At the end of August, SAP shares traded around 189 euros, roughly a third higher than a month earlier. Against the previous year the stock is still down by more than twenty percent.
The quarterly figures of 23 July 2026 say more. Current cloud backlog reached 22.9 billion euros and grew by 27 percent, cloud revenue by 22 percent. On 26 August, UBS nevertheless moved the stock to neutral while raising its price target to 201 euros. The reason was delivery: 17 preconfigured AI agents are available, 15 are in ramp-up, against an announced 200 by year end. Analysts point to customer landscapes running several ERP instances on different releases, many in private cloud environments with custom code.
For mid-sized companies one point matters most: systems close to the standard receive new agent capabilities earlier than landscapes extended over many years. Cleaning up custom development is not housekeeping but a precondition.