For 2025, SAP (SAP) is updating its cloud revenue, operating profit and free cash flow outlook and now expects: To generate cloud revenue towards the lower end of the outlook range of EUR 21.6 – 21.9 billion at constant currencies (2024: EUR 17.14 billion), up 26% to 28% at constant currencies. To generate non-IFRS operating profit towards the upper end of the outlook range of EUR 10.3 – 10.6 billion at constant currencies (2024: EUR 8.15 billion), up 26% to 30% at constant currencies. EUR 8.0 – 8.2 billion free cash flow (2024: EUR 4.22 billion). The previous outlook was approximately EUR 8.0 billion. SAP continues to expect: EUR 33.1 – 33.6 billion cloud and software revenue at constant currencies (2024: EUR 29.83 billion), up 11% to 13% at constant currencies. An effective tax rate (non-IFRS) of approximately 32% (2024: 32.3%)(2). Current cloud backlog growth at constant currencies to slightly decelerate in 2025.
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