Cloud revenue up 24% and up 25% at constant currencies, supported by 32% Cloud ERP Suite revenue growth at constant currencies Current cloud backlog of €14.2 billion, up 27% and up 28% at constant currencies IFRS cloud gross profit up 27%, non-IFRS cloud gross profit up 27% and up 28% at constant currencies IFRS operating loss of –€0.8 billion due to a €2.2 billion restructuring provision Non-IFRS operating profit up 16% and up 19% at constant currencies even including higher share-based compensation resulting from strong share price increase Outlook 2024 reaffirmed WALLDORF, Germany, April 22, 2024 /PRNewswire/ -- SAP SE (NYSE:SAP) announced today its financial results for the first quarter ended March 31, 2024. Christian Klein, CEO:We're off to a great start in 2024 and we're confident we'll achieve our goals for the year. Looking ahead, we have powerful growth drivers in place – Business AI, cross-selling across our cloud portfolio, and winning new customers particularly in the midmarket. The strength of our current cloud backlog reaching a record growth rate is a testament to that momentum. Our transformation program is also well on track and will help us to capture this growth and increase efficiency. Dominik Asam, CFO:In the first quarter we successfully kicked off the implementation of our transformation program thereby allowing us to focus our investments on the Business AI opportunity while decoupling expense from revenue growth. We are also very pleased by the unabated growth momentum of the Cloud ERP Suite, reflecting the market's secular shift towards integrated cloud solutions. All figures in this statement are based on SAP group results from continuing operations unless otherwise noted. Financial Performance Group results at a glance – First quarter 2024 IFRS Non-IFRS1 € million, unless otherwise stated Q1 2024 Q1 2023 ∆ in % Q1 2024 Q1 2023 ∆ in % ∆ in %const. curr. SaaS/PaaS 3,764 2,980 26 3,764 2,980 26 28 Thereof Cloud ERP Suite2 3,167 2,422 31 3,167 2,422 31 32 Thereof Extension Suite3 597 558 7 597 558 7 8 IaaS4 164 197 –17 164 197 –17 –15 Cloud revenue 3,928 3,178 24 3,928 3,178 24 25 Cloud and software revenue 6,960 6,358 9 6,960 6,358 9 11 Total revenue 8,041 7,441 8 8,041 7,441 8 9 Share of more predictable revenue (in %) 84 82 2pp 84 82 2pp Cloud gross profit 2,837 2,239 27 2,849 2,249 27 28 Gross profit 5,762 5,284 9 5,774 5,305 9 10 Operating profit (loss) –787 803 N/A 1,533 1,321 16