expectations.

嗨，謝謝讓我提問，也恭喜第三季表現非常強勁。我想就 CCB 指引提個問題，可能請 Dominik 回答。我認為你們仍指引小幅放緩，並且調整了對宏觀預期的措辭。

I think you've said before that slight decel was 2%, which should imply 23% for the fourth quarter versus we ended Q3 at 26%. Could you just talk a little bit about why you're not willing to be a bit more optimistic here?

我記得你們之前說過小幅放緩是 2%，這應該意味著第四季為 23%，而第三季結束時是 26%。能否談談為什麼你們不願意在這裡更樂觀一些？

Is it just an abundance of caution given the sale of the quarter? Is there anything you're seeing in pipelines or in customer decision-making that would give you that greater caution at this point in the year?

這只是因為對銷售季度抱持更審慎的態度嗎？還是你們在銷售管線或客戶決策上看到什麼跡象，使你們在今年這個時間點更為保守？

Yes. Thank you for the question. I mean, obviously, we had a very robust performance of CCB growth so far this year. But again, there is half of the bookings of the year to be still executed in Q4. And if I look at the current macro backdrop, it's not so great.

是的，謝謝你的問題。我的意思是，很明顯我們今年迄今的 CCB 成長表現非常強勁。但同樣地，全年的接單仍有一半要在第四季完成。而如果我看目前的宏觀背景，並不是那麼理想。

I mean you have seen the oil price going up. Luckily, the conflicts in the Middle East not really resulted in massive disruptions of supply chains, but a huge pressure on pricing of many of the commodities that are relevant for the globe.

我的意思是，你們已經看到油價在上漲。幸運的是，中東的衝突並未真正造成供應鏈的大規模中斷，但卻對許多與全球相關的大宗商品定價帶來了巨大壓力。

Think about oil price going up from interest rates have gone up, and we've all seen long-term correlation analysis that when interest rates reached like 5% plus and they have reached that in the US now. These interest rates start to develop heat.

想想看，油價上漲、利率也上升；而我們都看過長期相關性分析，當利率達到大約 5% 以上——而美國現在已經達到這個水準——這些利率就開始帶來壓力。

I'd say it's probably reasonable to not assume that the macro is super conducive in Q4. And yes, I would not kind of like to be understood that we gave a precise guidance on what exactly slightly means, we just referred to was kind of implied in the prior guidance.

我會說，在第四季不要假設總體環境會非常有利，這大概是合理的。是的，我也不希望被理解為我們對「略微」到底是什麼給出了精確指引；我們只是指向先前指引中所隱含的意思。

So it's a little bit of an arrangement. And so let's say, the upper end of that range might be 24% or so. So I don't want to be necessarily saying that there's a point value of 23%, there's a certain range and possible outcomes. And let's see how the rest of the quarter shakes out.

所以這有點像是一種安排。比方說，那個區間的上緣可能是 24% 左右。因此我不一定要說有一個 23% 的點估值；而是存在某個區間與可能的結果。我們就看看本季剩下的時間會如何發展。

Toby Ogg, JPMorgan.

Toby Ogg，摩根大通。

Yeah, hi, good evening and thanks for the question. Just on the backlog again. So 26% constant currency, stable versus Q2 and looks to be slightly accelerating on an organic basis. but your guidance has always been for that slight deceleration, and that's unchanged.

是的，你好，晚安，謝謝讓我提問。再回到積壓訂單（backlog）。以固定匯率計為 26%，相較第二季持平，且在有機基礎上看起來略有加速。但你們的指引一直是會略微放緩，而這點沒有改變。

So is the backlog currently growing faster than your own internal expectations at this point? And if it is, could you help us with what products specifically are surprising you on the upside? And why that's happening? Thank you.

所以目前積壓訂單的成長是否快於你們此刻的內部預期？如果是的話，能否協助我們了解，具體是哪些產品在上行方面讓你們感到驚喜？以及為什麼會發生？謝謝。

Yes. I can take that. And yes, first, as I also already highlighted in my remarks, I mean, what a difference again, a year can make we see in every WISE and GROW journey first. And just today, I had a large mining company here in Waldorf and at our headquarter. And the first thing what they said is your agents to accelerate the migration and the transformation with Wise are really outstanding.

好的，我來回答。是的，首先，正如我在發言中已經強調的，一年之間能帶來多大的差異——我們在每一段 WISE 與 GROW 的旅程中都先看到了這點。而就在今天，我們在瓦爾多夫的總部接待了一家大型礦業公司。他們說的第一件事就是：你們用 Wise 來加速遷移與轉型的代理（agents）真的非常出色。

So Joule for consultants, all our data migration agents, they're up to the roof and we get very, very good feedback. Also, by the way, by all the partnerships we are closing in that space as well, and we have a good partnership with Conduct and many others. And also the SIs are helping us to even disrupt their own business model and accelerate the migration of our SAP customers to the cloud.

所以，面向顧問的 Joule、我們所有的資料遷移代理，需求都爆棚，我們收到非常、非常好的回饋。另外，透過我們在這個領域持續締結的各種合作夥伴關係也是如此；我們與 Conduct 以及許多其他夥伴都有很好的合作。同時，系統整合商（SI）也在協助我們，甚至願意顛覆他們自己的商業模式，加速我們 SAP 客戶遷移到雲端。

Second, the business case. I mean, every business case is now with AI, I said it again, the majority of our deals that goes with AI. And even more important, the business data cloud after two years now being in the market, Reltio and Dremio acquisition is spot on. I just come from a two days engineering workshop. And what I have seen there is outstanding.

第二，是商業案例。我的意思是，現在每個商業案例都結合 AI——我再說一次，我們的大多數交易都會搭配 AI。更重要的是，商業資料雲（BDC）在市場上兩年之後，Reltio 與 Dremio 的收購非常到位。我剛從一個為期兩天的工程研討會回來。我在那裡看到的成果非常出色。

Now in Q1, we will be able to even also generate non-SAP data products, put it into the knowledge graph and we can extend the ontology layer almost automated also for non-SAP data. Also Reltio, I mean this AI matching with master data records, be it the customer, the material, the supplier, we are on that will come very soon.

到了第一季，我們甚至也能產生非 SAP 的資料產品，把它放進知識圖譜中，並且幾乎可以自動化地把本體（ontology）層擴展到非 SAP 資料。另外，Reltio——也就是用 AI 來做主資料紀錄的比對，不論是客戶、物料、供應商——我們在這方面的能力很快就會推出。

And that already creates now really a huge excitement and BDC is just a foundation. And customers understand when I have really a messed up data model also for non-SAP data, I have to work on that. Because we also see with AI adoption, obviously, we can adopt AI very fast on the customer side, but it takes longer if you have a messy system. And that has nothing to do with our AI or with the technology. It's just the same like with every ERP implementation, you need still a clean corn.

而這現在已經帶來非常大的興奮感，而 BDC 只是基礎。客戶也理解到：如果我連非 SAP 資料都有一個非常混亂的資料模型，我就必須先把它整理好。因為我們也看到，AI 的採用在客戶端顯然可以很快，但如果你的系統很混亂，就會花更久時間。這與我們的 AI 或技術無關。這就跟任何 ERP 導入一樣，你仍然需要乾淨的核心。

So with that, the BDC is, I would say, this outstanding business, and it's great. And then last but not least, as we said, in Q4 now it's prime time for all of our new AI capabilities, I mean, the excitement inside SAP about Joule Work is fantastic.

因此，BDC 我會說是一項非常出色的業務，表現很棒。最後但同樣重要的是，正如我們所說，第四季現在是我們所有新 AI 能力的黃金時間；SAP 內部對 Joule Work 的興奮感非常高。

I mean I love to hear all the feedback from our employees. And no matter if you were building PowerPoint for finance, for HR, for workforce, in sales, creating and of customer briefing deck. This is all done now with two work. And again, it's not only about another copilot who creates all of the spreadsheets and PowerPoints automatically.

我很喜歡聽到員工給我們的各種回饋。不管你是在為財務、人資、勞動力、銷售製作 PowerPoint，或是建立客戶簡報資料包。現在這些都可以用 Joule Work 完成。而且再次強調，這不只是另一個能自動產出試算表和 PowerPoint 的副駕（copilot）。

It's also giving you always the data context and the governance, about who is allowed to see actually rich data, and of course, all the identity and the authorizations also sitting in our underlying system of record.

它也會一直提供資料脈絡與治理：誰被允許看到哪些敏感資料；當然，所有身分與授權也都在我們底層的系統紀錄（system of record）中。

So that's actually explains it very well. But probably you heard it. I was also very keen this time to share our line of business wins because now we always said the sweet wins, but now we can go into every customer and says, you know what? You can build the ontology in pieces with your best-of-breed landscape or you can have out of the box with an end-to-end ontology layer coming with the suite.

所以這其實把原因解釋得很清楚。不過你可能也聽到了。這次我也很希望分享我們各條業務線（line of business）的贏單，因為我們過去總是說套件（suite）的贏單，但現在我們可以走進每一位客戶並說：你知道嗎？你可以在你最優選（best-of-breed）的系統版圖中分段建立本體；或者你也可以直接使用套件所提供、開箱即用的端到端本體層。

And that is also the value proposition for every app in every line of business is also now way easier for us because we can always sell the end-to-end oncology layer, which only SAP can provide. And when you then say, hey, this ontology comes as a service and governed by SAP, this is really huge.

而這也成為我們在每個業務線、每個應用程式上的價值主張，因為對我們來說也更容易：我們可以一直銷售端到端的本體層，而這只有 SAP 能提供。當你再進一步說：嘿，這個本體是以服務形式提供，並由 SAP 進行治理，這就非常有份量。

And then finally, also with my engineering team, I mean, we are fighting hard, it's always good to stay humble. I mean, there's, of course, also things we have to still improve.

最後，和我的工程團隊一起，我的意思是，我們也在努力奮戰；保持謙遜總是好的。當然，也還有一些事情我們仍需要改進。

I mean one thing what is really outstanding in my eyes is that we are really also making sure that we are not uploading any data or process IP of our customers into these large language models.

我認為有一點非常出色：我們確實也在確保，不會把客戶的任何資料或流程 IP 上傳到這些大型語言模型中。

I mean, which customer wants to see their own process IP, their own data trained in with these large language models and being available to the public. So this is very, very important.

我的意思是，哪個客戶會希望看到他們自己的流程 IP、自己的資料被拿去訓練這些大型語言模型，並且對外公開可用？所以這非常、非常重要。

And the last but not least, obviously, now in the next months and quarters, we continuously work on the response times of the agents of Joule Work, the accuracy. But all of that together really delivered already a strong quarter, and we see it also reflected in the pipeline.

最後但同樣重要的是，接下來幾個月與幾個季度，我們會持續改善 Joule Work 代理的回應時間與準確度。但把這些加總起來，已經帶來一個強勁的季度，我們也看到這反映在銷售管線上。

And also what makes me now so confident is also, again, when I see on the product side, the situation now compared to 12 months. Not everything works out of the box. Again, we have to work on certain things like agent response times accuracy, but it's so much better and the customers see the value proposition and that is also now reflected in the numbers.

而讓我現在如此有信心的另一個原因是：再一次，當我看產品端，現在的狀況相較 12 個月前。不是所有東西都能開箱即用。同樣地，我們必須在某些事情上努力，例如代理回應時間與準確度，但已經好太多了；客戶也看到了價值主張，而這也反映在數字上。

Charlie Brennan, Jefferies.

Charlie Brennan，Jefferies。

Great. Thanks very much for taking my question. Actually, just to follow up to your previous answer there, Christian. You talked about needing to continue to improve the agents, both in response times and accuracy, can you give us a sense of how far away you are today from where you want to be? Is that a matter of months to close? Or is it a longer body of work than that? .

很好。非常感謝讓我提問。其實是想延續你剛才的回答，Christian。你提到需要持續改善代理，包含回應時間與準確度；你能否讓我們了解一下，你們目前距離你們想達到的目標還有多遠？這是幾個月內就能補齊的差距嗎？還是需要更長期的工作量？.

And I guess related to AI, I'm getting partners beginning to fill the push towards AI credit to the business model. Dominik, can you shed some light to whether that influencing some of the metrics in the P&L yet and the dynamics between perhaps what you can book a CCB and what ends up in revenue?

我想這也與 AI 有關，我開始聽到合作夥伴把推動 AI 點數（credit）納入商業模式。Dominik，你能否說明一下，這是否已經在某些損益表（P&L）指標上產生影響，以及例如你們可以記入 CCB 的部分與最終反映在營收中的部分之間的動態？

Happy to take the first question, Charlie. Look, probably on accuracy, we will never be done. I mean -- and transformation is always also a mindset change. And -- when product managers come to me and show me in our daily agent review, oh, I have an accuracy of 95%. I said, no you raise the bar on your test cases because we want to then solve even more complex problems." I mean that is what SAP is known for.

Charlie，我很樂意先回答第一個問題。你看，可能就準確率而言，我們永遠不會覺得已經完成了。我的意思是——轉型同時也是一種思維模式的改變。而且——當產品經理在我們每日的代理（agent）檢視中來找我，跟我說「喔，我的準確率有 95%」。我會說，不，你要把測試案例的門檻拉高，因為我們希望能解決更複雜的問題。" 我的意思是，這正是 SAP 以此聞名的。

So we will -- we continuously work on accuracy. And again, when I look at the new harness, when I look at the knowledge graph, when I see how we are training those models, I mean, this is, again, a big difference also compared to 12 months ago. But of course, there's always work what we have to do.

所以我們會——持續在準確率上努力。再說一次，當我看新的測試框架（harness）、看知識圖譜（knowledge graph）、看到我們如何訓練這些模型時，我的意思是，這相較於 12 個月前又是很大的不同。但當然，總是還有我們必須做的工作。

Response time is also something. We are trading every query down to the data layer, to the ontology layer, we are tracing and how responding, how good are the APIs?

回應時間也是一個面向。我們會把每一個查詢一路追蹤到資料層、到本體（ontology）層，我們在追蹤回應情況、API 的表現有多好？

Do we need to extend the ontology when agents are going into the loop. And again, this is also a mindset change. I mean this is really so different to -- compared to what we did in software development, but we are making good progress.

當代理進入迴圈（loop）時，我們是否需要擴充本體。而且再說一次，這也是一種思維模式的改變。我的意思是，這真的跟——相較於我們過去做軟體開發的方式非常不同，但我們正在取得良好進展。

And I see everyone is so energized to move into that and build the best agents for the industry. So there's always work to do and yes, but we are making great progress there.

而我看到每個人都非常有幹勁投入其中，為產業打造最好的代理。所以總是有工作要做，是的，但我們在這方面進展非常好。

So maybe, Charlie, on the question of the credits and whether there's any impact visible, I would say, first of all, it's very important to note that whenever we give credits to a customer, we basically amortize these accounts spread over the life of the contract.

那麼，Charlie，關於點數（credits）的問題以及是否已可見到任何影響，我會說，首先非常重要的一點是，每當我們給客戶點數時，我們基本上會在合約存續期間把這些金額分攤攤銷。

That means that you don't have to worry about some eclipse or anything happening on that front. And if your question more referred to this more consumption-based approach, which we want to gradually ramp into the mix, that is a very gradual process.

這表示你不需要擔心在這方面會出現什麼「日蝕」或任何突發狀況。如果你的問題更是指我們希望逐步導入組合中的、較偏用量（consumption）計價的做法，那會是一個非常漸進的過程。

So I'd say, in the near term, this kind of logic, how to bring CCB down to cloud revenue is still quite intact. Yes, it will loosen over time as we are going into more and more hybrid models all the way to full consumption based.

所以我會說，在短期內，這種把 CCB 轉換到雲端營收的邏輯仍然相當完整。是的，隨著我們逐步走向更多混合模式，直到完全以用量計價，這種連動性會隨時間而鬆動。

And as we want to sell outcomes to customers as opposed to tokens. And for outcomes, it needs consumption and adoption, which also means that all our incentives are gravitating towards more adoption. That is not something you should be concerned about in the bridge to '27, this will be still quite traditional, I'd say.

而且我們希望賣給客戶的是「成果」（outcomes），而不是代幣（tokens）。而成果需要用量與採用（adoption），這也意味著我們所有的激勵機制都會更偏向推動採用。在通往 '27 的這段期間，你不需要擔心這件事；我會說，這仍會相當傳統。

And by the way, it was also good to see that maybe our famous transactional business, which has been lingering along for a long time has now bottomed out a little bit and we have actually seen a pretty nice growth year-on-year in that bucket.

順帶一提，也很高興看到，也許我們那個著名的交易型業務（transactional business）長期以來一直拖著走，現在似乎已經稍微觸底，並且我們在那一塊實際上看到相當不錯的年增成長。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc Capital Markets。

Thanks for taking our questions, guys. The one that I had was on regions, EMEA and APAC growing again on the in cloud revenue growing again ahead of the Americas.

謝謝你們回答我們的問題，各位。我想問的是區域表現：EMEA 和 APAC 的雲端營收成長再次領先美洲。

And I'm curious, as AI becomes more of a part of the customer decision making, do you think that so the other regions, right, the Americas could start to catch up to EMEA and APAC in terms of their cloud revenue growth. And as AI might be being adopted faster in 1 region versus others? Thank you.

我很好奇，隨著 AI 在客戶決策中占比愈來愈高，你們是否認為其他區域——也就是美洲——在雲端營收成長方面可能開始追上 EMEA 和 APAC。以及 AI 是否可能在某一個區域比其他區域採用得更快？謝謝。

I mean, no. I mean when I look at the regional performance, both on AI and data, I mean the regions really performed equally strong.

我的意思是，不會。我的意思是，當我看各區域在 AI 和資料方面的表現時，我的意思是，各區域的表現其實同樣強勁。

Yes, there's one quarter where you might see an outlier. But I would say, when you look at it over the last four quarters, there's really a great consistency and also especially in North America, I would even say the customers are really oftentimes the front-runner for AI.

是的，可能有某一季你會看到一個離群值。但我會說，當你看過去四個季度，表現其實非常一致；而且特別是在北美，我甚至會說客戶往往真的是 AI 的先行者。

We are in many AI projects, especially on industry AI, where we are now codeveloping with customers where we open from a graduation perspective anyway, more easier than when I compare this to all the regulations we find in Europe.

我們參與了許多 AI 專案，特別是產業 AI（industry AI），我們現在正與客戶共同開發；從推進（graduation）角度來看，無論如何都比我拿來跟歐洲各種法規相比要容易得多。

So I would say, no, it's actually a US being the front-runner and EMEA and APJ in the meantime, falling really well. So there is really also a great consistency in the performance across all regions.

所以我會說，不，實際上是美國走在最前面，而 EMEA 和 APJ 同時也跟進得很好。因此，各區域的表現確實也非常一致。

They are the front runner, they are also much more penetrating on cloud already, so that I think is the main spectrum.

他們是領先者，而且他們在雲端的滲透率也已經高得多，所以我認為那才是主要面向。

Mark Moerdler, Bernstein Research.

Mark Moerdler，Bernstein Research。

Thank you very much for taking my question and congratulations on the solid quarter and the numbers and details. Dominik, I've been talking about current cloud backlog. Maybe I want to focus on the way you're thinking about guiding to the Q4 and the total revenue, you've given us numbers for FY26.

非常感謝讓我提問，也恭喜你們這一季表現穩健，數字與細節都很扎實。Dominik，我一直在談目前的雲端在手訂單（current cloud backlog）。也許我想聚焦在你們如何思考對第四季與總營收的指引；你們已經給了我們 FY26 的數字。

FY25 grew at 11% cost currency. First nine months has grown faster than that is it just simply there's just so much that the close obviously helps CCB, but a lot of what closes in Q4 is really not going to necessarily generate revenue in Q4. So what's the factors that are going into the bridge between the nine months and full year '26 revenue guidance.

FY25 以固定匯率（cost currency）計算成長 11%。前九個月的成長比這更快；是否只是因為第四季的結案（close）顯然有助於 CCB，但第四季成交的很多案子不一定會在第四季產生營收。所以，從前九個月到全年 '26 營收指引之間的銜接（bridge），有哪些因素在起作用？

You're absolutely right that our visibility for Q4 in cloud revenue terms, which is, of course, the key driver of total revenues is quite high at this stage. And this is why we now say it's now towards the high end of the range and then you can back-solve the implied cloud revenue growth and you will find it's around 23%. So there's no magic.

你說得完全正確：就雲端營收而言——當然也是總營收的關鍵驅動因素——我們在此階段對第四季的能見度相當高。這也是為什麼我們現在說會落在區間的高端；然後你可以回推（back-solve）隱含的雲端營收成長率，你會發現大約是 23%。所以沒有什麼魔法。

Now you might wonder why is it actually 23% given that we jump off a pretty healthy 25% in Q3, and there are a couple of reasons I want to call out, some I've already mentioned in my introductory remarks, I want to recall that Q3 last year, we had EUR0.2 billion of two factors that kind of weighed on cloud revenue in that quarter.

你可能會想，既然我們在第三季是相當健康的 25%，為什麼會是 23%？我想點出幾個原因，其中一些我在開場談話已經提過；我想提醒的是，去年第三季有 2 個因素合計約 2 億歐元，在那一季對雲端營收造成了一些壓力。

So it makes the comps easier. Secondly, there is still a little bit of a kind of quarter-on-quarter decel effect by the fact that smart recruiters was actually embarked in our P&L on September 11 last year. So we have a tiny kind of Q3 contribution. So there's still some good growth from M&A, so to speak, in Q3 of '26, which will be -- the comps will be out.

所以讓比較基期（comps）變得更容易。第二，仍然有一點點季對季（quarter-on-quarter）的減速效應，原因是 Smart Recruiters 是在去年 9 月 11 日才併入我們的損益表（P&L）。所以第三季只有很小的一段貢獻。因此可以說，在 '26 的第三季仍會有一些來自併購（M&A）的不錯成長，但——比較基期會消失。

So we will be -- we'll lose that kind of edge, but it's, let's say, 0.5 percentage point or so and then last but not least, don't forget that we have seen the decel in the CCB growth from Q3 last year, it was 27% in Q3 to 25% in Q4. So it's quite natural that we see the remodeling effect.

所以我們會——失去那種優勢，但大概也就是 0.5 個百分點左右；最後但同樣重要的是，別忘了我們看到 CCB 成長率從去年第三季的 27% 到第四季的 25% 有所減速。所以我們看到這種重新建模（remodeling）效應是很自然的。

But you're right, I mean, there shouldn't be any massive surprises on cloud revenues anymore. There's always some customer stories where some customers might recover from a certain situation or go in a certain situation, which is adverse to revenues.

但你說得對，我的意思是，雲端營收方面應該不會再有任何巨大的意外。總是會有一些客戶案例：有些客戶可能從某種情況中復原，或進入某種對營收不利的情況。

This noise is always normal. But otherwise, it's a quite clear line of sight for Q4 on the cloud revenue, I'd say. The other items, licenses always notoriously difficult to predict, so don't name me on that one. And -- but it's getting smaller and smaller.

這種雜音一向都屬正常。但除此之外，我會說，對於雲端營收在第四季（Q4）的展望，視線其實相當清晰。其他項目方面，授權一向以難以預測而聞名，所以那一點別算在我頭上。而且——它正變得越來越小。

And then we mentioned that we had a minus 5% constant currency decline in services. And so it's the EUR1 billion or about run rate per quarter, and that's another fact to that, yes, will be there probably because we really have good experience now and think that this conversion of billable hours into adoption and support of customers is paying offensively straightforward.

接著我們提到，服務業務以固定匯率計算下滑了 5%。因此大約是每季 10 億歐元左右的 run rate，而這也是另一個事實：是的，這種情況大概會持續存在，因為我們現在確實有很好的經驗，並且認為把可計費工時轉化為客戶採用與支援，正在以非常直接、進攻性的方式帶來回報。

You get a meager margin on an hour you sell, but if you can convert that into recurring high-margin AI data business, and we feel there's more value to be had from that.

你賣出一小時只能拿到微薄的利潤，但如果你能把它轉化為經常性、高毛利的 AI 數據業務，我們覺得其中還有更多價值可以挖掘。

Michael Briest, UBS.

Michael Briest，瑞銀（UBS）。

Thank you. Congratulations. Perhaps for Dominik, I think you need to do about EUR2 billion in Q4 I know there's lot of the confidence in that. And I noticed coming less wind than it has been for the last couple of years. Are you starting to see from the migration credits being, if you like, utilized by customers? Thanks.

謝謝。恭喜。或許問 Dominik：我想你們在第四季需要做到大約 20 億歐元，我知道你們對此很有信心。而我注意到，順風似乎比過去幾年少了一些。你們是否開始看到客戶在使用（如果你願意這麼說）遷移抵用額（migration credits）？謝謝。

Indeed, I mean, we always pointed out to the fact that migration credits at some point in time will affect our free cash flow, but not to a degree that I feel nervous about the full guidance of EUR10 billion. Yes, the remain to do you mentioned is there -- but I think we have opportunities, and I'm relatively confident that this is something we can manage.

確實，我的意思是，我們一直指出遷移抵用額在某個時間點會影響我們的自由現金流，但影響程度不足以讓我對 100 億歐元的全年指引感到緊張。是的，你提到的尚待完成部分仍在——但我認為我們有一些機會，而且我相對有信心這是我們可以管理的事情。

But to be honest, on Q3, you see a little bit of a -- from my taste high accounts receivable. So I think we have to tighten screws on our collections a little bit more.

但老實說，就第三季（Q3）而言，你會看到應收帳款有一點——以我的口味來說偏高。所以我認為我們必須把收款（collections）的螺絲再鎖緊一些。

Maybe the higher interest rates create some incentives here to -- for customers to be a little slower sometimes in the final excuse. So we're now all over this and collecting money to make sure that we are harvesting not only selling our invoices, but also getting the money come back into the shop.

也許較高的利率在這裡造成了一些誘因——讓客戶有時在最終付款上稍微慢一點，找些理由。所以我們現在全面跟進並催收款項，確保我們不只是開出發票在賣，還要把錢收回到公司裡。

Johannes Schaller, Deutsche Bank.

Johannes Schaller，德意志銀行（Deutsche Bank）。

Yeah, thanks for taking my question. Christian, you talked a little bit about how you're not overly relying on a single AI model out there and then also you made some decent investments in model routing tools, routing the right task to the right, most efficient model. In the light of the gross margin for the business.

是的，謝謝讓我提問。Christian，你談到你們並不過度依賴市面上單一的 AI 模型，而且也在模型路由工具上做了不錯的投資，把正確的任務路由到正確、最有效率的模型。就業務的毛利率而言。

We obviously have some headwinds at the moment, but this model routing could become quite a nice source of potential cost savings that you can either pass on to your customers or maybe keep some of that in your margins? Just how should we think about that conceptually going forward?

我們目前顯然有一些逆風，但這種模型路由可能會成為相當不錯的潛在成本節省來源，你們可以把節省讓利給客戶，或是把其中一部分留在毛利裡？從概念上來看，未來我們應該如何思考這件事？

Yeah, absolutely right. Johannes, I mean, obviously, we are also now checking every agent use case. We are shipping also on what is the best model and not only from a performance, from an outcome perspective but also from a price perspective. And we are just at the beginning. So we are switching the models now more often.

是的，完全正確。Johannes，我的意思是，很明顯我們現在也在檢視每一個代理（agent）的使用情境。我們在出貨時會選擇最佳模型，不只是從效能、結果的角度，也從價格的角度。而我們才剛開始。所以我們現在更頻繁地切換模型。

And we see also that we have an increasing share of weight models. By the way, not only for what we ship to our customers, but also what we do internally.

我們也看到輕量模型（lightweight models）的占比正在提高。順帶一提，不僅是我們交付給客戶的內容，內部使用也是如此。

And then the second part is, I mean, when you look into the core -- as I also said in the last earnings call, I mean, yes, this year, we have some onetimers there. We are investing in software and cloud. We, of course, have higher hardware prices.

第二部分是，我的意思是，當你看核心——就像我在上次財報電話會議也說過的，是的，今年我們有一些一次性因素。我們正在投資軟體與雲端。當然，我們也面臨較高的硬體價格。

Now we are not super invested in the infra business, but still. Next year, what we're also working on is, of course, on a huge AI automation initiative across the delivery life cycle of our cloud operations, be it on the deployment side, be it on the monitoring on the incident management, the whole application management.

現在我們並沒有在基礎設施（infra）業務上投入得特別多，但仍然如此。明年我們也在推動的，當然是一項龐大的 AI 自動化計畫，涵蓋雲端營運交付生命週期：不論是部署端、監控、事件管理（incident management），以及整個應用管理。

So we are working heavily on further automation opportunities so that we are also able to cut some of our third-party contractors we deploy in our cloud delivery. So we remain confident that we also see in the upcoming years, a healthy development of our cloud cost margins, including switching off the models and being agnostic is a big plus as we also said before.

因此我們正大力推進更多自動化機會，讓我們也能削減一些在雲端交付中使用的第三方承包商。所以我們仍然有信心，在未來幾年我們的雲端成本毛利率會有健康的發展；其中包括關閉/切換模型、保持模型中立（agnostic）都是很大的加分，正如我們之前所說。

Ben Castillo, BNP Paribas.

Ben Castillo，法國巴黎銀行（BNP Paribas）。

Good evening. Thanks for taking my question. Christian, the two more recent debates forming, firstly, around software potentially going more headless so accessing data and insights from a plug-in versus retaining the AI US?

晚安。謝謝讓我提問。Christian，最近有兩個討論正在形成：第一，軟體可能會變得更「無頭化」（headless），也就是透過外掛（plug-in）來存取資料與洞見，而不是保留 AI 的使用者介面（UI）？

And then secondly, perhaps, as you mentioned earlier, a divergence between those staying AI model agnostic, having giving choice and those partnering more exclusively. It's an open question. Just curious on your thoughts and what gives you confidence that you have the right strategy? And is that being validated with your customer discussions that that's aligned to how they want to deploy their own AI road map? Thank you (technical difficulty)

第二，或許如你先前提到的，在保持 AI 模型中立、提供選擇，與更排他性合作的做法之間，可能會出現分歧。這是一個開放式問題。只是想聽聽你的看法，以及是什麼讓你有信心你們的策略是正確的？而在你們與客戶的討論中，是否也驗證了這與他們想要部署自身 AI 路線圖的方式一致？謝謝（技術問題）

Please stand by. Pardon the interruption, everyone. Please stand by while we reestablish our audio. Please resume.

請稍候。各位抱歉打斷一下。請稍候，我們正在重新建立音訊連線。請繼續。

Okay. Okay, sorry for the disruption. As I said that before, it's very important that -- what I mentioned is that we are, of course, also now using AI to train the models and further work on the accuracy and the outcomes of the agent. So -- and that's what we are continuously now doing. And with that, we see also then, of course, also further optimization of the price outcome ratio. So again, we are working there and we see very, very good progress quarter-over-quarter.

好的。好的，抱歉造成中斷。如我之前所說，非常重要的是——我提到的是，我們當然也正在使用 AI 來訓練模型，並進一步提升代理的準確性與輸出結果。所以——這就是我們現在持續在做的事。而透過這些，我們也看到，當然，價格與結果的比率也在進一步優化。所以再次強調，我們正在推進這些工作，而且我們看到每一季（quarter-over-quarter）都有非常、非常好的進展。

Frederic Boulan, Bank of America.

Frederic Boulan，美國銀行（Bank of America）。

Thank you for taking the question. Yeah. If I can come back to the question around the margin side. Can you talk a bit more about the moving parts on margins this year and next. So we have gross margin down. You seem pretty confident availability to return to growth.

謝謝讓我提問。是的，如果我可以回到關於利潤率的問題。你能否多談一些今年與明年利潤率的各個變動因素？所以我們看到毛利率下滑。你看起來對回到成長的能力相當有信心。

But I would be good to have your a bit more detail on the rest of the model in terms of operating leverage and the ability to keep on expanding margins next year?

但如果能就模型的其他部分提供更多細節會很好，例如營運槓桿（operating leverage）以及明年持續擴大利潤率的能力？

Yeah. I mean we are working on an all-in an AI program internally at SAP. And I mentioned it in R&D. Obviously, we see huge productivity gains, just not only applying AI co-generation tools. We're also applying AI for testing -- and then for the whole delivery life cycle.

是的。我們在 SAP 內部正在推動一個全方位的 AI 計畫。 我在研發（R&D）部分也提過。很明顯，我們看到巨大的生產力提升，不只是應用 AI 協同生成（co-generation）工具。我們也把 AI 用於測試——以及整個交付生命週期。

And that's why -- as I said before, I'm also really optimistic on cloud delivery and our gross margins because, again, we will switch models to always optimize for the best price outcome but also then for all the manual activities we are doing today in really delivering onboarding the agents and the systems, but also the whole application management of our operations, we will see huge efficiency gains also next year. And we will also adjust our third-party contracts also during the course of the next 12 months.

因此——如我之前所說，我對雲端交付與我們的毛利率也非常樂觀，因為再次強調，我們會切換模型，始終以最佳的價格/結果來最佳化；同時，對於我們今天在實際交付、上線導入代理與系統，以及營運中的整體應用管理所做的所有人工活動，我們明年也會看到巨大的效率提升。而且在接下來 12 個月的過程中，我們也會調整第三方合約。

If you look at sales, I mean, Joule Work is fantastic. And when you go to a customer, the customer briefing with all the details, with all the business data of the customer pipeline adoption data, the tickets, everything is there.

如果你看銷售端，我的意思是，Joule Work 非常出色。而當你去到客戶那裡做客戶簡報時，所有細節、所有客戶管線的業務資料、採用數據、工單（tickets）——一切都在那裡。

That helps the salespeople a lot. The whole account planning is done via Joule Work. And then if we move on to finance, we are just doing the financial planning for the year.

這對銷售人員幫助很大。整個客戶帳戶規劃都是透過 Joule Work 完成。接著如果我們談到財務，我們就是在做年度的財務規劃。

Also there, we use our Tableau AI. We use a lot also Joule Work there to do the simulations to do the reporting and including HR with Tech Wolf, I mean it's all about skilled transformation.

在那裡我們也使用 Tableau AI。我們也大量使用 Joule Work 來做模擬、做報表，並且也涵蓋到與 Tech Wolf 的人資——我的意思是，這一切都圍繞著技能轉型。

So HR business partners are using Joule Work heavily to analyze skills, to check, okay, where to recruit, how to -- who to offer which training. And so also there.

因此，人資業務夥伴大量使用 Joule Work 來分析技能，來檢視，好，該在哪裡招募、以及——該提供誰哪些訓練。所以在那裡也是如此。

I mean we are confident -- as I also said, we are confident to really also gain up to and EUR3 billion efficiency gains over the course of the next 2 years. And you're going to -- we will continuously update you on the progress. but we are very confident that on all cost items in our P&L, you're going to see the impact of AI.

我的意思是，我們有信心——如我先前所說，我們有信心在未來 2 年內累計也能取得最高達 30 億歐元的效率提升。而你們將會——我們會持續向各位更新進展。但我們非常有信心，在我們損益表中的所有成本項目上，你們都會看到 AI 的影響。

Yes. I just want to make sure that, I mean, these are all extremely powerful levers. I think Christian has also mentioned, we had the sovereign cloud still. We have some reselling business, which is expanding fast.

是的。我只是想確認一下，我的意思是，這些都是非常強而有力的槓桿。我想 Christian 也提到過，我們仍然有主權雲。我們也有一些轉售業務，而且擴張很快。

The BDC structures -- and we have embarked -- we are going to embark quite some acquisitions, which is not so much a topic on gross margin, but more a topic of operating margin, which are going to be absorbed.

BDC 的架構——而且我們已經著手——我們將會展開相當多的併購；這與毛利率的關聯不大，更多是營業利益率的議題，而這些將會被吸收消化。

And so we'll need all these levers to really make sure that the gross margin -- the cloud gross margin is stable and we can sustain that.

因此我們需要所有這些槓桿，才能真正確保毛利率——雲端毛利率保持穩定，並且我們能夠維持它。

But the overall model is, of course, intact. I mean we are firmly committed to keeping that -- containing the growth in operating expenses, total operating expenses, including cost of goods sold, to the 80% to 90% growth of the top line.

但整體模型當然仍然完好無缺。我的意思是，我們堅定承諾要維持——將營運費用的成長、總營運費用（包含銷貨成本）控制在營收成長的 80% 到 90% 之間。

So that is -- we have obviously been very careful to not be too specific on any one of the line items and I think, serves us well because there are all these puts and takes happening every quarter, and we want to be really flexible to steer the business to make sure we maximize the economics here.

所以這就是——我們顯然一直非常謹慎，不會對任何單一費用項目講得過於具體；我認為這對我們很有利，因為每一季都有各種利多與利空因素在發生，我們希望能非常有彈性地引導業務，確保我們在這裡把經濟效益最大化。

And don't forget, we want to really drive the absolute amount of money we harvest from these opportunities as opposed to focusing purely on the margin side.

而且別忘了，我們真正想推動的是從這些機會中收割的絕對金額，而不是只專注在利潤率面向。

Kirk Materne, Evercore ISI.

Kirk Materne，Evercore ISI。

Yeah, thanks very much for taking the question. Dominik, I just wanted to follow up on something you said earlier about the transactional business. I realize it's very small for you all, but it seemed like you mentioned that it was stabilizing. I was just wondering -- do you see that continuing to stabilize? Can that be a little bit more of a tailwind for you all as you go into '27? I realize it can fluctuate. But it's good news, that's obviously stabilizing. Wondering how you're thinking about it going forward.

好的，非常感謝讓我提問。Dominik，我想追問你先前提到的交易型業務。我知道這對你們來說規模很小，但你似乎提到它正在趨於穩定。我想請問——你是否看到它會持續穩定？當你們邁向 2027 年時，它是否可能成為你們更大的順風？我知道它可能會波動。但這是好消息，顯然正在穩定。想了解你們未來如何看待它。

Tailwind is a strong word because it might imply that it's higher than the group average cloud growth, which is definitely not. It's far below that. But you recall it was kind of hovering around zero, slightly negative, and now we are back to some positive territory, which is just reducing the headwind as opposed to being a tailwind.

「順風」這個詞有點強，因為它可能暗示其成長高於集團平均的雲端成長，而這絕對不是。它遠低於那個水準。但你還記得它之前大概在零附近徘徊、略為負成長，而現在我們回到一些正成長區間；這只是減輕逆風，而不是成為順風。

Richard Wynn, Bernstein. Richard, your line is now open.

Richard Wynn，Bernstein。Richard，你的線路現在已開通。

Patrick Walravens, Citizens.

Patrick Walravens，Citizens。

Oh, great. Thank you very much. I really appreciate it. Christian, maybe a little bit on the smaller side of the business opportunity, but I'm wondering what you think about the travel and expense side of the business where Concur has been so dominant for so long, but now you're seeing some new competitors growing faster?

喔，太好了。非常感謝。我真的很感激。Christian，可能是比較小的一塊業務機會，但我想請教你對差旅與費用這一塊的看法：Concur 長期以來一直非常主導，但現在你看到一些新的競爭對手成長更快？

Yeah. I mean, absolutely. I mean, Concur is a sizable business for us and I would say, good saying, we are more on the expense side, so travel to expense with a lot of regulations, customers have Concur in the meantime, extremely deeply integrated to our finance solutions. So it's a very, very stable business. Obviously, the very minor part is on the booking side.

是的。我的意思是，完全同意。Concur 對我們來說是一項相當可觀的業務；而且我會說，老話一句，我們更偏向費用端，所以從差旅到費用這一段有很多法規要求；客戶目前已經使用 Concur，並且與我們的財務解決方案整合得非常、非常深入。所以這是一個非常、非常穩定的業務。顯然，其中非常小的一部分是在訂票端。

And there are, of course, a lot of new incumbents in the market. But this is not the main part of Concur's business. And we are also in there with our agents, we are developing already great adoption.

當然，市場上也有很多新的既有業者。但這並不是 Concur 業務的主要部分。而且我們也透過我們的代理（agents）參與其中，我們已經看到很好的採用率。

I would even say, from all of the lines of business solutions, we see even the highest adoptions on the Concur side, so we are very happy with this business.

我甚至會說，在所有業務解決方案產品線中，我們在 Concur 這一端看到的採用率最高，所以我們對這項業務非常滿意。

And again, we are -- this is predominantly focused on the expense to pay. So -- and that is very, very important. And so the travel to record is intact.

再說一次，我們——這主要聚焦在從費用到付款（expense to pay）。所以——而這非常、非常重要。因此，從差旅到入帳（travel to record）這一段仍然完好。

And also there, I mean, we are also now announcing new we will announce new partnerships with some credit card providers, some airlines. So also, there is a huge interest in the ecosystem. So the business is intact and very healthy.

而且在那裡也是，我的意思是，我們現在也正在宣布新的——我們將宣布與一些信用卡發卡機構、一些航空公司的新合作夥伴關係。所以在那裡，生態系也有很高的興趣。因此這項業務仍然完好且非常健康。

Balajee Tirupati, Citi.

Balajee Tirupati，Citi。

Hi, good evening and thank you for taking my questions. Would it be possible to share color on constituents within your backlog growth? And as the HCC maintenance deadline is approaching, is it getting more skewed towards migration or NPDC actually growing share from a very small base. .

嗨，晚安，謝謝讓我提問。是否可以分享一下你們在手訂單（backlog）成長的構成細節？另外，隨著 HCC 維護截止期限逼近，它是否更偏向遷移，或是 NPDC 其實正從很小的基礎上提升占比、正在成長。.

No, as I said, I mean, what we are seeing is an every Wise journey now to the cloud customers use this Wise journeys more and more to really do a business transformation. And while two, three years ago. It was more about greenfield process redesign, process automation.

不，正如我說的，我的意思是，我們現在看到的是，每一個 RISE 旅程（Wise journey）走向雲端時，客戶越來越多地使用這些 RISE 旅程來真正進行業務轉型。而在兩、三年前，它更多是關於綠地的流程重新設計、流程自動化。

Now it's also, of course, a huge lever to also completely reinvent our business process is run with AI. Plus, as I said, in every wise journey, customers are not only moving to S/4 and our line of business solutions, but they are really also making use of our BDC platform.

現在它當然也是一個巨大的槓桿，用來透過 AI 徹底重新發明我們的業務流程運作方式。再加上，如我所說，在每一個 RISE 旅程中，客戶不僅是移轉到 S/4 和我們的各條業務解決方案，他們也確實在使用我們的 BDC 平台。

to really also build a harmonized data layer, both SAP and non-SAP.

以真正建立一個一致化的資料層，涵蓋 SAP 與非 SAP。

So we are seeing that Wise contracts overall, they are getting richer. There are more solutions embedded, first AI on the process layer underneath our business AI platform with BDC, and then customers are using all kinds of AI migration tools now to also then accelerate the journey. So overall, you see why it's definitely become -- became which are from a scope perspective with AI, with BDC.

所以我們看到 RISE 合約整體而言變得更豐富。嵌入了更多解決方案：首先是在流程層的 AI（位於我們的 Business AI 平台之下）以及 BDC；接著客戶現在也使用各種 AI 遷移工具來加速旅程。所以整體而言，你會看到 RISE 確實已經成為——從範疇角度來看，加入了 AI 與 BDC。

And we also see it, by the way, in the Q4 pipe, which again looks strong. It's actually also there. You see the consistency on that every Wise deal we are leading with AI and the data layer is always part of it.

順帶一提，我們也在第四季的管線中看到這一點，而它看起來依然強勁。實際上在那裡也是。你會看到一致性：在每一筆 RISE 交易中，我們都以 AI 作為主打，而資料層永遠是其中的一部分。

Great. And with that, thank you, Christian. Thank you, Dominik. This concludes our call for today. Thank you for joining, and apologies again for the disruption.

很好。那麼，謝謝你，Christian。謝謝你，Dominik。今天的電話會議到此結束。感謝各位參與，也再次為中斷致歉。

Thank you.

謝謝。

Thank you. Bye-bye.

謝謝。再見。

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，電話會議現在結束，您可以掛斷電話。感謝您的參與，祝您有美好的一天。再見。