SAP SE

Current cloud backlog of €24.1 billion, up 28% and up 26% at constant currencies

Cloud revenue up 26% and up 25% at constant currencies

Cloud ERP Suite revenue up 29% and up 28% at constant currencies

Total revenue up 13% and up 12% at constant currencies

IFRS operating profit up 18%, non-IFRS operating profit up 18%, both at nominal and constant currencies

SAP updates its 2026 cloud revenue and cloud and software revenue outlook

Q3 was an outstanding quarter, with current cloud backlog up 26% at constant currencies. Our Autonomous Enterprise strategy is not just resonating, it is being adopted. Our customers are investing in the technology behind it - from the cloud and data foundation to our Business AI. They see that Joule Work makes the business case for their transformation more attractive than ever.

For the first time, SAP crossed €10 billion in total quarterly revenue and €3 billion of non-IFRS operating profit, reflecting the strength and scalability of our business model. Our disciplined approach to cost management, paired with continued cloud momentum, demonstrates our ability to grow both the top and bottom line at the same time.

SAP SE (NYSE: SAP) announced today its financial results for the third quarter ended September 30, 2026.

€ million, unless otherwise stated Q3 2026 Q3 2025 ∆ in % Q3 2026 Q3 2025 ∆ in % ∆ in %

Software licenses revenue 147 161 -9 147 161 -9 -9

Net cash flows from operating activities 1,920 1,502 28

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

2 For a definition of Cloud ERP Suite and Extension Suite, see the Performance Management System chapter in the 2025 Integrated Report. For an Explanation of IaaS, SaaS, and PaaS, see the Notes to the Consolidated Financial Statements of the Integrated Report 2025, Note (A.1) .

€ million, unless otherwise stated Q1-Q3

Net cash flows from operating activities 8,586 7,859 9

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

2 For a definition of Cloud ERP Suite and Extension Suite, see the Performance Management System chapter in the 2025 Integrated Report. For an Explanation of IaaS, SaaS, and PaaS, see the Notes to the Consolidated Financial Statements of the Integrated Report 2025, Note (A.1) .

Cloud revenue growth was positively impacted by several quarter-specific effects, mainly a multi-quarter revenue catch-up from customers returning from financial distress.

Total revenue in the third quarter included a contribution of €49 million from the acquisitions of Reltio, Dremio, and Prior Labs.

IFRS and non-IFRS operating profit included a negative contribution of €59 million and €39 million, respectively, from the aforementioned acquisitions. In addition, IFRS and non-IFRS operating profit growth benefited from prior year negative impacts of €0.1 billion each from a change in case law affecting SAP's other tax litigation and from a workforce transformation, both recorded in the third quarter of 2025.

In January 2026, SAP announced a new share repurchase program with an aggregate volume of up to €10 billion and a term until December 31, 2027. As of September 30, 2026, SAP had repurchased 25,205,983 shares at an average price of €164.79 resulting in a purchased volume of approximately €4.2 billion under the program.

1 The Q3 2026 results were also impacted by other effects. For details, please refer to the disclosures on page 21 of this document.

For 2026, SAP is updating its cloud revenue and cloud and software revenue outlook and now expects:

· To generate cloud revenue towards the upper end of the outlook range of €25.8 - 26.2 billion at constant currencies (2025: €21.02 billion), up 23% to 25% at constant currencies.

· To generate cloud and software revenue towards the upper end of the outlook range of €36.3 - 36.8 billion at constant currencies (2025: €32.54 billion), up 12% to 13% at constant currencies.

· €11.8 - 12.2 billion operating profit (non-IFRS) at constant currencies (2025: €10.42 billion), up 13% to 17% at constant currencies.

· Approximately €10 billion free cash flow at actual currencies (2025: €8.24 billion).

· An effective tax rate (non-IFRS) of approximately 29% (2025: 30.5%) 2 .

· Constant currencies current cloud backlog growth to slightly decelerate (2025: 25%).

· Constant currencies total revenue growth in 2026 to remain at similar levels as in 2025 (10.6%) and to accelerate in 2027.

· Total operating expenses (non-IFRS) to grow at 80% to 90% of total revenue growth in 2027.

· Constant currencies software support revenue decline rate to accelerate in the coming years as a consequence of an acceleration of customers transforming to the cloud.

SAP's current cloud backlog outlook for full-year 2026 is based on the assumption of a stable macroeconomic environment in the fourth quarter.

While SAP's 2026 financial outlook for the income statement parameters is at constant currencies (including an average exchange rate of 1.13 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 September 30, 2026 Rates Apply for 2026

Cloud and software revenue growth 1.5pp -1.0pp

Operating profit growth (non-IFRS) 1.0pp -2.0pp

This includes an exchange rate of 1.14 USD per EUR.

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).