Press Release
VELIZY-VILLACOUBLAY, France — July 25, 2024

Dassault Systèmes: Second Quarter 2024 Results inLine With Preliminary Announcement
Non-IFRS Diluted EPS up 10% in the First Half

Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA), on the back of the July 9, 2024
preliminary announcement, today reports its IFRS unaudited estimated financial results for thesecond quarter and first half ended June 30, 2024. The Group’s Board of Directors approved
these estimated results on July 24, 2024. This press release also includes financial information
on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

Summary Highlights1(unaudited, non-IFRS unless otherwise noted,
all growth rates in constant currencies)•

2Q24 results in line with preliminary announcement: total revenue growth of 4% to€1.496 billion and diluted EPS of €0.30;•

For the first six months, total revenue increased 5% with subscription revenue up 9% andlicenses & other software revenue up 2%. Operating margin was 30.5%, and diluted EPS2
up 10% to €0.60;•

3DEXPERIENCE software revenue grew by 23% y/y in the first half despite the observed
volatility in customer decisions in June, as highlighted during the preliminary
announcement;•

Improved IFRS operating cash flow for the first six months at €1.13 billion, up 10% y/y atcurrent exchange rate;•

In line with the preliminary announcement, the full year outlook is updated as follows: total
and software revenue growth of 6% to 8% and diluted EPS growth between 8% and 11%.

1 IFRS figures for 2Q24: total revenue at €1.50 billion, operating margin of 18.4% and diluted EPS at €0.21; IFRS figures for
YTD24: total revenue at €3.00 billion, operating margin of 20.0% and diluted EPS at €0.42.
2 Diluted EPS was up 7% at current exchange rate.

1Dassault Systèmes’ Chief Executive Officer Commentary
Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:“Despite near-term volatility in customers’ decision-making, the demand for 3DEXPERIENCE
solutions remains strong. Our customers – like Mahindra & Mahindra this quarter, selecting
3DEXPERIENCE on the cloud – are looking for innovative ways to differentiate in the market andstrengthen their client relationships. To achieve this, our platform is more relevant than evercreating unique experiences, and accelerating the transformation of the industries we serve. This
underpins the wins we have achieved this quarter, including both extensions and significant winbacks.
Our fundamentals are solid: we have a robust pipeline ahead, which is structurally stronger in thesecond half compared to the first. Additionally, we remain on track to close this year the majorityof the deals that have been delayed, and the maturity of opportunities is improving as we advancethrough the year.
Looking toward our long-term objectives, we are well-positioned to deliver sustainable doubledigit EPS growth.”

Dassault Systèmes’ Chief Financial Officer Commentary(revenue, operating margin and diluted EPS growth rates in constant currencies,
data on a non-IFRS basis)
Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:“As indicated during our pre-announcement, we saw an increased cautiousness in customer
signings in the last weeks of June. This reflects a complex geopolitical environment.
Consequently, over the first six months of 2024, total revenue and software revenue increased
by 5%, with subscription up 9%. The operating margin for this period was strong, contributing to
a 10% growth in EPS. At the same time, we delivered improved operating cash flow at€1.13 billion, up 10% year over year, thanks to working capital improvements.
We have adjusted our revenue objectives by 2 percentage points for the full year. This new
guidance still reflects an acceleration of revenue growth in the second half over the first,
supported by a robust pipeline of 3DEXPERIENCE ahead.
In this environment, we are increasing our focus to preserve the operational efficiency while
creating room to continue to invest.
For 2024, we therefore anticipate total revenue growth in the range of 6% to 8%, an operating
margin between 32.0% and 32.4%, and diluted EPS growth between 8% and 11%."2

Financial Summary
IFRS
In millions of Euros,
except per share dataand percentages

Q2 2024

Q2 2023

Total Revenue

1,495.8

Software Revenue

1,346.5

Operating Margin
Diluted EPS

IFRS
ChangeChange inconstant
currencies

YTD 2024

YTD 2023

ChangeChange inconstant
currencies

1,449.1

3%

4%2,995.4

2,883.3

4%

5%

1,309.03%

3%2,699.4

2,597.2

4%

5%

18.4%

17.9%

+0.6pt

20.0%

19.3%

+0.7pt

0.21

0.17

25%

0.42

0.36

18%

Non-IFRS

Non-IFRS

In millions of Euros,
except per share dataand percentages

Q2 2024

Q2 2023

ChangeChange inconstant
currencies

YTD 2024

YTD 2023

ChangeChange inconstant
currencies

Total Revenue

1,495.8

1,449.1

3%

4%2,995.4

2,883.3

4%

5%

Software Revenue

1,346.5

1,309.03%

3%2,699.4

2,597.2

4%

5%

Operating Margin

29.9%

31.0%

(1.0)pt

30.5%

31.0%

(0.5)pt

Diluted EPS

0.30

0.28

7%

0.60

0.56

7%

8%

10%

Second Quarter 2024 Versus 2023 Financial Comparisons(unaudited, IFRS and non-IFRS unless otherwise noted,
all revenue growth rates in constant currencies)•

Total Revenue: Total revenue in the second quarter grew by 4% to €1.50 billion, and software
revenue increased 3% to €1.35 billion. Subscription & support revenue rose 4%; recurring
revenue represented 80% of software revenue. Licenses and other software revenue declined
1% to €272 million, in line with Company’s objectives. Services revenue increased 6% to€149 million, during the quarter.

•

Software Revenue by Geography: The Americas revenue decreased 1% to represent 39%
of software revenue. The region was impacted by delays in customer decision-making, mainlyin Aerospace and Defense, while Home and Lifestyle maintained its positive momentum.
Europe increased 5% to 37% of software revenue with solid growth in France and Northern
Europe, partially offset by low to mid-single digit decrease in Central and Southern Europe.
In the Asia region, revenue increased 9% with good dynamics led by India, Japan and Korea,
while China remained volatile. Asia represented 24% of software revenue at the end of thesecond quarter.

•

Software Revenue by Product Line:oIndustrial Innovation software revenue rose 3% to €702 million, impacted bydelays in decision-making. CATIA, ENOVIA and DELMIA showed accelerated
growth in subscription, and NETVIBES recorded a very strong growth. Industrial
Innovation software represented 52% of software revenue, during the period.

oLife Sciences software revenue decreased 3%, to €282 million, to account for3

21% of software revenue. MEDIDATA software revenue declined slightly, in linewith Company objectives.
o

Mainstream Innovation software revenue increased 8% to €363 million andrepresented 27% of software revenue. SOLIDWORKS performance reflects
continued adoption of subscription, while CENTRIC PLM maintained its strong
momentum, continuing to benefit from its leading market position and successful
diversification strategy.

•

Software Revenue by Industry: Transportation & Mobility, Home & Lifestyle and Consumer
Packaged Goods & Retail exhibited the highest growth rates during the quarter.

•

Key Strategic Drivers: 3DEXPERIENCE software revenue increased 18% and represented
36% of 3DEXPERIENCE Eligible software revenue. Cloud software revenue grew 10% andrepresented 25% of software revenue, during the period. Excluding MEDIDATA, Cloudsoftware revenue increased more than 70% in constant currencies.

•

Operating Income and Margin: IFRS operating income increased 6%, to €276 million, as
reported. Non-IFRS operating income remained flat at €448 million, as reported. The IFRS
operating margin stood at 18.4% compared to 17.9% in the second quarter of 2023. The nonIFRS operating margin totaled 29.9% versus 31.0% in the same period of last year.

•

Earnings per Share: IFRS diluted EPS was €0.21, increasing 25% as reported. Non-IFRS
diluted EPS grew to €0.30, up 7% as reported, or 8% in constant currencies.

First Half 2024 Versus 2023 Financial Comparisons(unaudited, IFRS and non-IFRS unless otherwise noted,
all revenue growth rates in constant currencies)•

Total Revenue: Total revenue grew 5% to €3.00 billion. Software revenue increased 5% to€2.70 billion. Subscription and support revenue rose 6% to €2.21 billion; recurring revenue
represented 82% of total software revenue. Licenses and other software revenue increased
2% to €490 million. Services revenue rose 4% to €296 million.

•

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%, representing 23% of software revenue.

•

Software Revenue by Product Line:oIndustrial Innovation software revenue rose 6% to €1.43 billion and represented
53% of software revenue. ENOVIA, NETVIBES, DELMIA and CATIA exhibitedsome of the strongest performance.

4oLife Sciences software revenue decreased 2% to €566 million, representing 21%
of software revenue. MEDIDATA software revenue declined slightly in the first half,in line with Company objectives.

o

Mainstream Innovation software revenue increased 9% to €700 million.
Mainstream Innovation represented 26% of software revenue. SOLIDWORKS
delivered low single-digit growth while CENTRIC PLM continued to perform wellwith strong, double-digit growth.

•

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 software revenue increased 23%, representing
36% of 3DEXPERIENCE Eligible software revenue. Cloud software revenue grew 8% andrepresented 25% of software revenue.

•

Operating Income and Margin: IFRS operating income increased 8%, to €600 million, as
reported. Non-IFRS operating income increased 2% to €914 million, as reported. IFRS
operating margin totaled 20% compared to 19.3% for the same period in 2023. The control of
the Group's operational cost growth has enabled the preservation of the non-IFRS operating
margin, which stood at 30.5% in the first half of 2024 compared to 31.0% in the same period
last year.

•

Earnings per Share: IFRS diluted EPS was €0.42 increasing 18% as reported. Non-IFRS
diluted EPS grew 7% to €0.60, as reported, or 10% in constant currencies.

•

Cash Flow from Operations (IFRS): Cash flow from operations totaled €1.13 billion, up 10%
year over year, thanks to the increase in net income adjusted for non-cash items and positive
cash tax effects during the semester.

•

Balance Sheet (IFRS): Dassault Systèmes’ net financial position totaled €1.04 billion as ofJune 30, 2024, an increase of €0.46 billion, compared to €0.58 billion for the year ended
December 31, 2023. Cash and cash equivalents totaled €4.03 billion in the first half.

5Financial Objectives for 2024

Dassault Systèmes’ third quarter and 2024 financial objectives presented below are given on a
non-IFRS basis and reflect the principal 2024 currency exchange rate assumptions for the US
dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:
Q3 2024

FY 2024€1.466 - €1.506€6.260 - €6.335

Growth3 - 6%

5 - 6%

Growth ex FX

4 - 7%

6 - 8%

Software revenue growth *3 - 6%

7 - 8%(12) - (8)%3 - 5%

7 - 9%

8 - 9%

8 - 12%3 - 5%

Operating Margin

29.4% - 30.2%

32.0% - 32.4%

EPS Diluted€0.28 - €0.29€1.27 - €1.30

Growth0 - 5%

6 - 9%

Growth ex FX

1 - 6%

8 - 11%$1.10 per Euro

$1.09 per Euro

JPY 155.0 per Euro

JPY 159.7 per Euro

Total Revenue (billion)

Of which licenses and other software revenue
growth *Of which recurring revenue growth *Services revenue growth *US dollar
Japanese yen (before hedging)* Growth in Constant Currencies

These objectives are prepared and communicated only on a non-IFRS basis and are subject tothe 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 notinclude 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 acquired companies atapproximately €2 million.
The above objectives also do not include any impact from other operating income and expenses,
net principally comprised of acquisition, integration and restructuring expenses, and impairmentof goodwill and acquired intangible assets; from one-time items included in financial revenue;
from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally,
these estimates do not include any new acquisitions or restructuring completed afterJune 30, 2024.
6

Corporate Announcements•

July 1, 2024: Dassault Systèmes and Mistral AI Partner to Offer Trusted, AI-Powered
Industry-Grade Solutions to Accelerate the Generative Economy•

June 20, 2024: Mahindra & Mahindra Selected Dassault Systèmes’ 3DEXPERIENCE
Platform on the Cloud as It Accelerates Its Digital Transformation•

June 18, 2024: MEDIDATA Launches Clinical Data Studio, Leveraging AI to Modernize
the Data Experience in Clinical Trials•

June 11, 2024: Valeo Partners with Dassault Systèmes to Accelerate the Digitalization of
Its R&D•

May 29, 2024: Lexicon Pharmaceuticals Selects Medidata to Help Advance First NonOpioid Drug for Neuropathic Pain in Over Two Decades•

May 14, 2024: JLR and Dassault Systèmes Extend Partnership, Deploying the
3DEXPERIENCE Platform for All Vehicle Programs Worldwide•

April 29, 2024: OUTSCALE Announces the Strategic Acquisition of Satelliz, Consolidating
its Leadership in the Cloud by Introducing New Kubernetes Services•

April 26, 2024: Peugeot Sport Aims for the Endurance Racing Finish Line with Simulationfrom Dassault Systèmes

Today’s Webcast and Conference Call Information
Today, Thursday, July 25, 2024, Dassault Systèmes will host, from London, a webcasted
presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference callat 9:00 AM New York time / 2:00 PM London time / 3:00 PM Paris time. The webcasted
presentation and conference calls will be available online by accessing investor.3ds.com.
Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’Investor Relations at +33.1.61.62.69.24.
Investor Relations Events•••

Third Quarter 2024 Earnings Release: October 24, 2024
Fourth Quarter 2024 Earnings Release: February 4, 2025
First Quarter 2025 Earnings Release: April 24, 2025

7

Forward-looking Information
Statements herein that are not historical facts but express expectations or objectives for the
future, including but not limited to statements regarding the Group’s non-IFRS financial
performance objectives are forward-looking statements. Such forward-looking statements are
based on Dassault Systèmes management's current views and assumptions and involve known
and unknown risks and uncertainties. Actual results or performances may differ materially fromthose in such statements due to a range of factors.
The Group’s actual results or performance may be materially negatively affected by numerous
risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2023 Universal
Registration Document (‘Document d'enregistrement universel’) filed with the AMF (French
Financial Markets Authority) on March 18, 2024, available on the Group’s website www.3ds.com.
In particular, please refer to the risk factor “Uncertain Global Economic Environment” in section
1.9.1.1 of the 2023 Universal Registration Document set out below for ease of reference:“In light of the uncertainties regarding economic, business, social, health and geopoliticalconditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may
grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:•

the deployment of Dassault Systèmes’ solutions may represent a large portion of acustomer’s investments in software technology. Decisions to make such an investment
are impacted by the economic environment in which the customers operate. Uncertain
global geopolitical, economic and health conditions and the lack of visibility or the lack offinancial resources may cause some customers, e.g. within the automotive, aerospace,energy or natural resources industries, to reduce, postpone or terminate their investments,
or to reduce or not renew ongoing paid maintenance for their installed base, which impact
larger customers’ revenue with their respective sub-contractors;• the political, economic and monetary situation in certain geographic regions where
Dassault Systèmes operates could become more volatile and impact Dassault Systèmes’business, for example, due to stricter export compliance rules or the introduction of new
customs tariffs;• continued pressure or volatility on raw materials and energy prices could also slow down
Dassault Systèmes’ diversification efforts in new industries;• uncertainties regarding the extent and duration of inflation could adversely affect thefinancial position of Dassault Systèmes; and• the sales cycle of the Dassault Systèmes’ products – already relatively long due to thestrategic nature of such investments for customers – could further lengthen.
The occurrence of crises – health and political crises in particular – could have consequences
both for the health and safety of Dassault Systèmes’ employees and for the Company. It could
also adversely impact the financial situation or financing and supply capabilities of Dassault
Systèmes’ existing and potential customers, commercial and technology partners, some of whom
may be forced to temporarily close sites or cease operations. A deteriorating economic
environment could generate increased price pressure and affect the collection of receivables,
which would negatively impact Dassault Systèmes’ revenue, financial performance and market
position.
8

Dassault Systèmes makes every effort to take into consideration this uncertain macroeconomic
outlook. Dassault Systèmes’ business results, however, may not develop as anticipated.
Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there
may be a substantial time lag between an improvement in global economic and businessconditions and an upswing in the Company’s business results.
In preparing such forward-looking statements, the Group has in particular assumed an average
US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to
euro exchange rate of JPY155.0 to €1.00, before hedging for the third quarter 2024. The Grouphas in particular assumed an average US dollar to euro exchange rate of US$1.09 per €1.00 as
well as an average Japanese yen to euro exchange rate of JPY159.7 to €1.00, before hedging
for the full year 2024. However, currency values fluctuate, and the Group’s results may besignificantly affected by changes in exchange rates.
Non-IFRS Financial Information
Readers are cautioned that the supplemental non-IFRS financial information presented in thispress release is subject to inherent limitations. It is not based on any comprehensive set ofaccounting rules or principles and should not be considered in isolation from or as a substitutefor IFRS measurements. The supplemental non-IFRS financial information should be read onlyin conjunction with the Company’s consolidated financial statements prepared in accordance with
IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not becomparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations
for individual non-IFRS measures are set forth in the Company’s 2023 Universal Registration
Document filed with the AMF on March 18, 2024.
In the tables accompanying this press release the Group sets forth its supplemental non-IFRS
figures for revenue, operating income, operating margin, net income and diluted earnings per
share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred
revenue, share-based compensation expense and related social charges, the amortization of
acquired intangible assets and of tangibles reevaluation, certain other operating income andexpense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting
lease incentives of acquired companies, certain one-time items included in financial revenue andother, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax
effects. The tables also set forth the most comparable IFRS financial measure and reconciliationsof this information with non-IFRS information.
FOR MORE INFORMATION
Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and
Product Lifecycle Management (PLM) solutions: http://www.3ds.com

Connect with Dassault Systèmes on

9

ABOUT DASSAULT SYSTÈMES
Dassault Systèmes is a catalyst for human progress. We provide business and people with collaborative
virtual environments to imagine sustainable innovations. By creating virtual twin experiences of the realworld with our 3DEXPERIENCE platform and applications, our customers can redefine the creation,
production and life-cycle-management processes of their offer and thus have a meaningful impact to makethe world more sustainable. The beauty of the Experience Economy is that it is a human-centered economy
for the benefit of all – consumers, patients and citizens. Dassault Systèmes brings value to more than
350,000 customers of all sizes, in all industries, in more than 150 countries. For more information, visit
www.3ds.com
Dassault Systèmes Investor Relations TeamFTI Consulting

Beatrix Martinez: +33 1 61 62 40 73

Arnaud de Cheffontaines: +33 1 47 03 69 48
Jamie Ricketts : +44 20 3727 1600

investors@3ds.com
Dassault Systèmes Press Contacts
Corporate / France

Arnaud MALHERBE

arnaud.malherbe@3ds.com+33 (0)1 61 62 87 73© Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA,CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS arecommercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated
under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in
the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmesor its subsidiaries trademarks is subject to their express written approval.

10

APPENDIX TABLE OF CONTENTS
Due to rounding, numbers presented throughout this and other documents may not
add up precisely to the totals provided and percentages may not precisely reflect theabsolute figures.

Glossary of Definitions
Non-IFRS Financial Information
Acquisitions and Foreign Exchange Impact
Condensed consolidated statements of income
Condensed consolidated balance sheet
Condensed consolidated cash flow statement
IFRS – non-IFRS reconciliation

DASSAULT SYSTÈMES - Glossary of Definitions

Information in Constant Currencies
Dassault Systèmes has followed a long-standing policy of measuring its revenue performanceand 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 or decreases 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 isexpressed "in constant currencies", the results of the "prior" period have first been recalculatedusing the average exchange rates of the comparable period in the current year, and thencompared 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 to understanding its global revenue results and to comparewith 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 for comparable periods. All information at constant exchange rates is expressed as arounded percentage and therefore may not precisely reflect the absolute figures.
11

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 the transaction, 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; High-Tech; Home & Lifestyle; Consumer Packaged
Goods - Retail. In Manufacturing Industries, Dassault Systèmes helps customers
virtualize their operations, improve data sharing and collaboration across theirorganization, reduce costs and time-to-market, and become more sustainable;•

Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims toaddress the entire cycle of the patient journey to lead the way toward precision medicine.
To reach the broader healthcare ecosystem from research to commercial, the Group’s
solutions connect all elements from molecule development to prevention to care, andcombine new therapeutics, med practices, and Medtech;•

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

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 firstsovereign and sustainable operator on the cloud, 3DS OUTSCALE enables governments andcorporations from all sectors to achieve digital autonomy through a Cloud experience and with aworld-class cyber governance.
12

GEO’sEleven GEOs are responsible for driving the development of the Company’s business andimplementing 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 Systèmesuses 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 aredelivered 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
through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud.
Cloud solutions are generally offered through subscriptions models or perpetual licenses withsupport and hosting services.

13

DASSAULT SYSTÈMES
NON-IFRS FINANCIAL INFORMATION(unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)
Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense,
including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating
income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time
items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.
Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.
Non-IFRS reported
In millions of Euros, except per share data,
percentages, headcount and exchange rates

Total Revenue

Three months ended
June 30,

June 30,

2024

2023

€ 1,495.8€ 1,449.1

Six months ended

ChangeChange inconstant
currencies

June 30,

June 30,

2024

2023

ChangeChange inconstant
currencies

3%

4%€ 2,995.4€ 2,883.3

4%

5%

Revenue breakdown by activity
Software revenue

1,346.5

1,309.03%

3%2,699.4

2,597.2

4%

5%Of which licenses and other software revenue

271.8

278.9

(3)%

(1)%

490.3

489.8

0%

2%

Of which subscription and support revenue

1,074.8

1,030.24%

4%2,209.1

2,107.4

5%

6%

149.2

140.1

7%

6%

296.1

286.1

3%

4%

Industrial Innovation

701.9

686.7

2%

3%

1,433.2

1,371.8

4%

6%Life Sciences

281.7

287.2

(2)%

(3)%

566.4

580.1

(2)%

(2)%

Mainstream Innovation

363.0

335.1

8%

8%

699.7

645.2

8%

9%

Americas

525.5

527.2

(0)%

(1)%

1,079.1

1,061.62%2%

Europe

491.9

466.3

5%

5%

995.1

935.8

6%

6%

Asia

329.1

315.5

4%

9%

625.2

599.8

4%

9%

Operating income€ 447.8€ 448.9(0)%€ 914.3€ 893.7

2%

Operating margin

29.9%

31.0%

30.5%

31.0%

Net income attributable to shareholders€ 397.1€ 371.6

7%€ 794.3€ 739.4

7%

Diluted earnings per share€ 0.30€ 0.287%€ 0.60€ 0.56

7%

Closing headcount25,811

24,963

3%

25,811

24,9633%Services revenue

Software revenue breakdown by product line

Software Revenue breakdown by geography

8%

Average Rate USD per Euro

1.08

1.09

(1)%

1.08

1.08

0%

Average Rate JPY per Euro

167.77149.7212%164.46145.76

13%

10%

DASSAULT SYSTÈMESACQUISITIONS AND FOREIGN EXCHANGE IMPACT(unaudited; in millions of Euros)
Non-IFRS reported
In millions of Euros

June 30,

June 30,
Changeo/w growth atconstant rate andscope

o/w change ofscope impact atcurrent year rate

o/w FX impact onprevious year
figures

2024

2023

Revenue QTD

1,495.8

1,449.1

46.7

50.5

0.3

(4.1)

Revenue YTD

2,995.4

2,883.3

112.1

140.4

0.3

(28.6)

14

DASSAULT SYSTÈMES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME(unaudited; in millions of Euros, except per share data and percentages)
IFRS reported
Three months ended

Six months ended

In millions of Euros, except per share data and percentages
June 30,

June 30,

June 30,

2024

2023

2024

2023

Licenses and other software revenue

271.8

278.9

490.3

489.8

Subscription and Support revenue

1,074.8

1,030.2

2,209.1

2,107.4

Software revenue

1,346.5

1,309.0

2,699.4

2,597.2

Services revenue

149.2

140.1

296.1

286.1

€ 1,495.8€ 1,449.1€ 2,995.4€ 2,883.3

Cost of software revenue (1)(124.8)(108.4)(236.8)(223.8)

Cost of services revenue(127.9)(130.7)(259.8)(253.0)Research and development expenses(326.1)(320.5)(637.5)(611.5)Marketing and sales expenses(423.8)(412.2)(844.1)(814.2)

General and administrative expenses(111.6)(115.6)(216.7)(222.6)

Amortization of acquired intangible assets and of tangible assets revaluation(92.3)(94.6)(185.6)(190.7)

Other operating income and expense, net(13.2)(7.9)(15.0)(9.6)

Total Operating Expenses(1,219.8)(1,189.8)(2,395.4)(2,325.5)

Operating Income€ 276.0€ 259.3€ 600.0€ 557.8

33.3

17.2

63.4

35.4

€ 309.2€ 276.5€ 663.5€ 593.3

Total Revenue

Financial income (loss), net
Income before income taxes(47.7)(55.0)(116.0)(116.7)€ 261.5€ 221.5€ 547.5€ 476.6

1.2

0.5

1.0

0.9

€ 262.7€ 222.0€ 548.4€ 477.5

0.20

0.17

0.42

0.36

Diluted earnings per share€ 0.21€ 0.17€ 0.42€ 0.36

Basic weighted average shares outstanding (in millions)

1,313.2

1,316.6

1,313.7

1,315.7

Diluted weighted average shares outstanding (in millions)

1,326.2

1,329.0

1,328.7

1,327.9

Income tax expense
Net Income
Non-controlling interest
Net Income attributable to equity holders of the parent
Basic earnings per share(1)June 30,

Excluding amortization of acquired intangible assets and of tangible assets revaluation.

Three months ended June 30, 2024
IFRS reported
ChangeTotal Revenue

Six months ended June 30, 2024

Change in constantcurrencies(2)

Change in constantcurrencies

Change (2)

3%

4%

4%

5%

Software revenue

3%

3%

4%

5%

Services revenue

7%

6%

3%

4%

Revenue by activity

Software Revenue by product line
Industrial Innovation

2%

3%

4%

6%

Life Sciences

(2)%

(3)%

(2)%

(2)%

Mainstream Innovation

8%

8%

8%

9%

Americas

(0)%

(1)%

2%

2%

Europe

5%

5%

6%

6%

Asia

4%

9%

4%

9%

Software Revenue by geography(2)

Variation compared to the same period in the prior year.

15

DASSAULT SYSTÈMES
CONDENSED CONSOLIDATED BALANCE SHEET(unaudited; in millions of Euros)
IFRS reported
In millions of Euros

June 30,2024

December 31,
2023

ASSETSCash and cash equivalents

4,031.5

3,568.3

Trade accounts receivable, net

1,495.9

1,707.9

Contract assets

37.1

26.8

Other current assets

488.1

477.1

Total current assets

6,052.6

5,780.1

Property and equipment, net
Goodwill and Intangible assets, net

953.5

882.8

7,680.1

7,647.0

Other non-current assets

262.7

312.5

Total non-current assets

8,896.3

8,842.3€ 14,948.9€ 14,622.5

Total Assets
LIABILITIES
Trade accounts payable

198.9

230.5

Contract liabilities

1,622.4

1,479.3

Borrowings, current

953.2

950.1

Other current liabilities

787.9

901.0

Total current liabilities

3,562.3

3,561.0

Borrowings, non-current

2,042.4

2,040.6

Other non-current liabilities

1,196.2

1,174.8

Total non-current liabilities

3,238.6

3,215.4

Non-controlling interests
Parent shareholders' equity
Total Liabilities

16

12.5

11.9

8,135.5

7,834.1€ 14,948.9€ 14,622.5

DASSAULT SYSTÈMES
CONDENSED CONSOLIDATED CASH FLOW STATEMENT(unaudited; in millions of Euros)
IFRS reported
In millions of Euros

Three months ended
June 30,

June 30,

2024

2023

Six months ended
ChangeJune 30,

June 30,

2024

2023

ChangeNet income attributable to equity holders of the parent

262.7

222.0

40.7

548.4

477.5

71.0

Non-controlling interest

(1.2)

(0.5)

(0.7)

(1.0)

(0.9)

(0.1)

Net income

261.5

221.5

40.0

547.5

476.6

70.9

Depreciation of property and equipment

45.1

46.3

(1.2)

92.7

91.1

1.6

Amortization of intangible assets

94.2

96.5

(2.3)

189.4

195.0

(5.6)

Adjustments for other non-cash items

36.6

34.7

1.9

74.3

58.1

16.1

Changes in working capital

21.9(156.2)

178.1

226.3

204.9

21.4

€ 459.3€ 242.8€ 216.5€ 1,130.2€ 1,025.8€ 104.4

Additions to property, equipment and intangibles assets(50.6)(33.0)(17.7)(107.8)(67.7)(40.1)

Payment for acquisition of businesses, net of cash acquired(11.2)(0.8)(10.3)(15.7)(0.8)(14.9)

0.8

0.2

0.7

23.1

(4.9)

28.0

€ (61.0)€ (33.6)€ (27.4)€ (100.4)€ (73.4)€ (26.9)

Net Cash From Operating Activities

Other
Net Cash Provided by (Used in) Investing Activities

Proceeds from exercise of stock options

13.9

16.7

(2.8)

35.2

27.0

8.3

Cash dividends paid

(302.7)(276.2)(26.4)(302.7)(276.2)(26.4)

Repurchase and sale of treasury stock(176.6)(170.5)(6.1)(307.7)(167.4)(140.2)

Capital increase

-

146.1

(146.1)-146.1(146.1)

Acquisition of non-controlling interests

-

(0.5)

0.5

(2.6)

(0.8)

(1.8)

Proceeds from borrowings

-

8.0

(8.0)

-

20.6

(20.6)

Repayment of borrowings(0.1)(26.2)

26.2

(0.2)

(27.3)

27.1

Repayment of lease liabilities(18.3)(17.2)(1.1)(42.3)(42.0)(0.4)€ (483.7)€ (319.9)€ (163.8)€ (620.2)€ (320.1)€ (300.2)

21.0(12.2)

33.2

53.6(56.0)

109.7

Increase (decrease) in cash and cash equivalents€ (64.4)€ (122.6)€ 58.2€ 463.2€ 576.5€ (113.2)

Cash and cash equivalents at beginning of period€ 4,095.9€ 3,468.1€ 3,568.3€ 2,769.0

Cash and cash equivalents at end of period€ 4,031.5€ 3,345.4€ 4,031.5€ 3,345.4

Net Cash Provided by (Used in) Financing Activities

Effect of exchange rate changes on cash and cash equivalents

17

DASSAULT SYSTÈMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATIONIFRS – NON-IFRS RECONCILIATION(unaudited; in millions of Euros, except per share data and percentages)
Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive
set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information
may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasonsfor presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2023 filed with the AMF
on March 18, 2024. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with theGroup’s consolidated financial statements prepared in accordance with IFRS.
Three months ended June 30,
In millions of Euros, except per share data andpercentages

2024

Adjustment(1)

IFRS

2024

2023

Non-IFRS

IFRS

ChangeAdjustment(1)

2023
IFRS

NonIFRS(2)3%3%Non-IFRS€ 1,495.8-€ 1,495.8€ 1,449.1-€ 1,449.1

Software revenue

1,346.5-

1,346.5

1,309.0-

1,309.03%3%

Licenses and other software revenue

271.8

-

271.8

278.9

-

278.9

(3)%

(3)%

Subscription and Support revenue

1,074.8-

1,074.8

1,030.2-

1,030.2

4%

4%

Recurring portion of Software revenue

80%

80%

79%

Services revenue

149.2

-

149.2

140.1

-

140.1

7%

7%

Industrial Innovation

701.9

-

701.9

686.7

-

686.7

2%

2%

Life Sciences

281.7

-

281.7

287.2

-

287.2

(2)%

(2)%

Mainstream Innovation

363.0

-

363.0

335.1

-

335.1

8%

8%

Americas

525.5

-

525.5

527.2

-

527.2

(0)%

(0)%

Europe

491.9

-

491.9

466.3

-

466.3

5%

5%

Asia

329.1

-

329.1

315.5

-

315.5

4%

4%

€ (1,219.8)€ 171.9€ (1,047.9)€ (1,189.8)€ 189.7€ (1,000.2)

3%

5%

Share-based compensation expense and relatedsocial charges(65.8)

65.8-(86.5)

86.5-

Amortization of acquired intangible assets and of
tangible assets revaluation(92.3)

92.3-(94.6)

94.6-

Lease incentives of acquired companies

(0.5)

0.5

-

(0.7)

0.7

-

Other operating income and expense, net(13.2)

13.2

-

(7.9)

7.9

-

Operating Income€ 276.0€ 171.9€ 447.8€ 259.3€ 189.7€ 448.9

6%(0)%Operating Margin

18.4%

29.9%

17.9%

Total Revenue
Revenue breakdown by activity

79%

Software Revenue breakdown by product line

Software Revenue breakdown by geography

Total Operating Expenses

31.0%

Financial income (loss), net

33.3

0.5

33.8

17.2

0.6

17.8

93%

89%

Income tax expense(47.7)(36.4)(84.1)(55.0)(40.3)(95.3)

(13)%

(12)%

Non-controlling interest

1.2

(1.6)

(0.4)

0.5

(0.4)

0.1

154%

N/A

Net Income attributable to shareholders€ 262.7€ 134.4€ 397.1€ 222.0€ 149.6€ 371.6

18%

7%

Diluted Earnings Per Share (3)€ 0.21€ 0.09€ 0.30€ 0.17€ 0.11€ 0.2825%

7%In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’
contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible
assets revaluation, share-based compensation expense, including related social charges, 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 included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect ofthese adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.
(1)

18

Three months ended June 30,

In millions of Euros, except percentages

2024
IFRS

Share-based
compensation
expense andrelated social
chargesLease
incentivesof acquiredcompanies

NonIFRS

IFRS

2024

2023

ChangeShare-based
compensation
expense andrelated social
chargesLease
incentivesof acquiredcompanies

NonIFRS

IFRS

2023

NonIFRS

Cost of revenue(252.8)5.0

0.1(247.6)(239.1)7.9

0.2(231.0)

6%

7%

Research and development expenses(326.1)20.4

0.2(305.5)(320.5)33.1

0.3(287.1)

2%

6%

Marketing and sales expenses(423.8)23.2

0.1(400.5)(412.2)27.9

0.1(384.1)

3%

4%

General and administrative expenses(111.6)17.2

0.0(94.3)(115.6)17.6

0.0(98.0)(4)%(4)%€ 65.8€ 0.5€ 86.5

€ 0.7

Total
(2)

The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevantmeasure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
(3)
Based on a weighted average 1,326.2 million diluted shares for Q2 2024 and 1,329.0 million diluted shares for Q2 2023, and, for IFRS only, a diluted net income
attributable to the sharehorlders of € 276.7 million for Q2 2024 (€ 222.0 million for Q2 2023). 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 theoption of the Group.

DASSAULT SYSTÈMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATIONIFRS – NON-IFRS RECONCILIATION(unaudited; in millions of Euros, except per share data and percentages)
Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive
set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information
may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasonsfor presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2023 filed with the AMF
on March 18, 2024. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with theGroup’s consolidated financial statements prepared in accordance with IFRS.
Six months ended June 30,
In millions of Euros, except per share data andpercentages

2024

Adjustment(1)

IFRS

2024

2023

Non-IFRS

IFRS

ChangeAdjustment(1)

2023
IFRS

NonIFRS(2)

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

4%

4%

Software revenue

2,699.4-

2,699.4

2,597.2-

2,597.2

4%

4%

Licenses and other software revenue

490.3

-

490.3

489.8

-

489.8

0%

0%

Subscription and Support revenue

2,209.1-

2,209.1

2,107.4-

2,107.4

5%

5%

Recurring portion of Software revenue

82%

82%

81%

Services revenue

296.1

-

296.1

286.1

-

286.1

3%

3%

Industrial Innovation

1,433.2-

1,433.2

1,371.8-

1,371.8

4%4%Life Sciences

566.4

-

566.4

580.1

-

580.1

(2)%

(2)%

Mainstream Innovation

699.7

-

699.7

645.2

-

645.2

8%

8%

Americas1,079.1-

1,079.1

1,061.6-

1,061.62%2%

Europe

995.1

-

995.1

935.8

-

935.8

6%

6%

Asia

625.2

-

625.2

599.8

-

599.8

4%

4%

€ (2,395.4)€ 314.3€ (2,081.1)€ (2,325.5)€ 335.9€ (1,989.6)

3%

5%

Share-based compensation expense and relatedsocial charges(112.6)112.6-(134.3)

134.3-

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

190.7

-

8%

2%

Total Revenue
Revenue breakdown by activity

81%

Software Revenue breakdown by product line

Software Revenue breakdown by geography

Total Operating Expenses

Lease incentives of acquired companies

(1.2)

1.2

-

(1.4)

1.4

Other operating income and expense, net(15.0)

15.0

-

(9.6)

9.6

-

Operating Income€ 600.0€ 314.3€ 914.3€ 557.8€ 335.9€ 893.7

Operating Margin

20.0%

30.5%

19.3%

31.0%

Financial income (loss), net

63.4

1.5

64.9

35.4

1.5

36.9

79%

76%

Income tax expense(116.0)(68.0)(184.0)(116.7)(74.7)(191.3)

(1)%

(4)%

Non-controlling interest

1.0

(1.9)

(0.9)

0.9

(0.8)

0.1

12%

N/A

Net Income attributable to shareholders€ 548.4€ 245.9€ 794.3€ 477.5€ 261.9€ 739.4

15%

7%

Diluted Earnings Per Share (3)€ 0.42€ 0.17€ 0.60€ 0.36€ 0.20€ 0.56

18%

7%

19

In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’
contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible
assets revaluation, share-based compensation expense, including related social charges, 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 included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect ofthese adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.
(1)

Six months ended June 30,

In millions of Euros, except percentages

2024
IFRS

Share-based
compensation
expense andrelated social
chargesLease
incentivesof acquiredcompanies

NonIFRS

IFRS

2024

2023

ChangeShare-based
compensation
expense andrelated social
chargesLease
incentivesof acquiredcompanies

NonIFRS

IFRS

2023

NonIFRS

Cost of revenue(496.5)8.0

0.3(488.2)(476.9)10.1

0.4(466.4)

4%

5%

Research and development expenses(637.5)38.3

0.6(598.7)(611.5)51.0

0.6(559.9)4%

7%

Marketing and sales expenses(844.1)36.8

0.2(807.1)(814.2)41.5

0.2(772.4)

4%

4%

General and administrative expenses(216.7)29.5

0.1(187.1)(222.6)31.7

0.1(190.9)

(3)%

(2)%

€ 112.6€ 1.2€ 134.3

€ 1.4

Total
(2)

The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevantmeasure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
Based on a weighted average 1,328.7 million diluted shares for YTD 2024 and 1,327.9 million diluted shares for YTD 2023, and, for IFRS only, a diluted net income
attributable to the shareholders of € 562.3 million for YTD 2024 (€ 477.5 million for YTD 2023). 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 theoption of the Group.
(3)20