Exhibit 99.1

Quarterly Statement Q2 2025

Q2 2025 | in € millions, unless otherwise stated

Quarterly Statement Q2 2025

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

Financial Performance

Group results at a glance – Second quarter 2025

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. Further, Cloud ERP Suite also includes cloud-based capabilities enabling our customers’ ERP landscapes and their cloud transformation. The following offerings contribute to Cloud ERP Suite revenue: SAP Cloud ERP, SAP Business Technology Platform, financial- and spend management, supply chain management, core solutions for human capital management, commerce, business transformation management and AI.

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.

Quarterly Statement Q2 2025

Group results at a glance – Six months ended June 2025

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

Financial Highlights1

Second Quarter 2025

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

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

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

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

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

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

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

Quarterly Statement Q2 2025

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

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

Share Repurchase Program

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

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

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

Business Highlights

Quarterly Statement Q2 2025

Outlook 2025

Financial Outlook 2025

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

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

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

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

This includes an exchange rate of 1.17 USD per EUR.

Non-Financial Outlook 2025

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

For 2025, SAP continues to expect:

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 Q2 2025

Additional Information

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

SAP Performance Measures

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

Webcast

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

About SAP

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

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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 Q2 2025

Contents

Quarterly Statement Q2 2025

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

Quarterly Statement Q2 2025

1 In full-time equivalents.

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

Quarterly Statement Q2 2025

Primary Financial Statements of SAP Group (IFRS)

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

Quarterly Statement Q2 2025

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

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

Quarterly Statement Q2 2025

(B)        Consolidated Statements of Financial Position

Quarterly Statement Q2 2025

(C)        Consolidated Statements of Cash Flows

Quarterly Statement Q2 2025

Non-IFRS Numbers

(D)        Basis of Non-IFRS Presentation

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

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

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

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

Quarterly Statement Q2 2025

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

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

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

Quarterly Statement Q2 2025

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

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

Quarterly Statement Q2 2025

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

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

Quarterly Statement Q2 2025

(E.7)       Reconciliation of Free Cash Flow

Quarterly Statement Q2 2025

(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

1 Regulatory Compliance Matters

Quarterly Statement Q2 2025

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

Quarterly Statement Q2 2025

Disaggregations

(H)            Segment Reporting

(H.1)      Segment Policies and Changes 

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

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

(H.2)      Segment Reporting – Quarter

Applications, Technology & Support (ATS)

Core Services

Quarterly Statement Q2 2025

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

Applications, Technology & Support

Core Services

Quarterly Statement Q2 2025

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

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

Quarterly Statement Q2 2025

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

Quarterly Statement Q2 2025

(J)          Employees by Region and Functional Areas

1 Acquisitions closed between January 1 and June 30 of the respective year.

Quarterly Statement Q2 2025

Other Disclosures

(K)            Share-Based Payment

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

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

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

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

Exhibit 99.2

SAP Half-Year Report 2025

Table of Contents

SAP Half-Year Report 2025

Introductory Notes

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

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

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

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

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

SAP Half-Year Report 2025

Consolidated Half-Year Management Report

Strategy and Business Model

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

Our Product Strategy

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

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

The newly launched SAP Business Data Cloud offering is a fully managed software-as-a-service solution. It gives customers a holistic view of their operations by unifying and governing SAP and third-party data, while aiming to retain the data’s semantical context and meaning. SAP Databricks is a capability included in SAP Business Data Cloud that provides data and AI professionals with access to data engineering, AI, and machine learning capabilities within a single solution. SAP Business Data Cloud equips Joule Agents with a single, trusted data layer that integrates data across SAP and non-SAP sources and enables customers to activate a AI-first, Suite-first approach to digital transformation. AI agents1 can leverage these context-rich data sets for deeper analysis and more informed decision-making to help solve customers’ problems. The SAP Knowledge Graph solution illustrates the connections between data and processes, serving as the semantic bridge between Joule Agents and SAP Business Data Cloud. This helps agents identify the most pertinent data for their decisions and actions. In the first half of 2025, we released 14 AI agents as well as more than 100 pre-built, SAP-managed data products for the SAP Business Data Cloud. By the end of 2025, we expect to reach a total of 40 AI agents as well as more than double the number of data products for the SAP Business Data Cloud.

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

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

Joule for developers, an add-on to SAP Build, empowers developers of all skill levels to build more efficiently by leveraging comprehensive, AI-infused developer tools to deliver precise, contextualized outcomes powered by purpose-built, SAP-centric AI models. Leveraging capabilities such as Joule for developers can increase coders’ productivity by up to 20%.

SAP Half-Year Report 2025

The Digital Sales Engagement Platform, which is powered by Joule, is designed to enhance customer interactions and streamline sales processes. It can increase productivity by up to 50% for selected roles.

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

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

For more information about SAP’s product strategy and product portfolio, see the Our Product Strategy section in our Management Report 2024.

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

Performance Management System

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

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

Changes in Financial Measures

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

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

For more information, see Note (IN.1).

Change in Non-Financial Measures

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

SAP Half-Year Report 2025

Financial Performance Review and Analysis

Economy and the Market

Global Economic Trends

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

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

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

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

The IT Market

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

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

SAP Half-Year Report 2025

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

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

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

Impact on SAP

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

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

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

Performance Against Our Outlook for 2025

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

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

Outlook for 2025 (Non-IFRS)

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

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

SAP Half-Year Report 2025

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

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

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

Operating Performance (IFRS and Non-IFRS)

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

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

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

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

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

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

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

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

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

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

SAP Half-Year Report 2025

Segment Information

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

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

Applications, Technology & Support

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

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

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

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

SAP Half-Year Report 2025

Core Services

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

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

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

Finances and Assets (IFRS)

Cash Flow

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

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

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

SAP Half-Year Report 2025

Development of Net Liquidity/Net Debt

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

Liquidity and Financial Position

Dividend

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

Organization and Changes in Management

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

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

SAP Half-Year Report 2025

Risk Management and Risks

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

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

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

Expected Developments and Opportunities

Future Trends in the Global Economy

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

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

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

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

The IT Market – Outlook for 2025 and Beyond

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

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

SAP Half-Year Report 2025

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

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

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

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

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

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

Impact on SAP

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

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

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

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

Financial Targets and Prospects (Non-IFRS)

Revenue and Operating Profit Targets and Prospects

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

SAP Half-Year Report 2025

Additionally, SAP anticipates for 2025:

Beyond 2025, SAP expects:

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

1 This includes an exchange rate of 1.08 USD per EUR.

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

Non-IFRS Measures

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

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

SAP Half-Year Report 2025

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

Goals for Liquidity, Finance, and Investments

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

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

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

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

Non-Financial Goals 2025

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

For 2025, SAP continues to expect:

Premises on Which Our Outlook and Prospects Are Based

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

Opportunities

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

SAP Half-Year Report 2025

Sustainability Information

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

Climate Change

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

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

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

In the first half of 2025, SAP’s GHG emissions (market-based) totaled 3.2 million tons of CO2e, marking a reduction of 0.4 million tons of CO2e compared to the same period in 2024. This reflects a drop of 10% and underscores our commitment to ongoing mitigation and reduction efforts through numerous strategic initiatives in our own operations and in the value chain.

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

Own Workforce

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

Growth Culture

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

SAP Half-Year Report 2025

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

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

Performance Management

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

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

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

Skills-Led People Ecosystem

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

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

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

Inclusion and Equal Opportunities

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

SAP Half-Year Report 2025

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

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

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

People-Related KPIs

Looking at our people-related KPIs, the Employee Engagement Index reached 78%, an increase of 2pp compared to the score of 76% from the survey of November 2024, and an increase of 4pp compared to the full-year score of 74% published in our Integrated Report 2024. The Business Health Culture Index was strong at 81%, an increase of 1pp, and is at the mid-point of the target corridor of 80% to 82%. At the end of the first half of 2025, SAP’s Turnover Rate1 was still low at 8.2% (compared to 7.3% at the end of the first half of 2024 and 7.8% at the end of 2024). On June 30, 2025, we had 108,929 FTEs worldwide (June 30, 2024: 105,315 FTEs; December 31, 2024: 109,121 FTEs). For a breakdown of headcount by function and geography, see the Notes to the Consolidated Half-Year Financial Statements, Note (B.1).

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

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

SAP Half-Year Report 2025

Consolidated Half-Year Financial Statements – IFRS

SAP Half-Year Report 2025

Consolidated Income Statement of SAP Group (IFRS) – Half Year

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

SAP Half-Year Report 2025

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

€ millions	Q1–Q2 2025	Q1–Q2 2024
Profit after tax	3,545	94
Items that will not be reclassified to profit or loss
Remeasurements on defined benefit pension plans, before tax	10	–5
Income taxes relating to remeasurements on defined benefit pension plans	0	0
Remeasurements on defined benefit pension plans, net of tax	10	–4
Other comprehensive income for items that will not be reclassified to profit or loss, net of tax	10	–4
Items that will be reclassified subsequently to profit or loss
Gains (losses) on exchange differences on translation, before tax	–4,441	1,127
Reclassification adjustments on exchange differences on translation, before tax	–3	25
Exchange differences, before tax	–4,444	1,153
Income taxes relating to exchange differences on translation	–5	10
Exchange differences, net of tax	–4,449	1,163
Gains (losses) on cash flow hedges/cost of hedging, before tax	299	4
Reclassification adjustments on cash flow hedges/cost of hedging, before tax	–87	–10
Cash flow hedges/cost of hedging, before tax	212	–6
Income taxes relating to cash flow hedges/cost of hedging	–56	7
Cash flow hedges/cost of hedging, net of tax	156	1
Other comprehensive income for items that will be reclassified to profit or loss, net of tax	–4,293	1,164
Other comprehensive income, net of tax	–4,283	1,160
Total comprehensive income	–738	1,253
Attributable to owners of parent	–744	1,207
Attributable to non-controlling interests	6	47

SAP Half-Year Report 2025

Consolidated Statement of Financial Position of SAP Group (IFRS)

SAP Half-Year Report 2025

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

€ millions	Equity Attributable to Owners of Parent						Non- Controlling Interests	Total Equity
	Issued Capital	Share Premium	Retained Earnings	Other Components of Equity	Treasury Shares	Total
12/31/2023	1,229	1,845	42,457	2,368	–4,741	43,157	249	43,406
Profit after tax			60			60	34	94
Other comprehensive income			–4	1,152		1,147	13	1,160
Comprehensive income			55	1,152		1,207	47	1,253
Share-based payments		418				418		418
Dividends			–2,565			–2,565	–7	–2,571
Purchase of treasury shares					–947	–947		–947
Reissuance of treasury shares under share-based payments					377	377		377
Other changes			5			5	0	6
6/30/2024	1,229	2,263	39,953	3,519	–5,311	41,652	289	41,942
12/31/2024	1,229	2,564	42,907	4,694	–5,954	45,440	368	45,808
Profit after tax			3,477			3,477	68	3,545
Other comprehensive income			10	–4,231		–4,221	–62	–4,283
Comprehensive income			3,487	–4,231		–744	6	–738
Share-based payments, before tax		99				99		99
Income taxes relating to share-based payments		114				114		114
Dividends			–2,743			–2,743		–2,743
Purchase of treasury shares					–1,615	–1,615		–1,615
Reissuance of treasury shares under share-based payments					445	445		445
Other changes			3		0	3	27	30
6/30/2025	1,229	2,776	43,653	463	–7,123	40,998	401	41,400

SAP Half-Year Report 2025

Consolidated Statement of Cash Flows of SAP Group (IFRS)

€ millions	Q1–Q2 20251	Q1–Q2 2024
Profit (loss) after tax	3,545	94
Adjustments to reconcile profit (loss) after tax to net cash flows from operating activities:
Depreciation and amortization	668	626
Share-based payment expense	949	1,280
Income tax expense	1,425	313
Financial income, net	–175	–125
Increase/decrease in allowances on trade receivables	18	–23
Other adjustments for non-cash items	–11	110
Increase/decrease in trade and other receivables	103	372
Increase/decrease in other assets	–154	–17
Increase/decrease in trade payables, provisions, and other liabilities	–1,843	876
Increase/decrease in contract liabilities	3,121	2,718
Share-based payments	–378	–778
Income taxes paid, net of refunds	–911	–1,057
Net cash flows from operating activities	6,357	4,388
Business combinations, net of cash and cash equivalents acquired	–5	–19
Purchase of intangible assets and property, plant, and equipment	–358	–365
Proceeds from sales of intangible assets and property, plant, and equipment	78	55
Purchase of equity or debt instruments of other entities	–3,386	–7,987
Proceeds from sales of equity or debt instruments of other entities	2,812	7,370
Interest received	187	287
Net cash flows from investing activities	–673	–660
Dividends paid	–2,743	–2,565
Dividends paid on non-controlling interests	0	–6
Purchase of treasury shares	–1,633	–975
Proceeds from borrowings	2	1
Repayments of borrowings	–1,850	–14
Payments of lease liabilities	–138	–148
Interest paid	–379	–378
Net cash flows from financing activities	–6,742	–4,086
Effect of foreign currency rates on cash and cash equivalents	–610	104
Net increase/decrease in cash and cash equivalents	–1,668	–254
Cash and cash equivalents at the beginning of the period	9,609	8,124
Cash and cash equivalents at the end of the period	7,942	7,870
1 As of January 2025, SAP no longer classifies interest paid and interest received as a part of cash flows from operating activities. For more information, see Note (IN.1).