Just received my notification:

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We want to thank you for your continued commitment as a valued SAP customer or partner. Today, we are
reaching out to notify you of our annual adjustment to the fee for SAP On Premise Support offerings, that
you will see reflected in your upcoming invoice(s), effective with your 2027 renewal starting on or after
January 1, 2027, as specified in your agreement(s).
This is an annual decision which is conducted, and this adjustment is based in most cases, but not
always, on a cost-of-living index; please refer to your contract(s) for details. The adjustment does not
represent an increase in list prices for SAP support offerings.
Your applicable rate is 3.50%.
Thank you again for the trust you put in us to assist you in managing your business needs.

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I am finding it hard to understand the logic that this does not represent an increase in list prices.