We reiterate our Buy on SAP post Q2. After a strong Q1 and a bullish display at Sapphire mid-May, Q2 was mixed with revenues in line with expectations but hiding a weak mix, with Cloud revenues a 2.6% miss versus consensus (css), up 22% YoY, despite 79% growth at S4, driven by Infrastructure and Fieldglass declines. This was offset by a 14% beat on licences. As a results, SAP lowered the high end of its Cloud growth target, with cloud growth now seen at 23-24% vs 23-26% before – which assumes a pick up in growth from +22% in H1, consistently with the 1pp pick up in Current Cloud backlog in H2 2022. EBIT was strong, with non-IFRS EBIT up 28% in cc, a €130mln / 6.7% beat vs css. However, SAP only raised the FY EBIT guide by €50mln, implying a modest 2-8% growth in H2. FCF was strong as well, at €640mln, a 41% beat vs css.