Dassault Systèmes: Headline Q2 beat across growth and EBIT/EPS; ArisGlobal deal confirmed

研报英文原文证据摘录

Dassault Systèmes: Headline Q2 beat across growth and EBIT/EPS; ArisGlobal deal confirmed

%

since January 2026. Whilst estimate cuts haven’t helped, the broader software Specialist Sales contact details:

backdrop has driven meaningful multiple compression, which for Dassault Scott Silver - Specialist Sales -

has been amplified by vertical specific dynamics such as Mistral AI’s European TMT

partnerships with Airbus and BMW, and Prometheus AI developments. (44-20) 7134-0412

Looking back to Q1 in April, Dassault delivered +3% Y/Y cc growth versus scott.silver@jpmorgan.com

Bloomberg consensus of 2.6% Y/Y cc and the stock responded positively to Style Exposure

this in the morning (though did later fade due to other factors). Given this

template and given that the deal announcement had already been speculated,

we think the shares could initially respond positively to this set of results.

• Noteworthy Areas: 1) Licenses 1% cc in Q2 (vs 9% cc in Q1 and -7% in

Q4). 2) Subscription and support revenue grew 5% cc in Q2 (vs +2% cc in

Q1 and +3% in Q4); Subscription revenue grew 8% cc in Q2’26 (vs. +3% in

Q1 and +4% in Q4). 3) 3DEXPERIENCE software revenue 14% cc in Q2 (vs

+7% cc in Q1 and -3% cc in Q4). 4) Cloud software revenue was up 14% cc

in Q2 vs +8% cc in Q1. 5) By Division: Mainstream innovation was +8% cc

in Q2 (vs +14% cc in Q1), with management

noting “SOLIDWORKS continued its broad-based momentum across

geographies, with unit growth up double digits” and “CENTRIC delivered an

excellent performance in Q2, highlighted by several significant competitive

wins”; Industrial Innovation was +5% cc (vs 0% cc in Q1); Life Sciences was

-4% cc in Q2 (vs -3% cc in Q1), with MEDIDATA down -3%. 6) ARR: ARR

grew 6% yoy cc to reach €4.44bn in Q2 (vs 6% in Q1). 7) Regionally, in Q2