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SAP's stock dropped 22% after forecasting slower cloud backlog growth, despite meeting revenue expectations with €36.8 billion in 2025. CEO Christian Klein attributed the slowdown to signing larger enterprise customers whose cloud migrations take longer to realize revenue. The company refuses to offer renewal discounts to accelerate short-term growth, prioritizing long-term renewal revenue instead. Cloud backlog growth is expected to decelerate slightly but remain around 25%, with total backlog reaching €77 billion.

SAP share price slides, but renewal discounts stay off table