6-K - SAP - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

October 26, 2021

Commission file number:

1-14251

SAP SE

(Exact name of registrant as specified in its charter)

SAP EUROPEAN COMPANY

(Translation of registrant's name into English)

Dietmar-Hopp-Allee 16

69190 Walldorf

Federal Republic of Germany

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F	[X]	Form 40-F	[ ]

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes	[ ]	No	[X]

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_______.

SAP SE

FORM 6-K

On October 26, 2021, SAP SE, (“SAP"), filed a quarterly statement with Deutsche Boerse AG for the first quarter ended September 30, 2021 (the “Quarterly Statement”). The Quarterly Statement is attached as Exhibit 99.1 hereto and incorporated by reference herein.

This Quarterly Statement discloses certain non-IFRS measures. These measures are not prepared in accordance with IFRS and are therefore considered non-IFRS financial measures. The non-IFRS financial measures that we report should be considered in addition to, and not as substitutes for or superior to, revenue, operating income, cash flows, or other measures of financial performance prepared in accordance with IFRS.

Please refer to Explanations of Non-IFRS Measures online (www.sap.com/about/investor/index.epx) for further information regarding the non-IFRS measures.

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission (the "SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

EXHIBITS

Exhibit No.	Exhibit
99.1	Quarterly Statement dated October 21, 2021

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SAP SE
(Registrant)
By:	/s/ Christopher<br> Sessar
	Name:	Dr. Christopher Sessar
	Title:	Chief Accounting Officer
By:	/s/ Julia Zicke
	Name:	Dr. Julia Zicke
	Title:	Co-Head Corporate Accounting and Reporting

Date: October 26, 2021

EXHIBIT INDEX

Exhibit No.	Exhibit
99.1	Quarterly Statement dated October 21, 2021

Exhibit 99.1

Quarterly<br> Statement Q3 2021

SAPCloud Momentum Accelerates Significantly

Strong Surge in ‘RISE with SAP’ Adoption

·	Current<br> Cloud Backlog Up 24% (Up 22% At Constant Currencies)
·	S/4HANA<br> Current Cloud Backlog Up 60% (Up 58% At Constant Currencies)
·	Cloud<br> Revenue Up 20% (Up 20% At Constant Currencies)
·	IFRS<br> Operating Profit Down 15%; Non-IFRS Operating Profit Up 2% (Up 2% At Constant Currencies)
·	Raises<br> Full Year Revenue and Profit Outlook On The Basis of Strong Third Quarter

<br><br> <br>Our<br> strategy is clearly working. Customers are choosing SAP for their business transformation<br> in the cloud. We see record adoption of our applications and our platform. This has resulted<br> in strong acceleration of our cloud growth.<br> <br><br> <br>Christian Klein, CEO	<br><br> <br>This<br> has been an excellent quarter across all key financial metrics. We are seeing sustained,<br> strong progress in SAP's transformation. Our cloud business is growing at an accelerating<br> pace and has led to our improved full year outlook.<br><br> <br><br><br> <br>Luka Mucic, CFO

| SAP Quarterly Statement ^Q^3 2021 | 1 |

| --- | --- |

Walldorf, Germany – October 21, 2021

SAP SE (NYSE: SAP) today announced its financial results for the third quarter ended September 30, 2021.

Business Update Third Quarter 2021

Businesses around the world are reevaluating their business models with increased urgency given the dramatic changes due to the pandemic and the ongoing focus on digital transformation. Customers are choosing SAP for its clearly differentiated capabilities. In addition to helping customers manage their technical migrations, SAP is helping customers redefine and optimize their core end-to-end business processes. This expertise is based on SAP’s unmatched knowledge of industry best practices from working with customers of all sizes across industries and geographies. This is reflected in SAP’s strong third quarter results which were above market expectations.

SAP is seeing continued strong demand and adoption of its ‘RISE with SAP’ offering which customers of all sizes, including an increasing number of large clients, are selecting to manage their business transformation. As more customers adopt this holistic subscription offering, software licenses revenue decreased as anticipated.

SAP is seeing strong growth in current cloud backlog across its cloud portfolio, in particular with S/4HANA Cloud. SAP’s cloud revenue growth also accelerated sequentially.

Highlights

·	‘RISE<br> with SAP’ continued to gain traction after a successful launch in January. SAP saw<br> strong demand from companies of all sizes and closed deals with more than 300 customers in<br> the third quarter. Large customers such as Asda Stores Ltd. and EG Group selected ‘RISE<br> with SAP’. Additional wins included Cirque du Soleil, Philips Domestic Appliances Netherlands,<br> HCL, Röhm, Etihad Water and Electricity, Tate & Lyle Americas, KTM Fahrrad, Ingram<br> Micro, and Sky Italia.
·	More<br> than 500 S/4HANA customers were added in the quarter, taking total adoption to more than<br> 17,500 customers, up 16% year over year, of which more than 11,400 are live. In the third<br> quarter, approximately 60% of the additional S/4HANA customers were net new.
·	Signavio<br> continued to show outstanding performance as part of SAP’s Business Process Intelligence<br> (BPI) segment. Current cloud backlog grew in triple digits. SAP’s BPI solutions are<br> key to our customers’ business transformation and acceleration to the cloud. DB Schenker<br> and many others chose SAP BPI solutions in the third quarter.
·	Business<br> Technology Platform, SAP’s PaaS offering, is the foundation of the Intelligent Enterprise,<br> providing a single platform for integration and extensibility across the SAP portfolio and<br> non-SAP solutions, as well as deriving insights from data. Gartner named SAP a Leader in<br> its Magic Quadrant for its Enterprise Integration PaaS report for the second year in a row,<br> ahead of key competitors. Current cloud backlog grew in strong double digits. Dufry International,<br> Yamaha Corporation, SoftBank, Office Depot Mexico, and Reckitt chose this offering in the<br> third quarter.
·	SAP<br> aims to make sustainability profitable and profitability sustainable, with solutions that<br> provide unparalleled levels of transparency and understanding across data and processes.<br> SAP launched SAP Product Footprint Management, which will help customers reduce their supply-chain<br> carbon footprints. Forthcoming products include SAP Responsible Design and Production, which<br> is designed to enable customers to build sustainable outcomes into product design, and SAP<br> Sustainability Control Tower, which lets companies report effectively on their progress to<br> net zero.
·	Key<br> customer wins across SAP’s solutions portfolio included: Continental, Adidas, Bayer,<br> Robert Bosch, U.S. Department of Defense, Siemens Energy, University of Florida, VMware,<br> The Football Association, FAW-Volkswagen Automotive, and People’s Insurance Company<br> of China (PICC). Lycamobile, E.ON, Atos, and Generali China Life Insurance all went live<br> on SAP solutions in the third quarter.
·	Google<br> Cloud and SAP partnered to accelerate business transformations in the cloud. The expanded<br> partnership will help customers execute business transformations, migrate critical business<br> systems to the cloud and augment existing business systems.
·	In<br> September SAP and Dediq launched SAP Fioneer, a joint venture for the financial services<br> industry. SAP Fioneer will help banking and insurance companies meet their needs for speed,<br> scalability and cost-efficiency.
·	Qualtrics<br> closed its acquisition of Clarabridge, a leader in omnichannel conversational analytics capabilities,<br> on October 1st. This will further accelerate Qualtrics’ growth and position as the<br> world’s #1 experience management platform.

| SAP Quarterly Statement ^Q^3 2021 | 2 |

| --- | --- |

Financial Performance Third Quarter 2021^1^

SAP’s cloud momentum further accelerated in the third quarter with sequential growth in both current cloud backlog and cloud revenue. Current cloud backlog was up 24% to €8.17 billion and up 22% (at constant currencies). Concur’s backlog remained flat and weighed 3 percentage points on overall backlog growth. Cloud revenue was up 20% to €2.39 billion and up 20% (at constant currencies). SaaS/PaaS cloud revenue outside the Intelligent Spend business was up 27% and up 27% (at constant currencies). Software licenses revenue was down 8% year over year to €0.66 billion and down 8% (at constant currencies). Cloud and software revenue was up 7% to €5.91 billion and up 6% (at constant currencies). Services revenue was down 6% year over year to €0.93 billion and down 6% (at constant currencies). This revenue decline is primarily attributable to the November 2020 divestiture of SAP Digital Interconnect which contributed approximately €81 million of services revenue in the third quarter of 2020. Total revenue was up 5% year over year to €6.84 billion and up 5% (at constant currencies).

The share of more predictable revenue grew by 3 percentage points year over year to 77% in the third quarter.

IFRS Operating profit decreased 15% to €1.25 billion and IFRS Operating margin decreased by 4.3 percentage points to 18.2% mainly due to higher share-based compensation expenses (primarily related to Qualtrics). Non-IFRS Operating profit increased 2% to €2.10 billion (up 2% at constant currencies) and Non-IFRS Operating margin decreased by 0.9 percentage points to 30.7% (down 0.7 percentage points at constant currencies). IFRS and Non-IFRS Operating profit includes a disposal gain of €77 million related to the launch of SAP Fioneer, a dedicated Financial Services Industry unit jointly owned by SAP and Dediq.

IFRS Earnings per share decreased 10% to €1.19 and Non-IFRS Earning per share increased 2% to €1.74, including another strong contribution from Sapphire Ventures.

Operating cash flow for the first nine months was down 3% year over year to €4.95 billion. Free cash flow decreased by 1% year over year to €4.13 billion. Positive effects from lower share-based compensation and lower restructuring payments were compensated by higher income taxes paid net of refunds. At quarter end, net debt was –€3.62 billion.

Expanded Financial Disclosure – SAP’s Accelerated Cloud Transition

Beginning in 2021, SAP expanded its financial disclosure to provide investors with transparency on the transition of its core ERP business to the cloud. Specifically, the Company discloses current cloud backlog and cloud revenue contributed by SAP S/4HANA Cloud, along with nominal and constant currencies year-over-year growth rates.

In the third quarter, S/4HANA current cloud backlog was up 60% (Non-IFRS) to €1.28 billion and up 58% (at constant currencies). S/4HANA cloud revenue growth accelerated as anticipated, up 46% to €276 million and up 46% (at constant currencies).

SAP S/4HANA Cloud represents SAP’s cloud offering for core ERP processes. It mainly includes cloud solutions for financial management, supply chain management, engineering and manufacturing, order management and asset management, as well as associated data management, analytics, development and integration capabilities.

‘RISE with SAP’, SAP’s holistic offering for business transformation in the cloud, is an important driver of S/4HANA Cloud and Business Technology Platform adoption.

^1^The Q3 2021 results were also impacted by other effects. For details please refer to the disclosures on page 30 of this document.

| SAP Quarterly Statement ^Q^3 2021 | 3 |

| --- | --- |

Segment Performance Third Quarter 2021

SAP’s three reportable segments “Applications, Technology & Support”, “Qualtrics” and “Services” showed the following performance:

Applications, Technology & Support (AT&S)

Segment revenue in AT&S was up 5% at € 5.76 billion year over year and up 5% (at constant currencies). Segment performance was driven by strong double-digit cloud revenue growth in S/4HANA Cloud, Digital Supply Chain, Business Technology Platform, and Customer Experience, in particular ecommerce. Software licenses revenue decreased as anticipated due to strong adoption of ‘RISE with SAP’. Segment support revenues were up 1% year over year (at constant currencies) reflecting high retention rates coupled with the shift of some support revenue to cloud.

Qualtrics

Qualtrics segment revenue was up 38% to €233 million year over year, up 39% (at constant currencies). The continued strong growth was driven by robust renewal rates and expansions as customers increase their usage and acquire additional modules of Qualtrics to measure all four experience areas: customer, employee, product, and brand. L.L.Bean, State of Colorado Department of Personnel and Administration/Dept. of Health, Kyoto University, DoorDash, Dish Network Corporation, ServiceNow, Peloton, Zoom, and NASCAR, among others, selected Qualtrics Experience Management Solutions.

Services

Services segment revenue was down 1% to €803 million year over year, down 1% (at constant currencies). While SAP continues to see solid growth in its Premium Engagement revenue on the basis of a very resilient business model, consulting revenue declined year over year.

Segment Results at a Glance

Segment Performance Third Quarter 2021

	Applications,<br> Technology & Support			Qualtrics			Services
€ million, unless<br> otherwise stated<br><br> <br>(Non-IFRS)	Actual<br><br> <br>Currency	∆<br> in %	∆<br> in %<br><br> <br>const.<br> curr.	Actual<br><br> <br>Currency	∆<br> in %	∆<br> in %<br><br> <br>const.<br> curr.	Actual<br><br> <br>Currency	∆<br> in %	∆<br> in %<br><br> <br>const.<br> curr.
Cloud<br> revenue	2,155	16	16	189	46	47	0	NA	NA
Segment<br> revenue	5,762	5	5	233	38	39	803	–1	–1
Segment<br> profit (loss)	2,406	3	4	14	71	68	201	5	5
Cloud<br> gross margin (in %)	68.4	–0.9pp	–1.0pp	91.6	0.7pp	0.7pp	NM^1)^	NM^1)^	NM^1)^
Segment<br> margin (in %)	41.8	–0.7pp	–0.6pp	5.9	1.1pp	1.0pp	25.0	1.3pp	1.5pp

^1)^NM = not meaningful

Regional Revenue Performance Third Quarter 2021

SAP had a strong cloud performance across all of its regions.

In the EMEA region, cloud and software revenue increased 8% and 7% (at constant currencies). Cloud revenue increased 29% and 28% (at constant currencies) with Germany, the UK and France being highlights.

In the Americas region, cloud and software revenue increased 6% and was up 6% (at constant currencies). Cloud revenue increased 14% and was up 14% (at constant currencies) with a robust performance in the U.S., Canada, Brazil and Mexico. The United States, SAP’s largest market, had another strong sequential acceleration in cloud revenue growth.

In the APJ region, cloud and software revenue increased 6% and 6% (at constant currencies). Cloud revenue increased 23% and 25% (at constant currencies) with Japan, Singapore and South Korea being highlights.

| SAP Quarterly Statement ^Q^3 2021 | 4 |

| --- | --- |

Financial Results at a Glance

Third Quarter 2021

	IFRS			Non-IFRS^1)^
€<br> million, unless otherwise stated	Q3<br> 2021	Q3<br> 2020	∆<br> in %	Q3<br> 2021	Q3<br> 2020	∆<br> in %	∆<br> in %<br><br> const.<br><br> curr.
Current<br> cloud backlog^2)^	NA	NA	NA	8,171	6,599	24	22
Thereof<br> SAP S/4HANA Current Cloud Backlog^2)^	NA	NA	NA	1,283	801	60	58
Cloud<br> revenue	2,386	1,984	20	2,386	1,984	20	20
Thereof<br> SAP S/4HANA Cloud revenue	276	189	46	276	189	46	46
Software<br> licenses and support revenue	3,524	3,559	–1	3,524	3,559	–1	–1
Cloud<br> and software revenue	5,910	5,544	7	5,910	5,544	7	6
Total<br> revenue	6,845	6,535	5	6,845	6,535	5	5
Share<br> of more predictable revenue (in %)	77	74	3pp	77	74	3pp
Operating<br> profit (loss)	1,249	1,473	–15	2,102	2,069	2	2
Profit<br> (loss) after tax	1,418	1,652	–14	2,129	2,098	1
Basic<br> earnings per share (in €)	1.19	1.32	–10	1.74	1.70	2
Number<br> of employees (FTE, September 30)	105,015	101,450	4	NA	NA	NA	NA

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

^2)^ As this is an order entry metric, there is no IFRS equivalent.

Due to rounding, numbers may not add up precisely.

Nine months ended September 2021

	IFRS			Non-IFRS^1)^
€ million, unless otherwise stated	Q1–Q3<br><br> 2021	Q1–Q3 <br><br>2020	∆ in %	Q1–Q3 <br><br>2021	Q1–Q3 <br><br>2020	∆ in %	∆<br>in %<br> const. curr.
Current Cloud Backlog^2)^	NA	NA	NA	8,171	6,599	24	22
Thereof SAP S/4HANA Current Cloud Backlog^2)^	NA	NA	NA	1,283	801	60	58
Cloud revenue	6,806	6,039	13	6,806	6,041	13	17
Thereof SAP S/4HANA Cloud revenue	761	550	38	761	550	38	42
Software licenses and support revenue	10,281	10,610	–3	10,281	10,610	–3	–1
Cloud and software revenue	17,088	16,649	3	17,088	16,651	3	6
Total revenue	19,861	19,800	0	19,861	19,801	0	3
Share of more predictable revenue (in %)	77	74	3pp	77	74	3pp
Operating profit (loss)	3,193	3,967	–20	5,762	5,515	4	8
Profit (loss) after tax	3,936	3,348	18	6,063	4,507	35
Basic earnings per share (in €)	3.22	2.74	18	4.88	3.71	31
Number of employees (FTE, September 30)	105,015	101,450	4	NA	NA	NA	NA

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

^2)^ As this is an order entry metric, there is no IFRS equivalent.

Due to rounding, numbers may not add up precisely.

| SAP Quarterly Statement ^Q^3 2021 | 5 |

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Business Outlook 2021

SAP is raising its full-year 2021 outlook, reflecting the strong business performance which is expected to continue to accelerate cloud revenue growth. The Company continues to expect software licenses revenue to decline for the full year as more customers turn to the ‘RISE with SAP’ subscription offering for their mission-critical core processes. This outlook also continues to assume the COVID-19 crisis will continue to recede as vaccine programs roll out globally.

SAP now expects:

·	€9.4<br> – 9.6 billion Non-IFRS cloud revenue at constant currencies (2020: €8.09 billion),<br> up 16% to 19% at constant currencies. The previous range was €9.3 – 9.5 billion<br> at constant currencies.
·	€23.8<br> – 24.2 billion Non-IFRS cloud and software revenue at constant currencies (2020: €23.23<br> billion), up 2% to 4% at constant currencies. The previous range was €23.6 – 24.0<br> billion at constant currencies.
·	€8.1<br> – 8.3 billion Non-IFRS operating profit at constant currencies (2020: €8.29 billion),<br> down 2% to flat at constant currencies. The previous range was €7.95 – 8.25 billion<br> at constant currencies.

SAP continues to expect the share of more predictable revenue to reach approximately 75% (2020: 72%).

SAP continues to expect operating cash flow of approximately €6.0 billion (2020 €7.2 billion) and free cash flow above €4.5 billion (2020 €6.0 billion).

SAP now expects a full-year 2021 effective tax rate (IFRS) of 21.0% to 22.0% (previously: 21.5% to 23.0%) and an effective tax rate (non-IFRS) of 20.0% to 21.0% (previously: 20.0% to 21.5%).

While SAP’s full-year 2021 business 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 for the Q4 and FY 2021 expected currency impacts.

Expected<br> Currency Impact Based on September 2021 Level for the Rest of the Year (Non-IFRS)
In<br> percentage points	Q4	FY
Cloud<br> revenue growth	0pp<br> to 2pp	-4pp<br> to -2pp
Cloud<br> and software revenue growth	0pp<br> to 2pp	-3pp<br> to -1pp
Operating<br> profit growth	0pp<br> to 2pp	-3pp<br> to -1pp

SAP is focusing on three non-financial indicators: customer loyalty, employee engagement, and carbon emissions.

In 2021 SAP continues to aim for:

·	a<br> Customer Net Promoter Score of 5 to 10 (2020: 4)
·	an<br> Employee Engagement Index in a range of 84% to 86% (2020: 86%)
·	Carbon<br> emissions in a range of 90 to 110 kt (2020: 135 kt)

| SAP Quarterly Statement ^Q^3 2021 | 6 |

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AdditionalInformation

This Quarterly Statement and all information therein is unaudited.

Definition of key growth metrics

Current cloud backlog (CCB) is the contractually committed cloud revenue we expect to recognize over the upcoming 12 months as of a specific key date. Thus, it is a subcomponent of our overall remaining performance obligations following IFRS 15.120. For CCB, we take into consideration committed deals only. CCB can be regarded as a lower boundary for cloud revenue to be recognized over the next 12 months, as it excludes utilization-based models without pre-commitments and committed deals, both new and renewal, closed after the key date. For our committed cloud business, we believe the CCB is a valuable indicator of go-to-market success, as it reflects both new contracts closed as well as existing contracts renewed.

Share of more predictable revenue is the total of cloud revenue and software support revenue as a percentage of total revenue.

For explanations on other key growth metrics please refer to the performance management section of SAP’s Integrated Report 2020 and SAP’s Half-Year Report 2021, which can be found at www.sap.com/investor*.*

Webcast

SAP senior management will host a financial analyst conference call on Thursday, October 21, at 2:00 PM (CEST) / 1:00 PM (BST) / 8:00 AM (Eastern) / 5:00 AM (Pacific). The conference will be webcast live on the Company’s website at www.sap.com/investor and will be available for replay. Supplementary financial information pertaining to the third quarter results can be found at www.sap.com/investor*.*

About SAP

SAP’s strategy is to help every business run as an intelligent enterprise. As a market leader in enterprise application software, we help companies of all sizes and in all industries run at their best. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers’ businesses into intelligent enterprises. SAP helps to give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want – without disruption. Our end-to-end suite of applications and services enables business and public customers across 25 industries globally to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, SAP helps the world run better and improve people’s lives. For more information, visit http://www.sap.com.

For more information, financial community only:

Anthony Coletta	+49 (6227) 7-44872	investor@sap.com, CET

Follow SAP Investor Relations on Twitter at @sapinvestor.

For more information, press only:

Joellen Perry	+1 (650) 445-6780	joellen.perry@sap.com, PT
Daniel Reinhardt	+49 (6227) 7-40201	daniel.reinhardt@sap.com, CET
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For customers interested in learning more about SAP products:

Global Customer Center:	+49 180 534-34-24
United States Only:	+1 (800) 872-1SAP (+1-800-872-1727)
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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. To view video stories on diverse topics, visit www.sap-tv.com. From this site, you can embed videos into your own Web pages, share video via e-mail links and subscribe to RSS feeds from SAP TV.

| SAP Quarterly Statement ^Q^3 2021 | 7 |

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Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “should” and “will” and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

No part of this publication may be reproduced or transmitted in any form or for any purpose without the express permission of SAP SE. The information contained herein may be changed without prior notice.

Some software products marketed by SAP SE and its distributors contain proprietary software components of other software vendors. National product specifications may vary.

These materials are provided by SAP SE and its affiliated companies ("SAP Group") for informational purposes only, without representation or warranty of any kind, and SAP Group shall not be liable for errors or omissions with respect to the materials. The only warranties for SAP Group products and services are those that are set forth in the express warranty statements accompanying such products and services, if any. Nothing herein should be construed as constituting an additional warranty.

SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE (or an SAP affiliate company) in Germany and other countries. All other product and service names mentioned are the trademarks of their respective companies. Please see www.sap.com/about/legal/copyright.html for additional trademark information and notice.

| SAP Quarterly Statement ^Q^3 2021 | 8 |

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Contents

Financial<br>and Non-Financial Key Facts (IFRS and Non-IFRS)	10
Primary Financial Statements of SAP<br>Group (IFRS)	12
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(A)	Consolidated Income<br> Statements	12
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(A.1)	Consolidated Income<br> Statements – Quarter	12
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(A.2)	Consolidated Income Statements<br> – Year-to-Date	13
(B)	Consolidated Statements<br> of Financial Position	14
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(C)	Consolidated Statements of Cash<br> Flows	15
Non-IFRS<br> Numbers	16
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(D)	Basis of Non-IFRS Presentation	16
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(E)	Reconciliation from Non-IFRS Numbers<br> to IFRS Numbers	17
(E.1)	Reconciliation from<br> Non-IFRS Numbers to IFRS Numbers – Quarter	17
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(E.2)	Reconciliation from Non-IFRS Numbers<br> to IFRS Numbers – Year-to-Date	18
(F)	Non-IFRS Adjustments<br> – Actuals and Estimates	19
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(G)	Non-IFRS Adjustments by Functional<br> Areas	19
Disaggregations	21
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(H)	Segment Reporting	21
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(H.1)	Segment Policies and Segment Changes	21
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(H.2)	Segment Reporting – Quarter	21
(H.3)	Segment Reporting<br> – Year-to-Date	23
(I)	Reconciliation of Cloud Revenues<br> and Margins	25
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(I.1)	Reconciliation of Cloud Revenues<br> and Margins – Quarter	25
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(I.2)	Reconciliation of Cloud Revenues<br> and Margins – Year-to-Date	25
(J)	Revenue by Region (IFRS and Non-IFRS)	26
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(J.1)	Revenue by Region (IFRS and Non-IFRS)<br> – Quarter	26
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(J.2)	Revenue by Region (IFRS and Non-IFRS)<br> – Year-to-Date	27
(K)	Employees by Region and Functional<br> Areas	28
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Other<br> Disclosures		29
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(L)	Financial Income, Net	29
(M)	Business Combinations and Divestments	29
(M.1)	Business Combinations	29
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(M.2)	Divestments	29
(N)	Qualtrics Initial Public Offering<br> (IPO)	29
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(O)	Share Based Payments	29
(P)	Financial Liabilities	30
(Q)	Change in non-IFRS revenue measures	30

| SAP Quarterly Statement ^Q^3 2021 | 9 |

| --- | --- |

Financial and Non-Financial Key Facts

(IFRS and Non-IFRS)

€ millions, unless otherwise stated	Q1<br> <br>2020	Q2<br> <br>2020	Q3<br> <br>2020	Q4<br> <br>2020	TY<br> <br>2020	Q1<br> <br>2021	Q2<br> <br>2021	Q3<br> <br>2021
Revenues
Cloud (IFRS)	2,011	2,044	1,984	2,041	8,080	2,145	2,276	2,386
Cloud (non-IFRS)	2,012	2,044	1,984	2,044	8,085	2,145	2,276	2,386
% change – yoy	27	19	10	7	15	7	11	20
% change constant currency – yoy	25	18	14	13	18	13	17	20
SAP S/4HANA Cloud (IFRS)	168	193	189	NA	NA	227	257	276
SAP S/4HANA Cloud (non-IFRS)	168	193	189	NA	NA	227	257	276
% change – yoy	NA	NA	NA	NA	NA	36	33	46
% change constant currency – yoy	NA	NA	NA	NA	NA	43	39	46
Software licenses (IFRS)	451	773	714	1,703	3,642	483	650	657
Software licenses (non-IFRS)	451	773	714	1,703	3,642	483	650	657
% change – yoy	–31	–18	–23	–15	–20	7	–16	–8
% change constant currency – yoy	–31	–18	–19	–11	–17	11	–13	–8
Software support (IFRS)	2,934	2,892	2,845	2,835	11,506	2,801	2,823	2,867
Software support (non-IFRS)	2,934	2,892	2,845	2,835	11,506	2,801	2,823	2,867
% change – yoy	3	1	–2	–4	0	–5	–2	1
% change constant currency – yoy	2	2	1	0	1	0	1	1
Software licenses and support (IFRS)	3,386	3,665	3,559	4,538	15,148	3,283	3,474	3,524
Software licenses and support (non-IFRS)	3,386	3,665	3,559	4,538	15,148	3,283	3,474	3,524
% change – yoy	–3	–4	–7	–8	–6	–3	–5	–1
% change constant currency – yoy	–4	–3	–4	–4	–4	1	–2	–1
Cloud and software (IFRS)	5,397	5,709	5,544	6,579	23,228	5,428	5,750	5,910
Cloud and software (non-IFRS)	5,398	5,709	5,544	6,582	23,233	5,428	5,750	5,910
% change – yoy	6	3	–2	–4	1	1	1	7
% change constant currency – yoy	5	3	2	1	3	6	5	6
Total revenue (IFRS)	6,521	6,743	6,535	7,538	27,338	6,348	6,669	6,845
Total revenue (non-IFRS)	6,522	6,744	6,535	7,541	27,343	6,348	6,669	6,845
% change – yoy	7	1	–4	–6	–1	–3	–1	5
% change constant currency – yoy	5	1	0	–2	1	2	3	5
Share of more predictable revenue (IFRS, in %)	76	73	74	65	72	78	76	77
Share of more predictable revenue (non-IFRS, in %)	76	73	74	65	72	78	76	77
Profits
Operating profit (loss) (IFRS)	1,210	1,284	1,473	2,657	6,623	960	984	1,249
Operating profit (loss) (non-IFRS)	1,482	1,964	2,069	2,772	8,287	1,738	1,922	2,102
% change	1	8	–1	–2	1	17	–2	2
% change constant currency	0	7	4	3	4	24	3	2
Profit (loss) after tax (IFRS)	811	885	1,652	1,934	5,283	1,070	1,449	1,418
Profit (loss) after tax (non-IFRS)	1,015	1,395	2,098	2,026	6,534	1,720	2,214	2,129
% change	–6	6	34	–7	6	70	59	1
Margins
Cloud gross margin (IFRS, in %)	66.4	66.0	66.4	67.6	66.6	67.2	67.5	67.0
Cloud gross margin (non-IFRS, in %)	69.3	69.5	69.7	70.3	69.7	69.5	70.0	69.4
Software license and support gross margin (IFRS, in %)	85.2	86.4	86.7	88.2	86.7	85.7	86.5	87.1
Software license and support gross margin (non-IFRS, in %)	85.7	87.4	87.6	88.5	87.4	86.3	87.3	87.8
Cloud and software gross margin (IFRS, in %)	78.2	79.1	79.4	81.8	79.7	78.4	79.0	79.0
Cloud and software gross margin (non-IFRS, in %)	79.6	81.0	81.2	82.8	81.2	79.7	80.5	80.4
Gross margin (IFRS, in %)	68.3	69.9	71.1	74.8	71.2	70.3	70.8	71.4
Gross margin (non-IFRS, in %)	69.8	72.6	73.7	75.8	73.1	72.3	73.4	73.6
Operating margin (IFRS, in %)	18.6	19.0	22.5	35.2	24.2	15.1	14.8	18.2
Operating margin (non-IFRS, in %)	22.7	29.1	31.7	36.8	30.3	27.4	28.8	30.7
AT&S segment^^– Cloud gross margin (in %)	69.1	69.2	69.3	69.6	69.3	68.7	69.2	68.4

| SAP Quarterly Statement ^Q^3 2021 | 10 |

| --- | --- | | € millions, unless otherwise stated | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | TY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | AT&S segment^^– Segment gross margin (in %) | 78.6 | 80.1 | 80.6 | 82.6 | 80.6 | 78.9 | 79.5 | 79.7 | | AT&S segment – Segment margin (in %) | 35.7 | 42.3 | 42.5 | 47.7 | 42.3 | 39.2 | 40.6 | 41.8 | | Qualtrics segment – Cloud gross margin (in %) | 90.8 | 91.0 | 90.9 | 94.1 | 91.8 | 92.2 | 92.4 | 91.6 | | Qualtrics segment – Segment gross margin (in %) | 75.4 | 78.4 | 79.1 | 77.4 | 77.6 | 79.5 | 80.3 | 80.7 | | Qualtrics segment – Segment margin (in %) | –10.1 | 0.8 | 4.7 | 0.9 | –0.6 | 6.2 | 6.3 | 5.9 | | Services segment – Services gross margin (in %) | 30.1 | 36.0 | 39.0 | 33.3 | 34.5 | 36.6 | 37.0 | 39.1 | | Services segment – Segment gross margin (in %) | 26.6 | 33.4 | 36.3 | 29.9 | 31.4 | 33.0 | 34.2 | 36.4 | | Services segment – Segment margin (in %) | 14.6 | 19.4 | 23.7 | 19.0 | 19.1 | 21.5 | 22.7 | 25.0 | | Key Profit Ratios | | | | | | | | | | Effective tax rate (IFRS, in %) | 27.7 | 33.1 | 20.2 | 28.5 | 26.8 | 20.0 | 19.7 | 18.9 | | Effective tax rate (non-IFRS, in %) | 27.2 | 30.3 | 21.3 | 28.2 | 26.5 | 18.7 | 19.2 | 18.2 | | Earnings per share, basic (IFRS, in €) | 0.68 | 0.73 | 1.32 | 1.62 | 4.35 | 0.88 | 1.15 | 1.19 | | Earnings per share, basic (non-IFRS, in €) | 0.85 | 1.17 | 1.70 | 1.70 | 5.41 | 1.40 | 1.75 | 1.74 | | Order Entry and current cloud backlog | | | | | | | | | | Current cloud backlog | 6,634 | 6,638 | 6,599 | 7,155 | 7,155 | 7,628 | 7,766 | 8,171 | | % change – yoy | 25 | 20 | 10 | 7 | 7 | 15 | 17 | 24 | | % change constant currency – yoy | 24 | 21 | 16 | 14 | 14 | 19 | 20 | 22 | | SAP S/4HANA Current cloud backlog | 744 | 780 | 801 | NA | NA | 1,036 | 1,130 | 1,283 | | % change – yoy | NA | NA | NA | NA | NA | 39 | 45 | 60 | | % change constant currency – yoy | NA | NA | NA | NA | NA | 43 | 48 | 58 | | Orders – number of cloud deals (in transactions) | 3,145 | 3,844 | 4,044 | 6,137 | 17,166 | 4,132 | 5,064 | 4,960 | | Share of cloud orders greater than €5 million based on total cloud order entry volume (in %) | 28 | 28 | 28 | 31 | 29 | 27 | 34 | 40 | | Share of cloud orders smaller than €1 million based on total cloud order entry volume (in %) | 37 | 36 | 37 | 32 | 34 | 39 | 32 | 31 | | Orders – number of on-premise software deals (in transactions) | 10,517 | 9,175 | 11,006 | 14,918 | 45,616 | 9,687 | 10,033 | 9,321 | | Share of orders greater than €5 million based on total software order entry volume (in %) | 24 | 34 | 30 | 29 | 30 | 23 | 22 | 31 | | Share of orders smaller than €1 million based on total software order entry volume (in %) | 42 | 38 | 37 | 32 | 36 | 42 | 43 | 41 | | Liquidity and Cash Flow | | | | | | | | | | Net cash flows from operating activities | 2,984 | 788 | 1,321 | 2,100 | 7,194 | 3,085 | 686 | 1,183 | | Capital expenditure | –333 | –164 | –155 | –164 | –816 | –153 | –191 | –202 | | Payments of lease liabilities | –72 | –84 | –115 | –107 | –378 | –84 | –92 | –99 | | Free cash flow | 2,580 | 540 | 1,052 | 1,829 | 6,000 | 2,848 | 403 | 881 | | % of total revenue (IFRS) | 40 | 8 | 16 | 24 | 22 | 45 | 6 | 13 | | % of profit after tax (IFRS) | 318 | 61 | 64 | 95 | 114 | 266 | 28 | 62 | | Group liquidity | 7,872 | 7,401 | 7,760 | 6,781 | 6,781 | 11,573 | 8,548 | 9,375 | | Financial debt (–) | –13,700 | –14,855 | –14,649 | –13,283 | –13,283 | –14,230 | –13,116 | –12,994 | | Net debt (–) | –5,827 | –7,454 | –6,889 | –6,503 | –6,503 | –2,658 | –4,568 | –3,619 | | Financial Position | | | | | | | | | | Cash and cash equivalents | 7,816 | 6,205 | 7,434 | 5,311 | 5,311 | 10,332 | 7,764 | 7,943 | | Goodwill | 29,731 | 29,214 | 28,184 | 27,554 | 27,554 | 29,382 | 29,073 | 29,654 | | Total assets | 62,947 | 60,709 | 59,278 | 58,465 | 58,465 | 66,479 | 63,076 | 65,030 | | Contract liabilities (current) | 6,726 | 5,791 | 4,237 | 4,150 | 4,150 | 6,796 | 6,175 | 4,846 | | Equity ratio (total equity in % of total assets) | 49 | 48 | 50 | 51 | 51 | 52 | 54 | 57 | | Non-Financials | | | | | | | | | | Number of employees (quarter end)^1)^ | 101,150 | 101,379 | 101,450 | 102,430 | 102,430 | 103,142 | 103,876 | 105,015 | | Employee retention (in %, rolling 12 months) | 93.3 | 93.9 | 94.8 | 95.3 | 95.3 | 95.4 | 94.8 | 93.7 | | Women in management (in %, quarter end) | 26.8 | 27.3 | 27.3 | 27.5 | 27.5 | 27.6 | 27.9 | 28.2 | | Greenhouse gas emissions (in kilotons) | 65 | 25 | 25 | 20 | 135 | 30 | 20 | 25 |

^1)^ In full-time equivalents.

Due to rounding, numbers may not add up precisely.

| SAP Quarterly Statement ^Q^3 2021 | 11 |

| --- | --- |

Primary Financial Statements of SAP Group (IFRS)

(A) Consolidated Income Statements

(A.1) Consolidated Income Statements – Quarter

€<br> millions, unless otherwise stated	Q3<br> 2021	Q3<br> 2020	∆<br> in %
Cloud	2,386	1,984	20
Software<br> licenses	657	714	–8
Software<br> support	2,867	2,845	1
Software<br> licenses and support	3,524	3,559	–1
Cloud<br> and software	5,910	5,544	7
Services	935	992	–6
Total<br> revenue	6,845	6,535	5
Cost<br> of cloud	–788	–667	18
Cost<br> of software licenses and support	–454	–472	–4
Cost<br> of cloud and software	–1,242	–1,140	9
Cost<br> of services	–716	–750	–5
Total<br> cost of revenue	–1,958	–1,890	4
Gross<br> profit	4,887	4,646	5
Research<br> and development	–1,300	–1,113	17
Sales<br> and marketing	–1,845	–1,678	10
General<br> and administration	–576	–345	67
Restructuring	13	8	55
Other<br> operating income/expense, net	70	–46	<-100
Total<br> operating expenses	–5,596	–5,063	11
Operating<br> profit (loss)	1,249	1,473	–15
Other<br> non-operating income/expense, net	16	–19	<-100
Finance<br> income	716	736	–3
Finance<br> costs	–233	–120	94
Financial<br> income, net	484	616	–21
Profit<br> (loss) before tax	1,749	2,070	–16
Income<br> tax expense	–331	–418	–21
Profit<br> (loss) after tax	1,418	1,652	–14
Attributable<br> to owners of parent	1,406	1,556	–10
Attributable<br> to non-controlling interests	12	96	–88
Earnings<br> per share, basic (in €)^1)^	1.19	1.32	–10
Earnings<br> per share, diluted (in €)^1)^	1.19	1.32	–10

^1)^ For the three months ended September 30, 2021 and 2020, the weighted average number of shares was 1,180 million (diluted 1,180 million) and 1,180 million

(diluted: 1,180 million), respectively (treasury stock excluded).

Due to rounding, numbers may not add up precisely.

| SAP Quarterly Statement ^Q^3 2021 | 12 |

| --- | --- |

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

€<br> millions, unless otherwise stated	Q1–Q3 <br>2021	Q1–Q3<br> <br>2020	∆<br> in %
Cloud	6,806	6,039	13
Software<br> licenses	1,790	1,939	–8
Software<br> support	8,491	8,671	–2
Software<br> licenses and support	10,281	10,610	–3
Cloud<br> and software	17,088	16,649	3
Services	2,774	3,150	–12
Total<br> revenue	19,861	19,800	0
Cost<br> of cloud	–2,232	–2,037	10
Cost<br> of software licenses and support	–1,393	–1,471	–5
Cost<br> of cloud and software	–3,625	–3,508	3
Cost<br> of services	–2,163	–2,475	–13
Total<br> cost of revenue	–5,788	–5,983	–3
Gross<br> profit	14,073	13,816	2
Research<br> and development	–3,778	–3,323	14
Sales<br> and marketing	–5,336	–5,362	0
General<br> and administration	–1,674	–1,074	56
Restructuring	–151	–4	>100
Other<br> operating income/expense, net	58	–86	<-100
Total<br> operating expenses	–16,668	–15,833	5
Operating<br> profit (loss)	3,193	3,967	–20
Other<br> non-operating income/expense, net	45	–122	<-100
Finance<br> income	2,265	1,142	98
Finance<br> costs	–614	–474	30
Financial<br> income, net	1,651	669	>100
Profit<br> (loss) before tax	4,890	4,514	8
Income<br> tax expense	–954	–1,166	–18
Profit<br> (loss) after tax	3,936	3,348	18
Attributable<br> to owners of parent	3,802	3,237	17
Attributable<br> to non-controlling interests	134	112	20
Earnings<br> per share, basic (in €)^1)^	3.22	2.74	18
Earnings<br> per share, diluted (in €)^1)^	3.22	2.74	18

^1)^ For the nine months ended September 30, 2021 and 2020, the weighted average number of shares was 1,180 million (diluted: 1,180 million) and 1,183 million

(diluted: 1,183 million), respectively (treasury stock excluded).

Due to rounding, numbers may not add up precisely.

| SAP Quarterly Statement ^Q^3 2021 | 13 |

| --- | --- |

(B) Consolidated Statements of Financial Position

as<br> at 9/30/2021 and 12/31/2020
€<br> millions	2021	2020
Cash<br> and cash equivalents	7,943	5,311
Other<br> financial assets	1,557	1,635
Trade<br> and other receivables	5,030	6,593
Other<br> non-financial assets	1,640	1,321
Tax<br> assets	757	210
Total<br> current assets	16,927	15,069
Goodwill	29,654	27,554
Intangible<br> assets	3,810	3,784
Property,<br> plant, and equipment	4,834	5,041
Other<br> financial assets	5,789	3,512
Trade<br> and other receivables	100	137
Other<br> non-financial assets	2,243	1,926
Tax<br> assets	279	271
Deferred<br> tax assets	1,394	1,173
Total<br> non-current assets	48,103	43,396
Total<br> assets	65,030	58,465
€<br> millions	2021	2020
Trade<br> and other payables	1,142	1,213
Tax<br> liabilities	265	414
Financial<br> liabilities	4,205	2,348
Other<br> non-financial liabilities	3,966	4,643
Provisions	87	73
Contract<br> liabilities	4,846	4,150
Total<br> current liabilities	14,511	12,842
Trade<br> and other payables	118	98
Tax<br> liabilities	823	667
Financial<br> liabilities	11,342	13,605
Other<br> non-financial liabilities	722	770
Provisions	386	362
Deferred<br> tax liabilities	252	158
Contract<br> liabilities	51	36
Total<br> non-current liabilities	13,695	15,696
Total<br> liabilities	28,207	28,537
Issued<br> capital	1,229	1,229
Share<br> premium	1,605	545
Retained<br> earnings	34,492	32,026
Other<br> components of equity	949	–1,011
Treasury<br> shares	–3,072	–3,072
Equity<br> attributable to owners of parent	35,203	29,717
Non-controlling<br> interests	1,621	211
Total<br> equity	36,823	29,928
Total<br> equity and liabilities	65,030	58,465

Due to rounding, numbers may not add up precisely.

| SAP Quarterly Statement ^Q^3 2021 | 14 |

| --- | --- |

€<br> millions	Q1–Q3<br> 2021	Q1–Q3<br> 2020
Profit<br> (loss) after tax	3,936	3,348
Adjustments<br> to reconcile profit (loss) after tax to net cash flows from operating activities:
Depreciation<br> and amortization	1,308	1,369
Share-based<br> payment expense	1,961	1,064
Income<br> tax expense	954	1,166
Financial<br> income, net	–1,651	–669
Decrease/increase<br> in allowances on trade receivables	–17	64
Other<br> adjustments for non-cash items	15	–5
Decrease/increase<br> in trade and other receivables	1,718	1,950
Decrease/increase<br> in other assets	–370	–504
Increase/decrease<br> in trade payables, provisions, and other liabilities	–689	–675
Increase/decrease<br> in contract liabilities	500	183
Share-based<br> payments	–923	–1,119
Interest<br> paid	–142	–202
Interest<br> received	35	102
Income<br> taxes paid, net of refunds	–1,682	–977
Net<br> cash flows from operating activities	4,954	5,094
Business<br> combinations, net of cash and cash equivalents acquired	–1,017	–61
Proceeds<br> from sales of subsidiaries or other businesses	–47	0
Purchase<br> of intangible assets or property, plant, and equipment	–546	–652
Proceeds<br> from sales of intangible assets or property, plant, and equipment	69	63
Purchase<br> of equity or debt instruments of other entities	–2,393	–786
Proceeds<br> from sales of equity or debt instruments of other entities	2,264	416
Net<br> cash flows from investing activities	–1,668	–1,019
Dividends<br> paid	–2,182	–1,864
Dividends<br> paid on non-controlling interests	–19	–2
Purchase<br> of treasury shares	0	–742
Proceeds<br> from changes in ownership interests in subsidiaries that do not result in the loss of control	1,847	0
Proceeds<br> from borrowings	1,600	2,115
Repayments<br> of borrowings	–1,949	–1,082
Payments<br> of lease liabilities	–276	–271
Transactions<br> with non-controlling interests	0	–59
Net<br> cash flows from financing activities	–979	–1,904
Effect<br> of foreign currency rates on cash and cash equivalents	326	–51
Net<br> decrease/increase in cash and cash equivalents	2,633	2,119
Cash<br> and cash equivalents at the beginning of the period	5,311	5,314
Cash<br> and cash equivalents at the end of the period	7,943	7,434
Due<br> to rounding, numbers may not add up precisely.

| SAP Quarterly Statement ^Q^3 2021 | 15 |

| --- | --- |

Non-IFRS Numbers

(D) Basis of Non-IFRS Presentation

We disclose certain financial measures such as revenue (non-IFRS), 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 our constant currency and free cash flow figures, see Explanation of Non-IFRS Measuresonline.

| SAP Quarterly Statement ^Q^3 2021 | 16 |

| --- | --- |

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

(E.1) Reconciliation from Non-IFRS Numbers to IFRS Numbers – Quarter

€ millions, unless otherwise stated	Q3 2021					Q3 2020			∆ in %
	IFRS	Adj.	Non-<br><br>IFRS	Currency<br><br> <br>Impact	Non-IFRS Constant Currency	IFRS	Adj.	Non-<br><br>IFRS	IFRS	Non-<br><br>IFRS	Non-IFRS Constant Currency^1)^
Revenue Numbers
Cloud	2,386	0	2,386	–1	2,384	1,984	0	1,984	20	20	20
Software licenses	657	0	657	–3	654	714	0	714	–8	–8	–8
Software support	2,867	0	2,867	–4	2,863	2,845	0	2,845	1	1	1
Software licenses and support	3,524	0	3,524	–8	3,517	3,559	0	3,559	–1	–1	–1
Cloud and software	5,910	0	5,910	–9	5,901	5,544	0	5,544	7	7	6
Services	935	0	935	–2	933	992	0	992	–6	–6	–6
Total revenue	6,845	0	6,845	–10	6,834	6,535	0	6,535	5	5	5
Operating Expense Numbers
Cost of cloud	–788	58	–730			–667	65	–602	18	21
Cost of software licenses and support	–454	25	–430			–472	31	–441	–4	–3
Cost of cloud and software	–1,242	82	–1,160			–1,140	97	–1,043	9	11
Cost of services	–716	71	–645			–750	71	–679	–5	–5
Total cost of revenue	–1,958	153	–1,805			–1,890	168	–1,722	4	5
Gross profit	4,887	153	5,040			4,646	168	4,814	5	5
Research and development	–1,300	145	–1,155			–1,113	122	–990	17	17
Sales and marketing	–1,845	267	–1,578			–1,678	240	–1,438	10	10
General and administration	–576	302	–274			–345	74	–270	67	1
Restructuring	13	–13	0			8	–8	0	55	NA
Other operating income/expense, net	70	0	70			–46	0	–46	<-100	<-100
Total operating expenses	–5,596	853	–4,742	27	–4,716	–5,063	596	–4,466	11	6	6
Profit Numbers
Operating profit (loss)	1,249	853	2,102	16	2,119	1,473	597	2,069	–15	2	2
Other non-operating income/expense, net	16	0	16			–19	0	–19	<-100	<-100
Finance income	716	0	716			736	0	736	–3	–3
Finance costs	–233	0	–233			–120	0	–120	94	94
Financial income, net	484	0	484			616	0	616	–21	–21
Profit (loss) before tax	1,749	853	2,602			2,070	597	2,666	–16	–2
Income tax expense	–331	–142	–474			–418	–150	–568	–21	–17
Profit (loss) after tax	1,418	711	2,129			1,652	446	2,098	–14	1
Attributable to owners of parent	1,406	644	2,050			1,556	446	2,002	–10	2
Attributable to non-controlling interests	12	67	79			96	0	96	–88	–18
Key Ratios
Operating margin (in %)	18.2		30.7		31.0	22.5		31.7	–4.3pp	–0.9pp	–0.7pp
Effective tax rate (in %)^2)^	18.9		18.2			20.2		21.3	–1.3pp	–3.1pp
Earnings per share, basic (in €)	1.19		1.74			1.32		1.70	–10	2

^1)^ Constant currency period-over-period changes are calculated by comparing the current year's non-IFRS constant currency numbers with the non-IFRS numbers of the previous year's respective period.

^2)^ The difference between our effective tax rate (IFRS) and effective tax rate (non-IFRS) in Q3 2021 and Q3 2020 mainly resulted from tax effects of share-based payment expenses and acquisition-related charges.

Due to rounding, numbers may not add up precisely.

| SAP Quarterly Statement ^Q^3 2021 | 17 |

| --- | --- |

(E.2) Reconciliation from Non-IFRS Numbers to IFRS Numbers – Year-to-Date

€<br> millions, unless otherwise stated	Q1–Q3 2021					Q1–Q3 2020			∆ in %
	IFRS	Adj.	Non-IFRS	Currency<br><br> <br>Impact	Non-IFRS<br><br> <br>Constant<br><br> <br>Currency	IFRS	Adj.	Non-IFRS	IFRS	Non-IFRS	Non-IFRS<br><br> <br>Constant<br><br> <br>Currency^1)^
Revenue<br> Numbers
Cloud	6,806	0	6,806	253	7,060	6,039	2	6,041	13	13	17
Software<br> licenses	1,790	0	1,790	36	1,826	1,939	0	1,939	–8	–8	–6
Software<br> support	8,491	0	8,491	225	8,716	8,671	0	8,671	–2	–2	1
Software<br> licenses and support	10,281	0	10,281	261	10,542	10,610	0	10,610	–3	–3	–1
Cloud<br> and software	17,088	0	17,088	514	17,602	16,649	2	16,651	3	3	6
Services	2,774	0	2,774	86	2,859	3,150	0	3,150	–12	–12	–9
Total<br> revenue	19,861	0	19,861	600	20,461	19,800	2	19,801	0	0	3
Operating<br> Expense Numbers
Cost<br> of cloud	–2,232	166	–2,066			–2,037	193	–1,844	10	12
Cost<br> of software licenses and support	–1,393	74	–1,319			–1,471	84	–1,387	–5	–5
Cost<br> of cloud and software	–3,625	240	–3,385			–3,508	277	–3,231	3	5
Cost<br> of services	–2,163	210	–1,953			–2,475	166	–2,309	–13	–15
Total<br> cost of revenue	–5,788	450	–5,338			–5,983	443	–5,540	–3	–4
Gross<br> profit	14,073	450	14,523			13,816	445	14,261	2	2
Research<br> and development	–3,778	396	–3,382			–3,323	285	–3,037	14	11
Sales<br> and marketing	–5,336	749	–4,587			–5,362	628	–4,734	0	–3
General<br> and administration	–1,674	823	–850			–1,074	186	–888	56	–4
Restructuring	–151	151	0			–4	4	0	>100	NA
Other<br> operating income/expense, net	58	0	58			–86	0	–86	<-100	<-100
Total<br> operating expenses	–16,668	2,569	–14,100	–389	–14,489	–15,833	1,547	–14,286	5	–1	1
Profit<br> Numbers
Operating<br> profit (loss)	3,193	2,569	5,762	210	5,972	3,967	1,548	5,515	–20	4	8
Other<br> non-operating income/expense, net	45	0	45			–122	0	–122	<-100	<-100
Finance<br> income	2,265	0	2,265			1,142	0	1,142	98	98
Finance<br> costs	–614	0	–614			–474	0	–474	30	30
Financial<br> income, net	1,651	0	1,651			669	0	669	>100	>100
Profit<br> (loss) before tax	4,890	2,569	7,459			4,514	1,548	6,062	8	23
Income<br> tax expense	–954	–442	–1,396			–1,166	–389	–1,555	–18	–10
Profit<br> (loss) after tax	3,936	2,126	6,063			3,348	1,159	4,507	18	35
Attributable<br> to owners of parent	3,802	1,955	5,757			3,237	1,159	4,396	17	31
Attributable<br> to non-controlling interests	134	171	306			112	0	112	20	>100
Key<br> Ratios
Operating<br> margin (in %)	16.1		29.0		29.2	20.0		27.9	–4.0pp	1.2pp	1.3pp
Effective<br> tax rate (in %)^2)^	19.5		18.7			25.8		25.6	–6.3pp	–6.9pp
Earnings<br> per share, basic (in €)	3.22		4.88			2.74		3.71	18	31

^1)^ Constant-currency period-over-period changes are calculated by comparing the current year's non-IFRS constant-currency numbers with the non-IFRS number of the previous year's respective period.

^2)^ The difference between our effective tax rate (IFRS) and effective tax rate (non-IFRS) in the first nine months of 2021 mainly resulted from tax effects of share-based payment expenses, acquisition-related charges and restructuring expenses. The difference between our effective tax rate (IFRS) and effective tax rate (non-IFRS) in the first nine months of 2020 mainly resulted from tax effects of share-based payment expenses and acquisition-related charges.

Due to rounding, numbers may not add up precisely.

| SAP Quarterly Statement ^Q^3 2021 | 18 |

| --- | --- |

(F) Non-IFRS Adjustments – Actuals and Estimates

€<br> millions	Estimated<br> Amounts for<br><br> <br>Full<br> Year 2021	Q1–Q3<br> 2021	Q3<br> 2021	Q1–Q3<br><br> <br>2020	Q3<br> 2020
Operating<br> profit (loss) (IFRS)		3,193	1,249	3,967	1,473
Revenue<br> adjustments	NA	0	0	2	0
Adjustment<br> for acquisition-related charges	560–660	457	161	478	153
Adjustment<br> for share-based payment expenses	2,300–2,800	1,961	705	1,064	452
Adjustment<br> for restructuring	150–200	151	–13	4	–8
Operating<br> expense adjustments		2,569	853	1,547	596
Operating<br> profit (loss) adjustments		2,569	853	1,548	597
Operating<br> profit (loss) (non-IFRS)		5,762	2,102	5,515	2,069

Due to rounding, numbers may not add up precisely.

(G) Non-IFRS Adjustments by Functional Areas

€<br> millions	Q3<br> 2021					Q3<br> 2020
	IFRS	Acquisition-<br><br> Related	SBP^1)^	Restruc-<br><br> turing	Non-IFRS	IFRS	Acquisition-<br><br> Related	SBP^1)^	Restruc-<br><br> turing	Non-IFRS
Cost<br> of cloud	–788	42	16	0	–730	–667	50	15	0	–602
Cost<br> of software licenses and support	–454	8	16	0	–430	–472	10	21	0	–441
Cost<br> of services	–716	5	66	0	–645	–750	1	70	0	–679
Research<br> and development	–1,300	2	142	0	–1,155	–1,113	2	121	0	–990
Sales<br> and marketing	–1,845	91	175	0	–1,578	–1,678	89	151	0	–1,438
General<br> and administration	–576	12	289	0	–274	–345	1	73	0	–270
Restructuring	13	0	0	–13	0	8	0	0	–8	0
Other<br> operating income/expense, net	70	0	0	0	70	–46	0	0	0	–46
Total<br> operating expenses	–5,596	161	705	–13	–4,742	–5,063	153	452	–8	–4,466

€<br> millions	Q1–Q3<br> 2021					Q1–Q3<br> 2020
	IFRS	Acquisition-<br><br> <br>Related	SBP^1)^	Restruc-<br><br> turing	Non-IFRS	IFRS	Acquisition-<br><br> <br>Related	SBP^1)^	Restruc-<br><br> turing	Non-IFRS
Cost<br> of cloud	–2,232	122	44	0	–2,066	–2,037	156	38	0	–1,844
Cost<br> of software licenses and support	–1,393	24	50	0	–1,319	–1,471	32	52	0	–1,387
Cost<br> of services	–2,163	15	195	0	–1,953	–2,475	2	164	0	–2,309
Research<br> and development	–3,778	6	390	0	–3,382	–3,323	6	279	0	–3,037
Sales<br> and marketing	–5,336	272	477	0	–4,587	–5,362	280	348	0	–4,734
General<br> and administration	–1,674	18	805	0	–850	–1,074	3	183	0	–888
Restructuring	–151	0	0	151	0	–4	0	0	4	0
Other<br> operating income/expense, net	58	0	0	0	58	–86	0	0	0	–86
Total<br> operating expenses	–16,668	457	1,961	151	–14,100	–15,833	478	1,064	4	–14,286

^1)^ Share-based Payments

Due to rounding, numbers may not add up precisely.

| SAP Quarterly Statement ^Q^3 2021 | 19 |

| --- | --- |

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

€<br> millions	Q3<br> 2021	Q1–Q3<br> 2021	Q3<br> 2020	Q1–Q3<br> 2020
Cost<br> of cloud	5	–125	0	0
Cost<br>of software licenses and support	0	–3	2	–1
Cost<br> of services	1	–14	1	–4
Research<br> and development	1	–10	3	–2
Sales<br> and marketing	5	2	1	1
General<br> and administration	0	–1	2	1
Restructuring<br> expenses	13	–151	8	–4

Due to rounding, numbers may not add up precisely.

| SAP Quarterly Statement ^Q^3 2021 | 20 |

| --- | --- |

Disaggregations

(H) Segment Reporting

(H.1) Segment Policies and Segment Changes

SAP has three reportable segments: the Applications, Technology & Support segment, the Qualtrics segment, and the Services segment.

For a more detailed description of SAP’s segment reporting, see Note (C.1) “Results of Segments” of our Consolidated Half-Year Report 2021.

(H.2) Segment Reporting – Quarter

Applications, Technology & Support

€<br> millions, unless otherwise stated<br><br> <br>(non-IFRS)	Q3<br> 2021		Q3<br> 2020	∆<br> in %	∆<br> in %
	Actual<br><br> <br>Currency	Constant<br><br> <br>Currency	Actual<br><br> <br>Currency	Actual<br><br> <br>Currency	Constant<br><br> <br>Currency
Cloud	2,155	2,153	1,853	16	16
Software<br> licenses	655	652	714	–8	–9
Software<br> support	2,867	2,863	2,844	1	1
Software<br> licenses and support	3,522	3,515	3,559	–1	–1
Cloud<br> and software	5,677	5,667	5,411	5	5
Services	85	85	62	37	37
Total<br> segment revenue	5,762	5,752	5,473	5	5
Cost<br> of cloud	–681	–682	–569	20	20
Cost<br> of software licenses and support	–394	–393	–406	–3	–3
Cost<br> of cloud and software	–1,076	–1,074	–975	10	10
Cost<br> of services	–96	–95	–87	10	10
Total<br> cost of revenue	–1,171	–1,170	–1,062	10	10
Segment<br> gross profit	4,590	4,582	4,412	4	4
Other<br> segment expenses	–2,184	–2,173	–2,085	5	4
Segment<br> profit (loss)	2,406	2,410	2,327	3	4
Margins
Cloud<br> gross margin (in %)	68.4	68.3	69.3	–0.9pp	–1.0pp
Segment<br> gross margin (in %)	79.7	79.7	80.6	–0.9pp	–0.9pp
Segment<br> margin (in %)	41.8	41.9	42.5	–0.7pp	–0.6pp

Due to rounding, numbers may not add up precisely.

| SAP Quarterly Statement ^Q^3 2021 | 21 |

| --- | --- |

Qualtrics

€<br> millions, unless otherwise stated<br><br> <br>(non-IFRS)	Q3<br> 2021		Q3<br> 2020	∆<br> in %	∆<br> in %
	Actual<br><br> <br>Currency	Constant<br><br> <br>Currency	Actual<br><br> <br>Currency	Actual<br><br> <br>Currency	Constant<br><br> <br>Currency
Cloud	189	191	129	46	47
Cloud<br> and software	189	191	129	46	47
Services	43	43	39	10	10
Total<br> segment revenue	233	234	169	38	39
Cost<br> of cloud	–16	–16	–12	35	36
Cost<br> of software licenses and support	0	0	0	NA	NA
Cost<br> of cloud and software	–16	–16	–12	35	36
Cost<br> of services	–29	–29	–24	23	24
Total<br> cost of revenue	–45	–45	–35	27	28
Segment<br> gross profit	188	189	134	41	42
Other<br> segment expenses	–174	–176	–125	39	40
Segment<br> profit (loss)	14	13	8	71	68
Margins
Cloud<br> gross margin (in %)	91.6	91.6	90.9	0.7pp	0.7pp
Segment<br> gross margin (in %)	80.7	80.7	79.1	1.6pp	1.7pp
Segment<br> margin (in %)	5.9	5.7	4.7	1.1pp	1.0pp

Due to rounding, numbers may not add up precisely.

Services

€<br> millions, unless otherwise stated<br><br> <br>(non-IFRS)	Q3<br> 2021		Q3<br> 2020	∆<br> in %	∆<br> in %
	Actual<br><br> <br>Currency	Constant<br><br> <br>Currency	Actual<br><br> <br>Currency	Actual<br><br> <br>Currency	Constant<br><br> <br>Currency
Cloud<br> and software	0	0	1	<-100	<-100
Services	803	801	808	–1	–1
Total<br> segment revenue	803	801	809	–1	–1
Cost<br> of cloud	–18	–18	–17	7	7
Cost<br> of software licenses and support	–4	–4	–6	–33	–33
Cost<br> of cloud and software	–21	–21	–22	–3	–4
Cost<br> of services	–489	–488	–493	–1	–1
Total<br> cost of revenue	–511	–509	–515	–1	–1
Segment<br> gross profit	292	292	294	–1	–1
Other<br> segment expenses	–91	–91	–102	–10	–11
Segment<br> profit (loss)	201	201	192	5	5
Margins
Services<br> gross margin (in %)	39.1	39.1	39.0	0.1pp	0.2pp
Segment<br> gross margin (in %)	36.4	36.5	36.3	0.1pp	0.2pp
Segment<br> margin (in %)	25.0	25.1	23.7	1.3pp	1.5pp

Due to rounding, numbers may not add up precisely.

| SAP<br>                                            Quarterly Statement ^Q^3 2021 | 22 |

| --- | --- |

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

Applications, Technology & Support

€<br> millions, unless otherwise stated<br><br> <br>(non-IFRS)	Q1–Q3<br> 2021		Q1–Q3<br> 2020	∆<br> in %	∆<br> in %
	Actual<br><br> <br>Currency	Constant<br><br> <br>Currency	Actual<br><br> <br>Currency	Actual<br><br> <br>Currency	Constant<br><br> <br>Currency
Cloud	6,179	6,399	5,654	9	13
Software<br> licenses	1,787	1,823	1,934	–8	–6
Software<br> support	8,490	8,715	8,669	–2	1
Software<br> licenses and support	10,277	10,537	10,603	–3	–1
Cloud<br> and software	16,455	16,937	16,257	1	4
Services	239	245	209	14	17
Total<br> segment revenue	16,694	17,181	16,466	1	4
Cost<br> of cloud	–1,930	–2,006	–1,742	11	15
Cost<br> of software licenses and support	–1,214	–1,243	–1,294	–6	–4
Cost<br> of cloud and software	–3,144	–3,248	–3,035	4	7
Cost<br> of services	–299	–306	–295	2	4
Total<br> cost of revenue	–3,443	–3,555	–3,330	3	7
Segment<br> gross profit	13,251	13,626	13,136	1	4
Other<br> segment expenses	–6,479	–6,641	–6,511	0	2
Segment<br> profit (loss)	6,772	6,985	6,625	2	5
Margins
Cloud<br> gross margin (in %)	68.8	68.7	69.2	–0.4pp	–0.5pp
Segment<br> gross margin (in %)	79.4	79.3	79.8	–0.4pp	–0.5pp
Segment<br> margin (in %)	40.6	40.7	40.2	0.3pp	0.4pp

Due to rounding, numbers may not add up precisely.

Qualtrics

€<br> millions, unless otherwise stated<br><br> <br>(non-IFRS)	Q1–Q3<br> 2021		Q1–Q3<br> 2020	∆<br> in %	∆<br> in %
	Actual<br><br> <br>Currency	Constant<br><br> <br>Currency	Actual<br><br> <br>Currency	Actual<br><br> <br>Currency	Constant<br><br> <br>Currency
Cloud	522	554	380	38	46
Cloud<br> and software	522	554	380	38	46
Services	123	130	118	4	10
Total<br> segment revenue	645	685	498	30	38
Cost<br> of cloud	–42	–44	–35	20	26
Cost<br> of software licenses and support	0	0	0	NA	NA
Cost<br> of cloud and software	–42	–44	–35	20	26
Cost<br> of services	–86	–91	–77	13	18
Total<br> cost of revenue	–128	–134	–111	15	21
Segment<br> gross profit	517	551	387	34	42
Other<br> segment expenses	–478	–513	–393	22	31
Segment<br> profit (loss)	39	38	–6	<-100	<-100
Margins
Cloud<br> gross margin (in %)	92.1	92.1	90.9	1.1pp	1.2pp
Segment<br> gross margin (in %)	80.2	80.4	77.7	2.5pp	2.7pp
Segment<br> margin (in %)	6.1	5.5	–1.2	7.3pp	6.7pp

Due to rounding, numbers may not add up precisely.

| SAP Quarterly Statement ^Q^3 2021 | 23 |

| --- | --- |

Services

€<br> millions, unless otherwise stated<br><br> <br>(non-IFRS)	Q1–Q3<br> 2021		Q1–Q3<br> 2020	∆<br> in %	∆<br> in %
	Actual<br><br> <br>Currency	Constant<br><br> <br>Currency	Actual<br><br> <br>Currency	Actual<br><br> <br>Currency	Constant<br><br> <br>Currency
Cloud<br> and software	0	0	3	–95	–96
Services	2,398	2,470	2,568	–7	–4
Total<br> segment revenue	2,398	2,470	2,571	–7	–4
Cost<br> of cloud	–60	–62	–56	7	11
Cost<br> of software licenses and support	–14	–15	–22	–36	–33
Cost<br> of cloud and software	–74	–77	–78	–5	–2
Cost<br> of services	–1,497	–1,538	–1,673	–11	–8
Total<br> cost of revenue	–1,571	–1,614	–1,751	–10	–8
Segment<br> gross profit	828	856	820	1	4
Other<br> segment expenses	–275	–282	–330	–17	–15
Segment<br> profit (loss)	553	574	490	13	17
Margins
Services<br> gross margin (in %)	37.6	37.7	34.8	2.7pp	2.9pp
Segment<br> gross margin (in %)	34.5	34.6	31.9	2.6pp	2.8pp
Segment<br> margin (in %)	23.0	23.2	19.1	4.0pp	4.2pp

Due to rounding, numbers may not add up precisely.

| SAP Quarterly Statement ^Q^3 2021 | 24 |

| --- | --- | | (I) | Reconciliation of Cloud Revenues and Margins | | --- | --- | | (I.1) | Reconciliation of Cloud Revenues and Margins – Quarter | | --- | --- | | millions, unless otherwise stated | | | | | Q3 2021 | | | Q3 2020 | | | ∆ in % | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | IFRS | Adj. | Non- IFRS | Currency Impact | Non-IFRS Constant Currency | IFRS | Adj. | Non-IFRS | IFRS | Non- IFRS | Non-IFRS Constant Currency^3)^ | | Cloud revenue – SaaS/PaaS1) | 714 | 0 | 714 | 1 | 715 | 650 | 0 | 650 | 10 | 10 | 10 | | | 1,434 | 0 | 1,434 | –3 | 1,431 | 1,127 | 0 | 1,127 | 27 | 27 | 27 | | | 2,148 | 0 | 2,148 | –1 | 2,146 | 1,777 | 0 | 1,777 | 21 | 21 | 21 | | Cloud revenue – IaaS2) | 238 | 0 | 238 | 0 | 238 | 208 | 0 | 208 | 15 | 15 | 15 | | Cloud revenue | 2,386 | 0 | 2,386 | –1 | 2,384 | 1,984 | 0 | 1,984 | 20 | 20 | 20 | | Cloud gross margin – SaaS/PaaS1) (in %) | 79.4 | | 80.0 | | 79.9 | 78.2 | | 78.3 | 1.2pp | 1.7pp | 1.7pp | | | 66.2 | | 69.8 | | 69.7 | 65.9 | | 71.4 | 0.4pp | –1.6pp | –1.7pp | | | 70.6 | | 73.2 | | 73.1 | 70.4 | | 73.9 | 0.2pp | –0.7pp | –0.8pp | | Cloud gross margin – IaaS2) (in %) | 34.3 | | 35.3 | | 35.3 | 32.2 | | 33.4 | 2.1pp | 2.0pp | 1.9pp | | Cloud gross margin (in %) | 67.0 | | 69.4 | | 69.3 | 66.4 | | 69.7 | 0.6pp | –0.3pp | –0.4pp |

All values are in Euros.

^1)^ Software as a Service/Platform as a Service

^2)^ Infrastructure as a Service

^3)^ Constant currency period-over-period changes are calculated by comparing the current year's non-IFRS constant currency numbers with the non-IFRS numbers of the previous year's respective period.

Due to rounding, numbers may not add up precisely.

(I.2) Reconciliation of Cloud Revenues and Margins – Year-to-Date

millions, unless otherwise stated					Q1–Q3<br> 2021			Q1–Q3<br> 2020			∆<br> in %
	IFRS	Adj.	Non-<br><br>IFRS	Currency<br> Impact	Non-IFRS<br> Constant Currency	IFRS	Adj.	Non-IFRS	IFRS	Non-<br><br> <br>IFRS	Non-IFRS<br> Constant Currency^3)^
Cloud<br> revenue – SaaS/PaaS1)	2,066	0	2,066	93	2,159	2,061	0	2,061	0	0	5
	4,063	0	4,063	134	4,198	3,350	2	3,352	21	21	25
	6,129	0	6,129	227	6,356	5,411	2	5,413	13	13	17
Cloud<br> revenue – IaaS2)	677	0	677	26	703	628	0	628	8	8	12
Cloud<br> revenue	6,806	0	6,806	253	7,060	6,039	2	6,041	13	13	17
Cloud<br> gross margin – SaaS/PaaS1) (in %)	78.7		79.3		79.3	78.7		79.0	0.0pp	0.3pp	0.3pp
	66.9		70.5		70.4	64.9		70.4	1.9pp	0.1pp	0.0pp
	70.9		73.4		73.4	70.2		73.7	0.7pp	–0.2pp	–0.2pp
Cloud<br> gross margin – IaaS2) (in %)	34.2		35.3		34.8	32.5		33.5	1.6pp	1.8pp	1.4pp
Cloud<br> gross margin (in %)	67.2		69.6		69.6	66.3		69.5	0.9pp	0.2pp	0.1pp

All values are in Euros.

^1)^Software as a Service/Platform as a Service

^2)^ Infrastructure as a Service

^3)^ Constant currency period-over-period changes are calculated by comparing the current year's non-IFRS constant currency numbers with the non-IFRS numbers of the previous year's respective period.

Due to rounding, numbers may not add up precisely.

| SAP Quarterly Statement ^Q^3 2021 | 25 |

| --- | --- | | (J) | Revenue by Region (IFRS and Non-IFRS) | | --- | --- | | (J.1) | Revenue by Region (IFRS and Non-IFRS) – Quarter | | --- | --- | | € millions | Q3 2021 | | | | | Q3 2020 | | | ∆ in % | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | IFRS | Adj. | Non-IFRS | Currency Impact | Non-IFRS Constant Currency | IFRS | Adj. | Non-IFRS | IFRS | Non- IFRS | Non-IFRS Constant Currency^1)^ | | Cloud Revenue by Region | | | | | | | | | | | | | EMEA | 850 | 0 | 850 | –7 | 843 | 659 | 0 | 659 | 29 | 29 | 28 | | Americas | 1,228 | 0 | 1,228 | 3 | 1,231 | 1,076 | 0 | 1,077 | 14 | 14 | 14 | | APJ | 308 | 0 | 308 | 3 | 310 | 249 | 0 | 249 | 23 | 23 | 25 | | Cloud revenue | 2,386 | 0 | 2,386 | –1 | 2,384 | 1,984 | 0 | 1,984 | 20 | 20 | 20 | | Cloud and Software Revenue by Region | | | | | | | | | | | | | EMEA | 2,642 | 0 | 2,642 | –17 | 2,625 | 2,451 | 0 | 2,451 | 8 | 8 | 7 | | Americas | 2,338 | 0 | 2,338 | 5 | 2,343 | 2,214 | 0 | 2,214 | 6 | 6 | 6 | | APJ | 930 | 0 | 930 | 3 | 933 | 879 | 0 | 879 | 6 | 6 | 6 | | Cloud and software revenue | 5,910 | 0 | 5,910 | –9 | 5,901 | 5,544 | 0 | 5,544 | 7 | 7 | 6 | | Total Revenue by Region | | | | | | | | | | | | | Germany | 1,087 | 0 | 1,087 | 0 | 1,087 | 952 | 0 | 952 | 14 | 14 | 14 | | Rest of EMEA | 1,956 | 0 | 1,956 | –20 | 1,936 | 1,908 | 0 | 1,908 | 3 | 3 | 1 | | Total EMEA | 3,043 | 0 | 3,043 | –20 | 3,024 | 2,860 | 0 | 2,860 | 6 | 6 | 6 | | United States | 2,224 | 0 | 2,224 | 16 | 2,240 | 2,167 | 0 | 2,168 | 3 | 3 | 3 | | Rest of Americas | 518 | 0 | 518 | –10 | 508 | 494 | 0 | 494 | 5 | 5 | 3 | | Total Americas | 2,742 | 0 | 2,742 | 6 | 2,748 | 2,661 | 0 | 2,662 | 3 | 3 | 3 | | Japan | 324 | 0 | 324 | 14 | 338 | 317 | 0 | 317 | 2 | 2 | 7 | | Rest of APJ | 735 | 0 | 735 | –10 | 725 | 696 | 0 | 696 | 6 | 6 | 4 | | Total APJ | 1,059 | 0 | 1,059 | 4 | 1,063 | 1,013 | 0 | 1,013 | 5 | 5 | 5 | | Total revenue | 6,845 | 0 | 6,845 | –10 | 6,834 | 6,535 | 0 | 6,535 | 5 | 5 | 5 |

^1)^ Constant currency period-over-period changes are calculated by comparing the current year's non-IFRS constant currency numbers with the non-IFRS numbers of the previous year's respective period.

Due to rounding, numbers may not add up precisely.

| SAP Quarterly Statement ^Q^3 2021 | 26 |

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

€ millions	Q1–Q3 2021					Q1–Q3 2020			∆ in %
	IFRS	Adj.	Non-IFRS	Currency<br><br> <br>Impact	Non-IFRS<br><br>Constant<br><br><br><br> <br>Currency	IFRS	Adj.	Non-IFRS	IFRS	Non-<br><br> <br>IFRS	Non-IFRS<br><br> Constant<br><br> <br>Currency^1)^
Cloud Revenue by Region
EMEA	2,397	0	2,397	22	2,420	1,936	0	1,936	24	24	25
Americas	3,519	0	3,519	205	3,723	3,352	2	3,354	5	5	11
APJ	890	0	890	26	917	751	0	751	18	18	22
Cloud revenue	6,806	0	6,806	253	7,060	6,039	2	6,041	13	13	17
Cloud and Software Revenue by Region
EMEA	7,692	0	7,692	49	7,740	7,291	0	7,291	5	5	6
Americas	6,674	0	6,674	386	7,061	6,759	2	6,761	–1	–1	4
APJ	2,722	0	2,722	79	2,801	2,599	0	2,599	5	5	8
Cloud and software revenue	17,088	0	17,088	514	17,602	16,649	2	16,651	3	3	6
Total Revenue by Region
Germany	3,044	0	3,044	3	3,047	2,798	0	2,798	9	9	9
Rest of EMEA	5,854	0	5,854	52	5,906	5,770	0	5,770	1	1	2
Total EMEA	8,898	0	8,898	54	8,952	8,568	0	8,568	4	4	4
United States	6,390	0	6,390	393	6,783	6,744	2	6,746	–5	–5	1
Rest of Americas	1,492	0	1,492	63	1,555	1,477	0	1,477	1	1	5
Total Americas	7,882	0	7,882	456	8,338	8,221	2	8,223	–4	–4	1
Japan	952	0	952	70	1,022	959	0	959	–1	–1	7
Rest of APJ	2,129	0	2,129	19	2,149	2,052	0	2,052	4	4	5
Total APJ	3,081	0	3,081	90	3,171	3,011	0	3,011	2	2	5
Total revenue	19,861	0	19,861	600	20,461	19,800	2	19,801	0	0	3

^1)^ Constant-currency period-over-period changes are calculated by comparing the current year's non-IFRS constant-currency numbers with the non-IFRS number of the previous year's respective period.

Due to rounding, numbers may not add up precisely.

| SAP Quarterly Statement ^Q^3 2021 | 27 |

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(K) Employees by Region and Functional Areas

Full-time equivalents				9/30/2021				9/30/2020
	EMEA	Americas	APJ	Total	EMEA	Americas	APJ	Total
Cloud and software	6,037	4,536	5,154	15,726	6,241	4,496	5,469	16,205
Services	8,138	5,582	6,038	19,758	8,119	6,013	5,869	20,001
Research and development	14,769	6,103	10,330	31,202	13,176	6,115	9,664	28,955
Sales and marketing	10,852	11,047	5,149	27,048	10,303	10,501	5,028	25,832
General and administration	3,310	2,130	1,158	6,598	3,165	2,149	1,225	6,538
Infrastructure	2,590	1,289	805	4,683	2,187	1,060	671	3,918
SAP Group (9/30)	45,696	30,685	28,634	105,015	43,190	30,334	27,925	101,450
Thereof acquisitions^1)^	390	63	45	498	0	0	0	0
SAP Group (nine months' end average)	45,006	30,422	28,187	103,616	43,169	30,285	27,801	101,255
^1)^ Acquisitions closed between January 1 and September 30^^of the respective year

| SAP Quarterly Statement ^Q^3 2021 | 28 |

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Other Disclosures

(L)	Financial<br> Income, Net

Finance income mainly consists of gains from disposals and fair value adjustments of equity securities totaling €704 million in the third quarter of 2021 (Q3/2020: €715 million) and €2,219 million in the first nine months of 2021 (Q1-Q3/2020: €1,048 million).

Finance cost were primarily impacted by losses from disposals and fair value adjustments of equity securities totaling €171 million in the third quarter of 2021 (Q3/2020: €44 million) and €399 million in the first nine months of 2021 (Q1-Q3/2020: €203 million).

For more information about Financial Income, Net, see the Notes to the 2021 Consolidated Half-Year Financial Statements, Note (C.3).

(M)	Business<br> Combinations and Divestments
(M.1)	Business Combinations
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Signavio GmbH

In January 2021, SAP announced it had entered into an agreement to acquire Signavio GmbH (Berlin, Germany) (“Signavio”), a leader in the enterprise business process intelligence and process management space. The purchase price was €949 million. The transaction closed on March 5th, following satisfaction of regulatory and other approvals; the operating results and assets and liabilities are reflected in our consolidated financial statements starting on that date (the initial accounting for the Signavio acquisition is still incomplete, thus the amounts recorded for some assets and liabilities are regarded provisional as of September 30, 2021).

For more information about Business Combinations, see the Notes to the 2021 Consolidated Half-Year Financial Statements, Note (D.1).

Clarabridge Inc.

On October 1, 2021 (after receipt of required regulatory approvals and satisfaction or waiver of other customary closing conditions), Qualtrics completed its previously announced acquisition of Clarabridge, Inc. (“Clarabridge”), a customer experience management software company headquartered in Reston, Virginia, USA, pursuant to an Agreement and Plan of Reorganization and Merger. The number of Qualtrics class A common stock issued to the sellers was fixed based on a valuation of US$1.125 billion (subject to certain adjustments) – the assumed Qualtrics share price was US$37.33. The consideration transferred will be calculated based on the acquisition date fair value of the common stock. Pursuant to joinder and lockup agreements signed by Clarabridge’s stockholders, the sale of the Qualtrics shares by the Clarabridge stockholders is subject to certain restrictions. The issuance of shares for this transaction will further dilute SAP’s ownership in Qualtrics to approximately 78%.

In addition, pursuant to the terms of the Merger Agreement, Qualtrics has (1) assumed, amended and restated Clarabridge stock plans, and (2) converted the assumed options to purchase shares of Clarabridge stock outstanding into corresponding Qualtrics options. Qualtrics will grant equity incentive awards to certain continuing employees of Clarabridge and its subsidiaries under their own Qualtrics equity plan at Qualtrics’ sole discretion.

Due to the timing of the close of the Clarabridge acquisition, the initial accounting for the business combination is incomplete and a preliminary allocation of purchase consideration cannot be estimated.

(M.2)	Divestments

As a result of the close of the transaction in September (following satisfaction of all closing conditions including regulatory approvals), SAP and investment company Dediq GmbH (“Dediq”) now jointly own the new “SAP Fioneer” entity (with SAP owning a minority share). SAP and SAP Fioneer have executed transition service and go-to-market agreements, among others. The disposal gain relating to the transfer of the business (predominantly IP and employees) was recorded in SAP’s “Other operating income/expense, net” (€77 million for both IFRS and non-IFRS).

(N)	Qualtrics<br> Initial Public Offering (IPO)

On January 28, 2021, Qualtrics International Inc. successfully issued 12% of its shares on the Nasdaq Stock Market (NASDAQ). The IPO related cash inflow amounted to €1,847 million and the initial value of non-controlling interests in net assets was €909 million.

(O)	Share<br> Based Payments

In the first nine months of 2021, 73.0 million equity-settled Qualtrics RSU (Retention Share Units) awards were granted to encourage and enable Qualtrics executives and employees to acquire an ownership interest in Qualtrics.

Upon completion of a voluntary exchange offer for eligible Qualtrics employees in conjunction with the IPO on January 28, 2021, 5.4 million of Qualtrics rights and 1.3 million SAP RSU awards were exchanged into 12.8 million Qualtrics RSU awards. The terms and conditions of the

| SAP Quarterly Statement ^Q^3 2021 | 29 |

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voluntary exchange offer, including the exchange ratio, were designed to preserve the intrinsic value of the Qualtrics rights and SAP RSUs that were tendered. The modification date fair value of the Qualtrics RSU awards was US$30.00.

(P)	Financial<br> Liabilities

In March 2021, SAP drew two short-term bank loans of €950 million and €500 million with tenors of one year. The loans can be repaid flexibly over time and bear interest at the Euribor reference rate plus 0.08% and 0.05%, respectively. In the same month, we repaid €500 million in Eurobonds. In June 2021, we repaid the outstanding €1,250 million of a term loan drawn in 2019 for the acquisition of Qualtrics. As at June 30, 2021, we had issued €1,080 million under our Commercial Paper (CP) program with short-term maturities, of which € 740 million were repaid during the third quarter of 2021. Additionally, as at September 30, 2021, we had issued further EUR 590 million under our Commercial Papers (CP) program with short-term maturities.

(Q)	Change<br> in non-IFRS revenue measures

In the second quarter of 2021 and effective for the full year 2021, we changed our non-IFRS definition. We no longer adjust our IFRS revenue measures by including the full amount of recurring revenue that is not recognized under IFRS due to fair value accounting for the contracts in effect at the time of the respective acquisitions. The adjustment amounts were immaterial for the first nine months of 2021.

Thus, our IFRS revenue is equal to our non-IFRS revenue at actual currencies. Stated 2020 results are based on our 2020 non-IFRS definition.

The adjustment of our non-IFRS definition also impacts our operating profit (non-IFRS), profit before tax (non-IFRS), profit after tax (non-IFRS), and our non-IFRS key ratios such as operating margin, effective tax rate, and earnings per share, basic.

| SAP Quarterly Statement ^Q^3 2021 | 30 |

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