Dassault Systemes: Adding Life to Life Sciences

研报英文原文证据摘录

Dassault Systemes: Adding Life to Life Sciences

Deutsche Bank

Research

Rating Company Date

Hold Dassault Systemes 23 July 2026

Forecast Change

Europe

France

Reuters Bloomberg Exchange Ticker Price at 22 Jul 2026 (EUR) 17.76

DAST.PA DSY FP PAR DAST

Price Target (EUR) 20.00

Technology

ADR ISIN 52-week range (EUR) 31.99 - 15.96

IT Software & Services

DASTY US2375451083

Adding Life to Life Sciences

Valuation & Risks

Nicolas Herms

Q2 better-than-feared; FY26 guidance confirmed Research Analyst

Dassault reported better-than-feared Q2 results, modestly beating expectations +49-69-910-13052

across the board, with revenue growing 4% cc and an operating margin of 30.0%.

Johannes Schaller

Growth was driven by Industrial Innovation (+5% cc), with 3DX particularly strong, Associate Director of Equity Research - Germany

and Mainstream Innovation (+8% cc), where momentum remained robust at +49-69-910-31731

SOLIDWORKS and especially CENTRIC, while Life Sciences (-4% cc) continued to

Nooshin Nejati

weigh on the top line. FY26 guidance was fully confirmed, with Life Sciences

Research Analyst

expected to perform better in H2 than in H1, underpinned by ARR growth turning

+49-69-910-61797

positive in Q2 and easing comps. On the call, management also provided further

detail on Dassault´s AI strategy and several customer examples. Management said

customers increasingly recognise that industrial AI requires proprietary world

models, workflows, data and compliance-grade traceability. This supports the

long-term opportunity for Dassault’s 3DX-based offerings, while MEDIDATA is also

showing early signs of recovery. Nevertheless, we remain on the sidelines pending

clearer evidence of a sustained top-line re-acceleration. We retain our Hold rating