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of Contents](#TOC)\n\n​\n\n**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n**FORM ****20-F**\n\n​\n\n​\n\n**☐**\n\n**REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g)********OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**OR**\n\n**þ**\n\n**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(****d)********OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the fiscal year ended****December 31, 2025**\n\n**OR**\n\n**☐**\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)********OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**OR**\n\n**☐**\n\n**SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d)********OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**Date of event requiring this shell company report……………**\n\n​\n\n**For the transition period from****           ****to****           **\n\n​\n\n**Commission file number: ****1-14251**\n\n**SAP SE**\n\n*(Exact name of Registrant as specified in its charter)*\n\n**SAP EUROPEAN COMPANY**\n\n*(Translation of Registrant’s name into English)*\n\n**Federal Republic of****Germany**\n\n*(Jurisdiction of incorporation or organization)*\n\n**Dietmar-Hopp-Allee 16**\n\n**69190********Walldorf**\n\n**Federal Republic of****Germany**\n\n*(Address of principal executive offices)*\n\n**Wendy Boufford**\n\n**c/o SAP Labs**\n\n**3410 Hillview Avenue****,****Palo Alto****,****CA****,****94304****,****United States of America**\n\n**650****-****849-4000****(Tel),**\n\n**650-843-2041 (Fax)**\n\n*(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)*\n\n**Securities registered or to be registered pursuant to Section 12(b) of the Act:**\n\n​\n\n**Title of each class (SAP)**\n\n**SAP**\n\n**Name of each exchange on which registered**\n\nAmerican Depositary Shares, each Representing one Ordinary Share, without nominal value\n\n​\n\nNew York Stock Exchange\n\nOrdinary Shares, without nominal value\n\n​\n\nNew York Stock Exchange*\n\n**Securities registered or to be registered pursuant to Section 12(g) of the Act: None**\n\n**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None**\n\nIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:\n\n**Ordinary Shares, without nominal value:****1,228,504,232****(as of December 31, 2025)****\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.\n\n**Yes****  ****þ****                             No  ****☐**\n\nIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.\n\n**Yes  ****☐****                             ****No****  ****þ**\n\n​\n\n[Table of Contents](#TOC)\n\nNote — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\n**Yes****  ****þ****                             No  ****☐**\n\nIndicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)\n\n**Yes****  ****þ****                             No  ****☐**\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See definition of “accelerated filer,” “large accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):\n\nLarge accelerated filer  þ\n\nAccelerated filer  ☐\n\nNon-accelerated filer  ☐\n\nEmerging growth company  ☐\n\n​\n\nIf an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.\n\n†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262 (b)) by the registered public accounting firm that prepared or issued its audit report þ\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.  ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).  ☐\n\nIndicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:\n\nU.S. GAAP ☐             International Financial Reporting Standards as issued by the International Accounting Standards Board þ              Other ☐\n\nIf “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow."}