Full Year 2025 Dassault Systemes SE Earnings Call Transcript
Key Points
- Dassault Systemes SE (DASTF) is transitioning towards a subscription-driven future, with subscription revenue expected to surpass maintenance revenue in 2026.
- The company is introducing new AI-powered solutions such as virtual companions and generative experiences, which are expected to drive future growth.
- The 3DEXPERIENCE platform continues to drive the transition towards cloud and subscription, with strong growth in cloud revenue, particularly in the 3DEXPERIENCE cloud segment.
- Dassault Systemes SE (DASTF) has a strategic partnership with NVIDIA to develop world models and virtual twins, enhancing their AI capabilities.
- The company is focusing on operational excellence and productivity gains, which have resulted in a healthy operating margin improvement in 2025.
- 2025 was a disappointing year for Dassault Systemes SE (DASTF), finishing at the low end of their objectives and not meeting their long-term growth standards.
- Medidata and PLM CENTRIC faced challenges in 2025, impacting overall results, with Medidata experiencing continued headwinds.
- The company faced a complex macro environment in Q4 2025, with weakness in key markets such as France and Germany, particularly in the auto sector.
- Life Sciences revenue declined in 2025, with Medidata's performance impacted by specific client adjustments and lower study volumes.
- The transition to a subscription model is affecting cash conversion rates, with the need to adjust billing and revenue alignment.
Good day and thank you for standing by. Welcome to the Dassault Systems 2025 fourth quarter and full year earnings presentation call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session.
(Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to our first speaker today, Marie Dumas. Please go ahead.
Hello and thank you for joining our fourth quarter and full year 2025 earnings conference call. I'm Marie Dumas from Dassault System and I'm with Pascal Daloz, Chief Executive Officer, and Rouven Bergmann, Chief Financial Officer. Dassault Systems results are prepared in accordance with IFRS. The financial figures discussed on this conference call are on a non-IFRS basis with revenue growth rates on a constant currency basis unless otherwise noted.
Some of the comments on this call contain forward-looking statements that
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