{"url_path":"/sec/sapgf/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-02-26","source_url":"https://www.sec.gov/Archives/edgar/data/1000184/0001104659-26-020058-index.html","accession_number":"0001104659-26-020058","cik":"0001000184","ticker":"SAP","issuer_name":"SAP SE","edgar_url":"https://www.sec.gov/Archives/edgar/data/1000184/0001104659-26-020058-index.html","primary_entity_key":"0001000184","primary_entity_name":"SAP SE"},"word_count":53655,"has_tables":true,"body_markdown":"**ITEM 19. EXHIBITS**\n\nThe following documents are filed as exhibits to this report:\n\n1\n\n[Articles of Incorporation (Satzung) of SAP SE, effective as of July 15, 2025 (English translation). 1](https://www.sec.gov/Archives/edgar/data/1000184/000110465925112484/tm2530916d1_ex4-1.htm)\n\n \n\n \n\n2.1\n\n[Form of global share certificate for ordinary shares (English translation). 2Certain instruments which define rights of holders of long-term debt of SAP SE and its subsidiaries are not being filed because the total amount of securities authorized under each such instrument does not exceed 10% of the total consolidated assets of SAP SE and its subsidiaries. SAP SE and its subsidiaries hereby agree to furnish a copy of each such instrument to the Securities and Exchange Commission upon request.](https://www.sec.gov/Archives/edgar/data/1000184/000119312515099258/d875102dex21.htm)\n\n \n\n \n\n4.1.1\n\n[Amended and Restated Deposit Agreement dated as of November 25, 2009, by and among SAP SE, Deutsche Bank Trust Company Americas as Depositary, and all owners and holders from time to time of American Depositary Receipts issued thereunder. 3](https://www.sec.gov/Archives/edgar/data/1000184/000119380509002390/e606136_ex99-a.htm)\n\n \n\n \n\n4.1.2\n\n[Amendment No. 1 dated March 18, 2016 to the Amended and Restated Deposit Agreement, by and among SAP SE, Deutsche Bank Trust Company Americas as Depositary, and all owners and holders from time to time of American Depositary Receipts issued thereunder, including the form of American Depositary Receipt. 4](https://www.sec.gov/Archives/edgar/data/1000184/000119380516002866/e614792_ex99-a2.htm)\n\n \n\n8\n\nFor a list of our subsidiaries see [Note (G.9)](#G9ScopeofConsolidation_610407) to our Consolidated Financial Statements in “[Item 18. Financial Statements](#ITEM18FINANCIALSTATEMENTS_712176)”.\n\n \n\n \n\n11.1\n\n[SAP Global Insider Regulations Policy.5](https://www.sec.gov/Archives/edgar/data/1000184/000110465925017815/sap-20241224xex11d1.htm)\n\n​\n\n​\n\n11.2\n\n[SAP U.S. Insider Trading Policy.6](https://www.sec.gov/Archives/edgar/data/1000184/000110465925017815/sap-20241224xex11d2.htm)\n\n​\n\n​\n\n12.1\n\n[Certification of Christian Klein, Chief Executive Officer, required by Rule 13a-14(a) or Rule 15d-14(a).](sap-20251231xex12d1.htm)\n\n​\n\n​\n\n12.2\n\n[Certification of Dominik Asam, Chief Financial Officer, required by Rule 13a-14(a) or Rule 15d-14(a).](sap-20251231xex12d2.htm)\n\n \n\n \n\n13.1\n\n[Certification of Christian Klein, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](sap-20251231xex13d1.htm)\n\n \n\n \n\n13.2\n\n[Certification of Dominik Asam, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](sap-20251231xex13d2.htm)\n\n \n\n \n\n15\n\n[Consent of BDO, Independent Registered Public Accounting Firm.](sap-20251231xex15.htm)\n\n​\n\n​\n\n 97\n\n[SAP SE Clawback Policy7](https://www.sec.gov/Archives/edgar/data/1000184/000110465924029038/sap-20231231xex97.htm)\n\n​\n\n​\n\n101.INS\n\niXBRL Instance Document\n\n​\n\n​\n\n101.SCH\n\niXBRL Taxonomy Schema Linkbase Document\n\n​\n\n​\n\n101.CAL\n\niXBRL Taxonomy Calculation Linkbase Document\n\n​\n\n​\n\n101.DEF\n\niXBRL Taxonomy Definition Linkbase Document\n\n​\n\n​\n\n101.LAB\n\niXBRL Taxonomy Labels Linkbase Document\n\n​\n\n​\n\n101.PRE\n\niXBRL Taxonomy Presentation Linkbase Document\n\n​\n\n​\n\n104.Cover Page \n\nInteractive Data File (formatted as Inline XBRL and included in Exhibit 101)\n\n​\n\n1\n\nIncorporated by reference to Exhibit 4.1 to SAP SE’s Registration Statement on Form S - 8 filed with the SEC on November 14, 2025.\n\n2\n\nIncorporated by reference to Exhibit 2.1 to SAP SE’s 2014 Annual Report on Form 20-F filed with the SEC on March 20, 2015.\n\n3\n\nIncorporated by reference to Exhibit 99.(a)(2) of Post Effective Amendment #1 to SAP SE’s Registration Statement on Form F-6 filed on November 25, 2009.\n\n4\n\nIncorporated by reference to Exhibit 99.(a)(2) of Post Effective Amendment #2 to SAP SE’s Registration Statement on Form F-6 filed on March 18, 2016\n\n5 Incorporated by reference to Exhibit 11.1 to SAP SE’s 2024 Annual Report on Form 20-F filed with the SEC on February 27, 2025\n\n6 Incorporated by reference to Exhibit 11.2 to SAP SE’s 2024 Annual Report on Form 20-F filed with the SEC on February 27, 2025\n\n7\n\nIncorporated by reference to Exhibit 97 of SAP SE’s Annual Report on Form 20 - F for the fiscal year ended December 31, 2023 filed with the SEC on February 29, 2024.\n\n​\n\n​\n\n126\n\n[Table of Contents](#TOC)\n\n**Signatures**\n\nThe Registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this report on its behalf.\n\n \n\nSAP SE\n\n \n\n(Registrant)\n\n \n\nBy:\n\n/s/ CHRISTIAN KLEIN\n\n \n\n \n\n​\n\n \n\nName: Christian Klein\n\n \n\nTitle: Chief Executive Officer\n\n \n\n \n\n \n\n \n\nDated: February 26, 2026\n\n​\n\n​\n\n​\n\nBy:\n\n/s/ DOMINIK ASAM\n\n​\n\n​\n\n​\n\n​\n\nName:Dominik Asam\n\n​\n\nTitle: Chief Financial Officer\n\n​\n\n​\n\n​\n\n​\n\nDated: February 26, 2026\n\n​\n\n​\n\n​\n\nSAP SE AND SUBSIDIARIES\n\n​\n\n​\n\n​\n\n​\n\n127\n\n[Table of Contents](#TOC)\n\n**Index to the Consolidated Financial Statements**\n\n​\n\n​\n\n​\n\n**Page**\n\n[Reports of Independent Registered Public Accounting Firm](#ReportOFIndependent1) (BDO AG Wirtschaftsprüfungsgesellschaft, Frankfurt am Main, Germany, Auditor Firm ID: 1010)\n\nF-2\n\nConsolidated Financial Statements:\n\n​\n\n[Consolidated Income Statements for the years ended December 31, 2025, 2024 and 2023](#ConsolidatedIncomeStatementsofSAPGroupfo)\n\nF-5\n\n[Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023](#ConsolidatedStatementsofComprehensiveInc)\n\nF-6\n\n[Consolidated Statements of Financial Position as of December 31, 2025 and 2024](#ConsolidatedStatementsofFinancialPositio)\n\nF-7\n\n[Consolidated Statements of Changes in Equity for the years ended December 31, 2025, 2024 and 2023](#ConsolidatedStatementsofChangesinEquityo)\n\nF-8\n\n[Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023](#ConsolidatedStatementsofCashFlowsofSAPGr)\n\nF-9\n\n[Notes to the Consolidated Financial Statements](#NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENT)\n\nF-10 to F-110\n\n​\n\n​\n\n​\n\nF-1\n\n[Table of Contents](#TOC)\n\n**Report of Independent Registered Public Accounting Firm**\n\n**To the Shareholders and Supervisory Board of SAP SE:**\n\n**Opinion on the Consolidated Financial Statements**\n\nWe have audited the accompanying consolidated statements of financial position of SAP SE (the “Company”) as of December 31, 2025 and 2024, the related consolidated income statements, consolidated statements of comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS).\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and our report dated February 18, 2026, expressed an unqualified opinion thereon.\n\n**Basis for Opinion**\n\nThese consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.\n\nOur audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\n**Critical Audit Matters**\n\nThe critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements; and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.\n\n**Cloud revenue recognition**\n\nAs discussed in note A.1 to the consolidated financial statements, the Company generated revenue in 2025 of EUR 36,800 million, of which EUR 21,023 million relates to cloud revenues from fees earned from providing customers a cloud offering with software as a service, platform as a service, infrastructure as a service and/or premium cloud support through subscriptions for use of the Company’s cloud solutions. For most of the Company’s cloud offerings, measured both in volume and number, the customer is entitled to continuously access and use one or more cloud solutions for a specified term, therefore cloud revenue is recognized based on time elapsed and thus ratably over the term of access. However, some cloud business models are provisioned on a consumption basis where a customer commits to a fixed value of spend on cloud services throughout the contract term, but with the discretion to call off cloud services on an as needed basis. For those arrangements cloud revenue is recognized based on consumption as it best reflects the measure towards satisfaction of the performance obligation(s).\n\nWe identified cloud revenue recognition of certain contracts as a critical audit matter. The principal considerations that led to the determination are the complex auditor judgments required to evaluate: (1) whether certain agreements with the same customer were economically linked and need to be combined; (2) whether the various services that are owed by the Company according to the contract qualified as separate performance obligations; (3) the allocation of the transaction price of a customer contract to the performance obligations in the contract based on standalone-selling prices; and (4) the point in time at which the provision of services by the Company for the specific performance obligation commences. Auditing these elements involved especially challenging and complex auditor judgment due to the complex nature of certain of the Company’s customer contracts and extent of audit effort required to address these matters.\n\nF-2\n\n[Table of Contents](#TOC)\n\nThe primary procedures we performed to address this critical audit matter included: (1) testing the design and the operating effectiveness of certain internal controls related to the revenue process, including controls related to the identification of certain economically linked agreements and separate performance obligations, the allocation of the transaction price to the performance obligations in certain contracts, and the point in time at which the provisioning of service commenced; (2) testing a sample of underlying contractual agreements and other related documents to evaluate the Company’s assessment of whether certain agreements were economically linked, the identified performance obligations, the allocation of the transaction price and the point in time at which the provision of service for the performance obligations identified commenced; and (3) testing key contractual terms and conditions from the respective contracts to evaluate the identified performance obligations and the point in time at which the provision of service for the identified performance obligations commenced.\n\n**Assessment of the Company’s uncertain tax treatments**\n\nAs discussed in note C.5 to the consolidated financial statements, the Company disclosed contingent liabilities relating to tax uncertainties of EUR 1,187 million. The Company operates in multiple tax jurisdictions which continually revise, change, and implement tax laws with complexities and uncertainties due to different interpretations of these tax laws, especially relating to the deductibility of intercompany royalty payments and intercompany services. The nature of these activities can result in uncertainties in the estimation of the related tax exposures.\n\nWe identified the assessment of the Company’s tax provision associated with uncertain tax positions, specifically related to the deductibility of intercompany royalty payments and intercompany services, as a critical audit matter. The principal considerations that led to the determination included complex auditor judgement related to: (1) auditing key assumptions applied to the interpretation of tax laws, related regulations, case laws, and mutual agreement procedures across multiple jurisdictions; (2) determining whether a tax position from the deductibility of intercompany royalty payments and intercompany services is more-likely-than-not to be sustained. Auditing these elements involved especially challenging and complex auditor judgment due to the nature and extent of audit effort required to address these matters, including involvement of personnel with specialized skills and knowledge.\n\nThe primary procedures we performed to address this critical audit matter included utilizing personnel with specialized skill and knowledge in taxation to evaluate the appropriateness of management’s methods and key assumptions used to estimate certain uncertain tax positions by: (1) assessing for certain company business activities the reasonableness and consistency of management’s judgment in the interpretation of relevant tax regulations; (2) evaluating the significant assumptions underlying the interpretation of relevant tax laws and related interpretations, relevant case law, and mutual agreement procedures in the respective tax jurisdictions; and (3) assessing the overall reasonableness of conclusions reached regarding the identification, recognition, measurement, and disclosure of certain uncertain tax positions related to the deductibility of intercompany royalty payments and intercompany services.\n\n**Measurement of unlisted equity securities**\n\nAs discussed in note F.2 to the consolidated financial statements, the Company holds unlisted equity securities held at fair value of EUR 6,324 million as of December 31, 2025, primarily relating to Sapphire Ventures’ investments. These investments in unlisted equity securities are classified as financial instruments at fair value through profit and loss requiring a recurring fair value measurement using significant unobservable inputs.\n\nWe identified the measurement of certain unlisted equity securities at fair value as a critical audit matter due to the significant measurement uncertainty associated with the fair value of such investments relating to significant unobservable inputs used, such as the selection of appropriate comparable company data, in deriving revenue multiples as well as forecasted performance of the investees. Auditing these elements involved especially challenging and subjective auditor judgment due to the extent of specialized skills or knowledge needed.\n\nThe primary audit procedures we performed to address this critical audit matter included utilizing personnel with specialized knowledge and skill in valuation to assist in assessing and evaluating the appropriateness of the valuation technique used for a selection of certain investments in unlisted equity securities relating to Sapphire Ventures’ investments by: (1) assessing the appropriateness of the valuation technique selected by comparing it to our expectation based on industry experience and knowledge of the investment; (2) assessing the source, reliability and relevance of evidence used in determining significant unobservable inputs; (3) evaluating the significant unobservable inputs considered in the recurring measurement of fair value by comparing them to historical and market information; and (4) developing an independent range of acceptable fair value estimates utilizing available market information from third party sources to assess whether management’s estimates are reasonable.\n\n/s/ BDO AG Wirtschaftsprüfungsgesellschaft\n\nWe have served as the Company’s auditor since 2023.\n\nFrankfurt am Main, Germany\n\nFebruary 18, 2026\n\n​\n\nF-3\n\n[Table of Contents](#TOC)\n\n**Report of Independent Registered Public Accounting Firm**\n\n**To the Shareholders and Supervisory Board of SAP SE:**\n\n**Opinion on Internal Control over Financial Reporting**\n\nWe have audited SAP SE’s (the “Company’s”) internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO criteria”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated statements of financial position of the Company as of December 31, 2025 and 2024, the related consolidated income statements and the consolidated statements of comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and our report dated February 18, 2026, expressed an unqualified opinion thereon.\n\n**Basis for Opinion**\n\nThe Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Item 15, Controls and Procedures. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audit of internal control over financial reporting in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.\n\n**Definition and Limitations of Internal Control over Financial Reporting**\n\nA company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.\n\n​\n\n/s/ BDO AG Wirtschaftsprüfungsgesellschaft\n\nFrankfurt am Main, Germany\n\nFebruary 18, 2026\n\n​\n\nF-4\n\n[Table of Contents](#TOC)\n\n​\n\nConsolidated Financial Statements IFRS\n\n******Consolidated Income Statements of SAP Group for the Years Ended December 31**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions, unless otherwise stated\n\n**  ​ ​ ​**\n\nNotes\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\nCloud\n\n​\n\n​\n\n \n\n21,023\n\n \n\n17,141\n\n \n\n13,664\n\nSoftware licenses\n\n​\n\n​\n\n \n\n990\n\n \n\n1,399\n\n \n\n1,764\n\nSoftware support\n\n​\n\n​\n\n \n\n10,525\n\n \n\n11,290\n\n \n\n11,496\n\nSoftware licenses and support\n\n​\n\n​\n\n \n\n11,515\n\n \n\n12,689\n\n \n\n13,261\n\n**Cloud and software**\n\n​\n\n​\n\n \n\n**32,538**\n\n \n\n**29,830**\n\n \n\n**26,924**\n\n**Services**\n\n​\n\n​\n\n \n\n**4,262**\n\n \n\n**4,346**\n\n \n\n**4,283**\n\n**Total revenue**\n\n \n\n(A.1), (C.2)\n\n \n\n**36,800**\n\n \n\n**34,176**\n\n \n\n**31,207**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCost of cloud\n\n​\n\n​\n\n \n\n-5,480\n\n \n\n-4,660\n\n \n\n-3,884\n\nCost of software licenses and support\n\n​\n\n​\n\n \n\n-1,313\n\n \n\n-1,262\n\n \n\n-1,383\n\nCost of cloud and software\n\n​\n\n​\n\n \n\n-6,793\n\n \n\n-5,922\n\n \n\n-5,267\n\nCost of services\n\n​\n\n​\n\n \n\n-3,193\n\n \n\n-3,321\n\n \n\n-3,407\n\n**Total cost of revenue**\n\n​\n\n​\n\n \n\n**-9,986**\n\n \n\n**-9,243**\n\n \n\n**-8,674**\n\n**Gross profit**\n\n​\n\n​\n\n \n\n**26,814**\n\n \n\n**24,932**\n\n \n\n**22,534**\n\nResearch and development\n\n​\n\n(D.9)\n\n \n\n-6,633\n\n \n\n-6,514\n\n \n\n-6,324\n\nSales and marketing\n\n​\n\n​\n\n \n\n-8,879\n\n \n\n-9,090\n\n \n\n-8,828\n\nGeneral and administration\n\n​\n\n​\n\n \n\n-1,633\n\n \n\n-1,435\n\n \n\n-1,364\n\nRestructuring\n\n \n\n(B.6)\n\n \n\n-3\n\n \n\n-3,144\n\n \n\n-215\n\nOther operating income/expense, net\n\n​\n\n​\n\n \n\n-49\n\n \n\n-85\n\n \n\n-4\n\n**Total operating expenses**\n\n​\n\n​\n\n \n\n**-27,183**\n\n \n\n**-29,511**\n\n \n\n**-25,408**\n\n**Operating profit**\n\n​\n\n​\n\n \n\n**9,617**\n\n \n\n**4,665**\n\n \n\n**5,799**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Other non-operating income/expense, net**\n\n \n\n(C.3)\n\n \n\n**118**\n\n \n\n**-298**\n\n \n\n**-3**\n\nFinance income\n\n​\n\n​\n\n \n\n1,911\n\n \n\n1,429\n\n \n\n857\n\nFinance costs\n\n​\n\n​\n\n \n\n-1,377\n\n \n\n-1,031\n\n \n\n-1,313\n\n**Financial income, net**\n\n \n\n(C.4)\n\n \n\n**534**\n\n \n\n**398**\n\n \n\n**-456**\n\n**Profit before tax from continuing operations**\n\n​\n\n(C.2)\n\n \n\n**10,270**\n\n \n\n**4,764**\n\n \n\n**5,341**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nIncome tax expense\n\n \n\n(C.5)\n\n \n\n-2,944\n\n \n\n-1,614\n\n \n\n-1,741\n\n**Profit after tax from continuing operations**\n\n​\n\n​\n\n \n\n**7,326**\n\n \n\n**3,150**\n\n \n\n**3,600**\n\nAttributable to owners of parent\n\n​\n\n​\n\n \n\n7,161\n\n \n\n3,124\n\n \n\n3,634\n\nAttributable to non-controlling interests\n\n​\n\n​\n\n \n\n165\n\n \n\n26\n\n \n\n-33\n\n**Profit (loss) after tax from discontinued operations**\n\n​\n\n(D.1)\n\n​\n\n**0**\n\n​\n\n**0**\n\n​\n\n**2,363**\n\n**Profit after tax**1\n\n​\n\n​\n\n​\n\n**7,326**\n\n​\n\n**3,150**\n\n​\n\n**5,964**\n\nAttributable to owners of parent1\n\n​\n\n​\n\n​\n\n7,161\n\n​\n\n3,124\n\n​\n\n6,139\n\nAttributable to non-controlling interests1\n\n​\n\n​\n\n​\n\n165\n\n​\n\n26\n\n​\n\n-175\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Earnings per share, basic (in €) from continuing operations**\n\n​\n\n(C.6)\n\n​\n\n**6.14**\n\n​\n\n**2.68**\n\n​\n\n**3.11**\n\n**Earnings per share, basic (in €)**1\n\n​\n\n(C.6)\n\n​\n\n**6.14**\n\n​\n\n**2.68**\n\n​\n\n**5.26**\n\n**Earnings per share, diluted (in €) from continuing operations**\n\n \n\n(C.6)\n\n \n\n**6.10**\n\n** **\n\n**2.65**\n\n** **\n\n**3.08**\n\n**Earnings per share, diluted (in €)**1\n\n \n\n(C.6)\n\n \n\n**6.10**\n\n** **\n\n**2.65**\n\n** **\n\n**5.20**\n\n​\n\n1 from continuing and discontinued operations\n\nThe accompanying Notes are an integral part of these Consolidated Financial Statements.\n\n​\n\nF-5\n\n[Table of Contents](#TOC)\n\n**Consolidated Statements of Comprehensive Income of SAP Group for the Years Ended December 31**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n  ​ ​ ​\n\nNotes\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n2024\n\n  ​ ​ ​\n\n2023\n\n**Profit after tax**1\n\n​\n\n​\n\n​\n\n**7,326**\n\n \n\n**3,150**\n\n \n\n**5,964**\n\nItems that will not be reclassified to profit or loss\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\nRemeasurements on defined benefit pension plans, before tax\n\n​\n\n​\n\n​\n\n-9\n\n \n\n-30\n\n \n\n-45\n\nIncome taxes relating to remeasurements on defined benefit pension plans\n\n \n\n​\n\n​\n\n7\n\n \n\n6\n\n \n\n10\n\nRemeasurements on defined benefit pension plans, net of tax\n\n​\n\n​\n\n​\n\n-2\n\n \n\n-23\n\n \n\n-36\n\n**Other comprehensive income for items that will not be reclassified to profit or loss, net of tax**\n\n​\n\n​\n\n​\n\n**-2**\n\n** **\n\n**-23**\n\n** **\n\n**-36**\n\nItems that will be reclassified subsequently to profit or loss\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\nGains (losses) on exchange differences on translation, before tax\n\n​\n\n​\n\n​\n\n-4,594\n\n \n\n2,369\n\n \n\n-1,631\n\nReclassification adjustments on exchange differences on translation, before tax\n\n​\n\n​\n\n​\n\n-3\n\n \n\n18\n\n \n\n12\n\nExchange differences, before tax\n\n​\n\n​\n\n​\n\n-4,597\n\n \n\n2,387\n\n \n\n-1,618\n\nIncome taxes relating to exchange differences on translation\n\n \n\n​\n\n​\n\n2\n\n \n\n-17\n\n \n\n21\n\nExchange differences, net of tax\n\n \n\n(E.2)\n\n​\n\n-4,594\n\n \n\n2,370\n\n \n\n-1,597\n\nGains (losses) on cash flow hedges/cost of hedging, before tax\n\n​\n\n​\n\n​\n\n291\n\n \n\n-111\n\n \n\n-11\n\nReclassification adjustments on cash flow hedges/cost of hedging, before tax\n\n​\n\n​\n\n​\n\n-255\n\n \n\n78\n\n \n\n0\n\nCash flow hedges/cost of hedging, before tax\n\n \n\n(F.1)\n\n​\n\n36\n\n \n\n-32\n\n \n\n-11\n\nIncome taxes relating to cash flow hedges/cost of hedging\n\n \n\n​\n\n​\n\n-10\n\n \n\n9\n\n \n\n3\n\nCash flow hedges/cost of hedging, net of tax\n\n \n\n(E.2)\n\n​\n\n26\n\n \n\n-24\n\n \n\n-8\n\n**Other comprehensive income for items that will be reclassified to profit or loss, net of tax**\n\n​\n\n​\n\n​\n\n**-4,568**\n\n \n\n**2,347**\n\n \n\n**-1,605**\n\n**Other comprehensive income, net of tax**\n\n​\n\n​\n\n​\n\n**-4,570**\n\n \n\n**2,323**\n\n \n\n**-1,641**\n\n**Total comprehensive income**\n\n​\n\n​\n\n​\n\n**2,756**\n\n \n\n**5,474**\n\n \n\n**4,323**\n\nAttributable to owners of parent\n\n​\n\n​\n\n​\n\n2,649\n\n \n\n5,419\n\n \n\n4,670\n\nAttributable to non-controlling interests\n\n​\n\n​\n\n​\n\n107\n\n \n\n54\n\n \n\n-347\n\n​\n\n1 from continuing and discontinued operations\n\nThe accompanying Notes are an integral part of these Consolidated Financial Statements.\n\n​\n\n​\n\nF-6\n\n[Table of Contents](#TOC)\n\n**/****Consolidated Statements of Financial Position of SAP Group as at December 31**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n  ​ ​ ​\n\nNotes\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\nCash and cash equivalents\n\n​\n\n(E.3)\n\n \n\n8,220\n\n \n\n9,609\n\nOther financial assets\n\n \n\n(D.6), (E.3)\n\n \n\n1,552\n\n \n\n1,629\n\nTrade and other receivables\n\n \n\n(A.2)\n\n \n\n6,675\n\n \n\n6,774\n\nOther non-financial assets\n\n \n\n(A.3), (G.1)\n\n \n\n3,212\n\n \n\n2,682\n\nTax assets\n\n​\n\n​\n\n \n\n598\n\n \n\n707\n\n**Total current assets**\n\n​\n\n​\n\n \n\n**20,256**\n\n \n\n**21,401**\n\nGoodwill\n\n \n\n(D.2)\n\n \n\n29,014\n\n \n\n31,264\n\nIntangible assets\n\n \n\n(D.3)\n\n \n\n2,282\n\n \n\n2,706\n\nProperty, plant, and equipment\n\n \n\n(D.4), (D.5)\n\n \n\n4,497\n\n \n\n4,493\n\nOther financial assets\n\n \n\n(D.6), (E.3)\n\n \n\n7,269\n\n \n\n7,141\n\nTrade and other receivables\n\n \n\n(A.2)\n\n \n\n218\n\n \n\n209\n\nOther non-financial assets\n\n \n\n(A.3), (G.1)\n\n \n\n4,419\n\n \n\n3,990\n\nTax assets\n\n​\n\n​\n\n \n\n244\n\n \n\n359\n\nDeferred tax assets\n\n \n\n(C.5)\n\n \n\n2,163\n\n \n\n2,674\n\n**Total non-current assets**\n\n​\n\n​\n\n \n\n**50,106**\n\n \n\n**52,836**\n\n**Total assets**\n\n​\n\n​\n\n \n\n**70,362**\n\n \n\n**74,237**\n\nTrade and other payables\n\n \n\n​\n\n \n\n2,431\n\n \n\n1,988\n\nTax liabilities\n\n​\n\n​\n\n \n\n968\n\n \n\n585\n\nFinancial liabilities\n\n \n\n(E.3), (D.5)\n\n \n\n2,050\n\n \n\n4,277\n\nOther non-financial liabilities\n\n \n\n(B.3), (B.5), (G.2)\n\n \n\n4,849\n\n \n\n5,537\n\nProvisions\n\n \n\n(A.4), (B.6), (G.2), (G.3)\n\n \n\n537\n\n \n\n716\n\nContract liabilities\n\n \n\n(A.1)\n\n \n\n6,581\n\n \n\n5,978\n\n**Total current liabilities**\n\n​\n\n​\n\n \n\n**17,416**\n\n \n\n**19,082**\n\nTrade and other payables\n\n \n\n​\n\n \n\n2\n\n \n\n10\n\nTax liabilities\n\n​\n\n​\n\n \n\n562\n\n \n\n512\n\nFinancial liabilities\n\n \n\n(E.3), (D.5)\n\n \n\n6,021\n\n \n\n7,169\n\nOther non-financial liabilities\n\n \n\n(B.3), (B.5), (G.2)\n\n \n\n524\n\n \n\n749\n\nProvisions\n\n \n\n(A.4), (B.4), (B.6), (G.2)\n\n \n\n550\n\n \n\n494\n\nDeferred tax liabilities\n\n \n\n(C.5)\n\n \n\n72\n\n \n\n326\n\nContract liabilities\n\n \n\n(A.1)\n\n \n\n144\n\n \n\n88\n\n**Total non-current liabilities**\n\n​\n\n​\n\n \n\n**7,873**\n\n \n\n**9,349**\n\n**Total liabilities**\n\n​\n\n​\n\n \n\n**25,288**\n\n \n\n**28,431**\n\nIssued capital\n\n​\n\n​\n\n \n\n1,229\n\n \n\n1,229\n\nShare premium\n\n​\n\n​\n\n \n\n2,778\n\n \n\n2,564\n\nRetained earnings\n\n​\n\n​\n\n \n\n47,345\n\n \n\n42,907\n\nOther components of equity\n\n​\n\n​\n\n \n\n182\n\n \n\n4,692\n\nTreasury shares\n\n​\n\n​\n\n \n\n-6,948\n\n \n\n-5,954\n\n**Equity attributable to owners of parent**\n\n​\n\n​\n\n \n\n**44,586**\n\n \n\n**45,438**\n\n**Non-controlling interests**\n\n​\n\n(E.2)\n\n \n\n**488**\n\n \n\n**368**\n\n**Total equity**\n\n \n\n(E.2)\n\n \n\n**45,073**\n\n \n\n**45,806**\n\n**Total equity and liabilities**\n\n​\n\n​\n\n \n\n**70,362**\n\n \n\n**74,237**\n\n​\n\nThe accompanying Notes are an integral part of these Consolidated Financial Statements.\n\n​\n\nF-7\n\n[Table of Contents](#TOC)\n\n**Consolidated Statements of Changes in Equity of SAP Group for the Years Ended December 31**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nEquity Attributable to Owners of Parent\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\nOther\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\nNon-\n\n**  ​ ​ ​**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nShare\n\n​\n\nRetained\n\n​\n\nComponents\n\n​\n\nTreasury\n\n​\n\n​\n\n​\n\nControlling\n\n​\n\n​\n\n€ millions\n\n​\n\nIssued Capital\n\n​\n\nPremium\n\n​\n\nEarnings\n\n​\n\nof Equity\n\n​\n\nShares\n\n​\n\nTotal\n\n​\n\nInterests\n\n​\n\nTotal Equity\n\nNotes\n\n \n\n(E.2)\n\n* *\n\n(E.2)\n\n* *\n\n(E.2)\n\n* *\n\n(E.2)\n\n* *\n\n(E.2)\n\n* *\n\n*  ​*\n\n* *\n\n(E.2)\n\n* *\n\n*  ​*\n\n**1/1/2023**\n\n​\n\n**1,229**\n\n​\n\n**3,081**\n\n​\n\n**36,418**\n\n​\n\n**3,801**\n\n​\n\n**-4,341**\n\n​\n\n**40,186**\n\n​\n\n**2,662**\n\n​\n\n**42,848**\n\n Profit after tax1\n\n \n\n​\n\n \n\n​\n\n​\n\n6,139\n\n \n\n​\n\n \n\n​\n\n \n\n6,139\n\n \n\n-175\n\n \n\n5,964\n\nOther comprehensive income\n\n \n\n​\n\n \n\n​\n\n​\n\n-36\n\n \n\n-1,433\n\n \n\n​\n\n \n\n-1,469\n\n \n\n-172\n\n \n\n-1,641\n\n**Comprehensive income**\n\n** **\n\n​\n\n** **\n\n​\n\n** **\n\n**6,103**\n\n** **\n\n**-1,433**\n\n** **\n\n​\n\n** **\n\n**4,670**\n\n** **\n\n**-347**\n\n** **\n\n**4,323**\n\nShare-based payments\n\n \n\n​\n\n \n\n1,032\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n1,032\n\n \n\n121\n\n \n\n1,153\n\nDividends\n\n \n\n​\n\n \n\n​\n\n \n\n-2,395\n\n \n\n​\n\n \n\n​\n\n \n\n-2,395\n\n \n\n-21\n\n \n\n-2,417\n\nPurchase of treasury shares\n\n​\n\n  ​\n\n \n\n​\n\n \n\n​\n\n \n\n  ​\n\n \n\n-968\n\n \n\n-968\n\n \n\n  ​\n\n \n\n-968\n\nReissuance of treasury shares under share-based payments\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n568\n\n​\n\n568\n\n​\n\n​\n\n​\n\n568\n\nChanges in non-controlling interests\n\n​\n\n​\n\n​\n\n-2,268\n\n​\n\n2,197\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-71\n\n​\n\n-2,164\n\n​\n\n-2,235\n\nOther changes\n\n \n\n​\n\n \n\n​\n\n \n\n135\n\n \n\n​\n\n \n\n​\n\n \n\n135\n\n \n\n-1\n\n \n\n134\n\n**12/31/2023**\n\n​\n\n**1,229**\n\n** **\n\n**1,845**\n\n** **\n\n**42,457**\n\n** **\n\n**2,367**\n\n** **\n\n**-4,741**\n\n** **\n\n**43,157**\n\n** **\n\n**249**\n\n** **\n\n**43,406**\n\n Profit after tax\n\n \n\n​\n\n​\n\n​\n\n​\n\n3,124\n\n​\n\n​\n\n​\n\n​\n\n​\n\n3,124\n\n​\n\n26\n\n​\n\n3,150\n\nOther comprehensive income\n\n \n\n​\n\n​\n\n​\n\n​\n\n-23\n\n​\n\n2,318\n\n​\n\n​\n\n​\n\n2,295\n\n​\n\n28\n\n​\n\n2,323\n\n**Comprehensive income**\n\n** **\n\n​\n\n​\n\n​\n\n​\n\n**3,101**\n\n​\n\n**2,318**\n\n​\n\n​\n\n​\n\n**5,419**\n\n​\n\n**54**\n\n​\n\n**5,474**\n\nShare-based payments, before tax\n\n \n\n​\n\n​\n\n399\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n399\n\n​\n\n​\n\n​\n\n399\n\nIncome taxes relating to share-based payments\n\n​\n\n​\n\n​\n\n320\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n320\n\n​\n\n​\n\n​\n\n320\n\nDividends\n\n \n\n​\n\n​\n\n​\n\n​\n\n-2,565\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-2,565\n\n​\n\n-2\n\n​\n\n-2,566\n\nPurchase of treasury shares\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-2,108\n\n​\n\n-2,108\n\n​\n\n​\n\n​\n\n-2,108\n\nReissuance of treasury shares under share-based payments\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n895\n\n​\n\n895\n\n​\n\n​\n\n​\n\n895\n\nOther changes\n\n \n\n​\n\n​\n\n​\n\n​\n\n-86\n\n​\n\n7\n\n​\n\n​\n\n​\n\n-79\n\n​\n\n66\n\n​\n\n-13\n\n**12/31/2024**\n\n​\n\n**1,229**\n\n​\n\n**2,564**\n\n​\n\n**42,907**\n\n​\n\n**4,692**\n\n​\n\n**-5,954**\n\n​\n\n**45,438**\n\n​\n\n**368**\n\n​\n\n**45,806**\n\n Profit after tax\n\n \n\n​\n\n​\n\n​\n\n​\n\n7,161\n\n​\n\n​\n\n​\n\n​\n\n​\n\n7,161\n\n​\n\n165\n\n​\n\n7,326\n\nOther comprehensive income\n\n \n\n​\n\n​\n\n​\n\n​\n\n-2\n\n​\n\n-4,510\n\n​\n\n​\n\n​\n\n-4,512\n\n​\n\n-59\n\n​\n\n-4,570\n\n**Comprehensive income**\n\n** **\n\n​\n\n​\n\n​\n\n​\n\n**7,159**\n\n​\n\n**-4,510**\n\n​\n\n​\n\n​\n\n**2,649**\n\n​\n\n**107**\n\n​\n\n**2,756**\n\nShare-based payments, before tax\n\n \n\n​\n\n​\n\n143\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n143\n\n​\n\n​\n\n​\n\n143\n\nIncome taxes relating to share-based payments\n\n​\n\n​\n\n​\n\n71\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n71\n\n​\n\n​\n\n​\n\n71\n\nDividends\n\n \n\n​\n\n​\n\n​\n\n​\n\n-2,743\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-2,743\n\n​\n\n-2\n\n​\n\n-2,746\n\nPurchase of treasury shares\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-1,916\n\n​\n\n-1,916\n\n​\n\n​\n\n​\n\n-1,916\n\nReissuance of treasury shares under share-based payments\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n922\n\n​\n\n922\n\n​\n\n​\n\n​\n\n922\n\nOther changes\n\n \n\n​\n\n​\n\n​\n\n​\n\n22\n\n​\n\n0\n\n​\n\n​\n\n​\n\n22\n\n​\n\n15\n\n​\n\n38\n\n**12/31/2025**\n\n​\n\n**1,229**\n\n​\n\n**2,778**\n\n​\n\n**47,345**\n\n​\n\n**182**\n\n​\n\n**-6,948**\n\n​\n\n**44,586**\n\n​\n\n**488**\n\n​\n\n**45,073**\n\n​\n\n1 From continuing and discontinued operations\n\n​\n\nThe accompanying Notes are an integral part of these Consolidated Financial Statements.\n\n​\n\n​\n\n​\n\nF-8\n\n[Table of Contents](#TOC)\n\n**Consolidated Statements of Cash Flows of SAP Group for the Years Ended December 31**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n**  ​ ​ ​**\n\nNotes\n\n**  ​ ​ ​**\n\n**2025**3\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\n**Profit (loss) after tax**1\n\n** **\n\n  ​\n\n** **\n\n**7,326**\n\n** **\n\n**3,150**\n\n** **\n\n**5,964**\n\nAdjustments to reconcile profit (loss) after tax to net cash flows from operating activities:\n\n \n\n  ​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n (Profit) loss after tax from discontinued operations\n\n​\n\n​\n\n​\n\n0\n\n​\n\n0\n\n​\n\n-2,363\n\nDepreciation and amortization\n\n \n\n(D.2)–(D.4)\n\n \n\n1,311\n\n \n\n1,280\n\n \n\n1,373\n\nShare-based payment expense\n\n​\n\n(B.3)\n\n​\n\n1,695\n\n​\n\n2,385\n\n​\n\n2,220\n\n Income tax expense\n\n \n\n(C.5)\n\n \n\n2,944\n\n \n\n1,614\n\n \n\n1,741\n\n Financial income, net\n\n \n\n(C.4)\n\n \n\n-534\n\n \n\n-398\n\n \n\n456\n\nIncrease/decrease in allowances on trade receivables\n\n \n\n*  ​*\n\n \n\n11\n\n \n\n30\n\n \n\n-10\n\nOther adjustments for non-cash items\n\n \n\n*  ​*\n\n \n\n94\n\n \n\n110\n\n \n\n23\n\nIncrease/decrease in trade and other receivables\n\n \n\n*  ​*\n\n \n\n-388\n\n \n\n-247\n\n \n\n-393\n\nIncrease/decrease in other assets\n\n \n\n*  ​*\n\n \n\n-1,315\n\n \n\n-632\n\n \n\n-700\n\nIncrease/decrease in trade payables, provisions, and other liabilities\n\n \n\n*  ​*\n\n \n\n-308\n\n \n\n603\n\n \n\n633\n\nIncrease/decrease in contract liabilities\n\n \n\n*  ​*\n\n \n\n1,336\n\n \n\n869\n\n \n\n443\n\nShare-based payments\n\n \n\n(B.3)\n\n​\n\n-817\n\n​\n\n-1,282\n\n​\n\n-1,091\n\nIncome taxes paid, net of refunds2\n\n \n\n*  ​*\n\n \n\n-2,198\n\n \n\n-2,277\n\n \n\n-2,161\n\nNet cash flows from operating activities – continuing operations\n\n​\n\n​\n\n​\n\n9,156\n\n​\n\n5,207\n\n​\n\n6,134\n\nNet cash flows from operating activities – discontinued operations\n\n​\n\n(D.1)\n\n​\n\n0\n\n​\n\n0\n\n​\n\n113\n\n**Net cash flows from operating activities**1\n\n** **\n\n*  ​*\n\n** **\n\n**9,156**\n\n** **\n\n**5,207**\n\n** **\n\n**6,246**\n\nBusiness combinations, net of cash and cash equivalents acquired\n\n​\n\n​\n\n​\n\n-702\n\n​\n\n-1,114\n\n​\n\n-1,168\n\nCash flows from derivative financial instruments related to the sale of subsidiaries or businesses\n\n​\n\n​\n\n​\n\n0\n\n​\n\n0\n\n​\n\n-91\n\nPurchase of intangible assets and property, plant, and equipment\n\n \n\n*  ​*\n\n \n\n-739\n\n \n\n-797\n\n \n\n-785\n\nProceeds from sales of intangible assets and property, plant, and equipment\n\n \n\n*  ​*\n\n \n\n121\n\n \n\n122\n\n \n\n99\n\nPurchase of equity or debt instruments of other entities\n\n \n\n*  ​*\n\n \n\n-5,845\n\n \n\n-6,401\n\n \n\n-3,566\n\nProceeds from sales of equity or debt instruments of other entities\n\n \n\n*  ​*\n\n \n\n5,779\n\n \n\n7,533\n\n \n\n907\n\nInterest received\n\n​\n\n​\n\n​\n\n420\n\n​\n\n563\n\n​\n\n469\n\nNet cash flows from investing activities – continuing operations\n\n​\n\n​\n\n​\n\n-965\n\n​\n\n-93\n\n​\n\n-4,134\n\nNet cash flows from investing activities – discontinued operations\n\n​\n\n(D.1)\n\n​\n\n0\n\n​\n\n0\n\n​\n\n5,523\n\n**Net cash flows from investing activities**1\n\n** **\n\n*  ​*\n\n** **\n\n**-965**\n\n** **\n\n**-93**\n\n** **\n\n**1,389**\n\nDividends paid\n\n \n\n(E.2)\n\n \n\n-2,743\n\n \n\n-2,565\n\n \n\n-2,395\n\nDividends paid on non-controlling interests\n\n​\n\n​\n\n​\n\n-2\n\n​\n\n-1\n\n​\n\n-13\n\nPurchase of treasury shares\n\n​\n\n(E.2)\n\n​\n\n-1,937\n\n​\n\n-2,106\n\n​\n\n-949\n\nProceeds from borrowings\n\n \n\n(E.3)\n\n \n\n2\n\n \n\n2,767\n\n \n\n13\n\nRepayments of borrowings\n\n \n\n(E.3)\n\n \n\n-3,191\n\n \n\n-1,185\n\n \n\n-4,081\n\nPayments of lease liabilities\n\n​\n\n​\n\n​\n\n-299\n\n​\n\n-310\n\n​\n\n-332\n\nTransactions with non-controlling interests\n\n \n\n(E.2)\n\n \n\n0\n\n \n\n-11\n\n \n\n0\n\nInterest paid\n\n​\n\n​\n\n​\n\n-574\n\n​\n\n-550\n\n​\n\n-393\n\nNet cash flows from financing activities – continuing operations\n\n​\n\n​\n\n​\n\n-8,745\n\n​\n\n-3,961\n\n​\n\n-8,151\n\nNet cash flows from financing activities – discontinued operations\n\n​\n\n(D.1)\n\n​\n\n0\n\n​\n\n0\n\n​\n\n20\n\n**Net cash flows from financing activities**1\n\n** **\n\n*  ​*\n\n** **\n\n**-8,745**\n\n** **\n\n**-3,961**\n\n** **\n\n**-8,131**\n\n**Effect of foreign currency rates on cash and cash equivalents**\n\n** **\n\n*  ​*\n\n** **\n\n**-836**\n\n** **\n\n**333**\n\n** **\n\n**-388**\n\n**Net increase/decrease in cash and cash equivalents**\n\n** **\n\n*  ​*\n\n** **\n\n**-1,390**\n\n** **\n\n**1,485**\n\n** **\n\n**-883**\n\n/**Cash and cash equivalents at the beginning of the period**\n\n** **\n\n(E.3)\n\n** **\n\n**9,609**\n\n** **\n\n**8,124**\n\n** **\n\n**9,008**\n\n/**Cash and cash equivalents at the end of the period**\n\n** **\n\n(E.3)\n\n** **\n\n**8,220**\n\n** **\n\n**9,609**\n\n** **\n\n**8,124**\n\n​\n\n1 from continuing and discontinued operations\n\n2 Total income taxes paid, net of refunds 2023: —€2,973 million, thereof contained in the line item “Net cash flows from investing activities - discontinued operations”: —€815 million.\n\n3 As of January 2025, SAP no longer classifies interest paid and interest received as a part of cash flows from operating activities. The presentation for prior periods was amended accordingly.\n\n​\n\nThe accompanying Notes are an integral part of these Consolidated Financial Statements.\n\n​\n\nF-9\n\n[Table of Contents](#TOC)\n\n​\n\n**SAP SE AND SUBSIDIARIES**\n\n**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n**(IN.1)****Basis for Preparation**\n\n**General Information**\n\nThe registered domicile of SAP SE is in Walldorf, Germany (Commercial Register of the Lower Court of Mannheim HRB 719915). The Consolidated Financial Statements for 2025 of SAP SE and its subsidiaries (collectively, “we,” “us,” “our,” “SAP,” “Group,” and “Company”) have been prepared in accordance with International Financial Reporting Standards (IFRS) and the additional requirements set forth in section 315e (1) of the German Commercial Code (HGB).\n\nWe have applied all IFRS standards and interpretations that were effective on and endorsed by the European Union (EU) as at December 31, 2025. There were no standards or interpretations as at December 31, 2025, impacting our Consolidated Financial Statements for the years ended December 31, 2025, 2024, and 2023, that were effective but not yet endorsed. Therefore, our Consolidated Financial Statements comply with both, IFRS as issued by the International Accounting Standards Board (IASB) and IFRS as endorsed by the EU.\n\nOur Executive Board approved the Consolidated Financial Statements on February 18, 2026, for submission to our Supervisory Board which approved the Consolidated Financial Statements on the same day.\n\nAll amounts included in the Consolidated Financial Statements are reported in millions of euros (€ millions) except where otherwise stated. As figures are rounded, numbers presented throughout this document may not add up precisely to the totals we provide and percentages may not precisely reflect the absolute figures.\n\nAmounts disclosed in the Notes that are taken directly from our  Consolidated Income Statements or our / Consolidated Statements of Financial Position are marked with the symbols  and /, respectively.\n\nFurthermore, all financial numbers in the Consolidated Financial Statements are based on continuing operations (unless otherwise noted).\n\nAccounting Policies, Management Judgments, and Sources of Estimation Uncertainty\n\nHow We Present Our Accounting Policies, Judgments, and Estimates\n\nTo ease the understanding of our financial statements, we present the accounting policies, management judgments, and sources of estimation uncertainty (hereafter: 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. Accounting policies, judgments, and estimates that do not relate to a specific subject are presented in the following section.\n\nFor easier identification of our accounting policies, judgments, and estimates, the respective disclosures are marked with the symbol y and highlighted with a light gray box. They focus on the accounting choices made within the framework of the prevailing IFRS and refrain from repeating the underlying promulgated IFRS guidance, unless we consider it particularly important to the understanding of a Note’s content.\n\n​\n\nF-10\n\n[Table of Contents](#TOC)\n\nThe following table provides an overview of where our accounting policies, management judgments, and estimates are disclosed:\n\n**Note**\n\n**  ​ ​ ​**\n\ny**Accounting Policies, Judgments, and Estimates**\n\n​\n\n​\n\n​\n\n(IN.1)\n\n​\n\nBasis for Preparation\n\n(A.1)\n\n​\n\nRevenue\n\n(A.2)\n\n​\n\nTrade and Other Receivables\n\n(A.3)\n\n​\n\nCapitalized Cost from Contracts with Customers\n\n(A.4)\n\n​\n\nCustomer-Related Provisions\n\n(B.3)\n\n​\n\nShare-Based Payments\n\n(B.4)\n\n​\n\nPension Plans and Similar Obligations\n\n(B.5)\n\n​\n\nOther Employee-Related Obligations\n\n(B.6)\n\n​\n\nRestructuring\n\n(C.1)\n\n​\n\nResults of Segments\n\n(C.5)\n\n​\n\nIncome Taxes\n\n(D.1)\n\n​\n\nBusiness Combinations and Divestitures\n\n(D.2)\n\n​\n\nGoodwill\n\n(D.3)\n\n​\n\nIntangible Assets\n\n(D.4)\n\n​\n\nProperty, Plant, and Equipment\n\n(D.5)\n\n​\n\nLeases\n\n(D.6)\n\n​\n\nEquity Investments\n\n(D.9)\n\n​\n\nGovernment Grants\n\n(E.2)\n\n​\n\nTotal Equity\n\n(E.3)\n\n​\n\nLiquidity\n\n(F.1)\n\n​\n\nFinancial Risk Factors and Risk Management\n\n(F.2)\n\n​\n\nFair Value Disclosures on Financial Instruments\n\n(G.3)\n\n​\n\nOther Litigation, Claims, and Legal Contingencies\n\n(G.5)\n\n​\n\nExecutive and Supervisory Board Compensation\n\n​\n\n**y****General Accounting Policies**\n\n**Bases of Measurement**\n\nThe Consolidated Financial Statements have been prepared on the historical cost basis except for the following:\n\n-   Derivative financial instruments, liabilities for cash-settled share-based payments, and financial assets with cash flows that are not solely payments of principal or interest are measured at fair value.\n\n-   Post-employment benefits are measured at the present value of the defined benefit obligations less the fair value of the plan assets.\n\n-   Monetary assets and liabilities denominated in foreign currencies are translated at period-end exchange rates.\n\n-   Provisions are recognized at the best estimate of their fulfillment amount when they occur.\n\n​\n\n**Foreign Currencies**\n\nIncome and expenses and operating cash flows of our foreign subsidiaries that use a functional currency other than the Euro are translated at average rates of foreign exchange (FX) computed on a monthly basis. Exchange differences resulting from foreign currency transactions are recognized in other non-operating income/expense, net.\n\nF-11\n\n[Table of Contents](#TOC)\n\nThe exchange rates of key currencies affecting the Company were as follows:\n\n**Exchange Rates**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMiddle Rate\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nas at 12/31\n\n​\n\nAnnual Average Exchange Rate\n\nEquivalent to €1\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\nAustralian dollar\n\n \n\nAUD\n\n \n\n1.7581\n\n \n\n1.6772\n\n \n\n1.7514\n\n \n\n1.6399\n\n \n\n1.6285\n\nCanadian dollar\n\n \n\nCAD\n\n \n\n1.6088\n\n \n\n1.4948\n\n \n\n1.5782\n\n \n\n1.4819\n\n \n\n1.4596\n\nSwiss franc\n\n \n\nCHF\n\n \n\n0.9314\n\n \n\n0.9412\n\n \n\n0.9371\n\n \n\n0.9526\n\n \n\n0.9717\n\nPound sterling\n\n \n\nGBP\n\n \n\n0.8726\n\n \n\n0.8292\n\n \n\n0.8566\n\n \n\n0.8466\n\n \n\n0.8699\n\nJapanese yen\n\n \n\nJPY\n\n \n\n184.0900\n\n \n\n163.0600\n\n \n\n168.9457\n\n \n\n163.8174\n\n \n\n151.9421\n\nU.S. dollar\n\n \n\nUSD\n\n \n\n1.1750\n\n \n\n1.0389\n\n \n\n1.1293\n\n \n\n1.0821\n\n \n\n1.0816\n\n​\n\n**Cost Classification**\n\n**Cost of Cloud and Software**\n\nCost of cloud and software includes the costs incurred in providing the services and producing the goods that generate cloud and software revenue. Consequently, this line item primarily includes employee expenses relating to these services, amortization of acquired intangibles, fees for third-party licenses, depreciation of our property, plant, and equipment (for example, of our data centers in which we host our cloud solutions), and costs for third-party hosting services. For more information about the capitalization of costs from contracts with customers, see Note (A.3).\n\n**Cost of Services**\n\nCost of services includes the costs incurred in providing the services that generate service revenue. Consequently, this line item primarily includes employee expenses and related training, system and system administration costs, and costs for third-party resources.\n\n**Research and Development**\n\nResearch and development includes the costs incurred by activities related to the development of cloud and software solutions including resource and hardware costs for the development systems. The same applies for activities related to changes in the code of SAP’s cloud and software solutions. For more information about the recognition of internally generated intangible assets from development, see Note (D.3).\n\n**Sales and Marketing**\n\nSales and marketing includes the costs incurred for the selling activities (such as sales commissions and amortization of capitalized sales commissions) and marketing activities related to our software and cloud solutions and our service portfolio. For more information about the capitalization of costs from contracts with customers, see Note (A.3).\n\n**General and Administration**\n\nGeneral and administration includes the costs related to finance and administrative functions, human resources, and general management as long as they are not directly attributable to one of the other operating expense line items.\n\n**Updated Accounting Policy for the Presentation of Interest Paid and Interest Received**\n\nAs of 2025, SAP updated the presentation of its Consolidated Statements of Cash Flows to better reflect management’s view of the underlying business activities. Interest paid and interest received are no longer classified within net cash flows from operating activities.\n\nInterest paid is now presented within net cash flows from financing activities, and interest received within net cash flows from investing activities, as these cash flows are not considered part of SAP’s operating activities. Prior-year amounts have been reclassified for comparability. The updated presentation is consistent with the requirements of IFRS 18.\n\nF-12\n\n[Table of Contents](#TOC)\n\n**y********Management Judgments and Sources of Estimation Uncertainty**\n\nThe preparation of the Consolidated Financial Statements requires our management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenues, and expenses, as well as disclosure of contingent liabilities.\n\nWe base our judgments, estimates, and assumptions on historical and forecast information, and on regional and industry economic conditions in which we or our customers operate. Changes to these conditions could adversely affect our estimates. Although we believe we have made reasonable estimates about the ultimate resolution of the underlying uncertainties, no assurance can be given that the final outcome of these matters will be consistent with what is reflected in our recognized assets, liabilities, revenues, and expenses and disclosed contingent liabilities. Actual results could differ significantly from original estimates.\n\nThe accounting policies that most frequently or significantly require us to make judgments, estimates, and assumptions, and therefore are critical to understanding our results of operations, include the following:\n\n​\n\n**Note**\n\n**  ​ ​**\n\n**y****Material Accounting Policies**\n\n​\n\n​\n\n​\n\n(A.1)\n\n​\n\nRevenue recognition\n\n(A.2)\n\n​\n\nValuation of trade receivables\n\n(A.4), (G.3)\n\n​\n\nAccounting for legal contingencies\n\n(B.3)\n\n​\n\nAccounting for share-based payments\n\n(C.5)\n\n​\n\nAccounting for income taxes\n\n(D.1)\n\n​\n\nAccounting for business combinations\n\n(D.2)\n\n​\n\nAccounting for goodwill\n\n(D.3)\n\n​\n\nAccounting for intangible assets (including recognition of internally generated intangible assets from development)\n\n(D.6)\n\n​\n\nAccounting for equity investments\n\n​\n\nOur management periodically discusses these material accounting policies with the Audit and Compliance Committee of our Supervisory Board.\n\n​\n\n**y** **New Accounting Standards Not Yet Adopted**\n\nThe 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)) that are relevant for SAP but not yet effective. We are currently assessing the impact of IFRS 9 and IFRS 7 (Amendments to the Classification, Measurement, and Disclosure of Financial Instruments) on SAP, but do not expect material effects on our financial position or profit after tax.\n\nIn April 2024, the IASB released IFRS 18 (Presentation and Disclosure in Financial Statements). The new standard will affect the presentation of our Consolidated Income Statements, introduce additional disclosure requirements, and further specify aggregation and disaggregation of information in our Notes to the Consolidated Financial Statements. IFRS 18 will become effective on January 1, 2027.\n\nThe main purpose of IFRS 18 is to increase transparency and comparability of financial performance between reporting entities. When the new standard becomes effective, the structure of SAP’s Consolidated Income Statements, as well as the definition of operating profit, will change to comply with the new requirements.\n\nSAP has performed preliminary evaluations of its financial reporting under IFRS 18. However, mainly due to outstanding decisions and clarifications by international and national standard-setting bodies (such as the IASB’s pending decision regarding the treatment of foreign currency fluctuations arising from intercompany loans), the overall impact of IFRS 18 on operating profit cannot yet be determined. With the introduction of IFRS 18, comparison periods will be restated to conform with the new standard.\n\nFurther, changes in IFRS 18 will affect the presentation of our Consolidated Statements of Cash Flows, as defined by IAS 7. We do not expect these required changes to have a material impact on our Net cash flows from operating activities.\n\n​\n\n​\n\n​\n\n​\n\n​\n\nF-13\n\n[Table of Contents](#TOC)\n\n**Section A — Customers**\n\nThis section discusses disclosures related to contracts with our customers. These include but are not limited to explanations of how we recognize revenue, revenue disaggregation, and information about our trade receivables and customer-related obligations.\n\n**(A.1) Revenue**\n\n**y****Accounting for Revenue from Contracts with Customers**\n\n**Classes of Revenue**\n\nWe derive our revenue from fees charged to our customers for the use of our cloud offerings, for licenses to our on-premise software products, and for standardized and premium support services, consulting, customer-specific software developments, training, and other services.\n\n**Cloud and software revenue**, as presented in our Consolidated Income Statements, is the sum of our **cloud revenue**, our **software license revenue**, and our **software support revenue**.\n\n**Cloud revenue** represents fees earned from providing customers with any of the following:\n\n*Software as a service (SaaS)*, that is, a right to use software functionality (including standard functionalities, AI use cases, and custom cloud applications and extensions) in a cloud-based infrastructure hosted by SAP or third parties subcontracted by SAP, where the customer does not have the right to terminate the hosting contract and take possession of the software to either run it on its own IT infrastructure or to engage a third-party provider unrelated to SAP to host and manage the software; SaaS also includes transaction and agent fees for transactions that customers execute on our cloud-based transaction platforms.\n\n*Platform as a service (PaaS)*, that is, access to a cloud-based platform to develop, deploy, integrate, and manage applications.\n\n*Infrastructure as a service (IaaS)*, that is, hosting and related application management services for software hosted by SAP or third parties engaged by SAP.\n\n*Premium cloud support*, that is, support beyond the regular support embedded in the underlying cloud subscription services.\n\n**Software license revenue** represents fees earned from the license of perpetual or time-based software to customers for use on the premises owned or fully controlled by the customer, in other words, where the customer has the right to take possession of the software for installation on the customer’s premises or on hardware of third-party hosting providers unrelated to SAP (on-premise software).\n\n**Software support revenue** represents fees earned from providing customers with standardized support services that comprise unspecified future software updates, upgrades, and enhancements as well as technical product support services for on-premise software products.\n\n**Services revenue** primarily represents fees earned from professional consulting services, premium support services, and training services.\n\n**Identification of a Contract**\n\nWe frequently enter into multiple contracts with the same customer. For accounting purposes, we treat these contracts as a single contract if they are entered into at or near the same time and are economically interrelated. We do not combine contracts with closing days more than three months apart because we do not consider them being entered into near the same time. Judgment is required in evaluating whether various contracts are interrelated, which includes considerations as to whether they were negotiated as a package with a single commercial objective, whether the amount of consideration on one contract is dependent on the performance of the other contract, or if some or all goods in the contracts are a single performance obligation.\n\nNew arrangements with existing customers can be either a new contract or the modification of prior contracts with the customer. Our judgment in making this determination considers whether the goods and services under the new arrangement are highly interrelated with the goods and services sold under prior contracts, how the goods and services under the new arrangement are priced, and whether there is a connection between the new arrangement and the pre-existing contracts. In determining whether a change in transaction price represents a contract modification or a change in variable consideration, we examine whether the change in price results from changing the contract or from applying unchanged existing contract provisions.\n\n​\n\n​\n\nF-14\n\n[Table of Contents](#TOC)\n\n**Identification of Performance Obligations**\n\nOur customer contracts often include various products and services. Typically, the products and services outlined in the Classes of Revenue**section qualify as separate performance obligations and the portion of the contractual fee allocated to them is recognized separately. For distinct goods and services that are sold to customers in commercial bundles, SAP generally concludes that no significant integration or interrelation between the distinct goods and services exists, and therefore considers each individual good or service included in the commercial bundle to be distinct goods and services. Judgment is required, however, in determining whether a good or service is considered a separate performance obligation. For our professional services and implementation activities, judgment is required to evaluate whether such services significantly integrate, customize, or modify the on-premise software or cloud service to which they relate. In this context, we consider the nature of the services and their volume relative to the volume of the on-premise software or cloud service to which they relate. In general, the implementation services for our cloud services go beyond pure setup activities and qualify as separate performance obligations. Similarly, our on-premise implementation services and our custom development services typically qualify as separate performance obligations. Non-distinct goods and services are combined into one distinct bundle of goods and services (combined performance obligation).\n\nWhen selling goods or services, we frequently grant customers options to acquire additional goods or services (for example, renewals of cloud or support arrangements, or additional volumes of purchased cloud solutions or software). We apply judgment in determining whether such options provide a material right to the customer that the customer would not receive without entering into that contract. In this judgment, we consider, for example, whether the options entitle the customer to a discount that exceeds the discount granted for the respective goods or services sold together with the option.\n\nIn scenarios where SAP:\n\n-   sells indirectly to end customers via partners\n\n-   sells third-party products to end customers\n\n-   provides services to end customers with the support of suppliers, or\n\n-   connects buyers and suppliers on cloud-based platforms,\n\nSAP determines the respective nature of the performance obligation and whether SAP is providing the specified good or service itself or arranging for the good or service to be provided by the third party. SAP identifies whether it (or the partner) is acting as principal or agent in line with this performance obligation assessment. SAP exercises judgment in making this assessment, which is based on the question of whether the intermediary controls the specified good or service before it is transferred to the customer. In exercising this judgment, SAP relies in the majority of cases on bundling multiple goods or services into the specified good or service, on its legal responsibility toward the customer in providing the specified good or service, and on its pricing discretion for the same.\n\n**Determination of Transaction Price**\n\nWe apply judgment in determining the amount to which we expect to be entitled in exchange for transferring promised goods or services to a customer. Generally, variable consideration is estimated based on the most likely amount and is included in the transaction price to the extent that the constraint does not apply. This includes estimates as to whether and to what extent subsequent concessions may be granted to customers and whether the customer is expected to pay the contractual fees. In this judgment, we consider our history with the respective customer or on a portfolio basis.\n\nThe recognition constraint is applied to on-premise software transactions that include usage-based or sales-based contingent fees. In contrast, our typical cloud services do not provide the customer with a software license because the customer does not have the right to terminate the hosting contract and take possession of the software. Consequently, variable cloud fees are considered in the transaction price based on estimates, rather than being accounted for as usage-based or sales-based license royalties. If SAP pays consideration to a customer in exchange for a distinct good or service-for example, when SAP acquires goods or services from a supplier, and such purchase is linked to a customer contract-the fair value of the purchase transaction must be estimated to conclude whether, and to what extent, the transaction price of the linked customer contract should be reduced or partially reduced.\n\nOnly very rarely do our contracts include significant financing components. We do not account for financing components if the period between when SAP transfers the promised goods or services to the customer and when the customer pays for those goods or services is one year or less.\n\n​\n\nF-15\n\n[Table of Contents](#TOC)\n\n**Allocation of Transaction Price**\n\nWe have established a hierarchy to identify the standalone selling prices (SSPs) that we use to allocate the transaction price of a customer contract to the performance obligations in the contract.\n\n-   Where the SSPs for an offering are observable and reasonably consistent across customers (that is, not highly variable), our SSP estimates are derived from our respective pricing history. Typically, our standardized support offerings and our professional service offerings follow this approach.\n\n-   Where sales prices for an offering are not directly observable or highly variable across customers, we use estimation techniques.\n\nThe SSP for SAP’s cloud offerings considers overall pricing objectives, taking market conditions and other factors into account. We estimate the SSP using a specific pricing range that encompasses the majority of our transactions. In that context, we use judgment in determining the upper and lower end of the range. Such judgment considers price points achieved in the market as well as strategic pricing decisions.\n\nFor offerings for which we cannot justify a range and we observe highly variable pricing, and for which we lack substantial direct costs to estimate based on a cost-plus-margin approach, we allocate the transaction price by applying a residual approach. We use this technique in particular for our standard on-premise software offerings. To judge whether the historical pricing of our goods and services is highly variable, we have established thresholds of pricing variability.\n\nAs SAP’s go-to-market strategies evolve further, SAP continuously monitors its commercial models and pricing practices, which could result in changes to our SSPs in the future.\n\nThe SSPs of material right options depend on the probability of option exercise. In estimating these probabilities, we apply judgment considering historical exercise patterns.\n\n**Recognition of Revenue**\n\n*Cloud revenue* is recognized over time as the services are performed. For cloud business models where we grant rights to continuously access and use one or more cloud offerings for a certain term, revenue is recognized based on time elapsed and thus ratably over this term. For cloud business models provisioned on a consumption basis where a customer commits to a fixed value of spend on cloud services throughout the contract term, but with the discretion to call off cloud services during the contract term, we recognize revenue based on consumption as it best reflects our measure towards satisfaction of that performance obligation. In limited scenarios where the transaction price is entirely variable and determined by the customer’s consumption, we recognize revenue based on usage in the period in which it was earned.\n\n*Software license revenue*is recognized at a point in time or over time depending on whether we deliver standard software, customer-specific software, or software subscription contracts that combine the delivery of software and the obligation to deliver, in the future, unspecified software products:\n\n-Licenses for our standard on-premise software products are typically delivered by providing the customer with access to download the software. We recognize revenue for these on-premise licenses at the point in time when we grant the license rights to the customer and the customer has access to and thus control over the software. In judging whether our on-premise software offerings grant customers a right to use, rather than a right to access, our intellectual property, we have considered the usefulness of our software without subsequent updates to it.\n\n-Typically, our customer-specific on-premise software development agreements:\n\n◾      Represent software developed for specific needs of individual customers and therefore do not have any alternative use for us.\n\n◾      Provide us with an enforceable right to payment for performance completed to date.\n\nFor such development agreements, we recognize revenue over time as the software development progresses. Judgment is required in identifying an appropriate method to measure the progress toward complete satisfaction of such performance obligations. We typically measure progress of our development agreements based on the direct costs incurred to date in developing the software as a percentage of the total reasonably estimated direct costs to fully complete the development work (input-based percentage-of-completion method). This method of measuring progress faithfully depicts the transfer of the development services to the customer, as substantially all of these costs are cost of the staff or third parties performing the development work. In estimating the total cost to fully complete the development work, we consider our history with similar projects.\n\n​\n\n-For agreements that combine the delivery of software and the obligation to deliver, in the future, unspecific software products, we recognize revenue at a point in time for licenses that are made immediately accessible to the customer. We recognize revenue ratably over the term of the software subscription contract for the unspecified software products, as our performance obligation is to stand ready to deliver such products on a when-and-if-available basis.\n\n​\n\n*Software support revenue* is typically recognized based on time elapsed and thus ratably over the term of the support arrangement. Under our standardized support services, our performance obligation is to stand ready to provide technical product support and unspecified updates, upgrades, and enhancements on a when-and-if-available basis. Our customers simultaneously receive and consume the benefits of these support services as we perform.\n\n​\n\nF-16\n\n[Table of Contents](#TOC)\n\n*Service revenue* is typically recognized over time. Where we stand ready to provide the service (such as access to learning content), we recognize revenue based on time elapsed and thus ratably over the service period. Non-stand-ready services (such as separately identifiable consulting services and premium support services) are recognized over time as the services are utilized, typically following the percentage-of-completion method. We apply judgment in determining whether a service qualifies as a stand-ready service or as a non-stand-ready service.\n\n​\n\nRevenue for combined performance obligations is recognized over the longest period of all promises in the combined performance obligation.\n\n​\n\nFor performance obligations satisfied over time, we need to measure progress using the method that best reflects SAP’s performance. When using cost incurred as a measure of progress for recognizing revenue over time, we apply judgment in estimating the total cost to satisfy the performance obligation.\n\n​\n\nAll of the judgments and estimates mentioned above can significantly impact the timing of revenue to be recognized.\n\n**Contract Balances**\n\n​\n\nWe recognize trade receivables for performance obligations satisfied over time gradually as the performance obligation is satisfied and in full once the invoice is due. Judgment is required in determining whether a right to consideration is unconditional and thus qualifies as a receivable.\n\nContract liabilities primarily reflect invoices due or payments received in advance of revenue recognition.\n\n​\n\nTypically, we invoice fees for on-premise standard software on contract closure and software delivery. Periodic fixed fees for cloud subscription services, software support services, and other multi-period agreements are typically invoiced yearly or quarterly in advance. Such fee prepayments account for the majority of our contract liability balance. Fees based on actual transaction volumes for cloud subscriptions and fees charged for non-periodical services are invoiced as the services are delivered. While payment terms and conditions vary by contract type and region, our terms typically require payment within 30 to 60 days.\n\n​\n\nGeographic Information\n\nThe amounts for revenue by region in the following tables are based on the location of customers. The regions in the following table are EMEA (Europe, Middle East, and Africa), Americas (North America and Latin America), and APJ (Asia Pacific Japan).\n\n**Total Revenue by Region**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n2024\n\n  ​ ​ ​\n\n2023\n\nGermany\n\n \n\n5,828\n\n \n\n5,359\n\n \n\n4,921\n\nRest of EMEA\n\n \n\n11,197\n\n \n\n10,216\n\n \n\n9,083\n\n**EMEA**\n\n \n\n**17,025**\n\n \n\n**15,575**\n\n \n\n**14,004**\n\nUnited States\n\n \n\n11,537\n\n \n\n11,056\n\n \n\n10,204\n\nRest of Americas\n\n \n\n2,962\n\n \n\n2,752\n\n \n\n2,558\n\n**Americas**\n\n \n\n**14,499**\n\n \n\n**13,808**\n\n \n\n**12,762**\n\nJapan\n\n \n\n1,569\n\n \n\n1,388\n\n \n\n1,243\n\nRest of APJ\n\n \n\n3,707\n\n \n\n3,404\n\n \n\n3,199\n\n**APJ**\n\n \n\n**5,276**\n\n \n\n**4,793**\n\n \n\n**4,441**\n\n **SAP Group**\n\n \n\n**36,800**\n\n \n\n**34,176**\n\n \n\n**31,207**\n\n​\n\nMajor Revenue Classes by Region\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCloud Revenue\n\n​\n\nCloud and Software Revenue\n\n€ millions\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n2024\n\n  ​ ​ ​\n\n2023\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n2024\n\n  ​ ​ ​\n\n2023\n\nEMEA\n\n​\n\n8,876\n\n​\n\n6,892\n\n​\n\n5,241\n\n​\n\n15,013\n\n​\n\n13,534\n\n​\n\n12,028\n\nAmericas\n\n​\n\n9,075\n\n​\n\n7,872\n\n​\n\n6,642\n\n​\n\n12,744\n\n​\n\n11,987\n\n​\n\n10,959\n\nAPJ\n\n​\n\n3,072\n\n​\n\n2,377\n\n​\n\n1,781\n\n​\n\n4,781\n\n​\n\n4,308\n\n​\n\n3,937\n\n **SAP Group**\n\n​\n\n**21,023**\n\n​\n\n**17,141**\n\n​\n\n**13,664**\n\n​\n\n**32,538**\n\n​\n\n**29,830**\n\n​\n\n**26,924**\n\n​\n\nF-17\n\n[Table of Contents](#TOC)\n\nRemaining Performance Obligations\n\nAmounts of a customer contract’s transaction price that are allocated to the remaining performance obligations represent contracted revenue that has not yet been recognized. They include amounts recognized as contract liabilities and amounts that are contracted but not yet due.\n\nContractual periods that are subject to a customer termination for convenience right without a significant early-termination fee, or that are subject to a termination right under applicable law, are excluded from our remaining performance obligations. This is because we determine that enforceable rights and obligations do not exist for the periods subject to termination.\n\nThe transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied as at December 31, 2025, was €90.5 billion (December 31, 2024: €78.4 billion). The transaction price thereof allocated to cloud performance obligations that were unsatisfied or partially unsatisfied (total cloud backlog) as at December 31, 2025, was €77.3 billion (December 31, 2024: €63.3 billion). The remaining amount mostly comprises obligations to provide software support services. The vast majority of software support contracts are contracts in the renewal phase that typically have a one-year contract term, while cloud subscription contracts typically are multiple-year contracts. The portion of remaining performance obligations related to services consists of non-cancelable revenue from contracts for projects with a predefined output and from premium engagements. Overall, approximately 39% of the total remaining performance obligations is expected to be recognized over the next 12 months following December 31, 2025.\n\nThe transaction price allocated to remaining performance obligations varies between reporting periods, primarily due to the recognition of revenue for performance obligations outstanding at the end of the reporting period and the addition of new contracts within SAP’s cloud, maintenance, and services business. Other contributing factors include contract modifications, upsells, renewals, currency exchange rate fluctuations, and pricing adjustments.\n\nThe revenue recognized in fiscal year 2025 for contract renewals, new contracts, and contract modifications is presented on a gross basis in the following reconciliation of outstanding performance obligations. This means that it is included as a positive entry under “Add renewals, new contracts and modifications” and as a negative entry under “Less revenue recognized in 2025.”\n\nReconciliation of Remaining Performance Obligations\n\n​\n\n​\n\n​\n\n​\n\n€ billions\n\n  ​ ​ ​\n\n**2025**\n\n/ 12/31/2024\n\n \n\n**78.4**\n\nAdd renewals, new contracts, and modifications:\n\n​\n\n​\n\n- Cloud\n\n \n\n35.0\n\n- Maintenance\n\n \n\n9.9\n\n- Services\n\n \n\n3.1\n\n- Others1\n\n​\n\n-0.2\n\nLess revenue recognized in 2025:\n\n​\n\n​\n\n- Cloud\n\n \n\n-21.0\n\n- Maintenance\n\n \n\n-10.5\n\n- Services\n\n \n\n-4.3\n\n​\n\n​\n\n​\n\nAcquisitions and divestments2\n\n \n\n0.2\n\n​\n\n​\n\n​\n\n**/****12/31/2025**\n\n \n\n**90.5**\n\n​\n\n1 Others mainly comprises currency fluctuations for our services and maintenance contracts and changes to the remaining performance obligations for our software contracts.\n\n2 The 2025 acquisitions and divestments figure refers to the acquisition of SmartRecruiters.\n\n​\n\nF-18\n\n[Table of Contents](#TOC)\n\nFrom December 31, 2023 to December 31, 2024, the remaining performance obligations increased from € 58.7 billion to €78.4 billion. The increase was mainly driven by renewals, new contracts and contract modifications of €36.2 billion for Cloud, €10.8 billion for maintenance and €5.1 billion for Services and others respectively. At the same time, revenue recognition of €17.1 billion for Cloud, €11.3 billion for Maintenance and €4.3 billion for Services reduced the remaining performance obligations per December 31, 2023 during 2024. An additional contribution factor was the acquisition of WalkMe in 2024, which contributed with an RPO increase of €0.4 billion.\n\nPerformance Obligations Satisfied in Previous Years\n\nRevenue recognized in the reporting period for performance obligations satisfied in earlier periods was €77 million (December 31, 2024: €75 million), mainly resulting from changes in estimates of variable considerations and changes in estimates related to percentage-of-completion-based contracts.\n\nContract Balances\n\nThe following table presents the activities impacting contract liabilities balances during the year ended December 31, 2025:\n\nContract Liabilities\n\n​\n\n​\n\n​\n\n​\n\n€ billions\n\n**  ​ ​ ​**\n\n**2025**\n\n/ 1/1/2025\n\n \n\n6.1\n\nIncreases resulting from billing and invoices becoming due\n\n \n\n16.7\n\nDecreases resulting from satisfaction of performance obligations\n\n \n\n-15.6\n\nOther1\n\n \n\n-0.5\n\n**/****12/31/2025**\n\n \n\n**6.7**\n\n​\n\n1 Other includes, for example, the impact of foreign currency translation and business combinations.\n\nThe amount of revenue recognized in the reporting period that was included in the contract liability balance at the beginning of the reporting period was €5.3 billion (December 31, 2024: €4.7 billion).\n\n​\n\n​\n\nF-19\n\n[Table of Contents](#TOC)\n\n**(A.2) Trade and Other Receivables**\n\n**y****Accounting for Trade and Other Receivables**\n\n​\n\nDepending on the business model, we measure trade receivables and contract assets from contracts with customers either at amortized cost, or at fair value through other comprehensive income (OCI) less expected credit losses. We account for expected credit losses by recording an allowance on a portfolio basis. We apply the simplified impairment approach. On initial measurement of the receivables, we consider all credit losses that are expected to occur during the lifetime of the receivables. We use a provision matrix to estimate these losses.\n\nAdditionally, we recognize allowances for individual receivables if there is objective evidence of credit impairment.\n\nAccount balances are written off either partially or in full if we judge that the likelihood of recovery is remote.\n\nFor information about how the default risk for trade receivables is analyzed and managed, how the loss rates for the provision matrix are determined, how credit impairment is determined and what our criteria for write-offs are, see the section on credit risk in Note (F.1).\n\nIn our Consolidated Income Statements, net gains/losses from expected credit loss allowances are included in Other operating income/expense, net. Gains/losses from foreign currency exchange rate fluctuations are included in Other non-operating income/expense, net.\n\nDetermining our expected credit loss allowance involves significant judgment. In this judgment, we primarily consider our historical experience with credit losses in the respective provision matrix risk class and current data on overdue receivables. We expect that our historical default rates represent a reasonable approximation for future expected customer defaults. Besides historical data, our judgment used in developing the provision matrix considers reasonable and supportable forward-looking information (for example, changes in country risk ratings, and fluctuations in credit default swaps of the countries in which our customers are located).\n\nThe assessment of whether a receivable is collectible involves the use of judgment and requires us to make assumptions about customer defaults that could change significantly.\n\nBy applying this judgment, we record an allowance for a specific customer when it is probable that a credit loss has occurred and the amount of the loss is reasonably estimable. Basing the expected credit loss allowance for the remaining receivables primarily on our historical loss experience likewise requires judgment, as history may not be indicative of future development. Also, including reasonable and supportable forward-looking information in the loss rates of the expected credit loss allowance requires judgment, as they may not provide a reliable prediction for future development.\n\n​\n\nTrade and Other Receivables\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n2024\n\n€ millions\n\n**  ​ ​ ​**\n\n**Current**\n\n**  ​ ​ ​**\n\n**Non-Current**\n\n**  ​ ​ ​**\n\n**Total**\n\n  ​ ​ ​\n\nCurrent\n\n  ​ ​ ​\n\nNon-Current\n\n  ​ ​ ​\n\nTotal\n\nTrade receivables, net\n\n \n\n5,790\n\n​\n\n0\n\n \n\n5,790\n\n \n\n6,231\n\n \n\n0\n\n \n\n6,231\n\nOther receivables\n\n \n\n885\n\n \n\n218\n\n \n\n1,103\n\n \n\n543\n\n \n\n209\n\n \n\n752\n\n/**Total**\n\n** **\n\n**6,675**\n\n** **\n\n**218**\n\n** **\n\n**6,893**\n\n** **\n\n**6,774**\n\n** **\n\n**209**\n\n** **\n\n**6,983**\n\n​\n\nContract assets are included in Other receivables in our Statement of Financial Position.Contract assets as at December 31, 2025, were €803 million (December 31, 2024: €441 million).\n\nFor more information about financial risk, how we manage credit risk, and details of our trade receivables and contract assets allowances, see Note (F.1).\n\n​\n\nF-20\n\n[Table of Contents](#TOC)\n\n​\n\n**(A.3) Capitalized Cost from Contracts with Customers**\n\n​\n\n**y****Costs of Obtaining Customer Contracts**\n\nCapitalized costs from customer contracts are classified as Other non-financial assets in our Statement of Financial Position.\n\nThe capitalized assets for the incremental costs of obtaining a customer contract consist of sales commissions earned by our sales force and partners as well as amounts paid to employees with non-sales roles when the payments meet the definition of being an incremental cost to obtain a contract with a customer. Judgment is required in determining the amounts to be capitalized, particularly where the commissions are based on cumulative targets and where commissions relate to multiple performance obligations in one customer contract. We capitalize such cumulative target commissions for all customer contracts that count towards the cumulative target but only if nothing other than obtaining customer contracts can contribute to achieving the cumulative target. Commissions for contracts with multiple performance obligations or for probable renewals thereof are allocated to these performance obligations and probable renewals relative to the respective standalone selling price.\n\nOur sales commission payments for customer contract renewals are typically not commensurate with the commissions paid for new contracts. Thus, the commissions paid for renewable new contracts also relate to expected renewals of these contracts. Consequently, we amortize sales commissions paid for new customer contracts on a straight-line basis over the expected contract life including probable contract renewals. Judgment is required in estimating these contract lives. In exercising this judgment, we consider our expectation about future contract renewals which we evaluate periodically to confirm that the resulting amortization period properly reflects the expected contract life or if there are potential indicators of impairment. The amortization periods range from 18 months to seven years depending on the type of offering. Commensurate payments are amortized over the contract term to which they relate.\n\nAmortization of the capitalized costs of obtaining customer contracts is classified mainly as sales and marketing expense. We expense the incremental costs of obtaining a customer contract as incurred if we expect an amortization period of one year or less.\n\n**y****Costs to Fulfill Customer Contracts**\n\nCapitalized costs incurred to fulfill customer contracts mainly consist of directly related costs for set-up and implementation of cloud products and custom cloud development contracts as far as these costs are not in scope of other accounting standards than IFRS 15. These costs are amortized after completion of the setup and implementation or the development, respectively, on a straight-line basis over the expected life of the cloud subscription contract including expected renewals. For the life of the contract, we consider our expectation about future contract renewals which we evaluate periodically to confirm that the resulting amortization period properly reflects the expected contract life. The amortization periods range from five to seven years depending on the type of offering. In addition, the capitalized costs include third-party license fees related to end-customer contracts, which are amortized over the term of the third-party license contract. Judgment is required in evaluating whether costs are directly related to customer contracts and in estimating contract lives.\n\nAmortization of capitalized costs to fulfill customer contracts is included in the cost of cloud.\n\n​\n\nCapitalized Cost from Contracts with Customers\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n** **\n\n2024\n\n€ millions\n\n**  ​ ​ ​**\n\n**Current**\n\n**  ​ ​ ​**\n\n**Non-Current**\n\n**  ​ ​ ​**\n\n**Total**\n\n**  ​ ​ ​**\n\nCurrent\n\n**  ​ ​ ​**\n\nNon-Current\n\n**  ​ ​ ​**\n\nTotal\n\nCapitalized cost of obtaining customer contracts\n\n \n\n1,130\n\n​\n\n3,348\n\n​\n\n4,478\n\n​\n\n1,086\n\n \n\n3,221\n\n \n\n4,307\n\nCapitalized cost to fulfill customer contracts\n\n \n\n282\n\n​\n\n334\n\n​\n\n616\n\n​\n\n264\n\n \n\n272\n\n \n\n536\n\n**Capitalized contract cost**\n\n​\n\n**1,412**\n\n​\n\n**3,682**\n\n​\n\n**5,094**\n\n​\n\n**1,350**\n\n​\n\n**3,492**\n\n​\n\n**4,843**\n\n/ Other non-financial assets\n\n \n\n3,212\n\n​\n\n4,419\n\n​\n\n7,631\n\n​\n\n2,682\n\n​\n\n3,990\n\n \n\n6,672\n\nCapitalized contract cost as % of / Other non-financial assets\n\n** **\n\n44\n\n​\n\n83\n\n​\n\n67\n\n​\n\n50\n\n \n\n88\n\n \n\n73\n\n​\n\n**Amortization Expense**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n2024\n\nCapitalized cost of obtaining customer contracts\n\n \n\n1,108\n\n \n\n1,107\n\nCapitalized cost to fulfill customer contracts\n\n \n\n511\n\n \n\n418\n\n​\n\n​\n\nF-21\n\n[Table of Contents](#TOC)\n\n**(A.4) Customer-Related Provisions**\n\n**y****Expected Contract Losses**\n\n​\n\nCustomer-related provisions mainly include expected contract losses. We adjust these provisions as further information becomes available and as circumstances change. Non-current provisions are measured at the present value of their expected settlement amounts as at the reporting date.\n\nThe unit of account for the identification of potential onerous customer contracts is based on the contract definition of IFRS 15 including the contract combination guidance. The economic benefits considered in the assessment comprise the future benefits we are directly entitled to under the contract as well as the anticipated future benefits that are the economic consequence of the contract if these benefits can be reliably determined.\n\n**y****Customer-Related Litigation and Claims**\n\nCustomer-related provisions also include obligations resulting from customer-related litigation and claims. We are currently confronted with various claims and legal proceedings, including claims that relate to customers demanding indemnification for proceedings initiated against them based on their use of SAP software, and occasionally claims that relate to customers being dissatisfied with the products and services that we have delivered to them. The obligations arising from customer-related litigation and claims comprise cases in which we indemnify our customers against liabilities arising from a claim that our products infringe a third party’s patent, copyright, trade secret, or other proprietary rights.\n\nDue to uncertainties relating to these matters, provisions are based on the best information available. Significant judgment is required in the determination of whether and when a provision is to be recorded and what the appropriate amount for such provision should be. Notably, judgment is required in the following areas:\n\n-   Determining whether an obligation exists\n\n-   Determining the probability of outflow of economic benefits\n\n-   Determining whether the amount of an obligation is reliably estimable\n\n-   Estimating the amount of the expenditure required to settle the present obligation\n\nAt the end of each reporting period, we reassess the potential obligations related to our pending claims and litigation and adjust our respective provisions to reflect the current best estimate. In addition, we monitor and evaluate new information that we receive after the end of the respective reporting period, but before the Consolidated Financial Statements are authorized for issue, to determine whether this provides additional information regarding conditions that existed at the end of the reporting period. Changes to the estimates and assumptions underlying our accounting for legal contingencies, and outcomes that differ from these estimates and assumptions, could require material adjustments to the carrying amounts of the respective provisions recorded and additional provisions. The expected timing or amounts of any outflows of economic benefits resulting from these lawsuits and claims are uncertain and not estimable, as they generally depend on the duration of the legal proceedings and settlement negotiations required to resolve the litigation and claims and the unpredictability of the outcomes of legal disputes in several jurisdictions.\n\n​\n\nContingent liabilities exist in respect of customer-related litigation and claims for which no provision has been recognized. It is not practicable to estimate the financial impact of these contingent liabilities due to the uncertainties around these lawsuits and claims as outlined above.\n\n​\n\n​\n\n​\n\nF-22\n\n[Table of Contents](#TOC)\n\n**Section B — Employees**\n\nThis section provides financial insights into our employee benefit arrangements. It should be read in conjunction with the compensation disclosures for key management personnel in Note (G.5).\n\n**(B.1) Number of Employees**\n\nThe following table provides an overview of number of employees, broken down by function and by the regions EMEA (Europe, Middle East, and Africa), Americas (North America and Latin America), and APJ (Asia Pacific Japan).\n\nNumber of Employees by Region and Function\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**12/31/2025**\n\n​\n\n12/31/2024\n\n​\n\n12/31/2023\n\nFull-time equivalents\n\n  ​ ​ ​\n\n**EMEA**\n\n**  ​ ​ ​**\n\n**Americas**\n\n**  ​ ​ ​**\n\n**APJ**\n\n**  ​ ​ ​**\n\n**Total**\n\n  ​ ​ ​\n\nEMEA\n\n  ​ ​ ​\n\nAmericas\n\n  ​ ​ ​\n\nAPJ\n\n  ​ ​ ​\n\nTotal\n\n  ​ ​ ​\n\nEMEA\n\n  ​ ​ ​\n\nAmericas\n\n  ​ ​ ​\n\nAPJ\n\n  ​ ​ ​\n\nTotal\n\nCloud and software\n\n \n\n4,665\n\n​\n\n4,511\n\n​\n\n5,381\n\n​\n\n14,557\n\n \n\n4,543\n\n​\n\n4,339\n\n​\n\n4,764\n\n​\n\n13,646\n\n \n\n4,389\n\n \n\n4,266\n\n \n\n4,426\n\n \n\n13,080\n\nServices\n\n \n\n8,331\n\n​\n\n4,546\n\n​\n\n5,813\n\n​\n\n18,691\n\n \n\n8,485\n\n​\n\n4,719\n\n​\n\n5,566\n\n​\n\n18,770\n\n \n\n8,178\n\n \n\n5,013\n\n \n\n5,481\n\n \n\n18,672\n\nResearch and development\n\n \n\n18,589\n\n​\n\n5,845\n\n​\n\n13,531\n\n​\n\n37,965\n\n \n\n18,819\n\n​\n\n5,677\n\n​\n\n13,094\n\n​\n\n37,590\n\n \n\n18,086\n\n \n\n5,884\n\n \n\n12,474\n\n \n\n36,444\n\nSales and marketing\n\n \n\n12,031\n\n​\n\n9,829\n\n​\n\n4,963\n\n​\n\n26,823\n\n \n\n12,042\n\n​\n\n9,801\n\n​\n\n5,139\n\n​\n\n26,983\n\n \n\n12,086\n\n \n\n10,300\n\n \n\n5,342\n\n \n\n27,728\n\nGeneral and administration\n\n \n\n4,057\n\n​\n\n1,924\n\n​\n\n1,356\n\n​\n\n7,337\n\n \n\n3,836\n\n​\n\n1,836\n\n​\n\n1,300\n\n​\n\n6,971\n\n \n\n3,619\n\n \n\n1,777\n\n \n\n1,307\n\n \n\n6,704\n\nInfrastructure\n\n \n\n3,164\n\n​\n\n1,104\n\n​\n\n1,008\n\n​\n\n5,277\n\n \n\n3,076\n\n​\n\n1,164\n\n​\n\n921\n\n​\n\n5,161\n\n \n\n2,834\n\n \n\n1,274\n\n \n\n867\n\n \n\n4,975\n\n**SAP Group (December 31)**\n\n** **\n\n**50,837**\n\n​\n\n**27,760**\n\n​\n\n**32,053**\n\n​\n\n**110,650**\n\n** **\n\n**50,801**\n\n​\n\n**27,536**\n\n​\n\n**30,784**\n\n​\n\n**109,121**\n\n** **\n\n**49,191**\n\n** **\n\n**28,515**\n\n** **\n\n**29,897**\n\n** **\n\n**107,602**\n\nthereof acquisitions\n\n \n\n288\n\n​\n\n74\n\n​\n\n13\n\n​\n\n375\n\n \n\n413\n\n​\n\n414\n\n​\n\n86\n\n​\n\n912\n\n \n\n421\n\n \n\n138\n\n \n\n0\n\n \n\n558\n\n**SAP Group (months' end average)**\n\n** **\n\n**49,685**\n\n​\n\n**27,823**\n\n​\n\n**31,703**\n\n​\n\n**109,211**\n\n** **\n\n**49,764**\n\n​\n\n**27,394**\n\n​\n\n**29,997**\n\n​\n\n**107,155**\n\n** **\n\n**48,222**\n\n** **\n\n**28,239**\n\n** **\n\n**29,582**\n\n** **\n\n**106,043**\n\n​\n\nMost of the employees participating in the Company’s voluntary leave programs left SAP in 2024 and throughout the first half of 2025. For more information about the transformation program and its impact on employee headcount, see Note (B.6)*.*\n\n​\n\n**(B.2) Employee Benefits Expenses**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\nSalaries\n\n \n\n12,066\n\n \n\n12,244\n\n \n\n12,128\n\nSocial security expenses\n\n \n\n1,981\n\n \n\n2,003\n\n \n\n1,919\n\nShare-based payment expenses\n\n \n\n1,695\n\n \n\n2,385\n\n \n\n2,220\n\nPension expenses\n\n \n\n495\n\n \n\n435\n\n \n\n438\n\nEmployee-related restructuring expenses\n\n \n\n3\n\n \n\n3,143\n\n \n\n222\n\nTermination benefits outside of restructuring plans\n\n \n\n238\n\n \n\n68\n\n \n\n64\n\n**Employee benefits expenses**\n\n** **\n\n**16,478**\n\n** **\n\n**20,278**\n\n** **\n\n**16,992**\n\n​\n\nTermination benefits outside of restructuring plans increased in 2025 compared to 2024, mainly due to €191 million in expenses recognized under the workforce optimization program announced at the end of July 2025. Salaries decreased mainly due to lower bonus expenses in 2025.\n\n​\n\n​\n\nF-23\n\n[Table of Contents](#TOC)\n\n**(B.3) Share-Based Payments**\n\n**y********Accounting for Share-Based Payments**\n\n​\n\n**Classification in the Consolidated Income Statements**\n\n​\n\nShare-based payments cover equity-settled and cash-settled awards issued to our employees. The respective expenses are recognized as employee benefits and classified in our Consolidated Income Statements according to the activities that the receiving employees perform. Share-based payment expenses are offset by the effective portion from the hedging of cash-settled share-based payments. Accelerated share - based payment expenses triggered by SAP’s 2024 restructuring program are classified as restructuring expenses in our Consolidated Income Statements and included in the restructuring provisions in our Statement of Financial Position.\n\n**Valuation, Judgment, and Sources of Estimation Uncertainty**\n\nWe use certain assumptions in estimating the fair values for our share-based payments, including expected share price volatility and expected dividend yields. In addition, the final number of Performance Share Units (PSUs) vesting also depends on the achievement of performance indicators. Furthermore, the payout for cash-settled share units depends on our share price on the respective vesting dates. Changes to these assumptions and outcomes that differ from these assumptions could require material adjustments to the carrying amount of the liabilities we have recognized for these share-based payments. The fair value of the share units granted under the SAP Long-Term Incentive Program 2024 and 2020 (LTI 2024 and LTI 2020) is dependent on our performance against the total shareholder return (TSR) for NASDAQ-100 companies, the volatility, and the expected correlation between the TSR of the NASDAQ-100 companies and our TSR.\n\nRegarding future payout under our cash-settled plans, the SAP share price is the most relevant factor. With respect to our LTI 2024 and LTI 2020, we believe that future payout will be significantly impacted not only by our share price but also by the relative TSR performance against the NASDAQ-100 companies. Future payouts under our LTI 2024 and LTI 2020 will also be dependent on meeting non-market-based performance conditions based on SAP’s long-term strategy. The latter, however, is not incorporated into our fair value calculation but leads to adjustments of the quantity of awards granted. Changes in these factors could significantly affect the estimated fair values as calculated by the valuation model, and the future payout.\n\nUnder the OWN SAP share purchase plan, we grant our employees discounts on share purchases. As those discounts are not dependent on future services to be provided by our employees, the discount is recognized as an expense when the discounts are granted.\n\n**Presentation in the Consolidated Statements of Cash Flows**\n\nWe present the payments of our cash-settled share-based payment plans and our equity-settled share-based payment plans that are fulfilled by share purchases at the market (see Own SAP Plan in section a) of this Note (B.3)) separately in our Consolidated Statements of Cash Flows under Cash flows from operating activities. As a result, the changes in Other assets and in Other liabilities presented in the reconciliation of operating cash flow do not consider share-based payment-related assets or liabilities. Cash flows from share - based payments are offset by payments from the hedging of cash - settled share - based payments. Payments of cash-settled share-based payments triggered by SAP’s 2024 restructuring program are included in the restructuring payments.\n\n​\n\nThe operating expense line items in our income statement include the following share-based payment expenses:\n\nShare-Based Payment Expenses by Functional Area\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\nCost of cloud\n\n​\n\n107\n\n​\n\n138\n\n​\n\n94\n\nCost of software licenses and support\n\n \n\n30\n\n \n\n42\n\n \n\n38\n\nCost of services\n\n \n\n244\n\n \n\n360\n\n \n\n375\n\nResearch and development\n\n \n\n600\n\n \n\n751\n\n \n\n703\n\nSales and marketing\n\n \n\n579\n\n \n\n876\n\n \n\n834\n\nGeneral and administration\n\n \n\n135\n\n \n\n217\n\n \n\n175\n\n**Share-based payment expenses**\n\n** **\n\n**1,695**\n\n** **\n\n**2,385**\n\n** **\n\n**2,220**\n\nthereof equity-settled share-based payments\n\n \n\n1,331\n\n \n\n1,591\n\n \n\n1,414\n\nthereof cash-settled share-based payments\n\n \n\n364\n\n \n\n794\n\n \n\n806\n\n​\n\nAdditionally, in 2024 SAP recognized €309 million in accelerated share-based payment expenses triggered by SAP’s 2024 transformation program. These share-based payment expenses are classified as restructuring expenses in our Consolidated Income Statements. For more information about SAP’s restructuring program, see Note (B.6).\n\nFor more information about SAP’s newly implemented hedge program in 2025 related to its cash-settled share-based compensation payments, see Note (F.1).\n\nF-24\n\n[Table of Contents](#TOC)\n\nOur major share-based payment plans are described below.\n\na)Equity-Settled Share-Based Payments\n\nEquity-Settled Move SAP Plan (Move)\n\nTo retain and engage executives and certain employees, we grant share units under Move that we intend to predominantly settle in shares. For more information about the terms and conditions of the cash-settled Move plan, see section b) Cash-Settled Share-Based Payments in this Note (B.3).\n\nDifferent vesting schedules apply to specific share units. Granted share units will vest in different tranches mainly as follows:\n\n-Restricted Stock Units (RSUs) with service condition only\n\n-Over a three-year period on a quarterly basis after a waiting period of six months, or\n\n-Performance Share Units (PSUs) with service condition and upon achieving certain key performance indicators (KPIs)\n\n-Over a three-year period on a quarterly basis after a waiting period of 12 months.\n\nThe number of PSUs that will vest under the different tranches is mainly contingent upon achievement of two equally weighted KPIs in the year of grant: Operating profit (non-IFRS at constant currencies) and Cloud revenue (at constant currencies). Depending on the weighted average performance, the number of PSUs vesting ranges between 0% and 200% of the number initially granted. Performance against the KPI target was 107.2% in 2025 (2024: 134.5)%.\n\nWe intend to settle the share units classified as equity-settled by reissuing treasury shares upon vesting. For more information, see Note (E.2).\n\nThe valuation was based on the following parameters and assumptions:\n\nFair Value and Parameters Used at Grant Date in 2025\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMove\n\n€, unless otherwise stated\n\n  ​ ​ ​\n\n(2025 tranche)\n\nWeighted average fair value as at grant date\n\n​\n\n**237.67**\n\n**Information how fair value was measured at grant date**\n\n​\n\n​\n\nValuation model used\n\n \n\nOther1\n\nWeighted average share price\n\n​\n\n241.49\n\nWeighted average expected dividend yield (in %)\n\n \n\n0.98\n\nWeighted average initial life at grant date (in years)\n\n \n\n1.6\n\n​\n\n1 For these awards, the fair value is calculated by subtracting expected future dividends until maturity of the respective award from the prevailing share price as at the measurement date.\n\nFair Value and Parameters Used at Grant Date in 2024\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\nMove\n\n€, unless otherwise stated\n\n​\n\n(2024 tranche)\n\nWeighted average fair value as at grant date\n\n** **\n\n**175.09**\n\n**Information how fair value was measured at grant date**\n\n \n\n  ​\n\nValuation model used\n\n \n\nOther1\n\nWeighted average share price\n\n \n\n170.40\n\nWeighted average expected dividend yield (in %)\n\n \n\n1.23\n\nWeighted average initial life at grant date (in years)\n\n \n\n1.7\n\n​\n\n1 For these awards, the fair value is calculated by subtracting expected future dividends until maturity of the respective award from the prevailing share price as at the measurement date.\n\n​\n\nF-25\n\n[Table of Contents](#TOC)\n\n**Changes in Outstanding Awards**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\nMove\n\nThousands, unless otherwise stated\n\n  ​ ​ ​\n\n(2023-2025 tranches)\n\n12/31/2023\n\n​\n\n16,830\n\nGranted2\n\n \n\n6,944\n\nAdjustment based on KPI target achievement\n\n \n\n151\n\nExercised\n\n \n\n-10,193\n\nForfeited\n\n \n\n-392\n\nChange in settlement2\n\n​\n\n-1,149\n\n**12/31/2024**\n\n** **\n\n**12,192**\n\nGranted2\n\n** **\n\n**4,934**\n\nAdjustment based on KPI target achievement\n\n** **\n\n**-16**\n\nExercised\n\n** **\n\n**-8,433**\n\nForfeited\n\n** **\n\n**-269**\n\nChange in settlement2\n\n​\n\n**-671**\n\n**12/31/2025**\n\n** **\n\n**7,737**\n\n​\n\n2 We have changed the classification of some share units granted under the Move plan with the initial intention to settle in shares from equity-settled to cash-settled because a cash outflow became probable, in particular due to the restructuring program. Share units with switched classification are considered in the number of granted share units.\n\nThe weighted average share price for awards exercised in 2025 was €234.93 (2024: €197.14). The weighted average remaining life of awards outstanding as at December 31, 2025, was 0.9 years (December 31, 2024: 0.9 years).\n\n**Own SAP Plan (Own)**\n\nUnder the share purchase plan Own, employees have the opportunity to purchase, on a monthly basis, SAP shares without any required holding period. The investment per each eligible employee is limited to a percentage of the respective employee’s monthly base salary. SAP matches the employee investment by 40% and adds a subsidy of €20 per month for non-executives. To recognize the employees’ contribution to SAP’s success in 2024, SAP’s contribution was temporarily increased from 40% to 100% from October to December 2024. This plan is not open to members of the Executive Board.\n\n**Numbers of Shares Purchased**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMillions\n\n**  ​ ​ ​**\n\n**2025**\n\n  ​ ​ ​\n\n2024\n\n  ​ ​ ​\n\n2023\n\nOwn\n\n \n\n**3.8**\n\n \n\n4.9\n\n \n\n6.5\n\n​\n\nAs a result of Own, we have commitments to grant SAP shares to employees. We have fulfilled and intend to continue to meet these commitments through an agent who administers the equity-settled programs and purchases shares on the open market. The fair value at grant date is determined based on the average share price of €242.71 (2024: €196.90).\n\n**Recognized Expense**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n**  ​ ​ ​**\n\n**2025**\n\n  ​ ​ ​\n\n2024\n\n  ​ ​ ​\n\n2023\n\nMove (2023–2025 tranches)\n\n \n\n1,059\n\n \n\n1,240\n\n \n\n1,175\n\nOwn\n\n \n\n257\n\n \n\n343\n\n \n\n239\n\n​\n\n​\n\nF-26\n\n[Table of Contents](#TOC)\n\nb)Cash-Settled Share-Based Payments\n\nCash-Settled Move SAP Plan (Move) Including Grow SAP Plan\n\nWe also grant share units in certain circumstances under Move representing a contingent right to receive a cash payment that is determined by the SAP share price and the number of share units that ultimately vest. For more information about the terms and conditions of the equity-settled Move plan, see section a) Equity-Settled Share-Based Payments in this Note (B.3).\n\nFrom 2020 to 2023, we granted share units under the Grow SAP Plan that we intend to settle in cash. This fixed term plan has broadly the same terms and conditions as Move and recognizes all employees’ commitment to SAP’s success, and deepens their participation in our future company performance.\n\nDifferent vesting schedules apply to specific share units. Granted share units under the respective plans will vest in different tranches, mainly as follows:\n\n–Restricted Stock Units (RSUs) with service condition only\n\n-Over a three-year period on annual basis,\n\n-Over a three-year period on a quarterly basis after a waiting period of six months, or\n\n–Performance Share Units (PSUs) with service condition and upon achieving certain key performance indicators (KPIs)\n\n-Over a three-year period on a quarterly basis after a waiting period of 12 months.\n\nThe number of PSUs that will vest under the different tranches is mainly contingent upon achievement of two equally weighted KPIs in the year of grant. For more information, see section a) Equity-Settled Share-Based Payments in this Note (B.3).\n\nThe share units classified as cash-settled are paid out in cash upon vesting.\n\nSAP Long-Term Incentive Program 2020 and SAP Long-Term Incentive Program 2024 (LTI 2020 and LTI 2024)\n\nThe LTI 2024 and LTI 2020 are long-term, multiyear performance-based elements of our Executive Board compensation that are granted in annual tranches. The LTI 2024 and LTI 2020 reflect SAP’s long-term strategy and thus set uniform incentives to achieve key targets from the long-term strategic plans. The LTI 2024 and LTI 2020 also serve to reward the Executive Board members for long-term SAP share price performance as compared to the market, thus ensuring that shareholders’ interests are also honored. In addition, the LTI 2024 includes ESG targets to reward the Executive Board members for their achievements in advancing SAP’s long-term sustainability goals, while the LTI 2020 includes a component to ensure long-term retention of our Executive Board members.\n\nThe LTI 2024 and LTI 2020 are virtual share programs under which annual tranches with a term of approximately four years each are granted. When the individual tranches are granted, a certain grant amount specified in the Executive Board member’s service contract is converted into virtual shares (share units). For this purpose, the grant amount is divided by the SAP share price, which corresponds for the LTI 2020 to the average of the SAP share price on the 20 trading days and for the LTI 2024 to the average of the SAP share price on the 10 trading days after scheduled publication of the preliminary results for the financial year (grant price). The share units allocated are composed for the LTI 2024 of 50% Financial Performance Share Units (Financial PSUs), 30% Market Performance Share Units (Market PSUs), and 20% ESG Performance Share Units (ESG PSUs), and for the LTI 2020 of 1/3 Financial Performance Share Units (Financial PSUs), 1/3 Market Performance Share Units (Market PSUs), and 1/3 Retention Share Units. All types of share units have a vesting period of approximately four years. In contrast to Retention Share Units, Financial PSUs, Market PSUs, and ESG PSUs are subject to changes in number. In this context, the following applies:\n\nThe number of Financial PSUs initially awarded is multiplied by a performance factor. The performance factor consists of individual performance indicators relating to non-IFRS KPIs at constant currencies, derived from SAP’s long-term strategy, which for the LTI 2024 are operating profit and total revenue (which replaced cloud revenue and software licenses and support & services revenue for the 2025 tranche). For the LTI 2020, the non-IFRS KPIs are cloud revenue, total revenue, and operating profit. The performance period throughout which the target achievement for these three KPIs is measured starts at the beginning of the financial year in which the Financial PSUs are awarded and concludes upon the end of the second year following the year in which the share units were awarded. A numerical target value equaling 100% target achievement is set for each KPI. This constitutes, in each case, a cumulative value for the three years of the performance period.\n\nThe number of Market PSUs initially awarded is multiplied by a performance factor. The performance factor depends on the amount of the TSR on SAP share, measured for an entire performance period of approximately three years, and ranked in relation to the TSR performance of the companies in the NASDAQ-100 index (Index). If the TSR for the SAP share equals the median, the performance factor will be 1.0. However, if the TSR for the SAP share over the performance period is negative, the maximum performance factor will, in deviation from the summary above, be 1.0.\n\nF-27\n\n[Table of Contents](#TOC)\n\nThe number of ESG PSUs initially awarded is multiplied by a performance factor. The performance factor consists of two individual performance indicators relating to the two non - financial KPIs, derived from SAP’s long-term strategy, which are Climate performance: Net Zero 2030, and People sustainability: Business Health Culture Index (BHCI) (which replaced the Diversity: Women in Executive Roles KPI for the 2025 tranche). The performance period throughout which the target achievement for these two KPIs is measured starts at the beginning of the financial year in which the ESG PSUs are awarded and concludes upon the end of the second year following the year in which the share units were awarded. A numerical target value equaling 100% target achievement is set for each KPI. This constitutes, in each case, a cumulative value for the three years of the performance period.\n\nThe performance of the share units is linked to the performance of the SAP share price, including dividend payments. Accordingly, an amount is paid out for each share unit that equals the then-current SAP share price plus the dividends disbursed in respect of an SAP share in the period from the beginning of the year in which the share units were awarded until the end of the third year following the year in which the share units were awarded. The average SAP share price for the LTI 2024 on the 10 trading days and for the LTI 2020 on the 20 trading days after scheduled publication of the preliminary results for the financial year determines the payout price. The payout amount per share unit, including the dividend amounts due on the share units, is capped at 200% of the grant price. The tranche is cash-settled and paid in euros after the Annual General Meeting of Shareholders of the corresponding year.\n\nIf an Executive Board member’s service contract is terminated before the end of the third year following the year in which the share units were granted, the share units are forfeited in whole or in part, depending on the circumstances in which the member resigns from office or the service contract is terminated.\n\nThe valuation was based on the following parameters and assumptions:\n\nFair Value and Parameters Used at Year End 2025\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​\n\nLTI 2024\n\n  ​ ​\n\nLTI 2020\n\n  ​ ​\n\nMove\n\n​\n\n​\n\n(2024-2025\n\n​\n\n(2022–2023\n\n​\n\n(2022–2025\n\n€, unless otherwise stated\n\n  ​ ​ ​\n\ntranches)\n\n  ​ ​ ​\n\ntranches)\n\n  ​ ​ ​\n\ntranches)\n\n**Weighted average fair value as at 12/31/2025**\n\n​\n\n**209.27**\n\n​\n\n**213.21**\n\n** **\n\n**206.49**\n\n**Information how fair value was measured at measurement date**\n\n \n\n​\n\n​\n\n​\n\n \n\n**  ​**\n\nValuation model used\n\n \n\nMonte Carlo\n\n​\n\nMonte Carlo\n\n​\n\nOther3\n\nShare price\n\n​\n\n208.35\n\n​\n\n208.35\n\n​\n\n208.35\n\nExpected volatility (in %)\n\n \n\n24 to 25\n\n​\n\n19 to 28\n\n​\n\nNA\n\nExpected dividend yield (in %)\n\n \n\nNA\n\n​\n\nNA\n\n​\n\n1.15\n\n**Weighted average remaining life of awards outstanding as at 12/31/2025 (in years)**\n\n** **\n\n**2.6**\n\n​\n\n**0.6**\n\n​\n\n**0.8**\n\n​\n\n3 For these awards, the fair value is calculated by subtracting expected future dividends, if any, until maturity of the respective award from the prevailing share price as at the measurement date.\n\nFair Value and Parameters Used at Year End 2024\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​\n\nLTI 2024\n\n  ​ ​\n\nLTI 2020\n\n  ​ ​\n\nMove\n\n​\n\n​\n\n(2024\n\n​\n\n(2021-2023\n\n​\n\n(2021-2024\n\n€, unless otherwise stated\n\n  ​ ​ ​\n\ntranche)\n\n  ​ ​ ​\n\ntranches)\n\n  ​ ​ ​\n\ntranches)\n\n**Weighted average fair value as at 12/31/2024**\n\n​\n\n**248.23**\n\n​\n\n**222.26**\n\n** **\n\n**234.51**\n\n**Information how fair value was measured at measurement date**\n\n \n\n​\n\n​\n\n​\n\n \n\n**  ​**\n\nValuation model used\n\n \n\nMonte Carlo\n\n​\n\nMonte Carlo\n\n​\n\nOther3\n\nShare price\n\n​\n\n236.30\n\n​\n\n236.30\n\n​\n\n236.30\n\nExpected volatility (in %)\n\n \n\n23\n\n​\n\n20 to 22\n\n​\n\nNA\n\nExpected dividend yield (in %)\n\n \n\nNA\n\n​\n\nNA\n\n​\n\n0.91\n\n**Weighted average remaining life of awards outstanding as at 12/31/2024 (in years)**\n\n \n\n**3.2**\n\n​\n\n**1.0**\n\n​\n\n**0.8**\n\n​\n\n3 For these awards, the fair value is calculated by subtracting expected future dividends, if any, until maturity of the respective award from the prevailing share price as at the measurement date.\n\nF-28\n\n[Table of Contents](#TOC)\n\nFor the LTI 2020 valuation, the expected volatility of the NASDAQ-100 companies of 36% (2024: 31% ), and the expected correlation of SAP and the NASDAQ-100 companies of 9% (2024: 16% to 21%) are based on historical TSR data for SAP and the NASDAQ-100 companies. For the LTI 2024 valuation, the expected volatility of the NASDAQ-100 companies of 32% (2024: 34%), and the expected correlation of SAP and the NASDAQ-100 companies of 12% to 18% (2024: 25%), are based on historical TSR data for SAP and the NASDAQ-100 companies. The NASDAQ-100 Total Return Index on December 31, 2025, was US$30,711.49 (2024: US$25,376.22).\n\nThe SAP dividend yield is based on expected future dividends.\n\nChanges in Outstanding Awards\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\nLTI 2024\n\n  ​ ​ ​\n\nLTI 2020\n\n  ​ ​ ​\n\nMove\n\n​\n\n​\n\n(2024-2025\n\n​\n\n(2021–2023\n\n​\n\n(2021–2025\n\nThousands, unless otherwise stated\n\n​\n\ntranches)\n\n​\n\ntranches)\n\n​\n\ntranches)\n\n12/31/2023\n\n \n\nNA\n\n \n\n605\n\n \n\n6,672\n\nGranted4\n\n \n\n126\n\n \n\n0\n\n \n\n823\n\nAdjustment based upon KPI target achievement\n\n \n\n0\n\n \n\n41\n\n \n\n15\n\nExercised\n\n \n\n0\n\n \n\n-72\n\n \n\n-6,333\n\nForfeited\n\n​\n\n-37\n\n​\n\n-74\n\n​\n\n-126\n\nChange in settlement4\n\n \n\nNA\n\n \n\nNA\n\n \n\n1,149\n\n**12/31/2024**\n\n** **\n\n**89**\n\n** **\n\n**501**\n\n** **\n\n**2,200**\n\nGranted4\n\n \n\n60\n\n \n\n0\n\n \n\n587\n\nAdjustment based upon KPI target achievement\n\n \n\n0\n\n \n\n27\n\n \n\n20\n\nExercised\n\n \n\n0\n\n \n\n-217\n\n \n\n-2,334\n\nForfeited\n\n​\n\n0\n\n​\n\n0\n\n​\n\n-81\n\nChange in settlement4\n\n \n\nNA\n\n \n\nNA\n\n \n\n671\n\n**12/31/2025**\n\n** **\n\n**149**\n\n** **\n\n**311**\n\n** **\n\n**1,063**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Total carrying amount (in € millions) of liabilities as at**\n\n** **\n\n​\n\n** **\n\n​\n\n** **\n\n​\n\n12/31/2024\n\n \n\n7\n\n \n\n98\n\n \n\n343\n\n**12/31/2025**\n\n** **\n\n**15**\n\n** **\n\n**63**\n\n** **\n\n**149**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Total intrinsic value of vested awards (in € millions) as at**\n\n** **\n\n​\n\n** **\n\n​\n\n** **\n\n​\n\n12/31/2024\n\n \n\n2\n\n \n\n57\n\n \n\n0\n\n**12/31/2025**\n\n \n\n**2**\n\n​\n\n**45**\n\n​\n\n**0**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Weighted average share price (in €) for awards exercised in**\n\n** **\n\n​\n\n** **\n\n​\n\n** **\n\n​\n\n2024\n\n \n\nNA\n\n \n\n172.16\n\n \n\n181.68\n\n**2025**\n\n** **\n\n**NA**\n\n** **\n\n**212.81**\n\n** **\n\n**255.17**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Total expense (in € millions) recognized in**\n\n** **\n\n​\n\n** **\n\n​\n\n** **\n\n​\n\n2023\n\n \n\nNA\n\n \n\n36\n\n \n\n764\n\n2024\n\n \n\n7\n\n \n\n51\n\n \n\n729\n\n**2025**\n\n** **\n\n**8**\n\n** **\n\n**11**\n\n** **\n\n**344**\n\n​\n\n4 We have changed the classification of some share units granted under the Move plan with the initial intention to settle in shares from equity-settled to cash-settled because a cash outflow became probable, in particular due to the restructuring program.\n\nF-29\n\n[Table of Contents](#TOC)\n\nShare-Based Payment Balances\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n2024\n\n€ millions\n\n**  ​ ​ ​**\n\n**Current**\n\n**  ​ ​ ​**\n\n**Non-Current**\n\n**  ​ ​ ​**\n\n**Total**\n\n**  ​ ​ ​**\n\nCurrent\n\n**  ​ ​ ​**\n\nNon-Current\n\n**  ​ ​ ​**\n\nTotal\n\n**Share-based payment liabilities**\n\n** **\n\n**162**\n\n​\n\n**74**\n\n​\n\n**235**\n\n** **\n\n**303**\n\n​\n\n**151**\n\n​\n\n**453**\n\n/ Other non-financial liabilities\n\n​\n\n4,849\n\n​\n\n524\n\n​\n\n5,373\n\n​\n\n5,537\n\n​\n\n749\n\n​\n\n6,286\n\nShare-based payment liabilities as % of / Other non-financial liabilities\n\n​\n\n3\n\n​\n\n14\n\n​\n\n4\n\n​\n\n5\n\n​\n\n20\n\n​\n\n7\n\n​\n\n​\n\n​\n\nF-30\n\n[Table of Contents](#TOC)\n\n**(B.4) Pension Plans and Similar Obligations**\n\n**y********Defined Contribution Plans**\n\nAmounts for domestic and foreign defined contribution plans are based on a percentage of the employees’ salaries or on the amount of contributions made by employees. In Germany and some other countries, we make contributions to public pension schemes that are operated by national or local government or similar institutions. Expenses for such local state pension plans are recognized as short-term employee benefits, that is, social security expenses.\n\n**y********Defined Benefit Pension Plans**\n\nThe discount rates used in measuring our post-employment benefit assets and liabilities are derived from rates available on high-quality corporate bonds and government bonds for which the timing and amounts of payments match the timing and the amounts of our projected pension payments. Net interest expense and other expenses related to defined benefit plans are recognized as employee benefits expenses and classified in our Consolidated Income Statements according to the activities that the employees owning the awards perform. Since our domestic defined benefit pension plans primarily consist of an employee-financed post-retirement plan that is fully financed with qualifying insurance policies, current service cost may become a credit as a result of adjusting the defined benefit liability’s carrying amount to the fair value of the qualifying plan assets. Such adjustments are recorded in service cost. Total expenses on defined benefit pension plans comprise related current and past service costs as well as interest income and expense.\n\n​\n\nTotal Expense of Pension Plans\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n2024\n\n  ​ ​ ​\n\n2023\n\nDefined contribution plans\n\n \n\n396\n\n \n\n396\n\n \n\n381\n\nDefined benefit pension plans\n\n \n\n99\n\n \n\n39\n\n \n\n57\n\n**Pension expenses**\n\n \n\n**495**\n\n \n\n**435**\n\n \n\n**438**\n\n​\n\nDefined Benefit Plans\n\n**Present Value of the Defined Benefit Obligations (DBO) and the Fair Value of the Plan Assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther Foreign Post-\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDomestic Plans\n\n​\n\nForeign Plans\n\n​\n\nEmployment Plans\n\n​\n\nTotal\n\n€ millions\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**Present value of the DBO**\n\n** **\n\n**1,229**\n\n** **\n\n1,204\n\n** **\n\n**796**\n\n** **\n\n752\n\n** **\n\n**333**\n\n** **\n\n285\n\n** **\n\n**2,358**\n\n** **\n\n2,241\n\n**Fair value of the plan assets**\n\n** **\n\n**1,238**\n\n** **\n\n1,209\n\n** **\n\n**781**\n\n** **\n\n707\n\n** **\n\n**162**\n\n** **\n\n124\n\n** **\n\n**2,181**\n\n** **\n\n2,040\n\n**Net defined benefit liability (asset)**1\n\n** **\n\n**0**\n\n** **\n\n0\n\n** **\n\n**59**\n\n** **\n\n61\n\n** **\n\n**171**\n\n** **\n\n161\n\n** **\n\n**230**\n\n** **\n\n222\n\nthereof: Net defined benefit asset\n\n​\n\n0\n\n​\n\n0\n\n​\n\n**-19**\n\n​\n\n-18\n\n​\n\n**0**\n\n​\n\n-1\n\n​\n\n**-19**\n\n​\n\n-19\n\nNet defined benefit liability\n\n​\n\n0\n\n​\n\n0\n\n​\n\n**78**\n\n​\n\n79\n\n​\n\n**171**\n\n​\n\n162\n\n​\n\n**249**\n\n​\n\n241\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet defined benefit asset as % of / Non-current other financial assets\n\n** **\n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n​\n\n0\n\n \n\n0\n\n \n\n0\n\nNet defined benefit liability as % of / Non-current provisions\n\n​\n\n0\n\n​\n\n0\n\n​\n\n14\n\n​\n\n16\n\n​\n\n31\n\n​\n\n33\n\n​\n\n45\n\n​\n\n49\n\n​\n\n¹ after the effects of the asset ceiling\n\nOf the present value of the DBO of our domestic plans, €1,179 million (2024: €1,150 million) relates to plans that provide for lump-sum payments not based on final salary; of the present value of the DBO of our foreign plans, €638 million (2024: €597 million) relates to plans that provide for annuity payments not based on final salary.\n\nF-31\n\n[Table of Contents](#TOC)\n\nThe following significant weighted average assumptions were used for the actuarial valuation of our domestic and foreign pension liabilities as well as other post-employment benefit obligations as at the respective measurement date:\n\nSignificant Actuarial Assumptions\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDomestic Plans\n\n​\n\nForeign Plans\n\n​\n\nOther Foreign Post-Employment Plans\n\nPercent\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\nDiscount rate\n\n \n\n3.9\n\n \n\n3.4\n\n \n\n3.5\n\n \n\n1.9\n\n \n\n1.5\n\n \n\n2.0\n\n \n\n5.7\n\n \n\n5.3\n\n \n\n5.3\n\n​\n\nThe sensitivity analysis table below shows how the present value of all defined benefit obligations would have been influenced by reasonably possible changes to significant actuarial assumptions. The sensitivity analysis considers change in discount rate assumptions, holding all other actuarial assumptions constant.\n\nSensitivity Analysis\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDomestic Plans\n\n​\n\nForeign Plans\n\n​\n\nOther Foreign Post-Employment Plans\n\n​\n\nTotal\n\n€ millions\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\n**Present value of all defined benefit obligations if:**\n\n** **\n\n​\n\n​\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n​\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n​\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n​\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\nDiscount rate was 50 basis points higher\n\n \n\n1,184\n\n​\n\n1,156\n\n​\n\n1,015\n\n \n\n753\n\n \n\n710\n\n \n\n649\n\n \n\n313\n\n \n\n271\n\n \n\n247\n\n \n\n2,250\n\n \n\n2,137\n\n \n\n1,911\n\nDiscount rate was 50 basis points lower\n\n \n\n1,278\n\n​\n\n1,256\n\n​\n\n1,108\n\n \n\n843\n\n \n\n798\n\n \n\n727\n\n \n\n338\n\n \n\n292\n\n \n\n266\n\n \n\n2,459\n\n \n\n2,346\n\n \n\n2,101\n\n​\n\nInvestments in Plan Assets\n\nOur investment strategy on domestic benefit plans is to invest all contributions in stable insurance policies.\n\nOur investment strategies for foreign benefit plans vary according to the conditions in the country in which the respective benefit plans are situated. We have adopted a long-term investment horizon for all major foreign benefit plans. Although our policy is to invest in a risk-diversified portfolio consisting of a mix of assets, both the defined benefit obligation and plan assets can fluctuate over time, which exposes the Group to actuarial and market (investment) risks. Depending on the statutory requirements in each country, it might be necessary to reduce any underfunding by addition of liquid assets.\n\nPlan Asset Allocation\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n2024\n\n​\n\n**  ​ ​ ​**\n\n**Quoted in an**\n\n**  ​ ​ ​**\n\n**Not Quoted in an**\n\n**  ​ ​ ​**\n\nQuoted in an\n\n**  ​ ​ ​**\n\nNot Quoted in an\n\n€ millions\n\n​\n\n**Active Market**\n\n​\n\n**Active Market**\n\n​\n\nActive Market\n\n​\n\nActive Market\n\n**Total plan assets**\n\n** **\n\n**781**\n\n** **\n\n**1,400**\n\n** **\n\n**701**\n\n** **\n\n**1,338**\n\nthereof: Asset category\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nEquity investments\n\n \n\n285\n\n \n\n0\n\n \n\n220\n\n \n\n0\n\nCorporate bonds\n\n \n\n199\n\n \n\n0\n\n \n\n240\n\n \n\n0\n\nInsurance policies\n\n \n\n11\n\n \n\n1,400\n\n \n\n10\n\n \n\n1,337\n\n​\n\nOur expected contribution in 2026 to our domestic and foreign defined benefit pension plans is immaterial. The weighted duration of our defined benefit plans amounted to nine years as at December 31, 2025, and 10 years as at December 31, 2024.\n\nTotal future benefit payments from our defined benefit plans as at December 31, 2025, are expected to be €3,059 million (2024: €2,803 million). Of this amount, 72% (2024: 73%) have maturities of over five years, and 57% (2024: 58%) relate to domestic plans.\n\nF-32\n\n[Table of Contents](#TOC)\n\n**(B.5) Other Employee-Related Obligations**\n\n**y********Accounting Policy**\n\nAs far as the obligation for long-term employee benefits is secured by pledged reinsurance coverage, it is offset with the relating plan asset.\n\n​\n\nOther Employee-Related Liabilities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n2024\n\n€ millions\n\n**  ​ ​ ​**\n\n**Current**\n\n**  ​ ​ ​**\n\n**Non-Current**\n\n**  ​ ​ ​**\n\n**Total**\n\n**  ​ ​ ​**\n\nCurrent\n\n**  ​ ​ ​**\n\nNon-Current\n\n**  ​ ​ ​**\n\nTotal\n\n**Other employee-related liabilities**\n\n** **\n\n**3,753**\n\n** **\n\n**450**\n\n** **\n\n**4,204**\n\n** **\n\n**4,208**\n\n** **\n\n**598**\n\n** **\n\n**4,806**\n\n/ Other non-financial liabilities\n\n​\n\n4,849\n\n​\n\n524\n\n​\n\n5,373\n\n​\n\n5,537\n\n​\n\n749\n\n​\n\n6,286\n\nOther employee-related liabilities as % of / Other non-financial liabilities\n\n \n\n77\n\n \n\n86\n\n \n\n78\n\n \n\n76\n\n \n\n80\n\n \n\n76\n\n​\n\nOther employee-related liabilities mainly relate to obligations from bonuses and sales commissions, outstanding vacation, time credits accumulated in the working time account, employee-related social security expenses and deferred compensation liabilities. The decrease is mainly attributable to lower obligations for bonuses and for share-based payments.\n\n**(B.6) Restructuring**\n\n**y********Recognition of Restructuring Provisions**\n\n​\n\n​\n\nWe only recognize provisions for restructuring if and when the following occurs:\n\n-   SAP has designed a program that materially changes the scope of one of our businesses or the manner in which the business is conducted, and\n\n-   A detailed and documented restructuring plan has been approved by our Executive Board, a member thereof, or a direct report of an Executive Board member, and\n\n-   The program established is planned to start shortly after the program plan is approved and is expected to be completed in a timeframe that makes significant changes to the plan unlikely, and\n\n-   The program has been announced to the parties affected or has commenced.\n\nWe consider whether a change in business is material based on the business affected rather than for SAP as a whole. In judging whether a unit qualifies as a business for restructuring purposes, we consider if the unit has its own management team, has access to all inputs and processes necessary to provide outputs, and generates or could generate revenues. The materiality of a change to a business is assessed based on both the size and the nature of the change and therefore does not necessarily involve a material quantitative impact on our financial statements.\n\n​\n\nRestructuring Expenses\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\nEmployee-related restructuring expenses\n\n \n\n-3\n\n \n\n-3,143\n\n​\n\n-222\n\nOnerous contract-related restructuring expenses and restructuring-related impairment losses\n\n \n\n0\n\n \n\n-2\n\n \n\n8\n\n******Restructuring expenses**\n\n** **\n\n**-3**\n\n** **\n\n**-3,144**\n\n** **\n\n**-215**\n\n​\n\nThe increase in 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 business AI. The 2024 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 execution of the program concluded as planned at the beginning of 2025, with most of the affected employees having left the Company in 2024 and throughout the first half of 2025.\n\nF-33\n\n[Table of Contents](#TOC)\n\nMost of the expenses related to the restructuring program were recognized in 2024. Overall expenses associated with the program were approximately €3.2 billion and mainly included employee-related benefits such as severance payments and accelerated share-based payment expenses related to the restructuring program. Restructuring payouts totaled €2.5 billion for the full year 2024 and €0.8 billion in 2025.\n\nTermination benefits related to SAP’s 2025 workforce optimization program were not presented as restructuring expenses (for more information, see Note (B.2)).\n\nIf not presented separately in our income statement, restructuring expenses would have been classified in the different expense items in our income statement as follows:\n\nRestructuring Expenses by Functional Area\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\nCost of cloud\n\n​\n\n1\n\n​\n\n-95\n\n​\n\n7\n\nCost of software licenses and support\n\n \n\n5\n\n \n\n-85\n\n \n\n-8\n\nCost of services\n\n \n\n8\n\n \n\n-566\n\n \n\n-31\n\nResearch and development\n\n \n\n17\n\n \n\n-1,197\n\n \n\n-42\n\nSales and marketing\n\n \n\n-19\n\n \n\n-1,043\n\n \n\n-121\n\nGeneral and administration\n\n​\n\n-16\n\n​\n\n-158\n\n​\n\n-19\n\n**Restructuring expenses**\n\n​\n\n**-3**\n\n​\n\n**-3,144**\n\n​\n\n**-215**\n\n​\n\n​\n\n​\n\n​\n\nF-34\n\n[Table of Contents](#TOC)\n\n**Section C — Financial Results**\n\nThis 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. This includes, but is not limited to, segment results, income taxes, and earnings per share.\n\n**(C.1) Results of Segments**\n\nGeneral Information\n\nIn 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. SAP therefore revised its segment structure in the first quarter of 2025.\n\nAt year end 2025, SAP had two operating segments: the Applications, Technology & Support (ATS) segment and the Core Services segment:\n\n-The **ATS segment** represents SAP’s cohesive product portfolio, which is holistically steered and commercialized. The segment primarily generates revenue from cloud subscriptions and support offerings, and incurs costs for operating our cloud solutions and customer support. The revenue and cost for services arise from SAP’s training business, which is highly integrated with SAP’s product portfolio.\n\n-The **Core Services segment** supports SAP’s product portfolio by enabling customers to 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.\n\nThe segment information for comparative prior periods was restated to conform with the new segment composition.\n\n**y****Segment Reporting Policies**\n\n​\n\nOur 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.\n\nThe segment structure is derived from the organizational structure, with parts of the organization engaging in diverse activities that incur expenses across different cost classifications. For example, various teams within the organizational structure of the Core Services segment incur costs for activities that generate cloud and software support revenue. However, for the segment structure, they are allocated within the Core Services segment.\n\nOur 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. Therefore, the 2025 constant currency amounts are only comparable to 2024 actual currency amounts; similarly, the 2024 constant currency amounts are only comparable to 2023 actual currency amounts.\n\nWe 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:\n\nThe segment expense measures exclude the following:\n\n-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 development) as well as settlements of pre-existing business relationships in connection with a business combination, and acquisition-related third-party expenses\n\n-Restructuring expenses\n\n-Regulatory compliance matter expenses\n\n-Expenses related to the litigation with Teradata\n\nSAP 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.\n\nInformation about our assets and liabilities by segment and cashflow by segment is not regularly provided to our CODM.\n\n​\n\n​\n\nF-35\n\n[Table of Contents](#TOC)\n\nResults of Segments\n\n​\n\nApplications, Technology & Support\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n2024\n\n​\n\n2023\n\n€ millions\n\n​\n\n**Actual**\n\n​\n\n**Constant**\n\n​\n\nActual\n\n​\n\nConstant\n\n​\n\nActual\n\n(non-IFRS)\n\n**  ​ ​ ​**\n\n**Currency**\n\n**  ​ ​ ​**\n\n**Currency**\n\n**  ​ ​ ​**\n\nCurrency\n\n**  ​ ​ ​**\n\nCurrency\n\n**  ​ ​ ​**\n\nCurrency\n\nCloud\n\n​\n\n21,023\n\n​\n\n21,661\n\n​\n\n17,141\n\n​\n\n17,212\n\n​\n\n13,664\n\nSoftware licenses\n\n​\n\n990\n\n​\n\n1,020\n\n​\n\n1,399\n\n​\n\n1,400\n\n​\n\n1,764\n\nSoftware support\n\n​\n\n10,525\n\n​\n\n10,754\n\n​\n\n11,290\n\n​\n\n11,343\n\n​\n\n11,496\n\nSoftware licenses and support\n\n​\n\n11,515\n\n​\n\n11,774\n\n​\n\n12,689\n\n​\n\n12,743\n\n​\n\n13,260\n\nCloud and software\n\n​\n\n32,538\n\n​\n\n33,435\n\n​\n\n29,829\n\n​\n\n29,955\n\n​\n\n26,924\n\nServices\n\n​\n\n309\n\n​\n\n316\n\n​\n\n418\n\n​\n\n415\n\n​\n\n435\n\n**Total segment revenue**\n\n​\n\n**32,847**\n\n​\n\n**33,751**\n\n​\n\n**30,248**\n\n​\n\n**30,370**\n\n​\n\n**27,359**\n\nCost of cloud\n\n \n\n-5,084\n\n \n\n-5,276\n\n \n\n-4,446\n\n \n\n-4,460\n\n \n\n-3,692\n\nCost of software licenses and support\n\n \n\n-1,109\n\n \n\n-1,143\n\n \n\n-1,169\n\n \n\n-1,174\n\n \n\n-1,259\n\nCost of cloud and software\n\n \n\n-6,193\n\n \n\n-6,419\n\n \n\n-5,615\n\n \n\n-5,634\n\n \n\n-4,951\n\nCost of services\n\n \n\n-349\n\n \n\n-357\n\n \n\n-385\n\n \n\n-380\n\n \n\n-405\n\n**Total cost of revenue**\n\n** **\n\n**-6,542**\n\n** **\n\n**-6,775**\n\n** **\n\n**-6,000**\n\n** **\n\n**-6,014**\n\n** **\n\n**-5,356**\n\n**Segment gross profit**\n\n** **\n\n**26,305**\n\n** **\n\n**26,976**\n\n** **\n\n**24,248**\n\n** **\n\n**24,356**\n\n** **\n\n**22,003**\n\nOther segment expenses\n\n \n\n-12,959\n\n \n\n-13,328\n\n \n\n-12,995\n\n \n\n-13,027\n\n \n\n-12,493\n\n**Segment profit (loss)**\n\n** **\n\n**13,345**\n\n** **\n\n**13,647**\n\n** **\n\n**11,253**\n\n** **\n\n**11,329**\n\n** **\n\n**9,510**\n\n​\n\nThe expenses for depreciation and amortization decreased 6% (4% at constant currencies), from 732 million in 2024 to €689 million in 2025.\n\nCore Services\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n2024\n\n​\n\n2023\n\n€ millions\n\n​\n\n**Actual**\n\n​\n\n**Constant**\n\n​\n\nActual\n\n​\n\nConstant\n\n​\n\nActual\n\n(non-IFRS)\n\n**  ​ ​ ​**\n\n**Currency**\n\n**  ​ ​ ​**\n\n**Currency**\n\n**  ​ ​ ​**\n\nCurrency\n\n**  ​ ​ ​**\n\nCurrency\n\n**  ​ ​ ​**\n\nCurrency\n\nServices\n\n​\n\n3,953\n\n​\n\n4,053\n\n​\n\n3,927\n\n​\n\n3,940\n\n​\n\n3,848\n\n**Total segment revenue**\n\n​\n\n**3,953**\n\n​\n\n**4,053**\n\n​\n\n**3,927**\n\n​\n\n**3,940**\n\n​\n\n**3,848**\n\nCost of cloud\n\n​\n\n-120\n\n​\n\n-124\n\n​\n\n-108\n\n​\n\n-109\n\n​\n\n-131\n\nCost of software licenses and support\n\n \n\n-39\n\n \n\n-40\n\n \n\n-49\n\n \n\n-49\n\n \n\n-49\n\nCost of cloud and software\n\n \n\n-159\n\n \n\n-164\n\n \n\n-158\n\n \n\n-159\n\n \n\n-180\n\nCost of services\n\n \n\n-2,773\n\n \n\n-2,843\n\n \n\n-2,850\n\n \n\n-2,864\n\n \n\n-2,814\n\n**Total cost of revenue**\n\n** **\n\n**-2,932**\n\n** **\n\n**-3,007**\n\n** **\n\n**-3,008**\n\n** **\n\n**-3,023**\n\n** **\n\n**-2,995**\n\n**Segment gross profit**\n\n** **\n\n**1,021**\n\n** **\n\n**1,046**\n\n** **\n\n**920**\n\n** **\n\n**918**\n\n** **\n\n**853**\n\nOther segment expenses\n\n \n\n-590\n\n \n\n-605\n\n \n\n-637\n\n \n\n-638\n\n \n\n-604\n\n**Segment profit (loss)**\n\n** **\n\n**432**\n\n** **\n\n**440**\n\n** **\n\n**283**\n\n** **\n\n**280**\n\n** **\n\n**249**\n\n​\n\nThe expenses for depreciation and amortization decreased 2% (1% at constant currencies), from €105 million in 2024 to €103 million in 2025.\n\nF-36\n\n[Table of Contents](#TOC)\n\nSegment Revenue by Region\n\nThe amounts for revenue by region in the following tables are based on the location of customers.\n\nApplications, Technology & Support\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n  ​ ​ ​\n\n2024\n\n  ​ ​ ​\n\n2023\n\n​\n\n​\n\n**Actual**\n\n​\n\n**Constant**\n\n​\n\nActual\n\n​\n\nConstant\n\n​\n\nActual\n\n€ millions\n\n**  ​ ​ ​**\n\n**Currency**\n\n**  ​ ​ ​**\n\n**Currency**\n\n**  ​ ​ ​**\n\nCurrency\n\n**  ​ ​ ​**\n\nCurrency\n\n**  ​ ​ ​**\n\nCurrency\n\nGermany\n\n \n\n5,081\n\n \n\n5,084\n\n \n\n4,635\n\n \n\n4,635\n\n \n\n4,176\n\nRest of EMEA\n\n \n\n10,103\n\n \n\n10,178\n\n \n\n9,119\n\n \n\n9,054\n\n \n\n8,089\n\n**EMEA**\n\n** **\n\n**15,185**\n\n** **\n\n**15,263**\n\n** **\n\n**13,754**\n\n** **\n\n**13,689**\n\n** **\n\n**12,266**\n\nUnited States\n\n \n\n10,127\n\n \n\n10,556\n\n \n\n9,621\n\n \n\n9,620\n\n \n\n8,823\n\nRest of Americas\n\n \n\n2,701\n\n \n\n2,867\n\n \n\n2,481\n\n \n\n2,539\n\n \n\n2,260\n\n**Americas**\n\n** **\n\n**12,828**\n\n** **\n\n**13,423**\n\n** **\n\n**12,102**\n\n** **\n\n**12,160**\n\n** **\n\n**11,082**\n\nJapan\n\n \n\n1,414\n\n \n\n1,459\n\n \n\n1,250\n\n \n\n1,337\n\n \n\n1,079\n\nRest of APJ\n\n \n\n3,421\n\n \n\n3,606\n\n \n\n3,141\n\n \n\n3,184\n\n \n\n2,932\n\n**APJ**\n\n** **\n\n**4,834**\n\n** **\n\n**5,066**\n\n** **\n\n**4,392**\n\n** **\n\n**4,521**\n\n** **\n\n**4,011**\n\n**Segment revenue**\n\n** **\n\n**32,847**\n\n** **\n\n**33,751**\n\n** **\n\n**30,248**\n\n** **\n\n**30,370**\n\n** **\n\n**27,359**\n\n​\n\nCore Services\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n  ​ ​ ​\n\n2024\n\n  ​ ​ ​\n\n2023\n\n​\n\n​\n\n**Actual**\n\n​\n\n**Constant**\n\n​\n\nActual\n\n​\n\nConstant\n\n​\n\nActual\n\n€ millions\n\n  ​ ​ ​\n\n**Currency**\n\n**  ​ ​ ​**\n\n**Currency**\n\n**  ​ ​ ​**\n\nCurrency\n\n**  ​ ​ ​**\n\nCurrency\n\n**  ​ ​ ​**\n\nCurrency\n\nGermany\n\n \n\n747\n\n \n\n745\n\n \n\n732\n\n \n\n735\n\n \n\n742\n\nRest of EMEA\n\n \n\n1,093\n\n \n\n1,101\n\n \n\n1,077\n\n \n\n1,070\n\n \n\n995\n\n**EMEA**\n\n** **\n\n**1,840**\n\n** **\n\n**1,845**\n\n** **\n\n**1,809**\n\n** **\n\n**1,805**\n\n** **\n\n**1,737**\n\nUnited States\n\n \n\n1,410\n\n \n\n1,468\n\n \n\n1,424\n\n \n\n1,425\n\n \n\n1,387\n\nRest of Americas\n\n \n\n261\n\n \n\n278\n\n \n\n278\n\n \n\n279\n\n \n\n295\n\n**Americas**\n\n** **\n\n**1,671**\n\n** **\n\n**1,745**\n\n** **\n\n**1,701**\n\n** **\n\n**1,704**\n\n** **\n\n**1,682**\n\nJapan\n\n \n\n155\n\n \n\n160\n\n \n\n147\n\n \n\n158\n\n \n\n163\n\nRest of APJ\n\n \n\n286\n\n \n\n302\n\n \n\n270\n\n \n\n273\n\n \n\n265\n\n**APJ**\n\n** **\n\n**442**\n\n** **\n\n**462**\n\n** **\n\n**417**\n\n** **\n\n**431**\n\n** **\n\n**428**\n\n**Segment revenue**\n\n** **\n\n**3,953**\n\n** **\n\n**4,053**\n\n** **\n\n**3,927**\n\n** **\n\n**3,940**\n\n** **\n\n**3,848**\n\n​\n\n​\n\n​\n\nF-37\n\n[Table of Contents](#TOC)\n\n**(C.2) Reconciliation of Segment Measures to the Consolidated Income Statement****s**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n2024\n\n​\n\n2023\n\n​\n\n​\n\n**Actual**\n\n​\n\n**Constant**\n\n​\n\nActual\n\n​\n\nConstant\n\n​\n\nActual\n\n€ millions\n\n**  ​ ​ ​**\n\n**Currency**\n\n**  ​ ​ ​**\n\n**Currency**\n\n**  ​ ​ ​**\n\nCurrency\n\n**  ​ ​ ​**\n\nCurrency\n\n**  ​ ​ ​**\n\nCurrency\n\nTotal revenue for ATS segment\n\n​\n\n32,847\n\n​\n\n33,751\n\n​\n\n30,248\n\n​\n\n30,370\n\n​\n\n27,359\n\nTotal revenue for Core Services segment\n\n​\n\n3,953\n\n​\n\n4,053\n\n​\n\n3,927\n\n​\n\n3,940\n\n​\n\n3,848\n\n**Total segment revenue**\n\n​\n\n**36,800**\n\n​\n\n**37,804**\n\n​\n\n**34,175**\n\n​\n\n**34,310**\n\n​\n\n**31,207**\n\nAdjustment for currency impact\n\n​\n\n0\n\n​\n\n-1,004\n\n​\n\n0\n\n​\n\n-135\n\n​\n\n0\n\n **Total revenue**\n\n​\n\n**36,800**\n\n​\n\n**36,800**\n\n​\n\n**34,175**\n\n​\n\n**34,175**\n\n​\n\n**31,207**\n\nTotal profit for ATS segment\n\n​\n\n13,345\n\n​\n\n13,647\n\n​\n\n11,253\n\n​\n\n11,329\n\n​\n\n9,510\n\nTotal profit for Core Services segment\n\n​\n\n432\n\n​\n\n440\n\n​\n\n283\n\n​\n\n280\n\n​\n\n249\n\n**Total segment profit**\n\n​\n\n**13,777**\n\n​\n\n**14,088**\n\n​\n\n**11,536**\n\n​\n\n**11,609**\n\n​\n\n**9,759**\n\nAdjustment for currency impact\n\n​\n\n0\n\n​\n\n-242\n\n​\n\n0\n\n \n\n-78\n\n \n\n0\n\nOther expenses\n\n​\n\n-3,358\n\n​\n\n-3,427\n\n​\n\n-3,383\n\n​\n\n-3,378\n\n​\n\n-3,245\n\nAdjustment for\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAcquisition-related charges\n\n​\n\n-411\n\n​\n\n-411\n\n​\n\n-356\n\n \n\n-356\n\n \n\n-345\n\n Restructuring\n\n​\n\n-3\n\n​\n\n-3\n\n​\n\n-3,144\n\n \n\n-3,144\n\n \n\n-215\n\nRegulatory compliance matter expenses\n\n​\n\n0\n\n​\n\n0\n\n​\n\n11\n\n​\n\n11\n\n​\n\n-155\n\nTeradata litigation expenses\n\n​\n\n-387\n\n​\n\n-387\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n **Operating profit**\n\n​\n\n**9,617**\n\n​\n\n**9,617**\n\n​\n\n**4,665**\n\n​\n\n**4,665**\n\n​\n\n**5,799**\n\n Other non-operating income/expense, net\n\n​\n\n118\n\n​\n\n118\n\n​\n\n-298\n\n​\n\n-298\n\n​\n\n-3\n\nFinancial income, net\n\n​\n\n-230\n\n​\n\n-230\n\n​\n\n-63\n\n​\n\n-63\n\n​\n\n-311\n\nAdjustment for gains and losses from equity securities, net\n\n​\n\n764\n\n​\n\n764\n\n​\n\n461\n\n​\n\n461\n\n​\n\n-145\n\n **Profit before tax**\n\n​\n\n**10,270**\n\n​\n\n**10,270**\n\n​\n\n**4,764**\n\n​\n\n**4,764**\n\n​\n\n**5,341**\n\n​\n\n​\n\n​\n\n**(C.3) Other Non-Operating Income/Expense, Net**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\nForeign currency exchange gain/loss, net\n\n \n\n141\n\n \n\n-246\n\n \n\n46\n\nMiscellaneous income/expense, net\n\n \n\n-23\n\n \n\n-52\n\n \n\n-48\n\n**Other non-operating income/expense, net**\n\n** **\n\n**118**\n\n** **\n\n**-298**\n\n** **\n\n**-3**\n\n​\n\nThe movement in Other non-operating income/expense is mainly driven by changes in foreign exchange rates.\n\nFor more information about net gains or losses on financial instruments by IFRS 9 measurement category, see Note (F.2).\n\n​\n\n​\n\nF-38\n\n[Table of Contents](#TOC)\n\n**(C.4) Financial Income, Net**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\n**Finance income**\n\n** **\n\n**1,911**\n\n** **\n\n**1,429**\n\n** **\n\n**857**\n\nthereof gains from disposals and fair value adjustments of equity securities\n\n \n\n1,389\n\n \n\n778\n\n \n\n381\n\nthereof interest income\n\n​\n\n428\n\n​\n\n631\n\n​\n\n486\n\nthereof miscellaneous income\n\n​\n\n93\n\n​\n\n20\n\n​\n\n-10\n\n**Finance costs**\n\n** **\n\n**-1,377**\n\n** **\n\n**-1,031**\n\n** **\n\n**-1,313**\n\nthereof losses from disposals and fair value adjustments of equity securities\n\n​\n\n-625\n\n​\n\n-316\n\n​\n\n-525\n\nthereof interest expense\n\n \n\n-492\n\n \n\n-545\n\n \n\n-639\n\nthereof fee expense\n\n \n\n-96\n\n \n\n-97\n\n \n\n-97\n\nthereof miscellaneous expense\n\n​\n\n-163\n\n​\n\n-73\n\n​\n\n-51\n\n**Financial income, net**\n\n** **\n\n**534**\n\n** **\n\n**398**\n\n** **\n\n**-456**\n\n​\n\nFinancial income, net, increased €136 million in 2025, in comparison to 2024, mainly due to higher net gains from the fair valuation of our equity investments (€302 million), which is partially offset by a decrease in net interest by €150 million, mainly from lower interest income on investments.\n\nFor more information about net gains or losses on financial instruments by IFRS 9 measurement category, see Note (F.2).\n\n​\n\n**(C.5) Income Taxes**\n\n​\n\n**y****Accounting Policies, Judgments, and Estimates**\n\n​\n\nWe are subject to changing tax laws in multiple jurisdictions within the countries in which we operate. Our ordinary business activities also include transactions where the ultimate tax outcome is uncertain due to different interpretations of tax laws, such as those involving transfer pricing and intercompany transactions between SAP Group entities. In addition, the amount of income taxes we pay is generally subject to ongoing audits by domestic and foreign tax authorities. In determining our worldwide income tax provisions, judgment is involved in assessing whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments and whether to reflect the respective effect of uncertainty based on the most likely amount or the expected value. In applying these judgments, we consider the nature and the individual facts and circumstances of each uncertain tax treatment as well as the specifics of the respective jurisdiction, including applicable tax laws and our interpretation thereof.\n\nThe assessment whether a deferred tax asset is impaired requires judgment, as we need to estimate future taxable profits to determine whether the utilization of the deferred tax asset is probable. In evaluating our ability to utilize our deferred tax assets, we consider all available positive and negative evidence, including the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are recoverable. Our judgment regarding future taxable income is based on assumptions about future market conditions and future profits of SAP.\n\nJudgment is also required in evaluating whether interest or penalties related to income taxes meet the definition of income taxes, and, if not, whether it is of financial nature. In this judgment, we particularly consider applicable local tax laws and interpretations on IFRS by national standard setters in the area of group financial reporting.\n\n​\n\nMajor Components of Tax Expense\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\n**Current tax expense**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\nTax expense for current year\n\n \n\n2,711\n\n​\n\n1,881\n\n​\n\n1,935\n\nTaxes for prior years\n\n \n\n287\n\n​\n\n53\n\n​\n\n17\n\n**Total current tax expense**\n\n** **\n\n**2,998**\n\n​\n\n**1,934**\n\n​\n\n**1,952**\n\n**Deferred tax expense/income**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\nOrigination and reversal of temporary differences\n\n \n\n-208\n\n​\n\n-258\n\n​\n\n-222\n\nUnused tax losses, research and development tax credits, and foreign tax credits\n\n \n\n154\n\n​\n\n-62\n\n​\n\n11\n\n**Total deferred tax income**\n\n** **\n\n**-54**\n\n​\n\n**-320**\n\n​\n\n**-211**\n\n**Total income tax expense**\n\n** **\n\n**2,944**\n\n​\n\n**1,614**\n\n​\n\n**1,741**\n\n​\n\nF-39\n\n[Table of Contents](#TOC)\n\nTotal deferred tax income includes an expense of €58 million (2024: expense of €4 million; 2023: expense of €8 million) related to changes in tax laws and tax rates, mainly due to the gradual reduction of the corporate tax rate in Germany from 15% to 10% for the 2028 to 2032 assessment period. To determine the applicable tax rates, the timing of the reversal of temporary differences was projected consistent with the expected manner of recovery or settlement of the underlying assets and liabilities.\n\n​\n\nThe following table reconciles the expected income tax expense, computed by applying our combined German tax rate of 26.8% (2024: 26.7%; 2023: 26.5%), to the actual income tax expense. Our 2025 combined German tax rate includes a corporate income tax rate of 15.0% (2024: 15.0%; 2023: 15.0%), plus a solidarity surcharge of 5.5% (2024: 5.5%; 2023: 5.5%) thereon, and trade taxes of 11.0% (2024: 10.8%; 2023: 10.7%).\n\nRelationship Between Tax Expense and Profit Before Tax\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions, unless otherwise stated\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\n******Profit before tax from continuing operations**\n\n** **\n\n**10,270**\n\n** **\n\n**4,764**\n\n** **\n\n**5,341**\n\nTax expense at applicable tax rate of 26.8% (2024: 26.7%; 2023: 26.5%)\n\n \n\n2,750\n\n \n\n1,270\n\n \n\n1,418\n\nTax effect of:\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nForeign tax rates\n\n \n\n-242\n\n \n\n-220\n\n \n\n-210\n\nNon-deductible expenses\n\n \n\n309\n\n \n\n325\n\n \n\n241\n\nTax-exempt income\n\n \n\n-244\n\n \n\n-208\n\n \n\n-77\n\nWithholding taxes\n\n \n\n282\n\n \n\n465\n\n \n\n297\n\nResearch and development and foreign tax credits\n\n \n\n-96\n\n \n\n-91\n\n \n\n-89\n\nPrior-year taxes\n\n \n\n72\n\n \n\n-70\n\n \n\n-8\n\nAssessment of deferred tax assets, research and development tax credits, and foreign tax credits\n\n \n\n53\n\n \n\n100\n\n \n\n138\n\nOther\n\n \n\n60\n\n \n\n43\n\n \n\n31\n\n******Total income tax expense**\n\n** **\n\n**2,944**\n\n** **\n\n**1,614**\n\n** **\n\n**1,741**\n\n**Effective tax rate (in %)**\n\n** **\n\n**28.7**\n\n** **\n\n**33.9**\n\n** **\n\n**32.6**\n\n​\n\nF-40\n\n[Table of Contents](#TOC)\n\nComponents of Recognized Deferred Tax Assets and Liabilities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**Deferred tax assets**\n\n \n\n​\n\n​\n\n​\n\nIntangible assets\n\n \n\n1,081\n\n​\n\n1,128\n\nProperty, plant, and equipment\n\n \n\n35\n\n​\n\n39\n\nLeases\n\n​\n\n369\n\n​\n\n374\n\nOther financial assets\n\n \n\n52\n\n​\n\n69\n\nTrade and other receivables\n\n \n\n136\n\n​\n\n79\n\nOther non-financial assets\n\n​\n\n72\n\n​\n\n48\n\nPension provisions\n\n \n\n200\n\n​\n\n215\n\nShare-based compensation\n\n \n\n172\n\n​\n\n320\n\nContract liabilities\n\n \n\n1,017\n\n​\n\n928\n\nTrade and other payables\n\n \n\n127\n\n​\n\n148\n\nFinancial liabilities\n\n​\n\n118\n\n​\n\n138\n\nOther non-financial liabilities\n\n​\n\n785\n\n​\n\n844\n\nProvisions\n\n​\n\n61\n\n​\n\n107\n\nNet operating loss carryforwards\n\n​\n\n172\n\n​\n\n338\n\nResearch and development and foreign tax credits\n\n \n\n85\n\n​\n\n80\n\n**Total deferred tax assets (gross)**\n\n** **\n\n**4,482**\n\n​\n\n**4,855**\n\nNetting\n\n​\n\n-2,319\n\n​\n\n-2,181\n\n**/****Total deferred tax assets (net)**\n\n​\n\n**2,163**\n\n​\n\n**2,674**\n\n**Deferred tax liabilities**\n\n \n\n​\n\n​\n\n​\n\nIntangible assets\n\n \n\n517\n\n​\n\n655\n\nProperty, plant, and equipment\n\n \n\n65\n\n​\n\n80\n\nLeases\n\n​\n\n326\n\n​\n\n336\n\nOther financial assets\n\n \n\n330\n\n​\n\n346\n\nTrade and other receivables\n\n \n\n92\n\n​\n\n79\n\nOther non-financial assets\n\n​\n\n790\n\n​\n\n739\n\nPension provisions\n\n \n\n23\n\n​\n\n28\n\nShare-based compensation\n\n \n\n2\n\n​\n\n5\n\nContract liabilities\n\n \n\n26\n\n​\n\n21\n\nTrade and other payables\n\n \n\n73\n\n​\n\n44\n\nFinancial liabilities\n\n​\n\n128\n\n​\n\n157\n\nOther non-financial liabilities\n\n \n\n12\n\n​\n\n12\n\nProvisions\n\n​\n\n7\n\n​\n\n5\n\n**Total deferred tax liabilities (gross)**\n\n** **\n\n**2,391**\n\n​\n\n**2,507**\n\nNetting\n\n​\n\n-2,319\n\n​\n\n-2,181\n\n**/****Total deferred tax liabilities (net)**\n\n** **\n\n**72**\n\n​\n\n**326**\n\n​\n\nF-41\n\n[Table of Contents](#TOC)\n\nMovement of Deferred Tax Assets and Liabilities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n2024\n\n  ​ ​ ​\n\n2023\n\n**Total deferred tax assets (net) at the beginning of the period**\n\n \n\n**2,348**\n\n \n\n1,930\n\n \n\n1,854\n\nChange in items of the Consolidated Income Statements\n\n \n\n54\n\n \n\n320\n\n \n\n211\n\nChange in items of the Consolidated Statements of Comprehensive Income\n\n \n\n-1\n\n \n\n-2\n\n \n\n34\n\nChange in items of the Consolidated Statements of Changes in Equity\n\n \n\n-80\n\n \n\n155\n\n \n\n53\n\nChange in consolidated companies\n\n \n\n-14\n\n \n\n-122\n\n \n\n-128\n\nOther changes (includes mainly currency translation differences)\n\n \n\n-216\n\n \n\n67\n\n \n\n-94\n\n**Total deferred tax assets (net) at the end of the period**\n\n \n\n**2,091**\n\n \n\n**2,348**\n\n \n\n**1,930**\n\n​\n\nItems Not Resulting in a Deferred Tax Asset\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\n**Unused tax losses**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\nNot expiring\n\n \n\n628\n\n​\n\n291\n\n​\n\n151\n\nExpiring in the following year\n\n \n\n6\n\n​\n\n4\n\n​\n\n28\n\nExpiring after the following year\n\n \n\n287\n\n​\n\n392\n\n​\n\n216\n\n**Total unused tax losses**\n\n** **\n\n**921**\n\n​\n\n**687**\n\n​\n\n**395**\n\n**Deductible temporary differences**\n\n** **\n\n**340**\n\n​\n\n**375**\n\n​\n\n**325**\n\n**Unused research and development and foreign tax credits**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\nNot expiring\n\n \n\n31\n\n​\n\n41\n\n​\n\n59\n\nExpiring after the following year\n\n \n\n4\n\n​\n\n8\n\n​\n\n5\n\n**Total unused tax credits**\n\n** **\n\n**35**\n\n​\n\n**49**\n\n​\n\n**64**\n\n​\n\nOf the unused tax losses, €133 million (2024: €146 million; 2023: €181 million) relate to U.S. state tax loss carryforwards.\n\nIn 2025, SAP Group entities that suffered a tax loss in either the current or the preceding period recognized deferred tax assets amounting to €144 million (2024: €494 million; 2023: €90 million) in excess of deferred tax liabilities. The tax losses resulted mainly from one-time restructuring expenses in 2024, which had no negative impact on profitability or deferred tax asset recoverability.\n\nIn connection with investments in subsidiaries, there were temporary taxable differences of approximately €1.4 billion (2024: €1.8 billion) for which no deferred taxes have been recognized because SAP can control the timing of the reversal and it is not probable that the temporary differences will reverse in the foreseeable future.1\n\nGlobal Minimum Tax\n\nSAP falls within the scope of the global minimum taxation rules published by the Organization for Economic Co-operation and Development (OECD) and of the German Minimum Tax Law (*Mindeststeuergesetz*). As a result, its income tax expense increased by a single-digit million euro sum in 2025 and 2024. SAP has applied the temporary mandatory exception to recognizing and disclosing information about deferred tax assets and liabilities related to the global minimum tax.\n\nIncome Tax-Related Litigation\n\nWe 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 €1,187 million (2024: €1,250 million) in total (including related interest expenses and penalties of €773 million (2024: €726 million)).\n\n1 For a more transparent presentation in line with IAS 12, the prior-period comparative amount has been adjusted from undistributed profits to temporary taxable differences.\n\n​\n\nF-42\n\n[Table of Contents](#TOC)\n\n**(C.6) Earnings per Share**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions, unless otherwise stated\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\nProfit attributable to equity holders of SAP SE\n\n \n\n7,161\n\n \n\n3,124\n\n \n\n3,634\n\nProfit attributable to equity holders of SAP SE1\n\n​\n\n7,161\n\n​\n\n3,124\n\n​\n\n6,139\n\nIssued ordinary shares2\n\n \n\n1,229\n\n \n\n1,229\n\n \n\n1,229\n\nEffect of treasury shares2\n\n \n\n-63\n\n \n\n-62\n\n \n\n-61\n\nWeighted average shares outstanding, basic2\n\n \n\n1,166\n\n \n\n1,166\n\n \n\n1,167\n\nDilutive effect of share-based payments2\n\n \n\n9\n\n \n\n13\n\n \n\n12\n\nWeighted average shares outstanding, diluted2\n\n \n\n1,175\n\n \n\n1,180\n\n \n\n1,180\n\n**Earnings per share, basic, attributable to equity holders of SAP SE (in €) from continuing operations**\n\n​\n\n**6.14**\n\n​\n\n**2.68**\n\n​\n\n**3.11**\n\n**Earnings per share, basic, attributable to equity holders of SAP SE (in €)**1\n\n** **\n\n**6.14**\n\n** **\n\n**2.68**\n\n** **\n\n**5.26**\n\n**Earnings per share, diluted, attributable to equity holders of SAP SE (in €) from continuing operations**\n\n​\n\n**6.10**\n\n​\n\n**2.65**\n\n​\n\n**3.08**\n\n**Earnings per share, diluted, attributable to equity holders of SAP SE (in €)**1\n\n** **\n\n**6.10**\n\n** **\n\n**2.65**\n\n** **\n\n**5.20**\n\n​\n\n1 from continuing and discontinued operations\n\n2 Number of shares in millions\n\n​\n\n​\n\nF-43\n\n[Table of Contents](#TOC)\n\n**Section D — Invested C****apital**\n\nThis section highlights our non-current assets including investments that form the basis of our operating activities. Additions to invested capital include separate asset acquisitions or business combinations. Further, we disclose information about purchase obligations and capital contributions.\n\n**(D.1)   Business Combinations****and Divestitures**\n\n**y****Measuring Non-Controlling Interests and Allocation of Consideration Transferred**\n\n​\n\nWe decide for each business combination whether to measure the non-controlling interest in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets.\n\nWe classify costs related to executing business combinations as general and administration expense.\n\nIn our accounting for business combinations, judgment is required in determining whether an intangible asset is identifiable and whether it should be recorded separately from goodwill. Additionally, estimating the acquisition-date fair values of the identifiable assets acquired and liabilities assumed involves considerable judgment. The necessary measurements are based on information available on the acquisition date and are based on expectations and assumptions that have been deemed reasonable by management. These judgments, estimates, and assumptions can materially affect our financial position and profit for several reasons, including the following:\n\n–   Fair values assigned to assets subject to depreciation and amortization affect the amounts of depreciation and amortization to be recorded in operating profit in the periods following the acquisition.\n\n–   Subsequent negative changes in the estimated fair values of assets may result in additional expense from impairment charges.\n\n–   Subsequent changes in the estimated fair values of liabilities and provisions may result in additional expense (if increasing the estimated fair value) or additional income (if decreasing the estimated fair value).\n\n​\n\nWe acquire businesses in specific areas of strategic interest to us, particularly to broaden our product and service portfolio.\n\n**2025 Acquisitions**\n\n**SmartRecruiters Acquisition**\n\nOn August 1, 2025, SAP announced its intention to acquire 100% of SmartRecruiters, Inc. (“SmartRecruiters”), a leading provider of talent acquisition software. The transaction closed on September 11, 2025, following satisfaction of customary closing conditions and regulatory approvals.\n\nThe acquisition is expected to help SAP strengthen its suite of HR offerings. SmartRecruiters’ products are designed to improve employee hiring decision-making and reduce time to hire. Embedded analytics and AI-powered recommendations from SAP and SmartRecruiters provide valuable insights into talent pools, prevent hiring bottlenecks, and improve workforce planning.\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n  ​ ​ ​\n\n  ​ ​ ​\n\nCash paid\n\n \n\n711\n\nShare-based payment awards\n\n \n\n39\n\nOther incurred liabilities\n\n \n\n3\n\n**Total consideration transferred**\n\n** **\n\n**753**\n\n​\n\nThe consideration transferred amounted to US$878 million (€753 million) and the majority was paid in cash. The amount recognized for share-based payment awards represents both the vested and the earned portion of unvested equity-settled share-based payment awards previously held by SmartRecruiters employees as of the acquisition date. The earned portion of unvested equity-settled share-based payment awards was exchanged by SAP upon acquiring SmartRecruiters for deferred fixed-cash compensation.\n\nF-44\n\n[Table of Contents](#TOC)\n\nThe following table summarizes the values of identifiable assets acquired and liabilities assumed in connection with the acquisition of SmartRecruiters, as at the acquisition date:\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n  ​ ​ ​\n\n  ​ ​ ​\n\nIntangible assets\n\n \n\n206\n\nCash and cash equivalents\n\n \n\n50\n\nOther identifiable assets\n\n \n\n51\n\n**Total identifiable assets**\n\n \n\n**307**\n\nOther identifiable liabilities\n\n \n\n77\n\n**Total identifiable liabilities**\n\n \n\n**77**\n\n**Total identifiable net assets**\n\n \n\n**230**\n\nGoodwill\n\n \n\n523\n\n**Total consideration transferred**\n\n** **\n\n**753**\n\n​\n\nThe initial accounting for the SmartRecruiters business combination is incomplete because we are still obtaining the information necessary to identify and measure items such as the tax-related assets and liabilities of SmartRecruiters. Accordingly, the amounts recognized in our Consolidated Financial Statements for these items are regarded as provisional as at December 31, 2025.\n\nThe goodwill arising from our acquisitions consists largely of the synergies and the know-how and skills of the acquired businesses’ workforces. SmartRecruiters goodwill was attributed to expected synergies from the acquisition, particularly in the following areas:\n\n-SmartRecruiters’ Talent Acquisition (TA) suite enhances SAP’s ability to offer a more complete TA solution to customers, combining specialized capabilities with an integrated suite to support long-term success in recruiting and human capital management (HCM).\n\n-The SmartRecruiters talent acquisition platform will continue to be offered standalone and will replace an existing module within the SAP SuccessFactors HCM suite, integrating to the SAP SuccessFactors Employee Central solution, the SAP SuccessFactors Onboarding solution, and others.\n\n-The business combination facilitates new cross-selling opportunities to existing SAP customers across all regions, using SAP’s sales organization.\n\nThe operating results and the assets and liabilities are reflected in our Consolidated Financial Statements starting September 11, 2025.\n\nThe allocation of the goodwill resulting from the SmartRecruiters acquisition to our operating segments depends on how our operating segments actually benefit from the synergies of the SmartRecruiters business combination. For more information, see Note (D.2).\n\nImpact of Business Combinations on Our Consolidated Financial Statements\n\nThe amounts of revenue and profit or loss of the SmartRecruiters business acquired in 2025 since the acquisition date are included in the 2025 Consolidated Income Statements as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\nContribution of\n\n€ millions\n\n​\n\n**as Reported**\n\n​\n\nSmartRecruiters\n\n Revenue\n\n​\n\n36,800\n\n​\n\n26\n\n******Profit after tax**\n\n \n\n**7,326**\n\n \n\n-21\n\n​\n\nHad SmartRecruiters been consolidated as at January 1, 2025, our estimated pro forma revenue for the reporting period would have been €36,861 million and our estimated pro forma profit after tax would have been €7,322 million.\n\nThese pro forma numbers have been prepared for comparative purposes only. The pro forma revenue and profit numbers are not necessarily indicative of the results of operations that would have actually occurred had the acquisition been in effect at the beginning of the respective periods or of future results.\n\nF-45\n\n[Table of Contents](#TOC)\n\n**2024 Acquisitions**\n\n**WalkMe Acquisition**\n\nOn June 5, 2024, SAP announced its intent to acquire 100% of the shares of WalkMe Ltd. (“WalkMe”), a leader in Digital Adoption Platforms (DAP). The transaction closed on September 12, 2024, following satisfaction of regulatory and other approvals. WalkMe’s shares were delisted on September 12, 2024, after meeting all relevant criteria.\n\nThe acquisition is expected to help SAP expand its business transformation portfolio. WalkMe solutions are designed to help companies navigate ongoing technological change by providing users with advanced guidance and automation capabilities.\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n  ​ ​ ​\n\n  ​ ​ ​\n\nCash paid\n\n \n\n1,257\n\nReplacement share-based payment awards\n\n \n\n41\n\nCall option exercise liability\n\n \n\n31\n\n**Total consideration transferred**\n\n** **\n\n**1,329**\n\n​\n\nThe consideration transferred amounted to US$1.4 billion (€1.3 billion) and the majority was paid in cash. SAP hedged this cash amount with respect to foreign currency risks. The amount recognized for the replacement of share-based payment awards represents the earned portion of unvested WalkMe equity-settled share-based payment awards previously held by WalkMe employees, which SAP exchanged for either deferred fixed-cash compensation or equity-settled share-based payment awards of SAP (both collectively referred to as replacement awards) upon acquiring the company.\n\nThe following table summarizes the values of identifiable assets acquired and liabilities assumed in connection with the acquisition of WalkMe, as at the acquisition date:\n\n**WalkMe Acquisition: Recognized Assets and Liabilities**\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n  ​ ​ ​\n\n​\n\nIntangible assets\n\n \n\n502\n\nCash and cash equivalents\n\n​\n\n202\n\nOther identifiable assets\n\n \n\n276\n\n**Total identifiable assets**\n\n \n\n**980**\n\nOther identifiable liabilities\n\n \n\n416\n\n**Total identifiable liabilities**\n\n \n\n**416**\n\n**Total identifiable net assets**\n\n \n\n**564**\n\nGoodwill\n\n \n\n765\n\n**Total consideration transferred**\n\n** **\n\n**1,329**\n\n​\n\nIn the third quarter of 2025, measurement of tax-related assets and liabilities for the WalkMe business combination accounting was completed and resulted in a €111 million adjustment to the Other identifiable assets/liabilities opening balance and Goodwill.\n\nIn general, the goodwill arising from our acquisitions consists largely of the synergies and the know-how and skills of the acquired businesses’ workforces.\n\nWalkMe goodwill was attributed to expected synergies from the acquisition, particularly in the following areas:\n\n-Evolution of SAP’s strategy to improve adoption, through a WalkMe solution that empowers companies to enhance the utilization of their SaaS systems, increase employee and end-user productivity, and reduce training and support costs\n\n-Cross-selling of WalkMe products to existing SAP customers across all regions, enabling seamless workflow execution across business software applications\n\n-Improved user experience and user productivity by coupling WalkMe’s AI capabilities with SAP’s copilot Joule, driving adoption of existing SAP solutions\n\n-Creation of new business process intelligence offerings by combining WalkMe products and SAP products\n\n-Improved profitability in WalkMe sales and operations\n\nThe operating results and the assets and liabilities are reflected in our Consolidated Financial Statements starting September 12, 2024.\n\n​\n\nF-46\n\n[Table of Contents](#TOC)\n\n**Impact of Business Combinations on Our Consolidated Financial Statements**\n\nThe amounts of revenue and profit or loss of the WalkMe business acquired in 2024 since the acquisition date were included in our Consolidated Income Statements for 2024 as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2024\n\n​\n\n​\n\n€ millions\n\n  ​ ​ ​\n\nas Reported\n\n  ​ ​ ​\n\nContribution of WalkMe\n\n Revenue\n\n​\n\n34,176\n\n​\n\n61\n\n******Profit after tax**\n\n \n\n**3,150**\n\n \n\n-47\n\n​\n\nHad WalkMe been consolidated as at January 1, 2024, our estimated pro forma revenue for the reporting period would have been €34,328 million and our estimated pro forma profit after tax would have been €3,050 million.\n\nThese pro forma numbers have been prepared for comparative purposes only. The pro forma revenue and profit numbers are not necessarily indicative of the results of operations that would have actually occurred had the acquisition been in effect at the beginning of the respective periods or of future results.\n\n2023 Acquisitions\n\n**LeanIX Acquisition**\n\nOn September 7, 2023, SAP announced its intent to acquire 100% of the shares of LeanIX GmbH (“LeanIX”), a leader in enterprise architecture management (EAM) software.\n\nThe acquisition closed on November 7, 2023, following satisfaction of customary closing conditions and regulatory approvals; the operating results and the assets and liabilities are reflected in our Consolidated Financial Statements starting on that date.\n\nConsideration transferred amounted to €1,231 million paid in cash. The following table summarizes the values of identifiable assets acquired and liabilities assumed in connection with the acquisition of LeanIX, as at the acquisition date:\n\nLeanIX Acquisition: Recognized Assets and Liabilities\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n  ​ ​ ​\n\n  ​ ​ ​\n\nIntangible assets\n\n \n\n476\n\nOther identifiable assets\n\n \n\n106\n\n**Total identifiable assets**\n\n** **\n\n**582**\n\nOther identifiable liabilities\n\n \n\n210\n\n**Total identifiable liabilities**\n\n** **\n\n**210**\n\n**Total identifiable net assets**\n\n** **\n\n**372**\n\nGoodwill\n\n \n\n859\n\n**Total consideration transferred**\n\n** **\n\n**1,231**\n\n​\n\nIn the fourth quarter of 2024, measurement of tax-related assets and liabilities for the LeanIX business combination accounting was completed and resulted in an €8 million adjustment to the Other identifiable assets/liabilities opening balance and Goodwill.\n\nIn general, the goodwill arising from our acquisitions consists largely of the synergies and the know-how and skills of the acquired businesses’ workforces.\n\nLeanIX goodwill was attributed to expected synergies from the acquisition, particularly in the following areas:\n\n-Cross-selling to existing SAP customers across all regions, using SAP’s sales organization\n\n-Creation of new offerings by combining LeanIX products and SAP products\n\n-Enhanced transformation capabilities of SAP Signavio solutions, giving SAP customers unique clarity on the IT landscapes they need to reap the full benefit of business transformation\n\nF-47\n\n[Table of Contents](#TOC)\n\nImpact of the Business Combination on Our Consolidated Financial Statements\n\nThe amounts of revenue and profit or loss of the LeanIX business acquired in 2023 since the acquisition date were included in our Consolidated Income Statements for 2023 as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**2023**\n\n  ​ ​ ​\n\nContribution of\n\n€ millions\n\n​\n\n**as Reported**\n\n​\n\nLeanIX\n\n Revenue\n\n \n\n31,207\n\n​\n\n10\n\n******Profit after tax**\n\n** **\n\n**5,964**\n\n​\n\n-8\n\n​\n\nHad LeanIX been consolidated as at January 1, 2023, our revenue and profit after tax for 2023 would not have been materially different.\n\n**2023 Divestitures**\n\n**Qualtrics Disposal**\n\nOn March 13, 2023, resulting from a process that was initiated on January 26, 2023, SAP announced it had agreed to sell all of its 423 million shares of Qualtrics International Inc. as part of the acquisition of Qualtrics by funds affiliated with Silver Lake as well as the Canada Pension Plan Investment Board. The sale closed on June 28, 2023, following satisfaction of customary closing conditions and regulatory approvals. At a purchase price of US$18.15 in cash per share, SAP’s stake was acquired for approximately US$7.7 billion. To secure the euro countervalue of the US$7.7 billion purchase price, we hedged an amount of US$7.1 billion by entering into a deal contingent forward applying net investment hedge accounting. At the time that Qualtrics was classified as a discontinued operation (following IFRS 5), there was no indication of an impairment (as the fair value less cost of disposal (calculated based on share prices) significantly exceeded the carrying amount).\n\nSAP is a close go-to-market and technology partner for Qualtrics.\n\nSAP’s financial results present Qualtrics as a discontinued operation as required under IFRS 5. The Qualtrics disposal group was previously included in the Qualtrics reportable segment.\n\nThe pre-tax disposal gain included in discontinued operations (€3,562 million) was calculated by adjusting the purchase price less the cost of disposal (€7,003 million) for net assets leaving the SAP Group (€5,800 million, consisting mostly of goodwill (€4,007 million) and other intangible assets (€1,294 million)), the corresponding non-controlling interests (€2,337 million), and amounts of other comprehensive income (€22 million). SAP incurred taxes amounting to €799 million in connection with the transaction.\n\nThe cash inflow resulting from the purchase price (€7,068 million) was offset by cash and cash equivalents of €713 million leaving the SAP Group.\n\nSAP continues to provide rental guarantees for certain offices used by Qualtrics. Qualtrics is obligated to indemnify SAP with respect to the guarantees.\n\n​\n\nF-48\n\n[Table of Contents](#TOC)\n\nAdditional financial information relating to Qualtrics is presented in the following tables (revenues and expenses are presented after consolidation of transactions between Qualtrics and SAP’s continuing operations):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions, unless otherwise stated\n\n**  ​ ​ ​**\n\n**2023**\n\n  ​ ​ ​\n\n2022\n\n**Consolidated Income Statements**\n\n \n\n  ​\n\n \n\n  ​\n\nCloud revenue\n\n \n\n621\n\n \n\n1,129\n\nTotal revenue\n\n \n\n745\n\n \n\n1,351\n\nCost of cloud\n\n \n\n-88\n\n \n\n-265\n\nTotal cost of revenue\n\n \n\n-196\n\n \n\n-499\n\nTotal operating expenses (including total cost of revenue)\n\n \n\n-1,155\n\n \n\n-2,771\n\nDisposal gain before tax\n\n \n\n3,562\n\n \n\n0\n\nOperating profit\n\n \n\n3,152\n\n \n\n-1,420\n\nProfit (loss) before tax\n\n \n\n3,162\n\n \n\n-1,423\n\nIncome tax expense1\n\n \n\n-799\n\n \n\n64\n\nProfit (loss) after tax\n\n \n\n2,363\n\n \n\n-1,359\n\nAttributable to owners of parent\n\n \n\n2,505\n\n \n\n-993\n\n​\n\n​\n\n​\n\n​\n\n​\n\nEarnings per share, basic (IFRS, in €)2\n\n \n\n2.15\n\n \n\n-0.85\n\nEarnings per share, diluted (IFRS, in €)2\n\n \n\n2.12\n\n \n\n-0.85\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Consolidated Statements of Cash Flow**\n\n \n\n​\n\n \n\n​\n\nNet operating cash flow\n\n \n\n113\n\n \n\n-33\n\nNet investing cash flow\n\n \n\n5,523\n\n \n\n-23\n\nNet financing cash flow\n\n \n\n20\n\n \n\n-268\n\n​\n\n1 For 2023, €799 million relates to the gain on sale of discontinued operations.\n\n2 For 2023 and 2022, the weighted average number of shares was 1,167 million (diluted: 1,180 million) and 1,170 million (diluted: 1,175 million), respectively (treasury stock excluded).\n\nTotal operating expenses includes share-based payment expenses related to Qualtrics’ equity-settled plan of €403 million in 2023 (€1,182 million in 2022).\n\n​\n\n​\n\n​\n\nF-49\n\n[Table of Contents](#TOC)\n\n**(D.2)   Goodwill**\n\n**y********Goodwill and Intangible Asset Impairment Testing**\n\n​\n\nThe annual goodwill impairment test is performed at the operating segment level, since there are no lower levels in SAP at which goodwill is monitored for internal management purposes.\n\nIn general, the test is performed at the same time (at the beginning of the fourth quarter) for each annual reporting period for all operating segments.\n\nIn making impairment assessments for our goodwill and intangible assets, the outcome of these tests is highly dependent on management’s assumptions regarding future cash flow projections and economic risks, which require significant judgment and assumptions about future developments. They can be affected by a variety of factors, including:\n\n-   Changes in business strategy\n\n-   Internal forecasts\n\n-   Estimation of weighted-average cost of capital\n\nChanges to the assumptions underlying our goodwill and intangible assets impairment assessments could require material adjustments to the carrying amount of our recognized goodwill and intangible assets as well as the amounts of impairment charges recognized in profit or loss.\n\nThe outcome of goodwill impairment tests may also depend on the allocation of goodwill to our operating segments. This allocation involves judgment as it is based on our estimates as to which operating segments are expected to benefit from the synergies of business combinations.\n\nChanges in our segment structure result in the reallocation of goodwill with the reallocated goodwill being calculated based on relative values (if a direct allocation is not possible).\n\n​\n\nGoodwill\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n**  ​ ​ ​**\n\n​\n\n**Historical cost**\n\n \n\n​\n\n**1/1/2024**\n\n** **\n\n29,184\n\nForeign currency exchange differences\n\n \n\n1,420\n\nAdditions from business combinations\n\n \n\n765\n\n**12/31/2024**\n\n** **\n\n**31,369**\n\nForeign currency exchange differences\n\n \n\n-2,777\n\nAdditions from business combinations\n\n​\n\n523\n\n**12/31/2025**\n\n​\n\n**29,115**\n\n​\n\n​\n\n​\n\n**Accumulated amortization**\n\n \n\n​\n\n1/1/2024\n\n \n\n103\n\nForeign currency exchange differences\n\n \n\n2\n\n**12/31/2024**\n\n** **\n\n**105**\n\nForeign currency exchange differences\n\n \n\n-4\n\n**12/31/2025**\n\n** **\n\n**101**\n\n​\n\n​\n\n​\n\n**Carrying amount**\n\n** **\n\n​\n\n**12/31/2024**\n\n** **\n\n**31,264**\n\n**12/31/2025**\n\n** **\n\n**29,014**\n\n​\n\nIn the first half of 2025, the Company changed its segment structure. Effective January 1, 2025, the Company has two operating segments (compared to one segment at the end of 2024) and monitors its goodwill at this new level. For more information about our segments and the changes in 2025, see Note (C.1).\n\nF-50\n\n[Table of Contents](#TOC)\n\nOur assessment in 2025, taking into account external factors such as changes in the business environment and markets and internal factors such as the change in our segment structure and reorganizations which had no adverse effect, led us to conclude that no triggering events occurred since our annual goodwill impairment test in 2024. Throughout 2025, we have—through a qualitative and quantitative analysis—been continuously monitoring whether triggering events exist. We did not identify any aspects that qualify as a triggering event that would cause the carrying amount of either operating segment to exceed the recoverable amount.\n\nFor impairment testing purposes, the carrying amount of goodwill is allocated to the operating segments expected to benefit from goodwill as follows:\n\nGoodwill by Operating Segment\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\nApplications,\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n€ millions\n\n​\n\nTechnology & Support1\n\n​\n\nCore Services\n\n​\n\n**Total**\n\n12/31/2024\n\n​\n\n31,264\n\n \n\nNA\n\n \n\n**31,264**\n\n**12/31/2025**\n\n** **\n\n28,846\n\n** **\n\n168\n\n** **\n\n**29,014**\n\n​\n\n1 The ATS goodwill opening balance was adjusted by €111 million in 2025. For more information, see Note (D.1).\n\nBased on the expected synergies, the goodwill added through the acquisition of SmartRecruiters (€523 million) was provisionally allocated to the Applications, Technology & Support segment on December 31, 2025, as the initial accounting for the SmartRecruiters business combination is still incomplete (for more information, see Note (D.1). The goodwill impairment test for the Applications, Technology & Support segment on October 1, 2025, resulted in a headroom that is significantly higher than the portion of the goodwill that, at the end of December 2025, was allocated to the segment. Thus, there is no impairment risk resulting from the allocation of the SmartRecruiters goodwill.\n\nGoodwill Impairment Test\n\nThe key assumptions on which management based its cash flow projections for the period covered by the underlying business plans are as follows:\n\n​\n\n**Key Assumption**\n\n**  ​ ​ ​**\n\n**Basis for Determining Values Assigned to Key Assumption**\n\nBudgeted revenue growth\n\n​\n\nRevenue growth rate achieved in the current year, adjusted for an expected increase in SAP’s addressable cloud and database markets; expected growth in the established software applications and analytics markets. Values assigned reflect our past experience and our expectations regarding an increase in the addressable markets.\n\nBudgeted operating margin\n\n​\n\nOperating margin budgeted for a given budget period equals the operating margin achieved in the current year, increased by expected efficiency gains. Values assigned reflect past experience, except for efficiency gains.\n\nDiscount rates\n\n​\n\nOur estimated cash flow projections are discounted to present value using discount rates (after-tax rates). Discount rates are based on the weighted average cost of capital (WACC) approach.\n\nTerminal growth rate\n\n​\n\nOur estimated cash flow projections for periods beyond the business plan were extrapolated using segment-specific terminal growth rates. These growth rates do not exceed the long-term average growth rates for the markets in which our segments operate.\n\n​\n\n**Key Assumptions and Detailed Planning Period**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nApplications,\n\n​\n\n​\n\n​\n\n​\n\nPercent, unless otherwise stated\n\n​\n\nTechnology & Support\n\n​\n\nCore Services\n\n​\n\n**  ​ ​ ​**\n\n**12/31/2025**\n\n**  ​ ​ ​**\n\n12/31/2024\n\n**  ​ ​ ​**\n\n**12/31/2025**\n\n**  ​ ​ ​**\n\n12/31/2024\n\nBudgeted revenue growth (average of the budgeted period)\n\n \n\n**13.0**\n\n \n\nNA\n\n \n\n**3.5**\n\n​\n\nNA\n\nAfter-tax discount rate\n\n​\n\n**11.7**\n\n​\n\nNA\n\n​\n\n**10.2**\n\n​\n\nNA\n\nTerminal growth rate\n\n \n\n**3.0**\n\n \n\nNA\n\n \n\n**3.0**\n\n​\n\nNA\n\nDetailed planning period (in years)\n\n​\n\n**5**\n\n​\n\nNA\n\n​\n\n**5**\n\n​\n\nNA\n\n​\n\nOn October 1, 2025, we performed a goodwill impairment test for our operating segments:\n\n​\n\nF-51\n\n[Table of Contents](#TOC)\n\n**Applications, Technology & Support Segment**\n\nThe recoverable amount was determined based on a fair value less costs of disposal calculation. The fair value measurement was categorized as a Level 3 fair value based on the inputs used in the valuation. The cash flow projections were based on actual operating results and specific estimates covering a detailed planning period and the terminal growth rate thereafter. The projected results were determined based on management’s estimates and are consistent with the assumptions a market participant would make (a target operating margin of 36.3% was used in the valuation).\n\nWe believe that no reasonably possible change in any of the above key assumptions would cause the carrying amount of our Applications, Technology & Support segment to exceed the recoverable amount.\n\n**Core Services Segment**\n\nThe recoverable amount was determined based on a fair value less costs of disposal calculation. The fair value measurement was categorized as a Level 3 fair value based on the inputs used in the valuation. The cash flow projections were based on actual operating results and specific estimates covering a detailed planning period and the terminal growth rate thereafter. The projected results were determined based on management’s estimates and are consistent with the assumptions a market participant would make (a target operating margin of 11.3% was used in the valuation).\n\nThe recoverable amount exceeded the carrying amount by €4,693 million.\n\nWe believe that no reasonably possible change in terminal growth rate and discount rate would cause the carrying amount of our Core Services segment to exceed the recoverable amount.\n\nThe following table shows the amounts by which the key assumptions would need to change individually (that is, without changing the other key assumptions) for the recoverable amount to be equal to the carrying amount. For budgeted revenue growth sensitivity, the cost structure was not adjusted, hence leading to a modified terminal operating margin.\n\n**Sensitivity to Change in Assumptions**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\nCore Services\n\n​\n\n**  ​ ​ ​**\n\n**12/31/2025**\n\nBudgeted revenue growth (change in pp)\n\n \n\n**-2.1**\n\nTarget operating margin at the end of the budgeted period (change in pp)\n\n \n\n**-10.0**\n\n​\n\n​\n\nF-52\n\n[Table of Contents](#TOC)\n\n**(D.3)   Intangible Assets**\n\n**y********Recognition of Intangibles**\n\n​\n\nWhereas in general, expenses for internally generated intangibles are expensed as incurred, development expenses incurred on standard-related customer development projects (for which the IAS 38 criteria are met cumulatively) are capitalized on a limited scale with those amounts being amortized over the estimated useful life for the majority of the projects of five to seven years.\n\nDetermining whether internally generated intangible assets from development qualify for recognition requires significant judgment, particularly in the following areas:\n\n-   Determining whether activities should be considered research activities or development activities\n\n-   Determining whether the conditions for recognizing an intangible asset are met requires assumptions about future market conditions, customer demand, and other developments.\n\n-   The term “technical feasibility” is not defined in IFRS, and therefore determining whether the completion of an asset is technically feasible requires judgment and a company-specific approach.\n\n-   Determining the future ability to use or sell the intangible asset arising from the development and the determination of the probability of future benefits from sale or use\n\n-   Determining whether a cost is directly or indirectly attributable to an intangible asset and whether a cost is necessary for completing a development\n\nThese judgments impact the total amount of intangible assets that we present in our balance sheet as well as the timing of recognizing development expenses in profit or loss.\n\n**y********Measurement of Intangibles**\n\nAll our purchased intangible assets other than goodwill have finite useful lives. They are initially measured at acquisition cost and subsequently amortized based on the expected consumption of economic benefits over their estimated useful lives ranging from two to 20 years.\n\nJudgment is required in determining the following:\n\n-   The useful life of an intangible asset, as this is based on our estimates regarding the period over which the intangible asset is expected to generate economic benefits to us\n\n-   The amortization method, as IFRS requires the straight-line method to be used unless we can reliably determine the pattern in which the asset’s future economic benefits are expected to be consumed by us\n\nBoth the amortization period and the amortization method have an impact on the amortization expense that is recorded in each period.\n\n**y********Classification of Intangibles**\n\nWe classify intangible assets according to their nature and use in our operations. Software and database licenses consist primarily of technology for internal use, whereas acquired technology consists primarily of purchased software to be incorporated into our product offerings. Customer relationships and other intangibles consist primarily of customer relationships and acquired trademark licenses.\n\nAmortization expenses of intangible assets are classified as Cost of cloud, Cost of services, Research and development, Sales and marketing, and General and administration, depending on the use of the respective intangible assets.\n\n​\n\n​\n\nF-53\n\n[Table of Contents](#TOC)\n\nIntangible Assets\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCustomer\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\nSoftware and\n\n**  ​ ​ ​**\n\nAcquired\n\n**  ​ ​ ​**\n\nRelationships and\n\n**  ​ ​ ​**\n\n​\n\n€ millions\n\n  ​ ​ ​\n\nDatabase Licenses\n\n​\n\nTechnology\n\n​\n\nOther Intangibles\n\n​\n\n**Total**\n\n**Historical cost**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**1/1/2024**\n\n \n\n**1,073**\n\n​\n\n**1,819**\n\n​\n\n**4,892**\n\n​\n\n**7,784**\n\nForeign currency exchange differences\n\n \n\n2\n\n​\n\n103\n\n​\n\n247\n\n​\n\n352\n\nAdditions from business combinations\n\n \n\n0\n\n​\n\n187\n\n​\n\n315\n\n​\n\n502\n\nOther additions\n\n \n\n20\n\n​\n\n3\n\n​\n\n66\n\n​\n\n89\n\nRetirements/disposals\n\n \n\n-84\n\n​\n\n-326\n\n​\n\n-174\n\n​\n\n-584\n\nTransfers\n\n​\n\n25\n\n​\n\n0\n\n​\n\n-25\n\n​\n\n0\n\n**12/31/2024**\n\n** **\n\n**1,036**\n\n​\n\n**1,786**\n\n​\n\n**5,321**\n\n​\n\n**8,143**\n\nForeign currency exchange differences\n\n \n\n-3\n\n​\n\n-198\n\n​\n\n-468\n\n​\n\n-669\n\nAdditions from business combinations\n\n \n\n0\n\n​\n\n64\n\n​\n\n142\n\n​\n\n206\n\nOther additions\n\n \n\n30\n\n​\n\n0\n\n​\n\n49\n\n​\n\n79\n\nRetirements/disposals\n\n \n\n-31\n\n​\n\n0\n\n​\n\n-3\n\n​\n\n-34\n\nTransfers\n\n​\n\n56\n\n​\n\n0\n\n​\n\n-56\n\n​\n\n0\n\n**12/31/2025**\n\n** **\n\n**1,088**\n\n​\n\n**1,652**\n\n​\n\n**4,985**\n\n​\n\n**7,725**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Accumulated amortization**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**1/1/2024**\n\n \n\n**594**\n\n​\n\n**1,584**\n\n​\n\n**3,101**\n\n​\n\n**5,279**\n\nForeign currency exchange differences\n\n \n\n2\n\n​\n\n89\n\n​\n\n151\n\n​\n\n242\n\nAdditions amortization\n\n \n\n139\n\n​\n\n89\n\n​\n\n253\n\n​\n\n481\n\nRetirements/disposals\n\n \n\n-68\n\n​\n\n-326\n\n​\n\n-171\n\n​\n\n-565\n\n**12/31/2024**\n\n \n\n**667**\n\n​\n\n**1,436**\n\n​\n\n**3,334**\n\n​\n\n**5,437**\n\nForeign currency exchange differences\n\n \n\n-2\n\n​\n\n-174\n\n​\n\n-309\n\n​\n\n-485\n\nAdditions amortization\n\n \n\n114\n\n​\n\n106\n\n​\n\n300\n\n​\n\n520\n\nRetirements/disposals\n\n \n\n-27\n\n​\n\n-1\n\n​\n\n-1\n\n​\n\n-29\n\n**12/31/2025**\n\n \n\n**752**\n\n​\n\n**1,367**\n\n​\n\n**3,324**\n\n​\n\n**5,443**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Carrying amount**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**12/31/2024**\n\n** **\n\n**369**\n\n​\n\n**350**\n\n​\n\n**1,987**\n\n​\n\n**2,706**\n\n**12/31/2025**\n\n** **\n\n**336**\n\n​\n\n**285**\n\n​\n\n**1,661**\n\n​\n\n**2,282**\n\n​\n\nSignificant Intangible Assets\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nRemaining \n\n​\n\n​\n\nCarrying Amount\n\n​\n\nUseful Life\n\n€ millions, unless otherwise stated\n\n​\n\n**2025**\n\n​\n\n2024\n\n​\n\n(in years)\n\nConcur – Customer relationships\n\n \n\n396\n\n \n\n540\n\n \n\n5\n\nto\n\n9\n\nLeanIX - Customer relationships\n\n​\n\n290\n\n​\n\n333\n\n​\n\n​\n\n​\n\n11\n\nWalkMe - Customer relationships\n\n \n\n226\n\n \n\n246\n\n \n\n​\n\n​\n\n13\n\n**Total significant intangible assets**\n\n** **\n\n**912**\n\n** **\n\n**1,119**\n\n \n\n  ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nF-54\n\n[Table of Contents](#TOC)\n\n**(D.4)   Property, Plant, and Equipment**\n\n​\n\n​\n\n**y****Depreciation of Property, Plant and Equipment**\n\n​\n\nProperty, plant, and equipment are typically depreciated using the straight-line method. Judgment is required in estimating the useful life of the assets. In this assessment we consider, among others, our history with similar assets and current and future changes in technology.\n\n​\n\nUseful Lives of Property, Plant, and Equipment\n\n​\n\n​\n\n​\n\n​\n\nBuildings\n\n  ​ ​ ​\n\nPredominantly 25 to 50 years\n\nLeased assets and leasehold improvements\n\n​\n\nBased on the term of the lease contract\n\nInformation technology equipment\n\n​\n\n2 to 6 years\n\nOffice furniture\n\n​\n\n4 to 20 years\n\nAutomobiles\n\n​\n\n4 to 5 years\n\n​\n\nProperty, Plant, and Equipment\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\nOther Property,\n\n​\n\nAdvance \n\n**  ​ ​ ​**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther Property,\n\n​\n\nPlant, and\n\n​\n\nPayments and\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLand and\n\n​\n\nPlant, and\n\n​\n\nEquipment\n\n​\n\nConstruction\n\n​\n\n​\n\n€ millions\n\n​\n\nLand and Buildings\n\n​\n\nBuildings Leased\n\n​\n\nEquipment\n\n​\n\nLeased\n\n​\n\nin Progress\n\n​\n\nTotal\n\n12/31/2024\n\n​\n\n1,501\n\n​\n\n1,391\n\n​\n\n1,379\n\n​\n\n66\n\n​\n\n156\n\n​\n\n**4,493**\n\n**12/31/2025**\n\n​\n\n**1,497**\n\n​\n\n**1,370**\n\n​\n\n**1,328**\n\n​\n\n**107**\n\n​\n\n**195**\n\n​\n\n**4,497**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Additions**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n12/31/2024\n\n** **\n\n87\n\n​\n\n321\n\n​\n\n549\n\n​\n\n90\n\n​\n\n91\n\n​\n\n**1,138**\n\n**12/31/2025**\n\n** **\n\n**89**\n\n​\n\n**301**\n\n​\n\n**480**\n\n​\n\n**120**\n\n​\n\n**141**\n\n​\n\n**1,130**\n\n​\n\nThe additions (other than from business combinations) relate primarily to the replacement and purchase of information technology equipment and the construction and leasing of buildings and data centers. For more information about leases, see Note (D.5).\n\n​\n\nF-55\n\n[Table of Contents](#TOC)\n\n**(D.5)   Leases**\n\n**y********Accounting Policies, Judgments, and Estimates**\n\n​\n\nUnder IFRS 16, a contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As a lessee, SAP recognizes a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. The right-of-use assets are depreciated on a straight-line basis and interest expense is recognized on the lease liabilities. The vast majority of our leases consist of facility and data center leases. Payments for short-term and low-value leases are expensed over the lease term. Extension options are included in the lease term if their exercise is reasonably certain.\n\n​\n\n**Leases in the Balance Sheet**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n  ​ ​ ​\n\n**12/31/2025**\n\n  ​ ​ ​\n\n12/31/2024\n\n**Right-of-use assets**\n\n​\n\n​\n\n​\n\n​\n\nRight-of-use assets – land and buildings\n\n​\n\n1,370\n\n \n\n1,391\n\nRight-of-use assets – other property, plant, and equipment\n\n​\n\n107\n\n \n\n66\n\n**Total right-of-use assets**\n\n​\n\n**1,477**\n\n \n\n**1,457**\n\n/ Property, plant, and equipment\n\n​\n\n4,497\n\n \n\n4,493\n\nRight-of-use assets as % of / Property, plant, and equipment\n\n​\n\n33\n\n \n\n32\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Lease liabilities**\n\n​\n\n​\n\n​\n\n​\n\n**Current lease liabilities**\n\n​\n\n**254**\n\n \n\n**295**\n\n/ Current financial liabilities\n\n​\n\n2,050\n\n \n\n4,277\n\nCurrent lease liabilities as % of / Current financial liabilities\n\n​\n\n12\n\n \n\n7\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Non-current lease liabilities**\n\n​\n\n**1,430**\n\n \n\n**1,420**\n\n/ Non-current financial liabilities\n\n​\n\n6,021\n\n \n\n7,169\n\nNon-current lease liabilities as % of / Non-current financial liabilities\n\n​\n\n24\n\n \n\n20\n\n​\n\n**Leases in the Income Statement**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n2024\n\n**Lease expenses within operating profit**\n\n​\n\n​\n\n​\n\n​\n\nDepreciation of right-of-use assets\n\n​\n\n275\n\n \n\n280\n\n​\n\nFor more information about right-of-use asset additions, see Note (D.4), and for a maturity analysis of lease liabilities, see Note (F.1). For more information about the cash flow related to lease liabilities, see the “Reconciliation of Liabilities Arising from Financing Activities” table within Note (E.3).\n\n​\n\nF-56\n\n[Table of Contents](#TOC)\n\n​\n\n**(D.6)   Equity Investments**\n\n**y********Accounting Policies, Judgments, and Estimates**\n\n​\n\nWe generally classify financial assets into the following categories: at amortized cost (AC), at fair value through other comprehensive income (FVOCI), and at fair value through profit or loss (FVTPL), depending on the contractual cash flows of and our business model for holding the respective asset.\n\nFor equity securities, as the cash flow characteristics are other than solely principal and interest, we take an investment-by-investment decision whether to classify as FVTPL or FVOCI.\n\nThe valuation of equity securities of private companies requires judgment because it is typically based on significant unobservable inputs, as no market prices are available and there is inherent lack of liquidity.\n\nWe take the most recent qualitative and quantitative information aspects into consideration to determine the fair value estimates of these equity securities.\n\nConsiderable judgment and assumptions are involved with regard to the selection of appropriate comparable company data, the assessment of cash requirements of the business, the acceptance of the technology or products in the addressable markets, the actual and forecasted performance, the milestone achievements, the adequacy of price points from financing rounds, the transaction of similar securities of the same company, the rights and preferences of the underlying securities, the selection of adequate equity allocation parameters, the possible exit scenarios and associated weightings. Because all of these assumptions could change significantly, and because valuation is inherently uncertain, our estimated fair values may differ significantly from the values that would have been used had market prices for the investments existed and that will ultimately be realized, and those differences could be material.\n\nGains/losses on equity securities at FVTPL include gains/losses from fair value fluctuations, from disposals as well as dividends, while gains/losses on equity securities at FVOCI only include dividends, all of which are shown in Financial income, net. Regular way purchases and sales are recorded as at the trade date.\n\n​\n\nEquity Investments\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n2024\n\n€ millions\n\n  ​ ​ ​\n\n**Current**\n\n  ​ ​ ​\n\n**Non-Current**\n\n  ​ ​ ​\n\n**Total**\n\n  ​ ​ ​\n\nCurrent\n\n  ​ ​ ​\n\nNon-Current\n\n  ​ ​ ​\n\nTotal\n\nEquity securities\n\n \n\n0\n\n \n\n6,574\n\n \n\n6,574\n\n \n\n0\n\n \n\n6,401\n\n \n\n6,401\n\nInvestments in associates\n\n \n\n0\n\n \n\n142\n\n \n\n142\n\n \n\n0\n\n \n\n144\n\n \n\n144\n\n**Equity investments**\n\n** **\n\n**0**\n\n** **\n\n**6,716**\n\n** **\n\n**6,716**\n\n** **\n\n0\n\n \n\n6,545\n\n \n\n6,545\n\nOther financial assets\n\n​\n\n1,552\n\n​\n\n7,269\n\n​\n\n8,821\n\n​\n\n1,629\n\n​\n\n7,141\n\n​\n\n8,770\n\nEquity investments as % of Other financial assets\n\n​\n\n0\n\n​\n\n92\n\n​\n\n76\n\n​\n\n0\n\n​\n\n92\n\n​\n\n75\n\n​\n\nInvestments in Associates\n\n​\n\nSAP has interests in a number of individually immaterial associates. We own more than 20% of the equity interests or have at least 20% of the voting rights in these entities. Based on these facts and the nature of the relationships, SAP has determined that it has significant influence.\n\nThe following table shows, in aggregate, the carrying amount and share of profit of these associates.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n2024\n\nCarrying amount of interest in associates\n\n \n\n142\n\n \n\n144\n\nShare of profit and losses from continuing operations\n\n \n\n2\n\n \n\n10\n\n​\n\nThe vast majority of the carrying amount of interest in associates relates to SAP Fioneer GmbH.\n\nFor a list of the names of other equity investments, see Note (G.9)*.*\n\nFinancial Commitments in Venture Capital Funds\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\nCommitted investments in venture capital funds\n\n \n\n222\n\n \n\n267\n\n​\n\nF-57\n\n[Table of Contents](#TOC)\n\nSAP invests and holds interests in unrelated parties that manage investments in venture capital. On December 31, 2025, total commitments to make such investments amounted to €961 million (2024: €1,100 million), of which €739 million had been drawn (2024: €833 million). By investing in such venture capital funds, we are exposed to the risks inherent in the business areas in which the entities operate. Our maximum exposure to loss is the amount invested plus contractually committed future capital contributions.\n\nMaturities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n31/12/2025\n\n​\n\n​\n\n**Investments in Venture**\n\n€ millions\n\n​\n\n**Capital Funds**\n\nDue 2026\n\n \n\n222\n\n**Total**\n\n \n\n**222**\n\n​\n\n​\n\n**(D.7) Non-Current Asse****ts by Region**\n\nThe table below shows non-current assets excluding financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts.\n\n**Non-Current Assets by Region**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n2024\n\nGermany\n\n \n\n7,591\n\n \n\n7,351\n\nRest of EMEA\n\n \n\n6,719\n\n \n\n6,864\n\n**EMEA**\n\n** **\n\n**14,309**\n\n** **\n\n**14,215**\n\nUnited States\n\n \n\n24,293\n\n \n\n26,845\n\nRest of Americas\n\n \n\n646\n\n \n\n511\n\n**Americas**\n\n** **\n\n**24,939**\n\n** **\n\n**27,356**\n\nIndia\n\n​\n\n430\n\n​\n\n405\n\nRest of APJ\n\n​\n\n919\n\n​\n\n981\n\n**APJ**\n\n** **\n\n**1,349**\n\n** **\n\n**1,385**\n\n**SAP Group**\n\n** **\n\n**40,597**\n\n** **\n\n**42,956**\n\n​\n\nThe decrease in the United States is primarily due to foreign currency exchange differences for goodwill, which is partially offset by the acquisition of SmartRecruiters. For more information, see Note (D.1) and Note (D.2).\n\nFor a breakdown of our employee headcount by region, see Note (B.1), and for a breakdown of revenue by region, see Note (A.1).\n\n​\n\n​\n\nF-58\n\n[Table of Contents](#TOC)\n\n**(D.8) Purchase Obligations**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\nContractual obligations for acquisition of property, plant, and equipment and intangible assets\n\n \n\n344\n\n \n\n270\n\nOther purchase obligations\n\n \n\n8,300\n\n \n\n9,322\n\n**Purchase obligations**\n\n** **\n\n**8,644**\n\n** **\n\n**9,592**\n\n​\n\nThe contractual obligations for acquisition of property, plant, and equipment and intangible assets relate primarily to the purchase of hardware, software, patents, office equipment, and vehicles. The remaining obligations relate mainly to cloud services, marketing, consulting, maintenance, license agreements, and other third-party agreements. The decrease is mainly due to payments made for cloud infrastructure services. Historically, the majority of such purchase obligations have been realized.\n\nMaturities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n12/31/2025\n\n€ millions\n\n​\n\n**Purchase Obligations**\n\nDue 2026\n\n \n\n2,574\n\nDue 2027 to 2030\n\n \n\n5,928\n\nDue thereafter\n\n \n\n142\n\n**Total**\n\n** **\n\n**8,644**\n\n​\n\n​\n\n**(D.9****)****Income-Related Government Grants**\n\n**y****Recognition of Income-Related Government Grants**\n\n​\n\nWe recognize income-related government grants as a reduction of the related expense in the period in which the expense is incurred.\n\n​\n\nAt the end of 2023, we received a grant from the German government to fund research and development expenditures related to cloud infrastructure. The grant will provide reimbursements of up to €245 million for qualifying expenditures through 2027. The original grant of €329 million was adjusted to reflect a reduced funding requirement compared to the initial forecast. As at December 31, 2025, the total amount recognized for reimbursement since the inception of the project was €59 million.\n\n​\n\nF-59\n\n[Table of Contents](#TOC)\n\n**Section E — Capital Structure, Financing, and Liquidity**\n\nThis section describes 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 high debt capacity.\n\n**(E.1) Capital Structure Management**\n\nThe primary objective of our capital structure management is to maintain a strong financial profile for investor, creditor, and customer confidence, and to support the growth of our business. We seek to maintain a capital structure that will allow us to continuously cover our funding requirements through the capital markets on reasonable terms and, in so doing, ensure a high level of independence, confidence, and financial flexibility.\n\nSAP’s prime principle of financial risk management is to safeguard liquidity at a level to be able to meet all our financial obligations. To support this goal, SAP’s principal use of cash is focused on:\n\n-Capital expenditure\n\n-Quick repayment of financial debt\n\n-Acquisitions and venture activities\n\n-Payment of dividends\n\n-Share buybacks to return excess cash to shareholders\n\nSAP SE’s long-term credit rating is “A1” by Moody’s (stable outlook) and “A+” by S&P Global Ratings (stable outlook).\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**12/31/2025**\n\n​\n\n12/31/2024\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**% of**\n\n​\n\n​\n\n​\n\n% of\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Total equity and**\n\n​\n\n​\n\n​\n\nTotal equity and\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**€ millions**\n\n**  ​ ​ ​**\n\n**liabilities**\n\n  ​ ​ ​\n\n€ millions\n\n  ​ ​ ​\n\nliabilities\n\n  ​ ​ ​\n\n∆ in %\n\n/ Equity\n\n \n\n45,073\n\n \n\n64\n\n \n\n45,806\n\n \n\n62\n\n \n\n-2\n\n/ Current liabilities\n\n \n\n17,416\n\n \n\n25\n\n \n\n19,082\n\n \n\n26\n\n \n\n-9\n\n/ Non-current liabilities\n\n \n\n7,873\n\n \n\n11\n\n \n\n9,349\n\n \n\n13\n\n \n\n-16\n\n/ Liabilities\n\n \n\n25,288\n\n \n\n36\n\n \n\n28,431\n\n \n\n38\n\n \n\n-11\n\nThereof financial debt\n\n​\n\n6,150\n\n​\n\n9\n\n​\n\n9,385\n\n​\n\n13\n\n​\n\n-34\n\nThereof lease liabilities\n\n​\n\n1,684\n\n​\n\n2\n\n​\n\n1,715\n\n​\n\n2\n\n​\n\n-2\n\n**/****Total equity and liabilities**\n\n** **\n\n**70,362**\n\n** **\n\n**100**\n\n** **\n\n**74,237**\n\n** **\n\n**100**\n\n** **\n\n**-5**\n\n​\n\nIn September 2024, SAP drew a short-term loan of €1.25 billion to finance the acquisition of WalkMe, which was repaid in March 2025. In 2025, we also repaid €600 million in Eurobonds and US$300 million in U.S. bonds at maturity. Further, in December 2025, we repaid a total of €1 billion raised in 2024 via bilateral credit lines and early repaid US$100 million in U.S. private placements. The ratio of total nominal volume of financial debt to total equity and liabilities decreased 4pp.\n\n​\n\n**(E.2) Total Equity**\n\n**y********Accounting for Interests in Subsidiaries**\n\nChanges in SAP’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. When SAP loses control over the subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related non-controlling interests (NCI) and other components of equity. Any resulting gain or loss is recognized in profit or loss.\n\n**Issued Capital**\n\nSAP SE has issued no-par value bearer shares with a calculated nominal value of €1 per share. All of the shares issued are fully paid.\n\nF-60\n\n[Table of Contents](#TOC)\n\nNumber of Shares\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMillions\n\n​\n\nIssued Capital\n\n​\n\nTreasury Shares\n\n**1/1/2023**\n\n** **\n\n**1,229**\n\n** **\n\n**-61**\n\nPurchase of treasury shares\n\n \n\n0\n\n \n\n-8\n\nReissuance of treasury shares under share-based payments\n\n​\n\n0\n\n​\n\n8\n\n**12/31/2023**\n\n** **\n\n**1,229**\n\n​\n\n**-61**\n\nPurchase of treasury shares\n\n \n\n0\n\n​\n\n-11\n\nReissuance of treasury shares under share-based payments\n\n \n\n0\n\n​\n\n10\n\n**12/31/2024**\n\n \n\n**1,229**\n\n​\n\n**-62**\n\nPurchase of treasury shares\n\n​\n\n0\n\n​\n\n-8\n\nReissuance of treasury shares under share-based payments\n\n​\n\n0\n\n​\n\n9\n\n**12/31/2025**\n\n** **\n\n**1,229**\n\n​\n\n**-61**\n\n​\n\nFor more information about the share repurchase program executed during the period from 2023 to 2025, see the Treasury Shares section below.\n\n**Authorized Shares**\n\nThe Articles of Incorporation authorize the Executive Board to increase the issued capital as follows:\n\n-By up to a total amount of €250 million by issuing new no-par value bearer shares against contributions in cash until May 12, 2030 (Authorized Capital I). The issuance is subject to the statutory subscription rights of existing shareholders.\n\n-By up to a total amount of €250 million by issuing new no-par value bearer shares against contributions in cash or in kind until May 12, 2030 (Authorized Capital II). Subject to the consent of the Supervisory Board, the Executive Board is authorized to exclude the shareholders’ statutory subscription rights in certain cases.\n\n**Contingent Shares**\n\nSAP SE’s share capital is subject to a contingent capital increase, which will be implemented only insofar as the holders or creditors of convertible bonds or stock options issued or guaranteed by SAP SE or any of its directly or indirectly controlled subsidiaries under certain share-based payments exercise their conversion or subscription rights, and no other methods for servicing these rights are used. As at December 31, 2025, €100 million, representing 100 million shares, was still available for issuance (2024: €100 million).\n\nShare Premium\n\nThe share premium is used to recognize the value of equity-settled share-based payments granted to our employees.\n\nFor more information about our share-based payments, see Note (B.3).\n\n**Retained Earnings**\n\nRetained earnings mainly comprise profit after tax and dividend payments as well as transactions with non-controlling interests.\n\nOther Components of Equity\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCash Flow\n\n​\n\n​\n\n​\n\n​\n\nExchange\n\n​\n\nHedges/Cost of\n\n​\n\n​\n\n€ millions\n\n**  ​ ​ ​**\n\n Differences\n\n**  ​ ​ ​**\n\n Hedging\n\n**  ​ ​ ​**\n\nTotal\n\n1/1/2023\n\n \n\n4,015\n\n \n\n16\n\n​\n\n4,031\n\nOther comprehensive income for items that will be reclassified to profit or loss, net of tax\n\n \n\n-1,597\n\n \n\n-8\n\n \n\n-1,605\n\n12/31/2023\n\n \n\n2,418\n\n \n\n9\n\n​\n\n2,426\n\nOther comprehensive income for items that will be reclassified to profit or loss, net of tax\n\n \n\n2,370\n\n​\n\n-24\n\n​\n\n2,347\n\n**12/31/2024**\n\n** **\n\n**4,788**\n\n​\n\n**-15**\n\n​\n\n**4,773**\n\nOther comprehensive income for items that will be reclassified to profit or loss, net of tax\n\n \n\n-4,594\n\n​\n\n26\n\n​\n\n-4,568\n\n**12/31/2025**\n\n** **\n\n**193**\n\n​\n\n**11**\n\n​\n\n**204**\n\n​\n\nF-61\n\n[Table of Contents](#TOC)\n\n**Treasury Shares**\n\nBy resolution of SAP SE’s Annual General Meeting of Shareholders held on May 11, 2023, the authorization granted by the Annual General Meeting of Shareholders on May 17, 2018, regarding the acquisition of treasury shares was revoked to the extent it had not been exercised at that time, and replaced by a new authorization of the Executive Board of SAP SE to acquire, on or before May 10, 2028, shares of SAP SE representing a pro rata amount of capital stock of up to €120 million in aggregate, provided that the shares purchased under the authorization, together with any other shares in the Company previously acquired and held by, or attributable to, SAP SE do not account for more than 10% of SAP SE’s issued share capital. Although treasury shares are legally considered outstanding, there are no dividend or voting rights associated with them. We may redeem or resell shares held in treasury, or we may use treasury shares for the purpose of servicing option or conversion rights under the Company’s share-based payment plans. Also, we may use shares held in treasury as consideration in connection with mergers with, or acquisitions of, other companies.\n\nFollowing the above authorization, in May 2023 we announced a share buyback program with an aggregate volume of up to €5 billion and a term until December 31, 2025, which is designed primarily to service share-based compensation awards. As part of this program, which was completed in 2025, we acquired shares with a volume of €1,916 million (without incidental acquisition costs) in 2025 (2024: €2,108 million). In January 2026, the Executive Board and the Supervisory Board authorized a new share repurchase program with a volume of up to €10 billion, which commenced as scheduled in February 2026 and is expected to be completed by the end of 2027.\n\n**Distribution Policy and Dividends**\n\nOur general intention is to remain in a position to return liquidity to our shareholders by distributing annual dividends totaling at least 40% of the SAP Group’s non-IFRS profit after tax from continuing operations and by potentially repurchasing treasury shares in future.\n\nIn 2025, we distributed €2,743 million (€2.35 per share) in dividends for 2024, compared to €2,565 million (€2.20 per share) paid in 2024 for 2023 and €2,395 million (€2.05 per share) paid in 2023 for 2022.\n\nThe total dividend available for distribution to SAP SE shareholders is based on the profits of SAP SE as reported in its statutory financial statements prepared under the accounting rules in the German Commercial Code (*Handelsgesetzbuch)*. For the year ended December 31, 2025, the Executive Board intends to propose that a dividend of €2.50 per share (that is, an estimated total dividend of €2,919 million), be paid from the profits of SAP SE.\n\n**Non-Controlling Interests**\n\nIn 2025, a profit of €165 million was attributed to non-controlling interests (2024: profit of €26 million).\n\n​\n\n​\n\nF-62\n\n[Table of Contents](#TOC)\n\n**(E.3) Liquidity**\n\n**y********Accounting for Non-Derivative Financial Instruments**\n\n​\n\n**Classification and Measurement of Non-Derivative Financial Debt Investments**\n\n​\n\nOur non-derivative financial debt investments comprise cash at banks and cash equivalents (highly liquid investments with original maturities of three months or less, such as time deposits and money-market funds), loans and other financial receivables, and acquired debt securities.\n\nWe generally classify financial assets as: at amortized cost (AC), at fair value through other comprehensive income (FVOCI), or at fair value through profit or loss (FVTPL), depending on the contractual cash flows of, and our business model for, holding the respective asset. Financial assets having cash flow characteristics other than solely principal and interest such as money market and similar funds are classified as FVTPL. Generally, other financial assets with cash flows consisting solely of principal and interest are held within a business model whose objective is “hold to collect” and are thus classified as AC. Occasionally, such other financial assets are held within a business model whose objective is “hold to collect and sell” in which case they are classified as FVOCI.\n\nGains/losses on non-derivative financial debt investments at FVTPL are reported in Financial income, net and show interest income/expenses separately from other gains/losses which include gains/losses from fair value fluctuations and disposals. Gains/losses on non-derivative financial debt investments at AC are reported in Financial income, net and show interest income/expenses separately from other gains/losses which include gains/losses on disposals and changes in expected and incurred credit losses. Gains/losses from foreign currency exchange rate fluctuations are included in Other non-operating income/expense, net. Regular way purchases and sales are recorded as at the trade date.\n\n**Impairment of Non-Derivative Financial Debt Investments**\n\nFor these financial assets, we apply considerable judgment by employing the general impairment approach as follows:\n\n-For cash at banks, time deposits, and debt securities such as acquired bonds and acquired commercial papers, we apply the low credit risk exception, as it is our policy to invest only in high-quality assets of issuers with a minimum rating of at least investment grade to minimize the risk of credit losses. Thus, these assets are always allocated to stage 1 of the three-stage credit loss model, and we record a loss allowance at an amount equal to 12-month expected credit losses. This loss allowance is calculated based on our exposure at the respective reporting date, the loss given default for this exposure, and the credit default swap spread as a measure for the probability of default. Even though we invest only in assets of at least investment-grade, we also closely observe the development of credit default swap spreads as a measure of market participants’ assessments of the creditworthiness of a debtor to evaluate probable significant increases in credit risk to timely react to changes should these manifest. Among others, we consider cash at banks, time deposits, and debt securities to be in default when the counterparty is unlikely to pay its obligations in full, when there is information about a counterparty’s financial difficulties or if there is a drastic increase in a counterparty’s credit default swap spread for a prolonged time period while the overall market environment remains generally stable. Such financial assets are written off either partially or in full if the likelihood of recovery is considered remote, which might be evidenced, for example, by the bankruptcy of a counterparty of such financial assets.\n\n-Loans and other financial receivables are monitored based on borrower-specific internal and external information to determine whether there has been a significant increase in credit risk since initial recognition. We consider such assets to be in default if they are significantly beyond their due date or if the borrower is unlikely to pay its obligation. A write-off occurs when the likelihood of recovery is considered remote, for example when bankruptcy proceedings have been finalized or when all enforcement efforts have been exhausted.\n\n**Non-Derivative Financial Liabilities**\n\nNon-derivative financial liabilities include bank loans, issued bonds, private placements, and other financial liabilities. Other financial liabilities also include customer funding liabilities which are funds we draw from and make payments on behalf of our customers for customers’ employee expense reimbursements, related credit card payments, and vendor payments. We present these funds in cash and cash equivalents and record our obligation to make these expense reimbursements and payments on behalf of our customers as customer funding liabilities.\n\nAs we do not designate financial liabilities as FVTPL, we generally classify non-derivative financial liabilities as AC.\n\nExpenses and gains or losses on financial liabilities at AC mainly consist of interest expense which is shown in Financial income, net. Gains/losses from foreign currency exchange rate fluctuations are included in Other non-operating income/expense, net.\n\nGroup Liquidity, Financial Debt, and Net Debt\n\nGroup liquidity consists of cash at banks, money market and other funds, as well as time deposits and debt securities (both with remaining maturities of less than one year). Financial debt is defined as the nominal volume of bank loans, issued commercial papers, private placements, and bonds. Net debt is group liquidity less financial debt.\n\nF-63\n\n[Table of Contents](#TOC)\n\nGroup Liquidity and Net Debt\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n∆\n\n/ Cash and cash equivalents\n\n \n\n8,220\n\n \n\n9,609\n\n \n\n-1,390\n\nCurrent time deposits and debt securities\n\n \n\n1,311\n\n \n\n1,471\n\n \n\n-160\n\n**Group liquidity**\n\n \n\n**9,531**\n\n \n\n**11,080**\n\n \n\n**-1,550**\n\nCurrent financial debt\n\n \n\n-1,600\n\n \n\n-3,639\n\n \n\n2,039\n\nNon-current financial debt\n\n \n\n-4,550\n\n \n\n-5,746\n\n \n\n1,196\n\n**Financial debt**\n\n** **\n\n**-6,150**\n\n** **\n\n**-9,385**\n\n** **\n\n**3,235**\n\n**Net cash (+) / Net debt (–)**\n\n \n\n**3,381**\n\n \n\n**1,695**\n\n \n\n**1,685**\n\n​\n\nWhile we continuously monitor the ratios presented in the capital structure table, we actively manage our liquidity and structure of our financial indebtedness based on the ratios group liquidity and net debt.\n\nCash and Cash Equivalents\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n2024\n\n€ millions\n\n**  ​ ​ ​**\n\n**Current**\n\n**  ​ ​ ​**\n\n**Non-Current**\n\n**  ​ ​ ​**\n\n**Total**\n\n**  ​ ​ ​**\n\nCurrent\n\n**  ​ ​ ​**\n\nNon-Current\n\n**  ​ ​ ​**\n\nTotal\n\nCash at banks\n\n \n\n3,910\n\n \n\n0\n\n \n\n3,910\n\n \n\n3,962\n\n \n\n0\n\n \n\n3,962\n\nTime deposits\n\n \n\n1,342\n\n \n\n0\n\n \n\n1,342\n\n \n\n1,659\n\n \n\n0\n\n \n\n1,659\n\nMoney market and other funds\n\n \n\n2,871\n\n \n\n0\n\n \n\n2,871\n\n \n\n3,991\n\n \n\n0\n\n \n\n3,991\n\nDebt securities\n\n \n\n100\n\n \n\n0\n\n \n\n100\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\nExpected credit loss allowance\n\n \n\n-3\n\n \n\n0\n\n \n\n-3\n\n \n\n-3\n\n \n\n0\n\n \n\n-3\n\n**/****Cash and cash equivalents**\n\n** **\n\n**8,220**\n\n** **\n\n**0**\n\n** **\n\n**8,220**\n\n** **\n\n**9,609**\n\n** **\n\n**0**\n\n** **\n\n**9,609**\n\n​\n\nNon-Derivative Financial Debt Investments\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n2024\n\n€ millions\n\n**  ​ ​ ​**\n\n**Current**\n\n  ​ ​ ​\n\n**Non-Current**\n\n  ​ ​ ​\n\n**Total**\n\n  ​ ​ ​\n\nCurrent\n\n  ​ ​ ​\n\nNon-Current\n\n  ​ ​ ​\n\nTotal\n\nTime deposits\n\n​\n\n1,226\n\n​\n\n0\n\n​\n\n1,226\n\n​\n\n1,425\n\n​\n\n0\n\n​\n\n1,425\n\nDebt securities\n\n​\n\n92\n\n​\n\n46\n\n​\n\n138\n\n​\n\n53\n\n​\n\n74\n\n​\n\n128\n\nFinancial instruments related to employee benefit plans\n\n​\n\n0\n\n​\n\n284\n\n​\n\n284\n\n​\n\n0\n\n​\n\n287\n\n​\n\n287\n\nLoans and other financial receivables\n\n \n\n174\n\n \n\n218\n\n \n\n392\n\n \n\n98\n\n \n\n231\n\n \n\n329\n\nExpected credit loss allowance\n\n \n\n-7\n\n \n\n0\n\n \n\n-7\n\n \n\n-7\n\n \n\n0\n\n \n\n-7\n\n**Non-derivative financial debt investments**\n\n​\n\n**1,485**\n\n​\n\n**547**\n\n​\n\n**2,032**\n\n​\n\n**1,569**\n\n​\n\n**593**\n\n​\n\n**2,161**\n\n/ Other financial assets\n\n \n\n1,552\n\n \n\n7,269\n\n \n\n8,821\n\n \n\n1,629\n\n \n\n7,141\n\n \n\n8,770\n\nNon-derivative financial debt investments as % of / Other financial assets\n\n \n\n96\n\n \n\n8\n\n \n\n23\n\n \n\n96\n\n \n\n8\n\n \n\n25\n\n​\n\nTime deposits with original maturity of three months or less are presented as cash and cash equivalents, and those with original maturities of greater than three months (investments considered in group liquidity) are presented as other financial assets. Debt securities consist of acquired commercial papers and acquired bonds of mainly financial and non-financial corporations and municipalities.\n\nFor more information about financial risk and the nature of risk, see Note (F.1).\n\n​\n\nF-64\n\n[Table of Contents](#TOC)\n\nFinancial Debt\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n2024\n\n​\n\n​\n\nNominal Volume\n\n​\n\nCarrying Amount\n\n​\n\nNominal Volume\n\n​\n\nCarrying Amount\n\n€ millions\n\n  ​ ​ ​\n\n**Current**\n\n**  ​ ​ ​**\n\n**Non-Current**\n\n**  ​ ​ ​**\n\n**Current**\n\n**  ​ ​ ​**\n\n**Non-Current**\n\n**  ​ ​ ​**\n\n**Total**\n\n  ​ ​ ​\n\nCurrent\n\n  ​ ​ ​\n\nNon-Current\n\n  ​ ​ ​\n\nCurrent\n\n  ​ ​ ​\n\nNon-Current\n\n  ​ ​ ​\n\nTotal\n\nBonds\n\n \n\n1,100\n\n \n\n4,550\n\n \n\n1,100\n\n \n\n4,194\n\n \n\n5,294\n\n \n\n889\n\n \n\n5,650\n\n \n\n888\n\n \n\n5,201\n\n \n\n6,090\n\nPrivate placement transactions\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n96\n\n \n\n0\n\n \n\n99\n\n \n\n99\n\nCommercial paper\n\n​\n\n500\n\n​\n\n0\n\n​\n\n498\n\n​\n\n0\n\n​\n\n498\n\n​\n\n500\n\n​\n\n0\n\n​\n\n498\n\n​\n\n0\n\n​\n\n498\n\nBank loans\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n2,250\n\n \n\n0\n\n \n\n2,250\n\n \n\n0\n\n \n\n2,250\n\n**Financial debt**\n\n \n\n**1,600**\n\n** **\n\n**4,550**\n\n** **\n\n**1,598**\n\n** **\n\n**4,194**\n\n** **\n\n**5,792**\n\n** **\n\n**3,639**\n\n** **\n\n**5,746**\n\n** **\n\n**3,636**\n\n** **\n\n**5,301**\n\n** **\n\n**8,937**\n\n/ Financial liabilities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2,050\n\n \n\n6,021\n\n​\n\n8,070\n\n​\n\n​\n\n​\n\n​\n\n​\n\n4,277\n\n​\n\n7,169\n\n​\n\n11,446\n\nFinancial debt as % of / Financial liabilities\n\n \n\n​\n\n​\n\n​\n\n \n\n78\n\n \n\n70\n\n \n\n72\n\n \n\n​\n\n​\n\n​\n\n \n\n85\n\n \n\n74\n\n \n\n78\n\n​\n\nFinancial liabilities are unsecured, except for the retention of title and similar rights customary in our industry. Effective interest rates on our financial debt (including the effects from interest rate swaps) were 3.23% in 2025, 3.84% in 2024, and 3.49% in 2023.\n\nNone of our financial debt is restricted by financial covenants. Our financial debt includes covenants customarily used, such as change of control or regulatory changes that trigger an immediate repayment. Bonds are classified as non-current as at December 31, 2025, as SAP has an existing right to defer settlement for at least 12 months after the reporting period. For more information about the risk associated with our financial liabilities, see Note (F.1). For more information about fair values, see Note (F.2)*.*\n\nBonds\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n2024\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**Nominal Volume**\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**(in respective**\n\n​\n\n**Carrying**\n\n​\n\nCarrying\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Effective Interest**\n\n​\n\n**currency**\n\n​\n\n**Amount**\n\n​\n\nAmount\n\n​\n\n​\n\n**Maturity**\n\n​\n\n**Issue Price**\n\n​\n\n**Coupon Rate**\n\n​\n\n**Rate**\n\n​\n\n**in millions)**\n\n​\n\n**(in € millions)**\n\n​\n\n(in € millions)\n\nEurobond 9 – 2014\n\n \n\n2027\n\n \n\n99.284\n\n%  \n\n1.750% (fix)\n\n \n\n1.87\n\n%  \n\n€\n\n1,000\n\n \n\n972\n\n \n\n947\n\nEurobond 12 – 2015\n\n \n\n2025\n\n \n\n99.264\n\n%  \n\n1.000% (fix)\n\n \n\n1.13\n\n%  \n\n€\n\n600\n\n \n\n0\n\n \n\n600\n\nEurobond 15 – 2018\n\n​\n\n2026\n\n​\n\n99.576\n\n%  \n\n1.000% (fix)\n\n​\n\n1.06\n\n%  \n\n€\n\n500\n\n​\n\n500\n\n​\n\n500\n\nEurobond 16 – 2018\n\n​\n\n2030\n\n​\n\n98.687\n\n%  \n\n1.375% (fix)\n\n​\n\n1.50\n\n%  \n\n€\n\n500\n\n​\n\n451\n\n​\n\n442\n\nEurobond 20 – 2018\n\n​\n\n2028\n\n​\n\n98.871\n\n%  \n\n1.250% (fix)\n\n​\n\n1.38\n\n%  \n\n€\n\n1,000\n\n​\n\n947\n\n​\n\n923\n\nEurobond 21 – 2018\n\n​\n\n2031\n\n​\n\n98.382\n\n%  \n\n1.625% (fix)\n\n​\n\n1.78\n\n%  \n\n€\n\n1,250\n\n​\n\n1,096\n\n​\n\n1,079\n\nEurobond 23 – 2020\n\n​\n\n2026\n\n​\n\n99.200\n\n%\n\n0.125% (fix)\n\n​\n\n0.26\n\n%\n\n€\n\n600\n\n​\n\n600\n\n​\n\n599\n\nEurobond 24 – 2020\n\n​\n\n2029\n\n​\n\n98.787\n\n%\n\n0.375% (fix)\n\n​\n\n0.51\n\n%\n\n€\n\n800\n\n​\n\n728\n\n​\n\n712\n\n**Eurobonds**\n\n** **\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n** **\n\n**5,294**\n\n** **\n\n**5,801**\n\nUSD bond - 2018\n\n​\n\n2025\n\n​\n\n100.000\n\n%  \n\n4.69% (fix)\n\n​\n\n4.74\n\n%  \n\nUS$\n\n300\n\n​\n\n0\n\n​\n\n289\n\n**Bonds**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**5,294**\n\n​\n\n**6,090**\n\n​\n\nAll of our Eurobonds are listed for trading on the Luxembourg Stock Exchange.\n\nPrivate Placements\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n2024\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**Nominal Volume**\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**(in respective**\n\n​\n\n**Carrying**\n\n​\n\nCarrying\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Effective Interest**\n\n​\n\n**currency in**\n\n​\n\n**Amount**\n\n​\n\nAmount\n\n​\n\n​\n\n**Maturity**\n\n​\n\n**Coupon Rate**\n\n​\n\n**Rate**\n\n​\n\n**millions)**\n\n​\n\n**(in € millions)**\n\n​\n\n(in € millions)\n\n**U.S. private placements**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n​\n\n \n\n  ​\n\n \n\n  ​\n\nTranche 9 – 2012\n\n \n\n2027\n\n \n\n3.53% (fix)\n\n \n\n3.57\n\n%  \n\nUS$\n\n \n\n0\n\n \n\n99\n\n**Private placements**\n\n** **\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n** **\n\n**0**\n\n** **\n\n**99**\n\n​\n\nF-65\n\n[Table of Contents](#TOC)\n\nThe U.S. private placement notes were issued by one of our subsidiaries that has the U.S. dollar as its functional currency. In the fourth quarter of 2025, SAP elected to proactively settle the remaining $100 million private placement originally scheduled to mature in 2027.\n\nCommercial Paper Program\n\nThe net proceeds from our commercial paper program (Commercial Paper, or CP) are being used for general corporate purposes. As at December 31, 2025, we had €500 million in CP outstanding with maturities generally less than 12 months and the carrying amount amounted to €498 million (December 31, 2024: €498 million). The weighted average interest rate of our CP was 2.38% as at December 31, 2025 (December 31, 2024: 3.03%).\n\n**Loans**\n\nIn 2024 SAP drew short-term loans of €2,250 million for general corporate purposes, including the acquisition of WalkMe, that were flexibly repayable until December 2025. The effective interest rate on the loans was 2.91% in 2025 (2024: 3.56%). The loans contained information covenants and were fully repaid during 2025.\n\nReconciliation of Liabilities Arising from Financing Activities\n\nThe changes in our financial debts are reconciled to the cash flows from borrowings included in the cash flow from financing activities.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\nBusiness \n\n**  ​ ​ ​**\n\nForeign\n\n**  ​ ​ ​**\n\nFair Value\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n€ millions\n\n​\n\n1/1/2025\n\n​\n\nCash Flows\n\n​\n\nCombinations\n\n​\n\n Currency\n\n​\n\nChanges\n\n​\n\nOther\n\n​\n\n**12/31/2025**\n\nCurrent financial debt\n\n \n\n3,639\n\n \n\n-3,189\n\n \n\n0\n\n \n\n-35\n\n \n\n0\n\n \n\n1,185\n\n \n\n1,600\n\nNon-current financial debt\n\n \n\n5,746\n\n \n\n0\n\n \n\n0\n\n \n\n-11\n\n \n\n0\n\n \n\n-1,185\n\n \n\n4,550\n\n**Financial debt (nominal volume)**\n\n** **\n\n**9,385**\n\n** **\n\n**-3,189**\n\n** **\n\n**0**\n\n** **\n\n**-46**\n\n** **\n\n**0**\n\n** **\n\n**0**\n\n** **\n\n**6,150**\n\nBasis adjustment\n\n \n\n-419\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n82\n\n \n\n0\n\n \n\n-337\n\nTransaction costs\n\n \n\n-29\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n8\n\n \n\n-21\n\n**Financial debt (carrying amount)**\n\n** **\n\n**8,937**\n\n** **\n\n**-3,189**\n\n** **\n\n**0**\n\n** **\n\n**-46**\n\n** **\n\n**82**\n\n** **\n\n**8**\n\n** **\n\n**5,792**\n\nAccrued interest and payment to banks\n\n \n\n230\n\n \n\n-151\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n57\n\n \n\n136\n\nInterest rate swaps\n\n \n\n408\n\n \n\n-171\n\n \n\n0\n\n \n\n0\n\n \n\n95\n\n \n\n0\n\n \n\n332\n\nLease1\n\n​\n\n1,715\n\n​\n\n-299\n\n​\n\n0\n\n​\n\n31\n\n​\n\n0\n\n​\n\n237\n\n​\n\n1,684\n\n**Total liabilities from financing activities**\n\n** **\n\n**11,290**\n\n** **\n\n**-3,810**\n\n** **\n\n**0**\n\n** **\n\n**-14**\n\n** **\n\n**176**\n\n** **\n\n**301**\n\n** **\n\n**7,944**\n\n​\n\n1 Other includes new lease liabilities.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n​\n\n​\n\n​\n\n​\n\nBusiness\n\n  ​ ​ ​\n\nForeign\n\n​\n\nFair Value\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n  ​ ​\n\n1/1/2024\n\n  ​ ​\n\nCash Flows\n\n  ​ ​\n\nCombinations\n\n  ​ ​\n\nCurrency\n\n  ​ ​\n\nChanges\n\n  ​ ​\n\nOther\n\n  ​ ​\n\n**12/31/2024**\n\nCurrent financial debt\n\n**  ​ ​ ​**\n\n1,143\n\n \n\n1,594\n\n \n\n0\n\n \n\n35\n\n \n\n0\n\n \n\n868\n\n \n\n3,639\n\nNon-current financial debt\n\n \n\n6,612\n\n \n\n0\n\n \n\n0\n\n \n\n2\n\n \n\n0\n\n \n\n-868\n\n \n\n5,746\n\n**Financial debt (nominal volume)**\n\n** **\n\n**7,755**\n\n** **\n\n**1,594**\n\n** **\n\n**0**\n\n** **\n\n**37**\n\n** **\n\n**0**\n\n** **\n\n**0**\n\n** **\n\n**9,385**\n\nBasis adjustment\n\n \n\n-550\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n131\n\n \n\n0\n\n \n\n-419\n\nTransaction costs\n\n \n\n-35\n\n \n\n-3\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n10\n\n \n\n-29\n\n**Financial debt (carrying amount)**\n\n** **\n\n**7,169**\n\n** **\n\n**1,591**\n\n** **\n\n**0**\n\n** **\n\n**37**\n\n** **\n\n**131**\n\n** **\n\n**10**\n\n** **\n\n**8,937**\n\nAccrued interest and payment to banks\n\n \n\n94\n\n \n\n-182\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n318\n\n \n\n230\n\nInterest rate swaps\n\n​\n\n537\n\n \n\n-106\n\n \n\n0\n\n \n\n0\n\n \n\n-23\n\n \n\n0\n\n \n\n408\n\nLease1\n\n​\n\n1,621\n\n​\n\n-310\n\n​\n\n0\n\n​\n\n32\n\n​\n\n0\n\n​\n\n372\n\n​\n\n1,715\n\n**Total liabilities from financing activities**\n\n​\n\n**9,421**\n\n** **\n\n**993**\n\n** **\n\n**0**\n\n** **\n\n**69**\n\n** **\n\n**108**\n\n** **\n\n**700**\n\n** **\n\n**11,290**\n\n​\n\n1 Other includes new lease liabilities.\n\n​\n\nCertain amounts in this Note have been reclassified to conform to our 2025 presentation of interest paid and interest received in the Consolidated Statements of Cash Flows. See “Updated Accounting Policy for the Presentation of Interest Paid and Interest Received” in Note (IN.1). Comparative period amounts have been adjusted accordingly.\n\n​\n\nF-66\n\n[Table of Contents](#TOC)\n\n**Secti****on F — Management of Financial Risk Factors**\n\nBased on our global activities, we are exposed to a variety of financial risks, including market risks (mainly foreign currency exchange rate risk but also interest rate risk and equity price risk), credit risk, and liquidity risk.\n\nFinancial risk management is executed on a Group-wide basis through our global treasury, global risk management, and global credit management departments. Formal risk management policies have been established to systematically identify exposures, define appropriate risk limits, and ensure continuous risk monitoring and assessment. These policies, together with our hedging strategies, are codified within internal governance frameworks—including treasury and other internal guidelines—and are subject to ongoing review, evaluation, and enhancement to reflect changes in market conditions and the SAP Group’s evolving business profile.\n\nWe use derivative financial instruments exclusively for risk mitigation purposes within the context of prudent financial risk management, and not for speculation, which is defined as entering into derivative positions without corresponding underlying exposures.\n\nThis section provides an overview of our exposure to these risk factors and describes the corresponding risk management framework. Additionally, it contains detailed information about our financial instruments.\n\n**(F.1) Financial Risk Factors and Risk Management**\n\n**y********Accounting for Derivative Financial Instruments**\n\nWe use derivatives to hedge foreign currency risk, interest rate risk, and equity price risk exposure resulting from SAP Group’s cash settled share-based compensation (SBC) programs, and designate them as cash flow, net investment, or fair value hedges if they qualify for hedge accounting under IFRS 9, which involves judgment.\n\n**Derivatives Not Designated as Hedging Instruments in Hedge Accounting Relationships**\n\nMany of our derivative transactions constitute economic hedges that effectively mitigate financial risks but do not qualify for, or are not designated in, hedge accounting relationships under IFRS 9.\n\nTo hedge currency risks inherent in foreign-currency denominated and recognized monetary assets and liabilities, we do not designate our derivative financial instruments classified as fair value through profit and loss (FVTPL) in hedge accounting, because the profits and losses from the underlying transactions are recognized in profit or loss in the same periods as the profits or losses from the derivatives, thereby achieving a natural offset.\n\nIn addition, we occasionally have contracts that contain foreign currency embedded derivatives that are required to be accounted for separately.\n\nFair value fluctuations in the spot component or intrinsic value of such derivatives at FVTPL are included in Other non-operating income/expense, net while the forward element or time value is shown in Financial income, net.\n\n​\n\nF-67\n\n[Table of Contents](#TOC)\n\n**Derivatives Designated as Hedging Instruments**\n\na) Cash Flow Hedge\n\nIn general, we apply cash flow hedge accounting to the foreign currency risk of highly probable forecasted transactions and to share price volatility risk of highly probable cash flows resulting from our SBC programs.\n\nWith regard to foreign currency risk, hedge accounting relates to the spot element and to the intrinsic value of the derivatives designated and qualifying as cash flow hedges. Accordingly, the effective portion of these components determined on a present value basis is recorded in Other comprehensive income. The effective portion of the forward element and time value as well as foreign currency basis spreads excluded from the hedging relationship are recorded as cost of hedging in a separate position in Other comprehensive income. As the amounts are not material, they are presented together with the effective portion of the cash flow hedges in our consolidated statements of comprehensive income and consolidated statements of changes in equity. All other components including counterparty credit risk adjustments of the derivative and the ineffective portion are immediately recognized in Financial income, net in profit or loss. Amounts accumulated in Other comprehensive income are generally reclassified to profit or loss to Other non-operating income/expense, net and Financial income, net in the same period when the hedged item affects profit or loss.\n\nWith regard to SBC hedging, we designate derivatives (normally, total return equity swaps) at full fair value. Until designation, derivatives are accounted for as FVTPL, with fair value changes recognized in Financial income, net, if material.\n\nUpon designation, the effective portion of subsequent fair value changes is recognized in Other comprehensive income and subsequently reclassified to Operating expenses within profit or loss in the same line item and periods in which the related share-based compensation expenses are recognized. The ineffective portion of fair value changes continues to be recognized immediately in Financial income, net within profit or loss.\n\nb) Net Investment Hedge\n\nIn general, we do not hedge the foreign currency exposure arising from net assets of subsidiaries with a functional currency different from the euro, and consequently do not apply net investment hedge accounting. Notwithstanding this general approach, net investment hedge accounting is selectively applied in specific circumstances. For more information, see the section on translation risk further below in this Note.\n\nThe designated component in hedge accounting is the spot price of the derivatives designated and qualifying as net investment hedges. Accordingly, the effective portion of this component determined on a present value basis is recorded in Other comprehensive income. All other not-designated components and ineffective portions are recognized immediately in Financial income, net in profit or loss. Amounts accumulated in Other comprehensive income are reclassified to Other non-operating income/expense, net within profit or loss in the period in which the foreign operation is partially disposed of or sold.\n\nc) Fair Value Hedge\n\nWe apply fair value hedge accounting for certain of our fixed-rate financial liabilities and show the fair value fluctuations in Financial income, net.\n\nd) Valuation and Testing of Effectiveness\n\nAt inception of a designated hedging relationship, we document our risk management strategy and establish the economic relationship between the hedged item and the hedging instrument.\n\nThe existence of an economic relationship is demonstrated, and its prospective effectiveness is tested, as follows:\n\nFor foreign currency hedges, the critical terms match method is applied, since currencies, maturities, and the amounts are closely aligned for the forecasted transactions and for the spot element of the forward exchange rate contract or intrinsic value of the currency options, respectively.\n\nThe same methodology is applied for SBC hedging, as the underlying variable (SAP share price), maturities, and the number of underlying shares are closely aligned between equity swaps and the hypothetical derivatives representing the SBC cash flows’ sensitivity to share price volatility.\n\nFor interest rate swaps, effectiveness is tested prospectively using statistical methods in the form of a regression analysis, by which the validity and extent of the relationship between the change in value of the hedged items as the independent variable and the fair value change of the derivatives as the dependent variable is determined.\n\nThe main sources of ineffectiveness are:\n\n-The effect of the counterparty and our own credit risk on the fair value of the forward exchange contracts, interest rate swaps, and equity swaps, which is not reflected in the respective hedged items;\n\n-Net cash flows from the dividend/interest component of the equity swaps, which are not part of cash flows from the hedged SBC plans; and\n\n-Initial fair value of the equity swaps at designation date\n\n​\n\nF-68\n\n[Table of Contents](#TOC)\n\n**Foreign Currency Exchange Rate Risk**\n\nBecause we conduct business worldwide, our ordinary operations are subject to risks associated with fluctuations in foreign currencies that can impact our financial performance and cash flows.\n\n**Translation Risk**\n\nOur reporting currency is the euro. Therefore, the consolidation of financial statements of subsidiaries with a functional currency other than the euro exposes us to foreign currency risk from the translation of the net assets of those subsidiaries. In accordance with IFRS, such translation risks are not considered in the following except where we hedge translation risk.\n\nIn general, translation risk is not hedged. However, on rare occasions we safeguard the euro countervalue of merger or disposal activities and apply net investment hedge accounting.\n\nIn 2025 and 2023, we hedged part of our net investment in subsidiaries which have the U.S. dollar as their functional currency, by entering into forwards. The hedged risk is the weakening of the U.S. dollar against the euro. The forwards are designated as a hedging instrument for the changes in the value of the net investment that is attributable to changes in the U.S. dollar/euro spot rate.\n\nTo assess hedge effectiveness, we have determined the economic relationship between the hedging instrument and the hedged item, by comparing changes in the carrying amount of the forwards that is attributable to a change in the spot rate with changes in the investment in the respective subsidiaries due to movements in the spot rate.\n\n**Transaction Risk**\n\nWe continuously monitor our exposure to currency fluctuation risks based on monetary items and forecasted transactions and pursue a Group-wide strategy to manage foreign currency exchange rate risk, using derivative financial instruments, primarily foreign exchange forward contracts.\n\n**Recognized Monetary Assets and Liabilities**\n\nGenerally, the Group’s entities conduct their operating business in their own functional currencies. However, occasionally the Group’s entities generate foreign currency-denominated receivables, payables, and other monetary items by transacting in a currency other than the respective functional currency. To mitigate the extent of the associated foreign currency exchange rate risk, a significant portion of these transactions is hedged as described above with the primary aim to reduce profit or loss volatility.\n\nIn rare circumstances, transacting in a currency other than the functional currency also leads to embedded foreign currency derivatives being separated and measured at FVTPL.\n\nGenerally, we are not exposed to any significant foreign currency exchange rate risk with regard to our investing and financing activities, as such activities are normally conducted in the functional currency of the investing or borrowing entity.\n\n**Forecasted Transactions**\n\nThe intellectual property (IP) holders in the SAP Group are exposed to risks associated with forecasted intercompany cash flows in foreign currencies. These cash flows arise out of royalty payments from subsidiaries to the respective IP holder. The royalties are linked to the subsidiaries’ external revenue. This arrangement leads to a concentration of the foreign currency exchange rate risk with the IP holders, as the royalties are mostly denominated in the subsidiaries’ local currencies, while the functional currency of the IP holders with the highest royalty volume is the euro. The highest foreign currency exchange rate exposure of this kind relates to the currencies of subsidiaries with significant operations, for example the U.S. dollar, the pound sterling, the Japanese yen, the Swiss franc, and, in 2023, the Australian dollar.\n\nWith respect to forecasted transactions, up until December 2024 our risk management strategy was to reduce year-over-year profit or loss volatility via a rolling 12-month hedge horizon. Since December 2024, our forecasted exposure hedging strategy is aimed at reducing volatility from foreign currency fluctuations on the forecasted Free Cash Flow (FCF) of a calendar year by preserving foreign exchange rates on which the FCF guidance is based on. Notwithstanding the change in foreign currency exchange rate risk management, our hedged item remains a layer of the forecasted cash flows from royalty payments to IP holders as they correlate to our FCF. Due to the change in our foreign currency exchange rate risk management, we de-designated all existing cash flow hedge relationships and entered into new cash flow hedge relationships in December 2024.\n\nWe enter into derivative financial instruments, primarily foreign exchange forward contracts, to hedge such significant forecasted cash flows (royalties) from foreign subsidiaries denominated in foreign currencies with a hedge ratio of 1:1 and a hedge horizon of up to 18 months, which is also the maximum maturity of the foreign exchange derivatives we use.\n\nFor all years presented, no previously highly probable transaction designated as a hedged item in a foreign currency cash flow hedge relationship ceased to be probable. Therefore, we did not discontinue any of our cash flow hedge relationships except for those affected by the change in our foreign currency exchange rate risk management. Also, ineffectiveness was either not material or non-existent in all years reported. Generally, the cash flows of the hedged forecasted transactions are expected to occur and to be recognized in profit or loss monthly within the respective calendar year.\n\nF-69\n\n[Table of Contents](#TOC)\n\n**Currency Hedges Designated as Hedging Instruments (Cash Flow Hedges and Net Investment Hedges)**\n\nThe amounts as at December 31 relating to items designated as hedged items were as follows:\n\nDesignated Hedged Items in Foreign Currency Exchange Rate Hedges\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nForecasted\n\n​\n\n​\n\n​\n\nForecasted\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\nLicense Payments\n\n  ​ ​ ​\n\nNet Investment\n\n  ​ ​ ​\n\nLicense Payments\n\n  ​ ​ ​\n\nNet Investment\n\n€ millions\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n​\n\n​\n\n2024\n\nChange in value used for calculating hedge ineffectiveness\n\n​\n\n-32\n\n​\n\n1\n\n​\n\n19\n\n​\n\n0\n\nCash flow hedge\n\n​\n\n-32\n\n​\n\n-1\n\n​\n\n19\n\n​\n\n0\n\nCost of hedging\n\n​\n\n12\n\n​\n\n0\n\n​\n\n3\n\n​\n\n0\n\nBalances remaining in cash flow hedge reserve for which hedge accounting is no longer applied\n\n​\n\n0\n\n​\n\n-15\n\n​\n\n0\n\n​\n\n-15\n\n​\n\nThe amounts as at December 31 designated as hedging instruments were as follows:\n\nDesignated Hedging Instruments in Foreign Currency Exchange Rate Hedges\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\nForecasted License\n\n**  ​ ​ ​**\n\nNet Investment\n\n  ​ ​ ​\n\nForecasted License\n\n**  ​ ​ ​**\n\nNet Investment\n\n​\n\n​\n\nPayments in EUR\n\n​\n\nin USD\n\n​\n\nPayments in EUR\n\n​\n\nin USD\n\n€ millions\n\n​\n\n**2025**\n\n​\n\n2024\n\nNominal amount\n\n \n\n3,941\n\n​\n\n1,610\n\n​\n\n3,735\n\n​\n\n0\n\nCarrying amount\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther financial assets\n\n \n\n27\n\n​\n\n1\n\n​\n\n12\n\n​\n\n0\n\nOther financial liabilities\n\n \n\n-7\n\n​\n\n0\n\n​\n\n-32\n\n​\n\n0\n\nChange in value recognized in OCI\n\n \n\n32\n\n​\n\n1\n\n​\n\n-19\n\n​\n\n0\n\nHedge ineffectiveness recognized in Finance income, net\n\n \n\n-1\n\n​\n\n0\n\n​\n\n1\n\n​\n\n0\n\nCost of hedging recognized in OCI\n\n \n\n-12\n\n​\n\n0\n\n​\n\n-3\n\n​\n\n0\n\nAmount reclassified from cash flow hedge in OCI to Other non-operating income, net\n\n \n\n272\n\n​\n\n0\n\n​\n\n-78\n\n​\n\n0\n\nAmount reclassified from cost of hedging in OCI to Finance income, net\n\n \n\n-20\n\n​\n\n0\n\n​\n\n-17\n\n​\n\n0\n\n​\n\nOn December 31, we held the following instruments to hedge exposures to changes in foreign currency:\n\nDetails on Hedging Instruments in Foreign Currency Exchange Rate Hedges\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMaturity\n\n​\n\n​\n\n**2025**\n\n** **\n\n2024\n\n​\n\n  ​ ​ ​\n\n**1–6 Months**\n\n**  ​ ​ ​**\n\n**7–12 Months**\n\n**  ​ ​ ​**\n\n1–6 Months\n\n  ​ ​ ​\n\n7–12 Months\n\nForward exchange contracts\n\n​\n\n  ​\n\n  ​ ​ ​\n\n  ​\n\n​\n\n​\n\n​\n\n​\n\nNet exposure in € millions\n\n \n\n3,721\n\n \n\n1,830\n\n​\n\n2,078\n\n \n\n1,657\n\nAverage EUR:GBP forward rate\n\n \n\n0.88\n\n \n\n0.89\n\n​\n\n0.83\n\n \n\n0.84\n\nAverage EUR:JPY forward rate\n\n \n\n176.02\n\n \n\n175.22\n\n​\n\n158.63\n\n \n\n157.46\n\nAverage EUR:CHF forward rate\n\n \n\n0.93\n\n \n\n0.92\n\n​\n\n0.92\n\n \n\n0.91\n\nAverage EUR:USD forward rate\n\n​\n\n1.18\n\n​\n\n1.19\n\n​\n\n1.06\n\n​\n\n1.07\n\n​\n\n​\n\nF-70\n\n[Table of Contents](#TOC)\n\nRemaining Foreign Currency Exchange Transaction Risk Exposure\n\nOur risk exposure is based on the following assumptions:\n\n-The SAP Group’s entities generally operate in their functional currencies. In exceptional cases and limited economic environments, operating transactions are denominated in currencies other than the functional currency, leading to a foreign currency exchange rate risk for the related monetary instruments. Where material, this foreign currency exchange rate risk is hedged. Therefore, fluctuations in foreign currency exchange rates only have an impact on profit and loss with regard to our unhedged non-derivative monetary financial instruments and related income or expenses.\n\n-Our free-standing derivatives designed for hedging foreign currency exchange rate risks almost completely balance the changes in the fair values of the hedged item attributable to exchange rate movements in the Consolidated Income Statements in the same period. As a consequence, the hedged items and the hedging instruments are not exposed to foreign currency exchange rate risks, and thereby have no effect on profit and loss.\n\nConsequently, we are only exposed to significant foreign currency exchange rate fluctuations with regard to the following:\n\n-The spot component of derivatives held within a designated cash flow hedge relationship affecting other comprehensive income\n\n-Foreign currency embedded derivatives affecting other non-operating expense, net\n\n-Unhedged foreign - currency monetary assets and liabilities affecting other non - operating expense, net\n\nThus, our foreign currency exposure (and our average/high/low exposure) as at December 31 was as follows:\n\nForeign Currency Exposure\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ billions\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\nYear-end exposure toward all our major currencies\n\n \n\n6.0\n\n \n\n5.6\n\nAverage exposure\n\n \n\n5.6\n\n \n\n4.5\n\nHighest exposure\n\n \n\n6.8\n\n \n\n5.6\n\nLowest exposure\n\n \n\n4.2\n\n \n\n3.3\n\n​\n\n**Foreign Currency Exchange Rate Sensitivity**\n\nIf, on December 31, the foreign currency exchange rates had been higher/lower as described below, this would have had the following effects on other non-operating expense, net and other comprehensive income:\n\n**Foreign Currency Sensitivity**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nEffects on Other Non-Operating Expense, Net\n\n​\n\nEffects on Other Comprehensive Income\n\n€ millions\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n2024\n\n  ​ ​ ​\n\n2023\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n2024\n\n  ​ ​ ​\n\n2023\n\nDerivatives held within a designated cash flow hedge relationship\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAll major currencies –10% against the euro\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n393\n\n​\n\n375\n\n​\n\n238\n\nAll major currencies +10% against the euro\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-393\n\n​\n\n-375\n\n​\n\n-238\n\nthereof: USD –10% against the euro\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n281\n\n​\n\n281\n\n​\n\n131\n\nthereof: USD +10% against the euro\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-281\n\n​\n\n-281\n\n​\n\n-131\n\nEmbedded derivatives\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAll currencies –10% against the respective functional currency\n\n \n\n-94\n\n​\n\n-56\n\n​\n\n-63\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAll currencies +10% against the respective functional currency\n\n​\n\n97\n\n​\n\n56\n\n​\n\n64\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nthereof: EUR –10% against the respective functional currency\n\n​\n\n-80\n\n​\n\n-45\n\n​\n\n-48\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nthereof: EUR +10% against the respective functional currency\n\n​\n\n80\n\n​\n\n45\n\n​\n\n48\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nUnhedged monetary assets and liabilities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAll currencies –10% against the respective functional currency\n\n​\n\n-95\n\n​\n\n-101\n\n​\n\n-112\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAll currencies +10% against the respective functional currency\n\n​\n\n95\n\n​\n\n101\n\n​\n\n112\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nthereof: USD –10% against the respective functional currency\n\n​\n\n-45\n\n​\n\n-39\n\n​\n\n-46\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nthereof: USD +10% against the respective functional currency\n\n​\n\n45\n\n​\n\n39\n\n​\n\n46\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nF-71\n\n[Table of Contents](#TOC)\n\n**Interest Rate Risk**\n\nWe are exposed to interest rate risk as a result of our investing and financing activities mainly denominated in euros and U.S. dollars, since a significant portion of our investments is based on variable rates and/or short maturities (2025: 56%; 2024: 60%), while the majority of our financing transactions are based on fixed rates and long maturities (2025: 100%; 2024: 86%).\n\nThe objective of our interest rate risk management is to reduce profit or loss volatility and optimize our net interest result within the framework of an asset-liability matching approach. We achieve this by incorporating interest rate derivatives into our portfolio of investments and debt financing.\n\nDerivatives Designated as Hedging Instruments (Fair Value Hedges)\n\nTo align the interest rate risk from our financing transactions with our investments, we enter into receiver interest rate swaps to convert the interest cash flows of certain fixed-rate financial liabilities to floating rates, and by this means secure the fair value of the swapped financing transactions on a 1:1 ratio. When including interest rate swaps, 28% (2024: 40%) of our total interest-bearing financial liabilities outstanding as at December 31, 2025, had fixed interest rates.\n\nThe amounts as at December 31 relating to items designated as hedged items were as follows:\n\nDesignated Hedged Items in Interest Rate Hedges\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n** **\n\n​\n\n​\n\n2024\n\n​\n\n​\n\n**Fixed-Rate**\n\n​\n\n**Fixed-Rate**\n\n​\n\nFixed-Rate\n\n​\n\nFixed-Rate\n\n€ millions\n\n**  ​ ​ ​**\n\n**Borrowing in EUR**\n\n  ​ ​ ​\n\n**Borrowing in USD**\n\n  ​ ​ ​\n\nBorrowing in EUR\n\n  ​ ​ ​\n\nBorrowing in USD\n\nNotional amount\n\n \n\n4,550\n\n \n\n0\n\n \n\n4,550\n\n \n\n0\n\nCarrying amount\n\n \n\n4,194\n\n \n\n0\n\n \n\n4,103\n\n \n\n0\n\nAccumulated fair value adjustments in Other financial liabilities\n\n \n\n337\n\n \n\n0\n\n \n\n423\n\n \n\n-3\n\nChange in fair value used for measuring ineffectiveness for the reporting period\n\n \n\n86\n\n \n\n0\n\n \n\n133\n\n \n\n-3\n\nAccumulated amount of fair value hedge adjustments for hedged items ceased to be adjusted for hedging gains/losses\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n-3\n\n​\n\nThe amounts as at December 31 designated as hedging instruments were as follows:\n\nDesignated Hedging Instruments in Interest Rate Hedges\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n** **\n\n​\n\n​\n\n2024\n\n​\n\n​\n\n**Interest Rate**\n\n​\n\n**Interest Rate**\n\n​\n\nInterest Rate\n\n​\n\nInterest Rate\n\n​\n\n​\n\n**Swaps for**\n\n​\n\n**Swaps for**\n\n​\n\nSwaps for\n\n​\n\nSwaps for\n\n€ millions\n\n**  ​ ​ ​**\n\n**EUR Borrowing**\n\n  ​ ​ ​\n\n**USD Borrowing**\n\n  ​ ​ ​\n\nEUR Borrowing\n\n  ​ ​ ​\n\nUSD Borrowing\n\nNotional amount\n\n \n\n4,550\n\n \n\n0\n\n \n\n4,550\n\n \n\n0\n\nCarrying amount\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther financial assets\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\nOther financial liabilities\n\n \n\n-332\n\n \n\n0\n\n \n\n-408\n\n \n\n0\n\nChange in fair value used for measuring ineffectiveness for the reporting period\n\n \n\n-76\n\n \n\n0\n\n \n\n-127\n\n \n\n-1\n\n​\n\n​\n\nF-72\n\n[Table of Contents](#TOC)\n\nAs at December 31, we held the following instruments to hedge exposures to changes in interest rates:\n\nDetails on Hedging Instruments in Interest Rate Hedges\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n** **\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Maturity**\n\n** **\n\n€ millions\n\n**  ​ ​ ​**\n\n**2027**\n\n​\n\n**2028**\n\n​\n\n**2029**\n\n​\n\n**2030**\n\n​\n\n**2031**\n\n** **\n\nEUR interest rate swaps\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n \n\n  ​\n\n​\n\nNominal amounts\n\n \n\n1,000\n\n \n\n1,000\n\n \n\n800\n\n​\n\n500\n\n​\n\n1,250\n\n​\n\nAverage variable interest rate1\n\n \n\n4.069\n\n%\n\n3.503\n\n%\n\n2.956\n\n%\n\n3.672\n\n%\n\n3.924\n\n%\n\nUSD interest rate swaps\n\n \n\n​\n\n \n\n  ​\n\n \n\n​\n\n​\n\n  ​\n\n \n\n  ​\n\n​\n\nNominal amounts\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAverage variable interest rate1\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n2024\n\n** **\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Maturity**\n\n** **\n\n€ millions\n\n​\n\n2027\n\n​\n\n2028\n\n​\n\n2029\n\n​\n\n2030\n\n​\n\n2031\n\n** **\n\nEUR interest rate swaps\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n​\n\nNominal amounts\n\n \n\n1,000\n\n \n\n1,000\n\n \n\n800\n\n \n\n500\n\n \n\n1,250\n\n \n\nAverage variable interest rate1\n\n \n\n4.535\n\n%  \n\n3.827\n\n%  \n\n3.056\n\n%  \n\n3.746\n\n%  \n\n3.912\n\n%  \n\nUSD interest rate swaps\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n​\n\nNominal amounts\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n​\n\nAverage variable interest rate1\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n​\n\n​\n\n1 Computed based on the interest rate curve as at December 31 of the respective reporting period.\n\nRemaining Interest Rate Exposure\n\nOur interest rate exposure (and our average/high/low exposure) as at December 31 was as follows:\n\nInterest Rate Risk Exposure\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n2024\n\n€ billions\n\n**  ​ ​ ​**\n\n**Year-End**\n\n**  ​ ​ ​**\n\n**Average**\n\n**  ​ ​ ​**\n\n**High**\n\n**  ​ ​ ​**\n\n**Low**\n\n**  ​ ​ ​**\n\nYear-End\n\n  ​ ​ ​\n\nAverage\n\n  ​ ​ ​\n\nHigh\n\n  ​ ​ ​\n\nLow\n\nFair value interest rate risk\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFrom investments\n\n \n\n2.87\n\n \n\n3.46\n\n \n\n4.90\n\n \n\n2.87\n\n \n\n3.99\n\n \n\n3.85\n\n \n\n4.29\n\n \n\n3.29\n\nCash flow interest rate risk\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nFrom investments (including interest - bearing cash)\n\n \n\n0.56\n\n \n\n0.75\n\n \n\n0.90\n\n \n\n0.56\n\n \n\n0.72\n\n \n\n0.74\n\n \n\n0.78\n\n \n\n0.72\n\nFrom financing\n\n \n\n0\n\n \n\n0.21\n\n \n\n1.25\n\n \n\n0\n\n \n\n1.25\n\n \n\n0.42\n\n \n\n1.25\n\n \n\n0\n\nFrom interest rate swaps\n\n \n\n4.55\n\n \n\n4.55\n\n \n\n4.55\n\n \n\n4.55\n\n \n\n4.55\n\n \n\n4.63\n\n \n\n4.64\n\n \n\n4.55\n\n​\n\n**Interest Rate Sensitivity**\n\nIn compliance with IFRS 7, the following sensitivity analysis is provided to show the potential impact of interest rate fluctuations on profit or loss and equity, based on the following considerations:\n\n-Non-derivative fixed-rate instruments: Changes in interest rates only affect the accounting for non-derivative fixed-rate financial instruments if they are recognized at fair value. Therefore, such interest rate changes do not change the carrying amounts of our non-derivative fixed-rate financial liabilities, as we account for them at amortized cost. Investments in fixed-rate financial assets classified as fair value through profit or loss were not material at each year end reported. Thus, we do not consider any fixed-rate instruments in the profit-related sensitivity calculation.\n\n-Non-derivative variable-rate instruments: Income or expenses arising from non-derivative variable interest rate financial instruments are subject to interest rate risk if they are not hedged items in an effective hedge relationship. Thus, we take into consideration interest rate changes relating to our variable-rate financing and our investments in money market instruments in the profit-related sensitivity calculation.\n\nF-73\n\n[Table of Contents](#TOC)\n\n-Derivative hedging instruments: The designation of interest rate receiver swaps in a fair value hedge relationship leads to interest rate changes affecting Financial income, net. The fair value movements related to the interest rate swaps are not reflected in the sensitivity calculation, as they offset the fixed interest rate payments for the bonds and private placements as hedged items. However, changes in market interest rates affect the amount of interest payments from the interest rate swap. As a consequence, we include those effects of market interest rates on interest payments in the profit-related sensitivity calculation.\n\nIf, on December 31, interest rates had been higher/lower, this would have had the following effects on Financial income, net:\n\nInterest Rate Sensitivity\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nEffects on Financial Income, Net\n\n€ millions\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\nDerivatives held within a designated fair value hedge relationship\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nInterest rates +100bps for U.S. dollar area/+100bps for euro area for all years presented\n\n \n\n-46\n\n \n\n-46\n\n \n\n-46\n\nInterest rates –100bps for U.S. dollar area/–100bps for euro area for all years presented\n\n \n\n46\n\n \n\n46\n\n \n\n46\n\nVariable-rate financing\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nInterest rates +100bps for U.S. dollar area/+100bps for euro area for all years presented\n\n \n\n0\n\n \n\n-4\n\n \n\n0\n\nInterest rates –100bps for U.S. dollar area/–100bps for euro area for all years presented\n\n​\n\n0\n\n​\n\n4\n\n​\n\n0\n\nVariable-rate investments\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nInterest rates +100bps for U.S. dollar area/+100bps for euro area for all years presented\n\n​\n\n34\n\n​\n\n47\n\n​\n\n32\n\nInterest rates –100bps for U.S. dollar area/–100bps for euro area for all years presented\n\n \n\n-34\n\n \n\n-47\n\n​\n\n-32\n\n​\n\n**Equity Price Risk**\n\nEquity Price Risk Management\n\nWe are exposed to equity price risk with regard to our investments in equity securities, as well as through the cash settled components of our share based compensation (SBC) programs.\n\nVenture Capital Activities\n\nOur listed equity investments are monitored based on the current market value, which is affected by the fluctuations in the volatile stock markets worldwide. Unlisted equity investments are monitored based on detailed financial information provided by the investees. The fair value of our listed equity investments depends on the equity prices, while the fair value of the unlisted equity investments is influenced by various unobservable input factors.\n\nEquity Price Exposure\n\nOn December 31, 2025, our exposure from our investments in equity securities was €6,574 million (2024: €6,401 million; 2023: €4,967 million).\n\n**Equity Price Sensitivity**\n\nOur sensitivity towards a fluctuation in equity prices is as follows:\n\nEquity Price Sensitivity\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n2024\n\n  ​ ​ ​\n\n2023\n\nInvestments in equity securities\n\n​\n\n​\n\n \n\n  ​\n\n \n\n  ​\n\nIncrease in equity prices and respective unobservable inputs of 8% (2024: 10%) - increase of financial income, net\n\n​\n\n526\n\n \n\n640\n\n \n\n1,093\n\nDecrease in equity prices and respective unobservable inputs of 8% (2024: 10%) - decrease of financial income, net\n\n​\n\n-526\n\n \n\n-640\n\n \n\n-1,093\n\n​\n\nFor purposes of our equity price sensitivity disclosure, we benchmarked the historical average of public market returns of the NASDAQ and S&P 500 to the average annual venture capital benchmark returns over a 12-year period, which is the assumed average holding period of venture capital funds. Overall, our analysis indicated a blended return range of +/-8% in 2025(+/-10% in 2024, +/-22% in 2023).\n\n​\n\nF-74\n\n[Table of Contents](#TOC)\n\n**Share-Based Compensation Hedging**\n\nAs a result of the cash-settled components of SAP’s SBC programs, we are exposed to a Group-wide volatility in SAP’s share price, which directly impacts our SBC payment obligations (for more information about SBC payouts, see Note (B.3)). To manage this exposure on a consolidated basis, SAP started using total return equity swaps as hedging instruments in March 2025.\n\nAs at December 31, our exposure to the hedged risk represented by the number of cash-settled stock units held by employees was as follows:\n\n**Exposure to Cash-Settled RSUs**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nthousands\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\nNumber of Restricted Stock Units (RSUs)\n\n \n\n1,049\n\n \n\n2,098\n\nNumber of Performance Stock Units (PSUs)\n\n \n\n49\n\n \n\n157\n\n**Total gross exposure**\n\n** **\n\n**1,098**\n\n** **\n\n**2,255**\n\nNumber of hedged RSUs\n\n \n\n602\n\n \n\n0\n\n**Total net exposure**\n\n** **\n\n**496**\n\n** **\n\n**2,255**\n\n​\n\nSAP hedges a specific layer of cash flows from SBC programs based on grant date(s), with each forming a distinct hedge relationship. SAP hedges only RSUs, excluding PSUs, to minimize fluctuations in the hedged population, since PSU vesting quantities depend not only on employment status at time of vesting but also on performance metric achievement.\n\nFurthermore, SAP hedges up to 80% of granted RSUs within each hedge relationship, thereby making forfeitures and potential adjustments to the Group-wide exposure immaterial to the hedged population. This approach ensures a high probability of the forecasted transactions represented by expected cash flows from hedged RSUs.\n\nAll SBC hedge relationships maintain a 1:1 hedge ratio and a hedge horizon of up to three years, which aligns with the maximum maturity of the equity swaps utilized.\n\nUnder the equity swap arrangements, a swap contract is established between SAP and the counterparty bank for each grant date (or multiple grant dates), featuring multiple settlement dates corresponding to RSU vesting dates (tranches).\n\nAt each vesting date, SAP and the bank exchange the difference between the final share price and the initial swap price for that tranche. Additionally, SAP pays interest to the bank based on floating interest rates, which are adjusted to account for dividends that would otherwise be paid by the bank to SAP.\n\nFor all periods presented, no previously highly probable transactions designated as hedged items in SBC cash flow hedge relationships ceased to be probable. Consequently, no cash flow hedge relationships were discontinued.\n\nThe amounts as at December 31 relating to items designated as hedged items were as follows:\n\n**Designated Hedged Items in SBC Hedges**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\nChange in value used for calculating hedge ineffectiveness\n\n \n\n3\n\n \n\n0\n\nCash flow hedge reserve balance\n\n \n\n6\n\n \n\n0\n\nBalances remaining in cash flow hedge reserve for which hedge accounting is no longer applied\n\n \n\n0\n\n \n\n0\n\n​\n\n​\n\nF-75\n\n[Table of Contents](#TOC)\n\nThe amounts as at December 31 designated as hedging instruments were as follows:\n\n**Designated Hedging Instruments in SBC Hedges**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions, unless stated otherwise\n\n  ​ ​ ​\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\nNominal amount in number of RSUs, thousands\n\n \n\n602\n\n \n\n0\n\nNominal amount in EUR\n\n \n\n145\n\n \n\n0\n\nCarrying amount:\n\n \n\n  ​\n\n \n\n  ​\n\nOther financial assets\n\n \n\n0\n\n \n\n0\n\nOther financial liabilities\n\n \n\n-20\n\n \n\n0\n\nChange in value used for calculating hedge ineffectiveness\n\n \n\n-3\n\n \n\n0\n\nChange in value recognized in OCI\n\n \n\n-3\n\n \n\n0\n\nHedge ineffectiveness recognized in Finance income, net\n\n \n\n0\n\n \n\n0\n\nAmount reclassified from cash flow hedge in OCI to Operating profit\n\n \n\n3\n\n \n\n0\n\n​\n\nOn December 31, we held the following instruments designated in SBC hedging:\n\n**Details on Hedging Instruments in SBC Hedges**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\nMaturity of the Remaining Tranches\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n2024\n\n​\n\n​\n\n**Less Than**\n\n​\n\n​\n\n​\n\n**More Than**\n\n​\n\nLess Than\n\n​\n\n​\n\n​\n\nMore Than\n\n​\n\n​\n\n**12 Months**\n\n​\n\n**12-24 Months**\n\n​\n\n**24 Months**\n\n​\n\n12 Months\n\n​\n\n12-24 Months\n\n​\n\n24 Months\n\nNominal amount in number of RSUs, thousands\n\n​\n\n471\n\n​\n\n110\n\n​\n\n21\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\nInitial swap price, in EUR:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMarch 2025 swap\n\n \n\n​\n\n​\n\n263.32\n\n \n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\n​\n\nApril 2025 swap\n\n \n\n​\n\n​\n\n229.92\n\n \n\n​\n\n \n\n  ​\n\n \n\n—\n\n \n\n  ​\n\nNominal amount in € millions\n\n \n\n111\n\n \n\n28\n\n \n\n6\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n​\n\n**Sensitivity Analysis**\n\nAt year end 2025, fair value changes in the equity swaps impacted Group profit or loss and equity through the Cash flow hedge reserve and amounts reclassified from the Cash flow hedge reserve to profit or loss (hedge ineffectiveness from these relationships is immaterial). The primary driver of the fair value volatility of the equity swaps is SAP share price variability. However, since the same risk factor drives volatility in hedged SBC expenses, any change in the equity swaps’ impact on profit or loss is offset by corresponding changes in SBC expenses related to the hedged RSU population. Impacts on equity (other comprehensive income) are not offset; therefore, the table below presents the increase or decrease in other comprehensive income that would have resulted had SAP’s share price at year end increased or decreased by 10%.\n\n**Equity Swaps Sensitivity**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\nEffects on Other Comprehensive Income\n\n€ millions\n\n​\n\n**2025**\n\n​\n\n2024\n\n​\n\n2023\n\nIncrease in SAP share price of 10% - increase in OCI\n\n​\n\n-4\n\n​\n\n—\n\n​\n\n—\n\nDecrease in SAP share price of 10% - decrease in OCI\n\n​\n\n4\n\n​\n\n—\n\n​\n\n—\n\n​\n\n**Credit Risk**\n\nWe are exposed to credit risk to the extent either our customers or our counterparts for financial instruments fail to meet their contractual obligations. In the absence of collateral or other significant agreements to reduce our credit risk exposure, the total nominal amounts of cash and cash equivalents, current investments, loans, other financial receivables, derivative financial assets, trade receivables, and financial guarantees represent our maximum exposure to credit risks.\n\nF-76\n\n[Table of Contents](#TOC)\n\n**Cash at Banks, Time Deposits, and Debt Securities**\n\nTo mitigate the credit risk from our investing activities and derivative financial assets, we conduct all our activities only with approved financial institutions and issuers that meet stringent credit quality standards as required by our internal treasury policies. These policies mandate a minimum credit rating of “BBB” (flat) for all investments, with exceptions to this threshold permitted only in limited circumstances. Such below-threshold investments were not significant relative to total investment balances in all years presented. The weighted average credit rating of our financial assets portfolio is “A–”.Our investment approach is characterized by prudent asset allocation, emphasizing short-term maturities, conventional investment instruments, and broad portfolio diversification across multiple counterparties.\n\nTo further reduce our credit risk, we require collateral for certain investments in the full amount of the investment volume (2025: €100 million, 2024: €0 million), which we would be allowed to make use of in the case of default of the counterparty. Eligible collateral is limited to bonds with investment-grade credit ratings.\n\nIn addition, the concentration of credit risk that exists when counterparties are involved in similar activities by instrument, sector, or geographic area is mitigated through global diversification of counterparties and adherence to an internal counterparty limit framework. This framework establishes exposure limits for individual counterparties based on the lowest available long-term credit rating from major rating agencies, the counterparty’s Tier 1 capital, or participation in deposit guarantee schemes such as the German Depositors’ Guarantee Fund or equivalent protection mechanisms. Compliance with these counterparty limits is monitored on an ongoing basis. Additionally, we actively monitor credit default swap spreads as a market-based indicator of counterparty creditworthiness, enabling timely identification of emerging credit risks and prompt implementation of appropriate risk mitigation measures.\n\nFor cash at banks, time deposits, and debt securities (including bonds and commercial paper), we apply the general impairment approach. As it is our policy to only invest in high-quality assets of issuers with a minimum rating of at least investment grade to minimize the risk of credit losses, we use the low credit risk exception. Thus, these assets are always allocated to stage 1 of the three-stage credit loss model and we record a loss allowance for an amount equal to 12-month expected credit losses. This loss allowance is calculated based on our exposure as at the respective reporting date, the loss given default for this exposure, and the credit default swap spread as a measure for the probability of default. To ensure continued compliance with investment-grade criteria throughout the life of our investments, we monitor changes in credit risk by tracking published external credit ratings.\n\nWe consider cash at banks, time deposits, and debt securities to be in default when the counterparty is unlikely to pay its obligations in full, there is evidence of significant financial difficulties, or credit default swap spreads widen materially for an extended period while broader market conditions remain stable. Such financial assets are written off either partially or in full if the likelihood of recovery is considered remote, which might be evidenced by, for example, counterparty bankruptcy or insolvency proceedings.\n\n**Trade Receivables**\n\nCredit risk associated with trade receivables is managed through a dedicated assessment process that evaluates customer creditworthiness using external credit ratings and the Company’s past experience of customer payment behavior. Based on this evaluation, individual credit limits are established for each customer, with any exceptions requiring management approval.\n\nWe apply the simplified impairment approach under IFRS 9, using a provision matrix to recognize lifetime expected credit losses for all trade receivables and contract assets at initial recognition.\n\nFor the provision matrix, customers are segmented into distinct risk categories primarily based on historical credit loss experience within the respective SAP subsidiaries.\n\nLoss rates representing lifetime expected credit losses are determined using a roll-rate methodology that considers the probability of receivables progressing through successive stages of delinquency and actual historical credit loss experience. These loss rates are adjusted for forward-looking information to reflect differences between historical economic conditions, current circumstances, and anticipated economic developments over the expected life of the receivables. Forward-looking adjustments incorporate credit default swap fluctuations for countries in which our customers operate.\n\nOutstanding receivables are monitored continuously at the local level to identify objective evidence of credit impairment. Indicators of credit impairment include overdue payment status, information regarding significant financial difficulty of the customer, or failure to adhere to agreed payment terms. Receivables are considered to be in default when the counterparty is unlikely to fulfill its payment obligations in full. However, payment delays (such as amounts overdue beyond 90 days) in the ordinary course of business do not automatically constitute default. Receivables are written off, either partially or fully, when recovery is deemed remote, as may be evidenced by completed bankruptcy proceedings or exhaustion of collection efforts and enforcement actions.\n\nThe impact of individual customer defaults on our trade receivables portfolio is mitigated by our extensive and diversified customer base spanning multiple industries, customer sizes, and countries worldwide. For more information about trade receivables, see Note (A.2).\n\nF-77\n\n[Table of Contents](#TOC)\n\nCredit Risk Exposure\n\n**Cash, Time Deposits, and Debt Securities**\n\nAs at December 31, our exposure to credit risk from cash, time deposits, and debt securities was as follows:\n\nCredit Risk Exposure from Cash, Time Deposits, and Debt Securities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n  ​ ​ ​\n\n**Equivalent to External**\n\n**  ​ ​ ​**\n\n**Weighted Average Loss**\n\n**  ​ ​ ​**\n\n**Gross Carrying Amount**\n\n**  ​ ​ ​**\n\n**Gross Carrying Amount**\n\n**  ​ ​ ​**\n\n​\n\n€ millions, unless otherwise stated\n\n​\n\n**Rating**\n\n​\n\n**Rate**\n\n​\n\n**Not Credit-Impaired**\n\n​\n\n**Credit-Impaired**\n\n​\n\n**ECL Allowance**\n\nRisk class 1 - low risk\n\n \n\nAAA to BBB-\n\n \n\n-0.1\n\n%\n\n6,594\n\n \n\n0\n\n \n\n-7\n\nRisk class 2 - high risk\n\n \n\nBB+ to D\n\n \n\n0.0\n\n%\n\n86\n\n \n\n0\n\n \n\n0\n\nRisk class 3 - unrated\n\n \n\nNA\n\n \n\n-8.6\n\n%\n\n35\n\n \n\n0\n\n \n\n-3\n\n**Total**\n\n** **\n\n​\n\n** **\n\n**-0.1**\n\n**%**\n\n**6,715**\n\n** **\n\n**0**\n\n** **\n\n**-10**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2024\n\n​\n\n  ​ ​ ​\n\nEquivalent to External\n\n  ​ ​ ​\n\nWeighted Average Loss\n\n  ​ ​ ​\n\nGross Carrying Amount\n\n  ​ ​ ​\n\nGross Carrying Amount\n\n  ​ ​ ​\n\n​\n\n€ millions, unless otherwise stated\n\n​\n\nRating\n\n​\n\nRate\n\n​\n\nNot Credit-Impaired\n\n​\n\nCredit-Impaired\n\n​\n\nECL Allowance\n\nRisk class 1 - low risk\n\n \n\nAAA to BBB-\n\n \n\n-0.1\n\n%\n\n7,004\n\n \n\n0\n\n \n\n-7\n\nRisk class 2 - high risk\n\n \n\nBB+ to D\n\n \n\n0.0\n\n%\n\n105\n\n \n\n0\n\n \n\n0\n\nRisk class 3 - unrated\n\n \n\nNA\n\n \n\n-4.6\n\n%\n\n65\n\n \n\n0\n\n \n\n-3\n\n**Total**\n\n** **\n\n​\n\n** **\n\n**-0.1**\n\n**%**\n\n**7,174**\n\n** **\n\n**0**\n\n** **\n\n**-10**\n\n​\n\n**Master Netting and Similar Arrangements**\n\nWe enter into derivatives on the basis of the German Master Agreement on Financial Derivatives Transactions (“*Deutscher Rahmenvertrag für Finanztermingeschäfte*”) and similar agreements. The regulations of these agreements apply particularly in the case of insolvency and not during the normal course of business.\n\nThe following table shows the derivative instruments that are subject to such netting arrangements:\n\n**Master Netting and Similar Arrangements**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n2024\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Nettable Amounts**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**in Case of**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNettable amounts in\n\n​\n\n​\n\n€ millions\n\n**  ​ ​ ​**\n\n**Carrying Amounts**\n\n​\n\n**Insolvency**\n\n​\n\n**Net Amount**\n\n​\n\nCarrying Amounts\n\n​\n\nCase of Insolvency\n\n​\n\nNet Amount\n\nFinancial assets\n\n \n\n73\n\n \n\n39\n\n \n\n34\n\n \n\n60\n\n \n\n42\n\n \n\n18\n\nFinancial liabilities\n\n \n\n-437\n\n \n\n-39\n\n \n\n-398\n\n \n\n-525\n\n \n\n-42\n\n \n\n-483\n\n​\n\nF-78\n\n[Table of Contents](#TOC)\n\n**Trade Receivables**\n\nAs at December 31, our exposure to credit risk from trade receivables was as follows:\n\nCredit Risk Exposure from Trade Receivables\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**Gross Carrying Amount**\n\n**  ​ ​ ​**\n\n**Gross Carrying Amount**\n\n**  ​ ​ ​**\n\n​\n\n€ millions, unless otherwise stated\n\n​\n\n**Weighted Average Loss Rate**\n\n​\n\n**Not Credit-Impaired**\n\n​\n\n**Credit-Impaired**\n\n​\n\n**ECL Allowance**\n\nAR not due and due\n\n \n\n-0.3\n\n%\n\n3,909\n\n​\n\n2\n\n​\n\n-10\n\nAR overdue 1 to 30 days\n\n \n\n-0.5\n\n%\n\n704\n\n​\n\n79\n\n​\n\n-4\n\nAR overdue 30 to 90 days\n\n \n\n-1.4\n\n%\n\n586\n\n​\n\n36\n\n​\n\n-9\n\nAR overdue more than 90 days\n\n \n\n-29.1\n\n%\n\n426\n\n​\n\n278\n\n​\n\n-205\n\n**TOTAL**\n\n** **\n\n**-3.8**\n\n**%**\n\n**5,625**\n\n​\n\n**395**\n\n​\n\n**-228**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n2024\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\nGross Carrying Amount\n\n  ​ ​ ​\n\nGross Carrying Amount\n\n  ​ ​ ​\n\n​\n\n€ millions, unless otherwise stated\n\n​\n\nWeighted Average Loss Rate\n\n​\n\nNot Credit-Impaired\n\n​\n\nCredit-Impaired\n\n​\n\nECL Allowance\n\nAR not due and due\n\n \n\n-0.2\n\n%\n\n4,439\n\n​\n\n0\n\n​\n\n-7\n\nAR overdue 1 to 30 days\n\n \n\n-0.9\n\n%\n\n619\n\n​\n\n64\n\n​\n\n-6\n\nAR overdue 30 to 90 days\n\n \n\n-1.4\n\n%\n\n603\n\n​\n\n28\n\n​\n\n-9\n\nAR overdue more than 90 days\n\n \n\n-29.2\n\n%\n\n445\n\n​\n\n263\n\n​\n\n-207\n\n**TOTAL**\n\n** **\n\n**-3.5**\n\n**%**\n\n**6,106**\n\n​\n\n**355**\n\n​\n\n**-229**\n\n​\n\nThe movement in the ECL allowance for trade receivables is as follows:\n\nMovement in ECL Allowance for Trade Receivables\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n2024\n\n€ millions\n\n​\n\n**ECL Allowance**\n\n​\n\nECL Allowance\n\nBalance as at 1/1\n\n​\n\n-229\n\n​\n\n-203\n\nNet credit losses recognized\n\n \n\n-86\n\n \n\n-112\n\nAmounts written off\n\n \n\n87\n\n \n\n86\n\nBalance as at 12/31\n\n \n\n-228\n\n \n\n-229\n\n​\n\n​\n\nF-79\n\n[Table of Contents](#TOC)\n\n**Liquidity Risk**\n\nWe are exposed to liquidity risk from our financial obligations including obligations towards suppliers, employees, and financial institutions.\n\nOur liquidity is managed by our global treasury department with the primary aim of maintaining liquidity at a level that is adequate to meet our financial obligations and ensuring the availability of funding through adequate levels of committed credit facilities.\n\nOur primary source of liquidity is represented by our operating cash flows. Our global treasury department centrally manages liquidity for all subsidiaries, pooling cash surpluses where possible to optimize deployment across the Group for operational requirements, subsidiary funding needs, or short-term investment opportunities.\n\nThis centralized approach enables us to optimize returns while maintaining adequate liquid assets and marketable securities, as strategic reserve to preserve our financial flexibility and strength.\n\nIn addition to effective working capital and cash management, we have reduced our liquidity risk by arranging an adequate volume of committed credit facilities with various financial institutions.\n\nIn 2023, SAP SE entered into a sustainability-linked revolving credit facility with a volume of €3.0 billion and an end date in March 2030. The use of the facility is not restricted by any financial covenants and borrowings under the facility bear interest at EURIBOR or the agreed benchmark rate for the respective currency plus a base margin which may be adjusted depending on the fulfillment of agreed sustainability performance targets. We have not drawn on the facility.\n\nIn September 2019, we initiated a commercial paper (Commercial Paper, or CP) program. As at December 31, 2025, we had €498 million of CP outstanding with maturities generally less than six months (2024: €498 million).\n\nAdditionally, as at December 31, 2025 and 2024, the Group had available lines of credit totaling €1.15 billion and €1.2 billion, respectively. In 2024, an amount of €1 billion was used via money market loans; for more information, see Note (E.3). The facility was fully repaid as at December 31, 2025.\n\nThe table below is an analysis of the remaining contractual maturities of all our financial liabilities and guarantees held as at December 31.\n\nFinancial liabilities for which repayment can be requested by the contract partner at any time are assigned to the earliest possible period. Variable interest payments were calculated using the latest relevant interest rate fixed as at December 31. As we generally settle our derivative contracts gross, we show the pay and receive legs separately for all our currency, interest rate and share-based compensation derivatives, whether or not the fair value of the derivative is negative. The cash outflows for the currency derivatives are translated using the applicable spot rate.\n\nWe continue to provide rental guarantees for certain offices used by Qualtrics. The amounts shown for the financial guarantees are the gross amounts we guarantee, however, we are entitled to indemnification payments by Qualtrics which will reduce the guarantee amounts disclosed.\n\n​\n\nF-80\n\n[Table of Contents](#TOC)\n\nContractual Maturities of Non-Derivative Financial Liabilities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCarrying\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAmount\n\n​\n\nContractual Cash Flows\n\n**€ millions**\n\n  ​ ​ ​\n\n**12/31/2025**\n\n  ​ ​ ​\n\n2026\n\n​\n\n2027\n\n  ​ ​ ​\n\n2028\n\n  ​ ​ ​\n\n2029\n\n  ​ ​ ​\n\n2030\n\n  ​ ​ ​\n\nThereafter\n\n**Non-derivative financial liabilities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTrade payables\n\n \n\n-1,465\n\n​\n\n-1,465\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\nBonds\n\n​\n\n-5,294\n\n​\n\n-1,161\n\n​\n\n-1,045\n\n​\n\n-1,033\n\n​\n\n-828\n\n​\n\n-522\n\n​\n\n-1,254\n\nPrivate placements\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\nLoans\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\nCommercial Paper\n\n​\n\n-498\n\n​\n\n-500\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\nLease liabilities\n\n \n\n-1,684\n\n​\n\n-302\n\n​\n\n-291\n\n​\n\n-234\n\n​\n\n-185\n\n​\n\n-158\n\n​\n\n-812\n\nOther financial liabilities1\n\n \n\n-157\n\n​\n\n-207\n\n​\n\n-21\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n**Total of non-derivative financial liabilities**\n\n** **\n\n**-9,098**\n\n​\n\n-3,635\n\n​\n\n-1,357\n\n​\n\n-1,267\n\n​\n\n-1,013\n\n​\n\n-680\n\n​\n\n-2,066\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Financial guarantees**\n\n** **\n\n**0**\n\n​\n\n-17\n\n​\n\n-17\n\n​\n\n-18\n\n​\n\n-18\n\n​\n\n-18\n\n​\n\n-260\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCarrying\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAmount\n\n​\n\nContractual Cash Flows\n\n**€ millions**\n\n  ​ ​ ​\n\n12/31/2024\n\n  ​ ​ ​\n\n2025\n\n  ​ ​ ​\n\n2026\n\n​\n\n2027\n\n  ​ ​ ​\n\n2028\n\n  ​ ​ ​\n\n2029\n\n  ​ ​ ​\n\nThereafter\n\n**Non-derivative financial liabilities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTrade payables\n\n \n\n-1,178\n\n​\n\n-1,178\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\nBonds\n\n​\n\n-6,090\n\n​\n\n-970\n\n​\n\n-1,161\n\n​\n\n-1,045\n\n​\n\n-1,033\n\n​\n\n-828\n\n​\n\n-1,775\n\nPrivate placements\n\n​\n\n-99\n\n​\n\n-3\n\n​\n\n-3\n\n​\n\n-100\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\nLoans\n\n​\n\n-2,250\n\n​\n\n-2,300\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\nCommercial Paper\n\n​\n\n-498\n\n​\n\n-500\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\nLease liabilities\n\n \n\n-1,715\n\n​\n\n-371\n\n​\n\n-287\n\n​\n\n-237\n\n​\n\n-184\n\n​\n\n-148\n\n​\n\n-821\n\nOther financial liabilities1\n\n \n\n-270\n\n​\n\n-21\n\n​\n\n-32\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n**Total of non-derivative financial liabilities**\n\n** **\n\n**-12,099**\n\n​\n\n**-5,343**\n\n​\n\n**-1,483**\n\n​\n\n**-1,382**\n\n​\n\n**-1,217**\n\n​\n\n**-976**\n\n​\n\n**-2,596**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Financial guarantees**\n\n** **\n\n**0**\n\n​\n\n**-19**\n\n​\n\n**-19**\n\n​\n\n**-19**\n\n​\n\n**-20**\n\n​\n\n**-20**\n\n​\n\n**-315**\n\n​\n\n1 The carrying amount of other financial liabilities includes accrued interest for our non - derivative financial debt as well as for derivatives, while the cash outflow of this accrued interest is presented together with the underlying liability in the maturity analysis.\n\n​\n\nF-81\n\n[Table of Contents](#TOC)\n\nContractual Maturities of Derivative Financial Liabilities and Financial Assets\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCarrying\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCarrying\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAmount\n\n​\n\nContractual Cash Flows\n\n​\n\nAmount\n\n​\n\nContractual Cash Flows\n\n**€ millions**\n\n  ​ ​ ​\n\n**12/31/2025**\n\n  ​ ​ ​\n\n2026\n\n  ​ ​ ​\n\nThereafter\n\n  ​ ​ ​\n\n12/31/2024\n\n  ​ ​ ​\n\n2025\n\n  ​ ​ ​\n\nThereafter\n\n**Derivative financial liabilities and assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Derivative financial liabilities**\n\n  ​ ​ ​\n\n  ​\n\n  ​ ​ ​\n\n  ​\n\n  ​ ​ ​\n\n  ​\n\n  ​ ​ ​\n\n  ​\n\n  ​ ​ ​\n\n  ​\n\n  ​ ​ ​\n\n  ​\n\nCurrency derivatives not designated as hedging instruments\n\n​\n\n-53\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-85\n\n​\n\n​\n\n​\n\n​\n\nCash outflows\n\n​\n\n​\n\n​\n\n-2,667\n\n​\n\n0\n\n​\n\n​\n\n​\n\n-4,003\n\n​\n\n0\n\nCash inflows\n\n​\n\n​\n\n​\n\n2,626\n\n​\n\n0\n\n​\n\n​\n\n​\n\n3,942\n\n​\n\n0\n\nCurrency derivatives designated as hedging instruments\n\n​\n\n-7\n\n \n\n​\n\n​\n\n​\n\n​\n\n-32\n\n \n\n​\n\n​\n\n​\n\nCash outflows\n\n \n\n​\n\n \n\n-1,737\n\n​\n\n​\n\n​\n\n​\n\n \n\n-2,805\n\n​\n\n​\n\nCash inflows\n\n \n\n​\n\n \n\n1,722\n\n​\n\n​\n\n​\n\n​\n\n \n\n2,749\n\n​\n\n​\n\nInterest rate derivatives without designated hedge relationship\n\n​\n\n0\n\n​\n\n​\n\n​\n\n​\n\n​\n\n0\n\n​\n\n​\n\n​\n\n​\n\nCash outflows\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCash inflows\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nInterest rate derivatives designated as hedging instruments\n\n​\n\n-332\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-408\n\n​\n\n​\n\n​\n\n​\n\nCash outflows\n\n​\n\n​\n\n​\n\n-163\n\n​\n\n-513\n\n​\n\n​\n\n​\n\n-230\n\n​\n\n-649\n\nCash inflows\n\n​\n\n​\n\n​\n\n60\n\n​\n\n181\n\n​\n\n​\n\n​\n\n60\n\n​\n\n241\n\nEquity swaps designated as hedging instruments\n\n \n\n-20\n\n \n\n​\n\n \n\n​\n\n​\n\n0\n\n \n\n​\n\n \n\n​\n\nCash outflows\n\n \n\n​\n\n \n\n-3\n\n \n\n-18\n\n​\n\n​\n\n \n\n0\n\n \n\n0\n\nCash inflows\n\n \n\n​\n\n \n\n0\n\n​\n\n0\n\n​\n\n​\n\n \n\n0\n\n​\n\n0\n\n**Total of derivative financial liabilities**\n\n** **\n\n**-412**\n\n** **\n\n**-162**\n\n** **\n\n**-350**\n\n​\n\n**-525**\n\n** **\n\n**-287**\n\n** **\n\n**-408**\n\n**Derivative financial assets**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrency derivatives not designated as hedging instruments\n\n \n\n40\n\n \n\n​\n\n \n\n​\n\n​\n\n51\n\n \n\n​\n\n \n\n​\n\nCash outflows\n\n \n\n​\n\n \n\n-2,430\n\n \n\n​\n\n​\n\n​\n\n \n\n-2,921\n\n \n\n​\n\nCash inflows\n\n \n\n​\n\n \n\n2,468\n\n \n\n​\n\n​\n\n​\n\n \n\n2,977\n\n \n\n​\n\nCurrency derivatives designated as hedging instruments\n\n \n\n27\n\n \n\n​\n\n \n\n​\n\n​\n\n12\n\n \n\n​\n\n \n\n​\n\nCash outflows\n\n \n\n​\n\n \n\n-3,814\n\n \n\n​\n\n​\n\n​\n\n \n\n-948\n\n \n\n​\n\nCash inflows\n\n \n\n​\n\n \n\n3,824\n\n \n\n​\n\n​\n\n​\n\n \n\n964\n\n \n\n​\n\n**Total of derivative financial assets**\n\n** **\n\n**66**\n\n** **\n\n**49**\n\n** **\n\n**0**\n\n​\n\n**63**\n\n** **\n\n**72**\n\n** **\n\n**0**\n\n**Total of derivative financial liabilities and assets**\n\n** **\n\n**-346**\n\n** **\n\n**-114**\n\n** **\n\n**-350**\n\n​\n\n**-462**\n\n** **\n\n**-215**\n\n** **\n\n**-408**\n\n​\n\n**Other**\n\nIn the fourth quarter of 2025, SAP entered into physical power purchase agreements (PPAs) with delivery start in 2026 to increase the share of renewable electricity and to achieve price stability. In this context, we early adopted the 2024 amendments to IFRS 9 and IFRS 7 ‘Contracts Referencing Nature-dependent Electricity’ in 2025, which had no material impact on our financial statements.\n\n​\n\n**(F.2) Fair Value and Other Disclosures on Financial Instruments**\n\n**y********Level Transfers**\n\nIt is our policy that transfers between the different levels of the fair value hierarchy are deemed to have occurred at the beginning of the period of the event or change in circumstances that caused the transfer.\n\n​\n\n**Fair Value of Financial Instruments**\n\nWe use various types of financial instruments in the ordinary course of business, which are classified as either amortized cost (AC), fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). For those financial instruments measured at fair value or for which fair value must be disclosed, we have categorized the financial instruments into a three-level fair value hierarchy depending on the inputs used to determine fair value and their significance for the valuation techniques.\n\nF-82\n\n[Table of Contents](#TOC)\n\nFair Values of Financial Instruments and Classification Within the Fair Value Hierarchy\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**12/31/2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Measurement Categories**\n\n​\n\n**Fair Value**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n  ​ ​ ​\n\n**Carrying**\n\n**  ​ ​ ​**\n\n**At**\n\n**  ​ ​ ​**\n\n**At**\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**€ millions**\n\n​\n\nCategory\n\n​\n\n**Amount**\n\n** **\n\n**Amortized Cost**\n\n** **\n\n**Fair Value**\n\n​\n\n**Level 1**\n\n​\n\n**Level 2**\n\n​\n\n**Level 3**\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCash and cash equivalents\n\n \n\n​\n\n \n\n8,220\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCash at banks1\n\n​\n\nAC\n\n​\n\n3,910\n\n​\n\n3,910\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTime deposits1\n\n​\n\nAC\n\n​\n\n1,438\n\n​\n\n1,438\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMoney market and similar funds\n\n​\n\nFVTPL\n\n​\n\n2,871\n\n​\n\n​\n\n​\n\n2,871\n\n​\n\n2,871\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2,871\n\nTrade and other receivables\n\n \n\n  ​\n\n \n\n6,893\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTrade receivables1\n\n \n\nAC\n\n \n\n5,790\n\n \n\n5,790\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther receivables2\n\n \n\n​\n\n \n\n1,103\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther financial assets\n\n \n\n  ​\n\n \n\n8,821\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDebt securities\n\n \n\nAC\n\n \n\n92\n\n \n\n92\n\n​\n\n​\n\n​\n\n92\n\n \n\n​\n\n \n\n​\n\n \n\n92\n\nDebt securities\n\n​\n\nFVOCI\n\n​\n\n46\n\n​\n\n​\n\n​\n\n46\n\n​\n\n46\n\n​\n\n​\n\n​\n\n​\n\n​\n\n46\n\nEquity securities\n\n \n\nFVTPL\n\n \n\n6,574\n\n \n\n​\n\n​\n\n6,574\n\n​\n\n251\n\n \n\n​\n\n \n\n6,324\n\n \n\n6,574\n\nInvestments in associates2\n\n \n\n​\n\n \n\n142\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTime deposits1\n\n \n\nAC\n\n \n\n1,219\n\n \n\n1,219\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFinancial instruments related to employee benefit plans2\n\n \n\n​\n\n \n\n284\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLoans and other financial receivables\n\n \n\nAC\n\n \n\n392\n\n \n\n392\n\n​\n\n​\n\n​\n\n​\n\n \n\n392\n\n \n\n​\n\n \n\n392\n\nDerivative assets\n\n \n\n  ​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nDesignated as hedging instrument\n\n \n\n  ​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nFX forward contracts\n\n \n\n​\n\n \n\n27\n\n \n\n​\n\n​\n\n27\n\n​\n\n​\n\n \n\n27\n\n \n\n​\n\n \n\n27\n\nNot designated as hedging instrument\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFX forward contracts\n\n \n\nFVTPL\n\n \n\n46\n\n \n\n​\n\n​\n\n46\n\n​\n\n​\n\n \n\n46\n\n \n\n​\n\n \n\n46\n\n**Liabilities**\n\n \n\n  ​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nTrade and other payables\n\n \n\n  ​\n\n \n\n-2,433\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTrade payables1\n\n \n\nAC\n\n \n\n-1,465\n\n \n\n-1,465\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther payables2\n\n \n\n​\n\n \n\n-968\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFinancial liabilities\n\n \n\n  ​\n\n \n\n-8,070\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNon-derivative financial liabilities\n\n \n\n  ​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\nLoans1\n\n \n\nAC\n\n \n\n0\n\n \n\n0\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBonds\n\n \n\nAC\n\n \n\n-5,294\n\n \n\n-5,294\n\n​\n\n​\n\n​\n\n-5,445\n\n​\n\n​\n\n​\n\n​\n\n \n\n-5,445\n\nPrivate placements\n\n \n\nAC\n\n \n\n0\n\n \n\n0\n\n​\n\n​\n\n​\n\n​\n\n​\n\n0\n\n​\n\n​\n\n \n\n0\n\nLease liabilities3\n\n​\n\n​\n\n​\n\n-1,684\n\n​\n\n-1,684\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCommercial paper\n\n​\n\nAC\n\n​\n\n-498\n\n​\n\n-498\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-498\n\n​\n\n​\n\n​\n\n-498\n\nOther non-derivative financial liabilities\n\n \n\nAC\n\n \n\n-157\n\n \n\n-157\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-157\n\n​\n\n​\n\n \n\n-157\n\nDerivative liabilities\n\n \n\n  ​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\nDesignated as hedging instrument\n\n \n\n  ​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\nFX forward contracts\n\n \n\n​\n\n \n\n-7\n\n \n\n​\n\n​\n\n-7\n\n​\n\n​\n\n​\n\n-7\n\n​\n\n​\n\n \n\n-7\n\nInterest rate swaps\n\n \n\n​\n\n \n\n-332\n\n \n\n​\n\n​\n\n-332\n\n​\n\n​\n\n​\n\n-332\n\n​\n\n​\n\n \n\n-332\n\nEquity swaps\n\n​\n\n​\n\n​\n\n-20\n\n​\n\n​\n\n​\n\n-20\n\n​\n\n​\n\n​\n\n-20\n\n​\n\n​\n\n​\n\n-20\n\nNot designated as hedging instrument\n\n \n\n  ​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\nFX forward contracts\n\n \n\nFVTPL\n\n \n\n-78\n\n \n\n​\n\n​\n\n-78\n\n​\n\n​\n\n​\n\n-78\n\n​\n\n​\n\n \n\n-78\n\n**Total financial instruments, net**\n\n** **\n\n**  ​**\n\n** **\n\n**13,431**\n\n** **\n\n**3,744**\n\n​\n\n**9,126**\n\n​\n\n**-2,185**\n\n​\n\n**-628**\n\n​\n\n**6,324**\n\n** **\n\n**3,510**\n\n​\n\nF-83\n\n[Table of Contents](#TOC)\n\nFair Values of Financial Instruments and Classification Within the Fair Value Hierarchy\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n12/31/2024\n\n​\n\n**  ​ ​ ​**\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\nMeasurement Categories\n\n  ​ ​ ​\n\nFair Value\n\n​\n\n​\n\n​\n\n​\n\nCarrying\n\n​\n\nAt\n\n** **\n\nAt\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**€ millions**\n\n​\n\nCategory\n\n​\n\nAmount\n\n​\n\nAmortized Cost\n\n​\n\nFair Value\n\n​\n\nLevel 1\n\n**  ​ ​ ​**\n\nLevel 2\n\n**  ​ ​ ​**\n\nLevel 3\n\n**  ​ ​ ​**\n\nTotal\n\n**Assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCash and cash equivalents\n\n \n\n​\n\n \n\n9,609\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nCash at banks1\n\n​\n\nAC\n\n​\n\n3,962\n\n​\n\n3,962\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTime deposits1\n\n​\n\nAC\n\n​\n\n1,656\n\n​\n\n1,656\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMoney market and similar funds\n\n​\n\nFVTPL\n\n​\n\n3,991\n\n​\n\n​\n\n​\n\n3,991\n\n​\n\n3,991\n\n​\n\n​\n\n​\n\n​\n\n​\n\n3,991\n\nTrade and other receivables\n\n \n\n  ​\n\n \n\n6,983\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nTrade receivables1\n\n \n\nAC\n\n \n\n6,231\n\n \n\n6,231\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nTrade receivables1\n\n​\n\nFVOCI\n\n​\n\n0\n\n \n\n​\n\n​\n\n0\n\n​\n\n​\n\n \n\n0\n\n​\n\n​\n\n​\n\n​\n\nOther receivables2\n\n \n\n—\n\n \n\n752\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nOther financial assets\n\n \n\n  ​\n\n \n\n8,770\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nDebt securities\n\n​\n\nAC\n\n \n\n53\n\n \n\n53\n\n​\n\n​\n\n​\n\n53\n\n \n\n​\n\n \n\n​\n\n \n\n53\n\nDebt securities\n\n \n\nFVOCI\n\n​\n\n74\n\n​\n\n​\n\n​\n\n74\n\n​\n\n74\n\n​\n\n​\n\n​\n\n​\n\n​\n\n74\n\nEquity securities\n\n \n\nFVTPL\n\n \n\n6,401\n\n \n\n​\n\n​\n\n6,401\n\n​\n\n135\n\n \n\n​\n\n \n\n6,266\n\n \n\n6,401\n\nInvestments in associates2\n\n \n\n—\n\n \n\n144\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nTime deposits1\n\n \n\nAC\n\n​\n\n1,418\n\n \n\n1,418\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nFinancial instruments related to employee benefit plans2\n\n \n\n—\n\n​\n\n287\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nLoans and other financial receivables\n\n \n\nAC\n\n \n\n329\n\n \n\n329\n\n​\n\n​\n\n​\n\n​\n\n \n\n329\n\n \n\n​\n\n \n\n329\n\nDerivative assets\n\n \n\n  ​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nDesignated as hedging instrument\n\n \n\n  ​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nFX forward contracts\n\n \n\n—\n\n \n\n12\n\n \n\n​\n\n​\n\n12\n\n​\n\n​\n\n \n\n12\n\n \n\n​\n\n \n\n12\n\nInterest rate swaps\n\n \n\n—\n\n \n\n0\n\n \n\n​\n\n​\n\n0\n\n​\n\n​\n\n \n\n0\n\n \n\n​\n\n \n\n0\n\nNot designated as hedging instrument\n\n \n\n  ​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFX forward contracts\n\n \n\nFVTPL\n\n \n\n51\n\n \n\n​\n\n​\n\n51\n\n​\n\n​\n\n \n\n51\n\n \n\n​\n\n \n\n51\n\nCall options for share-based payments\n\n \n\nFVTPL\n\n \n\n0\n\n \n\n​\n\n​\n\n0\n\n​\n\n​\n\n \n\n0\n\n \n\n​\n\n \n\n0\n\nCall option on equity shares\n\n \n\nFVTPL\n\n \n\n0\n\n​\n\n​\n\n​\n\n0\n\n​\n\n​\n\n​\n\n​\n\n​\n\n0\n\n​\n\n0\n\n**Liabilities**\n\n \n\n  ​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nTrade and other payables\n\n \n\n​\n\n \n\n-2,000\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\nTrade payables1\n\n \n\nAC\n\n \n\n-1,178\n\n \n\n-1,178\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\nOther payables2\n\n \n\n—\n\n \n\n-823\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\nFinancial liabilities\n\n \n\n  ​\n\n \n\n-11,446\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\nNon-derivative financial liabilities\n\n \n\n  ​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\nLoans1\n\n \n\nAC\n\n \n\n-2,250\n\n \n\n-2,250\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-2,250\n\n​\n\n​\n\n \n\n-2,250\n\nBonds\n\n \n\nAC\n\n \n\n-6,090\n\n \n\n-6,090\n\n​\n\n​\n\n​\n\n-6,286\n\n​\n\n​\n\n​\n\n​\n\n \n\n-6,286\n\nPrivate placements\n\n \n\nAC\n\n \n\n-99\n\n \n\n-99\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-99\n\n​\n\n​\n\n \n\n-99\n\nLease liabilities3\n\n​\n\n—\n\n​\n\n-1,715\n\n​\n\n-1,715\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-498\n\n​\n\n-498\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-498\n\n​\n\n​\n\n​\n\n-498\n\nOther non-derivative financial liabilities\n\n \n\nAC\n\n \n\n-270\n\n \n\n-270\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-270\n\n​\n\n​\n\n \n\n-270\n\nDerivative liabilities\n\n \n\n  ​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDesignated as hedging instrument\n\n \n\n  ​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\nFX forward contracts\n\n \n\n—\n\n \n\n-32\n\n \n\n​\n\n​\n\n-32\n\n​\n\n​\n\n​\n\n-32\n\n​\n\n​\n\n \n\n-32\n\nInterest rate swaps\n\n \n\n—\n\n \n\n-408\n\n \n\n​\n\n​\n\n-408\n\n​\n\n​\n\n​\n\n-408\n\n​\n\n​\n\n \n\n-408\n\nNot designated as hedging instrument\n\n \n\n  ​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\nFX forward contracts\n\n \n\nFVTPL\n\n \n\n-85\n\n \n\n​\n\n​\n\n-85\n\n​\n\n​\n\n​\n\n-85\n\n​\n\n​\n\n \n\n-85\n\n**Total financial instruments, net**\n\n \n\n**  ​**\n\n** **\n\n**11,916**\n\n** **\n\n**1,550**\n\n​\n\n**10,004**\n\n​\n\n**-1,836**\n\n​\n\n**-1,833**\n\n​\n\n**6,266**\n\n** **\n\n**2,597**\n\n​\n\n1 We do not separately disclose the fair value for cash and cash equivalents, trade receivables, and accounts payable as their carrying amounts are a reasonable approximation of their fair values.\n\n2 Since the line items Trade receivables, Trade payables, and Other financial assets contain both financial and non-financial assets or liabilities (such as other taxes or advance payments), the carrying amounts of non-financial assets or liabilities are shown to allow a reconciliation to the corresponding line items in the Consolidated Statements of Financial Position.\n\n3 For lease liabilities, separate disclosure of fair value is not required.\n\nF-84\n\n[Table of Contents](#TOC)\n\nFair Values of Financial Instruments by Instrument Classification\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**12/31/2025**\n\n€ millions\n\n**  ​ ​ ​**\n\nCategory\n\n**  ​ ​ ​**\n\n**Carrying Amount**\n\n**  ​ ​ ​**\n\n**At Amortized Cost**\n\n**  ​ ​ ​**\n\n**At Fair Value**\n\n**Financial assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAt fair value through profit or loss\n\n \n\nFVTPL\n\n \n\n9,491\n\n \n\n​\n\n \n\n9,491\n\nAt fair value through other comprehensive income\n\n​\n\nFVOCI\n\n​\n\n46\n\n​\n\n​\n\n​\n\n46\n\nAt amortized cost\n\n \n\nAC\n\n \n\n12,841\n\n \n\n12,841\n\n \n\n​\n\n**Financial liabilities**\n\n \n\n  ​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nAt fair value through profit or loss\n\n \n\nFVTPL\n\n \n\n-78\n\n \n\n​\n\n \n\n-78\n\nAt amortized cost\n\n \n\nAC\n\n \n\n-7,414\n\n \n\n-7,414\n\n \n\n  ​\n\n​\n\nFair Values of Financial Instruments by Instrument Classification\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n12/31/2024\n\n€ millions\n\n**  ​ ​ ​**\n\nCategory\n\n**  ​ ​ ​**\n\nCarrying Amount\n\n  ​ ​ ​\n\nAt Amortized Cost\n\n  ​ ​ ​\n\nAt Fair Value\n\n**Financial assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAt fair value through profit or loss\n\n \n\nFVTPL\n\n \n\n10,443\n\n \n\n​\n\n \n\n10,443\n\nAt fair value through other comprehensive income\n\n​\n\nFVOCI\n\n​\n\n74\n\n​\n\n​\n\n​\n\n74\n\nAt amortized cost\n\n \n\nAC\n\n \n\n13,649\n\n \n\n13,649\n\n \n\n​\n\n**Financial liabilities**\n\n \n\n  ​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nAt fair value through profit or loss\n\n \n\nFVTPL\n\n \n\n-85\n\n \n\n​\n\n \n\n-85\n\nAt amortized cost\n\n \n\nAC\n\n \n\n-10,385\n\n \n\n-10,385\n\n \n\n  ​\n\n​\n\n​\n\nF-85\n\n[Table of Contents](#TOC)\n\n**Determination of Fair Values**\n\nA description of the valuation techniques and the inputs used in the fair value measurement is given below:\n\nFinancial Instruments Measured at Fair Value on a Recurring Basis\n\n​\n\nType\n\n  ​ ​ ​\n\nFair Value\nHierarchy\n\n  ​ ​ ​\n\nDetermination of Fair\nValue/Valuation Technique\n\n  ​ ​ ​\n\nSignificant\nUnobservable\nInputs\n\n  ​ ​ ​\n\nInterrelationship\nBetween Significant\nUnobservable Inputs\nand Fair Value\nMeasurement\n\nOther financial assets\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMoney-market and similar funds\n\n​\n\nLevel 1\n\n​\n\nQuoted prices in an active market\n\n​\n\nNA\n\n​\n\nNA\n\nDebt securities\n\n​\n\nLevel 1\n\n​\n\nQuoted prices in an active market\n\n​\n\nNA\n\n​\n\nNA\n\nListed equity securities\n\n​\n\nLevel 1\n\n​\n\nQuoted prices in an active market\n\n​\n\nNA\n\n​\n\nNA\n\nUnlisted equity securities\n\n​\n\nLevel 3\n\n​\n\nMarket approach. Comparable company valuation using revenue multiples derived from companies comparable to the investee.\n\n​\n\nPeer companies used (revenue multiples range from 1.5 to 30.0)\n\nRevenues of investees\n\nDiscounts for lack of marketability (0.4% to 90.9%)\n\n​\n\nThe estimated fair value would increase (decrease) if:\n\n-The revenue multiples were higher (lower)\n\n-The investees’ revenues were higher (lower)\n\n-The liquidity discounts were lower (higher)\n\n​\n\n​\n\n​\n\n​\n\nMarket approach. Venture capital method evaluating a variety of quantitative and qualitative factors such as actual and forecasted results, cash position, recent or planned transactions, and market comparable companies.\n\n​\n\n- Nature and selection of financing rounds\n\n- Weighting of financings rounds\n\n- Discounts for lack of marketability\n\n- Weighting of equity allocation method such as option pricing model and common stock equivalent model\n\n- Volatility assumptions\n\n- Estimated time to exit\n\n- Imminent exit value\n\n​\n\nThe estimated fair value would increase (decrease) if:\n\n- Different financing rounds are selected\n\n- Weighting of financing rounds changes\n\n-Weighting of the applied equity allocation methods changes\n\n- Volatility assumptions were higher (lower)\n\n- Estimated time to exit increases (decreases)\n\n- The imminent exit value increases (decreases)\n\n​\n\n​\n\n​\n\n​\n\nLast financing round valuations\n\n​\n\nNature and pricing indication of latest financing round\n\n​\n\nThe estimated fair value would increase (decrease) if:\n\n-Price of latest financing round would increase (decrease)\n\n- the overall company value would be higher (lower)\n\n- the respective analyzed share class would be affected by this change due to its rights and preferences\n\n​\n\n​\n\n​\n\n​\n\nNet asset value/fair market value as reported by the respective funds\n\n​\n\nNet asset value calculations of the respective funds\n\n​\n\nThe estimated fair value would increase (decrease) if:\n\nReported net asset value of respective fund would be higher (lower)\n\nCall option on equity shares\n\n​\n\nLevel 3\n\n​\n\nMarket approach. Venture capital method evaluating a variety of quantitative and qualitative factors such as actual and forecasted results, cash position, recent or planned transactions, and market comparable companies.\n\n​\n\nNA\n\n​\n\nNA\n\nOther financial assets/ Financial liabilities\n\n​\n\n​\n\n​\n\n​\n\nFX forward contracts\n\n​\n\nLevel 2\n\n​\n\nDiscounted cash flow using par method. Expected future cash flows based on forward exchange rates are discounted over the respective remaining term of the contracts using the respective deposit interest rates and spot rates.\n\n​\n\nNA\n\n​\n\nNA\n\nInterest rate swaps\n\n​\n\nLevel 2\n\n​\n\nDiscounted cash flow. Expected future cash flows are estimated based on forward interest rates from observable yield curves and contract interest rates, discounted at a rate that reflects the credit risk of the counterparty.\n\n​\n\nNA\n\n​\n\nNA\n\nEquity swaps\n\n​\n\nLevel 2\n\n​\n\nDiscounted cash flow. Expected future cash flows are estimated based on projected share prices and projected interest rates. Projected share prices are calculated in a manner similar to the method applied for RSUs under IFRS 2. Projected interest rates are calculated from Euribor 3-month zero coupon yield curve, unless the rate for a particular period is already fixed with the bank .\n\n​\n\nNA\n\n​\n\nNA\n\n​\n\nF-86\n\n[Table of Contents](#TOC)\n\nFinancial Instruments Not Measured at Fair Value\n\n​\n\nType\n\n  ​ ​ ​\n\nFair Value Hierarchy\n\n  ​ ​ ​\n\nDetermination of Fair Value/Valuation Technique\n\nFinancial liabilities\n\n​\n\n​\n\n​\n\n​\n\nFixed-rate bonds (financial liabilities)\n\n​\n\nLevel 1\n\n​\n\nQuoted prices in an active market\n\nFixed-rate private placements/ loans (financial liabilities)\n\n​\n\nLevel 2\n\n​\n\nDiscounted cash flows\n\nFuture cash outflows for fixed interest and principal are discounted over the term of the respective contracts using the market interest rates as at the reporting date.\n\n​\n\nFor other non-derivative financial assets/liabilities and variable rate financial debt, it is assumed that their carrying value reasonably approximates their fair values.\n\n**Transfers Between Levels 1 and 2**\n\nTransfers of equity securities from Level 2 to Level 1, which occurred because disposal restrictions lapsed and deducting a discount for such restriction was no longer necessary, did not take place in 2025 and in 2024 (2023: none), while transfers from Level 1 to Level 2 did not occur at all.\n\n**Level 3 Fair Value Disclosures**\n\nThe following table shows the reconciliation of fair values from the opening to the closing balances for our unlisted equity securities and call options on equity shares, as well as the deal contingent forward from our net investment hedge classified as Level 3 fair values:\n\nReconciliation of Level 3 Fair Values\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n​\n\n2024\n\n​\n\n​\n\n​\n\n​\n\nUnlisted Equity Securities\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\nand Call Options on\n\n€ millions\n\n​\n\n**Unlisted Equity Securities**\n\n​\n\nEquity Shares\n\n1/1\n\n \n\n6,269\n\n​\n\n4,817\n\nTransfers\n\n \n\n​\n\n​\n\n  ​\n\nInto Level 3\n\n \n\n4\n\n​\n\n7\n\nOut of Level 3\n\n \n\n-180\n\n​\n\n-2\n\nPurchases\n\n \n\n622\n\n​\n\n773\n\nSales\n\n \n\n-440\n\n​\n\n-132\n\nSettlements\n\n​\n\n​\n\n​\n\n​\n\nGains/losses\n\n \n\n​\n\n​\n\n​\n\nIncluded in financial income, net\n\n \n\n772\n\n​\n\n481\n\nIncluded in exchange differences in other comprehensive income\n\n \n\n-723\n\n​\n\n325\n\n**12/31**\n\n \n\n**6,324**\n\n​\n\n**6,269**\n\nChange in unrealized gains/losses in profit or loss for equity investments held at the end of the reporting period\n\n \n\n201\n\n​\n\n674\n\n​\n\n​\n\nF-87\n\n[Table of Contents](#TOC)\n\nTransfers out of Level 3 are due to initial public offerings of the respective investees or distributions in kind in the form of listed investees. Changing the unobservable inputs to reflect reasonably possible alternative assumptions would not have a material impact on the fair values of our unlisted equity securities held as FVTPL as at the reporting date.\n\n**Net Gains or Losses from Financial Instruments by IFRS 9 Measurement Category**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ millions\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n2024\n\nFinancial instruments at fair value through profit or loss\n\n \n\n739\n\n \n\n450\n\nFinancial assets measured at amortized cost\n\n \n\n-108\n\n \n\n526\n\nthereof interest income\n\n \n\n199\n\n \n\n343\n\nFinancial assets at fair value through other comprehensive income (debt securities)\n\n \n\n-10\n\n \n\n-13\n\nthereof interest expenses\n\n \n\n-10\n\n \n\n-13\n\nFinancial liabilities measured at amortized cost\n\n \n\n0\n\n \n\n-478\n\nthereof interest expenses\n\n \n\n-141\n\n \n\n-130\n\n​\n\nGains and losses from the disposal of financial assets measured at amortized cost are not considered material in any of the years presented.\n\n​\n\nF-88\n\n[Table of Contents](#TOC)\n\n**Section G — Other Disclosures**\n\nThis section provides additional disclosures on miscellaneous topics, including information pertaining to the Executive Board, the Supervisory Board, related-party transactions, and other corporate governance topics.\n\n**(G.1) Prepaid Expenses, Advance Payments, and Other Tax Assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n2024\n\n€ millions\n\n**  ​ ​ ​**\n\n**Current**\n\n​\n\n**Non-Current**\n\n​\n\n**Total**\n\n​\n\nCurrent\n\n  ​ ​ ​\n\nNon-Current\n\n  ​ ​ ​\n\nTotal\n\nPrepaid expenses\n\n \n\n1,256\n\n​\n\n626\n\n​\n\n1,882\n\n​\n\n988\n\n​\n\n430\n\n​\n\n1,418\n\nAdvance payments\n\n​\n\n252\n\n​\n\n0\n\n​\n\n252\n\n​\n\n77\n\n​\n\n0\n\n​\n\n77\n\nOther tax assets\n\n \n\n278\n\n​\n\n111\n\n​\n\n389\n\n​\n\n256\n\n​\n\n67\n\n​\n\n323\n\n**Total**\n\n** **\n\n**1,786**\n\n​\n\n**737**\n\n​\n\n**2,523**\n\n​\n\n**1,320**\n\n​\n\n**497**\n\n​\n\n**1,817**\n\n/ Other non-financial assets\n\n​\n\n3,212\n\n​\n\n4,419\n\n​\n\n7,631\n\n​\n\n2,682\n\n​\n\n3,990\n\n​\n\n6,672\n\nPrepaid expenses, advance payments, and other tax assets as % of / Other non-financial assets\n\n​\n\n56\n\n​\n\n17\n\n​\n\n33\n\n​\n\n49\n\n​\n\n12\n\n​\n\n27\n\n​\n\nPrepaid expenses primarily consist of prepayments for hyperscalers, support services, and software royalties. Prepaid expenses for hyperscalers relate to reserved instances for computing resources and other infrastructure prepayments, which are typically purchased and paid for a term of up to three years. These contract terms and conditions influence our prepaid expenses balance.\n\nAdvance payments relate to the investment into our supply chain by prepaying suppliers in exchange for discounts.\n\nOther tax assets primarily consist of value-added tax (VAT).\n\n​\n\n**(G.2) Provisions for Interest and Penalties Related to Taxes and Other Tax Liabilities**\n\n​\n\nProvisions for Interest and Penalties Related to Taxes\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**2025**\n\n€ millions\n\n  ​ ​ ​\n\n**Current**\n\n  ​ ​ ​\n\n**Non-Current**\n\n  ​ ​ ​\n\n**Total**\n\n1/1/2025\n\n​\n\n52\n\n \n\n134\n\n \n\n186\n\nAddition\n\n​\n\n19\n\n \n\n117\n\n \n\n136\n\nUtilization\n\n​\n\n-6\n\n \n\n-24\n\n \n\n-30\n\nRelease\n\n​\n\n-8\n\n \n\n-9\n\n \n\n-17\n\nAdditions from business combinations\n\n​\n\n1\n\n \n\n0\n\n \n\n1\n\nTransfer\n\n​\n\n6\n\n \n\n-6\n\n \n\n0\n\nCurrency impact\n\n​\n\n0\n\n \n\n-13\n\n \n\n-13\n\n**12/31/2025**\n\n​\n\n**64**\n\n​\n\n**198**\n\n​\n\n**262**\n\nTotal provisions\n\n​\n\n537\n\n \n\n550\n\n \n\n1,087\n\nProvision for interest and penalties related to taxes as % of  Provisions\n\n​\n\n12\n\n \n\n36\n\n \n\n24\n\n​\n\nThe provisions primarily consist of interest related to income taxes.\n\n​\n\nF-89\n\n[Table of Contents](#TOC)\n\n**Other Tax Liabilities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n2024\n\n€ millions\n\n**  ​ ​ ​**\n\n**Current**\n\n​\n\n**Non-Current**\n\n​\n\n**Total**\n\n​\n\nCurrent\n\n  ​ ​ ​\n\nNon-Current\n\n  ​ ​ ​\n\nTotal\n\n**Other tax liabilities**\n\n** **\n\n**917**\n\n​\n\n**0**\n\n​\n\n**917**\n\n​\n\n**1,014**\n\n​\n\n**0**\n\n​\n\n**1,014**\n\n/ Other non-financial liabilities\n\n​\n\n4,849\n\n​\n\n524\n\n​\n\n5,373\n\n​\n\n5,537\n\n​\n\n749\n\n​\n\n6,286\n\nOther tax liabilities as % of / Other non-financial liabilities\n\n \n\n19\n\n​\n\n0\n\n​\n\n17\n\n​\n\n18\n\n​\n\n0\n\n​\n\n16\n\n​\n\nOther tax liabilities primarily consist of VAT, payroll tax, and withholding tax.\n\n​\n\n​\n\n**(G.3) Other Litigation****, Claims, and Legal Contingencies**\n\nThis Note discloses information about intellectual property-related litigation and claims, competition law matters, and tax-related litigation other than income tax-related litigation (see Note (C.5)).\n\n**y****Uncertainty in Context of Legal Matters**\n\nThe policies outlined in Note (A.4) for customer-related provisions, which include provisions for customer-related litigation cases and claims, equally apply to our other litigation, claims, and legal contingencies disclosed in this Note.\n\nThe outcome of litigation and claims is intrinsically subject to considerable uncertainty. Management’s view of these matters may also change in the future. Actual outcomes of litigation and claims may differ from the assessments made by management in prior periods, which could result in a material impact on our business, financial position, profit, cash flows, or reputation. Most of the lawsuits and claims are of a very individual nature and claims are either not quantified by the claimants or the claim amounts quantified are, based on historical evidence, not expected to be a good proxy for the expenditure that would be required to resolve the case concerned. The specifics of the jurisdictions where most of the claims are located further impair the predictability of the outcome of the cases. Therefore, it is typically not practicable to reliably estimate the financial effect that these lawsuits and claims would have if SAP were to incur expenditure for these cases.\n\nFurther, the expected timing of any resulting outflows of economic benefits from these lawsuits and claims is typically uncertain and not estimable, as it depends generally on the duration of the legal proceedings and settlement negotiations required to resolve them.\n\n​\n\nWe 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 the Company against all claims and lawsuits against us. For the ongoing Teradata litigation, we have recorded a provision of €387 million (€0 million as at December 31, 2024) which reflects information received on the matter after December 31, 2025, as well as after the release of SAP’s preliminary financial results for the fiscal year 2025 on January 29, 2026. The provisions recorded for the other claims and lawsuits are neither individually nor in the aggregate material to SAP as at December 31, 2025, or December 31, 2024.\n\nAmong the claims and lawsuits disclosed in this Note are the following classes:\n\n**Intellectual Property-Related Litigation**\n\nIntellectual property-related litigation and claims are cases in which third parties have threatened or initiated litigation claiming that SAP violates one or more intellectual property rights that they possess. Such intellectual property rights may include patents, copyrights, and other similar rights.\n\nContingent 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, as outlined above. 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. In addition to the provision which is explained in this note, we currently believe that resolving the intellectual property-related claims and lawsuits pending as at December 31, 2025, will neither individually nor in the aggregate have a material adverse effect on our business, financial position, profit, or cash flows.\n\nIndividual cases of intellectual property-related litigation and claims include the following:\n\nThe Teradata litigation claims have been pending in the U.S. federal court since 2018 when 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. Teradata alleges trade secret misappropriation and U.S. antitrust violations concerning the development and commercialization of the SAP HANA database. While SAP initially secured a dismissal of these claims in 2021, a 2024 appellate ruling reinstated the case, and the U.S. Supreme Court declined to review the matter in October 2025. SAP will continue to defend itself vigorously at the jury trial scheduled for March to April 2026. We have recorded a provision of €387 million as at December 31, 2025 (2024: €0 million) which to date reflects our best estimate of the outflows relating to this litigation. The outcome of the litigation remains uncertain, and the actual liability may differ from the amount provisioned. The Company will continue to monitor the situation and adjust the provision as necessary in future reporting periods.\n\nF-90\n\n[Table of Contents](#TOC)\n\nIn 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. In March 2025, Celonis filed a lawsuit in the 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 Signavio, and in SAP’s communications to SAP customers and the market concerning SAP’s policies for data access. Celonis requested a preliminary injunction against SAP requiring 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. While the U.S. court initially dismissed the majority of Celonis’ claims in June 2025, it allowed additional claims to proceed in October 2025 after Celonis amended its complaint. SAP subsequently filed patent counterclaims against Celonis in November 2025. The trial is currently scheduled to begin on March 8, 2027. Celonis also filed a complaint against SAP in Germany (Munich), alleging unfair competition. In addition, both SAP and Celonis have initiated several patent cases in various courts in the United States and in Germany. Additionally, SAP is currently engaged in a constructive dialogue with the German Federal Cartel Office (FCO – *Bundeskartellamt*) regarding a complaint raised by Celonis. We are providing the FCO with comprehensive legal and factual arguments to support SAP’s position. Celonis has stated that it will seek damages from SAP based on its various claims. At present, Celonis has not made any formal monetary demands of SAP in connection with its claims in Germany or with any patent claims. In its U.S. antitrust case, Celonis is currently seeking damages of around US$70 million (around € 60 million as of December 31, 2025).\n\n**Competition Law Claims**\n\nIn September 2025, the European Commission (EC) started formal proceedings concerning SAP’s on-premise maintenance and support policies, which are based on long-established standards that are common across the global software sector. The investigation does not relate to or affect our cloud offerings. To address the EC’s concerns and to end the formal proceedings, SAP suggested remedies which were market tested by the EC in 2025 and are pending final EC approval in 2026. The suggested remedies have no effect on our financial results in 2025, and we do not anticipate that they will have a material impact on our future financial performance.\n\n**Tax-Related Litigation**\n\nWe 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 services. The potential amount in dispute related to these matters for all applicable years is approximately €192 million (2024: €274 million) in total (including related interest expenses and penalties of €127 million (2024: €150 million)). We have not recorded a provision for these matters, as we believe that we will prevail. The year-over-year decrease mainly resulted from a recent change in case law. This caused an increase of other taxes by €98 million negatively affecting SAP’s operating profit and a compensating benefit in SAP’s income tax expense in the third quarter of 2025.\n\nFor more information about our income tax-related litigation, see Note (C.5).\n\n**(G.4) Board of Directors**\n\n**Executive Board**\n\nMemberships on supervisory boards and other comparable governing bodies of enterprises, other than subsidiaries of SAP, on December 31, 2025:\n\n**Christian Klein**\n\nChief Executive Officer\n\nCorporate Development, Sustainability, Business AI, Compliance, Corporate Communications, Customer Success, Technology & Innovation\n\nSupervisory Board, adidas AG, Herzogenaurach, Germany\n\n**Muhammad Alam**\n\nSAP Product & Engineering\n\nGlobal responsibility for all SAP business software applications including product strategy, product management, design, and development\n\n**Dominik Asam**\n\nChief Financial Officer\n\nGlobal Finance & Administration including Legal, Investor Relations, Internal Audit, Data Protection & Export Control, Government Affairs\n\nSupervisory Board, Bertelsmann Management SE and Bertelsmann SE & Co. KGaA, Guetersloh, Germany\n\n​\n\nF-91\n\n[Table of Contents](#TOC)\n\n**Thomas Saueressig**\n\nCustomer Services & Delivery\n\nGlobal responsibility for long-term customer value in the cloud including customer services, premium engagements and customer support; cloud infrastructure, cloud operations, cloud lifecycle management, and private cloud delivery\n\nBoard of Directors, Nokia Corporation, Espoo, Finland\n\n**Sebastian Steinhaeuser (from February 1, 2025)**\n\nChief Operating Officer\n\nGlobal responsibility for the Board area Strategy & Operations, accelerating SAP’s strategy execution and simplifying operations\n\n**Gina Vargiu-Breuer**\n\nChief People Officer, Labor Director\n\nGlobal responsibility for the People & Culture organization, owning SAP’s People Agenda\n\n**Supervisory Board**\n\nMemberships on supervisory boards and other comparable governing bodies of enterprises, other than subsidiaries of SAP, on December 31, 2025:\n\n**Dr. h. c. mult. Pekka Ala-Pietilä**2, 6, 7\n\nChairperson\n\nChairperson of the Board of Directors of Sanoma Corporation, Helsinki, Finland\n\nChairperson of the Board of Directors of SITRA, Helsinki, Finland (from January 1, 2026)\n\nChairperson of the Supervisory Board of HERE Technologies B.V., Amsterdam, Netherlands\n\n**Lars Lamadé**1, 2, 7\n\nDeputy Chairperson\n\nHead of Global Sponsorships, SAP SE, Walldorf, Germany\n\nSupervisory Board, Rhein-Neckar Loewen GmbH, Kronau, Germany\n\n**Jakub Černý**1, 4, 5\n\nDemand Manager, SAP ČR, Prague, Czech Republic\n\n**Pascal Demat**1, 5, 7\n\nSolution Advisor HCM, SAP Belgium, Brussels, Belgium\n\nSAP SE Works Council (Europe), Walldorf, Germany****\n\n**Aicha Evans**2, 4, 6\n\nChief Executive Officer and Member of the Board of Directors, Zoox, Inc., Foster City, CA, United States\n\nBoard of Directors, Joby Aviation LLC, Santa Cruz, CA, United States\n\n**Marielle Ehrmann**1,4,5**(from January 1, 2026)**\n\nChief Security Compliance & Risk Officer, SAP SE, Walldorf, Germany\n\n**Andreas Hahn**1, 2, 4\n\nProduct Expert, Digital Supply Chain Standards SAP SE, Walldorf, Germany\n\nF-92\n\n[Table of Contents](#TOC)\n\nChairperson of the SAP SE Works Council (Europe), Walldorf, Germany\n\nMember of the SAP SE Works Council, Walldorf, Germany\n\n**Prof. Dr. Ralf Herbrich**4, 5\n\nManaging Director and Professor for artificial intelligence and sustainability, Hasso Plattner Institute for Digital Engineering gGmbH, Potsdam, Germany\n\n**Margret Klein-Magar**1, 2, 3 **(until December 31, 2025)**\n\nHead of SAP Alumni Relations SAP SE, Walldorf, Germany\n\nChairperson of the Spokespersons’ Committee of Senior Managers of SAP SE\n\n**Jennifer Xin-Zhe Li**3, 5\n\nGeneral Partner of Changcheng Investment Partners, Beijing, China\n\nBoard of Directors, ABB Ltd., Zurich, Switzerland\n\nBoard of Directors, Full Truck Alliance Co. Ltd., Nanjing, Jiangsu, China, and Cayman Islands\n\n**Dr. Qi Lu**4\n\nCEO, MiraclePlus Ltd., Beijing, China\n\nBoard of Directors, Pinduoduo Inc., Shanghai, China\n\nChairperson of the Board of Directors, Pine Field Holding Limited, Cayman Islands\n\nChairperson of the Board of Directors, Pine Field Holding Limited, Hong Kong, China\n\nChairperson of the Board of Directors, Pine Field Ltd., Beijing, China\n\n**César Martin**1, 3, 4\n\nSAP EMEA Enterprise Architect, SAP Spain, Madrid, Spain\n\nChairperson of the SAP Spain Works Council, Madrid, Spain\n\nMember of the SAP SE Works Council (Europe), Walldorf, Germany\n\n**Gerhard Oswald**3, 4, 7\n\nManaging Director of Oswald Consulting GmbH, Walldorf, Germany\n\nAdvisory Board, TSG 1899 Hoffenheim Fußball-Spielbetriebs GmbH, Sinsheim, Germany\n\nAdvisory Board, appliedAI Initiative GmbH, Munich, Germany\n\n**Dr. Friederike Rotsch**2, 3, 6, 7\n\nAttorney-at-law, Königstein im Taunus, Germany\n\n**Nicolas Sabatier**1, 2, 4\n\nRetired SAP Employee\n\nMember of the Confédération Française de l’Encadrement – Confédération Générale des Cadres (CFE-CGC union, Paris, France)\n\n**Dr. Eberhard Schick**1, 3, 5\n\nChairperson of the SAP SE Works Council, Walldorf, Germany\n\n**Nina Straßner**1, 2, 3, 7\n\nHead of People Transformation Management BTM, SAP SE, Walldorf, Germany\n\nF-93\n\n[Table of Contents](#TOC)\n\n**Dr. Rouven Westphal**2, 5, 6\n\nMember of the Executive Board of the Hasso Plattner Foundation, Potsdam, Germany, and Managing Director of the General Partner of HPC Germany GmbH & Co. KG, Potsdam, Germany\n\nAdvisory Board, Sharks Sports & Entertainment LLC, San José, CA, United States\n\n**Dr. Gunnar Wiedenfels**3, 5\n\nChief Financial Officer, Warner Bros. Discovery, Inc., New York, NY, United States\n\nBoard of Directors, OWN LLC, West Hollywood, CA, United States\n\n1 Appointed by the SAP SE Works Council (Europe)\n\n2 Member of the Company’s Personnel and Governance Committee\n\n3 Member of the Company’s Audit and Compliance Committee\n\n4 Member of the Company’s Product and Technology Committee\n\n5 Member of the Company’s Finance and Investment Committee\n\n6 Member of the Company’s Nomination Committee\n\n7 Member of the Company’s Government Security Committee\n\n​\n\n​\n\nF-94\n\n[Table of Contents](#TOC)\n\n**(G.5) Executive and Supervisory Board Compensation**\n\n**y****Accounting Policy**\n\nThe short-term employee benefits disclosed below in the table “Executive Board Compensation” include a short-term, one-year performance-based compensation (“short-term incentive,” STI). The STI is granted in the Executive Board member’s home currency for a single year. Payment of part of the payout amount under the STI is deferred by one or two additional years and linked to the performance of the SAP share price (“STI deferral”). The short-term employee benefits include both the granted and the deferred amount.\n\nThe share-based payment amounts disclosed below in the table “Executive Board Compensation” are based on the grant date fair value of the share units in the respective year. In 2024 and 2025, share units were issued to the Executive Board members under the LTI 2024. In 2023, share units were issued to the Executive Board members under the LTI 2020. For more information about the terms and details of these plans, see Note (B.3).\n\nIn the table “Share-Based Payment for Executive Board Members,” the share-based payment expense is the amount recorded in profit or loss under IFRS 2 (Share-Based Payment) in the respective period.\n\n​\n\nThe total compensation of the Executive Board members for each of the years 2025, 2024, and 2023 was as follows:\n\n**Executive Board Compensation**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ thousands\n\n**  ​ ​ ​**\n\n**2025**\n\n​\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\nShort-term employee benefits\n\n \n\n17,183\n\n​\n\n21,116\n\n​\n\n19,632\n\nShare-based payment\n\n \n\n16,215\n\n​\n\n22,279\n\n​\n\n24,469\n\n**Subtotal**\n\n** **\n\n**33,398**\n\n​\n\n**43,395**\n\n​\n\n**44,101**\n\nPost-employment benefits\n\n \n\n50\n\n​\n\n-269\n\n​\n\n1,033\n\nthereof defined-benefit\n\n \n\n-104\n\n​\n\n-711\n\n​\n\n673\n\nthereof defined-contribution\n\n \n\n154\n\n​\n\n441\n\n​\n\n360\n\nTermination benefits\n\n​\n\nNA\n\n​\n\n21,615\n\n​\n\nNA\n\n**Total**\n\n** **\n\n**33,448**\n\n​\n\n**64,741**\n\n​\n\n**45,134**\n\n​\n\nShare-Based Payment for Executive Board Members\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n​\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\nNumber of share units granted\n\n \n\n60,172\n\n​\n\n126,244\n\n​\n\n214,530\n\nTotal expense in € thousands\n\n \n\n19,367\n\n​\n\n52,062\n\n​\n\n36,127\n\n​\n\nThe defined benefit obligation (DBO) for pensions to Executive Board members and the annual pension entitlement of the members of the Executive Board on reaching age 62 based on entitlements from performance-based and salary-linked plans were as follows:\n\nRetirement Pension Plan for Executive Board Members\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ thousands\n\n**  ​ ​ ​**\n\n**2025**\n\n​\n\n2024\n\n**  ​ ​ ​**\n\n2023\n\nDBO 12/31\n\n \n\n872\n\n​\n\n1,187\n\n​\n\n2,192\n\nAnnual pension entitlement\n\n \n\n69\n\n​\n\n88\n\n​\n\n137\n\n​\n\nThe total annual compensation of the Supervisory Board members is as follows:\n\nSupervisory Board Compensation\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ thousands\n\n**  ​ ​ ​**\n\n**2025**\n\n​\n\n2024\n\n​\n\n2023\n\nTotal compensation\n\n \n\n5,131\n\n​\n\n5,579\n\n​\n\n5,427\n\nthereof fixed compensation\n\n \n\n3,460\n\n​\n\n3,507\n\n​\n\n3,185\n\nthereof committee remuneration\n\n \n\n1,671\n\n​\n\n2,071\n\n​\n\n2,242\n\n​\n\nF-95\n\n[Table of Contents](#TOC)\n\nThe Supervisory Board compensation is a short-term benefit. The Supervisory Board members do not receive any share-based payment for their services. As far as members who are employee representatives on the Supervisory Board receive share-based payment, such compensation is for their services as employees only and is unrelated to their status as members of the Supervisory Board.\n\nPayments to/DBO for Former Executive Board Members\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n€ thousands\n\n​\n\n**2025**\n\n​\n\n2024\n\n​\n\n2023\n\nPayments\n\n​\n\n2,542\n\n \n\n2,444\n\n \n\n2,329\n\nDBO 12/31\n\n​\n\n33,472\n\n \n\n32,213\n\n \n\n33,251\n\n​\n\nIn 2023, SAP granted a loan within the SAP - Flex Loan program for its employees, amounting to €5,000 to an employee who later joined the Supervisory Board as an employee representative in 2024. Besides this loan, SAP did not grant any compensation advance or credit to, or enter into any commitment for the benefit of, any member of the Executive Board or Supervisory Board in 2025, 2024, or 2023.\n\n​\n\n**(G.6) Related-Party Transactions Other Than Board Compensation**\n\nCertain Supervisory Board members of SAP SE currently hold, or held within the last year, positions of significant responsibility with other entities. We have relationships with certain of these entities in the ordinary course of business, whereby we buy and sell products, assets, and services on terms believed to be consistent with those negotiated at arm’s length between unrelated parties.\n\nOccasionally, members of the Executive Board of SAP SE obtain services from SAP for which they pay a consideration consistent with those negotiated at arm’s length between unrelated parties.\n\nAll amounts related to the abovementioned transactions were immaterial to SAP in all periods presented.\n\nSAP has relationships with joint ventures and associates in the ordinary course of business whereby SAP buys and sells a wide variety of products and services generally on arm’s length terms.\n\nRelated-Party Transactions\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Companies Controlled by **\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Executive Board Members**\n\n​\n\n**Supervisory Board Members**\n\n​\n\n**Supervisory Board Members**\n\n​\n\n**Associated Entities**\n\n€ millions\n\n​\n\n**2025**\n\n​\n\n2024\n\n​\n\n**2025**\n\n​\n\n2024\n\n​\n\n**2025**\n\n​\n\n2024\n\n​\n\n**2025**\n\n​\n\n2024\n\nProducts and services provided\n\n  ​ ​ ​\n\nNA\n\n  ​ ​ ​\n\nNA\n\n  ​ ​ ​\n\nNA\n\n  ​ ​ ​\n\nNA\n\n  ​ ​ ​\n\nNA\n\n  ​ ​ ​\n\n0\n\n  ​ ​ ​\n\n42\n\n  ​ ​ ​\n\n55\n\nProducts and services received\n\n \n\nNA\n\n \n\nNA\n\n \n\n2\n\n1\n\n2\n\n1\n\nNA\n\n \n\n1\n\n \n\n89\n\n \n\n90\n\nSponsoring and other financial support provided\n\n \n\nNA\n\n \n\nNA\n\n \n\nNA\n\n \n\nNA\n\n \n\nNA\n\n \n\n5\n\n \n\nNA\n\n \n\nNA\n\nOutstanding balances at year end (Vendors)\n\n \n\nNA\n\n \n\nNA\n\n \n\nNA\n\n \n\nNA\n\n \n\nNA\n\n \n\nNA\n\n \n\n3\n\n \n\n2\n\nOutstanding balances at year end (Customers)\n\n \n\nNA\n\n \n\nNA\n\n \n\n0\n\n \n\n0\n\n \n\nNA\n\n \n\nNA\n\n \n\n3\n\n \n\n20\n\nCommitments at year end\n\n \n\nNA\n\n \n\nNA\n\n \n\nNA\n\n \n\nNA\n\n \n\nNA\n\n​\n\nNA\n\n \n\nNA\n\n \n\nNA\n\n​\n\n1 including services from employee representatives on the Supervisory Board in their capacity as employees of SAP\n\n​\n\nAll of these balances are unsecured and interest-free and settlement is expected to occur in cash.\n\nFor information about the compensation of our Executive Board and Supervisory Board members, see Note (G.5).\n\n​\n\nF-96\n\n[Table of Contents](#TOC)\n\n**(G.7) Principal Accountant Fees**\n\nAt the Annual General Meeting of Shareholders held on May 13, 2025, our shareholders elected BDO AG Wirtschaftsprüfungsgesellschaft (BDO) as SAP’s independent auditor for 2025. BDO has been the Company’s principal auditor since the fiscal year 2023.\n\nBDO and other firms in the global BDO network charged the following fees to SAP for audit and other professional services related to 2025 and previous years:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n2024\n\n​\n\n2023\n\n​\n\n**  ​ ​ ​**\n\n**BDO AG**\n\n**  ​ ​ ​**\n\n**Foreign BDO**\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\nBDO AG\n\n  ​ ​ ​\n\nForeign BDO\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\nBDO AG\n\n  ​ ​ ​\n\nForeign\n\n  ​ ​ ​\n\n​\n\n€ millions\n\n​\n\n**(Germany)**\n\n​\n\n**Firms**\n\n​\n\n**Total**\n\n​\n\n(Germany)\n\n​\n\nFirms\n\n​\n\nTotal\n\n​\n\n(Germany)\n\n​\n\nBDO Firms\n\n​\n\nTotal\n\nAudit fees\n\n \n\n10\n\n \n\n6\n\n \n\n16\n\n \n\n8\n\n \n\n6\n\n \n\n14\n\n \n\n8\n\n \n\n5\n\n \n\n13\n\nAudit-related fees\n\n \n\n1\n\n \n\n7\n\n \n\n8\n\n \n\n1\n\n \n\n6\n\n \n\n7\n\n \n\n0\n\n \n\n1\n\n \n\n1\n\nTax fees\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\nAll other fees\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n \n\n0\n\n**Total**\n\n** **\n\n**11**\n\n** **\n\n**13**\n\n** **\n\n**24**\n\n** **\n\n**9**\n\n** **\n\n**11**\n\n** **\n\n**20**\n\n** **\n\n**8**\n\n** **\n\n**6**\n\n** **\n\n**14**\n\n​\n\nAudit fees are the aggregate fees charged by BDO for auditing our consolidated financial statements and the statutory financial statements of SAP SE and its subsidiaries. Audit-related fees are fees charged by BDO for assurance and related services that are reasonably related to the performance of the audit and for service organization attestation procedures. The increase in audit-related fees in 2024 was mainly related to attestation services for System and Organization Controls (SOC) reports in the United States, and for the assurance engagement on the Group Sustainability Statement.\n\n​\n\n**(G.8) Events After the Reporting Period**\n\n**New Share Repurchase Program**\n\nFollowing SAP’s strong free cash flow generation, the Executive Board and the Supervisory Board authorized a new share repurchase program with a volume of up to €10 billion. The program started in February 2026 and is expected to be completed by the end of 2027. The program was implemented based on the authorization granted by the Annual General Meeting of SAP SE on May 11, 2023, and in compliance with the restrictions set forth therein.\n\n​\n\n**(G.9) Scope of Consolidation, Subsidiaries and Other Equity Investments**\n\nEntities Consolidated in the Financial Statements\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\nTotal\n\n**12/31/2023**\n\n** **\n\n**235**\n\nAdditions\n\n \n\n10\n\nDisposals\n\n \n\n-19\n\n**12/31/2024**\n\n​\n\n**226**\n\nAdditions\n\n​\n\n8\n\nDisposals\n\n​\n\n-18\n\n**12/31/2025**\n\n** **\n\n**216**\n\n​\n\nThe additions relate to legal entities added in connection with acquisitions and foundations. The disposals are mainly due to mergers, liquidations, and divestitures of legal entities.\n\nF-97\n\n[Table of Contents](#TOC)\n\n**Subsidiaries**1\n\nMajor Subsidiaries\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\nProfit/Loss \n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\nNumber of\n\n  ​ ​ ​\n\n​\n\n​\n\n​\n\nOwner-\n\n​\n\nTotal Revenue\n\n​\n\n(–) After Tax for\n\n​\n\nTotal Equity as\n\n​\n\nEmployees as\n\n​\n\n​\n\nName and Location of Company\n\n​\n\nship\n\n​\n\nin 20252\n\n​\n\n20252\n\n​\n\nat 12/31/20252\n\n​\n\nat 12/31/20253\n\n​\n\nFootnote\n\n​\n\n \n\n%\n\n \n\n€ thousands\n\n \n\n€ thousands\n\n \n\n€ thousands\n\n​\n\n​\n\n​\n\n​\n\nAriba Technologies India Private Limited, Bengaluru, India\n\n​\n\n100\n\n​\n\n137,247\n\n​\n\n25,023\n\n​\n\n50,114\n\n​\n\n1,251\n\n​\n\n​\n\nAriba, Inc., Palo Alto, CA, United States\n\n \n\n100\n\n \n\n1,557,926\n\n \n\n806,456\n\n \n\n3,989,395\n\n \n\n1,284\n\n​\n\n​\n\nConcur Holdings (Netherlands) B.V., 's-Hertogenbosch, the Netherlands\n\n​\n\n100\n\n​\n\n541,220\n\n​\n\n7,936\n\n​\n\n386,069\n\n​\n\n17\n\n​\n\n​\n\nConcur Technologies, Inc., Bellevue, WA, United States\n\n \n\n100\n\n \n\n2,319,808\n\n \n\n883,996\n\n \n\n7,528,447\n\n \n\n2,538\n\n​\n\n​\n\nSAP (China) Co., Ltd., Shanghai, China\n\n​\n\n100\n\n​\n\n1,294,322\n\n​\n\n11,633\n\n​\n\n-97,369\n\n​\n\n6,199\n\n​\n\n​\n\nSAP (Schweiz) AG, Biel, Switzerland\n\n​\n\n100\n\n​\n\n1,590,095\n\n​\n\n150,714\n\n​\n\n357,270\n\n​\n\n866\n\n​\n\n​\n\nSAP (UK) Limited, Feltham, United Kingdom\n\n \n\n100\n\n \n\n1,616,658\n\n \n\n77,797\n\n \n\n238,541\n\n \n\n1,536\n\n​\n\n13\n\nSAP America, Inc., Newtown Square, PA, United States\n\n \n\n100\n\n \n\n9,892,526\n\n \n\n-244,393\n\n \n\n14,637,281\n\n \n\n8,940\n\n​\n\n​\n\nSAP Argentina S.A., Buenos Aires, Argentina\n\n​\n\n100\n\n​\n\n292,976\n\n​\n\n23,267\n\n​\n\n25,328\n\n​\n\n1,316\n\n​\n\n13\n\nSAP Asia Pte. Ltd., Singapore, Singapore\n\n \n\n100\n\n \n\n813,289\n\n \n\n14,349\n\n \n\n57,670\n\n \n\n1,134\n\n​\n\n13\n\nSAP Australia Pty. Ltd., Sydney, Australia\n\n \n\n100\n\n \n\n889,659\n\n \n\n-6,382\n\n \n\n59,446\n\n \n\n1,226\n\n​\n\n​\n\nSAP Belgium – Systems, Applications and Products S.A., Brussels, Belgium\n\n​\n\n100\n\n​\n\n539,922\n\n​\n\n30,556\n\n​\n\n84,869\n\n​\n\n308\n\n​\n\n​\n\nSAP Brasil Ltda., São Paulo, Brazil\n\n \n\n100\n\n \n\n986,021\n\n \n\n-63,636\n\n \n\n23,259\n\n \n\n3,391\n\n​\n\n13\n\nSAP Canada Inc., Toronto, Canada\n\n \n\n100\n\n \n\n1,285,551\n\n \n\n100,619\n\n \n\n701,018\n\n \n\n3,076\n\n​\n\n​\n\nSAP Deutschland SE & Co. KG, Walldorf, Germany\n\n \n\n100\n\n \n\n6,641,244\n\n \n\n1,095,771\n\n \n\n2,170,257\n\n \n\n4,935\n\n​\n\n9\n\nSAP España - Sistemas, Aplicaciones y Productos en la Informática, S.A., Madrid, Spain\n\n​\n\n100\n\n​\n\n794,452\n\n​\n\n37,005\n\n​\n\n72,741\n\n​\n\n1,059\n\n​\n\n​\n\nSAP France S.A., Levallois-Perret, France\n\n \n\n100\n\n \n\n1,368,211\n\n \n\n242,669\n\n \n\n1,921,529\n\n \n\n1,414\n\n​\n\n​\n\nSAP Hungary Rendszerek, Alkalmazások és Termékek az Adatfeldolgozásban Informatikai Kft., Budapest, Hungary\n\n \n\n100\n\n \n\n232,011\n\n \n\n9,451\n\n \n\n46,812\n\n \n\n1,776\n\n​\n\n​\n\nSAP India Private Limited, Bengaluru, India\n\n \n\n100\n\n \n\n1,020,589\n\n \n\n101,729\n\n \n\n256,324\n\n \n\n2,750\n\n​\n\n​\n\nSAP Industries, Inc., Newtown Square, PA, United States\n\n \n\n100\n\n \n\n629,727\n\n \n\n184,152\n\n \n\n1,682,091\n\n \n\n192\n\n​\n\n​\n\nSAP Italia Sistemi Applicazioni Prodotti in Data Processing S.p.A., Vimercate, Italy\n\n \n\n100\n\n \n\n923,229\n\n \n\n73,240\n\n \n\n124,726\n\n \n\n839\n\n​\n\n​\n\nSAP Japan Co., Ltd., Tokyo, Japan\n\n \n\n100\n\n \n\n1,382,651\n\n \n\n137,537\n\n \n\n203,818\n\n \n\n1,384\n\n​\n\n​\n\nSAP Labs Bulgaria EOOD, Sofia, Bulgaria\n\n​\n\n100\n\n​\n\n188,520\n\n​\n\n7,462\n\n​\n\n48,241\n\n​\n\n1,905\n\n​\n\n​\n\nSAP Labs India Private Limited, Bengaluru, India\n\n \n\n100\n\n \n\n1,118,274\n\n \n\n119,847\n\n \n\n330,496\n\n \n\n12,666\n\n​\n\n​\n\nSAP Labs, LLC, Palo Alto, CA, United States\n\n \n\n100\n\n \n\n563,424\n\n \n\n67,838\n\n \n\n916,043\n\n \n\n1,408\n\n​\n\n​\n\nSAP México S.A. de C.V., Mexico City, Mexico\n\n \n\n100\n\n \n\n612,035\n\n \n\n38,089\n\n \n\n150,637\n\n \n\n1,252\n\n​\n\n13\n\nSAP National Security Services, Inc., Newtown Square, PA, United States\n\n​\n\n100\n\n​\n\n1,153,024\n\n​\n\n209,237\n\n​\n\n610,284\n\n​\n\n782\n\n​\n\n​\n\nSAP Nederland B.V., 's-Hertogenbosch, the Netherlands\n\n \n\n100\n\n \n\n980,414\n\n \n\n209,483\n\n \n\n308,421\n\n \n\n711\n\n​\n\n​\n\nSAP Österreich GmbH, Vienna, Austria\n\n​\n\n100\n\n​\n\n513,797\n\n​\n\n45,362\n\n​\n\n73,728\n\n​\n\n525\n\n​\n\n​\n\nSAP Philippines, Inc., Taguig City, Philippines\n\n​\n\n100\n\n​\n\n147,067\n\n​\n\n5,628\n\n​\n\n16,218\n\n​\n\n1,076\n\n​\n\n13\n\nSAP Service and Support Centre (Ireland) Limited, Dublin, Ireland\n\n \n\n100\n\n \n\n361,946\n\n \n\n86,967\n\n \n\n174,319\n\n \n\n1,729\n\n​\n\n​\n\nSAP Services s.r.o., Prague, Czech Republic\n\n​\n\n100\n\n​\n\n175,345\n\n​\n\n5,371\n\n​\n\n30,505\n\n​\n\n1,845\n\n​\n\n13\n\nSC SAP Romania SRL, Bucharest, Romania\n\n​\n\n100\n\n​\n\n148,720\n\n​\n\n9,766\n\n​\n\n31,771\n\n​\n\n1,078\n\n​\n\n​\n\n​\n\nF-98\n\n[Table of Contents](#TOC)\n\nOther Subsidiaries4\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nName and Location of Company\n\n  ​ ​ ​\n\nOwnership\n\n  ​ ​ ​\n\nFootnote\n\n​\n\n​\n\n%\n\n​\n\n​\n\n\"SAP Kazakhstan\" LLP, Almaty, Kazakhstan\n\n \n\n100\n\n​\n\n​\n\n110405, Inc., Newtown Square, PA, United States\n\n \n\n100\n\n​\n\n​\n\nAmbin Properties Proprietary Limited, Johannesburg, South Africa\n\n \n\n100\n\n​\n\n13\n\nAriba Czech s.r.o., Prague, Czech Republic\n\n \n\n100\n\n​\n\n13\n\nAriba India Private Limited, Gurugram, India\n\n \n\n100\n\n​\n\n​\n\nAriba International Holdings, Inc., Wilmington, DE, United States\n\n \n\n100\n\n​\n\n​\n\nAriba Technologies Netherlands B.V., 's-Hertogenbosch, the Netherlands\n\n \n\n100\n\n​\n\n​\n\nBaiza Capital Designated Activity Company, Dublin, Ireland\n\n​\n\n0\n\n​\n\n8\n\nBaiza Capital Italia s.r.l., Milan, Italy\n\n​\n\n0\n\n​\n\n8\n\nBaiza Capital LLC, Newark, NJ, United States\n\n​\n\n0\n\n​\n\n8\n\nBaiza Capital S.A., Luxembourg, Luxembourg\n\n​\n\n0\n\n​\n\n8\n\nBusiness Objects Option, LLC, Wilmington, DE, United States\n\n \n\n100\n\n​\n\n​\n\nBusiness Objects Software Limited, Dublin, Ireland\n\n \n\n100\n\n​\n\n13\n\nCallidus Software Inc., San Ramon, CA, United States\n\n​\n\n100\n\n​\n\n​\n\nCallidusCloud (India) Private Limited, Hyderabad, India\n\n​\n\n100\n\n​\n\n​\n\n​\n\n​\n\nF-99\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\nName and Location of Company\n\n**  ​ ​ ​**\n\nOwnership\n\n**  ​ ​ ​**\n\nFootnote\n\n​\n\n​\n\n%\n\n​\n\n​\n\nCNQR Operations Mexico S. de. R.L. de. C.V., Mexico City, Mexico\n\n \n\n100\n\n​\n\n​\n\nConcur (Canada), Inc., Toronto, Canada\n\n \n\n100\n\n​\n\n​\n\nConcur (Czech) s.r.o., Prague, Czech Republic\n\n​\n\n100\n\n​\n\n13\n\nConcur (France) S.A.S., Levallois-Perret, France\n\n \n\n100\n\n​\n\n​\n\nConcur (Germany) GmbH, Frankfurt am Main, Germany\n\n \n\n100\n\n​\n\n10, 11\n\nConcur (Japan) Ltd., Tokyo, Japan\n\n \n\n100\n\n​\n\n​\n\nConcur (Philippines) Inc., Makati City, Philippines\n\n \n\n100\n\n​\n\n​\n\nConcur (Switzerland) GmbH, Zurich, Switzerland\n\n \n\n100\n\n​\n\n​\n\nConcur Technologies (Australia) Pty. Ltd., Sydney, Australia\n\n \n\n100\n\n​\n\n​\n\nConcur Technologies (Hong Kong) Limited, Hong Kong, China\n\n \n\n100\n\n​\n\n​\n\nConcur Technologies (India) Private Limited, Bengaluru, India\n\n \n\n100\n\n​\n\n​\n\nConcur Technologies (Singapore) Pte. Ltd., Singapore, Singapore\n\n \n\n100\n\n​\n\n13\n\nConcur Technologies (UK) Limited, Feltham, United Kingdom\n\n \n\n100\n\n​\n\n13\n\nConTgo Limited, Feltham, United Kingdom\n\n \n\n100\n\n​\n\n​\n\nDelos Cloud GmbH, Walldorf, Germany\n\n​\n\n100\n\n​\n\n​\n\nEmarsys eMarketing Systems GmbH, Vienna, Austria\n\n​\n\n100\n\n​\n\n13\n\nEmarsys İletişim Sistemleri Tic. Ltd Şti., Istanbul, Turkey\n\n​\n\n100\n\n​\n\n​\n\nEmarsys Interactive Services GmbH, Berlin, Germany\n\n​\n\n100\n\n​\n\n​\n\nEmarsys Limited, Hong Kong, China\n\n​\n\n100\n\n​\n\n​\n\nEmarsys North America, Inc., Indianapolis, IN, United States\n\n​\n\n100\n\n​\n\n​\n\nEmarsys Pte. Ltd., Singapore, Singapore\n\n​\n\n100\n\n​\n\n​\n\nEmarsys Pty. Ltd., Sydney, Australia\n\n​\n\n100\n\n​\n\n​\n\nEmarsys S.A.S., Levallois-Perret, France\n\n​\n\n100\n\n​\n\n13\n\nEmarsys Schweiz GmbH, Zurich, Switzerland\n\n​\n\n100\n\n​\n\n​\n\nEmarsys UK Ltd, London, United Kingdom\n\n​\n\n100\n\n​\n\n13\n\nEMARSYS-Technologies Informatikai Szolgáltató Kft., Budapest, Hungary\n\n​\n\n100\n\n​\n\n​\n\n​\n\nF-100\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\nName and Location of Company\n\n**  ​ ​ ​**\n\nOwnership\n\n**  ​ ​ ​**\n\nFootnote\n\n​\n\n​\n\n%\n\n​\n\n​\n\nFreeMarkets Ltda., São Paulo, Brazil\n\n \n\n100\n\n​\n\n  ​\n\nLeadFormix, Inc., San Ramon, CA, United States\n\n​\n\n100\n\n​\n\n​\n\nLeanIX UK Limited, London, United Kingdom\n\n​\n\n100\n\n​\n\n​\n\nLLC “SAP Labs“, Moscow, Russia\n\n \n\n100\n\n​\n\n  ​\n\nLLC “SAP Ukraine”, Kyiv, Ukraine\n\n \n\n100\n\n​\n\n13\n\nLoyalsys Technologies Israel Ltd., Tel Aviv - Yafo, Israel\n\n \n\n100\n\n​\n\n​\n\nLXTECH India Private Limited, Hyderabad, India\n\n​\n\n100\n\n​\n\n​\n\nOuterjoin, Inc., San Ramon, CA, United States\n\n​\n\n100\n\n​\n\n​\n\nOutlookSoft Deutschland GmbH, Walldorf, Germany\n\n \n\n100\n\n​\n\n10, 11\n\nPT SAP Indonesia, Jakarta, Indonesia\n\n \n\n99\n\n​\n\n  ​\n\nQuadrem Africa Pty. Ltd., Johannesburg, South Africa\n\n \n\n100\n\n​\n\n  ​\n\nQuadrem Brazil Ltda., Rio de Janeiro, Brazil\n\n \n\n100\n\n​\n\n  ​\n\nQuadrem Chile Ltda., Santiago de Chile, Chile\n\n \n\n100\n\n​\n\n  ​\n\nQuadrem International Ltd., Hamilton, Bermuda\n\n \n\n100\n\n​\n\n  ​\n\n​\n\nF-101\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\nName and Location of Company\n\n  ​ ​ ​\n\nOwnership\n\n  ​ ​ ​\n\nFootnote\n\n​\n\n​\n\n%\n\n​\n\n​\n\nQuadrem Netherlands B.V., 's-Hertogenbosch, the Netherlands\n\n​\n\n100\n\n​\n\n​\n\nQuadrem Overseas Cooperatief U.A., 's-Hertogenbosch, the Netherlands\n\n​\n\n100\n\n​\n\n​\n\nQuadrem Peru S.A.C., Lima, Peru\n\n​\n\n100\n\n​\n\n​\n\nSAP (Beijing) Software System Co., Ltd., Beijing, China\n\n \n\n100\n\n​\n\n​\n\nSAP (China) Holding Co., Ltd., Beijing, China\n\n​\n\n100\n\n​\n\n​\n\nSAP Andina y del Caribe C.A., Caracas, Venezuela\n\n \n\n100\n\n​\n\n13\n\nSAP AZ LLC, Baku, Azerbaijan\n\n \n\n100\n\n​\n\n​\n\nSAP Beteiligungs GmbH, Walldorf, Germany\n\n \n\n100\n\n​\n\n  ​\n\nSAP Bulgaria EOOD, Sofia, Bulgaria\n\n \n\n100\n\n​\n\n  ​\n\nSAP Chile Limitada, Santiago de Chile, Chile\n\n \n\n100\n\n​\n\n13\n\nSAP CIS, LLC, Moscow, Russia\n\n \n\n100\n\n​\n\n  ​\n\nSAP Colombia S.A.S., Bogotá, D.C., Colombia\n\n \n\n100\n\n​\n\n13\n\nSAP Costa Rica, S.A., San José, Costa Rica\n\n \n\n100\n\n​\n\n13\n\nSAP ČR, spol. s r.o., Prague, Czech Republic\n\n \n\n100\n\n​\n\n  ​\n\nSAP Cyprus Limited, Strovolos, Cyprus\n\n \n\n100\n\n​\n\n  ​\n\nSAP Danmark A/S, Copenhagen, Denmark\n\n \n\n100\n\n​\n\n  ​\n\nSAP Dritte Beteiligungs- und Vermögensverwaltungs GmbH, Walldorf, Germany\n\n \n\n100\n\n​\n\n  ​\n\nSAP društvo s ograničenom odgovornošću za digitalnu ekonomiju novog tisućljeća, Zagreb, Croatia\n\n​\n\n100\n\n​\n\n​\n\nSAP East Africa Limited, Nairobi, Kenya\n\n \n\n100\n\n​\n\n13\n\nSAP Egypt LLC, Cairo, Egypt\n\n \n\n100\n\n​\n\n13\n\nSAP EMEA Inside Sales S.L., Madrid, Spain\n\n \n\n100\n\n​\n\n  ​\n\n​\n\nF-102\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\nName and Location of Company\n\n**  ​ ​ ​**\n\nOwnership\n\n**  ​ ​ ​**\n\nFootnote\n\n​\n\n​\n\n%\n\n​\n\n​\n\nSAP Erste Beteiligungs- und Vermögensverwaltungs GmbH, Walldorf, Germany\n\n \n\n100\n\n​\n\n10, 11\n\nSAP Estonia OÜ, Tallinn, Estonia\n\n \n\n100\n\n​\n\n  ​\n\nSAP Financial, Inc., Toronto, Canada\n\n \n\n100\n\n​\n\n  ​\n\nSAP Finland Oy, Espoo, Finland\n\n \n\n100\n\n​\n\n  ​\n\nSAP Foreign Holdings GmbH, Walldorf, Germany\n\n \n\n100\n\n​\n\n  ​\n\nSAP France Holding S.A., Levallois-Perret, France\n\n \n\n100\n\n​\n\n  ​\n\nSAP Global Marketing, Inc., New York, NY, United States\n\n \n\n100\n\n​\n\n  ​\n\nSAP Hellas Single Member S.A., Athens, Greece\n\n \n\n100\n\n​\n\n  ​\n\nSAP Hong Kong Co., Ltd., Hong Kong, China\n\n \n\n100\n\n​\n\n13\n\nSAP Hosting Beteiligungs GmbH, St. Leon-Rot, Germany\n\n \n\n100\n\n​\n\n10, 11\n\nSAP India (Holding) Pte. Ltd., Singapore, Singapore\n\n \n\n100\n\n​\n\n  ​\n\nSAP International Panama, S.A., Panama City, Panama\n\n \n\n100\n\n​\n\n  ​\n\nSAP International, Inc., Miami, FL, United States\n\n \n\n100\n\n​\n\n  ​\n\nSAP Investments, Inc., Wilmington, DE, United States\n\n \n\n100\n\n​\n\n  ​\n\nSAP Ireland Limited, Dublin, Ireland\n\n \n\n100\n\n​\n\n​\n\nSAP Ireland US - Financial Services Designated Activity Company, Dublin, Ireland\n\n \n\n100\n\n​\n\n  ​\n\nSAP Israel Ltd., Ra’anana, Israel\n\n \n\n100\n\n​\n\n13\n\nSAP Korea Ltd., Seoul, South Korea\n\n \n\n100\n\n​\n\n  ​\n\nSAP Labs France S.A.S., Mougins, France\n\n \n\n100\n\n​\n\n  ​\n\nSAP Labs Israel Ltd., Ra’anana, Israel\n\n \n\n100\n\n​\n\n  ​\n\nSAP Labs Korea, Inc., Seoul, South Korea\n\n \n\n100\n\n​\n\n  ​\n\nSAP Latvia SIA, Riga, Latvia\n\n \n\n100\n\n​\n\n  ​\n\nSAP Lietuva UAB, Vilnius, Lithuania\n\n​\n\n100\n\n​\n\n​\n\nSAP Malaysia Sdn. Bhd., Kuala Lumpur, Malaysia\n\n \n\n100\n\n​\n\n  ​\n\n​\n\n​\n\nF-103\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\nName and Location of Company\n\n**  ​ ​ ​**\n\nOwnership\n\n**  ​ ​ ​**\n\nFootnote\n\n​\n\n​\n\n%\n\n​\n\n​\n\nSAP Middle East and Africa North Regional Headquarter Company, Riyadh, Kingdom of Saudi Arabia\n\n​\n\n100\n\n​\n\n​\n\nSAP Middle East and North Africa L.L.C., Dubai, United Arab Emirates\n\n \n\n100\n\n​\n\n13\n\nSAP Middle East FZ-LLC, Dubai, United Arab Emirates\n\n \n\n100\n\n​\n\n13\n\nSAP New Zealand Limited, Auckland, New Zealand\n\n \n\n100\n\n​\n\n  ​\n\nSAP Norge AS, Oslo, Norway\n\n \n\n100\n\n​\n\n  ​\n\nSAP North West Africa Ltd, Casablanca, Morocco\n\n \n\n100\n\n​\n\n13\n\nSAP Perú S.A.C., Lima, Peru\n\n \n\n100\n\n​\n\n13\n\nSAP Polska Sp. z o.o., Warsaw, Poland\n\n \n\n100\n\n​\n\n  ​\n\nSAP Portals Israel Ltd., Ra’anana, Israel\n\n \n\n100\n\n​\n\n  ​\n\nSAP Portugal – Sistemas, Aplicações e Produtos Informáticos, Sociedade Unipessoal, Lda., Porto Salvo, Portugal\n\n \n\n100\n\n​\n\n  ​\n\nSAP Projektverwaltungs- und Beteiligungs GmbH, Walldorf, Germany\n\n \n\n100\n\n​\n\n​\n\nSAP Public Services, Inc., Washington, DC, United States\n\n \n\n100\n\n​\n\n  ​\n\nSAP Puerto Rico GmbH, Walldorf, Germany\n\n \n\n100\n\n​\n\n10, 11, 13\n\nSAP Retail Solutions Beteiligungsgesellschaft GmbH, Walldorf, Germany\n\n \n\n100\n\n​\n\n  ​\n\nSAP Saudi Software Services Ltd., Riyadh, Kingdom of Saudi Arabia\n\n \n\n100\n\n​\n\n  ​\n\nSAP Saudi Software Trading Ltd., Riyadh, Kingdom of Saudi Arabia\n\n \n\n75\n\n​\n\n13\n\n​\n\nF-104\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\nName and Location of Company\n\n**  ​ ​ ​**\n\nOwnership\n\n**  ​ ​ ​**\n\nFootnote\n\n​\n\n​\n\n%\n\n​\n\n​\n\nSAP Sechste Beteiligungs- und Vermögensverwaltungs GmbH, Walldorf, Germany\n\n​\n\n100\n\n​\n\n10, 11\n\nSAP Siebte Beteiligungs- und Vermögensverwaltungs GmbH, Walldorf, Germany\n\n \n\n100\n\n​\n\n10, 11\n\nSAP sistemi, aplikacije in produkti za obdelavo podatkov d.o.o., Ljubljana, Slovenia\n\n \n\n100\n\n​\n\n  ​\n\nSAP Slovensko s.r.o., Bratislava, Slovakia\n\n \n\n100\n\n​\n\n  ​\n\nSAP Software and Services WLL, Doha, Qatar\n\n \n\n49\n\n​\n\n6\n\nSAP Svenska Aktiebolag, Stockholm, Sweden\n\n \n\n100\n\n​\n\n​\n\nSAP System Application and Products Asia Myanmar Limited, Yangon, Myanmar\n\n​\n\n100\n\n​\n\n​\n\nSAP Systems, Applications and Products in Data Processing (Thailand) Ltd., Bangkok, Thailand\n\n \n\n100\n\n​\n\n  ​\n\nSAP Taiwan Co., Ltd., Taipei, Taiwan\n\n \n\n100\n\n​\n\n​\n\nSAP Technologies Inc., Palo Alto, CA, United States\n\n \n\n100\n\n​\n\n​\n\nSAP Training and Development Institute FZCO, Dubai, United Arab Emirates\n\n \n\n100\n\n​\n\n​\n\nSAP Türkiye Yazilim Üretim ve Ticaret A.Ş., Istanbul, Turkey\n\n \n\n100\n\n​\n\n  ​\n\nSAP Ventures Investment GmbH, Walldorf, Germany\n\n \n\n100\n\n​\n\n10, 11\n\nSAP Vierte Beteiligungs- und Vermögensverwaltungs GmbH, Walldorf, Germany\n\n \n\n100\n\n​\n\n  ​\n\nSAP Vietnam Company Limited, Ho Chi Minh City, Vietnam\n\n​\n\n100\n\n​\n\n​\n\nSAP West Balkans d.o.o., Belgrade, Serbia\n\n \n\n100\n\n​\n\n  ​\n\nSAP Zweite Beteiligungs- und Vermögensverwaltungs GmbH, Walldorf, Germany\n\n \n\n100\n\n​\n\n10,11\n\nSAP.io Fund, L.P., Austin, TX, United States\n\n​\n\n0\n\n​\n\n7\n\nSapphire Fund Investments II Holdings, LLC, Austin, TX, United States\n\n​\n\n100\n\n​\n\n7\n\nSapphire Fund Investments II, L.P., Austin, TX, United States\n\n​\n\n0\n\n​\n\n7\n\nSapphire Fund Investments III Holdings, LLC, Austin, TX, United States\n\n​\n\n100\n\n​\n\n7\n\nSapphire Fund Investments III, L.P., Austin, TX, United States\n\n​\n\n0\n\n​\n\n7\n\nSapphire SAP HANA Fund of Funds, L.P., Austin, TX, United States\n\n \n\n0\n\n​\n\n7\n\nSapphire Ventures Fund I, L.P., Austin, TX, United States\n\n \n\n0\n\n​\n\n7\n\nSapphire Ventures Fund II, L.P., Austin, TX, United States\n\n \n\n0\n\n​\n\n7\n\nSapphire Ventures Fund III, L.P., Austin, TX, United States\n\n​\n\n0\n\n​\n\n7\n\nSapphire Ventures Fund IV, L.P., Austin, TX, United States\n\n​\n\n0\n\n​\n\n7\n\nSapphire Ventures Fund V, L.P., Austin, TX, United States\n\n​\n\n0\n\n​\n\n7\n\nSapphire Ventures Fund VI Holdings, LLC, Austin, TX, United States\n\n​\n\n100\n\n​\n\n5,7\n\nSapphire Ventures Fund VI, L.P., Austin, TX, United States\n\n​\n\n0\n\n​\n\n7\n\nSapphire Ventures Fund VII-A, L.P., Austin, TX, United States\n\n​\n\n0\n\n​\n\n7\n\nShanghai SAP Cloud Technology Company, Ltd., Shanghai, China\n\n \n\n100\n\n​\n\n​\n\nSmartRecruiters Australia Pty Ltd, Sydney, Australia\n\n​\n\n100\n\n​\n\n5\n\nSmartRecruiters GmbH, Walldorf, Germany\n\n​\n\n100\n\n​\n\n5\n\nSmartRecruiters Inc., San Francisco, CA, United States\n\n​\n\n100\n\n​\n\n5\n\nSmartRecruiters Ltd., London, United Kingdom\n\n​\n\n100\n\n​\n\n5,13\n\nSmartRecruiters Sarl., La Garenne Colombes, France\n\n \n\n100\n\n​\n\n5\n\nSuccessFactors (Philippines), Inc., Pasig City, Philippines\n\n \n\n100\n\n​\n\n13\n\n​\n\nF-105\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\nName and Location of Company\n\n**  ​ ​ ​**\n\nOwnership\n\n**  ​ ​ ​**\n\nFootnote\n\n​\n\n​\n\n%\n\n​\n\n​\n\nSuccessFactors, Inc., Newtown Square, PA, United States\n\n​\n\n100\n\n​\n\n​\n\nSybase Angola, LDA, Luanda, Angola\n\n \n\n100\n\n​\n\n​\n\nSybase, Inc., San Ramon, CA, United States\n\n \n\n100\n\n​\n\n  ​\n\nSystems Applications Products (Africa Region) Proprietary Limited, Johannesburg, South Africa\n\n \n\n100\n\n​\n\n  ​\n\nSystems Applications Products (Africa) Proprietary Limited, Johannesburg, South Africa\n\n \n\n100\n\n​\n\n  ​\n\nSystems Applications Products (South Africa) Proprietary Limited, Johannesburg, South Africa\n\n \n\n81\n\n​\n\n13\n\nSystems Applications Products Nigeria Limited, Victoria Island, Nigeria\n\n \n\n100\n\n​\n\n13\n\nTaulia (Shanghai) Smart Technology Co. Ltd., Shanghai, China\n\n​\n\n100\n\n​\n\n​\n\nTaulia Arabia LLC, Riyadh, Kingdom of Saudi Arabia\n\n​\n\n100\n\n​\n\n​\n\nTaulia Australia Pty. Ltd., Sydney, Australia\n\n​\n\n100\n\n​\n\n​\n\nTaulia Bulgaria EOOD, Sofia, Bulgaria\n\n​\n\n100\n\n​\n\n​\n\nTaulia GmbH, Düsseldorf, Germany\n\n​\n\n100\n\n​\n\n12\n\nTaulia LLC, San Francisco, CA, United States\n\n​\n\n97\n\n​\n\n​\n\nTaulia Singapore Pte. Ltd., Singapore, Singapore\n\n​\n\n100\n\n​\n\n​\n\nTaulia Trade Technology GmbH, Düsseldorf, Germany\n\n​\n\n100\n\n​\n\n​\n\nTaulia UK Ltd., London, United Kingdom\n\n​\n\n100\n\n​\n\n13\n\nTereina Employee Holdings LLC, Palo Alto, CA, United States\n\n \n\n0\n\n \n\n5,7\n\nTereina LLC, Palo Alto, CA, United States\n\n​\n\n72\n\n​\n\n5\n\nTRX Technologies India Private Limited, Bengaluru, India\n\n​\n\n100\n\n​\n\n​\n\nTRX, Inc., Bellevue, WA, United States\n\n​\n\n100\n\n​\n\n​\n\nVolume Integration, Inc., Chantilly, VA, United States\n\n​\n\n100\n\n​\n\n​\n\nWalkMe Australia Pty. Ltd., Sydney, Australia\n\n​\n\n100\n\n​\n\n​\n\nWalkMe Canada Ltd., Toronto, Canada\n\n​\n\n100\n\n​\n\n​\n\nWalkMe Germany GmbH, Frankfurt am Main, Germany\n\n​\n\n100\n\n​\n\n12\n\nWalkMe K.K., Tokyo, Japan\n\n​\n\n100\n\n​\n\n​\n\nWalkMe Ltd., Tel Aviv–Yafo, Israel\n\n​\n\n100\n\n​\n\n​\n\nWalkMe Singapore Pte. Ltd., Singapore, Singapore\n\n​\n\n100\n\n​\n\n​\n\nWalkMe UK Limited, London, United Kingdom\n\n​\n\n100\n\n​\n\n​\n\nWalkMe, Inc., San Francisco, CA, United States\n\n​\n\n100\n\n​\n\n​\n\n​\n\n1 For the classification of the subsidiaries, the following figures are considered: revenues, profit/loss after tax, total equity, and number of employees.\n\n2 These figures are based on our local IFRS financial statements prior to eliminations resulting from consolidation and therefore do not reflect the contribution of these companies included in the Consolidated Financial Statements. The translation of the equity into Group currency is based on period-end closing exchange rates, and on average exchange rates for revenue and net income/loss.\n\n3 As at December 31, 2025, including managing directors, in FTE.\n\n4 Figures for profit/loss after tax and total equity pursuant to HGB, section 285 and section 313 are not disclosed if they are of minor significance for a fair presentation of the profitability, liquidity, capital resources, and financial position of SAP SE, pursuant to HGB, section 313 (2) sentence 3 no. 4 and section 286 (3) sentence 1 no. 1.\n\n5 Consolidated for the first time in 2025.\n\n6 Agreements with the other shareholders provide that SAP SE fully controls the entity.\n\n7 Structured entity belonging to SAP SE. The results of operations of these entities are included in SAP’s Consolidated Financial Statements in accordance with IFRS 10 (Consolidated Financial Statements).\n\n8 In accordance with IFRS 10, the structured entity does not include the receivables and liabilities resulting from the supply chain financing (SCF) activities.\n\n9 Entity whose personally liable partner is SAP SE.\n\n10 Entity with (profit and) loss transfer agreement.\n\n11 Pursuant to HGB, section 264 (3) or section 264b, the subsidiary is exempt from applying certain legal requirements to their statutory stand-alone financial statements including the requirement to prepare notes to the financial statements and a review of operations, the requirement of independent audit, and the requirement of public disclosure.\n\n12 Pursuant to HGB, section 316 (1), the subsidiary is exempt from having its financial statements audited in respect of its financial year ended December 31, 2025.\n\n13 Entity with support letter issued.\n\nF-106\n\n[Table of Contents](#TOC)\n\nOther Equity Investments\n\n​\n\n​\n\n​\n\n​\n\nName and Location of Company\n\n  ​ ​ ​\n\nOwnership\n\n​\n\n​\n\n%\n\n**Joint Arrangements and Investments in Associates**\n\n​\n\n​\n\nChina DataCom Corporation Limited, Guangzhou, China\n\n \n\n28\n\nProcurement Negócios Eletrônicos S/A, Rio de Janeiro, Brazil\n\n​\n\n17\n\nSAP Fioneer GmbH, Walldorf, Germany\n\n \n\n20\n\n​\n\n​\n\n​\n\nName and Location of Company\n\n​\n\n**Equity Investments with Ownership of at Least 5%**\n\n​\n\n359 Capital Parallel Fund I, L.P. (fka Sapphire Sport Parallel Fund II, L.P.), New York, NY, United States\n\n​\n\n359 Capital Parallel Fund Zero, L.P. (fka Sapphire Sport Parallel Fund, L.P.), New York, NY, United States\n\n​\n\n359 Capital Zero, L.P. (fka Sapphire Sport I, L.P.), New York, NY, United States\n\n​\n\n47th Street Partners I, L.P., Menlo Park, CA, United States\n\n​\n\nAdverity GmbH, Vienna, Austria\n\n​\n\nAlation, Inc., Redwood City, CA, United States\n\n​\n\nAlchemist Accelerator Fund I, LLC, San Francisco, CA, United States\n\n​\n\nAleph-Bringg SPV, L.P., Grand Cayman, Cayman Islands\n\n​\n\nAll Tax Platform – SOLUÇÕES TRIBUTÁRIAS S.A., São Paulo, Brazil\n\n​\n\nAmplify Bio I, L.P., Menlo Park, CA, United States\n\n​\n\nAmplify Partners II, L.P., Menlo Park, CA, United States\n\n​\n\nAmplify Partners III, L.P., Menlo Park, CA, United States\n\n​\n\nAmplify Partners IV, L.P., Menlo Park, CA, United States\n\n​\n\nAmplify Partners, L.P., Menlo Park, CA, United States\n\n​\n\nAnrok, Inc., San Francisco, CA, United States\n\n​\n\nAsylum Ventures 2024, LP (fka Filament 2024, LP), New York, NY, United States\n\n​\n\nBGS Holdings, Inc., Austin, TX, United States\n\n​\n\nBioCatch Ltd., Tel Aviv, Israel\n\n​\n\nBitonic Technology Labs, Inc. (dba Yellow.ai), Bengaluru, India\n\n​\n\nBlue J Legal Inc., Toronto, Canada\n\n​\n\nBoldstart Ventures V, L.P., Miami, FL, United States\n\n​\n\nBoldstart Ventures VI, L.P., Miami, FL, United States\n\n​\n\nBrightfield Holdings, Inc., New York, NY, United States\n\n​\n\nBryj Technologies, Inc. (fka Follow Analytics, Inc.), San Francisco, CA, United States\n\n​\n\nBY Crypto 1 GmbH & Co. KG (fka BY Capital 1 Alternative GmbH & Co. KG), Berlin, Germany\n\n​\n\nbyFounders VC SPV III K/S, Copenhagen, Denmark\n\n​\n\nCastle Newco, LLC (fka Clari Inc.), Atlanta, GA, United States\n\n​\n\nCDQ AG, St. Gallen, Switzerland\n\n​\n\nChalfen Ventures Fund I, L.P., St Heiler, Jersey, Channel Islands\n\n​\n\nChalfen Ventures Fund II, L.P., St Helier, Jersey, Channel Islands\n\n​\n\nChalfen Ventures Fund III, L.P., St Helier, Jersey, Channel Islands\n\n​\n\nCharlton House Professional Services Limited, Norwich, United Kingdom\n\n​\n\nCircleCI, Inc., San Francisco, CA, United States\n\n​\n\nCofinity-X GmbH, Cologne, Germany\n\n​\n\nCollectly, Inc., Pasadena, CA, United States\n\n​\n\nComponentLab, Inc., Seattle, WA, United States\n\n​\n\nF-107\n\n[Table of Contents](#TOC)\n\nConstructor Topco Inc., San Francisco, CA, United States\n\n​\n\nContentful GmbH, Berlin, Germany\n\n​\n\nCostanoa Venture Capital II, L.P., Palo Alto, CA, United States\n\n​\n\nCostanoa Venture Capital QZ, LLC, Palo Alto, CA, United States\n\n​\n\nCreandum SPV TR (D) AB, Stockholm, Sweden\n\n​\n\nCreatio Inc., Boston, MA, United States\n\n​\n\nCulture Amp, Pty Ltd., Melbourne, Australia\n\n​\n\nCypress.io, Inc., Atlanta, GA, United States\n\n​\n\nData Collective II, L.P., Palo Alto, CA, United States\n\n​\n\nData Collective III, L.P., Palo Alto, CA, United States\n\n​\n\nData Collective IV, L.P., Palo Alto, CA, United States\n\n​\n\nData.R.X. Ltd. (dba Datricks Ltd.), Tel Aviv, Israel\n\n​\n\nDefense Unicorns, Inc., Colorado Springs, CO, United States\n\n​\n\nDigital Hub Rhein-Neckar GmbH, Ludwigshafen, Germany\n\n​\n\nDocEquity, Inc. (dba Supio), Seattle, WA, United States\n\n​\n\nDremio Corporation, Santa Clara, CA, United States\n\n​\n\nElise A.I. Technologies Corp., New York, NY, United States\n\n​\n\nEssence VC III, L.P., Seattle, WA, United States\n\n​\n\nFeedZai S.A., Coimbra, Portugal\n\n​\n\nFelix Capital Fund III, L.P., London, United Kingdom\n\n​\n\nFelix Ventures II, L.P., London, United Kingdom\n\n​\n\nFinco Services, Inc. (dba Current), New York, NY, United States\n\n​\n\nFloQast, Inc., Los Angeles, California, United States\n\n​\n\nFund II, a Series of Cocoa VC, LP, Seattle, WA, United States\n\n​\n\nGitGuardian SAS, Paris, France\n\n​\n\nGorgias Inc., San Francisco, CA, United States\n\n​\n\nGreenlite Inc., San Francisco, CA, United States\n\n​\n\nHaystack Ventures V, L.P., Mill Valley, CA, United States\n\n​\n\nHaystack Ventures VI, L.P., Mill Valley, CA, United States\n\n​\n\nHaystack Ventures VII, L.P., San Francisco, CA, United States\n\n​\n\nHaystack Ventures VIII, L.P., San Francisco, CA, United States\n\n​\n\nHuntress Labs Incorporated, Ellicott City, MD, United States\n\n​\n\nIDG Ventures USA III, L.P., San Francisco, CA, United States\n\n​\n\nIEX Group, Inc., New York, NY, United States\n\n​\n\nInfluxData, Inc., San Francisco, CA, United States\n\n​\n\nInitialized CBH SPV LLC, San Francisco, CA, United States\n\n​\n\ninnoWerft Walldorf GmbH, Walldorf, Germany\n\n​\n\nInvolve.ai, Inc., Santa Monica, CA, United States\n\n​\n\nJetLenses Inc. (dba Verse Medical), New York, NY, United States\n\n​\n\nJupiterOne, Inc., Morrisville, NC, United States\n\n​\n\nKaltura, Inc., New York, NY, United States\n\n​\n\nLeanData, Inc., Sunnyvale, CA, United States\n\n​\n\nLGVP F I LLC, Dover, DE, United States\n\n​\n\nLocalGlobe Opportunity, L.P., St. Peter Port, Guernsey, Channel Islands\n\n​\n\nLocalGlobe VII, L.P., St. Peter Port, Guernsey, Channel Islands\n\n​\n\nLocalGlobe VIII, L.P., St. Peter Port, Guernsey, Channel Islands\n\n​\n\nF-108\n\n[Table of Contents](#TOC)\n\nLocalGlobe X, L.P., St. Peter Port, Guernsey, Channel Islands\n\n​\n\nLocalGlobe XI, L.P., St. Peter Port, Guernsey, Channel Islands\n\n​\n\nMaple Capital II, Limited Partnership, Ramat Gan, Israel\n\n​\n\nMatillion Ltd., Altrincham, United Kingdom\n\n​\n\nMedable Inc., Palo Alto, CA, United States\n\n​\n\nMosaic Ventures Investors Fund I, L.P., London, United Kingdom\n\n​\n\nMoxxie Ventures III, L.P., Mountain View, CA, United States\n\n​\n\nNotation Capital II CIRC, LLC, Brooklyn, NY, United States\n\n​\n\nNotation Capital II Circle 2024, LLC, Brooklyn, NY, United States\n\n​\n\nNotation Capital II, L.P., Brooklyn, NY, United States\n\n​\n\nNotation Capital III, L.P., Brooklyn, NY, United States\n\n​\n\nNotation Capital, L.P., Brooklyn, NY, United States\n\n​\n\nOpenX Software Limited, Pasadena, CA, United States\n\n​\n\nPaper Education Company Inc., Montreal, Canada\n\n​\n\nPendo.io, Inc., Raleigh, NC, United States\n\n​\n\nPivotNorth Early Fund I, L.P., Atherton, CA, United States\n\n​\n\nPoint Nine Annex GmbH & Co. KG, Berlin, Germany\n\n​\n\nPoint Nine Capital Fund II GmbH & Co. KG, Berlin, Germany\n\n​\n\nPoint Nine Capital Fund III GmbH & Co. KG, Berlin, Germany\n\n​\n\nPoint Nine Capital Fund IV GmbH & Co. KG, Berlin, Germany\n\n​\n\nPoint Nine Capital Fund V GmbH & Co. KG, Berlin, Germany\n\n​\n\nProject44, Inc., Chicago, IL, United States\n\n​\n\nPubNub, Inc., San Francisco, CA, United States\n\n​\n\nQP-Essence VC IV, LP, Seattle, WA, United States\n\n​\n\nQualified.com, Inc., San Francisco, CA, United States\n\n​\n\nReltio, Inc., Redwood Shores, CA, United States\n\n​\n\nRestream, Inc., Austin, TX, United States\n\n​\n\nRewst Inc., Westchase, FL, United States\n\n​\n\nRidge Ventures IV, L.P., San Francisco, CA, United States\n\n​\n\nRidge Ventures V, L.P., San Francisco, CA, United States\n\n​\n\nSafeGraph, Inc., Denver, CO, United States\n\n​\n\nSide, Inc., San Francisco, CA, United States\n\n​\n\nSignify Holdings, Inc. (dba Rain), New York, NY, United States\n\n​\n\nSimpplr Inc., Redwood City, CA, United States\n\n​\n\nSmart City Planning, Inc., Tokyo, Japan\n\n​\n\nSplashtop, Inc., San Jose, CA, United States\n\n​\n\nSpring Mobile Solutions, Inc., Reston, VA, United States\n\n​\n\nStackHawk, Inc., Denver, CO, United States\n\n​\n\nStorm Ventures V, L.P., Menlo Park, CA, United States\n\n​\n\nSV Angel IV, L.P., San Francisco, CA, United States\n\n​\n\nTetrate.io, Inc., Milpitas, CA, United States\n\n​\n\nThird Kind Venture Capital II, L.P., New York, NY, United States\n\n​\n\nThird Kind Venture Capital III, L.P., New York, NY, United States\n\n​\n\nTractian Ltd., Atlanta, GA, United States\n\n​\n\nTribe Capital LLC Series 3, Redwood City, CA, United States\n\n​\n\nTribe Capital LLC Series 8, Redwood City, CA, United States\n\n​\n\nF-109\n\n[Table of Contents](#TOC)\n\nUJET, Inc., San Francisco, CA, United States\n\n​\n\nUnmind Ltd., London, United Kingdom\n\n​\n\nUpfront V, L.P., Santa Monica, CA, United States\n\n​\n\nUptycs, Inc., Waltham, MA, United States\n\n​\n\nUpvest GmbH, Berlin, Germany\n\n​\n\nVerbIT, Inc., New York, NY, United States\n\n​\n\nVistex, Inc., Hoffman Estates, IL, United States\n\n​\n\nWalkabout Ventures Fund II, L.P., Los Angeles, CA, United States\n\n​\n\nWetravel Inc., San Francisco, CA, United States\n\n​\n\nYapily Ltd., London, United Kingdom\n\n​\n\nZesty Tech Ltd., Ramat Gan, Israel\n\n​\n\n​\n\n​\n\n​\n\nF-110"}