SAP Shares Finds Support As Software Pressures Ease

SAP shares have added 2.53% to €171 on Thursday, finding technical support at the €165 level after recent volatility in the software sector. The modest recovery offers some respite for the Walldorf-based enterprise software giant, though the stock remains more than 37% lower on a one-year basis, reflecting broader headwinds facing technology equities.

The share price movement comes as SAP’s annual report revealed CEO Christian Klein received total compensation of €16.24 million for 2025, representing a 14% decline from the previous year when he was the highest-paid executive among DAX-listed companies with earnings of just under €19 million. Despite the year-on-year decrease, Klein’s 2025 compensation marks a nearly 130% increase compared to his 2023 remuneration, underscoring the substantial impact of SAP’s share price performance on executive pay structures.

The lion’s share of Klein’s current compensation package comprises approximately €11 million in long-term bonuses directly tied to share price development. These bonuses are calculated against a 2022 reference price, against which SAP shares currently trade roughly 50% higher. This compensation structure illustrates the direct alignment between executive remuneration and shareholder value creation, even as the stock has retreated approximately 40% from its February 2025 peak.

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SAP’s strategic pivot toward artificial intelligence has been a defining feature of its recent corporate trajectory. In January 2024, the company announced a restructuring plan involving 8,000 job reductions to concentrate resources on AI-driven business units, including experimentation with OpenAI’s ChatGPT technology. Markets responded positively to this strategic shift, driving shares to an all-time high as confidence grew around SAP’s ability to capitalize on the AI revolution transforming enterprise software.

Leadership stability received reinforcement in May 2025 when SAP’s Supervisory Board extended Klein’s contract as CEO and Chairman of the Executive Board until April 2030. CFO Dominik Asam’s contract was simultaneously extended through March 2028, providing continuity as the company executes its long-term strategic roadmap.

Analyst sentiment on SAP has diverged in recent months, reflecting uncertainty about the company’s trajectory amid sector-wide challenges. Citizens JMP downgraded the stock from outperform to market perform in February 2026, adopting a more cautious stance. Conversely, HSBC upgraded SAP to a hold rating in January 2026, suggesting a neutral outlook. These mixed ratings underscore the complexity of evaluating SAP’s prospects as it navigates the transition toward AI-centric business models while contending with macroeconomic pressures affecting software demand.

The technical support established at €165 may prove critical in determining near-term price action. Markets will be watching whether this level holds during future volatility, particularly as software stocks face ongoing scrutiny over valuation multiples and growth sustainability.