SAP’s Cloud Backlog Tops €21.9 Billion, but the Stock Can’t Shake Its 27% Slide

SAP shareholders approve dividend and board changes at virtual AGM, but stock near 52-week low. All eyes on Sapphire conference for AI strategy and growth outlook.

SAP shareholders rubber-stamped the company’s dividend and board elections at this year’s virtual annual general meeting, but the real test begins next week in Orlando. The software giant’s stock closed at €146.92 on Friday, down 1.8% on the day and roughly 27% lower since the start of the year — a stark contrast to the broader tech market’s record-breaking run.

The AGM, held virtually, passed all resolutions with overwhelming support. The dividend of €2.50 per share for fiscal 2025 was approved with 99.91% of votes cast, representing about 69% of the share capital. Shareholders also greenlit a change to the company’s articles of association allowing the issuance of electronic shares, which carry the same rights as traditional collective certificates. That measure passed with 99.94% approval. Supervisory board elections saw support ranging from 88% to 99%.

None of that unity, however, has translated into share-price momentum. The stock is now trading dangerously close to its 52-week low of around €139, having briefly touched €147.16 on Friday before slipping. On the upside, the €160 level continues to act as resistance. Technically, a double-bottom pattern has formed near the lows, but the stock remains well below its 200-day moving average of €197.86 — and a staggering 46% off its 52-week high of €271.60.

All Eyes on Orlando

The focus now shifts to the SAP Sapphire & ASUG Annual Conference, running from May 11 to 13 at the Orange County Convention Center in Orlando. CEO Christian Klein and the executive team will use the event to lay out how the company plans to translate artificial intelligence into measurable business outcomes. On the final day, the investor relations team will host a financial analyst conference featuring board presentations and a Q&A session.

The conference comes at a critical juncture. SAP’s first-quarter results missed revenue expectations, yet management has reaffirmed its full-year guidance for 2026. The cloud order backlog stood at €21.9 billion at the end of Q1, up 25% in constant currencies, while cloud revenue climbed 27% on the same basis. The company still targets cloud revenue of between €25.8 billion and €26.2 billion for the year, with operating profit expected to show meaningful currency-adjusted growth and free cash flow of roughly €10 billion.

A Word of Caution

Despite the robust backlog figures, SAP has warned that second-quarter growth may moderate due to one-off effects. That caveat, combined with the Q1 revenue miss, has left investors skeptical about the achievability of the full-year targets. Analysts will be pressing for clarity on the conference floor in Florida starting Monday.

For now, the Sapphire event represents SAP’s best near-term opportunity to rebuild confidence — and to close the yawning gap between its current share price and the highs of early 2026.