[PREVIEW] SAP (SAP GY) to report Q1 results on 23 April 2026; analysis expect a "solid Q1", though geopolitical risks exists

SAP (SAP GY) is set to report its Q1-2026 earnings on April 23 at around 21:05 BST / 16:05 EDT. Thereafter, senior management will host a financial analyst conference call at 22:00 BST / 17:00 EDT. Heading into earnings, analysts at Deutsche Bank wrote in a recent note that amidst AI developments and negative geopolitical developments, the software/IT sector will remain volatile. They suggest that this will provide “great longer-term entry points”, highlighting that SAP is moving in the “right strategic direction”. Overall, the bank expects a “solid Q1”, but some exposure to the Middle East pose some risks. A Buy rating is maintained for SAP, with a PT of EUR 200/shr. Headline metrics aside, focus will be on any early indications of slowing demand associated with the Iran conflict, which could cast some uncertainty on guidance for the remainder of the year. Analysts at Jefferies opined that some businesses may hold off on signing software deals, in favour of shoring up supply chains. Q1 Earnings Expectations (EUR): Total Revenue: 9.53bln (prev. 9.01bln Y/Y) Cloud Revenue: 5.87bln (prev. 4.99bln Y/Y) Cloud Revenue Growth: 18% Cloud backlog: 24% to 25% (prev. 25%)