Dassault Systèmes: Growth profile showing signs of relative consistency

研报英文原文证据摘录

Dassault Systèmes: Growth profile showing signs of relative consistency

J P M O R G A N Europe Equity Research

24 July 2026

Dassault Systèmes Neutral

DAST.PA, DSY FP

Growth profile showing signs of relative consistency Price (23 Jul 26):€18.42

▲Price Target (Dec-27):€22.00

Prior (Dec-27):€21.00

With Dassault Systemes Q2 revenue growth of 4% Y/Y CC (first take), the current

trend is slight outperformance relative to expectations in terms of growth. The Q3 European Tech Software & IT

Servicesgrowth guidance of 3-5% Y/Y CC implies broadly stable revenue growth relative

to Q2’s 4%. Assuming the midpoint of the Q3 growth guidance, the FY26 growth Toby Ogg AC

guidance of 3-5% Y/Y CC only requires a modest acceleration in Q4 growth (44-20) 7742-3278

toby.ogg@jpmorgan.com

relative to Q3 at the midpoint. Hence, it looks as though the current FY26 guidance J.P. Morgan Securities plc

is achievable and the low end of 3% looks increasingly de-risked. Within the

Joseph George

revenue mix, Industrial Innovation recovered to 5% Y/Y CC, Life Sciences (44-20) 3493-6990

worsened slightly with -4% Y/Y CC and Mainstream Innovation delivered 8% Y/Y joe.george@jpmorgan.com

CC. Thus from a revenue mix perspective, the only slight negative was the Life J.P. Morgan Securities plc

Sciences weakening, though the largely diminished Moderna drag should help Priya R Suneja

somewhat in H2. Looking forward, the growth profile has become relatively more (91-22) 6157 4721

consistent over the past few quarters, which is a positive. The Q3 growth guidance priya.suneja@jpmchase.com

implies stable growth, which doesn’t look too demanding, and the FY26 guidance J.P. Morgan India Private Limited

looks increasingly achievable. The ArisGlobal deal is likely to remain a debate Giulio Gambardella