SAP 2025年度报告

FORM11-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the fiscal year ended December 31, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the transition periodfromto Commission file number 001-14251 A.Full title of the plan and the address of the plan, if different from that of the issuer named below: SAP America,Inc. 401(k)PlanSAP America,Inc.3999 West Chester PikeNewtown Square, PA 19073 B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: SAP SEDietmar-Hopp-Allee 1669190 WalldorfFederal Republic of Germany Table of Contents SAP AMERICA,INC.401(k)PLAN Page 1 ScheduleH, Line4i– Schedule of Assets (Held at End ofYear), December31, 202510 ExhibitIndexII-2 Note:All other schedules required by the Department of Labor’sRules and Regulations for Reporting andDisclosure under the Employee Retirement Income Security Act of 1974(ERISA) have been omitted becausethere is no information to report. Report of Independent Registered Public Accounting Firm The Plan Participants and The Benefits Committee of SAP America,Inc. SAP America,Inc. 401(k)Plan Opinion on the Financial Statements We have audited the accompanying statements of net assets available for benefits of SAP America,Inc. 401(k)Plan (thePlan) as of December31, 2025 and 2024, and the related statements of changes in net assets available for benefits fortheyears then ended, and the related notes and schedule (collectively referred to as the financial statements). In ouropinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the SAPAmerica,Inc. 401(k)Plan as of December31, 2025 and 2024, and the changes in net assets available for benefits fortheyears then ended, in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinionon these financial statements based on our audits. We are a public accounting firm registered with the Public CompanyAccounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan inaccordance with the U.S. federal securities laws and the applicable rulesand regulations of the Securities and ExchangeCommission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements,whether due to error or fraud, and performing procedures that respond to those risks. Such procedures includedexamining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits alsoincluded evaluating the accounting principles used and significant estimates made by management, as well asevaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis forour opinion. Supplemental Information The supplemental information in the accompanying Schedule H, Line 4i– Schedule of Assets (Held at End ofYear) asof December31, 2025 has been subjected to audit procedures performed in conjunction with the audit of SAPAmerica,Inc. 401(k)Plan’s financial statements. The supplemental information is the responsibility of the Plan’smanagement. Our audit procedures included determining whether the supplemental information reconciles to thefinancial statements or the underlying accounting and other records, as applicable, and performing procedures to testthe completeness and accuracy of the information presented in the supplemental information. In forming our opinion onthe supplemental information in the accompanying schedule, we evaluated whether the supplemental information,including its form and content, is presented in conformity with the Department of Labor’s Rulesand Regulations forReporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, theaccompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole. /s/ Kreischer Miller Horsham, PennsylvaniaJune 10, 2026 SAPAMERICA,INC.401(k)PLAN Statements of Net Assets Available for Benefits December31, 2025 and 2024 20252024Assets:Investments, at fair value$9,182,568,777$8,079,763,436Receivables:Notes receivable from participants38,457,59937,369,628Employer contributions—19,344,262Participant contributions—6,357,513Total receivables38,457,59963,071,403Net assets available for benefits$9,221,026,376$8,142,834,839 SAPAMERICA,INC.401(k)PLAN Statements of Changes in Net As