Europe’s most valuable company, SAP, is only extending its lead

Since dethroning Novo Nordisk as Europe’s most valuable company back in March, German software giant SAP has gone from strength to strength — while the Danish Ozempic maker has sunk further in the face of tariff uncertainty.

Specializing in business tech, SAP has been remarkably resilient to the US tariff storm that other European companies have struggled to weather. At the end of April, the company surpassed analyst expectations by posting a huge operating profit of 2.5 billion euros ($2.9 billion) for the first quarter, a 58% year-over-year increase, sending shares soaring.