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Europe · Business news · AI & Tech · 23 Jul 2026

SAP's cloud backlog reaches €22.9 billion; it trims its 2026 profit outlook after two AI acquisitions

EU Information Technology

AI: Enterprise software · AI agents · SAP — more AI news

What happened

SAP reported second-quarter total revenue of €9,878 million and cloud revenue of €6,281 million, with cloud revenue up 22% and its current cloud backlog up 27% to €22.9 billion. The company lowered its 2026 non-IFRS operating profit outlook to €11.8 billion-€12.2 billion at constant currencies from €11.9 billion-€12.3 billion, citing a dilutive effect of more than €100 million from buying Dremio, a data lakehouse platform for agentic AI, and Prior Labs, a developer of tabular foundation models. Both deals closed in July.

Why it matters for listed companies

SAP is paying for AI capability out of this year's profit: the two acquisitions take more than €100 million off its 2026 operating profit outlook, now €11.8-12.2 billion. Against that, a current cloud backlog of €22.9 billion, growing 27%, is contracted revenue for the next twelve months from customers moving their core business software to SAP's cloud. Purchase prices for Dremio and Prior Labs are not disclosed in the statement.

Reported by SAP (SEC Form 6-K) — “SAP Announces Q2 and Half-Year 2026 Results” ↗ on 23 Jul 2026.

Rates and currencies since this was reported

Official series on 23 Jul 2026 or the last day before it, and the latest observation.

ECB deposit facility rate
2.25% → 2.50% +25 bp
23 Jul 2026 → 16 Oct 2026 · European Central Bank
Euro area 10-year yield (AAA)
3.22% → 3.39% +17 bp
23 Jul 2026 → 15 Oct 2026 · European Central Bank
Euro in US dollars
1.1392 → 1.1253 -0.0139
23 Jul 2026 → 16 Oct 2026 · ECB reference rate
Euro in pounds sterling
0.8532 → 0.8438 -0.0093
23 Jul 2026 → 16 Oct 2026 · ECB reference rate
These figures are measured, not attributed. Prices and rates move for many reasons at once; they show what happened after this story, not that the story caused it. Nothing here is a recommendation to buy, sell or hold.

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