速览：SAP Sapphire 2026 - 方向正确，但执行与速度至关重要

Quick Take: SAP Sapphire 2026 - In the right direction, butexecution and speed will be crucial We spent the last few days at SAP’s Sapphire conference and their Financial AnalystMeetings in Orlando Florida. Unsurprisingly, AI continues to be the focus this year, but ascompared to last year management showed a more mature and integrated approach. SAPis returning to its core of being both a platform technology and an application company Mark L. Moerdler, Ph.D.+1 917 344 8506mark.moerdler@bernsteinsg.com Richard Nguyen+33 1 42 13 54 22richard.nguyen@bernsteinsg.com Sapphire this year has been very successful with attendance largely above those ofprevious years, with AI dominating all our conversations with end-customers and partners. Firoz Valliji, CFA+1 917 344 8316firoz.valliji@bernsteinsg.com Shelly Tang, CFA+1 917 344 8342shelly.tang@bernsteinsg.com In this note, we will focus on feedback from customers and partners, as well as some keyannouncements. Note that SAP has reiterated FY26 financial outlook. The company hasalso provided a comprehensive update on its commercial models (e.g. consumption-based, Our key takeaways from Sapphire 2026: 1. Execution will be crucial. While SAP has provided a comprehensive view on its AIroadmap, the delivery of its messages has not been impactful enough, based on our 2. SAP gave greater context surrounding their AI data policy pivot (Link) and how they willsupport AI built within the capabilities of SAP’s systems and external to SAP’s systems. 3. Competition will be particularly fierce at the orchestration layer, but SAP argues thatthey have a right to win within back office (ERP, HCM, etc.) given its deep domainand semantic knowledge and the fact that it supplies the fundamental ERP and HCM 4. While customers and partners view positively SAP's AI product line-up, the generalperception was that the company needs to speed up its delivery, and better helpcustomers on cost. Interestingly how they deliver on this was focus at the FAM. 5. SAP will further leverage its extensive partner ecosystem to drive its go-to-market. TheFDE initiatives are positively viewed by customers. 6. The S/4 migration momentum is strong with no obvious impact from the situation in theMiddle East and management reiterated multiple times their expectation that they will Our team spent the last few days at SAP’s Sapphire conference and their Financial Analyst Meetings in Orlando Florida.This year’s conference has been very successful with attendance largely above those of previous years, and AI dominatingthe presentations and our conversations with customers and partners. In this note, we will focus on our takes from key KEY ANNOUNCEMENTS AND OUR THOUGHTS While SAP did not update but rather reiterated its financial guidance this time. The company made a series of productannouncements that reflects the company’s AI learning over the past year with its customers and its vision forward. We highlight a few below:•Joule Studio 2.0: the new version of Joule Studio, which is the toolkit to build agents (including model orchestration,tooling, context etc.) will start to roll out in June but is already in beta with customers. This version will be more developmentfocused with enriched tools for partners and customers, as the company learned over the last year that building on theJoule’s platform wasn’t the easiest due to a lack of development tools. Compared to the previous version, the new build 1.5. •In addition to a better development tools, we note that Joule for Consultants (13-14k daily usage) and Joule for developers(thousands of users) have been great success in facilitating migration and extensibility. These AI tools, built with SAPknowledge and documentations from consultants, have on average saved 1.5h per day and increased efficiency on •As mentioned on the front page of this note, we see SAP driving to deliver broad out-of-the box AI capabilities, custom /customer / partner built AI and agentic functionality via Joule Studio as well as customer / partner built external AI andagentic. SAP is doubling down on Forward Deployed Engineers (link and link) within their organization to drive adoption of •Joule now available for ECC and S/4 on-prem customers, in addition to S/4 Cloud customers. While some may bewondering whether this will make customer feel less urgent to migrate, management disagrees. They believe that previouslywith AI solutions only made available to cloud customers, customers with large on-prem footprint were completely left out ofthe opportunity. Through enabling them access, build and test a few AI use cases by setting up ECC connectors, the ultimate •Support for AI within ECC and S/4 on-premise seems to focus on clients that plan to migrate to S/4 Cloud and could,one could argue, decrease the likelihood that on-premise customers go off and build AI leveraging other solutions (e.g. Snowflake, Databricks1 •SAP also announced RISE / GROW with AI for clients, bas