# EDGAR Filing Document

**Accession Number:** 0001000184
**File Stem:** 0001104659-25-070485
**Filing Date:** 2025-7
**Character Count:** 244800
**Document Hash:** 2693215f9a62dddc1bc32e9a512f554d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-070485.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001104659-25-070485

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250725

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SAP SE
- **CENTRAL INDEX KEY:** 0001000184
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** 2M
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14251
- **FILM NUMBER:** 251148441

**BUSINESS ADDRESS:**
- **STREET 1:** DIETMAR-HOPP-ALLEE 16
- **CITY:** WALLDORF
- **STATE:** 2M
- **ZIP:** 69190
- **BUSINESS PHONE:** 0114962277

**MAIL ADDRESS:**
- **STREET 1:** DIETMAR-HOPP-ALLEE 16
- **CITY:** WALLDORF
- **STATE:** 2M
- **ZIP:** 69190

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SAP AG
- **DATE OF NAME CHANGE:** 20091023

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SAP AKTIENGESELLSCHAFT SYSTEMS APPLICATIONS PRODUCTS IN DATA
- **DATE OF NAME CHANGE:** 19960807

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO SECTION 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

July 25, 2025

Commission file number:

001-14251

SAP EUROPEAN COMPANY

(Translation of registrant's name into English)

Dietmar-Hopp-Allee 16

69190 Walldorf

Federal Republic of Germany

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X] Form 40-F [ ]

SAP SE

FORM 6-K

On July 23, 2025, SAP SE, ("SAP"), filed a quarterly statement with Deutsche Boerse AG for the second quarter ended June 30, 2025 (the "Quarterly Statement"). The Quarterly Statement is attached as Exhibit 99.1 hereto and incorporated by reference herein.

On July 23, 2025, SAP filed a half-year report with Deutsche Boerse AG for the first half ended June 30, 2025 (the "Half-Year Report"). The Half-Year Report is attached as Exhibit 99.2 hereto and incorporated by reference herein

The Quarterly Statement and the Half-Year Report disclose certain non-IFRS measures. These measures are not prepared in accordance with IFRS and are therefore considered non-IFRS financial measures. The non-IFRS financial measures that we report should be considered in addition to, and not as substitutes for or superior to, revenue, operating income, cash flows, or other measures of financial performance prepared in accordance with IFRS.

Please refer to *Explanations of Non-IFRS Measures* online (<u>https://www.sap.com/investors/performance-measures</u>) for further information regarding the non-IFRS measures.

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission (the "SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

This filing is also intended to fulfil the NYSE rules set forth in Sections 103.00 and 203.03.

EXHIBITS

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Exhibit</u> |
| [99.1](tm2521516d1_ex99-1.htm) | [Quarterly Statement dated July 22, 2025](tm2521516d1_ex99-1.htm) |
| [99.2](tm2521516d1_ex99-2.htm) | [Half-Year Report dated July 22, 2025](tm2521516d1_ex99-2.htm) |

---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| |
|:---|
| SAP SE |
| (Registrant) |

---

---

| | | |
|:---|:---|:---|
| By: | <u>/s/ Christopher Sessar</u> | <u>/s/ Christopher Sessar</u> |
|  | Name: | Dr. Christopher Sessar |
|  | Title: | Chief Accounting Officer |
| By: | <u>/s/ Julia Zicke</u> | <u>/s/ Julia Zicke</u> |
|  | Name: | Dr. Julia Zicke |
|  | Title: | Head of External Reporting and Accounting Technology |

---

Date: July 25, 2025

EXHIBIT INDEX

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Exhibit</u> |
| [99.1](tm2521516d1_ex99-1.htm) | [Quarterly Statement dated July 22, 2025](tm2521516d1_ex99-1.htm) |
| [99.2](tm2521516d1_ex99-2.htm) | [Half-Year Report dated July 22, 2025](tm2521516d1_ex99-2.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp1img001.jpg) | **Quarterly Statement Q2 2025** |

---

![](tm2521516d1_ex99-1sp1img002.jpg)

---

| |
|:---|
| Current cloud backlog of €18.1 billion, up 22% and up 28% at constant currencies |
| Cloud revenue up 24% and up 28% at constant currencies |
| Cloud ERP Suite revenue up 30% and up 34% at constant currencies |
| Total revenue up 9% and up 12% at constant currencies |
| IFRS operating profit of €2.5 billion; non-IFRS operating profit of €2.6 billion, up 32% and up 35% at constant currencies |
| Outlook 2025 unchanged |

---

**Q2 2025** \| in € millions, unless otherwise stated

![](tm2521516d1_ex99-1sp1img003.jpg)

1/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp1img001.jpg) | **Quarterly Statement Q2 2025** |

---

**Walldorf, Germany – July 22, 2025**<br> SAP SE (NYSE: SAP) announced today its financial results for the second quarter ended June 30, 2025.

**Christian Klein, CEO:**<br> We have delivered yet another quarter of outstanding results. AI innovations such as Joule becoming available "everywhere and for everything" and SAP Business Data Cloud as a powerful accelerator of AI make our portfolio ever stronger. Enterprise operations are about to enter a new era, and SAP is best positioned to benefit from that evolution.<br>

**Dominik Asam, CFO:**<br> We achieved a very good Q2, with accelerating total revenue growth, strong profitability and free cash flow. Our performance was supported by continued customer demand and disciplined cost control. As we move into the second half, we remain cautiously optimistic, keeping a close eye on geopolitical developments and public sector trends.<br>

**Financial Performance**

**Group results at a glance – Second quarter 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **IFRS** | **IFRS** | **IFRS** | **Non-IFRS<sup>1</sup>** | **Non-IFRS<sup>1</sup>** | **Non-IFRS<sup>1</sup>** | **Non-IFRS<sup>1</sup>** |
| &nbsp;&nbsp;€ million, unless otherwise stated | **Q2 2025** | Q2 2024 | ∆ in % | **Q2 2025** | Q2 2024 | ∆ in % | ∆ in %<br> const. curr. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SaaS/PaaS | 5045 | 4018 | 26 | 5045 | 4018 | 26 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thereof Cloud ERP Suite<sup>2</sup> | 4422 | 3414 | 30 | 4422 | 3414 | 30 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thereof Extension Suite<sup>3</sup> | 624 | 604 | 3 | 624 | 604 | 3 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IaaS<sup>4</sup> | 85 | 135 | –37 | 85 | 135 | –37 | –35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud revenue | 5130 | 4153 | 24 | 5130 | 4153 | 24 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud and software revenue | 7966 | 7175 | 11 | 7966 | 7175 | 11 | 14 |
| Total revenue | 9027 | 8288 | 9 | 9027 | 8288 | 9 | 12 |
| Share of more predictable revenue (in %) | 86 | 84 | 2pp | 86 | 84 | 2pp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud gross profit | 3833 | 3030 | 26 | 3856 | 3043 | 27 | 31 |
| Gross profit | 6620 | 6017 | 10 | 6643 | 6029 | 10 | 13 |
| Operating profit (loss) | 2456 | 1222 | >100 | 2568 | 1940 | 32 | 35 |
| Profit (loss) after tax | 1749 | 918 | 91 | 1747 | 1278 | 37 |  |
| Earnings per share - Basic (in €) | 1.45 | 0.76 | 91 | 1.50 | 1.10 | 37 |  |
| Net cash flows from operating activities | 2577 | 1509 | 71 |  |  |  |  |
| Free cash flow |  |  |  | 2357 | 1288 | 83 |  |

---

<sup>1</sup> For a breakdown of the individual adjustments see table "Non-IFRS Operating Expense Adjustments by Functional Areas" in this Quarterly Statement.

<sup>2</sup> Cloud ERP Suite references the portfolio of strategic Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solutions that are tightly integrated with our core ERP solutions and are included in key commercial packages, such as RISE with SAP. Further, Cloud ERP Suite also includes cloud-based capabilities enabling our customers' ERP landscapes and their cloud transformation. The following offerings contribute to Cloud ERP Suite revenue: SAP Cloud ERP, SAP Business Technology Platform, financial- and spend management, supply chain management, core solutions for human capital management, commerce, business transformation management and AI.

<sup>3</sup> Extension Suite references SAP's remaining SaaS and PaaS solutions that supplement and extend the functional coverage of the Cloud ERP Suite.

<sup>4</sup> Infrastructure as a service (IaaS): The major portion of IaaS comes from SAP HANA Enterprise Cloud.

2/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp1img001.jpg) | **Quarterly Statement Q2 2025** |

---

**Group results at a glance – Six months ended June 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **IFRS** | **IFRS** | **IFRS** | **Non-IFRS<sup>1</sup>** | **Non-IFRS<sup>1</sup>** | **Non-IFRS<sup>1</sup>** | **Non-IFRS<sup>1</sup>** |
| &nbsp;&nbsp;€ million, unless otherwise stated | **Q1–Q2**<br> **2025** | Q1-Q2<br> 2024 | ∆ in % | **Q1–Q2**<br> **2025** | Q1-Q2<br> 2024 | ∆ in % | ∆ in %<br> const. curr. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SaaS/PaaS | 9935 | 7782 | 28 | 9935 | 7782 | 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thereof Cloud ERP Suite revenue<sup>2</sup> | 8672 | 6581 | 32 | 8672 | 6581 | 32 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thereof Extension Suite revenue<sup>3</sup> | 1262 | 1202 | 5 | 1262 | 1202 | 5 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IaaS<sup>4</sup> | 189 | 299 | –37 | 189 | 299 | –37 | –36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud revenue | 10124 | 8082 | 25 | 10124 | 8082 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud and software revenue | 15904 | 14134 | 13 | 15904 | 14134 | 13 | 14 |
| Total revenue | 18040 | 16329 | 10 | 18040 | 16329 | 10 | 12 |
| Share of more predictable revenue (in %) | 86 | 84 | 2pp | 86 | 84 | 2pp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud gross profit | 7553 | 5867 | 29 | 7601 | 5892 | 29 | 30 |
| Gross profit | 13226 | 11778 | 12 | 13275 | 11803 | 12 | 14 |
| Operating profit (loss) | 4789 | 434 | >100 | 5024 | 3473 | 45 | 45 |
| Profit (loss) after tax | 3545 | 94 | >100 | 3428 | 2223 | 54 |  |
| Earnings per share - Basic (in €) | 2.98 | 0.05 | >100 | 2.94 | 1.91 | 54 |  |
| Net cash flows from operating activities | 6357 | 4388 | 45 |  |  |  |  |
| Free cash flow |  |  |  | 5939 | 3929 | 51 |  |

---

<sup>1</sup> For a breakdown of the individual adjustments see table "Non-IFRS Operating Expense Adjustments by Functional Areas" in this Quarterly Statement.

<sup>2</sup> Cloud ERP Suite references the portfolio of strategic Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solutions that are tightly integrated with our core ERP solutions and are included in key commercial packages, such as RISE with SAP. The following offerings contribute to Cloud ERP Suite revenue: SAP S/4HANA Cloud, SAP Business Technology Platform, and core solutions for HR and payroll, spend management, commerce, customer data solutions, business process transformation, and working capital management. For additional information and historical data on Cloud ERP Suite, see SAP's <u>Reporting Framework</u>.

<sup>3</sup> Extension Suite references SAP's remaining SaaS and PaaS solutions that supplement and extend the functional coverage of the Cloud ERP Suite.

<sup>4</sup> Infrastructure as a service (IaaS): The major portion of IaaS comes from SAP HANA Enterprise Cloud

**Financial Highlights** **<sup>1</sup>**

**Second Quarter 2025**

In the second quarter, current cloud backlog grew by 22% to €18.05 billion and was up 28% at constant currencies. Cloud revenue was up 24% to €5.13 billion and up 28% at constant currencies. Cloud ERP Suite revenue was up 30% to €4.42 billion and up 34% at constant currencies.

Software licenses revenue decreased by 15% to €0.19 billion and was down 13% at constant currencies. Cloud and software revenue was up 11% to €7.97 billion and up 14% at constant currencies. Services revenue was down 5% to €1.06 billion and down 2% at constant currencies. Total revenue was up 9% to €9.03 billion and up 12% at constant currencies.

The share of more predictable revenue increased by 2 percentage points to 86%.

IFRS cloud gross profit was up 26% to €3.83 billion. Non-IFRS cloud gross profit was up 27% to €3.86 billion and was up 31% at constant currencies. IFRS Cloud gross margin was up 1.8 percentage points to 74.7%, non-IFRS cloud gross margin up 1.9 percentage points to 75.2% and up 1.8 percentage points at constant currencies to 75.0%.

IFRS operating profit increased to €2.46 billion and IFRS operating margin was up 12.5 percentage points to 27.2%. IFRS operating profit growth was positively impacted by a restructuring expense decline of €0.6 billion as compared to Q2 2024 in connection with the 2024 transformation program. Non-IFRS operating profit was up 32% to €2.57 billion and was up 35% at constant currencies, non-IFRS operating margin increased by 5.0 percentage points to 28.5% and was up 4.8 percentage points to 28.2% at constant currencies. Both, IFRS and non-IFRS operating profit growth benefitted from the operational efficiencies realized through successful execution of the 2024 transformation program and lower share-based compensation expenses.

Driven by the operating profit growth, IFRS earnings per share (basic) increased 91% to €1.45. Non-IFRS earnings per share (basic) increased 37% to €1.50. IFRS effective tax rate was 30.1% and non-IFRS effective tax rate was 30.8%. Both were mainly driven by a

<sup>1</sup> The Q2 2025 results were also impacted by other effects. For details, please refer to the disclosures on page 26 of this document.

3/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp1img001.jpg) | **Quarterly Statement Q2 2025** |

---

temporary inability to offset withholding taxes in Germany due to carryforward of tax losses from prior year. The IFRS effective tax rate is lower than the non-IFRS effective tax rate due to tax benefits from tax-exempt income.

Operating cash flow in the second quarter was up 71% to €2.58 billion and free cash flow increased by 83% to €2.36 billion. The increase was mainly attributable to the higher profitability and the positive development of working capital (outside of restructuring related impacts), lower payouts for share-based compensation, lower restructuring payments, and lower income-tax payments. For the first six months, operating cash flow was up 45% to €6.36 billion and free cash flow increased by 51% to €5.94 billion

**Share Repurchase Program**

In May 2023, SAP announced a share repurchase program with an aggregate volume of up to €5 billion and a term until December 31, 2025. As of June 30, 2025, SAP had repurchased 24,743,442 shares at an average price of €185.51 resulting in a purchased volume of approximately €4.6 billion under the program.

**2024 Transformation Program: Focus on scalability of operations and key strategic growth areas**

In January 2024, SAP announced a company-wide restructuring program which concluded as planned in the first quarter 2025. Overall expenses associated with the program were approximately €3.2 billion. Restructuring payouts amounted to €2.5 billion for the full-year 2024 and €0.6 billion for the first six months of 2025. Approximately €0.2 billion is expected to be paid out in the remainder of 2025.

**Business Highlights**

&nbsp;&nbsp;In the second quarter, customers around the globe continued to choose the "RISE with SAP" journey to drive their end-to-end business transformations. These customers included: Acron Aviation, Alibaba Group, Balluff, BALMAIN, Bell Food Group, Cementos Argos, Eberspächer Group, Ernsting's family, GSK, J-POWER, Linfox, Mannington Mills, Mercedes-AMG PETRONAS Formula One, NS Reizigers, Proximus Group, Replay, Sumitomo Rubber Industries, Synapxe, University Medical Center of the Johannes Gutenberg University Mainz, and Votorantim.<br>Alivus Life Sciences, Biel City Administration, Iochpe-Maxion, Rico Auto Industries, and Sinar Mas Mining went live on SAP S/4HANA Cloud in the second quarter.<br>Daoudata, EGYM, Gardner White Furniture, MCH Group, NEBCO, and PwC chose "GROW with SAP", a journey helping customers adopt cloud ERP with speed, predictability, and continuous innovation.<br>Key customer wins across SAP's solution portfolio included: Accenture, Adobe, BAE Systems, BMW Group, Brown-Forman, Delta, Deutsche Börse, Döhler, German Armed Forces, German Federal Pension Insurance, Helaba, HENSOLDT, IBM, Infosys, Interroll, L'Oréal, LTIMindtree, MANN+HUMMEL, Metcash, SPIE, Standard Chartered, and Zurich Cantonal Bank.<br>Ahlstrom, BRF, Covestro, NTN, Techcombank, and Zespri International went live on SAP solutions.<br>In the second quarter, SAP's cloud revenue performance was particularly strong in APJ and EMEA and solid in the Americas region. Brazil, Chile, France, India, Italy, South Korea and Spain had outstanding performance, while Canada, China, Germany, Japan, and the U.S. were particularly strong.<br>On May 5, SAP announced that it had further extended the contract of CEO and chairman of the Executive Board Christian Klein to five years, until April 2030. In addition, the contract of Dominik Asam, CFO and member of the Executive Board, has been further extended for two years to March 2028.<br>On May 13, SAP held its Annual General Meeting (AGM) of Shareholders as a virtual event. The AGM approved all agenda items with strong support, including the dividend proposal of €2.35 per share for fiscal year 2024.<br>On May 20, SAP and Accenture announced joined forces to help companies enable connected intelligence across the enterprise to drive speed and agility in the AI era, through a strategic expansion of their long-standing partnership. In addition, SAP and Palantir announced a partnership to facilitate joint customers' cloud migration journey and modernization programs, by connecting the unified, context-rich data environment of SAP Business Data Cloud with Palantir's Ontology and AIP.<br>On May 27, SAP and Alibaba Group announced a strategic partnership to accelerate cloud transformation.<br>

4/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp1img001.jpg) | **Quarterly Statement Q2 2025** |

---

**Outlook 2025**

**Financial Outlook 2025**

While the prevailing dynamic environment implies elevated levels of uncertainty and reduced visibility, SAP currently continues to expect:

&nbsp;&nbsp;&nbsp;&nbsp;· €21.6 – 21.9 billion cloud revenue at constant currencies (2024: €17.14
billion), up 26% to 28% at constant currencies.

&nbsp;&nbsp;&nbsp;&nbsp;· €33.1 – 33.6 billion cloud and software revenue at constant currencies
(2024: €29.83 billion), up 11% to 13% at constant currencies.

&nbsp;&nbsp;&nbsp;&nbsp;· €10.3 – 10.6 billion non-IFRS operating profit at constant currencies
(2024: €8.15 billion), up 26% to 30% at constant currencies.

&nbsp;&nbsp;&nbsp;&nbsp;· Approximately €8.0 billion free cash flow at actual currencies (2024: €4.22
billion)

&nbsp;&nbsp;&nbsp;&nbsp;· An effective tax rate (non-IFRS) of approximately 32% (2024: 32.3%)<sup>2</sup>.

The company also continues to expect current cloud backlog growth at constant currencies to slightly decelerate in 2025.

While SAP's 2025 financial outlook for the income statement parameters is at constant currencies (including an average exchange rate of 1.08 USD per EUR), actual currency reported figures are expected to be impacted by currency exchange rate fluctuations as the company progresses through the year, as reflected in the table below.

**Currency Impact Assuming June 30, 2025 Rates Apply for the Remainder of 2025**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;In percentage points | &nbsp;&nbsp;&nbsp;Q3 2025 | &nbsp;&nbsp;&nbsp;**FY 2025** |
| &nbsp;&nbsp;&nbsp;Cloud revenue growth | &nbsp;&nbsp;&nbsp;-5.0pp | &nbsp;&nbsp;&nbsp;-3.5pp |
| &nbsp;&nbsp;&nbsp;Cloud and software revenue growth | &nbsp;&nbsp;&nbsp;-4.0pp | &nbsp;&nbsp;&nbsp;-3.0pp |
| &nbsp;&nbsp;&nbsp;Operating profit growth (non-IFRS) | &nbsp;&nbsp;&nbsp;-4.5pp | &nbsp;&nbsp;&nbsp;-3.0pp |

---

This includes an exchange rate of 1.17 USD per EUR.

**Non-Financial Outlook 2025**

As announced on May 9, SAP has replaced the Women in Executive Roles KPI with the Business Health Culture Index (BHCI). In 2025, SAP expects a BHCI score in the range of 80% to 82%.

For 2025, SAP continues to expect:

&nbsp;&nbsp;&nbsp;&nbsp;· A Customer Net Promoter Score of 12 to 16.

&nbsp;&nbsp;&nbsp;&nbsp;· The Employee engagement index to be in a range of 74% to 78%.

&nbsp;&nbsp;&nbsp;&nbsp;· To steadily decrease carbon emissions across the relevant value
chain.

<sup>2</sup> The effective tax rate (non-IFRS) is a non-IFRS financial measure and is presented for supplemental informational purposes only. We do not provide an outlook for the effective tax rate (IFRS) due to the uncertainty and potential variability of gains and losses associated with equity securities, which are reconciling items between the two effective tax rates (non-IFRS and IFRS). These items cannot be provided without unreasonable efforts but could have a significant impact on our future effective tax rate (IFRS).

5/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

**Additional Information**

This press release and all information therein is preliminary and unaudited. Due to rounding, numbers may not add up precisely.

**SAP Performance Measures**

For more information about our key growth metrics and performance measures, their calculation, their usefulness, and their limitations, please refer to the following document on our Investor Relations website: <u>https://www.sap.com/investors/performance-measures</u>

**Webcast**

SAP senior management will host a financial analyst conference call on Tuesday, July 22nd at 11:00 PM (CEST) / 10:00 PM (BST) / 5:00 PM (EDT) / 2:00 PM (PDT). The conference will be webcast on the Company's website at https://www.sap.com/investor and will be available for replay. Supplementary financial information pertaining to the second quarter results can be found at https://www.sap.com/investor

**About SAP**

As a global leader in enterprise applications and business AI, SAP (NYSE: SAP) stands at the nexus of business and technology. For over 50 years, organizations have trusted SAP to bring out their best by uniting business-critical operations spanning finance, procurement, HR, supply chain, and customer experience. For more information, visit <u>www.sap.com</u>.

**For more information, financial community only:**

Alexandra Steiger +49 (6227) 7-767336 investor@sap.com, CET

Follow SAP Investor Relations on LinkedIn at <u>SAP Investor Relations.</u>

**For more information, press only:**

Joellen Perry +1 (650) 445-6780 joellen.perry@sap.com, PT

Daniel Reinhardt +49 (6227) 7-40201 daniel.reinhardt@sap.com, CET

**For customers interested in learning more about SAP products:**

Global Customer Center: +49 180 534-34-24

United States Only: +1 (800) 872-1SAP (+1-800-872-1727)

**Note to editors:**

To preview and download broadcast-standard stock footage and press photos digitally, please visit <u>www.sap.com/photos</u>. On this platform, you can find high resolution material for your media channels.

------

This document contains forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations, forecasts, and assumptions that are subject to risks and uncertainties that could cause actual results and outcomes to materially differ. Additional information regarding these risks and uncertainties may be found in our filings with the Securities and Exchange Commission, including but not limited to the risk factors section of SAP's 2024 Annual Report on Form 20-F.© 2025 SAP SE. All rights reserved.

SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices.

6/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

**Contents**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Financial and Non-Financial Key Facts (IFRS and Non-IFRS)](#xx_001)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Financial and Non-Financial Key Facts (IFRS and Non-IFRS)](#xx_001)** | **[8](#xx_001)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Primary Financial Statements of SAP Group (IFRS)](#xx_002)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Primary Financial Statements of SAP Group (IFRS)](#xx_002)** | **[10](#xx_002)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(A)](#xx_003) | [Consolidated Income Statements](#xx_003) | [10](#xx_003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(B)](tm2521516d1_ex99-1.htm#sp3_001) | [Consolidated Statements of Financial Position](tm2521516d1_ex99-1.htm#sp3_001) | [12](tm2521516d1_ex99-1.htm#sp3_001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(C)](tm2521516d1_ex99-1.htm#sp3_002) | [Consolidated Statements of Cash Flows](tm2521516d1_ex99-1.htm#sp3_002) | [13](tm2521516d1_ex99-1.htm#sp3_002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Non-IFRS Numbers](tm2521516d1_ex99-1.htm#sp3_003)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Non-IFRS Numbers](tm2521516d1_ex99-1.htm#sp3_003)** | **[14](tm2521516d1_ex99-1.htm#sp3_003)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(D)](tm2521516d1_ex99-1.htm#sp3_004) | [Basis of Non-IFRS Presentation](tm2521516d1_ex99-1.htm#sp3_004) | [14](tm2521516d1_ex99-1.htm#sp3_004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(E)](tm2521516d1_ex99-1.htm#sp3_005) | [Reconciliation from Non-IFRS Numbers to IFRS Numbers](tm2521516d1_ex99-1.htm#sp3_005) | [14](tm2521516d1_ex99-1.htm#sp3_005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(F)](tm2521516d1_ex99-1.htm#sk_001) | [Non-IFRS Adjustments – Actuals and Estimates](tm2521516d1_ex99-1.htm#sk_001) | [19](tm2521516d1_ex99-1.htm#sk_001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(G)](tm2521516d1_ex99-1.htm#sk_002) | [Non-IFRS Operating Expense Adjustments by Functional Areas](tm2521516d1_ex99-1.htm#sk_002) | [19](tm2521516d1_ex99-1.htm#sk_002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Disaggregations](tm2521516d1_ex99-1.htm#jh_001)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Disaggregations](tm2521516d1_ex99-1.htm#jh_001)** | **[21](tm2521516d1_ex99-1.htm#jh_001)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(H)](tm2521516d1_ex99-1.htm#jh_002) | [Segment Reporting](tm2521516d1_ex99-1.htm#jh_002) | [21](tm2521516d1_ex99-1.htm#jh_002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(I)](tm2521516d1_ex99-1.htm#jh_003) | [Revenue by Region (IFRS and Non-IFRS)](tm2521516d1_ex99-1.htm#jh_003) | [23](tm2521516d1_ex99-1.htm#jh_003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(J)](tm2521516d1_ex99-1.htm#jh_004) | [Employees by Region and Functional Areas](tm2521516d1_ex99-1.htm#jh_004) | [25](tm2521516d1_ex99-1.htm#jh_004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Other Disclosures](tm2521516d1_ex99-1.htm#tk_005)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Other Disclosures](tm2521516d1_ex99-1.htm#tk_005)** | **[26](tm2521516d1_ex99-1.htm#tk_005)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(K)](tm2521516d1_ex99-1.htm#sk_003) | [Share-Based Payment](tm2521516d1_ex99-1.htm#sk_003) | [26](tm2521516d1_ex99-1.htm#sk_003) |

---

7/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

**Financial and Non-Financial Key Facts<br> (IFRS and Non-IFRS)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;€ millions, unless otherwise stated | **Q1**<br> **2024** | **Q2**<br> **2024** | **Q3**<br> **2024** | **Q4**<br> **2024** | **TY**<br> **2024** | **Q1**<br> **2025** | **Q2**<br> **2025** |
| **Revenues** |  |  |  |  |  |  |  |
| Cloud | 3928 | 4153 | 4351 | 4708 | 17141 | 4993 | **5130** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change – yoy | 24 | 25 | 25 | 27 | 25 | 27 | **24** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change constant currency – yoy | 25 | 25 | 27 | 27 | 26 | 26 | **28** |
| Cloud ERP Suite | 3167 | 3414 | 3636 | 3949 | 14166 | 4251 | **4422** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change – yoy | 31 | 33 | 34 | 35 | 33 | 34 | **30** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change constant currency – yoy | 32 | 33 | 36 | 35 | 34 | 33 | **34** |
| Software licenses | 203 | 229 | 285 | 683 | 1399 | 183 | **194** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change – yoy | –26 | –28 | –15 | –18 | –21 | –10 | **–15** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change constant currency – yoy | –25 | –27 | –14 | –19 | –21 | –10 | **–13** |
| Software support | 2829 | 2792 | 2793 | 2876 | 11290 | 2761 | **2642** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change – yoy | –3 | –3 | –3 | 1 | –2 | –2 | **–5** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change constant currency – yoy | –1 | –3 | –2 | 1 | –1 | –3 | **–3** |
| Total revenue | 8041 | 8288 | 8470 | 9377 | 34176 | 9013 | **9027** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change – yoy | 8 | 10 | 9 | 11 | 10 | 12 | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change constant currency – yoy | 9 | 10 | 10 | 10 | 10 | 11 | **12** |
| **Profits** |  |  |  |  |  |  |  |
| Operating profit (loss) (IFRS) | –787 | 1222 | 2214 | 2016 | 4665 | 2333 | **2456** |
| Operating profit (loss) (non-IFRS) | 1533 | 1940 | 2244 | 2436 | 8153 | 2455 | **2568** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change - yoy | 16 | 33 | 27 | 24 | 25 | 60 | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change constant currency - yoy | 19 | 35 | 28 | 24 | 26 | 58 | **35** |
| Profit (loss) after tax (IFRS) | –824 | 918 | 1441 | 1616 | 3150 | 1796 | **1749** |
| Profit (loss) after tax (non-IFRS) | 944 | 1278 | 1437 | 1619 | 5279 | 1681 | **1747** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change - yoy | 9 | 60 | 6 | 24 | 22 | 78 | **37** |
| **Margins** |  |  |  |  |  |  |  |
| Cloud gross margin (IFRS, in %) | 72.2 | 73.0 | 73.2 | 72.8 | 72.8 | 74.5 | **74.7** |
| Cloud gross margin (non-IFRS, in %) | 72.5 | 73.3 | 73.7 | 73.5 | 73.3 | 75.0 | **75.2** |
| Gross margin (IFRS, in %) | 71.7 | 72.6 | 73.3 | 74.0 | 73.0 | 73.3 | **73.3** |
| Gross margin (non-IFRS, in %) | 71.8 | 72.7 | 73.6 | 74.3 | 73.2 | 73.6 | **73.6** |
| Operating margin (IFRS, in %) | –9.8 | 14.7 | 26.1 | 21.5 | 13.6 | 25.9 | **27.2** |
| Operating margin (non-IFRS, in %) | 19.1 | 23.4 | 26.5 | 26.0 | 23.9 | 27.2 | **28.5** |
| **Order Entry and current cloud backlog** |  |  |  |  |  |  |  |
| Current cloud backlog | 14179 | 14808 | 15377 | 18078 | 18078 | 18202 | **18052** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change – yoy | 27 | 28 | 25 | 32 | 32 | 28 | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change constant currency – yoy | 28 | 28 | 29 | 29 | 29 | 29 | **28** |
| Share of cloud orders greater than €5 million based on total cloud order entry volume (in %) | 52 | 52 | 64 | 68 | 63 | 54 | **53** |
| Share of cloud orders smaller than €1 million based on total cloud order entry volume (in %) | 21 | 20 | 16 | 11 | 15 | 20 | **20** |
| **Liquidity and Cash Flow** |  |  |  |  |  |  |  |
| Net cash flows from operating activities | 2878 | 1509 | 1403 | –584 | 5207 | 3780 | **2577** |
| Free cash flow | 2642 | 1288 | 1200 | –908 | 4222 | 3583 | **2357** |
| Cash and cash equivalents | 9295 | 7870 | 10005 | 9609 | 9609 | 11345 | **7942** |

---

8/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;€ millions, unless otherwise stated | **Q1**<br> **2024** | **Q2**<br> **2024** | **Q3**<br> **2024** | **Q4**<br> **2024** | **TY**<br> **2024** | **Q1**<br> **2025** | **Q2**<br> **2025** |
| Group liquidity | 13411 | 11449 | 11856 | 11080 | 11080 | 12760 | **9788** |
| Financial debt (–) | –7770 | –7776 | –8996 | –9385 | –9385 | –8121 | **–7492** |
| Net liquidity (+) / Net debt(–) | 5641 | 3674 | 2860 | 1695 | 1695 | 4639 | **2297** |
| **Non-Financials** |  |  |  |  |  |  |  |
| Number of employees (quarter end)<sup>1</sup> | 108133 | 105315 | 107583 | 109121 | 109121 | 108187 | **108929** |
| Gross greenhouse gas emissions (scope 1, 2, 3 / market-based)<sup>2</sup> <br> (in million tons CO<sub>2</sub> equivalents) | 1.8 | 1.8 | 1.8 | 1.8 | 6.9 | 1.6 | **1.6** |

---

<sup>1</sup> In full-time equivalents.

<sup>2</sup> Our gross greenhouse gas emissions (GHG) include the total lifecycle emissions resulting from the use of our on-premise software. The calculation of use of sold products emissions is based on the number of active maintenance contracts at quarter end. Therefore, the emissions for individual quarters will not add up to the total sum of GHG emissions at year end.

9/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

**Primary Financial Statements of SAP Group (IFRS)**

**(A)** **Consolidated Income Statements** 

(A.1) Consolidated Income Statements – Quarter

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;€ millions, unless otherwise stated | **Q2 2025** | Q2 2024 | ∆ in % |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud | 5130 | 4153 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software licenses | 194 | 229 | –15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software support | 2642 | 2792 | –5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software licenses and support | 2835 | 3021 | –6 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cloud and software** | **7966** | **7175** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services** | **1061** | **1114** | **–5** |
| **Total revenue** | **9027** | **8288** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud | –1297 | –1123 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software licenses and support | –313 | –311 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud and software | –1610 | –1434 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | –797 | –837 | –5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total cost of revenue** | **–2407** | **–2272** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** | **6620** | **6017** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | –1618 | –1605 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | –2156 | –2217 | –3 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administration | –361 | –336 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring | –18 | –631 | –97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating income/expense, net | –11 | –5 | >100 |
| **Total operating expenses** | **–6571** | **–7067** | **–7** |
| **Operating profit (loss)** | **2456** | **1222** | **>100** |
| **Other non-operating income/expense, net** | **–3** | **–5** | **–33** |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance income | 317 | 412 | –23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance costs | –268 | –242 | 11 |
| **Financial income, net** | **49** | **170** | **–71** |
| **Profit (loss) before tax** | **2502** | **1387** | **80** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | –753 | –469 | 60 |
| **Profit (loss) after tax** | **1749** | **918** | **91** |
| &nbsp;&nbsp;&nbsp;&nbsp;Attributable to owners of parent | 1697 | 888 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Attributable to non-controlling interests | 52 | 30 | 74 |
| **Earnings per share, basic (in €)<sup>1</sup>** | **1.45** | **0.76** | **91** |
| **Earnings per share, diluted (in €)<sup>1</sup>** | **1.44** | **0.75** | **92** |

---

<sup>1</sup> For the three months ended June 30, 2025 and 2024, the weighted average number of shares was 1,166 million (diluted 1,175 million) and 1,166 million (diluted: 1,178 million), respectively (treasury stock excluded).

10/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

(A.2) Consolidated Income Statements – Year-to-Date

---

| | | | |
|:---|:---|:---|:---|
| € millions, unless otherwise stated | **Q1–Q2 2025** | Q1–Q2 2024 | ∆ in % |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud | 10124 | 8082 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software licenses | 377 | 432 | –13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software support | 5403 | 5621 | –4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software licenses and support | 5780 | 6053 | –4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cloud and software** | **15904** | **14134** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services** | **2136** | **2195** | **–3** |
| **Total revenue** | **18040** | **16329** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud | –2570 | –2214 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software licenses and support | –605 | –637 | –5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud and software | –3176 | –2851 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | –1638 | –1699 | –4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total cost of revenue** | **–4813** | **–4550** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** | **13226** | **11778** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | –3291 | –3270 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | –4391 | –4496 | –2 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administration | –719 | –696 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring | –18 | –2873 | –99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating income/expense, net | –19 | –9 | >100 |
| **Total operating expenses** | **–13251** | **–15894** | **–17** |
| **Operating profit (loss)** | **4789** | **434** | **>100** |
| **Other non-operating income/expense, net** | **7** | **–153** | **NA** |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance income | 722 | 611 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance costs | –548 | –486 | 13 |
| **Financial income, net** | **175** | **125** | **40** |
| **Profit (loss) before tax** | **4970** | **407** | **>100** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | –1425 | –313 | >100 |
| **Profit (loss) after tax** | **3545** | **94** | **>100** |
| &nbsp;&nbsp;&nbsp;&nbsp;Attributable to owners of parent | 3477 | 60 | >100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Attributable to non-controlling interests | 68 | 34 | 100 |
| **Earnings per share, basic (in €)<sup>1</sup>** | **2.98** | **0.05** | **>100** |
| **Earnings per share, diluted (in €)<sup>1</sup>** | **2.96** | **0.05** | **>100** |

---

<sup>1</sup> For the six months ended June 30, 2025 and 2024, the weighted average number of shares was 1,167 million (diluted: 1,175 million) and 1,167 million (diluted: 1,178 million), respectively (treasury stock excluded).

11/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

**(B) Consolidated Statements of Financial Position**

---

| | | |
|:---|:---|:---|
| as at 06/30/2025 and 12/31/2024 | as at 06/30/2025 and 12/31/2024 | as at 06/30/2025 and 12/31/2024 |
| € millions | **2025** | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 7942 | 9609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | 2236 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | 6289 | 6774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-financial assets | 2652 | 2682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax assets | 520 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **19638** | **21401** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 28537 | 31243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | 2289 | 2706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment | 4339 | 4493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | 6807 | 7141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | 118 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-financial assets | 3840 | 3990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax assets | 328 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 2503 | 2676 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total non-current assets** | **48761** | **52817** |
| **Total assets** | **68399** | **74218** |
| € millions | **2025** | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables | 2210 | 1988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax liabilities | 965 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities | 3347 | 4277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-financial liabilities | 3913 | 5533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions | 220 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 8395 | 5978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **19050** | **19078** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables | 5 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax liabilities | 471 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities | 6034 | 7169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-financial liabilities | 542 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions | 468 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 292 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 139 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-current liabilities** | **7950** | **9332** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **27000** | **28410** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued capital | 1229 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share premium | 2776 | 2564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 43653 | 42907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other components of equity | 463 | 4694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury shares | –7123 | –5954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity attributable to owners of parent** | **40998** | **45440** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Non-controlling interests** | **401** | **368** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | **41400** | **45808** |
| **Total equity and liabilities** | **68399** | **74218** |

---

12/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

**(C) Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
| € millions | **Q1–Q2 2025** | Q1–Q2 2024 |
| **Profit (loss) after tax** | **3545** | **94** |
| Adjustments to reconcile profit (loss) after tax to net cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 668 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based payment expense | 949 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 1425 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial income, net | –175 | –125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/decrease in allowances on trade receivables | 18 | –23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments for non-cash items | –11 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/decrease in trade and other receivables | 103 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/decrease in other assets | –154 | –17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/decrease in trade payables, provisions, and other liabilities | –1843 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/decrease in contract liabilities | 3121 | 2718 |
| Share-based payments | –378 | –778 |
| Income taxes paid, net of refunds | –911 | –1057 |
| **Net cash flows from operating activities** | **6357** | **4388** |
| Business combinations, net of cash and cash equivalents acquired | –5 | –19 |
| Purchase of intangible assets and property, plant, and equipment | –358 | –365 |
| Proceeds from sales of intangible assets and property, plant, and equipment | 78 | 55 |
| Purchase of equity or debt instruments of other entities | –3386 | –7987 |
| Proceeds from sales of equity or debt instruments of other entities | 2812 | 7370 |
| Interest received | 187 | 287 |
| **Net cash flows from investing activities** | **–673** | **–660** |
| Dividends paid | –2743 | –2565 |
| Dividends paid on non-controlling interests | 0 | –6 |
| Purchase of treasury shares | –1633 | –975 |
| Proceeds from borrowings | 2 | 1 |
| Repayments of borrowings | –1850 | –14 |
| Payments of lease liabilities | –138 | –148 |
| Interest paid | –379 | –378 |
| **Net cash flows from financing activities** | **–6742** | **–4086** |
| **Effect of foreign currency rates on cash and cash equivalents** | **–610** | **104** |
| **Net increase/decrease in cash and cash equivalents** | **–1668** | **–254** |
| **Cash and cash equivalents at the beginning of the period** | **9609** | **8124** |
| **Cash and cash equivalents at the end of the period** | **7942** | **7870** |

---

13/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

**Non-IFRS Numbers**

**(D) Basis of Non-IFRS Presentation**

SAP disclose certain financial measures such as expense (non-IFRS) and profit measures (non-IFRS) that are not prepared in accordance with IFRS and are therefore considered non-IFRS financial measures.

For a more detailed description of all of SAP's non-IFRS measures and their limitations as well as SAP's constant currency and free cash flow figures, see <u>Explanation of Non-IFRS Measures</u>.

**(E) Reconciliation from Non-IFRS Numbers to IFRS Numbers**

(E.1) Reconciliation of Non-IFRS Revenue – Quarter

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| € millions, unless otherwise stated | **Q2 2025** | **Q2 2025** | **Q2 2025** | Q2 2024 | ∆ in % | ∆ in % |
| € millions, unless otherwise stated | **IFRS** | **Currency**<br> **Impact** | **Non-IFRS**<br> **Constant**<br> **Currency** | IFRS | IFRS | Non-IFRS<br> Constant<br> Currency |
| **Revenue Numbers** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud | 5130 | 168 | 5298 | 4153 | 24 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software licenses | 194 | 4 | 198 | 229 | –15 | –13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software support | 2642 | 64 | 2706 | 2792 | –5 | –3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software licenses and support | 2835 | 68 | 2904 | 3021 | –6 | –4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cloud and software** | **7966** | **236** | **8202** | **7175** | **11** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services** | **1061** | **33** | **1094** | **1114** | **–5** | **–2** |
| **Total revenue** | **9027** | **269** | **9296** | **8288** | **9** | **12** |

---

14/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

(E.2) Reconciliation of Non-IFRS Operating Expenses – Quarter

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| € millions, unless otherwise stated | **Q2 2025** | **Q2 2025** | **Q2 2025** | **Q2 2025** | **Q2 2025** | Q2 2024 | Q2 2024 | Q2 2024 | ∆ in % | ∆ in % | ∆ in % |
| € millions, unless otherwise stated | **IFRS** | **Adj.** | **Non-<br> IFRS** | **Currency**<br> **Impact** | **Non-IFRS**<br> **Constant**<br> **Currency** | IFRS | Adj. | Non-<br> IFRS | IFRS | Non-IFRS | Non-IFRS<br> Constant<br> Currency |
| **Operating Expense Numbers** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud | –1297 | 23 | –1274 |  |  | –1123 | 13 | –1110 | 16 | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software licenses and support | –313 | 0 | –313 |  |  | –311 | 0 | –311 | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud and software | –1610 | 23 | –1587 |  |  | –1434 | 13 | –1422 | 12 | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | –797 | 0 | –797 |  |  | –837 | 0 | –837 | –5 | –5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total cost of revenue** | **–2407** | **23** | **–2384** |  |  | **–2272** | **13** | **–2259** | **6** | **6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** | **6620** | **23** | **6643** | **192** | **6835** | **6017** | **13** | **6029** | **10** | **10** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | –1618 | 1 | –1616 |  |  | –1605 | 1 | –1604 | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | –2156 | 68 | –2088 |  |  | –2217 | 65 | –2153 | –3 | –3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administration | –361 | 1 | –360 |  |  | –336 | 8 | –328 | 7 | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring | –18 | 18 | 0 |  |  | –631 | 631 | 0 | –97 | NA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating income/expense, net | –11 | 0 | –11 |  |  | –5 | 0 | –5 | >100 | >100 |  |
| **Total operating expenses** | **–6571** | **112** | **–6459** | **–214** | **–6673** | **–7067** | **718** | **–6348** | **–7** | **2** | **5** |

---

(E.3) Reconciliation of Non-IFRS Profit Figures, Income Tax, and Key Ratios – Quarter

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| € millions, unless otherwise stated | **Q2 2025** | **Q2 2025** | **Q2 2025** | **Q2 2025** | **Q2 2025** | Q2 2024 | Q2 2024 | Q2 2024 | ∆ in % | ∆ in % | ∆ in % |
| € millions, unless otherwise stated | **IFRS** | **Adj.** | **Non-<br> IFRS** | **Currency**<br> **Impact** | **Non-IFRS**<br> **Constant**<br> **Currency** | IFRS | Adj. | Non-<br> IFRS | IFRS | Non-IFRS | Non-IFRS<br> Constant<br> Currency |
| **Profit Numbers** |  |  |  |  |  |  |  |  |  |  |  |
| **Operating profit (loss)** | **2456** | **112** | **2568** | **55** | **2623** | **1222** | **718** | **1940** | **>100** | **32** | **35** |
| **Other non-operating income/expense, net** | **–3** | **0** | **–3** |  |  | **–5** | **0** | **–5** | **–33** | **–33** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance income | 317 | –210 | 107 |  |  | 412 | –250 | 162 | –23 | –34 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance costs | –268 | 119 | –149 |  |  | –242 | 70 | –171 | 11 | –13 |  |
| **Financial income, net** | **49** | **–91** | **–42** |  |  | **170** | **–179** | **–9** | **–71** | **>100** |  |
| **Profit (loss) before tax** | **2502** | **22** | **2524** |  |  | **1387** | **539** | **1926** | **80** | **31** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | –753 | –24 | –776 |  |  | –469 | –178 | –647 | 60 | 20 |  |
| **Profit (loss) after tax** | **1749** | **–2** | **1747** |  |  | **918** | **361** | **1278** | **91** | **37** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Attributable to owners of parent | 1697 | 56 | 1753 |  |  | 888 | 395 | 1283 | 91 | 37 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Attributable to non-controlling interests | 52 | –58 | –6 |  |  | 30 | –34 | –4 | 74 | 44 |  |
| **Key Ratios** |  |  |  |  |  |  |  |  |  |  |  |
| **Operating margin (in %)** | **27.2** |  | **28.5** |  | **28.2** | **14.7** |  | **23.4** | **12.5pp** | **5.0pp** | **4.8pp** |
| **Effective tax rate (in %)<sup>1</sup>** | **30.1** |  | **30.8** |  |  | **33.8** |  | **33.6** | **–3.8pp** | **–2.8pp** |  |
| **Earnings per share, basic (in €)** | **1.45** |  | **1.50** |  |  | **0.76** |  | **1.10** | **91** | **37** |  |

---

<sup>1</sup> The difference between our effective tax rate (IFRS) and effective tax rate (non-IFRS) in Q2 2025 mainly resulted from tax effects of equity securities. The difference between our effective tax rate (IFRS) and effective tax rate (non-IFRS) in Q2 2024 mainly resulted from tax effects of restructuring expenses.

15/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

(E.4) Reconciliation of Non-IFRS Revenue – Year-to-Date

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| € millions, unless otherwise stated | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 | ∆ in % | ∆ in % |
| € millions, unless otherwise stated | **IFRS** | **Currency <br> Impact** | **Non-IFRS<br> Constant<br> Currency** | IFRS | IFRS | Non-IFRS<br> Constant<br> Currency |
| **Revenue Numbers** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud | 10124 | 110 | 10234 | 8082 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software licenses | 377 | 4 | 381 | 432 | –13 | –12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software support | 5403 | 40 | 5443 | 5621 | –4 | –3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software licenses and support | 5780 | 44 | 5824 | 6053 | –4 | –4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cloud and software** | **15904** | **154** | **16058** | **14134** | **13** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services** | **2136** | **18** | **2154** | **2195** | **–3** | **–2** |
| **Total revenue** | **18040** | **172** | **18212** | **16329** | **10** | **12** |

---

(E.5) Reconciliation of Non-IFRS Operating Expenses – Year-to-Date

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| € millions, unless otherwise stated | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 | Q1–Q2 2024 | Q1–Q2 2024 | ∆ in % | ∆ in % | ∆ in % |
| € millions, unless otherwise stated | **IFRS** | **Adj.** | **Non-<br> IFRS** | **Currency<br> Impact** | **Non-IFRS<br> Constant<br> Currency** | IFRS | Adj. | Non-<br> IFRS | IFRS | Non-IFRS | Non-IFRS<br> Constant<br> Currency |
| **Operating Expense Numbers** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud | –2570 | 48 | –2523 |  |  | –2214 | 25 | –2190 | 16 | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software licenses and support | –605 | 0 | –605 |  |  | –637 | 0 | –637 | –5 | –5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud and software | –3176 | 48 | –3128 |  |  | –2851 | 25 | –2827 | 11 | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | –1638 | 1 | –1637 |  |  | –1699 | 0 | –1699 | –4 | –4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total cost of revenue** | **–4813** | **48** | **–4765** |  |  | **–4550** | **25** | **–4526** | **6** | **5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** | **13226** | **48** | **13275** | **124** | **13399** | **11778** | **25** | **11803** | **12** | **12** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | –3291 | 3 | –3288 |  |  | –3270 | 3 | –3267 | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | –4391 | 163 | –4228 |  |  | –4496 | 129 | –4366 | –2 | –3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administration | –719 | 2 | –717 |  |  | –696 | 9 | –687 | 3 | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring | –18 | 18 | 0 |  |  | –2873 | 2873 | 0 | –99 | NA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating income/expense, net | –19 | 0 | –19 |  |  | –9 | 0 | –9 | >100 | >100 |  |
| **Total operating expenses** | **–13251** | **235** | **–13016** | **–152** | **–13168** | **–15894** | **3039** | **–12855** | **–17** | **1** | **2** |

---

16/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

(E.6) Reconciliation of Non-IFRS Profit Figures, Income Tax, and Key Ratios – Year-to-Date

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| € millions, unless otherwise stated | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 | Q1–Q2 2024 | Q1–Q2 2024 | ∆ in % | ∆ in % | ∆ in % |
| € millions, unless otherwise stated | **IFRS** | **Adj.** | **Non-<br> IFRS** | **Currency<br> Impact** | **Non-IFRS<br> Constant<br> Currency** | IFRS | Adj. | Non-<br> IFRS | IFRS | Non-IFRS | Non-IFRS<br> Constant<br> Currency |
| **Profit Numbers** |  |  |  |  |  |  |  |  |  |  |  |
| **Operating profit (loss)** | **4789** | **235** | **5024** | **21** | **5044** | **434** | **3039** | **3473** | **>100** | **45** | **45** |
| **Other non-operating income/expense, net** | **7** | **0** | **7** |  |  | **–153** | **0** | **–153** | **NA** | **NA** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance income | 722 | –491 | 231 |  |  | 611 | –282 | 328 | 18 | –30 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance costs | –548 | 192 | –356 |  |  | –486 | 159 | –327 | 13 | 9 |  |
| **Financial income, net** | **175** | **–299** | **–125** |  |  | **125** | **–123** | **2** | **40** | **NA** |  |
| **Profit (loss) before tax** | **4970** | **–64** | **4906** |  |  | **407** | **2916** | **3322** | **>100** | **48** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | –1425 | –53 | –1478 |  |  | –313 | –787 | –1100 | >100 | 34 |  |
| **Profit (loss) after tax** | **3545** | **–117** | **3428** |  |  | **94** | **2129** | **2223** | **>100** | **54** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Attributable to owners of parent | 3477 | –45 | 3432 |  |  | 60 | 2163 | 2222 | >100 | 54 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Attributable to non-controlling interests | 68 | –72 | –4 |  |  | 34 | –34 | 0 | 100 | NA |  |
| **Key Ratios** |  |  |  |  |  |  |  |  |  |  |  |
| **Operating margin (in %)** | **26.5** |  | **27.8** |  | **27.7** | **2.7** |  | **21.3** | **23.9pp** | **6.6pp** | **6.4pp** |
| **Effective tax rate (in %)<sup>1</sup>** | **28.7** |  | **30.1** |  |  | **76.9** |  | **33.1** | **–48.3pp** | **–3.0pp** |  |
| **Earnings per share, basic (in €)** | **2.98** |  | **2.94** |  |  | **0.05** |  | **1.91** | **>100** | **54** |  |

---

<sup>1</sup> The difference between our effective tax rate (IFRS) and effective tax rate (non-IFRS) in the first half of 2025 mainly resulted from tax effects of equity securities. The difference between our effective tax rate (IFRS) and effective tax rate (non-IFRS) in the first half of 2024 mainly resulted from tax effects of restructuring expenses.

17/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

(E.7) Reconciliation of Free Cash Flow

---

| | | |
|:---|:---|:---|
| € millions, unless otherwise stated | **Q1–Q2 2025** | Q1–Q2 2024 |
| **Net cash flows from operating activities** | **6357** | **4388** |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of intangible assets and property, plant, and equipment | –358 | –365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of intangible assets and property, plant, and equipment | 78 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of lease liabilities | –138 | –148 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Free cash flow** | **5939** | **3929** |
| **Net cash flows from investing activities** | **–673** | **–660** |
| **Net cash flows from financing activities** | **–6742** | **–4086** |

---

18/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

**(F)** **Non-IFRS Adjustments – Actuals and Estimates**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| € millions, unless otherwise stated | Estimated Amounts for<br> Full Year 2025 | **Q2 2025** | **Q1–Q2 2025** | Q2 2024 | Q1–Q2 <br> 2024 |
| **Profit (loss) before tax (IFRS)** |  | **2502** | **4970** | **1387** | **407** |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for acquisition-related charges | 380-460 | 94 | 217 | 87 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for restructuring | approximately 100 | 18 | 18 | 631 | 2873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for regulatory compliance matter expenses | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for gains and losses from equity securities, net | N/A<sup>1</sup> | –91 | –299 | –179 | –123 |
| **Profit (loss) before tax (non-IFRS)** |  | **2524** | **4906** | **1926** | **3322** |

---

<sup>1</sup> Due to the uncertainty and potential variability of gains and losses from equity securities, we cannot provide an estimate for the full year without unreasonable efforts. This item could however have a material impact on our non-IFRS measures below operating profit.

**(G)** **Non-IFRS Operating Expense Adjustments by Functional Areas**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| € millions | **Q2 2025** | **Q2 2025** | **Q2 2025** | **Q2 2025** | **Q2 2025** | Q2 2024 | Q2 2024 | Q2 2024 | Q2 2024 | Q2 2024 |
|  | **IFRS** | **Acquisition-<br> Related** | **Restruc-<br> turing** | **RCM<sup>1</sup>** | **Non-IFRS** | IFRS | Acquisition<br> - Related | Restruc-<br> turing | RCM<sup>1</sup> | Non-IFRS |
| Cost of cloud | –1297 | 23 | 0 | 0 | –1274 | –1123 | 13 | 0 | 0 | –1110 |
| Cost of software licenses and support | –313 | 0 | 0 | 0 | –313 | –311 | 0 | 0 | 0 | –311 |
| Cost of services | –797 | 0 | 0 | 0 | –797 | –837 | 0 | 0 | 0 | –837 |
| Research and development | –1618 | 1 | 0 | 0 | –1616 | –1605 | 1 | 0 | 0 | –1604 |
| Sales and marketing | –2156 | 68 | 0 | 0 | –2088 | –2217 | 65 | 0 | 0 | –2153 |
| General and administration | –361 | 1 | 0 | 0 | –360 | –336 | 8 | 0 | 0 | –328 |
| Restructuring | –18 | 0 | 18 | 0 | 0 | –631 | 0 | 631 | 0 | 0 |
| Other operating income/expense, net | –11 | 0 | 0 | 0 | –11 | –5 | 0 | 0 | 0 | –5 |
| **Total operating expenses** | **–6571** | **94** | **18** | **0** | **–6459** | **–7067** | **87** | **631** | **0** | **–6348** |

---

<sup>1</sup> Regulatory Compliance Matters

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| € millions | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 | Q1–Q2 2024 | Q1–Q2 2024 | Q1–Q2 2024 | Q1–Q2 2024 |
| € millions | **IFRS** | **Acquisition-<br> Related** | **Restruc-<br> turing** | **RCM<sup>1</sup>** | **Non-IFRS** | IFRS | Acquisition<br> - Related | Restruc-<br> turing | RCM<sup>1</sup> | Non-IFRS |
| Cost of cloud | –2570 | 48 | 0 | 0 | –2523 | –2214 | 25 | 0 | 0 | –2190 |
| Cost of software licenses and support | –605 | 0 | 0 | 0 | –605 | –637 | 0 | 0 | 0 | –637 |
| Cost of services | –1638 | 1 | 0 | 0 | –1637 | –1699 | 0 | 0 | 0 | –1699 |
| Research and development | –3291 | 3 | 0 | 0 | –3288 | –3270 | 3 | 0 | 0 | –3267 |
| Sales and marketing | –4391 | 163 | 0 | 0 | –4228 | –4496 | 129 | 0 | 0 | –4366 |
| General and administration | –719 | 2 | 0 | 0 | –717 | –696 | 9 | 0 | 0 | –687 |
| Restructuring | –18 | 0 | 18 | 0 | 0 | –2873 | 0 | 2873 | 0 | 0 |
| Other operating income/expense, net | –19 | 0 | 0 | 0 | –19 | –9 | 0 | 0 | 0 | –9 |
| **Total operating expenses** | **–13251** | **217** | **18** | **0** | **–13016** | **–15894** | **166** | **2873** | **0** | **–12855** |

---

<sup>1</sup> Regulatory Compliance Matters

19/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

If not presented in a separate line item in our income statement, the restructuring expenses would break down as follows:

---

| | | |
|:---|:---|:---|
| € millions | **Q2 2025** | Q2 2024 |
| Cost of cloud | 1 | –28 |
| Cost of software licenses and support | 2 | –24 |
| Cost of services | –1 | –107 |
| Research and development | –6 | –144 |
| Sales and marketing | –9 | –284 |
| General and administration | –6 | –43 |
| **Restructuring expenses** | **–18** | **–631** |

---

20/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

**Disaggregations**

**(H)** **Segment Reporting**

(H.1) Segment Policies and Changes

SAP is organized in two operating segments, the Applications, Technology & Support (ATS) segment and the Core Services segment:

The **ATS segment** represents SAP's cohesive product portfolio which is holistically steered and commercialized. It primarily generates revenue from cloud subscriptions and from the sale of software licenses and support offerings, and it incurs cost for support, operating our solutions, and the provision of infrastructure. The revenue and cost for services arise for SAP's training business which is highly integrated with SAP's product portfolio.

The **Core Services segment** supports SAP's product portfolio by enabling customers to transform their business and accelerate the adoption of innovations. Revenues are mainly generated from professional consulting services and premium support services. Cost is incurred primarily for the delivery of those services. The Core Services segment does not reflect the full services business.

The segment information for comparative prior periods was restated to conform with the new segment composition.

(H.2) Segment Reporting – Quarter

**Applications, Technology & Support (ATS)**

---

| | | | |
|:---|:---|:---|:---|
| € millions<br> (non-IFRS) | **Q2 2025** | **Q2 2025** | Q2 2024 |
| € millions<br> (non-IFRS) | **Actual**<br> **Currency** | **Constant**<br> **Currency** | Actual<br> Currency |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud | 5130 | 5298 | 4153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software licenses | 194 | 198 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software support | 2642 | 2706 | 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software licenses and support | 2835 | 2904 | 3021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud and software | 7966 | 8201 | 7174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services | 70 | 74 | 108 |
| **Total segment revenue** | **8036** | **8275** | **7282** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud | –1223 | –1281 | –1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software licenses and support | –278 | –288 | –284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud and software | –1501 | –1569 | –1356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | –80 | –83 | –101 |
| **Total cost of revenue** | **–1581** | **–1652** | **–1457** |
| **Segment gross profit** | **6455** | **6623** | **5825** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment expenses | –3151 | –3258 | –3163 |
| **Segment profit (loss)** | **3304** | **3365** | **2662** |

---

**Core Services**

---

| | | | |
|:---|:---|:---|:---|
| € millions<br> (non-IFRS) | **Q2 2025** | **Q2 2025** | Q2 2024 |
| € millions<br> (non-IFRS) | **Actual**<br> **Currency** | **Constant**<br> **Currency** | Actual<br> Currency |
| &nbsp;&nbsp;&nbsp;&nbsp;Services | 990 | 1020 | 1006 |
| **Total segment revenue** | **990** | **1021** | **1006** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud | –30 | –31 | –26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software licenses and support | –10 | –10 | –13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud and software | –39 | –41 | –39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | –697 | –718 | –706 |
| **Total cost of revenue** | **–736** | **–759** | **–745** |
| **Segment gross profit** | **254** | **262** | **261** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment expenses | –137 | –142 | –154 |
| **Segment profit (loss)** | **117** | **120** | **107** |

---

21/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

(H.3) Segment Reporting – Year-to-Date

**Applications, Technology & Support**

---

| | | | |
|:---|:---|:---|:---|
| € millions<br> (non-IFRS) | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 |
| € millions<br> (non-IFRS) | **Actual**<br> **Currency** | **Constant**<br> **Currency** | Actual<br> Currency |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud | 10124 | 10234 | 8082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software licenses | 377 | 381 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software support | 5403 | 5443 | 5621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software licenses and support | 5780 | 5824 | 6052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud and software | 15904 | 16058 | 14134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services | 150 | 153 | 209 |
| **Total segment revenue** | **16054** | **16211** | **14343** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud | –2432 | –2470 | –2119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software licenses and support | –553 | –561 | –584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud and software | –2985 | –3031 | –2703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | –182 | –183 | –200 |
| **Total cost of revenue** | **–3166** | **–3214** | **–2902** |
| **Segment gross profit** | **12888** | **12997** | **11440** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment expenses | –6432 | –6514 | –6478 |
| **Segment profit (loss)** | **6456** | **6483** | **4963** |

---

**Core Services**

---

| | | | |
|:---|:---|:---|:---|
| € millions<br> (non-IFRS) | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 |
| € millions<br> (non-IFRS) | **Actual**<br> **Currency** | **Constant**<br> **Currency** | Actual<br> Currency |
| &nbsp;&nbsp;&nbsp;&nbsp;Services | 1985 | 2000 | 1985 |
| **Total segment revenue** | **1985** | **2000** | **1985** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud | –59 | –60 | –53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software licenses and support | –20 | –21 | –26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud and software | –79 | –81 | –79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | –1413 | –1430 | –1439 |
| **Total cost of revenue** | **–1493** | **–1510** | **–1518** |
| **Segment gross profit** | **492** | **490** | **467** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment expenses | –287 | –290 | –320 |
| **Segment profit (loss)** | **206** | **200** | **147** |

---

22/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

**(I)** **Revenue by Region (IFRS and Non-IFRS)**

(I.1) Revenue by Region (IFRS and Non-IFRS) – Quarter

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;€ millions | **Q2 2025** | **Q2 2025** | **Q2 2025** | Q2 2024 | ∆ in % | ∆ in % |
| &nbsp;&nbsp;€ millions | **Actual currency** | **Currency**<br> **Impact** | **Constant**<br> **Currency** | Actual currency | Actual currency | Constant<br> Currency |
| **Cloud Revenue by Region** | **Cloud Revenue by Region** | **Cloud Revenue by Region** | **Cloud Revenue by Region** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | 2163 | 14 | 2177 | 1673 | 29 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | 2215 | 129 | 2343 | 1914 | 16 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APJ | 753 | 25 | 778 | 566 | 33 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cloud revenue** | **5130** | **168** | **5298** | **4153** | **24** | **28** |
| **Cloud and Software Revenue by Region** | **Cloud and Software Revenue by Region** | **Cloud and Software Revenue by Region** | **Cloud and Software Revenue by Region** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | 3669 | 17 | 3686 | 3215 | 14 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | 3106 | 182 | 3288 | 2912 | 7 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APJ | 1191 | 37 | 1228 | 1047 | 14 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cloud and software revenue** | **7966** | **236** | **8202** | **7175** | **11** | **14** |
| Total Revenue by Region | Total Revenue by Region | Total Revenue by Region | Total Revenue by Region |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 1412 | 1 | 1414 | 1283 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rest of EMEA | 2746 | 19 | 2765 | 2444 | 12 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total EMEA** | **4158** | **21** | **4179** | **3727** | **12** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 2829 | 145 | 2974 | 2701 | 5 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rest of Americas | 725 | 63 | 787 | 690 | 5 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Americas** | **3554** | **208** | **3761** | **3392** | **5** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 392 | –7 | 385 | 337 | 16 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rest of APJ | 923 | 48 | 971 | 833 | 11 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total APJ** | **1315** | **41** | **1356** | **1170** | **12** | **16** |
| **Total revenue** | **9027** | **269** | **9296** | **8288** | **9** | **12** |

---

23/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

(I.2) Revenue by Region (IFRS and Non-IFRS) – Year-to-Date

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;€ millions | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 | ∆ in % | ∆ in % |
| &nbsp;&nbsp;€ millions | **Actual Currency** | **Currency**<br> **Impact** | **Constant**<br> **Currency** | Actual Currency | Actual<br> Currency | Constant<br> Currency |
| **Cloud Revenue by Region** | **Cloud Revenue by Region** | **Cloud Revenue by Region** | **Cloud Revenue by Region** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | 4195 | –3 | 4192 | 3230 | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | 4446 | 90 | 4536 | 3761 | 18 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APJ | 1483 | 23 | 1507 | 1090 | 36 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cloud revenue** | **10124** | **110** | **10234** | **8082** | **25** | **27** |
| **Cloud and Software Revenue by Region** | **Cloud and Software Revenue by Region** | **Cloud and Software Revenue by Region** | **Cloud and Software Revenue by Region** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | 7208 | –5 | 7203 | 6325 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | 6315 | 124 | 6439 | 5776 | 9 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APJ | 2382 | 34 | 2416 | 2034 | 17 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cloud and software revenue** | **15904** | **154** | **16058** | **14134** | **13** | **14** |
| **Total Revenue by Region** | **Total Revenue by Region** | **Total Revenue by Region** | **Total Revenue by Region** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 2791 | –2 | 2790 | 2520 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rest of EMEA | 5400 | –4 | 5396 | 4804 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total EMEA** | **8191** | **–6** | **8186** | **7323** | **12** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 5781 | 59 | 5840 | 5369 | 8 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rest of Americas | 1437 | 81 | 1519 | 1359 | 6 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Americas** | **7219** | **141** | **7359** | **6728** | **7** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 789 | –10 | 779 | 662 | 19 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rest of APJ | 1841 | 47 | 1888 | 1615 | 14 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total APJ** | **2630** | **37** | **2668** | **2277** | **16** | **17** |
| **Total revenue** | **18040** | **172** | **18212** | **16329** | **10** | **12** |

---

24/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

**(J)** **Employees by Region and Functional Areas**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Full-time equivalents | **06/30/2025** | **06/30/2025** | **06/30/2025** | **06/30/2025** | 06/30/2024 | 06/30/2024 | 06/30/2024 | 06/30/2024 |
|  | **EMEA** | **Americas** | **APJ** | **Total** | EMEA | Americas | APJ | Total |
| Cloud and software | 4553 | 4486 | 5109 | 14148 | 4434 | 4148 | 4448 | 13029 |
| Services | 8237 | 4681 | 5814 | 18732 | 8292 | 4618 | 5410 | 18320 |
| Research and development | 18063 | 5761 | 13349 | 37174 | 18073 | 5441 | 12331 | 35844 |
| Sales and marketing | 11694 | 9793 | 4981 | 26467 | 12053 | 9438 | 5112 | 26603 |
| General and administration | 3903 | 1910 | 1343 | 7157 | 3640 | 1723 | 1291 | 6653 |
| Infrastructure | 3123 | 1152 | 976 | 5252 | 2845 | 1129 | 890 | 4865 |
| **SAP Group (06/30)** | **49574** | **27783** | **31573** | **108929** | **49337** | **26496** | **29482** | **105315** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thereof acquisitions<sup>1</sup> | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| **SAP Group (six months' end average)** | **49038** | **27695** | **31264** | **107997** | **49414** | **27689** | **29745** | **106848** |

---

<sup>1</sup> Acquisitions closed between January 1 and June 30 of the respective year.

25/26

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-1sp02img01.jpg) | **Quarterly Statement Q2 2025** |

---

**Other Disclosures**

**(K)** **Share-Based Payment**

SAP's share-based payment expenses included in SAPs non-IFRS operating expenses break down as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;€ millions | **Q2 2025** | **Q1–Q2 2025** | Q2 2024 | Q1–Q2 2024 |
| Cost of cloud | –33 | –59 | –34 | –73 |
| Cost of software licenses and support | –9 | –16 | –11 | –22 |
| Cost of services | –72 | –133 | –89 | –192 |
| Research and development | –190 | –326 | –191 | –403 |
| Sales and marketing | –180 | –331 | –218 | –476 |
| General and administration | –45 | –84 | –48 | –114 |
| **Share-based payment expenses** | **–529** | **–949** | **–592** | **–1280** |

---

The decrease in share-based payment expenses is mainly due to a lower increase in the SAP share price as compared to 2024 (around €22 in the first half of 2025; around €50 in the first half of 2024) as well as lower grant volumes as compared to prior years. Income for the hedging of cash-settled share-based compensation programs amounted to €30 million in the first half of 2025 (first half of 2024: €0 million). For more information about share-based payment expenses, see the Notes to the Consolidated Half-Year Financial Statements, Note (B.3).

Additionally, in the second quarter of 2025 SAP recognized €6 million (Q2/2024: €107 million) of accelerated share-based payment expenses triggered by the transformation program. In the first half of 2025 accelerated share-based payment expenses amounting to €19 million (HY1/2024: €189 million) have been recognized. These share-based payment expenses are classified as restructuring expenses in SAP's consolidated income statements.

Associated share-based payments in the first half of 2025 amounted to €62 million (HY1/2024: €2 million) and are classified as a decrease in provisions and other liabilities in SAP's consolidated statements of cash flows.

26/26

## Exhibit 99.2

**Exhibit 99.2**

![](tm2521516d1_ex99-2img001.jpg)

![](tm2521516d1_ex99-2img002.jpg)

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-2img003.jpg) | **SAP Half-Year Report 2025** |

---

**Table of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Introductory Notes](#v_001) | [3](#v_001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Half-Year Management Report](#v_002) | [4](#v_002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Performance Review and Analysis](#v_003) | [6](#v_003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sustainability Information](tm2521516d1_ex99-2.htm#sp-3_001) | [16](tm2521516d1_ex99-2.htm#sp-3_001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Half-Year Financial Statements – IFRS](tm2521516d1_ex99-2.htm#sp-3_002) | [19](tm2521516d1_ex99-2.htm#sp-3_002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Supplementary Financial Information](tm2521516d1_ex99-2.htm#Sp4_001) | [44](tm2521516d1_ex99-2.htm#Sp4_001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[General Information](tm2521516d1_ex99-2.htm#Sp4_002) | [48](tm2521516d1_ex99-2.htm#Sp4_002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](tm2521516d1_ex99-2.htm#Sp4_003) | [49](tm2521516d1_ex99-2.htm#Sp4_003) |

---

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|:---|:---|
| 2 | /51 |

---

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-2img003.jpg) | **SAP Half-Year Report 2025** |

---

**Introductory Notes**

This Half-Year Report meets the requirements of German Accounting Standard No. 16 "Half-yearly Financial Reporting" (GAS 16). GAS 16 also governs the Sustainability Information included in the report. We prepared the financial data in the Half-Year Report section for SAP SE and its subsidiaries in accordance with International Financial Reporting Standards (IFRS). In doing so, we observed the IFRS both as issued by the International Accounting Standards Board (IASB) and as endorsed by the European Union (EU). This does not apply to numbers expressly identified as non-IFRS. For additional IFRS and non-IFRS information, see the <u>Supplementary Financial Information</u> section.

This Half-Year Report complies with the legal requirements in accordance with the German Securities Trading Act (Wertpapierhandelsgesetz, WpHG) for a half-year financial report, and comprises the consolidated Half-Year Management Report, condensed consolidated Half-Year Financial Statements, and the responsibility statement in accordance with the German Securities Trading Act, section 115 (2).

This Half-Year Report updates our Consolidated Financial Statements 2024 and the Sustainability Statement 2024, presents significant events and transactions of the first half of 2025, and updates the forward-looking information as well as significant non-financial key figures contained in our Management Report 2024. This Half-Year Financial Report only includes half-year numbers. Our quarterly numbers are available in the Quarterly Statements for the first and second quarter of 2025. Both the 2024 consolidated Financial Statements and the 2024 Management Report are part of our Integrated Report 2024, which is available at <u>www.sapintegratedreport.com</u>.

All of the information in this Half-Year Report is unaudited. This means that the information has been subject neither to any audit nor to any review by an independent auditor.

Unless otherwise stated, all figures in this Half-Year Report are based on SAP Group results from continuing operations.

---

| | |
|:---|:---|
| 3 | /51 |

---

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-2img003.jpg) | **SAP Half-Year Report 2025** |

---

**Consolidated Half-Year Management Report**

**Strategy and Business Model**

SAP continues to execute on the strategy and business model as described in the <u>SAP Integrated Report 2024</u> to become the #1 enterprise application and business AI company.

**Our Product Strategy**

To accomplish this objective, SAP's product strategy is anchored in two strategic priorities: AI-First and Suite-First. The synergy of applications, data, and AI are the driving force behind our **SAP Business Suite** – an offering that provides a comprehensive set of integrated solutions, combining SAP's core cloud ERP and line of business (LoB) applications to seamlessly connect every function across the business end to end. Fueled by business data and meaningful AI, SAP Business Suite empowers customers to scale, innovate, and deliver value. Bringing together applications, data, and AI can be key for customers to achieve or maintain their competitive advantage. As the foundation of SAP Business Suite, **SAP Business Technology Platform (SAP BTP)** connects, extends, and automates business processes and applications, accelerates application development, and deploys AI capabilities that drive growth and innovation.

Substantial updates to SAP's product strategy and portfolio for the first half of 2025 are as follows:

The newly launched **SAP Business Data Cloud** offering is a fully managed software-as-a-service solution. It gives customers a holistic view of their operations by unifying and governing SAP and third-party data, while aiming to retain the data's semantical context and meaning. **SAP Databricks** is a capability included in SAP Business Data Cloud that provides data and AI professionals with access to data engineering, AI, and machine learning capabilities within a single solution. SAP Business Data Cloud equips **Joule Agents** with a single, trusted data layer that integrates data across SAP and non-SAP sources and enables customers to activate a AI-first, Suite-first approach to digital transformation. AI agents<sup>1</sup> can leverage these context-rich data sets for deeper analysis and more informed decision-making to help solve customers' problems. The **SAP Knowledge Graph** solution illustrates the connections between data and processes, serving as the semantic bridge between Joule Agents and SAP Business Data Cloud. This helps agents identify the most pertinent data for their decisions and actions. In the first half of 2025, we released 14 AI agents as well as more than 100 pre-built, SAP-managed data products for the SAP Business Data Cloud. By the end of 2025, we expect to reach a total of 40 AI agents as well as more than double the number of data products for the SAP Business Data Cloud.

**Joule Studio** was released in June 2025 and provides a new capability within SAP Build, which enables users to build AI agents and skills for Joule that are scalable, secure, and grounded in business context to enhance business specific outcomes. The offering aims to help customers implement innovations intuitively and more efficiently.

**SAP Joule for Consultants** is a new solution that helps consultants accelerate customers' cloud transformation projects. It provides pertinent information including ABAP code explanations, business logic, and structure, as well as relevant documentation. It can save up to 90 minutes per consultant and day.

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|:---|:---|
| 4 | /51 |

---

---

| | |
|:---|:---|
| ![](tm2521516d1_ex99-2img003.jpg) | **SAP Half-Year Report 2025** |

---

By combining our **Joule** technology with **WalkMe**, the adoption platform acquired by SAP in 2024, Joule becomes omnipresent with the new Joule action bar and can follow business users across SAP and non-SAP systems, using context from active applications to connect data, surface insights, and streamline workflows.

SAP announced various partnerships in the first half of 2025. Among others, SAP and Accenture announced, on May 20, a partnership to help companies enable connected intelligence across the enterprise to drive speed and agility in the AI era, through a strategic expansion of their longstanding partnership. Also on May 20, SAP and Perplexity announced a partnership to extend SAP's generative AI and search capabilities by bringing together unstructured and structured data. In addition, SAP and Palantir announced a partnership to facilitate joint customers' cloud migration journey and modernization programs, by connecting the unified, context-rich data environment of SAP Business Data Cloud with Palantir's Ontology and Artificial Intelligence Platform. On May 27, SAP and Alibaba Group announced a strategic partnership to accelerate cloud transformation.

For more information about SAP's product strategy and product portfolio, see the <u>Our Product Strategy</u> section in our Management Report 2024.

<sup>1</sup> AI agents are intelligent systems that autonomously perform multi-step workflows without explicit programming. Agents use frontier AI models to decide which actions to take and in which order and then interact with tools to execute their plan. This ability to reason, plan, and act allows agents to address a wide range of situations that would be impractical or impossible to automate with business rules or pre-configured logic.

**Performance Management System**

We use various performance measures to manage our performance with regard to our primary financial objectives, which are growth and profitability, and our primary non-financial objectives, which are customer loyalty, employee engagement, climate performance, and business health culture.

For a more detailed description of SAP's non-IFRS measures, their purpose and limitations, as well as SAP's constant currency and free cash flow figures, see <u>SAP Performance Measures</u> which is available on our website.

**Changes in Financial Measures**

Starting 2025, SAP includes proceeds from sales of intangible assets and property, plant, and equipment in its calculation of free cash flow (FCF). This change better reflects the manner in which SAP management evaluates the cash flow generated by operating activities after investments in long-term assets and leasing.

Additionally impacting the FCF, SAP has changed its presentation of consolidated statements of cash flows. Interest paid and interest received is no longer classified as a part of net cash flows from operating activities. Interest paid is now presented under cash flows from financing activities, and interest received under cash flows from investing activities.

For more information, see <u>Note (IN.1)</u><u>.</u>

**Change in Non-Financial Measures**

In May 2025, SAP replaced the Women in Executive Roles measure with the Business Health Culture Index (BHCI) in its non-financial steering metrics. The BHCI is a cross-sectional index that holistically captures employee experience at SAP across key themes (including leadership effectiveness and employee well-being), reinforcing its role as a strong indicator of a healthy work environment. It measures the extent to which SAP provides employees with a working environment that fosters active engagement in achieving corporate goals, promotes health, ensures equal opportunity for all, and supports their long-term employability. The BHCI is based on the results of 10 questions in the Company's #Unfiltered engagement survey.

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| ![](tm2521516d1_ex99-2img003.jpg) | **SAP Half-Year Report 2025** |

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**Financial Performance Review and Analysis**

**Economy and the Market**

**Global Economic Trends**

Growth in global economic activity declined moderately in the first half of 2025, states the European Central Bank (ECB) in its most recent Economic Bulletin.<sup>1</sup> Economic activity was mainly weakened by trade conflicts: Raised tariffs, for instance, increased the costs of final and intermediate goods imported from abroad. This in turn weighed on domestic consumption and eroded the competitiveness of exporters by pushing up production costs.

In the EMEA region, the euro area economy had a stronger first half year than previously expected. According to the ECB, euro area output rose for five consecutive quarters including the first quarter of 2025. It therefore concludes that the euro area economy has built up some resilience to global shocks as well as benefitted from the frontloading of the manufacturing sector's exports in anticipation of higher tariffs and from private consumption and investment. However, output fell back slightly in the second quarter due to declining business activity in the domestically oriented services sector. At the same time, trade tariff discussions, financial market tensions, and geopolitical uncertainty weighed on economic confidence.

Regarding the Americas region, most attention was on the United States. In the first half of 2025, the U.S. administration increased the effective tariff rate on imported goods significantly. In consequence, says the ECB, U.S. real GDP edged into negative territory in the first quarter, as the frontloading of imports resulted in a large negative contribution from net trade. However, domestic demand remained relatively solid, as upward price pressures for imported goods only began to kick in towards the middle of the year. Elevated trade policy uncertainty shaped the economic development worldwide, but a decline in economic growth was particularly pronounced for Canada and Mexico, finds the ECB.

Within the APJ region, the increase in U.S. tariffs was most considerable on China, notwithstanding a recent agreement to temporarily lower tariff rates. Hence, China's real GDP growth was strong in the first quarter, boosted by robust domestic demand and frontloaded exports. Since then, however, high U.S. tariffs and adjustments in the real estate sector have weighed on Chinese economic activity, reports the ECB.

**The IT Market**

Enterprise IT continues to evolve rapidly in 2025, driven by artificial intelligence (AI), business automation, and cloud-native platforms. According to International Data Corporation (IDC), a U.S.-based market research firm, "organizations have been rapidly adopting AI capabilities offered in enterprise applications, fueled by promises like higher productivity and efficiency."<sup>2</sup>

AI capabilities are becoming more embedded into core business applications, transforming how employees interact with enterprise software. AI agents are increasingly functioning as digital teammates, streamlining workflows, guiding decisions, and improving service outcomes. Nonetheless, "as organizations embrace AI-infused capabilities in their enterprise applications, their differentiating value must be captured", states IDC.<sup>2</sup> This could be in the form of more automation, autonomous processes, or the ability to leverage technology better than before. According to IDC, "the top reason organizations are modernizing their enterprise applications is to ensure their core applications are AI enabled."<sup>2</sup> Furthermore, with regards to the overarching theme of value creation, IDC states that "we are in the midst of an 'intelligence revolution,' in which AI and automation-oriented technology are major accelerators of business change."<sup>3</sup>

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| ![](tm2521516d1_ex99-2img003.jpg) | **SAP Half-Year Report 2025** |

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<sup>1</sup> European Central Bank, Economic Bulletin, Issue 4/2025, Publication Date: June 20, 2025 (https://www.ecb.europa.eu/pub/pdf/ecbu/eb202504.en.pdf)

<sup>2</sup> IDC, PlanScape: AI-Infused Enterprise Applications ROI, March 2025 (US53254925)

<sup>3</sup> IDC FutureScape: Worldwide Digital Business and AI Transformation 2025 Predictions, October 2024 (US52641124)

**Impact on SAP**

In the first half of 2025, SAP remained focused on enabling its customers to thrive in a complex macroeconomic environment marked by geopolitical uncertainty, cautious investment sentiment, and rapid shifts in digital expectations. As companies continue to navigate inflationary pressure, trade imbalances, and talent constraints, SAP's portfolio strategy is designed to support business resilience, agility, and long-term transformation.

SAP's innovation efforts were underscored by the announcement of the SAP Business Data Cloud (SAP BDC) solution at its Unleashed event earlier this year. The SAP BDC solution serves as the cornerstone of our broader SAP Business Technology Platform (SAP BTP) vision, accelerating data readiness for AI and simplifying enterprise intelligence deployment at scale.

At Sapphire 2025 in May, SAP reinforced its commitment to delivering AI-powered business outcomes by launching new generative AI features across its portfolio. Analysts have acknowledged SAP's disciplined execution and rapid AI-enablement, noting its focus on connecting data, intelligence, and outcomes as a key differentiator in the enterprise applications market.

**Performance Against Our Outlook for 2025**

In this section, all discussion of the contributions to target achievement is based either on IFRS or non-IFRS measures.

We present, discuss, and explain the reconciliation of IFRS measures to non-IFRS measures in the <u>Supplementary Financial Information</u> section.

**Outlook for 2025 (Non-IFRS)**

For our outlook based on non-IFRS numbers, see the <u>Financial Targets and Prospects</u> section in this consolidated Half-Year Management Report.

**Key Figures – SAP Group in the First Half of 2025 (IFRS and Non-IFRS)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **IFRS** | **Non-IFRS** | **Non-IFRS** | **Non-IFRS** | **Non-IFRS** |
| &nbsp;&nbsp;€ millions, unless otherwise stated | **Q1–Q2**<br> **2025** | Q1–Q2<br> 2024 | ∆ in % | **Q1–Q2**<br> **2025** | Q1–Q2<br> 2024 | ∆ in % | ∆ in %<br> (constant<br> currency) |
| Current Cloud Backlog | NA | NA | NA | 18052 | 14808 | 22 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SaaS/PaaS | 9935 | 7782 | 28 | 9935 | 7782 | 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thereof Cloud ERP Suite<sup>1</sup> | 8672 | 6581 | 32 | 8672 | 6581 | 32 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thereof Extension Suite<sup>2</sup> | 1262 | 1202 | 5 | 1262 | 1202 | 5 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IaaS<sup>3</sup> | 189 | 299 | –37 | 189 | 299 | –37 | –36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud | 10124 | 8082 | 25 | 10124 | 8082 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software licenses | 377 | 432 | –13 | 377 | 432 | –13 | –12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software support | 5403 | 5621 | –4 | 5403 | 5621 | –4 | –3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud and software | 15904 | 14134 | 13 | 15904 | 14134 | 13 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services | 2136 | 2195 | –3 | 2136 | 2195 | –3 | –2 |
| **Total revenue** | **18040** | **16329** | **10** | **18040** | **16329** | **10** | **12** |
| **Operating expenses** | **–13251** | **–15894** | **–17** | **–13016** | **–12855** | **1** | **2** |
| **Operating profit** | **4789** | **434** | **>100** | **5024** | **3473** | **45** | **45** |
| Profit (loss) after tax | 3545 | 94 | >100 | 3428 | 2223 | 54 | NA |
| Effective tax rate (in %) | 28.7 | 76.9 | –48.3pp | 30.1 | 33.1 | –3.0pp | NA |
| Earnings per share, basic (in €) | 2.98 | 0.05 | >100 | 2.94 | 1.91 | 54 | NA |

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| ![](tm2521516d1_ex99-2sp3img003.jpg) | **SAP Half-Year Report 2025** |

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<sup>1</sup> Cloud ERP Suite refers to the portfolio of strategic Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solutions that are tightly integrated with our core ERP solutions and are included in key commercial packages, such as RISE with SAP. Cloud ERP Suite also includes cloud-based maintenance components supporting our customers' ERP landscapes and their cloud transformation. The following offerings contribute to Cloud ERP Suite revenue: SAP Cloud ERP, SAP Business Technology Platform, financial- and spend management, supply chain management, core solutions for human capital management, commerce, business transformation management, and AI.

<sup>2</sup> Extension Suite refers to SAP's remaining SaaS and PaaS solutions that supplement and extend the functional coverage of Cloud ERP Suite.

<sup>3</sup> Infrastructure as a service (IaaS): The major portion of IaaS comes from SAP HANA Enterprise Cloud.

**Operating Performance (IFRS and Non-IFRS)**

Cloud and software revenue was €15,904 million (first half of 2024: €14,134 million), an increase of 13%. On a constant currency basis, the increase was 14%. This increase was mainly driven by cloud revenue growth of 25% (27% at constant currencies), which was particularly fueled by strong growth in our Cloud ERP Suite. Software licenses revenue decreased 13% (12% at constant currencies) as more customers selected SAP's cloud offerings such as RISE with SAP. Software support revenue was €5,403 million (first half of 2024: €5,621 million), a decrease of 4% (3% at constant currencies). Our current cloud backlog reached €18,052 million (first half of 2024: €14,808 million), an increase of 22% (28% at constant currencies). Current cloud backlog growth declined by one percentage point at constant currencies as compared to the first quarter of 2025. Around 50% of our cloud order entry volume in the first half of 2025 included SAP Business AI.

Our operating expenses (IFRS) decreased 17% to €13,251 million (first half of 2024: €15,894 million), primarily due to lower restructuring expenses and decreased share-based payment expenses. Operating expenses (non-IFRS) increased 1% to €13,016 million (first half of 2024: €12,855 million) at a slower pace compared to revenue growth.

Share-based payment expenses decreased to €949 million (first half of 2024: €1,280 million), mainly due to a lower increase in the SAP share price as compared to the first half of 2024 (around €22 in the first half of 2025; around €50 in the first half of 2024) as well as lower grant volumes as compared to prior years. Income for the hedging of cash-settled share-based compensation programs amounted to €30 million in the first half of 2025 (first half of 2024: €0 million). For more information about share-based payment expenses, see the Notes to the Consolidated Half-Year Financial Statements, <u>Note (B.3)</u>.

The restructuring expenses decreased to €18 million (first half of 2024: €2,873 million), mainly due to SAP's transformation program which was initiated in 2024 and concluded at the beginning of 2025. For more information about restructuring, see the Notes to the Consolidated Half-Year Financial Statements, <u>Note (B.4)</u>.

Compared with the same period in the previous year, our operating profit (IFRS) increased €4,355 million to €4,789 million (first half of 2023: €434 million), an increase of more than 100% mainly driven by the lower restructuring expenses.

The described effects also apply to our non IFRS operating profit, except for the restructuring expenses.

**Profit After Tax and Earnings per Share (IFRS and Non-IFRS)**

Profit after tax (IFRS) increased to €3,545 million (first half of 2024: €94 million). Profit after tax (non-IFRS) increased 54% to €3,428 million (first half of 2024: €2,223 million). For profit after tax (IFRS and non-IFRS), decreased interest income, net in the amount of –€50 million (first half of 2024: €66 million) was slightly offset by foreign currency gains of €20 million (first half of 2024: –€121 million). In addition, profit after tax (IFRS) was positively impacted by gains from equity securities amounting to €299 million (first half of 2024: €125 million).

Basic earnings per share (IFRS) increased to €2.98 (first half of 2024: €0.05). Basic earnings per share (non-IFRS) increased 54% to €2.94 (first half of 2024: €1.91).

The effective tax rate (IFRS) was 28.7% (first half of 2024: 76.9%) and the effective tax rate (non-IFRS) was 30.1% (first half of 2024: 33.1%). Both were mainly driven by a temporary inability to offset withholding taxes in Germany due to carryforward of tax losses from prior year. The IFRS effective tax rate is lower than the non-IFRS effective tax rate due to tax benefits from tax-exempt income.

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| ![](tm2521516d1_ex99-2sp3img003.jpg) | **SAP Half-Year Report 2025** |

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**Segment Information**

At year end 2024, SAP had one operating segment. In the first half of 2025, the Services Sales function was moved from the Board area Customer Success into the Board area Customer Success & Delivery, combining the sales and delivery function for services. Therefore, SAP revised its segment structure in the first quarter of 2025 and now has two operating segments: the Applications, Technology & Support (ATS) segment and the Core Services segment:

For more information about our segment reporting, see the Notes to the Consolidated Half-Year Financial Statements, <u>Note (C.1)</u> and <u>Note (C.2)</u>.

**Applications, Technology & Support**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| € millions <br> (non-IFRS) | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 | ∆ in % | ∆ in % |
| € millions <br> (non-IFRS) | **Actual<br> Currency** | **Constant<br> Currency** | Actual <br> Currency | Actual <br> Currency | Constant<br> Currency |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud | 10124 | 10234 | 8082 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software licenses | 377 | 381 | 432 | –13 | –12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software support | 5403 | 5443 | 5621 | –4 | –3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software licenses and support | 5780 | 5824 | 6052 | –4 | –4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud and software | 15904 | 16058 | 14134 | 13 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services | 150 | 153 | 209 | –28 | –27 |
| **Total segment revenue** | **16054** | **16211** | **14343** | **12** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud | –2432 | –2470 | –2119 | 15 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software licenses and support | –553 | –561 | –584 | –5 | –4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud and software | –2985 | –3031 | –2703 | 10 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | –182 | –183 | –200 | –9 | –8 |
| **Total cost of revenue** | **–3166** | **–3214** | **–2902** | **9** | **11** |
| **Segment gross profit** | **12888** | **12997** | **11440** | **13** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment expenses | –6432 | –6514 | –6478 | –1 | 1 |
| **Segment profit (loss)** | **6456** | **6483** | **4963** | **30** | **31** |

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In the first half of 2025, the Applications, Technology & Support segment significantly increased its cloud revenue by 25% (27% at constant currencies), driven by a strong performance of Cloud ERP Suite. At the same time, the cost of cloud increased moderately by 15% (17% at constant currencies).

Software support revenue decreased 4% (3% at constant currencies) to €5,403 million (first half of 2024: €5,621 million) and software licenses revenue decreased 13% (12% at constant currencies) to €377 million (first half of 2024: €432 million) as more of our existing customers chose our cloud offerings. Consequently, the Applications, Technology & Services segment declined 4% (4% at constant currencies), achieving a total software licenses and support revenue of €5,780 million (first half of 2024: €6,052 million).

As such, the total segment revenue increased 12% (13% at constant currencies) compared to the prior year, to €16,054 million (first half of 2024: €14,343 million). The total segment cost of revenue grew 9% (11% at constant currencies), mainly driven by an increase in cost of cloud, but at slower pace than total segment revenue growth. Other segment expenses decreased slightly by 1% (grew 1% at constant currencies) and ended the first half of 2025 at €6,432 million (first half of 2024: €6,478 million).

As a result, segment profit increased 30% (31% at constant currencies), from €4,963 million in the first half of 2024, to €6,456 million.

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| ![](tm2521516d1_ex99-2sp3img003.jpg) | **SAP Half-Year Report 2025** |

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**Core Services**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| € millions<br> (non-IFRS) | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 | ∆ in % | ∆ in % |
| € millions<br> (non-IFRS) | **Actual<br> Currency** | **Constant<br> Currency** | Actual<br> Currency | Actual <br> Currency | Constant <br> Currency |
| &nbsp;&nbsp;&nbsp;&nbsp;Services | 1985 | 2000 | 1985 | 0 | 1 |
| **Total segment revenue** | **1985** | **2000** | **1985** | **0** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud | –59 | –60 | –53 | 12 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software licenses and support | –20 | –21 | –26 | –23 | –23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud and software | –79 | –81 | –79 | 0 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | –1413 | –1430 | –1439 | –2 | –1 |
| **Total cost of revenue** | **–1493** | **–1510** | **–1518** | **–2** | **–1** |
| **Segment gross profit** | **492** | **490** | **467** | **5** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment expenses | –287 | –290 | –320 | –10 | –9 |
| **Segment profit (loss)** | **206** | **200** | **147** | **40** | **36** |

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The Core Services segment, which supports SAP's product portfolio by enabling customers to transform their business and accelerate the adoption of innovations, closed the first half of 2025 with a stable segment services revenue (grew slightly by 1% at constant currencies).

While the segment cost of services slightly decreased 2% (1% at constant currencies) during the first half of 2025, the other segment expenses declined 10% (9% at constant currencies).

Overall, the Core Services segment profit increased 40% (36% at constant currencies) to €206 million in the first half of 2025 (first half of 2024: €147 million). This increase was primarily attributable to the positive cost development of SAP's consulting and premium engagement business. The efficiencies were predominantly driven by the restructuring program that was initiated in 2024 and concluded at the beginning of 2025, which led to a more favorable delivery mix.

**Finances and Assets (IFRS)**

**Cash Flow**

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| &nbsp;&nbsp;€ millions | **Q1–Q2 2025** | Q1–Q2 2024 | ∆ |
| Net cash flows from operating activities | 6357 | 4388 | 45% |
| Capital expenditure, net | –280 | –310 | –10% |
| Payments of lease liabilities | –138 | –148 | –7% |
| **Free cash flow** | **5939** | **3929** | **51%** |
| Free cash flow margin | 33 | 24 | 9pp |
| Free cash flow (as a percentage of profit after tax) | 168 | 4191 | –4,024pp |

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For information regarding the changes to our free cash flow definition in 2025, see the <u>Changes in Financial Measures</u> section.

The higher operating cash flow is mainly attributable to an increased profitability and a positive development in working capital, lower share-based payments (€400 million decrease year over year), as well as lower payments for income taxes (€146 million decrease year over year). Payouts related to the transformation program amounted to €611 million in the first half of 2025 compared to €563 million in the first half of 2024. For more information about our transformation program, see the Consolidated Half-Year Financial Statements, <u>Note (B.4)</u>.

The free cash flow margin, defined as free cash flow as a percentage of total revenue, increased 9pp year over year.

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| ![](tm2521516d1_ex99-2sp3img003.jpg) | **SAP Half-Year Report 2025** |

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**Development of Net Liquidity/Net Debt**

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| &nbsp;&nbsp;€ millions |  | **2025** | 2024 |
| **Net liquidity (+)/net debt (–) 12/31/2024 (PY: 12/31/2023)** | Free Cash Flow | **1695** | **3521** |
| Net cash flows from operating activities | 5939 | 6357 | 4388 |
| Capital expenditure | 5939 | –358 | –365 |
| Proceeds from sales | 5939 | 78 | 55 |
| Lease payments | 5939 | –138 | –148 |
| Business combinations |  | –5 | –19 |
| Dividends |  | –2743 | –2565 |
| Treasury shares |  | –1633 | –975 |
| Interest payments, net |  | –192 | –91 |
| Other |  | –764 | –127 |
| **Net liquidity (+)/net debt (–) 6/30/2025 (PY: 6/30/2024)** |  | **2297** | **3674** |

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Net liquidity/net debt is group liquidity less financial debt. In the first half of 2025, we repaid a short-term loan of €1.25 billion to finance the WalkMe acquisition with flexible repayment terms through September 2025, and €0.6 billion in Eurobonds at maturity. These repayments equally reduce group liquidity and financial debt and therefore have no influence on net liquidity.

**Liquidity and Financial Position**

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| &nbsp;&nbsp;€ millions | **6/30/2025** | 12/31/2024 | ∆ |
| **Financial debt** | **–7492** | **–9385** | **+1,894** |
| Cash and cash equivalents | 7942 | 9609 | –1668 |
| Current time deposits and debt securities | 1847 | 1471 | +376 |
| **Group liquidity** | **9788** | **11080** | **–1292** |
| **Net liquidity (+)/net debt (–)** | **2297** | **1695** | **+602** |
| Goodwill | 28537 | 31243 | –2706 |
| Total assets | 68399 | 74218 | –5819 |
| Total equity | 41400 | 45808 | –4409 |
| **Equity ratio (total equity as a percentage of total assets)** | **61** | **62** | **–1pp** |

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**Dividend**

On May 13, SAP held its Annual General Meeting (AGM) of Shareholders as a virtual event. The AGM approved the dividend proposal of €2.35 per share for fiscal year 2024 (€2.20 per share for fiscal year 2023). The total amount distributed in dividends was €2,743 million for fiscal year 2024 (€2,565 million for fiscal year 2023).

**Organization and Changes in Management**

On May 5, 2025, SAP announced that the Supervisory Board had extended Christian Klein's Executive Board contract by an additional two years for a total of five years until April 2030.

On May 5, 2025, SAP announced that the Supervisory Board had extended Dominik Asam's Executive Board contract by an additional two years for a total of three years until March 2028.

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| ![](tm2521516d1_ex99-2sp3img003.jpg) | **SAP Half-Year Report 2025** |

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**Risk Management and Risks**

We have comprehensive risk-management structures in place that are intended to enable us to recognize and analyze risks early on, take the appropriate action, and mitigate any risks that materialize as presented in the <u>Risk Management and Risks</u> section in our Integrated Report 2024 and our Annual Report on Form 20-F for 2024.

For changes in our Litigation, Claims, and Legal Contingencies since our last Integrated Report, see the Notes to the Consolidated Half-Year Financial Statements, <u>Note (G.1)</u>.

Based on our aggregation approach and taking into consideration the mitigations implemented for all our risk factors and risks, as at June 30, 2025, we see no material change relative to our 2024 risk assessment or 2024 risk-bearing capacity. We continue to monitor developments across all risk-relevant topics, including but not limited to geopolitical conflicts, trade tensions, the upcoming EU Data Act, potential changes in tax laws and regulations, and cybersecurity. We do not believe that any of the risks we identified in our Integrated Report 2024 and Annual Report on Form 20-F for 2024, and as outlined herein, jeopardize our ability to continue as a going concern.

**Expected Developments and Opportunities**

Future Trends in the Global Economy

Considering the global economic development, geopolitical tensions such as those currently in Ukraine and the Middle East will remain a major source of uncertainty, states the European Central Bank (ECB) in its most recent Economic Bulletin.<sup>1</sup> Higher U.S. tariffs and elevated trade conflicts could additionally shape the global economic outlook and point to a moderate decline at subdued levels of global economic activity. According to the ECB, this deteriorative growth outlook applies across all key economies, but most notably in the United States and China. The ECB projects global growth to slow below its pre-pandemic average within the projection horizon.

In the EMEA region, the ECB expects marginal growth in real GDP in the euro area for the remainder of the year and thereafter. Global uncertainty surrounding trade tensions is likely to weigh on euro-area business investments and exports, especially in the short term. However, rising government investment in defense and infrastructure, mainly in Germany, might bolster euro area domestic demand from 2026 onwards. Coupled with more favorable financing conditions, this could make the euro area economy more resilient to global shocks. Therefore, towards the end of the projection horizon, the ECB expects an increase in real wages and employment, less restrictive financing conditions, and a rebound in foreign demand which could support a gradual recovery. However, mounting protectionism and trade-distorting measures might disproportionately affect the manufacturing sector in comparison to the services sector.

Concerning the Americas region, the ECB forecasts deteriorating growth in the United States, with U.S. domestic demand expected to slow down as the impacts of tariffs take hold and increase the cost of imported intermediate and final goods. This development could reduce trade flows and increase production costs, which would consequently spill over to domestic prices.

As for the APJ region, the ECB expects high U.S. tariffs and adjustments in the Chinese real estate sector to further weigh on the region's economic activity in the years ahead. Continued weak domestic demand and industrial overcapacity in China will probably lead to export price inflation in the coming years.

**The IT Market – Outlook for 2025 and Beyond**

Looking ahead, technology continues to emerge as a key macroeconomic driver. International Data Corporation (IDC) forecasts that "despite the highly dynamic and unpredictable geopolitical landscape, IT spending continues to rise, and […] AI is propelling the IT market's growth, with its global economic impact projected to reach a staggering $22 trillion by 2030."<sup>2</sup>

The shift to intelligent systems is not only changing the IT market, but is influencing how economies adapt, invest, and scale in the digital age. Enterprise IT is entering a period of accelerated change,

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| ![](tm2521516d1_ex99-2sp3img003.jpg) | **SAP Half-Year Report 2025** |

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underpinned by advances in AI automation and by data-centric architectures. Even the European Central Bank (ECB) notes that, despite broader economic uncertainty, digital investment in areas such as IT and software remains a priority for firms, driven by the imperative to enhance productivity and resilience. In addition, business investment is expected to remain resilient, particularly in knowledge-intensive sectors that benefit from automation and innovation.<sup>1</sup>

According to IDC, the next wave of enterprise applications will be increasingly infused with embedded intelligence, enabling faster decisions, fewer process steps, and improved outcomes. "Generative AI (GenAI) is poised to revolutionize enterprise applications by incorporating model-driven analytics for faster decision-making and creating dynamic, personalized content for superior user engagement."<sup>3</sup> These AI-infused applications function as assistants, advisors, and agents embedded directly in enterprise workflows. By removing friction and streamlining decision velocity, they enable employees to focus on higher-value tasks and accelerate time-to-insight across business processes.

However, IDC notes that adoption also comes with new requirements. To deliver measurable ROI, organizations must reassess KPIs and baseline processes before and after implementation. "AI-infused enterprise applications will have a huge impact on the overall financial metrics within the organization as the processes and associated tasks become shorter and even autonomous, such that the metrics employed across the organization will either change or cease to exist",<sup>3</sup> states IDC.

<sup>1</sup> European Central Bank, Economic Bulletin, Issue 4/2025, Publication Date: June 20, 2025 (https://www.ecb.europa.eu/pub/pdf/ecbu/eb202504.en.pdf)

<sup>2</sup> IDC, The Global Economic Impact of AI – April 2025 Update (EUR153307125)

<sup>3</sup> IDC, PlanScape: AI-Infused Enterprise Applications ROI, March 2025 (US53254925)

**Impact on SAP**

The number of macro challenges has continued to persist in 2025, making agility and resiliency in the business model a key component for SAP and its customers. Ongoing geopolitical conflicts pose real threats to supply chains, and trade tensions between major economies put additional pressure on companies and contributed to elongated sales cycles in sectors such as the US public sector and industrial manufacturing. It remains uncertain whether these effects can rebound within the second half of the year or persist. A primary focus during the second half of the year will be the resolution of outstanding business opportunities.

Nevertheless, SAP reported very strong business results in the first six months of the year and its 2025 outlook remains unchanged.

Our clear strategy toward the cloud and Business AI, anchored by SAP Business Data Cloud (SAP BDC), gained strong momentum in the first half of 2025 across our entire portfolio. This direction resonates with robust customer demand, as reflected in the exceptional reception of the SAP BDC. Within just a few months of its launch, the pipeline for SAP BDC has grown rapidly, and customer feedback has been truly outstanding. As we focus on tangible and applicable use cases for our customers, enabling them to differentiate and gain competitive advantage, SAP positions itself as trusted advisor and vendor of choice. This strategy is further reinforced by SAP's flywheel of applications, data, and AI that help drive faster outcomes and greater business value.

The Company-wide transformation program, which includes the internal rollout of Business AI, that we initiated in 2024 and concluded in the beginning of 2025 enhances our operational efficiencies and lays the groundwork for future growth and agility.

**Financial Targets and Prospects (Non-IFRS)**

**Revenue and Operating Profit Targets and Prospects**

While the prevailing dynamic environment implies elevated levels of uncertainty and reduced visibility, SAP currently continues to expect: :

€21.6 billion to €21.9 billion in cloud revenue at constant currencies (2024: €17.14 billion), up 26% to 28% at constant currencies

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| ![](tm2521516d1_ex99-2sp3img003.jpg) | **SAP Half-Year Report 2025** |

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€33.1 billion to €33.6 billion in cloud and software revenue at constant currencies (2024: €29.83 billion), up 11% to 13% at constant currencies

€10.3 billion to €10.6 billion non-IFRS operating profit at constant currencies (2024: €8.15 billion), up 26% to 30% at constant currencies

– Free cash flow of approximately €8.0 billion (2024: €4.22 billion)

An effective tax rate (non-IFRS) of approximately 32% (2024: 32.3%)

Current Cloud Backlog growth at constant currencies (2024: 29%) to slightly decelerate

Additionally, SAP anticipates for 2025:

Total revenue growth at constant currencies (2024: 10%) to slightly accelerate

– A slight increase in segment revenue (2024: €3.93 billion) for the Core Services segment

– Segment profit to increase in all our reportable segments

– Expenses for share-based payments to decrease to around €2 billion (2024: €2.38 billion)

Beyond 2025, SAP expects:

Total revenue growth to accelerate through 2027, driven by growth in cloud revenue and primarily Cloud ERP Suite

Total operating expenses to grow at 80% to 90% of total revenue growth through 2027, supported by slightly declining sales and marketing, research and development, and general and administration expense ratios. These improvements include efficiency gains from the internal deployment of SAP's AI solutions.

– Software support revenue to decrease over the coming years

While SAP's 2025 financial outlook for the income statement parameters is at constant currencies (including an average exchange rate of 1.08 USD per EUR), actual currency reported figures are expected to be impacted by currency exchange rate fluctuations as the company progresses through the year, as reflected in the table below:

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| | | |
|:---|:---|:---|
| **Currency Impact Assuming June 30, 2025. Rates Apply for 2025<sup>1</sup>** | **Currency Impact Assuming June 30, 2025. Rates Apply for 2025<sup>1</sup>** | **Currency Impact Assuming June 30, 2025. Rates Apply for 2025<sup>1</sup>** |
| **Currency Impact Assuming June 30, 2025. Rates Apply for 2025<sup>1</sup>** | **Currency Impact Assuming June 30, 2025. Rates Apply for 2025<sup>1</sup>** | **Currency Impact Assuming June 30, 2025. Rates Apply for 2025<sup>1</sup>** |
| &nbsp;&nbsp;In percentage points | **Q3** | **FY** |
| Cloud | -5.0pp | -3.5pp |
| Cloud and software | -4.0pp | -3.0pp |
| Operating profit | -4.5pp | -3.0pp |

---

<sup>1</sup> This includes an exchange rate of 1.08 USD per EUR.

The following table shows the estimates of the items that represent the differences between our IFRS financial measures and our non-IFRS financial measures.

**Non-IFRS Measures** 

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| | | | |
|:---|:---|:---|:---|
| € millions | Estimated Amounts for<br> Full Year 2025 | **Q1–Q2 2025** | Q1–Q2 2024 |
| Acquisition-related charges | 380–460 | 217 | 166 |
| Restructuring | approximately 100 | 18 | 2873 |
| Regulatory compliance matters | 0 | 0 | 0 |
| Adjustment for gains and losses from equity securities, net | NA<sup>1</sup> | -299 | -123 |

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<sup>1</sup> We do not provide an outlook for the effective tax rate (IFRS) due to the uncertainty and potential variability of gains and losses associated with equity securities, which are reconciling items between the two effective tax rates (non-IFRS and IFRS). These items cannot be provided without unreasonable efforts but could have a significant impact on our future effective tax rate (IFRS).

The differences between free cash flow as our non-IFRS financial measure and operating cash flow as our IFRS financial measure include estimated cash flows in 2025 for the expenditures and proceeds

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| ![](tm2521516d1_ex99-2sp3img003.jpg) | **SAP Half-Year Report 2025** |

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from the sale of intangible assets and property, plant, and equipment, and expenditures for leasing of €1.0 billion (2024: €1.0 billion).

**Goals for Liquidity, Finance, and Investments**

SAP believes that its liquid assets combined with its undrawn credit facilities are sufficient to meet its operating financing needs in the second half of 2025 as well, and, together with expected cash flows from operations, will support debt repayments and its currently planned capital expenditure requirements over the near and medium term.

In 2025 and compared to 2024, SAP expects an increase in free cash flow to approximately €8.0 billion, mainly due to significantly lower restructuring and compliance payments, as well as further increased profitability and improvements in working capital.

In the second half of 2025, SAP currently intends to repay U.S. dollar bonds with a volume of $0.3 billion as well as bilateral term loans with a volume of €1.0 billion.

SAP's planned investment expenditures for 2025 and 2026, other than from business combinations, consist primarily of the purchase of IT infrastructure (such as data centers) and construction activities. SAP still expects capital expenditures of around €800 million for 2025, in line with the approximately €800 million disclosed in our Integrated Report 2024. In 2026, capital expenditures are expected to increase to approximately €1,000 million due to increased investment in cloud capacity.

**Non-Financial Goals 2025**

In addition to our financial goals, we focus on four non-financial targets: customer loyalty, employee engagement, Net Zero climate performance, and Business Health Culture Index.

For 2025, SAP continues to expect:

– A Customer Net Promoter Score of 12 to 16

The Employee Engagement Index to be in a range of 74% to 78%

– To steadily decrease carbon emissions across the relevant value chain

The Business Health Culture Index to be in a range of 80% to 82%

**Premises on Which Our Outlook and Prospects Are Based**

In preparing our outlook and prospects, we have taken into account all events known to us at the time we prepared this report that could influence SAP's business going forward.

**Opportunities**

We have comprehensive opportunity-management structures in place that are intended to enable us to recognize and analyze opportunities early and to take the appropriate action. The opportunities remain largely unchanged compared to what we disclosed in our <u>Integrated Report 2024</u>*.*

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| ![](tm2521516d1_ex99-2sp3img003.jpg) | **SAP Half-Year Report 2025** |

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**Sustainability Information**

In the first half of 2025, we maintained our commitment to help rebuild a more resilient, restorative, and inclusive economy while respecting planetary boundaries – both as an enabler and exemplar. SAP aims to put sustainability at the core of every business. To help our customers on their sustainability journey, we offer an expanded portfolio of solutions for sustainability management.

**Climate Change**

Our net-zero commitment remains the cornerstone of our climate change mitigation. Under this commitment, we aim to reduce our gross greenhouse gas (GHG) emissions (market-based) by at least 90% across the relevant value chain by 2030. The net-zero target has been validated and approved by the Science Based Targets initiative (SBTi), which also verified that SAP's target is compatible with limiting global warming to 1.5°C as advocated by the Paris Agreement.

We acknowledge the recent reports issued by various companies, including some of our vendors, in which they state that they are reconsidering or adjusting their net-zero targets. In light of these developments, and given the increasing demand for energy due to the widening use of artificial intelligence, we continue to closely monitor our progress and evaluate whether we can achieve our net-zero target by 2030 as planned or if we might need to adjust it.

Also, we are constantly investigating how to improve our GHG emission calculations, especially in the upstream and downstream emission categories, which are the biggest contributors to our overall carbon footprint.

In the first half of 2025, SAP's GHG emissions (market-based) totaled 3.2 million tons of CO<sub>2</sub>e, marking a reduction of 0.4 million tons of CO<sub>2</sub>e compared to the same period in 2024. This reflects a drop of 10% and underscores our commitment to ongoing mitigation and reduction efforts through numerous strategic initiatives in our own operations and in the value chain.

SAP's decarbonization and transformation plan focuses on four main areas: cloud transformation, upstream supply chain, own operations, and carbon removals. In the first half of 2025, SAP took an important step forward in building a diverse carbon removal portfolio, by making its first investment in innovative technical solutions for carbon dioxide removals. The resulting credits will be held in reserve to neutralize residual emissions – up to 10% – in SAP's net-zero target year 2030, in line with SBTi guidance.

**Own Workforce**

Established in 2024, the People Agenda is a holistic system in which people, organizational, and technological development are interconnected. It comprises the following three key strategic pillars, built on the strong foundation of our people-centric work environment, that together make up our People Agenda:

Our **growth culture**, which guides how we work at SAP and how we address the market and customers. It increases our capacity for change, drives efficiency, and ensures accountability, and thus helps us deliver high-performance results for our customers and markets. The growth culture framework is the basis for organizational and cultural development at SAP.

Our **skills-led people ecosystem** is the talent engine for SAP, driven by future-relevant skills at every stage of the employee lifecycle to enhance people employability, internal talent mobility, and external talent attraction.

Our **game-changing technology**, which harnesses SAP's own technological capabilities.

**Growth Culture**

Our growth culture influences how we hire, lead, develop, and deliver at every level. Our **four growth behaviors** and **three leadership promises** make this vision tangible: We win as one, we take charge,

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we act with transparency, and we embrace curiosity. These behaviors, and the detailed actions outlining the desired behaviors for everyone at SAP, are essential in making us fast, resilient, and future-ready. Our growth culture serves as the foundation for the execution of our strategy and for everything we do. In addition to the four growth behaviors, we have focused our expectations on leaders through three redefined leadership promises, guiding how we lead at SAP: Develop people. Drive transformation. Deliver results.

To support this evolution, we are implementing an execution architecture that enables scale, speed, and adaptability. We have created leadership transformation journeys to enable the role-modelling of new growth behaviors and leadership promises especially for our senior leaders. We have also established a network of trained change agents that spans all regions and functions. Our regular Growth Summits and growth culture activations reach into the business to ensure alignment. In addition, we focus on skill-infused strategic workforce management to make the right "buy, build, borrow, or break" decisions. This includes, but is not limited to, further transforming our workforce through reskilling, reductions in areas with lower resource demand and hiring new job profiles e.g. in areas such as data and Business AI, as a continuous process. Lastly, the implementation of our new performance management, leadership development, and succession frameworks systemically enforce accountability and growth behaviors.

**Performance Management**

In early 2025, SAP achieved another key milestone driving a high-performing culture: our globally harmonized **Performance Management approach** redefines how we manage performance and foster continuous growth, alignment with strategic priorities, and clarity at every level of the organization.

At SAP, we believe that people perform at their best when expectations are clear. Feedback and embracing curiosity empower individuals to stay focused, grow with purpose, and contribute meaningfully to our shared success. Our new Performance Management framework is anchored in three core principles: **clear goals, meaningful dialogue, and impactful outcomes**. Regular, ongoing conversations between managers and employees throughout the year build trust, support development, and create strong links between individual contributions and strategic objectives.

To support this shift and ensure proper enablement, we conduct mandatory training courses for our more than 9,000 leaders globally, including interactive learning sessions, global events, and targeted discussions. Our new Performance Management approach will not only strengthen SAP's high-performance culture but also empower every employee to bring their best.

**Skills-Led People Ecosystem**

As SAP navigates a rapidly changing technology landscape and fierce competition for talent, we see the need to transform to a **skills-led people ecosystem** in which skills fuel growth, innovation, and opportunities for our people and our business.

We have already made significant progress by building the foundation to ensure every employee has a future-proof role with clear skills expectations. To do this, we streamlined our skills taxonomy and reviewed all skills against market standards and modernized the role profiles to reflect these skills. We will complete the reassignment of all employees to these modernized profiles by early 2026. In addition, we are leveraging SAP's human capital management (HCM) solutions such as the Growth Portfolio in SuccessFactors Talent Intelligence Hub to capture, curate, and use real-time skills data. We are live with the AI-enabled HCM platform for a pilot group of employees and plan to roll it out in a phased approach to the entire workforce by 2026.

Having a skills-led people ecosystem will enhance every stage of the employee experience, from how we plan workforce strategies, to how we attract talent and develop our people. Our action plan includes several pilot use cases that infuse skills data along the employee lifecycle. We plan to launch the first use case of AI-driven, skills-based learning by the first half of 2026.

**Inclusion and Equal Opportunities**

At SAP, we celebrate inclusion, equal opportunity, and a diverse workforce of over 150 nationalities across four generations. We pride ourselves on fostering a vibrant culture that empowers everyone to be their authentic selves. Our commitment is reflected in the active participation of more than 30,000

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| ![](tm2521516d1_ex99-2sp3img003.jpg) | **SAP Half-Year Report 2025** |

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colleagues in 13 global Employee Network Groups, promoting connection, advocacy, and innovation worldwide. By blending a strong skills foundation with cutting-edge technology, we are dedicated to offering personalized growth opportunities, ensuring a future-ready organization that thrives on change. Inclusion and visionary leadership are at the heart of everything we do.

Being a global company, we are also responding to external changes as we evolve, such as recent legal developments in the United States.

We have adapted our inclusion and equal opportunity activities as follows:

We replaced the 'Women in Executive Roles' KPI as part of the long-term-incentive plan for the Executive Board with the 'Business Health Culture Index' – a more holistic view of the full employee experience at SAP, measuring how effectively we foster engagement, promote health, ensure equal opportunity for all, and support long-term employability. For more information, see the <u>Performance Management System</u> section.

Going forward, we will continue to track the global 'Women in Executive Roles' KPI on the two levels below the Executive Board instead of three. In compliance with U.S. law, employees based in the United States will no longer be included in this metric.

We will introduce a differentiated measurement at a local level, replacing our voluntary global goal of 40% for 'Women in the Workforce.'

**People-Related KPIs**

Looking at our people-related KPIs, the Employee Engagement Index reached 78%, an increase of 2pp compared to the score of 76% from the survey of November 2024, and an increase of 4pp compared to the full-year score of 74% published in our Integrated Report 2024. The Business Health Culture Index was strong at 81%, an increase of 1pp, and is at the mid-point of the target corridor of 80% to 82%. At the end of the first half of 2025, SAP's Turnover Rate<sup>1</sup> was still low at 8.2% (compared to 7.3% at the end of the first half of 2024 and 7.8% at the end of 2024). On June 30, 2025, we had 108,929 FTEs worldwide (June 30, 2024: 105,315 FTEs; December 31, 2024: 109,121 FTEs). For a breakdown of headcount by function and geography, see the Notes to the Consolidated Half-Year Financial Statements, <u>Note (B.1)</u>.

In January 2024, SAP announced a company-wide restructuring program, which concluded as planned in the first quarter of 2025. For more information about the impact of the program, see <u>Note (B.4)</u>.

<sup>1</sup> The overall rate of terminations, that is, employees leaving SAP (excluding internal transfers) or any of our fully integrated acquisitions. It applies to headcount-relevant employees only and is calculated based on FTE numbers.

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| ![](tm2521516d1_ex99-2sp3img003.jpg) | **SAP Half-Year Report 2025** |

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**Consolidated Half-Year Financial Statements – IFRS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Consolidated Half-Year Financial Statements – IFRS](#sp-3_002)** | **[20-24](#sp-3_002)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[**Notes to the Consolidated Half-Year Financial Statements**](tm2521516d1_ex99-2.htm#ya_001)** | **[**25**](tm2521516d1_ex99-2.htm#ya_001)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(IN.1) Basis for Preparation](tm2521516d1_ex99-2.htm#ya_002) | [25](tm2521516d1_ex99-2.htm#ya_002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[**Section A – Customers**](tm2521516d1_ex99-2.htm#ya_003)** | **[**27**](tm2521516d1_ex99-2.htm#ya_003)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(A.1) Revenue](tm2521516d1_ex99-2.htm#ya_004) | [27](tm2521516d1_ex99-2.htm#ya_004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(A.2) Trade and Other Receivables](tm2521516d1_ex99-2.htm#ya_005) | [28](tm2521516d1_ex99-2.htm#ya_005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[**Section B – Employees**](tm2521516d1_ex99-2.htm#ak_001)** | **[29](tm2521516d1_ex99-2.htm#ak_001)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(B.1) Employee Headcount](tm2521516d1_ex99-2.htm#ak_002) | [29](tm2521516d1_ex99-2.htm#ak_002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(B.2) Employee Benefits Expenses](tm2521516d1_ex99-2.htm#ak_003) | [29](tm2521516d1_ex99-2.htm#ak_003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(B.3) Share-Based Payments](tm2521516d1_ex99-2.htm#ak_004) | [30](tm2521516d1_ex99-2.htm#ak_004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(B.4) Restructuring](tm2521516d1_ex99-2.htm#ak_005) | [30](tm2521516d1_ex99-2.htm#ak_005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[**Section C – Financial Results**](tm2521516d1_ex99-2.htm#ak_006)** | **[**32**](tm2521516d1_ex99-2.htm#ak_006)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(C.1) Results of Segments](tm2521516d1_ex99-2.htm#ak_007) | [32](tm2521516d1_ex99-2.htm#ak_007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(C.2) Reconciliation of Segment Measures to the Consolidated Income Statement](tm2521516d1_ex99-2.htm#ak_008) | [34](tm2521516d1_ex99-2.htm#ak_008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(C.3) Financial Income, Net](tm2521516d1_ex99-2.htm#ak_009) | [35](tm2521516d1_ex99-2.htm#ak_009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(C.4) Income Taxes](tm2521516d1_ex99-2.htm#ak_010) | [35](tm2521516d1_ex99-2.htm#ak_010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[**Section D – Invested Capital**](tm2521516d1_ex99-2.htm#ak_011)** | **[**36**](tm2521516d1_ex99-2.htm#ak_011)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(D.1) Goodwill](tm2521516d1_ex99-2.htm#ak_012) | [36](tm2521516d1_ex99-2.htm#ak_012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(D.2) Property, Plant, and Equipment](tm2521516d1_ex99-2.htm#ak_013) | [36](tm2521516d1_ex99-2.htm#ak_013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[**Section E – Capital Structure, Financing, and Liquidity**](tm2521516d1_ex99-2.htm#ak_014)** | **[**37**](tm2521516d1_ex99-2.htm#ak_014)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(E.1) Total Equity](tm2521516d1_ex99-2.htm#ak_015) | [37](tm2521516d1_ex99-2.htm#ak_015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(E.2) Liquidity](tm2521516d1_ex99-2.htm#ak_016) | [38](tm2521516d1_ex99-2.htm#ak_016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[**Section F – Management of Financial Risk Factors**](tm2521516d1_ex99-2.htm#ak_017)** | **[**39**](tm2521516d1_ex99-2.htm#ak_017)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(F.1) Financial Risk Factors, Financial Risk Management, and Fair Value Disclosures on Financial Instruments](tm2521516d1_ex99-2.htm#ak_018) | [39](tm2521516d1_ex99-2.htm#ak_018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[**Section G – Other Disclosures**](tm2521516d1_ex99-2.htm#ak_019)** | **[**40**](tm2521516d1_ex99-2.htm#ak_019)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(G.1) Other Litigation, Claims, and Legal Contingencies](tm2521516d1_ex99-2.htm#ak_020) | [40](tm2521516d1_ex99-2.htm#ak_020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(G.2) Related Party Transactions](tm2521516d1_ex99-2.htm#ak_021) | [41](tm2521516d1_ex99-2.htm#ak_021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(G.3) Events After the Reporting Period](tm2521516d1_ex99-2.htm#ak_022) | [42](tm2521516d1_ex99-2.htm#ak_022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(G.4) Scope of Consolidation](tm2521516d1_ex99-2.htm#ak_023) | [42](tm2521516d1_ex99-2.htm#ak_023) |

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| ![](tm2521516d1_ex99-2sp3img003.jpg) | **SAP Half-Year Report 2025** |

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**![](tm2521516d1_ex99-2sp3img001.jpg) Consolidated Income Statement of SAP Group (IFRS) – Half Year**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;€ millions, unless otherwise stated |  | **Q1–Q2 2025** | Q1–Q2 2024 | ∆ in % |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud |  | 10124 | 8082 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software licenses |  | 377 | 432 | –13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software support |  | 5403 | 5621 | –4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software licenses and support |  | 5780 | 6053 | –4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cloud and software** |  | **15904** | **14134** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services** |  | **2136** | **2195** | **–3** |
| &nbsp;&nbsp;**Total revenue** | (<u>A.1), (C.2</u>) | **18040** | **16329** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud |  | –2570 | –2214 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software licenses and support |  | –605 | –637 | –5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud and software |  | –3176 | –2851 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services |  | –1638 | –1699 | –4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total cost of revenue** |  | **–4813** | **–4550** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** |  | **13226** | **11778** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development |  | –3291 | –3270 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing |  | –4391 | –4496 | –2 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administration |  | –719 | –696 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring | (<u>B.4</u>) | –18 | –2873 | –99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating income/expense, net |  | –19 | –9 | >100 |
| &nbsp;&nbsp;**Total operating expenses** |  | **–13251** | **–15894** | **–17** |
| &nbsp;&nbsp;**Operating profit (loss)** |  | **4789** | **434** | **>100** |
| &nbsp;&nbsp;**Other non-operating income/expense, net** |  | **7** | **–153** | **NA** |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance income |  | 722 | 611 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance costs |  | –548 | –486 | 13 |
| &nbsp;&nbsp;**Financial income, net** | (<u>C.3</u>) | **175** | **125** | **40** |
| &nbsp;&nbsp;**Profit (loss) before tax** | (<u>C.2</u>) | **4970** | **407** | **>100** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense |  | –1425 | –313 | >100 |
| &nbsp;&nbsp;**Profit (loss) after tax** |  | **3545** | **94** | **>100** |
| &nbsp;&nbsp;&nbsp;&nbsp;Attributable to owners of parent |  | 3477 | 60 | >100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Attributable to non-controlling interests |  | 68 | 34 | 100 |
| &nbsp;&nbsp;**Earnings per share, basic (in €)<sup>1</sup>** |  | **2.98** | **0.05** | **>100** |
| &nbsp;&nbsp;**Earnings per share, diluted (in €)<sup>1</sup>** |  | **2.96** | **0.05** | **>100** |

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<sup>1</sup> For the six months ended June 30, 2025 and 2024, the weighted average number of shares was 1,167 million (diluted: 1,175 million) and 1,167 million (diluted: 1,178 million), respectively (treasury stock excluded).

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| ![](tm2521516d1_ex99-2sp3img003.jpg) | **SAP Half-Year Report 2025** |

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**Consolidated Statements of Comprehensive Income of SAP Group (IFRS) – Half Year**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;€ millions | **Q1–Q2 2025** | Q1–Q2 2024 |
| &nbsp;&nbsp;**![](tm2521516d1_ex99-2sp3img002.jpg) Profit after tax** | **3545** | **94** |
| &nbsp;&nbsp;Items that will not be reclassified to profit or loss |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurements on defined benefit pension plans, before tax | 10 | –5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes relating to remeasurements on defined benefit pension plans | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurements on defined benefit pension plans, net of tax | 10 | –4 |
| &nbsp;&nbsp;**Other comprehensive income for items that will not be reclassified to profit or loss, net of tax** | **10** | **–4** |
| &nbsp;&nbsp;Items that will be reclassified subsequently to profit or loss |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) on exchange differences on translation, before tax | –4441 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustments on exchange differences on translation, before tax | –3 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange differences, before tax | –4444 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes relating to exchange differences on translation | –5 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange differences, net of tax | –4449 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) on cash flow hedges/cost of hedging, before tax | 299 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustments on cash flow hedges/cost of hedging, before tax | –87 | –10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flow hedges/cost of hedging, before tax | 212 | –6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes relating to cash flow hedges/cost of hedging | –56 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash flow hedges/cost of hedging, net of tax | 156 | 1 |
| &nbsp;&nbsp;**Other comprehensive income for items that will be reclassified to profit or loss, net of tax** | **–4293** | **1164** |
| &nbsp;&nbsp;**Other comprehensive income, net of tax** | **–4283** | **1160** |
| &nbsp;&nbsp;**Total comprehensive income** | **–738** | **1253** |
| &nbsp;&nbsp;&nbsp;&nbsp;Attributable to owners of parent | –744 | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Attributable to non-controlling interests | 6 | 47 |

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| ![](tm2521516d1_ex99-2img003.jpg) | **SAP Half-Year Report 2025** |

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![](tm2521516d1_ex99-2img004.jpg) **Consolidated Statement of Financial Position of SAP Group (IFRS)**

---

| | | | |
|:---|:---|:---|:---|
| as at 6/30/2025 and 12/31/2024 | as at 6/30/2025 and 12/31/2024 | as at 6/30/2025 and 12/31/2024 | as at 6/30/2025 and 12/31/2024 |
| &nbsp;&nbsp;€ millions |  | **2025** | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | 7942 | 9609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets |  | 2236 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables |  | 6289 | 6774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-financial assets | &nbsp;&nbsp;&nbsp;<u>(A.2)</u> | 2652 | 2682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax assets |  | 520 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** |  | **19638** | **21401** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | &nbsp;&nbsp;&nbsp;<u>(D.1)</u> | 28537 | 31243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets |  | 2289 | 2706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment | &nbsp;&nbsp;&nbsp;<u>(D.2)</u> | 4339 | 4493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets |  | 6807 | 7141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables |  | 118 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-financial assets | &nbsp;&nbsp;&nbsp;<u>(A.2)</u> | 3840 | 3990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax assets |  | 328 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets |  | 2503 | 2676 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total non-current assets** |  | **48761** | **52817** |
| **Total assets** |  | **68399** | **74218** |
| &nbsp;&nbsp;€ millions |  | **2025** | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables |  | 2210 | 1988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax liabilities |  | 965 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities | &nbsp;&nbsp;&nbsp;<u>(E.2)</u> | 3347 | 4277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-financial liabilities |  | 3913 | 5533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions | &nbsp;&nbsp;&nbsp;<u>(B.4)</u> | 220 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities |  | 8395 | 5978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** |  | **19050** | **19078** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables |  | 5 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax liabilities |  | 471 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities | &nbsp;&nbsp;&nbsp;<u>(E.2)</u> | 6034 | 7169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-financial liabilities |  | 542 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions |  | 468 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities |  | 292 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities |  | 139 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-current liabilities** |  | **7950** | **9332** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** |  | **27000** | **28410** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued capital |  | 1229 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share premium |  | 2776 | 2564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings |  | 43653 | 42907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other components of equity |  | 463 | 4694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury shares |  | –7123 | –5954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity attributable to owners of parent** |  | **40998** | **45440** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Non-controlling interests** |  | **401** | **368** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | &nbsp;&nbsp;&nbsp;<u>(E.1)</u> | **41400** | **45808** |
| **Total equity and liabilities** |  | **68399** | **74218** |

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| ![](tm2521516d1_ex99-2img003.jpg) | **SAP Half-Year Report 2025** |

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**Consolidated Statements of Changes in Equity of SAP Group (IFRS)**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| € millions | Equity Attributable to Owners of Parent | Equity Attributable to Owners of Parent | Equity Attributable to Owners of Parent | Equity Attributable to Owners of Parent | Equity Attributable to Owners of Parent | Equity Attributable to Owners of Parent | Non-<br> Controlling <br> Interests | Total Equity |
| € millions | Issued Capital | Share <br> Premium | Retained <br> Earnings | Other <br> Components<br> of Equity | Treasury <br> Shares | Total | Non-<br> Controlling <br> Interests | Total Equity |
| € millions | Issued Capital | Share <br> Premium | Retained <br> Earnings | Other <br> Components<br> of Equity | Treasury <br> Shares | Total | Non-<br> Controlling <br> Interests | Total Equity |
| **12/31/2023** | **1229** | **1845** | **42457** | **2368** | **–4741** | **43157** | **249** | **43406** |
| &nbsp;&nbsp;&nbsp;&nbsp;![](tm2521516d1_ex99-2img005.jpg)Profit after tax |  |  | 60 |  |  | 60 | 34 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income |  |  | –4 | 1152 |  | 1147 | 13 | 1160 |
| **Comprehensive income** |  |  | **55** | **1152** |  | **1207** | **47** | **1253** |
| Share-based payments |  | 418 |  |  |  | 418 |  | 418 |
| Dividends |  |  | –2565 |  |  | –2565 | –7 | –2571 |
| Purchase of treasury shares |  |  |  |  | –947 | –947 |  | –947 |
| Reissuance of treasury shares under share-based payments |  |  |  |  | 377 | 377 |  | 377 |
| Other changes |  |  | 5 |  |  | 5 | 0 | 6 |
| **6/30/2024** | **1229** | **2263** | **39953** | **3519** | **–5311** | **41652** | **289** | **41942** |
| **![](tm2521516d1_ex99-2img006.jpg)12/31/2024** | **1229** | **2564** | **42907** | **4694** | **–5954** | **45440** | **368** | **45808** |
| &nbsp;&nbsp;&nbsp;&nbsp;![](tm2521516d1_ex99-2img005.jpg)Profit after tax |  |  | 3477 |  |  | 3477 | 68 | 3545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income |  |  | 10 | –4231 |  | –4221 | –62 | –4283 |
| **Comprehensive income** |  |  | **3487** | **–4231** |  | **–744** | **6** | **–738** |
| Share-based payments, before tax |  | 99 |  |  |  | 99 |  | 99 |
| Income taxes relating to share-based payments |  | 114 |  |  |  | 114 |  | 114 |
| Dividends |  |  | –2743 |  |  | –2743 |  | –2743 |
| Purchase of treasury shares |  |  |  |  | –1615 | –1615 |  | –1615 |
| Reissuance of treasury shares under share-based payments |  |  |  |  | 445 | 445 |  | 445 |
| Other changes |  |  | 3 |  | 0 | 3 | 27 | 30 |
| ![](tm2521516d1_ex99-2img007.jpg)**6/30/2025** | **1229** | **2776** | **43653** | **463** | **–7123** | **40998** | **401** | **41400** |

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| ![](tm2521516d1_ex99-2img003.jpg) | **SAP Half-Year Report 2025** |

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**Consolidated Statement of Cash Flows of SAP Group (IFRS)**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;€ millions | **Q1–Q2 2025<sup>1</sup>** | Q1–Q2 2024 |
| ![](tm2521516d1_ex99-2img009.jpg)**Profit (loss) after tax** | **3545** | **94** |
| Adjustments to reconcile profit (loss) after tax to net cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 668 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based payment expense | 949 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](tm2521516d1_ex99-2img009.jpg)Income tax expense | 1425 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](tm2521516d1_ex99-2img009.jpg)Financial income, net | –175 | –125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/decrease in allowances on trade receivables | 18 | –23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments for non-cash items | –11 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/decrease in trade and other receivables | 103 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/decrease in other assets | –154 | –17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/decrease in trade payables, provisions, and other liabilities | –1843 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/decrease in contract liabilities | 3121 | 2718 |
| Share-based payments | –378 | –778 |
| Income taxes paid, net of refunds | –911 | –1057 |
| **Net cash flows from operating activities** | **6357** | **4388** |
| Business combinations, net of cash and cash equivalents acquired | –5 | –19 |
| Purchase of intangible assets and property, plant, and equipment | –358 | –365 |
| Proceeds from sales of intangible assets and property, plant, and equipment | 78 | 55 |
| Purchase of equity or debt instruments of other entities | –3386 | –7987 |
| Proceeds from sales of equity or debt instruments of other entities | 2812 | 7370 |
| Interest received | 187 | 287 |
| **Net cash flows from investing activities** | **–673** | **–660** |
| Dividends paid | –2743 | –2565 |
| Dividends paid on non-controlling interests | 0 | –6 |
| Purchase of treasury shares | –1633 | –975 |
| Proceeds from borrowings | 2 | 1 |
| Repayments of borrowings | –1850 | –14 |
| Payments of lease liabilities | –138 | –148 |
| Interest paid | –379 | –378 |
| **Net cash flows from financing activities** | **–6742** | **–4086** |
| **Effect of foreign currency rates on cash and cash equivalents** | **–610** | **104** |
| **Net increase/decrease in cash and cash equivalents** | **–1668** | **–254** |
| **![](tm2521516d1_ex99-2img010.jpg) Cash and cash equivalents at the beginning of the period** | **9609** | **8124** |
| **![](tm2521516d1_ex99-2img010.jpg)Cash and cash equivalents at the end of the period** | **7942** | **7870** |
| <sup>1</sup> As of January 2025, SAP no longer classifies interest paid and interest received as a part of cash flows from operating activities. For more information, see <u>Note (IN.1).</u> | <sup>1</sup> As of January 2025, SAP no longer classifies interest paid and interest received as a part of cash flows from operating activities. For more information, see <u>Note (IN.1).</u> | <sup>1</sup> As of January 2025, SAP no longer classifies interest paid and interest received as a part of cash flows from operating activities. For more information, see <u>Note (IN.1).</u> |

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| ![](tm2521516d1_ex99-2img003.jpg) | **SAP Half-Year Report 2025** |

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**Notes to the Consolidated Half-Year Financial Statements**

**(IN.1) Basis for Preparation**

**General Information About Consolidated Half-Year Financial Statements**

The registered seat of SAP SE is in Walldorf, Germany (Commercial Register of the Lower Court of Mannheim HRB 719915). The condensed Consolidated Half-Year Financial Statements of SAP SE and its subsidiaries (collectively, "we," "us," "our," "SAP," "Group," and "Company") have been prepared in accordance with the International Financial Reporting Standards (IFRS) and in particular in compliance with International Accounting Standard (IAS) 34. In this context, IFRS includes all standards issued by the International Accounting Standards Board (IASB) and related interpretations issued by the IFRS Interpretations Committee (IFRS IC). The variances between the applicable IFRS standards as issued by the IASB and the standards as used by the European Union are not relevant to these financial statements.

Certain information and disclosures normally included in the notes to annual financial statements prepared in accordance with IFRS have been condensed or omitted. We believe that the disclosures made are adequate and that the information gives a true and fair view.

With the ongoing transformation from on-premise to cloud services, our revenues are no longer significantly influenced by seasonal effects. Consequently, interim results are now more indicative of our results for the full year, enabling more consistent financial planning and forecasting.

Our free cash flow, however, is historically highest in the first quarter.

Amounts reported in previous years have been reclassified if appropriate to conform to the presentation in this half-year report.

These unaudited condensed Consolidated Half-Year Financial Statements should be read in conjunction with SAP's audited Consolidated IFRS Financial Statements for the Year Ended December 31, 2024, included in our Integrated Report 2024 and our Annual Report on Form 20-F for 2024.

Due to rounding, numbers presented throughout these Consolidated Half-Year Financial Statements may not add up precisely to the totals we provide and percentages may not precisely reflect the absolute figures.

Amounts disclosed in our Consolidated Half-Year Financial Statements that are taken directly from our ![](tm2521516d1_ex99-2img012.jpg) Consolidated Income Statements or our ![](tm2521516d1_ex99-2img013.jpg) Consolidated Statements of Financial Position are marked by the symbols ![](tm2521516d1_ex99-2img012.jpg) and ![](tm2521516d1_ex99-2img013.jpg), respectively.

As of January 2025, SAP decided to change the presentation of its consolidated statements of cash flows and no longer classifies interest paid and interest received as a part of net cash flows from operating activities. Interest paid is now presented under net cash flows from financing activities, and interest received is now presented under net cash flows from investing activities starting 2025. This new strategy is more in sync with management's approach to steering the Company.

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| ![](tm2521516d1_ex99-2img003.jpg) | **SAP Half-Year Report 2025** |

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**Accounting Policies, Management Judgments, and Sources of Estimation Uncertainty**

**How We Present Our Accounting Policies, Judgments, and Estimates**

To ease the understanding of our financial statements, we present the accounting policies, judgments, and estimates on a given subject together with other disclosures related to the same subject in the Note that deals with this subject, and highlighted this disclosure with a light gray box and the symbol ![](tm2521516d1_ex99-2img014.jpg). We describe, however, only material changes of our accounting policies, judgments, and estimates in relation to our Consolidated Financial Statements for 2024.

![](tm2521516d1_ex99-2img014.jpg) **New Accounting Standards Not Yet Adopted**

The IASB has issued various amendments to the IFRS standards (such as IFRS 9 and IFRS 7 (Amendments to the Classification, Measurement, and Disclosure of Financial Instruments) and IFRS 9 and IFRS 7 (Amendments to Contracts Referencing Nature-dependent Electricity)) that are relevant for SAP but not yet effective. We are currently assessing the impact on SAP, but do not expect material effects on our financial position or profit after tax.

In April 2024, the IASB released IFRS 18 (Presentation and Disclosure in Financial Statements). The new standard will substantially affect the presentation of consolidated income statements and introduce additional disclosure requirements. The standard will become effective on January 1, 2027. SAP is currently evaluating this standard and the impact it may have on SAP's financial statement disclosures.

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| ![](tm2521516d1_ex99-2img003.jpg) | **SAP Half-Year Report 2025** |

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**Section A – Customers**

This section discusses disclosures related to contracts with our customers. These consist of revenue breakdowns and information about our trade receivables. For more information, see our Consolidated Financial Statements for 2024, <u>Section A – Customers</u>.

**(A.1) Revenue**

**Geographic Information**

The amounts for revenue by region in the following tables are based on the location of customers.

**Cloud Revenue by Region**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;€ millions | **Q1–Q2 2025** | Q1–Q2 2024 |
| EMEA | 4195 | 3230 |
| Americas | 4446 | 3761 |
| APJ | 1483 | 1090 |
| **![](tm2521516d1_ex99-2img012.jpg)SAP Group** | **10124** | **8082** |

---

**Cloud and Software Revenue by Region**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;€ millions | **Q1–Q2 2025** | Q1–Q2 2024 |
| EMEA | 7208 | 6325 |
| Americas | 6315 | 5776 |
| APJ | 2382 | 2034 |
| **![](tm2521516d1_ex99-2img012.jpg)SAP Group** | **15904** | **14134** |

---

**Total Revenue by Region**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;€ millions | **Q1–Q2 2025** | Q1–Q2 2024 |
| Germany | 2791 | 2520 |
| Rest of EMEA | 5400 | 4804 |
| **EMEA** | **8191** | **7323** |
| United States | 5781 | 5369 |
| Rest of Americas | 1437 | 1359 |
| **Americas** | **7219** | **6728** |
| Japan | 789 | 662 |
| Rest of APJ | 1841 | 1615 |
| **APJ** | **2630** | **2277** |
| **![](tm2521516d1_ex99-2img012.jpg)SAP Group** | **18040** | **16329** |

---

For more information about our revenue accounting policies, see the Notes to the Consolidated Financial Statements for 2024, <u>Note (A.1)</u>.

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| ![](tm2521516d1_ex99-2img003.jpg) | **SAP Half-Year Report 2025** |

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**(A.2) Trade and Other Receivables**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;€ millions | **6/30/2025** | **6/30/2025** | **6/30/2025** |
| &nbsp;&nbsp;€ millions | **Current** | **Non-Current** | **Total** |
| Trade receivables, net | 5775 | 0 | 5775 |
| Other receivables | 514 | 119 | 633 |
| **![](tm2521516d1_ex99-2img013.jpg)Total** | **6289** | **119** | **6408** |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;€ millions | 12/31/2024 | 12/31/2024 | 12/31/2024 |
| &nbsp;&nbsp;€ millions | Current | Non-Current | Total |
| Trade receivables, net | 6231 | 0 | 6231 |
| Other receivables | 543 | 209 | 752 |
| **![](tm2521516d1_ex99-2img013.jpg)Total** | **6774** | **209** | **6983** |

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| ![](tm2521516d1_ex99-1sp02img01.jpg) | **SAP Half-Year Report 2025** |

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**Section B – Employees**

This section provides financial insights into our employee benefit arrangements. It should be read in conjunction with the compensation disclosures for key management personnel in <u>Note (G.5)</u> in our Consolidated Financial Statements for 2024, as well as SAP's <u>Compensation Report</u>. For more information, see our Consolidated Financial Statements for 2024, <u>Section B – Employees</u>.

**(B.1) Employee Headcount**

On June 30, 2025, the breakdown of our full-time equivalent employee numbers by function and by region was as shown in the table below.

**Number of Employees (in Full-Time Equivalents)**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Full-time equivalents | **6/30/2025** | **6/30/2025** | **6/30/2025** | **6/30/2025** | 6/30/2024 | 6/30/2024 | 6/30/2024 | 6/30/2024 |
|  | **EMEA** | **Americas** | **APJ** | **Total** | EMEA | Americas | APJ | Total |
| Cloud and software | 4553 | 4486 | 5109 | 14148 | 4434 | 4148 | 4448 | 13029 |
| Services | 8237 | 4681 | 5814 | 18732 | 8292 | 4618 | 5410 | 18320 |
| Research and development | 18063 | 5761 | 13349 | 37174 | 18073 | 5441 | 12331 | 35844 |
| Sales and marketing | 11694 | 9793 | 4981 | 26467 | 12053 | 9438 | 5112 | 26603 |
| General and administration | 3903 | 1910 | 1343 | 7157 | 3640 | 1723 | 1291 | 6653 |
| Infrastructure | 3123 | 1152 | 976 | 5252 | 2845 | 1129 | 890 | 4865 |
| **SAP Group (6/30)** | **49574** | **27783** | **31573** | **108929** | **49337** | **26496** | **29482** | **105315** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thereof acquisitions<sup>1</sup> | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| **SAP Group (six months' end average)** | **49038** | **27695** | **31264** | **107997** | **49414** | **27689** | **29745** | **106848** |

---

<sup>1</sup> Acquisitions closed between January 1 and June 30 of the respective year.

**(B.2) Employee Benefits Expenses**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;€ millions | **Q1–Q2 2025** | Q1–Q2 2024 |
| Salaries | 6075 | 6173 |
| Social security expenses | 1044 | 1056 |
| Share-based payment expenses | 949 | 1280 |
| Pension expenses | 255 | 254 |
| Employee-related restructuring expenses | 18 | 2873 |
| Termination benefits | 24 | 13 |
| **Employee benefits expenses** | **8365** | **11649** |

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| ![](tm2521516d1_ex99-1sp02img01.jpg) | **SAP Half-Year Report 2025** |

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**(B.3) Share-Based Payments**

The allocations of expenses for share-based payments to the various expense items are as follows:

**Share-Based Payments**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;€ millions | **Q1–Q2 2025** | Q1–Q2 2024 |
| Cost of cloud | 59 | 73 |
| Cost of software licenses and support | 16 | 22 |
| Cost of services | 133 | 192 |
| Research and development | 326 | 403 |
| Sales and marketing | 331 | 476 |
| General and administration | 84 | 114 |
| **Share-based payment expenses** | **949** | **1280** |
| &nbsp;&nbsp;&nbsp;&nbsp;Thereof cash-settled share-based payments | 255 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thereof equity-settled share-based payments | 695 | 765 |

---

In the first half of 2025, SAP also recognized €19 million (first half of 2024: €189 million) in accelerated share-based payment expenses related to the transformation program which concluded in early 2025. The accelerated share-based payment expenses recognized in the first half of 2025 mainly reflect adjustments of prior estimates. These share-based payment expenses are classified as restructuring expenses in our consolidated income statements. Associated share-based payments in the first half of 2025 were €62 million (first half of 2024: €2 million).

For more information about SAP's restructuring program, see <u>Note (B.4)</u>.

**Move SAP Plan**

In the first half of 2025, we granted 5.2 million (first half of 2024: 7.4 million) share units. This includes 4.8 million (first half of 2024: 7.0 million) share units which we intend to settle in shares. The dilutive effect of outstanding equity-settled share units is reflected in the calculation of earnings per share, diluted.

For more information about SAP's newly implemented hedge program related to its cash-settled share-based compensation payments, see <u>Note (F.1)</u>.

**Own SAP Plan**

Under the Own SAP plan, employees can purchase, on a monthly basis, SAP shares without any required holding period. The number of shares purchased by our employees under this plan was 1.8 million in the first half of 2025 (first half of 2024: 2.4 million).

For more information about our share-based payments and a detailed description of our share-based payment plans, see the Notes to the Consolidated Financial Statements for 2024, <u>Note (B.3)</u>*.*

**(B.4) Restructuring**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;€ millions | **Q1–Q2 2025** | Q1–Q2 2024 |
| Employee-related restructuring expenses | 18 | 2873 |
| Onerous contract-related<br> restructuring expenses and restructuring-related impairment losses | 0 | –1 |
| **![](tm2521516d1_ex99-2sp5img01.jpg) Restructuring expenses** | **18** | **2873** |

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The restructuring costs presented in 2024 mainly relate to SAP's Company-wide restructuring program that was announced in January 2024. SAP increased its focus on key strategic growth areas, particularly

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| ![](tm2521516d1_ex99-1sp02img01.jpg) | **SAP Half-Year Report 2025** |

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business AI. The restructuring program was set up to ensure that SAP's skillset and resources continue to meet future business needs, and affected around 10,000 positions, a majority of which have been covered by voluntary leave programs and internal re-skilling measures. The program concluded as planned at the beginning of 2025, with most of the employees leaving the Company in 2024 and throughout the first half of 2025.

Most of the expenses related to the restructuring program were recognized in 2024. The €18 million in expenses presented in the first half of 2025 are mainly costs resulting from the revaluation and adjustments of provisions. Overall expenses associated with the program are approximately €3.2 billion, and mainly include employee-related benefits such as severance payments and accelerated share-based payment expenses related to the restructuring program. Restructuring payouts were €2.5 billion for the full year 2024 and €0.6 billion for the first half of 2025. Approximately €0.2 billion is expected to be paid out in the remainder of 2025.

If not presented separately, these restructuring expenses would break down in our income statements as follows:

**Restructuring Expenses by Functional Area**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;€ millions | **Q1–Q2 2025** | Q1–Q2 2024 |
| Cost of cloud | –2 | 95 |
| Cost of software licenses and support | –3 | 80 |
| Cost of services | –8 | 533 |
| Research and development | –16 | 1100 |
| Sales and marketing | 29 | 906 |
| General and administration | 18 | 160 |
| ![](tm2521516d1_ex99-2sp5img01.jpg) **Restructuring expenses** | **18** | **2873** |

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| ![](tm2521516d1_ex99-1sp02img01.jpg) | **SAP Half-Year Report 2025** |

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**Section C – Financial Results**

This section provides insight into the financial results of SAP's reportable segments and of SAP overall, as far as not already covered by previous sections. For more information, see our Consolidated Financial Statements for 2024, <u>Section C – Financial Results</u>.

**(C.1) Results of Segments**

**General Information**

At year end 2024, SAP had one operating segment. In the first half of 2025, the Services Sales function was moved from the Board area Customer Success into the Board area Customer Success & Delivery, combining the sales and delivery function for services. Therefore, SAP revised its segment structure in the first quarter of 2025 and now has two operating segments: the Applications, Technology & Support (ATS) segment and the Core Services segment:

The **ATS segment** represents SAP's cohesive product portfolio which is holistically steered and commercialized. It primarily generates revenue from cloud subscriptions and from the sale of software licenses and support offerings, and it incurs cost for customer support, operating our solutions, and the provision of infrastructure. The revenue and cost for services arise for SAP's training business which is highly integrated with SAP's product portfolio.

The **Core Services segment** supports SAP's product portfolio by enabling customers to transform their business and accelerate the adoption of innovations. Revenues are mainly generated from professional consulting services and premium support services. Cost is incurred primarily for the delivery of those services. The Core Services segment does not reflect the full services business.

The segment information for comparative prior periods was restated to conform with the new segment composition.

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| |
|:---|
| ![](tm2521516d1_ex99-2sp5img02.jpg) **Segment Reporting Policies** |
| Our management reporting system produces reports that present information about our business activities in a variety of ways - for example, by line of business, geography, and areas of responsibility of individual Board members. Based on these reports, the Executive Board, which is responsible for assessing the performance of our Company and for making resource allocation decisions as our Chief Operating Decision Maker (CODM), evaluates business activities based on several different results. |
| Our management reporting system produces a variety of reports that differ due to the currency exchange rates used in the accounting for foreign-currency transactions and operations, where both actual and constant currency numbers are reported to and used by our CODM. Reports based on actual currencies use the same currency rates that are used in our financial statements, whereas reports based on constant-currency use the average exchange rates from the previous year's corresponding period. |
| The segment structure is derived from the organizational structure, with parts of the organization engaging in diverse activities that incur expenses across different cost classifications. |
| We use an operating profit indicator to measure the performance of our operating segments. The accounting policies applied in the measurement of operating segment expenses and profit differ as follows from the IFRS accounting principles used to determine the operating profit measure in our income statements: |
| The segment expense measures exclude: |

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Acquisition-related charges such as amortization expense and impairment charges for intangibles acquired in business combinations, including goodwill impairment charges, and certain standalone acquisitions of intellectual property (including purchased in-process research and

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| ![](tm2521516d1_ex99-1sp02img01.jpg) | **SAP Half-Year Report 2025** |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;development) as well as settlements of pre-existing business relationships in connection with a business combination, and acquisition-related third-party expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;development) as well as settlements of pre-existing business relationships in connection with a business combination, and acquisition-related third-party expenses |
|  | Restructuring expenses |

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| |
|:---|
| Regulatory compliance matter expenses |
| SAP-headquarters functions that are managed exclusively on corporate level, such as finance, accounting, legal and compliance, human resources, global strategy and business operations, and corporate marketing, are not included in the results of our reportable segments. |
| Information about assets and liabilities by segment as well as cashflow by segment is not regularly provided to our CODM. |

---

**Results of Segments**

**Applications, Technology & Support**

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| | | | |
|:---|:---|:---|:---|
| € millions<br> (non-IFRS) | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 |
| € millions<br> (non-IFRS) | **Actual**<br> **Currency** | **Constant**<br> **Currency** | Actual<br> Currency |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud | 10124 | 10234 | 8082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software licenses | 377 | 381 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software support | 5403 | 5443 | 5621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software licenses and support | 5780 | 5824 | 6052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud and software | 15904 | 16058 | 14134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services | 150 | 153 | 209 |
| **Total segment revenue** | **16054** | **16211** | **14343** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud | –2432 | –2470 | –2119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software licenses and support | –553 | –561 | –584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud and software | –2985 | –3031 | –2703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | –182 | –183 | –200 |
| **Total cost of revenue** | **–3166** | **–3214** | **–2902** |
| **Segment gross profit** | **12888** | **12997** | **11440** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment expenses | –6432 | –6514 | –6478 |
| **Segment profit (loss)** | **6456** | **6483** | **4963** |

---

In the first half of 2025, the depreciation and amortization expense decreased 9% (9% at constant currencies), from €368 million to €336 million.

**Core Services**

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| | | | |
|:---|:---|:---|:---|
| € millions<br> (non-IFRS) | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 |
| € millions<br> (non-IFRS) | **Actual**<br> **Currency** | **Constant**<br> **Currency** | Actual<br> Currency |
| &nbsp;&nbsp;&nbsp;&nbsp;Services | 1985 | 2000 | 1985 |
| **Total segment revenue** | **1985** | **2000** | **1985** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud | –59 | –60 | –53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software licenses and support | –20 | –21 | –26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud and software | –79 | –81 | –79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | –1413 | –1430 | –1439 |
| **Total cost of revenue** | **–1493** | **–1510** | **–1518** |
| **Segment gross profit** | **492** | **490** | **467** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment expenses | –287 | –290 | –320 |
| **Segment profit (loss)** | **206** | **200** | **147** |

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| ![](tm2521516d1_ex99-1sp02img01.jpg) | **SAP Half-Year Report 2025** |

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In the first half of 2025, the depreciation and amortization expense decreased 5% (5% at constant currencies), from €53 million to €50 million.

**Segment Revenue by Region**

**Applications, Technology & Support**

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| | | | |
|:---|:---|:---|:---|
|  | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 |
| &nbsp;&nbsp;€ millions | **Actual Currency** | **Constant Currency** | Actual Currency |
| EMEA | 7287 | 7285 | 6407 |
| Americas | 6359 | 6484 | 5842 |
| APJ | 2408 | 2442 | 2094 |
| **Segment revenue** | **16054** | **16211** | **14343** |

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**Core Services**

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| | | | |
|:---|:---|:---|:---|
|  | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 |
| &nbsp;&nbsp;€ millions | **Actual Currency** | **Constant Currency** | Actual Currency |
| EMEA | 903 | 900 | 892 |
| Americas | 860 | 875 | 886 |
| APJ | 222 | 225 | 208 |
| **Segment revenue** | **1985** | **2000** | **1985** |

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**(C.2) Reconciliation of Segment Measures to the Consolidated Income Statement**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;€ millions | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 |
| &nbsp;&nbsp;€ millions | **Actual<br> Currency** | **Constant**<br> **Currency** | Actual<br> Currency |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue for ATS segment | 16054 | 16211 | 14343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue for Core Services segment | 1985 | 2000 | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total segment revenue** | **18039** | **18211** | **16328** |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for currency impact | 0 | –172 | 0 |
| **![](tm2521516d1_ex99-2sp5img01.jpg) Total revenue** | **18039** | **18039** | **16328** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total profit for ATS segment | 6456 | 6483 | 4963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total profit for Core Services segment | 206 | 200 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total segment profit** | **6662** | **6683** | **5110** |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for currency impact | 0 | –21 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | –1639 | –1640 | –1637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related charges | –217 | –217 | –166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](tm2521516d1_ex99-2sp5img01.jpg) Restructuring | –18 | –18 | –2873 |
| **![](tm2521516d1_ex99-2sp5img01.jpg) Operating profit** | **4789** | **4789** | **434** |
| &nbsp;&nbsp;&nbsp;&nbsp;![](tm2521516d1_ex99-2sp5img01.jpg) Other non-operating income/expense, net | 7 | 7 | –153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial income, net | –125 | –125 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for gains and losses from equity securities, net | 299 | 299 | 123 |
| **![](tm2521516d1_ex99-2sp5img01.jpg) Profit before tax** | **4970** | **4970** | **407** |

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| ![](tm2521516d1_ex99-1sp02img01.jpg) | **SAP Half-Year Report 2025** |

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**(C.3) Financial Income, Net**

In the first half of 2025, finance income mainly consisted of gains from disposals and fair value adjustments of equity securities totaling €491 million (first half of 2024: €282 million), as well as interest income from loans and receivables, other financial assets (cash, cash equivalents, and current investments), and derivatives amounting to €226 million (first half of 2024: €327 million).

In the first half of 2025, finance costs were primarily impacted by losses from disposals and fair value adjustments of equity securities amounting to €192 million (first half of 2024: €159 million), by interest expense on financial liabilities including lease liabilities, and by negative effects from derivatives amounting to €276 million (first half of 2024: €260 million).

For more information about our financial income, net, see the Notes to the Consolidated Financial Statements for 2024, <u>Note (C.4)</u>.

**(C.4) Income Taxes**

We are subject to ongoing tax audits by domestic and foreign tax authorities. In respect of income taxes, we are currently involved in various proceedings with foreign tax authorities mainly regarding the deductibility of intercompany royalty payments, intercompany services, and other payments. In all cases, we expect that a favorable outcome can only be achieved through litigation. For all of these matters, we have not recorded a provision as we believe that the tax authorities' claims have no merit and that no adjustment is warranted. If, contrary to our view, the tax authorities were to prevail in their arguments before the court, we would expect to have an additional expense of approximately €1,130 million (2024: €1,250 million) in total (including related interest expenses and penalties of €708 million (2024: €726 million)).

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| ![](tm2521516d1_ex99-1sp02img01.jpg) | **SAP Half-Year Report 2025** |

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**Section D – Invested Capital**

This section highlights the non-current assets including investments that form the basis of our operating activities. Additions in invested capital include separate asset acquisitions or business combinations. For more information, see our Consolidated Financial Statements for 2024, <u>Section D – Invested Capital</u>.

**(D.1) Goodwill**

In the first half of 2025, the Company underwent a change in its segment structure. Starting in the first quarter of 2025, the Company has two operating segments and monitors its goodwill at this level. For more information, see <u>Note (C.1)</u>. The decrease in goodwill of €2,706 million since December 31, 2024, was mainly due to the revaluation of amounts denominated in foreign currencies. The Company evaluates on an ongoing basis whether there are triggering events that would require an impairment test for goodwill through both qualitative and quantitative analyses. Our assessment of internal and external factors in the first half of 2025, including the change in segment structure and reorganizations which have no adverse effect, led us to conclude that no triggering events occurred since our annual goodwill impairment test in 2024. No impairment tests were performed in the first half of 2025.

**(D.2) Property, Plant, and Equipment**

**Property, Plant, and Equipment (Summary)**

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| | | |
|:---|:---|:---|
| € millions | **6/30/2025** | 12/31/2024 |
| Property, plant, and equipment excluding leases | 2943 | 3036 |
| Right-of-use assets | 1396 | 1457 |
| **![](tm2521516d1_ex99-2img013.jpg) Total** | **4339** | **4493** |
| **Additions** | **Q1–Q2 2025** | Q1–Q4 2024 |
| Property, plant, and equipment excluding leases | 319 | 727 |
| Right-of-use assets | 175 | 411 |
| **![](tm2521516d1_ex99-2img013.jpg)Total** | **494** | **1138** |

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| ![](tm2521516d1_ex99-1sp02img01.jpg) | **SAP Half-Year Report 2025** |

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**Section E – Capital Structure, Financing, and Liquidity**

This section provides information related to how SAP manages its capital structure. Our capital management is based on a high equity ratio, modest financial leverage, a well-balanced maturity profile, and deep debt capacity. For more information, see our Consolidated Financial Statements for 2024, <u>Section E – Capital Structure, Financing, and Liquidity</u>.

**(E.1) Total Equity**

**Number of Shares**

---

| | | |
|:---|:---|:---|
| millions | Issued Capital | Treasury Shares |
| **12/31/2023** | 1228.5 | –61.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reissuance under share-based payments | 0 | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase | 0 | –5.3 |
| **6/30/2024** | **1228.5** | **–62.0** |
| **12/31/2024** | 1228.5 | –61.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reissuance under share-based payments | 0 | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase | 0 | –6.3 |
| **6/30/2025** | **1228.5** | **–63.9** |

---

In the first half of 2025, we reissued 4.4 million treasury shares to service share-based payment awards under our Move SAP Plan and we bought back 6.3 million shares. In the first half of 2024, we reissued 4.6 million treasury shares to service share-based payment awards under our Move SAP Plan and we bought back 5.3 million shares.

In May 2023, SAP announced a share repurchase program with an aggregate volume of up to €5 billion and a term until December 31, 2025. As of June 30, 2025, SAP had repurchased 24,743,442 shares at an average price of €185.51 resulting in a purchased volume of approximately €4.6 billion under the program.

**Other Components of Equity**

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| | | | |
|:---|:---|:---|:---|
| € millions | Exchange Differences | Cash Flow Hedges | Total |
| **12/31/2023** | **2418** | **9** | **2426** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income | 1163 | 1 | 1164 |
| **6/30/2024** | **3581** | **10** | **3591** |
| **12/31/2024** | **4790** | **–15** | **4775** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income | –4449 | 156 | –4293 |
| **6/30/2025** | **340** | **141** | **481** |

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| ![](tm2521516d1_ex99-1sp02img01.jpg) | **SAP Half-Year Report 2025** |

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**(E.2) Liquidity**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| € millions | **6/30/2025** | **6/30/2025** | **6/30/2025** | **6/30/2025** | **6/30/2025** |
| € millions | Nominal Volume | Nominal Volume | Carrying Amount | Carrying Amount | Carrying Amount |
| € millions | Current | Non-Current | **Current** | **Non-Current** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | 1356 | 4550 | 1355 | 4173 | 5528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Private placement transactions | 0 | 85 | 0 | 88 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Paper | 500 | 0 | 498 | 0 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank loans | 1000 | 0 | 1000 | 0 | 1000 |
| **Financial debt** | **2856** | **4635** | **2853** | **4261** | **7114** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | NA | NA | 257 | 1375 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | NA | NA | 236 | 399 | 635 |
| **![](tm2521516d1_ex99-2img013.jpg)Financial liabilities** |  |  | **3347** | **6034** | **9382** |
| Financial debt as % of ![](tm2521516d1_ex99-2img013.jpg) Financial liabilities |  |  | 85 | 71 | 76 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| € millions | 12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2024 |
| € millions | Nominal Volume | Nominal Volume | Carrying Amount | Carrying Amount | Carrying Amount |
| € millions | Current | Non-Current | Current | Non-Current | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | 889 | 5650 | 888 | 5201 | 6090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Private placement transactions | 0 | 96 | 0 | 99 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Paper | 500 | 0 | 498 | 0 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank loans | 2250 | 0 | 2250 | 0 | 2250 |
| **Financial debt** | **3639** | **5746** | **3636** | **5301** | **8937** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | NA | NA | 109 | 416 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | NA | NA | 532 | 1452 | 1984 |
| **![](tm2521516d1_ex99-2img013.jpg) Financial liabilities** |  |  | **4277** | **7169** | **11446** |
| Financial debt as % of ![](tm2521516d1_ex99-2img013.jpg) Financial liabilities |  |  | 85 | 74 | 78 |

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| ![](tm2521516d1_ex99-1sp02img01.jpg) | **SAP Half-Year Report 2025** |

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**Section F – Management of Financial Risk Factors**

This section discusses financial risk factors and risk management. In our half-year report, this includes the transfers between levels of the fair value hierarchy. For more information, particularly about our risk management related to foreign currency exchange rate risk, interest rate risk, equity price risk, credit risk, liquidity risk, and other financial risk factors, see our Consolidated Financial Statements for 2024, <u>Section F – Risk Management and Fair Value Disclosures</u>.

**(F.1) Financial Risk Factors, Financial Risk Management, and Fair Value Disclosures on Financial Instruments**

A detailed overview of our other financial instruments, financial risk factors, the management of financial risks, and the determination of fair value as well as the classification of our other financial instruments into the fair value hierarchy of IFRS 13 are presented in <u>Notes (F.1)</u> and <u>(F.2)</u> in the Consolidated Financial Statements for 2024.

We do not disclose the fair value of our financial instruments as at June 30, 2025, for the following reasons:

For a large number of our financial instruments, their carrying amounts are a reasonable approximation of their fair values, and

For those financial instruments where the carrying amount differs from fair value, there was no material change in the relation between carrying amount and fair value since December 31, 2024.

In the first half of 2025, SAP initiated a hedging strategy for its cash-settled share-based compensation programs to mitigate exposure to fluctuations in stock prices by applying hedge accounting. SAP entered into two equity swaps hedging the risk related to 1.4 million Restricted Stock Units (RSUs), with the total notional amount of the hedge transactions amounting to €321 million. As a result of the hedge, in the first half of 2025 we recognized €30 million in operating income, offsetting the expenses for share-based compensation.

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| ![](tm2521516d1_ex99-1sp02img01.jpg) | **SAP Half-Year Report 2025** |

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**Section G – Other Disclosures**

This section provides additional disclosures on miscellaneous topics, including information pertaining to other litigation, claims, and legal contingencies, and related party transactions. For more information, see our Consolidated Financial Statements for 2024, <u>Section G – Other Disclosures</u>.

**(G.1) Other Litigation, Claims, and Legal Contingencies**

We are subject to a variety of claims and lawsuits that arise from time to time in the ordinary course of our business, including proceedings and claims that relate to companies we have acquired. We will continue to vigorously defend against all claims and lawsuits against us. We currently believe that resolving the claims and lawsuits pending as at June 30, 2025, will neither individually nor in the aggregate have a material adverse effect on our business.

Among the claims and lawsuits are the following classes (for more information about these classes, see the Notes to the Consolidated Financial Statements for 2024, <u>Note (G.3))</u>.

**Intellectual-Property-Related Litigation and Claims**

The provisions recorded for intellectual-property-related litigation and claims as at June 30, 2025, continue to be not material.

Contingent liabilities exist from intellectual-property-related litigation and claims for which no provision has been recognized. Generally, it is not practicable to estimate the financial impact of these contingent liabilities due to the uncertainties around the litigation and claims (for more information, see the Notes to the Consolidated Financial Statements for 2024, <u>Note (G.3))</u>. Based on our past experience, most of the intellectual-property-related litigation and claims tend to be either dismissed in court or settled out of court for amounts significantly below the originally claimed amounts. We currently believe that resolving the intellectual-property-related claims and lawsuits pending as at June 30, 2025, will neither individually nor in the aggregate have a material adverse effect on our business, financial position, profit, or cash flows.

Individual cases of intellectual-property-related litigation and claims include the following:

In June 2018, Teradata Corporation, Teradata US, Inc., and Teradata Operations, Inc. (collectively "Teradata") filed a civil lawsuit against SAP SE, SAP America, Inc., and SAP Labs, LLC in U.S. federal court in California. Teradata alleged that SAP had misappropriated trade secrets of Teradata, had infringed Teradata's copyrights (this claim was subsequently withdrawn by Teradata), and had violated U.S. antitrust laws. Teradata sought unspecified monetary damages and injunctive relief. In 2019, SAP asserted patent infringement counterclaims against Teradata seeking monetary damages and injunctive relief. In 2020, Teradata initiated a second civil lawsuit against SAP asserting patent infringement, seeking monetary damages and injunctive relief; in February 2021, SAP filed patent infringement counterclaims against Teradata in this second U.S. lawsuit and a civil lawsuit against Teradata in Germany asserting patent infringement, seeking monetary damages and injunctive relief. All claims between the parties were dismissed in November 2021 after the district court issued a summary judgment decision in SAP's favor on Teradata's antitrust and trade secret claims. Teradata appealed the district court's summary judgment decision. In December 2024, the U.S. Appeals Court granted Teradata's appeal and ordered that the case be returned to the district court for further proceedings, including trial on Teradata's antitrust and trade secret claims. During the first half of 2025, the case was set for trial in April 2026.

In 2023 and 2024, Celonis SE (together with its subsidiary Celonis USA, Inc., "Celonis") sent letters to SAP setting out various concerns and allegations. In early 2025, SAP filed a negative declaratory judgment action in Germany denying Celonis' allegations. To our knowledge, no counterclaims or claims for damages have been filed by Celonis against SAP or served on SAP in any German proceeding. In March 2025, Celonis filed a lawsuit in U.S. federal court in California, alleging that SAP had violated U.S. antitrust and competition laws relating to SAP's sale of products from its subsidiary

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| ![](tm2521516d1_ex99-2s7img01.jpg) | **SAP Half-Year Report 2025** |

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Signavio, and communications to SAP customers and the market concerning SAP's policies for data access. Celonis sought a preliminary injunction against SAP seeking to require SAP to allow Celonis to continue to use its data extraction tool, and requiring SAP to retract or correct the alleged misstatements. The parties reached an agreement on June 5, 2025, whereby Celonis withdrew its request for a preliminary injunction. In addition, on June 30, 2025, the court dismissed the majority of Celonis' claims with leave to amend. The only claim the court has allowed to proceed at this time is Celonis' claim for tortious interference with contracts. Celonis has asserted that it will seek damages from SAP based on its various claims but, to this point, has not stated any specific amount of alleged damages or explained the nature of its damages claims in detail.

**Tax-Related Litigation**

We are subject to ongoing audits by domestic and foreign tax authorities. In respect of non-income taxes, we are involved in various proceedings with foreign tax authorities mainly regarding assessments and litigation matters on intercompany royalty payments and intercompany services. The potential amount in dispute related to these matters for all applicable years is approximately €335 million (2024: €274 million) in total (including related interest expenses and penalties of €192 million (2024: €150 million)). We have not recorded a provision for these matters, as we believe that we will prevail.

For more information about our income tax-related litigation, see <u>Note (C.4)</u>.

**Anti-Bribery Matters**

There have been no significant changes related to anti-bribery matters in the first half of 2025.

For more information, see the Notes to the Consolidated Financial Statements for 2024, <u>Note (G.3)</u>.

**(G.2) Related Party Transactions**

Certain Executive Board and Supervisory Board members of SAP SE currently hold or have held positions of significant responsibility with other entities (for more information, see the Notes to the Consolidated Financial Statements for 2024, <u>Note (G.4)</u>). We have relationships with certain of these entities in the ordinary course of business.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Executive Board Members** | **Executive Board Members** | **Supervisory Board Members** | **Supervisory Board Members** | **Companies Controlled by**<br> **Supervisory Board Members** | **Companies Controlled by**<br> **Supervisory Board Members** | **Associated Entities** | **Associated Entities** |
| € millions | **Q1–Q2 2025** | Q1–Q2 2024 | **Q1–Q2 2025** | Q1–Q2 2024 | **Q1–Q2 2025** | Q1–Q2 2024 | **Q1–Q2 2025** | Q1–Q2 2024 |
| Products and services provided | NA | NA | NA | NA | NA | 0 | 18 | 22 |
| Products and services received | NA | 0 | 1<sup>1</sup> | 0<sup>1</sup> | NA | 1 | 37 | 50 |
| Sponsoring and other financial support provided | NA | NA | NA | NA | NA | 5 | NA | NA |
| Outstanding balances on 6/30 (Vendors) | NA | NA | NA | NA | NA | NA | 5 | 3 |
| Outstanding balances on 6/30 (Customers) | NA | NA | 0 | NA | NA | NA | 2 | 1 |

---

<sup>1</sup> Including services from employee representatives on the Supervisory Board in their capacity as employees of SAP.

For more information about related party transactions, see the Notes to the Consolidated Financial Statements for 2024, <u>Note (G.6)</u>.

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| ![](tm2521516d1_ex99-2s7img01.jpg) | **SAP Half-Year Report 2025** |

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**(G.3) Events After the Reporting Period**

On July 11, 2025, the German law for an immediate tax investment program to strengthen Germany as a business location was substantively enacted. Effective January 1, 2028, the corporate tax rate in Germany will be reduced from 15% to 10% in annual increments of 1%. This decrease does not affect the amounts of current and deferred taxes recognized as of June 30, 2025. SAP is currently evaluating the accounting treatment and the impact of this decrease on its income taxes.

**(G.4) Scope of Consolidation**

**Entities Consolidated in the Financial Statements**

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| | |
|:---|:---|
| | **Total** |
| **12/31/2024** | **226** |
| Additions | 0 |
| Disposals | –10 |
| **6/30/2025** | **216** |

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The disposals in the first half of 2025 relate mainly to liquidations and mergers of legal entities.

For more information about our business combinations and the effect on our Consolidated Financial Statements, see the <u>SAP Integrated Report 2024</u>.

**Release of the Consolidated Half-Year Financial Statements**

The Executive Board of SAP SE approved these Consolidated Half-Year Financial Statements on July 21, 2025, for submission to the Audit and Compliance Committee of the Supervisory Board and for subsequent issuance.

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| ![](tm2521516d1_ex99-2s7img01.jpg) | **SAP Half-Year Report 2025** |

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**Responsibility Statement**

To the best of our knowledge, and in accordance with the applicable reporting principles for half-year financial reporting, the Consolidated Half-Year Financial Statements give a true and fair view of the assets, liabilities, financial position, and profit or loss of the SAP Group, and the Consolidated Half-Year Management Report of the SAP Group includes a fair review of the development and performance of the business and the position of the SAP Group, together with a description of the material opportunities and risks associated with the expected development of the SAP Group for the remaining months of the financial year.

Walldorf, July 21, 2025

SAP SE

Walldorf, Baden

The Executive Board

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|:---|:---|
| Christian Klein | Muhammad Alam |
| Dominik Asam | Thomas Saueressig |
| Sebastian Steinhaeuser | Gina Vargiu-Breuer |

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| ![](tm2521516d1_ex99-2s7img01.jpg) | **SAP Half-Year Report 2025** |

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**Supplementary Financial Information**

**Financial and Non-Financial Key Facts (IFRS and Non-IFRS)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;€ millions, unless otherwise stated | **Q1**<br> **2024** | **Q2**<br> **2024** | **Q3**<br> **2024** | **Q4**<br> **2024** | **TY**<br> **2024** | **Q1**<br> **2025** | **Q2**<br> **2025** |
| **Revenues** |  |  |  |  |  |  |  |
| Cloud | 3928 | 4153 | 4351 | 4708 | 17141 | 4993 | **5130** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change – yoy | 24 | 25 | 25 | 27 | 25 | 27 | **24** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change constant currency – yoy | 25 | 25 | 27 | 27 | 26 | 26 | **28** |
| Cloud ERP Suite | 3167 | 3414 | 3636 | 3949 | 14166 | 4251 | **4422** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change – yoy | 31 | 33 | 34 | 35 | 33 | 34 | **30** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change constant currency – yoy | 32 | 33 | 36 | 35 | 34 | 33 | **34** |
| Software licenses | 203 | 229 | 285 | 683 | 1399 | 183 | **194** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change – yoy | –26 | –28 | –15 | –18 | –21 | –10 | **–15** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change constant currency – yoy | –25 | –27 | –14 | –19 | –21 | –10 | **–13** |
| Software support | 2829 | 2792 | 2793 | 2876 | 11290 | 2761 | **2642** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change – yoy | –3 | –3 | –3 | 1 | –2 | –2 | **–5** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change constant currency – yoy | –1 | –3 | –2 | 1 | –1 | –3 | **–3** |
| Total revenue | 8041 | 8288 | 8470 | 9377 | 34176 | 9013 | **9027** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change – yoy | 8 | 10 | 9 | 11 | 10 | 12 | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change constant currency – yoy | 9 | 10 | 10 | 10 | 10 | 11 | **12** |
| **Profits** |  |  |  |  |  |  |  |
| Operating profit (loss) (IFRS) | –787 | 1222 | 2214 | 2016 | 4665 | 2333 | **2456** |
| Operating profit (loss) (non-IFRS) | 1533 | 1940 | 2244 | 2436 | 8153 | 2455 | **2568** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change - yoy | 16 | 33 | 27 | 24 | 25 | 60 | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change constant currency - yoy | 19 | 35 | 28 | 24 | 26 | 58 | **35** |
| Profit (loss) after tax (IFRS) | –824 | 918 | 1441 | 1616 | 3150 | 1796 | **1749** |
| Profit (loss) after tax (non-IFRS) | 944 | 1278 | 1437 | 1619 | 5279 | 1681 | **1747** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change - yoy | 9 | 60 | 6 | 24 | 22 | 78 | **37** |
| **Margins** |  |  |  |  |  |  |  |
| Cloud gross margin (IFRS, in %) | 72.2 | 73.0 | 73.2 | 72.8 | 72.8 | 74.5 | **74.7** |
| Cloud gross margin (non-IFRS, in %) | 72.5 | 73.3 | 73.7 | 73.5 | 73.3 | 75.0 | **75.2** |
| Gross margin (IFRS, in %) | 71.7 | 72.6 | 73.3 | 74.0 | 73.0 | 73.3 | **73.3** |
| Gross margin (non-IFRS, in %) | 71.8 | 72.7 | 73.6 | 74.3 | 73.2 | 73.6 | **73.6** |
| Operating margin (IFRS, in %) | –9.8 | 14.7 | 26.1 | 21.5 | 13.6 | 25.9 | **27.2** |
| Operating margin (non-IFRS, in %) | 19.1 | 23.4 | 26.5 | 26.0 | 23.9 | 27.2 | **28.5** |
| **Order Entry and current cloud backlog** |  |  |  |  |  |  |  |
| Current cloud backlog | 14179 | 14808 | 15377 | 18078 | 18078 | 18202 | **18052** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change – yoy | 27 | 28 | 25 | 32 | 32 | 28 | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;% change constant currency – yoy | 28 | 28 | 29 | 29 | 29 | 29 | **28** |
| Share of cloud orders greater than €5 million based on total cloud order entry volume (in %) | 52 | 52 | 64 | 68 | 63 | 54 | **53** |
| Share of cloud orders smaller than €1 million based on total cloud order entry volume (in %) | 21 | 20 | 16 | 11 | 15 | 20 | **20** |
| **Liquidity and Cash Flow** |  |  |  |  |  |  |  |
| Net cash flows from operating activities | 2878 | 1509 | 1403 | –584 | 5207 | 3780 | **2577** |
| Free cash flow | 2642 | 1288 | 1200 | –908 | 4222 | 3583 | **2357** |

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| ![](tm2521516d1_ex99-2s7img01.jpg) | **SAP Half-Year Report 2025** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;€ millions, unless otherwise stated | **Q1**<br> **2024** | **Q2**<br> **2024** | **Q3**<br> **2024** | **Q4**<br> **2024** | **TY**<br> **2024** | **Q1**<br> **2025** | **Q2**<br> **2025** |
| Cash and cash equivalents | 9295 | 7870 | 10005 | 9609 | 9609 | 11345 | **7942** |
| Group liquidity | 13411 | 11449 | 11856 | 11080 | 11080 | 12760 | **9788** |
| Financial debt (–) | –7770 | –7776 | –8996 | –9385 | –9385 | –8121 | **–7492** |
| Net liquidity (+) / net debt(–) | 5641 | 3674 | 2860 | 1695 | 1695 | 4639 | **2297** |
| **Non-Financials** |  |  |  |  |  |  |  |
| Number of employees (quarter end)<sup>1</sup> | 108133 | 105315 | 107583 | 109121 | 109121 | 108187 | **108929** |
| Gross greenhouse gas emissions (scope 1, 2, 3 / market-based)<sup>2</sup> <br> (in million tons CO<sub>2</sub> equivalents) | 1.8 | 1.8 | 1.8 | 1.8 | 6.9 | 1.6 | **1.6** |

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<sup>1</sup> In full-time equivalents.

<sup>2</sup> Our gross greenhouse gas emissions (GHG) include the total lifecycle emissions resulting from the use of our on-premise software. The calculation of use of sold products emissions is based on the number of active maintenance contracts at quarter end. Therefore, the emissions for individual quarters will not add up to the total sum of GHG emissions at year end.

**Reconciliation of Non-IFRS Numbers to IFRS Numbers – Half Year**

**Reconciliation of Non-IFRS Revenue – Year-to-Date**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;€ millions, unless otherwise stated | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 | ∆ in % | ∆ in % |
| &nbsp;&nbsp;€ millions, unless otherwise stated | **IFRS** | **Currency**<br> **Impact** | **Non-IFRS**<br> **Constant**<br> **Currency** | IFRS | IFRS | Non-IFRS<br> Constant<br> Currency |
| **Revenue Numbers** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud | 10124 | 110 | 10234 | 8082 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software licenses | 377 | 4 | 381 | 432 | –13 | –12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software support | 5403 | 40 | 5443 | 5621 | –4 | –3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software licenses and support | 5780 | 44 | 5824 | 6053 | –4 | –4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cloud and software** | **15904** | **154** | **16058** | **14134** | **13** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services** | **2136** | **18** | **2154** | **2195** | **–3** | **–2** |
| **Total revenue** | **18040** | **172** | **18212** | **16329** | **10** | **12** |

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**Reconciliation of Non-IFRS Operating Expenses – Year-to-Date**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;€ millions, unless otherwise stated | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 | Q1–Q2 2024 | Q1–Q2 2024 | ∆ in % | ∆ in % | ∆ in % |
| &nbsp;&nbsp;€ millions, unless otherwise stated | **IFRS** | **Adj.** | **Non-<br> IFRS** | **Currency**<br> **Impact** | **Non-IFRS**<br> **Constant**<br> **Currency** | IFRS | Adj. | Non-<br> IFRS | IFRS | Non-IFRS | Non-IFRS<br> Constant<br> Currency |
| **Operating Expense Numbers** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud | –2570 | 48 | –2523 |  |  | –2214 | 25 | –2190 | 16 | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software licenses and support | –605 | 0 | –605 |  |  | –637 | 0 | –637 | –5 | –5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of cloud and software | –3176 | 48 | –3128 |  |  | –2851 | 25 | –2827 | 11 | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | –1638 | 1 | –1637 |  |  | –1699 | 0 | –1699 | –4 | –4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total cost of revenue** | **–4813** | **48** | **–4765** |  |  | **–4550** | **25** | **–4526** | **6** | **5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** | **13226** | **48** | **13275** | **124** | **13399** | **11778** | **25** | **11803** | **12** | **12** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | –3291 | 3 | –3288 |  |  | –3270 | 3 | –3267 | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | –4391 | 163 | –4228 |  |  | –4496 | 129 | –4366 | –2 | –3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administration | –719 | 2 | –717 |  |  | –696 | 9 | –687 | 3 | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring | –18 | 18 | 0 |  |  | –2873 | 2873 | 0 | –99 | NA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating income/expense, net | –19 | 0 | –19 |  |  | –9 | 0 | –9 | >100 | >100 |  |
| **Total operating expenses** | **–13251** | **235** | **–13016** | **–152** | **–13168** | **–15894** | **3039** | **–12855** | **–17** | **1** | **2** |

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| ![](tm2521516d1_ex99-2img003.jpg) | **SAP Half-Year Report 2025** |

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**Reconciliation of Non-IFRS Profit Figures, Income Tax, and Key Ratios – Year-to-Date**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| € millions, unless otherwise stated | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 | Q1–Q2 2024 | Q1–Q2 2024 | ∆ in % | ∆ in % | ∆ in % |
| € millions, unless otherwise stated | **IFRS** | **Adj.** | **Non-<br> IFRS** | **Currency**<br> **Impact** | **Non-IFRS**<br> **Constant**<br> **Currency** | IFRS | Adj. | Non-<br> IFRS | IFRS | Non-IFRS | Non-IFRS<br> Constant<br> Currency |
| **Profit Numbers** |  |  |  |  |  |  |  |  |  |  |  |
| **Operating profit (loss)** | **4789** | **235** | **5024** | **21** | **5044** | **434** | **3039** | **3473** | **>100** | **45** | **45** |
| **Other non-operating income/expense, net** | **7** | **0** | **7** |  |  | **–153** | **0** | **–153** | **NA** | **NA** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance income | 722 | –491 | 231 |  |  | 611 | –282 | 328 | 18 | –30 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance costs | –548 | 192 | –356 |  |  | –486 | 159 | –327 | 13 | 9 |  |
| **Financial income, net** | **175** | **–299** | **–125** |  |  | **125** | **–123** | **2** | **40** | **NA** |  |
| **Profit (loss) before tax** | **4970** | **–64** | **4906** |  |  | **407** | **2916** | **3322** | **>100** | **48** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | –1425 | –53 | –1478 |  |  | –313 | –787 | –1100 | >100 | 34 |  |
| **Profit (loss) after tax** | **3545** | **–117** | **3428** |  |  | **94** | **2129** | **2223** | **>100** | **54** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Attributable to owners of parent | 3477 | –45 | 3432 |  |  | 60 | 2163 | 2222 | >100 | 54 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Attributable to non-controlling interests | 68 | –72 | –4 |  |  | 34 | –34 | 0 | 100 | NA |  |
| **Key Ratios** |  |  |  |  |  |  |  |  |  |  |  |
| **Operating margin (in %)** | **26.5** |  | **27.8** |  | **27.7** | **2.7** |  | **21.3** | **23.9pp** | **6.6pp** | **6.4pp** |
| **Effective tax rate (in %)<sup>1</sup>** | **28.7** |  | **30.1** |  |  | **76.9** |  | **33.1** | **–48.3pp** | **–3.0pp** |  |
| **Earnings per share, basic (in €)** | **2.98** |  | **2.94** |  |  | **0.05** |  | **1.91** | **>100** | **54** |  |

---

<sup>1</sup> The difference between our effective tax rate (IFRS) and effective tax rate (non-IFRS) in the first half of 2025 mainly resulted from tax effects of equity securities. The difference between our effective tax rate (IFRS) and effective tax rate (non-IFRS) in the first half of 2024 mainly resulted from tax effects of restructuring expenses.

**Reconciliation of Free Cash Flow**

---

| | | |
|:---|:---|:---|
| € millions, unless otherwise stated | **Q1–Q2 2025** | Q1–Q2 2024 |
| **Net cash flows from operating activities** | **6357** | **4388** |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of intangible assets and property, plant, and equipment | –358 | –365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of intangible assets and property, plant, and equipment | 78 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of lease liabilities | –138 | –148 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Free cash flow** | **5939** | **3929** |
| **Net cash flows from investing activities** | **–673** | **–660** |
| **Net cash flows from financing activities** | **–6742** | **–4086** |

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**Non-IFRS Adjustments Actuals and Estimates – Half Year**

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| | | | |
|:---|:---|:---|:---|
| € millions, unless otherwise stated | Estimated Amounts for<br> the Full Year 2025 | **Q1–Q2 2025** | Q1–Q2 2024 |
| **Profit (loss) before tax (IFRS)** |  | **4970** | **407** |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for acquisition-related charges | 380–460 | 217 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for restructuring | approximately 100 | 18 | 2873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for regulatory compliance matter expenses | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for gains and losses from equity securities, net | NA<sup>1</sup> | –299 | –123 |
| **Profit (loss) before tax (non-IFRS)** |  | **4906** | **3322** |

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<sup>1</sup> Due to the uncertainty and potential variability of gains and losses from equity securities, we cannot provide an estimate for the full year without unreasonable efforts. This item could, however, have a material impact on our non-IFRS measures below operating profit.

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| ![](tm2521516d1_ex99-2img003.jpg) | **SAP Half-Year Report 2025** |

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**Non-IFRS-Adjustments by Functional Areas – Half Year**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;€ millions | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 | Q1–Q2 2024 | Q1–Q2 2024 | Q1–Q2 2024 | Q1–Q2 2024 |
| &nbsp;&nbsp;€ millions | **IFRS** | **Acquisition-<br> Related** | **Restruc-<br> turing** | **RCM<sup>1</sup>** | **Non-IFRS** | IFRS | Acquisition-<br> Related | Restruc-<br> turing | RCM<sup>1</sup> | Non-IFRS |
| Cost of cloud | –2570 | 48 | 0 | 0 | –2523 | –2214 | 25 | 0 | 0 | –2190 |
| Cost of software licenses and support | –605 | 0 | 0 | 0 | –605 | –637 | 0 | 0 | 0 | –637 |
| Cost of services | –1638 | 1 | 0 | 0 | –1637 | –1699 | 0 | 0 | 0 | –1699 |
| Research and development | –3291 | 3 | 0 | 0 | –3288 | –3270 | 3 | 0 | 0 | –3267 |
| Sales and marketing | –4391 | 163 | 0 | 0 | –4228 | –4496 | 129 | 0 | 0 | –4366 |
| General and administration | –719 | 2 | 0 | 0 | –717 | –696 | 9 | 0 | 0 | –687 |
| Restructuring | –18 | 0 | 18 | 0 | 0 | –2873 | 0 | 2873 | 0 | 0 |
| Other operating income/expense, net | –19 | 0 | 0 | 0 | –19 | –9 | 0 | 0 | 0 | –9 |
| **Total operating expenses** | **–13251** | **217** | **18** | **0** | **–13016** | **–15894** | **166** | **2873** | **0** | **–12855** |

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<sup>1</sup> Regulatory compliance matters.

**Revenue by Region (IFRS and Non-IFRS) – Half Year**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;€ millions | **Q1–Q2 2025** | **Q1–Q2 2025** | **Q1–Q2 2025** | Q1–Q2 2024 | ∆ in % | ∆ in % |
| &nbsp;&nbsp;€ millions | **Actual Currency** | **Currency**<br> **Impact** | **Constant**<br> **Currency** | Actual Currency | Actual <br> Currency | Constant<br> Currency |
| **Cloud Revenue by Region** | **Cloud Revenue by Region** | **Cloud Revenue by Region** | **Cloud Revenue by Region** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | 4195 | –3 | 4192 | 3230 | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | 4446 | 90 | 4536 | 3761 | 18 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APJ | 1483 | 23 | 1507 | 1090 | 36 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cloud revenue** | **10124** | **110** | **10234** | **8082** | **25** | **27** |
| **Cloud and software Revenue by Region** | **Cloud and software Revenue by Region** | **Cloud and software Revenue by Region** | **Cloud and software Revenue by Region** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | 7208 | –5 | 7203 | 6325 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | 6315 | 124 | 6439 | 5776 | 9 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APJ | 2382 | 34 | 2416 | 2034 | 17 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cloud and software revenue** | **15904** | **154** | **16058** | **14134** | **13** | **14** |
| **Total Revenue by Region** | **Total Revenue by Region** | **Total Revenue by Region** | **Total Revenue by Region** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 2791 | –2 | 2790 | 2520 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rest of EMEA | 5400 | –4 | 5396 | 4804 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total EMEA** | **8191** | **–6** | **8186** | **7323** | **12** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 5781 | 59 | 5840 | 5369 | 8 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rest of Americas | 1437 | 81 | 1519 | 1359 | 6 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Americas** | **7219** | **141** | **7359** | **6728** | **7** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 789 | –10 | 779 | 662 | 19 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rest of APJ | 1841 | 47 | 1888 | 1615 | 14 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total APJ** | **2630** | **37** | **2668** | **2277** | **16** | **17** |
| **Total revenue** | **18040** | **172** | **18212** | **16329** | **10** | **12** |

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| ![](tm2521516d1_ex99-2img003.jpg) | **SAP Half-Year Report 2025** |

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**General Information**

**Forward-Looking Statements**

This half-year report contains forward-looking statements and information based on the beliefs of, and assumptions made by, our management using information currently available to them. Any statements contained in this report that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations, assumptions, and projections about future conditions and events. As a result, our forward-looking statements and information are subject to uncertainties and risks, many of which are beyond our control. If one or more of these uncertainties or risks materializes, or if management's underlying assumptions prove incorrect, our actual results could differ materially from those described in or inferred from our forward-looking statements and information. We describe these risks and uncertainties in the <u>Risk Management and Risks</u> section, respectively in the there-mentioned sources.

The words "aim", "anticipate", "assume", "believe", "continue", "could", "counting on", "is confident", "development", "estimate", "expect", "forecast", "future trends", "guidance", "intend", "may", "might", "outlook", "plan", "project", "predict", "seek", "should", "strategy", "want", "will", "would", and similar expressions as they relate to us are intended to identify such forward-looking statements. Such statements include, for example, those made in the <u>Operating Results</u> section, the <u>Risk Management and Risks</u> section, the <u>Expected Developments and Opportunities</u> section, and other forward-looking information appearing in other parts of this half-year financial report. To fully consider the factors that could affect our future financial results, both our Integrated Report 2024 and our Annual Report on Form 20-F for 2024, should be considered, as well as all of our other filings with the U.S. Securities and Exchange Commission (U.S. SEC). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as at the date specified or the date of this report. We undertake no obligation to publicly update or revise any forward-looking statements as a result of new information that we receive about conditions that existed upon issuance of this report, future events, or otherwise unless we are required to do so by law.

This report includes statistical data about the IT industry and global economic trends that comes from information published by sources including IDC, the ECB, and the IMF. This type of data represents only the estimates of IDC, ECB, IMF, and other sources of industry data. SAP does not adopt or endorse any of the statistical information provided by sources such as IDC, ECB, IMF, or other similar sources that is contained in this report. The data from these sources is subject to risks and uncertainties, and subject to change based on various factors, including those described above, in the <u>Risk Management and Risks</u> section, and elsewhere in this report. These and other factors could cause our results to differ materially from those expressed in the estimates made by third parties and SAP. We caution readers not to place undue reliance on this data.

All of the information in this report relates to the situation as at June 30, 2025, or the half year ended on that date unless otherwise stated.

**Non-IFRS Financial Information**

This half-year report contains non-IFRS measures as well as financial data prepared in accordance with IFRS. We present and discuss the reconciliation of these non-IFRS measures to the respective IFRS measures in the <u>Supplementary Financial Information</u> section. For more information about non-IFRS measures, see our website <u>www.sap.com/investors/sap-non-ifrs-measures</u>.

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| ![](tm2521516d1_ex99-2img003.jpg) | **SAP Half-Year Report 2025** |

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**Additional Information**

**Financial Calendar**

**October 22, 2025**

Third-quarter 2025 earnings release, conference call for financial analysts and investors

**Investor Services**

Additional information about this half-year report is available online at <u>www.sap.com/investors</u>, including the official quarterly statement, a presentation about the quarterly results, and a recording of the conference call for financial analysts.

Visit <u>www.sap.com/investors/en/reports</u> to access the following publications:

– SAP Integrated Report (IFRS, PDF, <u>www.sapintegratedreport.com</u>)

– SAP Annual Report on Form 20-F (IFRS, PDF)

– SAP SE Statutory Financial Statements and Review of Operations (HGB, German only, PDF)

– Half-Year Report (IFRS, PDF)

– Quarterly Statements (IFRS, PDF)

Our Investor Relations website at <u>www.sap.com/investors</u> provides in-depth information about stock, debt, and corporate governance; financial and event news; and various services designed to help investors find the information they need.

For sustainability reasons and faster distribution, SAP decided to refrain from printing reports.

You can reach us by phone at +49 6227 7-67336, send a fax to +49 6227 7-40805, or e-mail us at <u>investor@sap.com</u>.

**Addresses**

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Fax +49 6227 7-57575

Internet <u>www.sap.com</u>

E-mail <u>info@sap.com</u>

The addresses of all our international subsidiaries and sales partners are available on our public website at <u>www.sap.com/about/company/office-locations</u>

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| ![](tm2521516d1_ex99-2img003.jpg) | **SAP Half-Year Report 2025** |

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**Information About Content**

Investor Relations

Tel. +49 6227 7-67336

Fax +49 6227 7-40805

E-mail investor@sap.com

LinkedIn: <u>www.linkedin.com/showcase/sap-investor-relations/</u>

Internet: <u>www.sap.com/investors</u>

**Imprint**

Overall responsibility:

SAP SE

Global Accounting, Reporting & Tax

Published on July 22, 2025.

The German version of this Half-Year Report can be found under

<u>https://www.sap.com/investors/de/reports.html</u>

**Copyright Usage in Collateral**© 2025 SAP SE or an SAP affiliate company. All rights reserved. No part of this publication may be reproduced or transmitted in any form or for any purpose without the express permission of SAP SE or an SAP affiliate company.

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