Exhibit 99.1

Quarterly Statement Q1 2024

SAP Announces Q1 2024 Results

in € millions, unless otherwise stated; based on SAP group results from continuing operations All figures in this statement are based on SAP group results from continuing operations unless otherwise noted.

Quarterly Statement Q1 2024

Walldorf, Germany – April 22, 2024.
SAP SE (NYSE: SAP) announced today its financial results for the first quarter ended March 31, 2024.

Financial Performance

Group results at a glance – First quarter 2024

1 For a breakdown of the individual adjustments see table “Non-IFRS Operating Expense Adjustments by Functional Areas” in this Quarterly Statement.

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

3 Extension Suite references SAP’s remaining SaaS and PaaS solutions that supplement and extend the functional coverage of the Cloud ERP Suite.

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

5 From continuing and discontinued operations.

Quarterly Statement Q1 2024

Financial Highlights1

First Quarter 2024

In the first quarter, SAP’s cloud momentum further accelerated with a sequential growth rate increase in current cloud backlog of 1 percentage point at constant currencies. Current cloud backlog grew by 27% to €14.18 billion and was up 28% at constant currencies, the fastest growth on record. Cloud revenue was up 24% to €3.93 billion and up 25% at constant currencies, mainly driven by Cloud ERP Suite revenue, which was up 31% and up 32% at constant currencies.

Software licenses revenue decreased by 26% to €203 million and was down 25% at constant currencies. Cloud and software revenue was up 9% to €6.96 billion and up 11% at constant currencies. Services revenue was flat at €1.08 billion and up 1% at constant currencies. Total revenue was up 8% to €8.04 billion and up 9% at constant currencies.

The share of more predictable revenue increased by 2 percentage points to 84% in the first quarter.

Cloud gross profit was up 27% (IFRS) to €2.84 billion, up 27% to €2.85 billion (non-IFRS), and up 28% (non-IFRS at constant currencies).

IFRS operating profit in the first quarter was impacted by a €2.2 billion restructuring provision associated with the 2024 transformation program. This resulted in an IFRS operating loss of –€787 million. Non-IFRS operating profit was up 16% to €1.53 billion and was up 19% at constant currencies. Non-IFRS operating profit growth was negatively affected by a €0.1 billion increase in share-based compensation, predominately driven by the strong share price increase over the course of the first quarter.

IFRS earnings per share (basic) were –€0.71 and non-IFRS earnings per share (basic) increased 8% to €0.81. IFRS effective tax rate was 16.0% (Q1/2023: 40.5%) and non-IFRS effective tax rate 32.4% (Q1/2023: 29.1%). Both year-over-year changes mainly resulted from a temporary inability to offset withholding taxes in Germany due to tax losses in 2024 resulting from restructuring. This adverse impact was partially compensated by changes in non-deductible expenses.

Free cash flow in the first quarter increased by 28% to €2.49 billion. While increased payouts mainly resulted from compliance-related matters and interest, the positive development was primarily attributable to increased profitability, improvements in working capital and lower payments for capex and leasing.

Share Repurchase Program

In May 2023, SAP announced a share repurchase program with an aggregate volume of up to €5 billion and a term until December 31, 2025. As of March 31, 2024, SAP had repurchased 10,024,841 shares at an average price of €137.62 resulting in payouts of approximately €1.38 billion under the program.

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

In 2024, SAP is further increasing its focus on key strategic growth areas, in particular business AI. It is transforming its operational setup to capture organizational synergies and AI-driven efficiencies, and to prepare the company for highly scalable future revenue growth.

To this end, as announced in January, SAP is executing a company-wide restructuring program which is anticipated to conclude in early 2025. The restructuring is intended to ensure that SAP’s skillset and resources continue to meet future business needs and is expected to affect approximately 8,000 positions, a majority of which will be covered by voluntary leave programs and internal re-skilling measures. Reflecting re-investments into strategic growth areas, SAP expects to exit 2024 at a headcount similar to year-end 2023.

In the first quarter, a restructuring provision of €2.2 billion was recorded, which is expected to cover the vast majority of the program’s total restructuring expenses. The provision includes incremental expenses driven by the impact of the first quarter’s share price increase on share-based compensation of leavers, as well as the positive reception of the voluntary early retirement program amongst eligible employees in the US.

Since acceptance rates and precise conditions of voluntary measures in some geographies, particularly Germany, are currently still unknown, SAP expects to provide an update on restructuring expenses and cash outflows once program implementation has further progressed.

1 The Q1 2024 results were also impacted by other effects. For details, please refer to the disclosures on page 20 of this document.

Quarterly Statement Q1 2024

Business Highlights 

Quarterly Statement Q1 2024

Segment Results at a Glance

SAP’s reportable segment showed the following performance:

1 Segment information for comparative prior periods were restated to conform with the new segment composition.

In the first quarter, segment revenue in AT&S was up 8% to €7.97 billion and up 9% at constant currencies, primarily due to strong cloud revenue growth, which was supported by Cloud ERP Suite. Operating Expenses of the segment increased by 6% and by 7% at constant currencies, resulting in a segment margin of 27.6% and 27.8% at constant currencies. This implies an increase of 1.2 percentage points and 1.4 percentage points at constant currencies compared to the first quarter of the prior year.

Financial Outlook 2024

SAP’s financial outlook 2024 is based on SAP’s updated non-IFRS definition of profit measures which, beginning in 2024, include share-based compensation expenses and exclude gains and losses from equity securities, net. For more details, please refer to the Reporting Framework section on our Investor Relations website: https://www.sap.com/investors/en/reports/reporting-framework.html.

For 2024, SAP continues to expect:

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

Quarterly Statement Q1 2024

While SAP’s 2024 financial outlook is at constant currencies, actual currency reported figures are expected to be impacted by currency exchange rate fluctuations as the Company progresses through the year. See the table below.

Currency Impact Assuming March 2024 Rates Apply for 2024

Non-Financial Outlook 2024

In 2024, SAP continues to expect:

Quarterly Statement Q1 2024

Additional Information

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

Financial Analyst and Investor Conference

SAP will hold a financial analyst event on Wednesday, June 5th, in conjunction with its annual SAP Sapphire conference.

SAP Performance Measures

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

Webcast

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

About SAP

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

For more information, financial community only:

Follow SAP Investor Relations on LinkedIn at SAP Investor Relations.

For more information, press only:

For customers interested in learning more about SAP products:

Note to editors:

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

This document contains forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations, forecasts, and assumptions that are subject to risks and uncertainties that could cause actual results and outcomes to materially differ. Additional information regarding these risks and uncertainties may be found in our filings with the Securities and Exchange Commission, including but not limited to the risk factors section of SAP’s 2023 Annual Report on Form 20-F.

© 2024 SAP SE. All rights reserved.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices. 

Quarterly Statement Q1 2024

Contents

Quarterly Statement Q1 2024

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

Quarterly Statement Q1 2024

1 From continuing and discontinued operations.

2 In full-time equivalents.

3 Our gross greenhouse gas emissions (GHG) - which cover scope 1, scope 2, and scope 3 (market based) - include the total lifecycle emissions resulting from the use of our on-premise software. A projection over the next 12 months amounts to 5.7m tons CO2e. To facilitate quarterly comparisons, we have divided this number by four and included the resulting figure in our quarterly gross GHG emissions. The calculation of use of sold products emissions is based on the number of active maintenance contracts at quarter end. Therefore, the emissions for individual quarters will not add up to the total sum of GHG emissions at year end.

Quarterly Statement Q1 2024

Primary Financial Statements of SAP Group (IFRS)

1 For the three months ended March 31, 2024 and 2023, the weighted average number of shares was 1,167 million (diluted 1,179 million) and 1,167 million (diluted: 1,174 million), respectively (treasury stock excluded).

2 From continuing and discontinued operations 

Quarterly Statement Q1 2024

Quarterly Statement Q1 2024

Quarterly Statement Q1 2024

Non-IFRS Numbers

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

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

Quarterly Statement Q1 2024

1 From continuing and discontinued operations

2 The difference between our effective tax rate (IFRS) and effective tax rate (non-IFRS) in Q1 2024 and Q1 2023 mainly resulted from tax effects of restructuring expenses.

Quarterly Statement Q1 2024

Quarterly Statement Q1 2024

(F)    Non-IFRS Adjustments – Actuals and Estimates

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

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

1 Regulatory Compliance Matters

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

Quarterly Statement Q1 2024

Disaggregations

(H)    Segment Reporting

(H.1)   Segment Policies and Segment Changes

SAP has one reportable segment: the Applications, Technology & Services segment.

In the first quarter 2024, the non-reportable Business Network segment was dissolved and integrated into the Applications, Technology & Services segment. The segment information for comparative prior periods were restated to conform with the new segment composition.

For a more detailed description of SAP’s segment reporting, see Note (C.1) “Results of Segments” of our Consolidated Financial Statements 2023.

(H.2)   Segment Reporting – Quarter

Applications, Technology & Services1

1 Segment information for comparative prior periods were restated to conform with the new segment composition.

Quarterly Statement Q1 2024

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

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

(J)       Employees by Region and Functional Areas

1 Acquisitions closed between January 1 and March 31 of the respective year.

Quarterly Statement Q1 2024

Other Disclosures

(K)       Share-Based Payment Expenses

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

Additionally in the first quarter of 2024, SAP recognized €82 million (Q1/2023: €0 million) of accelerated share-based payment expenses triggered by the transformation program. These expenses are included in the restructuring expenses in our IFRS income statements.