SAPGF Sap SE (PK)

Filed by: Qualtrics International Inc.

Pursuant to Rule 425 under the Securities Act of 1933

Subject Company: SAP SE

Subject Company’s Commission File No.: 001-14251

The information displayed in this document is being provided solely for eligible employees of Qualtrics, SAP and their respective subsidiaries in connection with the Exchange Offer and should not be used for any other purpose. Please refer to the Prospectus – Offer to Exchange for the comprehensive details about the Exchange Offer. Copies of the Prospectus – Offer to Exchange, the letter of transmittal for the Offer, the form of notice of withdrawal for the Offer and all applicable documents with respect to eligible employees outside the U.S. have been made available to all eligible employees. All capitalized terms used herein and not otherwise defined have the meanings ascribed to such terms in the Prospectus – Offer to Exchange.

Exchange Offer:

This document provides the final calculated volume-weighted average price of SAP common stock and the actual Exchange Ratio showing the number of Qualtrics RSUs that will be issued in exchange for each Existing RSU that is properly tendered. Promptly after the expiration of the Offer, Qualtrics will accept all properly tendered Fixed Value Rights and Existing RSUs in exchange for Qualtrics RSUs in amounts based directly on the Exchange Ratio or Exchange Quotient, as applicable, and pursuant to the terms of the Offer. The Fixed Value Rights will be exchanged in accordance with the Exchange Quotient mechanics set forth in the Prospectus – Offer to Exchange.

The final calculated volume-weighted average price of SAP common stock (the “Five-Day Average VWAP”), from which the resulting Exchange Ratio between Existing RSUs and Qualtrics RSUs was derived, was determined by averaging (taking the arithmetic mean of) the daily volume-weighted average price of SAP common stock for the final five full trading days of the Offer period. The final five full trading days of the Offer period were January 20, 2021, January 21, 2021, January 22, 2021, January 25, 2021 and January 26, 2021. These dates will also be referred to as the “calculation period.”

Indicative Number of Shares to be Received:

The following formula was used to calculate the number of Qualtrics RSUs that each tendering shareholder will receive for Existing RSUs tendered and accepted in the Exchange Offer:

See the below calculation as an example for determining the number of Qualtrics RSUs to be received by a tendering holder. Using an Average VWAP equal to $128.2018 and the IPO Price of $30.00, the number of shares of Qualtrics RSUs that a tendering holder would receive for 100 Existing RSUs tendered would be 427.

The VWAP is the volume-weighted average price per share of SAP Stock on Xetra over the final five full trading days (calculated as the average (arithmetic mean) of the VWAP on those five days) prior to the Expiration Date during the period beginning at 9:00 a.m., Central European Time (or such other time as is the official open of trading on Xetra on the applicable date) and ending at 5:30 p.m., Central European Time (or such other time as is the official close of trading on Xetra on the applicable date), as reported by Bloomberg Financial LP and converted at an exchange rate equal to the exchange rate as published by the Wall Street Journal at www.wsj.com/market-data/currencies/exchangerates for the date preceding the Expiration Date. The VWAP was calculated using the average (arithmetic mean) of the volume-weighted average price per share of SAP Stock on January 20, 2021, the volume-weighted average price per share of SAP Stock on January 21, 2021, the volume-weighted average price per share of SAP Stock on January 22, 2021, the volume-weighted average price per share of SAP Stock on January 25, 2021 and the volume-weighted average price per share of SAP Stock on January 26, 2021, converted at the exchange rate as published by the Wall Street Journal at www.wsj.com/market-data/currencies/exchangerates for January 26, 2021.

The daily VWAP was calculated using the default criteria for the function known as “Bloomberg VWAP” of the AQR function for SAP common stock on the automated quote and analytical system distributed by Bloomberg Financial LP. Volume-weighted average price was calculated by adding up the dollars traded for every transaction executed (price multiplied by number of shares traded) and dividing by the total number of shares traded for the day.

Please note that Qualtrics RSUs granted in the exchange will be rounded down to the nearest share on an award-by-award basis to avoid potential adverse tax consequences to the holder.

Provided below are tables representing the final information on the Average VWAP and the resulting Exchange Ratio based on the $30.00 IPO Price. Further descriptions of the figures and terminology used in Tables A, B, C and D are included.

TABLE A: The final Daily VWAP based upon the actual last five trading days during the Offer period.

For days 1-15 of the Offer, this table was updated once per day after the close of Xetra with the Daily VWAP for the period of 9:00 a.m.-5:30 p.m., Central European Time. For days 16-20 of the Offer, the VWAP was updated approximately once per hour for the period from 9:30 a.m.-11:30 a.m. Eastern Time, which are the hours of trading on Xetra that overlap with the hours of trading on Nasdaq. Therefore, during the first four trading days of the calculation period, the actual intra-day VWAP of SAP common stock during the elapsed part of that day was used in the calculation of the indicative Daily VWAP. On the final trading day of the calculation period, the indicative Daily VWAP calculation used the Daily VWAP for the prior four trading days and the actual intra-day VWAP during the elapsed portion of that final trading day.

In order to be as accurate as possible, the VWAP data for this period took into account any adjustments made to reported trades included by 11:45 a.m., Central European Time each day. For the first five days of the Offer period, the indicative Five-Day Average VWAP and Exchange Ratio were provided based in whole or in part on values for the five trading days preceding the first day of the Offer period.

TABLE B: The actual Exchange Ratio shown is calculated by dividing the final Five-Day Average VWAP by the $30.00 IPO Price. This Exchange Ratio represents the number of Existing RSUs that would be tendered for every Qualtrics RSU with underlying Qualtrics common stock.

TABLE C: This shows how many Existing RSUs would be exchanged for a specified number of Qualtrics RSUs. The number of Qualtrics RSUs given in the exchange will be rounded down to the nearest whole share.

TABLE D: This shows a listing of historical data for the Offer period. The table was updated once per day with the current end-of-day Daily VWAP, the indicative Five-Day Average VWAP, and the resulting Exchange Ratio.

Contact Information

The information and exchange agent for the Exchange Offer is D.F. King & Co., Inc.

Questions of requests for assistance may be directed to the information agent at:

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