Slide 1: Third Quarter 2025 Results
Third Quarter 2025 Results Christian Klein, CEO Dominik Asam, CFO October 22, 2025 Public
Slide 2: Safe Harbor Statement
Third Quarter 2025 Results Presentation | October 22, 2025 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, and assumption
Slide 3: Christian Klein, CEO
Christian Klein CEO
Slide 4: Q3 was a great quarter
Q3 was a great quarter Cloud revenue in € millions (yoy @cc) Current cloud Cloud gross profit in € millions (yoy @cc) 5,290 backlog 5,130 (+27%) € millions 4,993 (+28%) (+26%) 18,839 4,708 (+27%) ▲ +23% (+27% @cc) 4,351 (+27%) 3,972 Cloud 3,856 (+28%) revenue 3,745 (+31%) € millions (+30%) 3,458 5,2
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Slide 6: Product innovation
Product innovation We are uniquely positioned thanks to the horizontal unification of apps, data and AI Best of breed SAP flywheel of apps, data, and AI AI Roles and permissions framework Data integrations AI Data Data and action Data integrations Move and maintain separate data Apps Apps
Slide 7: Simplification: doubling down on internal AI adoption
Simplification We are doubling down on internal AI adoption Engineering & Technology Go-to-Market Corporate Functions >30k >7k >100k SAP engineers enabled through AI SAP consultants enabled SAP employees enabled tools incl. Joule for Developers through Joule for Consultants through Joule for Busines
Slide 8: Outlook 2025
Outlook 2025 We are updating our 2025 cloud revenue, operating profit, and free cash flow outlook Total revenue growth Illustrative | Numbers in €bn | Continuing operations acceleration through 2027 34.2 31.2 29.5 Operating margin 27.0 expansion Total revenue through 2027 21.6-21.9 Towards lower end
Slide 9: Dominik Asam, CFO
Dominik Asam CFO
Slide 10: SAP Q3 2025 Financial Results
Third Quarter 2025 Results Presentation | October 22, 2025 SAP Q3 2025 Financial Results Current cloud Total revenue Cloud & software Cloud revenue Cloud ERP Suite backlog revenue revenue € millions € millions € millions € millions € millions 18,839 9,076 8,016 5,290 4,586 ▲ +23% (+27% @cc) ▲ +7% (+
Slide 11: Regional revenue performance
Third Quarter 2025 Results Presentation | October 22, 2025 Regional revenue performance AMERICAS EMEA APJ Cloud revenue Cloud revenue Cloud revenue ▲ +13% ▲ +30% ▲ +24% (+20% @cc) (+32% @cc) (+33% @cc) Cloud & Software Cloud & Software Cloud & Software revenue revenue revenue ▲ +4% ▲ +11% ▲ +8% (+11
Slide 12: Revenue and gross profit development
Third Quarter 2025 Results Presentation | October 22, 2025 Revenue and gross profit development . Revenue Gross profit (Gross margin %) Non-IFRS in € millions, unless otherwise stated Q3 2025 ∆ in % ∆ in % @cc Q3 2025 ∆ in % ∆ in % @cc 3,972 Cloud 5,290 22 27 24 28 (75.1) SaaS/PaaS 5,212 23 28 IaaS
Slide 13: Tax rate, Cash flow, and Earnings per share
Third Quarter 2025 Results Presentation | October 22, 2025 Tax rate, Cash flow, and Earnings per share Effective tax rate Operating cash flow Free cash flow Earnings per share Q3 | € Q3 | percent Q3 | € millions Q3 | € millions IFRS Non-IFRS Basic Diluted Basic IFRS Non-IFRS 25.3 27.9 1,502 1,266 1.
Slide 14: 2025 Financial outlook
Third Quarter 2025 Results Presentation | October 22, 2025 2025 Financial outlook1 2025 Non-financial outlook Cloud revenue Cloud & Software Employee Customer Net revenue engagement index Promoter Score € billions @cc € billions @cc percent points 21.6 – 21.9 towards the lower end of the outlook ran
Slide 15: Q&A
Third Quarter 2025 Results Presentation | October 22, 2025 Q&A 2025 SAP SE or an SAP affiliate company. All rights reserved. ǀ PUBLIC 15
Slide 16: Appendix
Third Quarter 2025 Results Presentation | October 22, 2025 Appendix 2025 SAP SE or an SAP affiliate company. All rights reserved. ǀ PUBLIC 16
Slide 17: Income statement: Third quarter 2025
Third Quarter 2025 Results Presentation | October 22, 2025 Appendix Income statement: Third quarter 2025 IFRS Non-IFRS € millions, unless otherwise stated Q3 25 Q3 24 ∆% Q3 25 Q3 24 ∆% ∆ % @cc Cloud 5,290 4,351 22 5,290 4,351 22 27 Software licenses 161 285 -43 161 285 -43 -42 Software support 2,565
Slide 18: Income statement: First nine months 2025
Third Quarter 2025 Results Presentation | October 22, 2025 Appendix Income statement: First nine months 2025 IFRS Non-IFRS € millions, unless otherwise stated Q1-Q3 25 Q1-Q3 24 ∆% Q1-Q3 25 Q1-Q3 24 ∆% ∆ % @cc Cloud 15,413 12,433 24 15,413 12,433 24 27 Software licenses 538 716 -25 538 716 -25 -24 So
Slide 19: Gross margin development
Third Quarter 2025 Results Presentation | October 22, 2025 Appendix Gross margin development Non-IFRS, in percent Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Cloud 72.5 73.3 73.7 73.5 73.3 75.0 75.2 75.1 Software licenses & support 89.2 89.7 90.1 91.0 90.1 90.1 89.0 88.9 Cloud & software 79.8 80
Slide 20: Cost ratios: Third quarter 2025
Third Quarter 2025 Results Presentation | October 22, 2025 Appendix Cost ratios: Third quarter 2025 | Total revenue: €9.1bn Non-IFRS as percent of total revenue Research & Sales & General development marketing administration 18.1% €1.6bn 23.3% €2.1bn 4.0% €0.4bn -0.4pp | -0.5pp @cc -0.8pp | -0.9pp @
Slide 21: Cost ratios: First nine months 2025
Third Quarter 2025 Results Presentation | October 22, 2025 Appendix Cost ratios: First nine months 2025 | Total revenue: €27.1bn Non-IFRS as percent of total revenue Research & Sales & General development marketing administration 18.2% €4.9bn 23.4% €6.3bn 4.0% €1.1bn -1.3pp | -1.3pp @cc -2.5pp | -2.
Slide 22: Balance sheet condensed
Third Quarter 2025 Results Presentation | October 22, 2025 Appendix Balance sheet condensed: September 30, 2025 – IFRS Due to rounding, numbers may not add up precisely Assets Equity and liabilities € millions 9/30/25 12/31/24 € millions 9/30/25 12/31/24 Cash, cash equivalents and other financial as
Slide 23: Cash flow development
Third Quarter 2025 Results Presentation | October 22, 2025 Appendix Cash flow development Due to rounding, numbers may not add up precisely € millions, unless otherwise stated Q1-Q3 2025 Q1-Q3 2024 ∆ in % Operating cash flow 7,859 5,791 36 – Purchase of PPE & intangibles -559 -528 6 – Proceeds from
Slide 24: Net debt
Third Quarter 2025 Results Presentation | October 22, 2025 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 activities 7,859 5,791 C
Slide 25: Additional outlook information and Non-IFRS adjustments
Third Quarter 2025 Results Presentation | October 22, 2025 Appendix Additional outlook information and Non-IFRS adjustments Due to rounding, numbers may not add up precisely The Company expects a full-year 2025 effective tax rate (Non-IFRS) of approximately 32% (2024: 32.3%). Actual Amounts Actual A
Slide 26: Expected currency impact
Third Quarter 2025 Results Presentation | October 22, 2025 Appendix Expected currency impact Expected currency impact based on September 30, 2025 Level applied for 2025 While SAP’s 2025 financial outlook for the income statement parameters is at constant currencies (including an average exchange rat