Thematic equity research focused on AI disruption
In 2026, digital procurement & supply chain environments move towards an end state of "autonomous enterprise" — a paradigm in which >50% of core industrial processing (procurement, payroll, logistics) is handled by agentic personnel (AI bots).
Where software harnessed robotic-type process automation (RPA) that followed strict rules, the approaching frontier is agentic-type (APA) "smart" decisioning, where reasoning occurs through exception.
In one example, an agent notices a shipping delay and autonomously re-negotiates a contract via an enterprise resource planning system (ERP).
We investigate this disruption across a full agentic software value chain, from hardware providers to the pure software layer, using a basket of 14 European large cap names as our test universe.
| Company | Ticker | Exchange | Market Cap | Price (+/-) | YoY Revenue Growth |
|---|---|---|---|---|---|
| SAP SE | SAP | XETRA | live data soon | — | — |
SAP provides business-critical operation software, which powers finance, procurement, HR & supply chain functions. |
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| ASML | ASML | Euronext Amsterdam | live data soon | — | — |
ASML is the world leader in high-precision lithography: a core yet incredibly sophisticated manufacturing step in the production of microchips powering digital intelligence in 2026. |
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| Siemens AG | SIE | XETRA | live data soon | — | — |
Siemens is a provider of automation & infrastructure, with physical & digital services that underpin manufacturing, real estate, transport, healthcare and energy systems worldwide. |
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| Schneider Electric | SU | Euronext Paris | live data soon | — | — |
Schneider are leading experts in the electrification & automation of end-to-end industrial processes, with a focus on the energy sector and internet-of-things. |
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| Infineon Technologies | IFX | XETRA | live data soon | — | — |
Infineon are a leading producer of power semiconductors and their adjacent technologies: microcontrollers, converters, sensors and memory products. |
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| Dassault Systèmes | DSY | Euronext Paris | live data soon | — | — |
Dassault Systemes are a pioneer in computer-aided design (CAD) technology. Their "Virtual Twin" approach builds 3D models which not only look, but also behave like a given object. |
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| Adyen NV | ADYEN | Euronext Amsterdam | live data soon | — | — |
Adyen is a financial services firm seeking to simplify global commerce, by replacing a fragmented, multi-party payments ecosystem with a single proprietary platform. |
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| Amadeus IT Group | AMS | BME Madrid | live data soon | — | — |
Amadeus develops digital technology solutions which cater to each segment of the global tourism industry. |
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| Sage Group | SGE | LSE London | live data soon | — | — |
Your description of Sage Group and its relevance to agentic AI disruption goes here. |
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| Krones AG | KRN | XETRA | live data soon | — | — |
Your description of Krones AG and its relevance to agentic AI disruption goes here. |
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| Konecranes | KCR | Nasdaq Helsinki | live data soon | — | — |
Your description of Konecranes and its relevance to agentic AI disruption goes here. |
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| Nexus AG | NXU | XETRA | live data soon | — | — |
Your description of Nexus AG and its relevance to agentic AI disruption goes here. |
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| Logwin AG | TGHN | XETRA | live data soon | — | — |
Your description of Logwin AG and its relevance to agentic AI disruption goes here. |
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| Interroll | INRN | SIX Swiss | live data soon | — | — |
Your description of Interroll and its relevance to agentic AI disruption goes here. |
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Long-form research notes on individual names in the coverage universe — examining their positioning within the agentic software value chain, competitive dynamics, and key risk factors.
A full breakdown of the 14 companies in our European impact basket — including their role in the agentic value chain, exchange listings, and coverage rationale.
SAP · XETRA — Common-size financial statements
| Line item | SAP SE | Peer A | Peer B |
|---|---|---|---|
| Revenue | 100.0% | 100.0% | 100.0% |
| Cost of revenue | — | — | — |
| Gross profit | — | — | — |
| Research & development | — | — | — |
| Sales & marketing | — | — | — |
| General & administrative | — | — | — |
| Operating income (EBIT) | — | — | — |
| Interest expense | — | — | — |
| Other income / (expense) | — | — | — |
| Pre-tax income (EBT) | — | — | — |
| Income tax | — | — | — |
| Net income | — | — | — |
Figures expressed as % of total revenue. Peer columns pending.
| Line item | SAP SE | Peer A | Peer B |
|---|---|---|---|
| Cash & equivalents | — | — | — |
| Accounts receivable | — | — | — |
| Inventory | — | — | — |
| Other current assets | — | — | — |
| Total current assets | — | — | — |
| Property, plant & equipment | — | — | — |
| Intangible assets & goodwill | — | — | — |
| Other non-current assets | — | — | — |
| Total assets | 100.0% | 100.0% | 100.0% |
| Accounts payable | — | — | — |
| Short-term debt | — | — | — |
| Other current liabilities | — | — | — |
| Total current liabilities | — | — | — |
| Long-term debt | — | — | — |
| Other non-current liabilities | — | — | — |
| Total liabilities | — | — | — |
| Total equity | — | — | — |
Figures expressed as % of total assets. Peer columns pending.
| Line item | SAP SE | Peer A | Peer B |
|---|---|---|---|
| Net income | — | — | — |
| Depreciation & amortisation | — | — | — |
| Changes in working capital | — | — | — |
| Other operating adjustments | — | — | — |
| Cash from operations | — | — | — |
| Capital expenditure | — | — | — |
| Acquisitions | — | — | — |
| Other investing activities | — | — | — |
| Cash from investing | — | — | — |
| Debt issuance / (repayment) | — | — | — |
| Dividends paid | — | — | — |
| Share buybacks | — | — | — |
| Cash from financing | — | — | — |
| Free cash flow | — | — | — |
Figures expressed as % of total revenue. Peer columns pending.