Dassault Systèmes: Q2‘26 preview - expecting broadly in line quarter

Research evidence excerpt

Dassault Systèmes: Q2‘26 preview - expecting broadly in line quarter

J P M O R G A N Europe Equity Research

16 June 2026

Dassault Systèmes Neutral

DAST.PA, DSY FP

Q2’26 preview - expecting broadly in line quarter Price (15 Jun 26):€17.38

Price Target (Dec-27):€21.00

Heading into Q2 results (23rd July), our view is that the results are likely to be European Tech Software & IT

broadly in line with expectations and guidance. Dassault Systèmes grew revenue Services

3% y/y cc in Q1 and Bloomberg consensus has 3.3% revenue growth y/y cc for Q2, Toby Ogg AC

which is broadly in line with the midpoint of the current Q2 guidance of 2-5% y/y (44-20) 7742-3278

cc and looks to be broadly in the right place. Bloomberg consensus has revenue toby.ogg@jpmorgan.com

growth of 4% y/y cc for 2026, which is at the midpoint of the current 2026 guidance J.P. Morgan Securities plc

of 3-5% y/y cc. Hence, consensus is building in a slight acceleration in revenue Joseph George

growth for Q2 and more of an acceleration in H2. We expect Medidata’s growth (44-20) 3493-6990

joe.george@jpmorgan.com

to remain in the negative territory in Q2, Industrial Innovation growth could J.P. Morgan Securities plc

improve as comps ease and Mainstream Innovation growth will likely slow versus Priya R Suneja

Q1, but still be at a healthy level. Until we have conviction that growth can start (91-22) 6157 4721

positively surprising relative to the consensus on a sustainable basis, it is difficult priya.suneja@jpmchase.com

to build conviction in sustained performance. We make limited changes to our J.P. Morgan India Private Limited

estimates as we fine tune into Q2. Giulio Gambardella

(44-20) 3493-4181

• JPM estimates - Q2’26: We model Q2’26 revenue of €1.54bn (3.4% y/y cc), giulio.gambardella@jpmorgan.com