Dassault Systemes SA: 2Q26 - Small Beat, ArisGlobal Acquisition Announced

研报英文原文证据摘录

Dassault Systemes SA: 2Q26 - Small Beat, ArisGlobal Acquisition Announced

Update

July 23, 2026 06:03 AM GMT

Morgan Stanley & Co. International plc+MDassault Systemes SA | Europe George W Webb

Equity Analyst

2Q26 - Small Beat, ArisGlobal George.Webb@morganstanley.comWilliam Richards +44 20 7425-2686

Research Associate

William.Richards1@morganstanley.com +44 20 7425-0269

Acquisition Announced Mark Hyatt

Mark.Hyatt@morganstanley.com +44 20 7677-3663

AlphaSignals Earnings Reaction

Dassault Systemes SA (DAST.PA, DSY FP)

Unchanged Modest upside Largely unchanged

Technology - Software & Services | France

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Equal-weight

Source: Company data, Morgan Stanley Research Industry View In-Line

Price target €21.75

Shr price, close (Jul 21, 2026) €17.92

Key Takeaways 52-WeekMkt cap, currRange(mn) €33.16-15.83€23,871

Net debt (12/26e) (mn)* €(2,600)

2Q cc revenue growth of c. 4% was c. 1pp above MS/consensus, and towards the EV, curr (mn)* €22,341

upper-end of the 2-5% guidance for 2Q

* = GAAP or approximated based on GAAP

2% adj. EBIT beat, 3% on EPS, FCF weaker than MSe, on working capital swings in

the quarter

Strong Mainstream Innovation software at 8% in 2Q, Industrial Innovation +5%,

while Life Sciences remained weak, down 4% (Medidata -3%)

FY guidance reiterated at 3-5% cc revenue growth, 32.2-32.6% adj. EBIT margin, 3-

6% cc adj. EPS growth

Separately, Dassault signed a definitive agreement to acquire ArisGlobal, for up

to $2bn, to strengthen its Life Sciences offering

2Q navigated... While some US names flagged up deal closure issues in 2Q,

alongside Temenos yesterday, Dassault's 2Q was in-line to slightly better than

feared.