""slightly decelerate""
""Now there are these mega deals, and that will also continue, and they will take a higher share in the overall order entry of what we are converting to the cloud with RISE.""
SAP experienced a 22 percent market value decline on January 29 after forecasting a slight slowdown in cloud backlog growth. Calendar 2025 revenue reached €36.8 billion, up 8 percent year‑over‑year, and Q4 2025 operating profit was €2.554 billion, 27 percent higher than the prior-year quarter. The cloud backlog fell from 2024 to 2025 and is expected to "slightly decelerate" further in 2026, with growth around 25 percent. CEO Christian Klein confirmed renewal discount plans for existing customers will not change. RISE with SAP has shifted from smaller customers to mega deals, lifting total cloud backlog to €77 billion but delaying some revenue realization.
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