Financial Outlook 2025
For 2025, SAP now expects:
- €21.6 – 21.9 billion cloud revenue at constant currencies (2024: €17.14 billion), up 26% to 28% at constant currencies.
- €33.1 – 33.6 billion cloud and software revenue at constant currencies (2024: €29.83 billion), up 11% to 13% at constant currencies.
- €10.3 – 10.6 billion non-IFRS operating profit at constant currencies (2024: €8.15 billion), up 26% to 30% at constant currencies.
- Approximately €8.0 billion free cash flow at actual currencies (2024: €4.22 billion), based on updated free cash flow definition (see section (N) 2025 Reporting Changes).
- An effective tax rate (non-IFRS) of approximately 32% (2024: 32.3%)2.
The company also expects current cloud backlog growth to slightly decelerate in 2025.