Slide 1: Fourth Quarter and Full-Year 2025 Results
Fourth Quarter and Full-Year 2025 Results Christian Klein, CEO Dominik Asam, CFO January 29, 2026 Public
Slide 2: Safe Harbor Statement
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 Safe Harbor Statement During this presentation we will make forward-looking statements which are predictions, projections, or other statements about future events. These statements are based on current expectations, forecasts,
Slide 3: Christian Klein, CEO
Christian Klein CEO
Slide 4: 2025 marked another year of strong progress in executing our strategic transformation
2025 marked another year of strong progress in executing our strategic transformation Total cloud Cloud revenue backlog € millions Thereof Cloud ERP Suite €21.0bn € millions 21,023 18,119 €15.8bn ▲ +23% (+26% @cc) ▲ +28% (+32% @cc) +26%cc 77,288 Total revenue €17.1bn +29%cc ▲ +22% (+30% @cc) € milli
Slide 5: Q4 provided a strong finish to 2025
Q4 provided a strong finish to 2025 Cloud revenue in € millions (yoy @cc) Current cloud Cloud gross profit in € millions (yoy @cc) backlog € millions 5,610 21,052 5,130 5,290 (+27%) (+26%) ▲ +16% (+25% @cc) 4,993 (+28%) 4,708 (+26%) (+27%) Cloud 4,185 revenue 3,972 (+27%) 3,856 € millions 3,745 (+28
Slide 6: Public
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Slide 7: Customers achieve impressive outcomes with SAP Business AI
Customers achieve impressive outcomes with SAP Business AI 25% 12 hours 500 hours 50% of weekly working of weekly working manual work saved of manual work time saved per time saved per per month for cut for consultant HR employee processing vendor procurement invoices enquiries With With With With J
Slide 8: Five growth drivers for 2026 and beyond
Five growth drivers for 2026 and beyond Illustrative | Numbers in €bn TCB vs. CCB Growth Cloud transformation backlog in 2025 +5pp Cloud revenue conversion Installed base journey to the cloud Conversion factor 2–3x Accelerating through 2027 Suite transformation deals1 Up- & cross-sell Q4/2025 Total
Slide 9: Winning market share with SAP Business AI & BDC
Winning market share with SAP Business AI & BDC Five strategic pillars to win market share with AI & data Finance Spend SCM HCM CX Industry 1 3 1 Joule as the new AI user experience— SAP Business AI answering everything, everywhere 2 2 Embedded and extensible AI Assistants Open Data redefining busin
Slide 10: Outlook 2026
Outlook 2026 Further improving on operating leverage Accelerating through 2027 AI at scale to further simplify SAP processes and operations 36.8 People focus on quality hires, learning and high performance Total revenue 25.8-26.2 +23 to 25% Cloud revenue 21.0 Operational excellence on track to achie
Slide 11: Dominik Asam, CFO
Dominik Asam CFO
Slide 12: SAP meets revenue and exceeds non-IFRS operating profit and free cash flow outlook for FY2025
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 SAP meets revenue and exceeds non-IFRS operating profit and free cash flow outlook for FY2025 Current cloud Total revenue Cloud & software Cloud revenue Cloud ERP Suite € millions € millions backlog revenue revenue € millions
Slide 13: Regional revenue performance FY2025
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 Regional revenue performance FY2025 AMERICAS EMEA APJ Cloud revenue Cloud revenue Cloud revenue ▲ +15% ▲ +29% ▲ +29% (+21% @cc) (+30% @cc) (+36% @cc) Cloud & Software Cloud & Software Cloud & Software revenue revenue revenue ▲
Slide 14: Revenue and gross profit development
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 Revenue and gross profit development . Revenue Gross profit (Gross margin %) Non-IFRS in € millions, unless otherwise stated FY 2025 ∆ in % ∆ in % @cc FY 2025 ∆ in % ∆ in % @cc 15,757 Cloud 21,023 23 26 25 29 (75.0) SaaS/PaaS
Slide 15: Tax rate, Cash flow, and Earnings per share
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 Tax rate, Cash flow, and Earnings per share Effective tax rate Operating cash flow Free cash flow Earnings per share Full year | percent Full year | € millions Full year | € millions Full year | € IFRS Non-IFRS Basic Diluted B
Slide 16: 2026 Financial outlook and Non-financial outlook
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 2026 Financial outlook1 2026 Non-financial outlook Cloud revenue Cloud & Software Current cloud Employee Cloud Customer revenue backlog engagement index Satisfaction2 € billions @cc € billions @cc percent @cc percent percent S
Slide 17: Q&A
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 Q&A 2026 SAP SE or an SAP affiliate company. All rights reserved. ǀ PUBLIC 17
Slide 18: Appendix
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 Appendix 2026 SAP SE or an SAP affiliate company. All rights reserved. ǀ PUBLIC 18
Slide 19: SAP Q4 2025 Financial Results
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 SAP Q4 2025 Financial Results Current cloud Total revenue Cloud & software Cloud revenue Cloud ERP Suite backlog revenue revenue € millions € millions € millions € millions € millions 21,052 9,684 8,618 5,610 4,862 ▲ +16% (+25
Slide 20: Non-financial performance 2025
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 Non-financial performance 2025 Cloud customer Employee Customer net satisfaction engagement index promoter score percent percent points 75 76 9 ▲ +2pp ▼ -3 Outlook: 74 – 78 Outlook: 12 – 16 Carbon emissions Business health cul
Slide 21: Income statement: Fourth quarter 2025
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 Appendix Income statement: Fourth quarter 2025 IFRS Non-IFRS € millions, unless otherwise stated Q4 25 Q4 24 ∆% Q4 25 Q4 24 ∆% ∆ % @cc Cloud 5,610 4,708 19 5,610 4,708 19 26 Software licenses 452 683 -34 452 683 -34 -31 Softwa
Slide 22: Income statement: Full year 2025
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 Appendix Income statement: Full year 2025 IFRS Non-IFRS € millions, unless otherwise stated Q1-Q4 25 Q1-Q4 24 ∆% Q1-Q4 25 Q1-Q4 24 ∆% ∆ % @cc Cloud 21,023 17,141 23 21,023 17,141 23 26 Software licenses 990 1,399 -29 990 1,399
Slide 23: Gross margin development
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 Appendix Gross margin development Non-IFRS, in percent Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Cloud 73.7 73.5 73.3 75.0 75.2 75.1 74.6 75.0 Software licenses & support 90.1 91.0 90.1 90.1 89.0 88.9 90.4 89.6 Cloud & s
Slide 24: Cost ratios: Fourth quarter 2025 | Total revenue: €9.7bn
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 Appendix Cost ratios: Fourth quarter 2025 | Total revenue: €9.7bn Non-IFRS as percent of total revenue Research & Sales & General development marketing administration 17.5% €1.7bn 23.1% €2.2bn 4.1% €0.4bn -0.3pp | -0.3pp @cc -
Slide 25: Cost ratios: Full year 2025 | Total revenue: €36.8bn
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 Appendix Cost ratios: Full year 2025 | Total revenue: €36.8bn Non-IFRS as percent of total revenue Research & Sales & General development marketing administration 18.0% €6.6bn 23.3% €8.6bn 4.0% €1.5bn -1.0pp | -1.0pp @cc -2.6p
Slide 26: Balance sheet condensed: December 31, 2025 – IFRS
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 Appendix Balance sheet condensed: December 31, 2025 – IFRS Due to rounding, numbers may not add up precisely Assets Equity and liabilities € millions 12/31/25 12/31/24 € millions 12/31/25 12/31/24 Cash, cash equivalents and ot
Slide 27: Cash flow development
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 Appendix Cash flow development Due to rounding, numbers may not add up precisely € millions, unless otherwise stated Q1-Q4 2025 Q1-Q4 2024 ∆ in % Operating cash flow 9,156 5,207 76 – Purchase of PPE & intangibles -739 -797 -7
Slide 28: Net debt
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 Appendix Net debt Due to rounding, numbers may not add up precisely € millions, unless otherwise stated 2025 2024 Net liquidity (+)/Net Debt (-) | 12/31/2024 | PY: 12/31/2023 1,695 3,521 Net cash flows from operating activitie
Slide 29: Additional outlook information and Non-IFRS adjustments
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 Appendix Additional outlook information and Non-IFRS adjustments Due to rounding, numbers may not add up precisely The Company expects a full-year 2026 effective tax rate (Non-IFRS) of approximately 29% (2025: 30.4%). Actual A
Slide 30: Expected currency impact
Fourth Quarter and Full-Year 2025 Results Presentation | January 29, 2026 Appendix Expected currency impact Expected currency impact based on December 31, 2025 Level applied for 2026 While SAP’s 2026 financial outlook for the income statement parameters is at constant currencies (including an averag