With SAP pulling back c.30% from our latest trade idea exit and c.40% from its 1Q25 all-time highs, the current price level offers an attractive re-entry point to play the upside potential. Although 4Q25 earnings and the current cloud backlog outlook came in softer than expected, SAP reiterated its commitment to double-digit revenue growth and remains well-positioned for robust medium-term cloud revenue expansion, driven by the ongoing S/4HANA migration cycle, with only about one-third of its installed base having transitioned to the cloud so far. Furthermore, the broader Software tech sell-off appears overblown with the sector now trading near support levels, reflecting max bearish hedge fund positioning as the group has rotated to max long in Semis. With the name now trading at support, and in line with long-term valuation, we propose Long Sep26 200 calls financed by Sep26 160/145 put spreads costing 1.3% of underlying (Spot ref: 170.2).