SAP achieved quarterly revenue above €10 billion for the first time, as cloud revenue rose 26% to €6.67 billion and current cloud backlog increased 26% at constant currencies to €24.14 billion. Non-IFRS operating profit rose 18% to €3.03 billion, profit margin widened to 29.5% from 28.3%, and free cash flow increased 36% to €1.72 billion. The backlog growth exceeded UBS's 24% to 25% forecast and is closely watched as an indicator of global enterprise technology spending. Chief Executive Officer Christian Klein said AI was the main factor driving customers to the cloud, with businesses signing subscriptions for SAP's Joule assistant platform, which connects to more than 70 AI models. SAP lifted its 2026 subscription-revenue and cloud-and-software-revenue expectations toward the upper ends of their respective ranges, while retaining its constant-currency operating-profit outlook of €11.8 billion to €12.2 billion. AstraZeneca and Infineon were among new cloud customers.