European Growth Leaders 2026

Annual ranking data providerLSEG WorkspaceUsed with permission · acknowledgements

An independent academic observatory making Europe’s listed growth companies visible.

Francesco Castellaneta, Full Professor of Strategy, SKEMA Business School · Scientific Committee Diego Zunino and Jackie Krafft

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Annual rank89

Germany · Technology

SAP

Enterprise software provider connecting finance, procurement, human resources, supply chains and customer experience.

+25%revenue growth
FY2022–FY2025
+214%net-income growth
FY2022–FY2025
+125%stock return
FY2022–FY2025
−32%2026 stock return
current context only

Company profile

The operating software behind finance, people and supply chains

SAP develops enterprise software that connects transactions, operational decisions and the data behind them. Its cloud portfolio spans finance and enterprise resource planning, supply chains, procurement, human resources, customer processes, analytics and application development. The strategic thread is integration: SAP Business Technology Platform connects SAP and third-party systems, while Business Data Cloud and Joule give analytics and AI the governed business context needed to act inside real workflows.

ERP and supply chain

A common record links the financial plan to physical operations

SAP Cloud ERP brings finance, purchasing, projects, sales and operations into one transactional system; supply-chain applications add demand, inventory, manufacturing and transport planning. Microsoft illustrates the practical reach: SAP Integrated Business Planning and Azure replaced disconnected planning across a device supply chain with 42,000 active stock-keeping units, cutting manual planning by 50% and reducing the planning cycle from about five days to less than one.

People and procurement

Specialist suites meet at the employee's next decision

SuccessFactors covers core HR, payroll, recruiting, learning and talent; SAP Ariba handles sourcing, suppliers, contracts, buying and invoices. At LC Waikiki's manufacturing companies, Joule-based agents now bridge those domains: a procurement assistant traces customer orders, sales orders and purchase orders, while an HR agent answers payroll and leave questions in Microsoft Teams. SAP reports 50% fewer manual procurement errors and HR process-cycle reductions of 40% to 60%.

Business AI and data

Joule can move from a prompt to a governed business action

Joule assistants and agents work with the process context held in SAP applications; Business Data Cloud preserves the meaning and governance of data drawn from SAP and third-party sources. The idea reaches beyond office automation. At automotive supplier Martur Fompak, SAP Extended Warehouse Management, Joule and Embodied AI provide production priorities and material-location context to robots that identify, transport and confirm line-feeding tasks in a live factory.

Platform and integration

Customers can extend the suite without isolating the result

SAP Business Technology Platform combines application development, automation, data and integration services. Vorwerk used it with SAP Integration Suite to build VORyou and VORleads for more than 90,000 independent sales advisers, linking digital order entry, signatures and lead management to SAP and third-party back ends. SAP's case study reports that 85% of sales were digital in 2023, up from 1% in 2018, while the customer video shows the workflow behind that change.

Current 2026 update

What has changed in 2026?

Q2 2026 · 23 July 2026

Q2 2026latest official update
4company-specific highlights
−32%2026 stock return · context only

Current cloud backlog

Q2 current cloud backlog increased 27.0% to EUR 22,929 million.

Q2 2026 · EUR 22,929m · +27.0%

Cloud revenue

Q2 cloud revenue increased 22.4% to EUR 6,281 million.

Q2 2026 · EUR 6,281m · +22.4%

Operating profit

Q2 IFRS operating profit increased 7.6% to EUR 2,643 million, while the margin eased to 26.8% from 27.2%.

Q2 2026 · EUR 2,643m · +7.6%

Non-IFRS operating profit outlook

SAP lowered its 2026 non-IFRS operating-profit outlook to EUR 11.8–12.2 billion from EUR 11.9–12.3 billion, reflecting dilution from the Dremio and Prior Labs acquisitions.

Q2 2026

Annual record

Ranking history

Future editions add rows; they do not rewrite the 2026 record.

EditionMeasurement periodRankRevenue growthNet-income growthStock return
2026FY2022–FY202589+25%+214%+125%