SAP’s €10B Apology: Q4 2025 earnings - 1.29.2026 (061)

SAP wrote a massive €10 billion check to its investors, but was it a reward or a distraction? In this episode, Susie and Miro dissect a quarter that felt like a magic trick. While revenue hit targets, the all-important cloud backlog showed a "pronounced slowdown" that management is blaming on a fascinating technicality: government "termination for convenience" clauses. 📉We dig into the narrative battle between reported numbers and "invisible" backlog, exploring how SAP is leaning hard into a "Sovereign Cloud" strategy to fight off "plain vanilla" US hyperscalers. plus, we look at why the company is suddenly retiring its Net Promoter Score (NPS) metric right as it dips into single digits. Is SAP actually turning the ship, or just gilding the hull with buybacks? 🚢💸Tune in for the story behind the numbers, from the CFO’s accounting headaches to the CEO’s admission that they are stuck in the investor "penalty box."