SAP is currently facing a very unstable situation.
We are already witnessing this with HP and several other major companies.
https://www.cnbc.com/2025/11/25/hp-inc-shares-fall-as-company-says-it-will-cut-up-to-6000-employees.html
Despite significant layoffs and reductions in their operating costs, HP's stock has declined. Investors clearly perceive a lack of a solid plan to enhance profits, which has diminished shareholder confidence.
The SAP executive board is convinced that layoffs and dividends will elevate the stock price, but this approach will not work. Shareholders are not interested in quick returns through dividends; they want to see a comprehensive plan from SAP and increased investments rather than more layoffs. P23 has already demonstrated that layoffs are costly and do not significantly reduce operating expenses. The stock price began to drop sharply after the announcement of regular layoffs and superficial measures.
The only viable solution is to dismiss most of the board and develop a genuine strategy. However, supervisory board members who are attempting to hold the executive board accountable are already facing pressure and being urged to resign. Just as we witnessed half of the Betriebsrat depart during the recent layoffs, we can expect most supervisory board members to take a lucrative deal and exit.
Consequently, layoffs will persist. The stock price will continue to decline. The executive board will receive their largest bonuses ever, while leaving no budget for employee salary increases or bonuses. They will penalize employees because the workforce is too intimidated to advocate for themselves.