HALF-YEAR FINANCIAL REPORTJUNE 30, 2024
European company
Share capital: 133,843,536.30 euros
Registered Office: 10, rue Marcel Dassault – 78140 Vélizy-Villacoublay – France
Versailles Commercial Register under No. 322 306 440

This document is the English language translation of Dassault Systèmes’ Half Year Report, which was filed with the AMF (French
Financial Markets Authority) on July 25, 2024 in accordance with Article L.451-1-2 III of the French Monetary and Financial Code.
Only the French version of the Half Year Report is legally binding.

0Table of Contents
1

RESPONSIBILITY ............................................................................................................................................................2
1.1
1.2

2

Person Responsible for the Half Year Financial Report ....................................................................................................................... 2
Statement by the Person Responsible for the Half Year Financial Report ........................................................................................... 2

HALF YEAR ACTIVITY REPORT.....................................................................................................................................3
2.1
2.2
2.3

Profile of Dassault Systèmes, the 3DEXPERIENCE Company ............................................................................................................ 3
Risk Factors .......................................................................................................................................................................................... 3
Financial Performance Review ............................................................................................................................................................. 3
2.3.1 First Half 2024 Executive Overview .............................................................................................................................................................................. 4
2.3.2 Financial information definitions ................................................................................................................................................................................... 4
2.3.3 Consolidated Information: Financial Review of First Half 2024 compared to First Half 2023 ........................................................................................ 6
2.3.4 IFRS non-IFRS reconciliation ....................................................................................................................................................................................... 9
2.3.5 Variability in Quarterly Financial Results .................................................................................................................................................................... 11
2.3.6 Capital Resources ...................................................................................................................................................................................................... 12

2.4
2.5
2.6

Related party transactions .................................................................................................................................................................. 122024 First Half Significant Events ....................................................................................................................................................... 132024 Financial Objectives ................................................................................................................................................................... 14

3 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED JUNE 30, 2024 ...............15
Consolidated Statements of Income.................................................................................................................................................................................... 15
Consolidated Statements of Comprehensive Income .......................................................................................................................................................... 16
Consolidated Balance Sheets ............................................................................................................................................................................................. 17
Consolidated Statements of Cash Flows ............................................................................................................................................................................. 18
Consolidated Statements of Shareholders’ Equity .............................................................................................................................................................. 19
Notes to the Condensed Consolidated Financial Statements for the Half-Year Ended June 30, 2024 ................................................................................ 20
Note 1

Description of Business ...................................................................................................................................................................................... 21

Note 2

Material accounting policy information ................................................................................................................................................................ 21

Note 3

Seasonality ......................................................................................................................................................................................................... 21

Note 4

Segment Information .......................................................................................................................................................................................... 21

Note 5

Software Revenue .............................................................................................................................................................................................. 22

Note 6

Government Grants ............................................................................................................................................................................................ 23

Note 7

Share-based Compensation ............................................................................................................................................................................... 23

Note 8Other Operating Income and Expense, Net ........................................................................................................................................................ 25

Note 9Financial Income, Net ......................................................................................................................................................................................... 25

Note 10

Income tax .................................................................................................................................................................................................... 25

Note 11

Trade Accounts Receivable, Net ................................................................................................................................................................... 26

Note 12Intangible Assets, Net and Goodwill .............................................................................................................................................................. 26

Note 13

Borrowings .................................................................................................................................................................................................... 27

Note 14

Derivatives and Currency and Interest Rate Risk Management .................................................................................................................... 27

Note 15

Shareholders’ Equity ..................................................................................................................................................................................... 28

Note 16

Consolidated Statements of Cash Flows....................................................................................................................................................... 29

Note 17

Commitments and Contingencies ................................................................................................................................................................. 30

4 STATUTORY AUDITORS’ REVIEW REPORT ON THE 2024 HALF-YEARLY FINANCIAL INFORMATION.....................31

1

1 RESPONSIBILITY
1.1 Person Responsible for the Half Year Financial
ReportPascal Daloz - Chief Executive Officer.

1.2 Statement by the Person Responsible for the Half
Year Financial Report
Vélizy-Villacoublay, July 25, 2024
I hereby declare that, to the best of my knowledge, the 2024 half-year condensed financial statements have been prepared inaccordance with the applicable generally accepted accounting standards and provide a true and fair view of the Company’s financial
position and results of operations and those of all companies included within the scope of consolidation, and that the half year activity
report reflects a true view of important events which occurred during the first six months of the year and of their impact on the half year
financial statements, of the principal transactions between related parties, as well as the main risks and uncertainties for the remaining
six months of the year.

Pascal Daloz
Chief Executive Officer

2

2 HALF YEAR ACTIVITY REPORTAs used herein, and except when it refers to the stock of Dassault Systèmes, “Dassault Systèmes” and the “Group” refer to Dassault
Systèmes SE and all the companies included in the scope of consolidation. “Dassault Systèmes SE” or the “Company” refers only to
the European parent company which is governed by French law.

2.1 Profile of Dassault Systèmes, the 3DEXPERIENCE
Company
The purpose of Dassault Systèmes is to provide business and people with 3DEXPERIENCE universes to imagine sustainable
innovations capable of harmonizing product, nature and life. Dassault Systèmes, a global leading player in sustainable innovation,
provides to companies and individuals virtual twin experiences based on a unique collaborative and secured software platform. In
three main sectors of the economy (Manufacturing Industries, Life Sciences & Healthcare, Infrastructure & Cities), Dassault Systèmesdevelops virtual twin experiences that allow customers to create products and services for a more sustainable and desirable world.
Dassault Systèmes is a European science-based, innovation-driven, business-minded and long-term oriented company, with a global
presence and market reach. The Company’s more than 24,000 employees in more than 140 countries all share this same mindset.
This also translates into a high level of market confidence and trust among Dassault Systèmes 350,000 customers.

2.2 Risk Factors
The main risks and uncertainties to which the Group may be exposed to during the remaining six months of fiscal year 2024 arepresented in Section 1.9 “Risk Factors” of the Company’s 2023 Universal registration document filed with the Autorité des marchés
financiers (“AMF”, the French Financial Markets Authority) on March 18, 2024 and also available on our website www.3ds.com, it
being specified that certain information relating to foreign currency and interest rate risks mentioned in said Universal registration
document are updated in Note 14 to the Condensed consolidated financial statements for the half-year ended June 30, 2024
“Derivatives and Currency and Interest Rate Risk Management”, under Chapter 3 of this Half Year Report “Condensed Consolidated
Financial Statements for the Half Year ended June 30, 2024”.

2.3 Financial Performance Review
The executive overview in paragraph 2.3.1. “First Half 2024 Executive Overview” highlights selected aspects of Dassault Systèmes’business during the first six months of 2024. Financial Information and definitions should be read together with its condensed
consolidated financial statements and the related notes included in chapter 3 of this Half Year Report “Condensed Consolidated
Financial Statements for the Half Year ended June 30, 2024”, prepared in accordance with IFRS accounting rules. The various
definitions and methods of which can be found in Note 2 to the consolidated financial statements.
The supplemental non-IFRS financial information are subject to inherent limitations. They are not based on any comprehensive set ofaccounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. In addition,
Dassault Systèmes' non-IFRS supplementary financial data may not be comparable to other data also called “non-IFRS” and used byother companies. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS”
measures used by other companies. A number of specific limitations relating to these measures are detailed in paragraph 2.3.2.2“Supplemental Non-IFRS Financial Information”.
Unless otherwise indicated, financial information is presented in IFRS and changes in the following tables are computed using current
exchange rates.
Non-IFRS financial information definitions can be found in paragraph 2.3.2.2 “Supplemental Non-IFRS Financial Information”. The
reconciliation between this financial information and the IFRS framework can be found in paragraph 2.3.4 “IFRS non-IFRS
reconciliation".

32.3.1 First Half 2024 Executive Overview
IFRS(in millions of euros,
except per share data and percentages)

Non-IFRS

H1 2024

H1 2023

ChangeChange inconstant
currencies

H1 2024

H1 2023

ChangeChange inconstant
currencies€ 2,995.4€ 2,883.3

4%

5%€ 2,995.4€ 2,883.3

4%

5%

Software Revenue

2,699.4

2,597.2

4%

5%2,699.4

2,597.2

4%

5%Services Revenue

296.1

286.1

3%

4%

296.1

286.1

3%

4%

Operating Margin

20.0%

19.3%

+0.7 pt

30.5%

31.0%

(0.5) pt

Diluted net earnings per share("EPS")€ 0.42€ 0.3618%€ 0.60€ 0.56

7%

Total Revenue

10%

2.3.2 Financial information definitions
2.3.2.1 Definitions of Key Metrics Used
Information in Constant Currencies
Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives
exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software
revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency
impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases ordecreases in its revenue and expenses (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values,
particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed "in constant currencies",
the results of the "prior" period have first been recalculated using the average exchange rates of the comparable period in the current
year, and then compared with the results of the comparable period in the current year.
While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical tounderstanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars.
Therefore, Dassault Systèmes includes this calculation for comparing IFRS revenue figures as well non-IFRS revenue figures forcomparable periods. All information at constant exchange rates is expressed as a rounded percentage and therefore may not preciselyreflect the absolute figures.

Information on Growth excluding acquisitions (“organic growth”)
In addition to financial indicators on the entire Group’s scope, Dassault Systèmes provides growth excluding acquisitions effect, also
named organic growth. In order to do so, the data relating to the scope is restated excluding acquisitions, from the date of thetransaction, over a period of 12 months.

Information on Industrial Sectors
The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling,simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing
Industries, Life Sciences & Healthcare, and Infrastructure & Cities.
These three sectors comprise twelve industries:

Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; HighTech; Home & Lifestyle; Consumer Packaged Goods - Retail. In Manufacturing Industries, Dassault Systèmes helps
customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs andtime-to-market, and become more sustainable;Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of thepatient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research tocommercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine newtherapeutics, med practices, and Medtech;

Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services;
Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries
more efficient and sustainable, and creating desirable living environments.

4

Information on Product Lines
The Group’s product lines financial reporting include the following financial information:
Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and
3DEXCITE brands;Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;

Mainstream Innovation software revenue, which includes its CENTRIC PLM and 3DVIA brands, as well as its
3DEXPERIENCE WORKS family which includes the SOLIDWORKS brand.

Starting from 2022, 3DS OUTSCALE became a brand of Dassault Systèmes. As the first sovereign and sustainable operator on thecloud, 3DS OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloudexperience and with a world-class cyber governance.

GEO’s
Eleven GEOs are responsible for driving the development of the Company’s business and implementing its customer‑ centric
engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.
These GEOs are structured into three groups:
the “Americas” group, made of two GEO’s;

the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEO’s;

the “Asia” group, comprising Asia and Oceania and made of five GEO’s.

3DEXPERIENCE Software Contribution
To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes uses the following ratio: for software
revenue, the Group calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue
for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible
software revenue”).

Cloud revenue
Cloud revenues correspond to revenue generated through a catalog of cloud-based solutions, infrastructure as a service, cloud
solution development and cloud managed services. They are delivered by Dassault Systèmes via a cloud infrastructure hosted by
Dassault Systèmes, or by third party providers of cloud computing infrastructure services. These offerings are available throughdifferent deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered throughsubscriptions models or perpetual licenses with support and hosting services.

2.3.2.2 Supplemental Non-IFRS Financial Information
In discussing and analyzing the results of its operations, Management considers supplemental non-IFRS financial information: (i) nonIFRS revenue data excludes the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue) ;and non-IFRS expense data excludes, (ii) the amortization of acquired intangibles assets and of tangible assets revaluation, (iii) sharebased compensation expense and related social charges, (iv) lease incentives of acquired companies, (v) and other operating income
and expense, net (vi) certain one-time items included in financial income, net, and (vii) certain one-time tax effects and the income tax
effects of the above adjustments. A reconciliation of this supplemental non-IFRS financial information with information set forth in the
Company’s consolidated financial statements and the notes thereto is presented below under paragraph 2.3.4 “IFRS non-IFRS
reconciliation”.
The Group’s management uses the supplemental non-IFRS financial information, together with the IFRS financial information, forfinancial planning and analysis, evaluation of the operating performance, mergers and acquisition analysis and valuation, operational
decision-making and for setting financial objectives for future periods. Compensation of senior management is based in part on theperformance of its business measured with the supplemental non-IFRS information. Dassault Systèmes believes that the supplemental
non-IFRS data also provides meaningful information to investors and financial analysts who use the information for comparing theGroup’s operating performance to its historical trends and to other companies in the software industry, as well as for valuation
purposes.

5

2.3.3 Consolidated Information: Financial Review of First Half 2024
compared to First Half 2023
2.3.3.1 Revenue
IFRS(in millions of euros, except
percentages)

Total Revenue
Revenue breakdown by
activity
Software revenueof which licenses andother software revenueof which subscription andsupport revenue
Services revenue

Non-IFRS

For the First Half Ended
ChangeJune 30,2024
2023€ 2,995.4€ 2,883.3
4%

Change inconstant
currencies
5%

For the First Half Ended
ChangeJune 30,2024
2023€ 2,995.4€ 2,883.3
4%

Change inconstant
currencies
5%2,699.4

2,597.2

4%

5%2,699.4

2,597.2

4%

5%

490.3

489.8

0%

2%

490.3

489.8

0%

2%

2,209.1

2,107.45%

6%2,209.1

2,107.4

5%

6%

296.1

286.1

3%

4%

296.1

286.1

3%

4%

Software revenue
breakdown by product line
Industrial Innovation
Life Sciences
Mainstream Innovation

1,433.2
566.4
699.7

1,371.8
580.1
645.2

4%
(2%)
8%

6%
(2%)
9%

1,433.2
566.4
699.7

1,371.8
580.1
645.2

4%
(2%)
8%

6%
(2%)
9%

Software revenue
breakdown by geography
Americas
EuropeAsia

1,079.1
995.1
625.2

1,061.6
935.8
599.8

2%
6%
4%

2%
6%
9%

1,079.1
995.1
625.2

1,061.6
935.8
599.8

2%
6%
4%

2%
6%
9%

In the paragraphs below, unless otherwise indicated, financial information is in IFRS and non-IFRS and all revenue growth rates arein constant currencies.

Total Revenue
Total revenue increased 5% to €3.00 billion with software revenue growing 5% and services revenue growing 4%. Software revenue
represented 90% and services 10% of total revenue. Currency had a slight negative impact of approximately 1 percentage point.

Software Revenue by Activity
Recurring software revenue, which comprises subscription revenue and support revenue, represented 82% of software revenue
compared to 81% in the first half of 2023. During the first half of 2024, recurring software increased 6% to €2.21 billion, driven bysubscription revenue up 9%. Licenses and other software revenue increased 2% to €490.3 million.

Software Revenue by Product Line

Industrial Innovation software revenue rose 6% to €1.43 billion and represented 53% of software revenue. ENOVIA,NETVIBES, DELMIA and CATIA exhibited some of the strongest performance;Life Sciences software revenue decreased 2% to €566.4 million and represented 21% of software revenue. MEDIDATA
software revenue declined slightly in the first half of 2024, in line with Company objectives;



Mainstream Innovation software revenue increased 9% to €699.7 million and represented 26% of software revenue.
SOLIDWORKS delivered low single-digit growth while CENTRIC PLM continued to perform well with strong, double-digit
growth.

Software Revenue by Geography
The Americas grew 2% and represented 40% of software revenue. Europe rose 6% and represented 37% of software revenue. Asia
increased 9% to 23% of software revenue.

6Software Revenue by Industry
Transport & Mobility, Aerospace & Defense, Home & Lifestyle and Consumer Packaged Good & Retail displayed some of the strongest
performance.

Key Strategic Drivers
3DEXPERIENCE revenue increased 23% in the first half despite the observed volatility in customer decisions in the last weeks ofJune, as highlighted during the preliminary results, and represented 36% of 3DEXPERIENCE Eligible software revenue. Cloudsoftware revenue grew 8% and represented 25% of software revenue.

2.3.3.2 Operating expenses(in millions of euros, except percentages)

Cost of software revenue (excluding amortization of
acquired intangibles and of tangible assets
revaluation)(as % of total revenue)
Cost of services revenue(as % of total revenue)
Research and development expenses(as % of total revenue)
Marketing and sales expenses(as % of total revenue)
General and administrative expenses(as % of total revenue)
Amortization of acquired intangible assets and of
tangible assets revaluation
Other operating income and (expense), net
Total Operating Expenses

IFRS
For the First Half Ended
June 30,
2024
2023€(236.8)€(223.8)(8%)€(259.8)(9%)€(637.5)(21%)€(844.1)(28%)€(216.7)(7%)(8%)€(253.0)(9%)€(611.5)(21%)€(814.2)(28%)€(222.6)(8%)€(185.6)€(190.7)€(15.0)€(2,395.4)€(9.6)€(2,325.5)

ChangeNon-IFRS
For the First Half Ended
June 30,2024
2023€(235.1)€(220.3)(8%)€(253.2)(8%)€(598.7)(20%)€(807.1)(27%)€(187.1)(6%)(8%)€(246.1)(9%)€(559.9)(19%)€(772.4)(27%)€(190.9)
(7%)

(3%)

€-

€-

57%
3%

€€(2,081.1)€€(1,989.6)

6%

3%
4%
4%
(3%)

Change

7%

3%
7%
4%
(2%)
N/A
N/A
5%

IFRS operating expenses increased by 4% and by 5% in non-IFRS at constant exchange rates. Currency had a slight positive effectof less than 1 percentage point in both IFRS and non-IFRS.
The increase in cost of software revenue (excluding amortization of acquired intangibles) reflected the investments made to support
the growth of software revenue.
The increase in cost of services mostly reflected the growth of headcount and related costs to support the service revenue’s growth.
For the First Half of 2024, the increase in R&D expenses mostly reflected headcount growth and related costs.
The increase in marketing and sales expenses was mostly due to workforce growth and related costs, and to marketing events.
The variation in Other operating income and (expense), net reflected the restructuring expenses of MEDIDATA, partially offset bylower acquisition and acquisition projects expenses, net (refer to Note 8 to the condensed consolidated financial statements).

2.3.3.3 Operating income
IFRS
For the First Half Ended
June 30,(in millions of euros, except percentages)

Operating Income
Operating margin (as % of total revenue)2024€ 600.0
20.0%

2023€ 557.8
19.3%

Non-IFRS
Change8%

For the First Half Ended
June 30,2024€ 914.3
30.5%

2023€ 893.7
31.0%

Change2%7Non-IFRS operating income increased 2% and 4% at constant currencies. The control of the Group's operational cost growth hasenabled the preservation of the non-IFRS operating margin, which stood at 30.5% in the first half of 2024 compared to 31.0% in thefirst half of 2023.
The increase in IFRS operating income also included the combined effet of:

Lower share based compensation expenses (related to the employee shareholding plan “TOGETHER 2023” granted during
the first half of 2023) and related social charges,

Partially offset by the other operating income and (expense), net decrease.

2.3.3.4 Financial income (loss), net
IFRS

Non-IFRS

For the First Half Ended
June 30,(in millions of euros, except percentages)

Financial income (loss), net2024€ 63.42023€ 35.4

For the First Half Ended
June 30,

Change79%2024€ 64.92023€ 36.9Change76%

The increase in IFRS and non-IFRS Financial income (loss), was mainly due to higher interests rates on cash and cash equivalents
and to an increase in invested amounts (refer to Note 9 to the condensed consolidated financial statements).

2.3.3.5 Income tax expense(in millions of euros, except percentages)

Income tax expense
Effective consolidated tax rate

IFRS
For the First Half Ended
June 30,2024
2023€(116.0)€(116.7)
17.5%
19.7%

Non-IFRS
For the First Half Ended
June 30,
Change
2024
2023
(1%)
€(184.0)€(191.3)
18.8%
20.6%

Change(4%)

In IFRS and in Non-IFRS, the income tax expense decreased due to a revision of tax risks assessment including the conclusion of tax
audits.

2.3.3.6 Net income and net income per diluted share
IFRS

Non-IFRS

For the First Half Ended
June 30,(in millions of euros, except per share data and percentages)

2024

2023

Net Income attributable to Equity holders of theGroup
Adjustment to net income for the calculation of diluted
earnings per share
Diluted net income attributable to Equity holdersof the Group (1)Diluted earnings per share
Diluted weighted average number of shares
outstanding (in millions)€ 548.4€ 477.5€ 13.9-€ 562.3€ 477.5€ 0.42
1,328.7(1)

For the First Half Ended
June 30,

ChangeChange2024

2023€ 794.3€ 739.4--

18%€ 794.3€ 739.4

7%€ 0.3618%€ 0.60€ 0.56

7%

1,327.9-

1,328.7

1,327.9

-

15%

7%

The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted
by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

Non-IFRS diluted earnings per share improved to €0.60 in the first half of 2024, and grew 7% as reported and 10% at constantcurrencies.
82.3.4 IFRS non-IFRS reconciliation
The following tables set forth the Company’s supplemental non-IFRS financial information, together with the comparable IFRS financial
measure and a reconciliation of the IFRS and non-IFRS information.

9

For the First Half Ended June 30,2024 IFRS(in millions of euros, except per share data andpercentages)

Total Revenue€ 2,995.4
Revenue breakdown by activity
Software revenue
2,699.4
Licenses and other software revenue
490.3
Subscription and Support revenue
2,209.1
Recurring portion of Software82%
revenue
Services revenue
296.1
Software revenue breakdown by product line
Industrial Innovation
1,433.2
Life Sciences
566.4
Mainstream Innovation
699.7
Software revenue breakdown by geography
Americas1,079.1
Europe
995.1
Asia
625.2
Total Operating Expenses(2,395.4)
Share-based compensation expense and(112.6)
related social charges

ChangeAdjustment (1)2024 NonIFRS

2023 IFRS

Adjustment (1)2023 NonIFRS

IFRS

Non-IFRS(2)€-€ 2,995.4€ 2,883.3-€ 2,883.3

4%

4%

-

2,699.4
490.3
2,209.1

2,597.2
489.8
2,107.4-

2,597.2
489.8
2,107.4

4%
0%
5%

4%
0%
5%

82%

81%

-

296.1

286.1

-

286.1

3%

3%

-

1,433.2
566.4
699.7

1,371.8
580.1
645.2

-

1,371.8
580.1
645.2

4%
(2%)
8%

4%
(2%)
8%

314.3

1,079.1
995.1
625.2(2,081.1)

1,061.6
935.8
599.8(2,325.5)

335.9

1,061.6
935.8
599.8(1,989.6)

2%
6%
4%
3%

2%
6%
4%
5%

112.6

-

(134.3)

134.3

-

81%

Amortization of acquired intangible assets
and of tangible assets revaluation(185.6)185.6-(190.7)

190.7-

Lease incentives of acquired companies

(1.2)

1.2

-

(1.4)

1.4

-

Other operating income and expense, net
Operating Income
Operating Margin
Financial income (loss), net
Income before income taxes
Income tax expense
Non-controlling interest(15.0)
600.0
20.0%
63.4
663.5
(116.0)
1.0

15.0
314.3

(9.6)
557.8
19.3%
35.4
593.3
(116.7)
0.9

9.6
335.9

2%

1.5
337.4
(74.7)
(0.8)

893.7
31.0%
36.9
930.6
(191.3)
0.1

8%

1.5
315.8
(68.0)
(1.9)

914.3
30.5%
64.9
979.3
(184.0)
(0.9)

79%
12%
(1%)
12%

76%
5%
(4%)
N/A

Net Income attributable toshareholders€ 548.4€ 245.9€ 794.3€ 477.5€ 261.9€ 739.4

15%

7%

Diluted net income per share(3)€ 0.42€ 0.17€ 0.60€ 0.36€ 0.20€ 0.5618%

7%(1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the deferred revenue adjustment of acquired companies; (ii)adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangibles assets and of tangible assets revaluation, share-based
compensation expense and related social charges, the effect of adjusting the lease incentives of acquired companies, as detailed below, and other operating income
and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets (iii) adjustments to IFRS
financial loss, net reflect the exclusion of certain one-time items and (iv) all adjustments to IFRS net income data reflect the combined effect of these adjustments, plus
with respect to net income and diluted net income per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.
(2) The non-IFRS percentage change compares non-IFRS measures for the two different periods. In the event there is an adjustment to the relevant measure for only oneof the periods under comparison, the non-IFRS change compares the non-IFRS measure to the relevant IFRS measure.
(3) Based on a weighted average of 1,328.7 million diluted shares for the 2024 First Half and 1,327.9 million diluted shares for the 2023 First Half and, for IFRS only, a
diluted net income attributable to the sharehorlders of € 562.3 million for the 2024 First Half (€ 477.5 million for the 2023 First Half).(refer to paragraph 2.3.3.6 “Net
Income and net income per diluted share”).

10For the First Half Ended June 30,
Share-based
Lease
compensation incentives
2024 non2024 IFRS expense andof
IFRS
related social acquired
chargescompanies

2023
IFRS

Share-based
Lease
compensation incentives
2023 nonexpense andof
IFRS
related social acquired
chargescompanies(in millions of euros)

Cost of revenue
Research and development
expensesMarketing and sales expenses
General and administrative
expensesTotal(496.5)8.0

0.3(488.2)€(476.9)€ 10.1€ 0.4€(466.4)(637.5)38.3

0.6(598.7)(611.5)51.0

0.6(559.9)(844.1)36.8

0.2(807.1)(814.2)41.5

0.2(772.4)(216.7)29.5

0.1(187.1)(222.6)31.7

0.1(190.9)

112.6

1.2

€ 134.3€ 1.4

2.3.5 Variability in Quarterly Financial Results
Dassault Systèmes’ quarterly licenses revenue growth may have varied significantly in the past and may vary significantly in the future.
Quarterly licensing revenue growth reflects business seasonality, clients’ decision processes, licenses and subscription licensing mix
and timing and mix of multi-year on-premise software contracts. Services revenue activity also vary significantly by quarter reflecting
clients’ decision processes as well as decisions regarding service engagements to be performed by us or by system integrators theCompany works with.
Total software revenue growth has generally been less sensitive to quarterly variation due to the significant level of recurring software
revenue. IFRS and non-IFRS Recurring software revenue represented 82 % and 81% of total software revenue for the First Half of2024 and 2023, respectively but could be subject to renewal delays. With the implementation of IFRS 15 effective as of January 1,
2018, sequential comparisons of recurring software revenue growth need, however, to take into account the fact that a high proportionof on-premise, subscription software contracts renew for an annual period as of January 1 st. Therefore, under IFRS 15 Dassault
Systèmes records a higher percentage of the annual amount of on-premise subscription in the first quarter. In addition, year-over-year
growth comparisons may be impacted by changes in the timing of on-premise subscription renewals.
IFRS(in millions ofeuros, except
percentages)

Licenses andOther Software
Subscription &SupportSoftware
Revenue

Non-IFRS

1Q

2Q

3Q

4Q

1Q

2Q

1Q

2Q

3Q

4Q

1Q

2Q

2023

2023

2023

2023

2024

2024

2023

2023

2023

2023

2024

2024

211.0

278.9

246.0

351.9

218.5

271.8

211.0

278.9

246.0

351.9

218.5

271.8

1,077.2

1,030.2

1,040.8

1,124.3

1,134.3

1,074.8

1,077.2

1,030.2

1,040.8

1,124.3

1,134.3

1,074.8€1,288.2 €1,309.0 €1,286.7 €1,476.1 €1,352.8 €1,346.5 €1,288.2 €1,309.0 €1,286.7 €1,476.1 €1,352.8 €1,346.5

Dassault Systèmes normally experiences its highest licenses sales for the fourth calendar quarter. Therefore, software revenue, total
revenue, operating income, operating margin and net income have generally been higher in the fourth quarter of each year.
Acquisitions and divestitures can also cause the different elements of revenue to vary from quarter to quarter. Rapid changes incurrency exchange rates can also cause reported revenue, operating income and diluted net income per share and their respective
reported growth rates to vary from quarter to quarter.
Therefore, it is possible that its quarterly total revenue could vary significantly and that its net income could vary significantly, reflecting
the change in revenues, together with the effects of its investment plans. Refer to paragraphs 1.9.1.1 “Uncertain Global Economic
Environment” and 1.9.1.11 “Variability in Dassault Systèmes’ Quarterly Operating Income” in Risk Factors in 023 Universal registration
document.

112.3.6 Capital Resources
Dassault Systèmes has a significant financial flexibility thanks to its available cash and short-term investments position and stronglevel of cash flow generation. The main uses of cash are for acquisitions, repayment of debt, cash dividends and for the repurchaseof treasury stocks, to be delivered as part of employee shareholding plans.
The Group’s net financial position improved to €1.04 billion on June 30, 2024, compared to €0.58 billion on December 31, 2023, withan increase in cash and cash equivalents and short-term investments which stood at €4.03 billion on June 30, 2024 from €3.57 billion
on December 31, 2023.
On November 17, 2023, Standard & Poors Global Ratings reaffirmed their “A” rating with a stable outlook for Dassault Systèmes SE
and its long-term debt.
For the 2024 First Half, the main sources of liquidity came from the cash generated by the business, amounting to €1.13 billion (H12023: €1.03 billion), and from the exercise of stock options for €35.2 million (H1 2023: €27.0 million). For the 2023 First Half, the main
sources of liquidity also came from a €146.1 million capital increase as part of the employee shareholding plan “TOGETHER 2023”.
During the 2024 First Half, cash obtained from operations was used principally for:


cash dividends of €302.7 million (H1 2023: €276.2 million),

repurchase of treasury shares for €307.7 million to neutralize the dilutive effect of the share-based compensation plans (H12023: €167.4 million including the employee shareholding plan),capital expenditures of €107.8 million (H1 2023: €67.7 million), and for payment for lease obligations of €42.3 million (H12023: €42.0 million).

Exchange rate fluctuations, in particular the US dollar, had a positive conversion effect on cash and cash equivalent balances of €53.6
million as of June 30, 2024, compared to a negative conversion effect of €56.0 million as of June 30, 2023.
Dassault Systèmes follows a conservative policy for investing cash resources, mostly relying on investment-grade short-term maturity
investments from major banks and financial institutions.
Refer also to the Consolidated Statements of Cash Flows presented in Chapter 3 “Condensed Consolidated Financial Statements forthe half-year ended June 30, 2024”.

2.4 Related party transactions
Related party transactions were identified and described in the 2023 Universal registration document, in Chapter 4.1.1 “Consolidated
Financial Statements”, Note 25 “Related-Party Transactions”. No new related party transaction occurred during the 2024 First Half.
The transactions entered into with Dassault Aviation, and mentioned in the 2023 Universal registration document, continued during
the first six months of 2024. There was no modification which could significantly impact the financial position or the income of
Dassault Systèmes during the 2024 First Half.

12

2.5 2024 First Half Significant Events
Evolution of Dassault Systèmes governance
Dassault Systèmes announced the appointment of Pascal Daloz (former Deputy CEO and COO) as Chief Executive Officer effective
on January 1, 2024. As from this date, Bernard Charlès (former Chairman and CEO) continues as Executive Chairman of the Boardof Directors of Dassault Systèmes.

Other information
On May 22, 2024, at the Annual Shareholders’ Meeting, Dassault Systèmes’ shareholders approved a dividend for the fiscal year
2023 equivalent to €0.23 per share. On May 29, 2024, the dividend was fully paid in cash in an aggregate amount of €302.7 million.

13

2.6 2024 Financial Objectives
Dassault Systèmes’ full year 2024 financial objectives presented below have been updated following the second quarter 2024
preliminary results, the press release of which was issued on July 9th, 2024. The full year objectives are given on a non-IFRS basis
and reflect the principal 2024 currency exchange rate assumptions below for the US dollar and Japanese yen as well as the potential
impact from additional non-Euro currencies:
FY 2024
Total revenue
GrowthGrowth ex FX
Software revenue growth *Of which licenses and other software revenue growth *Of which subscription and support revenue growth *Services revenue growth *€6.260 - €6.335
5 - 6%
6 - 8%
7 - 8%
3 - 5%
8 - 9%
3 - 5%

Operating margin

32.0% - 32.4%

EPS diluted
Growth at current exchange rates€1.27 - €1.30
6 - 9%

Growth at constant exchange rates *8 - 11%

US dollar
Japanese yen (before hedging)$1.09 per Euro
JPY 159.7 per Euro* Growth in constant currencies: refer to paragraph 2.3.2.1 Definitions of Key Metris We Use – Information in Constant Currencies

These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth
below.
The 2024 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are
estimated based upon the 2024 principal currency exchange rates above: no significant contract liabilities write-downs; share-based
compensation expenses, including related social charges, estimated at approximately €231 million (these estimates do not include
any new stock option or share grants issued after June 30, 2024); amortization of acquired intangibles and of tangibles reevaluation,
estimated at approximately €365 million, largely impacted by the acquisition of MEDIDATA; and lease incentives of acquiredcompanies at approximately €2 million. The above objectives also do not include any impact from other operating income andexpenses, net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired
intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects ofthese non-IFRS adjustments. Finally, these estimates do not include any new stock option or share grants, or any new acquisitions or
restructuring completed after June 30, 2024.
The information above includes statements that express the operating framework and objectives for our future financial performance.
Such forward-looking statements are based on our management’s views and assumptions as of the date of this Half Year Report andinvolve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements
due to a range of factors. The main risks and uncertainties to which the Group may be exposed during the remaining six months offiscal year 2024 are presented in Section 1.9 “Risk Factors” of the Company’s 2023 Universal registration document filed with the AMF(French Financial Markets Authority) on March 18, 2024, with the exception of foreign currency and interest rate risks which are
updated in Note 14 to the Condensed consolidated financial statements for the half-year ended June 30, 2024 “Derivatives andCurrency and Interest Rate Risk Management” under Chapter 3 of this Half Year Report “Condensed Consolidated Financial
Statements”.

14

3 CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS FOR THE HALFYEAR ENDED JUNE 30, 2024
Consolidated Statements of Income
Six months ended June 30,2024(unaudited)2023(unaudited)

Licenses and other software revenue€490.3€489.8Subscription and support revenue

2,209.1

2,107.4

2,699.4
296.1
2,995.4

2,597.2
286.1
2,883.3

Cost of software revenue(236.8)(223.8)

Cost of services revenue(259.8)(253.0)Research and development expenses(637.5)(611.5)Marketing and sales expenses(844.1)(814.2)

General and administrative expenses(216.7)(222.6)

Amortization of acquired intangible assets and of tangible assets revaluation(185.6)(190.7)(in millions of euros, except per share data)

Software revenue
Services revenue
TOTAL REVENUE

Other operating income and expense, net

Note

5

8

(15.0)

(9.6)

600.0

557.8

9

63.4

35.4

663.5

593.3

10

(116.0)(116.7)NET INCOME€547.5€476.6

Attributable to:Equity holders of the GroupOPERATING INCOME
Financial income, net
PROFIT BEFORE TAX
Income tax expense€548.4€477.5

Non-controlling interest
Earnings per share
Basic earnings per share€(1.0)€(0.9)

€0.42

€0.36

Diluted earnings per share

€0.42

€0.36

15

Consolidated Statements of Comprehensive Income
Six months, ended June 30,2024(unaudited)2023(unaudited)€547.5€476.6

24.8
(6.3)
264.3

24.5
(5.2)
(176.2)282.8(157.0)

5.8
(2.7)
(1.6)

0.1
(18.6)(2.8)

1.5(21.3)OTHER COMPREHENSIVE INCOME, NET OF TAX

284.3(178.3)TOTAL COMPREHENSIVE INCOME€831.8€298.3Attributable to:Equity holders of the Group
Non-controlling interests€832.7€(0.9)€299.2€(0.9)(in millions of euros)

Note

NET INCOME
Unrealized gains on hedging reserves, net
Income tax related unrealized gains on hedging reserves, net
Foreign currency translation adjustment
Other comprehensive income that are or may be reclassified to profit or loss insubsequent periods
Remeasurement of defined benefit pension plans
Remeasurement of non-consolidated equity investments
Income tax related to items above
Other comprehensive income that will not be reclassified to profit or loss insubsequent periods

1516

Consolidated Balance Sheets(in millions of euros)

June 30, 2024
(unaudited)

December 31,
2023(audited)€4,031.5
1,495.9
37.1
192.8
295.3
6,052.6
953.5
191.8
70.9
2,745.8
4,934.3
8,896.3€3,568.3
1,707.9
26.8
197.1
280.0
5,780.1
882.8
232.4
80.2
2,842.1
4,805.0
8,842.3€14,948.9€14,622.5€198.9545.0
1,622.4
953.2
11.0
231.9
3,562.3
99.2
2,042.4
1,097.0
3,238.6133.9
1,202.6(876.5)
7,277.4
398.1
8,135.5
12.5
8,148.0€230.5635.1
1,479.3
950.1
18.2
247.7
3,561.0
100.1
2,040.6
1,074.7
3,215.4
133.8
1,173.2(756.8)7,170.1
113.8
7,834.1
11.9
7,846.1€14,948.9€14,622.5

Note

AssetsCash and cash equivalents
Trade accounts receivable, net
Contract assets
Income tax receivable
Other current assets
TOTAL CURRENT ASSETS
Property and equipment, net
Other non-current assets
Deferred tax assets
Intangible assets, net
Goodwill
TOTAL NON-CURRENT ASSETS

11

12
12

TOTAL ASSETS(in millions of euros)
Liabilities
Trade accounts payable
Accrued compensation and other personnel costs
Contract liabilities
Borrowings, current
Income tax payable
Other current liabilities
TOTAL CURRENT LIABILITIESDeferred tax liabilities
Borrowings, non-current
Other non-current liabilities
TOTAL NON-CURRENT LIABILITIESCommon stock
Share premium
Treasury stock
Retained earnings and other reserves
Other comprehensive income, net of tax
Total parent shareholders’ equity
Non-controlling interests
TOTAL EQUITYTOTAL LIABILITIES

13

13

15

17

Consolidated Statements of Cash FlowsSix months ended June 30,(in millions of euros)

Note

2024
(unaudited)2023(unaudited)€547.5€476.6

Adjustments for non-cash items

16

356.4

344.3

Changes in operating assets and liabilities

16

226.3

204.9

1,130.2

1,025.8

Additions to property, equipment and intangible assets(107.8)(67.7)

Payment for acquisition of businesses, net of cash acquired(15.7)

(0.8)

Other

23.1

(4.9)

(100.4)(73.4)NET INCOME

NET CASH FROM OPERATING ACTIVITIESNET CASH USED IN INVESTING ACTIVITIES
Proceeds from exercise of stock options

35.2

27.0

Cash dividends paid

15

(302.7)(276.2)

Repurchase and sale of treasury stock15(307.7)(167.4)

Capital increase

15

-

146.1

Acquisition of non-controlling interests

(2.6)

(0.8)

-

20.6

Repayment of borrowings(0.2)(27.3)

Repayment of lease liabilities(42.3)(42.0)(620.2)(320.1)

53.6(56.0)

Proceeds from borrowings

NET CASH USED IN FINANCING ACTIVITIES
Effect of exchange rate changes on cash and cash equivalents
INCREASE IN CASH AND CASH EQUIVALENTS

463.2

576.5

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

3,568.3

2,769.0

CASH AND CASH EQUIVALENTS AT END OF PERIOD€4,031.5€3,345.4

Income taxes paid€(90.0)€(197.7)

Cash paid for interest€(18.2)€(14.0)Total cash outflow for leases€(59.5)€(55.5)

Supplemental disclosures18

Consolidated Statements of Shareholders’ Equity(in millions of euros)

Note€133.5 €1,128.3

DECEMBER 31, 2022
Net income
Other comprehensive income, net oftax
TOTAL COMPREHENSIVE INCOME
Dividends
Capital increase
Exercise of stock options
Treasury stock transactions
Share-based compensation
Transactions with non-controllinginterests
Other changes

7

JUNE 30, 2023 (UNAUDITED)DECEMBER 31, 2023
Net income
Other comprehensive income, net oftax
TOTAL COMPREHENSIVE INCOME
Dividends
Exercise of stock options
Treasury stock transactions
Share-based compensation
Transactions with non-controllinginterests
Other changes
JUNE 30, 2024 (UNAUDITED)

CommonShare Treasury
stock premium
stock

15

7

Retained
Other
earnings comprehensive
Total parent
Nonand other income, net of shareholders’ controlling
reserves
tax
equityinterest€(703.7)€6,307.8€444.8€7,310.7€14.2

Total Equity€7,324.8

-

-

-

477.5

-

477.5

(0.9)

476.6

-

-

-

-

(178.3)(178.3)-(178.3)

-

-

-

477.5

(178.3)

299.2

(0.9)

298.3

0.5
0.1
-

145.6
29.8
-

(18.5)-(276.2)(148.9)101.4-(276.2)146.1
30.0(167.4)
101.4

0.2
0.1

(276.2)146.1
30.2(167.4)
101.6

-

-

-

1.4

-

1.4

(2.0)

(0.5)

-

-

-

35.4

-

35.4

-

35.4

€134.1 €1,303.7€(722.2)€6,498.4€266.6€7,480.6€11.7€7,492.2€133.8 €1,173.2€(756.8)€7,170.1€113.8€7,834.1€11.9€7,846.1

-

-

-

548.4

-

548.4

(1.0)

547.5

-

-

-

-

284.3

284.3

0.1

284.3

-

-

-

548.4

284.3

832.7

(0.9)

831.8

0.1
-

29.4
-

(119.7)-(302.7)(188.6)95.5-(302.7)29.5(308.3)
95.5

0.9
0.5

(302.7)30.4(308.3)
95.9

-

-

-

(27.4)-(27.4)

0.2(27.2)---(17.9)-(17.9)(0.1)(18.0)€133.9 €1,202.6€(876.5)€7,277.4€398.1€8,135.5€12.5€8,148.0

Analysis of changes in shareholders’ equity related to components of the other comprehensive
income(in millions of euros)

Foreign
Total
Other
currency
attributable toNon- comprehensive
Non-consolidated Hedging translation Actuarial gains
parent controlling income, net of
equity investments reserves adjustment
and losses shareholders
interest
tax

DECEMBER 31, 2022€(3.2)€7.1€485.3€(44.4)€444.8€0.2

Variations
JUNE 30, 2023 (UNAUDITED)(21.5)

19.3(176.2)0.1(178.3)-(178.3)€(24.6)€26.4€309.1€(44.2)€266.6€0.2€266.8DECEMBER 31, 2023€(28.6)€13.1€181.5€(52.2)€113.8€0.2€113.9

(2.6)

18.5

264.2

4.1

284.3

0.1

284.3

€(31.2)€31.6€445.8€(48.1)€398.1€0.2€398.3

Variations
JUNE 30, 2024 (UNAUDITED)€445.119

Notes to the Condensed Consolidated Financial Statements for
the Half-Year Ended June 30, 2024
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
Note 1

Description of Business

Note 10

Income Taxes

Note 2

Material accounting policy information

Note 11

Trade Accounts Receivable, Net

Note 3

Seasonality

Note 12Intangible Assets, net and Goodwill

Note 4

Segment Information

Note 13

Borrowings

Note 5

Software Revenue

Note 14

Derivatives and Currency andInterest Rate Risk Management

Note 6

Government Grants

Note 15

Shareholders’ Equity

Note 7

Share-based Compensation

Note 16

Consolidated Statements of Cash
Flows

Note 8Other Operating Income and Expense, Net

Note 17

Commitments and Contingencies

Note 9Financial Income, Net

20

Note 1

Description of Business

The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling,simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing
Industries, Life Sciences & Healthcare, and Infrastructure & Cities.
These three sectors comprise twelve industries:

Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; HighTech; Home & Lifestyle; Consumer Packaged Goods - Retail. In Manufacturing Industries, Dassault Systèmes helps
customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs andtime-to-market, and become more sustainable;Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of thepatient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research tocommercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine newtherapeutics, med practices, and Medtech;

Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services;
Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries
more efficient and sustainable, and creating desirable living environments.

Dassault Systèmes SE (LEI code: 96950065LBWY0APQIM86) is a European company (Societas Europaea), incorporated under thelaws of France on June 9, 1981 for a 99-year term starting on the date of its registration, until August 4, 2080. The Company’s
registered office is located at 10, rue Marcel Dassault, 78140 Vélizy-Villacoublay, France.
Dassault Systèmes shares are listed on Euronext Paris. Groupe Industriel Marcel Dassault SAS (GIMD), which belongs to the Dassault
family, is the main shareholder.

Note 2

Material accounting policy information

The Condensed Consolidated Financial Statements for the Half-Year were prepared in accordance with the international standard
IAS 34 “Interim financial reporting” as adopted by the European Union (EU) and published by the International Accounting Standards
Board (IASB). These condensed interim consolidated financial statements were established under the responsibility of the Board of
Directors on July 24, 2024.
The condensed interim consolidated financial statements were prepared based on the same accounting policies as those applied in
the consolidated financial statements as of December 31, 2023, except for specific requirements provided by IAS 34.
New standards, interpretations or amendments effective beginning January 1, 2024 did not have a significant impact on the Group’s
condensed interim consolidated financial statements. New standards, interpretations or amendments effective beginning
January 1, 2025 were not early adopted by the Group.
Standards, interpretations or amendments published by the IASB, effective beginning January 1, 2024, and not yet approved by theEU, would not have a significant impact on the condensed consolidated financial statements for the first half of 2024.
Material information about the Group’s accounting policies is presented in the notes to the annual consolidated financial statements
for the year ended December 31, 2023.
The condensed interim consolidated financial statements are presented in millions of euros, unless otherwise specified. Somerounding differences may occur.

Note 3

Seasonality

The Group’s business activities are influenced by certain seasonal effects. Historically, revenue, operating income and net income
tend to be higher in the fourth quarter.

Note 4

Segment Information

Operating segments are components of a group for which discrete financial information is available and whose operating results are
regularly reviewed by management to assess performance and allocate resources. Dassault Systèmes operates in a single operating
segment, the sale of software solutions and services, which aim is to offer customers an integrated innovation process, from thedevelopment of a new concept to the realistic experience of the resultant product, through all stages of detailed design, scientificsimulation and manufacturing, thanks to the 3DEXPERIENCE platform.

21

The assessment of the operating segment’s performance is based on the Group’s supplemental non-IFRS financial information. The
accounting policies used differ from those described in Note 2 Material accounting policy information as follows:othe measures of operating segment revenue and income include all revenue that would have been recognized by acquiredcompanies had they remained stand-alone entities but which is partially excluded from Group revenue to reflect the fair value ofobligations assumed;othe measure of operating segment income excludes:o-amortization of acquired intangible assets and of the revaluation of tangible assets,-share-based compensation expense and associated payroll taxes (refer to Note 7 Share-based Compensation),-and other operating income and expense, net (refer to Note 8 Other Operating Income and Expense, Net);the measure of operating segment income takes into account the impact of lease incentives, including rent-free periods, which
are not recognized in the right-of-use asset under a business combination.
Six months ended June 30,(in millions of euros)
TOTAL REVENUE FOR OPERATING SEGMENT

2024

2023

€2,995.4€2,883.3

Adjustment for unearned revenue of acquired companies
REPORTED TOTAL REVENUE€2,995.4€2,883.3

Six months ended June 30,
2024

2023

INCOME FOR OPERATING SEGMENT€914.3€893.7

Amortization of acquired intangible assets and of revaluation of tangible assets(185.6)(190.7)

Share-based compensation expense and related payroll taxes(112.6)(134.3)

Other operating income and expense, net(15.0)(9.6)

Lease incentives of acquired companies

(1.2)

(1.4)

-

-

(in millions of euros)

Adjustment for unearned revenue of acquired companies
REPORTED OPERATING INCOME

Note 5€600.0€557.8

Software Revenue

Software revenue is comprised of the following:
Six months ended June 30,(in millions of euros)

2024

2023

Licenses and other software revenue€490.3€489.8Subscription and support revenue*

2,209.1

2,107.4

SOFTWARE REVENUE€2,699.4€2,597.2* In 2024, corresponds to €262.9 million at a point in time and €1,946.1 million over time, to be compared to €245.0 million and €1,862.4 million respectively in
2023.

The breakdown of software revenue by main product line is as follows:
Six months ended June 30,(in millions of euros)

2024

2023

Industrial Innovation€1,433.2€1,371.8

566.4

580.1

Life Sciences
Mainstream Innovation

699.7

645.2

SOFTWARE REVENUE€2,699.4€2,597.2

22

Note 6

Government Grants

Government grants are recorded in the consolidated statements of income as a reduction to research and development expenses andto other expenses, as follows:

Six months ended June 30,(in millions of euros)

2024

2023

Research and development

€29.2

€20.9

2.3

4.2

€31.5

€25.1

Other expenses
TOTAL GOVERNMENT GRANTS

Note 7

Share-based Compensation

The expense related to compensation based on performance shares and stock options, including associated payroll taxes, is recordedin the consolidated statements of income as follows:
Six months ended June 30,(in millions of euros)
Research and development
Marketing and sales
General and administrative
Cost of revenue

2024

2023

€(38.3)(36.8)(29.5)(8.0)€(51.0)(41.5)(31.7)(10.1)TOTAL EXPENSE RELATED TO SHARE-BASED COMPENSATION€(112.6)€(134.3)

Dassault Systèmes performance shares and stock-options
Changes during the six months ended June 30, 2024 of Dassault Systèmes unvested performance shares and stock-options were as
follows:
Number of awards

UNVESTED AS OF DECEMBER 31, 2023

Performance
sharesStockoptions

Total

19,942,297

5,834,681

25,776,978

Granted

5,255,986-

5,255,986

Vested(5,881,557)(3,279,872)(9,161,429)

Forfeited(127,814)(80,442)(208,256)

19,188,912

2,474,367

21,663,279

UNVESTED AS OF JUNE 30, 2024

Performance share plans granted in 2024
Plan 2024-A
Pursuant to an authorization granted by the General Meeting of Shareholders held on May 24, 2023, the Board of Directors decided,on May 22, 2024, to grant 4,377,215 performance shares (Plan 2024-A) to some employees and executives of the Group.
The shares of this 2024-A plan shall be acquired subject to the end of a period of around three years. They shall vest, in full or in part,
if some performance criteria are achieved, and the beneficiary is still an employee, an executive or a corporate officer of the Group at
the end of a service period ending on November 22, 2026.
The non-vesting performance conditions will be measured based on:-

for a weight of 80%: the growth of the non-IFRS diluted earnings per share (“EPS”) of the Group for the year 2026, neutralized
from currency effects, compared to that of the year 2023;

23-for a weight of 20%: the achievement of three environmental, social and governance criteria for the Group: the share of total
IFRS revenue deemed eligible within the meaning of EU Taxonomy, the reduction in greenhouse gas emissions in line withthe targets submitted to the Science Based Targets initiative (two sub-criteria) and the diversity (three sub-criteria).

At grant date, the weighted average fair value of 2024-A performance shares was €30.05. It was estimated based on the quoted priceof Dassault Systèmes common stock on the date of grant, assuming an expected dividend yield of 0.49%, and adjusted to include thenon-vesting conditions. The condition related to the non-IFRS diluted earnings per share was estimated using a Monte Carlo model.
This model simulates the performance of the non-IFRS diluted earnings per share of the Group excluding foreign currency effects,
assuming an expected volatility of 6.22%. The condition related to the environmental, social and governance criteria was estimatedusing the Management estimates of future achievements.

Plan 2024-M1
The Board of Directors also decided on May 22, 2024 to grant 878,771 performance shares (Plan 2024-M1) to some employees andexecutives of the Group.
At grant date, the weighted average fair value of 2024-M1 performance shares was €37.38.
Such shares shall be acquired at the end of a period of one year (tranche 1), two years (tranche 2) and three years and two days
(tranche 3) from the grant date. They shall vest, in full or in part, if the beneficiary is still an employee or an executive of the Group at
the end of these periods and provided certain performance conditions are achieved. These performance conditions will be measured
based on the level of achievement of the following three conditions:-for a weight of 30%: the growth of the non-IFRS diluted EPS of the Group for the years 2024 (tranche 1), 2025 (tranche 2)
and 2026 (tranche 3), neutralized from currency effects, compared to that of the year 2023 (non-market vesting condition);-

for a weight of 50%: the growth of the non-IFRS revenue and of the non-IFRS operating margin of the MEDIDATA brand(double criteria) for the years 2024 (tranche 1), 2025 (tranche 2) and 2026 (tranche 3), neutralized from currency effects,
compared to that of the year 2023 (non-market vesting condition);-

for a weight of 20%: the achievement of three environmental, social and governance criteria for the Group (mainly nonmarket vesting conditions): the share of total IFRS revenue deemed eligible within the meaning of EU Taxonomy, thereduction in greenhouse gas emissions in line with the targets submitted to the Science Based Targets initiative (two subcriteria) and the diversity (three sub-criteria).

Centric Software Inc. performance shares and stock-options
Main new plan granted by Centric Software Inc. in 2024
The Board of Directors of Centric Software Inc. decided to grant, on May 22, 2024, 8,885,000 stock-options to subscribe to Centric
Software Inc. shares to the officers and key employees of Centric Software Inc. and its subsidiaries. These stock-options are subject
to a weighted average vesting period of around two years and include put options in favor of the officers and employees, and call
options excercisable by the Group, to the extent that the stock-options are vested. In the event of exercise of these put and call options,
the Group can settle the acquisition price resulting from the exercise of these put and call options either in cash or in shares of Dassault
Systèmes.
At grant date, the weighted average fair value of these stock-options was between $4.06 and $5.46. It was estimated on the date of
grant using a Black-Scholes option pricing model, with the following assumptions: a weighted-average expected life between 4 and 6
years, an expected volatility rate of 45.0% and an average risk-free interest rate of 4.50%.

24

Note 8Other Operating Income and Expense, Net

Other operating income and expense, net are comprised of the following:
Six months ended June 30,(in millions of euros)
Restructuring expenses and other(1)

Expenses incurred in connection with relocation activities and reorganizations of the Group's premises

(2)

2024

2023

€(11.0)€(0.2)

(5.8)

(4.7)

Expenses incurred in connection with voluntary early retirement and end of career multi-year plan

(0.1)

(0.9)

Acquisition and acquisition projects income (expenses), net

1.9

(3.8)

€(15.0)€(9.6)OTHER OPERATING INCOME AND EXPENSE, NET(1)

In 2024, primarily composed of restructuring expenses of MEDIDATA.
In 2024, primarily composed of (i) amortization of right-of-use of a building in vacant leasehold in the Vélizy-Villacoublay campus due to works, and (ii) impairment
losses of right-of-use assets related to vacant leasehold properties following the reorganization of Medidata Solutions, Inc. premises (the second point being
main component of 2023 expense).

(2)

Note 9Financial Income, Net

Financial income, net for the six months ended June 30, 2024 and 2023 are as follows:
Six months ended June 30,(in millions of euros)

2024

2023

€91.1

€60.9

Interest expense(2)(22.4)(18.3)

INTEREST INCOME AND EXPENSE, NET

€68.7

€42.7

Foreign exchange (losses), net

(4.4)

(7.6)

Interest income(1)

Other, net

(0.8)

0.3

OTHER FINANCIAL INCOME AND EXPENSE, NET€(5.2)€(7.2)FINANCIAL INCOME, NET

€63.4

€35.4

(1) Interest income is primarily composed of interest on cash and cash equivalents.
(2) Mainly includes:(i) interest expense related to lease liabilities for €12.3 million in 2024 (€10.0 million in 2023);(ii) interest expense of €4.1 million in 2024 related to bonds (€4.1 million in 2023), €5.5 million in 2024 related to the commercial papers (€3.4 million in 2023),
and €0.4 million in 2024 related to borrowings from banking institutions (€0.7 million in 2023) (refer to Note 13 Borrowings).

Note 10 Income tax
Pillar Two directive
In December 2021, the Organization for Economic Cooperation and Development (OECD) published the Global Anti-Base Erosion
Model Rules (“GloBE rules”) as part of the second pillar of the solution based on two pillars to resolve the tax challenges raised by
globalization and digitalization of the economy (“Pillar 2”).
In this context, the European Union Council adopted, on December 14, 2022, the directive aimed at ensuring a global minimum levelof taxation (15%) for multinational enterprise groups and large-scale domestic groups in the Union. The Group is carefully monitoring
the dates of transposition of this directive in the member states of the European Union as well as the adoption of the GloBE rules injurisdictions outside the Union. Following the transposition of the European directive into French law on December 29, 2023, the GloBE
rules are applicable in France from the 2024 financial year.
With regard to GloBE rules, the calculations of effective tax rates are carried out on a broader scope of entities than Dassault Systèmes.
As a consequence, the potential impacts of this new regulation are currently being analysed jointly at this broader scope. The
application of GloBE rules would not have had a significant impact on the effective tax rate of the Group if they had been applied forthe 2023 financial year. As of June 30, 2024, the Group expects that the application of GloBE rules will not have a significant impact
on its effective tax rate for the 2024 financial year.

25

Note 11 Trade Accounts Receivable, Net
Trade accounts receivable are measured at amortized cost.
(in millions of euros)

June 30, December 31,
2024
2023

Trade accounts receivable€1,540.3

Allowance for trade accounts receivable
TOTAL TRADE ACCOUNTS RECEIVABLE, NET€1,754.0(44.4)(46.1)€1,495.9€1,707.9

The maturities of trade accounts receivable, net, were as follows:
June 30, December 31,
2024
2023

(in millions of euros)
Trade accounts receivable past due at closing date:Less than 3 months past due
3 to 6 months past due€177.2€135.943.9

54.9

More than 6 months past due

34.6

36.9

TRADE ACCOUNTS RECEIVABLE PAST DUE

255.7

227.8

Trade accounts receivable not yet due

1,240.2

1,480.1

TOTAL TRADE ACCOUNTS RECEIVABLE, NET€1,495.9€1,707.9

Note 12 Intangible Assets, Net and Goodwill
Intangible assets consist of the following:
Six months ended June 30, 2024

Year ended December 31, 2023

Gross

Accumulated
amortization
and Impairment

Net

Gross

Accumulated
amortization
and Impairment

Net

Software€3,649.6€(2,139.6)€1,510.0€3,558.2€(1,976.7)€1,581.5

Customer relationships

2,456.6(1,341.7)

1,115.02,400.3(1,262.5)

1,137.8(in millions of euros)

Other intangible assets
TOTAL

190.4

(69.5)

120.8

186.2

(63.4)

122.8€6,296.6€(3,550.8)€2,745.8€6,144.7€(3,302.6)€2,842.1

The change in the carrying amount of intangible assets as of June 30, 2024 is as follows:(in millions of euros)

Software

Customer
relationships

NET INTANGIBLE ASSETS AS OF DECEMBER 31, 2023

€1,581.5€1,137.8€122.8€2,842.1

Business combinations

8.6

-

-

8.6

Other additions

1.7

-

-

1.7

(126.7)(57.2)(5.5)(189.4)

44.9

34.4

3.6

82.8

€1,510.0€1,115.0€120.8€2,745.8

Amortization for the period
Exchange differences and other changes
NET INTANGIBLE ASSETS AS OF JUNE 30, 2024

Other intangible Total intangible
assetsassets26

The change in the carrying amount of goodwill as of June 30, 2024 is as follows:(in millions of euros)€4,805.0

GOODWILL AS OF DECEMBER 31, 2023
Exchange differences and other129.3€4,934.3

GOODWILL AS OF JUNE 30, 2024

Note 13 Borrowings
The table below provides a breakdown of total borrowings by contractual maturity date as of June 30, 2024:
Payments due by period(in millions of euros)
Bonds
Term loans
Commercial papers
Accrued interest
TOTAL

Total

Less than 1 year

1-5 years

5-10 years€2,741.6€699.9€897.6€1,144.1

0.9

0.2

0.7

-

248.8

248.8

-

-

4.4

4.4

-

-

€2,995.5€953.2€898.3€1,144.1

Bonds
On November 17, 2023, Standard & Poors Global Ratings reaffirmed their “A” rating with a stable outlook for Dassault Systèmes SE
and its long-term debt.
On September 16, 2019, the Group issued four tranches of fixed rate bonds for a total of €3,650 million. This issuance was part of thefinancing of the acquisition of Medidata Solutions, Inc. completed in October 2019. On September 16, 2022, the Group reimbursed
the first tranche of bond for €900.0 million.
The terms and conditions of these bonds are detailed in the transaction note having obtained the AMF visa n° 19-434 dated
September 12, 2019.

Commercial papers
In July 2022, the Group launched a program of commercial papers (Negotiable EUropean Commercial Paper – NEU CP) with amaximum outstanding amount, authorized by the Board, of €750.0 million. During the first half of 2024, the Group issued €910.0 million
with a maximum maturity of three months and reimbursed €910.0 million under this program. As of June 30, 2024, the commercial
papers total €248.8 million.

Line of credit
The Group received a financing commitment in the form of a revolving line of credit of €750 million for a period of 5 years from
October 28, 2019. In May 2020 and May 2021, the Group exercised its options to extend its term for one year respectively, bringing
the new termination date to October 2026. As of June 30, 2024, the line of credit was not drawn down.
The Group’s financing contracts do not have commitments such as “covenant ratios" linked to the change in the Group's rating. A
lower credit rating would result in an increase (capped) in the margins applicable to the line of credit; symmetrically, a higher rating
would lead to a decrease in the applicable margins (with a floor).

Note 14 Derivatives and Currency and Interest Rate Risk
Management
The fair market values of derivative instruments are determined by financial institutions using option pricing models.
All financial instruments were subscribed as part of the Group’s overall hedging strategy and most foreign currency hedging
instruments have maturity dates of less than 2 years. Management believes that counter-party risk on financial instruments is minimal
since the Group deals with leading financial institutions.

27A description of the Group market risks exposure is provided in paragraph 1.9.2 “Financial and Market Risks” of the 2023 Universal
registration document.

Foreign currency risk
Dassault Systèmes operates internationally and transacts in various foreign currencies, primarily U.S. dollar and Japanese yen.
The Group usually hedges exchange rate risk related to its revenues and expenses coming from usual and predictable economic
activity arising in the normal course of operations. It may also cover occasional exchange rate risks arising from specific transactions,such as acquisitions paid for in foreign currencies. Hedging activities are generally carried out by Dassault Systèmes SE for its own
account and on behalf of its subsidiaries.
At June 30, 2024 and December 31, 2023, the fair value of instruments used to manage the currency exposure was as follows:
Six months ended June 30,
2024(in millions of euros)
Forward exchange contract JPY/EUR - sale(1)Forward exchange contract JPY/USD - sale(1)Forward exchange contract GBP/EUR - sale(1)Forward exchange contract EUR/INR - sale(1)Forward exchange contract CNH/EUR - sale(1)Forward exchange contract USD/INR - sale(1)Forward exchange contract CNH/USD - sale(1)Forward exchange contract EUR/KRW - sale(1)Other instruments(2)Nominalamount€111.1
108.7
96.0
67.9
78.7
68.6
24.1
39.1

Fair value
€11.9
16.2
(2.0)
1.9
(0.7)
0.5
(0.1)
-

Year ended December 31,
2023
NominalamountFair value€161.6
155.9
74.6
71.5
63.1
51.4
38.2
39.0

€1.6
3.4
(0.4)
(1.2)
(0.7)
(0.1)
0.3
0.1

(1) Instruments entered into by the Company to hedge the foreign currency exchange risk of royalty flows, and mainly qualified as hedging instruments.
(2) Mainly derivatives not documented as hedging instruments. Changes in the derivatives’ fair value were recorded in other financial income and expense, net in
the consolidated income statement.

Interest rate risk
The Group believes that its business and operating income have not been significantly affected by changes in interest rates in the firsthalf of 2024. Exposure to interest rate risk, in a context of rising rates, is mainly reflected in an improvement in interest income on
cash, cash equivalents, short-term investments and consequently, in an improvement of the financial income, given the Group's current
financing structure relying mainly on fixed rates borrowings.

Note 15 Shareholders’ Equity
Shareholders’ equity activity
As of June 30, 2024, Dassault Systèmes SE had 1,339,093,392 common shares issued with a nominal value of €0.10 per share, fully
paid up.
Changes in shares outstanding are as follows:(in number of shares)
SHARES ISSUED AS OF DECEMBER 31, 2023
Exercise of stock options
SHARES ISSUED AS OF JUNE 30, 2024
Treasury stock as of June 30
SHARES OUTSTANDING AS OF JUNE 30, 2024

1,337,916,433
1,176,959
1,339,093,392(25,104,823)
1,313,988,569

Dividend rights
The total dividend distributed for the year ended December 31, 2023 amounts to €302.7 million, in accordance with the third resolutionof the General Meeting of Shareholders held on May 22, 2024.

28

Stock repurchase programs
General Meetings of Shareholders of May 24, 2023 and May 22, 2024 authorized the Board of Directors to implement a share
repurchase program limited to 25 million Dassault Systèmes shares. Under this authorization, the Company may not buy shares above
a maximum annual aggregate amount of €1 billion.
During the first half of 2024, as part of employee shareholding plans, 7,500,000 shares were acquired by the Group at an average
price of €39.29 for a total amount of €294.7 million.
Since 2015, the Group has been engaged in a liquidity agreement with broker Oddo BHF SCA. 2,822,332 shares were acquired during
the half year at an average price of €40.13, and 2,471,906 shares were sold at an average price of €40.55, i.e a total net cash amountof €(13.0) million.

Components of other comprehensive income
Six months ended June 30,(in millions of euros)

2024

2023

€36.1
11.3

€31.5
7.0

€24.8

€24.5

HEDGING RESERVES:
Gains arising during the year
Less: Gains reclassified to the income statement

Note 16 Consolidated Statements of Cash Flows
Adjustments for non-cash items consist of the following:

Six months ended June 30,(in millions of euros)

Note

Depreciation and impairment of property and equipment
Amortization and impairment of intangible assets

2023
€93.3

189.4

195.0

Non-cash share-based compensation expense

95.9

101.5

Deferred taxes(31.8)(59.6)

Other

10.2

14.1

€356.4€344.3

ADJUSTMENTS FOR NON-CASH ITEMS

12

2024
€92.7

Changes in operating assets and liabilities consist of the following:

Six months ended June 30,
2024

2023

€231.4€345.7(Decrease) in accounts payable(30.9)(36.4)(Decrease) in accrued compensation(97.8)(66.3)

0.6(75.1)

131.2

45.4

(8.2)

(8.3)

€226.3€204.9(in millions of euros)
Decrease in trade accounts receivable and contract assets

Increase (decrease) in income tax payable
Increase in contract liabilities
Changes in other assets and liabilities
CHANGES IN OPERATING ASSETS AND LIABILITIES

29

Note 17 Commitments and Contingencies
Litigation and other proceedings
The Group is involved in litigation and other proceedings, such as civil, commercial and tax proceedings, incidental to normal
operations. It is not possible to determine with certainty the outcome of the dispute and notably the resulting expense for the Group, ifany. However, in the opinion of management, after consultation with its lawyers and advisers, the resolution of such litigation andproceedings should not have a material effect on the consolidated financial statements of the Group.

Bank guarantees
The Group has a central cash management operated through a banking institution. In this context, the Group offered a guarantee tothe bank in an amount of $500 million. All commitments of the bank are guaranteed by its parent company.

30

4 STATUTORY AUDITORS’ REVIEWREPORT ON THE 2024 HALF-YEARLYFINANCIAL INFORMATIONThis is a free translation into English of the statutory auditors’ review report on the half-yearly financial information issued in Frenchand is provided solely for the convenience of English-speaking users. This report includes information relating to the specificverification of information given in the Group’s half-yearly management report. This report should be read in conjunction with, andconstrued in accordance with, French law and professional standards applicable in France.
To the Shareholders,
In compliance with the assignment entrusted to us by your Shareholders meetings and in accordance with the requirements of article
L. 451-1-2 III of the French monetary and financial Code ("Code monétaire et financier"), we hereby report to you on:

the review of the half-year accompanying condensed consolidated financial statements of Dassault Systèmes Group, for theperiod from January 1, 2024 to June 30, 2024,the verification of the information presented in the half-year activity report.

These half-year condensed consolidated financial statements are the responsibility of the Board of directors. Our role is to express a
conclusion on these financial statements based on our review.

I. Conclusion on the financial statements
We conducted our review in accordance with professional standards applicable in France.
A review of half-year financial information consists of making inquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted inaccordance with professional standards applicable in France and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying half-year condensed
consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 - standard of the IFRSs as
adopted by the European Union applicable to half-year financial information.

II. Specific verification
We have also verified the information presented in the half-year activity report on the half-year condensed consolidated financial
statements subject to our review. We have no matters to report as to its fair presentation and consistency with the half-year condensed
consolidated financial statements.
The Statutory Auditors
Paris La Défense, on July 25, 2024

Neuilly-sur-Seine, on July 25, 2024

French original signed by
KPMG SA

Jacques PIERRE
Partner

PricewaterhouseCoopers Audit

Xavier NIFFLE
Partner

Richard BEJOT
Partner31