Commentary & Deal Flow

SAP SE, (ticker: "SAP", country: DE) rated A1/A+ (Moody's/S&P), has mandated ING and J.P. Morgan as Joint Global Coordinators and Joint Bookrunners and BNP Paribas, Deutsche Bank, Morgan Stanley and UniCredit as Joint Bookrunners to arrange a series of fixed income investor calls on Wednesday, 27 May 2026. J.P. Morgan is coordinating logistics.

An investor presentation with voiceover has been made available on DealRoadshow.

A Euro denominated, Reg S, bearer, Senior Unsecured 4-part bond offering, across 2-year FRN, 3-year FXD, 5-year FXD and 7-year FXD tranches with expected ratings of A1 by Moody’s and A+ by S&P will follow, subject to market conditions. The net proceeds from the issue of the Notes will be used for general corporate purposes, including (re)financing of recently announced acquisitions.

Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK.

Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 (as amended) and underlying legislation. It is not a prospectus. The Prospectus, when published, will be available at: https://www.luxse.com

Relevant stabilization regulations including FCA/ICMA will apply.