Speaker: Christian Klein, CEO What we learned: . Macro / Tariffs: core S/4 migrations remain resilient and the disruption created by ongoing trade headlines is accelerating customer discussions on supply chain and inventory data management cross-selling opportunities. . Innovation/ product remains high on the agenda, SAP opening the data layer of data warehouse estate, together with data cloud and agentic AI. SAP believes the opening of the data ecosystem will help it to cement SAP as a leading platform vendor and continue to win back share from single point solution providers. . Sovereignty: recent partnership with Capgemini/ MistralAI are responding to customers'' desire to have a sense of ''sovereignty'' across the tech stack. SAP remains independent across both infrastructure and Large Language Models and believes this brings flexibility and choice both to itself and its customers. . Operating efficiency: SAP continues to see SandM intensity as a big driver of operating efficiency together with internal use of GenAI. Co. does not see any structural factors limiting its ability to move more in line with best in class peers in terms of operating efficiency, while expanding their reseller channel ecosystem efforts should further help the go-to-market efficiency. . Partnerships vs. acquisitions: Co. to retain full agency on core applications/ business, while partnerships are a strategic option for other adjacent fields / technology white spots. There was no commitment around use of future cash at this stage (unch.). Overall tone: Overall we felt the tone was confident on SAP''s ability to sustain attractive growth with increasingly efficient internal operations driving continued margin expansion and cash generation, with resilience in the current environment remaining in place.