SAP Lowers 2025 Cloud Revenue Guidance Amid Currency Headwinds

SAP trimmed its 2025 cloud revenue forecast to the lower end of €17–17.3 billion as currency pressures and enterprise IT budget tightening weighed on sales. Shares fell 2.4% in Frankfurt trading after the update. Management highlighted resilient backlog growth in core ERP subscriptions but warned of a muted macro outlook in Europe. Analysts expect AI-driven products to support margins in 2026. SAP’s move follows similar cautions from Oracle and Salesforce as global CIO spending shifts to cost optimization over expansion.